CLOAK ROOM CIC

Company limited by guarantee

Company Registration Number:
13132162 (England and Wales)

Unaudited statutory accounts for the year ended 31 January 2023

Period of accounts

Start date: 1 February 2022

End date: 31 January 2023

CLOAK ROOM CIC

Contents of the Financial Statements

for the Period Ended 31 January 2023

Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

CLOAK ROOM CIC

Profit And Loss Account

for the Period Ended 31 January 2023

2023 13 months to 31 January 2022


£

£
Turnover: 162,376 84,263
Cost of sales: ( 49,396 ) ( 19,816 )
Gross profit(or loss): 112,980 64,447
Distribution costs: ( 579 ) ( 510 )
Administrative expenses: ( 137,502 ) ( 79,368 )
Other operating income: 20,999 0
Operating profit(or loss): (4,102) (15,431)
Profit(or loss) before tax: (4,102) (15,431)
Profit(or loss) for the financial year: (4,102) (15,431)

CLOAK ROOM CIC

Balance sheet

As at 31 January 2023

Notes 2023 13 months to 31 January 2022


£

£
Fixed assets
Tangible assets: 3 13,605 632
Total fixed assets: 13,605 632
Current assets
Stocks: 4 37 37
Debtors: 5 2,489 250
Cash at bank and in hand: 0 1,249
Total current assets: 2,526 1,536
Prepayments and accrued income: 878 84
Creditors: amounts falling due within one year: 6 ( 36,542 ) ( 17,683 )
Net current assets (liabilities): (33,138) (16,063)
Total assets less current liabilities: (19,533) ( 15,431)
Total net assets (liabilities): (19,533) (15,431)
Members' funds
Profit and loss account: (19,533) ( 15,431)
Total members' funds: ( 19,533) (15,431)

The notes form part of these financial statements

CLOAK ROOM CIC

Balance sheet statements

For the year ending 31 January 2023 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 9 October 2023
and signed on behalf of the board by:

Name: Jenna Rebecca Graves
Status: Director

The notes form part of these financial statements

CLOAK ROOM CIC

Notes to the Financial Statements

for the Period Ended 31 January 2023

  • 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

    Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

CLOAK ROOM CIC

Notes to the Financial Statements

for the Period Ended 31 January 2023

  • 2. Employees

    2023 13 months to 31 January 2022
    Average number of employees during the period 2 5

CLOAK ROOM CIC

Notes to the Financial Statements

for the Period Ended 31 January 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 February 2022 672 0 0 672
Additions 10,271 4,213 14,484
Disposals
Revaluations
Transfers
At 31 January 2023 672 10,271 4,213 15,156
Depreciation
At 1 February 2022 40 0 0 40
Charge for year 63 1,027 421 1,511
On disposals
Other adjustments
At 31 January 2023 103 1,027 421 1,551
Net book value
At 31 January 2023 569 9,244 3,792 13,605
At 31 January 2022 632 0 0 632

CLOAK ROOM CIC

Notes to the Financial Statements

for the Period Ended 31 January 2023

4. Stocks

2023 13 months to 31 January 2022
£ £
Stocks 37 37
Total 37 37

CLOAK ROOM CIC

Notes to the Financial Statements

for the Period Ended 31 January 2023

5. Debtors

2023 13 months to 31 January 2022
£ £
Trade debtors 2,399 250
Other debtors 90 0
Total 2,489 250

CLOAK ROOM CIC

Notes to the Financial Statements

for the Period Ended 31 January 2023

6. Creditors: amounts falling due within one year note

2023 13 months to 31 January 2022
£ £
Bank loans and overdrafts 9 0
Taxation and social security 13,838 5,009
Other creditors 22,695 12,674
Total 36,542 17,683

COMMUNITY INTEREST ANNUAL REPORT

CLOAK ROOM CIC

Company Number: 13132162 (England and Wales)

Year Ending: 31 January 2023

Company activities and impact

Cloak Room CIC began operation in January 2021. This is the second annual report completed.Cloak Room CIC was formed to recognise the not-for-profit work which exists at the venue titled “The Cloak and Dagger”, an independent grassroots facility offering a space open for community use.As part of The Cloak and Dagger’s COVID versatility and adaptation strategy we understood in order to overcome the financial impact of the lockdowns we needed to increase avenues of funding and receive additional support to achieve our mission statement.ACTIVITIES:This year we hosted 405 events within our venue:46 x Open Mic Nights, 14 x therapy groups, 46 x Life Drawing, 61 x Live Music Events, 36 x comedy shows, 39 x Club nights, 58 x Private Parties/Community Groups, 12 x DJ Workshops, 18 x Magic Shows, 10 x Theatre shows, 5 x Burlesque shows, 18 x Training workshops, 5 x spoken word events, 5 x Games Nights, 25 x Queer events, 3 x Jams, 3 x Craft Markets and 1 x Street Party (where over 400 people attended).Launch of our new record shop- We closed the kitchen and converted it into a record shop and sound equipment repair studio. The benefits have meant we have more musicians entering the venue and has increased our retail presence on the high street.First ever show! We were a platform for performers to try new material, the majority of our events included in last year’s program were of new unestablished artists. Some artists now are signed and we are officially recognised by MVT and IVW as a grassroots venue.Employment and training: Over 50% of our workforce were under the age of 24. We aim to be recognised as a business which values event and hospitality staff, providing valuable training to enhance their careers within this sector. We also provided additional training for other local businesses. The skills gained have helped our staff have increased confidence and boost employment opportunities. We were grantedfunds by MVT to train the staff in SIA, licensing, and fire marshall training.Improve our Facilities: This year we invested into more soundproofing of the venue. We were granted funds by MVT to purchase additional sound equipment.Increase Inclusivity: We recognised that although we are in one of the busiest nightlife areas of the city, there was very little of the following available:Mixed gender line-upsLGBTQ+ community eventsNew Parent eventsWe are proud to demonstrate a venue that provides all of the above.Pay What You Can- We offer at least one free entry event a week and all internal events have a low income or pay what you can option. A large proportion of our local community are considered to have low incomes. We want our venue to be affordable and accessible to as many people as possible.

Consultation with stakeholders

Our main stakeholders are the following:Performers/creativesLocal Community (Ashley Ward)Citywide wardsFrom the data collected from the survey, ticket platforms and social media, we understand the majority of our service users are:Within the ages 19-26Have an interest in creative activitiesBelieve venues are important to local communitiesTravel using local transport/walkingBelieve our venue has a positive impact to their mental healthOn low incomesThreat of Closure:Our Director Sebastian Merry resigned this year without notice, which had a negative impact to the viability of the venue. Our cafe and restaurant ceased trading immediately. Jenna Graves decided to reopen the kitchen with pop-ups however due to gas prices increasing we couldnt justify the kitchen remaining viable. After consultation with members we made thedecision to remove the kitchen altogether and turn the space into a record shop. The integration of the shop has had a positive impact on finances as well as bringing more grassroots fans to the venue, increasing our events.Unfortunately this year we were forced to close for 2 months by the council due to one resident making sound complaints. We considered closing the venue altogether but were surprised by local campaigns to keep us running. We had an increase of voluntary assistance and feedback for us to stay open.Members:We work alongside our current member groups: United Models Life Drawing CIC, Education Sessions, Void Radio, Digestive Chamber, Collector Cave UK, Debauched Tales and Aftermirth to name a few.Members are provided with use of our facilities for free or at a reduced not-for-profit rate to assist us with providing events and training which fulfil our community obligations.Consultations with these groups are on a one to one basis and occur when required.

Directors' remuneration

Jenna Graves and Sebastian Merry were the original Directors of Cloak Room CIC.Jenna Graves is appointed to do finance management, event management and project management for the CIC Sebastian assists with events, facilities and health and safety.Both directors are employed by Cloak Room CIC and must commit to 40 hours a week work solely for the benefit of Cloak Room CIC. The wage agreed for 2021/22 was £15 per hour.Jenna Graves: Total pay for 2022-2023 was £11608.42 (continued to work without pay due to financial difficulties of the CIC)Sebastian Merry (resigned 28/06/22): Total pay for 2022-2023 was £8450.14Additional Directors were appointed:Harry Phillips (resigned 10/12/22) employed as an event manager £1093.50Owen Edwards (resigned 25/12/22) employed as assistant manager £9823.50Alex Reidy (resigned 21/06/22) employed as bar manager £6417.29 Amber Hennessey employed as event manager and community outreach worker £12910.74There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director’s loss of office, which require to be disclosed. We have not had any requests to review remuneration from our stakeholders.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
9 October 2023

And signed on behalf of the board by:
Name: Jenna Rebecca Graves
Status: Director