FURTHEST FROM THE SEA MUSIC, COMEDY & ARTS CIC

Company limited by guarantee

Company Registration Number:
10480111 (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

FURTHEST FROM THE SEA MUSIC, COMEDY & ARTS 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

FURTHEST FROM THE SEA MUSIC, COMEDY & ARTS CIC

Profit And Loss Account

for the Period Ended 30 November 2023

2023 2022


£

£
Turnover: 65,658 70,224
Cost of sales: ( 49,683 ) ( 56,287 )
Gross profit(or loss): 15,975 13,937
Administrative expenses: ( 11,898 ) ( 9,574 )
Operating profit(or loss): 4,077 4,363
Interest receivable and similar income: 105
Interest payable and similar charges: ( 105 )
Profit(or loss) before tax: 4,182 4,258
Tax: ( 409 ) ( 343 )
Profit(or loss) for the financial year: 3,773 3,915

FURTHEST FROM THE SEA MUSIC, COMEDY & ARTS CIC

Balance sheet

As at 30 November 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 4,637 2,480
Total fixed assets: 4,637 2,480
Current assets
Debtors: 4 2,080 0
Cash at bank and in hand: 25,681 4,643
Total current assets: 27,761 4,643
Creditors: amounts falling due within one year: 5 ( 23,107 ) ( 1,605 )
Net current assets (liabilities): 4,654 3,038
Total assets less current liabilities: 9,291 5,518
Total net assets (liabilities): 9,291 5,518
Members' funds
Profit and loss account: 9,291 5,518
Total members' funds: 9,291 5,518

The notes form part of these financial statements

FURTHEST FROM THE SEA MUSIC, COMEDY & ARTS 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: Eileen Wright
Status: Director

The notes form part of these financial statements

FURTHEST FROM THE SEA MUSIC, COMEDY & ARTS 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

    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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Sale of goods Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. Rendering of services Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Plant & Machinery 20% on cost

    Other accounting policies

    Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable surplus for the year. Taxable surplus differs from surplus as reported in the statement of comprehensive income 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 surplus. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable surplus will be available against which those deductible timing 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 surplus 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in surplus or deficit, except when they related 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.

FURTHEST FROM THE SEA MUSIC, COMEDY & ARTS CIC

Notes to the Financial Statements

for the Period Ended 30 November 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 3 3

FURTHEST FROM THE SEA MUSIC, COMEDY & ARTS 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 4,733 4,733
Additions 3,019 3,019
Disposals
Revaluations
Transfers
At 30 November 2023 7,752 7,752
Depreciation
At 1 December 2022 2,253 2,253
Charge for year 862 862
On disposals
Other adjustments
At 30 November 2023 3,115 3,115
Net book value
At 30 November 2023 4,637 4,637
At 30 November 2022 2,480 2,480

FURTHEST FROM THE SEA MUSIC, COMEDY & ARTS CIC

Notes to the Financial Statements

for the Period Ended 30 November 2023

4. Debtors

2023 2022
£ £
Other debtors 2,080 0
Total 2,080 0

FURTHEST FROM THE SEA MUSIC, COMEDY & ARTS CIC

Notes to the Financial Statements

for the Period Ended 30 November 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 860 602
Taxation and social security 752 343
Accruals and deferred income 21,495 660
Total 23,107 1,605

COMMUNITY INTEREST ANNUAL REPORT

FURTHEST FROM THE SEA MUSIC, COMEDY & ARTS CIC

Company Number: 10480111 (England and Wales)

Year Ending: 30 November 2023

Company activities and impact

The company’s principal activities during the reporting period have included: - Promoting and delivering a full programme of live performance as part of Leicester Comedy Festival 2023. This built on our long-standing relationship with venue partner Knight & Garter, and provided opportunities for Derby and Derbyshire comedians to perform as part of a diverse line-up of new and established acts at Europe’s largest and longest-running comedy festival. (January - February 2023) - Supporting Derby City Libraries in a library trail and creative sessions to build community engagement with the Big Family Read – a national initiative. (February 2023) - Actively building a network of organisations, artists, creatives and individuals in Heanor, thanks to a project grant from Derbyshire County Council. This culminated in a Big Community Mash-Up at the end of this financial period, preceded by a programme of outreach in schools and community settings. (February – November 2023) A further grant, from the Postcode Lottery Trust (awarded May 2023) will allow us to build on the outcomes from this project. The majority of this project activity will take place in the following financial year. - Delivering the Furthest from the Sea Festival – a free family creative festival in Derby city centre, with associated schools’ engagement and community outreach activities in libraries and other settings. Planning and delivery of the festival was principally funded by Arts Council England, allowing us to extend our community outreach and engagement activities (January – July 2023). - Delivering Derby’s first Gig on the Green – a new event running alongside the Furthest from the Sea Festival, showcasing local musicians in an open-air setting (June 2023) - Our work with Creative Art Showcase Bromsgrove (June 2023 and October 2023) saw us supporting another arts organisation to deliver both an indoor and outdoor event in their own community. Furthest from the Sea provided expertise and equipment. As an organisation we plan to build this type of activity to develop an additional source of earned income which will supplement grant-funded projects and increase our sustainability going forwards. - Providing a bespoke event as part of Feste (September 2023), offering opportunities for Derbyshire artists to showcase their skills and creativity through workshops with members of the public. - Supporting the organisation and presentation of Derby Folk Weekend (Oct 2023), providing opportunities for Derby and Derbyshire artists to participate in this well-loved event, and facilitating free and low-cost access to an exciting Fringe programme for audiences. - Programming for Leicester Comedy Festival 2024 (Oct 2023). This preparatory work will allow us to deliver a full programme of live performance as part of Leicester Comedy Festival in February 2024.

Consultation with stakeholders

The company’s stakeholders are many, and include: - The local artistic/creative community - Organisations which offer support (financial and “in kind”) to our activities - Other organisations which have the potential to be impacted by our work (e.g. local businesses, the City Council etc) - The wider general public who form the audience at our events The company has an ongoing and open dialogue with all of these groups of stakeholders, which offers frequent opportunities for consultation and response. The company’s advisory board includes representatives from education, local business and the creative community. During this reporting period this group of individuals has been undergoing a refresh, allowing us to bring new voices and different backgrounds into our accountability. Throughout the year consultation with artists is ongoing and open, as we develop new project ideas and deliver our regular programme of events. For established events, such as the Furthest from the Sea Festival, feedback from audiences (through questionnaires and online comments), artists and volunteers/staff (through one-to-one conversations) shape the development of the activity from one year to the next as the company seeks to improve and learn from its experiences. Partnership/funding agreements with the local authority and funding bodies also provide structured opportunities for feedback and response, both at the project proposal and the project evaluation stage.

Directors' remuneration

Directors’ remuneration for the period totalled £27,064. 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 August 2024

And signed on behalf of the board by:
Name: Eileen Wright
Status: Director