MEDWAY OPEN STUDIOS CIC

Company limited by guarantee

Company Registration Number:
13142883 (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

MEDWAY OPEN STUDIOS CIC

Contents of the Financial Statements

for the Period Ended 31 January 2023

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

MEDWAY OPEN STUDIOS CIC

Directors' report period ended 31 January 2023

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

Additional information

Statement of directors' responsibilitiesThe directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.Company law requires the directors to prepare accounts for each financial year. Under that law, the directors have elected toprepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom AccountingStandards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that theygive a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparingthese accounts, the directors are required to:- select suitable accounting policies and then apply them consistently;- make judgements and estimates that are reasonable and prudent;- prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company'stransactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensurethat the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company andhence for taking reasonable steps for the prevention and detection of fraud and other irregularities.Small company provisionsThis report has been prepared in accordance with the special provisions relating to small companies within Part 15 of theCompanies Act 2006.



Directors

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

Heather Sarah Burgess
Wendy Elizabeth Daws
Edward Charles Gransden
Christina Lamb


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
25 October 2023

And signed on behalf of the board by:
Name: Christina Lamb
Status: Director

MEDWAY OPEN STUDIOS CIC

Profit And Loss Account

for the Period Ended 31 January 2023

2023 2022


£

£
Turnover: 8,371 3,694
Cost of sales: ( 8,353 ) ( 654 )
Gross profit(or loss): 18 3,040
Administrative expenses: ( 1,276 ) ( 2,046 )
Operating profit(or loss): (1,258) 994
Profit(or loss) before tax: (1,258) 994
Tax: 158 ( 163 )
Profit(or loss) for the financial year: (1,100) 831

MEDWAY OPEN STUDIOS CIC

Balance sheet

As at 31 January 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 75 112
Total fixed assets: 75 112
Current assets
Debtors: 4 158
Cash at bank and in hand: 4 1,602
Total current assets: 162 1,602
Creditors: amounts falling due within one year: 5 ( 506 ) ( 883 )
Net current assets (liabilities): (344) 719
Total assets less current liabilities: (269) 831
Total net assets (liabilities): (269) 831
Members' funds
Profit and loss account: (269) 831
Total members' funds: ( 269) 831

The notes form part of these financial statements

MEDWAY OPEN STUDIOS 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 25 October 2023
and signed on behalf of the board by:

Name: Christina Lamb
Status: Director

The notes form part of these financial statements

MEDWAY OPEN STUDIOS 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

    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:Computer equipment Straight line over four years

MEDWAY OPEN STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 31 January 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

MEDWAY OPEN STUDIOS 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 149 149
Additions
Disposals
Revaluations
Transfers
At 31 January 2023 149 149
Depreciation
At 1 February 2022 37 37
Charge for year 37 37
On disposals
Other adjustments
At 31 January 2023 74 74
Net book value
At 31 January 2023 75 75
At 31 January 2022 112 112

MEDWAY OPEN STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 31 January 2023

4. Debtors

2023 2022
£ £
Prepayments and accrued income 158
Total 158

MEDWAY OPEN STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 31 January 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Taxation and social security 163
Accruals and deferred income 320 720
Other creditors 186
Total 506 883

COMMUNITY INTEREST ANNUAL REPORT

MEDWAY OPEN STUDIOS CIC

Company Number: 13142883 (England and Wales)

Year Ending: 31 January 2023

Company activities and impact

PART 1 - GENERAL DESCRIPTION OF THE COMPANY’S ACTIVITIES AND IMPACTIn the space provided below, please insert a general account of the company’s activities in the financial year to which the report relates, including a description of how they have benefited the community. Medway Open Studios & Arts Festival was formed into a CIC in January 2021, although the festival activities have been running annually since 2012.During 2022 we maintained a regular presence at local strategic and cultural meetings, including consultation on Medway’s Cultural Strategy development and involvement in Historic England and Medway Council’s High Street Heritage Action Zone programme in Chatham Intra. We maintained social media and email communication to promote arts activities and opportunities in Medway.In July 2022 we organised our 10th summer open studios festival, with over 300 artists taking part, across 28 venues. We gained sponsorship and advertisers for the festival booklet. The Medway Open Studios & Arts Festival took place Sat 2nd – Sun 10th July and was a successful return, after two cancelled years, with enthusiastic attendance from the public. Visitors enjoyed seeing behind the scenes where art is made locally, and they were able to get involved with free taster making sessions at some studios - supported by community funding from Rochester Riverside Community Board.Artists were supported with printed materials and a social meet up to help them think through approaches that would help them to get the most out of the festival. They were provided with custom signage for their venues, and contributed to a Tips Zine to share their favourite ways to engage with visitors, encourage audiences and enjoy the festival.

Consultation with stakeholders

Stakeholders – Artists, Schools, Galleries, Visitors, Local Authority partners, local arts communityThroughout 2022, we were in regular communication with all of the artists taking part in the Festival and we shared a feedback survey for everyone to complete after the event. The feedback is taken on board for the planning of the 2023 festival.A feedback report was created and shared with the funding partner, Rochester Riverside Community Board.All Directors have met regularly to discuss future plans for when the demand returns for our events and activities.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
1 September 2023

And signed on behalf of the board by:
Name: Christina Lamb
Status: Director