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2022-07-31-accounts

Charity registration number 1155878

Company registration number 06323530 (England and Wales)

MOORE ARTS: MILLOM

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

MOORE ARTS: MILLOM

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Miss S Wilson
Mr D Seal
Ms C Gardner
Ms K Thompson
Ms S B Cloudsdale
Mr S J Falkner
Ms E Holiday
Charity number 1155878
Company number 06323530
Registered office Halecote
St Lukes Road
Haverigg
Millom
Cumbria
LA18 4HB
Independent examiner Redhead Accountancy Ltd
Market Street
Broughton-in-Furness
Cumbria
LA20 6HP

MOORE ARTS: MILLOM

CONTENTS

Page
Trustees report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 11

MOORE ARTS: MILLOM

TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 JULY 2022

The trustees present their annual report and financial statements for the year ended 31 July 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trustees's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The trustees's objects are to provide facilities, training and education to the disadvantaged young people of Millom who want to engage in theatre, dance and associated performing and visual arts, and to further and build awareness of the performing and visual arts to the local community. There has been no change in these during the year.

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

Achievements and performance

Financial review

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

The trustees have assessed the major risks to which the trustees is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The trustees is a company limited by guarantee.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Miss S Wilson

Mr D Seal Ms C Gardner Ms K Thompson Ms S B Cloudsdale Mr S J Falkner Ms E Holiday

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

MOORE ARTS: MILLOM

TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

The trustees report was approved by the Board of Trustees.

Ms C Gardner Trustee

21 June 2023

MOORE ARTS: MILLOM

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MOORE ARTS: MILLOM

I report to the trustees on my examination of the financial statements of Moore Arts: Millom (the trustees) for the year ended 31 July 2022.

Responsibilities and basis of report

As the trustees of the trustees (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 financial statements of the trustees 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 trustees’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:

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 financial statements to be reached.

Redhead Accountancy Ltd

Market Street Broughton-in-Furness Cumbria LA20 6HP

Dated: 31 May 2023

MOORE ARTS: MILLOM

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and
legacies
3
9,554
-
Charitable activities
4
12,823
56,200
Total income
22,377
56,200
Expenditure on:
Charitable activities
5
30,769
42,056
Net (expenditure)/income
for the year/
Net movement in funds
(8,392)
14,144
Fund balances at 1 August
2021
(489)
14,114
Fund balances at 31 July
2022
(8,881)
28,258		 Total
Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
9,554
22,128
-
69,023
12,011
6,000
78,577
34,139
6,000
72,825
29,214
487
5,752
4,925
5,513
13,625
(5,414)
8,601
19,377
(489)
14,114		 Total
2021
£
22,128
18,011
40,139
29,701
10,438
3,187
13,625

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

MOORE ARTS: MILLOM

BALANCE SHEET

AS AT 31 JULY 2022

Notes
Current assets
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due within
one year
11
Net current assets
Income funds
Restricted funds
Unrestricted funds		 2022
£
1,443
24,784
26,227
(6,850)		 £
19,377
28,258
(8,881)
19,377		 2021
£
4,177
17,850
22,027
(8,402)		 £
13,625
14,114
(489)
13,625

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2022.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the Trustees on 21 June 2023

Ms C Gardner

Trustee

Company registration number 06323530

MOORE ARTS: MILLOM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

1 Accounting policies

Charity information

Moore Arts: Millom is a private company limited by guarantee incorporated in England and Wales. The registered office is Halecote, St Lukes Road, Haverigg, Millom, Cumbria, LA18 4HB.

1.1 Accounting convention

The financial statements have been prepared in accordance with the trustees's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The trustees is a Public Benefit Entity as defined by FRS 102.

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

The financial statements are prepared in sterling, which is the functional currency of the trustees. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trustees has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

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

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trustees.

1.4 Income

Income is recognised when the trustees is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the trustees has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the trustees has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

MOORE ARTS: MILLOM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7 Financial instruments

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

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

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trustees’s contractual obligations expire or are discharged or cancelled.

MOORE ARTS: MILLOM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

1 Accounting policies

(Continued)

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the trustees is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the trustees’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Government grant 3,771 19,136
Membership fees 5,783 2,992

MOORE ARTS: MILLOM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

4 Charitable activities

Charitable
Income
Charitable
2022
£
Sales within charitable activities
56,200
Charitable income
-
Other income
12,823
69,023
Analysis by fund
Unrestricted funds
12,823
Restricted funds
56,200
69,023
For the year ended 31 July 2021
Unrestricted funds
12,011
Restricted funds
6,000
18,011		 Income
2021
£
-
6,000
12,011
18,011
12,011
6,000
18,011

MOORE ARTS: MILLOM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

5 Charitable activities

Staff costs
Rent and rates
Insurance
Light and heat
Telephone
Accountancy fees
Sundry expenses
Bank charges
Repairs and maintenance
Analysis by fund
Unrestricted funds
Restricted funds		 2022
£
61,568
6,444
959
1,960
533
180
821
102
258
72,825
72,825
30,769
42,056
72,825		 2021
£
14,465
6,602
1,066
1,459
754
635
4,607
5
108
29,701
29,701
29,214
487
29,701

6 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trustees during the year.

7 Employees

Number of employees

The average monthly number of employees during the year was:

2022 2021
Number Number
3 2

8 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

MOORE ARTS: MILLOM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

9
Debtors
Amounts falling due within one year:
Trade debtors
10
Loans and overdrafts
Bank loans
Payable within one year		 2022
£
1,443
2022
£
6,850
6,850		 2021
£
4,177
2021
£
7,442
7,442

11 Creditors: amounts falling due within one year

Notes
Bank loans
10
Accruals and deferred income		 2022
£
6,850
-
6,850		 2021
£
7,442
960
8,402