The Future Economy Company Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC357635 (Scotland)

THE FUTURE ECONOMY COMPANY LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

Page

Company Information

1

Operating and Financial Review

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

G Gibbons

Dr A McLeod

REGISTERED OFFICE:

First Floor

Barras Art and Design 2 (BAAD 2)

58 Moncur Street

Glasgow

G40 2SL

REGISTERED NUMBER:

SC357635 (Scotland)

ACCOUNTANTS:

Benham Conway & Co

16 Royal Crescent

Glasgow

G3 7SL

The Future Economy Company has been on a journey of financial and organisational sustainability since 2017/2018. The focus to move from a wholly grant dependant focused organisation to one that accesses investment and attracts trading income was the focus of 2019/20. Little did we know at that point what 2020 would bring. In 2019 we undertook restructure and a re-focus of key projects, and although this resulted in additional costs being incurred it resulted in a positive organisational set up for the year ahead. Going into the early months of 2020 the organisation was flexible and able to react. This became vital as throughout 2019 our grant income decreased, our overheads reduced significantly and our that increased ability to manage challenges.

2019/2020 was a significant year of development for The Future Economy Company. In additional to the operational restructuring and changes we launched our membership offer Creative Entrepreneurs Club attracting 300 members by March 2020. In addition, we had our best year yet in securing commissioned work, asked by partners in the entrepreneurship, social finance and higher institution space to co-create projects and programmes that focused on the development of creative entrepreneurs. A key highlight was the first SHIFT programme where we worked in partnership with Glasgow School of Art, Royal Scottish Conservatiore and Queen Margaret University, engaging 60 students over 5 days with over 30 specialist speakers. Our support for Fashion Foundry continued through a reduced studio programme and the enhanced expertise of the wider fashion community including uk and world class speakers.

The challenges and difficult decisions made in 2019/2020 have enabled us to take a further step towards the goal of financial and operational sustainability, our journey towards B-corp status started positively in 2019 however at the early part of 2020 this was temporarily paused due to the global pandemic.

We look forward to continuing to build our reputation as a forward thinking, support organisation routed in the creative economy over 2020/2021 albeit under the back drop of a year like no other.

FIXED ASSETS

Tangible assets

4

2,748

6,174

Investments

5

1

1

2,749

6,175

CURRENT ASSETS

Debtors

6

10,349

22,911

Cash at bank and in hand

6

50,702

10,355

73,613

CREDITORS

Amounts falling due within one year

7

60,101

56,362

NET CURRENT (LIABILITIES)/ASSETS

(49,746

)

17,251

TOTAL ASSETS LESS CURRENT LIABILITIES

(46,997

)

23,426

CREDITORS

Amounts falling due after more than one year

8

(25,500

)

-

PROVISIONS FOR LIABILITIES

(522

)

(1,174

)

NET (LIABILITIES)/ASSETS

(73,019

)

22,252

RESERVES

Income and expenditure account

(73,019

)

22,252

(73,019

)

22,252

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which 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 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2021 and were signed on its behalf by:

G Gibbons - Director

1.	STATUTORY INFORMATION

The Future Economy Company Ltd is a private company, limited by guarantee , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents grant funding, funds from public bodies and trading activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year 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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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 year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The directors have prepared the accounts on a going concern basis despite there being net liabilities at the balance sheet date as the company has met all liabilities as they fall due since the year end.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2019 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

and 31 March 2020

24,078

DEPRECIATION

At 1 April 2019

17,904

Charge for year

3,426

At 31 March 2020

21,330

NET BOOK VALUE

At 31 March 2020

2,748

At 31 March 2019

6,174

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2019

and 31 March 2020

1

NET BOOK VALUE

At 31 March 2020

1

At 31 March 2019

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

8,720

8,330

Other debtors

1,629

5,942

Tax recoverable

-

8,639

10,349

22,911

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

6,304

-

Trade creditors

14,032

19,471

Taxation and social security

24,035

28,883

Other creditors

7,855

8,008

Loans

7,875

-

60,101

56,362

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Loans

25,500

-

9.	MEMBERS OF THE COMPANY

The company is limited by guarantee, each member being liable for not more than £1 in the event of winding up.