Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

**COMPANY REGISTRATION NUMBER: 6566823 CHARITY REGISTRATION NUMBER: 1153066** 

## **LOOSE** 

**Company Limited by Guarantee Unaudited Financial Statements** 

**30 April 2024** 

**AGP** Chartered Accountants Sycamore House Sutton Quays Business Park Sutton Weaver Runcorn Cheshire WA7 3EH 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Financial Statements** 

## **Year ended 30 April 2024** 

||**Page**|
|---|---|
|Trustees' annual report (incorporating the director's report)|**1**|
|Independent examiner's report to the trustees|**7**|
|Statement of financial activities (including income and||
|expenditure account)|**8**|
|Statement of financial position|**9**|
|Notes to the financial statements|**10**|
|**The following pages do not form part of the financial statements**||
|Detailed statement of financial activities|**21**|





Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** 

## **Year ended 30 April 2024** 

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 April 2024. 

## **Reference and administrative details** 

**Registered charity name** LOOSE **Charity registration number** 1153066 **Company registration number** 6566823 **Principal office and registered** 94 Holloway **office** Runcorn Cheshire WA7 4TJ The Studio Lacey Street Widnes Cheshire WA8 7SQ **The trustees** Jaki Florek Gregory Oldfield David Harrington Anthony Nyland (Resigned 7 April 2024) Mark Whitby Lionel Junior Job Paul Hammond **Independent examiner** Rachel Palombella FCA AGP Chartered Accountants Sycamore House Sutton Quays Business Park Sutton Weaver Runcorn Cheshire WA7 3EH 

**- 1 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **Structure, governance and management** 

The organisation is a charitable company limited by guarantee, incorporated on 16th April 2008, and registered as a charity on 25th July 2013. 

The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association. Under those Articles, the members of the Board of Management are elected at the AGM. 

Members of the board of management, who are Directors for the purpose of company law and Trustees for the purpose of charity law, who served during the year and up to the date of this report are set out in this report. 

Under the requirements of the Memorandum and Articles of Association the members of the management committee are elected to serve for a period of 3 years after which they must be re-elected at the next annual general meeting. We have a very stable Board of Directors/Trustees, (unpaid). Sadly, one of our long-term Board Members, Anthony Nyland, had become too busy in his working life to continue as a Board Member. We fully appreciate and thank him for his contributions. 

Our Programmes and Facilities Manager Louise Nulty who joined us in 2012 also sits on the Board as Senior Management. 

Long-term volunteers known as "The Studio Associates" meet regularly with Louise to discuss practicalities regarding events and any concerns or ideas, and can request to attend a Board meeting if there is reason to do so. 

**- 2 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **Objectives and activities** 

To remove barriers to participation in creative and cultural activities and events by enabling equality of access to music, theatre, and other creative activities and cultural events by providing free or low-cost access to facilities, creative activities and events to benefit, support, and bring together our local community and the wider community. 

To reduce isolation, improve well-being and enable people of all ages to have better chances in life, and a better quality of life, by providing free and low-cost opportunities to socialise, build confidence, and develop skills in a safe, accessible, welcoming and inspirational creative environment. 

## **Provision, Stability, Need, Equity and Equality** 

The Borough of Halton, where LOOSE is based, continues to be one of the most deprived areas in England. Halton is one of 10 Local Authorities (out of 317) which had increased areas of high multiple deprivation compared to previously published statistics in 2015. (Source: IMD, ONS) That information was published in 2019, pre-COVID lockdowns. 

Our building, The Studio, is situated in an area of long-term high multiple deprivation. It was built in 1879, as a Sunday School and community meeting place. There is a great feeling of stability in this solid old building and a strong sense of community ownership. 

Free and low-cost provision at The Studio, in a safe, warm and welcoming environment has enabled people of all ages with little or no 'disposable income' to socialise and access creative cultural activities and facilities, with high quality professional support. 

It is widely accepted that reducing isolation, and engaging in creative activity is beneficial in improving Mental Health and Wellbeing, and that skill-building and increasing self-confidence helps people to have Better Chances in Life; we have observed this first-hand for many years, and participant feedback confirms this. 

Rehearsal and recording facilities, and performance opportunities at The Studio continue to support local musicians of all ages, as well as grassroots theatre groups and independent artists. Live music events, local and touring theatre productions and other events support grassroots performers and provide people in Halton including young people with access to a range of affordable cultural and social provision. Local groups and organisations also use The Studio with their beneficiaries, adding to and supporting local provision. 

## **Community Shaping Provision** 

Provision evolves and develops; full participation in shaping provision by participants of all ages in activities and events, volunteers, and people in the local community, is encouraged, enabled, and welcomed. There is also a Suggestions Box onsite. 

Additional to generated income and donations, we do also rely on securing grant funding and this also shapes provision. 

Our long-term volunteers, 'The Studio Associates', continue to take an active part in supporting events and activities, and also run their own Jam Group - open to anyone who wants to be part of it, learning new songs, playing as a group; they also perform at various events. There is a great sense of community ownership of The Studio building, and of provision, by people of all ages. 

The Charity Commission's general guidance on 'public benefit' has been referred to when reviewing the aims and objectives, and in planning for future activities. 

**- 3 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **Achievements and performance** 

LOOSE has won several National Arts and Culture Awards, starting with the 2013 **Children & Young People Now Award for Arts & Culture** , plus the **Young People's Champion Award** .  During the 2020/21 Covid Lockdowns, winning the **Civil Society Award for Arts & Culture** was a massive boost to staff and volunteers' morale. We had continued working, putting all sessions online, posting podcasts, inventing 'Studio TV', and distributing activity packs (which also included food) to identified households. 

**2024:** Four years on from the initial Lockdowns, it is a significant achievement that The Studio is still open and functioning for the benefit of the community; the knock-on effect of more need/less funding available has seen many small charities across the country closing, whilst bigger organisations are reducing staff resulting in high numbers of redundancies, and some are merging. 

Another busy year at The Studio started with the EuroGLOW event in May 2023, joint-funded by **Halton Borough Council** and the **City of Liverpool Euro Fund.** This free, fun, uplifting project devised by our Programme and Facilities Manager brought many local groups together performing onstage including Victoria Music, Mooncup Theatre, H'arts & Voices choir, and our LGBTQ+ GLOW group of young people. It was very much appreciated by an enthusiastic all-age audience. Full house! 

**GLOW:** In April 2023 our GLOW group, U-19s young people who identify as LGBTQ+, was one of the three groups shortlisted in the Youth Group Of The Year Awards held at Anfield Stadium, Liverpool; another interesting evening out for our young people. Funded by HBC Youth Services, participant numbers have greatly increased in the past three years. A wide range of support and activities take place at The Studio and also off-site, including theatre trips. This year they also participated in a project at the Catalyst Museum, Widnes, which they thoroughly enjoyed. Their self-confidence has grown visibly; those reaching the maximum age of 19 often return to visit, give a talk, or volunteer. 

**THEATRE FOR REBELS:** Devised by our Manager Louise (also a well-experienced actor and director) and our GLOW Project Leader Isobel Balchin, this was a well-attended Government-funded Holiday Activities and Food (HAF) Summer Project for young teens, via HBC Youth Services. There is a need to add Saturday theatre workshops to our provision, and we are looking for funding. Theatre events booked in at The Studio this year again included two for younger children aged 5+ 

**DUKE OF EDINBURGH AWARDS:** We now run activities for young people aged 14-18 for both Bronze and Silver Awards, delivered by the same qualified well-experienced leaders who started in January 2023. Sources of funding this year: **HBC Youth Services, The Rauslng Trust,** and **Halton Housing Trust** . Participants also go on camping expeditions, and volunteer in the community and at The Studio. 

**AMPLIFY!** From the start of LOOSE in 1997, we have worked with young people in music-making; there was and still is an identified need. In the past two years, numbers have increased massively. We now have 2 regular evening sessions per week; one for young people 17-24, and one which we split into 2 sessions to accommodate the 11-13 and 14-16 age groups. An average of 45 young people participate per week. 92 young people attended their December gig; 20 young people performed, and two young people MC'd the event, with great newly-developed confidence. This financial year, the sessions have been part-funded by HBC Youth Services, and part-funded by **Youth Music** . Accommodating high numbers of participants has increased staffing costs. 

**- 4 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **Achievements and performance** _**(continued)**_ 

**Mental Health:** It is very noticeable that a higher percentage of our young participants have poor levels of mental health and well-being, than ever before. it has also been widely reported that there has been a significant increase in young people across the country experiencing isolation / stress / depression. Some of our participants are young carers, some have difficult home lives, some have diagnosed mental health conditions. There is wide acknowledgement that participation in creative activities can be very beneficial; we have observed this first-hand, and also seen the longer-term benefits as many of our young people have kept in touch over the years. 

**YIF: Government-funded Youth Investment Fund:** Additional to the building repairs and improvements completed this year, a percentage of the Capital funding could be requested as Revenue funding. This enabled the appointment of an excellent, very experienced **Youth Support Worker** , parttime for a year.  From February 2024 she has supported the two Amplify evenings plus the Glow groups, which the young people (and staff) have very much appreciated. 

**Asylum Seekers, Refugees, and Vulnerable Migrants:** We continued this year to provide and enable a range of creative activities and socialising opportunities for all ages to help improve mental health & wellbeing, and reduce isolation; 11 children also participated, the youngest was aged 4. 

**OUR HALTON:** Funding from **Our Halton Community Fund** enabled a collaborative integrational project with artists Lou Chapelle and Rachael Prime which took place during the previous financial year ending 30.04.2023. Funding for that first year was paid retrospectively in November 2023, this financial year ending 30.04.2024. Provision continued with another collaboration, with activities delivered onsite at The Studio with **Digital Arts Box CIC** who were separately funded. We hosted the Digital Arts Box activities and added to provision with other arts activities, various board games, and provision of free refreshments. We have worked with the two Directors of Digital Arts Box many times over the years; they were involved with the very first event to take place at The Studio in 2010. The Our Halton sessions were inter-generational, and included families with young children plus teenagers. Some local families also participated.  Session numbers ranged from 12 to 30.  Activities and events continued into the new financial Year, which will also be retro-paid. 

**TRINITY SAFE SPACE** is a local charity in Halton, who have been supporting, and continue to support, the people now residing locally who are seeking asylum, refugees, and vulnerable migrants. TSScollaborated with LOOSE to expand on this project of support and integration.  Their funding to LOOSE has enabled more creative activities, and increased socialising and integration to take place. With not being allowed to work, and the trauma they've experienced, anything that helped alleviate the stress has been very much welcomed. 

## **The Studio facilities** are also used by other local organisations and community groups. 

For over twelve years the **Samba Band** (adults with learning difficulties) have used The Studio on a regular weekly basis, Wednesday daytime. They practice their drumming, make their lunch in our kitchen, and socialise. They occasionally perform at one of our events as well as other performances around Halton. **Cronton College** also uses The Studio facilities one day a week, Tuesdays, term-time, with their BTEC music students. Another long-term regular user, Monday daytimes, registered charity SPARC works with **young people with learning difficulties.** Other intermittent users include SOUP, a well-established adult local theatre group, **Victoria Music & Theatre Group** who put on several shows per year at The Studio, mixed ages, and the **Fortuna Female Society** which started developing at The Studio several years ago and is very active in supporting women and girls, and organising a wide variety of events around Halton. 

**- 5 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **Financial review** 

We own our building, The Studio, outright. We used it in the early days of LOOSE from 1997 until it closed in 2004. It was due for demolition but was eventually transferred to LOOSE from Halton Borough Council in 2008 due to strong community support, and by LOOSE securing **Government Community Assets funding** towards renovation, as it was by then totally derelict. At that time, we registered our constituted community group as a Company LBG at Companies House, and later as a Registered Charity. 

Financially, we remain solvent and continue to contribute to creative provision benefitting our community. 

In the year ended 30 April 2024 the charity's incoming resources exceeded its outgoing resources by £16,468 leaving the reserves in surplus by £377,036 of which £131,039 are unrestricted reserves and £245,997 are restricted reserves. 

Of the restricted reserves of £245,997, £230,490 of this relates to tangible fixed assets held on the balance sheet.  The original restricted funding paid for the renovation and refurbishment of the Queens Hall Studio building into a Community Music & Creative Arts Centre.  The tangible fixed asset is depreciated annually at a rate of 4% straight line. 

## **Reserves policy** 

Unrestricted reserves are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. 

Restricted reserves are subject to restrictions on their expenditure imposed by the funding body, donor or through the terms of an appeal. 

## **Plans for future periods** 

We will continue to seek appropriate sources of revenue in keeping with our objectives to help keep The Studio open and functioning for the benefit of the community, and to continue enabling provision of free and low cost access to high quality developmental creative activities and facilities for all ages and abilities. 

## **Small company provisions** 

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. 

The trustees' annual report was approved on 25 February 2025 and signed on behalf of the board of trustees by: 

> | JakiSignedForel by: 1274DCF393D94C6... Jaki Florek Trustee 

David Harrington Trustee 

**- 6 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Independent Examiner's Report to the Trustees of LOOSE** 

## **Year ended 30 April 2024** 

I report to the trustees on my examination of the financial statements of LOOSE ('the charity') for the year ended 30 April 2024. 

## **Responsibilities and basis of report** 

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’). 

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## **Independent examiner's statement** 

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or 

2. the financial statements do not accord with those records; or 

3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or 

4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

> [Palombella] lrSigned91CB92A73FCF407...[k] by: 

Rachel Palombella FCA AGP Chartered Accountants Independent Examiner 

Sycamore House Sutton Quays Business Park Sutton Weaver Runcorn Cheshire WA7 3EH 

25 February 2025 

**- 7 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Statement of Financial Activities (including income and expenditure account)** 

## **Year ended 30 April 2024** 

||||**2024**||2023|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|||
|||funds|funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|**£**|£|
|**Income and endowments**||||||
|Donations and grants|**5**|3,386|142,031|**145,417**|64,530|
|Charitable activities|**6**|25,331|17,169|**42,500**|55,603|
|Investment income|**7**|608|–|**608**|74|
|||----------------------------|--------------------------------|--------------------------------|--------------------------------|
|**Total income**||29,325|159,200|**188,525**|120,207|
|||============================|================================|================================|================================|
|**Expenditure**||||||
|Expenditure on charitable activities|**8,9**|67,338|104,719|**172,057**|161,579|
|||----------------------------|--------------------------------|--------------------------------|--------------------------------|
|**Total expenditure**||67,338|104,719|**172,057**|161,579|
|||============================|================================|================================|================================|
|||----------------------------|--------------------------------|--------------------------------|--------------------------------|
|**Net income/(expenditure)**||(38,013)|54,481|**16,468**|(41,372)|
|||============================|================================|================================|================================|
|Transfers between funds||77,510|(77,510)|**–**|–|
|||----------------------------|--------------------------------|--------------------------------|--------------------------------|
|**Net movement in funds**||39,497|(23,029)|**16,468**|(41,372)|
|**Reconciliation of funds**||||||
|Total funds brought forward||91,542|269,026|**360,568**|401,940|
|||--------------------------------|--------------------------------|--------------------------------|--------------------------------|
|**Total funds carried forward**||131,039|245,997|**377,036**|360,568|
|||================================|================================|================================|================================|



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

**The notes on pages 10 to 19 form part of these financial statements.** 

**- 8 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Statement of Financial Position** 

## **30 April 2024** 

|||**2024**||2023|
|---|---|---|---|---|
||**Note**|**£**|**£**|£|
|**Fixed assets**|||||
|Tangible fixed assets|**14**||**307,797**|254,908|
|**Current assets**|||||
|Stocks|**15**|**1,869**||310|
|Debtors|**16**|**5,208**||8,874|
|Cash at bank and in hand||**67,077**||100,422|
|||----------------------------||--------------------------------|
|||**74,154**||109,606|
|**Creditors: amounts falling due within one year**|**17**|**4,915**||3,946|
|||----------------------------||--------------------------------|
|**Net current assets**|||**69,239**|105,660|
||||--------------------------------|--------------------------------|
|**Total assets less current liabilities**|||**377,036**|360,568|
||||--------------------------------|--------------------------------|
|**Net assets**|||**377,036**|360,568|
||||================================|================================|
|**Funds of the charity**|||||
|Restricted funds|||**245,997**|269,026|
|Unrestricted funds|||**131,039**|91,542|
||||--------------------------------|--------------------------------|
|**Total charity funds**|**19**||**377,036**|360,568|
||||================================|================================|



For the year ending 30 April 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

Directors' responsibilities: 

- 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; 

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

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

These financial statements were approved by the board of trustees and authorised for issue on 25 February 2025 and are signed on behalf of the board by: 

| JakiSignedForel by: 1274DCF393D94C6... Jaki Florek Trustee 

David Harrington Trustee 

**The notes on pages 10 to 19 form part of these financial statements.** 

**- 9 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** 

## **Year ended 30 April 2024** 

## **1. General information** 

The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 94 Holloway, Runcorn, Cheshire, WA7 4TJ and the operations address is The Studio, Lacey Street, Widnes, Cheshire, WA8 7SQ. 

## **2. Statement of compliance** 

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. 

## **3. Accounting policies** 

## **Basis of preparation** 

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. 

The financial statements are prepared in sterling, which is the functional currency of the entity. 

## **Going concern** 

There are no material uncertainties about the charity's ability to continue. 

## **Judgements and key sources of estimation uncertainty** 

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

## **Taxation** 

The company is now a registered charity and as such is exempt from Income and Corporation taxes under the provision of the Income and Corporation Taxes Act 1988. 

## **Fund accounting** 

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. 

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. 

Restricted funds are subjected 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.  Further explanation of the nature and purpose of the restricted funds is included in the notes to the accounts. 

**- 10 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **3. Accounting policies** _**(continued)**_ 

## **Incoming resources** 

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: 

- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. 

- legacy income is recognised when receipt is probable and entitlement is established. 

- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. 

- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. 

## **Resources expended** 

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: 

- expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods. 

- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. 

- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. 

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. 

**- 11 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **3. Accounting policies** _**(continued)**_ 

## **Tangible assets** 

Tangible fixed assets are capitalised if they can be used for more than one year and cost at least £250. 

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities.  A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. 

## **Depreciation** 

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: 

|Building improvements|-|4% straight line|
|---|---|---|
|Fixtures & fittings|-|15% straight line|
|Equipment|-|20% straight line|



## **Impairment of fixed assets** 

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. 

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. 

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. 

## **Stocks** 

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. 

**- 12 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **3. Accounting policies** _**(continued)**_ 

## **Financial instruments** 

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.  Basic financial instruments are initially recognised at transaction value and subsequently measured at the carrying value. 

## **Defined contribution plans** 

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. 

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. 

## **Creditors and provisions** 

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.  Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## **4. Limited by guarantee** 

The company is limited by guarantee and does not have a share capital.  Every member of the company undertakes to contribute such amount as may be required (not exceeding £1) to the company's assets if it should be wound up while he/she is a member or within one year after he/she ceases to be a member. 

## **5. Donations and grants** 

||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|
||Funds|Funds|**2024**|
||£|£|**£**|
|**Donations**||||
|Donations|3,386|–|**3,386**|
|**Grants**||||
|Grants receivable|–|142,031|**142,031**|
||-----------------------|--------------------------------|--------------------------------|
||3,386|142,031|**145,417**|
||=======================|================================|================================|



**- 13 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **5. Donations and grants** 

||||Unrestricted|Restricted|Total Funds|
|---|---|---|---|---|---|
||||Funds|Funds|2023|
||||£|£|£|
||**Donations**|||||
||Donations||5,919|–|5,919|
||**Grants**|||||
||Grants receivable||7,692|50,919|58,611|
||||----------------------------|----------------------------|----------------------------|
||||13,611|50,919|64,530|
||||============================|============================|============================|
|**6.**|**Charitable activities**|||||
||||Unrestricted|Restricted|**Total Funds**|
||||Funds|Funds|**2024**|
||||£|£|**£**|
||Contract income||250|16,567|**16,817**|
||Room hire charges||12,075|–|**12,075**|
||Other income||13,006|602|**13,608**|
||||----------------------------|----------------------------|----------------------------|
||||25,331|17,169|**42,500**|
||||============================|============================|============================|
||||Unrestricted|Restricted|Total Funds|
||||Funds|Funds|2023|
||||£|£|£|
||Contract income||–|19,255|19,255|
||Room hire charges||25,740|–|25,740|
||Other income||10,608|–|10,608|
||||----------------------------|----------------------------|----------------------------|
||||36,348|19,255|55,603|
||||============================|============================|============================|
|**7.**|**Investment income**|||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2024**|Funds|2023|
|||£|**£**|£|£|
||Bank interest receivable|608|**608**|74|74|
|||==============|==============|==============|==============|



**- 14 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **8. Expenditure on charitable activities by fund type** 

||||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|---|---|
||||Funds|Funds|**2024**|
||||£|£|**£**|
||To advance participation and education in creative|||||
||arts||65,653|104,719|**170,372**|
||Support costs||1,685|–|**1,685**|
||||----------------------------|--------------------------------|--------------------------------|
||||67,338|104,719|**172,057**|
||||============================|================================|================================|
||||Unrestricted|Restricted|Total Funds|
||||Funds|Funds|2023|
||||£|£|£|
||To advance participation and education in creative|||||
||arts||58,855|101,134|159,989|
||Support costs||1,590|–|1,590|
||||----------------------------|--------------------------------|--------------------------------|
||||60,445|101,134|161,579|
||||============================|================================|================================|
|**9.**|**Expenditure on charitable activities by activity type**|||||
|||Activities||||
|||undertaken|Support|**Total funds**|Total fund|
|||directly|costs|**2024**|2023|
|||£|£|**£**|£|
||To advance participation and|||||
||education in creative arts|170,372|–|**170,372**|159,989|
||Governance costs|–|1,685|**1,685**|1,590|
|||--------------------------------|-----------------------|--------------------------------|--------------------------------|
|||170,372|1,685|**172,057**|161,579|
|||================================|=======================|================================|================================|
|**10.**|**Net income/(expenditure)**|||||
||Net income/(expenditure) is stated after|charging/(crediting):||||
|||||**2024**|2023|
|||||**£**|£|
||Depreciation of tangible fixed assets|||**25,021**|23,559|
|||||============================|============================|
|**11.**|**Independent examination fees**|||||
|||||**2024**|2023|
|||||**£**|£|
||Fees payable to the independent examiner for:|||||
||Independent examination of the financial statements|||**1,685**|1,590|
|||||=======================|=======================|



**- 15 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **12. Staff costs** 

The total staff costs and employee benefits for the reporting period are analysed as follows: 

||**2024**|2023|
|---|---|---|
||**£**|£|
|Wages and salaries|**30,352**|35,683|
|Employer contributions to pension plans|**647**|595|
|Other staff costs|**50,823**|35,817|
||----------------------------|----------------------------|
||**81,822**|72,095|
||============================|============================|



The average head count of employees during the year was 2 (2023: 2). 

No employee received employee benefits of more than £60,000 during the year (2023: Nil). 

## **13. Trustee remuneration and expenses** 

No trustees claimed or were paid any expenses, nor were any trustees paid for being on the board. 

## **14. Tangible fixed assets** 

||Land and|Fixtures and|||
|---|---|---|---|---|
||buildings|fittings|Equipment|**Total**|
||£|£|£|**£**|
|**Cost**|||||
|At 1 May 2023|578,472|70,387|29,260|**678,119**|
|Additions|–|66,923|10,987|**77,910**|
||--------------------------------|--------------------------------|----------------------------|--------------------------------|
|**At 30 April 2024**|578,472|137,310|40,247|**756,029**|
||================================|================================|============================|================================|
|**Depreciation**|||||
|At 1 May 2023|324,843|70,387|27,981|**423,211**|
|Charge for the year|23,139|1,113|769|**25,021**|
||--------------------------------|--------------------------------|----------------------------|--------------------------------|
|**At 30 April 2024**|347,982|71,500|28,750|**448,232**|
||================================|================================|============================|================================|
|**Carrying amount**|||||
|**At 30 April 2024**|230,490|65,810|11,497|**307,797**|
||================================|================================|============================|================================|
|At 30 April 2023|253,629|–|1,279|254,908|
||================================|================================|============================|================================|
|**Stocks**|||||
||||**2024**|2023|
||||**£**|£|
|Stock|||**1,869**|310|
||||=======================|==============|



## **15. Stocks** 

**- 16 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **16. Debtors** 

||**2024**|2023|
|---|---|---|
||**£**|£|
|Prepayments and accrued income|**821**|738|
|Other debtors|**4,387**|8,136|
||-----------------------|-----------------------|
||**5,208**|8,874|
||=======================|=======================|
|**Creditors:** **amounts falling due within one year**|||
||**2024**|2023|
||**£**|£|
|Trade creditors|**1,456**|–|
|Accruals and deferred income|**2,725**|3,946|
|Other creditors|**626**|–|
|Other creditors|**108**|–|
||-----------------------|-----------------------|
||**4,915**|3,946|
||=======================|=======================|



## **17. Creditors: amounts falling due within one year** 

## **18. Pensions** 

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £647 (2023: £595).  At the year end, there was a liability of £108 (2023: £nil) in within other creditors. 

## **19. Analysis of charitable funds** 

## **Unrestricted funds** 

||||||||**At**|
|---|---|---|---|---|---|---|---|
||At|1 May 23|Income|Expenditure|Transfers|<br>**30 April 24**||
|||£|£|£|£||**£**|
|Unrestricted Fund||91,542|29,325|(67,338)|77,510||**131,039**|
|||============================|============================|============================|============================||================================|
||At|1 May 22|Income|Expenditure|Transfers|At|30 April 23|
|||£|£|£|£||£|
|Unrestricted Fund||101,954|50,033|(60,445)|–||91,542|
|||================================|============================|============================|==============||============================|



## **Purpose of Restricted Funds** 

The transfer in the year has arisen as fixed assets have been purchased from restricted grants and so the funds have been transferred to unrestricted as the fixed assets are held for general use and not a restricted purpose. 

**- 17 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **19. Analysis of charitable funds** _**(continued)**_ 

## **Restricted funds** 

|**Restricted funds**||||||||
|---|---|---|---|---|---|---|---|
||||||||**At**|
||At 1 May|23|Income|Expenditure|Transfers|**30 April**|**24**|
||£||£|£|£|**£**||
|Community Assets Fund|236,051||-|(21,541)|-|**214,510**||
|WREN|17,578||-|(1,598)|-|**15,980**||
|Trinity Safe Space|3,054||602|(3,656)|-||**-**|
|HBC Our Halton||-|1,678|(1,678)|-||**-**|
|Euroglow Event|1,760||2,000|(1,552)|(2,208)||**-**|
|Duke of Edinburgh||||||||
|Award|10,583||9,930|(13,784)|(1,493)|<br>**5,236**||
|Youth Music – Amplify!||-|12,750|(8,959)|-|**3,791**||
|HBC Music – Amplify!||-|9,820|(9,820)|-||**-**|
|HBC Glow||-|16,938|(16,938)|-||**-**|
|Government funding||||||||
|(UKSPF) Shared||||||||
|Prosperity Fund||-|10,000|(186)|(9,094)|<br>**720**||
|Youth Investment Fund||||||||
|– Capital||-|84,251|(16,448)|(64,715)|<br>**3,088**||
|Youth Investment Fund||||||||
|– Revenue||-|6,360|(3,688)|-|**2,672**||
|HAF - Theatre for||||||||
|Rebels||-|2,550|(2,550)|-||**-**|
|HBC ILM Employee||||||||
|Support||-|2,321|(2,321)|-||**-**|
||--------------------------------||--------------------------------|--------------------------------|--------------------------------|--------------------------------||
||269,026||159,200|(104,719)|(77,510)|<br>**245,997**||
||================================||================================|================================|================================|================================||
||At 1 May|22|Income|Expenditure|Transfers|At 30 April|23|
||£||£|£|£|£||
|Community Assets Fund|257,592||-|(21,541)|-|236,051||
|WREN|19,176||-|(1,598)|-|17,578||
|National Foundation||||||||
|Youth Music|10,669||12,000|(22,669)|-||-|
|HBC Glow Group||-|19,359|(19,359)|-||-|
|HBC ‘Serial Culture’||||||||
|Zine|1,659||9,870|(11,529)|-||-|
|Arts Council England:||||||||
|Cultivate Youth Voice|4,648||1,500|(6,148)|-||-|
|HBC See Me Hear Me||-|400|(400)|-||-|
|HBC Celebrate Halton||||||||
|Heritage|2,957||1,275|(4,232)|-||-|
|HBC 5 Ways to||||||||
|Wellbeing|3,285||-|(3,285)|-||-|
|Trinity Safespace||-|5,156|(2,102)|-|3,054||
|HBC Our Halton||-|5,216|(5,216)|-||-|
|Euroglow Event||-|2,000|(240)|-|1,760||
|Duke of Edinburgh||||||||
|Award||-|13,398|(2,815)|-|10,583||
||--------------------------------||--------------------------------|--------------------------------|---------------|--------------------------------||
||299,986||70,174|(101,134)|-|269,026||
||================================||================================|================================|==============|================================||



**- 18 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **19. Analysis of charitable funds** _**(continued)**_ 

## **Purpose of Restricted Funds** 

Community Assets Fund paid for the renovation and refurbishment of the Queens Hall Studio building into a Community Music & Creative Arts Centre. 

WREN provided funding for a portion of the capital works to the Queens Hall Studio Building. 

Duke of Edinburgh Award funding is provided for Loose to run activities for young people aged 14 - 18 for both Bronze and Silver Awards. 

The National Foundation Youth Music grant was to support musical and personal development in young people aged under 25. 

Government funding (UKSPF) Shared Prosperity Fund was provided for the purpose of increasing digital connectivity in the community. 

Youth Investment Fund is capital funding for building improvements for Youth Facilities.  The revenue funding enabled the appointment of a youth support worker, part time, for the year. 

## **20. Analysis of net assets between funds** 

||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|
||Funds|Funds|**2024**|
||£|£|**£**|
|Tangible fixed assets|77,307|230,490|**307,797**|
|Current assets|58,647|15,507|**74,154**|
|Creditors less than 1 year|(4,915)|–|**(4,915)**|
||--------------------------------|--------------------------------|--------------------------------|
|**Net assets**|131,039|245,997|**377,036**|
||================================|================================|================================|
||Unrestricted|Restricted|Total Funds|
||Funds|Funds|2023|
||£|£|£|
|Tangible fixed assets|1,279|253,629|254,908|
|Current assets|94,209|15,397|109,606|
|Creditors less than 1 year|(3,946)|–|(3,946)|
||----------------------------|--------------------------------|--------------------------------|
|**Net assets**|91,542|269,026|360,568|
||============================|================================|================================|



## **21. Related parties** 

Any connections between a trustee of the charity must be disclosed to the full board of trustees. No transactions with related parties were undertaken such as are required to be disclosed. 

**- 19 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

**Company Limited by Guarantee** 

**Management Information** 

**Year ended 30 April 2024** 

**The following pages do not form part of the financial statements.** 

**- 20 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Detailed Statement of Financial Activities** 

## **Year ended 30 April 2024** 

||**2024**|2023|
|---|---|---|
||**£**|£|
|**Income and endowments**|||
|**Donations and grants**|||
|Donations|**3,386**|5,919|
|Grants receivable|**142,031**|58,611|
||--------------------------------|----------------------------|
||**145,417**|64,530|
||--------------------------------|----------------------------|
|**Charitable activities**|||
|Contract income|**16,817**|19,255|
|Room hire charges|**12,075**|25,740|
|Other income|**13,608**|10,608|
||----------------------------|----------------------------|
||**42,500**|55,603|
||----------------------------|----------------------------|
|**Investment income**|||
|Bank interest receivable|**608**|74|
||--------------|--------------|
||--------------------------------|--------------------------------|
|**Total income**|**188,525**|120,207|
||================================|================================|
|**Expenditure**|||
|**Expenditure on charitable activities**|||
|**To advance participation and education in creative arts**|||
|**_Activities undertaken directly_**|||
|Purchases|**921**|1,821|
|Wages & salaries|**30,352**|35,683|
|Pension costs|**647**|595|
|Other staff costs|**50,823**|35,817|
|Events & activities|**14,628**|29,489|
|Rates & water|**3,426**|2,976|
|Light & heat|**12,778**|8,346|
|Building repairs, maintenance & cleaning|**21,534**|9,096|
|Insurance|**2,346**|2,466|
|Equipment maintenance & consumables|**2,367**|1,390|
|Volunteer expenses|**738**|58|
|Office consumables, printing, stationery, broadband & telephone|**1,838**|3,435|
|Payroll fees|**544**|452|
|Professional fees & licences|**2,409**|4,806|
|Depreciation|**25,021**|23,559|
||--------------------------------|--------------------------------|
||**170,372**|159,989|
||--------------------------------|--------------------------------|
|**Governance costs**|||
|Governance costs - accountancy fees|**1,685**|1,590|
||-----------------------|-----------------------|
||--------------------------------|--------------------------------|
|**Total expenditure**|**172,057**|161,579|
||================================|================================|
||--------------------------------|--------------------------------|
|**Net income/(expenditure)**|**16,468**|(41,372)|
||================================|================================|



**- 21 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

**COMPANY REGISTRATION NUMBER: 6566823 CHARITY REGISTRATION NUMBER: 1153066** 

## **LOOSE** 

**Company Limited by Guarantee Unaudited Financial Statements** 

**30 April 2024** 

**AGP** Chartered Accountants Sycamore House Sutton Quays Business Park Sutton Weaver Runcorn Cheshire WA7 3EH 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Financial Statements** 

## **Year ended 30 April 2024** 

||**Page**|
|---|---|
|Trustees' annual report (incorporating the director's report)|**1**|
|Independent examiner's report to the trustees|**7**|
|Statement of financial activities (including income and||
|expenditure account)|**8**|
|Statement of financial position|**9**|
|Notes to the financial statements|**10**|





Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** 

## **Year ended 30 April 2024** 

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 April 2024. 

## **Reference and administrative details** 

**Registered charity name** LOOSE **Charity registration number** 1153066 **Company registration number** 6566823 **Principal office and registered** 94 Holloway **office** Runcorn Cheshire WA7 4TJ The Studio Lacey Street Widnes Cheshire WA8 7SQ **The trustees** Jaki Florek Gregory Oldfield David Harrington Anthony Nyland (Resigned 7 April 2024) Mark Whitby Lionel Junior Job Paul Hammond **Independent examiner** Rachel Palombella FCA AGP Chartered Accountants Sycamore House Sutton Quays Business Park Sutton Weaver Runcorn Cheshire WA7 3EH 

**- 1 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **Structure, governance and management** 

The organisation is a charitable company limited by guarantee, incorporated on 16th April 2008, and registered as a charity on 25th July 2013. 

The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association. Under those Articles, the members of the Board of Management are elected at the AGM. 

Members of the board of management, who are Directors for the purpose of company law and Trustees for the purpose of charity law, who served during the year and up to the date of this report are set out in this report. 

Under the requirements of the Memorandum and Articles of Association the members of the management committee are elected to serve for a period of 3 years after which they must be re-elected at the next annual general meeting. We have a very stable Board of Directors/Trustees, (unpaid). Sadly, one of our long-term Board Members, Anthony Nyland, had become too busy in his working life to continue as a Board Member. We fully appreciate and thank him for his contributions. 

Our Programmes and Facilities Manager Louise Nulty who joined us in 2012 also sits on the Board as Senior Management. 

Long-term volunteers known as "The Studio Associates" meet regularly with Louise to discuss practicalities regarding events and any concerns or ideas, and can request to attend a Board meeting if there is reason to do so. 

**- 2 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **Objectives and activities** 

To remove barriers to participation in creative and cultural activities and events by enabling equality of access to music, theatre, and other creative activities and cultural events by providing free or low-cost access to facilities, creative activities and events to benefit, support, and bring together our local community and the wider community. 

To reduce isolation, improve well-being and enable people of all ages to have better chances in life, and a better quality of life, by providing free and low-cost opportunities to socialise, build confidence, and develop skills in a safe, accessible, welcoming and inspirational creative environment. 

## **Provision, Stability, Need, Equity and Equality** 

The Borough of Halton, where LOOSE is based, continues to be one of the most deprived areas in England. Halton is one of 10 Local Authorities (out of 317) which had increased areas of high multiple deprivation compared to previously published statistics in 2015. (Source: IMD, ONS) That information was published in 2019, pre-COVID lockdowns. 

Our building, The Studio, is situated in an area of long-term high multiple deprivation. It was built in 1879, as a Sunday School and community meeting place. There is a great feeling of stability in this solid old building and a strong sense of community ownership. 

Free and low-cost provision at The Studio, in a safe, warm and welcoming environment has enabled people of all ages with little or no 'disposable income' to socialise and access creative cultural activities and facilities, with high quality professional support. 

It is widely accepted that reducing isolation, and engaging in creative activity is beneficial in improving Mental Health and Wellbeing, and that skill-building and increasing self-confidence helps people to have Better Chances in Life; we have observed this first-hand for many years, and participant feedback confirms this. 

Rehearsal and recording facilities, and performance opportunities at The Studio continue to support local musicians of all ages, as well as grassroots theatre groups and independent artists. Live music events, local and touring theatre productions and other events support grassroots performers and provide people in Halton including young people with access to a range of affordable cultural and social provision. Local groups and organisations also use The Studio with their beneficiaries, adding to and supporting local provision. 

## **Community Shaping Provision** 

Provision evolves and develops; full participation in shaping provision by participants of all ages in activities and events, volunteers, and people in the local community, is encouraged, enabled, and welcomed. There is also a Suggestions Box onsite. 

Additional to generated income and donations, we do also rely on securing grant funding and this also shapes provision. 

Our long-term volunteers, 'The Studio Associates', continue to take an active part in supporting events and activities, and also run their own Jam Group - open to anyone who wants to be part of it, learning new songs, playing as a group; they also perform at various events. There is a great sense of community ownership of The Studio building, and of provision, by people of all ages. 

The Charity Commission's general guidance on 'public benefit' has been referred to when reviewing the aims and objectives, and in planning for future activities. 

**- 3 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **Achievements and performance** 

LOOSE has won several National Arts and Culture Awards, starting with the 2013 **Children & Young People Now Award for Arts & Culture** , plus the **Young People's Champion Award** .  During the 2020/21 Covid Lockdowns, winning the **Civil Society Award for Arts & Culture** was a massive boost to staff and volunteers' morale. We had continued working, putting all sessions online, posting podcasts, inventing 'Studio TV', and distributing activity packs (which also included food) to identified households. 

**2024:** Four years on from the initial Lockdowns, it is a significant achievement that The Studio is still open and functioning for the benefit of the community; the knock-on effect of more need/less funding available has seen many small charities across the country closing, whilst bigger organisations are reducing staff resulting in high numbers of redundancies, and some are merging. 

Another busy year at The Studio started with the EuroGLOW event in May 2023, joint-funded by **Halton Borough Council** and the **City of Liverpool Euro Fund.** This free, fun, uplifting project devised by our Programme and Facilities Manager brought many local groups together performing onstage including Victoria Music, Mooncup Theatre, H'arts & Voices choir, and our LGBTQ+ GLOW group of young people. It was very much appreciated by an enthusiastic all-age audience. Full house! 

**GLOW:** In April 2023 our GLOW group, U-19s young people who identify as LGBTQ+, was one of the three groups shortlisted in the Youth Group Of The Year Awards held at Anfield Stadium, Liverpool; another interesting evening out for our young people. Funded by HBC Youth Services, participant numbers have greatly increased in the past three years. A wide range of support and activities take place at The Studio and also off-site, including theatre trips. This year they also participated in a project at the Catalyst Museum, Widnes, which they thoroughly enjoyed. Their self-confidence has grown visibly; those reaching the maximum age of 19 often return to visit, give a talk, or volunteer. 

**THEATRE FOR REBELS:** Devised by our Manager Louise (also a well-experienced actor and director) and our GLOW Project Leader Isobel Balchin, this was a well-attended Government-funded Holiday Activities and Food (HAF) Summer Project for young teens, via HBC Youth Services. There is a need to add Saturday theatre workshops to our provision, and we are looking for funding. Theatre events booked in at The Studio this year again included two for younger children aged 5+ 

**DUKE OF EDINBURGH AWARDS:** We now run activities for young people aged 14-18 for both Bronze and Silver Awards, delivered by the same qualified well-experienced leaders who started in January 2023. Sources of funding this year: **HBC Youth Services, The Rauslng Trust,** and **Halton Housing Trust** . Participants also go on camping expeditions, and volunteer in the community and at The Studio. 

**AMPLIFY!** From the start of LOOSE in 1997, we have worked with young people in music-making; there was and still is an identified need. In the past two years, numbers have increased massively. We now have 2 regular evening sessions per week; one for young people 17-24, and one which we split into 2 sessions to accommodate the 11-13 and 14-16 age groups. An average of 45 young people participate per week. 92 young people attended their December gig; 20 young people performed, and two young people MC'd the event, with great newly-developed confidence. This financial year, the sessions have been part-funded by HBC Youth Services, and part-funded by **Youth Music** . Accommodating high numbers of participants has increased staffing costs. 

**- 4 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **Achievements and performance** _**(continued)**_ 

**Mental Health:** It is very noticeable that a higher percentage of our young participants have poor levels of mental health and well-being, than ever before. it has also been widely reported that there has been a significant increase in young people across the country experiencing isolation / stress / depression. Some of our participants are young carers, some have difficult home lives, some have diagnosed mental health conditions. There is wide acknowledgement that participation in creative activities can be very beneficial; we have observed this first-hand, and also seen the longer-term benefits as many of our young people have kept in touch over the years. 

**YIF: Government-funded Youth Investment Fund:** Additional to the building repairs and improvements completed this year, a percentage of the Capital funding could be requested as Revenue funding. This enabled the appointment of an excellent, very experienced **Youth Support Worker** , parttime for a year.  From February 2024 she has supported the two Amplify evenings plus the Glow groups, which the young people (and staff) have very much appreciated. 

**Asylum Seekers, Refugees, and Vulnerable Migrants:** We continued this year to provide and enable a range of creative activities and socialising opportunities for all ages to help improve mental health & wellbeing, and reduce isolation; 11 children also participated, the youngest was aged 4. 

**OUR HALTON:** Funding from **Our Halton Community Fund** enabled a collaborative integrational project with artists Lou Chapelle and Rachael Prime which took place during the previous financial year ending 30.04.2023. Funding for that first year was paid retrospectively in November 2023, this financial year ending 30.04.2024. Provision continued with another collaboration, with activities delivered onsite at The Studio with **Digital Arts Box CIC** who were separately funded. We hosted the Digital Arts Box activities and added to provision with other arts activities, various board games, and provision of free refreshments. We have worked with the two Directors of Digital Arts Box many times over the years; they were involved with the very first event to take place at The Studio in 2010. The Our Halton sessions were inter-generational, and included families with young children plus teenagers. Some local families also participated.  Session numbers ranged from 12 to 30.  Activities and events continued into the new financial Year, which will also be retro-paid. 

**TRINITY SAFE SPACE** is a local charity in Halton, who have been supporting, and continue to support, the people now residing locally who are seeking asylum, refugees, and vulnerable migrants. TSScollaborated with LOOSE to expand on this project of support and integration.  Their funding to LOOSE has enabled more creative activities, and increased socialising and integration to take place. With not being allowed to work, and the trauma they've experienced, anything that helped alleviate the stress has been very much welcomed. 

## **The Studio facilities** are also used by other local organisations and community groups. 

For over twelve years the **Samba Band** (adults with learning difficulties) have used The Studio on a regular weekly basis, Wednesday daytime. They practice their drumming, make their lunch in our kitchen, and socialise. They occasionally perform at one of our events as well as other performances around Halton. **Cronton College** also uses The Studio facilities one day a week, Tuesdays, term-time, with their BTEC music students. Another long-term regular user, Monday daytimes, registered charity SPARC works with **young people with learning difficulties.** Other intermittent users include SOUP, a well-established adult local theatre group, **Victoria Music & Theatre Group** who put on several shows per year at The Studio, mixed ages, and the **Fortuna Female Society** which started developing at The Studio several years ago and is very active in supporting women and girls, and organising a wide variety of events around Halton. 

**- 5 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **Financial review** 

We own our building, The Studio, outright. We used it in the early days of LOOSE from 1997 until it closed in 2004. It was due for demolition but was eventually transferred to LOOSE from Halton Borough Council in 2008 due to strong community support, and by LOOSE securing **Government Community Assets funding** towards renovation, as it was by then totally derelict. At that time, we registered our constituted community group as a Company LBG at Companies House, and later as a Registered Charity. 

Financially, we remain solvent and continue to contribute to creative provision benefitting our community. 

In the year ended 30 April 2024 the charity's incoming resources exceeded its outgoing resources by £16,468 leaving the reserves in surplus by £377,036 of which £131,039 are unrestricted reserves and £245,997 are restricted reserves. 

Of the restricted reserves of £245,997, £230,490 of this relates to tangible fixed assets held on the balance sheet.  The original restricted funding paid for the renovation and refurbishment of the Queens Hall Studio building into a Community Music & Creative Arts Centre.  The tangible fixed asset is depreciated annually at a rate of 4% straight line. 

## **Reserves policy** 

Unrestricted reserves are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. 

Restricted reserves are subject to restrictions on their expenditure imposed by the funding body, donor or through the terms of an appeal. 

## **Plans for future periods** 

We will continue to seek appropriate sources of revenue in keeping with our objectives to help keep The Studio open and functioning for the benefit of the community, and to continue enabling provision of free and low cost access to high quality developmental creative activities and facilities for all ages and abilities. 

## **Small company provisions** 

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. 

The trustees' annual report was approved on 25 February 2025 and signed on behalf of the board of trustees by: 

Jaki Florek David Harrington Trustee Trustee 

**- 6 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Independent Examiner's Report to the Trustees of LOOSE** 

## **Year ended 30 April 2024** 

I report to the trustees on my examination of the financial statements of LOOSE ('the charity') for the year ended 30 April 2024. 

## **Responsibilities and basis of report** 

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’). 

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## **Independent examiner's statement** 

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or 

2. the financial statements do not accord with those records; or 

3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or 

4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

> [Palombella] lrSigned91CB92A73FCF407...[k] by: 

Rachel Palombella FCA AGP Chartered Accountants Independent Examiner 

Sycamore House Sutton Quays Business Park Sutton Weaver Runcorn Cheshire WA7 3EH 

25 February 2025 

**- 7 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Statement of Financial Activities (including income and expenditure account)** 

## **Year ended 30 April 2024** 

||||**2024**||2023|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|||
|||funds|funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|**£**|£|
|**Income and endowments**||||||
|Donations and grants|**5**|3,386|142,031|**145,417**|64,530|
|Charitable activities|**6**|25,331|17,169|**42,500**|55,603|
|Investment income|**7**|608|–|**608**|74|
|||----------------------------|--------------------------------|--------------------------------|--------------------------------|
|**Total income**||29,325|159,200|**188,525**|120,207|
|||============================|================================|================================|================================|
|**Expenditure**||||||
|Expenditure on charitable activities|**8,9**|67,338|104,719|**172,057**|161,579|
|||----------------------------|--------------------------------|--------------------------------|--------------------------------|
|**Total expenditure**||67,338|104,719|**172,057**|161,579|
|||============================|================================|================================|================================|
|||----------------------------|--------------------------------|--------------------------------|--------------------------------|
|**Net income/(expenditure)**||(38,013)|54,481|**16,468**|(41,372)|
|||============================|================================|================================|================================|
|Transfers between funds||77,510|(77,510)|**–**|–|
|||----------------------------|--------------------------------|--------------------------------|--------------------------------|
|**Net movement in funds**||39,497|(23,029)|**16,468**|(41,372)|
|**Reconciliation of funds**||||||
|Total funds brought forward||91,542|269,026|**360,568**|401,940|
|||--------------------------------|--------------------------------|--------------------------------|--------------------------------|
|**Total funds carried forward**||131,039|245,997|**377,036**|360,568|
|||================================|================================|================================|================================|



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

**The notes on pages 10 to 19 form part of these financial statements.** 

**- 8 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Statement of Financial Position** 

## **30 April 2024** 

|||**2024**||2023|
|---|---|---|---|---|
||**Note**|**£**|**£**|£|
|**Fixed assets**|||||
|Tangible fixed assets|**14**||**307,797**|254,908|
|**Current assets**|||||
|Stocks|**15**|**1,869**||310|
|Debtors|**16**|**5,208**||8,874|
|Cash at bank and in hand||**67,077**||100,422|
|||----------------------------||--------------------------------|
|||**74,154**||109,606|
|**Creditors: amounts falling due within one year**|**17**|**4,915**||3,946|
|||----------------------------||--------------------------------|
|**Net current assets**|||**69,239**|105,660|
||||--------------------------------|--------------------------------|
|**Total assets less current liabilities**|||**377,036**|360,568|
||||--------------------------------|--------------------------------|
|**Net assets**|||**377,036**|360,568|
||||================================|================================|
|**Funds of the charity**|||||
|Restricted funds|||**245,997**|269,026|
|Unrestricted funds|||**131,039**|91,542|
||||--------------------------------|--------------------------------|
|**Total charity funds**|**19**||**377,036**|360,568|
||||================================|================================|



For the year ending 30 April 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

Directors' responsibilities: 

- 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; 

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

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

These financial statements were approved by the board of trustees and authorised for issue on 25 February 2025 and are signed on behalf of the board by: 

> | JakiSignedForel by: 1274DCF393D94C6... Jaki Florek Trustee 

David Harrington Trustee 

**The notes on pages 10 to 19 form part of these financial statements.** 

**- 9 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** 

## **Year ended 30 April 2024** 

## **1. General information** 

The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 94 Holloway, Runcorn, Cheshire, WA7 4TJ and the operations address is The Studio, Lacey Street, Widnes, Cheshire, WA8 7SQ. 

## **2. Statement of compliance** 

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. 

## **3. Accounting policies** 

## **Basis of preparation** 

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. 

The financial statements are prepared in sterling, which is the functional currency of the entity. 

## **Going concern** 

There are no material uncertainties about the charity's ability to continue. 

## **Judgements and key sources of estimation uncertainty** 

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

## **Taxation** 

The company is now a registered charity and as such is exempt from Income and Corporation taxes under the provision of the Income and Corporation Taxes Act 1988. 

## **Fund accounting** 

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. 

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. 

Restricted funds are subjected 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.  Further explanation of the nature and purpose of the restricted funds is included in the notes to the accounts. 

**- 10 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **3. Accounting policies** _**(continued)**_ 

## **Incoming resources** 

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: 

- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. 

- legacy income is recognised when receipt is probable and entitlement is established. 

- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. 

- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. 

## **Resources expended** 

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: 

- expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods. 

- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. 

- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. 

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. 

**- 11 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **3. Accounting policies** _**(continued)**_ 

## **Tangible assets** 

Tangible fixed assets are capitalised if they can be used for more than one year and cost at least £250. 

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities.  A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. 

## **Depreciation** 

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: 

|Building improvements|-|4% straight line|
|---|---|---|
|Fixtures & fittings|-|15% straight line|
|Equipment|-|20% straight line|



## **Impairment of fixed assets** 

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. 

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. 

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. 

## **Stocks** 

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. 

**- 12 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **3. Accounting policies** _**(continued)**_ 

## **Financial instruments** 

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.  Basic financial instruments are initially recognised at transaction value and subsequently measured at the carrying value. 

## **Defined contribution plans** 

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. 

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. 

## **Creditors and provisions** 

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.  Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## **4. Limited by guarantee** 

The company is limited by guarantee and does not have a share capital.  Every member of the company undertakes to contribute such amount as may be required (not exceeding £1) to the company's assets if it should be wound up while he/she is a member or within one year after he/she ceases to be a member. 

## **5. Donations and grants** 

||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|
||Funds|Funds|**2024**|
||£|£|**£**|
|**Donations**||||
|Donations|3,386|–|**3,386**|
|**Grants**||||
|Grants receivable|–|142,031|**142,031**|
||-----------------------|--------------------------------|--------------------------------|
||3,386|142,031|**145,417**|
||=======================|================================|================================|



**- 13 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **5. Donations and grants** 

||||Unrestricted|Restricted|Total Funds|
|---|---|---|---|---|---|
||||Funds|Funds|2023|
||||£|£|£|
||**Donations**|||||
||Donations||5,919|–|5,919|
||**Grants**|||||
||Grants receivable||7,692|50,919|58,611|
||||----------------------------|----------------------------|----------------------------|
||||13,611|50,919|64,530|
||||============================|============================|============================|
|**6.**|**Charitable activities**|||||
||||Unrestricted|Restricted|**Total Funds**|
||||Funds|Funds|**2024**|
||||£|£|**£**|
||Contract income||250|16,567|**16,817**|
||Room hire charges||12,075|–|**12,075**|
||Other income||13,006|602|**13,608**|
||||----------------------------|----------------------------|----------------------------|
||||25,331|17,169|**42,500**|
||||============================|============================|============================|
||||Unrestricted|Restricted|Total Funds|
||||Funds|Funds|2023|
||||£|£|£|
||Contract income||–|19,255|19,255|
||Room hire charges||25,740|–|25,740|
||Other income||10,608|–|10,608|
||||----------------------------|----------------------------|----------------------------|
||||36,348|19,255|55,603|
||||============================|============================|============================|
|**7.**|**Investment income**|||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2024**|Funds|2023|
|||£|**£**|£|£|
||Bank interest receivable|608|**608**|74|74|
|||==============|==============|==============|==============|



**- 14 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **8. Expenditure on charitable activities by fund type** 

||||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|---|---|
||||Funds|Funds|**2024**|
||||£|£|**£**|
||To advance participation and education in creative|||||
||arts||65,653|104,719|**170,372**|
||Support costs||1,685|–|**1,685**|
||||----------------------------|--------------------------------|--------------------------------|
||||67,338|104,719|**172,057**|
||||============================|================================|================================|
||||Unrestricted|Restricted|Total Funds|
||||Funds|Funds|2023|
||||£|£|£|
||To advance participation and education in creative|||||
||arts||58,855|101,134|159,989|
||Support costs||1,590|–|1,590|
||||----------------------------|--------------------------------|--------------------------------|
||||60,445|101,134|161,579|
||||============================|================================|================================|
|**9.**|**Expenditure on charitable activities by activity type**|||||
|||Activities||||
|||undertaken|Support|**Total funds**|Total fund|
|||directly|costs|**2024**|2023|
|||£|£|**£**|£|
||To advance participation and|||||
||education in creative arts|170,372|–|**170,372**|159,989|
||Governance costs|–|1,685|**1,685**|1,590|
|||--------------------------------|-----------------------|--------------------------------|--------------------------------|
|||170,372|1,685|**172,057**|161,579|
|||================================|=======================|================================|================================|
|**10.**|**Net income/(expenditure)**|||||
||Net income/(expenditure) is stated after|charging/(crediting):||||
|||||**2024**|2023|
|||||**£**|£|
||Depreciation of tangible fixed assets|||**25,021**|23,559|
|||||============================|============================|
|**11.**|**Independent examination fees**|||||
|||||**2024**|2023|
|||||**£**|£|
||Fees payable to the independent examiner for:|||||
||Independent examination of the financial statements|||**1,685**|1,590|
|||||=======================|=======================|



**- 15 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **12. Staff costs** 

The total staff costs and employee benefits for the reporting period are analysed as follows: 

||**2024**|2023|
|---|---|---|
||**£**|£|
|Wages and salaries|**30,352**|35,683|
|Employer contributions to pension plans|**647**|595|
|Other staff costs|**50,823**|35,817|
||----------------------------|----------------------------|
||**81,822**|72,095|
||============================|============================|



The average head count of employees during the year was 2 (2023: 2). 

No employee received employee benefits of more than £60,000 during the year (2023: Nil). 

## **13. Trustee remuneration and expenses** 

No trustees claimed or were paid any expenses, nor were any trustees paid for being on the board. 

## **14. Tangible fixed assets** 

||Land and|Fixtures and|||
|---|---|---|---|---|
||buildings|fittings|Equipment|**Total**|
||£|£|£|**£**|
|**Cost**|||||
|At 1 May 2023|578,472|70,387|29,260|**678,119**|
|Additions|–|66,923|10,987|**77,910**|
||--------------------------------|--------------------------------|----------------------------|--------------------------------|
|**At 30 April 2024**|578,472|137,310|40,247|**756,029**|
||================================|================================|============================|================================|
|**Depreciation**|||||
|At 1 May 2023|324,843|70,387|27,981|**423,211**|
|Charge for the year|23,139|1,113|769|**25,021**|
||--------------------------------|--------------------------------|----------------------------|--------------------------------|
|**At 30 April 2024**|347,982|71,500|28,750|**448,232**|
||================================|================================|============================|================================|
|**Carrying amount**|||||
|**At 30 April 2024**|230,490|65,810|11,497|**307,797**|
||================================|================================|============================|================================|
|At 30 April 2023|253,629|–|1,279|254,908|
||================================|================================|============================|================================|
|**Stocks**|||||
||||**2024**|2023|
||||**£**|£|
|Stock|||**1,869**|310|
||||=======================|==============|



## **15. Stocks** 

**- 16 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **16. Debtors** 

||**2024**|2023|
|---|---|---|
||**£**|£|
|Prepayments and accrued income|**821**|738|
|Other debtors|**4,387**|8,136|
||-----------------------|-----------------------|
||**5,208**|8,874|
||=======================|=======================|
|**Creditors:** **amounts falling due within one year**|||
||**2024**|2023|
||**£**|£|
|Trade creditors|**1,456**|–|
|Accruals and deferred income|**2,725**|3,946|
|Other creditors|**626**|–|
|Other creditors|**108**|–|
||-----------------------|-----------------------|
||**4,915**|3,946|
||=======================|=======================|



## **17. Creditors: amounts falling due within one year** 

## **18. Pensions** 

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £647 (2023: £595).  At the year end, there was a liability of £108 (2023: £nil) in within other creditors. 

## **19. Analysis of charitable funds** 

## **Unrestricted funds** 

||||||||**At**|
|---|---|---|---|---|---|---|---|
||At|1 May 23|Income|Expenditure|Transfers|<br>**30 April 24**||
|||£|£|£|£||**£**|
|Unrestricted Fund||91,542|29,325|(67,338)|77,510||**131,039**|
|||============================|============================|============================|============================||================================|
||At|1 May 22|Income|Expenditure|Transfers|At|30 April 23|
|||£|£|£|£||£|
|Unrestricted Fund||101,954|50,033|(60,445)|–||91,542|
|||================================|============================|============================|==============||============================|



## **Purpose of Restricted Funds** 

The transfer in the year has arisen as fixed assets have been purchased from restricted grants and so the funds have been transferred to unrestricted as the fixed assets are held for general use and not a restricted purpose. 

**- 17 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **19. Analysis of charitable funds** _**(continued)**_ 

## **Restricted funds** 

|**Restricted funds**||||||||
|---|---|---|---|---|---|---|---|
||||||||**At**|
||At 1 May|23|Income|Expenditure|Transfers|**30 April**|**24**|
||£||£|£|£|**£**||
|Community Assets Fund|236,051||-|(21,541)|-|**214,510**||
|WREN|17,578||-|(1,598)|-|**15,980**||
|Trinity Safe Space|3,054||602|(3,656)|-||**-**|
|HBC Our Halton||-|1,678|(1,678)|-||**-**|
|Euroglow Event|1,760||2,000|(1,552)|(2,208)||**-**|
|Duke of Edinburgh||||||||
|Award|10,583||9,930|(13,784)|(1,493)|<br>**5,236**||
|Youth Music – Amplify!||-|12,750|(8,959)|-|**3,791**||
|HBC Music – Amplify!||-|9,820|(9,820)|-||**-**|
|HBC Glow||-|16,938|(16,938)|-||**-**|
|Government funding||||||||
|(UKSPF) Shared||||||||
|Prosperity Fund||-|10,000|(186)|(9,094)|<br>**720**||
|Youth Investment Fund||||||||
|– Capital||-|84,251|(16,448)|(64,715)|<br>**3,088**||
|Youth Investment Fund||||||||
|– Revenue||-|6,360|(3,688)|-|**2,672**||
|HAF - Theatre for||||||||
|Rebels||-|2,550|(2,550)|-||**-**|
|HBC ILM Employee||||||||
|Support||-|2,321|(2,321)|-||**-**|
||--------------------------------||--------------------------------|--------------------------------|--------------------------------|--------------------------------||
||269,026||159,200|(104,719)|(77,510)|<br>**245,997**||
||================================||================================|================================|================================|================================||
||At 1 May|22|Income|Expenditure|Transfers|At 30 April|23|
||£||£|£|£|£||
|Community Assets Fund|257,592||-|(21,541)|-|236,051||
|WREN|19,176||-|(1,598)|-|17,578||
|National Foundation||||||||
|Youth Music|10,669||12,000|(22,669)|-||-|
|HBC Glow Group||-|19,359|(19,359)|-||-|
|HBC ‘Serial Culture’||||||||
|Zine|1,659||9,870|(11,529)|-||-|
|Arts Council England:||||||||
|Cultivate Youth Voice|4,648||1,500|(6,148)|-||-|
|HBC See Me Hear Me||-|400|(400)|-||-|
|HBC Celebrate Halton||||||||
|Heritage|2,957||1,275|(4,232)|-||-|
|HBC 5 Ways to||||||||
|Wellbeing|3,285||-|(3,285)|-||-|
|Trinity Safespace||-|5,156|(2,102)|-|3,054||
|HBC Our Halton||-|5,216|(5,216)|-||-|
|Euroglow Event||-|2,000|(240)|-|1,760||
|Duke of Edinburgh||||||||
|Award||-|13,398|(2,815)|-|10,583||
||--------------------------------||--------------------------------|--------------------------------|---------------|--------------------------------||
||299,986||70,174|(101,134)|-|269,026||
||================================||================================|================================|==============|================================||



**- 18 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

## **LOOSE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 April 2024** 

## **19. Analysis of charitable funds** _**(continued)**_ 

## **Purpose of Restricted Funds** 

Community Assets Fund paid for the renovation and refurbishment of the Queens Hall Studio building into a Community Music & Creative Arts Centre. 

WREN provided funding for a portion of the capital works to the Queens Hall Studio Building. 

Duke of Edinburgh Award funding is provided for Loose to run activities for young people aged 14 - 18 for both Bronze and Silver Awards. 

The National Foundation Youth Music grant was to support musical and personal development in young people aged under 25. 

Government funding (UKSPF) Shared Prosperity Fund was provided for the purpose of increasing digital connectivity in the community. 

Youth Investment Fund is capital funding for building improvements for Youth Facilities.  The revenue funding enabled the appointment of a youth support worker, part time, for the year. 

## **20. Analysis of net assets between funds** 

||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|
||Funds|Funds|**2024**|
||£|£|**£**|
|Tangible fixed assets|77,307|230,490|**307,797**|
|Current assets|58,647|15,507|**74,154**|
|Creditors less than 1 year|(4,915)|–|**(4,915)**|
||--------------------------------|--------------------------------|--------------------------------|
|**Net assets**|131,039|245,997|**377,036**|
||================================|================================|================================|
||Unrestricted|Restricted|Total Funds|
||Funds|Funds|2023|
||£|£|£|
|Tangible fixed assets|1,279|253,629|254,908|
|Current assets|94,209|15,397|109,606|
|Creditors less than 1 year|(3,946)|–|(3,946)|
||----------------------------|--------------------------------|--------------------------------|
|**Net assets**|91,542|269,026|360,568|
||============================|================================|================================|



## **21. Related parties** 

Any connections between a trustee of the charity must be disclosed to the full board of trustees. No transactions with related parties were undertaken such as are required to be disclosed. 

**- 19 -** 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 


|||||Loose|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 




Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 




Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 



**----- Start of picture text -----**<br>
19.00<br>**----- End of picture text -----**<br>




Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 




Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 




Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 




Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 




Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 




Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 




Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 




Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 


**----- Start of picture text -----**<br>
J Florek<br>**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
2/25/2025<br>**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
Director<br>**----- End of picture text -----**<br>




Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 


**----- Start of picture text -----**<br>
Loose<br>2 1 5 6 4 1 6 8 0 6<br>page (cannot exceed 12 months)<br>01 05 2 0 2 3<br>3 0 0 4 2 0 2 4<br>should be completed in all cases)<br>E5<br>or E10 1153066<br>the period covered by these supplementary pages:<br>is claiming EIS X<br>of its income<br> the company<br>or gains in the period)<br>tax and have been, E20 X<br>qualifying purposes only<br>be exempt or have E25<br>qualifying purposes only,<br>Signed by:<br>J Florek<br>E30 ali1274DCF393D94C6...Flork<br>E35 Director<br>E40 2 5 0 2 2 0 2 5<br>**----- End of picture text -----**<br>




Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 

2 5 , 3 3 1 6 0 8 1 6 2 , 5 8 6 1 8 8 , 5 2 5 

9 2 1 6 6 , 4 1 7 1 0 4 , 7 1 9 1 7 2 , 0 5 7 



Docusign Envelope ID: 1262D7F2-9FB3-44D4-AC92-2BFE291A193E 


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3<br>**----- End of picture text -----**<br>





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