REGISTERED NUMBER: 03878287 (England and Wales)

Abbreviated Accounts for the Year Ended 31 March 2013

for

Cultural Industries Development Agency

Limited

(A Not for Profit Company Ltd by

Guarantee)

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

E Doran

Cllr D Jones

T Majek - Akisanya

REGISTERED OFFICE:

7-15 Greatorex Street

London

E1 5NF

REGISTERED NUMBER:

03878287 (England and Wales)

ACCOUNTANTS:

Armstrong & Co

Chartered Accountants

4a Printing House Yard

Hackney Road

London

E2 7PR

BANKERS:

HSBC Bank Plc

465 Bethnal Green Road

London

E2 9QW

FIXED ASSETS

Tangible assets

2

1,502

-

CURRENT ASSETS

Debtors

15,139

3,537

Cash at bank and in hand

142,271

159,849

157,410

163,386

CREDITORS

Amounts falling due within one year

350,519

228,883

NET CURRENT LIABILITIES

(193,109

)

(65,497

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(191,607

)

(65,497

)

RESERVES

Income and expenditure account

(191,607

)

(65,497

)

(191,607

)

(65,497

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2013 in accordance with Section 476 of the Companies Act 2006.

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 8 January 2014 and were signed on its behalf by:

E Doran - Director

T Majek - Akisanya - Director

1.	ACCOUNTING POLICIES

Going concern

The organisation is currently in a period of change switching primary income generation from a traditional Grant

based approach to a socially entrepreneurial/grant alternative. The economic climate has demanded a fresh look

at the way the organisation offers support and considerable research has been done to ensure that CIDA is able to

trade effectively in the short and medium term. Projected income for the coming year is robust and costs have

been significantly reduced.

The company has a deficit on its balance sheet. However, aided by the support from the London Borough of

Tower Hamlets regarding amounts owed to them set out in a letter dated 19th December 2013, the directors

believe that the company can meet its liabilities as they fall due and will use their best endeavours to reduce the

deficit and regularly review its financial situation. The accounts have therefore been produced on a going

concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with:

a) the Financial Reporting Standard for Smaller Entities (effective April 2008).

b) the Companies Act 2006.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in

order to write off each asset over its estimated useful life.

Office equipment

- 33% on cost

Furniture & fixtures

- 33% on cost

Items of equipment are only capitalised where the purchase price exceeds £250.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the income and expenditure account on a straight line basis

over the period of the lease.

Income recognition

Income is recognised when the company has a contractual or other right to its receipt. Income with conditions

attached to its receipt is recognised when the company has fulfilled those conditions.

Deferred income

Income received which is contractually or otherwise not expendable until a future period is deferred.

Revenue grants

Revenue grants are credited to incoming resources on the earlier of when they are received or when they are due.

If they relate to a specified future period they are deferred.

Allocation of costs

Costs are allocated directly to projects where they can be identified as relating solely to that project. Other costs

are allocated between the funds based on staff time spent on the fund activities or other appropriate criteria.

Incoming resources

The turnover and surplus are attributable to the principal activities of the company and are derived wholly in the

UK.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2012

100,089

Additions

1,610

At 31 March 2013

101,699

DEPRECIATION

At 1 April 2012

100,089

Charge for year

108

At 31 March 2013

100,197

NET BOOK VALUE

At 31 March 2013

1,502

At 31 March 2012

-

3.	GIFTS IN KIND AND VOLUNTEERS

During the year the company benefited from unpaid work performed by volunteers.

4.	COMPANY STATUS

The company is limited by guarantee and has no share capital. The guarantors liability in the event the company

is wound up is restricted to a maximum of £1 each.