REGISTERED COMPANY NUMBER: N1028068 (Northern Ireland) REGISTERED CHARITY NUMBER: 102342 Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2024 for CATALYST ARTS LTD M.B.McGrady & Co Chaitei'ed Accountants Suite 2B Cadogan Hoiise 322 Lisbiirn Road Belfast Co. Antriin BT9 6GH
CATALYST ARTS LTD Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2024 Page Reference and Administrative Details Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9 to 14 Detailed Statement of Financial Activities 15
CATALYST ARTS LTD Reference and Administrative Details FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES Cecilia Gi'aham (resigned 231512023) Dominic McKeown (resigned 411112023) Eoin Bennett Rachael Melvin Silvia Koistinen Sean Ward (appointed 201612023) Emina Quin (appointed 1811212023) COMPANY SECRETARY Sean Ward REGISTERED OFFICE 6 Joys Entry Belfast Anlrim BTI 4DR REGISTERED COMPANY NUMBER N1028068 (Northern Ii'eland) REGISTERED CHARITY NUMBER 102342 INDEPENDENT EXAMINER M.B.McGrady & Co Chartered Accountants Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Antrim BT9 6GH BANKERS Co-opei'ative Bank PO Box 250 Delf House Skelmersdale WN8 6WT
CATALYST ARTS LTD Report of the Trustees FOR THE YEAR NDED 31 MARCH 2024 The trustees who are also directors of the charity for Ihe piirposes of the Companies Act 2006, present their report with the financial statements of the charity foi. the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Chai'ities.. Stateinent of Recominended Practice applicable to charities preparing their a¢coiints in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The company's objectives are to advance and improve, production and proinotion of art and culture and the advanceinent of education and training in the arts and related subjects in Northern Ireland and beyond ("hei'einafter called the 'area of benefit") through the provision of workshops, advice, inforination and training and the organisation of exhibitions, residencie5 and events and tlll'ough such other charitable ways as decided by the directors. The coinpany has power to.. (a) proinote and improve visual, sonic and live art and the pi-oduction of works of artistic merit by established, new and einei'ging aitists through the provision of workshops, advice, inforination and training and the organisation of exhibitions, i'esidencies and events and through such other charitable ways as the directors decide; (b) proinote learning throiigh the aits with the object of developing aesthetic and cultui'al appreciation by providing an innovative and experiinental (visual or tnulti- disciplinary) arts progi'ainine in the area of benefit which is freely available and accessible to all. (c) pi'on)ole arts exchange opportunities foi. emerging and established artists outside Northern Ireland; (d) advance the educatioii and training of visual arts and Iniilii-disciplinary practitioners by the provision of integrated training and arts inanagement experience, Inentoring and information. All trustees have had regard to the Coinmission's Public benefit requireinent slaliitory guidance. Purpose of the Charity The inain purposes of Catalyst Arts Ltd has always been.. l. to advance and support the career of local einerging conteinpoi'ary artists in Belfast and Northern Irelaiid through on site exhibitions at Catalyst Aits Galleiy, off site exhibitions and residencies. technological i'esources, networking and international opportunities. 2. to suppoit local volunteers in Belfast with an intei'est in the arts and aits Inanagement, by advancing their skills in practical aspects of i'unning an art gallery such as installalion, fiinding applications, archiving and adininistration work. 3. to bring experiinental, innovative conteinpoi'ary arl to Belfast and engage the local aits ¢ominunity and the general public with conlempoi'ary ait througli exhibitions, talks, workshops and off site parti¢ipatoiy artworks.
CATALYST ARTS LTD Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Significant activities Catalyst Aits is the longest running artist-led gallery in Northern Ireland. We provide a unique platform for einerging local artists and recent graduates to exhibit their work in a curated context within an accessible, professional and Stimulating envii'oninent. The gallery fulfils a significant local and national role by touring Northern Irish artists both nationally and intei'nationally. We pi'ovide artists with the use of oiir technological resources, networking opportunities and access to our historical archives. We are run by a rolling board of up to ten volunteers who curate and deliver high quality exhibitions and projects. We provide to the public an exciting prograiniiie of experimenlal, Inultidisciplinaiy conteinporary art from local, national and international aitists, alongside compleinentaiy educational woi'kshops and talks. We aim to maintain and iinprove our existing relations wilh other arts organisations and to Continue lo expand and reach new audiences. Catalyst Arts is a charity based organisation that supports and pi'oinotes the pi'odiiction of innovative and experiinental conteinporaiy exhibitions and events that are free of Charge and accessibl¢ to a wide variety of audiences. Oiir organisation upholds a unique position within the visual arts sector of Noi'thei'n li'eland and offei's an unrivalled training scheme foi. individuals that include curation and arts adininistration.we do not have any paid ineinbers of staff and ftinction thi'ough the ¢oinmitmenl of seven voluntary co-directors and a strong volunteer cominunity. We are a member based organisation, whose members benefit from open calls, the use of our resoui'ce centre and advice on a daily basis. Catalyst pi'ovides exhibition opportunities for artists at the beginning of theii. careers, enabltng the display of woi'k alongside practitioners with an internationally established i'eputation. Revieiv of past programme Healing through Phologi'aphy, Partnership with Belfast Exposed, Artist Talk with Clare Lyons (3-4 April 2023) Bond of Meinories, Graduate Award Show with Toinas Monterio (13 April - 4 May 2023) Catalyst Cafe, collaboration witli Noithern li'eland Mental Health festival. Workshops, Events, Sci'eenings, Talks with Mike's Fancy Cheese, Creative Beans Collective and Soup Ink Writer-s Co-op (I l May-20 May 2023) Non Violent Kilchen Table, Paulina Siniatkina, (23 May 2023) Catalyst Meinbers Show (l June-30 Jiine 2023) Catalyst Al't Book Fair,{ 6-8 July 2023) P{a/u)ddle, Art Auction (20 June-july 8 2023) Seven, Keike Twisselinann and Sandra Coi'i'igan Breathnach, performance evening (3 Augiist 2023) Cladding, Dominic McKeown Director Show, Charys Wilson and Hazel O'sullivan (5-30 October 2023) FIX 23, live art performance biennial with Olivia Has5et, Sandra Johnston, Bbeyond, Sinead O'Donnell, Venus Patel aiid Mal Parry (9 Noveinber-26 Novembei. 2023) Pond{er) Rachel Melvin Directoi s Show, Alivia Goldhill and Andy Leech, (l Februaiy-25 Febriiary, 2024) Pi'opagate, sei'ies of outreach activities and events. Toolbox. Inini artist fund, Open Box. ai-chival open Inic and poetry evening, Going Up A Mountain; hiking trail with Black Moiintain Rewilding Project (10-31 March 2024) 23124 saw us connect with new organisational pai'tners, inci'ea5e our footfall di'ainatically diie to our new city centre location, and seciii'e fiinding froin external oi'ganisations to iinpi-ove oui. pi'eiT]ises and fund our work. We started off the 23124 prograinining year with a beautifiil artist talk fi'om Clare Lyons, in partnership with Belfast Exposed, a regulai. collaborator of Catalyst. Fully settled into oiir new premises, we were able to ti'ansfoi'in the gallery space into a wai'in and cosy environinent foi. the audience to sil and heal. froin Clare, joined in conversation with Co-Director Silvia Koistinen. Celebrating emerging artist lalent. The inaugui'al Catalyst Arts Gradiiate Award was awai'ded to Tonias Monterio, a cerainicist based iii Belfast. Accoinpanying Toinas's pieces, that decoraled the gallery and outdoor space, the exhibition was accoinpanied by a closing night performance by Toinas. We applied for and I'eceived funding fi'om The Enkalon Foundation to suppoi't the ci'eation of Toinas's work.
CATALYST ARTS LTD Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Partnering with the Northei'n Ireland Mental Health Arts Festival, we transformed the gallery space into the Catalyst Cafe, holding a variety of coininuiiity-focused events, workshops and sessions for people. Catalyst Cafe aiined to debunk the roinantic myth of the artist's life through fun and light hearted events - offering support and coinmunity for artists and ci'eatives alike in navigating the precarity of suslaining an aitistic practice today. We partnered with local oi'ganisalions and groups like Soup Ink Writei s Co-op, Creative Beans Colleclive and Mike's Fancy Cheese to host workshops and events across the festival period in May. Moving on to oui. Meinbers Show. to lean, fold, buckle, hold, carry, push, pull, support, we exhibited work of our meinbers who financially support the galleiy every Inonth. Our Inembers are an essential part of the survival, development, and sti'uctural integrity of Catalyst Aits. In return, we look to suppoit our members, practices through opportunity and conversation.we also sought to find new ways of engaging with and platforining our Ineinbers leading to the developinent of Casual Placernents - a members, newsletter where meiiibers have the space to share their ongoing works. ideas, and thoughts with new audiences. With the 23124 BCC Artist Studios & Maker Spaces Organisational Grant we were able to improve our buildings resources and safety, provide training for directors and purchase signage for our space. We received fiinding to install fire extinguishers in the space alongside having ea¢h director receive Fire Warden training. Receiving funding to iinprove our kitchen facilities also made oiir office inuch more comfortable and welcoining foi. dire¢lors and voliinteers to work in. Signage, pi'ovided by local company Off The Wall Creative alongside local painter Kate Fossey, has Inade our space Inuch more recognisable and accessible, increasing footfall. A core element of our prograinme throughout 2023-24 was audience engageinent. This weaved itself throughout our prograinming in the forin of events and workshops including. a di'ink n, draw, discussion groiips, a publication launch, a reading and listening group, poetiy reading events, hands-on woi'kshops, soup making, cominunal cooking and eating, and live-art performances. These events and workshops allowed for audiences to engage with conteinporary visual art in new ways as well as developing skills. Two Co-Director shows took place over the yeai., Cladding and Pond(ei'). Claddin., was an installation that brought together Charys Wilson & Hazel O'sullivan to look at the concern in how material qualities are sensed, interpreted and understood to forin space. During oui. opening night, we had a record breaking 420 visitors thi'oughout the opening night. Pond(er), explored the galleiy as a site for shai'ed & intiinate experiences, exainining how an arts space can encoui'age coiwnunal experience and discourse through tactile and soni¢ interventions. FINANCIAL REVIEW Financial position Financial performance in the year to 3 l March 2024 has been broadly consistent with the trustee's forecasts and expectations. Incoine receipts for the year totalled £49,291 {2023: £67,139) and expenditure for the year totalled £54,002 (2023.. £62,035). This resulted in a deficit of £4,711 (2023.. suiyliis of £5,104) for the yeai.. Reserves policy Financial Policy on Operating Reserves involves i)iaintaining an operating i'eserves ratio of between three and six months col'e costs which based on current incoine and expenditure varies between £ l 0,000 and £20,000. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is Controlled by its govei'ning docuinent, a deed of ti'iist, and constitutes a liiiiited company, liinited by guarantee, as defined by the Coinpanies Act 2006. Trustees who served at anytime during the year were: Cecilia Graham Dominic McKeown Einina Qiiin Eoin Bennett Rachael Melvin Silvia Koistinen Sean Ward (resigned 23 May 2023) (resigned 4 Noveinber 2023) (appointed 18 Deceinbei. 2023) (appointed 20 Jiine 2023)
CATALYST ARTS LTD Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 Approved by order of the board of trustees on 19 Deceinber 2024 and signed on its behalf by: Sean Ward - Trustee
Independent Examiner's Report to the Trustees of Catalyst Art5 Ltd I report on the accounts of the coinpany for the year ended 31 March 2024, which are set out on pages seven to fourteen. Respeetive responsibilities of charity trustees and examiner As the ¢harity's trustees {and also the directors for the purposes of coinpany law) you are responsible for the preparation of the accounts in accordance with the requirements of the Coinpanies Act 2006. Having satisfied Inyself that the chai'ity is not subject to audit under company law and is eligible for independent exaininatioii, it is my responsibility to.. exainine the accounts Under Section 65 of the Charities Act follow the procedures laid down in the general Directions given by the Charity Coininission for Norihern Ireland under Section 65(9)(b} of the Chai'ities Act State whether paiticular Inattei's have come to my attention. Basis of the independent examiner's report I have exainined youi. charity accounts as requii'ed undei. Section 65 of the Charilies Act and my examination was carried out in accordance with the general Dii'ections given by tlie Charity Commission foi. Northern Ireland under Section 65(9)(b) of the Charities Act. The examination included a i-eview of the accounting i'ecords kept by the charity and a coinpai'ison of the accounts pi'esented with those records. It also included consideration of any unusual iteins or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such Inatters. My role is to state whethei. any Inaterial inatters have coine to Iny attention giving me cause to believe: That accounting recoi'ds were not kept in accordance with Section 386 of ihe Coinpanies Act 2006 That the a¢coiints do not accoi'd wilh those accounting records That the accounts do not comply with the accounting I'equirements of Section 396 of the Coinpanies Act 2006 and with the inethods and principles of the Charities Statement of Recoininended Praclice applicable to charities preparing their accounls in accordance with the Financial Repoiting Standard applicable in the UK and Republic of Ireland That thei'e is further infoi'ination needed for a propel. undei'standing of the accounts to be reached. liidependent examiner's statement I have completed my exainination and have no concei'ns in respect of the inatters (l) 10 {4) listed above and, in connection with following the Dii'e¢tions of the Charity Coininission foi. Northern Ii'eland, I liave found no Inatters that require di'awing to your attention. 110( Seai)ius McLei'non M.B.McGrady & Co Chartered Accounlanls Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Antrim BT9 6GH 19 December 2024
CATALYST ARTS LTD Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2024 3113124 Total funds 3113123 Total funds Unrestricted fund Restricted fund Notes INCOME AND ENDOWMENTS FROM Charitable activities Prograinining 43,364 43,364 63,003 Other trading activities Inveslment income 5,825 102 5,825 102 4,124 12 Total 5,927 43,364 49,291 67,139 EXPENDITURE ON Charitable activilies Programming 8,320 45,682 54,002 62,035 NET INCOMEI(EXPENDITURE) (2,393) (2,318) (4,711) 5,104 RECONCILIATION OF FUNDS Total funds brought forward 30,689 4,921 35,610 30,506 TOTAL FUNDS CARRIED FORWARD 28,296 2,603 30,899 35,610 The notes forin pait of these financial stateinent5
CA TALYST ARTS LTD Balance Sheet 31 MARCH 2024 3113124 3113123 Notes FIXED ASSETS Tangible assets 205 457 CURRENT ASSETS Debtors Cash at bank and in hand 10,524 21,519 12,685 23,818 32,043 36,503 CREDITORS Ainounts falling due within one year (1,349) (1,350) NET CURRENT ASSETS 30,694 35,153 TOTAL ASSETS LESS CURRENT LIABILITIES 30,899 35,610 NET ASSETS 30,899 35,610 FUNDS Unrestricted funds Restricted funds 28,296 2,603 30,689 4,921 TOTAL FUNDS 30,899 35,610 The charitable coinpany is entitled to exeinption fi'om audit under Section 477 of the Coit)panies Act 2006 for the year ended 31 March 2024. The ineinbers have not required the coinpany to obtain an audit of its financial stateinent5 for the year ended 31 March 2024 in accordance wilh Section 476 of the Coinpanie5 Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting recoi'ds that comply with Sections 386 and 387 of the Coinpanies Act 2006 and prepai'ing financial stateinents 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 oi. deficit foi. each financial year in accoi'daiice with the requirements of Sections 394 and 395 and whicli otherwise coinply with the requirements of the Companies Act 2006 relating to financial stateinents, so fai. as applicable to the charitable coinpany. (b) These fmancial stateinenls have been pi'epared in accoi'dance with the provisions applicable to charitable colpanIeS subject to the sinall coinpanies regiine. The fiiiancial stateinents wei'e approved by the Boai'd of Trustees and authorised for issue on 19 Deceinbei. 2024 and were signed on its belialf by: Sean Ward - Trustee The notes foi'in part of these financial stateinen15
CATALYST ARTS LTD Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial stateinents of the charitable company, which is a public benefit entity under FRS 102, have been pi'epai'ed in accordance with tlie Chai'ities SORP (FRS 102) 'Accounting and Repoiting by Chai'ities.. Stateinent of Recoinjnended Practice applicable to charities pi'eparing theii. accoiints in accoi'dance with the Financial Reporting Standai'd applicable in the UK and Republic of Ii'eland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Coinpanies Act 2006. The financial statements have been prepared under the historical cost conventioii. 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 ainount can be measured reliably. Expenditure Liabilities are recognised a5 expenditure as soon as there is a legal oi. constructive obligation coinmitting the charity lo that expenditui'e, it is pi'obable that a transfei. of ecoiiomic benefits will be required in settleinent and the ainount of the obligation can be Ineasured I'eliably. Expenditui'e is accounted foi. 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 particiilar headings they have been allocated to activities on a basis consistent with the use of i'esources. Tangible fixed assets Depi'eciation is provided at the following annual rates in order to write off each asset over ils estimated usefLII life. Equipinent 200/0 on cost Taxation The chai'ity is exeinpt from corporation tax on its chai'itable activities. Fund accounting Unrestricted fiinds 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 ai'ise when specified by the donor or when funds are i'aised foi. particular restricted purposes. Furthei. explanation of the nature and purpose of each flind is in¢lllded iii the notes to the financial stateinents. OTHER TRADING ACTIVITIES 3113124 3113123 Meinbership Eai'ned Incoine Other incoine 2,639 854 2,332 2,525 ,477 122 5,825 4,124 continiied...
CATALYST ARTS LTD Notes to the Finaneial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME 3113124 3113123 Interest receivable 102 12 NET INCOMEI(EXPENDITURE) Net incoinel(expenditure) is stated after chargIn(crediting). 3113124 3113123 Accountancy fees Depreciation - owned assets 1,943 252 ,475 801 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Tru5tees' expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted fund Total funds INCOME AND ENDOWMENTS FROM Charitable aetivities Prograinining 63,003 63,003 Other trading activities Investment incoine 4,124 12 4,124 12 Total 4,136 63,003 67,139 EXPENDITURE ON Chai'itable activities Progi'am]ning 3,953 58.082 62,035 NET INCOME 183 4,921 5,104 RECONCILIATION OF FUNDS Total funds bi'ought forwai'd 30,506 30.506 TOTAL FUNDS CARRIED FORWARD 30,689 4,921 35,610 10 continued...
CATALYST ARTS LTD Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 TANGIBLE FIXED ASSETS Equipment COST At l April 2023 and 31 March 2024 56,385 DEPRECIATION At l April 2023 Charge for year 55,928 252 At 31 March 2024 56,180 IYET BOOK VALUE At 31 March 2024 205 At 31 March 2023 457 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Othei. debtors Pi'epayments and accrued incoine 2,028 8,496 4,271 8,414 10,524 12,685 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Accruals and deferred income 1,349 1,350 io. ANALYSIS OF NET ASSETS BETWEEN FUNDS 3113124 Total funds 3113123 Total fuilds Unrestricted fund Restricted fund Fixed assets Cui'i'ent assets Current liabilities 246 28,050 {41) 3,993 (1,349) 205 32,043 (1,349) 457 36,503 (1,350) 28,296 2,603 30,899 35,610 continued...
CATALYST ARTS LTD Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 ii. MOVEMENT IN FUNDS Net movement in fund5 At 3113124 At 114123 Unrestricted funds General fund 30,689 (2,393) 28,296 Restricted funds Col'e 4,921 (2,318) 2,603 TOTAL FUTr4DS 35,610 (4,711) 30,899 Net imoveinent in funds, included in the above al'e as follows.. Incoming resourees Resource5 expended Movement in funds Unrestricted funds General fund 5,927 (8,320) (2,393) Restricted funds Core 43,364 (45,682) (2,318) TOTAL FUNDS 49,291 (54,002) (4,711) Colnparatives for movement in fund5 Net movement i)) funds At 3113123 At 114122 Unrestricted funds General fund 30,506 183 30,689 Restrieted funds Core 4,921 4,921 TOTAL FUNDS 30,506 5,104 35,610 12 continued...
CATALYST ARTS LTD Notes lo the Finaneial Statemeiits - conlinued FOR THE YEAR ENDED 31 MARCH 2024 MOVEMENT IN FUNDS - continued Comparative net Inovement in fiinds, included in the above are as follows: Incoming resources Resources expended Movement in fuiids Unrestricted fund5 General fund 4,136 (3,953) 183 Restricted funds Core 63,003 (58,082) 4,921 TOTAL FUNDS 67,139 (62,035) 5,104 A current year 12 Inonths and prior year 12 inonths combined position is as follows.. Net movement in funds At 3113124 At 114122 Unrestricted funds General fund 30,506 (2,210) 28,296 Restricted funds Cole 2,603 2,603 TOTAL FUNDS 30,506 393 30,899 A current year 12 inonth5 and prior year 12 Inonths combined net movement in fuiids, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unresti'icted fuiids General fund 10,063 (12,273) (2,210) Restrieted funds Col'e 106,367 (103,764) 2,603 TOTAL FUNDS 116,430 (116,037) 393 13 continiied...
CA TALYST ARTS LTD Notes to the Finaiieial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 12. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 March 2024. 14
CATALYST ARTS LTD Detailed Statement of Financial Activities FOR THE YEAR NDED 31 MARCH 2024 31/24 3113123 INCOME AND ENDOWMENTS Other trading activities Membership Earned Incoine oiher income 2,639 854 2,332 2,525 1,477 122 5,825 4,124 Investment income Interest receivable 102 12 Charitable activities Grants 43,364 63,003 Totxl incolning resources 49,291 67,139 EXPENDITURE Charitable aelivities Project & exhibition costs 18,414 22,286 Support costs Management Rent, sei'vice and watei. charge Insurance Light and heat Telephone Postage and stationery Adveitising Sundries Repali's and maintenance Legal fees 21,791 5,218 1,529 810 96 375 206 3,367 22,664 4,654 894 647 628 810 1,312 4,702 1,162 33,392 37,473 Other Depi'eciation of equipinent 253 801 Covernance costs Accoiinloncy fees 1,943 1,475 Total resources expended 54,002 62,035 Net (expenditure)liiicome {4,711) 5,104 This page does not foi'in part of the statutoi'y financial stateinents 15