Charity number: 1181447
The Old Market Charitable Trust
Report of the Trustees and Unaudited Financial Statements
For the year ended 31 December 2020
The Old Market Charitable Trust Contents Page For the year ended 31 December 2020
| Report of the Trustees | 1 to 3 |
|---|---|
| Independent Examiner's Report to the Trustees | 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7 to 12 |
The Old Market Charitable Trust Report of the Trustees
For the year ended 31 December 2020
The Trustees have pleasure in presenting their report and the financial statements for the charity for the year ended 31 December 2020. 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Our charity's purposes as set out in the objects contained in the company's constitution are:
To advance the arts, in particular the performing arts for the benefit of the public by the operation of a theatre known as The Old Market in Brighton and Hove, East Sussex.
The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.
ACHIEVEMENTS AND PERFORMANCE
As explained on the annual report to 31 December 2019, our main activity in that year (our first year) was to plan and prepare for the transfer of the business of TOM Ltd & Yes/No Productions Ltd. This included extensive work looking at the business model, structure and finances of the business as it was and how best to transfer operations to the charity. Consultants were appointed to assist with ensuring due diligence and testing the viability of the business. The trustees agreed to a transfer of operations from TOM Ltd to TOM CT which was due to happen on 01 April 2020.
Between January-March 2020 the trustees continued to meet, and our activities were specifically focussed on the actual transfer of operations.
However, in March 2020 the Covid-19 Pandemic forced the theatre to close and with no clear date for reopening the charity transfer was postponed due to the insecurity brought about by the pandemic, and also the impact the pandemic had on Yes/No Productions Ltd who were to be a source of a considerable opening donation which the transfer of operations relied upon.
The trustees continued to meet regularly and continued to discuss options and timescales for transfer to charity and offering support to the directors of the Ltd company.
In July 2020 the trustees agreed, given the ongoing situation, that the charity would go into a period of inactivity, continuing to meet on a quarterly basis to review the situation.
At this point the trustees agreed that:
·there was no benefit in transferring its assets to another charity
·there was no benefit in changing that charities purposes as the ambition remained the same (that a transfer would happen once Ltd could bring the business back to a viable concern for the charity to take on).
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The Old Market Charitable Trust Report of the Trustees Continued For the year ended 31 December 2020
FINANCIAL REVIEW
Against the backdrop of limited resources and insecurities over funding, it was challenging to commit to the transfer of business from TOM Ltd to the Charitable Trust but after review and with a proposal of an upfront donation from Yes/No Productions Ltd to the Charity on transfer, the trustees agreed to a transfer date. Unfortunately, the donation proposal had to be withdrawn due to the impact of Covid-19 and as such transfer to the charity was postponed.
Principal Funding Sources
TOM CT received some charitable donations from individuals in this year in response to a call for support at the beginning of the pandemic. However, once it was clear that the transfer from Ltd to Charity was not going to happen in this financial year, it was deemed appropriate for TOM Ltd to be recipient of any donations from private individuals so that this funding could be put towards the operations and costs of Ltd.
Investment Policy
Given the uncertainty surrounding a new transfer date the trustees agree that the charity's existing funds should remain outside of investment to be available to be spent in the short term once a transfer date is agreed. Therefore there are currently no funds for long term investment.
Reserves
Our reserves currently stand at £12,308 of which £7,308 were unrestricted. The trustees agreed that there was no benefit in transferring its assets to another charity whilst it is inactive as the ambition was that a transfer to charity will be possible at a future point. This will continue to be reviewed by the trustees.
Reserves
As a new charity our reserves policy at this point enables us to cover the next two years of overheads (reporting, financial services). This will be reviewed each year and as we grow as an organisation, and a reserve of at least three months running costs will be built.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
TOMCT is a Charitable Incorporated Organisation whose only voting members are its charity trustees, constituted on 12 December 2018.
Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.
Recruitment and appointment of trustees
There were no newly appointed trustees in this year.
The charity trustees will make available to each new charity trustee, on or before his or her first appointment: (a) a copy of the current version of this constitution; and (b) a copy of the CIO's latest Trustees' Annual Report and statement of accounts.
REFERENCE AND ADMINISTRATIVE INFORMATION
Name of Charity The Old Market Charitable Trust Charity registration number 1181447 Principal address The Old Market 11A Upper Market Street Hove BN3 1AS
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The Old Market Charitable Trust Report of the Trustees Continued For the year ended 31 December 2020
Trustees
The trustees and officers serving during the year and since the year end were as follows:
Ms Louise Carla Blackwell Mr William Cresswell Ms Anna Jefferson Ms Loretta McNicholas Mr Stephen McNicholas Mr Michael Wilkins Mr Paul Winter
Independent examiner
Andrew M Wells FMAAT Counterculture Partnership LLP Unit 115 Ducie House Ducie Street Manchester M1 2JW
Approved by the Board of Trustees and signed on its behalf by
............................................................................. 28 October 2021 Mr Michael Wilkins
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The Old Market Charitable Trust Independent Examiners Report to the Trustees For the year ended 31 December 2020
I report to the trustees on my examination of the accounts of the charity for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity’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 Charity Commission under section 145(5)(b) of the Act.
Independent examiners 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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 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 Charities (Accounts and Reports) 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 examination.
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.
Andrew M Wells FMAAT Counterculture Partnership LLP Unit 115 Ducie House Ducie Street Manchester M1 2JW
28 October 2021
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The Old Market Charitable Trust Statement of Financial Activities For the year ended 31 December 2020
| Notes Income and endowments from: Donations and legacies 2 Other trading activites 3 Total Expenditure on: Raising funds 4 Charitable activities 5/6 Total Net income/expenditure Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 1,233 - 1,233 - (12,023) (12,023) (10,790) 18,098 7,308 |
Restricted funds £ 5,000 - 5,000 - - - 5,000 - 5,000 |
2020 £ 6,233 - 6,233 - (12,023) (12,023) (5,790) 18,098 12,308 |
2019 £ 2,069 21,582 |
|---|---|---|---|---|
| 23,651 | ||||
| (3,513) (2,040) |
||||
| (5,553) | ||||
| 18,098 - |
||||
| 18,098 |
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The Old Market Charitable Trust Statement of Financial Position As at 31 December 2020
| Notes Current assets 11 Debtors Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Net assets The funds of the charity Restricted income funds 13 Unrestricted income funds 13 Total funds |
£ 2020 4,419 7,889 12,308 - 12,308 12,308 12,308 5,000 7,308 12,308 |
£ 2019 18,598 - |
|---|---|---|
| 18,598 | ||
| (500) 18,098 |
||
| 18,098 | ||
| 18,098 | ||
| - 18,098 |
||
| 18,098 |
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
Mr Michael Wilkins Trustee
28 October 2021
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The Old Market Charitable Trust Notes to the Financial Statements For the year ended 31 December 2020
1. Accounting Policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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 (FRS 102), and the Charities Act 2011.
The Old Market Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Going concern
The financial statements are prepared, on a going concern basis, under the historical cost convention.
Statement of cash flows
The Trustees have taken advantage of the exemption in SORP FRS 102 from including a cash flow statement in the financial statements on the grounds that the charity is small.
Funds
The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.
Designated funds comprise of unrestricted funds that have been set aside by the Trustees for particular purposes.
Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them.
There is no formal policy of transfer between funds or on the allocation of funds to designated funds, other than that described above
Incoming resources
All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the Charity to the expenditure.
Taxation
As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the company, and is therefore included in the relevant costs in the Statement of Financial Activities.
2. Income from donations and legacies
| Unrestricted | Restricted | 2020 | 2019 | |
|---|---|---|---|---|
| funds | funds | |||
| £ | £ | £ | £ | |
| Donations received | 1,233 | 5,000 | 6,233 | 2,069 |
| 1,233 | 5,000 | 6,233 | 2,069 |
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The Old Market Charitable Trust Notes to the Financial Statements Continued For the year ended 31 December 2020
3. Income earned from other activities
| Fund raising events 4. Expenditure on other trading activities Fund raising events 5. Costs of charitable activities by fund type Unrestricted funds Support costs 6. Costs of charitable activities by activity type Support costs Advancement of the Arts |
2020 £ - - 2020 £ - - 2020 £ 12,023 2020 £ 12,023 |
2019 £ 21,582 |
|---|---|---|
| 21,582 | ||
| 2019 £ 3,513 |
||
| 3,513 | ||
| 2019 £ 2,040 2019 £ 2,040 |
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The Old Market Charitable Trust Notes to the Financial Statements Continued For the year ended 31 December 2020
| 7. Analysis of support costs Advancement of the Arts Management Management Subscriptions Subscriptions Governance costs Accountancy fees Legal and consultancy fees |
2020 £ 2,723 - - 9,300 9,300 12,023 |
2019 £ - 1,040 500 500 |
|---|---|---|
| 1,000 | ||
| 2,040 |
| 8. Net income/(expenditure) for the year | ||
|---|---|---|
| This is stated after charging/(crediting): | ||
| 2020 | 2019 | |
| £ | £ | |
| Accountancy fees | - | 500 |
| 9. Particulars of employees | ||
| 2020 | 2019 | |
| Employees | 0 | 0 |
| 0 | 0 |
10. Comparative for the Statement of Financial Activities
The comparative year values on the Statement of Financial Activites are for unrestricted funds.
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The Old Market Charitable Trust Notes to the Financial Statements Continued For the year ended 31 December 2020
11. Debtors
| Amounts due within one year: Prepayments and accrued income Other debtors 12. Creditors: amounts falling due within one year Accruals and deferred income |
2020 £ 569 3,850 4,419 2020 £ - - |
2019 £ - 18,598 |
|---|---|---|
| 18,598 | ||
| 2019 £ 500 |
||
| 500 |
13. Movement in funds
Unrestricted Funds
| General General Unrestricted Funds - Previous year General General |
Balance at 01/01/2020 £ 18,098 18,098 Balance at 07/01/2019 £ - - |
Incoming resources £ 1,233 1,233 Incoming resources £ 23,651 23,651 |
Outgoing resources £ (12,023) (12,023) Outgoing resources £ (5,553) (5,553) |
Balance at 31/12/2020 £ 7,308 |
|---|---|---|---|---|
| 7,308 | ||||
| Balance at 31/12/2019 £ 18,098 |
||||
| 18,098 |
Purpose of unrestricted Funds
General
General funds are those held for the general running of the charity.
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The Old Market Charitable Trust Notes to the Financial Statements Continued For the year ended 31 December 2020
| Restricted Funds Restricted fund Restricted Funds - Previous year Purpose of restricted funds Restricted fund |
Incoming resources £ 5,000 5,000 Incoming resources £ - |
Balance at 31/12/2020 £ 5,000 |
|---|---|---|
| 5,000 | ||
| Balance at 31/12/2019 £ |
||
| - | ||
The restricted funds holds funds that have been given for a specific purpose.
| 14. Analysis of net assets between funds Unrestricted funds General General Restricted funds Restricted fund Previous year Unrestricted funds General General Restricted funds |
Net current assets / (liabilities) Net Assets £ £ 7,308 7,308 5,000 5,000 |
|---|---|
| 12,308 12,308 |
|
| Net current assets / (liabilities) Net Assets £ £ 18,098 18,098 |
|
| 18,098 18,098 |
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The Old Market Charitable Trust Notes to the Financial Statements Continued For the year ended 31 December 2020
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