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COMPANY REGISTRATION NUMBER: SC278156
CHARITY REGISTRATION NUMBER: SC029210
Social Enterprise Network Scotland
Company Limited by Guarantee
Unaudited Financial Statements
30 June 2023
Social Enterprise Network Scotland
Company Limited by Guarantee
Financial Statements
Year ended 30 June 2023
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
6
Statement of financial position
7
Notes to the financial statements
8
Social Enterprise Network Scotland
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 June 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 June 2023 .
Reference and administrative details
Registered charity name
Social Enterprise Network Scotland
Charity registration number
SC029210
Company registration number
SC278156
Principal office and registered
43 Cairnfield Place
office
Aberdeen
AB15 5LX
The trustees
Sophy Green (Chair)
Elizabeth Gardiner
John Halliday
Derek Marshall
Sean Connor
(Resigned 7 July 2022)
Independent examiner
Andrew B Wilson CA
Mercantile Chambers
53 Bothwell Street
Glasgow
G2 6TB
Bankers
Triodos Bank
50 Frederick St
Edinburgh
EH2 1EX
Structure, governance and management
Governing document
Social Enterprise Network Scotland (SENScot) is registered as a charity with the Office of the Scottish Charity Regulator ( SC029210 ) and at Companies House (Company number SC278156 ).
Appointment of directors
The Board comprised eight directors the majority drawn from the membership. The nominations for election are put to the membership at the AGM and the full Board is thereby elected.
Director induction and training
After election an induction programme is offered to all new directors. In addition, all directors receive an information pack that contains the Memorandum and Articles of Association, roles and responsibilities of being a director, and background information on the organisation.
Key Management
All staff were made redundant at the end of June 2022. Since then, the Board has met regularly to manage the finances and take necessary decisions on the future.
Organisation
The Board of directors has continued to meet regularly. This was, in the main, to ensure that we were monitoring the needs of the sector and to ensure that Social Enterprise Scotland was delivering the agreed outcomes produced by the Transition Group.
Foreword
Although Govt funding ceased and there were no longer any employed staff, the remaining Trustees decided to assess the situation before recommencing any activities.
Objectives and activities
Initially following the merger, SENscot took on a more formal representative role - with Social Enterprise Networks across the country and their members.
Achievements and performance
We have not been active over the past year.
We were pleased that several SENscot staff were able to transfer over to SES and, in doing so, continue to provide their own particular experience and knowledge for the benefit of social enterprises in Scotland.
Financial review
Financial review
The accounts are not consolidated this year as Senscot Legal Limited was struck off on 24 April 2023. The accounts show a loss of £1,185 before writing off the investment and inter company balance with Senscot Legal of £74,010.
Investment policy
Under the Memorandum and Articles of Association, the company has the power to invest in any way the directors wish. However, there are few funds for long-term investment and the directors, having regard to the liquidity requirements of operating the company and to the reserves policy have operated a policy of keeping any available funds in an interest-bearing current account.
Reserves policy
The Board had decided to close the charity by the end of the next financial year and will have sufficient reserves to cover all expenditure.
Risk management
A risk register is regularly review Board of directors. The annual strategic review and forward planning event considers the risks to which the organisation is exposed and identifies what needs to be in place to manage these risks through the year. The risks faced by the company fall into two categories, internal and external.
-Internal risks are minimised by the implementation of procedures for authorisation of transactions and projects and to ensure consistent quality of delivery for all operational aspects of the company.
-External risks relate largely to the continued funding of the company. With the announcement that we have been unsuccessful in our bid to become the single intermediary we have begun the process of making our staff team redundant.
Plans for future periods
The Board had decided to close the charity by the end of the next financial year.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 7 March 2024 and signed on behalf of the board of trustees by:
Sophy Green (Chair)
Trustee
Social Enterprise Network Scotland
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Social Enterprise Network Scotland
Year ended 30 June 2023
I report to the trustees on my examination of the financial statements of Social Enterprise Network Scotland ('the charity') for the year ended 30 June 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 (‘the 2005 Act’), the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination.
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts carried out under section 44(1)(c) of the 2005 Act. In carrying out my examination I have followed the requirements of Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Independent examiner's statement
Since the charity is required by company law to prepare its accounts on an accruals basis and is registered as a charity in Scotland your examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). I can confirm that I am qualified to undertake the examination because I am a registered member of ICAS which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act, section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; or
2. the financial statements do not accord with those records or with the accounting requirements of Regulation 8 of the Charities Accounts (Scotland) Regulations 2006; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Andrew B Wilson CA Independent Examiner
Mercantile Chambers 53 Bothwell Street Glasgow G2 6TB
7 Mar 24
Social Enterprise Network Scotland
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 30 June 2023
Year to 30 Jun 23
Period from 1 Apr 21 to 30 Jun 22
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
849,110
Charitable activities
6
22,620
Investment income
7
84
84
8,124
----
----
---------
Total income
84
84
879,854
----
----
---------
Expenditure
Expenditure on raising funds:
Costs of raising donations and legacies
8
33,532
Expenditure on charitable activities
9,10
1,269
1,269
884,413
Other expenditure
12
74,009
74,009
13,629
--------
--------
---------
Total expenditure
75,278
75,278
931,574
--------
--------
---------
Net (losses)/gains on investments
13
1
1
( 1,160)
--------
--------
---------
Net expenditure and net movement in funds
( 75,195)
( 75,195)
( 50,560)
--------
--------
---------
Reconciliation of funds
Total funds brought forward
100,735
100,735
151,295
---------
---------
---------
Total funds carried forward
25,540
25,540
100,735
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Social Enterprise Network Scotland
Company Limited by Guarantee
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Investments
19
2,430
1
Current assets
Debtors
20
81,509
Cash at bank and in hand
23,759
29,426
--------
---------
23,759
110,935
Creditors: amounts falling due within one year
21
649
10,201
--------
---------
Net current assets
23,110
100,734
--------
---------
Total assets less current liabilities
25,540
100,735
--------
---------
Net assets
25,540
100,735
--------
---------
Funds of the charity
Unrestricted funds
25,540
100,735
--------
---------
Total charity funds
23
25,540
100,735
--------
---------
For the year ending 30 June 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 7 Mar 24 , and are signed on behalf of the board by:
Sophy Green (Chair)
Trustee
Social Enterprise Network Scotland
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in Scotland and a registered charity in Scotland. The address of the registered office is 43 Cairnfield Place, Aberdeen, AB15 5LX.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The Board had decided to close the charity by the end of the next financial year and will have sufficient reserves to cover all expenditure. The accounts have been prepared on a break-up basis.
Going concern
The Board had decided to close the charity by the end of the next financial year and will have sufficient reserves to cover all expenditure.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. In preparing these financial statements, the trustees have made the following judgements: Determine whether leases entered into by the group as a lessor are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. Tangible fixed assets are depreciated over a period to reflect their estimated useful lives. The applicability of the assumed lives is reviewed annually, taking into account factors such as physical condition, maintenance and obsolescence. Fixed assets are also assessed as to whether there are indicators of impairment. This assessment involves consideration of the economic viability of the purpose for which the asset is used.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or committment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. Support costs are allocated between governance costs and other support costs. Governance costs comprise those costs involving the public accountability of the organisation and its compliance with regulations and good practice. They therefore include the costs of statutory audit, together with the costs for strategic management of the organisation. Other support costs relate to the administrative costs of running the organisation and are allocated to charitable activities based on the level of each activity within the organisation.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers . - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Equipment
-
33% straight line
Website Development
-
20% straight line
Investments
Investments in subsidiaries are stated at cost.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
The organisation is a charitable company limited by guarantee and has no share capital. It is incorporated and registered in Scotland, with registered office of 43 Cairnfield Place, Aberdeen, AB15 5LX and company number SC278156 . In event of company being wound up, members are required to contribute an amount not exceeding £1.
5. Donations and legacies
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Grants
Scottish Government
SCRT
Other grants
----
----
----
----
----
----
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Grants
Scottish Government
390,000
349,055
739,055
SCRT
72,555
72,555
Other grants
37,500
37,500
---------
---------
---------
427,500
421,610
849,110
---------
---------
---------
6. Charitable activities
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Membership fees
Project income
----
----
----
----
----
----
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Membership fees
70
70
Project income
3,650
18,900
22,550
-------
--------
--------
3,720
18,900
22,620
-------
--------
--------
7. Investment income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Income from other investments
6,000
6,000
Bank interest receivable
84
84
124
124
Other interest receivable
2,000
2,000
----
----
-------
-------
84
84
8,124
8,124
----
----
-------
-------
8. Costs of raising donations and legacies
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Costs of raising funds
33,532
33,532
----
----
--------
--------
9. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Support Services
93
93
Network Services
Promotions and Comms
Support costs
1,176
1,176
-------
----
-------
1,269
1,269
-------
----
-------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Support Services
140,394
196,004
336,398
Network Services
102,894
233,504
336,399
Promotions and Comms
71,845
24,579
96,424
Support costs
113,736
1,457
115,192
---------
---------
---------
428,869
455,544
884,413
---------
---------
---------
10. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
Support Services
93
1,176
1,269
384,665
Network Services
375,976
Promotions and Comms
116,215
Governance costs
7,557
----
-------
-------
---------
93
1,176
1,269
884,413
----
-------
-------
---------
11. Analysis of support costs
Total 2023
Total 2022
£
£
Premises
25,367
Communications and IT
20,070
General office
14,920
Finance costs
881
Governance costs
42,915
Support costs - Subscriptions
379
Support costs - Websites & IT costs
400
Support costs - Other costs type 4
16,250
----
---------
121,182
----
---------
Governance costs consist of wages & salaries £nil (2022: £31,171), pension costs £nil (2022: £2,380), Audit fee £nil (2022: £7,500) Independent Examination £600 (2022: £nil) and Professional fees £nil (2022: £1,864).
12. Other expenditure
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Loss on disposal of tangible fixed assets held for charity's own use
13,629
13,629
Other exceptional expenditure
74,009
74,009
--------
--------
--------
--------
74,009
74,009
13,629
13,629
--------
--------
--------
--------
Previously the company held 100% of the share capital of Senscot Legal Limited(SC392979). This company was struck off on 25 April 2023. The inter company debt of £74,009 owed by Senscot legal Limited was written off during the period.
13. Net (losses)/gains on investments
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Gains/(losses) on investments in group undertakings
(1)
(1)
Gains/(losses) on other investment assets
1,160
1,160
----
----
-------
-------
( 1)
( 1)
1,160
1,160
----
----
-------
-------
14. Net expenditure
Net expenditure is stated after charging/(crediting):
2023
2022
£
£
Loss on disposal of tangible fixed assets
13,629
----
--------
15. Auditors remuneration
Period from
Year to
1 Apr 21 to
30 Jun 23
30 Jun 22
£
£
Fees payable for the audit of the financial statements
7,560
----
-------
16. Independent examination fees
Period from
Year to
1 Apr 21 to
30 Jun 23
30 Jun 22
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
600
----
----
17. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
Period from
Year to
1 Apr 21 to
30 Jun 23
30 Jun 22
£
£
Wages and salaries
552,154
Social security costs
42,871
Employer contributions to pension plans
42,838
----
---------
637,863
----
---------
The average head count of employees during the year was Nil (2022: Nil). The average number of full-time equivalent employees during the year is analysed as follows:
2023
2022
No.
No.
Charitable projects
9
Administation & support
4
----
----
13
----
----
The number of employees whose remuneration for the year fell within the following bands, were:
2023
2022
No.
No.
£60,000 to £69,999
2
----
----
Last year during the 15 month period two members of staff received greater than £60,000 due to the extended period
Key Management Personnel
The charity considers its key management to be the Company Secretary, Director and the Deputy Director. The total remuneration (including employer NIC and pension contribution) of key management in the year was £nil (2022: £213,880 - 15 month period).
18. Trustee remuneration and expenses
No trustee received remuneration during the period (2022: £nil).
No Travel expenses (2022: £nil) were reimbursed to members of the Board of Directors.
During the year, £nil (2022: £nil) was received as contribution to costs from Dundee Social Enterprise Network, of which Derek Marshall is also a director.
19. Investments
Shares in group undertakings
Other investments
Total
£
£
£
Cost or valuation
At 1 July 2022
1
1
Additions
2,430
2,430
Disposals
(1)
(1)
----
-------
-------
At 30 June 2023
2,430
2,430
----
-------
-------
Impairment
At 1 July 2022 and 30 June 2023
----
-------
-------
Carrying amount
At 30 June 2023
2,430
2,430
----
-------
-------
At 30 June 2022
1
1
----
-------
-------
All investments shown above are held at valuation.
Previously the company held 100% of the share capital of Senscot Legal Limited(SC392979). This company was struck off on 25 April 2023. The inter company debt of £74,009 owed by Senscot legal Limited was written off during the period.
The charity is also a member of ReadyforBusiness Procurement LLP, a limited liability partnership established to deliver a Scottish Government contract, in conjunction with Community Enterprise in Scotland Social Firms Scotland and sub-contractors. No capital has been contributed to the LLP.
The charity has invested in SEN community bonds. The bond is repayable after 3 years, with no interest accrued but anticipated return of 2% on maturity.
20. Debtors
2023
2022
£
£
Trade debtors
7,500
Amounts owed by group undertakings
74,009
----
--------
81,509
----
--------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Amounts owed by group undertakings
74,009
----
--------
21. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,136
Accruals and deferred income
600
8,880
Other creditors
49
185
----
--------
649
10,201
----
--------
The overdraft is secured by the means over a bond and floating charge over the assets of the group
22. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £Nil (2022: £ 42,838 ).
23. Analysis of charitable funds
Unrestricted funds
At 1 July 2022
Income
Expenditure
Gains and losses
At 30 June 2023
£
£
£
£
£
General funds
100,735
84
(75,278)
(1)
25,540
---------
----
--------
----
--------
At 1 April 2021
Income
Expenditure
Gains and losses
At 30 June 2022
£
£
£
£
£
General funds
136,261
439,344
(476,030)
1,160
100,735
---------
---------
---------
-------
---------
24. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Tangible fixed assets
2,430
2,430
Current assets
23,759
23,759
Creditors less than 1 year
(649)
(649)
--------
--------
Net assets
25,540
25,540
--------
--------
Unrestricted Funds
Total Funds 2022
£
£
Tangible fixed assets
1
1
Current assets
100,734
100,734
Creditors less than 1 year
---------
---------
Net assets
100,735
100,735
---------
---------