THE KARMIC COLLECTIVE CIC

Company limited by guarantee

Company Registration Number:
14437068 (England and Wales)

Unaudited statutory accounts for the year ended 31 October 2023

Period of accounts

Start date: 24 October 2022

End date: 31 October 2023

THE KARMIC COLLECTIVE CIC

Contents of the Financial Statements

for the Period Ended 31 October 2023

Profit and loss
Balance sheet
Additional notes
Community Interest Report

THE KARMIC COLLECTIVE CIC

Profit And Loss Account

for the Period Ended 31 October 2023

2023


£
Turnover: 1,954
Cost of sales: ( 1,279 )
Gross profit(or loss): 675
Operating profit(or loss): 675
Profit(or loss) before tax: 675
Profit(or loss) for the financial year: 675

THE KARMIC COLLECTIVE CIC

Balance sheet

As at 31 October 2023

Notes 2023


£
Fixed assets
Intangible assets:   0
Tangible assets:   0
Investments:   0
Total fixed assets: 0
Current assets
Stocks:   0
Debtors:   0
Cash at bank and in hand: 675
Investments:   0
Total current assets: 675
Prepayments and accrued income: 0
Creditors: amounts falling due within one year:   0
Net current assets (liabilities): 675
Total assets less current liabilities: 675
Creditors: amounts falling due after more than one year:   0
Provision for liabilities: 0
Accruals and deferred income: 0
Total net assets (liabilities): 675
Members' funds
Profit and loss account: 675
Total members' funds: 675

The notes form part of these financial statements

THE KARMIC COLLECTIVE CIC

Balance sheet statements

For the year ending 31 October 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 8 October 2024
and signed on behalf of the board by:

Name: Lisa Murray
Status: Director

The notes form part of these financial statements

THE KARMIC COLLECTIVE CIC

Notes to the Financial Statements

for the Period Ended 31 October 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

    Purpose This Turnover Policy provides a framework for ensuring financial transparency, accountability, and sustainability in The Karmic Collective CIC. As a Community Interest Company, it is vital to responsibly manage income and surplus to further our social objectives and meet our community’s needs. 1. Definition of Turnover Turnover is defined as the total income received from the CIC's operations, including but not limited to: Service revenue Grants and donations Sponsorships Event proceeds Sales of goods or services 2. Objective of Turnover Management Effective management of turnover ensures that the CIC can: Meet operational costs Reinvest in community programs Sustain financial health Achieve long-term impact aligned with our social mission 3. Turnover Allocation Revenue generated by the CIC will be allocated to the following areas: Direct Program Expenses: Funding for community programs, services, and events that support our mission. Operational Expenses: Costs of day-to-day operations, including administrative expenses, staffing, and materials. Growth and Development: Investments in training, infrastructure, and capacity-building to expand the CIC’s impact. Contingency Fund: Establishing and maintaining a reserve fund to support continuity in case of unexpected financial challenges. 4. Surplus Distribution Policy As a CIC, any surplus generated will be reinvested into the community in alignment with our mission. Surpluses will not be distributed to shareholders or private entities but will instead support: Expansion of existing programs or creation of new initiatives Enhanced access to services for underserved community members Development of partnerships that advance community interests 5. Turnover Review and Reporting To ensure transparency and accountability: An annual financial report will detail turnover, expenses, and reinvestments. Periodic reviews will assess the CIC’s financial health, operational efficiency, and alignment with community objectives. Reports will be made available to stakeholders, including community members, funders, and regulatory bodies, to maintain trust and demonstrate accountability. 6. Roles and Responsibilities Board of Directors: Oversee financial policies, review turnover allocations, and ensure alignment with CIC regulations. Finance Manager: Responsible for tracking turnover, managing expenses, and preparing financial reports. Community Stakeholders: Engaged in consultations to ensure funds are meeting community needs. 7. Compliance This policy is designed to align with the requirements of the CIC Regulator and applicable financial regulations.

    Valuation information and policy

    Valuation Information Policy for The Karmic Collective CIC Purpose This Valuation Information Policy sets out guidelines for the valuation of assets, income streams, and other financial elements within The Karmic Collective CIC. The policy ensures transparency, accuracy, and consistency in valuing assets for reporting, compliance, and decision-making purposes. 1. Scope This policy applies to: Tangible and intangible assets Revenue-generating activities Grants and donations Liabilities and other financial commitments 2. Valuation Objectives The objectives of the valuation process include: Providing accurate financial information to support effective decision-making Meeting transparency and accountability standards expected of Community Interest Companies. Ensuring compliance with the Financial Reporting Standards and CIC regulatory guidelines 3. Valuation Methods Valuation methods are chosen based on asset type, purpose, and applicable accounting standards. Key methods include: Cost Basis: Tangible assets like equipment and property are valued at historical cost minus depreciation. Market Value: Assets intended for sale or that have an active market value, such as certain investments or properties, are valued at fair market value. Income Approach: For income-generating assets or revenue streams, the valuation is based on projected cash flows, grants, and donations. Replacement Cost: For certain community-owned resources, the valuation may reflect the cost to replace the asset if lost or damaged. 4. Revenue and Grant Valuation Service Revenue: Revenue from services is recognised as income when services are rendered. Grant and Donation Recognition: Grants and donations are valued at the amount received or pledged and recognised in the financial year they are awarded unless conditions specify otherwise. In-kind Contributions: Non-monetary donations (e.g., donated space, equipment) are recorded at fair market value for transparency. 5. Liabilities Valuation Loans and Debt: Liabilities, including loans, are recorded at the principal amount, with any interest or fees recognised over the term of the loan. Deferred Revenue: Revenue received but not yet earned is recorded as deferred income and recognised once conditions for earning are met. 6. Reporting and Disclosure Annual Financial Statements: All valuations are to be reported in the CIC’s annual financial statements in compliance with Financial Reporting Standards . CIC Report: Information on asset valuation, use of grants, and income generation will be included in the annual CIC report to the Regulator, highlighting how assets and income further community objectives. 7. Responsibilities Board of Directors: Oversees valuation methods, ensuring they align with the CIC’s objectives and regulatory requirements. Finance Department: Responsible for implementing valuation methods and ensuring accurate reporting. External Auditors (if applicable): Verifies the accuracy and reliability of asset valuations and financial reporting. 8. Compliance and Review This policy adheres to applicable accounting standards and CIC guidelines. It will be reviewed annually to incorporate any regulatory updates or organisational changes.

THE KARMIC COLLECTIVE CIC

Notes to the Financial Statements

for the Period Ended 31 October 2023

  • 2. Employees

    2023
    Average number of employees during the period 2

COMMUNITY INTEREST ANNUAL REPORT

THE KARMIC COLLECTIVE CIC

Company Number: 14437068 (England and Wales)

Year Ending: 31 October 2023

Company activities and impact

Over the past financial year, The Karmic Collective CIC company’s holistic wellbeing activities have brought significant benefits to the community, creating spaces for relaxation, connection, and mental wellness. Here’s how each of our activities has contributed. Yoga and Sound Bowl Sessions, our weekly yoga and sound bowl sessions have provided a supportive space for 60 individuals to unwind, de-stress, and improve physical health. Regular participation has helped reduce stress levels in the community, boosted mental clarity, and fostered a sense of physical and emotional resilience. Guided Walks, our guided nature walks have encouraged 15 participants to connect with the outdoors and with each other. These walks have offered a low-impact way to improve cardiovascular health, while also providing mental health benefits such as increased mindfulness and reduced anxiety. Participants often leave feeling more grounded and connected. Sound Baths, our sound bath sessions have been one of the most popular offerings, providing a meditative experience to 80 service users, these sessions uses sound frequencies to induce deep relaxation. Attendees have reported reduced stress and improved sleep, as well as a greater sense of balance and calm in their daily lives.

Consultation with stakeholders

Our stakeholder consultation brought together key contributors to our holistic wellbeing initiatives, our dedicated volunteers, community members, and local businesses who have generously donated their time and resources. The consultation was designed as an open forum, where we aimed to foster a collaborative environment to gain insights, share feedback, and collectively shape the future of our wellbeing programs. Key Points from the Consultation Volunteer Feedback, 3 volunteers expressed valuable insights regarding the operational aspects of our events, offering suggestions for improved scheduling, streamlined communication, and expanded roles for those who wish to deepen their engagement. Their input emphasised the importance of recognising volunteer efforts and enhancing team-building opportunities and giving them the confidence to look at further training to get back to work. Community Member Contributions, community members shared the positive impacts of our wellbeing activities on their lives, highlighting the benefits of programs like yoga, sound baths, and guided walks. They suggested additional classes and services, such as meditation or wellness workshops, which could provide more inclusive support. These insights will guide us in expanding our offerings to meet diverse needs. 20 members of the community told us via feedback forms and informal discussions. Local Business Engagement, businesses that have supported our efforts through donations of time, materials, and expertise provided feedback on how collaboration has strengthened their ties to the community. They expressed interest in more partnership opportunities and potential co-branded events that emphasize shared values in wellness and community service. This consultation was incredibly productive, fostering a shared vision for the future of our wellbeing initiatives. We are grateful for everyone’s contributions and are committed to implementing many of these valuable insights as we continue growing together for a healthier, more connected community.

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
8 October 2024

And signed on behalf of the board by:
Name: Lisa Murray
Status: Director