FRIENDS OF THE PIPE FACTORY C.I.C.

Company limited by guarantee

Company Registration Number:
SC662451 (Scotland)

Unaudited statutory accounts for the year ended 28 February 2023

Period of accounts

Start date: 1 March 2022

End date: 28 February 2023

FRIENDS OF THE PIPE FACTORY C.I.C.

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

FRIENDS OF THE PIPE FACTORY C.I.C.

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

Directors

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

Caroline Thompson
Stephen Sheriff
Felix Wight


The director shown below has held office during the period of
1 March 2022 to 23 October 2022

Lesley Palmer


The director shown below has held office during the period of
1 March 2022 to 10 October 2022

Patricia Bey


The directors shown below have held office during the period of
15 September 2022 to 28 February 2023

Martine Nolan
Rachel Dunn
Benjamin Spencer
Andrew MacNair


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
29 November 2023

And signed on behalf of the board by:
Name: Caroline Thompson
Status: Director

FRIENDS OF THE PIPE FACTORY C.I.C.

Profit And Loss Account

for the Period Ended 28 February 2023

2023 2022


£

£
Turnover: 31,159 17,937
Gross profit(or loss): 31,159 17,937
Administrative expenses: ( 40,670 ) ( 57,449 )
Other operating income: 23,885 32,946
Operating profit(or loss): 14,374 (6,566)
Interest receivable and similar income: 20 0
Interest payable and similar charges: ( 17,555 ) ( 12,376 )
Profit(or loss) before tax: (3,161) (18,942)
Tax: 0 0
Profit(or loss) for the financial year: (3,161) (18,942)

FRIENDS OF THE PIPE FACTORY C.I.C.

Balance sheet

As at 28 February 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 308,749 282,100
Total fixed assets: 308,749 282,100
Current assets
Debtors: 4 6,042 9,122
Cash at bank and in hand: 63,582 28,478
Total current assets: 69,624 37,600
Creditors: amounts falling due within one year: 5 ( 12,247 ) ( 15,334 )
Net current assets (liabilities): 57,377 22,266
Total assets less current liabilities: 366,126 304,366
Creditors: amounts falling due after more than one year: 6 ( 390,854 ) ( 325,933 )
Total net assets (liabilities): (24,728) (21,567)
Members' funds
Profit and loss account: (24,728) ( 21,567)
Total members' funds: ( 24,728) (21,567)

The notes form part of these financial statements

FRIENDS OF THE PIPE FACTORY C.I.C.

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 29 November 2023
and signed on behalf of the board by:

Name: Caroline Thompson
Status: Director

The notes form part of these financial statements

FRIENDS OF THE PIPE FACTORY C.I.C.

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, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for customer rebates and other similar allowances. Turnover from the rendering of services is primarily rental income which is measured by reference to the rental period . Rental income is recognised by accounting for rentals due for each accounting period.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulated depreciation where applicable and any accumulated impairment losses. The property in the accounts was purchased in February 2021 for redevelopment therefore no depreciation has been charged for this accounting period. The property is valued at cost including redevelopment costs plus associated professional fees.

FRIENDS OF THE PIPE FACTORY C.I.C.

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 7 7

FRIENDS OF THE PIPE FACTORY C.I.C.

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 282,100 282,100
Additions 26,649 26,649
Disposals
Revaluations
Transfers
At 28 February 2023 308,749 308,749
Depreciation
At 1 March 2022 0 0
Charge for year
On disposals
Other adjustments
At 28 February 2023 0 0
Net book value
At 28 February 2023 308,749 308,749
At 28 February 2022 282,100 282,100

FRIENDS OF THE PIPE FACTORY C.I.C.

Notes to the Financial Statements

for the Period Ended 28 February 2023

4. Debtors

2023 2022
£ £
Trade debtors 6,042 2,814
Prepayments and accrued income 0 3,707
Other debtors 0 2,601
Total 6,042 9,122

FRIENDS OF THE PIPE FACTORY C.I.C.

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 3,739 802
Taxation and social security 224 0
Accruals and deferred income 7,909 14,532
Other creditors 375 0
Total 12,247 15,334

FRIENDS OF THE PIPE FACTORY C.I.C.

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 390,854 325,933
Total 390,854 325,933

COMMUNITY INTEREST ANNUAL REPORT

FRIENDS OF THE PIPE FACTORY C.I.C.

Company Number: SC662451 (Scotland)

Year Ending: 28 February 2023

Company activities and impact

The Friends of The Pipe Factory CIC (FOTPF) was established in May 2020 to purchase and refurbish the iconic Pipe Factory building in the East End of Glasgow. Our vision is to refurbish the building and develop a creative home and hub for young people from marginalised communities; the local community of Calton and the Barras; and early-career artists, architects and designers. The refurbished building will provide high quality space for small businesses and social enterprises, as well as flexible and accessible public space for a range of activities aligned with our mission.Since the purchasing of The Pipe Factory building in March 2021 The Friends of The Pipe Factory CIC have carried out activities under the following topics:Improving and maintaining the buildingFund-raisingProviding space for arts and community-related eventsCarrying out community consultation activitiesAppointing a project manager and design team for the refurbishmentCommissioning RIBA Stage 3 & 4 design work for the refurbishment programmeThe most notable under each of these headings are:Improving and maintaining the building:Installation of temporary heating systemsRepairs to roofInstallation of exhibition screens on the ground floorFund-raising:Submitting an application to the Scottish Government’s Regeneration Capital Grant Fund which has been successful.Submitted a development application to National Heritage Lottery Fund which has been successful.Providing space for arts and community-related eventsThe ground floor of the building (the only accessible floor) has been used regularly for exhibitions and events led by young artists, especially those who are recent graduates, alongside more established arts organisations. A programme of workshops has also been delivered within the community. Upper floors have been used for shooting music videos, classical music rehearsals, interviews and commercial films. They have also been used to provide studio space for early-career artists.Use of the upper floors is limited by lack of accessibility. Commissioning RIBA Stage 3 & 4 design work for the refurbishment programmeThe Directors of FOTPF appointed Cragg Management and associates as Project Manager, and O’Donnell Brown as lead architects for the design team.The scope of the design will deliver a fully accessible building and includes:a new external lift and fire-resistant second staircase (existing second staircase is wooden)upgrades to floors and ceilings, including insulationinsulating internal walls and roofheritage double glazing for existing windowslow carbon heating system, ventilation, water services, lighting, fire systemsexternal fabric repairs, new ground floor windows, new doorsinternal fit out including WCs, Tea preps, fire lobbies.This scope will be refined through the course of the stage 3 work, including further community consultation and engagement with the members of FOTPF.

Consultation with stakeholders

We carried out an extensive community consultation exercise during 2020-2021. This was supported by an Architectural Heritage Fund grant to fund a Community Engagement Co-ordinator. It identified three clear areas of demand:accessible space for creative activity; training and education opportunities; facilities for young people. The vast majority of respondents also stated that the heritage of the building is important to them. We have used this feedback to inform the design of the refurbishment, our business plan and the future occupancy of the refurbished building.Further consultation has been undertaken through the work of the design team that have now been appointed, and will be continued through a series of consultations, workshops and activities led by the Heritage Engagement Manager and Heritage Trainee. This work will be supported by funding from National Lottery Heritage Fund.

Directors' remuneration

The total amount paid or receivable by directors in respect of qualifying services was £ 2,059.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
29 November 2023

And signed on behalf of the board by:
Name: Caroline Thompson
Status: Director