MUSEUM OF COLOUR C.I.C.
MUSEUM OF COLOUR C.I.C.
MUSEUM OF COLOUR C.I.C.
Company limited by guarantee
Company Registration Number:
12760280 (England and Wales)
Unaudited statutory accounts for the year ended 31 July 2021
Period of accounts
Start date: 22 July 2020
End date: 31 July 2021
MUSEUM OF COLOUR C.I.C.
Contents of the Financial Statements
for the Period Ended 31 July 2021
| Directors report | |
| Profit and loss | |
| Balance sheet | |
| Additional notes | |
| Community Interest Report |
MUSEUM OF COLOUR C.I.C.
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 July 2021
Principal activities of the company
Political and charitable donations
Company policy on disabled employees
Directors
The directors shown below have held office during the whole of the period from
22 July 2020 to 31 July 2021
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
And signed on behalf of the board by:
Name:
Status: Director
MUSEUM OF COLOUR C.I.C.
Profit And Loss Account
for the Period Ended
| 2021 | ||
|---|---|---|
| | £ | |
| Turnover: | | |
| Cost of sales: | ( | |
| Gross profit(or loss): | | |
| Administrative expenses: | ( | |
| Operating profit(or loss): | | |
| Profit(or loss) before tax: | | |
| Tax: | ( | |
| Profit(or loss) for the financial year: | |
MUSEUM OF COLOUR C.I.C.
Balance sheet
As at
| Notes | 2021 | ||
|---|---|---|---|
| | £ | ||
| Current assets | |||
| Cash at bank and in hand: | | ||
| Total current assets: | | ||
| Net current assets (liabilities): | | ||
| Total assets less current liabilities: | | ||
| Total net assets (liabilities): | | ||
| Members' funds | |||
| Profit and loss account: | | ||
| Total members' funds: | |
The notes form part of these financial statements
MUSEUM OF COLOUR C.I.C.
Balance sheet statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
MUSEUM OF COLOUR C.I.C.
Notes to the Financial Statements
for the Period Ended 31 July 2021
-
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 shown in the profit and loss account represents revenue earned during the period, exclusive of Value Added Tax. Tangible fixed assets depreciation policy
Tangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated depreciation and accumulated impairment losses.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:Freehold buildings - 2% on cost or revalued amounts, Plant and Machinery - 15% on cost, Fixtures and fittings - 10% on cost, Motor vehicles - 25% on cost. Intangible fixed assets amortisation policy
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives, not to exceed twenty years.Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable. Other accounting policies
Current TaxCurrent tax is recognised in the profit and loss account, except to the extent that it is attributable to a gain or loss that has been recognised directly in the statement of total recognised gains or losses. In this case, tax is recognised in this statement. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred TaxDeferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Provision for liabilities Provisions are recognised when it is probable that a present obligation exists, as a result of a past event, and a transfer of economic benefits is required in settlement that can be estimated reliably.Provisions are recorded at the best estimate of the expenditure required to settle the obligation at the balance sheet date. A review is carried out at each balance sheet date and the amount adjusted to reflect the current best estimate.Where discounting is used, the unwinding of the discount is recognised as a finance cost in the profit and loss account.Financial instrumentsFinancial instruments are classified and accounted for according to the substance of contractual arrangements, as either financial assets, financial liabilities or equity instruments.Operating leasesLeases are classified as operating leases where substantially all the benefits of ownerships remain with the lessor. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.
MUSEUM OF COLOUR C.I.C.
Notes to the Financial Statements
for the Period Ended 31 July 2021
-
2. Employees
2021 Average number of employees during the period 0
COMMUNITY INTEREST ANNUAL REPORT
MUSEUM OF COLOUR C.I.C.
Company Number: 12760280 (England and Wales)
Year Ending: 31 July 2021
Company activities and impact
Museum of Colour CIC (MoC) is an arts and heritage enterprise currently incubated at People’s Palace Projects. MoC registered as a C.I.C. limited by guarantee in July 2020. The company is building a digital museum to explore the contributions made by People of Colour to the nation’s culture and creativity from 1766 – 2016. MoC build exhibitions centered on portraits, interviews, podcasts and a growing collection of donations. In the financial year 2020-2021, the company had to halt forward motion on art form exhibitions for poetry and dance and instead adapted the concept to deliver a remote exhibition called Respect Due: - Contemporary practitioners nominated someone they wished to pay public respect to. A portrait was commissioned of their nominated person and an interview was conducted in a written interview or a podcast. The nominated person donated an item of significance to the Museum of Colour which stays in our permanent collection online. - 36 nominees and nominators participated. All of these people were from minority ethnic backgrounds from a range of professions and industries. - The Podcast series was well received and allowed us to share the conversations and oral histories from our nominees in a more far ranging way, as they are available on Spotify, Acast, Soundcloud, Google Podcast and Apple Music. There were over 150 listens across all episodes in the first 2 weeks of release. This exhibition has definitely reached a non-museum going audience. - 15 of the 18 portrait subjects were personally able to tell their own stories that will be held for future generations and show the significant contribution they have made to this country.We complemented the exhibition with a response gallery, where we commissioned contemporary artists to respond to existing British heritage, using the perspectives of artists to broaden our discussions of history.
Consultation with stakeholders
No consultation with stakeholders
Directors' remuneration
No remuneration was received
Transfer of assets
No transfer of assets other than for full consideration
This report was approved by the board of directors on
20 April 2022
And signed on behalf of the board by:
Name: Samenua Sesher
Status: Director