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Report of the Directors and |
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Financial Statements for the Period 6th October 2020 to 31st October 2021 |
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Crave Arts |
REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements for the Period 6th October 2020 to 31st October 2021 |
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Crave Arts |
Crave Arts (Registered number: 12933201) |
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Contents of the Financial Statements |
for the Period 6th October 2020 to 31st October 2021 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Statement of Income and Retained Earnings | 3 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 5 |
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Crave Arts |
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Company Information |
for the Period 6th October 2020 to 31st October 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Thorneloe House |
25 Barbourne Road |
Worcester |
Worcestershire |
WR1 1RU |
Crave Arts (Registered number: 12933201) |
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Report of the Directors |
for the Period 6th October 2020 to 31st October 2021 |
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The directors present their report with the financial statements of the company for the period 6th October 2020 to 31st October 2021. |
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COMMENCEMENT OF TRADING |
The company was incorporated on 6th October 2020 and commenced operations on 21st December 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of |
a) | providing high quality participatory arts and heritage activities for communities and the wider public; |
b) | supporting people's health and wellbeing through engagement with the arts and heritage; and |
c) | providing specialist support services to those working in or with the arts and heritage sector. |
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REVIEW OF BUSINESS |
This first year was about raising the profile of Crave Arts as a company within Worcestershire through the development of a public profile on social media, networking and attendance at events/meetings, as well as through delivery of small-scale public engagement projects. |
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Crave Arts' first financial year involved delivery of projects contributing to the first two of our Objects: providing high quality participatory arts and heritage activities for communities and the wider public and supporting people's health and wellbeing through engagement with the arts and heritage. |
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We received funding from Worcester Theatres (Cultural Development Fund), The Elmley Foundation and Worcester City Council for the delivery of a new writing project, 'From Whisper to Voice' with more isolated community groups and emerging writers. This involved engagement with partners, facilitated writing groups, and the delivery of both live and virtual performances. This was our main project for the year, accompanied by delivery of two smaller projects where our advisory skills were used, working with Reaction Theatres and Arts Uplift, in Malvern and Warwickshire respectively. |
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Towards the end of the year we were funded by the England Illegal Money Lending Team and The National Lottery to deliver projects relating to improving social cohesion amongst individuals and communities across Worcester and the surrounding areas and these projects will start in our second financial year. |
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In this first year, Crave Arts' initial set-up costs (company formation, company branding etc) were not fully recouped by income and so the accounts show a loss, met by Director loans. However, learning from the first year informs our business model moving forward with the aim of covering company running costs though project delivery and advisory services. |
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We aim to build our reputation as a company who work closely with individuals and communities and have developed partnerships with groups and organisations across the city and wider region. For its second year, Crave Arts seeks to deliver larger scale projects, continue to build on relationships formed in year one, and develop work towards our third object: providing specialist support services to those working in or with the arts and heritage sector. |
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Consultancy fees charged by Directors are in line with market rates and often agreed with funders in advance / at the grant application stage. |
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DIRECTORS |
The directors who have held office during the period from 6th October 2020 to the date of this report are as follows: |
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Both the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting. |
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QUALIFYING THIRD PARTY INDEMNITY PROVISIONS |
The company has made third party indemnity provisions for the benefit of its directors during the year and these provisions remain in force at the reporting date. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Crave Arts (Registered number: 12933201) |
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Statement of Income and |
Retained Earnings |
for the Period 6th October 2020 to 31st October 2021 |
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TURNOVER |
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Cost of sales |
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GROSS SURPLUS |
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Administrative expenses |
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OPERATING DEFICIT and |
DEFICIT BEFORE TAXATION | ( |
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Tax on deficit |
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DEFICIT FOR THE FINANCIAL PERIOD | ( |
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RETAINED EARNINGS AT END OF
PERIOD |
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Crave Arts (Registered number: 12933201) |
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Balance Sheet |
31st October 2021 |
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Notes | £ |
CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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RESERVES |
Income and expenditure account | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Crave Arts (Registered number: 12933201) |
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Notes to the Financial Statements |
for the Period 6th October 2020 to 31st October 2021 |
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1. | STATUTORY INFORMATION |
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Crave Arts is a
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In the event of the company being wound up, the liability in respect of the guarantee is limited to £1. |
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Grant income is recognised on an accruals basis. |
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Consultancy income is recognised on an accruals basis. |
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TAXATION |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was NIL. |
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4. | GRANTS AWARDED |
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The following grants were awarded to Crave Arts in the year: |
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Birmingham City Council | 4,960 |
The Elmley Foundation | 1,500 |
The National Lottery Community Fund | 4,980 |
Worcester City Council | 1,200 |
Worcester Live | 8,000 |
20,640 |
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£13,073 of this grant income has been deferred since the projects have either not yet commenced or are still in progress. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Prepayments and accrued income |
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Crave Arts (Registered number: 12933201) |
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Notes to the Financial Statements - continued |
for the Period 6th October 2020 to 31st October 2021 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Directors' loan accounts |
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Deferred income |
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Accrued expenses |
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Deferred income relates to monies received for projects which have either not yet got underway or are still in progress, and the funds will be spent in the next financial year. The following project income has been deferred: |
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Loan Sharks | 4,960 |
Places Called Home | 4,980 |
Whisper to Voice | 3,133 |
13,073 |
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7. | GOING CONCERN |
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As at 31 October 2021 the balance sheet was overdrawn. The directors have agreed to support the company therefore these accounts have been drawn up on a going concern basis. |