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REGISTERED COMPANY NUMBER: 06580744 (England and Wales)
REGISTERED CHARITY NUMBER: 1134590














Report of the Trustees and

Unaudited Financial Statements for the Year Ended 30 April 2024

for

Sleaford Gallery Arts Trust Limited

Sleaford Gallery Arts Trust Limited






Contents of the Financial Statements
for the Year Ended 30 April 2024




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

Sleaford Gallery Arts Trust Limited (Registered number: 06580744)

Report of the Trustees
for the Year Ended 30 April 2024


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 30 April 2024. 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).

Strategic report
Achievement and performance
Charitable activities
Operation of the gallery had resumed in June 2023 with a reduced level of activity and a reduction in the expected number of reservations and exhibitions later that year. Matters improved over the winter leading to a modest but acceptable loss at the year end.

Administration
In November 2023 Edward Quigley joined the gallery management team. Edward, an artist and photographer, has experience of organizing and curating art exhibitions in London and has since taken over the role previously occupied by Martin Cameron. Edward has since recruited additional volunteers to invigilate exhibitions. Gallery bookings are on an upward trend as has been the quality of the exhibits.

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
06580744 (England and Wales)

Registered Charity number
1134590

Registered office
28 Carre Street
Sleaford
Lincolnshire
NG34 7TR

Trustees
C J Hodgson FRSA
S A H Fotheringham
C R Hodgson
G D Titmus
T R Benton

Company Secretary
A J Espin


Sleaford Gallery Arts Trust Limited (Registered number: 06580744)

Report of the Trustees
for the Year Ended 30 April 2024


Reference and administrative details
Independent Examiner
Rupert King & Company Limited
Stanton House
31 Westgate
Grantham
Lincolnshire
NG31 6LX

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 16 January 2025 and signed on the board's behalf by:





C R Hodgson - Trustee

Independent Examiner's Report to the Trustees of
Sleaford Gallery Arts Trust Limited

Independent examiner's report to the trustees of Sleaford Gallery Arts Trust Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2024.

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.








J R C King FCA

Rupert King & Company Limited

Date: .............................................

Sleaford Gallery Arts Trust Limited

Statement of Financial Activities
for the Year Ended 30 April 2024

2024 2023
Unrestricted Total
funds funds
Notes £    £   
Income and endowments from
Donations and legacies 2,367 710

Other trading activities 2 5,757 3,898
Total 8,124 4,608

Expenditure on
Raising funds - -


Other 12,417 9,174
Total 12,417 9,174

NET INCOME/(EXPENDITURE) (4,293 ) (4,566 )


Reconciliation of funds
Total funds brought forward 8,191 12,757

Total funds carried forward 3,898 8,191

Sleaford Gallery Arts Trust Limited (Registered number: 06580744)

Balance Sheet
30 April 2024

2024 2023
Unrestricted Total
funds funds
Notes £    £   
Fixed assets
Tangible assets 5 - 562

Current assets
Stocks 6 367 367
Debtors 7 500 732
Cash at bank 3,086 6,971
3,953 8,070

Creditors
Amounts falling due within one year 8 (55 ) (441 )

Net current assets 3,898 7,629

Total assets less current liabilities 3,898 8,191

NET ASSETS 3,898 8,191
Funds 9
Unrestricted funds:
General fund 3,868 5,991
Designated fund 30 2,200
3,898 8,191
Total funds 3,898 8,191

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.



Sleaford Gallery Arts Trust Limited (Registered number: 06580744)

Balance Sheet - continued
30 April 2024

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 16 January 2025 and were signed on its behalf by:





C J Hodgson FRSA - Trustee

Sleaford Gallery Arts Trust Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024

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.


Short leasehold - 25% on cost
Fixtures and fittings - 25% 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.


Sleaford Gallery Arts Trust Limited

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. Other trading activities
2024 2023
Unrestricted Total
funds funds
£    £   
Lettings 1,510 920
Commissions 1,879 1,511
Other income 2,368 1,467
5,757 3,898

3. Net income/(expenditure)

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

2024 2023
£    £   
Depreciation - owned assets 562 558

4. Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 30 April 2024 nor for the year ended 30 April 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 30 April 2024 nor for the year ended 30 April 2023.



Sleaford Gallery Arts Trust Limited

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. Tangible fixed assets
Fixtures
Short and
leasehold fittings Totals
£    £    £   
Cost
At 1 May 2023 and 30 April 2024 2,220 3,560 5,780
Depreciation
At 1 May 2023 1,665 3,553 5,218
Charge for year 555 7 562
At 30 April 2024 2,220 3,560 5,780
Net book value
At 30 April 2024 - - -
At 30 April 2023 555 7 562

6. Stocks
2024 2023
£    £   
Finished goods 367 367

7. Debtors: amounts falling due within one year
2024 2023
£    £   
Other debtors - 232
Prepayments 500 500
500 732


Sleaford Gallery Arts Trust Limited

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors (1 ) 441
Other creditors 56 -
55 441

9. Movement in funds
Net
movement At
At 1/5/23 in funds 30/4/24
£    £    £   
Unrestricted funds
General fund 5,991 (2,123 ) 3,868
Designated fund 2,200 (2,170 ) 30
8,191 (4,293 ) 3,898
TOTAL FUNDS 8,191 (4,293 ) 3,898

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 8,123 (10,246 ) (2,123 )
Designated fund 1 (2,171 ) (2,170 )
8,124 (12,417 ) (4,293 )
TOTAL FUNDS 8,124 (12,417 ) (4,293 )


Sleaford Gallery Arts Trust Limited

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

9. Movement in funds - continued

Comparatives for movement in funds

Net
movement At
At 1/5/22 in funds 30/4/23
£    £    £   
Unrestricted funds
General fund 10,557 (4,566 ) 5,991
Designated fund 2,200 - 2,200
12,757 (4,566 ) 8,191
TOTAL FUNDS 12,757 (4,566 ) 8,191

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 4,608 (9,174 ) (4,566 )

TOTAL FUNDS 4,608 (9,174 ) (4,566 )

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

Net
movement At
At 1/5/22 in funds 30/4/24
£    £    £   
Unrestricted funds
General fund 10,557 (6,689 ) 3,868
Designated fund 2,200 (2,170 ) 30
12,757 (8,859 ) 3,898
TOTAL FUNDS 12,757 (8,859 ) 3,898

Sleaford Gallery Arts Trust Limited

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

9. Movement in funds - continued

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 12,731 (19,420 ) (6,689 )
Designated fund 1 (2,171 ) (2,170 )
12,732 (21,591 ) (8,859 )
TOTAL FUNDS 12,732 (21,591 ) (8,859 )

10. Related party disclosures

There were no related party transactions for the year ended 30 April 2024.