IRWELL HOUSE ARTISTS' STUDIOS CIC

Company limited by guarantee

Company Registration Number:
10640282 (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

IRWELL HOUSE ARTISTS' STUDIOS CIC

Contents of the Financial Statements

for the Period Ended 28 February 2023

Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

IRWELL HOUSE ARTISTS' STUDIOS CIC

Balance sheet

As at 28 February 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 20,479 6,006
Total fixed assets: 20,479 6,006
Current assets
Debtors: 4 7,463 7,514
Cash at bank and in hand: 37,145 45,535
Total current assets: 44,608 53,049
Creditors: amounts falling due within one year: 5 ( 26,306 ) ( 7,895 )
Net current assets (liabilities): 18,302 45,154
Total assets less current liabilities: 38,781 51,160
Total net assets (liabilities): 38,781 51,160
Members' funds
Profit and loss account: 38,781 51,160
Total members' funds: 38,781 51,160

The notes form part of these financial statements

IRWELL HOUSE ARTISTS' STUDIOS 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.

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

Name: Jessica Bennett
Status: Director

The notes form part of these financial statements

IRWELL HOUSE ARTISTS' STUDIOS 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

    Tangible fixed assets depreciation policy

    Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:Land & buildings 5 years straight linePlant & machinery 5 years straight line

IRWELL HOUSE ARTISTS' STUDIOS 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

IRWELL HOUSE ARTISTS' STUDIOS 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 11,965 1,534 13,499
Additions 21,466 21,466
Disposals
Revaluations
Transfers
At 28 February 2023 33,431 1,534 34,965
Depreciation
At 1 March 2022 6,636 857 7,493
Charge for year 6,686 307 6,993
On disposals
Other adjustments
At 28 February 2023 13,322 1,164 14,486
Net book value
At 28 February 2023 20,109 370 20,479
At 28 February 2022 5,329 677 6,006

IRWELL HOUSE ARTISTS' STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

4. Debtors

2023 2022
£ £
Trade debtors 404 134
Prepayments and accrued income 6,769 7,090
Other debtors 290 290
Total 7,463 7,514

IRWELL HOUSE ARTISTS' STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Taxation and social security 4,999
Accruals and deferred income 23,842 674
Other creditors 2,464 2,222
Total 26,306 7,895

COMMUNITY INTEREST ANNUAL REPORT

IRWELL HOUSE ARTISTS' STUDIOS CIC

Company Number: 10640282 (England and Wales)

Year Ending: 28 February 2023

Company activities and impact

Irwell House Artists’ Studios CIC (IHAS, incorporated February 2017 and publicly known as Paradise Works) is an artist studio provider with a community of 38 contemporary artists.IHAS also has two gallery spaces which host a range of different art exhibitions and artist film showcases.During the financial year 2022-23, our CIC objective to provide sustainable studio space and professional development opportunities to artists working within Salford and Manchester was met through:1. Studio provision to a community of 38 artists who were enabled to produce artworks including sculpture, drawing, painting, film, photography, public art, curation, design and sound.2. Gallery, residency space and screening space as hireable resources to artist members making work or digital exhibitions.3. Successful Arts Council England (ACE) applications benefited artists through...A. Profile raising opportunities for members with spotlight and features on social media.B. We developed the audience for members via our active online presence, i.e., website, newsletter, social media, and video hosting sites.C. Opportunities for studio members through showcases at local art fairs such as the Manchester Contemporary, mentoring commissions, exhibitions in our gallery and networking events.4. We continued to offer graduate placement partnership with University of Salford and Manchester School of Art awarded 2 graduates a 12-month studio with informal mentoring opportunities with established artists from the existing membership.5. We established a new partnership with the Haworth Trust, providing a scholarship to two artists, which included a paid studio, material, and mentoring budget. This enables the artist to build and establish their careers within a secure environment.6. Delivering a socially engaged workshop programme led by studio members to Salford residents, raising awareness of local environmental issues whilst diversifying skill sets, funded by Recycling for Greater Manchester Community Fund. This provided income sources and work experience to three early career artists. We also delivered a socially engaged mental wellbeing workshop funded by Salford CVS led by an in-house artist. Both activities supported our alignment to local authority strategic aims.7. We also improved our programming creating a more socially engaged programme within our exhibition spaces looking at environment and climate change. This allowed us to work and develop early-career curator and support them in making international connections.8. By appointing a premises manager, the organisation made significant studio improvements thereby increasing safety and satisfaction of studio members. This included H&S, security, lighting, signage, and fire safety to ensure we are a safe working environment for our artists.9. We continued to provide mentoring and professional development for our team from our Advisory Board as well as externals to help improve our business model and income generation going forward.Paradise Works improved organisational resilience during 2022/23 through the appointment of a new Director, Jessica Bennett. Previous Director’s Lucy Harvey and Hilary Jack resigned during the financial year. Hilary remains a studio member at IHAS as well as being appointed as a Board Member. Our Advisory Board began working with the new Director on a new business plan and model for the future of IHAS.

Consultation with stakeholders

The company’s primary stakeholders are studio members. Our studio members were consulted through quarterly socials alongside face-to-face and email correspondence, with this feedback informing studio improvements/expansions, and the shape of programmingactivity such as Open Studios, Multiples sales opportunities and studio visits/tours. The memberships’ Artist Direction Group (ADG) were consulted in greater depth on organisational and programming decision making and were responsible for the selection of new studio members from our waiting list and graduate award applications, as well as the fair allocation of larger studios between existing studio members.Directors marketed, shortlisted, and appointed two new board members and formalised the roles of two further long-time supporters of IHAS. Our newly established advisory board has been consulted and supported our CIC decisions over the lease, building and governance model as well as appointing the new Director. They have since been working with the newdirector to establish a new business plan for IHAS.Wider stakeholders include our activity partners: Manchester School of Art, Salford University Art Collection, Arts Council England, Urban Splash (landlords), Salford Council/Salford Culture and Place Partnership, The Haworth Trust, Salford CVS and Bridgewater Residents Association. Directors met with key individuals from each organisation to discuss and agree the means of project or programming delivery.

Directors' remuneration

During the year 2022-23, a total of £1,692.50 was paid in fees to the Directors for their duties. A further £4,602.16 was remunerated to both directors as part of a monthly studio rebate. With the new appointed Director, there will no longer be a monthly studio rebate going forward.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
27 November 2023

And signed on behalf of the board by:
Name: Jessica Bennett
Status: Director