IRIS Accounts Production v18.3.0.592 Other Company accounts True False Pounds 1.4.17 31.3.18 31.3.18 FY J K Austin J K Austin FRS 102 Independent examiner Large and medium-sized companies regime for accounts Full Charities SORP True True True True False True False True iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC1441332017-03-31SC1441332018-03-31SC1441332017-04-012018-03-31SC1441332016-03-31SC1441332016-04-012017-03-31SC1441332017-03-31SC144133ns0:CharitableCompanyLimitedByGuarantee2017-04-012018-03-31SC144133ns15:PoundSterling2017-04-012018-03-31SC144133ns0:Trustee12017-04-012018-03-31SC144133ns11:FRS1022017-04-012018-03-31SC144133ns11:IndependentExaminationCharity2017-04-012018-03-31SC144133ns11:LargeMedium-sizedCompaniesRegimeForAccounts2017-04-012018-03-31SC144133ns11:FullAccounts2017-04-012018-03-31SC144133ns11:CharitiesSORP2017-04-012018-03-31SC144133ns16:Scotland2017-04-012018-03-31SC144133ns11:RegisteredOffice2017-04-012018-03-31SC144133ns0:Trustee22017-04-012018-03-31SC144133ns0:Trustee32017-04-012018-03-31SC144133ns0:Activity112017-04-012018-03-31SC144133ns0:Activity11ns0:TotalUnrestrictedFunds2017-04-012018-03-31SC144133ns0:Activity11ns0:TotalRestrictedIncomeFunds2017-04-012018-03-31SC144133ns0:Activity112016-04-012017-03-31SC144133ns0:Activity122017-04-012018-03-31SC144133ns0:Activity12ns0:TotalUnrestrictedFunds2017-04-012018-03-31SC144133ns0:TotalRestrictedIncomeFundsns0:Activity122017-04-012018-03-31SC144133ns0:Activity122016-04-012017-03-31SC144133ns0:Activity132017-04-012018-03-31SC144133ns0:Activity13ns0:TotalUnrestrictedFunds2017-04-012018-03-31SC144133ns0:TotalRestrictedIncomeFundsns0:Activity132017-04-012018-03-31SC144133ns0:Activity132016-04-012017-03-31SC144133ns0:TotalUnrestrictedFunds2017-04-012018-03-31SC144133ns0:TotalRestrictedIncomeFunds2017-04-012018-03-31SC144133ns0:Activity82017-04-012018-03-31SC144133ns0:Activity8ns0:TotalUnrestrictedFunds2017-04-012018-03-31SC144133ns0:TotalRestrictedIncomeFundsns0:Activity82017-04-012018-03-31SC144133ns0:Activity82016-04-012017-03-31SC144133ns0:Activity92017-04-012018-03-31SC144133ns0:TotalUnrestrictedFundsns0:Activity92017-04-012018-03-31SC144133ns0:TotalRestrictedIncomeFundsns0:Activity92017-04-012018-03-31SC144133ns0:Activity92016-04-012017-03-31SC144133ns0:TotalUnrestrictedFunds2017-03-31SC144133ns0:TotalRestrictedIncomeFunds2017-03-31SC144133ns0:TotalUnrestrictedFunds2018-03-31SC144133ns0:TotalRestrictedIncomeFunds2018-03-31SC144133ns10:WithinOneYear2018-03-31SC144133ns10:WithinOneYear2017-03-31SC144133ns10:PlantMachinery2017-04-012018-03-31SC14413322017-04-012018-03-31SC144133ns10:OwnedAssets2017-04-012018-03-31SC144133ns10:OwnedAssets2016-04-012017-03-31SC144133ns0:Activity11ns0:TotalUnrestrictedFunds2016-04-012017-03-31SC144133ns0:Activity11ns0:TotalRestrictedIncomeFunds2016-04-012017-03-31SC144133ns0:Activity12ns0:TotalUnrestrictedFunds2016-04-012017-03-31SC144133ns0:TotalRestrictedIncomeFundsns0:Activity122016-04-012017-03-31SC144133ns0:Activity13ns0:TotalUnrestrictedFunds2016-04-012017-03-31SC144133ns0:TotalRestrictedIncomeFundsns0:Activity132016-04-012017-03-31SC144133ns0:TotalUnrestrictedFunds2016-04-012017-03-31SC144133ns0:TotalRestrictedIncomeFunds2016-04-012017-03-31SC144133ns0:Activity8ns0:TotalUnrestrictedFunds2016-04-012017-03-31SC144133ns0:TotalRestrictedIncomeFundsns0:Activity82016-04-012017-03-31SC144133ns0:TotalUnrestrictedFundsns0:Activity92016-04-012017-03-31SC144133ns0:TotalRestrictedIncomeFundsns0:Activity92016-04-012017-03-31SC144133ns10:PlantMachinery2017-03-31SC144133ns10:PlantMachinery2018-03-31SC144133ns10:PlantMachinery2017-03-31
REGISTERED COMPANY NUMBER: SC144133 (Scotland)
REGISTERED CHARITY NUMBER: SCO21724
































REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018
FOR
VISIBLE FICTIONS

VISIBLE FICTIONS
CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2018










Page

Report of the Trustees 1 to 5

Independent Examiner's Report 6

Statement of Financial Activities 7

Balance Sheet 8 to 9

Notes to the Financial Statements 10 to 14


VISIBLE FICTIONS (REGISTERED NUMBER: SC144133)
REPORT OF THE TRUSTEES
For The Year Ended 31 March 2018
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 2018. 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 2015).

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 will be monitored and achieved through the following strands of activity:

Continue the online presentation of twenty-seven commissioned 'Now I Am' talking-head monologues and associated interviews.
Present the 'Now I Am' (talking heads) at the Edinburgh International Children's Festival.
Initial development of a clown based theatre production - 'Slug' for primary school children.
Continue the development of our interactive site responsive theatre game experience 'The Hidden'.
Transform schools across Scotland into theatrical spaces with a tour of 'Jason and the Argonauts'.
Distribute education resource materials of 'Jason and the Argonauts' to schools.
Present a new site responsive work, working title 'The Hidden', with game playing at the heart of the piece in Paisley Public Library
for teenage participants.
Create a schools project to enhance learning opportunities around 'The Hidden'.
Commission and develop a new stop-frame animation script - 'Papergee and the Spider'.
Start pre-production work on the new stop-frame animation 'Papergee and the Spider'.
Present 'Now I Am' (the film) at international film festivals.
Develop our audience reach and engagement by use of social media and digital formats
Create an online storytelling experience for audiences during the festive season, 'Let's Ruin Christmas'
Collaborate with the Royal Conservatoire of Scotland to assist with actor training modules.
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.
Find ways to more accurately and actively reflect Societal Demographic.
Monitor and reduce the company's carbon and emissions.


VISIBLE FICTIONS (REGISTERED NUMBER: SC144133)
REPORT OF THE TRUSTEES
For The Year Ended 31 March 2018
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Visible Fictions performed to some 6367 young people and adults at home and abroad, with over 87 performances for audiences in
theatres, schools, and on the internet. We presented a series of online monologues to an audience of 20337 both here in Scotland
and across the world. We increased our Facebook followers by 10.5%, our Instagram followers by 28% and our Twitter followers
by 19.5%.

The following artistic activity took place:

'Now I Am…' the talking heads, 27 new commissions by 27 writers
As part of the celebratory project marking the company's 25th birthday, a total of 27 writers were commissioned to each create a
short monologue. Each of these monologues were delivered by actors who have been associated with Visible Fictions' throughout its
25 years. These monologues (and interviews with the actors) were filmed in the beautiful setting of the Kings Theatre in Glasgow
and published on Visible Fictions' Social Media Channels throughout the year. Several of the monologues were also presented at the
opening weekend event of Edinburgh International Children's Festival for the public to access freely.

'Now I Am…' the film
As part of the celebratory project marking the company's 25th birthday a total of 27 writers were commissioned to each create a
short monologue. Ten of these were adapted into film script format and developed into a short dramatic film which has been
presented at the Reel East Texas Film Festival and the Festigious Film Festival, Los Angeles, where the film was a finalist in the
Best Picture category (short film)



'Jason and the Argonauts' by Robert Forrest
As part of the pilot project Theatre in Schools Scotland, a partnership between National Theatre of Scotland, Imaginate, Catherine
Wheels, Starcatchers and Visible Fictions, Visible Fictions presented 'Jason and the Argonauts' in schools across of Scotland. The
project reached 26 of the 32 local authorities.

'The Hidden' - created by Cameron Hall and Douglas Irvine
Visible Fictions further explored the creation of a game/theatrical interactive experience for teenager audience/participants - one
where they are faced with a mystery which only research using the books within this particular library will help them to uncover.
This production was presented in partnership with Paisley Central Library and in association with Paisley Arts Centre, for teenagers
and adults - with public and schools only performances. The production's many connecting themes tie in profoundly with the
curriculum for excellence, and a creative learning programme was created and delivered in schools.

'Papergee and the Spider' by Frances Poet
The company commissioned a new script for a stop frame animation. Then in collaboration with Eleanor Stewart, the company
embarked upon a period of planning, storyboarding and making of an animatic. This was followed by the initial making of models
and puppets. Filming will start later in the next financial year.

'Let's Ruin Christmas' by Lisa Keddie
Visible Fictions presented this beautifully touching, fun and poignant, festive story in seven short episodes, delivered via social
media.

The following development periods took place:

'Slug'
Collaborating with the award-winning clown theatre artist Melanie Jordan, the company undertook initial exploratory development
work for a new theatre production for primary children. Exploring the comic relationship between an overly protective gardener and
the slug that appears one day in a perfectly manicured garden, several artists were brought together to explore the idea's potential.


The Company took part in the extended national and international cultural infrastructure by:

VISIBLE FICTIONS (REGISTERED NUMBER: SC144133)
REPORT OF THE TRUSTEES
For The Year Ended 31 March 2018
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Visible Fictions' Artistic Director providing teaching and mentoring at the Royal Conservatoire of Scotland; he continued his roles
serving on the Board of Directors of the USA based organisation International Performing Arts for Youth and the Scottish based
organisation Puppet Animation Scotland. He also was a member of the Management Group of the Scottish Drama Training
Network.

Further to this the company has hosted a number of placements throughout the year, for children in S4 schools, independent
applicants and students from the Royal Conservatoire of Scotland.

Visible Fictions has played an integral role as a partner and member of the steering group of Theatre in Schools Scotland - a pilot
scheme between the National Theatre of Scotland, Imaginate, Catherine Wheels, Starcatchers and Visible Fictions - designed to
bring 'world-class theatre' to primary schools.
The company maintains active membership of the Federation of Scottish Theatre, the Independent Theatre Council, Creative
Carbon Scotland and Arts and Business.

The company also undertook the following internal developments:

Delivered year two's objectives of the company's Equalities, Diversity and Inclusion Action Plan. This began with examining and
revising all official company documentation to ensure EDI is embedded in our values and actions as well as materials and
documents.
All permanent staff and board were provided with EDI training surrounding the Equality Act 2010.
All content on website was made fully accessible to those with sight or hearing impairments
Funds have been specifically allocated within each project budget to allow for increased access, including the availability of BSL
interpretation and Audio Description as well as captioning and subtitling all of the company's online activity.
A new data gathering form has been created and actioned over the course of the year and trials have begun using a number of other
data gathering methods with a view to identifying the best most effective way to gather audience and staff data.
At least 10% of the companies work in the last year has been performed in non-traditional theatre spaces to increase localised
access in hard to reach places.

The company has recorded year two of its Carbon Footprint after setting some baselines in year 1. As well as carbon, power usage,
landfill and recycling bags are monitored, indicating an increase is use of recyclable materials including cans and glass. Ethically
sourcing the resources used in the office means that only 100 % recycled paper for both photocopy and headed stationary is used in
the Visible Fictions office. The revised environmental policy is published on the Visible Fictions website. The company have
actively promoted its membership to the Green Arts Initiative and shared green ideas over social media platforms. Continuing to
build on what has already been achieved, a Green Team Action Plan has been created. This will guide further good practice
including but not limited to; the creation of portable recycling stations in rehearsal rooms, adding a green checklist to new start
forms to ensure all freelance staff are following the company's policy; switching to energy saving lamps in the office instead using
the overhead strip lights.

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 nearly 24% of the company's total income.

Financial position:
The charitable company's reserves policy is to establish an operating reserve to cover 3 months of running costs, allowing the
company, in the event of having to cease trading, to be able to cover all necessary administration costs.
The company has firm plans in place to use current reserves to invest in future artistic product that will allow further diversification
of artistic output, to include a full scale music theatre production, an animation, game-based participatory event and development of
a clowning piece.


VISIBLE FICTIONS (REGISTERED NUMBER: SC144133)
REPORT OF THE TRUSTEES
For The Year Ended 31 March 2018
FINANCIAL REVIEW
Reserves policy
The charitable company's reserves policy is to establish an operating reserve to cover 3 months of running costs, allowing the
company, in the event of having to cease trading, to be able to cover all necessary administration costs.

The company plans to use reserves to invest in future artistic product that will allow further diversification of artistic output: namely
in the making of a short film and in the creation of a short animation

FUTURE PLANS
Create 'Papergee and the Spider' - a new stop frame animation.
Present 'The Hidden' in partnership with the Edinburgh International Book Festival and present it at other library venues across
Scotland.
Collaborate with The Children's Wood to create a participative theatre performance.
Further develop 'Slug' - a clown/puppet based theatre piece.
Present 'Ladder to the Stars' at the MacRobert for the festive period

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 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 2018
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 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 is
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 shapes 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
SC144133 (Scotland)

Registered Charity number
SCO21724

Registered office
Suite 325-327
4th Floor
11 Bothwell Street
Glasgow
G2 6LW

Trustees
J K Austin
F Brown
R A Edwards

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 30 October 2018 and signed on its behalf by:



J K Austin - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
VISIBLE FICTIONS (REGISTERED NUMBER: SC144133)
I report on the accounts for the year ended 31 March 2018 set out on pages seven to fourteen.

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. 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
Benham Conway & Co
Chartered Accountants
16 Royal Crescent
Glasgow
G3 7SL


30 October 2018

VISIBLE FICTIONS
STATEMENT OF FINANCIAL ACTIVITIES
For The Year Ended 31 March 2018
31.3.18 31.3.17

Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Charitable activities
Professional Productions 60,413 - 60,413 83,243
Other income 8,630 - 8,630 4,852
Project and charitable costs 220,000 - 220,000 220,000
Investment income 2 62 - 62 103
Total 289,105 - 289,105 308,198

EXPENDITURE ON
Charitable activities
Restricted - 328 328 328
General 11,008 - 11,008 5,870
Project and charitable costs 257,370 - 257,370 283,953
Total 268,378 328 268,706 290,151
NET INCOME/(EXPENDITURE) 20,727 (328 ) 20,399 18,047
RECONCILIATION OF FUNDS

Total funds brought forward 289,373 881 290,254 272,207
TOTAL FUNDS CARRIED FORWARD 310,100 553 310,653 290,254

VISIBLE FICTIONS (REGISTERED NUMBER: SC144133)
BALANCE SHEET
At 31 March 2018
31.3.18 31.3.17
Notes £    £   
FIXED ASSETS
Tangible assets 7 3,256 4,341

CURRENT ASSETS
Debtors 8 25,862 6,756
Cash at bank 301,756 286,149
327,618 292,905

CREDITORS
Amounts falling due within one year 9 (20,221 ) (6,992 )

NET CURRENT ASSETS 307,397 285,913
TOTAL ASSETS LESS CURRENT LIABILITIES 310,653 290,254
NET ASSETS 310,653 290,254
FUNDS 11
Unrestricted funds 310,100 289,373
Restricted funds 553 881
TOTAL FUNDS 310,653 290,254

VISIBLE FICTIONS (REGISTERED NUMBER: SC144133)
BALANCE SHEET - CONTINUED
At 31 March 2018
The charitable company is entitled to exemption from audit under
Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 special provisions of Part 15 of the Companies Act 2006
relating to charitable small companies.

The financial statements were approved by the Board of Trustees on 30 October 2018 and were signed on its behalf by:




J K Austin -Trustee

VISIBLE FICTIONS
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2018
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 2015)', 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 the cost less estimated residual value of each
asset over its estimated useful life.

Plant and machinery - 25% on reducing balance

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.

2. INVESTMENT INCOME

31.3.18 31.3.17
£    £   
Bank interest 62 103


VISIBLE FICTIONS
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
For The Year Ended 31 March 2018
3. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.18 31.3.17
£    £   
Accountancy fees 10,250 4,914
Depreciation - owned assets 1,085 1,284

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2018 nor for the year ended
31 March 2017.

Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2018 nor for the year ended 31 March 2017.

5. STAFF COSTS

31.3.18 31.3.17
£    £   
Wages and salaries 117,490 116,051

The average monthly number of employees during the year was as follows:

31.3.18 31.3.17
4 4

No employees received emoluments in excess of £60,000.

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES


Unrestricted
funds
Restricted
funds
Total
funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Charitable activities
Professional Productions 83,243 - 83,243
Other income 4,852 - 4,852
Project and charitable costs 220,000 - 220,000
Investment income 103 - 103
Total 308,198 - 308,198

VISIBLE FICTIONS
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
For The Year Ended 31 March 2018
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Unrestricted
funds
Restricted
funds
Total
funds
£    £    £   

EXPENDITURE ON
Charitable activities
Restricted - 328 328
General 5,870 - 5,870
Project and charitable costs 283,953 - 283,953
Total 289,823 328 290,151
NET INCOME/(EXPENDITURE) 18,375 (328 ) 18,047
RECONCILIATION OF FUNDS

Total funds brought forward 270,998 1,209 272,207
TOTAL FUNDS CARRIED FORWARD 289,373 881 290,254

7. TANGIBLE FIXED ASSETS

Plant and
machinery
£   
COST
At 1 April 2017 and 31 March 2018 71,869
DEPRECIATION
At 1 April 2017 67,528
Charge for year 1,085
At 31 March 2018 68,613
NET BOOK VALUE
At 31 March 2018 3,256
At 31 March 2017 4,341

VISIBLE FICTIONS
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
For The Year Ended 31 March 2018
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18 31.3.17
£    £   
Trade debtors 180 -
Other debtors 25,682 6,756
25,862 6,756

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18 31.3.17
£    £   
Social security and other taxes 2,433 2,402
Other creditors 17,788 4,590
20,221 6,992

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS

31.3.18 31.3.17

Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
£    £    £    £   
Fixed assets 3,256 - 3,256 4,341
Current assets 327,065 553 327,618 292,905
Current liabilities (20,221 ) - (20,221 ) (6,992 )
310,100 553 310,653 290,254
11. MOVEMENT IN FUNDS



At 1.4.17
Net movement
in funds

At 31.3.18
£    £    £   
Unrestricted funds
General Fund 289,373 20,727 310,100

Restricted funds
Capital Fund 881 (328 ) 553

TOTAL FUNDS 290,254 20,399 310,653


VISIBLE FICTIONS
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED
For The Year Ended 31 March 2018
11. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
resources
Resources
expended
Movement in
funds
£    £    £   
Unrestricted funds
General Fund 289,105 (268,378 ) 20,727

Restricted funds
Capital Fund - (328 ) (328 )

TOTAL FUNDS 289,105 (268,706 ) 20,399


Comparatives for movement in funds


At 1.4.16
Net movement
in funds
Transfers
between funds

At 31.3.17
£    £    £    £   

Unrestricted Funds
General Fund 270,998 18,375 (60,000 ) 229,373
Contingency Fund - - 60,000 60,000
270,998 18,375 - 289,373

Restricted Funds
Capital Fund 1,209 (328 ) - 881

TOTAL FUNDS 272,207 18,047 - 290,254
Comparative net movement in funds, included in the above are as follows:

Incoming
resources
Resources
expended
Movement in
funds
£    £    £   
Unrestricted funds
General Fund 308,198 (289,823 ) 18,375

Restricted funds
Capital Fund - (328 ) (328 )

TOTAL FUNDS 308,198 (290,151 ) 18,047

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2018.