2025-02-28-accounts - Myworld Creative Projects

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MyWorld Creative Projects

Charity No. 1197162

Trustees' Report and Unaudited Accounts

28 February 2025

MyWorld Creative Projects Contents

	Pages
Trustees' Annual Report	2
Independent Examiner's Report	3
Statement of Financial Activities	4
Balance Sheet	5
Notes to the Accounts	6 to 11
Detailed Statement of Financial Activities	12 to 14

Page 1

MyWorld Creative Projects Trustees Annual Report

The trustees present their report with the unaudited financial statements of the charity for the year ended 28 February 2025.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1197162

Trustees

The following trustees served during the year:

M.R. Allwright

R. Henderson

K. Treacy

Y.C. Wong

Accountants

Cavanagh Hobden 56 Mill Lane

Welwyn

AL6 9ES

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the charity's trustees

M.R. Allwright Trustee 11 December 2025

Page 2

MyWorld Creative Projects Independent Examiners Report

Independent Examiner's Report to the trustees of MyWorld Creative Projects

I report to the trustees on my examination of the financial statements of MyWorld Creative Projects for the year ended 28 February 2025.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity's financial statements 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 examiner's statement

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.

Teresa Cavanagh FCCA Cavanagh Hobden 56 Mill Lane Welwyn

AL6 9ES

11 December 2025

Page 3

MyWorld Creative Projects Statement of Financial Activities for the year ended 28 February 2025

Unrestricted funds	Total funds	Total funds
2025	2025	2024
£	£	£

55,106	55,106	-
32,043	32,043	-
87,149	87,149	-

30,498	30,498	-
28,925	28,925	-
59,423	59,423	-
-	-	-
27,726	27,726	-
-	-	-
27,726	27,726	-

27,726	27,726	-

27,726	27,726	-

Page 4

MyWorld Creative Projects Balance Sheet at 28 February 2025

Charity No. 1197162 Fixed assets Tangible assets 8 Current assets Debtors 9 Cash at bank and in hand Creditors:Amount falling due within one year 10 Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 11 Unrestricted funds 11 General funds Reserves 11 Total funds Approved by the trustees on 11 December 2025	2025 £ 2,400 2,400 2,000 25,620 27,620 (2,294) 25,326 27,726 27,726 27,726 27,726 27,726 27,726	2024 £ -
		- - -
		- -
		- -
		-
		-
		-
		-
		-

And signed on their behalf by:

M.R. Allwright Trustee 11 December 2025

Page 5

MyWorld Creative Projects Notes to the Accounts

for the year ended 28 February 2025

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 6

MyWorld Creative Projects Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 7

MyWorld Creative Projects Notes to the Accounts

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Income from donations and legacies

Unrestricted £ 55,106 55,106	Total 2025 £ 55,106 55,106	Total 2024 £ -
		-

Page 8

MyWorld Creative Projects Notes to the Accounts

3 Income from other trading activities

4 Expenditure on raising funds Fundraising trading costs 5 Other expenditure Employee costs Motor and travel costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 6 Net income before transfers This is stated after charging: Depreciation of owned fixed assets 7 Staff costs Salaries and wages Pension costs No employee received emoluments in excess of £60,000.	Unrestricted £ 32,043 32,043 Unrestricted £ 30,498 30,498 Unrestricted £ 22,363 2,655 600 2,011 1,296 28,925 2025 £ 600 2025 21,833 530 22,363	Total 2025 £ 32,043 32,043 Total 2025 £ 30,498 30,498 Total 2025 £ 22,363 2,655 600 2,011 1,296 28,925	Total 2024 £ -
			-
			Total 2024 £ -
			-
			Total 2024 £ - - - - -
			-
			2024 £ - 2024 - -
			-

Page 9

MyWorld Creative Projects Notes to the Accounts

8 Tangible fixed assets

2025 £ 2,000 2,000 2025 £ 1,046 168	£ 3,000 3,000 600 600 2,400	£ 3,000
		3,000
		600
		600
		2,400
		2024 £ -
		-
		2024 £ - -
1,080		-
2,294 Incoming resources (including other gains/losses ) £ 87,149 87,149 Unrestricted funds £ 2,400 23,326 25,726	Resources expended £ (59,423) (59,423) Restricted funds £ - 2,000 2,000	-
		At 28 February 2025 £ 27,726
		27,726
		Total £ 2,400 25,326
		27,726

Page 10

MyWorld Creative Projects Notes to the Accounts

13 Reconciliation of net debt

Reconciliation of net debt
Cash and cash equivalents Net debt	Cash flows £	At 28 February 2025 £
	25,620	25,620
	25,620 25,620	25,620
		25,620

14 Commitments

Operating lease commitments

Annual commitments under non-cancellable operating leases are as follows:

	2025	2025	2024	2024
	Land and buildings	Other	Land and buildings	Other
	£	£	£	£
Operating leases with expiry date:
*Pension commitments*
		2025		2024
		£		£
The pension cost charge to the charity
amounted to:		530		-

Page 11

MyWorld Creative Projects Detailed Statement of Financial Activities

for the year ended 28 February 2025

Income and endowments from: Donations and legacies Other trading activities Total income and endowments Expenditure on: Costs of other trading activities Total of expenditure on raising funds Employee costs Salaries/wages Pension costs Motor and travel costs Travel and subsistence General administrative costs, including depreciation and amortisation Depreciation of Bank charges Software, IT support and related costs Stationery and printing Subscriptions Telephone, fax and broadband Legal and professional costs Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Net gains on investments	Unrestricted funds 2025 £ 55,106 55,106 32,043 32,043 87,149 30,498 30,498 30,498 21,833 530 22,363 2,655 2,655 600 896 639 6 156 314 2,611 1,296 1,296 28,925 59,423 -	Total funds 2025 £ 55,106 55,106 32,043 32,043 87,149 30,498 30,498 30,498 21,833 530 22,363 2,655 2,655 600 896 639 6 156 314 2,611 1,296 1,296 28,925 59,423 -	Total funds 2024 £ -
			-
			-
			-
			- -
			-
			- - -
			-
			-
			-
			- - - - - -
			-
			-
			-

			-
			- -

Page 12

MyWorld Creative Projects Detailed Statement of Financial Activities

Net income Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	27,726 27,726 - 27,726 - 27,726	27,726 27,726 - 27,726 - 27,726	-
			- -
			-
			-
			-

Page 13