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2023-11-30-accounts

Charity registration number 1197512

Company registration number CE027945 (England and Wales)

SHOWMANROSE FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

SHOWMANROSE FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs H R Showman
Mr S A Showman
Mr D H Rose
Mr J G Showman
Mr A S Showman
Charity number 1197512
Company number CE027945
Principal address Manor Mill
Victoria Street
Chadderton
Oldham
OL9 0DD
Registered office Manor Mill
Victoria Street
Chadderton
Oldham
OL9 0DD
Independent examiner Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS

SHOWMANROSE FOUNDATION

CONTENTS

Page
Trustees report 1
Independent examiner's report 2
Statement of financial activities 3
Balance sheet 4
Notes to the financial statements 5 - 9

SHOWMANROSE FOUNDATION

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 NOVEMBER 2023

The trustees present their annual report and financial statements for the year ended 30 November 2023.

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 SORP, 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 object of the CIO is to advance such charitable purposes (according to the law of England and Wales) as the trustees think fit from time to time.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

Achievements and performance

Significant activities and achievements against objectives

The charity has started to generate dividend income from it's investments from which it will look to begin its charitable activities.

Financial review

The charity has received £336,000 in donated listed shares, with a year end fund balance of £464,467 following revaluation of the shares at 30 November 2023.

Structure, governance and management

The charity was established by a charitable trust deed on 14 January 2022 and was incorporated as a Charitable Incorporated Organisation (CIO).

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:

Mrs H R Showman

Mr S A Showman Mr D H Rose Mr J G Showman Mr A S Showman

Recruitment and appointment of trustees

Apart from the first charity trustees, every trustee must be appointed 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.

The trustees report was approved by the Board of Trustees.

Mrs H R Showman

Trustee

Mr S A Showman Trustee

26 September 2024

SHOWMANROSE FOUNDATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHOWMANROSE FOUNDATION

I report to the trustees on my examination of the financial statements of Showmanrose Foundation (the Charity) for the year ended 30 November 2023.

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

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACA, which is one of the listed bodies.

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:

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.

Lopian Gross Barnett & Co

Nathaniel Davidson BA(Hons) ACA (Senior Independent Examiner)

1st Floor, Cloister House Riverside New Bailey Street Manchester M3 5FS

Dated: 26 September 2024

SHOWMANROSE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 NOVEMBER 2023

Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 3 336,000 182,250
Investments 4 12,228 2,301
Total income 348,228 184,551
Expenditure on:
Other expenditure 8 51 11
Total expenditure 51 11
Net gains/(losses) on investments 9 (30,000) (38,250)
Net income and movement in funds 318,177 146,290
Reconciliation of funds:
Fund balances at 1 December 2022 146,290 -
Fund balances at 30 November 2023 464,467 146,290

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

SHOWMANROSE FOUNDATION

BALANCE SHEET

AS AT 30 NOVEMBER 2023

Notes
Fixed assets
Investments
11
Current assets
Cash at bank and in hand
Net current assets
Total assets less current liabilities
Net assets excluding pension liability
The funds of the Charity
Unrestricted funds		 2023
£
2,290		 £
462,177
2,290
464,467
464,467
464,467
464,467		 2022
£
2,290		 £
144,000
2,290
146,290
146,290
146,290
146,290

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 November 2023.

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.

The financial statements were approved by the trustees on 26 September 2024

Mrs H R Showman Mr S A Showman Trustee Trustee

Company registration number CE027945 (England and Wales)

SHOWMANROSE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

1 Accounting policies

Charity information

Showmanrose Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Manor Mill, Victoria Street, Chadderton, Oldham, OL9 0DD.

1.1 Reporting period

The current accounting period is for the year ended 30 November 2023. However, the comparative figures were for the period 14 January 2022 to 30 November 2022 so are not entirely comparable.

1.2 Accounting convention

The financial statements have been prepared in accordance with the Charity's SORP, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

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.

1.3 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.

1.4 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.

1.5 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.

SHOWMANROSE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

1 Accounting policies

(Continued)

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

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.

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.

Derecognition of financial liabilities

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

1.9 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.

SHOWMANROSE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 336,000 182,250
4 Income from investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Income from listed investments 12,110 2,300
Interest receivable 118 1
12,228 2,301
5 Auditor's remuneration
Fees payable to the charity's auditor and associates: 2023 2022
£ £
For audit services
Independent examination of the financial statements of the charity 1,000 1,000

6 Trustees

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

SHOWMANROSE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

7 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -

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

8 Other expenditure

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Financing costs 51 11
9 Gains and losses on investments
Unrestricted Unrestricted
funds funds
2023 2022
Gains/(losses) arising on: £ £
Revaluation of investments (30,000) (38,250)

10 Taxation

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

SHOWMANROSE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

11 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 December 2022 144,000
Additions 348,177
Valuation changes (30,000)
At 30 November 2023 462,177
Carrying amount
At 30 November 2023 462,177
At 30 November 2022 144,000

12 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 Incoming Resources Gains and At 30
December resources expended losses November
2022 2023
£ £ £ £ £
General funds 146,290 348,228 (51) (30,000) 464,467
Previous Period: At 1 Incoming Resources Gains and At 30
December resources expended losses November
2021 2022
£ £ £ £ £
General funds - 184,551 (11) (38,250) 146,290

13 Related party transactions

Ultimate Products shares at a cost of £336,000 were donated to the charity from the trustees during the year. A trustee of the charity is a director of Ultimate Products PLC.