REGISTERED COMPANY NUMBER: 10054014 (England and Wales) REGISTERED CHARITY NUMBER: 1175161
Report of the Trustees and
Financial Statements for the Year Ended 30 June 2023
for
Art for Cure (A Company Limited by Guarantee)
RDP Accountants Devon Suite Dencora Business Centre 36 White House Road Ipswich Suffolk IP1 5LT
Art for Cure
Contents of the Financial Statements for the Year Ended 30 June 2023
| Page | |
|---|---|
| Report of the Trustees | 1 |
| Independent Examiner's Report | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 to 8 |
| Detailed Statement of Financial Activities | 9 |
Art for Cure (Registered number: 10054014)
Report of the Trustees for the Year Ended 30 June 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 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 (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Significant activities
Raising money for leading breast cancer research and grant funding to breast cancer support services in Suffolk.
FINANCIAL REVIEW Going concern
There are no material uncertainties regarding the charity's ability to continue as a going concern.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
10054014 (England and Wales)
Registered Charity number 1175161
Registered office Bredfield House C/O Alex Gray Bredfield Woodbridge Suffolk IP13 6AA
Trustees A J Gray N Crocker Company Director Dr I Froud Doctor Ms B E Gray Garden Lecturer D G Sutton Retired Ms C Burgess (appointed 20.2.23)
Independent Examiner Simon Lasky RDP Accountants Devon Suite Dencora Business Centre 36 White House Road Ipswich Suffolk IP1 5LT
Approved by order of the board of trustees on ..........................March 2024 and signed on its behalf by:
........................................................................ A J Gray - Trustee
Page 1
Independent Examiner's Report to the Trustees of Art for Cure
Independent examiner's report to the trustees of Art for Cure ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts 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 your 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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts 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
-
the accounts 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.
Simon Lasky
RDP Accountants Devon Suite Dencora Business Centre 36 White House Road Ipswich Suffolk IP1 5LT
Date: .....................March 2024
Page 2
Art for Cure
Statement of Financial Activities for the Year Ended 30 June 2023
| 30.6.23 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 220,234 EXPENDITURE ON Raising funds 2 468 Charitable activities Grants to Institutions - Raising Donations and Legacies 168,418 Total 168,886 NET INCOME 51,348 RECONCILIATION OF FUNDS Total funds brought forward 168,358 TOTAL FUNDS CARRIED FORWARD 219,706 |
30.6.22 Total funds £ 168,151 947 65,984 216 67,147 101,004 67,354 168,358 |
|---|---|
The notes form part of these financial statements
Page 3
Art for Cure
Balance Sheet 30 June 2023
| 30.6.23 Unrestricted fund Notes £ FIXED ASSETS Investments 5 1 CURRENT ASSETS Debtors 6 209,713 Cash at bank 10,460 220,173 CREDITORS Amounts falling due within one year 7 (468) NET CURRENT ASSETS 219,705 TOTAL ASSETS LESS CURRENT LIABILITIES 219,706 NET ASSETS 219,706 FUNDS 8 Unrestricted funds 219,706 TOTAL FUNDS 219,706 |
30.6.22 Total funds £ 1 160,954 8,294 169,248 (891) 168,357 168,358 168,358 168,358 168,358 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which 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 Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating 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 and authorised for issue on ..........................March 2024 and were signed on its behalf by:
............................................. A J Gray - Trustee
The notes form part of these financial statements
Page 4
Art for Cure
Notes to the Financial Statements for the Year Ended 30 June 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting 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, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation 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 obligation 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 been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. RAISING FUNDS
Raising donations and legacies
| Raising donations and legacies | ||
|---|---|---|
| 30.6.23 | 30.6.22 | |
| £ | £ | |
| Support costs | 468 | 947 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022.
Page 5
continued...
Art for Cure
Notes to the Financial Statements - continued for the Year Ended 30 June 2023
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 168,151 |
| EXPENDITURE ON | |
| Raising funds | 947 |
| Charitable activities | |
| Grants to Institutions | 65,984 |
| Raising Donations and Legacies | 216 |
| Total | 67,147 |
| NET INCOME | 101,004 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 67,354 |
| TOTAL FUNDS CARRIED FORWARD | 168,358 |
5. FIXED ASSET INVESTMENTS
The charity owns the only issued share in a trading company Art for Cure Enterprises Limited, which exists to fund raise on behalf of the charity.
6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other Debtors 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 8. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS |
At 1.7.22 £ 168,358 168,358 |
30.6.23 £ 209,713 30.6.23 £ 468 Net movement in funds £ 51,348 51,348 |
30.6.22 £ 160,954 30.6.22 £ 891 At 30.6.23 £ 219,706 219,706 |
|---|---|---|---|
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continued...
Art for Cure
Notes to the Financial Statements - continued for the Year Ended 30 June 2023
8. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 220,234 220,234 |
Resources Movement expended in funds £ £ (168,886) 51,348 (168,886) 51,348 |
|---|---|---|
Comparatives for movement in funds
| At 1.7.21 £ Unrestricted funds General fund 67,354 TOTAL FUNDS 67,354 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 168,151 TOTAL FUNDS 168,151 |
Net movement At in funds 30.6.22 £ £ 101,004 168,358 101,004 168,358 Resources Movement expended in funds £ £ (67,147) 101,004 (67,147) 101,004 |
|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.7.21 £ 67,354 67,354 |
Net movement in funds £ 152,352 152,352 |
At 30.6.23 £ 219,706 219,706 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 388,385 388,385 |
Resources Movement expended in funds £ £ (236,033) 152,352 (236,033) 152,352 |
|---|---|---|
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continued...
Art for Cure
Notes to the Financial Statements - continued for the Year Ended 30 June 2023
9. RELATED PARTY DISCLOSURES
Donations from the subsidiary trading company, including pledges, amounted to £164,650 (2022 £162,240)
Page 8
Art for Cure
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 30 June 2023 | ||
| 30.6.23 | 30.6.22 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations from trading company | 164,650 | 162,240 |
| Other donations | 55,584 | 5,911 |
| 220,234 | 168,151 | |
| Total incoming resources | 220,234 | 168,151 |
| EXPENDITURE | ||
| Charitable activities | ||
| Grants to institutions | 168,118 | 65,900 |
| Support costs | ||
| Finance | ||
| Bank charges | 84 | 84 |
| Subscriptions | 216 | 216 |
| 300 | 300 | |
| Governance costs | ||
| Accountancy and legal fees | 468 | 947 |
| Total resources expended | 168,886 | 67,147 |
| Net income | 51,348 | 101,004 |
This page does not form part of the statutory financial statements
Page 9