MEDWAY OPEN STUDIOS CIC

Company limited by guarantee

Company Registration Number:
13142883 (England and Wales)

Unaudited statutory accounts for the year ended 31 January 2024

Period of accounts

Start date: 1 February 2023

End date: 31 January 2024

MEDWAY OPEN STUDIOS CIC

Contents of the Financial Statements

for the Period Ended 31 January 2024

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

MEDWAY OPEN STUDIOS CIC

Directors' report period ended 31 January 2024

The directors present their report with the financial statements of the company for the period ended 31 January 2024

Directors

The directors shown below have held office during the whole of the period from
1 February 2023 to 31 January 2024

Heather Sarah Burgess
Wendy Elizabeth Daws
Edward Charles Gransden
Christina Lamb


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
30 October 2024

And signed on behalf of the board by:
Name: Christina Lamb
Status: Director

MEDWAY OPEN STUDIOS CIC

Profit And Loss Account

for the Period Ended 31 January 2024

2024 2023


£

£
Turnover: 5,222 8,371
Cost of sales: ( 3,339 ) ( 8,353 )
Gross profit(or loss): 1,883 18
Administrative expenses: ( 632 ) ( 1,276 )
Operating profit(or loss): 1,251 (1,258)
Profit(or loss) before tax: 1,251 (1,258)
Tax: ( 169 ) 158
Profit(or loss) for the financial year: 1,082 (1,100)

MEDWAY OPEN STUDIOS CIC

Balance sheet

As at 31 January 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 38 75
Total fixed assets: 38 75
Current assets
Debtors: 4 158
Cash at bank and in hand: 1,292 4
Total current assets: 1,292 162
Creditors: amounts falling due within one year: 5 ( 517 ) ( 506 )
Net current assets (liabilities): 775 (344)
Total assets less current liabilities: 813 ( 269)
Total net assets (liabilities): 813 (269)
Members' funds
Profit and loss account: 813 ( 269)
Total members' funds: 813 (269)

The notes form part of these financial statements

MEDWAY OPEN STUDIOS CIC

Balance sheet statements

For the year ending 31 January 2024 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 30 October 2024
and signed on behalf of the board by:

Name: Christina Lamb
Status: Director

The notes form part of these financial statements

MEDWAY OPEN STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 31 January 2024

  • 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: Computer equipment Straight line over four years

MEDWAY OPEN STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 31 January 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

MEDWAY OPEN STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 31 January 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 February 2023 149 149
Additions
Disposals
Revaluations
Transfers
At 31 January 2024 149 149
Depreciation
At 1 February 2023 74 74
Charge for year 37 37
On disposals
Other adjustments
At 31 January 2024 111 111
Net book value
At 31 January 2024 38 38
At 31 January 2023 75 75

MEDWAY OPEN STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 31 January 2024

4. Debtors

2024 2023
£ £
Other debtors 158
Total   158

MEDWAY OPEN STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 31 January 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Taxation and social security 11
Accruals and deferred income 320 320
Other creditors 186 186
Total 517 506

COMMUNITY INTEREST ANNUAL REPORT

MEDWAY OPEN STUDIOS CIC

Company Number: 13142883 (England and Wales)

Year Ending: 31 January 2024

Company activities and impact

During 2023 the Medway Open Studios & Arts Festival directors maintained a regular presence at local strategic and cultural meetings, including consultation on Medway’s Cultural Strategy development and involvement in Historic England and Medway Council’s High Street Heritage Action Zone programme in Chatham Intra. We maintained social media and email communication to promote arts activities and opportunities in Medway. In July 2023 we organised our 11th summer open studios festival, with over 200 artists taking part, across 28 venues. We gained sponsorship and advertisers for the festival booklet. The Medway Open Studios & Arts Festival took place Sat 1st – Sun 9th July and was enthusiastically received by the public. Visitors enjoyed seeing behind the scenes where art is made locally. This year, director Heather Burgess took leave of absence, and the festival was organised by directors Wendy Daws and Xtina Lamb. Artists were supported with printed materials and a social meet up at Intra Arts to help them think through approaches that would help them to get the most out of the festival. They were provided with custom signage for their venues, and contributed to a Tips Zine to share their favourite ways to engage with visitors, encourage audiences and enjoy the festival. We held a launch party for the festival participants and guests at the Moat House coffee shop in Rochester.

Consultation with stakeholders

Our stakeholders are: artists, schools, colleges, galleries, public visitors, local authority partners, and the local creative community. Throughout the year we were in regular communication with all the artists taking part in the festival and we shared a feedback survey for everyone to complete after the event. The feedback is taken onboard for the planning of the 2024 festival. The directors met regularly to discuss future plans for the festival.

Directors' remuneration

Heather Burgess - £0 no remuneration was received Ed Gransden - £0 no remuneration was received Wendy Daws - £0 no remuneration was received Christina Lamb - £140 was received 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
30 October 2024

And signed on behalf of the board by:
Name: Christina Lamb
Status: Director