Registered number 11618092
BLACK GOLD ARTS Report and Accounts
31 October 2020
BLACK GOLD ARTS Registered number: 11618092 Directors' Report
The directors present their report and accounts for the year ended 31 October 2020.
Principal activities
The company's principal activities during the year continued to be: (1) To advance public education in and appreciation of the arts, in all its aspects, in particular but not exclusively, arts created or produced by LGBTIQ+ ethnic minority people and allies through the provision of festivals, performances and exhibitions; and (2) to advance education for the public benefit, of LGBTIQ+ ethnic minority people and allies, in the arts in particular but not exclusively in theatre, visual arts, music film, dance and writing through the provision of talks, workshops, masterclasses and such other activities as determined by the trustees.
Directors
The following persons served as directors during the year:
Yvonne Hepburn-Foster Oskar Marchock Dr Senthorun Sunil Raj Rebecca Swarray (Resigned 20/11/2019) Heena Patel
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
16/04/2021
This report was approved by the board on _____ and signed on its behalf.
Type text here
Dr Senthorun Raj Director
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BLACK GOLD ARTS
Report to the directors on the preparation of the unaudited statutory accounts of BLACK GOLD ARTS for the year ended 31 October 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of BLACK GOLD ARTS for the year ended 31 October 2020 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company ’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of BLACK GOLD ARTS, as a body, in accordance with the terms of our engagement letter dated 31 January 2019. Our work has been undertaken solely to prepare for your approval the accounts of BLACK GOLD ARTS and state those matters that we have agreed to state to the Board of Directors of BLACK GOLD ARTS, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BLACK GOLD ARTS and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that BLACK GOLD ARTS has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of BLACK GOLD ARTS. You consider that BLACK GOLD ARTS is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of BLACK GOLD ARTS. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Slade and Cooper Ltd Chartered Certified Accountants Beehive Mill Jersey Street Manchester M4 6JG
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BLACK GOLD ARTS Profit and Loss Account for the year ended 31 October 2020
| Turnover Cost of sales Gross loss Administrative expenses Other operating income Operating profit Profit before taxation Tax on profit Profit for the financial year |
2020 £ 2,193 (26,299) (24,106) (9,374) 34,060 580 580 - 580 |
2019 £ 2,030 (24,723) |
|---|---|---|
| (22,693) (7,079) 41,678 |
||
| 11,906 | ||
| 11,906 - |
||
| 11,906 |
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BLACK GOLD ARTS Registered number: 11618092 Balance Sheet as at 31 October 2020
| Registered number: Balance Sheet as at 31 October 2020 |
11618092 | ||
|---|---|---|---|
| Notes Current assets Cash at bank and in hand Creditors: amounts falling due within one year 2 Net current assets Net assets Capital and reserves Profit and loss account Shareholders' funds |
2020 £ 13,386 (900) 12,486 12,486 12,486 12,486 |
2019 £ 12,606 (700) 11,906 11,906 11,906 11,906 |
|
| 11,906 | |||
| 11,906 | |||
| 11,906 |
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Director
16/04/2021 Approved by the board on _____
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BLACK GOLD ARTS Notes to the Accounts for the year ended 31 October 2020
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference,14/2021except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
| 2 | Creditors: amounts falling due within one year | 2020 | 2019 |
|---|---|---|---|
| £ | £ | ||
| Other creditors | 900 | 700 |
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BLACK GOLD ARTS Notes to the Accounts for the year ended 31 October 2020
3 Restricted Funds
| Restricted Funds | ||||
|---|---|---|---|---|
| Arts Council England Other |
Opening balance - 11,906 11,906 |
Income 34,060 - 34,060 |
Expenditure (27,060) (6,420) (33,480) |
2020 7,000 5,486 |
| 12,486 |
Purposes of the restricted funds Arts Council England Money received to fund artistic and production costs. Other Funds transferred from unicorporated organisation.
4 Other information
BLACK GOLD ARTS is a private company limited by guarantee and incorporated in England. Its registered office is:
Beehive Mill Jersey Street Manchester M4 6JG
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BLACK GOLD ARTS Detailed profit and loss account for the year ended 31 October 2020
This schedule does not form part of the statutory accounts
| Sales Cost of sales Gross loss Administrative expenses Other operating income Operating profit Profit before tax |
2020 £ 2,193 (26,299) (24,106) (9,374) 34,060 580 580 |
2019 £ 2,030 (24,723) |
|---|---|---|
| (22,693) (7,079) 41,678 |
||
| 11,906 | ||
| 11,906 |
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BLACK GOLD ARTS Detailed profit and loss account for the year ended 31 October 2020
This schedule does not form part of the statutory accounts
| Sales Sales Cost of sales Artist Fees Production Costs Administrative expenses General administrative expenses: Activity Costs Bank charges Legal and professional costs: Accountancy fees Other legal and professional Other operating income Other operating income |
2020 £ 2,193 24,757 1,542 26,299 26 72 98 1,100 8,176 9,276 9,374 34,060 |
2019 £ 2,030 |
|---|---|---|
| 19,461 5,262 |
||
| 24,723 | ||
| 57 72 |
||
| 129 | ||
| 700 6,250 |
||
| 6,950 | ||
| 7,079 | ||
| 41,678 |
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