REGISTERED COMPANY NUMBER: 08623240 ( England & Wales) REGISTERED CHARITY NUMBER: 1174458 FUSE ARTSPACE REPORT OF THE TRUSTEES At4D UNAUDITED FINAIICIAL STATEMENT5 FOR THE YEAR ENDING 28 JULY 2023
FUSE ART SPACE COMPANY INFORMATION FOR THE YEAR ENDING 28 JULY 2023 REGISTERED CHARITY NUMBER 1174458 REGISTERED COMPANY NUMBER 086232401 England & Wales) REGisfERED OFFICE 1- 3 St Ann's Place Pellon Lane Halifax HXI SR8 TRUSTEE5 Mr D Parrott Mr D Rogerson Mr J Birchall The charity is managed by a Board of Trustees. The followln8 served as company dlrectors durSn8 the year-. Mr J Birchall Ms S Faraday INDEPENDENT EXAMINER Torevell Oent Limited 1- 3 St Ann's Place Pellon Lane Hallfax HXI 5RB
FUSE ART SPACE CONTENTS OF THE FINANaAL sfATEMENTS FOR THE YEAR ENDING 28 JULY Z023 Report of the Trustees Ito2 Independent Emamlners Report Statements of Flnandal Actlvlties Balance Sheet Notes to the Flnandal Ststements 61010
FUSE ART SPACE REPORT OF THE TrUSTEES FOR THE YEAR ENDING 28 JULY 2023 The Trustees of the charity present their report with the financial ststements of the charity for the year ending 28 July 2023. The Trustees have adopted the provisions of 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 l FRS102) { Effective l January 2015). OBJEcfivE AND AcnviTIE5 Oblert and Alms The oblectlves of the charityls to advance education for the publi¢ on the subject of the arts by the establishment ?rKI malntenance of an art gallery. Fuse Art space Is an art gallery, performance venue and arts education projert. It curates and hosts concerts, performances. exhibitions and workshops, and provides opportunities for people to enloy* engage wlth. learn about and partlclpate in art. music and performance activitles. ACHIEVEMENT AND PERFORMANCE Charltable artlvltles The charity was able to provide more educatlonal projects thls year and all proved to be very successful. Each vear the intake of students is growing steadlly. reflerting the 8rovrth of the community the charlty serves. FINANCIAL REVIEW Flnanclal posltlon Durlng the year the charities net expendlture was £8.025 (2022 - £31,745). reduclng the charltle5 total reserves to £15,544112022 .. £2.4811. Investment policy and objertlves Under its Memorandum of Assoclation the charr(v ha5 the power to invest in any way the trustees wlsh. The Trustees, having regard to the liquldity requirements of operating the charity have maintslned a policy of keeplng available funds In Interest bearlng deposlt accounts. Reserves Pollcy The trustee5 have established the level of reserves (that is those funds that are freely avallablel that the charity ought to have. Reseryes are needed to bridge the funding gaps between spending on acrlvities and receiving resources through voluntary donations and grants. The trustees consider that the ideal level of re5erve5 a5 at 28 July 2023 would be three months of the expenditure which equates to £54,110. The artual deficit at 28 July 2023 was E5.544. The trustees review the funds regular to ensure that there are sufficlent reserves to provide financial stsbiltty and flexibility. PAGE I
FUSE ART SPACE REPORT OF THE TRUSTEES {contlnued) FOR THE YEAR ENDING 18 JULY 2023 FUTURE PLANS Fuse Art Space will continue to expand and develop its activitie5 to provide encouragement and opportunltles for people to enjoy and participate In and perform activitie5. STRucfuRE GOVERNANCE AND MANAGEMENT Govemlng Document Memorandum and Artlcles incorporated 22 Jufy 2017 and amended by special resolution 25 August 2017 due to the chan8e of its name. Recrultment and appolntment of new trustees New trustees are appolnted due to their interest In the work of the charlty and thelr recognlsed experience Sn speclflc fields whlch wlll further support the work of Fuse Art Space. Trustees can retire when they wish as they do not serve under a fixed terrn of tenure. No trustee had any beneficial interest in any contract with the charitable entity durln8 the year. Potential truslees are invited to informally attend truslee meetings Pfiof to appointment and a comprehensive induction pro8ramme is available. Addit•onalty, individuals may undertake external training in a particular area of their role on Ihe Governin8 Body. Of8anFsatlonal StNrture The 8oard of Trustees admlnisters the charity. The Board meets tWKe quarterly. The Board of Trustees 15 a5slsted by the charlty'5 directors. Inductlon and Tralnln8 of new Trustees The charltable entity strives to ensure equal opportunities and diversity in the employment of stsff and trustee appointments. Selection criteria and procedures are regularty reviewed to ensure that Indlvldua15 are selected, promoted and treated on the ba515 of thelr relev•nt rnerlts and abllltles. Wlder Network At present Fuse Art Space does not con51der Itself part of a wider nelwork. Rlsk Management The trustees have a duty to Identlfy and revlew the rlsks to whlch the chailty Is exposed and to ensure approprlate controls are In place to provlde reasonable assurance against fraud and error. PUBLIC 8ENEFIT REPORT The trustees have referred to the guidan contained in the Charity Commission'5 general guidance on publi benefit and 'The Advancement of religion for the Public Benefrt, in particular, when reviewing the aims and objectives and in planning the tharities fLrture artrvrtie5. In particular, the trustee5 consbder how planned activities will contribute to the aims and objettives set. Approved by order of the board of Trustees, and signed on its behalf ty: 2310112024 - Trustee PAGE 2
Independent Exarninerfs Report to the Trustees of Fuse Art Space For the year ended 28 July 2023 I report to the charity trustees on my examination of the accounts of Fuse Art Space for the year ended 28 July 2023. Responslbllltles and basis of report As the charity's trustees of the Trust you are responsible for the preparation of the accounts in accordance wlth the requirements of the Charities Art 20111'the Act'l- I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charlty Commlsslon under section 14515llbl of the Act. Independent examlner's slatement I have completed my examlnatlon. I confirm that no materlal matters have come to my attent5on in connectlon with the examination glvln8 me cause to believe that in any material re5pect- a¢countln8 COrdS were not kept in respert of the Trust as requlred by 5ecik)n 130 of the Act: or the accounts do not accord with those records: or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charilies (Accounts and Report5) Regulations 2008 other than any requirement that the accounts give a'true and fair view, which is not a matter considered as part of an Independent examlnatlon. 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. SJ Suidlff• F.C.CA. Torevell Dent Ltd 1- 3 St Ann's Place Pellon Lane Halllax West Yorkshlre HXI 5R8 Date:..............,......................... PAGE 3
FUSE ART SPACE STATEMENT OF FINANCIAL AcnvmES FOR THE YEAR ENDING 28 JULY2023 2023 RESTRICTED UNRESTRICTED FUNDS FUNDS 2022 TOTAL FUNDS TOTAL FUNDS NOTE INCOME ANO E14DOWMENTS FROM Charltable Actlvliles Educatlon and actNities 208,414 208,414 129,177 Investment Income TOTAL 208,414 208,414 129,177 EXPENDITURE ON Charltable A¢tlvttles Education and ActNities 216.439 216,439 160,922 216,439 216A39 160,922 TOTAL INCOMVEXPENDITURE 18,025) 18,0251 (31,7451 RECONaLIATION OF FU140S Total Funds Brou8ht forward 2.481 2,481 34,226 Total FUNDS CARRIED FORWARD (5,5441 15,544} 2,481 PAGE 4
FUSE ART SPACE BALANCE SHEET FOR THE YEAR ENDING 28 JULY 1023 2023 REMICTED UNRESTRICTED FUNDS FUNDS 2022 TOTAL FUNDS TOTAL FUNDS NOTE FIXED ASSETS Tangible Fixed Assets 238,558 238.558 240,211 CURRENT ASSETS Debtor5 ii.oio 53,000 ii,oio 53.oc 10,469 5,633 Cash at èank CREDITORS Amounts falling due wlthinone ye•r 1186,4931 1186.493} 1114,764} NET CURRENT ASSETS 1122,483) {122,4831 198.6621 TOTAL ASSETS LESS CURRENT UA 116,075 116,075 141.549 CREDITORS 1121.6191 {121,6191 {139,0681 Amounts fallln8 due after more thanone y23r IIET ASSETS 5.5441 5.544 2,481 FUNDS Restrlcted Funds Unrestrlcted Funds TOTAL 15.5441 15,544) 2,481 2,481 The charltable company Is entitled to exemptlon from audlt under Section 477 of the Companles Act 2)6 for the year ended 28 July 2023. The members have not required the company to obtain an audit of it5 financial ststements for the year ended 28 July 2023 In accordance wlth Section 476 of the Companies Act 2¢. The trustees acknowledge their responsibility for:. (al ensuring that the charltable company keeps accountin8 records that compfy with Sections 386 and 387 ofthe Companie5 Act 2006 and Ibl preparin8 financial 5taternents which give a true and fair view of the state of affairs of the charitable cornpany a5 at the end of each financial year and of its surplus or def1t for each flrbanclal year in accordance with the requirements of Section 394 and 395 and which otherwlse comply with the requirements ot the Companie5 Acl 2th]6 relating to flnancial statements, so far as applicable to the charriable companv. These financial statements have been prepared in accordance wlth the provisions appllcable to charitsble companies subject to the small companie5 regime. The flnanclal statements were approved by the Board of Trustees o&.3A)112024and were signed on Its behalf by :_ -Trustee PAGE5
FUSE ART SPACE NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENDING 28 JULY 2023 I ACCOUNTING pouaES Bas15 Qf Prepar•tlon The financlal statements of the charitable company, which is a publK benefit entity under FRS102, have been prepad in accordance with Charities SORP IFRS1021 ' Accounting and Reporting by Charitie5.' Statement5 of Recommended Prartice applicable to Charitie5 preparing their accounts in accordance with the Financlal Reporting Standard5 applicable in the UK and Republic of Ireland IFRS1021 leffective l January 20151,. Flnanclal Reporting Standard 102 Yhe Financial Reporting Standard applKable in the UK and Republic of Ireland, and the Companie5 Act 2006. The financlal Statements have been prepared under the historScal cost conventlon. Goln8 Concern The trustee5. in their consideration of goin8 COnrn. have reviewed the charlties future cashflow forecast5 and income projections which they believe are based on market date and past experience of similar charities. The charlty Is subject to a number of significant risks and uncertainties, which could affect the charlty's ablllty to meet these forecasts. The trustees believe that the charlty Is adequately placed to manage Its bu51ness rlsk5. After maklng enqulrles. and taklng Into account the above, the trustees have formed a judgement, at the tlme of approving the financial statement5. Ihat there15 a reasonable expectatlon that the char5ty has adequate resources to continue in operation for the foreseeable future. For this reason. they have adopted the going concern basis in preparing the financlal statements. EM•mptlon frorn preparlr* a cashllow statement Exemptlon ha5 been taken from preparin8 a cash flow statement on the grounds that the charitable companv qualifie5 as a small charitable company. Income All income is recognised in the statement of Flnancial Actlvltles once the charlty has entltlement to the funds. It Is probable that the income will be receNed and the amouni can be measured reliably. Glfts In klnd and donated servkes G1ft5 in klnd and donated services are included at the lower of their value to the charity and their estimated market value. Expendlture Liabilitie5 are recognised as expenses as soon as therels a legal or constrtIVe obligation cornmlttlng the charlty to that expenditure, it Is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliabty. Expendlture 15 accounted for on an accruals basls and has been classified under headings that aggregate all cost related to the category. Where costs cannot be dlrectly attributed to particular headings they have all been allocated to actFvitles on a basls conslstent with the use of resources. Charltable Actlvltles The c05t of charitable activities comprises those incurled by the Charity in the delivery of Its activlties and services for its beneficiarie5. It includes both costs that can be allocated directly such as activities and those costs of an indirect nature necessary to SUPPOrt them. PAGE 6
FUSE ART SPA NOTES TO THE FINANCIAL sfATEMEPITS FOR THE YEAR ENDING 28 JULY 2023 ACCOUNTING POLiaES Icontlnued) Governance Costs Governance costs comprlse those costs associated wrth meetlng the constitutional and Strategic requirements of the char5ty and the accountancy fees and costs Ilnked to the strategic management of the charltv. Tanglble Flxed Assets Tangible fixed assets are carfled at cost less accumulated depreciation and accumulated impairment loss. Oepreciatlon Is provlded at the following annual rates in order to write off each asset over its estimated useful life. Plant & Machlnery 25% Reducin8 balance Ftxtures & Fittings 25% Reducing balance Computer Equipment 25% Reduting balance Motor Vehicle 25% Reducing balance Freehold Property No Depreciation Taxatlon The charity 15 exempt from corporalion tax on its charitable activities. Funds Accountlng Unrestricted funds can be used in accordènce wlth the charitable objectfves at the dSs¢retlon of the tru5tee5. Restricted fund5 can only be used for partlcular restricted purposes within the objects of the charfty. Restrlctlons arise when specified by the donor or when funds are raised for particular restricted purp05e5. C•5h al Bank and In hand Cash at bank and in hand represents Such account5 and instrument5 that are available on demand or have a maturity of less than three month5 from the date of acquisit•Dn. Deposits for more than three months l)ut less than one year have been dlsclosed as short term deposits. Credltor and Provlslons Creditors and provisions are recognlsed when there Ss an obllgatlon at the balaft sheet date as a result of a past event, It Is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliabty- Creditors and provisions are recogni5ed at the moment the charity anticipates It wlll pay to settle the debt. They have been discounted to the present value of ihe future cash payments where such dlscounting is material. Loan & Borrowlng5 Loans and borrowings are inltlally recognised at the transactlon prlce Includlng transartbn cost5. Subsequently. they are measured at amorti5ed cost Using the effective interest rate method. less impalrment. Ser¥lce provlded by Volunteers For the purpose of these accounts. no monetary value has been placed on volunteer services as It cannot be qualified reliably. PAGE 7
FUSE ART SPACE NOTES TO THE FINANCIAL STATEMENTS { Continued) FOR THE YEAR ENDING 28JULY 2023 2 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF EsnMATION UNCERTAINTY Preparatlon of the accounts requires ihe tru51ee5 and management to make significant Judgements and estimates. The items in the accounts where these judgements and estimate5 have been made include estimating the useful lrfe of tangible fixed assets. 3 INVESTMENT INCOME 202J 2022 Deposit Account interest 4 NET INCOMEIIEXPENDITUREI 2023 Z022 Net income/lExpenditurel is stated after charglng/lCreditSngl'.- Depreciatlon - Owned assets 1.653 2,205 5 TRUSTEE REMUNERATION AND BENEFITS There were no trustees, remuneratlon or other beneffts for the year endlng 28 July 202312022- £ NIII Trustee's Expenses There were no trustee's expenses pakl In the year endlng 28 July 202312022- £ NIL) 6 STAFF cosrs The average rnOnth number of employees during the year was as follows: 2023 2022 All Staff work on a voluntary Scheme oi are Self employed PAGE 8
FUSE ART SPACE NOTES TO THE FINANCIAL STATEMENTS { Cortinued) FOR ThE YEAR ENDING 28 JULY 2023 7 TANGIBLE FIXED ASSETS FREEHOLD PLANT & FIXTURES & COMPUTER PROPERTY WICHINERY FITTINGS EQUIPMENT MOTOR VEHICLES TOTAL COST As at 29.07.2022 Additions Disposals As at 28.07.2023 233,599 3,164 5.287 9.620 2,495 254,165 233,599 3,164 5,287 9,620 1,495 254,165 DEPREaATION As at 29,07.2022 Chaige for year Eliminated As at 28.07.2023 2.927 59 4.310 244 5.274 1.087 1,443 263 13.954 1,653 Z.986 4.554 6,361 1,706 15,607 t4ET BOOK VALUE 2023 233,599 178 733 3,259 789 238,558 2022 233,599 237 977 4,346 1,052 240.211 CREDITOR5: AMOUNT FAWNG DUE WIThIN ONE YEAR 2023 2022 Bank Loans and overdrafts Other Loans I see note 10} Other Credrtors Accrued Expenses 4.573 30,842 76.271 3.078 25,581 159.874 1.038 186.493 114,764 9 CREDITORS: AMOUNT FALLING DUE AFTER MORE THAN ONE YEAR 2023 2022 Other Loans l see note 101 121,619 139.068 121.619 139,068 PAGE 9
FUSE ART SPACE NOTES TO THE FINANCIAL STATEMENTS { Contlnued) FOR THE YEAR ENDING 28 JULY 2023 10 LOAN5 An analysls of the maturlty of loans Is given below: 2023 2022 Amounts fallln8 dtse wlthln oneyear on demand:. Bank overdrafts Other loans 4.573 30.842 35.415 25,581 25,581 Amounts fallln8 due Ixtween one and two years Other loans 30.841 30.841 Amounts fallln8 due betwwn two and ffve years Other loans 90.778 108,227 11 MOVEMENT IN FUNDS Asat Net IJU1-22 Movement 28-Jul-23 Asat Net A5at 29-Jul-21 Movement 28-Jul-22 Reslrlded Fund$ Unrestrlcted Funds General Funds 2.481 18.0251 15,544} 34,226 (31.745) 2,481 TOTAL FUNDS 2,481 (8,0251 (5,5441 34,226 (31.7451 2,481 2023 Incoming Resources Movement Resource Expended in Funds 2022 Incomlng Resources Movernènt Resource Expended in Funds Restrlcted Funds Unre5trirted Funds General Funds 208.414 (216,4391 18.025) 129.177 1160,9221 131,7451 TOTAL FUN05 208,414 (Z16,4391 {8.0251 129,177 1160,922) 131.7451 Unrestrirted funds represent funds available to the trustees for the general purposes of the charity. 12 RELATED PARTY DISCLOSURES There were no related party transactions for the year endlng 28 Juty 2023 or the year ending 28 July 2022. PAGE 10