REGISTERED COMPANY NUMBER: 08623240 ( England & Wales) REGISTERED CHARITY NUMBER: 1174458 FUSE ART SPACE REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 JULY 2024
FUSE ART SPACE COMPANY INFORMATION FOR THE YEAR ENDING 28 JULY 2024 REGISTERED CHARITY NUMBER 1174458 REGISTERED COMPANY NUMBER 08623240 ( England & Wales) REGISTERED OFFICE 1- 3 St Ann's Place Pellon Lane Halifax HXI 5RB TRUSTEES Mr D Parrott Mr D Rogerson M r J Blrchall The charity Is managed by a Board of Trustees. The following served as company directors during the year:. Mrj Birchall Ms S Faraday INDEPENDENT EXAMINER Torevell Dent Limited 1- 3 St Ann'5 Place Pellon Lane Hallfax HXI 5RB
FUSE ART SPACE CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 IULY 2024 Report of the Trustees Independent Examlner5 Report ststement5 of Flnanclal Actlvities Balance Sheet Notes to the Flnanclal Statements 6-10
FUSE ART SPACE REPORT OF THE TRUSTEES FOR THE YEAR ENDING 28 JULY 2024 The Trustees of the charity present thelr report with the financial statements of the charity for the year endlng 28 July 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charlties: Statement of Recommended Practlce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland ( FRS102) l Effective l January 2015). OBJEcfivE AND ACTIVITIES Oblect and Alms The objectives of the charity is to advance education for the public on the subject of the arts by the establishment and maintenance of an art gallery. Fuse Art Space is an art gallery, performance venue and arts educatlon project. It curates and hosts concerts, performances, exhibitions and workshop5, and provides opportunities for people to enjoy, engage with, learn about and partlclpate in art, music and performance actlvlties. ACHIEVEMENT AND PERFORMANCE Charltable actlvltle5 The charlty was able to provlde more educational projects this year and all proved to be very successful. Each year the Intake of students Is growing steadily, reflecting the growth of the community the charity serves. FINANCIAL REVIEW Flnanclal posltlon Durlng the year the charities net Income was £29,502 (2023 net expendlture: £8,025), increaslng the charltles total reserves to £23,95812023 :1£5,54411, Investment pollcy and objectlves Under it5.Memorandum of Association the charity has the power to invest In any way the trustees wish. The Trustees, having regard to the liquidity requirements of operating the charity have maintained a policy of keeping available funds in interest bearing deposit accounts. Reserves Pollty The trustees have established the level of reserves (that is those funds that are freely avallable) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on activities and receiving resources through voluntary donation5 and grants. The trustees consider that the ideal level of reserves as at 28 July 2024 would be three month5 of the expenditure which equates to £64,478. The actual reserves available at 28 July 2024 was £23,958. The trustees review the funds regularly to ensure that there are sufflclent reserves to provide financial stabS11ty and flexibility. PAGE I
FUSE ART SPACE REPORT OF THE TRUSTEES (contlnued) FOR THE YEAR ENDING 28 JULY 2024 FUTURE PLANS Fuse Art Space will continue to expand and develop. its activities to provide encouragement and opportunities for people to enjoy and participate in and perform actiyities. STRucfuRE GOVERNANCE AND MANAGEMENT Governlng Document Memorandum and Articles incorporated 22 July 2017 and amended by special resolution 25 August 2017 due to the change of its name. Recruitment and appointment of new trustees New trustees are appointed due to their interest in the work of the charity and their recognised experience in specific fields which will further support the work of Fuse Art Space. Trustees can retire when they wish as they do not serve under a fixed term of tenure. No trustee had any beneficlal Interest in any contract wlth the charitable entlty durlng the year. Potential trustees are invited to informally attend trustee meetin8s prior to appointment and a comprehensive induction programme is available, Additionally, individuals may undertake external training in a particular area of their role on the Governing Body. Organlsatlonal Structure The Board of Trustees administers the charity. The Board meets twice quarterly. The Board of Trustees Is assisted by the charity's directors. Indurtion and Training of new Trustees The charitable entity strives to ensure equal opportunities and diversity in the employment of staff and trustee appointments. Selection criteria and procedures are regularly reviewed to ensure that individuals are selected, promoted and treated on the basis of thelr relevant merlts and abilitSes. Wider Network At present Fuse Art Space does not consider itself part of a wider network. Rlsk Management The trustees have a duty to identlfy and review the risks to which the charity is exposed and to ensure appropriate controls are In place to provlde reasonable assurance against fraud and error. PUBLIC BENEFIT REPORT The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit and 'The Advancement of religion for the Public Benefit, in particular, when reviewing the aims and objectives and in planning the charities future activities. In particular, the trustees consider how planned activlties will contribute to the aims and objectives set. Approved by order of the board of Trustees, and signed on its behalf by: 24/0412025 Trustee Date PAGE 2
Independent Examlnerfs Report to the Trustees of Fuse Art Space For the year ended 28 July 2024 I report to the charlty trustees on my examination of the accounts of Fuse Art Space for the year ended 28 July 2024. Responsibilitles and basis of report As the charity's trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Trust's accounts carried out under sectlon 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Dlrections given by the Charlty Commission under 5ectlon 145(5)(b) of the Act. Independent examlner's statement I have completed my examination. I confirm that no materlal matters have come to my attention in connection with the examination givlng me cause to belleve that in any material respect: accounting records were not kept In respect of the Trust as required by section 130 of the Act,. or the accounts do not accord wlth those records; or the accounts do not comply with the appllcable requirements concerning the form and content of accounts set out In the Charities (Accounts and Reports) Regulations 2008 other than anv requirement that the account5 give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection wlth the examination to which attention should be drawn in thls report in order to enable a proper understanding of the accounts to be reached. S J Sutcllffe F.C.C.A, Torevell Dent Ltd 1- 3 St Ann's Place Pellon Lane Hallfax West Yorkshlre HXI 5RB Date: PAGE 3
FUSE ART SPACE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 28 JULY 2024 2024 UNRESTRICTED FUNDS 2023 TOTAL FUNDS RESTRicfED FUNDS TOTAL FUNDS NOTE INCOME AND ENDOWMENTS FROM Charltable Actlvltles Education and activitie5 287,412 287,412 208,414 Investment Income TOTAL 287.412 287,412 208.414 EXPENDITURE ON Charltable Actlvltles Education and Activltles 257,910 257,910 216,439 257,910 257,910 216.439 TOTAL INCOMEIEXPENDITURE 29,502 29,502 (8,025) RECONaLIATION OF FUNDS Total Funds Brought fonvard {5,544) (5,544) 2,481 T¢)tal FUNDS CARRIED FORWARD 23.958 23,958 (5,544) PAGE 4
FUSE ART SPACE BALANCE SHEET FOR THE YEAR ENDING 28 JULY 2024 2024 2023 TOTAL FUNDS RESTRICTED FUNDS UNRESTRICTED FUNDS TOTAL FUNDS NOTE FIXED ASSETS Investments 1,303 285,796 1,303 285,796 Tanglble Flxed Assets 238,558 CURRENT ASSETS Debtors 24,145 53,778 24,145 53,778 ii,oio 53,000 Cash at Bank CREDITORS Amounts falling due within one year 1264,590) {186,6671 {264,590) (186,493) NET CURRENT ASSETS 1186.6671 (122,483) TOTAL ASSETS LES5 CURRENT LIABILITIES 100,432 100,432 116,075 CREDITORS io 176,474) 176,474) (121,619) Amounts falllng due after more than one year NET ASSETS 23,958 23,958 15,544) FUNDS Restiicted Funds Unrestrlcted Funds (5,544) (5,544) 15,544) (5,544) TOTAL The charitable company Is entltled to exemption from audit under Settion 477 of the Companies Act 21YJ6 for the year ended 28 July 2024. The members have not required the company to obtain an audit of its financial Statements for the year ended 28 July 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibility for:. (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and Ib) preparing financial statements whlch give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relatlng to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees on241041202%nd were signed on its behalf by :_ Trustee PAGE 5
FUSE ART SPACE NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 JULY 2024 I ACCOUNTING POLICIES Basls of Preparation The flnancial statements of the charitable company, whlch Is a public benefit entlty under FRS102, have been prepared in accordance with Charities SORP (FRS102) ' Accounting and Reporting by Charltles: Statements of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland {FR5102) (effective l January 2015),. Flnancial Reportlng Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Goln8 Concern The trustees, in thelr consideration of going concern, have reviewed the charities future ca5hflow forecasts 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 slgnificant risks and uncertaintles, which could affect the charity's ability to meet these forecasts. The trustees belleve that the charity Is adequately placed to manage its business risks. After maklng enqulrles, and taklng into account the above, the trustees have formed a Judgement, at the time of approvlng the financial statements, that there is a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future. For this reason, they have adopted the goin8 concern basis in preparSng the financial Statements. Exemptlon from preparlng a cashflow statement Exemption has been taken from preparin8 a cash flow statement on the grounds that the charltable company qualifies a5 a small charitable companv. Income All income is recognised In the statement of Financial Actlvltles once the charlty has entitlement to the funds. It is probable that the income will be received and the amount can be measured reliably. Glfts In klnd and donated servlces Gifts In kind and donated services are included at the lower of their value to the charity and thelr estimated market value. Expendlture Liabilities are recognised as expenses as soon as there is a legal or constructive obllgation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obllgation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have all been allocated to activities on a basis consistent with the use of resources. Charltable Actlvltles The cost of charitable activities comprises those incurred by the charity in the delivery of its activities and services for Its beneficiaries. It includes both costs that can be allocated directly such as activities and those Costs of an Indirect nature nece55ary to support them. PAGE 6
FUSE ART SPACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 JULY 2024 ACCOUNTING POLICIES (Continued) Governance Costs Governance costs comprise those costs associated wlth meeting the constitutional and strategic requirements of the charlty and the accountancy fees and costs linked to the strategic management of the charity. Tanglble Flxed A55et5 Tangible flxed assets are carried at cost le55 accumulated depreciation and accumulated Impairment loss. Depreclation is provlded at the followlng annual rates In order to write off each asset over its estlmated useful life. Plant & Machlnery 25% Reducing balance Fixtures & Flttings 25% Reducing balance Computer Equipment 25% Reducing balance Motor Vehicle 25% ReducSng balance Freehold Property No Depreclation Taxatlon The charlty Is exempt from corporation tax on its charltable activitles. Funds Accountln8 Unrestricted funds can be used in accordance with the charitable objectlves at the dlscretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Re5trlctions arise when specified by the donor or when funds are raised for particular restricted purposes. Cash at 8ank and In hand Cash at bank and In hand represents such accounts and Instruments that are available on demand or have a maturlty of less than three months from the date of acqulsStion. Deposlts for more than three months but less than one year have been dSsc105ed as short term deposits. Credltor and Provlslons Creditors and provisior15 are recognised when there is an obllgation at the balance sheet date as a result of a past event, it Is probable that a transfer of economic benefit wlll be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provlsions are recognlsed at the moment the charlty anticipates It wlll pay to settle the debt. They have been discounted to the present value of the future cash payments where such discounting Is material. Loan & Borrowlngs Loans and borrowings are initially recognised at the transaction price Including transaction costs. Subsequently, they are measured at amortised cost usin8 the effective interest rate method, less impairment. Service provided by Volunteers For the purpose of these accounts, no monetary value has been placed on volunteer services as it cannot be qualifled reliablv. PAGE 7
FUSE ART SPACE NOTES TO THE FINANCIAL STATEMENTS { Continued) FOR THE YEAR ENDING 28 JULY 2024 2 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY Preparation of the accounts requires the trustees and management to make significant judEements and estimates. The Items in the accounts where these judgements and estimates have been made include estimating the useful life of tangible flxed assets. 3 INVESTMENT INCOME 2024 2023 Deposit Account interest 4 NET INCOME /{EXPENDITUREI 2024 2023 Net Income/(Expenditure) Is stated after char8ing/(Creditin8):. Depreciatlon - Owned assets 17,400 1,653 5 TRUSTEE REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ending 28 July 2024 (2023 - £ Nil) Trustee's Expenses There were no trustee's expenses paid In the year ending 28 July 2024 (2023 - £ NIL) 6 STAFF COSTS The average monthly number of employees during the year was a5 follows: 2024 2023 All staff work on a voluntary scheme or a self employed PAGE 8
FUSE ART SPACE NOTES TO THE FINANCIAL STATEMENTS { Continued) FOR THE YEAR ENDING 28 JULY 2024 7 INVESTMENTS During the year the Charity purchased £1,303 of Crypto Currency { 2023 £ NIL} 8 TANGIBLE FIXED ASSETS FREEHOLD PLANT & FixfuRES & COMPUTER PROPERTY MACHINERY FIThINGS EQUIPMENT MOTOR VEHICLES TOTAL COST As at 29.07.2023 Additions Disposals As at 28.07.2024 233,599 3,164 5.076 5,287 9,620 2,495 254,165 59,562 64,638 233,599 8,240 5,287 9,620 62,057 318,803 DEPRECIATION As at 29.07.2023 Charge for year Eliminated As at 28.07.2024 2,986 1,314 4,554 183 6,361 815 1,706 15,088 15,607 17,400 4,300 4,737 7,176 16,794 33.007 NET BOOK VALUE Z024 233,599 3,940 550 2,444 45,263 285,796 2023 233,599 178 733 3,259 789 238,558 9 CREDITORS: AMOUNT FALLING DUE WITHIN ONE YEAR 2024 2023 Bank Loans and overdraft5 Other Loan5 Other Creditors Accrued Expense5 4,535 30,828 227,949 1,278 25,581 159,874 1.038 264,590 186,493 10 CREDITORS: AMOUNT FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Bank Loans and overdrafts Other Loans 26,790 49,684 121,619 76.474 121,619 PAGE 9
FUSE ART SPACE NOTES TO THE FINANCIAL STATEMENT5 ( Continued) FOR THE YEAR ENDING 28 JULY 2024 11 LOANS An analysis of the maturity of loans is given below: 2024 2023 Amounts falllng due wlthln one year on demand:. Bank overdraft5 Other loans 4,535 30,828 35,363 25,581 25,581 Amounts falllng due between one and two years Bank overdrafts Other loans 4,535 30,828 35,363 30,841 30,841 AnUnts falllnK due between two and flve years Bank overdrafts Other loans 22,255 18,856 41,111 90,778 90,778 12 MOVEMENT IN FUNDS 2024 Asat Net Asat 29-Jul-23 Movement 2&Jul-24 2023 Asat Net Asat 29-Jul-22 Movement 28-Jul-23 Restrlcted Funds Unrestrlcted Funds General Funds (5,544) 29,502 23,958 2,481 {8,025) {5,544) TOTAL FUNDS (5,544) 29.502 23,958 2,481 (8,025) (5,544) 2024 Incomlng Resources Movement Resource Expended in Funds 2023 Incomln8 Resources Movement Resource Expended In Funds Restrlcted Funds Unrestricted Funds General Funds 287,412 (257,910) 29,502 208,414 (216,439) {8,025) TOTAL FUNDS 287.412 (257.910) 29,502 208,414 1216,439) (8.025) Unrestricted funds represent funds available to the trustees for the general purposes of the charity. 13 RELATED PARTY DISCLOSURES There were no related party transactions for the year ending 28 July 2024 or the year ending 28 July 2023. PAGE 10