GLOBE ARTS EDUCATION C.I.C.

Company Registration Number:
09134138 (England and Wales)

Unaudited statutory accounts for the year ended 30 July 2023

Period of accounts

Start date: 31 July 2022

End date: 30 July 2023

GLOBE ARTS EDUCATION C.I.C.

Contents of the Financial Statements

for the Period Ended 30 July 2023

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

GLOBE ARTS EDUCATION C.I.C.

Directors' report period ended 30 July 2023

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

Principal activities of the company

The principal activity of the company is operation of arts school and rental of studio space



Directors

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

Mrs J L Harrowsmith
Miss Z L Gale
Mr M S Harrowsmith
Mr J A Salmon
Ms S Palfrey
Ms S Gibbs


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
1 February 2024

And signed on behalf of the board by:
Name: Mrs J L Harrowsmith
Status: Director

GLOBE ARTS EDUCATION C.I.C.

Profit And Loss Account

for the Period Ended 30 July 2023

2023 2022


£

£
Turnover: 181,943 166,866
Cost of sales: ( 49,745 ) ( 34,297 )
Gross profit(or loss): 132,198 132,569
Administrative expenses: ( 118,156 ) ( 119,965 )
Other operating income: 0 9,047
Operating profit(or loss): 14,042 21,651
Interest receivable and similar income: 57
Interest payable and similar charges: ( 848 ) ( 875 )
Profit(or loss) before tax: 13,251 20,776
Tax: ( 2,518 ) ( 4,791 )
Profit(or loss) for the financial year: 10,733 15,985

GLOBE ARTS EDUCATION C.I.C.

Balance sheet

As at 30 July 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 3 3
Total fixed assets: 3 3
Current assets
Stocks: 4 6,581 8,630
Debtors: 5 5,101 4,805
Cash at bank and in hand: 31,714 25,252
Total current assets: 43,396 38,687
Creditors: amounts falling due within one year: 6 ( 13,145 ) ( 14,614 )
Net current assets (liabilities): 30,251 24,073
Total assets less current liabilities: 30,254 24,076
Creditors: amounts falling due after more than one year: 7 ( 26,954 ) ( 31,509 )
Total net assets (liabilities): 3,300 (7,433)
Capital and reserves
Called up share capital: 200 200
Profit and loss account: 3,100 (7,633 )
Total Shareholders' funds: 3,300 (7,433)

The notes form part of these financial statements

GLOBE ARTS EDUCATION C.I.C.

Balance sheet statements

For the year ending 30 July 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 1 February 2024
and signed on behalf of the board by:

Name: Mrs J L Harrowsmith
Status: Director

The notes form part of these financial statements

GLOBE ARTS EDUCATION C.I.C.

Notes to the Financial Statements

for the Period Ended 30 July 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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

    Tangible fixed assets depreciation policy

    Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives.

GLOBE ARTS EDUCATION C.I.C.

Notes to the Financial Statements

for the Period Ended 30 July 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 4 4

GLOBE ARTS EDUCATION C.I.C.

Notes to the Financial Statements

for the Period Ended 30 July 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 31 July 2022 44,440 1,408 2,919 48,767
Additions
Disposals
Revaluations
Transfers
At 30 July 2023 44,440 1,408 2,919 48,767
Depreciation
At 31 July 2022 44,439 1,407 2,918 48,764
Charge for year
On disposals
Other adjustments
At 30 July 2023 44,439 1,407 2,918 48,764
Net book value
At 30 July 2023 1 1 1 3
At 30 July 2022 1 1 1 3

GLOBE ARTS EDUCATION C.I.C.

Notes to the Financial Statements

for the Period Ended 30 July 2023

4. Stocks

2023 2022
£ £
Stocks 6,581 8,630
Total 6,581 8,630

GLOBE ARTS EDUCATION C.I.C.

Notes to the Financial Statements

for the Period Ended 30 July 2023

5. Debtors

2023 2022
£ £
Prepayments and accrued income 3,698 3,500
Other debtors 1,403 1,305
Total 5,101 4,805

GLOBE ARTS EDUCATION C.I.C.

Notes to the Financial Statements

for the Period Ended 30 July 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 9,051 8,323
Taxation and social security 2,474 4,791
Accruals and deferred income 1,620 1,500
Total 13,145 14,614

GLOBE ARTS EDUCATION C.I.C.

Notes to the Financial Statements

for the Period Ended 30 July 2023

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

2023 2022
£ £
Bank loans and overdrafts 26,954 31,509
Total 26,954 31,509

COMMUNITY INTEREST ANNUAL REPORT

GLOBE ARTS EDUCATION C.I.C.

Company Number: 09134138 (England and Wales)

Year Ending: 30 July 2023

Company activities and impact

Globe Arts Education CIC operates as an independent art school whose aim is to increase the educational and professional profile and value of art, promote wellbeing and narrow the gap in expertise, confidence and art facility. We do this by working with individuals, other artists, schools and young people, this is achieved by providing high quality bespoke art workshops, accessing skilled art tutors and professional artists. Weekly art and craft classes are provided that include drawing and painting, life drawing, ceramics and fused glass, weekend workshops, after school art provision and funded outreach projects. Our studio holds exhibitions for all local artists of all ages and capabilities. Regular provisions of our facility is used by over 165 people per week.

Consultation with stakeholders

No consultation with stakeholders

Directors' remuneration

The total amount paid or receivable by directors in respect of qualifying services was £40,400. (£20,400 previous year) There were no other transactions or arrangements in connection with the remuneration of directors, of compensation for directors 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
1 February 2024

And signed on behalf of the board by:
Name: Mrs J L Harrowsmith
Status: Director