IRWELL HOUSE ARTISTS' STUDIOS CIC

Company limited by guarantee

Company Registration Number:
10640282 (England and Wales)

Unaudited statutory accounts for the year ended 29 February 2024

Period of accounts

Start date: 1 March 2023

End date: 29 February 2024

IRWELL HOUSE ARTISTS' STUDIOS CIC

Contents of the Financial Statements

for the Period Ended 29 February 2024

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

IRWELL HOUSE ARTISTS' STUDIOS CIC

Directors' report period ended 29 February 2024

The directors present their report with the financial statements of the company for the period ended 29 February 2024

Directors

The directors shown below have held office during the whole of the period from
1 March 2023 to 29 February 2024

Jessica Murphy
Alexandra Bennett


The director shown below has held office during the period of
1 March 2023 to 18 August 2023

Nataly Chambers


The director shown below has held office during the period of
1 March 2023 to 3 April 2023

Hilary Jack


The director shown below has held office during the period of
3 April 2023 to 29 February 2024

Jessica Bennett


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
29 November 2024

And signed on behalf of the board by:
Name: Jessica Bennett
Status: Director

IRWELL HOUSE ARTISTS' STUDIOS CIC

Profit And Loss Account

for the Period Ended 29 February 2024

2024 2023


£

£
Turnover: 6,835 5,837
Cost of sales: ( 5,715 ) ( 3,089 )
Gross profit(or loss): 1,120 2,748
Administrative expenses: ( 94,067 ) ( 94,984 )
Other operating income: 83,135 79,857
Operating profit(or loss): (9,812) (12,379)
Profit(or loss) before tax: (9,812) (12,379)
Tax: ( 899 )
Profit(or loss) for the financial year: (10,711) (12,379)

IRWELL HOUSE ARTISTS' STUDIOS CIC

Balance sheet

As at 29 February 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 13,980 20,479
Total fixed assets: 13,980 20,479
Current assets
Debtors: 4 6,677 7,463
Cash at bank and in hand: 24,520 37,145
Total current assets: 31,197 44,608
Creditors: amounts falling due within one year: 5 ( 17,107 ) ( 26,306 )
Net current assets (liabilities): 14,090 18,302
Total assets less current liabilities: 28,070 38,781
Total net assets (liabilities): 28,070 38,781
Members' funds
Profit and loss account: 28,070 38,781
Total members' funds: 28,070 38,781

The notes form part of these financial statements

IRWELL HOUSE ARTISTS' STUDIOS CIC

Balance sheet statements

For the year ending 29 February 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 29 November 2024
and signed on behalf of the board by:

Name: Jessica Bennett
Status: Director

The notes form part of these financial statements

IRWELL HOUSE ARTISTS' STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 29 February 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: Land & Buildings 5 years straight line Plant & Machinery 5 years straight line

IRWELL HOUSE ARTISTS' STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

IRWELL HOUSE ARTISTS' STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 March 2023 33,431 1,534 34,965
Additions 614 614
Disposals
Revaluations
Transfers
At 29 February 2024 34,045 1,534 35,579
Depreciation
At 1 March 2023 13,322 1,164 14,486
Charge for year 6,809 304 7,113
On disposals
Other adjustments
At 29 February 2024 20,131 1,468 21,599
Net book value
At 29 February 2024 13,914 66 13,980
At 28 February 2023 20,109 370 20,479

IRWELL HOUSE ARTISTS' STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

4. Debtors

2024 2023
£ £
Trade debtors 803 404
Prepayments and accrued income 5,874 6,769
Other debtors 290
Total 6,677 7,463

IRWELL HOUSE ARTISTS' STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Accruals and deferred income 14,036 23,842
Other creditors 3,071 2,464
Total 17,107 26,306

COMMUNITY INTEREST ANNUAL REPORT

IRWELL HOUSE ARTISTS' STUDIOS CIC

Company Number: 10640282 (England and Wales)

Year Ending: 29 February 2024

Company activities and impact

Irwell House Artists’ Studios CIC (IHAS, incorporated February 2017 and publicly known as Paradise Works) is an artist studio provider with a community of 40+ contemporary artists. IHAS also has two gallery spaces which host a range of different art exhibitions and artist film showcases. During the financial year 2023-24, our CIC objective to provide sustainable studio space and professional development opportunities to artists working within Salford and Manchester was met through: 1. Studio provision to a community of 38 artists who were enabled to produce artworks including sculpture, drawing, painting, film, photography, public art, curation, design and sound. 2. Gallery, residency space and screening space as hireable resources to artist members making work or digital exhibitions. 3. Successful Arts Council England (ACE) applications benefited artists through... A. Profile raising opportunities for members with spotlight and features on social media. B. We developed the audience for members via our active online presence, i.e., website, newsletter, social media, and video hosting sites. C. Opportunities for studio members through showcases at local art fairs such as the Manchester Contemporary, mentoring commissions, exhibitions in our gallery and networking events. 4. We continued to offer graduate placement partnership with University of Salford and Manchester School of Art awarded 2 graduates a 12-month studio with informal mentoring opportunities with established artists from the existing membership. 5. We established a new partnership with the Haworth Trust, providing a scholarship to two artists, which included a paid studio, material, and mentoring budget. This enables the artist to build and establish their careers within a secure environment. 6. Delivering a socially engaged workshop programme led by studio members to Salford residents, raising awareness of local environmental issues whilst diversifying skill sets, funded by Recycling for Greater Manchester Community Fund. This provided income sources and work experience to three early career artists. We also delivered a socially engaged mental wellbeing workshop funded by Salford CVS led by an in-house artist. Both activities supported our alignment to local authority strategic aims. 7. We also improved our programming creating a more socially engaged programme within our exhibition spaces looking at environment and climate change. This allowed us to work and develop early-career curator and support them in making international connections. 8. By appointing a premises manager, the organisation made significant studio improvements thereby increasing safety and satisfaction of studio members. This included H&S, security, lighting, signage, and fire safety to ensure we are a safe working environment for our artists. 9. We continued to provide mentoring and professional development for our team from our Advisory Board as well as externals to help improve our business model and income generation going forward. Paradise Works improved organisational resilience during 2023/24 through the recent appointment of a new Director, Jessica Bennett. Jessica as been working closely with Salford Council as well as the landlord to improve the infrastructure of the space as well as looking at potential capital development plans going forward.

Consultation with stakeholders

The company’s primary stakeholders are studio members. Our studio members were consulted through quarterly socials alongside face-to-face and email correspondence, with this feedback informing studio improvements/expansions, and the shape of programming activity such as Open Studios, Multiples sales opportunities and studio visits/tours. The memberships’ Artist Direction Group (ADG) were consulted in greater depth on organisational and programming decision making and were responsible for the selection of new studio members from our waiting list and graduate award applications, as well as the fair allocation of larger studios between existing studio members. Directors marketed, shortlisted, and appointed two new board members and formalised the roles of two further long-time supporters of IHAS. Our newly established advisory board has been consulted and supported our CIC decisions over the lease, building and governance model. They have since been working with the new director to establish a new business plan for IHAS. Wider stakeholders include our activity partners: Manchester School of Art, Salford University Art Collection, Arts Council England, Urban Splash (landlords), Salford Council/ Salford Culture and Place Partnership, The Haworth Trust, Salford CVS and Bridgewater Residents Association. Directors met with key individuals from each organisation to discuss and agree the means of project or programming delivery.

Directors' remuneration

During the year 2023-24, a total of £11,910 was paid in fees to the Directors for their duties. There were no other transactions or arrangements in connection with the remuneration of directors, or compensation

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
29 November 2024

And signed on behalf of the board by:
Name: Jessica Bennett
Status: Director