1. Provide a clear and simple overview of a balance sheet and clear definitions of each line item, what they refer to:

• which items are cash, which are not, etc.?
• how items in the Balance sheet serve to balance out P&L items. (For example, in July salary and wages line also includes a line for holiday leave pay, which now balances out in the balance sheet).

Short and simple explanation

Cash Basis Account 31-Aug-19 31-Jul-19 30-Jun-19 Assets Bank Account 1 882.50 1,495.46 26,749.63 Account 2 2,538.45 19,497.78 11.168.71 Account 3 115,872.11 137,866.53 82,332.35 Account 4 474.43 497.37 422.23 Account 5 41,216.93 41,216.93 40,910.94 Account 6 58,991.56 58,991.56 58,991.56 Account 7 19,673.97 19,673.97 19,673.97 Account 8 23,346.87 23,346.87 23,346.87 Petty Cash Account 343.13 343.13 311.01 Total Bank 263,339.95 302,929.60 263,907.27 Current Assets Accounts Receivable (0.66) (0.66) 0.00 Accrued Interest 262.91 262.91 262.91 Gallery Float 50.00 50.00 50.00 Total Current Assets 312.25 312.25 312.91 Fixed Assets Accumulated Depreciation - Furniture & Fittings (18,339.00) (18,339.00) (18,339.00) Accumulated Depreciation - Plant & Equipment (44,360.00) (44,360.00) (44,360.00) Buildings 1,302,059.60 1,302,059.60 1,302,059.60 Furniture & Fittings 28,869.47 27,036.14 27,036.14 Less Accumulated Depreciation - Buildings (28,701.00) (28,701.00) (28,701.00) Less Accumulated Depreciation - Office Equipmei (10,136.00) (10,136.00) (10,136.00) Office Equipment (IT at Cost) 20,736.06 20,736.06 20,736.06 Plant & Equipment 82,344.51 82,344.51 82,344.51 Total Fixed Assets 1,332,473.64 1,330,640.31 1,330,640.31 Total Assets 1,596,125.84 1,633,882.16 1,594,860.49 Liabilities Current Liabilities AC - Advance AC - Payments AC - Repairs & Maintenance - Advance AC - Repairs & Maintenance - Payments Accruals & Creditors Council - Operating - Advance Council - Operating - Opening Balance Council - Operating - Payments Foundation - Advance Foundation - Opening Balance Foundation - Payments Bonds & Deposits Held Wage Subsidy Received Funding Payments Exhibition Commission Owing Foundation - General - Advance Foundation - General - Opening Balance Foundation - General - Payments Funds Held on behalf of others VAT Holiday Pay Owing Other Foundation - Op. - Opening Balance Other Foundation - Op. - Payments Grant Partnership - Advance Partnership - Opening Balance PAYE Payable Rounding Education materials Grant - Payments Sponsorship - Payments Wages Payable - Payroll Total Current Liabilities Total Liabilities 5,000.00 17,000.00 1,000.00 2,000.00 1,150.31 17,365.00 17,365.41 69,117.45 39,340.50 12,000.64 25,828.30 120.00 8,440.80 1,688.00 4,588.50 1,077.71 25,000.00 2,085.02 22,914.98 23.00 (1,610.74) 8,265.03 10,384.60 10,450.40 5,000.00 5,000.00 (0.04) 2,430.80 (0.09) 860.00 5,000.04 0.50 318,886.12 318,886.12 5,000.00 17,000.00 1,000.00 2,000.00 4,232.00 17,365.00 17,365.41 69,117.45 39,340.50 12,000.64 25,828.30 120.00 8,440.80 0.00 4,588.50 997.83 25,000.00 2,085.02 22,914.98 23.00 5,994.56 8,265.03 10,384.60 10,450.40 5,000.00 5,000.00 (0.04) 4,719.44 (0.11) 860.00 5,000.04 0.04 330,093.39 330,093.39 5,000.00 17,000.00 0.00 2,000.00 3,249.00 0.00 17,365.41 69,117.45 25,000.00 12,000.64 25,828.30 120.00 8,440.80 0.00 4,588.50 373.44 25,000.00 2,085.02 22,914.98 23.00 2,371.13 6,880.03 10,384.60 10,450.40 5,000.00 0.00 (0.04) 2,430.52 (0.10) 860.00 5,000.04 0.04 283,483.16 283,483.16 Net Assets 1,277,239.72 1,303,788.77 1,311,377.33 Equity Current Year Earnings Retained Earnings Total Equity (44,114.24) (17,565.19) (9,976.63) 1,321,353.96 1,321,353.96 1,321,353.96 1,277,239.72 1,303,788.77 1,311,377.33