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# REDRUTH FORMER LIBRARY CIC

## Company Registration Number:
13539501 (England and Wales)

## Unaudited statutory accounts for the year ended 30 July 2025

## Period of accounts

## Start date: 31 July 2024

## End date: 30 July 2025

# REDRUTH FORMER LIBRARY CIC

## Contents of the Financial Statements

for the Period Ended 30 July 2025

Directors report |
Balance sheet |
Additional notes |
Balance sheet notes |
Community Interest Report |

# REDRUTH FORMER LIBRARY CIC

Directors' report period ended 30 July 2025

The directors present their report with the financial statements of the company for the period ended 30 July 2025

Principal activities of the company

Support activities to performing arts Other education not elsewhere classified

Directors

The directors shown below have held office during the whole of the period from
31 July 2024 to 30 July 2025

Felix Mortimer
Joshua Nawras
Julie Seyler

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
18 September 2025

And signed on behalf of the board by:
Name: Felix Mortimer
Status: Director

# REDRUTH FORMER LIBRARY CIC

## Balance sheet

As at 30 July 2025

| Notes | 2025 | 2024
--- | --- | --- | ---
|  | £ | £
Fixed assets
Tangible assets: | 3 | 887,320 | 341,662
Investments: | 4 | 201,777 | 201,777
Total fixed assets: |  | 1,089,097 | 543,439
Current assets
Debtors: | 5 | 55,504 | 24,030
Cash at bank and in hand: |  | 155,914 | 70,133
Total current assets: |  | 211,418 | 94,163
Creditors: amounts falling due within one year: | 6 | ( 158,964 ) | ( 41,800 )
Net current assets (liabilities): |  | 52,454 | 52,363
Total assets less current liabilities: |  | 1,141,551 | 595,802
Total net assets (liabilities): |  | 1,141,551 | 595,802
Capital and reserves
Called up share capital: |  | 4 | 4
Other reserves: |  | 545,658 |
Profit and loss account: |  | 595,889 | 595,798
Total Shareholders' funds: |  | 1,141,551 | 595,802

The notes form part of these financial statements

# REDRUTH FORMER LIBRARY CIC

## Balance sheet statements

For the year ending 30 July 2025 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.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 18 September 2025
and signed on behalf of the board by:

Name: Felix Mortimer
Status: Director

The notes form part of these financial statements

# REDRUTH FORMER LIBRARY CIC

## Notes to the Financial Statements

for the Period Ended 30 July 2025

- ## 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 recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight-line bases over the lease term. Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.

  Tangible fixed assets depreciation policy

  All fixed assets are initially recorded at cost. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Event Equipment and computers - 25% straight line Fixtures & Fittings -25% straight line Land & Buildings – 5% straight line

  Other accounting policies

  Investment Property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which include the purchase cost and any directly attributed expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised within other reserves.

# REDRUTH FORMER LIBRARY CIC

## Notes to the Financial Statements

for the Period Ended 30 July 2025

- ## 2. Employees

  | 2025 | 2024
  --- | --- | ---
  Average number of employees during the period | 3 | 3

  The directors aggregate remuneration in respect of qualifying services were £42,284 - (2023-4 £32,826)

# REDRUTH FORMER LIBRARY CIC

## Notes to the Financial Statements

for the Period Ended 30 July 2025

## 3. Tangible assets

| Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total
--- | --- | --- | --- | --- | --- | ---
Cost | £ | £ | £ | £ | £ | £
At 31 July 2024 | 341,662 |  |  |  |  | 341,662
Additions |  |  |  |  |  |
Disposals |  |  |  |  |  |
Revaluations | 545,658 |  |  |  |  | 545,658
Transfers |  |  |  |  |  |
At 30 July 2025 | 887,320 |  |  |  |  | 887,320
Depreciation |  |  |  |  |  |
At 31 July 2024 |  |  |  |  |  |
Charge for year |  |  |  |  |  |
On disposals |  |  |  |  |  |
Other adjustments |  |  |  |  |  |
At 30 July 2025 |  |  |  |  |  |
Net book value |  |  |  |  |  |
At 30 July 2025 | 887,320 |  |  |  |  | 887,320
At 30 July 2024 | 341,662 |  |  |  |  | 341,662

# REDRUTH FORMER LIBRARY CIC

## Notes to the Financial Statements

for the Period Ended 30 July 2025

## 4. Fixed assets investments note

Value at Start of year was £201,777. No additions or revaluations. Value at end of the year £201,777.

# REDRUTH FORMER LIBRARY CIC

## Notes to the Financial Statements

for the Period Ended 30 July 2025

## 5. Debtors

| 2025 | 2024
--- | --- | ---
| £ | £
Trade debtors | 1,860 |
Other debtors | 53,644 | 24,030
Total | 55,504 | 24,030

# REDRUTH FORMER LIBRARY CIC

## Notes to the Financial Statements

for the Period Ended 30 July 2025

## 6. Creditors: amounts falling due within one year note

| 2025 | 2024
--- | --- | ---
| £ | £
Trade creditors | 72,064 |
Accruals and deferred income | 86,900 | 41,800
Total | 158,964 | 41,800

# COMMUNITY INTEREST ANNUAL REPORT

### REDRUTH FORMER LIBRARY CIC

### Company Number: 13539501 (England and Wales)

### Year Ending: 30 July 2025

Company activities and impact

Redruth Former Library CIC (The Ladder) is a community interest company established to preserve, protect and regenerate the former Redruth Library and adjacent College building. These Grade II listed heritage assets, once at risk of dereliction or commercial development, are being brought back into meaningful public use through a phased programme of cultural, educational and community-focused renovation works. In the reporting period, the CIC oversaw substantial progress on the internal refurbishment of the Library building’s ground and first floors, including essential structural works, decoration, installation of new joinery, and the beginnings of mechanical and electrical fit-out. These works have been delivered in line with listed building consent, and with support from the UK Shared Prosperity Fund, Historic England, Cornwall Council and other partners. Alongside physical capital works, The Ladder has grown its community offer. We have hosted a programme of cultural events, community consultation days, open rehearsals, and workshops, and welcomed our first anchor tenants, including arts and youth organisations, into the building. The CIC continues to work closely with local charities and educational providers to ensure that the space responds to the needs of local residents, particularly young people and those at risk of exclusion. The Ladder now serves as a vital catalyst for town centre regeneration, community resilience and creative opportunity in Redruth. Our work during this financial year has directly benefited the local community by safeguarding a cherished public building, creating local employment opportunities, and expanding access to inclusive cultural and educational provision in one of Cornwall’s most deprived areas.

Consultation with stakeholders

The Ladder’s stakeholders include: local residents, building tenants and users, funders, Redruth-based charities and community groups, young people, volunteers, heritage and cultural sector organisations, and embers of the Redruth Cultural Consortium. Consultation with Tenants and Building Users: We maintain regular dialogue with our anchor tenants to ensure that the development of the site reflects their operational needs and community goals. These include: Writers’ Block, a creative writing hub supporting young people and emerging writers, who have influenced the design of adaptable studio spaces and quiet rehearsal areas. We responded to their feedback by prioritising acoustic treatment and storage solutions in their designated rooms. Beats and Roots, community cafe, an anchor tenant at The Ladder, providing healthy affordable, vegetarian food on site. Naturally Learning, an early-years provider offering nature-inspired education, consulted on child-friendly access routes and safeguarding needs. As a result, we adapted the ground floor layout to ensure secure entry points, improved ventilation, and space for buggy storage and creative play. Wider Stakeholder Engagement: The CIC chairs the Redruth Cultural Consortium, a cross-sector group of local creatives, educators and cultural organisations. The Consortium meets quarterly and serves as a forum for community-informed strategic planning. Through these sessions, The Ladder is both shaped by and acts in service to the wider cultural life of the town supporting collaborations, identifying local needs, and helping to unlock resources for other Redruth-based projects. This consultative approach ensures that the redevelopment of The Ladder is not only a physical regeneration project, but a platform for community-led activity, local creative economy growth, and inclusive cultural participation.

Directors' remuneration

The CIC’s directors have been paid through PAYE for their work on this project. Full details of directors’ remuneration are provided in the accompanying accounts. During the reporting period, CIC directors were paid £42,284

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
18 September 2025

And signed on behalf of the board by:
Name: Felix Mortimer
Status: Director