VENTNOR EXCHANGE CIC

Company limited by guarantee

Company Registration Number:
11338597 (England and Wales)

Unaudited statutory accounts for the year ended 31 May 2023

Period of accounts

Start date: 1 June 2022

End date: 31 May 2023

VENTNOR EXCHANGE CIC

Contents of the Financial Statements

for the Period Ended 31 May 2023

Directors report
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

VENTNOR EXCHANGE CIC

Directors' report period ended 31 May 2023

The directors present their report with the financial statements of the company for the period ended 31 May 2023

Principal activities of the company

Principal activity of the company during the financial year was related to Performing arts, Support activities to performing arts, artistic creation and operation of arts facilities.



Directors

The directors shown below have held office during the whole of the period from
1 June 2022 to 31 May 2023

Mr Jack Whitewood
Ms Rebecca Boucherat
Mr Mark Carroll
Mrs Alice Collins
Mr Peter Higgin
Ms Mhairi Macaulay
Mr James Willis


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

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

And signed on behalf of the board by:
Name: Mr Jack Whitewood
Status: Director

VENTNOR EXCHANGE CIC

Balance sheet

As at 31 May 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 9,676 5,366
Investments:   0 0
Total fixed assets: 9,676 5,366
Current assets
Stocks:   0 0
Debtors: 4 7,283 12,979
Cash at bank and in hand: 72,843 24,277
Investments:   0 0
Total current assets: 80,126 37,256
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 81,515 ) ( 35,180 )
Net current assets (liabilities): (1,389) 2,076
Total assets less current liabilities: 8,287 7,442
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 8,287 7,442
Members' funds
Profit and loss account: 8,287 7,442
Total members' funds: 8,287 7,442

The notes form part of these financial statements

VENTNOR EXCHANGE CIC

Balance sheet statements

For the year ending 31 May 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.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 12 October 2023
and signed on behalf of the board by:

Name: Mr Jack Whitewood
Status: Director

The notes form part of these financial statements

VENTNOR EXCHANGE CIC

Notes to the Financial Statements

for the Period Ended 31 May 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

    Tangible fixed assets depreciation policy

    Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates inorder to write off the assets over their estimated useful lives:Plant & machinery 25.00% Straight Line MethodComputer equipment 33.33% Straight Line Method

    Other accounting policies

    Basis of preparation:The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.Presentation currency:The accounts are presented in £ sterling.

VENTNOR EXCHANGE CIC

Notes to the Financial Statements

for the Period Ended 31 May 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 3 4

VENTNOR EXCHANGE CIC

Notes to the Financial Statements

for the Period Ended 31 May 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 June 2022 1,500 6,284 7,784
Additions 6,000 900 6,900
Disposals
Revaluations
Transfers
At 31 May 2023 7,500 7,184 14,684
Depreciation
At 1 June 2022 375 2,043 2,418
Charge for year 490 2,100 2,590
On disposals
Other adjustments
At 31 May 2023 865 4,143 5,008
Net book value
At 31 May 2023 6,635 3,041 9,676
At 31 May 2022 1,125 4,241 5,366

VENTNOR EXCHANGE CIC

Notes to the Financial Statements

for the Period Ended 31 May 2023

4. Debtors

2023 2022
£ £
Trade debtors 990 195
Prepayments and accrued income 540 900
Other debtors 5,753 11,884
Total 7,283 12,979
Debtors due after more than one year: 0 0

VENTNOR EXCHANGE CIC

Notes to the Financial Statements

for the Period Ended 31 May 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 12,513 6,283
Taxation and social security 719
Accruals and deferred income 68,639 19,167
Other creditors 363 9,011
Total 81,515 35,180

COMMUNITY INTEREST ANNUAL REPORT

VENTNOR EXCHANGE CIC

Company Number: 11338597 (England and Wales)

Year Ending: 31 May 2023

Company activities and impact

Ventnor Exchange is a pioneering arts organisation for the Isle of Wight. We provide creative activity and opportunities for the local community through a wide range of events and programming. Through our education activities we work to help address social inequality and with our events we work to contribute to economic regeneration. Ventnor Exchange had a positive year in 2022-23 as we began to fully recover from the challenges of recent years. In July we hosted the Ventnor Fringe Festival, with approximately 8,500 tickets sold, equalling the 2021 record, providing a significant impact in helping bring audiences back into the town, supporting local business. We introduced a new ‘Big Top’ venue at Flowersbrook which allows us to significantly diversify programming with a venue better able to accommodate circus and dance companies in particular. We continued our partnership with the IW AONB funding an artist to work in residence with a local secondary school for the whole year, working with students on creative responses to themes around the Island’s UNESCO Biosphere Reserve status. This culminated in the creation of a wildlife trail through Ventnor Park.We hosted a wide variety of theatre productions throughout the year including the uplifting ‘These Hills Are Ours’ created by Daniel Bye and Boff Whalley which explored our connection to nature, land rights and the exhilaration of running. A thought provoking new play about society's expectation of women in middle age ‘Little Boxes’ by Joann Condon and ‘Queer Hearts’ a collaboration with multidisciplinary Brighton based Boogaloo Stu and the Isle of Wight based visual artist Lady Pat.Our venue in Church Street continued to host a wide range of comedy and other activities too, including a wide range of community groups. Regular events include the Ventnor Exchange Community Choir, Ventnor Exchange Spoken Word Collective, Drawing Club, Writers Group, Book Club, Sewing Club and Ukulele Group.Our Brave Island platform, which provides opportunities for 14-25 year olds, continued to develop, with over 300 young people signed up to the scheme which offers free training, mentoring, funding and trips every single week. Particular highlights included a trip to Brighton Fringe and a backstage technical theatre workshop hosted by Kings Theatre in Portsmouth.In April 2023 we were welcomed into Arts Council England’s 2023-2026 National Portfolio for the first time. This has already provided a significant reputational boost for the organisation as well as core funding over the next three years which will help to further stabilise the organisation and allow us to expand our work.

Consultation with stakeholders

Ventnor Exchange regularly engages with stakeholders of our various activities. This includes extensive audience feedback from Ventnor Fringe and with users of Brave Island. Our engagement with the cultural sector includes as active members of The Island Collection, IW Cultural Education Partnership, House Network, Independent Theatre Council and British Arts Festivals Association. Following our significant consultations in preparation for our successful bid to join the National Portfolio we continued this process to develop an more accessible audience friendly 2023-2026 Delivery Plan setting out our ambitions and priorities for the next three years. We are very proud of this document, which sets a course that had been completely informed by consultation with all of our stakeholders.

Directors' remuneration

Director’s remuneration totalled £46,906.50 for the year ended May 2023. There 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.

Transfer of assets

No transfer of assets other than for full consideration

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

And signed on behalf of the board by:
Name: Jack Whitewood
Status: Director