Report of thè Diredors and UnovdilÈd Fimunelol Ststemènts for the Year Ended 31 May 2022 for In(u￿]￿rt Arts Lld Incvbation Arts Lid Con•ent5 of the Finanaal Slalements fof Ihe Yeur Ended 31 Moy 2022 Page Compony Inlormotion Rep•rt of the Directors Report of the frvsfees Income St¢%temènl Balitnce Sheet Statement OF Changès in Equity Notes to the Financial Statements Chartered Accovnfant$' Reporf Deloiled Income and Exp*ndiluTe Accounls In¢¥Jbotion Arts Ltd Compony Informotton f¢r the Year Ended 3 T May 2022 DIRECTOR&. Ms J A Homèr Mr I P Teosdole SECRETAR Y: M5 J A Hgmer REGISTERED OFFICE- 12 Haldene Roc*d Mocclesfièld eshire SKI 7 8WE REGISTERED NUMBER: 08053266 (England ond Wolesl ACCOUNTANTS: Horts Limtted Wèstminster House l O Westrninster Road Moccles*ield Cheshi SKIO I Po9e I Incubation Arts Lid Report of the DiTe£tQTS for the Yeor Endèd 31 Muy 2022 The direclor5 present their report with the financial 5ttstements of the company for the yeor ended 31 May 2022. Charity Incorporotion Organi5gtion Number 1164275 PRINCIPAL ACTIVITY The principal oclivity ol the company in the yeor under review wus thot of promoting crètttivity in ond for the benefvc of loeol communitiè DIREcfoRS The direaors shown bèlow hovtr held offitr during the whole of the per￿￿ from l Junè 2021 to the dote of thi5 report. Ms J A Homèr Mr J P Teosdole This report hos been prepored in occordonce with the provision5 of Part 15 0* the Componie5 Att 2006 relating io small componie> ON BEHALF OF THE BOARD: Ms J A Homer- Director 28 Fèbruary 2023 Poge ? Incubution Arts Ltd Rèport of ihe Trustees fer thè Yeor Ended 31 May 2022 The tru51ees who are a150 dIrec￿r$ o* ihts chtsrity for the purposes of the Ctsmponies Act 2006, present their report with the Finonciol stoiemenis of the churity for the yeor énded 31 May 2022 The trustee5 h(sve ddopted the provisions of Accounting ond Repc>rting by Charitie5.. Stc*Èmènt of Rectsmmended Prtsctice opplicablE to thorities preporing their occovnts in occordontr with the Fintsn¢itsl Reptsrtirtg Stohdord opplicoble in the UK and Republic of Ireland IFRS 1021 lef*ective l Januory 20151. The ChoJrity is o Choritoble Incorporated Organisation ICIOI Nov 2015, ond was irtcorporatÈd on 151 Muy 2012. It is goyernod by o mèmorandum ond tsnicles of ossociotion and it5 constitvtiorb Its objèctives ore to promote. mainttsin. improv¢ ond odvonce educotion ond vnderstonding of the arts, heritage cuhure for the benefit ol the public. REFERENCE AND ADMINISTRATIVE DEtAILS R￿l$leted CharSly number 1164275 Prtncipal add￿55 12. Haldene Road Mocclesfield eshire SKI 1 8WF Exhibiti#ns displayed Dvè to Coysd ond the rise in utility bills- it W05 not vioble to rent prem15eS Trv5tees Mr J P Teosdole Mr D Toylor Ading ChgiTllUIn: Jeff Teoscjole STRucfuRE, GOVERNANCE AND MANAGEMENT Incuboiion Arts Limitèd operates from pwo sltes in Mocclesfield. It is gov•m*d by OJ board of 2 trustees. All the TrvstÈÈs ore unremuneroted. The tru51ee5 Tngin d￿leS ure tg.. l. &sure the d)ority is carrying out its purpose for the pvblic benefit 2. Comply with the thtsrTty s goyerning dooJment ond thè low 3. Act in the chority s best interest5 4. MonooÈ the tharity's rè50urtss rÈsptsnsibly 5. Ao wilh rea$onable skill 6. Ensure the thcTrity is accountable The TnJstee5 gre mindful o* the Ch(Jrity Commission guidonce on thartfies a￿d risk moDts9*ment. The thurity maintain5 a règistèr of Tisks. Thè thority trusteès htsve glven conslderotion TO molor ris￿ to which th¢ thority i5 èxposed ond so*is*ied themselves thot systems ond procedure5 ure estoblithed in order to manage those ri5 Pag& 3 Incvbolion Arts Rtrpert of the Truslees for ihe Year Ended 31 May 2022 OBJÉCTIVÉS ANO ACTIVITIES Oiijectives und aims: The objecTives of Incubotion Art5 Ltd ure to promote, mointoin, improve and advtsmce educotion ond undÈrsfanding tsf Thè orts, heritage ond cultyre lor thÈ bÈtté*it o* the public. In portievlor, not exclusively to ocquire, improve. preserve ond rnointoin Chorle5 Ro¢ House, Th¥t*rgate, McTcr1*5field tss an aris, heritoge ond cultura.l ￿￿tre for the inhtsbittsnts of the surrounding urea of Cheshire, Derbyshire, Staffordshire and Manche￿er. Adivities underlrtken For the publÉc benefit- The Truxtees kept in mind the Chorily Commissions guidan￿ on public ber￿tit when plonning the tsctivtiies for the yeor. Due to Incub¢Jtion Art5 being dorTlluth. Thère werè no pop up exhibitions or workhshop$ due to Covld and rise in the cos Items were put in storoge whi15t looking for new prèmisè Therè arè nts poid ttoff, all ihe èxhibitlons htsve been svpported by volunteer& W& Yoccsted th& Mill Street Premises September 2020 due to the Lgndlord letting ro other tenants. Items of furniture/display ca5es/shelYinglplinths/workhop items oll went into storoge. Due to Covid Incubotion Arts has been domant, os volunièÈrs tsrè older ond more vvlneroble, exhibFlions ond workshops were not Possiblè with the Ctsvid restrictions ond the huge rise of utility bills in pttrtieulor gos ond eledricity. ACHIEVEMENT AND PERFORMANCE Summary of the main ochtevements of the Churity during ihe yeqr. The charity h(ss been dormant dvring tht year of 2021 -22. Thè chority h05 look¢d ¢t tshèmotive premises ond looking ot promoting exhibitions and workshops on line going forwords. whith we ¢Jim to build on to lurther the Chority's objertive5. Apprevèd by order of the Bixrd of TrusreÈs on 28 Febnjory 2023 ond signèd on its behulf by: J/WI Ms J A Harnèr - DirÈctor Poge 4 Incubation Art5 Ltd Incgme Stutemenl for the Year Ended 31 Mtty 2022 3 7.5.22 3T.5.21 Note5 TURNOVER 314 4,602 Cos1 of 5ale5 17491 GR055 SURPLUS 314 3,853 Admlnl$7ratlve expènses 18,3041 14,2201 14A5TI Other opefgting income 4.000 4,000 OPERATING DEFICIT and DEFICIT BEFORE TAXATION 12201 14511 Tox on deficir DEFICIT FOR THE FINANCIAL YEAR 12201 451) The notes ftsrrn port Df these finrjncial statements PogÈ 5 Incubolittrt Arl$ Ltd (k￿lStered nvmh81: 080532661 Balaftce Sheet 31 May 2022 3 7.5.22 31.5.21 Note FIXED ASSETS Intangible assets Ttsngiblè tsssets 99 99 132 CURRENT ASSETS Ctssh tsi btsnk 19,873 24,792 CREDITORS Amount5 lalling due within one yegr 123,69 28,4291 NET CURRENT LIABILITIES 13,8241 13,6371 TOTAL ASSEfs LESS CURRENT LIABILITIES 3,7251 13 5051 RESERVES Incvmè ond expend1￿1& occtsunr 3,7251 3,5051 13,7251 13.5051 The comP￿Y 15 ￿titled to *xernption from ¢udit under Settion 477 of the Componies Act 2000 *or the year encled 31 Moy 2022. The rnembers hove not reqvired the company to obtoin on oudit of its flnoncial llotements for the yecr *nd*d 31 Moy 2022 in occ•rdurtce with S¢thion 470 of the Componi¢s Acr 2006. The diretttrrs ocknowlÈdyÈ thèir responsibili1￿$ for: ol ensuring thot the comptsny keeps occovnting records which comply with Sèetions 386 ttnd 387 of the Componie5 Att 2006 ond Ibl preparin9 financial statements which give o true fair view of the stote of tsffoirs of the cornpony 05 (rt the end of each financial year and of its 5urplu5 or dÈfitit for troth finoncitsl yetsr In occordantr With the reqvirements of Sections 394 tsnd 395 and which otherwise comply with the requirements of the Cornpunies Act 2006 Telating to finoncial 5tratements, so far as applicable to the cotnpany. The finonciol stotements hove been prepured in occordonce with the prov15i0n5 dpplicoble to comptsnies gJblec* to the stnall componies regime. The fintsnciol statements w*r¢ ¢pprov*d by the Boord of Dirèctors f3nd ovthorised for issue on 28 Februory 2022 and were signed on its beholf by: M5 J A Hotner- Direttor The note5 fortn part of these financial sfrtstements Poge 6 Incubation Arts Lld Statement OF Chon9es in Equily for the Year Ended 31 May 2022 Reloined eamin9S Torol equity Bolgncp ol T June 2020 13,0541 13,0541 Chgng¢s in wvity Total comprèhensive incotne 14511 4511 BalaneÈ al 31 May 2021 13.5051 13,505 Chans&s in eqvity Totol comprehensive income 2201 2201 Bolunce ot 31 May 2022 The not&s form purt of thes* financiul statements Poge 7 Incvbtsaion Arls Ltd Nole5 to the Financial Slcrtemerkts for the Yettr Ended 31 Mdy 2022 STATUTORY INFORMAfioN InoJbtstitrn Arts Ltd is o privote compony. limited by gvorantett, regisrered in Englctnd and Woles. The compuny s registered nvmber ond register8d office oddre55 bè found on ihe Compony Information page. ACCOUNTING POLICIES Busis ¢f prep4ving the fin4neÉal slulemenls These fintsnciol ￿￿teM￿ntS have beÈn prèpored in occordonce with Financial Reporting Standtsrd 102 'The Financial Reporting Standord Gpplicable in the UK Republic of Irèltsnd. iftclvding the provisions of Section l A 'Smtsll Enfities" and the CompaDiÈs Att 2006. ThÈ finonciol stotemenis huve been prepared under thÈ historicol C05t converrtion. Turnover Turnover is meosured ut the foir v(slue of the consideration rèceived or retsivc*ble net o* VAT orid trtsdtr dis¢ounts. When the wtcome o* o Iransoclion con be esrimoted relioblyi turnover frorn Eervices 15 recognised by reforenc to the stoge of completion ot the bolonce sh￿t dute. Stage of tompletion Ss measured by relerence to finolisotion of work completed. Where the outcome cunntst be meosured rÈliobly* turnover is recognised only to the exfent of the expenses recogni50d thot ure recoveroble. Intangible ossets Iniongible ossèts ore inititslly meosured ot cost. After initial recognition, intongible a￿ets ore rneu5ured ut ¢ost less uny occumuloted omortisotitr) ofjd ony occvmvloted impoirment losses. Cèmpthor softwore is being omortised evenly over ￿ estim¢ted usefvl lilè tsf thrÈe yeors. Tongible fixed ussets DeprecioTion is piovided at the folltswlng annual rLltes in order to wrlte off eoth 055et over its esritntstrèd vseful Offi¢* wuipmut 25/D on r¢duong bglgrKe Hire pur¢huse and le4sins cammitmenls Rentols poid under operoting letsses ore tharged io surplus or dèficit on o stroight line basis ovèr thè period tsf the leose. EMPLOYEES AND DIRECTORS The overoge number of employees during the yeor wtss 212021 21. OPERATING DEFICIT Thè operaliag deficit Is £tated alter ehryrging.. 31.5.22 31.5.21 Depreciotion - owned a￿ets 33 TAXATION Analysis •* the lax ¢hcTrge No lictbility to UK corpor¢*ion ttsx ¢ros¢ for the year ended 31 Moy 2022 nor for the yeer ÈndÈd 31 Moy 2021. Po9e 6 cor*inued... Incubution Arts Ltd Notes lo the Fin¥n¢ial Stattmertts- eomtinved f¢r Ihe Year end￿ 31 May 2022 INTANGIBLE FIXED ASSETS Compvter softwore COST At l June 2021 ond 31 May 2022 1.050 AMORTISATION At l Junè 2021 ond 3 1 May 2022 NET BOOK VALUE At 31 Moy 2022 At 31 Moy 2021 TANGIBLE FIXED ASSSTS Office eqvipmÈnt cosy At l JunE 2021 ond 3 1 Mtsy 2022 861 DEPRECIATION At l Jwe 2021 Chorge for year 729 33 At 31 May 2022 762 BOOK VALUE A$ 31 May 2022 99 At 31 Moy 2021 132 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3 1.5.22 31.5.21 Other creditors 23.697 28,429 Pogè 9 Ch¢rt&red A¢¢¢unlunts' R*port to the Board of Direttors on th2 Unaudited Financiul Slot2ments of Incubalion Arts Ltrd In ordèr to 0S5iSt yo¥ tts fvlfil your d￿leS ullder the Cotnpgnie5 Art 2006, wè hove prepored for your approval the linanciul 5tatemefits of Incubation Arts Ltd-for the year ended 31 May 2022 which ctsmprise the Income Statement, Bolonce Sheet, Sttstrèmeni of ChongÈ$ in Equity tsnd the related notès from the comptsny s accounting records ond frorn informotion ond Èxpltsnotions you have given us. As o prottising member firm of the In¥itute of Chorter*d A¢¢ovn*ants in Englond ond Woles IICAEWI, we subjecl to its ethicol oncj other prOfess￿nal rèquiretnent5 which are det(Jiled within the IC4EW's regul0tio￿ ond guidance at http=//www.icoew.com/en/membersh1p/regvl￿ions-#tsndQrds-ond-gVld￿nce. Thi$ rèport is madg solely to the Board of Direcrors of Incubation Arts Ltd, os o body* in o¢cordanc¢ with Our terms of engo9ement. Our work has been undertcjken solely to prepore for your approval the financial statements of InoJbotitsn Ans Lid and sioie those motters thth we htrve agreed to state to thÈ Boord of Directors of Incvborion Arts Ltd, 05 o body. in this report in oetordonctr with ICAEW Technicol Releose 07/16AAF. To the fullesf extent permitted by law, wè ejo not accepl or assume rÈsponslbility to anyone other Intsjbotlon Artg Ltd and Its Boord of Directors, us o body, for tsur wDrk or for this report. It is your dutry to ensure thot Incvbotion Art5 Ltd hos kept odequote occounlin9 records and to prèpore stotutory finonciul stotemenis that give ts true tsnd fttir VIÈW of the ossét5, ITobilitie5, finttncitsl position ond loss of Incubation Arts Ltd. You consider thcjt Incubo*ion Arts Ltd is exernpr from the stotutory ovdit reqvirernent for the yeryr. We have not been in5trutted to curry ovt un ovdlt or u revlèw of the finonciol 5tut8ments of Incubgtion Art5 Ltd. For this reason, we hove not Yèrified thè accuracy OT completeness C>f the occovnting rÈcord£ or in*ormation ond explonations YDU have given to us ond we do not, thèrefore, *xpress tsny opinion OA the ￿￿tutorY +inonciol strotements. u.& CJJ Htsrts Limited Wesminster l O Westm1n￿*r Rogd Mocclesfield Cheshire 5KIO IBX 28 Februory 2023 This page does not ftrrm port of the stotLrtory finonciol sttsrèments Page 10 IncubalÉon Arls Ltd Intubation Arts Limiled Detoiled Income Expendltulè Aecounl for ihe Yeur Ended 31 Muy 2022 31.5.22 '31.5.21 Sales 70 903 Cost of sules Artist *eÈs poid 749 GROSS SURPLU5 70 154 Othèr ineomÈ Sundry receipt5 4,000 4.000 4,070 4,154 Expènditure Rent Rates ttnd woter Light and heqt Printing. poskoge tsnd stationery Repoirs and renèwals Computer costs Swdry Èxpenses Accovntan 3.354 2,730 170 80 57 34 654 296 540 355 548 4,257 4.561 118 140n Depreciation offi￿ equipment 33 44 NET DEFICIT 1220 14511 This pogè does not fortn part of the sratutory financial ttoternentS Page 17 Incvbution AT15 Ltd In