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← Centric Community Projects Limited

2023-09-30-accounts

Centric Community Projects Limited

Charity No. 1150611

Company No. 08200778

Trustees' Report and Unaudited Accounts

30 September 2023

Doc ID: 2ba1946d61626c286e6e5f5909534cf298c5fef4

Centric Community Projects Limited Contents

Pages
Trustees' Annual Report 2 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Summary Income and Expenditure Account 8
Balance Sheet 9 to 9
Notes to the Accounts 10 to 15
Detailed Statement of Financial Activities 16 to 17

Page 1

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Centric Community Projects Limited Trustees Annual Report

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 30 September 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 08200778

Charity No. 1150611

Principal Office

4th Floor 7a The Parade Northampton NN1 2EA United Kingdom

Registered Office

4th Floor 7A The Parade Northampton NN1 2EA

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

S. Delfani O. John G.A.L. Orozco L.R. Robinson G.W. Wade

Accountants

MW Accounting Services Ltd South House 4 Bond Avenue Mount Farm Milton Keynes MK1 1SW

OBJECTIVES AND ACTIVITIES

Page 2

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Centric Community Projects Limited Trustees Annual Report

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. By using these sources it enables us to reach the grassroots 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.

Page 3

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Centric Community Projects Limited Trustees Annual Report

Who used and benefited from our services

Since our founding in 2013 we have helped over 1546 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 fulfilling 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.

Consideration is currently being given to work with individual charities on case studies to prove the beneficial use of space to the public.

Public Benefit

With all of our premises we collate the information required to demonstrate the public benefit versus any benefit to landlord or agent. This documentation is updated an ongoing basis and is available from our office on request. Below is a summary of the quotes received from several of these organisations.

FINANCIAL REVIEW

It is the policy that unrestricted funds which have not been designated for a specific use should be maintained at a level of 2-3 months expenditure. This policy should be revised if additional restricted funding is sought.

For the second year running there has been a decline in the number of charities recruited 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.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The trustees who served during the year were as follows;

Geoff Wade Les Robinson Alejandra Orozco Olu John Dr Shabnam Delfani

The trustees are invited onto our board due to their interest in the ethos of our charity. We have launched a recruitment process to replace the various trustees that have resigned. The opportunity to recruit those outside of our local area due to the introduction of remote meetings will allow us to broaden the strengths and skillsets of our trustees, diversifying our board.

Page 4

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Centric Community Projects Limited Trustees Annual Report

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to 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 taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

G.W. Wade Trustee 30 September 2023

Page 5

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Centric Community Projects Limited Independent Examiners Report

Independent Examiner's Report to the trustees of Centric Community Projects Limited

I report to the charity trustees on my examination of the financial statements of Centric Community Projects Limited for the year ended 30 September 2023 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the financial statements of the charity 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 financial statements 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

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

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 financial statements to be reached.

Adam Sibley ACCA MW Accounting Services Ltd South House 4 Bond Avenue Mount Farm Milton Keynes MK1 1SW 30 September 2023

Page 6

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Centric Community Projects Limited Statement of Financial Activities

for the year ended 30 September 2023

Notes
Income and endowments
from:
Donations and legacies
4
Total
Expenditure on:
Charitable activities
5
Other
6
Total
Net gains on investments
Net income
Transfers between funds
Net income before other
gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2023
£
48,149		 Total funds
2023
£
48,149		 Total funds
2022
£
51,301
48,149
384
47,204		 48,149
384
47,204		 51,301
696
50,556
47,588
-		 47,588
-		 51,252
-
561
-		 561
-		 49
-
561 561 49
561
9,018		 561
9,018		 49
8,970
9,579 9,579 9,019

Page 7

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Centric Community Projects Limited Summary Income and Expenditure Account

for the year ended 30 September 2023

Income
Gross income for the year
Expenditure
Total expenditure for the year
Net income before tax for the year
Net income for the year		 2023
£
48,149
48,149
47,588
47,588
561
561		 2022
£
51,301
51,301
51,252
51,252
49
49

Page 8

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Centric Community Projects Limited Balance Sheet

at 30 September 2023

at 30 September 2023
Company No.
08200778
Notes
2023
£
Current assets
Debtors
8
7,458
Cash at bank and in hand
2,692
10,150
Creditors:Amount falling due within one year
9
(571)
Net current assets
9,579
Total assets less current liabilities
9,579
Net assets excluding pension asset or liability
9,579
Total net assets
9,579
The funds of the charity
Restricted funds
10
Unrestricted funds
10
General funds
9,579
9,579
Reserves
10
Total funds
9,579		 2022
£
9,563
528
10,091
(1,072)
9,019
9,019
9,019
9,019
9,019
9,019
9,019

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

For the year ended 30 September 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 30 September 2023

And signed on its behalf by:

G.W. Wade Trustee 30 September 2023

Page 9

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Centric Community Projects Limited Notes to the Accounts

for the year ended 30 September 2023

Basis of preparation

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) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Income

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 10

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Centric Community Projects Limited Notes to the Accounts

Expenditure

Taxation

The charity is exempt from corporation tax on its charitable activities.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other 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.

Page 11

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Centric Community Projects Limited Notes to the Accounts

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

Page 12

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Centric Community Projects Limited Notes to the Accounts

3 Statement of Financial Activities - prior year

3
Statement of Financial Activities - prior year
Income and endowments from:
Donations and legacies
Total
Expenditure on:
Charitable activities
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
4
Income from donations and legacies
Donations and legacies
5
Expenditure on charitable activities
Expenditure on charitable
activities
Governance costs		 Unrestricted
£
48,149
48,149
Unrestricted
£
384
384		 Unrestricted
funds
2022
£
51,301
51,301
696
50,556
51,252
49
49
49
8,970
9,019
Total
2023
£
48,149
48,149
Total
2023
£
384
384		 Total funds
2022
£
51,301
51,301
696
50,556
51,252
49
49
49
8,970
9,019
Total
2022
£
51,301
51,301
Total
2022
£
696
696

Page 13

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Centric Community Projects Limited Notes to the Accounts

6 Other expenditure

6
Other expenditure
Employee costs
Motor and travel costs
General administrative costs
Legal and professional costs
7
Staff costs
Salaries and wages
Social security costs
Pension costs
No employee received emoluments in excess
8
Debtors
Other debtors
9
Creditors:
amounts falling due within one year
Other taxes and social security
Accruals
10 Movement in funds
Restricted funds:
Unrestricted funds:
General funds
Total funds		 of £60,000.
At 1 October
2022
9,018
9,018		 Unrestricted
£
43,363
2,105
416
1,320
47,204
2023
41,483
823
1,057
43,363
2023
£
7,458
7,458
2023
£
571
-
571
Incoming
resources
(including
other
gains/losses
)
£
48,149
48,149		 Total
2023
£
43,363
2,105
416
1,320
47,204
Resources
expended
£
(47,588)
(47,588)		 Total
2022
£
42,657
5,215
1,351
1,333
50,556
2022
39,185
2,471
1,001
42,657
2022
£
9,563
9,563
2022
£
872
200
1,072
At 30
September
2023
£
9,579
9,579

Page 14

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Centric Community Projects Limited Notes to the Accounts

11 Analysis of net assets between funds

Net current assets
12 Reconciliation of net debt
Cash and cash equivalents
Net debt		 At 1 October
2022
£		 Unrestricted
funds
£
9,579
9,579
Cash flows
£		 Total
£
9,579
9,579
At 30
September
2023
£
528 2,164 2,692
528
528		 2,164
2,164		 2,692
2,692
13 Commitments
Operating lease commitments
Annual commitments under non-cancellable operating leases
2023
Land and
buildings
£
Operating leases with expiry date:
Pension commitments
The pension cost charge to the company
amounted to:		 are as follows:
2023
Other
£
2023
£
1,057		 2022
Land and
buildings
£		 2022
Other
£
2022
£
1,001

14 Related party disclosures

Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

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Centric Community Projects Limited Detailed Statement of Financial Activities

for the year ended 30 September 2023

Income and endowments from:
Donations and legacies
Donations and legacies
Total income and endowments
Expenditure on:
Charitable activities
Total of expenditure on charitable
activities
Employee costs
Salaries/wages
Employer's NIC
Pension costs
Motor and travel costs
Vehicles - General costs
General administrative costs,
including depreciation and
amortisation
Bank charges
Software, IT support and related
costs
Sundry expenses
Legal and professional costs
Accountancy and bookkeeping
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net income
Net income before other
gains/(losses)
Other Gains		 Unrestricted
funds
2023
£
48,149
48,149
48,149
384
384
384
41,483
823
1,057
43,363
2,105
2,105
102
383
(69)
416
1,320
1,320
47,204
47,588
-
561
561
-		 Total funds
2023
£
48,149
48,149
48,149
384
384
384
41,483
823
1,057
43,363
2,105
2,105
102
383
(69)
416
1,320
1,320
47,204
47,588
-
561
561
-		 Total funds
2022
£
51,301
51,301
51,301
696
696
696
39,185
2,471
1,001
42,657
5,215
5,215
103
893
355
1,351
1,333
1,333
50,556
51,252
-
49
49
-

Page 16

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Centric Community Projects Limited Detailed Statement of Financial Activities

Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 561
9,018
9,579		 561
9,018
9,579		 49
8,970
9,019

Page 17

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CCP Year End 300923 signed CentricCommunityP...2023_Accounts.pdf 2ba1946d61626c286e6e5f5909534cf298c5fef4 MM / DD / YYYY Signed

06 / 13 / 2024 Sent for signature to Geoff Wade (geoff.wade@empower.coop)
08:27:18 UTC from info@centricprojects.org
IP: 86.3.132.91
06 / 13 / 2024 Viewed by Geoff Wade (geoff.wade@empower.coop)
08:56:04 UTC IP: 212.228.19.244
06 / 13 / 2024 Signed by Geoff Wade (geoff.wade@empower.coop)
08:57:27 UTC IP: 212.228.19.244
06 / 13 / 2024 The document has been completed.
08:57:27 UTC