Charity registration number SC024261 (Scotland)
Company registration number SC391020 (Scotland)
DEVERON PROJECTS LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
DEVERON PROJECTS LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Y Aguiar
S Brown
P Burmann
A Dixon
A Macpherson
K Mcintosh
L Rutter
K Vaughan
(Appointed 15 January 2024)
K Wide
(Appointed 15 January 2024)
Charity number (Scotland)
SC024261
Company number
SC391020
Registered office
Deveron Projects
Brander Building
Huntly
Aberdeenshire
Scotland
AB54 8BR
Independent examiner
Thyme Accountants Limited
36 Angusfield Avenue
Aberdeen
Aberdeenshire
United Kingdom
AB15 6AQ
DEVERON PROJECTS LTD
CONTENTS
Page
Trustees' report
1 - 4
Independent examiner's report
5
Statement of financial activities
6
Balance sheet
7
Notes to the financial statements
8 - 17
DEVERON PROJECTS LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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).

Objectives and activities

The company's objects are To promote the arts in society for the benefit of the inhabitants of Huntly, the surrounding area and beyond by developing public appreciation of the arts and by improving public access to contemporary arts.

 

The purposes:-

 

 

 

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

DEVERON PROJECTS LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Achievements and performance

In 2023-2024 Deveron Projects:

 

In January 2024, Natalia stepped down as Director of the organisation, having overseen a transition of leadership to the new Co-Directors Jenny Salmean and Matthew Evans. In this new structure for Deveron Projects, the new role of Programme Coordinator was taken up by Misa Brzezicki (previously Art & Community Worker).

 

This year’s projects included:

 

 

 

 

 

 

 

 

DEVERON PROJECTS LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Financial review

Deveron Projects’ sources of income for 2023-2024 are illustrated in the chart below. This demonstrates a breadth of income sources, establishing a sturdy base for further fundraising in future years. Our regular annual Creative Scotland RFO grant (£110,000) represents a higher proportion of total income than recent years at 62%. This is because grants of comparable scale have been received in previous financial years (eg. Culture Collective £147,162 received 2022-2023), while they continue to fund ongoing projects this year.

 

We will continue to diversify our funding streams to support our financial sustainability. Alongside fundraising from public and private sources, we will build on Square Deal’s potential for income generation. This includes venue hire for the community hub, accommodation fees for short term visitors and artists’ Independent Residencies. We are also developing a fee structure for partnership residency management fees, consultancy and advisory services.

 

Excerpt from Reserves Policy:

 

The Deveron Projects Board recognises its responsibility to ensure the organisation has sufficient emergency reserves to fund present and future liabilities. As such we aim to hold a minimum of three months’ operating costs in unrestricted emergency reserves, raised either by fundraising or other income generation.

 

These emergency reserves are maintained in order to:

 

 

The Board aims to continue building emergency reserves towards provision for six months’ operating costs. Other purposes remain under consideration, particularly increased financial risk from the climate emergency. Emergency reserves may at times be designated for significant project expenditure or replacement of assets.

 

Plans for future periods

2024-2025 is in many ways a transitional year for Deveron Projects, with new leadership continuing to develop a new structure for the organisation, towards a new funding model and new artistic programme.

 

Many projects ongoing from 2023-2024 will continue including Caretakers’ Garden, Flax, The Gathering Table, The Museum of Embodied Knowledge and White Wood. These are joined by:

 

 

 

 

We are building towards a new structure for our artistic programme. From April 2025 we will produce work through three interconnected strands: HOME, LAND and COMMUNITY. These strands grow out of Deveron Projects’ work to date and strive to further imagine what the organisation can achieve. Each strand encompasses regular events, artist residencies and a programming group, and each is supported by our unique infrastructure, partnerships and networks.

 

Square Deal remains an essential part of our infrastructure, a buzzing community hub on the town square, plus accommodation and studio space for artists-in-residence and other visitors. We are planning retrofit work to improve the energy efficiency and comfort of the building, as well as looking into the potential of developing further space for artist studios on site.

DEVERON PROJECTS LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Structure, governance and management

The charity is a company limited by guarantee, governed by its Memorandum and Articles of Association. HM Revenue & Customs have granted charitable status to the company under Section 505 of the Income and Corporation Taxes Act 1988. HM Revenue & Customs recognise the company as a charity for tax purposes in line with Paragraph 1 of Schedule 6 Finance Act 2010. The charity is also recognised as a registered charity by the Office of the Scottish Charity Regulator.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Y Aguiar
S Brown
P Burmann
A Dixon
A Macpherson
K Mcintosh
L Rutter
J Williamson
(Resigned 9 October 2023)
M Watt
(Resigned 5 September 2023)
K Vaughan
(Appointed 15 January 2024)
K Wide
(Appointed 15 January 2024)

Recruitment of trustees

By appointment as outlined in the memorandum.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees' report was approved by the Board of Trustees.

A Macpherson
Trustee
14 October 2024
DEVERON PROJECTS LTD
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF DEVERON PROJECTS LTD
- 5 -

I report on the financial statements of the charity for the year ended 31 March 2024, which are set out on pages 6 to 17.

Respective responsibilities of trustees and examiner

The charity’s trustees, who are also the directors of Deveron Projects Ltd for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the 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 financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

M R Watt FCCA
Thyme Accountants Limited
36 Angusfield Avenue
Aberdeen
Aberdeenshire
AB15 6AQ
United Kingdom
Dated: 14 October 2024
DEVERON PROJECTS LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
3
6,225
151,035
157,260
70,066
322,150
392,216
Charitable activities
4
861
5,719
6,580
30
1,270
1,300
Other income
5
1
6,138
6,139
2,976
4,215
7,191
Total income
7,087
162,892
169,979
73,072
327,635
400,707
Charitable activities
6
31,102
242,742
273,844
1
400,671
400,672
Net income/(expenditure)
(24,015)
(79,850)
(103,865)
73,071
(73,036)
35
Transfers between funds
41,794
(41,794)
-
(16,660)
16,660
-
Net movement in funds
17,779
(121,644)
(103,865)
56,411
(56,376)
35
Reconciliation of funds:
Fund balances at 1 April 2023
5,416
909,293
914,709
(50,995)
965,669
914,674
Fund balances at 31 March 2024
23,195
787,649
810,844
5,416
909,293
914,709

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

DEVERON PROJECTS LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
583,439
583,990
Current assets
Cash at bank and in hand
229,855
339,228
Creditors: amounts falling due within one year
12
2,450
8,509
Net current assets
227,405
330,719
Total assets less current liabilities
810,844
914,709
The funds of the charity
Restricted income funds
13
787,649
909,293
Unrestricted funds
23,195
5,416
810,844
914,709

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 14 October 2024
A Macpherson
Trustee
Company registration number SC391020 (Scotland)
DEVERON PROJECTS LTD
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
1
Accounting policies
Charity information

The charity is a Public Benefit Entity as defined by FRS 102, a private company limited by guarantee, registered in Scotland and a charity registered in Scotland. The address of the registered office is Brander Building, Huntly, Aberdeenshire AB54 8BR.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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) and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, as modified to include the revaluation of certain financial assets and liabilities measured at fair value through income or expenditure.

 

The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds are unrestricted funds earmarked by the trustees for particular future projects or commitments.

Restricted funds are subject 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
DEVERON PROJECTS LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
10% straight line
Fixtures and fittings
20% reduding balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

DEVERON PROJECTS LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 10 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

In the application of the charity’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.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Donations and gifts
-
-
-
122
157
279

Grants

6,225
151,035
157,260
69,944
321,993
391,937
6,225
151,035
157,260
70,066
322,150
392,216
DEVERON PROJECTS LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
4
Income from charitable activities
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£

Events

861
5,719
6,580
30
1,270
1,300
5
Other income
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£

Reimbursements

1
6,138
6,139
2,976
4,215
7,191
DEVERON PROJECTS LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
6
Expenditure on charitable activities
Heading #ac982
Heading #ac982
2024
2023
£
£
Direct costs
Staff costs
152,394
184,332
Depreciation and impairment
4,803
6,008

Rent

1,801
3,698

Rates & water

3,418
4,459

Repairs & maintenance

8,473
8,678

Insurance

1,740
1,637

Telephone & website

15,785
3,233

Postage & stationery

3,455
1,549

Other office costs

5,288
8,873

Artists fees

24,635
98,579

Artists materials

3,852
25,982

Artists travel

6,612
25,534

Heat & light

9,010
15,574

Other events & projects

26,598
7,750
267,864
395,886
Share of support and governance costs (see note 7)
Support
3,646
1,673
Governance
2,334
3,113
273,844
400,672
Analysis by fund
Unrestricted funds
31,102
1
Restricted funds
242,742
400,671
273,844
400,672
7
Support costs allocated to activities
2024
2023
£
£
Board expenses
1,983
1,673
Bank fees
1,663
-
Governance costs
2,334
3,113
5,980
4,786
DEVERON PROJECTS LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Support costs allocated to activities
(Continued)
- 13 -
2024
2023
Governance costs comprise:
£
£
Audit fees
-
1,043
Accoutancy fee
2,334
2,070
2,334
3,113
8
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9
Employees

The average monthly number of employees during the year was: 5

2024
2023
Number
Number
5
5
Employment costs
2024
2023
£
£
Wages and salaries
143,754
162,293
Social security costs
3,533
16,285
Other pension costs
5,107
5,754
152,394
184,332
There were no employees whose annual remuneration was more than £60,000.
10
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

DEVERON PROJECTS LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
11
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
564,968
49,381
614,349
Additions
4,253
-
4,253
At 31 March 2024
569,221
49,381
618,602
Depreciation and impairment
At 1 April 2023
5,000
25,360
30,360
Depreciation charged in the year
-
4,803
4,803
At 31 March 2024
5,000
30,163
35,163
Carrying amount
At 31 March 2024
564,221
19,218
583,439
At 31 March 2023
559,969
24,021
583,990
12
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
-
4,999
Other creditors
950
2,010
Accruals and deferred income
1,500
1,500
2,450
8,509
DEVERON PROJECTS LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
13
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds
Movement in funds
Balance at
1 April 2022
Incoming resources
Resources expended
Transfers
Balance at
1 April 2023
Incoming resources
Resources expended
Transfers
Balance at
31 March 2024
£
£
£
£
£
£
£
£
£
Staffing/Office Premises
-
152,723
(156,795)
4,072
-
108,767
(112,275)
4,836
1,328
Programmer
21,321
30,099
(21,152)
1,397
31,665
3,005
(17,526)
(17,144)
-
Huntley Heart
568,418
-
(1,893)
-
566,525
-
(1,187)
3,636
568,974
Iman Tajik
136
-
(27)
-
109
-
(22)
-
87
Town Collection
11
5,000
(303)
-
4,708
-
(5,469)
761
-
Flax
-
24,845
(21,815)
-
3,030
180
-
-
3,210
Research
263
2,590
(521)
(2,332)
-
1,484
(7,781)
6,297
-
Apple Flour Mills
9,662
-
(1,933)
-
7,729
-
(1,547)
-
6,182
Chef Residency
4,987
-
-
-
4,987
-
-
-
4,987
Culture collective
307,910
-
-
(120,769)
187,141
-
-
(25,991)
161,150
Rurban Regeneration
24,872
-
(17,917)
(102)
6,853
-
-
-
6,853
White Wood
4,814
-
(363)
-
4,451
-
(300)
-
4,151
Partnerlook
5,320
-
-
-
5,320
-
-
-
5,320
ARTocracy2
2,500
-
(2,569)
69
-
-
-
-
-
Square meal
8,561
71,595
(41,582)
(184)
38,390
-
(36,474)
(183)
1,732
Living room
4,128
892
(16,728)
14,850
3,142
6,012
(4,721)
596
5,030
Labtanya
2,366
-
(325)
-
2,041
-
(196)
325
2,170
Cassava
-
11,545
(11,547)
2
-
.
-
-
-
Archives
-
267
(267)
-
-
-
-
-
-
SOIL
400
-
(685)
285
-
-
-
285
285
Daisy
-
-
(8,294)
25,842
17,548
-
(2,089)
(15,459)
-
DEVERON PROJECTS LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Restricted funds
(Continued)
- 16 -
Garden
-
12,190
(5,100)
6,890
13,980
12,948
(16,864)
(9,191)
873
Room to anything
-
3,063
(23,742)
28,630
7,951
-
(8,511)
560
-
Room to fail
-
8,059
(36,939)
28,880
-
-
-
-
-
Room to grow
-
4,767
(30,174)
29,130
3,723
-
(854)
(956)
1,913
Art
-
-
-
-
-
1,500
(252)
-
1,248
Modzi
-
-
-
-
-
4,110
(10,009)
6,849
950
Mondriaan
-
-
-
-
-
11,565
(359)
-
11,206
Accommodation
-
-
-
-
-
13,321
(16,306)
2,985
-
965,669
327,635
(400,671)
16,660
909,293
162,892
(242,742)
(41,794)
787,649
DEVERON PROJECTS LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
14
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2023
Incoming resources
Resources expended
Transfers
At 31 March 2024
£
£
£
£
£
General funds
5,416
7,087
(31,102)
41,794
23,195
Previous year:
At 1 April 2022
Incoming resources
Resources expended
Transfers
At 31 March 2023
£
£
£
£
£
General funds
(50,995)
73,072
(1)
(16,660)
5,416
15
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
Fund balances at 31 March 2024 are represented by:
Tangible assets
4,202
579,237
583,439
Current assets/(liabilities)
18,993
208,412
227,405
23,195
787,649
810,844
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
Fund balances at 31 March 2023 are represented by:
Tangible assets
-
583,990
583,990
Current assets/(liabilities)
5,416
325,303
330,719
5,416
909,293
914,709
16
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

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