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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Period 1 May 2018 to 31 August 2019 |
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for |
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THE HELEN STOREY FOUNDATION |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Period 1 May 2018 to 31 August 2019 |
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for |
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THE HELEN STOREY FOUNDATION |
THE HELEN STOREY FOUNDATION (REGISTERED NUMBER: 03751138) |
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Contents of the Financial Statements |
for the Period 1 May 2018 to 31 August 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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THE HELEN STOREY FOUNDATION |
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Company Information |
for the Period 1 May 2018 to 31 August 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
51 Clarkegrove Road |
Sheffield |
South Yorkshire |
S10 2NH |
THE HELEN STOREY FOUNDATION (REGISTERED NUMBER: 03751138) |
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Balance Sheet |
31 August 2019 |
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31.8.19 | 30.4.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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CURRENT ASSETS |
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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RESERVES |
Fair value reserve | 6 |
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Income and expenditure account |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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preparing financial statements which give a true and fair view of the state of affairs of the 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 company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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THE HELEN STOREY FOUNDATION (REGISTERED NUMBER: 03751138) |
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Notes to the Financial Statements |
for the Period 1 May 2018 to 31 August 2019 |
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1. | STATUTORY INFORMATION |
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The Helen Storey Foundation is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Fixtures & fittings | - |
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Exhibition items | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
THE HELEN STOREY FOUNDATION (REGISTERED NUMBER: 03751138) |
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Notes to the Financial Statements - continued |
for the Period 1 May 2018 to 31 August 2019 |
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3. | TANGIBLE FIXED ASSETS |
Fixtures | Exhibition | Computer |
& fittings | items | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2018 |
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Impairments | - | (145,100 | ) | - | (145,100 | ) |
At 31 August 2019 |
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DEPRECIATION |
At 1 May 2018 |
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Charge for period |
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At 31 August 2019 |
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NET BOOK VALUE |
At 31 August 2019 |
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At 30 April 2018 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.19 | 30.4.18 |
£ | £ |
Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.19 | 30.4.18 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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6. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 May 2018 |
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Purchase of own shares | (145,100 | ) |
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At 31 August 2019 |
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THE HELEN STOREY FOUNDATION (REGISTERED NUMBER: 03751138) |
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Notes to the Financial Statements - continued |
for the Period 1 May 2018 to 31 August 2019 |
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7. | REVALUATION |
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Included within fixed assets are a number of exhibition items which have been revalued through fair value |
reserve to a value of £55,000 (2018: £200,100). |
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The 2018 value was based on the insurance value of the items according to a valuation carried out by highly |
experienced textile valuation expert Pat Frost Fashion and Textiles on 21/11/2016. |
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The current valuation has been carried out by the directors as at 31/08/2019. The reason for the decrease in |
value is due to less exhibition activity, long term storage of delicate objects leads to deterioration and therefore |
devaluing of textile and fashion items over time and some of the items have a single use life span.The focus is |
now on archiving these items rather than exhibiting them after two decades. |
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No tax relief has been obtained on the revaluation. |