ISLWYN ART PROJECT CIC

Company limited by guarantee

Company Registration Number:
11673236 (England and Wales)

Unaudited statutory accounts for the year ended 30 November 2023

Period of accounts

Start date: 1 December 2022

End date: 30 November 2023

ISLWYN ART PROJECT CIC

Contents of the Financial Statements

for the Period Ended 30 November 2023

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

ISLWYN ART PROJECT CIC

Profit And Loss Account

for the Period Ended 30 November 2023

2023 2022


£

£
Turnover: 15,600 9,304
Cost of sales: ( 9,720 ) ( 3,853 )
Gross profit(or loss): 5,880 5,451
Operating profit(or loss): 5,880 5,451
Profit(or loss) before tax: 5,880 5,451
Tax: 0
Profit(or loss) for the financial year: 5,880 5,451

ISLWYN ART PROJECT CIC

Balance sheet

As at 30 November 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 558 558
Total fixed assets: 558 558
Current assets
Cash at bank and in hand: 4,421 6,362
Total current assets: 4,421 6,362
Net current assets (liabilities): 4,421 6,362
Total assets less current liabilities: 4,979 6,920
Provision for liabilities: ( 4,421 ) ( 6,362 )
Total net assets (liabilities): 558 558
Members' funds
Profit and loss account: 558 558
Total members' funds: 558 558

The notes form part of these financial statements

ISLWYN ART PROJECT CIC

Balance sheet statements

For the year ending 30 November 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 27 August 2024
and signed on behalf of the board by:

Name: Gavin Lewis
Status: Director

The notes form part of these financial statements

ISLWYN ART PROJECT CIC

Notes to the Financial Statements

for the Period Ended 30 November 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

    Islwyn Art Project CIC Tangible Assets Policy 1. Purpose The purpose of this policy is to establish guidelines for the recognition, depreciation, and management of tangible assets within Islwyn Art Project CIC. This policy specifically covers the handling of IT equipment owned by the organization. 2. Scope This policy applies to all tangible assets categorized as IT equipment, including but not limited to computers, laptops, printers, tablets, and related peripherals. 3. Recognition of Tangible Assets A tangible asset is recognized when: The asset is owned or controlled by Islwyn Art Project CIC. The asset is expected to provide future economic benefits or service potential to the organization. The cost of the asset can be measured reliably. 4. Capitalization Threshold All IT equipment purchases that have a useful life of more than one year and a cost exceeding £500 will be capitalized and recorded as a tangible asset in the financial statements. Any IT equipment purchased below this threshold will be expensed in the year of purchase. 5. Depreciation Policy IT equipment will be depreciated over its useful life using the straight-line depreciation method at an annual rate of 25%. This reflects a four-year useful life expectancy for IT equipment. Depreciation Calculation: Depreciation will be calculated on an annual basis. The depreciation expense is calculated as 25% of the asset’s historical cost. Depreciation will commence in the month the asset is acquired and placed into service. 6. Disposal of Tangible Assets When IT equipment is no longer in use or has reached the end of its useful life, it will be disposed of in an environmentally responsible manner. All disposals of tangible assets must be approved by management, and any gain or loss on disposal will be recognized in the financial statements. 7. Review and Impairment of Assets The useful life and residual value of IT equipment will be reviewed annually. If there is evidence that an asset has become impaired (i.e., its recoverable amount is less than its carrying amount), the asset’s carrying amount will be written down to its recoverable amount immediately. 8. Responsibility It is the responsibility of the Finance Manager (or designated officer) to ensure compliance with this policy. All departments are responsible for safeguarding and maintaining the IT equipment under their control. 9. Policy Review This policy will be reviewed annually or as required to ensure its continuing relevance and effectiveness in managing the tangible assets of Islwyn Art Project CIC.

ISLWYN ART PROJECT CIC

Notes to the Financial Statements

for the Period Ended 30 November 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

ISLWYN ART PROJECT CIC

Notes to the Financial Statements

for the Period Ended 30 November 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 December 2022 558 558
Additions
Disposals
Revaluations
Transfers
At 30 November 2023 558 558
Depreciation
At 1 December 2022 0 0
Charge for year
On disposals
Other adjustments
At 30 November 2023 0 0
Net book value
At 30 November 2023 558 558
At 30 November 2022 558 558

COMMUNITY INTEREST ANNUAL REPORT

ISLWYN ART PROJECT CIC

Company Number: 11673236 (England and Wales)

Year Ending: 30 November 2023

Company activities and impact

Islwyn Art Project CIC Annual Statement Islwyn Art Project is a social enterprise dedicated to providing inclusive art workshops for adults with learning disabilities. Our mission is to foster collaboration between mainstream artists and artists with learning disabilities to create unique artworks. Objectives Our primary objective is to offer engaging art workshops for adults with learning disabilities. Our overarching social goal is to enhance the well-being of our artists, focusing on boosting their confidence and self-esteem while enabling them to become active, valued members of the community. Community Impact Islwyn Art Project serves both individuals with learning disabilities and the broader public. Our workshops provide a supportive space for artistic expression and skill development. Activities During the Accounting Period During this accounting period, we successfully conducted weekly classes for approximately 20 participants at two locations: the Autistic Minds Hub in Caerphilly and Blackwood Library. These workshops have been instrumental in providing a creative outlet and fostering a sense of community among the participants. Funding and Support We are grateful to have received funding to support these classes from several generous sources, including the Principality, Communities Fund Wales, and Caerphilly County Borough Council (CBC). Additionally, we ran a small art project in collaboration with People First, further expanding our outreach and engagement with the community. Future Goals Looking ahead, we remain committed to expanding our programs and increasing opportunities for artists with learning disabilities. We will continue to seek partnerships and funding to support our mission and enhance the impact of our work.

Consultation with stakeholders

No consultation with stakeholders

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
27 August 2024

And signed on behalf of the board by:
Name: Gavin Lewis
Status: Director