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2024-03-31-accounts

Company Number: 01481359 Charity Number: 279945

FOUR CORNERS LIMITED

Report and Accounts

for the year ended 31 March 2024

FOUR CORNERS LIMITED

Report and Accounts

for the year ended 31 March 2024

INDEX

Page Number

1 to 8 Trustees’ (Directors’) Annual Report
9 Independent Examiners’ Report
10 Statement of Financial Activities
11 Balance Sheet
12 Statement of Cash Flows
13 to 19 Notes forming part of the Accounts
The following page does not form part of the statutory accounts
20 Detailed Income and Expenditure Account

FOUR CORNERS LIMITED

Company Information

Company Number: 01481359

Charities Number: 279945

Registered Office

121 Roman Road London E2 0QN

Trustees

Y Balanescu-Bal L Leeson C Mitchell D Than O Thomas M Trotter A Doyle S Hobson-Cleverley S Irvine

Senior Staff

C Mitchell (Development Director) O Thomas (Projects & Exhibitions Director) M Trotter (Finance Director)

Accountants

Dickinsons Chartered Accountants Brandon House First Floor 90 The Broadway Chesham Buckinghamshire HP5 1EG

Bankers

Unity Trust Bank Plc 23-28 Great Russell Street London WC1B 3UB

FOUR CORNERS LIMITED

for the year ended 31 March 2024

Trustee’s (Directors’) Annual Report

The trustees present their report and accounts for the year ended 31 March 2024.

The accounts have been prepared in accordance with the Companies Act 2006, the Charities Act 2011 (as amended by the Charities Act 2022), and Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). This report is also a Directors’ report as required by the Companies Act 2006.

Objects and Activities

The objects of the charity are to promote, maintain, improve and advance education particularly by the production of educational films and the encouragement of the arts including film, video, photography and related media.

The company’s governing document is its Memorandum and Articles of Association.

Structure, governance and management

Four Corners Limited is a company limited by guarantee and a registered charity, led by three Directors, and governed by a Board of Trustees.

The management of the charity is the responsibility of the trustees who are also appointed Directors of the company. The Board is made up of both staff and non-staff trustees. Staff trustees are not entitled to vote on decisions relating to pay or conditions of employment. Board meetings are held quarterly, with quarterly management accounts, budgets, project activity and fundraising reports presented, and business, policy and strategic planning decisions taken. In between board meetings further discussions requiring governance overview are supported by working groups made up of Board and staff members.

The senior staff team comprises: Artistic Development Director, Finance Director, and the Arts & Facilities Director.

Trustees and Management

The Directors and trustees are set out below:

O Thomas L Leeson Y Balanescu-Bal
P Ellis (Resigned 15 May 2024) C Mitchell A Doyle
H Francis (Resigned 15 May 2024) D Than S Irvine
M Trotter S Hobson-Cleverley

The trustees who served during the year and to date are set out above. Trustees are appointed by vote at the AGM. One third of the directors shall retire at every Annual General Meeting and be eligible for re-election. Trustees may act together to fill any casual vacancy during the year. Appropriate induction and training policies are in place. All Trustees are considered key management personnel.

Potential new Trustees are identified through discussion between the Directors and the Trustees and are approached with invitation to attend three Board meetings as an observer. Following this period potential Trustees are consulted by the Directors and invited to present a statement to the Board laying out their reasons for wishing to join. If all parties are agreed, the new Trustee will be appointed.

The Chair in the year was Dr Loraine Leeson, Senior Lecturer in Fine Art, and Director of the arts charity cSPACE, specialising in community-based practice.

Details of related party transactions, where applicable, can be found in the notes to the accounts.

Risk Assessment

In order to comply with the Statement of Recommended Practice for Charity Accounts (FRS 102) a review of the major risks to which the charity is exposed and the systems that have to be established to mitigate those risks has been carried out. The trustees receive regular reports and these are monitored on an ongoing basis at Board Level.

1

FOUR CORNERS LIMITED

Trustees’ (Directors’) Annual Report

for the year ended 31 March 2024

Reference and Administrative Information

The company is limited by guarantee and has no share capital.

Under the provisions of the company’s memorandum of association, each member would be required to contribute a sum not exceeding £1 for the payment of the debts of the company in the event of a deficiency of assets on a winding up of the company.

The company is a registered charity under the Charities Act 2011 (as amended by the Charities Act 2022) with registration number 279945.

Principal and Registered Office: 121 Roman Road, Road, London, E2 0QN

Statement of Trustees' Responsibilities

Company law requires the Directors to prepare accounts for each financial year, which give a true and fair view of the state of affairs of the company and of the surplus for that year. In preparing those accounts the Directors are required to:

The trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the company and to enable them to ensure the accounts have been properly prepared in accordance with the provisions of the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Objectives, aims and activities

Four Corners is a centre for film and photography that champions inclusion and social change. Our work builds on fifty years of socially-engaged approaches, bringing together people at all levels to express themselves, learn, create and exhibit. Our free exhibitions explore untold histories that connect the past and the present, and investigate questions of representation, power and justice.

We know that access to the arts is not equal, and we are working to change that. We strive for an inclusive approach, and are committed to diversity and inclusion across our organisation, in our workforce, governance, audiences and programmes. We recognise that structural change is needed to achieve positive transformation, and we are working on creating an interconnected approach to promote social equity and justice across our staff, board and programmes. This includes collaboration with a network of partners in the local community, archives, education, and the arts.

Four Corners’ method of delivery is production-led, practitioner-centered and socially inclusive, with an integrated approach to learning and engagement. Projects draw together local community groups, young people, emergent and established artists. This dynamic approach and integrated set of practices adds exceptional value.

The strategies employed to achieve the charity’s aims and objectives are delivered through:

Four Corners is inspired by its radical history, which it shares with the Half Moon Photography Workshop and Camerawork magazine. Four Corners Archive is an online collection of this early work.

Four Corners owns the freehold of the building at 119-121 Roman Road, Bethnal Green. The centre offers a flexible and accessible public space with a gallery, studio, training rooms, darkrooms and offices. The five-storey building houses a community of creative companies working in film, photography, animation and related creative media.

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FOUR CORNERS LIMITED

Trustees’ (Directors’) Annual Report

for the year ended 31 March 2024

Public benefit

In shaping the organisation’s objectives for the year and planning its activities, the trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit, including guidance on public benefit and fee charging. All programmes delivered this year were either free of charge to participants or highly subsidised. It is the judgment of the trustees that activities in pursuit of the above objectives fully meet the public benefit test, which they have kept in mind in planning programmes for the charity. In delivering services and in the appointment of staff, volunteers and trustees the charity operates a strict policy of no discrimination.

Achievements and performance

Four Corners’ programme met its core aims of supporting artists, local communities, and people from under-represented groups, as well as engaging broad audiences through the public programme. In the year:

Partners and collaborations

Four Corners collaborates with partners across higher education, archives, arts and community organisations. This year the organisation worked with Birkbeck, University of London, Bishopsgate Institute, Brady Arts Centre, Centre for Arts, Memory and Communities at the University of Coventry, Osmani Centre, Purple Moon Drama, Swadhinata Trust, Tower Hamlets Local History Library and Archives, and the University of Brighton.

1 . Facilities

Film equipment & darkrooms

The high-quality, professional film and photographic facilities are available for subsidised hire to filmmakers, photographers, and artists. Four Corners is one of very few organisations that offers publicly accessible darkroom resources, and can support participants in learning film-based, traditional and early print darkroom processes. It works with a network of specialists, supporting a growing interest in traditional production techniques. Film facilities include high-definition and 16mm cameras, and state of the art film lenses. 16mm film continued to be a sought-after acquisition medium, with the Bolex and Aaton 16mm cameras in demand. The Zeiss superspeed lenses cross-hired via FAVA Rental are still popular. There was a total of 45 hires in the year. There were 246 darkroom sessions, a substantial increase on the previous year. There were 39 individual darkroom hirers in the year, again an increase on the previous year.

Gallery and studio hires

We offered hire of our gallery and studio space in the year, at times when our public programme was not running. There were 13 gallery hires in the year, and 17 studio hires.

Building

Four Corners’ centre housed seven small companies and 26 sole traders: thirty-three people in addition to Four Corners’ staff. Alongside the third-floor desktop tenants, companies included Labyrinth Photographic, the award-winning, colour pro lab print service based in the darkrooms; production company Nowadays; Plan 9 Films and Subliminal Productions in the ground floor office, Gail Stevens Casting and then Michael Thomas in the first floor studio. Studio JPH rented the colour darkroom for several months. Four Corners also participated in the annual Open House event showcasing important buildings in London.

Advice, information & guidance

Four Corners continued to provide a one-stop shop supporting artists, filmmakers and photographers with facilities and production advice and guidance.

2. Training and participation

Four Corners’ free training programmes are aimed at unemployed and under-represented people within the film/TV industries. The organisation has provided an annual scheme since 1996. This core area continued to offer industry-standard training for people to develop careers. The programme is recognised for building skills and confidence through ‘hands-on’ learning in a practical, production-led training context, with proven success in supporting people into employment.

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FOUR CORNERS LIMITED

Trustees’ (Directors’) Annual Report

for the year ended 31 March 2024

ZOOM Film School

Completing in the year, this project began in 2019 and ran until summer 2023. It was funded by the London Borough of Tower Hamlets’ Local Community Fund. There were 7 trainees in this final part of the programme. with a disability or long-term health condition, 5 from Black, Asian or minority ethnic backgrounds, 3 women, 4 young people, 3 people with low levels of formal education, 2 single parents/parents/careers, and one older person aged 50+. Training covered production, camera, composition, lighting editing and sound. Trainees were assigned tasks to support the concepts and theory of the training and shot a promotional video for Purple Moon Drama theatre company. One trainee completed a work placement with Black Leaf films, and 4 Trainees gained paid employment as marshalls on the feature film Head of State, starring Idris Elba.

I learned what it's like on an actual feature film set, I spoke to the other marshalls, the practical sparks, hair and make up, costume etc and just a whole lot of people to see what goes into making even just a 3 minute scene. Trainee feedback

Over the four-year project, 56 Tower Hamlets residents gained free skills training and support into employment. 25% were offered at least 2 weeks’ paid work experience, and 25% gained paid work. Nine groups of participants co-designed promotional films for local organisations Oxford House, Bromley By Bow Centre, Island House Community Centre, The Hub Tower Hamlets Food Bank, Friends of Tower Hamlets Cemetery Park, Stitches in Time, Purple Moon Drama and Poplar Union.

‘Before Zoom film school I felt the creative media industry was very closed off to me, since completing the course I am much more optimistic about working in this field.’ Trainee feedback

‘I thought every single tutor was brilliant and brought their own part of the industry to us as students. My understanding of the industry has changed completely as a result of being around them.’ Trainee feedback

Into Focus

Completing in the year, this intergenerational photography project for local residents supported 24 local residents. It was funded through the London Borough of Tower Hamlets’ Local Community Fund. Participants (twelve under-25 year olds, and twelve 50+ year olds) attended workshops between April to September 2023. The workshops included darkroom printing, picture editing and exhibition curation, 35mm camera tuition, studio lighting, and camera less photography using alternative chemical processes such as Cyanotype. They were co-designed by participants and facilitated by workshop lead Dave Than with artist Sarah Ainslie and photographer Seb Garraway. There were two exhibitions of the participants’ work in May and in September, which attracted over 100 visitors.

‘Participating in the course at Four Corners has not only provided me with valuable skills, guidance, and mentorship but also has given me a sense of belonging in London. When I first arrived, the city felt unfamiliar and distant. However, joining the darkroom course provided me with a space that felt comforting and familiar - a place where I truly felt at home.’ Participant feedback.

Two new, three-year projects began in November 2023, supported through Tower Hamlets Mayors’ Community Grants programme. Camera Works will support 28 young Tower Hamlets residents with the opportunity to take part in photography workshops and creative projects, with a twelve-week training course, six-week after school studio photography and lighting course and masterclass each year. Camera Works supported ten participants in the year, with 10 darkroom workshops and a studio lighting workshop.

East End Stories will engage twelve local residents each year to research local histories and archives, learn film and photographic skills, and co-create short films about local themes. Four local people were recruited a collaboration with Oxford House marking their 140th anniversary in 2024.

3. Support for artists

Fathom

Funding from the Foyle Foundation supported a new professional development programme for artists and practitioners working with photography and moving image. It ran from July 2022 to July 2023, providing two, six-month programmes supporting twenty emerging artists, with a programme tailored to their individual needs.

‘Thank you for the opportunity. It was amazing. It was such a brilliant experience which I would usually avoid! But I am so glad I felt the fear and came out on the other end! :) Thank you all for making it such a safe and warm environment.’ Photo Scratch showcase attendee, May 2023

4. Exhibition and Archive Programmes

Four Corners Archive is a collection of the early history of Four Corners and the Half Moon Photography Workshop/Camerawork, held at Bishopsgate Institute and an online archive: www.fourcornersarchive.org

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FOUR CORNERS LIMITED

Trustees’ (Directors’) Annual Report

for the year ended 31 March 2024

Hidden Histories

This major archive project completed this year. It began in April 2020 and was completed in February 2024, as the Covid-19 pandemic delayed the start of the programme. It supported the development of Four Corners Archive, the film and photography heritage of Four Corners, Half Moon Photography Workshop and Camerawork Magazine, from 1972-1987. The collection and online archive offer a rich source of material on working lives, protest, feminism, and underrepresented communities.

The programme was immensely successful in promoting the archive, and expanding on Four Corners’ public programme which drew on its radical history to create a series of exhibitions on social and political themes. Collaboration was a key focus of the programme:

‘It is very good for what we are doing at Birkbeck to work with an organisation that is not primarily an HE organisation.. they have the flexibility and also an interest in attracting the general public.’ Professor Patrizia di Bello, Birkbeck

‘Swadhinata and Four Corners benefit each other, working together to bring about better outcomes. In partnership we can achieve something we couldn’t on our own.’ Julie Begum, Swadhinata Trust

This project has been the foundation for much deeper reflection which has helped to refine the uniqueness of Four Corners and how it positions itself in a wider photography- film socially conscious artistic eco system. Helen Trompeteler, Deputy Director for Programs, Silver Eye Centre for Photography, USA

Key activities were:

Bengali Photography Archive

This 18-month project ran from October 2022 to March 2024. It was supported with further funding from Historic England to expand its remit. It aimed to address the lack of archives dedicated to the Bengali community in Britain with a new collection created by and featuring the Bengali community in Tower Hamlets. Working with 25 volunteers and generous contributions from local residents, the project collected over 4,600 images, twenty oral histories, and produced 10 short films. This collection will be permanently housed at Tower Hamlets Local History Library & Archives. The project gained increased interest from the local community as it progressed, with a visit from Rushanara Ali MP in July 2023, and further funding secured from the Art Fund and Arts Council England to stage an exhibition in summer 2024. Several volunteers also progressed their own careers, with one becoming a co-curator for the exhibition, while another gained a paid, one-year archive internship at Four Corners in May 2024.

‘Being part of the project has enabled me to take forward my own interest in British Bangladeshi history and take it into more directions and make new connections that would have been difficult before.’ Project Volunteer

Conditions of Living: Home and Homelessness in East London 30 June to 2 Sep 2023

This exhibition took a visual journey from workhouses to slum clearances, tower blocks and homeless shelters, to explore how photographs have represented these conditions for over a century. It featured new work by artist Anthony Luvera, addressing the rise of economic segregation in housing developments in Tower Hamlets. The events programme included four talks, a film screening, a walk and a long table discussion. There were six study visits by groups of 12 school students from the local Morpeth secondary school. The overall project was extended due securing additional support from Arts Council England, so it included a project with young photographers in south east London, SE(e)ing Spaces, led by photographer Felix Loftus with community campaigner Caitlin Colquhoun.

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FOUR CORNERS LIMITED

Trustees’ (Directors’) Annual Report

for the year ended 31 March 2024

Chile 50: Political Art, Solidarity and Resistance 12 - 23 September 2023

Organised in partnership with ex-political prisoner Gloria Miqueles and Chile 50 UK to mark the 50th anniversary of the coup in Chile in 1973, this exhibition recreated Peter Kennard’s touring exhibition A Document on Chile produced for the Half Moon Photography Workshop in 1978. It was accompanied by a display of arpilleras - subversive patchwork pictures sewn by women during the Pinochet dictatorship - and images taken by Chilean photographers of the recent social uprising in 2019-2022. Accompanying talks included a live link up with Chilean photographers represented in the exhibition.

Touring show - Brick Lane 1978: The Turning Point

This exhibition was the culmination of a National Lottery heritage project which focused on local Bengali protests against racist violence following the murder of a young garment worker, Altab Ali. The exhibition ran in 2022, bringing together seventy-five of Paul Trevor’s photographs, with an exhibition booklet, short films made by volunteers with Rainbow Collective, and oral history recordings by original activists. As part of Hidden Histories , Four Corners was able to extend its community tour during 2023, first to the Osmani Centre, then Brady Arts Centre, and onto Tower Hamlets Local History Library and Archives in the autumn. Images from the exhibition were loaned by the Migration Museum in 2024. We are delighted that the exhibition will continue to reach new audiences at schools and community centres in the borough and beyond.

‘On the Move’ Digital Archive Project

This initiative created a substantial new element of Four Corners’ digital archive, focused on the Half Moon Photography Workshop’s touring exhibitions from 1976-84. A grant from the Paul Mellon Centre for Studies in British Art is supporting a fifteenmonth project to open up the study of this unique collection, and increase public access to it. By the end of the programme, Four Corners had greatly increased its knowledge of the touring exhibitions, demonstrated in the exhibition Photography on the Move. Through this research Four Corners confirmed that 55 exhibitions were produced, and clarified the precise production and touring dates for these exhibitions. Original photographers were contacted, and oral history interviews conducted with twelve original contributors. 166 existing and historic venues were identified to create a visual map that will form part of Four Corners expanded online archive.

Photography on the Move 23 Nov 2023 – 27 January 2024

This exhibition shared the story of the Half Moon Gallery’s touring shows, unpretentious exhibitions-in-a-box that travelled the country via British Rail. Documenting working lives and rural traditions, shedding light on international conflicts and injustices closer to home, these shows introduced powerful imagery by an emerging generation of socially engaged photographers. By 1984, over fifty shows had reached people across the UK, playing a pivotal role in how documentary photography was seen and used.

The People’s Gallery

From November 2023, Four Corners took forward a new National Heritage Lottery Fund project, The People’s Gallery, to run until spring 2026. We will work with sixteen volunteers to explore Four Corners’ community-engaged photography and film of the 1970s and 1980s, and document related local histories of this era.

Film – Art on the Streets

Four Corners supported the making of Art on the Streets, a documentary created by University of Brighton design historian Dr Harriet Atkinson and filmmaker Jane Dibblin. The film was a central part of an Arts and Humanities Research Council project, ‘The Materialisation of Persuasion’ by Dr Atkinson, which investigated how exhibitions mounted from 1933 to 1953 in public spaces, from church halls to train stations, were designed to communicate messages of propaganda and resistance. For the film, Atkinson focuses on the For Liberty exhibition mounted in 1943 in the bombed-out John Lewis department store on London’s Oxford Street. The film is narrated by Michael Rosen, poet and former children’s laureate. It is animated by former University of Brighton illustration student Kate Bilbow, edited by Hugh Hartford and made with support from three former Four Corners’ trainees.

Art on the Streets launched at Birkbeck Cinema in autumn 2023. The film was shown in gallery exhibitions in Germany and the UK and was selected for several international film festivals, winning 'Best Short Documentary' at both the California International Shorts Festival 2023 and Lulea International Film Festival Sweden 2023. It will be showing at in a display at Tate Britain, which focuses on the story of the 1930s Artists International Association until July 2025.

5. Non-director staff

Non-director staff in the year were: Building Assistant, Rebekah Brace; Training & Arts Projects Manager, Helena Goundry; Rob Moye, Fundraising Manager; Housekeeping, Adwoa Owusuaa; Curatorial & Archive Coordinator Eleni Parousi; Training Coordinator Rozi Peters; Curatorial & Archive Coordinator Ruby Rees- Sheridan.

6

FOUR CORNERS LIMITED

Trustees’ (Directors’) Annual Report

for the year ended 31 March 2024

6. Evaluation of our programmes

Four Corners monitors and evaluates all its programmes, using both qualitative and quantitative data. Data includes: questionnaires, trainee/artists/tutor and placement evaluations; case studies; audience feedback; press coverage. Indicators of success include growth of audiences, new participants, positive feedback and evidence that its programmes have made a real difference to people’s lives and future development.

Financial Review

The Statement of Financial Activities for the year is set out on page 10 of the accounts.

Reserves at 31 March 2024 were £2,030,945 (2023: £2,169,468) and comprised the company’s buildings and facilities resource. Unrestricted income funds were £947,897 (2023: £1,080,083) and designated funds were £274,333 (2023: £274,333) allocated to the staff pension scheme.

Restricted income funds were a deficit of £6,337 (2023: deficit £71,898). In compliance with the Statement of Recommended Practice accounting and Reporting by Charities, Four Corners has revalued its building and restated the value from April 2018 to create a revaluation reserve of £754,595.

The result for the year is a total deficit of £138,523 (2023 surplus: £34,245). We allocated funds to support our charitable projects during the year amounting to £101,729 (2023: £2,836), adding the remaining deficit of £132,186 to unrestricted funds. Our restricted fund balance of £54,120 will be carried forward to spend on the related projects next year.

We have a strong Balance Sheet as we own our building and equipment with a relatively small mortgage.

Income

Fluctuations in income generation occur due to the availability and success of grant funding applications and also to the way income is required to be presented in the accounts. Income is recorded when received and not when projects are delivered. Total income was £397,705, a decrease of £249,991 or 39% on last year (2023: £647,696). Grant funding remains volatile as funders face increasing demand and consequently competition is high.

Other income was £166,139, a 35% increase of £42,714 on last year (2023: £123,425).

Expenditure

Expenditure was £536,228, a decrease of £77,223 on last year (2023: £613,451). We spent more this year on our project costs and equipment depreciation as we carried out work that had been held back due to space closure during the Covid-19 pandemic. We raise funds from our building, facilities trading and investments to match fund our grants to carry our charitable programmes. Overhead costs remained stable.

Principal Funding Sources

The year saw the end of two major multi-year funding streams. European Regional Development funding was no longer available for creative business support programmes, such as the highly successful London Creative Network programme which had been delivered over several years with partners SPACE, Cockpit Arts and Photofusion. A partner bid to the UK Prosperity fund, the replacement for European funding, was unfortunately not successful.

It was also the final year for two projects funded through the London Borough of Tower Hamlets: the Zoom film school training project supporting disadvantaged groups into employment; and Into Focus, an intergenerational photography scheme. Four Corners applied successfully for two new three-year programmes, East End Stories and Camera Works, funded through the London Borough of Tower Hamlets Mayors’ Community Grants scheme. However, funding for these new schemes was significantly reduced from £98,000 to £40,000 per year.

National Lottery Heritage Fund (NLHF)

The National Lottery funds awarded by the National Lottery Heritage Fund (NLHF) is funding ‘Hidden Histories’. We are in year four of an award of £286,198 to fund our archive and public programme. The project continued into 2023/24 as exhibitions, delayed by our gallery closure during the Covid 19 pandemic, were rescheduled into this year.

Arts Council England

£44,500 was received as the 50% balance on the Communities of Resistance exhibition programme. Further exhibition programme funding bids to the Arts Council were unsuccessful in the year.

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FOURCORNERS I.IMI'I'LD Iiidependent Examinei's, Repoi't to tbe Ti'u5tees of Foul. Corner5 Liillited for the year elided 31 March 2024 I report to thc charity ti'ustees on my examination of the accaunts of thc Chai'itabl¢ Complny for the year ended 3 L Mairh 2024. ResponslbilÉties and basis of rei)ort As thc chai'ity's trustces Iwhu are also Lhe dirett()I's ()f the company for the pui'wsc ol-compaiiy lawl, you air I'esponsible for the prcpai?tioii of the aeLounL8 lrt aeeaj'dance ivith the IEqUilEments of thc Cotiipallies Aet 2006 (the 2006 Act"). l.Iaving s8tisfthed mysell'that the accounts of the Company we not rcquircd to b¢ ixl iviLh.%uch record%', Di. The accounts dv nol cornply ivith ielevant accounting requircments othcr than the accounts give a'rive and fail" view Ivhich is not d lliattei. considei'ed as pai'l of an independent exatllination,. oi. 'I'he accounts have not been pirpaird in accol￿anCe with the Charities SORP IFR8102). I have no conccrn5 and hai'¢ across no other maLtei% in connection with thc examination to which attelltion Should be di'awn in this Lrport in ur(lty' 10 ertable * propel. undei'slanding of thc accounts to bc l'eached. Natalie palton FCA Di¢kin%ons Chariered Accouniants Byartdon House 90 Tlie Broadway Cheshain 13uckinghamshire HP5 ILG Date..

FOUR CORNERS LIMITED

Statement of Financial Activities

for the year ended 31 March 2024

Notes
Incoming Resources
Other trading activities
Charitable activities
Other
Donations
Total Incoming Resources
3
Resources Expended
Charitable activities
4
Other resources expended
5
Total Resources Expended
6
Transfers Between Funds
7
Net Movements in Funds
14 to 16
Reconciliation of Funds:
Total Funds at 1 April 2023
Net Movement in Funds
Total Funds at 31 March 2024		 Revaluation
Reserve
£
-
-
-
-
-
-
-
-
-
-
754,595
-
754,595		 Unrestricted
Funds
£
143,154
1,446
22,985
-
167,585
195,841
2,201
198,042
(101,729)
(132,186)
1,354,416
(132,186)
1,222,230		 Restricted
Funds
£
-
230,120
-
-
230,120
333,326
4,860
338,186
101,729
(6,337)
60,457
(6,337)
54,120		 2024
Total
Funds
£
143,154
231,566
22,985
-
397,705
529,167
7,061
536,228
-
(138,523)
2,169,468
(138,523)
2,030,945		 Revaluation
Reserve
£
-
-
-
-
-
-
-
-
-
-
754,595
-
754,595		 Unrestricted
Funds
£
118,047
300
2,320
3,058
123,725
14,038
708
14,746
(2,836)
106,143
1,248,273
106,143
1,354,416		 Restricted
Funds
£
-
523,971
-
-
523,971
589,327
9,378
598,705
2,836
(71,898)
132,355
(71,898)
60,457		 2023
Total Funds
£
118,047
524,271
2,320
3,058
647,696
603,365
10,086
613,451
-
34,245
2,135,223
34,245
2,169,468

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure is derived from continuing activities.

The notes on pages 13 to 19 form part of these accounts

10

FOUR CORNERS LIMITED Balance Sheet as at 31 Mareh 2024 Noteg 2024 2023 Fixed A55etg '] ￿gible as5el 2.110,196 2,112,793 C.￿rrent A55et$ Debtors Cash ￿ bank in hand io 10.655 171.831 52.771 232.307 181486 285,078 Cr¢ditors: Amounts falling due within otK y¢ar {67:8791 {92.178) Net Current liabllilieB 114.607 192.9)0 Totsl gssets Itss current liabiliti¢J 2224,803 2,305.693 CreditDT5 Amounts faJlittgdu¢ after tnOTe olle year 12 1193,8581 11.I6,2251 Net A&gets 1030.945 2,169,468 Rtservts Unre8trieted In¢ome Futhd$: Unr¢stricted Funds DeS1￿￿ted F¥nds 14 14 947.897 274,333 ,080.083 274.333 L.222.230 1,354.416 Restricted Ineome Funds: R¢5triGt¢d Funi 15 54,120 60.457 li¢i'aluation R¢5¢rve: vaiuarionRegerve 16 754.595 754.595 Total Funds 2,030,945 2.169,468 For the financial vear ¢nd¢d 31 March 2024 the companj was entitled to exenptkon from l￿dIt ulldEr s¢d*ort 477 of the Compani¢s Act2(H)6 ielating ￿ small comp8ni&s. Th¢ TrLkSte¢s aGknowl¢dge their respo￿]b]litIeS for Complying with th¢ requi￿rn¢￿ts of the Companies Act 2006 with r¢5P¢Ct to aLYountingrew]ds aT]d the preparation of the fll]ttncial st&trtnents. The members have ilLTrt requir¢d th¢ wtnpany to obtsill an audii of its fJn&Jciai statements forthe y¢ar in question in accordance with wtion 476 of the Act. Thes¢ financigl ststemeAis have been pr¢pgrcd ITL accordgllc¢ with th¢ provi5i9ns applithle to Compa￿leS subj6cl to th¢ srnall companies Te8itne. These acreunts were approved by the botrd and authorised for issue on...... ... .. Truytee ¥Dd Direttor The nores onpoges 13 10 19fvrntpiJri ofthese li

FOUR CORNERS LIMITED

Statement of Cash Flows

as at 31 March 2024

Notes
Cash flows from operating activities
Cash (utilised)/generated by operations
21
Interest paid
Net cash inflow from operating activities
Investing activities
Payments to acquire tangible fixed assets
Net cash used in investing activities
Financing activities
New long-term finance
Repayment of long-term bank loan
Net cash generated/(used) in financing
activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of
year
Cash and cash equivalents at end of year		 2024
£
£
(104,632)
(12,102)
(116,734)
-
-
76,500
(20,242)
56,258
(60,476)
232,307
171,831		 2023
£
£
77,433
(8,151)
69,282
(7,858)
(7,858)
-
(21,295)
(21,295)
40,129
192,178
232,307		 2023
£
£
77,433
(8,151)
69,282
(7,858)
(7,858)
-
(21,295)
(21,295)
40,129
192,178
232,307
- (7,858)
76,500
(20,242)		 -
(21,295)
40,129
192,178
232,307

The notes on pages 13 to 19 form part of these accounts

12

FOUR CORNERS LIMITED

Notes forming part of the Accounts

for the year ended 31 March 2024

1 Principal Accounting Policies

Basis of accounts – Going concern

These accounts have been prepared on a going concern basis which assumes that the charity will continue in operational existence for the foreseeable future. Four Corners are heavily reliant upon grant funding and accordingly the validity of this assumption is dependent on sufficient and continuing financial support being made available from existing and new sources of funding. The Trustees are conscious of the need to obtain further grant funding in the near future. Nonetheless, they are confident that existing and expected new funds will be sufficient to ensure that the charity remains a going concern.

Accounting Convention

The accounts have been prepared under the historical cost convention, modified for the revaluation of freehold property, the Statement of Recommended Practice accounting and Reporting by Charities in accordance with; the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102); the Companies Act 2006; the Charities Act 2011. The accounts include the results of the company’s operations which are described in the Trustees’ Annual Report.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

Incoming Resources

Total incoming resources as shown in the Statement of Financial Activities is the turnover of the charity and comprises the value of fees, grants, rent and donations receivable in the ordinary course of activities, together with grants receivable in the year. Voluntary income by way of donation and gifts to the charity is included in full in the Statement of Financial Activities when received. Intangible income is not included unless it represents goods or services which would otherwise have been purchased. Gifts in kind are valued and brought in as income together with appropriate expenditure.

Resources Expended

Expenditure is accounted for on an accruals basis, recognised when a liability is incurred, and classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to specific headings they have been allocated to activities on a basis consistent with the use of resources.

Basic Financial Assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction cost and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic Financial Liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Grants Receivable

Grants received in respect of capital expenditure are credited to the profit and loss account on receipt of the grant as the related expenditure is utilised at the discretion of the charity.

Government Grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

13

FOUR CORNERS LIMITED

Notes forming part of the Accounts

for the year ended 31 March 2024

Tangible Fixed Assets and Depreciation

Tangible assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost, less estimated residual value of each asset over its expected useful life, as follows:

Plant and equipment 20% on written down value Plant and equipment (restricted funds) over the term of the project Fixtures and fittings 20% on written down value Freehold property and improvements not depreciated

The freehold property is not depreciated, representing a departure from the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102) and Companies Act 2006 which require all tangible assets to be depreciated. The freehold property is not depreciated on the grounds that the residual value is considered to be equal to or higher than the cost and depreciation would be wholly immaterial. Annual impairment reviews are carried out to substantiate the value held in the accounts.

Investment Property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the Statement of Financial Activities.

Leased Assets

Rental costs under operating leases and the payments made under them are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

Restricted Funds

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of overheads and support costs.

Unrestricted Funds

Unrestricted funds are donations and other incoming resources received or generated for the charity’s purposes and are available for use at the discretion of the Trustees in the furtherance of the general objectives of the charity and which have not been designated for other purposes.

Defined Contribution Scheme

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Key Judgements and Assumptions

Incoming Resources

The charity has incoming resources which are both restricted and unrestricted sources of income. In identifying the attributable cost to restricted and unrestricted income a percentage is applied to total expenditure to determine this. The charity is unable to ring-fence specific costs as the majority of restricted income relates to staff time which is unquantifiable to each project. Funders are satisfied that the funds provided are being spent in line with expectations and guidelines and accordingly this method is considered the most suitable to apportion costs.

Investment Property

The charity’s property is a mixed used property and in accordance with section 10.47 of the Statement of Recommended Practice accounting and Reporting by Charities the charity has separated the mixed used property between property held for operational use as a tangible fixed asset and investment property. Accordingly the element considered investment property has been included at fair value through the Statement of Financial Activities and the owner-occupied element at cost less depreciation. The fair value of the investment property has been determined by the Trustees at their estimation of its open market value.

14

FOUR CORNERS LIMITED

Notes forming part of the Accounts

for the year ended 31 March 2024

2 Employees

The total average monthly number of employees during the reporting period amounted to 17 (2023: 16).

3 Incoming Resources

The income and operating surplus for the year was derived from the company’s principal activity and arises solely in the United Kingdom.

The income and surplus relate entirely to continuing activities and arise solely in the United Kingdom. An analysis of income is as follows:

Unrestricted
Restricted
Funds
Funds
£
£
Donations
-
-
Rent receivable
95,459
-
Other income
22,985
-
Training and facilities hire
47,695
-
Grants receivable – Project courses
1,446
230,120
_
_
167,585
230,120
_
_
4
Expenditure on Charitable Activities
Unrestricted
Restricted
Funds
Funds
£
£
Advertising and marketing
1,036
2,287
Support costs
171,967
274,598
Premises costs
22,540
49,782
Direct costs
298
6,659
_
_
195,841
333,326
_
_
5
Other Resources Expended
Unrestricted
Restricted
Funds
Funds
£
£
Accountancy fees
1,459
3,221
Legal and professional fees
742
1,639
_
_
2,201
4,860

 Total
2024
£
-
95,459
22,985
47,695
231,566
_
397,705
_
Total
2024
£
3,323
446,565
72,322
6,957
_
529,167
_
Total
2024
£
4,680
2,381
_
7,061
 Total
2023
£
3,058
88,402
2,320
29,645
524,271
_
647,696
_
Total
2023
£
1,751
489,254
112,185
175
_
603,365
_
Total
2023
£
6,048
4,038
_
10,086

15

FOUR CORNERS LIMITED

Notes forming part of the Accounts

for the year ended 31 March 2024

6 Total Resources Expended

Staff Costs
Depreciation
Other Costs
£
£
£
Expenditure on charitable activities
334,676
2,596
191,895
Other resources expended
-
-
7,061
_
_
_
334,676
2,596
198,956
_
_
_
Staff costs (including Directors):
Wages and salaries
Social security costs
Staff pension
Other costs:
Premises
Workshop and course costs
Other resources expended
No employee earned £60,000 or more.
Total resources expended include:
Accountancy fees
Directors’ remuneration
Depreciation of tangible fixed assets		 Total
2024
£
529,167
7,061
_
536,228
_
2024
£
304,666
21,541
8,469
_
334,676
_
2024
£
69,726
91,009
38,221
_
198,956
_
2024
£
4,680
172,080
2,596
 Total
2023
£
603,365
10,086
_
613,451
_
2023
£
294,059
17,121
7,838
_
319,018
_
2023
£
70,238
145,643
36,605
_
252,486
_
2023
£
6,048
141,242
41,947

7 Transfer to Unrestricted Funds

When restricted funding is not adequate to cover restricted expenditure, a transfer from unrestricted reserves is required to supplement the deficit. If restricted funding is not utilised at the period end, it is carried forward until such time that all costs for that particular project or purpose have ceased at which point, so long as the agreement does not prohibit it, the balance of funds become unrestricted reserves.

In total, the amount of £101,729 (2023: £2,836) has been transferred from unrestricted funds to restricted funds during the year.

8 Tax on Surplus on Ordinary Activities

The company is a registered charity and is not liable to corporation tax.

16

FOUR CORNERS LIMITED

Notes forming part of the Accounts

for the year ended 31 March 2024

9
Tangible Assets
Investment
Freehold
Plant and
Fixtures
Cost
Property
Property
equipment and fittings
£
£
£
£
At 1 April 2023
1,960,000
139,810
526,913
104,260
Additions in the year
-
-
-
-
Disposals in the year
-
-
-
-
_
_
_
_
As at 31 March 2024
1,960,000
139,810
526,913
104,260
_
_
_
_
Depreciation
At 1 April 2023
-
-
514,395
103,795
Charge for the year
-
-
2,504
93
Eliminated on disposal
-
-
-
-
_
_
_
_
As at 31 March 2024
-
-
516,899
103,888
_
_
_
_
Net Book Value
As at 31 March 2024
1,960,000
139,810
10,014
372
_
_
_
_
As at 31 March 2023
1,960,000
139,810
12,518
464



 Total
£
2,730,983
-
-
__
2,730,983
 Total
£
2,730,983
-
-
__
2,730,983
__
618,190
2,597
-
_
620,787
_
2,110,196
 _
618,190
2,597
-
_
620,787
__
2,112,793

The valuation of the investment property had it been recognised under the historical cost model, would have been £1,205,405. The effective date of the last valuation was 31 March 2020 and was performed by the trustees based on their estimate of the open market value. The value at 31 March 2024 has been considered and in the opinion of the trustees there has been no material change.

10
Debtors
Trade debtors
Other debtors
11
Creditors: Amounts falling due within one year
Bank loan instalments (secured)
Trade creditors
Accruals and deferred income
Other creditors
12
Creditors: Amounts falling due after more than one year
Bank loan instalments (secured)		 2024
£
3,522
7,133
_
10,655
_
2024
£
22,269
1,916
16,292
27,402
_
67,879
_
2024
£
193,858
 2023
£
44,856
7,915
_
52,771
_
2023
£
23,645
12,040
17,085
39,408
_
92,178
_
2023
£
136,225

17

FOUR CORNERS LIMITED

Notes forming part of the Accounts

for the year ended 31 March 2024

13 Bank Loans

The value of the loans are as follows:
Secured loan repayable by monthly instalments ending in May 2033:
Amount falling due within one year
Amount falling due after more than one year
Amount not wholly repayable within five years
Secured loan repayable by monthly instalments ending in October 2024:
Amount falling due within one year
Amount falling due after more than one year
Amount not wholly repayable within five years
Secured loan repayable by monthly instalments ending in January 2030:
Amount falling due within one year
Amount falling due after more than one year
Amount not wholly repayable within five years		 2024
£
14,225
119,503
_
133,728
_
83,357
 2023
£
12,269
128,803
_
141,072
_
91,996
_
5,899
-
_
-
_
-
_
2,144
74,356
_
76,500
_
31,400
 _
11,376
7,421
_
18,797
_
-
_
-
-
_
-
_
-

The bank loans are secured by way of a legal mortgage over the freehold property and a floating charge over the assets and undertakings of the company.

14 Unrestricted Income Funds

Unrestricted Income Funds
£
Surplus as at 1 April 2023 1,354,416
Deficit for the financial year (132,186)
_
Surplus as at 31 March 2024 1,222,230
_

Designated funds amount to £274,333 (2023: £274,333) and relate to the staff pension. Unrestricted funds amount to £947,897 as at 31 March 2024 (2023: £1,080,083).

15 Restricted Income Funds

Surplus as at 1 April 2023
Deficit for the financial year

Deficit as at 31 March 2024
Revaluation Reserve
Surplus as at 1 April 2023
Surplus for the financial year
Surplus as at 31 March 2024		 £
60,457
(6,337)
_
54,120
_
£
754,595
-
_
754,595

16 Revaluation Reserve

18

FOUR CORNERS LIMITED

Notes forming part of the Accounts

for the year ended 31 March 2024

17 Called Up Share Capital

The company has no share capital and is limited by guarantee. Under the provisions of the company’s Memorandum of Association, each member would be required to contribute a sum not exceeding £1 for the payment of the debts of the company in the event of a deficiency of assets on a winding up of the company.

18 Control

Four Corners Limited has been controlled throughout the year by the management committee, whom are identified in the Trustee’s Report on Page 1 of these accounts.

19 Related Party Transactions

During the year, the charity paid remuneration to trustees who are also considered key management personnel, with the legal authority as provided in the company’s Memorandum and Articles of Association, the governing document, for services provided as follows:

D Than
C Mitchell
O Thomas
M Trotter
S Irvine
H Francis		 2024
£
21,251
46,201
44,754
31,540
-
28,334
_
172,080
 2023
£
19,922
34,746
34,746
19,001
6,264
26,563
_
141,242

20 Restricted Reserves

During the year, the charity received restricted grants, of which, NIL (2023: £7,858) was spent on computer equipment. These purchases in the prior period have been capitalised and fully depreciated within the year, as well as fully depreciating fixed assets brought forward relating to restricted funds.

The value of unutilised restricted reserves at 31 March 2024 is £54,120 (2023: £60,457).

21 Cash (utilised by)/generated from operations

(Deficit)/surplus for the year

Adjustments for:
Finance costs
Depreciation of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors

(Decrease)/increase in creditors

 2024
£
(138,523)
12,101
2,597
42,116
(22,923)
_
(104,632)
 2023
£
34,245
8,151
41,947
(9,363)
2,453
_
77,433

19

FOUR CORNERS LIMITED

Detailed Income and Expenditure Account

for the year ended 31 March 2024

Income

Grants receivable
Rent receivable
Training and facilities hire
Project courses
Donations
Other
Expenditure on Charitable Activities
Directors’ emoluments
Salaries, wages and social security costs
Course costs
Workshop costs
Printing and stationery
Telephone and I.T.
Repairs and renewals
Insurance
Heat and light

Rates
Marketing
Subscriptions
Depreciation of tangible fixed assets
Bank charges and interest
Loan interest
Other Resources Expended
Accountancy fees
Legal, professional and consultancy fees



(Deficit) / Surplus for the year
 2024
£
228,686
95,459
47,695
2,880
-
22,985
_
397,705
_
172,080
162,596
91,009
957
3,453
10,007
27,609
19,922
18,484
3,711
3,323
640
2,596
679
12,101
_
529,167
_
4,680
2,381
_
7,061
_
(138,523)
 2023
£
498,071
88,402
29,645
26,200
3,058
2,320
_
647,696
_
141,242
177,776
145,643
176
2,430
13,001
41,831
6,745
17,745
3,917
1,751
313
41,947
697
8,151
_
603,365
_
6,048
4,038
_
10,086
_
34,245

This page does not form part of the statutory accounts

20