GLOBAL FUSION MUSIC & ARTS

Company limited by guarantee

Company Registration Number:
08272363 (England and Wales)

Unaudited statutory accounts for the year ended 5 April 2024

Period of accounts

Start date: 6 April 2023

End date: 5 April 2024

GLOBAL FUSION MUSIC & ARTS

Contents of the Financial Statements

for the Period Ended 5 April 2024

Profit and loss
Balance sheet
Additional notes
Balance sheet notes

GLOBAL FUSION MUSIC & ARTS

Profit And Loss Account

for the Period Ended 5 April 2024

2024 2023


£

£
Turnover: 64,643 92,224
Cost of sales: ( 28,978 ) ( 56,362 )
Gross profit(or loss): 35,665 35,862
Administrative expenses: ( 31,763 ) ( 37,558 )
Operating profit(or loss): 3,902 (1,696)
Interest receivable and similar income: 45 10
Profit(or loss) before tax: 3,947 (1,686)
Tax: 0 0
Profit(or loss) for the financial year: 3,947 (1,686)

GLOBAL FUSION MUSIC & ARTS

Balance sheet

As at 5 April 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 841 1,122
Total fixed assets: 841 1,122
Current assets
Debtors: 4 1,085 10,028
Cash at bank and in hand: 19,008 6,887
Total current assets: 20,093 16,915
Prepayments and accrued income: 149 149
Creditors: amounts falling due within one year: 5 ( 650 ) ( 1,700 )
Net current assets (liabilities): 19,592 15,364
Total assets less current liabilities: 20,433 16,486
Total net assets (liabilities): 20,433 16,486
Members' funds
Profit and loss account: 20,433 16,486
Total members' funds: 20,433 16,486

The notes form part of these financial statements

GLOBAL FUSION MUSIC & ARTS

Balance sheet statements

For the year ending 5 April 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 3 December 2024
and signed on behalf of the board by:

Name: Gillian Mary Swan
Status: Director

The notes form part of these financial statements

GLOBAL FUSION MUSIC & ARTS

Notes to the Financial Statements

for the Period Ended 5 April 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Income represents income receivable from charitable activities, fundraising, donations, gifts and interest received. Donations and legacies are reported in the Statement of Financial Activities if they are received or due in the financial year. Any income received relating to a forward period has been deferred.# Grants receivable are included in the year in which the offer is conveyed by the charity except in those cases where the offer has conditions, such grants being recognised as income when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are not included in the financial statements.

    Tangible fixed assets depreciation policy

    The charity currently has no fixed assets but they would be capitalised where the purchase cost exceeds £500 and the benefit for the charity would endure for at least 2 years. Depreciation is provided at the following rates so as to write off the cost less residual value of the assets over their estimated useful lives. A full year’s depreciation is provided in the year of acquisition. Office equipment – at 25% per annum.

    Other accounting policies

    Fund accounting Funds held by the charity are either Unrestricted general funds – these are funds which can be used in accordance with the charity’s objectives at the discretion of the trustees. Designated funds – these funds represent monies set aside for specific purposes at the discretion of the trustees rather than the donors. Restricted funds – funds received can only be used for specifically nominated expenditure by the donor and are credited to income in the year in which they are received. Where amounts are not specifically allocated against expenditure in that year the balance is deferred and added to the balance brought forward on the restricted funds and is used in subsequent years in line with the restrictions placed by the donor.

GLOBAL FUSION MUSIC & ARTS

Notes to the Financial Statements

for the Period Ended 5 April 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

GLOBAL FUSION MUSIC & ARTS

Notes to the Financial Statements

for the Period Ended 5 April 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 6 April 2023 6,849 6,849
Additions
Disposals
Revaluations
Transfers
At 5 April 2024 6,849 6,849
Depreciation
At 6 April 2023 5,727 5,727
Charge for year 281 281
On disposals
Other adjustments
At 5 April 2024 6,008 6,008
Net book value
At 5 April 2024 841 841
At 5 April 2023 1,122 1,122

GLOBAL FUSION MUSIC & ARTS

Notes to the Financial Statements

for the Period Ended 5 April 2024

4. Debtors

2024 2023
£ £
Trade debtors 1,085 10,028
Total 1,085 10,028

GLOBAL FUSION MUSIC & ARTS

Notes to the Financial Statements

for the Period Ended 5 April 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Other creditors 650 1,700
Total 650 1,700