DARNHILL FESTIVAL ASSOCIATION DIRECTOR'S REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
PS Accountants
ACCA 10 Market Place Heywood Rochdale Lancashire OL10 4NL
Darnhill Festival Association Director's Report and Unaudited Financial Statements For The Year Ended 31 December 2020
Contents
| Page | |
|---|---|
| Company Information | 1 |
| Director's Report | 2 |
| Accountant's Report | 3 |
| Profit and Loss Account | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 |
| The following pages do not form part of the statutory accounts: | |
| Trading Profit and Loss Account | 7 |
Darnhill Festival Association Company Information For The Year Ended 31 December 2020
| Secretary | Mrs Kathleen Chorlton |
|---|---|
| Registered Office | 3 Crail Place |
| Heywood | |
| Lancashire | |
| OL10 3LZ | |
| Accountants | PS Accountants |
| ACCA | |
| 10 Market Place | |
| Heywood | |
| Rochdale | |
| Lancashire | |
| OL10 4NL |
Page 1
Darnhill Festival Association Company No. Director's Report For The Year Ended 31 December 2020
The director presents his report and the financial statements for the year ended 31 December 2020.
Statement of Director's Responsibilities
The personal representative is responsible for preparing the Report and the financial statements in accordance with applicable law and regulations.
The financial statements have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the personal representative must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the personal representative is required to:
- select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The personal representative is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal Activity
The company's principal activity continues to be that of a constituted community Group.
Review of Business
Darnhill Festival Assocition is a constiituted community Group.
Monies noted within the accounts are restricted funds and are not monies directly available to Darnhill Festival Association.
Current Restricted Funds at 31st December 2020 are as follows:
Arts Council - £9,615.72 - Restricted for use on Darnhill Festival Postcode Local Trust - £14,944 - Restricted for us on the Darnhill Community Garden Project
Total restricted Funds - £24,599.72
Directors
The personal respresentative who held office during the year were as follows:
Kathleen Chorlton
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
By order of the board
Mrs Kathleen Chorlton
Company Secretary
31st March 2021
Page 2
Darnhill Festival Association Accountant's Report For The Year Ended 31 December 2020
Report to the personal representaive on the preparation of the unaudited statutory accounts of Darnhill Festival Association For The Year Ended 31 December 2020
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Darnhill Festival Association which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the personal representative of Darnhill Festival Association, as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Darnhill Festival Association and state those matters that we have agreed to state to the personal representative of Darnhill Festival Association, as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Darnhill Festival Association and its personal representative as a body for our work or for this report.
It is your duty to ensure that Darnhill Festival Association has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Darnhill Festival Association. You consider that Darnhill Festival Association 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 accounts of Darnhill Festival Association. 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 financial statements.
PS Accountants
31st March 2021
PS Accountants ACCA 10 Market Place Heywood Rochdale Lancashire OL10 4NL
Page 3
Darnhill Festival Association Profit and Loss Account For The Year Ended 31 December 2020
| Notes TURNOVER Cost of sales GROSS PROFIT Administrative expenses OPERATING PROFIT AND PROFIT FOR THE FINANCIAL YEAR |
2020 £ 42,654 (21,450) 21,204 (380) 20,824 |
2019 £ 42,621 (38,928) |
|---|---|---|
| 3,693 (1,216) |
||
| 2,477 |
The notes on page 6 form part of these financial statements.
Page 4
Darnhill Festival Association Balance Sheet As at 31 December 2020
| Notes CURRENT ASSETS Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 2 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS Profit and Loss Account SHAREHOLDERS' FUNDS |
2020 £ £ 25,837 25,837 (180) 25,657 25,657 25,657 25,657 25,657 |
2020 £ £ 25,837 25,837 (180) 25,657 25,657 25,657 25,657 25,657 |
2019 £ £ 5,013 5,013 (180) 4,833 4,833 4,833 4,833 4,833 |
2019 £ £ 5,013 5,013 (180) 4,833 4,833 4,833 4,833 4,833 |
|---|---|---|---|---|
| 25,837 (180) |
5,013 (180) |
|||
| 25,657 | 4,833 | |||
| 25,657 | 4,833 | |||
| 25,657 | 4,833 | |||
| 25,657 | 4,833 |
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities
-
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
-
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The monies held by the company relates to restricted funding and is not held directly for the purpose of Darnhill Festival Association.
The financial statements were approved by the board of directors on 31 March 2021 and were signed on its behalf by:
The notes on page 6 form part of these financial statements.
Page 5
Darnhill Festival Association Notes to the Financial Statements For The Year Ended 31 December 2020
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2. Creditors: Amounts Falling Due Within One Year
| . Creditors: Amounts Falling Due Within One Year |
||
|---|---|---|
| Accruals and deferred income | 2020 £ 180 180 |
2019 £ 180 |
| 180 |
3. General Information
Darnhill Festival Association is a private company, limited by shares, incorporated in England & Wales, registered number . The registered office is 3 Crail Place, Heywood, Lancashire, OL10 3LZ.
Page 6
Darnhill Festival Association Trading Profit and Loss Account For The Year Ended 31 December 2020
| TURNOVER Grants Fundraising Donations Recieved COST OF SALES Purchases Cartwheel Arts Projects GROSS PROFIT Administrative Expenses Staff training Gifts Insurance Accountancy fees Professional fees Sundry expenses OPERATING PROFIT AND PROFIT FOR THE FINANCIAL YEAR |
2020 £ £ 42,077 - 577 42,654 - 20,082 1,368 (21,450) 21,204 50 30 120 180 - - (380) 20,824 |
2020 £ £ 42,077 - 577 42,654 - 20,082 1,368 (21,450) 21,204 50 30 120 180 - - (380) 20,824 |
2019 £ £ 36,970 643 5,008 42,621 375 35,126 3,427 (38,928) 3,693 - 127 120 180 790 (1) (1,216) 2,477 |
2019 £ £ 36,970 643 5,008 42,621 375 35,126 3,427 (38,928) 3,693 - 127 120 180 790 (1) (1,216) 2,477 |
|---|---|---|---|---|
| 42,654 (21,450) |
42,621 (38,928) |
|||
| 50 30 120 180 - - |
- 127 120 180 790 (1) |
|||
| 21,204 (380) |
3,693 (1,216) |
|||
| 20,824 | 2,477 |
Page 7