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2023-12-31-accounts

THE CENTRE FOR ENTERPRISE, MARKETS AND ETHICS

Accounts: 31st December 2023

The Centre for Enterprise, Markets and Ethics

Report of the Trustees and accounts for the year ending 31st December 2023

Company number: 08137333

Registered charity number: 1148345

The Centre for Enterprise, Markets and Ethics

Report of the Trustees and accounts for the year ending 31st December 2023

Principal office and Advisers

Registered office: 1[st] Floor 31 Beaumont Street Oxford OX1 2NP Solicitors: Hunters 9 New Square Lincoln’s Inn London WC2 3QN Bankers: HSBC 65 Cornmarket Street Oxford OX1 3HY Investment Managers: CCLA Investment Management Senator House 85 Queen Victoria Street London EC4V 4ET Accountants and independent examiners: A.J. Carter & Co 22b High Street Witney Oxfordshire OX28 6RB

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The Centre for Enterprise, Markets and Ethics

Report of the Trustees and accounts for the year ending 31st December 2023

The Trustees have pleasure in presenting their report and accounts for the Centre for Enterprise, Markets and Ethics (“the Centre”) for the year ending 31st December 2023.

The Financial Statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities governing document, the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS102.

Constitution and governance

The Centre was incorporated as a company limited by guarantee on 10[th] July 2012 and registered as a charity with the Charity Commission on 30[th] July 2012. The governance of the company is determined by its Memorandum and Articles of Association. The Centre is governed by a body of Trustees, who are also the Directors of the company.

Richard Godden

Lord Griffiths of Fforestfach (resigned 30[th] March 2023)

Dato Dr Kim Tan (resigned 21[st] July 2023)

Philip Wood

Carl Ferenbach

Anne Devlin

Joanna Moriarty

Andrew Packman (appointed 30[th] September 2023)

The Board meets in person or by phone at least four times a year. The Trustees are responsible for any recommended appointments to the Board, taking account of the skills needed, and for ensuring all trustees are trained and equipped to undertake their role. The day-to-day management of the Centre is delegated to the chief executive, Revd Dr Richard Turnbull. Financial matters are conducted under standing financial instructions which set limits on the approval of payments by staff and specifying matters to be approved by one or more trustees. The Board undertakes an annual review of the risks faced by the Charity.

Company secretary: Revd Dr Richard Turnbull

Objectives

The objectives of the charity as set out in the governing document are as follows:

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The Centre for Enterprise, Markets and Ethics

Report of the Trustees and accounts for the year ending 31st December 2023 (cont)

Public benefit

The Centre’s public benefit- aimed at the general public and mankind generally – is achieved through education and training, the promotion of the relief of poverty and religious activities. This is achieved through advocacy, advice, information, the sponsorship of research and by acting in partnership with other bodies with similar objectives.

Review of activities, financial results and future developments

The main focus of the Centre for the year has been to further its objectives through:

The Centre has undertaken a number of activities during the period. We have returned to in-person events. These have dealt with ethical and topical matters relating to the enterprise economy. The Centre continues to develop a research and publications programme dealing with theological, historical and contemporary approaches to enterprise, including how these might contribute to the relief of poverty. In pursuing their activities the Trustees have had regard to the guidance of the Charity Commission on public benefit. The Trustees are continuing to develop a project entitled the Ethics and Theology of Business. The Centre also manages a project entitled Soulful Enterprise on behalf of the Templeton Religion Trust which is managed through a restricted fund. The Centre has also expanded its capacity with a view to extending the Centre’s reach in the areas of political economy and economics more broadly through events and publications and obtained funding to enable this expansion.

The Trustees consider the performance for the period to be satisfactory. The Centre’s work has been well received amongst donors, those that benefit from the work and the wider business and related communities. The principal source of funds is private donation. The surplus for the period across all funds was £139,579 (2022: deficit £72,805). Reserves are held in a variety of short-term and long-term deposit funds. The Board’s reserve policy is to hold up to 24 months funding in general reserves. The Board considers regularly the level and designation of reserves. The Trustees intend to develop and build upon these activities in the year ahead.

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The Centre for Enterprise, Markets and Ethics

Report of the Trustees and accounts for the year ending 31st December 2023 (cont)

This report has been prepared in accordance with the special provisions relating to companies subject to the Small Companies Regime within part 15 of the Companies Act 2006.

On behalf of the Board

Richard Godden Director 20[th] March 2024

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The Centre for Enterprise, Markets and Ethics

Independent Examiner’s Report to the Trustees

I report to the trustees on my examination of the accounts of The Centre for Enterprise, Markets and Ethics for the year ended 31st December 2023.

Responsibilities and Basis of Report

As the charity’s trustees (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s 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.

Independent Examiner’s Statement

Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants.

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

1. accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4. the accounts have not been prepared in accordance with methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

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.

Anthony Williams BSc, FCCA A J Carter & Co Chartered Accountants

22b High Street Witney Oxon OX28 6RB 20[th] March 2024

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The Centre for Enterprise, Markets and Ethics

Statement of Financial Activities for the year ending 31st December 2023 (incorporating the Income and Expenditure Account for the period)

Notes

Unrestricted Unrestricted Restricted Total Total
2023 2023 2023 2022
£ £ £ £
Incoming Resources
Incoming resources from generated funds
Voluntary income (donaton/grant) 643,069 97,300 740,369 335,886
Investment income 27,068 - 27,068 4,418
Other incoming resources 32,177 - 32,177 20,194
----------- ----------- ----------- -----------
Total income resources 702,314 97,300 799,614 360,498
----------- ----------- ----------- -----------
Resources Expended
Costs of generating funds
Costs of generatng voluntary income - - - 1,500
4 Charitable activities 559,696 100,339 660,035 431,803
------------ ------------ ----------- ----------
Total resources expended 559,696 100,339660,035 433,303
------------- ------------- ----------- -----------
Net income/net movement in funds 142,618 (3,039) 139,579 (72,805)
Funds brought forward 469,421 48,601 518,022 590,827
------------- ------------- ----------- -----------
Funds carried forward £612,039 £45,562 £657,601 £518,022
======== ======== ======= =======

The Company has no recognised gains and losses apart from the Income and Expenditure Account and, therefore, no separate statement of total recognised gains and losses has been prepared. The Statement of Financial Activities for the previous year is given at note 10.

The notes on pages 9 to 13 form part of these accounts.

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The Centre for Enterprise, Markets and Ethics

Balance Sheet as at 31st December 2023

Notes
2023 2022
£ £
Fixed assets
Investments – cash equivalents on deposit - -
---------- ----------
Current Assets
5 Debtors 7,587 7,587
Current asset investments – cash equivalents on deposit 276,379 371,484
Cash at bank and in hand 398,660 161,412
------------ ------------
682,626 540,483
------------ ------------
Liabilities
6 Creditors: amounts falling due within one year 25,025 22,461
------------ ------------
Net current assets 657,601 518,022
------------ ------------
8 Net Assets £657,601 £518,022
======== ========
7 The funds of the charity
Unrestricted income funds 612,039 469,421
Restricted funds 45,562 48,601
------------- ------------
£657,601 £518,022
======== ========

For the year ending 31st December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director’s responsibilities:

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The accounts have been prepared in accordance with the special provisions relating to companies subject to the Small Companies Regime within part 15 of the Companies Act 2006. These accounts were approved by the Board of Directors and authorised for issue on 20[th] March 2024 and signed on their behalf by:

Richard Godden – Director

Philip Wood – Director

20[th] March 2024

The notes on pages 9 to 13 form part of these accounts.

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The Centre for Enterprise, Markets and Ethics

Notes to the accounts for the year ending 31st December 2023

(a) Basis of preparation

The Financial Statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The Financial Statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011 and the Companies Act 2006.

(b) Income Recognition

Donation and grant income is recognised when received and Gift Aid due is recognised when the associated donation is received. Gifts received into the Friends of CEME account held by CAF America are paid to the Centre quarterly and recognised upon receipt by CEME. 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.

(c) Resources expended

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. The costs of generating funds include direct costs associated with the receipt of donations into the CAF America Friends account.

(d) Debtors

Debtors and prepayments are recognised at the settlement amounts due.

(e) 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. Deposits with up to 12 months maturity are treated as current asset investments and over 12 months as fixed asset investments.

(f) Creditors and Provisions

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.

(g) Pensions

The Charity operates a defined contribution scheme, the assets of which are held outside the Charity. The contributions by the Charity in the year are detailed in note 3.

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The Centre for Enterprise, Markets and Ethics

Notes to the accounts for the year ending 31st December 2023 (cont)

  1. Legal Status of the Charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £10.

The average number of staff employed during the period was 3.2 (2022: 3.2). Staff costs were as follows:

2023 2022
£ £
Salaries 208,246 171,631
Social Security costs 17,725 12,759
Other pension costs 38,393 24,430
------------ ------------
£264,364 £208,820
======== ========
Employees earning more than £60,000 during the period:
2023 2022
No. No.
£80,000-£90,000 1 1
None of the Trustees have received any remuneraton.
Unrestricted Restricted Total Total
2023 2023 2023 2022
£ £ £ £
Salaries 264,364 - 264,364 208,820
Premises 24,103 - 24,103 22,182
Programme and research 244,583 100,339 344,922 188,786
Ofce, equipment and IT 14,781 - 14,781 6,650
Legal and accountng 2,502 - 2,502 2,159
Other governance costs 9,363 - 9,363 3,206
----------- ---------- ------------ ------------
£559,696 £100,339 £660,035 £431,803
======== ======== ======== ========

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The Centre for Enterprise, Markets and Ethics

Notes to the accounts for the year ending 31st December 2023 (cont)

The full comparative figures for charitable activities are given below:

Unrestricted Restricted Total Total
2022 2022 2022 2021
£ £ £ £
Salaries 208,820 - 208,820 176,786
Premises 22,182 - 22,182 23,504
Programme and research 82,798 105,988 188,786 194,685
Ofce, equipment and IT 6,650 - 6,650 5,620
Legal and accountng 2,159 - 2,159 2,105
Other governance costs 3,206 - 3,206 3,139
----------- ---------- ------------ ------------
£325,815 £105,988 £431,803 £405,839
======== ======== ======== ========
5 Debtors
2023 2022
£ £
Other debtors 6,487 6,487
Prepayments 1,100 1,100
---------- ---------
£7,587 £7,587
======= =======
6 Creditors: amounts falling due within one year
2023 2022
£ £
Accruals and provisions 10,479 10,116
Taxaton and social security costs 14,546 12,345
-------- ---------
£25,025 £22,461
====== ======
7 Analysis of charitable funds
Analysis of movements in unrestricted funds
Balance Incoming Resources Transfers Balance
1 Jan 2023 Resources Expended 31 Dec 2023
£ £ £ £ £
General 374,284 702,314 (464,559) - 612,039
Designated 95,137 - (95,137) - -
(Project fund)

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-------------------------------------------------------£469,421 £702,314 £(559,696) £612,039 ======== ======== ======== ======== ======== The Centre for Enterprise, Markets and Ethics

Notes to the accounts for the year ending 31st December 2023 (cont)

Analysis of movements in restricted funds

Balance Incoming Resources Transfers Balance
1 Jan 2023 Resources Expended 31 Dec 2023
£ £ £ £ £
Soulful 48,601 97,300 (100,339) - 45,562
Enterprise
----------- ------------ ------------- ------------ ------------
£48,601 £97,300 £(100,339) - £45,562
======== ======== ======== ======== ========

The General Fund comprises the free reserves of the charity.

The Project Fund has been designated by the Trustees to fund a series of activities under the theme of the Ethics and Theology of Business. This work will continue into 2024 and beyond but will be accounted for as part of the general fund as no further specific funding will be received.

The Soulful Enterprise Fund (restricted) receives funds from the Templeton Religion Trust and other restricted donations for the support of the Soulful Enterprise project overseen by the charity.

General Designated Restricted Total
£ £ £ £
Cash at bank and in hand 353,098 - 45,562 398,660
Net current assets 258,941 - - 258,941
------------- ------------- ------------ -------------
£612,039 £- £45,562 £657,601
======== ======== ======== ========

At 31st December 2023 the charity had annual commitments under non-cancellable operating leases as set out below:

operatng leases as set out below:
2023 2022
Operatng leases which expire in more than 5 years £14,754 £14,754
====== ======

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The Centre for Enterprise, Markets and Ethics

Notes to the accounts for the year ending 31st December 2023 (cont)

Notes

Unrestricted Unrestricted Restricted Total Total
2022 2022 2022 2021
£ £ £ £
Incoming Resources
Incoming resources from generated funds
Voluntary income (donaton/grant) 245,676 90,210 335,886 382,994
Investment income 4,418 - 4,418 3,000
Other incoming resources 20,194 - 20,194 24,348
----------- ----------- ----------- -----------
Total income resources 270,288 90,210 360,498 410,342
----------- ----------- ----------- -----------
Resources Expended
Costs of generating funds
Costs of generatng voluntary income 1,500 - 1,500 1,500
4 Charitable activities 325,815 105,988 431,803 405,839
------------ ------------ ----------- ----------
Total resources expended 327,315 105,988433,303 407,339
------------- ------------- ----------- -----------
Net income/net movement in funds (57,027) (15,778)(72,805) 3,003
Funds brought forward 526,448 64,379 590,827 587,824
------------- ------------- ----------- -----------
Funds carried forward £469,421 £48,601 £518,022 £590,827
======== ======== ======= =======

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