OPTIMISTIC FOUNDATION CIC

Company limited by guarantee

Company Registration Number:
11337743 (England and Wales)

Unaudited statutory accounts for the year ended 30 April 2024

Period of accounts

Start date: 1 May 2023

End date: 30 April 2024

OPTIMISTIC FOUNDATION CIC

Contents of the Financial Statements

for the Period Ended 30 April 2024

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

OPTIMISTIC FOUNDATION CIC

Directors' report period ended 30 April 2024

The directors present their report with the financial statements of the company for the period ended 30 April 2024

Directors

The directors shown below have held office during the whole of the period from
1 May 2023 to 30 April 2024

Daniel Edelstyn
Giles Clark
Saira Mir
Hilary Sian Powell


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
7 January 2025

And signed on behalf of the board by:
Name: Daniel Edelstyn
Status: Director

OPTIMISTIC FOUNDATION CIC

Profit And Loss Account

for the Period Ended 30 April 2024

2024 2023


£

£
Turnover: 307,657 205,824
Cost of sales: ( 213,859 ) ( 94,040 )
Gross profit(or loss): 93,798 111,784
Administrative expenses: ( 134,561 ) ( 105,677 )
Other operating income: 21,208
Operating profit(or loss): (19,555) 6,107
Interest receivable and similar income: 190
Interest payable and similar charges: ( 2,458 ) ( 4,209 )
Profit(or loss) before tax: (21,823) 1,898
Tax: 31,815
Profit(or loss) for the financial year: 9,992 1,898

OPTIMISTIC FOUNDATION CIC

Balance sheet

As at 30 April 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 6,220 7,683
Investments: 4 5,000
Total fixed assets: 11,220 7,683
Current assets
Debtors: 5 86,452 30,323
Cash at bank and in hand: 16,814 120,170
Total current assets: 103,266 150,493
Creditors: amounts falling due within one year: 6 ( 105,109 ) ( 158,791 )
Net current assets (liabilities): (1,843) (8,298)
Total assets less current liabilities: 9,377 ( 615)
Total net assets (liabilities): 9,377 (615)
Members' funds
Profit and loss account: 9,377 ( 615)
Total members' funds: 9,377 (615)

The notes form part of these financial statements

OPTIMISTIC FOUNDATION CIC

Balance sheet statements

For the year ending 30 April 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 7 January 2025
and signed on behalf of the board by:

Name: Daniel Edelstyn
Status: Director

The notes form part of these financial statements

OPTIMISTIC FOUNDATION CIC

Notes to the Financial Statements

for the Period Ended 30 April 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

    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 services, and grant and donated income.

    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 & Equipment 5 and 10 year straight line Fixtures & Fittings 20 year straight line

    Other accounting policies

    Taxation Income tax expense represents the sum of the tax currently payable. 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 year 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.

OPTIMISTIC FOUNDATION CIC

Notes to the Financial Statements

for the Period Ended 30 April 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

OPTIMISTIC FOUNDATION CIC

Notes to the Financial Statements

for the Period Ended 30 April 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 May 2023 10,583 1,300 11,883
Additions 359 359
Disposals
Revaluations
Transfers
At 30 April 2024 10,942 1,300 12,242
Depreciation
At 1 May 2023 4,081 119 4,200
Charge for year 1,757 65 1,822
On disposals
Other adjustments
At 30 April 2024 5,838 184 6,022
Net book value
At 30 April 2024 5,104 1,116 6,220
At 30 April 2023 6,502 1,181 7,683

OPTIMISTIC FOUNDATION CIC

Notes to the Financial Statements

for the Period Ended 30 April 2024

4. Fixed assets investments note

Five thousand unlisted, unsecured £1 Bonds were purchased on 1 October 2023. The Bonds have an interest rate of 6.5% per annum, paid annually in arrears. The maturity of the bonds is 25-years, divided into five year terms. The Bonds can be redeemed at the five-year term dates.

OPTIMISTIC FOUNDATION CIC

Notes to the Financial Statements

for the Period Ended 30 April 2024

5. Debtors

2024 2023
£ £
Trade debtors 1,900 4,630
Prepayments and accrued income 3,551 2,236
Other debtors 81,001 23,457
Total 86,452 30,323

OPTIMISTIC FOUNDATION CIC

Notes to the Financial Statements

for the Period Ended 30 April 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 5,111 4,527
Taxation and social security 976
Accruals and deferred income 28,253 106,144
Other creditors 70,769 48,120
Total 105,109 158,791

COMMUNITY INTEREST ANNUAL REPORT

OPTIMISTIC FOUNDATION CIC

Company Number: 11337743 (England and Wales)

Year Ending: 30 April 2024

Company activities and impact

We raised £80,000 through a crowdfunder – this has helped us get a rough edit of our feature documentary Power Station done. The film still needs to be completed. We also used some of our funds to put into local causes we believe connect to a just transition. So we funded: £1500 to the Coppermill Swifts – local grassroots football for all kids – whether they can afford it or not. £1500 to Project Zero – trying to cut knife crime in our borough and giving positive role models to young people who are very often excluded from school. £1500 to Stories and Supper – a refugee charity who use stories and food to bring their community together and provide kindness and support to people who may be struggling with their status as refugees in London. £1000 to Pl84U Al Suffa – a local charity who provide food and care to people who are in need of it. We have also continued to develop our Power Station project by developing plans for a borough wide Power Station – meaning a community energy project that benefits the people in this borough. I also ran (Dan here) in the general election on a platform of community energy and to end the war on Gaza.

Consultation with stakeholders

We had no formal consultations – but rather an informal series of conversations.

Directors' remuneration

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
23 January 2025

And signed on behalf of the board by:
Name: Dan Edelstyn
Status: Director