REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
VISIBLE FICTIONS |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
VISIBLE FICTIONS |
VISIBLE FICTIONS |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 March 2023 |
Page |
Report of the Trustees | 1 | to | 7 |
Independent Examiner's Report | 8 |
Statement of Financial Activities | 9 |
Balance Sheet | 10 |
Notes to the Financial Statements | 11 | to | 15 |
VISIBLE FICTIONS (REGISTERED NUMBER: SC144133) |
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). |
VISIBLE FICTIONS (REGISTERED NUMBER: SC144133) |
REPORT OF THE TRUSTEES |
For The Year Ended 31 March 2023 |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
Mission Statement: |
Visible Fictions exists to thrill, delight and inspire children, young people and adults with our head-turning, heart-flipping, diversely-accessible artistic projects, productions and activities. |
Charitable Objectives: |
-Place artistic excellence and experimentation at the heart of all of our work, initiating visionary creative collaborations that inspire and educate young people, professional artists and audiences through our work. |
-Connect meaningfully with the diverse communities we serve - young people, artists, audiences, to engage an increasing number of diverse people through work which has accessibility at its core. |
-Integrate all our activities - artistic, business, education, creative learning and audience development - to achieve common purpose and shared ambition. |
Be international in our outlook, proudly representing Scotland as a creative nation whilst welcoming international influences in our work. |
-Be integral to the artistic, social, political and economic infrastructure helping individuals, organisations, companies, local authorities and governments achieve their aims. |
-Actively develop a valued, skilled, diverse and dynamic team of people (employed, freelance and volunteer) and provide conditions and places of work where they and the company can flourish |
-Finance the Company's work through a robustly managed 'mixed economy' of income sources attracted to the company by its consistent high quality and a flexible, proactive and responsive administration. |
These objectives were monitored and achieved through the following strands of activity: |
-Present Gaspard's Foxtrot, our 2.5D animation, in partnership with the Royal Scottish National Orchestra in a national live tour. |
- Present Yoyo and the Little Auk, our animation and live action film, in partnership with the Royal Scottish National Orchestra and Visit Scotland's Year of Stories, in a national live tour. |
- International presentation of The Hidden, our interactive, site responsive, immersive theatre production, in partnership with Toronto International Festival of Authors. |
- Present A Ladder to the Stars, a critically acclaimed puppetry production at the Edinburgh Festival Fringe, in partnership with the Gilded Balloon. |
- Promote 'A Ladder to the Stars' to presenters out with Scotland. |
-Continue the creation of Snip Snap, a new Stop Motion Animation, in collaboration with Clubhouse Animation. |
- Create, rehearse, and present Clunk! by Martin McCormick, a brand new, one performer production designed to be toured directly into P6 and P7 classrooms. |
- Undertake development period on a new interactive installation piece provisionally entitled 'Ghosthunter'. |
- Provide further support to artists with early-stage creative ideas who have been engaged in our Working Title initiative. |
-Co-produce Treasure Island with Cumbernauld Theatre for a Christmas run in the main house space, in an experimental new collaboration model. |
- Commission and begin creation of The Impossible, a new audio drama for upper primary aged children. |
-Support individual artists and companies to realise their own independent projects. |
-Create education and participation projects inspired and connected with and to the company's artistic programme whenever appropriate. |
-Explore the creation of new digital drama presentations. |
-Develop our audience reach and engagement by use of social media and digital formats. |
-Be involved with boards, management groups, conferences and working groups throughout the year. |
-Formalise support given to the theatre community. |
-Support and give opportunities for individual staff and team development. |
-Intentionally engage with communities from areas higher on the Scottish Index of Multiple Deprivation. |
-Monitor and reduce the company's carbon and emissions |
VISIBLE FICTIONS (REGISTERED NUMBER: SC144133) |
REPORT OF THE TRUSTEES |
For The Year Ended 31 March 2023 |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
Visible Fictions performed to some 11,294 young people and adults at home and abroad, with over 130 performances for audiences in theatres, schools, and community venues. In addition, Visible Fictions released and screened digital presentations which reached 34297 viewers. There were 1010 participants actively engaged in arts related creative learning activity. Our website increased engagement on the previous year, with more than 106,000 pageviews throughout 2022/23. |
The following artistic activity took place: |
'Gaspard's Foxtrot' - a Scottish tour and digital distribution |
This 2.5D animation and live action film was presented at venues throughout Scotland, accompanied by a live orchestra. The film was projected on large screen whist players from the Royal Scottish National Orchestra played the score live. Writer and Narrator Zeb Soanes presented the story live. The digital film continues to be made available to schools throughout Scotland, accompanied by CPD and creative learning resources for teachers. |
This film is made in 7 different languages which continue to be available to teachers. |
'Yoyo and the Little Auk' - a Scottish tour and digital distribution |
This newly commissioned animation and live action film was presented at venues throughout Scotland, accompanied by a live orchestra. The tour opened at the Edinburgh International Film Festival and went on to tour throughout Scotland. The film was projected on large screen whist players from the Royal Scottish National Orchestra played the score live. The digital film continues to be made available to schools throughout Scotland, accompanied by CPD and creative learning resources for teachers. |
'The Hidden' - an international presentation |
This site responsive, interactive, theatrical experience for teenagers was presented in Brampton Library, Toronto, in partnership with the Toronto International Festival of Authors (TIFA). Having been seen by TIFA's producer at the Edinburgh International Book Festival, the production has now undertaken a 2-week run in Canada, engaging TIFA audiences as well as local schools. |
'A Ladder to the Stars' - at the Edinburgh Festival Fringe |
Having first created this production in partnership with Aberdeen Performing Arts in 2015, this show continues to delight audiences in Scotland and abroad. We presented the production for a full 24 day run during the Edinburgh Festival Fringe, in partnership with the Gilded Balloon. The production was extremely well received and attended by numerous international presenters. This has initiated conversations about further international touring. |
'Papergee and the Spider' - distribution throughout Germany |
Visible Fictions have partnered with German Distribution company, Luftkind Filmverleih. The distributors have grouped a selection of short films for children for presentation at cinemas throughout Germany as part of a school's cinema programme. Visible Fictions are delighted to be included in the selection and look forward to the opportunities for growth in our digital output this might present. |
'Snip Snap' - a stop motion animation. |
Visible Fictions continues to work in partnership with Clubhouse Animation, in the creation of a new, stop motion animation called Snip Snap. The animation is based on a poem originally written for Visible Fictions' Now I Am… This project was in celebration of the company's 25th anniversary. The poem, written by Frances Poet, acclaimed writer for stage, tv, and film, has been storyboarded for animation and is now in the process of filming. |
'Clunk!' - touring to Scottish Schools |
Visible Fictions worked with playwright Martin McCormick to develop a one performer show to be toured directly into schools. This play for upper primary aged children has minimal set (just a table and a chair), and no requirements for sound or lighting equipment in schools or community settings, making it an extremely versatile production with excellent green credentials. The production toured to 8 primary schools across Glasgow, to 240 children. The show was accompanied by creative learning workshops exploring the themes within the show. Due to the success and overwhelmingly positive feedback from pupils and teachers, the production will go on to undertake a 5-week tour of schools and small-scale venues across Scotland. |
'Ghosthunter' - a development period |
VISIBLE FICTIONS (REGISTERED NUMBER: SC144133) |
REPORT OF THE TRUSTEES |
For The Year Ended 31 March 2023 |
This will be a large-scale, site specific, and interactive theatrical experience for teenage audiences. It will use high-tech live tracking equipment, a complex sound installation, lighting and props to tell this story. The production will take place in a warehouse where we will recreate the interior of a house using a recycled set. This development period allowed us to test, modify, and make fit for purpose the tracking devices, to plan all adjustments required for the existing recycled set, and to finalise the script. The production will be mounted for live performance in May/ June 2023. |
'Treasure Island' - a co-production with Cumbernauld Theatre |
Cumbernauld Theatre (CT) are exploring models for creating work for their main space. For this festive season, they approached Visible Fictions to partner with them as executive producers for their offering in the main house. A call-out was made for artists to pitch their ideas for a new production and the partners selected 'Treasure Island' written by Ross McKay and directed by Jordan Blackwood. CT funded the production which Visible Fictions produced and marketed. Our Artistic Director worked with the creative team to support their process whilst ultimately empowering them to make creative choices and decisions. |
'The Impossible' - a new audio drama |
Award-winning and critically acclaimed writer, Oliver Emanuel, has been commissioned to write a new audio drama for upper primary aged children. Visible Fictions will produce and distribute it to schools throughout Scotland, accompanied by a package of creative learning activities which will be a mix of teacher-led sessions, in-person artist-led workshops, and Continuing Professional Development. The piece tells of a young girl who has severe social anxiety, who has an encounter with none other than a lost Amelia Earhart. The audio drama also has elements of meditation and mindfulness to help foster relaxation. Danny Krass will sound design the piece and will work with Visible Fictions' Artistic Director to create the final mix. |
'Working Title' - continued artist development |
Following the success of last years' 'Working Title' programme, an initiative to support artists with early-stage ideas for new artistic productions, Visible Fictions continued with this important work. The first year of the project enabled artists to bring their ideas to a stage ready for further development, with additional support from Visible Fictions as well as other partners. Additional artists are now also undertaking development periods. The work explored in this project has been varied, including animation exploring parental mental health, outdoor and large-scale puppetry, music driven plays, audio drama, a trading card musical, a teacher-led creative installation, and a VR/augmented reality experience. |
We took part in the extended national & international cultural infrastructure by: |
Providing mock auditions and mentoring with New College Lanarkshire through the services of the Company's Artistic Director; as part of the FST's Step-Up Programme, the Artistic Director mentored a practitioner from the theatre sector during the course of the year; the Artistic Director also served on the board of directors for the Independent Theatre Council. |
The company maintains active membership of the Federation of Scottish Theatre, the Independent Theatre Council, Creative Carbon Scotland, Arts and Business and the Federation of Small Businesses. |
The company is part of a group of companies and artists dedicated to creating theatre and dance for young audiences (Young Audiences Group - YAG). Visible Fictions' Producer was part of YAG's anti-racism working group who undertook an extensive exercise and consultation process to create a set of anti-racism commitments which the company have signed up to and published on our website. |
We also undertook the following internal developments: |
Visible Fictions have begun the development of a new website, better equipped to host filmed content, more user friendly and better able to serve our audiences, improved functionality, and featuring a donate now button to allow for additional income. |
Visible Fictions hosted several creative placements for young people and early career practitioners looking to advance in the theatre industry. These placements included a 4th year acting student from the University of Glasgow, a 4th year commercial music student from University of the West of Scotland, a 3rd year stage management student from the Royal Conservatoire of Scotland, an emerging freelance producer and theatre maker, and 2 secondary school pupils. |
VISIBLE FICTIONS (REGISTERED NUMBER: SC144133) |
REPORT OF THE TRUSTEES |
For The Year Ended 31 March 2023 |
The objectives of our Green Action Plan have also been further delivered. We are members of the Green Arts Initiative and carry their logo on all marketing and promotional material. All printed material is now on 100% recycled paper and suppliers are chosen based on their green credentials. The company's environmental policy is available to view on the website and within the company handbook. Visible Fictions embed the environmental policy throughout all activity, not just within the core staff, but to freelance teams in the rehearsal room and on tour. A board member with interest, knowledge and expertise in environmental policy has been appointed. The company has committed to, where possible, work to Theatre Green Book standards for all new productions, with notable steps taken in the creation of 'Ghosthunter' (fully recycled set) and 'Clunk!' (minimal set which can be sourced in each venue, meaning production team can travel on public transport). |
The company has further delivered the objectives of our Equalities, Diversity and Inclusion Action Plan. The Company increased opportunities for those who self-define as Disabled and BME to be considered for employment by ring-fencing budgets to allow for auditions to be held outside of Scotland and/or inviting those who don't currently live in Scotland for interview, assisting with their travel costs. Visible Fictions have focussed on increasing engagement from communities high on the Scottish Index of Multiple Deprivation (SIMD). We provided free buses to schools and groups from areas high on the SIMD for performances of 'Treasure Island', and performances of 'Clunk!' were taken directly into schools serving communities high on SIMD. Free and subsidised tickets were made available for performances of 'A Ladder to the Stars' to specific communities high on SIMD too. |
To further strengthen the company's existing relationship with the LGBT+ community Visible Fictions have signed up to the LGBT Youth Charter and will undertake training throughout 2023 and 2024 to help us support our LGBT colleagues and audiences. |
The Staff and Board of Visible Fictions have undertaken further anti-racism training with a particular focus on white supremacy and micro-aggressions. |
FINANCIAL REVIEW |
Financial position |
Principal Funding Sources: |
The charitable company's principal funding during the period was received from Creative Scotland. The company also self-generated income totalling approximately 23% of the company's total income - formed by a mix of fees, ticket sales, trusts, foundations and philanthropic support. |
Reserves policy |
The charitable company's reserves policy is to establish an operating reserve to cover 6 months of running costs, allowing the company, in the event of having to cease trading, to be able to cover all necessary administration costs. |
Financial position |
The company plans to use reserves to invest in future artistic product that will allow further diversification of artistic output: namely in the development of the companies digital and output, the creation of a large-scale site immersive theatrical experience, a new musical theatre production, and the diversification of ways to experience live theatre in an ever-changing social landscape. |
Reserves policy |
The charitable company's reserves policy is to establish an operating reserve to cover 6 months of running costs, allowing the company, in the event of having to cease trading, to be able to cover all necessary administration costs. |
VISIBLE FICTIONS (REGISTERED NUMBER: SC144133) |
REPORT OF THE TRUSTEES |
For The Year Ended 31 March 2023 |
FUTURE PLANS |
Future plans include: |
-Rehearse and tour 'Clunk!' across Scottish venues. |
-Rehearse, create and present 'Ghosthunter' - a large-scale, interactive installation experience. |
-Further develop 'Special Delivery' - a planned theatre collaboration with Cumbernauld Theatre and Scottish Opera. |
-Collaborate with the Royal Scottish National Orchestra to re-shoot 'Yoyo and the Little Auk' - an animated film with music and storytelling. |
-Record and create the audio drama, 'The Impossible' as well as accompanying learning resources. |
-Continue supporting freelance artists to help realise their work. |
-Rehearse and present the interactive, site-responsive piece 'The Hidden' as part of the Dorothy Heathcote Now Conference. |
-Continue supporting placements from high schools, universities, colleges and professionals. |
-Rehearse and present 'A Ladder to the Stars' as part of the Zigu Zajg Festival - an international children's festival in Malta. |
-Create new digital learning resources for 'A Ladder to the Stars'. |
-Present 'A Ladder to the Stars' at Cumbernauld Theatre for the festive season. |
-Attend and present 'Clunk!' at the APAP Conference in New York. |
-Undertake development on 'Up' - a new object -theatre production. |
- Finalise recording of 'Snip-Snap' - a new stop-frame animation. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The company was incorporated as a company limited by guarantee under the Companies Act 2006 and is controlled by its governing document, the Memorandum and Articles of Association. |
Recruitment and appointment of new trustees |
Visible Fictions regularly reviews the skills and experience needed on the Board in order to perform governance role and support the company to meet its objectives. Current skills held by the members of the Board include: Community Arts, Community Education, Finance, Strategy, Marketing, Social Media, Risk Management, and General Management. |
The maximum number and minimum number respectively of the Directors may be determined from time to time by ordinary resolution. Subject to and in default of any such determination there shall be no maximum number of Directors and a minimum number of two. |
Recruitment of new Board members focusses on obtaining the necessary skills and experience. However, in order to ensure the make-up of the Board reflects Visible Fictions' audiences, participants and stakeholders, recruitment activities proactively seek people from underrepresented sectors (age, gender, ethnicity and disability) with the appropriate skills and experience |
Induction and training of new trustees |
The company follows an induction process for potential new Board members to ensure that the appointment is right for all parties and that the individual is well briefed about the company and their role and responsibilities as a Board member. In addition, any relevant introductory training courses are readily made available. |
Visible Fictions is committed to supporting the training and development of its Board members in order to help them in their role as a non-executive director of a charitable arts organisation. |
The Board has developed a full Governance policy which considers all of the above in more detail. |
No directors are entitled to any remuneration, whether in respect of his/her role as a director or office holder. However, directors may be paid all travelling, hotel and other expenses properly incurred by them in connection with their attendance at meetings or otherwise in connection with the discharge of their duties. |
VISIBLE FICTIONS (REGISTERED NUMBER: SC144133) |
REPORT OF THE TRUSTEES |
For The Year Ended 31 March 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Risk management |
The Artistic Director, Douglas Irvine, is the Chief Executive Officer of Visible Fictions. The Artistic Director and Producer manage the day to day running of the company. The Board monitors the running of the company. |
All plans, policies and procedures are discussed, amended and approved by the Board before implementation. |
Depending on the nature of the plan, policy or procedure the whole Board or particular members of the Board will be involved in its development. Each director has taken on responsibility to become a 'Champion' of one particular cross-cutting theme of the company's work. These themes are those of our principal stakeholder Creative Scotland and are Equalities, Diversity and Inclusion; Creative Learning; Digital; and Environment, and the 'Champions' give that area focus and help shape plans, policies and procedures undertaken. |
The company risk management strategy includes the following: |
The company's business plan and underpinning assumptions are reviewed and updated regularly. Each update is presented and approved by the directors. |
Each production has its own risk assessment which is covered by budget control systems, creative content assessment, financial and production management, health & safety issues and contingency assessment. |
Financial procedures, activities and risks are monitored monthly by the finance sub-committee (1 board member and two staff members). The findings are then presented and approved at each board meeting. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
Kathleen Benham CA |
Benham Conway & Co |
Chartered Accountants |
16 Royal Crescent |
Glasgow |
G3 7SL |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
VISIBLE FICTIONS (REGISTERED NUMBER: SC144133) |
I report on the accounts for the year ended 31 March 2023 set out on pages nine to fifteen. |
Respective responsibilities of trustees and examiner |
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention. |
Basis of the independent examiner's report |
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. |
Independent examiner's statement |
In connection with my examination, no matter has come to my attention : |
(1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
- | to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and |
- | to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations |
have not been met; or |
(2) | to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. |
Kathleen Benham CA |
The Institute of Chartered Accountants of Scotland |
Kathleen Benham CA |
Benham Conway & Co |
Chartered Accountants |
16 Royal Crescent |
Glasgow |
G3 7SL |
22 December 2023 |
VISIBLE FICTIONS |
STATEMENT OF FINANCIAL ACTIVITIES |
For The Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Investment income | 2 |
Total |
EXPENDITURE ON |
Charitable activities |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 553,604 |
VISIBLE FICTIONS (REGISTERED NUMBER: SC144133) |
BALANCE SHEET |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 11 |
Unrestricted funds | 553,604 |
TOTAL FUNDS | 553,604 |
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. |
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 |
VISIBLE FICTIONS |
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. |
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. |
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. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery | - |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
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. |
VISIBLE FICTIONS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2023 |
2. | INVESTMENT INCOME |
31.3.23 | 31.3.22 |
£ | £ |
Bank interest | 2,146 | 31 |
3. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.3.23 | 31.3.22 |
£ | £ |
Accountancy fees | 6,320 | 2,783 |
Depreciation - owned assets |
4. | 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. |
5. | STAFF COSTS |
31.3.23 | 31.3.22 |
£ | £ |
Wages and salaries |
Other pension costs |
146,261 | 115,462 |
The average monthly number of employees during the year was as follows: |
31.3.23 | 31.3.22 |
Staff |
VISIBLE FICTIONS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2023 |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Investment income |
Total |
EXPENDITURE ON |
Charitable activities |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward | 289,557 | - |
TOTAL FUNDS CARRIED FORWARD | 553,604 | - | 553,604 |
7. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
VISIBLE FICTIONS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2023 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
10. | ANALYSIS OF NET ASSETS BETWEEN FUNDS |
31.3.23 | 31.3.22 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Fixed assets | 4,163 | - | 4,163 | 4,282 |
Current assets |
Current liabilities | ( |
) | ( |
) | ( |
) |
579,607 | - | 579,607 | 553,604 |
11. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.23 |
£ | £ | £ |
Unrestricted funds |
General Fund | 553,604 | 26,003 | 579,607 |
TOTAL FUNDS | 26,003 | 579,607 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General Fund | 348,037 | (322,034 | ) | 26,003 |
TOTAL FUNDS | ( |
) | 26,003 |
VISIBLE FICTIONS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2023 |
11. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.21 | in funds | 31.3.22 |
£ | £ | £ |
Unrestricted funds |
General Fund | 289,557 | 264,047 | 553,604 |
TOTAL FUNDS | 289,557 | 264,047 | 553,604 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General Fund | 493,190 | (229,143 | ) | 264,047 |
TOTAL FUNDS | 493,190 | (229,143 | ) | 264,047 |
12. | RELATED PARTY DISCLOSURES |