HAARLEM ART SPACE CIC

Company limited by guarantee

Company Registration Number:
10598441 (England and Wales)

Unaudited statutory accounts for the year ended 28 February 2023

Period of accounts

Start date: 1 March 2022

End date: 28 February 2023

HAARLEM ART SPACE CIC

Contents of the Financial Statements

for the Period Ended 28 February 2023

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

HAARLEM ART SPACE CIC

Directors' report period ended 28 February 2023

The directors present their report with the financial statements of the company for the period ended 28 February 2023

Principal activities of the company

The principal activity of the company during the year under review was Operation of Arts facilities



Directors

The director shown below has held office during the whole of the period from
1 March 2022 to 28 February 2023

P. Carr


The directors shown below have held office during the period of
1 March 2022 to 1 December 2022

O.M.P. Punnett
B.E.A. Shephard


The director shown below has held office during the period of
1 March 2022 to 20 April 2022

C. Doohan


The directors shown below have held office during the period of
1 March 2022 to 21 March 2022

E.M. O'Hara
P.M. Rice


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
13 November 2023

And signed on behalf of the board by:
Name: P. Carr
Status: Director

HAARLEM ART SPACE CIC

Profit And Loss Account

for the Period Ended 28 February 2023

2023 2022


£

£
Turnover: 44,128 77,503
Cost of sales: ( 11,314 ) ( 20,717 )
Gross profit(or loss): 32,814 56,786
Distribution costs: ( 604 ) ( 2,159 )
Administrative expenses: ( 37,589 ) ( 59,378 )
Other operating income: 13,207
Operating profit(or loss): 7,828 (4,751)
Interest payable and similar charges: ( 6 )
Profit(or loss) before tax: 7,828 (4,757)
Tax: ( 820 ) ( 343 )
Profit(or loss) for the financial year: 7,008 (5,100)

HAARLEM ART SPACE CIC

Balance sheet

As at 28 February 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 3,463 5,168
Total fixed assets: 3,463 5,168
Current assets
Debtors: 4 1,290 26,764
Cash at bank and in hand: 8,322 7,278
Total current assets: 9,612 34,042
Creditors: amounts falling due within one year: 5 ( 3,523 ) ( 32,152 )
Net current assets (liabilities): 6,089 1,890
Total assets less current liabilities: 9,552 7,058
Creditors: amounts falling due after more than one year: 6 ( 208 ) ( 4,399 )
Provision for liabilities: ( 658 ) ( 981 )
Total net assets (liabilities): 8,686 1,678
Members' funds
Profit and loss account: 8,686 1,678
Total members' funds: 8,686 1,678

The notes form part of these financial statements

HAARLEM ART SPACE CIC

Balance sheet statements

For the year ending 28 February 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 13 November 2023
and signed on behalf of the board by:

Name: P. Carr
Status: Director

The notes form part of these financial statements

HAARLEM ART SPACE CIC

Notes to the Financial Statements

for the Period Ended 28 February 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. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when all the following conditions are satisfied: the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;the amount of revenue can be measured reliably;it is probable that the economic benefits associated with the transaction will flow to the Company; and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

    Tangible fixed assets depreciation policy

    Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:Leasehold, land and buildings 10% reducing balancePlant and machinery 33% reducing balance

    Other accounting policies

    TaxationIncome tax expense represents the sum of the tax currently payable and deferred tax.The tax currently payable is based on taxable profit for the year. Taxable profit differs from the surplus as reported in the income and expenditure account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in the income and expenditure account, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.Trade and other debtorsTrade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.Trade and other creditorsShort term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

HAARLEM ART SPACE CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

HAARLEM ART SPACE CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 March 2022 15,823 15,823
Additions
Disposals
Revaluations
Transfers
At 28 February 2023 15,823 15,823
Depreciation
At 1 March 2022 10,655 10,655
Charge for year 1,705 1,705
On disposals
Other adjustments
At 28 February 2023 12,360 12,360
Net book value
At 28 February 2023 3,463 3,463
At 28 February 2022 5,168 5,168

HAARLEM ART SPACE CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

4. Debtors

2023 2022
£ £
Trade debtors 1,111 8,511
Prepayments and accrued income 179 3,220
Other debtors 15,033
Total 1,290 26,764

HAARLEM ART SPACE CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 1,450 22,993
Taxation and social security 1,184 617
Accruals and deferred income 889 8,439
Other creditors 103
Total 3,523 32,152

HAARLEM ART SPACE CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

6. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Other creditors 208 4,399
Total 208 4,399

COMMUNITY INTEREST ANNUAL REPORT

HAARLEM ART SPACE CIC

Company Number: 10598441 (England and Wales)

Year Ending: 28 February 2023

Company activities and impact

Haarlem Artspace champions rural contemporary art through providing affordable, high quality workspace for creative practitioners, and putting on public exhibitions in its town gallery located in the Red Lion Hotel in the centre of Wirksworth. Haarlem Artspace attracts broad audiences to the historic town of Wirksworth with its artistic programme of workshops, talks and events. The CIC began trading in May 2017 but ran into financial difficulties in the summer of 2022 with the serving of a demand for Business Rates from Derbyshire Dales District Council. The decision was taken by the board of Directors to enter into liquidation whilst trying to preserve the studio spaces by approaching another organisation to take over the lease. During the handover and initial stages of liquidation, an error in the valuation of the property was identified which reduced in a significantly rescued rates demand. Having lost a number of tenants in the interim, redress was sought in view of the error from the Valuation Office. During this period Haarlem Artspace CIC continued to trade and agreed a repayment schedule as an act of goodwill until the matter was resolved.This was we have been able to continue to support over 30 artists and makers with affordable creative studio spaces as well as champion contemporary art within our region,

Consultation with stakeholders

Our core stakeholders are the artists and creative practitioners who have studio spaces at Haarlem Artspace. They have been kept fully informed as to the financial position of the CIC through meetings and newsletters and decision have been made after consultation.As an example, to help manage our costs and ensure everyone is aware of energy use, the studios holders developed a simple visual aid on each floor so everyone is aware if the heating is on, which has in turn helped minimise our energy bills.During this period, no exhibitions have been held.

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
13 November 2023

And signed on behalf of the board by:
Name: P. Carr
Status: Director