Passionart Limited - Charities report - 20.2

REGISTERED COMPANY NUMBER: 09375696 (England and Wales)

REGISTERED CHARITY NUMBER: 1160894

Report of the Trustees and

Financial Statements for the Year Ended 31 December 2020

for

Passionart Limited

Page

Report of the Trustees

1

to

2

Independent Examiner's Report

3

Statement of Financial Activities

4

Balance Sheet

5

to

6

Notes to the Financial Statements

7

to

12

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 December 2020. 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).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

09375696 (England and Wales)

Registered Charity number

1160894

Registered office

17-19 Park Lane

Poynton

Stockport

Cheshire

SK12 1RD

Trustees

Mrs L Sutton

L Grant

R Ho

M Thorpe

Independent Examiner

Breakspear's

Breakspear's

19 Park Lane

Poynton

Stockport

Cheshire

SK12 1RD

Approved by order of the board of trustees on 12 March 2021 and signed on its behalf by:

Mrs L Sutton - Trustee

Independent examiner's report to the trustees of Passionart Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020.

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:

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

2.	the accounts do not accord with those records; or

3.	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

4.

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.

Breakspear's

Breakspear's

19 Park Lane

Poynton

Stockport

Cheshire

SK12 1RD

15 March 2021

2020

2019

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2,290

2,120

EXPENDITURE ON

Raising funds

2

-

936

Charitable activities

Exhibition expenses

-

5,497

Governance costs

684

390

Other

-

50

Total

684

6,873

NET INCOME/(EXPENDITURE)

1,606

(4,753

)

RECONCILIATION OF FUNDS

Total funds brought forward

4,291

9,044

TOTAL FUNDS CARRIED FORWARD

5,897

4,291

2020

2019

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Tangible assets

6

559

559

CURRENT ASSETS

Cash at bank

5,098

4,092

CREDITORS

Amounts falling due within one year

7

240

(360

)

NET CURRENT ASSETS

5,338

3,732

TOTAL ASSETS LESS CURRENT LIABILITIES

5,897

4,291

NET ASSETS

5,897

4,291

FUNDS

8

Unrestricted funds

5,897

4,291

TOTAL FUNDS

5,897

4,291

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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

(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.

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 12 March 2021 and were signed on its behalf by:

L Sutton - Trustee

L Grant - Trustee

R Ho - Trustee

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.

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.

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.

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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.	RAISING FUNDS

Raising donations and legacies

2020

2019

£

£

Web site costs

-

750

Support costs

-

186

-

936

3.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2020

2019

£

£

Depreciation - owned assets

-

186

4.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.

5.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

fund

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2,120

EXPENDITURE ON

Raising funds

936

Charitable activities

Exhibition expenses

5,497

Governance costs

390

Other

50

Total

6,873

NET INCOME/(EXPENDITURE)

(4,753

)

RECONCILIATION OF FUNDS

Total funds brought forward

9,044

TOTAL FUNDS CARRIED FORWARD

4,291

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2020 and 31 December 2020

745

DEPRECIATION

At 1 January 2020 and 31 December 2020

186

NET BOOK VALUE

At 31 December 2020

559

At 31 December 2019

559

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Accrued expenses

(240

)

360

8.	MOVEMENT IN FUNDS

Net

movement

At

At 1/1/20

in funds

31/12/20

£

£

£

Unrestricted funds

General fund

4,291

1,606

5,897

TOTAL FUNDS

4,291

1,606

5,897

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

2,290

(684

)

1,606

TOTAL FUNDS

2,290

(684

)

1,606

Comparatives for movement in funds

Net

movement

At

At 1/1/19

in funds

31/12/19

£

£

£

Unrestricted funds

General fund

9,044

(4,753

)

4,291

TOTAL FUNDS

9,044

(4,753

)

4,291

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

2,120

(6,873

)

(4,753

)

TOTAL FUNDS

2,120

(6,873

)

(4,753

)

A current year 12 months and prior year 12 months combined position is as follows:

Net

movement

At

At 1/1/19

in funds

31/12/20

£

£

£

Unrestricted funds

General fund

9,044

(3,147

)

5,897

TOTAL FUNDS

9,044

(3,147

)

5,897

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

4,410

(7,557

)

(3,147

)

TOTAL FUNDS

4,410

(7,557

)

(3,147

)

9.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2020.