THE FAR ACADEMY CIC

Company Registration Number:
07952068 (England and Wales)

Unaudited statutory accounts for the year ended 30 June 2024

Period of accounts

Start date: 1 July 2023

End date: 30 June 2024

THE FAR ACADEMY CIC

Contents of the Financial Statements

for the Period Ended 30 June 2024

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

THE FAR ACADEMY CIC

Directors' report period ended 30 June 2024

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

Principal activities of the company

The company's principal activity during the year continued was that of promoting education and empowering young people through skateboarding.



Directors

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

Brent Lewis
Charles Lancaster
Khan Sebastian Lewis
Leo Lewis


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
19 November 2024

And signed on behalf of the board by:
Name: Brent Lewis
Status: Director

THE FAR ACADEMY CIC

Profit And Loss Account

for the Period Ended 30 June 2024

2024 2023


£

£
Turnover: 542,137 277,095
Cost of sales: ( 239,712 ) ( 76,021 )
Gross profit(or loss): 302,425 201,074
Administrative expenses: ( 226,496 ) ( 151,323 )
Other operating income: 815 725
Operating profit(or loss): 76,744 50,476
Interest receivable and similar income: 230 87
Interest payable and similar charges: ( 820 ) ( 1,015 )
Profit(or loss) before tax: 76,154 49,548
Profit(or loss) for the financial year: 76,154 49,548

THE FAR ACADEMY CIC

Balance sheet

As at 30 June 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 54,148 28,557
Total fixed assets: 54,148 28,557
Current assets
Debtors: 4 52,918 56,573
Cash at bank and in hand: 108,430 80,316
Total current assets: 161,348 136,889
Creditors: amounts falling due within one year: 5 ( 35,133 ) ( 13,630 )
Net current assets (liabilities): 126,215 123,259
Total assets less current liabilities: 180,363 151,816
Creditors: amounts falling due after more than one year: 6 ( 11,607 ) ( 23,214 )
Total net assets (liabilities): 168,756 128,602
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 168,755 128,601
Total Shareholders' funds: 168,756 128,602

The notes form part of these financial statements

THE FAR ACADEMY CIC

Balance sheet statements

For the year ending 30 June 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 19 November 2024
and signed on behalf of the board by:

Name: Brent Lewis
Status: Director

The notes form part of these financial statements

THE FAR ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 30 June 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 from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

    Tangible fixed assets depreciation policy

    Computer equipment 33.33% straight line Fixtures, fittings, tools and equipment 25% straight line Motor vehicles 20% straight line

THE FAR ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 4 5

THE FAR ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 30 June 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 July 2023 54,493 33,025 87,518
Additions 44,333 44,333
Disposals
Revaluations
Transfers
At 30 June 2024 98,826 33,025 131,851
Depreciation
At 1 July 2023 37,740 21,221 58,961
Charge for year 12,137 6,605 18,742
On disposals
Other adjustments
At 30 June 2024 49,877 27,826 77,703
Net book value
At 30 June 2024 48,949 5,199 54,148
At 30 June 2023 16,753 11,804 28,557

THE FAR ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 30 June 2024

4. Debtors

2024 2023
£ £
Other debtors 52,918 56,573
Total 52,918 56,573

THE FAR ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 30 June 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 11,607 11,607
Trade creditors 4
Taxation and social security 1,877
Other creditors 23,526 142
Total 35,133 13,630

THE FAR ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 30 June 2024

6. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 11,607 23,214
Total 11,607 23,214

COMMUNITY INTEREST ANNUAL REPORT

THE FAR ACADEMY CIC

Company Number: 07952068 (England and Wales)

Year Ending: 30 June 2024

Company activities and impact

The FAR Academy CIC is passionate about empowering young people and communities supporting mental health and cohesive inclusion. The FAR Academy Post 16 Alternative Education Centre provide essential life skills and qualifications to the most vulnerable young people and the FAR Skate Community Hub sup ports the young people and the work of the Academy The FAR Academy provides a unique and high impact service to young people and the community. We have been instrumental in helping to reduce NEET figures (not in education training or employment) and crime rates within the local community. Also supporting and improving the mental health and well being of the young people we work with.

Consultation with stakeholders

Our stakeholders include our students, people we coach, the schools and organizations we contract to, local authorities and agencies, as well as the local community. We are in continuous consultation with our stakeholders via methods including meetings, email and tele phone communications, as well as feedback surveys. Based on the consultation, we continually modify the way we work to ensure the highest level of satisfaction.

Directors' remuneration

Total director’s remuneration during the year amounts to £ 32,924. 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
18 November 2024

And signed on behalf of the board by:
Name: Brent Lewis
Status: Director