**Company registration number 05097958 (England and Wales)**
## **THE BACUP CONSORTIUM TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
Fielding Accountants Limited Accountants 73 Bankside Lane Bacup Lancashire OL13 8HP
## **THE BACUP CONSORTIUM TRUST**
## **COMPANY INFORMATION**
## **Directors**
Ms R Callaghan-Heeks Mr T Bell Ms K Crompton-Harris Mr K McClelland Mr B Millward Mr K Naylor Mr R Wallwork
**Company number** 05097958 **Registered office** Stubbylee Community Greenhouses Stubbylee Lane Bacup Lancashire OL13 0DD **Accountants** Fielding Accountants Limited 73 Bankside Lane Bacup Lancashire OL13 8HP
## **THE BACUP CONSORTIUM TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Directors' report|1|
|Accountants' report|2|
|Statement of income and retained earnings|3|
|Balance sheet|4|
|Notes to the financial statements|5 - 7|
## **THE BACUP CONSORTIUM TRUST**
## **DIRECTORS' REPORT** _**FOR THE YEAR ENDED 31 MARCH 2023**_
The directors present their annual report and financial statements for the year ended 31 March 2023.
## **Principal activities**
The principal activity of the company during the year was the promotion for the public benefit of urban and/or rural regeneration in areas of social and economic deprivation, and in particular in the OL13 area.
## **Directors**
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ms R Callaghan-Heeks Mr T Bell Ms K Crompton-Harris Mr K McClelland Mr B Millward Mr K Naylor Mr R Wallwork
## **Small companies exemption**
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr B Millward
## **Director**
13 December 2023
- 1 -
## **THE BACUP CONSORTIUM TRUST**
## **REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF THE BACUP CONSORTIUM TRUST**
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 March 2023.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the directors for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
It is your duty to ensure that The Bacup Consortium Trust has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of The Bacup Consortium Trust. You consider that The Bacup Consortium Trust is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of The Bacup Consortium Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Fielding Accountants Limited Accountants 73 Bankside Lane Bacup Lancashire OL13 8HP
13 December 2023
- 2 -
## **THE BACUP CONSORTIUM TRUST**
## **STATEMENT OF INCOME AND RETAINED EARNINGS**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|**Income**|182,487|123,711|
|Cost of sales|(34,638)|(28,936)|
|**Gross surplus**|147,849|94,775|
|Administrative expenses|(148,449)|(134,086)|
|**Operating deficit**|(600)|(39,311)|
|Interest receivable and similar income|58|5|
|**Deficit before taxation**|(542)|(39,306)|
|Tax on deficit|-|-|
|**Deficit for the financial year**|(542)|(39,306)|
|Retained earnings brought forward|30,246|69,552|
|Retained earnings carried forward|29,704|30,246|
The income and expenditure account has been prepared on the basis that all operations are continuing operations.
- 3 -
## **THE BACUP CONSORTIUM TRUST**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2023**_
|**2023**
**Notes**
**£**
**Fixed assets**
Tangible assets
**3**
**Current assets**
Stocks
1,979
Debtors
**4**
6,552
Cash at bank and in hand
23,781
32,312
**Creditors: amounts falling due within**
**one year**
**5**
(17,687)
**Net current assets**
**Net assets**
**Reserves**
Income and expenditure account
**Members' funds**|**2022**
**£**
**£**
15,079
1,594
980
34,648
37,222
(10,170)
14,625
29,704
29,704
29,704|**£**
3,194
27,052|
|---|---|---|
|||30,246|
|||30,246|
|||30,246|
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 board of directors and authorised for issue on 13 December 2023 and are signed on its behalf by:
Mr B Millward
## **Director**
Company registration number 05097958 (England and Wales)
- 4 -
## **THE BACUP CONSORTIUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **1 Accounting policies**
## **Company information**
The Bacup Consortium Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Stubbylee Community Greenhouses, Stubbylee Lane, Bacup, Lancashire, OL13 0DD.
## **1.1 Accounting convention**
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Income and expenditure**
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
## **1.3 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:
Plant and equipment 25% per annum, reducing balance Office equipment 25% per annum, 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 credited or charged to surplus or deficit.
## **1.4 Impairment of fixed assets**
At each reporting period end date, the company 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
## **1.5 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
- 5 -
## **THE BACUP CONSORTIUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **1 Accounting policies**
## **(Continued)**
## **1.6 Cash and cash equivalents**
Cash and cash equivalents are basic financial assets and 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.
## **1.7 Financial instruments**
The company 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 company's balance sheet when the company 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.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are recognised at transaction price.
## _**Classification of financial liabilities**_
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors, are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
## **1.8 Taxation**
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
## **1.9 Employee benefits**
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
## **1.10 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Employees**
The average monthly number of persons (including directors) employed by the company during the year was:
||**2023**|**2022**|
|---|---|---|
||**Number**|**Number**|
|Total|5|5|
- 6 -
## **THE BACUP CONSORTIUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**3**
**Tangible fixed assets**
**Plant and**
**equipment**
**Office**
**equipment**
**£**
**£**
**Cost**
At 1 April 2022
1,740
2,519
Additions
15,514
1,398
At 31 March 2023
17,254
3,917
**Depreciation and impairment**
At 1 April 2022
435
630
Depreciation charged in the year
4,205
822
At 31 March 2023
4,640
1,452
**Carrying amount**
At 31 March 2023
12,614
2,465
At 31 March 2022
1,305
1,889
**4**
**Debtors**
**2023**
**Amounts falling due within one year:**
**£**
Trade debtors
2,392
Other debtors
4,160
6,552
**5**
**Creditors: amounts falling due within one year**
**2023**
**£**
Trade creditors
7,215
Taxation and social security
4,168
Other creditors
6,304
17,687|**Total**
**£**
4,259
16,912|
|---|---|
||21,171|
||1,065
5,027|
||6,092|
||15,079|
||3,194|
||**2022**
**£**
980
-|
||980|
||**2022**
**£**
635
4,798
4,737|
||10,170|
- 7 -
## **THE BACUP CONSORTIUM TRUST**
## **DETAILED TRADING AND INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**Income**
Grants and donations
Paid for care
Cafe turnover
Student placements
Room/studio hire
Other retail services
**Cost of sales**
_Opening stocks_
Opening stock
_Purchases and other direct costs_
Cafe food
Cafe kitchen costs
Other cost of sales
Total purchases and other direct costs
_Closing stocks_
Closing stock
Total cost of sales
**Gross surplus**
**Employment costs**
Administrative staff salaries
Employer national insuance contributions
Subcontract labour
Staff training
Staff pension contributions
**Establishment costs**
Rent and service charge
Light and heat
Repairs and maintenance|**2023**
**£**
**£**
57,610
30,790
62,813
15,376
1,335
14,563
182,487
1,594
30,358
992
3,673
35,023
1,979
(34,638)
147,849
87,979
1,979
22,311
504
3,165
(115,938)
-
9,542
8,433
(17,975)|**2022**
**£**
**£**
8,838
25,863
67,386
10,752
1,075
9,797
123,711
1,393
26,634
1,910
593
29,137
1,594
(28,936)
94,775
86,301
2,175
9,297
725
3,005
(101,503)
1,500
4,970
12,789
(19,259)|
|---|---|---|
## **THE BACUP CONSORTIUM TRUST**
## **DETAILED TRADING AND INCOME AND EXPENDITURE ACCOUNT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**General administrative expenses**
Computer software licences
Subscriptions and licences
Legal and professional fees
Accountancy
Bank and paypal charges
Insurance
Stationery and postage
Telephone and internet
Sundry expenses
Depreciation
**Operating deficit**
**Interest receivable and similar income**
Bank interest received
**Deficit before taxation**|**2023**
**£**
**£**
1,053
1,794
-
750
962
1,988
530
2,044
388
5,027
(14,536)
(600)
58
58
(542)|**2022**
**£**
**£**
661
3,036
2,053
100
835
2,115
620
2,174
665
1,065
(13,324)
(39,311)
5
5
(39,306)|
|---|---|---|