Charity registration number SC030039 (Scotland)
Company registration number SC205359 (Scotland)
THE UNST PARTNERSHIP LTD.
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
THE UNST PARTNERSHIP LTD.
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
J Bailey
D Craig
J Harrison
D Hervey
S McBurnie
G Rodger
G Thomson
Secretary
Mr George Rodger
Charity number (Scotland)
SC030039
Company number
SC205359
Registered office
Unit 1
Hagdale Industrial Estate
Baltasound
Unst
Shetland
Scotland
ZE2 9TW
Independent examiner
Thyme Tax & Accountancy Limited
36 Angusfield Avenue
Aberdeen
Aberdeenshire
United Kingdom
AB15 6AQ
THE UNST PARTNERSHIP LTD.
CONTENTS
Page
Trustees report
1 - 3
Independent examiner's report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 15
THE UNST PARTNERSHIP 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 governing document, 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

As stated in its Memorandum & Articles of Association, the objectives of the charitable company are as follows:

 

1. To relieve poverty and unemployment among the residents of Unst, Shetland.

2. To advance education among the residents of Unst, Shetland, particularly among young people and the unemployed.

3. To promote and/or provide training skills of all kinds, particularly such skills as will assist residents in obtaining paid employment.

4. To promote trade and industry, for the benefit of the general public.

Public benefit

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

THE UNST PARTNERSHIP LTD.
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Achievements and performance
Significant activities and achievements against objectives

Secondhand Shop

The shop traded well with numbers visiting and the overall spend continuing to be good. In our sixth year of trading, income from the Shop from April 2023 until March 2024 was £10,836 with 4,928 people through the door.

 

Congratulations to all the volunteers involved and our Shop Manager, Kathleen Johnson. We continue to sell locally-made preserves. We continue to receive local donations of bannocks, plants and firewood to sell.

 

Community Skip scheme

The Community Skip scheme continued to be well supported in 2023-24 with six Skip Saturdays taking place and 40 residents taking out an annual Skip Hire membership at £60, and around 20 “occasional users” paying £25 a time. It cost over £3,821 Ex VAT for the Skip scheme this year, so it still needs a large subsidy or sponsorship to cover costs.

Overall tonnage removed in the year was 16.04 tonnes, not including white goods and metal which were removed by Shetland Amenity Trust (SAT).

 

Many thanks to Garriock Bros. Ltd, who bring our skips; and to the SAT who took the metal and white goods away. Unfortunately, this is the last year that SAT can assist with this.

 

We would also like to acknowledge the work of the local volunteers who have turned out to support the Directors at these events and to Sandisons Unst Ltd. for allowing us to use the Pierhead area for drop-off.

 

Other Projects

We ran a very successful “Ootnaboot” (Out and About) project to organise social events for Unst senior citizens post-Covid. This included a visit to the Tall Ships event in Lerwick, to Fetlar and to Yell. We are grateful for grant aid to support this from Voluntary Action Shetland and AGE Scotland.

 

We continue to write the “Isles Views” Shetland Times column and it has brought in a useful additional income stream.

 

We produced a free paper copy of our tourist map in 2023 and put an online version on the “Unst Partnership” website.

 

The “Unst Walkers are Welcome” website continues, with information on walks in Unst and Fetlar.

 

Other income is obtained through FITs payments from our 6Kw Wind Turbine, trailer hire, and our photocopying & printing service.

 

National Trust for Scotland (NTS) properties

NTS appointed a Development manager in April 2023, Stewart Douglas, to oversee the work at Halligarth house and woods and to look at selling the other properties. Some clearance work began on the house at Halligarth and NTS continues to pay UP for a grass-cutting contract in the area around the house. We also arrange with this local contractor to check that Halligarth is wind and watertight, along with the house at Houlland and the Laggans cottage up near Loch of Cliff. Roselea, the house just north of Halligarth has now been sold.

 

Nothing as yet has come of the NTS plans to develop a “Citizen Science” visitor centre in the grounds of Halligarth

 

It is now 26 years since the property and land was handed over to NTS. The new development post is an 18 month contract and it is hoped that some progress will be made as a result of this.

THE UNST PARTNERSHIP LTD.
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Financial review
Reserves policy

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The balance held as unrestricted funds at 31 March 2024 was £32,161 of which £28,519 are regarded as free reserves, after allowing for funds tied up in tangible fixed assets and investments. Actual 3 month cash payments totalled £8,761 The current level of reserves is therefore higher than is needed.

 

Structure, governance and management

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

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:

J Bailey
D Craig
C Edwards-Horton
(Resigned 23 September 2023)
S Edwards-Horton
(Resigned 23 September 2023)
J Harrison
D Hervey
S McBurnie
G Rodger
G Thomson
J Thomson
(Resigned 13 November 2024)
M Gray
(Appointed 23 September 2023 and resigned 11 November 2024)

The Trustees report was approved by the Board of Trustees.

Mr George Rodger
G Thomson
Trustee
Trustee
22 November 2024
THE UNST PARTNERSHIP LTD.
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE UNST PARTNERSHIP LTD.
- 4 -

I report on the financial statements of the Charity for the year ended 31 March 2024, which are set out on pages 5 to 15.

Respective responsibilities of Trustees and examiner

The Charity’s Trustees, who are also the directors of The Unst Partnership 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.

Wilma A Sim FCCA (non-practicing)
Thyme Tax & Accountancy Limited
36 Angusfield Avenue
Aberdeen
Aberdeenshire
AB15 6AQ
United Kingdom
Dated: 22 November 2024
THE UNST PARTNERSHIP LTD.
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
4,000
108,735
112,735
5,443
15,906
21,349
Other trading activities
4
16,445
-
16,445
18,448
-
18,448
Investments
5
673
-
673
-
-
-
Total income
21,118
108,735
129,853
23,891
15,906
39,797
Charitable activities
6
28,161
7,729
35,890
23,591
11,793
35,384
Net income/(expenditure)
(7,043)
101,006
93,963
300
4,113
4,413
Transfers between funds
2,492
(2,492)
-
2,687
(2,687)
-
Net movement in funds
(4,551)
98,514
93,963
2,987
1,426
4,413
Reconciliation of funds:
Fund balances at 1 April 2023
36,712
24,617
61,329
33,725
23,191
56,916
Fund balances at 31 March 2024
32,161
123,131
155,292
36,712
24,617
61,329

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

THE UNST PARTNERSHIP LTD.
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 6 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
22,892
23,739
Current assets
Debtors
12
2,818
2,354
Cash at bank and in hand
130,602
35,236
133,420
37,590
Creditors: amounts falling due within one year
13
1,020
-
Net current assets
132,400
37,590
Total assets less current liabilities
155,292
61,329
The funds of the Charity
Restricted income funds
14
123,131
24,617
Unrestricted funds
32,161
36,712
155,292
61,329

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 22 November 2024
G Thomson
Trustee
Company registration number SC205359 (Scotland)
THE UNST PARTNERSHIP LTD.
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
1
Accounting policies
Charity information

The Unst Partnership Ltd. is a private company limited by guarantee incorporated in Scotland. The registered office is Unit 1, Hagdale Industrial Estate, Baltasound, Unst, Shetland, ZE2 9TW, Scotland.

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). The Charity is a Public Benefit Entity as defined by FRS 102.

 

The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

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.
THE UNST PARTNERSHIP LTD.
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
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
20% on reducing balance
Leasehold improvements
25% on reducing balance
Plant and equipment
25% on reducing balance
Computers
25% on reducing 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.

1.9
Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

THE UNST PARTNERSHIP LTD.
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -
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.

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.

1.10
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.

1.11
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.

THE UNST PARTNERSHIP LTD.
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
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
2,107
103,735
105,842
3,431
-
3,431

Grants

-
5,000
5,000
-
15,906
15,906

Subscriptions

1,893
-
1,893
2,012
-
2,012
4,000
108,735
112,735
5,443
15,906
21,349
4
Income from other trading activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Shop income
16,084
15,911

Other income

361
2,537
Other trading activities
16,445
18,448
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
673
-
THE UNST PARTNERSHIP LTD.
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
6
Expenditure on charitable activities
2024
2023
£
£
Direct costs
Staff costs
13,326
16,721
Depreciation and impairment
845
967

Purchases

784
109

Rent, rates & water

85
279

Insurance

1,298
1,595

Light & heat

1,545
1,829

Telephone

706
494

Office costs

1,414
2,520

Sundry

-
277

Memberships & subscriptions

190
85

Advertising

80
483

Skip hire

2,548
3,779

Donations

3,507
410

Project expenditure

3,596
4,550

Travel

3,956
654
33,880
34,752
Share of support and governance costs (see note 7)
Support
210
233
Governance
1,800
399
35,890
35,384
Analysis by fund
Unrestricted funds
28,161
23,591
Restricted funds
7,729
11,793
35,890
35,384
7
Support costs allocated to activities
2024
2023
£
£
Bank charges
210
233
Governance costs
1,800
399
2,010
632
THE UNST PARTNERSHIP LTD.
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
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:

2024
2023
Number
Number
1
1
Employment costs
2024
2023
£
£
Wages and salaries
13,120
16,450
Other pension costs
206
271
13,326
16,721
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.

11
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Computers
Total
£
£
£
£
£
Cost
At 1 April 2023
22,650
9,513
49,695
2,020
83,878
At 31 March 2024
22,650
9,513
49,695
2,020
83,878
Depreciation and impairment
At 1 April 2023
453
9,287
48,576
1,824
60,140
Depreciation charged in the year
453
57
287
49
846
At 31 March 2024
906
9,344
48,863
1,873
60,986
Carrying amount
At 31 March 2024
21,744
169
832
147
22,892
At 31 March 2023
22,197
227
1,119
196
23,739
THE UNST PARTNERSHIP LTD.
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
1
Other debtors
318
253
Prepayments and accrued income
2,500
2,100
2,818
2,354
13
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
1,020
-
14
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.

At 1 April 2023
Incoming resources
Resources expended
Transfers
At 31 March 2024
£
£
£
£
£
Powerdown Projet Fund
514
-
(20)
-
494
Scooter Fund
91
-
(22)
-
69
Car Park and Ground Improvement Fund
47
-
(23)
-
24
Community Allotment Fund
261
-
(57)
-
204
Scottish Land Fund
19,054
-
(449)
-
18,605
NTS Fund
-
5,000
(2,500)
(2,500)
-
Age Scotland Fund
1,000
-
(1,000)
-
-
Voluntary Action Fund
3,650
-
(3,658)
8
-
Tunnels Fund
-
103,735
-
-
103,735
24,617
108,735
(7,729)
(2,492)
123,131
THE UNST PARTNERSHIP LTD.
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Restricted funds
(Continued)
- 14 -
Previous year:
At 1 April 2022
Incoming resources
Resources expended
Transfers
At 31 March 2023
£
£
£
£
£
Powerdown Projet Fund
541
-
(27)
-
514
Scooter Fund
121
-
(30)
-
91
Car Park and Ground Improvement Fund
81
-
(34)
-
47
Community Allotment Fund
329
-
(68)
-
261
Scottish Land Fund
19,432
-
(378)
-
19,054
Fair Food Fund
2,687
-
-
(2,687)
-
NTS Fund
-
2,550
(2,550)
-
-
Coastal Communities Fund
-
5,206
(5,206)
-
-
Winter Activities Fund
-
3,500
(3,500)
-
-
Age Scotland Fund
-
1,000
-
-
1,000
Voluntary Action Fund
-
3,650
-
-
3,650
23,191
15,906
(11,793)
(2,687)
24,617
15
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
36,712
21,118
(28,161)
2,492
32,161
Previous year:
At 1 April 2022
Incoming resources
Resources expended
Transfers
At 31 March 2023
£
£
£
£
£
General funds
33,725
23,891
(23,591)
2,687
36,712
THE UNST PARTNERSHIP LTD.
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
16
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
3,642
19,250
22,892
Current assets/(liabilities)
28,519
103,881
132,400
32,161
123,131
155,292
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
Fund balances at 31 March 2023 are represented by:
Tangible assets
3,917
19,822
23,739
Current assets/(liabilities)
32,795
4,795
37,590
36,712
24,617
61,329
17
Related party transactions

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

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