REGISTERED COMPANY NUMBER: 01915997 (England and Wales) REGISTERED CHARITY NUMBER: 298437
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FOR
LUTON COMMUNITY ARTS TRUST LIMITED
FKCA Limited 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL
LUTON COMMUNITY ARTS TRUST LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 MARCH 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 14 |
LUTON COMMUNITY ARTS TRUST LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS for the Year Ended 31 MARCH 2023
TRUSTEES Mr G K Collin Trustee Mr R Batson Trustee Mr O Cligan Trustee Ms R Davis Trustee Mr M S Wooldridge Trustee COMPANY SECRETARY Mr P Jolly REGISTERED OFFICE 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL PRINCIPAL ADDRESS 77 High Town Road Luton Bedfordshire LU2 0BW REGISTERED COMPANY 01915997 (England and Wales) NUMBER REGISTERED CHARITY 298437 NUMBER INDEPENDENT EXAMINER FKCA Limited 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL
Page 1
LUTON COMMUNITY ARTS TRUST LIMITED (REGISTERED NUMBER: 01915997)
REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Information required under company law to be disclosed in the report of the Directors is contained within the below report of the Trustees.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The continued objects of the Trust are to foster and promote, and improve the appreciation of the Arts amongst the people of Luton. Given the cessation of the SNAP project, our community based work has been through supporting artists in developing opportunities for studio spaces and resources. - liaising with the local authority and other agencies.
Significant activities
Activities
Staff completed work on a revised application to the National Lottery Heritage Fund for support to develop an archive project based on the historical of the work of LCAT at the iconic 33 Arts Centre. In November 2022 the Trust was offered a Grant of £75,971 to undertake the project. The commencement date was to be agreed after a successful completion of a suitable Risk Register.
In February 2023 permission was given by the NLHF to commence the scheme, which was titled the Accidental Archivist. Initial publicity and social media activity was commenced and research began on possible partners and the appointment of volunteers to support the project.
33 RPM
Creation of new products and new distribution outlets for 33 RPM, was continued via increased development of on-line activities, including streaming and downloading trends, special emphasis was placed on supporting new artists through consultation and help with related legal and contractual advise.
The administration of 33 RPM's work was in the main organized from home supported by use of the Hightown premises for storage.
Significant Other Information
The Company Secretary completed his work as a cohort, on the University of Bedfordshire's newly Heritage Impact Accelerator Scheme. The University continued to offer support to the Trust for the application to the NLHF for the Accidental Archivist Project.
ACHIEVEMENT AND PERFORMANCE
During the year, the Trust maintained research into alternative sources of funding to enable work to be maintained and developed. To protect this policy, the Trust maintains a Reserves Policy to both enable provision of a year's full programme of activity and to support comprehensive ongoing fund -raising initiatives.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general on guidance public benefit when setting their policies for the year in line with the charity's aims and objectives.
The Trustees are satisfied that the supported projects provide clear public benefit, and that activities are available to all young people within the local community.
Page 2
LUTON COMMUNITY ARTS TRUST LIMITED (REGISTERED NUMBER: 01915997)
REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2023
FINANCIAL REVIEW
Reserves policy
It has been the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between nine and twelves month's expenditure, in order to enable to activities to continue between funding gaps. Now, as the charity approaches it's final legacy project, it is planned to utilise these reserves, enabling the charity to complete a heritage archive project and wind down in an effective manner. Accordingly, the balance of the contingency has been transferred to general funds to support this aim.
The Trustees are fairly satisfied with the position of the charity at the balance sheet date. The results for the year set out on page 5, shows net expenditure of £33,339 on unrestricted funds and income of £71,147 on restricted funds leaving funds of £419 and £71,147 respectively.
Going concern
The charity has secured sufficient funding, which, along with the current reserves, will enable the charity to continue as a going concern until at least January 2025. As such the going concern basis has been adopted and the Trustees are satisfied that the charity will continue providing services for at least a further 12 months
FUTURE PLANS
The Trustees are pleased to report that since the year end the Trust has been successful in their application to the National Heritage Lottery Fund to create an archive of the Trust work during 2023-24. This will be the final significant project and will form an enduring legacy of the work of the Trust.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The organisation is a charitable company limited by guarantee, incorporation on 22 May 1985 and registered as a charity on 1 February 1978. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
Recruitment and appointment of new trustees
Trustees are appointed by the Council of Management (COM) by vote at a yearly AGM of the Trust, as laid out within the Trust's Memorandum and Articles. If new Trustees are required during the year they are co-opted onto the COM and their appointment ratified by an AGM.
Organisational structure
The Trust is a company limited by guarantee and is governed by its Memorandum of Association.
The Trust is governed by a Council of Management meeting 4 to 6 times yearly. The COM has a responsibility to govern the activities of the Trust. None of the Trustees have any beneficial interest in the Company. The Charity employs 2 persons to assist in carrying out the Trust's objectives.
Induction and training of new trustees
All new appointments to the COM are required to have a full understanding of the work of the Charity and have knowledge of the day to day project activity. All Trustees are kept up to date with all training initiatives, both locally and nationally, that relate to their responsibilities as Trustees of a charitable organisation.
Related parties
The charity considers its related parties to be the trustees and its subsidiary company, 33 RPM Limited.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Mr P Jolly - Secretary
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LUTON COMMUNITY ARTS TRUST LIMITED
Independent examiner's report to the trustees of Luton Community Arts Trust Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Miss Tara Aldwin ACA
FKCA Limited 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL
Date: .............................................
Page 4
LUTON COMMUNITY ARTS TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 31 MARCH 2023
| Unrestricted Restricted funds funds Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies - 80,971 Investment income 2 25 - Other income 3 1,505 - Total 1,530 80,971 EXPENDITURE ON Charitable activities Charitable activities 34,869 9,824 NET INCOME/(EXPENDITURE) (33,339) 71,147 RECONCILIATION OF FUNDS Total funds brought forward 33,758 - TOTAL FUNDS CARRIED FORWARD 419 71,147 |
2023 Total funds £ 80,971 25 1,505 82,501 44,693 37,808 33,758 71,566 |
2022 Total funds £ - 3 10,241 10,244 44,646 (34,402) 68,160 33,758 |
|---|---|---|
The notes form part of these financial statements
Page 5
LUTON COMMUNITY ARTS TRUST LIMITED (REGISTERED NUMBER: 01915997)
BALANCE SHEET 31 MARCH 2023
| Unrestricted Restricted funds funds Notes £ £ FIXED ASSETS Tangible assets 8 233 - Investments 9 100 - 333 - CURRENT ASSETS Debtors 10 3,636 37,986 Cash at bank and in hand 5,088 33,161 8,724 71,147 CREDITORS Amounts falling due within one year 11 (8,638) - NET CURRENT ASSETS 86 71,147 TOTAL ASSETS LESS CURRENT LIABILITIES 419 71,147 NET ASSETS 419 71,147 FUNDS 12 Unrestricted funds Restricted funds TOTAL FUNDS |
2023 Total funds £ 233 100 333 41,622 38,249 79,871 (8,638) 71,233 71,566 71,566 419 71,147 71,566 |
2022 Total funds £ 348 100 448 3,327 33,709 37,036 (3,726) 33,310 33,758 33,758 33,758 - 33,758 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 6
LUTON COMMUNITY ARTS TRUST LIMITED (REGISTERED NUMBER: 01915997)
BALANCE SHEET - continued 31 MARCH 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mr G K Collin - Trustee
The notes form part of these financial statements
Page 7
LUTON COMMUNITY ARTS TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 MARCH 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
The presentation currency of the financial statements is the Pound Sterling (£).
Luton Community Arts Trust Limited meets the definition of a public benefit entity under FRS 102.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Government grants
Government grants are recognised within other income when deemed to be receivable by the charity.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Charitable activities
Charitable expenditure comprises of those costs incurred by the charity in the delivery of its activities and services for the beneficiaries. It includes both costs that can be allocated directly to such activities and those of an indirect nature to support them.
Governance costs
Governance costs comprise of all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to legal fees together with an apportionment of overhead and support costs.
Allocation of overhead and support costs
Costs are allocated where possible directly to the activity to which they relate, or on a basis consistent with the use of resources.
Tangible fixed assets
All assets costing more than £100 are capitalised and all assets are valued at historic cost.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings and equipment 10% to 33.3% reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
continued...
Page 8
LUTON COMMUNITY ARTS TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2023
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Investments
Investment in the subsidiary is included in the balance sheet at cost. The company and its subsidiary comprise a small group. The company has taken advantage of the exemption provided in section 398 of the Companies Act 2006 not to prepare group financial statements and accordingly these financial statements present information about the company as a single undertaking.
2. INVESTMENT INCOME
| INVESTMENT INCOME | |||
|---|---|---|---|
| Deposit account interest OTHER INCOME |
2023 £ 25 |
2022 £ 3 |
|
| Government grant | 2023 £ 119 119 |
2022 £ 10,241 10,241 |
|
| SUPPORT COSTS Governance Management costs £ £ Charitable activities 7,282 2,813 |
Totals £ 10,095 |
3. OTHER INCOME
4.
continued...
Page 9
LUTON COMMUNITY ARTS TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2023
4. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
5.
| SUPPORT COSTS - continued Support costs, included in the above, are as follows: |
SUPPORT COSTS - continued Support costs, included in the above, are as follows: |
|---|---|
| 2023 2022 Charitable Total activities activities £ £ Wages 7,282 8,316 Accountancy - 1,550 Independent examiners remuneration 1,000 - Independent examiners remuneration for non assurance work 1,813 - 10,095 9,866 NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): |
|
| 2023 | 2022 |
| £ | £ |
| Independent examiners remuneration 1,000 |
- |
| Independent examiners remuneration for non assurance work 1,813 |
- |
| Accountancy - |
1,550 |
| Depreciation 115 |
2,013 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
7. STAFF COSTS
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Salaries and wages | 29,129 | 33,264 |
| 29,129 | 33,264 | |
The average number of employees during the year was 2 (2022: 2).
No employees have emoluments in excess of £60,000.
continued...
Page 10
LUTON COMMUNITY ARTS TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2023
8. TANGIBLE FIXED ASSETS
| 8. | TANGIBLE FIXED ASSETS | |||
|---|---|---|---|---|
| Fixtures | ||||
| and | ||||
| fittings | ||||
| £ | ||||
| COST | ||||
| At 1 April 2022 | 101,771 | |||
| Disposals | (80,264) | |||
| At 31 March 2023 | 21,507 | |||
| DEPRECIATION | ||||
| At 1 April 2022 | 101,423 | |||
| Charge for year | 115 | |||
| Eliminated on disposal | (80,264) | |||
| At 31 March 2023 | 21,274 | |||
| NET BOOK VALUE | ||||
| At 31 March 2023 | 233 | |||
| At 31 March 2022 | 348 | |||
| 9. | FIXED ASSET INVESTMENTS | |||
| MARKET VALUE | Shares in group undertakings £ |
|||
| At 1 April 2022 and 31 March 2023 | 100 | |||
| NET BOOK VALUE | ||||
| At 31 March 2023 | 100 | |||
| At 31 March 2022 | 100 | |||
| There were no investment assets outside the UK. | ||||
| The company's investments at the balance sheet date in the share capital of companies include the | following: | |||
| 33 RPM Limited | ||||
| Registered office: 260 - 270 Butterfield, Great Marlings, Luton, LU2 8DL | ||||
| Nature of business: Trading subsidiary of the Charity | ||||
| % | ||||
| Class of share: | holding | |||
| Ordinary | 100 | |||
| Aggregate capital and reserves | 2023 £ 12,926 |
31.3.22 £ 13,816 |
||
| Loss for the year | (890) | (2,058) |
continued...
Page 11
LUTON COMMUNITY ARTS TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2023
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Amounts owed by group undertakings | 3,195 | 2,817 | ||||
| VAT | 441 | 510 | ||||
| Prepayments and accrued income | 37,986 | - | ||||
| 41,622 | 3,327 | |||||
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | ||||
| Trade creditors | 2023 £ 10 |
2022 £ 90 |
||||
| Other creditors | 4,408 | 586 | ||||
| Accruals and deferred income | 4,220 | 3,050 | ||||
| 8,638 | 3,726 | |||||
| 12. | MOVEMENT IN FUNDS | |||||
| Unrestricted funds | At | 1.4.22 £ |
Net movement in funds £ |
At 31.3.23 £ |
||
| General fund | 33,758 | (33,339) | 419 | |||
| Restricted funds | ||||||
| The Accidental Archivist - the legacy of | ||||||
| Luton’s 33 Arts Centre | - | 71,147 | 71,147 | |||
| TOTAL FUNDS | 33,758 | 37,808 | 71,566 | |||
| Net movement in funds, included in the above are as follows: | ||||||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
|||
| General fund | 1,530 | (34,869) | (33,339) | |||
| Restricted funds | ||||||
| The Accidental Archivist - the legacy of | ||||||
| Luton’s 33 Arts Centre | 75,971 | (4,824) | 71,147 | |||
| Bedfordshire & Luton Community | ||||||
| Foundation | 5,000 | (5,000) | - | |||
| 80,971 | (9,824) | 71,147 | ||||
| TOTAL FUNDS | 82,501 | (44,693) | 37,808 | |||
continued...
Page 12
LUTON COMMUNITY ARTS TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2023
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | Transfers | |||
|---|---|---|---|---|
| movement | between | At | ||
| At 1.4.21 | in funds | funds | 31.3.22 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 35,571 | (32,560) | 30,747 | 33,758 |
| Contingency fund | 30,747 | - | (30,747) | - |
| Restricted funds | 66,318 | (32,560) | - | 33,758 |
| SNAP | 1,842 | (1,842) | - | - |
| TOTAL FUNDS | 68,160 | (34,402) | - | 33,758 |
| Comparative net movement in funds, included in the above are as follows: | ||||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
|
| General fund | 10,244 | (42,804) | (32,560) | |
| Restricted funds | ||||
| SNAP | - | (1,842) | (1,842) | |
| TOTAL FUNDS | 10,244 | (44,646) | (34,402) | |
| A current year 12 months and prior year 12 months combined position is as follows: | ||||
| Unrestricted funds | At 1.4.21 £ |
Net movement in funds £ |
Transfers between funds £ |
At 31.3.23 £ |
| General fund | 35,571 | (65,899) | 30,747 | 419 |
| Contingency fund | 30,747 | - | (30,747) | - |
| Restricted funds | 66,318 | (65,899) | - | 419 |
| SNAP | 1,842 | (1,842) | - | - |
| The Accidental Archivist - the legacy of | ||||
| Luton’s 33 Arts Centre | - | 71,147 | - | 71,147 |
| 1,842 | 69,305 | - | 71,147 | |
| TOTAL FUNDS | 68,160 | 3,406 | - | 71,566 |
continued...
Page 13
LUTON COMMUNITY ARTS TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2023
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | Movement | |
|---|---|---|---|---|
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 11,774 | (77,673) | (65,899) | |
| Restricted funds | ||||
| SNAP | - | (1,842) | (1,842) | |
| The Accidental Archivist - the legacy of | ||||
| Luton’s 33 Arts Centre | 75,971 | (4,824) | 71,147 | |
| Bedfordshire & Luton Community | ||||
| Foundation | 5,000 | (5,000) | - | |
| 80,971 | (11,666) | 69,305 | ||
| TOTAL FUNDS | 92,745 | (89,339) | 3,406 | |
Accidental Archivist - the legacy of Luton's 33 Arts Centre
Provide funding for the continuation of Luton's 33 Arts Centre to aid the charity in completing and achieving its aim and objectives as detailed in the report of trustees.
SNAP
Funds provided for the Social Needs Awareness Project.
Bedfordshire & Luton Community Foundation
Grant received for the purpose of a youth pride event.
The unrestricted funds are available for charitable activities at the Trustees discretion, in accordance with the objects of the charity.
The contingency fund is intended to build up a reserve sufficient to enable the charity to wind down effectively should a future reduction in funding leave it unsustainable to continue to operate.
13. RELATED PARTY DISCLOSURES
At the year end the charity was owed £3,195 from 33 RPM Limited (2022: £2,817), a wholly owned subsidiary. There is no formal repayment plan or any interest accruing on the outstanding balance.
During the year, rent cost of £4,000 was paid by a Trustee on behalf of the charity. At the year end £4,000 was owed by the charity to this trustee. This balance is presented within other creditors.
Page 14