DocuSign Envelope ID: 2A551069-980C-4CC4-97B1-1B2D5D5ED10C
Company registration number: 08200778 Charity registration number: 1150611 Charity registration number: SC044437
## Centric Community Projects Ltd
(A company limited by share capital) Annual Report and Financial Statements
for the Year Ended 30 September 2020
DocuSign Envelope ID: 2A551069-980C-4CC4-97B1-1B2D5D5ED10C
## **Centric Community Projects Ltd**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 5|
|Statement of Trustees' Responsibilities|6|
|Independent Examiner's Report|7 to 8|
|Statement of Financial Activities|9|
|Balance Sheet|10 to 11|
|Notes to the Financial Statements|12 to 18|
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## **Centric Community Projects Ltd**
## **Reference and Administrative Details**
**Chief Executive Officer** Ms Julie Ion **Trustees** Ms Navrita Atwal Mr Femi Akinwande **Principal Office** 335 South Row Milton Keynes Bucks MK9 2FY **Registered Office** 335 South Row Milton Keynes Bucks MK9 2FY **Company Registration Number** 08200778 **Charity Registration Number** 1150611 **Independent Examiner** KRW Accountants The Mill Pury Hill Business Park Alderton Road Towcester Northants NN12 7LS
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## **Centric Community Projects Ltd**
## **Trustees' Report**
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 30 September 2020.
## **Structure, Governance and Management**
Centric Community Projects Limited (CCP) was incorporated on 4 September 2012 as a limited company and registered as a charity (number 1150611) on 28 January 2013 with the Charity Commission in England & Wales and registered in Scotland (number SC044437) on 20 November 2013.
The charity is controlled by its governing document, a deed of trust and constitutes a limited company, limited by share capital, as defined by the Companies Act 2006.
The company was created under a Memorandum of Association, which established the objects and powers of the Charitable Company and is governed under its Articles of Association. Under those Articles the Board of Trustees, who are directors for purposes of company law, as per page 2, are elected at the AGM to serve a period of 3 years, subject to ratification at each AGM.
The trustees, whom are currently directors for the purposes of company law, and who served during the year were as follows;
Navrita Atwal - Chairperson
## Femi Akinwande
The trustees are invited onto our board due to their interest in the ethos of our charity.
The directors, none of whom were Trustees in the Charity, and who served during the year were as follows;
Julie Ion - Chief Operating Officer
Lance Haggith - resigned 10 January 2020
## **Objectives**
The objectives of the charity contained in the company’s memorandum of association are:
To promote the efficient and effective application of charitable resources by charities and for charitable purposes by the provision of commercial premises, support and related assistance to charities and for charitable projects.
To relieve poverty by assisting disadvantaged, start-up entrepreneurs and struggling artists to become self-supporting through their commercial and business activities
Advancing any other purpose which is charitable according to the law of England & Wales.
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## **Centric Community Projects Ltd**
## **Trustees' Report**
## **Financial Review**
The net incoming resources for the period amounted to £49,477 (2019: £41,323). As at 30 September 2020 the charity had a fund surplus of £585 (2019: £985). The value of unrestricted funds available to be used at the charity at the discretion of the trustees was £8,971 (2019: £8,386).
## **Activities**
The activities by which the charity aims to achieve its objectives are:
- To obtain commercial spaces and premises on beneficial terms for charities, community interest groups, not for profit organisations, disadvantaged, disabled and unemployed groups or people.
## **Our aims and objectives**
CCP as a registered incorporated charity actively providing qualifying users with free or low-cost commercial spaces that are provided to us by Landlords.
Qualifying groups include but are not limited to charities / non-profit organisations / social enterprises / Private Limited companies limited by guarantee /Community Interest Companies / artists and business start-ups for the disabled or disadvantaged.
The provision of commercial space for free or low-cost is a considerable benefit to such users (in this context “low-cost” means significantly below market rate). The savings for organisations is dependent on type of premises, its size and how it is utilised. Such uses are a direct benefit, freeing up charitable income to help fulfil the various organisations charitable aims and objectives. Our provision of workspace on such terms is extremely popular as smaller charities and community organisations continue to struggle to access regular funding streams and find direct ways of meeting their core costs.
## **Ensuring our work delivers our aims**
We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work over the previous 12 months, whilst looking at the success of each key activity and the benefits they have brought to the organisations we have helped. The review also helps ensure our aims, objectives and activities remain focused on our stated purposes. We have referred to the advice contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. The trustees consider how planned activities will contribute to the aims and objectives that they have set.
## **The focus of our work**
Our aim is to provide charitable organisations with commercial spaces throughout the UK. We are able to achieve this through our connections to agents acting on behalf of landlords with vacant properties. These may be vacant and out of use for a number of reasons such as lack of occupier demand, awaiting redevelopment or the end of a lease where the occupier has vacated. The trade-off for being granted the use of these vacant premises is that generally the lease terms will not be guaranteed long term, but our experience has been that most premises we accept, go on to be occupied for years rather than months.
As well as single occupier use premises, we create diverse, all-inclusive charity hubs. Reaching out to as many organisations as possible to create community hubs. Often when taking premises in new areas we contact the council community development teams, local voluntary action network services and social enterprise networks as well as using social media to advertise our offer of free space.
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## **Centric Community Projects Ltd**
## **Trustees' Report**
By using these sources it enables us to reach the grassroot community projects that often have the biggest requirement for free workspace. In addition to this we also provide free space for charity exhibitions and artists across the UK.
## **Who used and benefited from our services**
Since our founding in 2013 we have helped over 1500 charities within a varied range of spaces. Many charities have been housed within one of our hubs which were formed to provide extensive support to the local community - ‘a one stop shop’ for service users.
Our provision of space is invaluable to the charities that we assist. The most obvious benefit is the cost saving; in not paying rent or utility bills each of our tenants are able to spend more of their income directly on fullfilling their aims and objectives. Alongside the free workspace we also support charitable organisations by promoting their services via our own social media and news channels.
In addition to the financial benefit, organisations sharing our workspace benefit from collaboration, joined up working and help and support from other occupying organisations.
The unique nature of each charitable organisation that we have assisted prevents us from being able to quantify the actual number of people who have benefited from our service but we have no doubt it is in the tens of thousands.
Consideration is currently being given to work with individual charities on case studies to prove the beneficial use of space to the public. This work has been impacted by the COVID situation but remains an active topic of discussion.
## **COVID-19 Impact**
There has been a decline in the number of charities recruited over the past 12 months due to the impact of COVID-19. We have been unable to hold viewings in spaces due to the varied government restrictions on household mixing and traveling out of your local area. In addition to the down turn in free work spaces we have not been able to put on any exhibitions due to the ban of mixing households indoors.
As an alternative method of delivering the exhibition we did invite several individuals to contribute to an open discussion on the LGBTQ+ agenda which was filmed in our premises in Mayfair. We had hoped to be able to do this prior to July in conjunction with Pride month but due to travel restrictions we were unable to do this until August.
## **Future Plans**
## Exhibitions
With the COVID restrictions in place we currently do not have any planned events. The board of trustees continue to monitor the government guidance and when it is deemed safe to open the exhibition to the public we will do so.
The content of the exhibition remains under ever constant review. Once the lockdowns are lifted discussions will take place regarding schedules and events.
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## **Centric Community Projects Ltd**
## **Trustees' Report**
## Sourcing other premises
Alternative sourcing of premises for charitable occupation is something that will be given particular focus. With the unknown impact of COVID-19 the belief is that many more spaces are currently vacant and there is the opportunity to secure these for charitable occupation.
## **Reserves Policy**
The Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (“the free reserves”) held by the charity should be between 2 to 3 months of the resources expended. At this level, the Trustees believe that they would be able to continue the current activities of the charity in the event of a significant drop in funding. It would obviously be necessary to consider how funding would be replaced or activities changed.
The annual report was approved by the trustees of the charity on 14 June 2021 and signed on its behalf by:
......................................... Ms Navrita Atwal Trustee
......................................... Ms Julie Ion Chief Executive Officer
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## **Centric Community Projects Ltd**
## **Statement of Trustees' Responsibilities**
The trustees (who are also the directors of Centric Community Projects Ltd for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on 14 June 2021 and signed on its behalf by:
......................................... Ms Navrita Atwal Trustee
......................................... Ms Julie Ion Chief Executive Officer
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## **Centric Community Projects Ltd**
## **Independent Examiner's Report to the trustees of Centric Community Projects Ltd**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 September 2020 which are set out on pages 9 to 18.
## **Respective responsibilities of trustees and examiner**
As the charity’s trustees of Centric Community Projects Ltd (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’) and in Scotland with the terms of the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
Having satisfied myself that the accounts of Centric Community Projects Ltd are not required to be audited under Part 16 of the 2006 Act and in Scotland the audit requirement of Regulation 10(1) (d) of the 2006 Accounts Regulations does not apply, the accounts 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.
## **Basis of independent examiner's statement**
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be requried in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
## **Independent examiner’s statement**
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 Centric Community Projects Ltd as required by section 386 of the 2006 Act and in Scotland in accordance with section 44 (1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; 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 and ikn Scotland to prepare accounts which accord with the accounting records and comply with Regulation 9 of teh 2006 Accounts Regulations; or
4. the accounts have not been prepared in accordance with the 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.
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## **Centric Community Projects Ltd**
## **Independent Examiner's Report to the trustees of Centric Community Projects Ltd**
......................................
KRW Accountants
The Mill Pury Hill Business Park Alderton Road Towcester Northants NN12 7LS
14 June 2021
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## **Centric Community Projects Ltd**
## **Statement of Financial Activities for the Year Ended 30 September 2020 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Total income
**Expenditure on:**
Charitable activities
4
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
15
**Note**
**Income and Endowments from:**
Donations and legacies
3
Total income
**Expenditure on:**
Charitable activities
4
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
15|**Unrestricted**
**funds**
**£**
49,477
49,477
(48,892)
(48,892)
585
585
8,386
8,971
**Unrestricted**
**funds**
**£**
41,323
41,323
(40,337)
(40,337)
986
986
7,400
8,386|**Unrestricted**
**funds**
**£**
49,477||**Total**
**2020**
**£**
49,477|
|---|---|---|---|---|
|||49,477||49,477|
|||(48,892)||(48,892)|
|||(48,892)||(48,892)|
|||585||585|
|||585
8,386||585
8,386|
|||8,971||8,971|
|||||**Total**
**2019**
**£**
41,323|
|||||41,323|
|||||(40,337)|
|||||(40,337)|
|||||986|
|||||986
7,400|
|||||8,386|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2019 is shown in note 15.
The notes on pages 12 to 18 form an integral part of these financial statements. Page 9
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## **Centric Community Projects Ltd**
## **(Registration number: 08200778) Balance Sheet as at 30 September 2020**
|**Note**
**Current assets**
Debtors
9
Cash at bank and in hand
10
**Creditors: Amounts falling due within one year**
11
**Net assets**
**Funds of the charity:**
**Unrestricted income funds**
Called up share capital
14
Unrestricted funds
Total unrestricted funds
**Total funds**
15|**2020**
**£**
1
47,729
47,730
(38,759)
8,971
1
8,970
8,971
8,971|**2019**
**£**
4,668
8,944|
|---|---|---|
|||13,612
(5,225)|
|||8,387|
|||1
8,386|
|||8,387|
|||8,387|
For the financial year ending 30 September 2020 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The notes on pages 12 to 18 form an integral part of these financial statements. Page 10
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## **Centric Community Projects Ltd**
## **(Registration number: 08200778) Balance Sheet as at 30 September 2020**
The financial statements on pages 9 to 18 were approved by the trustees, and authorised for issue on 14 June 2021 and signed on their behalf by:
**----- Start of picture text -----**
.........................................
**----- End of picture text -----**
......................................... Ms Navrita Atwal Trustee
......................................... Ms Julie Ion Chief Executive Officer
The notes on pages 12 to 18 form an integral part of these financial statements. Page 11
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## **Centric Community Projects Ltd**
## **Notes to the Financial Statements for the Year Ended 30 September 2020**
## **1 Charity status**
The charity is limited by share capital, incorporated in .
The address of its registered office is: 335 South Row Milton Keynes Bucks MK9 2FY
These financial statements were authorised for issue by the trustees on 14 June 2021.
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
## **Basis of preparation**
Centric Community Projects 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.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Exemption from preparing a cash flow statement**
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
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## **Centric Community Projects Ltd**
## **Notes to the Financial Statements for the Year Ended 30 September 2020**
## _**Donations and legacies**_
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Trade debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
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## **Centric Community Projects Ltd**
## **Notes to the Financial Statements for the Year Ended 30 September 2020**
## **Pensions and other post retirement obligations**
The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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## **Centric Community Projects Ltd**
## **Notes to the Financial Statements for the Year Ended 30 September 2020**
## **3 Income from donations and legacies**
|Donations and legacies;
Donations from individuals
Regular giving and capital donations
**4**
**Expenditure on charitable activities**
**Note**
Governance costs
5|**Unrestricted**
**funds**
**General**
**£**
-
49,477
49,477
**Unrestricted**
**General**
**£**
48,892|**Total**
**2020**
**£**
-
49,477
49,477
**Total**
**2020**
**£**
48,892|**Total**
**2019**
**£**
441
40,882|
|---|---|---|---|
||||41,323|
||||**Total**
**2019**
**£**
40,337|
## **5 Analysis of governance and support costs**
## **Governance costs**
|Staff costs
Wages and salaries
Social security costs
Pension costs
Independent Examination fees
Examination fees
Legal fees
Other governance costs|**Unrestricted**
**General**
**£**
36,272
3,341
906
1,470
-
6,903
48,892|**Total**
**2020**
**£**
36,272
3,341
906
1,470
-
6,903
48,892|**Total**
**2019**
**£**
34,986
1,834
722
1,446
26
1,323|
|---|---|---|---|
||||40,337|
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## **Centric Community Projects Ltd**
## **Notes to the Financial Statements for the Year Ended 30 September 2020**
## **6 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
## **7 Staff costs**
The aggregate payroll costs were as follows:
|**7**
**Staff costs**
The aggregate payroll costs were as follows:|||
|---|---|---|
|**Staff costs during the year were:**
Wages and salaries
Social security costs
Pension costs|**2020**
**£**
36,272
3,341
906
40,519|**2019**
**£**
34,986
1,834
722|
|||37,542|
The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:
||**2020**||**2019**||
|---|---|---|---|---|
||**No**||**No**||
|Adminstration & Governance||1||1|
No employee received emoluments of more than £60,000 during the year.
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## **Centric Community Projects Ltd**
## **Notes to the Financial Statements for the Year Ended 30 September 2020**
## **8 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **9 Debtors**
|Trade debtors
Other debtors
**10 Cash and cash equivalents**
Cash at bank
**11 Creditors: amounts falling due within one year**
Other taxation and social security
Other creditors
Accruals|**2020**
**£**
-
1
1
**2020**
**£**
47,729
**2020**
**£**
969
37,654
136
38,759|**2019**
**£**
4,660
8|
|---|---|---|
|||4,668|
|||**2019**
**£**
8,944|
|||**2019**
**£**
-
5,089
136|
|||5,225|
## **12 Pension and other schemes**
## **Defined contribution pension scheme**
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £906 (2019 - £722).
## **13 Related parties transactions**
Ms Julie Ion, a director but not a Trustee in the charity received a salary during the year of £36,273 (2019: £34,986).
There were no related party transactions with any of the Trustees in the year.
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## **Centric Community Projects Ltd**
## **Notes to the Financial Statements for the Year Ended 30 September 2020**
## **14 Share capital**
## **Allotted, called up and fully paid shares**
|Ordinary shares of £1 each
**15 Funds**
**Unrestricted funds**
General
**Unrestricted funds**
General||**2020**
**No.**
**£**
1
1
**Balance at 1**
**October 2019**
**£**
**Incoming**
**resources**
**£**
8,386
49,477
**Balance at 1**
**October 2018**
**£**
**Incoming**
**resources**
**£**
7,400
41,323|**2019**
**No.**
**£**
1
1
**Resources**
**expended**
**£**
**Balance at 30**
**September**
**2020**
**£**
(48,892)
8,971
**Resources**
**expended**
**£**
**Balance at 30**
**September**
**2019**
**£**
(40,337)
8,386|
|---|---|---|---|
|||||
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