REGISTERED COMPANY NUMBER: 00410481 (England and Wales) REGISTERED CHARITY NUMBER: 208710
ELTHAM LITTLE THEATRE LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BR1 3RA
ELTHAM LITTLE THEATRE LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 July 2022
| Page | |||
|---|---|---|---|
| Trustees' report | 1 | to | 3 |
| Independent examiner's report | 4 | ||
| Statement of financial activities | 5 | ||
| Balance sheet | 6 | to | 7 |
| Notes to the financial statements | 8 | to | 15 |
ELTHAM LITTLE THEATRE LIMITED (REGISTERED NUMBER: 00410481)
TRUSTEES' REPORT for the year ended 31 July 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2022. 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 Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES Objectives and aims
The purposes of the charity are as follows;
-
Providing a home for the arts of the theatre, drama, music, the cinema and any cognate of allied arts, to make these available to the public and to develop the cultural welfare of the community.
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Maintaining the venue and providing facilities for the theatrical mounting of productions
Significant activities
The charity undertakes various fundraising activities in order to raise additional income to keep ticket prices to a minimum.
In order to achieve the objectives of the charity the trustees have employed the following strategies;
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presenting a range of in-house productions which can be enjoyed by wide population of the local community.
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offering opportunities for people to get involved with the theatre as volunteers in a wide range of activities
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making the theatre available to other theatrical organisations for a hire charge, which allows essential maintenance of the theatre.
Through our strategies we endeavour to encourage all within the local community to take part in and benefit from activities.
Public benefit
In reviewing our objectives for the current year the trustees have considered the Charity Commission's guidance on public benefit and fee charging. The theatre relies significantly on the income from ticket sales to cover its operating costs and maintenance of the theatre, however the trustees give careful consideration to those on low incomes when setting the level of ticket prices, concessions and all off peak discounts.
The Charity also undertakes various fundraising activities in order to raise additional income to keep ticket prices to a minimum.
Volunteers
The charity is totally dependant on the services of volunteers except for the clerical officer and cleaner.
FINANCIAL REVIEW
Investment policy and objectives
It is the policy of the charity to utilise a majority of the incoming resources in the short term for the furtherance of the charity's objectives, as a result there are a few funds for new long term investment. The charity does own the freehold of the theatre which ties up most of the available reserves of the charity. This is maintained to a high standard in order to preserve and enhance the value of this investment.
Results
During the year theatre production income amounted to £60,243 an increase of £60,053 from 2021. Lettings income has increased by £45,258 from £250 in 2021 to £45,508 in 2022, largely due to the theatre being re-opened from July 2021following the Covid-19 pandemic. The surplus for the year amounted to £8,854 (2021: £(26,227) after deducting depreciation charges of £38,759 (2021: £39,830).
Going concern
Despite the Covid-19 pandemic, the trustees consider the charity to be a going concern due to the fact there is approximately £102,000 in the bank at the year end and expenditure is being kept to a minimum. The theatre reopened in August 2021 and has shows lined up for the rest of the year and into 2023.
Page 1
ELTHAM LITTLE THEATRE LIMITED (REGISTERED NUMBER: 00410481)
TRUSTEES' REPORT for the year ended 31 July 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Eltham Little Theatre Limited is a company Limited by Guarantee (company number 410481) and a registered charity (charity number 208710). The company was incorporated on 14 May 1946 under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association, as amended 22 June 1949, 20 June 1988, 23 October 2000, 24 September 2003 and 3 October 2005.
Recruitment and appointment of new trustees
The directors of the charitable company (''the Charity'') are its trustees for the purpose of Charity Law and are represented by the Chairman, Treasurer and Secretary of the board of management. As set out in the Articles of Association, if there is at any time a vacancy in the membership a new member may be appointed by the members in a general meeting.
Organisational structure
The Charity's board of management is currently made up of 10 members who meet regularly and are responsible for deciding the strategic policy and direction of the charity.
There is a scheme of delegation in place whereby the day to day responsibility for the charity and the responsibility for ensuring the long term objectives are met rests with the Chairman, Treasurer and Secretary.
Induction and training of new trustees
Most new members of the board of management are already familiar with the practical work of the charity, having been involved with it for a number of years. They also undergo a short training session whereby they are familiarised with; the obligations of the board of management, the main documents which set out the operational framework of the charity including the memorandum and article, the current financial position and future plans and objectives.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
00410481 (England and Wales)
Registered Charity number
208710
Registered office
Wythfield Road Eltham London SE9 5TG
Trustees
I C Hamilton Retired (resigned 20.10.22) Mrs J M Sims Retired Mrs C Williams Educationalist J F Goodwin (appointed 20.10.22)
Company Secretary
Mrs C Williams
Independent Examiner
Paul Allan BSocSc FCA Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BR1 3RA
Page 2
ELTHAM LITTLE THEATRE LIMITED (REGISTERED NUMBER: 00410481)
TRUSTEES' REPORT for the year ended 31 July 2022
REFERENCE AND ADMINISTRATIVE DETAILS Members of Board of Management
J Sims Chairman I Hamilton Treasurer C Williams Secretary J Shepherd J Goodwin A Ingram D Hinchley-Robson D Barefoot P Martin
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 31 October 2022 and signed on its behalf by:
Mrs J M Sims - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ELTHAM LITTLE THEATRE LIMITED
Independent examiner's report to the trustees of Eltham Little Theatre Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the 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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts 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
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the accounts 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 accounts to be reached.
Paul Allan BSocSc FCA Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BR1 3RA
31 October 2022
Page 4
ELTHAM LITTLE THEATRE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 July 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 5 Subscriptions Charitable activities Other trading activities 3 Investment income 4 Total EXPENDITURE ON Charitable activities 6 Charitable activities Other 8 Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 25,536 2,295 106,133 25,833 19 159,816 87,645 63,317 150,962 8,854 1,222,767 1,231,621 |
Restricted fund £ - - - - - - - - - - - - |
2022 Total funds £ 25,536 2,295 106,133 25,833 19 159,816 87,645 63,317 150,962 8,854 1,222,767 1,231,621 |
2021 Total funds £ 92,534 185 255 - 7 92,981 55,068 64,140 119,208 (26,227) 1,248,994 1,222,767 |
|---|---|---|---|---|
The notes form part of these financial statements
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ELTHAM LITTLE THEATRE LIMITED (REGISTERED NUMBER: 00410481)
BALANCE SHEET 31 July 2022
| Notes FIXED ASSETS Tangible assets 13 CURRENT ASSETS Stocks 14 Debtors 15 Cash at bank and in hand 16 CREDITORS Amounts falling due within one year 17 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 18 Unrestricted funds TOTAL FUNDS |
Unrestricted funds £ 1,148,811 450 59 102,073 102,582 (19,772) 82,810 1,231,621 1,231,621 |
Restricted fund £ - - - - - - - - - |
2022 Total funds £ 1,148,811 450 59 102,073 102,582 (19,772) 82,810 1,231,621 1,231,621 1,231,621 1,231,621 |
2021 Total funds £ 1,190,027 500 23,648 42,304 66,452 (33,712) 32,740 1,222,767 1,222,767 1,222,767 1,222,767 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 6
continued...
ELTHAM LITTLE THEATRE LIMITED (REGISTERED NUMBER: 00410481)
BALANCE SHEET - continued 31 July 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 31 October 2022 and were signed on its behalf by:
J M Sims - Trustee
The notes form part of these financial statements
Page 7
ELTHAM LITTLE THEATRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared 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' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Critical accounting judgements and key sources of estimation uncertainty
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 the 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 revision and future periods where the revision affects both current and future periods.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Going concern
The trustees have reasonable expectation, giving consideration to the worldwide coronavirus pandemic (COVID 19), that the charity has adequate resources to continue for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 50 years Improvements to property - 10% - 20% on cost Plant and machinery - 7.5% on reducing balance Fixtures and fittings - 7.5% on reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
continued...
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ELTHAM LITTLE THEATRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2022
1. ACCOUNTING POLICIES - continued
Fund accounting
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Donations and grants | 25,536 | 92,534 |
| Included in donations is £7,000 from Greenwich Council and £16,947 from The Arts Council in COVID-19 grants. 3. OTHER TRADING ACTIVITIES 2022 £ Bar, coffee, confectionary and merchandising income 25,833 4. INVESTMENT INCOME 2022 £ Investment income 19 5. INCOME FROM CHARITABLE ACTIVITIES 2022 Activity £ Other income Subscriptions 2,295 Theatre productions Charitable activities 60,243 Other income Charitable activities 45,890 108,428 6. CHARITABLE ACTIVITIES COSTS Support Direct costs (see Costs note 7) £ £ Charitable activities 86,745 900 |
Included in donations is £7,000 from Greenwich Council and £16,947 from The Arts Council in COVID-19 grants. 3. OTHER TRADING ACTIVITIES 2022 £ Bar, coffee, confectionary and merchandising income 25,833 4. INVESTMENT INCOME 2022 £ Investment income 19 5. INCOME FROM CHARITABLE ACTIVITIES 2022 Activity £ Other income Subscriptions 2,295 Theatre productions Charitable activities 60,243 Other income Charitable activities 45,890 108,428 6. CHARITABLE ACTIVITIES COSTS Support Direct costs (see Costs note 7) £ £ Charitable activities 86,745 900 |
respect of 2021 £ - 2021 £ 7 2021 £ 185 190 65 440 Totals £ 87,645 |
|---|---|---|
continued...
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ELTHAM LITTLE THEATRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2022
7. SUPPORT COSTS
8.
| SUPPORT COSTS | |||||
|---|---|---|---|---|---|
| Governance | |||||
| Management | Finance | costs | Totals | ||
| £ | £ | £ | £ | ||
| Other resources expended | 16,011 | 2,117 | 6,430 | 24,558 | |
| Charitable activities | 485 | - | 415 | 900 | |
| 16,496 | 2,117 | 6,845 | 25,458 | ||
| Support costs, included in the above, are as follows: | |||||
| Management | |||||
| 2022 | 2021 | ||||
| Other | |||||
| resources | Charitable | Total | Total | ||
| expended | activities | activities | activities | ||
| £ | £ | £ | £ | ||
| Insurance & licenses | 10,518 | 128 | 10,646 | 10,840 | |
| Postage, Stationary & Phone | 4,949 | 357 | 5,306 | 4,191 | |
| Sundries | 437 | - | 437 | 2,753 | |
| Travel & subsistence | 107 | - | 107 | 18 | |
| 16,011 | 485 | 16,496 | 17,802 | ||
| Finance | |||||
| 2022 | 2021 | ||||
| Other | |||||
| resources | Total | ||||
| expended | activities | ||||
| £ | £ | ||||
| Bank charges | 2,117 | 882 | |||
| Governance costs | |||||
| 2022 | 2021 | ||||
| Other | |||||
| resources | Charitable | Total | Total | ||
| expended | activities | activities | activities | ||
| £ | £ | £ | £ | ||
| Accountancy and legal fees | 6,430 | 415 | 6,845 | 5,626 | |
| OTHER | |||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Depreciation | 38,759 | 39,830 | |||
| Support costs | 24,558 | 24,310 | |||
| 63,317 | 64,140 |
continued...
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ELTHAM LITTLE THEATRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2022
9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 38,757 | 40,053 |
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2022 nor for the year ended 31 July 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2022 nor for the year ended 31 July 2021.
11. STAFF COSTS
| Wages and salaries The average monthly number of employees during the year was as follows: Administration No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 92,534 Charitable activities Subscriptions 185 Charitable activities 255 Investment income 7 Total 92,981 EXPENDITURE ON Charitable activities Charitable activities 55,068 Other 64,140 Total 119,208 |
2022 £ 9,879 9,879 2022 1 Restricted fund £ - - - - - - - - |
2021 £ 9,110 9,110 2021 2 Total funds £ 92,534 185 255 7 |
||
|---|---|---|---|---|
| 92,981 | ||||
| 55,068 64,140 |
||||
| 119,208 |
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
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ELTHAM LITTLE THEATRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2022
| 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 13. TANGIBLE FIXED ASSETS COST At 1 August 2021 Additions Exchange differences At 31 July 2022 DEPRECIATION At 1 August 2021 Charge for year At 31 July 2022 NET BOOK VALUE At 31 July 2022 At 31 July 2021 |
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 13. TANGIBLE FIXED ASSETS COST At 1 August 2021 Additions Exchange differences At 31 July 2022 DEPRECIATION At 1 August 2021 Charge for year At 31 July 2022 NET BOOK VALUE At 31 July 2022 At 31 July 2021 |
ACTIVITIES Unrestricted funds £ (26,227) 1,248,994 1,222,767 Freehold property £ 45,000 - - 45,000 35,100 900 36,000 9,000 9,900 |
- continued Restricted fund £ - - - Improvements to property £ 1,232,653 2,200 (5,384) 1,229,469 228,600 24,653 253,253 976,216 1,004,053 |
Total funds £ (26,227) 1,248,994 1,222,767 Plant and machinery £ 123,686 725 - 124,411 61,873 4,636 66,509 57,902 61,813 |
|
|---|---|---|---|---|---|
continued...
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ELTHAM LITTLE THEATRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2022
13. TANGIBLE FIXED ASSETS - continued
| 13. | TANGIBLE FIXED ASSETS - continued | ||||
|---|---|---|---|---|---|
| Fixtures | |||||
| and | Computer | ||||
| fittings | equipment | Totals | |||
| £ | £ | £ | |||
| COST | |||||
| At 1 August 2021 | 156,009 | 17,167 | 1,574,515 | ||
| Additions | - | - | 2,925 | ||
| Exchange differences | - | - | (5,384) | ||
| At 31 July 2022 | 156,009 | 17,167 | 1,572,056 | ||
| DEPRECIATION | |||||
| At 1 August 2021 | 57,627 | 1,288 | 384,488 | ||
| Charge for year | 7,378 | 1,190 | 38,757 | ||
| At 31 July 2022 | 65,005 | 2,478 | 423,245 | ||
| NET BOOK VALUE | |||||
| At 31 July 2022 | 91,004 | 14,689 | 1,148,811 | ||
| At 31 July 2021 | 98,382 | 15,879 | 1,190,027 | ||
| The VAT adjustment is a result of the charity becoming VAT | registered in 2019 and | making pre-VAT | |||
| registration claims. | |||||
| 14. | STOCKS | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Stocks | 450 | 500 | |||
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Trade debtors | 59 | 366 | |||
| VAT | - | 18,732 | |||
| Prepayments and accrued income | - | 4,550 | |||
| 59 | 23,648 | ||||
| 16. | CASH AT BANK AND IN HAND |
continued...
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ELTHAM LITTLE THEATRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2022
16. CASH AT BANK AND IN HAND - continued
| 16. CASH AT BANK AND IN HAND - continued |
|||||
|---|---|---|---|---|---|
| Cash in hand Bank account no. 1 Bank account no. 2 Bank deposit account Total 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes VAT Other creditors Accruals and deferred income 18. MOVEMENT IN FUNDS At 1.8.21 £ Unrestricted funds General fund 1,222,767 TOTAL FUNDS 1,222,767 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 159,816 TOTAL FUNDS 159,816 |
2022 Total funds £ 419 3,621 55,371 42,662 102,073 2022 £ 16,713 7 55 1,408 1,589 19,772 Net movement in funds £ 8,854 8,854 Resources expended £ (150,962) (150,962) |
||||
continued...
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ELTHAM LITTLE THEATRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2022
18. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.8.20 £ Unrestricted funds General fund 1,248,994 TOTAL FUNDS 1,248,994 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 92,981 TOTAL FUNDS 92,981 |
Net movement in funds £ (26,227) (26,227) Resources expended £ (119,208) (119,208) |
At 31.7.21 £ 1,222,767 1,222,767 Movement in funds £ (26,227) (26,227) |
|
|---|---|---|---|
19. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2022.
20. LIMITED BY GUARANTEE
The company is Limited by Guarantee and as such any profits are to be retained by the charity.
21. CONTINGENT ASSET
The 2019 VAT registration of the charity gave rise to VAT refunds provided for in this set of accounts. Further VAT refunds will be released at a rate of the annually calculated partial exemption percentage of the maximum reclaim of £12,521 per annum for the remaining 6 years as per the VAT Capital Goods Scheme. This has been agreed with HMRC, but to be prudent the adjustments will be made in future financial statements upon receipt of the refund.
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