Charity registration number 802708 THE NIMBUS FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE NIMBUS FOUNDATION CONTENTS Page Trustees report Independent examine¢s report statement of finanual activities Balance sheet Notes to the financial statements 8-17
THE NIMBUS FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies sel out in nole 1 to the financial statements and compty with the charity's goveming document, the Charities Act 2011 and "Accounting and Reporting by Charities= Statement of Recommended Practi applicable to charities preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019)" Objectives and activities To progres5 the ongoing conversation with the Trustees of Lyrita Nimbus Arts {Regi51ered Charity No. 1203867) to find a like-minded partner or Charity willing to take on the assets, liabilities and responsibilities of The Nimbus Foundation allowing its founders to relire in good faith. To promote the use of the Foundation's venue: a 550-seat concert hall in Monmouth. To make the venue available for local groups including schools. music clubs and arts societies and charitable organisations. To encourage national and international recording and broadcasting organisatr'ons to use the venue independenuy. To maintain and to preserve the integrity of The Wastone Studio and Concerl Hall and to manage future additions to the facility so as to provide the best experien for both perfomiers and audience members. The trustees confirm Ihal they have referred to the Charity Commission's guidan on public benefit when reviewing the Trust'5 aims and objectives in planning future activities. Achievements and perfomiance Over the pasl 15 years we have SUss[u11Y buill on the reputation of the Wyastone Concert Hall as one of the UK'S finest performance venues and attract regular occupation from national and intemational recording organisalions. The Concert Hall is made available to these organisations on a third-party basis subject to a daily rate. Significant time was invesled Ihis year in concluding negotiations to gtft Ihe assels. liabilities and responsibilities of The Nimbus Foundation to the Trustees of Lyrita Recorded Edition Trust. We are delighted that they elected to change Iheir charily's name to Lyrita Nimbus Arts (Registered UK Charity 1203867), reflecting the interests and aspirations of the founders of The Nimbu5 Foundation. Financial review The Trustees have confirmed a continualion of the present investment policy and fvnd manager. The trustees recognise that the Foundation's principal source of income is from investments and that to enable the Foundation to manage its current obligations the Iruslees have set a minimum value of investments intended to provide for the continued maintenance of the concert hall. 11 was agreed that the investment portfolio would be liquidated to cash in February 2024 and gifted to Lyrita Nimbus Arts unincumbered and with no restrictions at that time. The charity has made an unreslricted deficit of £31.91412023'. deficit of £81,435) after gains on investments of £6,374 12023.. losses of £24,309) for the year ended 31 March 2024. Exduding the investmenl movement, a deficit of £38,28812023.' deficit of £57,126) was made. Investment Policy Under the trust deed of 24 November 1987. the charity has the power to invest in a way the trustees wish. Reserves Policy The trustees recognise that the Foundation's principal Sour of income is from investments and that to enable the Foundation lo manage its current obligations Ihe trustees have set the minimum value of those investmenls at £250,000. The trustees believe that this policy remains appropriate as a resource primarily intended to provide for the continued mainlenance of the cOnrt hall. This information has been passed to the Truslees of Lyrila Nimbus Arts fortheir understanding.
THE NIMBUS FOUNDATION TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 As a parl of the agreed plan to gift TNF to the newly fomied Lyrita Nimbus Arts, Registered Charity Number.. 1203867, a new valuation ofthe studio I cOnrt Hall was undertaken in the prior year. As al 31 March 2024 Ihe charity had unreslricted reserves totalling of £637.606 {2023'. £669.520) of which of they have free reserves totalling £313,24412023'. £337,109)- Risk management The Iruslees have given consideration to the potential risks, this relates to the variable nature of third-paty hire days in Ihe concert hall. Bookings are spread across a wide variety of clients and generally extend up to 24 months in advance. In order to address the issue a business plan has been created which has established that the charitable activities being developed can be safely supported. A key element in the management of financial risk is the setting of a reserves policy and its regular review by trustees. Other. non-financial risks such as fire, health and safety management of performing rights have also been addressed. Plans for the future The trustees are fully satisfied that this is the right time to gift The Nimbus Foundation ITNFI to Lyrita Nimbus Arts (Registered UK Charity 1203867), a likeminded charity and group of Trustees who are more active in promoting and recording classical music and who can deliver a wider programme of educational activities to young people, new audiences and industry professionals. It is expected that TNF will gift itself lo Lyrits Nimbus Arts with effect from 1 April 2024. Structure. governance and management The Nimbus Foundalion is an unincorporaled charitable trust govemed by a Irusl deed of 24 November 1987. It is a registered charity with the Charity Commission. The power of appointing new trustees is vested in the surviving trustees in office. The currenl Iruslee group, which includes the individuals responsible for the initial funding of the foundation, seek to make new appointments that will ensure an independent, balanced and objective view of the Foundation's activities. All trustees have willingly agreed to resign from The Nimbus Foundation upon successful handover of the assets, liabililies and ongoing operation of Ihe Sludio I Concert Hall to the Trustees of Lyrita Nimbus Arts {Regislered UK Charity 1203867). Related Parties Wyastone Estate Limited is an independent private owned company operating a Business Park, Printing. CD Manufacluring and Dislribution business from the private estale on which the Foundation's concert hall is located. The company has a written agreement with the Foundation to suppty all adrninistrative function5 relating to the concert hall and the provision of the facility to third parties for both charitable events and commercial hire. The Company and the Foundalion currenuy have one directorltrustee in common. Adrian Farmer, a Trustee and Director of Wastone Estate Limited, and Antony Smith, a Director of Wastone Estate Limited, are also Trustees of the Lyrita Recorded Edition Trust (Registered UK Charity 2996351 and the newly fomied Lyrita Nimbus Arts (Registered UK Charity 1203867). Oryanisation The board of Iruslees, which is required to be not less than Ihree and not more than 10 members, administers the charity. The board meets half-yeady and makes all decisions by a majority vote of the trustees present. The foundation has no staff members and has entered into a service level agreement with Wastone Estate Limited to provide all management and support for The Nimbus Foundation's day lo day operations, as aulhorised by the board, based on a percentage of hall hire revenue with fixed-fees for accounting and maintenance.
THE NIMBUS FOUNDATION TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reference and administrative infomiation Trustees Michael Austyn Reynolds Gerald Alfred John Reynolds Adrian John Famier Paul William Boughton Principal Office Wyaslone Leys Ganarew Monmouth Monmoulhshire, NP25 3SR Charity Number: 802708 Independenl examiner Katherine Parkin FCA ets Audit Services Ty Derw Lime Tree Court Cardiff Gale Business Park Cardiff CF23 8AB Bankers Lloyds Bank 25 Gresham Street London EC2V 7HN Solicitors Geldards 4 Capital Quarter Tyndall Slreet Cardiff CF10 4BZ Fund manager Saltus Spaces Castle Park Programme Building The Pithay Bristol BS1 2NB
THE NIMBUS FOUNDATION TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The trustees report was approved by the Board of Trustees. G Reynolds Truslee A J Farnier Trustee Dated.. 31 January 2025 Dated: 31 January 2025
THE NIMBUS FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NIMBUS FOUNDATION I report to the trustees on my examination of the financial statements of The Nimbus Foundation (the charity) for the year ended 31 March 2024. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requiremenls of the Charilies Acl 2011 (the 2011 Act). I report in respect of my examination of the charity's financial stalements carried out under seclion 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(51{b) of the 2011 Act. Independent examinerfs statement Your attenlion is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 102) in preference to Ihe Accounting and Reporting by Charities.. Statement of Recommended Practi issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in accordan with Generally Accepted Accounting Practice effective for reporting periods beginning on or afler 1 January 2015. 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 that in any material respect- accounling records were not kepl in respecl of Ihe chartty as required by section 130 of the 2011 Act., or the financial statements do not accord with those records.. or the financial statements do not comply with the applicable requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. I have no concems and have come across no other matters in connection with Ihe examinalion to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Katherine Parkin FCA Azets Audit servIs Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB Dated.. 31 January 2025
THE NIMBUS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Unrestricted funds funds 2024 2023 Notes Income from: Charitable activities Inveslments 39,818 4,989 49,405 4,760 Tolal income 44,807 54,165 Ex endilure on: Raising funds 4,534 5,217 Charitable activities 78,561 106,074 Total resources expended 83,095 111,291 Net gainslllosses) on investments 10 6,374 124,309) Net outgoing resources 131,9141 181,435) Other recognised gains and losses Revaluation of tangible fixed assets {203,227) {203,227) Net movement in funds {235,141) {284,662) Fund balances at 1 April 2023 872,747 954,182 Fund balances at 31 March 2024 637,606 669,520 The slatement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from conlinuing activities.
THE NIMBUS FOUNDATION BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets Investments 12 13 324,362 332,411 380,044 324,362 712,455 Current assets Debtors Cash at bank and in hand 14 16.914 356.343 13,843 28,994 373.257 42.837 Creditors: amounts falling due within one year 15 (60.013) {85,772} Net current assetsl{liabiltties) 313.244 142,935) Tolal assets less current liabilities 637,606 669,520 Income funds Unrestricted funds Designated funds General unrestricted funds Revaluation resetve 16 324.362 516,471 1203.227) 332,411 540,336 1203,227} 637,606 669,520 637,606 669,520 The financial statements were approved by the Trustees on 31 January 2025 G Reynolds - Trustee A J Farnier- Trustee
THE NIMBUS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity infonnation The Nimbus Foundation is a is an unincorporated charitable trust whose goveming document is a Trust deed dated 24 November 1987. The prinupal address of the charity is Wastone Leys, Ganarew, Monmouth, NP25 3SR. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's goveming document, the Charilies Acl 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" The charity is a Public Benefit Entity as defined by FRS 102. The charity has laken advantage of the provisions in the SORP for smaller charities not lo prepare a Statement of Cash Flows. The financial slatements have departed from Ihe Charilies (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Slatement of Recommended Practice which is referred to in the Regulations but which has Sin been withdrawn. The financial statements are prepared in sterling, vthich is the functional cUencY of the charity- Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial inslrumenls at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern The charity ceased trading on 31 March 2024 and transferred its activities, assets and liabilitiles to a newly fomied Charitable Incorporated Organisation Lyrita Nimbus Arts (charity number 1203867) on 1 April 2024. As such the financial statements have been prepared on a basis other than that of a going concem which includes. where appropriate, writing down the chanty's assets to net realisable value. The financial statements do not include any provision for the future costs of temiinating the activities of the charity except to the extent that such cosls were committed at the balance sheet date. 1.3 Charitable funds Unreslricled funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Designated funds are funds which the charity has identtfied to be used for a specific purpose but which are not legalty restricted to use. 1.4 Income All income is recognised once the charity has entitlement to the income. it is probable that the income will be received and the amount of income re1vable can be measured reliably. Interest on fiJnds held on deposit is included when receivable and the amount can be measured reliably by the charity,. Ihis is nomially upon nolification of the interest paid or payable by the bank. Dividends are recognised On the dividend has been dedared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portlolio.
THE NIMBUS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless perfomiance conditions require deferral of the amounl. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Hall hire is recognised in the period in which the hire takes place. Any amounts invoiced in advance are deferred. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third paty, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Costs of raising fijnds comprise the costs in relation investment management costs. Expenditure on charitable activities includes all costs relating to the furtherance of the charity's objectives as stated in the trustees report and their associated support costs. Irrecoverable VAT is charged as a cost against the activty for which the expenditure was incurred. Govemance costs comprise all costs involving public accountsbilty of the charity and its compliance with regulation and good practi. Resources expended are allocated to the particular activty where the cost relates directly to that activity. There has been no offsetting of assets and liabilities. or income and expenses. 1.6 Tangible fixed assets Tangible fixed assets are initialty measured at cost and subsequently measured at cost or valuation, nel of depreciation and any impaimient losses. Deprecialion is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Arts centre Fixtures and fittings 20/0 Straight line basis 10 % straight line basis Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value al the date of valuation less any subsequenl accumulated depreciation and subsequent accumulated impairnent losses. The fair value of the land and buildings is usualty considered lo be their market value. Revaluation gains and losses are recognised in other recognised gains and losses and accumulated in equity, exp1 lo Ihe extent Ihal a revalualion gain reverses a revaluation loss previously recognised in net incomel (expenditure} or a revaluation loss exceeds the accumulated revaluation gains recognised in equity,. such gains and loss are recognised in net incomel{expenditure) for Ihe year. 1.7 Fixed asset investments Fixed asset inveslments are initialty measured al Iransaclion price excluding transaclion cosls, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred. 1.8 Cash and cash equivalents Cash and cash equivalents indude cash in hand, deposits held at call with banks, other short-temi liquid inveslments with original malurilies of Ihree months or less, and bank overdrafts. Bank overdrafts are shown within bOowingS in Current liabilities.
THE NIMBUS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Inslrumenls. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of tls financial instruments. Financial instruments are recognised in the charity's balan sheet when the charity becomes party io the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the regnised amounts and there is an inlention to settle on a net basis or lo realise the assel and settle the liability simullaneously. Basic financial assets Basic financial assets, which indude debtors and cash and bank balances, are initially measured at transaction price including Iransaction costs and are subsequentty carried al 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 fijture receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Derecognition of financial assets Financial assets are derecognised onty when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the finanaal asset and substantially all Ihe risks and rewards of ownership to another entty, or rf some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are inttially recognised al transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of Ihe future payments discounted al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequentty carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or services Ihat have been acquired in Ihe ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequentty measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the chartvs contractual obligations expire or are discharged or cancelled. Critical accounling estimates and judgements In the application of the charity's accounting policies. the trustees are required to make judgements, estimates and assumptions aboul Ihe carrying amount of assets and liabiltlies that are nol readily apparent from olher sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimates are recognised in the period in which the estimate is revised where Ihe revision affects only thal period, or in the period of the revision and fijture periods where the revision affects both current and future periods. 10-
THE NIMBUS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities 2024 2023 Hall hire 39,818 49,405 Investments Unrestricted Unrestricted funds funds 2024 2023 Income from listed investments Interest receivable 4,581 408 4,572 188 4,989 4,760 11
THE NIMBUS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Raising funds Unrestricted Unrestricted funds funds 2024 2023 Costs of raising funds Investmenl management costs 4,534 5.217 4,534 5,217 Charitable activities 2024 2023 Depreciation and impaiment Other concert costs Insurance Light and heat Rent, rates and water Repairs and maintenance stationery and advertising Donations 8,050 8,134 5,438 29,242 2,375 11,232 2,000 2,319 27,635 11,594 4,569 16,681 3,181 7,128 3,696 20,440 68,790 94,924 Share of support costs (see note 71 Share ofgovemance costs (see nole 7) 6,146 3,625 8,150 3.000 78,561 106,074 12-
THE NIMBUS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support Costs Support Govemance costs costs 2024 2023 Basis of allocation Bank charges Administration 23 6,123 23 6,123 15 Direct 8,135 Direct Accountancy fees 3.625 3,625 3,000 Governance 6.146 3.625 9,771 11,150 Anatysed beeen Charitable activities 6.146 3.625 9,771 11.150 Accountancy fees above include payments to the independent examiners of £1,92512023.' £1,475). Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. The Iruslees were not reimbursed for any expenses during the currenl or prior year. Employees The average monthly number of employees during the yearwas.. 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60,000. 10 Net gainsl{losses) on inveslments Unrestricted Unrestricted funds funds 2024 2023 Revaluation of investments Gainl(lossl on sale of investments {26,275) 1,966 6,374 6,374 {24,309) 13-
THE NIMBUS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Taxation The charity is exempt from tax on income and gains tslling wf(hin section 505 of Ihe Taxes Acl 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the exient that these are applied to its charitable objects. 12 Tangible fixed assets Arts cèntr• Fixturès and fittings Total Cost or valuation At 1 April 2023 325,000 294,327 619,327 At 31 March 2024 325,000 294,327 619.327 Depreciation and impairnient At 1 April 2023 Depreciation charged in the year 286,915 1.550 286,915 8,050 6.500 At 31 March 2024 6.500 288.465 294,965 Carrying amount Al 31 March 2024 318,500 5,862 324,362 At 31 March 2023 325,000 7,411 332,411 Land and buildings with a carrying amount of £325,)0 were revalued at 8 February 2023 by Lamberts Chartered Surveyors, independent valuers not connected wrth the charity on the basis of market value. The valualion confomis to Intemalional Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. At 31 March 2024, had the revalued assets been carried at hisloric cosl less accumulated depreciation and accumulaled impairment losses, their carying amount would have been approximately £502,142 (2023.. £528,227). 14-
THE NIMBUS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Fixed asset investments Other inveslments Cash in portfolio Total Cost or valuation At 1 April 2023 Disposals 371.674 (371,674) 8,370 {8,370) 380,044 {380,044) At 31 March 2024 Carrying amount At 31 March 2024 At 31 March 2023 371.674 8,370 380,044 14 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 14,391 103 2,420 10,395 3,448 16,914 13,843 15 Creditors: amounts falling due within one year 2024 2023 Other taxation and social security Trade credilors Amounts owed to related parties Accruals 723 3,515 77,823 3,711 2,702 53,836 3,475 60,013 85,772 15-
THE NIMBUS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specffic purposes= Balance at 1 April 2022 Resources Revaluatlons. 0xnd gains and lossès Balance at 1 April 2023 Resources Balance at 0Xnd&d 31 Ilarch 2024 Fixed asset fund 563,273 (27,635) (203,227) 332,411 (8,049) 324,362 563,273 (27,635) (203,227) 332,411 (8,049) 324,362 In order to fulfil its objectives the charity needs the ntre and other assets. These properties. although they are unrestricted assets cannot be realised without undemiining the charity's work, and the trustees feel that it is therefore appropriale to reflecl the investment in fixed assets by means of a designated fund. 17 Analysis of net assets between funds Unrestricted Designated funds funds 2024 2024 Total Unrestricted Designated funds funds 2023 2023 Total 2024 2023 Fund balanS at 31 March 2024 are represented by.. Tangible assets Investmenls Current assetsllliabilities} 324,362 324.362 332,411 332,411 380,044 {42,935) 380.044 {42,935) 313,244 313.244 313,244 324,362 637.606 337,109 332,411 669,520 18 Events after the reporting date The activities, assets and liabilities of the charity were gifled to Lyrita Nimbus Arts (charity number 1203867) with effect from 1 April 2024. 16-
THE NIMBUS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Related party transactions Transactions with related parties During the year the charity entered into the foll0llng transactions with related parties= The charity invoiced Wyastone Estate Limited £1.638 for hall hire (2023= £1.125). The charity was invoiced £55,592 (2023.. £59,230) from Wyastone Estate Limiled regarding Sel¢e charges and a contribution towards a donation. At the year end the charity owed £53.83612023.' £77.823) lo aSIone Estate Limtled aslone Estste Limited and the charity have one directornrustee in common. The charity invoiced The Lyrita Recorded Edition Trust £2,208 ft)r hall hire (2023.. £6,384) of which £680 (2023.. £nil) was outstanding al the year end. The Lyrila Recorded Edition Trust and the charity have one trustee in common. 17-