Centric Community Projects Limited
Charity No. 1150611
Company No. 08200778
Trustees' Report and Unaudited Accounts
30 September 2024
Doc ID: 5fa9a3d2141a664b942e02b9c12740ff9518f674
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 | |
| 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 2024.
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 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
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Centric Community Projects Limited Trustees Annual Report
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. 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.
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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.
PLANS FOR FUTURE PERIODS
Sourcing other premises:
Sourcing of premises for charitable occupation is something that we have actively tried to do throughout the year. As a charity it becomes difficult to navigate with landlords to gain sponsorship whilst providing free space to our sector. We remain fully committed to continuing our search for landlords with empty premises who are willing to donate them for use by other charitable organisations.
STRUCTURE, GOVERNANCE AND MANAGEMENT
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Centric Community Projects Limited Trustees Annual Report
The trustees who served during the year were as follows;
Geoff Wade Les Robinson Alejandra Orozco (resigned 19th July 2024) 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.
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 May 2025
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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 2024.
Responsibilities and basis of report
As the charity's trustees of the company (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:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements 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 financial statements to be reached.
Adam Sibley ACCA MW Accounting Services Ltd South House 4 Bond Avenue Mount Farm Milton Keynes MK1 1SW 30 May 2025
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Centric Community Projects Limited Statement of Financial Activities
for the year ended 30 September 2024
| 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 2024 £ 51,228 |
Total funds 2024 £ 51,228 |
Total funds 2023 £ 48,149 |
|---|---|---|---|
| 51,228 3,588 47,448 |
51,228 3,588 47,448 |
48,149 384 47,204 |
|
| 51,036 - |
51,036 - |
47,588 - |
|
| 192 - |
192 - |
561 - |
|
| 192 | 192 | 561 | |
| 192 8,259 |
192 8,259 |
561 7,698 |
|
| 8,451 | 8,451 | 8,259 |
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Centric Community Projects Limited Summary Income and Expenditure Account
for the year ended 30 September 2024
| Income Gross income for the year Expenditure Total expenditure for the year Net income before tax for the year Net income for the year |
2024 £ 51,228 51,228 51,036 51,036 192 192 |
2023 £ 48,149 |
|---|---|---|
| 48,149 | ||
| 47,588 | ||
| 47,588 | ||
| 561 | ||
| 561 |
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Centric Community Projects Limited Balance Sheet
at 30 September 2024
| at 30 September 2024 | |||
|---|---|---|---|
| Company No. 08200778 |
Notes | 2024 | 2023 |
| £ | £ | ||
| Current assets | |||
| Debtors | 8 | 7,458 | 7,458 |
| Cash at bank and in hand | 3,150 | 2,692 | |
| 10,608 | 10,150 | ||
| Creditors:Amount falling due within one year | 9 | (2,157) | (1,891) |
| Net current assets | 8,451 | 8,259 | |
| Total assets less current liabilities | 8,451 | 8,259 | |
| Net assets excluding pension asset or liability | 8,451 | 8,259 | |
| Total net assets | 8,451 | 8,259 | |
| The funds of the charity | |||
| Restricted funds | 10 | ||
| Unrestricted funds | 10 | ||
| General funds | 8,451 | 8,259 | |
| 8,451 | 8,259 | ||
| Reserves | 10 | ||
| Total funds | 8,451 | 8,259 |
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 2024 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 May 2025
And signed on its behalf by:
G.W. Wade Trustee 30 May 2025
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Centric Community Projects Limited Notes to the Accounts
for the year ended 30 September 2024
- 1 Accounting policies
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
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
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
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Centric Community Projects Limited Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
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Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
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.
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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.
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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 £ 51,228 51,228 Unrestricted £ 3,588 3,588 |
Unrestricted funds 2023 £ 48,149 48,149 384 47,204 47,588 561 561 561 9,018 9,579 Total 2024 £ 51,228 51,228 Total 2024 £ 3,588 3,588 |
Total funds 2023 £ 48,149 |
| 48,149 384 47,204 |
|||
| 47,588 | |||
| 561 | |||
| 561 | |||
| 561 9,018 |
|||
| 9,579 | |||
| Total 2023 £ 48,149 |
|||
| 48,149 | |||
| Total 2023 £ 384 |
|||
| 384 |
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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 2023 8,259 8,259 |
Unrestricted £ 44,976 - 1,032 1,440 47,448 2024 43,848 - 1,128 44,976 2024 £ 7,458 7,458 2024 £ 716 1,441 2,157 Incoming resources (including other gains/losses ) £ 51,228 51,228 |
Total 2024 £ 44,976 - 1,032 1,440 47,448 Resources expended £ (51,036) (51,036) |
Total 2023 £ 43,363 2,105 416 1,320 |
| 47,204 | ||||
| 2023 41,483 823 1,057 |
||||
| 43,363 | ||||
| 2023 £ 7,458 |
||||
| 7,458 | ||||
| 2023 £ 571 1,320 |
||||
| 1,891 | ||||
| At 30 September 2024 £ 8,451 |
||||
| 8,451 |
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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 2023 £ |
Unrestricted funds £ 8,451 8,451 Cash flows £ |
Total £ 8,451 |
|---|---|---|---|
| 8,451 | |||
| At 30 September 2024 £ |
|||
| 2,692 | 458 | 3,150 | |
| 2,692 2,692 |
458 458 |
3,150 | |
| 3,150 | |||
| 13 Commitments Operating lease commitments Annual commitments under non-cancellable operating leases 2024 Land and buildings £ Operating leases with expiry date: Pension commitments The pension cost charge to the company amounted to: |
are as follows: 2024 Other £ 2024 £ 1,128 |
2023 Land and buildings £ |
2023 Other £ 2023 £ 1,057 |
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 2024
| 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 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 2024 £ 51,228 51,228 51,228 3,588 3,588 3,588 43,848 - 1,128 44,976 - - 102 410 520 1,032 1,440 1,440 47,448 51,036 - 192 192 - |
Total funds 2024 £ 51,228 51,228 51,228 3,588 3,588 3,588 43,848 - 1,128 44,976 - - 102 410 520 1,032 1,440 1,440 47,448 51,036 - 192 192 - |
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 - |
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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 |
192 8,259 8,451 |
192 8,259 8,451 |
561 |
|---|---|---|---|
| 7,698 | |||
| 8,259 |
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CCP YE accounts 30/09/24 Final_Accounts_2024.pdf 5fa9a3d2141a664b942e02b9c12740ff9518f674 MM / DD / YYYY a Signed
06 / 05 / 2025 Sent for signature to Geoff Wade (geoff.wade@empower.coop) 07:38:49 UTC from info@centricprojects.org IP: 81.98.108.58 06 / 05 / 2025 Viewed by Geoff Wade (geoff.wade@empower.coop) 10:05:58 UTC IP: 81.78.174.224 06 / 05 / 2025 Signed by Geoff Wade (geoff.wade@empower.coop) 10:06:57 UTC IP: 81.78.174.224 06 / 05 / 2025 The document has been completed. 10:06:57 UTC