2024-03-31-accounts

Charity registration number 1189408

Company registration number 06424545 (England and Wales)

CREATIVE STUDIOS CUMBRIA LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

CREATIVE STUDIOS CUMBRIA LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Ms K J Kolbe Ms L A R Slater Secretary Ms K J Kolbe Charity number 1189408 Company number 06424545 Registered office Cooke's Studios 104 Abbey Road Barrow-in-Furness LA14 5QR Independent examiner Melville & Co Unit 17-18, Trinity Enterprise Centre Furness Business Park Ironworks Road Barrow-in-Furness LA14 2PN

CREATIVE STUDIOS CUMBRIA LIMITED

CONTENTS

	Page
Trustees' report	1 - 4
Independent examiner's report	5
Statement of financial activities	6
Balance sheet	7
Statement of cash flows	8
Notes to the financial statements	9 - 16

CREATIVE STUDIOS CUMBRIA LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "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

The objectives are, for the public benefit, to promote the arts and to advance education in the arts in particular but not exclusively by:

Providing premises, space and activities for local front-line groups to support the arts and artistic development of local people, particularly those from disadvantaged groups.

Activities undertaken for public benefit in relation to objects

The policies adopted in furtherance of these objects are to run a vibrant, multi-purpose, creative community venue that provides a range of affordable, secure, high quality spaces for creative organisations to thrive: a place for people to come together, learn and grow through the enjoyment of film, radio, music, dance, theatre, digital media and their shared heritage.

In planning and carrying out these activities the Board and management are always aware that such activities must be for the public benefit. As such the Board confirms that they will have due regard to the Charity Commission’s published guidance on the ‘public benefit’ motive.

In pursuance of this objective and as per our stated aim in our report 2022-23, we this year transferred Creative Studios Cumbria’s leasehold and interest in the building over to Signal Film and Media, the Lead Tenant of the building, in order to secure capital investment for the building. This was completed on October 1st 2023.

Achievements and performance

Significant activities and achievements against objectives

Report of the Management Committee for the year ended 31 March 2023

Creative Studios Cumbria (CSC) was established in 2007 to develop and run Cooke’s Studios, named after the Victorian furniture warehouse which once occupied this impressive space. It was born out of a community-led drive for affordable, high quality community-led venues to offer learning and personal development through creativity, fun, exercise and stimulation. Many thousands of Barrow’s residents, including its most vulnerable and at risk individuals, benefit from the support of the charities housed here. It has operated as a not-for-profit Company Limited by Guarantee up until May 2020 when it became a registered charity in order to help it meet a growing need for more space and support services.

Chairperson’s Statement

We were delighted this year that a further capital grant of £910,000 from the Community Ownership Fund was raised to match £490,000 raised last year in Arts Council Capital funding via our sister company Signal Film and Media. As the charity which delivers the majority of activity in the venue, we relied on its track record to secure the investment to complete the refurbishment of 102-104 Abbey Road, including completion of the third floor space.

In order to secure this investment we transferred the lease over to Signal Film and Media on 1st October 2023. They will assume responsibility for all costs associated with the building from that date onwards.

We are thrilled with the progress we’ve made establishing Cooke’s Studios as a vibrant, viable going concern over the years and look forward to it flourishing even further in years to come.

Kerry Kolbe

Chairperson, Creative Studios Cumbria

• 1 -

CREATIVE STUDIOS CUMBRIA LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Our Creative Community

We were proud to continue to host and support a wide variety of creative and community tenants this year, offering affordable rents and unique high quality premises in a Listed Building in the centre of town.

Signal Film + Media

A newly anointed Arts Council NPO organisation in 2023-24, Signal has expanded its activities into 102 exhibition and training spaces, with further workshop rooms and edit suites in 104. Signal is an award-winning charity offering a year-round programme of film, media and arts activities to thousands of residents annually. It specialises in working with disadvantaged young people and marginalised adults, using creativity as a tool to stimulate confidence and self-esteem and to improve life chances. Its funders often use it as a case study for best practice and include Arts Council England, National Lottery Heritage Fund, Esmee Fairbairn Foundation, Paul Hamlyn Foundation and the National Lottery Community Fund.

Theatre Factory

Based on the first floor of 104, Theatre Factory is an Arts Council England National Portfolio Organisation that provides a substantial programme of drama activities for 100s of young people of all ages each week, especially those from disadvantaged backgrounds and those with disabilities. All of their projects are free to participants with lots of ways for children to get involved, increase confidence and make new friends.

Free Spirit Academy

Located on the ground and second floors of 104, around 300 people per week attend Free Spirit’s daily classes for children from toddling to 18 years and for adults, covering a wide range of dance styles and in acrobatics. Participants work towards dance examinations with between 100-200 passing qualifications each year. Free Spirit pride themselves in offering a pathway for aspiring young dancers to learn to become dance teachers by offering them training and examinations.

Furness Multicultural Community Forum & Youth Club

A grassroots community group that delivers a raft of engagement activities, events, support and advocacy, training and youth work, including providing essential support to asylum seekers arriving in the town’s newly opened asylum hotels.

Sir John Fisher Foundation

Local grant-giving foundation which distributes circa £1.5m per year to charities working to improve the lives of disadvantaged people locally.

The Duke of Edinburgh Hotel

A well-established business which adjoins the Cooke’s Studios. Having reached maximum capacity and experiencing high demand, they worked with CSC to agree a lease for the top floor of Cooke’s Buildings. As a result they have been able to increase the number of rooms available and accommodate more visitors to Barrow, whilst CSC benefits from rental income.

Cooke’s building charities also work closely with other community organisations and consult front-line agencies to ensure they reach those most in need (including: Children’s Services; Inspira; Hawthwaite House Children’s Home; Silverdale House Homeless Shelters; Pupil Referral Unit; Night Stop Homeless Charity; Barrow Schools; Age UK; Mind). Our community partners agree there is a desperate need for our activities to reach the most vulnerable and disadvantaged in our community.

• 2 -

CREATIVE STUDIOS CUMBRIA LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Growing Our Impact

1 - Space for culture

When the building opened in December 2011 only half of its total capacity was in a habitable state. Since then we’ve worked in a timely, organic manner to find tenants and use our small amount of reserves to steadily bring the rest of the available space into use. By 2017 all the renovated areas of Cooke’s Studios at 104 Abbey Road were completely filled, with spaces rented out to a mix of community and private tenants generating sufficient income to ensure the building is viable long term. Now we have expanded into 102, the final unused spaces are set to be renovated and brought into use.

2 - Diversity and Inclusion

CSC is a socially engaged charity, committed to creating a supportive and inclusive environment for our community and tenants. We are keen to ensure our offer reflects our diverse society. As our spaces and offer grow, we are committed to ensuring the positive impact of this is felt throughout our community, particularly amongst marginalised or underrepresented groups.

3 - Environmental responsibility

Global heating and biodiversity loss are among the most significant and urgent issues of our time. We take our environmental responsibilities seriously and are committed to playing our part in tackling the climate emergency. We will work towards becoming a net zero carbon charity by 2030. We aim to use natural resources as efficiently as possible and reduce our environmental impact wherever possible including reducing our energy consumption and waste.

Financial review

The results for the year are summarised in the Statement of Financial Activities (income and expenditure account) on page 6. Incoming resources increased by £357 to £74,951,

Expenditure totalled £52,034, a decrease of £19,764 (28%). This lead to an increase in the total fund balances of £22,917 in the year. They now total £553,646, of which the unrestricted fund totals £384,038.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Major risks

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is a company limited by guarantee, not having share capital, and is governed by Memorandum and Articles of Association dated 8 January 2020. It's company registered number is 06424545. On 7 May 2021 the company became a registered charity with charity number 1189408.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Ms K J Kolbe Ms L A R Slater

• 3 -

CREATIVE STUDIOS CUMBRIA LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Recruitment and appointment of trustees

The Board consists of people with a considerable level of expertise in the area, who are able to draw on their past experience at a senior level in relevant disciplines.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees' report was approved by the Board of Trustees.

.............................. Ms K J Kolbe

Trustee

Date: ............................................. Dec 20, 2024

• 4 -

CREATIVE STUDIOS CUMBRIA LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF CREATIVE STUDIOS CUMBRIA LIMITED

I report to the trustees on my examination of the financial statements of Creative Studios Cumbria Limited (the charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:

• 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements 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

• 4 the financial statements 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 financial statements to be reached.

Melville &Co

Melville &Co (Dec 20, 2024 12:47 GMT)

Melville & Co

Chartered Accountants

Unit 17-18, Trinity Enterprise Centre Furness Business Park Ironworks Road Barrow-in-Furness LA14 2PN

Dated: ......................... Dec 20, 2024

• 5 -

CREATIVE STUDIOS CUMBRIA LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income from: Charitable activities 2 74,951 - Total income 74,951 - Expenditure on: Charitable activities 3 28,658 23,376 Other expenditure 8 - - Total expenditure 28,658 23,376 Net income/(expenditure) and movement in funds 46,293 (23,376) Reconciliation of funds: Fund balances at 1 April 2023 123,315 407,414 Fund balances at 31 March 2024 169,608 384,038	Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 74,951 74,594 - 74,951 74,594 - 52,034 (3,487) 75,137 - 148 - 52,034 (3,339) 75,137 22,917 77,933 (75,137) 530,729 45,382 482,551 553,646 123,315 407,414	Total 2023 £ 74,594
		74,594
		71,650 148
		71,798
		2,796 527,933
		530,729

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

• 6 -

CREATIVE STUDIOS CUMBRIA LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024

Notes Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Net assets excluding pension liability The funds of the charity Restricted income funds 13 Unrestricted funds	2024 £ 34,813 33,519 68,332 (1,877)	£ 487,191 66,455 553,646 553,646 384,038 169,608 553,646	2023 £ 11,183 36,202 47,385 (33,670)	£ 517,014 13,715
				530,729
				530,729
				407,414 123,315
				530,729

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Dec 20, 2024

The financial statements were approved by the trustees on .........................

..............................	..............................
Ms K J Kolbe	Ms L A R Slater
Trustee	Trustee

Company registration number 06424545 (England and Wales)

• 7 -

CREATIVE STUDIOS CUMBRIA LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Notes Cash flows from operating activities Cash (absorbed by)/generated from operations 18 Investing activities Purchase of tangible fixed assets Net cash used in investing activities Net cash used in financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year	2024 £ -	£ (2,683) - - (2,683) 36,202 33,519	2023 £ (4,754)	£ 24,234 (4,754) - 19,480 16,722 36,202

• 8 -

CREATIVE STUDIOS CUMBRIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Creative Studios Cumbria Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Cooke's Studios, 104 Abbey Road, Barrow-in-Furness, LA14 5QR.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

All expenditure is accounted for when incurred. Charitable expenditure includes the costs of all activities carried out, with the exception of costs incurred for governance purposes.

• 9 -

CREATIVE STUDIOS CUMBRIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property

Straight line over 30 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

• 10 -

CREATIVE STUDIOS CUMBRIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Charitable activities

	Charitable	Charitable
	Income	Income
	2024	2023
	£	£
Grants	-	9,030
Rental income	74,951	65,564
	74,951	74,594
Grants
Sir John Fisher Foundation	-	9,000
Other	-	30
	-	9,030

• 11 -

CREATIVE STUDIOS CUMBRIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

3 Expenditure on charitable activities

Direct costs Water rates Cleaning Light and heat Repairs and maintenance Computer running costs Professional fees Facilities management fees Book-keeping fees Bank charges Insurance Telephone Sundry expenses Share of support and governance costs (see note 4) Support Governance Analysis by fund Unrestricted funds Restricted funds Support costs Support costs Governance costs £ £ Depreciation 29,823 - Accountancy - 1,940 29,823 1,940 Analysed between Charitable activities 29,823 1,940	2024 £ - 3,178 26,766 3,904 272 (17,079) 2,160 290 72 - 660 48 20,271 29,823 1,940 52,034 28,658 23,376 52,034 2024Support costs Governance costs £ £ £ 29,823 30,073 - 1,940 - 1,839 31,763 30,073 1,839 31,763 30,073 1,839	2023 £ (2,228) 4,240 14,345 8,643 (21) 5,632 3,370 685 96 3,839 593 544 39,738 30,073 1,839 71,650 (3,487) 75,137 71,650 2023 £ 30,073 1,839 31,912 31,912

4 Support costs

• 12 -

CREATIVE STUDIOS CUMBRIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

5	Net movement in funds	2024	2023
		£	£
	The net movement in funds is stated after charging/(crediting):
	Depreciation of owned tangible fixed assets	29,823	30,073

6 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

7 Employees

The average monthly number of employees during the year was:

	2024	2023
	Number	Number
Total	-	-

There were no employees whose annual remuneration was more than £60,000.

8 Other expenditure

	Total	Unrestricted
		funds
	£
	2024	2023
Financing costs	-	148

9 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

• 13 -

CREATIVE STUDIOS CUMBRIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

10	Tangible fixed assets
		Improvements to property
			£
	Cost
	At 1 April 2023		794,252
	At 31 March 2024		794,252
	Depreciation and impairment
	At 1 April 2023		277,238
	Depreciation charged in the year		29,823
	At 31 March 2024		307,061
	Carrying amount
	At 31 March 2024		487,191
	At 31 March 2023		517,014
11	Debtors
		2024	2023
	Amounts falling due within one year:	£	£
	Trade debtors	1,328	7,272
	Other debtors	-	61
	Prepayments and accrued income	33,485	3,850
		34,813	11,183
12	Creditors: amounts falling due within one year
		2024	2023
		£	£
	Other taxation and social security	125	-
	Other creditors	-	10,000
	Accruals and deferred income	1,752	23,670
		1,877	33,670

• 14 -

CREATIVE STUDIOS CUMBRIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

13 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

	At 1 April	Resources	At 31 March
	2023	expended	2024
	£	£	£
	407,414	(23,376)	384,038
Previous year:	At 1 April	Resources	At 31 March
	2022	expended	2023
	£	£	£
	482,551	(75,137)	407,414

14 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

	At 1 April	Incoming	Resources	At 31 March
	2023	resources	expended	2024
	£	£	£	£
General funds	123,315	74,951	(28,658)	169,608
Previous year:	At 1 April	Incoming	Resources	At 31 March
	2022	resources	expended	2023
	£	£	£	£
General funds	45,382	74,594	3,339	123,315

• 15 -

CREATIVE STUDIOS CUMBRIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

15 Analysis of net assets between funds

Unrestricted Restricted funds funds 2024 2024 £ £ Fund balances at 31 March 2024 are represented by: Tangible assets 103,153 384,038 Current assets/(liabilities) 66,455 - 169,608 384,038 Unrestricted Restricted funds funds 2023 2023 £ £ Fund balances at 31 March 2023 are represented by: Tangible assets 109,600 407,414 Current assets/(liabilities) 13,715 - 123,315 407,414	Total 2024 £ 487,191 66,455
	553,646
	Total 2023 £ 517,014 13,715
	530,729

The restricted fund relates to the refurbishment of Cooke's Studios.

16 Related party transactions

Signal Film & Media Limited is a charitable company under the control of the trustees of Creative Studios Cumbria Limited. During the year the charity received rent of £5,656 (2022 - £8,495) from Signal Film & Media Limited.

17 Analysis of changes in net funds

The charity had no material debt during the year.

18 Cash generated from operations Surplus for the year Adjustments for: Depreciation and impairment of tangible fixed assets Movements in working capital: (Increase)/decrease in debtors (Decrease) in creditors Cash (absorbed by)/generated from operations	2024 £ 22,917 29,823 (23,630) (31,793) (2,683)	2023 £ 2,796 30,073 9,328 (17,963)
		24,234

• 16 -

Creative Studios Cumbria Limited Cooke's Studio 104 Abbey Road Barrow-in-Furness LA14 5QR

Melville & Co Chartered Accountants Unit 17-18 Trinity Enterprise Centre Furness Business Park Ironworks Road BARROW-IN-FURNESS LA14 2PN

Dear Sirs

ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your report on the company’s financial statements for the year ended 31 March 2024. These enquiries have included inspection of supporting documentation where appropriate. All representations are made to the best of our knowledge and belief.

GENERAL

1. We acknowledge that the work performed by you is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK and Ireland) and that you do not express an audit opinion.

2. We confirm that the company was entitled to exemption under section 477 of the Companies Act 2006 from the requirement to have its financial statements for the financial year ended 31 March 2021 audited. We also confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476 of the Companies Act 2006.

3. We have fulfilled our responsibilities as directors, as set out in the terms of your engagement letter dated 25 October 2021 under the Companies Act 2006, for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view.

4. All the transactions undertaken by the company have been properly reflected and recorded in the accounting records.

5. All the accounting records and related financial information, including minutes of all management and shareholders’ meetings have been made available to you for the purpose of your work.

ASSETS AND LIABILITIES

1. The company has satisfactory title to all assets and there are no liens or encumbrances on the company’s assets, except for those that are disclosed as appropriate in the notes to the financial statements.

2. All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as appropriate.

LOANS AND ARRANGEMENTS

1. The company has not granted any advances or credits to, or made guarantees on behalf of, directors other than those disclosed in the financial statements.

LEGAL CLAIMS

1. We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for and disclosed in the financial statements.

LAWS AND REGULATIONS

1. We have disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing the financial statements.

RELATED PARTIES

1. Related party relationships and transactions have been appropriately accounted for and disclosed as required in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with the requirements of company law or accounting standards.

SUBSEQUENT EVENTS

1. All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed.

GOING CONCERN

1. We believe that the company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the company's ability to continue as a going concern need to me made in the financial statements.

GRANTS AND DONATIONS

1. All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income.

Yours faithfully

Dec 20, 2024 .......................................................................... ................................. Ms K Kolbe - Trustee Dated

Signed on behalf of the board of directors

Creative Studios Cumbria Limited - 31 March

2024

Final Audit Report

2024-12-20

Created: 2024-12-20 By: Melville & Co Accountants ([e-mail]) Status: Signed Transaction ID: CBJCHBCAABAAkXoB4w8srQjqVSXW0toeHSq8lkn-yIKd

"Creative Studios Cumbria Limited - 31 March 2024" History

Document created by Melville & Co Accountants ([e-mail])

2024-12-20 - 12:28:11 GMT- IP address: 92.207.76.91

Document emailed to [e-mail] for signature

2024-12-20 - 12:32:35 GMT

Email viewed by [e-mail]

2024-12-20 - 12:42:34 GMT- IP address: 66.249.93.99

• Signer [e-mail] entered name at signing as Kerry Kolbe

2024-12-20 - 12:44:09 GMT- IP address: 84.67.154.167

• Document e-signed by Kerry Kolbe ([e-mail])

Signature Date: 2024-12-20 - 12:44:11 GMT - Time Source: server- IP address: 84.67.154.167

• Document emailed to [e-mail] for signature

2024-12-20 - 12:44:12 GMT

Email viewed by [e-mail]

2024-12-20 - 12:44:17 GMT- IP address: 209.85.238.2

Signer [e-mail] entered name at signing as Loren Slater 2024-12-20 - 12:47:14 GMT- IP address: 77.97.204.186

Document e-signed by Loren Slater ([e-mail])

Signature Date: 2024-12-20 - 12:47:16 GMT - Time Source: server- IP address: 77.97.204.186

Document emailed to [e-mail] for signature 2024-12-20 - 12:47:18 GMT

Email viewed by [e-mail]

2024-12-20 - 12:47:30 GMT- IP address: 92.207.76.91

Signer [e-mail] entered name at signing as Melville &Co

2024-12-20 - 12:47:57 GMT- IP address: 92.207.76.91

Document e-signed by Melville &Co ([e-mail]) Signature Date: 2024-12-20 - 12:47:59 GMT - Time Source: server- IP address: 92.207.76.91

Agreement completed.

2024-12-20 - 12:47:59 GMT