OT CREATIVE SPACE CIC

Company limited by guarantee

Company Registration Number:
11907352 (England and Wales)

Unaudited statutory accounts for the year ended 30 March 2023

Period of accounts

Start date: 31 March 2022

End date: 30 March 2023

OT CREATIVE SPACE CIC

Contents of the Financial Statements

for the Period Ended 30 March 2023

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

OT CREATIVE SPACE CIC

Directors' report period ended 30 March 2023

The directors present their report with the financial statements of the company for the period ended 30 March 2023

Principal activities of the company

The company's principal activity during the year was to be a shared artists studio and community arts space.



Directors

The directors shown below have held office during the whole of the period from
31 March 2022 to 30 March 2023

Jonathan McGrath
Katherine Rostron
Lynda Sterling
Malcolm Sterling
Darren Tolliday
Donna Michelle Griffith


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
14 November 2023

And signed on behalf of the board by:
Name: Katherine Rostron
Status: Director

OT CREATIVE SPACE CIC

Profit And Loss Account

for the Period Ended 30 March 2023

2023 2022


£

£
Turnover: 15,850 7,389
Gross profit(or loss): 15,850 7,389
Administrative expenses: ( 60,532 ) ( 37,064 )
Other operating income: 43,188 34,222
Operating profit(or loss): (1,494) 4,547
Interest payable and similar charges: ( 18 ) ( 10 )
Profit(or loss) before tax: (1,512) 4,537
Profit(or loss) for the financial year: (1,512) 4,537

OT CREATIVE SPACE CIC

Balance sheet

As at 30 March 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 3,025 4,537
Total fixed assets: 3,025 4,537
Current assets
Debtors: 4 700 120
Cash at bank and in hand: 13,027 30,476
Total current assets: 13,727 30,596
Creditors: amounts falling due within one year: 5 ( 13,727 ) ( 30,596 )
Net current assets (liabilities): 0 0
Total assets less current liabilities: 3,025 4,537
Total net assets (liabilities): 3,025 4,537
Members' funds
Profit and loss account: 3,025 4,537
Total members' funds: 3,025 4,537

The notes form part of these financial statements

OT CREATIVE SPACE CIC

Balance sheet statements

For the year ending 30 March 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 14 November 2023
and signed on behalf of the board by:

Name: Katherine Rostron
Status: Director

The notes form part of these financial statements

OT CREATIVE SPACE CIC

Notes to the Financial Statements

for the Period Ended 30 March 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:Fixtures, fittings, tools and equipment: over 4 years

    Valuation information and policy

    Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

OT CREATIVE SPACE CIC

Notes to the Financial Statements

for the Period Ended 30 March 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

OT CREATIVE SPACE CIC

Notes to the Financial Statements

for the Period Ended 30 March 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 31 March 2022 6,049 6,049
Additions
Disposals
Revaluations
Transfers
At 30 March 2023 6,049 6,049
Depreciation
At 31 March 2022 1,512 1,512
Charge for year 1,512 1,512
On disposals
Other adjustments
At 30 March 2023 3,024 3,024
Net book value
At 30 March 2023 3,025 3,025
At 30 March 2022 4,537 4,537

OT CREATIVE SPACE CIC

Notes to the Financial Statements

for the Period Ended 30 March 2023

4. Debtors

2023 2022
£ £
Trade debtors 700 120
Total 700 120

OT CREATIVE SPACE CIC

Notes to the Financial Statements

for the Period Ended 30 March 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 3,740
Trade creditors 2,487 1,524
Accruals and deferred income 11,240 21,987
Other creditors 3,345
Total 13,727 30,596

COMMUNITY INTEREST ANNUAL REPORT

OT CREATIVE SPACE CIC

Company Number: 11907352 (England and Wales)

Year Ending: 30 March 2023

Company activities and impact

OT creative SPACE is a Community Arts Space on a local High Street in Old Trafford. During the year April 2022 to March 2023 we delivered over 400 workshops both in our studio space and in other locations around Old Trafford including parks, care homes and community centres. We made and distributed 250 creative packs to local individuals and families through south Manchester food bank.We continued our weekly brew on the bench activity on Wednesday afternoons offering free tea and coffee and a chat to help combat isolation and encourage positive physical and mental well-being.We held a community online art exhibition with over 70 entries from local children, community members and Artists to celebrate creativity in 2022 and then printed up all the work to be displayed in THE BACK gALLErY, our art boards in the alleys behind our studio, so they could brighten up the area, combat anti social behaviour and reach a wider audience in the community. We have continued to hold monthly family art clubs in THE BACK gALLEry and have received funding to do more planting and artwork in these spaces from a local housing association making it a much nicer space to come together for the local community.We added two more murals to the ‘OT Art Trail” funded by Trafford council this time working with community groups and local residents of Old Trafford to generate ideas for the two locations which were both linked with deaths of young men. Participants and community members noted that their individual mental well being had improved, New skills and creative expressions have not only been learnt but also celebrated through our exhibitions and projects and community cohesion and pride has been improved.We have exhibited over 15 different Window Exhibitions by local Artists and groups, and have also facilitated Monthly creatives Nights to support local Artists, Makers and creatives.We have continued to develop our workshop programme delivered in our studio that benefits the community through access to free or low cost art workshops and activities that support their mental wellbeing, creative aspirations and community cohesion. Working with other local organisations we put on an Ayres Road festival event which consisted of several activities, workshops, stalls, performances and exhibitions along Ayres Road. 600 people attended the event at our studio and over 50 joined in the parade along the street. People commented how it brought the community together and gave people an opportunity to share skills with one another and celebrate the diversity of our neighbourhood. We rent out the Artist studio space to 8 artists at an affordable rate allowing them to develop their artistic and creative career and are developing a studio hire offer so the community can rent the space for meetings, groups, workshops and parties at an affordable rate

Consultation with stakeholders

The Company's stakeholders are the local residents of Old Trafford. All the Directors are local to Old Trafford and have worked on developing the business plan through local knowledge and discussions with residents. We have a database of those who attend workshops and events by asking them to register on our website. This has enabled us to see the demographic of who we are currently reaching and ask for feedback and ideas of what they would like to see at OTCS as we develop further. From this we are running monthly creatives evenings to regularly check in with local artists and support them in their practice within the community. This has also influenced the times and types of workshops we run and we have started doing early afternoon workshops as a result of this. We also have our ‘OT creative VOICE’ group which consists of 11 local community members from all backgrounds that is our community advisory board to ensure that all we do reflects our community and is shared widely amongst the community. They have been crucial this year in supporting our re-branding process to help share who we are with the wider community and get our message out.

Directors' remuneration

Three directors received remuneration during the year as self employed individuals. None of the remuneration was for being a director of the company, it was for providing artistic and other services to the company. The amounts payable during the year were; Lynda Sterling £8,855, Darren Tolliday £2,416, Michelle Griffith £1,200.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
14 November 2023

And signed on behalf of the board by:
Name: Kitty Rostron
Status: Director