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2022-07-31-accounts

Company no. 07710776 Charity no. 1143037

Centre for Thriving Places Ltd Report and Unaudited Financial Statements

31 July 2022

Centre for Thriving Places Ltd

Reference and administrative details

For the year ended 31 July 2022

Company number 07710776
Charity number 1143037
Registered office Godfrey Wilson Limited
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
Helen Bell Appointed 8 October 2021
Stephen King
Rashida Noray
Di Robinson
Dawn Snape
Chief executive officer Elizabeth Zeidler
Company secretary Michael Zeidler
Bankers Co-operative Bank
16 St Stephens Street
Bristol
BA1 1JR
Independent examiners Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Centre for Thriving Places Ltd

Report of the trustees

For the year ended 31 July 2022

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Structure, governance and management

Governing document

Centre for Thriving Places was set up to build strong communities and improve the lives of people in urban areas in the UK through research, training and communications.

The organisation is a charitable company limited by guarantee, incorporated on 19 July 2011 and registered as a charity on 22 July 2011. The company is under a Memorandum of Association which sets out the objects and powers of the charitable company and governed under the Articles of Association.

The charity remains the nominated Asset Lock of Centre for Thriving Places Consulting CIC (formerly Happy City C.I.C.), its wholly owned trading subsidiary, and recipient of its net profits.

Method of recruiting and appointing new Trustees

The Trustees have appointed a Chair and a Treasurer and membership of the Board is open to other individuals based on the skill requirements of the Board. Trustees may appoint additional individuals who can bring specific skills to the charity as required.

Organisational structure and decision making

The Trustees meet six times a year (as a minimum) with the Chief Executive and members of the Senior Management team to discuss the strategic direction of the charity, ensure its core aims and objects are being met in the most efficient way, and to take account of any risks to the charity and make sure all legal obligations are satisfied.

Objectives and activities

The charity's objects for the public benefit are:

2

Centre for Thriving Places Ltd

Report of the trustees

For the year ended 31 July 2022

The Trustees have considered the Charity Commission's guidance on public benefit when reviewing its aims and objectives, and when planning its future activities.

In line with guidance from the Charity Commission, the Trustees are satisfied that Centre for Thriving Places continues to have charitable purpose and delivers tangible public benefit.

Activities during the year

The challenges brought about by the COVID 19 pandemic continued into 2021/22, as well as new and emerging economic and societal shock waves both national and global. This resulted in a longer than expected period of recovery for Centre for Thriving Places (CTP) as resources (both financial and human) were stretched for CTP and its partners, funders, clients and staff. For a second year in succession the focus of the main sectors with whom it works (local government and voluntary sector) were diverted to alleviating the many fallouts of the global crises. As a result, our grant and fee income were squeezed. However, as the financial year progressed signs of positive growth and optimism emerged, as we saw a continued growth in interest in new ways of working, a new focus on wellbeing as an outcome for communities and the environment, and a desire to build back a more resilient and fairer economy. This resulted in a range of new projects during the 2021/22 financial year, and the securing of more substantial projects for subsequent years, which bodes well for a full recovery to pre-pandemic levels of income and impact and substantial growth for the charity in 2023 and beyond.

1. Research & Measurement

CTP has a growing global reputation for the development of new and existing research and measurement tools to support individuals, communities, and public-sector organisations to better measure, understand and improve wellbeing, including:

3

Centre for Thriving Places Ltd

Report of the trustees

For the year ended 31 July 2022

2. Policy & Practice

CTP has continued to deliver research, consultancy, training and advisory services on new economic approaches, wellbeing measurement and policy, albeit in a more ‘remote’ delivery model. In 2021/22 CTP supported local governments, academic, arts, housing, sport, finance, equality and community groups.

CTP also supports a wide variety of sectors, places and communities to embed a wellbeing approach to their work. This year this has included detailed consultation and research within the financial advisory sector, support for both local and national funders to understand better their impact on wellbeing, working with diverse VCSE groups to help measure and understand with social value and impact, and working with local governments to embed a wellbeing approach to their own funding bids, policy and action across all areas of their work.

3. Communication and Resources

Despite the restrictions on in-person events and gatherings, CTP continued to provide thought leadership and practical support in the shift to a wellbeing economy through media and social media outreach, through collaboration on books and academic articles and through online speaking engagements and conferences.

Financial review

The results for the year ended 31 July 2022 have been set out on pages 8 to 18.

The group generated a deficit in the year of £63,807 and had total funds in deficit (net liabilities) of £44,240 at the year-end.

It was a challenging year, but since the year-end CTP has secured a long-term contract with a value of twice 2021/22 expenditure.

Group income at £105,519 was 41% of the prior year’s. The impact of the reduction was partially mitigated by a significant reduction in expenditure, with expenditure at £169,326 being 70% of the prior year's. Head count was reduced from 5 to 3.

4

Centre for Thriving Places Ltd

Report of the trustees

For the year ended 31 July 2022

After a difficult year CTP is now entering a period of growth. The high-value long-term contract secured and other projects in the pipeline provide a solid platform. The trustees believe CTP is well placed to survive the months ahead and build unrestricted reserves sufficient to fund three months activities as a minimum.

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the group and the incoming resources and application of resources, including the net income or expenditure, of the charity and the group for the year. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Independent examiners

Godfrey Wilson Limited were re-appointed as independent examiners to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 30 March 2023 and signed on their behalf by

Stephen King - Trustee

5

Independent examiner's report

To the trustees of

Centre for Thriving Places Ltd

I report to the charity trustees on my examination of the consolidated accounts of the Group comprising Centre for Thriving Places Ltd ('the Company') and its subsidiary undertakings for the year ended 31 July 2022, which are set out on pages 8 to 18.

Responsibilities and basis of report

As the trustees of the Company you are responsible for the preparation of the consolidated accounts of the Group in accordance with the requirements of the Charities Act 2011 ('the Act') and you have chosen to prepare consolidated accounts for the Group. You are satisfied that the accounts of both the Company and the Group are not required by company law to be audited and have chosen instead to have an independent examination.

I report in respect of my examination of the consolidated accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the consolidated accounts present a 'true and fair' view and my report is limited to those specific matters set out in the independent examiner's statement.

Independent examiner’s statement - matter of concern identified

Godfrey Wilson Limited also provides payroll and bookkeeping services to the Company. I confirm that as a member of the ICAEW I am subject to the FRC’s Revised Ethical Standard 2016, which I have applied with respect to this engagement.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

6

Independent examiner's report

To the trustees of

Centre for Thriving Places Ltd

My examination identified a material uncertainty in relation to the charity's ability to continue as a going concern. At 31 July 2022, the charity's unrestricted and total funds were in deficit by £44,240. For the reasons set out in accounting policy 1(c), the trustees consider it appropriate to adopt the going concern basis for the preparation of these accounts.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Date: 30 March 2023

Rob Wilson FCA Member of the ICAEW

For and on behalf of:

Godfrey Wilson Limited

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

7

Centre for Thriving Places Ltd

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 July 2022

2022
Total
Note
£
Income from:
Donations
2
12,274
Charitable activities
3
88,245
Other trading activities
4
5,000
Total income
105,519
Expenditure on:
Raising funds
22,270
Charitable activities
147,056
Total expenditure
6
169,326
Net income / (expenditure)
and movement in funds
7
(63,807)
Reconciliation of funds:
Total funds brought forward
19,567
Total funds carried forward
(44,240)		 2021
Total
£
62,110
194,294
1,263
257,667
31,663
210,686
242,349
15,318
4,249
19,567

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. All income and expenditure in both periods pertains to unrestricted funds.

8

Centre for Thriving Places Ltd

Consolidated balance sheets

As at 31 July 2022

Note
Fixed assets
Tangible assets
10
Current assets
Debtors
14
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year 15
Net current assets
Total assets less current liabilities
16
Net assets
Funds
Unrestricted general funds
Total charity funds
Creditors: amounts falling due after more
than 1 year		 The group
2022
£
48
2,401
17,828
20,229
(19,297)
932
980
(45,220)
(44,240)
(44,240)
(44,240)		 The group The charity
2021
2022
£
£
403
48
43,352
3,457
43,557
16,772
86,909
20,229
(26,912)
(19,297)
59,997
932
60,400
980
(40,833)
(45,220)
19,567
(44,240)
19,567
(44,240)
19,567
(44,240)		 The charity
2021
£
403
55,825
29,884
85,709
(25,712)
59,997
60,400
(40,833)
19,567
19,567
19,567

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

For the year ended 31 July 2022, the charitable company was entitled to the exemption under section 477(2) of the Companies Act 2006.

No notice has been deposited under section 476 in relation to its accounts for the year ended 31 July 2022 and no members have requested an audit.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records complying with section 386; and preparing accounts which give a true and fair view of the state of affairs of the company as at 31 July 2022, and of its profit or loss for the financial year in accordance with sections 394 and 395, and which otherwise comply with the requirements of the Companies Act 2006.

Approved by the trustees on 30 March 2023 and signed on their behalf by

Stephen King - Trustee

9

Centre for Thriving Places Ltd

Notes to the financial statements

For the year ended 31 July 2022

1. Accounting policies

a) Basis of preparation

Centre for Thriving Places Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

b) Group accounts

These financial statements consolidate the results of the charitable company and its whollyowned subsidiaries on a line by line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

c) Going concern basis of accounting

Despite the deficit in net unrestricted assets, the accounts have been prepared on the assumption that the company is able to continue as a going concern. This is considered appropriate by the trustees having regard to:

10

Centre for Thriving Places Ltd

Notes to the financial statements

For the year ended 31 July 2022

d) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of contract delivery is deferred until criteria for income recognition are met.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated in full to charitable activities this year, as all costs of raising funds have been allocated directly.

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Office equipment 33% per annum on a straight line basis IT equipment 33% per annum on a straight line basis

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

11

Centre for Thriving Places Ltd

Notes to the financial statements

For the year ended 31 July 2022

k) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

l) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m) Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

n) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Depreciation

As described in note 1i to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.

12

Centre for Thriving Places Ltd

Notes to the financial statements

For the year ended 31 July 2022

2. Income from donations

The Joseph Rowntree Charitable Trust
Coronavirus Job Retention Scheme
Individual donations
Total income from donations		 2022
Total
£
10,000
781
1,493
12,274		 2021
Total
£
40,000
20,850
1,260
62,110

3. Income from charitable activities

Commission income
Event and project income
Training income
Total income from charitable activities		 2022
Total
£
85,545
2,700
-
88,245		 2021
Total
£
180,994
10,700
2,600
194,294

4. Income from other trading activities

Sponsorship
Rental income		 2022
Total
£
5,000
-
5,000		 2021
Total
£
-
1,263
1,263

5. Government grants

The charitable company received government grants from the Coronavirus Job Retention Scheme to fund charitable activities. The total value of such grants in the year ending 31 July 2022 was £781 (2021: £20,850). There are no unfulfilled conditions or contingencies attaching to these grants.

13

Centre for Thriving Places Ltd

Notes to the financial statements

For the year ended 31 July 2022

6. Total expenditure

Total expenditure
£
Staff costs (note 8)
22,270
Consultancy and contractors
-
Accountancy
-
Insurance
-
Legal fees
-
-
Depreciation
-
Other administrative costs
-
Sub-total
22,270
Allocation of support and governance costs
-
Total expenditure
22,270
Prior period comparative
£
Staff costs (note 8)
30,379
Consultancy and contractors
-
Accountancy
-
Happiness Hub costs
1,284
Insurance
-
Legal fees
-
Project costs
-
Depreciation
-
Other administrative costs
-
Sub-total
31,663
Allocation of support and governance costs
-
Total expenditure
31,663
Total governance costs were £2,940 (2021: £7,831).
Raising
funds
Project costs
Raising
funds		 £
£
77,901
11,179
36,009
-
-
5,627
-
1,361
-
381
7,903
-
-
355
-
6,340
121,813
25,243
25,243
(25,243)
147,056
-
£
£
121,517
-
67,446
-
-
7,038
-
-
-
1,678
-
5,447
20
440
-
848
217
6,035
189,200
21,486
21,486
(21,486)
210,686
-
Support and
governance
costs
Charitable
activities
Charitable
activities
Support and
governance
costs		 £
111,350
36,009
5,627
1,361
381
7,903
355
6,340
2022
Total
169,326
-
169,326
2021
Total
£
151,896
67,446
7,038
1,284
1,678
5,447
460
848
6,252
242,349
-
242,349

14

Centre for Thriving Places Ltd

Notes to the financial statements

For the year ended 31 July 2022

7. Net movement in funds

This is stated after charging:

Net movement in funds
This is stated after charging:
2022 2021
£ £
Depreciation 355 848
Trustees' remuneration (see note 17) 1,080 1,000
Trustees' reimbursed expenses Nil Nil
Accountants' remuneration:
Independent examination (including VAT) 1,800 1,680
Other services 3,827 5,358

8. Staff costs and numbers Staff costs were as follows:

Salaries and wages
Social security costs
Other staff costs		 2022
£
102,339
6,896
2,115
111,350		 2021
£
140,547
8,970
2,379
151,896

No employee earned more than £60,000 during the year.

The key management personnel of the group comprise of the Trustees, the Chief Executive Officer, Head of Business Development and Head of Research and Measurement (2021: the Trustees, the Chief Executive Officer, Head of Business Development and the Operations and Project Manager). Key management personnel renumeration during the year was £85,789 (2021: £105,891) during the year.

Average head count 2022
No.
3		 2021
No.
5

9. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity's subsidiary, Centre for Thriving Places Consulting CIC, donates its available trading profits to the charity. The subsidiary had no trading transactions during the year and so had no taxable profits chargeable to corporation tax (2021: £nil).

15

Centre for Thriving Places Ltd

Notes to the financial statements

For the year ended 31 July 2022

10. Tangible fixed assets

Cost
At 1 August 2021 and at 31 July 2022
Depreciation
At 1 August 2021
Charge for the year
At 31 July 2022
Net book value
At 31 July 2022
At 31 July 2021
The group and charity		 £
562
403
159
562
-
159
Office
equipment		 £
611
367
196
563
48
244
IT
equipment		 Total
£
1,173
770
355
1,125
48
403

11. Subsidiary undertakings

Centre for Thriving Places Consulting CIC

Centre for Thriving Places Consulting CIC is a non-profit organisation, of which Centre for Thriving Places Ltd is the sole and controlling member. The company ceased trading on 31 July 2021 and has had no trading transactions in 2022.

Turnover
Cost of sales
Gross profit
Administrative expenses
Profit / (loss) on ordinary activities
Corporation tax
Profit / (loss) for financial year		 2022
£
-
-
-
-
-
-
-		 2021
£
87,910
-
87,910
(77,523)
10,387
-
10,387

16

Centre for Thriving Places Ltd

Notes to the financial statements

For the year ended 31 July 2022

12. Subsidiary undertakings (continued)

The aggregate of the assets, liabilities and funds was:

Assets
Liabilities
Funds		 2022
£
1,056
(1,056)
-		 2021
£
50,385
(50,385)
-

13. Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

Gross income
Results for the year		 2022
£
105,519
(63,807)		 2021
£
206,328
45,765

14. Debtors

Trade debtors
Prepayments and accrued income
Other debtors
Amounts owed from Centre for
Thriving Places Consulting CIC		 2022
2021
£
£
1,000
42,712
-
-
48
477
1,353
163
2,401
43,352
The group		 2022
2021
£
£
1,000
6,000
1,056
49,185
48
477
1,353
163
3,457
55,825
The charity		 2022
2021
£
£
1,000
6,000
1,056
49,185
48
477
1,353
163
3,457
55,825
The charity
55,825

15. Creditors: amounts due within 1 year

Trade creditors
Accruals
Other creditors
Other taxation and social security
Bounce back loan		 2022
2021
£
£
3,477
786
6,233
2,880
987
758
4,265
13,321
4,335
9,167
19,297
26,912
The group		 2022
2021
£
£
3,477
786
6,233
1,680
987
758
4,265
13,321
4,335
9,167
19,297
25,712
The charity		 2022
2021
£
£
3,477
786
6,233
1,680
987
758
4,265
13,321
4,335
9,167
19,297
25,712
The charity
25,712

17

Centre for Thriving Places Ltd

Notes to the financial statements

For the year ended 31 July 2022

16. Creditors: amounts due in over 1 year

Bounce back loan 2022
2021
£
£
45,220
40,833
The group		 2022
2021
£
£
45,220
40,833
The charity

Loans comprise an unsecured bounce back loan received from The Co-operative Bank, repayable from September 2021, to help mitigate the effects of Covid-19 on the organisation. Interest is payable at a rate of 2.5%.

17. Related party transactions

Centre for Thriving Places Ltd is the sole member of Centre for Thriving Places Consulting CIC (company no 07188984). Centre for Thriving Places Consulting CIC was under the control of Centre for Thriving Places Ltd throughout the period.

In the current year there were no recharges or donations between Centre for Thriving Places Consulting CIC and Centre for Thriving Places Ltd. In the prior year, Centre for Thriving Places Consulting CIC made a donation of £24,065 to Centre for Thriving Places Ltd. Centre for Thriving Places Ltd made recharges of staff time of £12,537 to Centre for Thriving Places Consulting CIC.

At 31 July 2022, Centre for Thriving Places Consulting CIC owed £1,056 (2021: £49,185 to Centre for Thriving Places Ltd.

During the year, Di Robinson, a trustee, invoiced the charity £1,080 (2021: £1,000) for work as a contractor, as permitted by the charity's articles. This was unrelated to her role as a trustee.

18