Company number: 5870623 Charity Number: 1152499
Commonword Enterprises Limited
Report and financial statements For the year ended 31[st] March 2023
Commonword Enterprises Limited
Reference and administrative information
for the year ended 31[st] March 2023
Company number 5870623 Charity number 1152499
Registered office and operational address Bridge 5 Mill, 22a Beswick Street, Manchester, M4 7HR
Management committee The members of the management committee, who are also directors under company law, who served during the year and up to the date of this report were as follows:
Laura Stewart Chair (elected Chair 28 Nov 22) Julia Davis Secretary Sivamohan Valluvan Treasurer Kirit Patel (resigned 19[th] February 2023) Bethan Galliers Marcia Hutchinson
Key management Peter Kalu Co-Director personnel Cheryl Martin Co-Director Bankers Bank of Scotland The Mound Edinburgh, EH1 1YZ Independent Christy Lau FCCA CTA DChA Examiner Slade & Cooper Limited, Beehive Mill Jersey Street Ancoats Manchester M4 6JG
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Commonword Enterprises Limited
Management committee’s annual report
for the year ended 31[st] March 2023
The management committee presents their report and the unaudited financial statements for the year ended 31[st] March 2023. Included within the management committee’s report is the directors’ report as required by company law.
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
Objectives and activities
Objects
The Objects of the charity as set out in its Memorandum of Association are:
To advance education for the benefit of the public in the subject of creative writing, literature and the Arts; to formulate, prepare and establish schemes therefore; and to co-operate with other charitable organisations having similar objects and to establish, promote or assist such charitable organisations.
Our Vision
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Help new writers in the North West of England and beyond become more successful Seek to enable everyone to participate in creative writing
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Organise writers’ development programmes for communities and young people. Commonword also runs mentoring programmes, conferences, courses, participatory events, festivals, workshops and public readings
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Give information and advice to individuals and groups on the craft of writing
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Keep writers up to date on publishing opportunities and writing networks
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Link local and regional writers with national and international writers
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Assist writers in the setting up and running of their own organisations
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Work with Black & Minority Ethnic communities and individuals developing their creative writing
Mission
Our mission is to help emerging and mid-career writers become more successful.
Our Charitable Activities
The management committee reviews the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The management committee reports the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the management committee ensure the charity's aims, objectives and activities remained focused on its stated purposes.
The management committee has referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the management committee considers how planned activities will contribute to the aims and objectives that have been set.
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Commonword Enterprises Limited
Management committee’s annual report
for the year ended 31[st] March 2023
Activities undertaken for public benefit in relation to objects 1 April 22 - 31 March 23
Commonword’s writing development programme is in vigorous health as we find new ways to bring emerging writers to the fore in inclusive and innovative ways, responding to new reading, listening, viewing and writing practices, and seeking to educate and enthuse writers and readers consistently with the Charity Commission’s guidance on public benefit.
This year our Moss Side Festival saw workshops in October and November 2022 that took in literature related artforms including monologues and song.
At the Moss-Side based, Amani Centre, Yusra Warsama developed monologues for performance with a keen group of debut writers. Meanwhile, at the Moss Side Powerhouse Library, Yvonne Shelton grew a community choir that explored the musicality of words and how words affect the body and vice versa in an investigation designed to promote the growth of participant playwrights and poets. The choir filled the air with beautiful sounds and inspired all those who heard it. Local writer, afshan d’souza lodhi was engaged to run a Getting Into Television workshop, following on from her spectacular and sustained success in this area. The culmination of the workshop was a series of performances at Moss Side Powerhouse Library on 5[th] November 2022. The project succeeded in forging stronger links with the Moss Side’s community and with artists across Manchester; it developed Moss Side’s profile as a place of creativity; and it served as a model for the Oldham Festival that Commonword plans for February 2024.
Moss Side Festival Feedback and Comments:
“Very good and friendly environment. Excellent writing and performances” “Brilliant and unusually supportive mixture of performed prose” “Extremely insightful and engaging workshop” “Excellent session with lots of interaction” “Very informative re: pitching to TV & film, especially in America” “Great community of writers and on-point information”
Our Picture Book Project saw another cohort of writers engage with the Hachette Children publishers programme to nurture a new generation of children’s writers. Writers attended a comprehensive online workshop with Hachette’s Emma Layfield, and gained insight on their texts and pathways to publication with Hachette.
Our Identity Black/Global Majority Writers Group has become three groups to accommodate demand in different areas of creative writing – a beginners’ group, an open group, and a group specifically for novelists. The Queer Black Book Club continues to cultivate an appreciation of queer literature and provide a space in which LGBT+ reader-writers feel safe and can emerge with their own writing.
Achievements and performance
The charity’s main activities and who it tries to help are described below. All its charitable activities focus on writer development and are undertaken to further Commonword Enterprise Limited’s charitable purposes for the public benefit. The following are our eight main achievements:
Digital Literature Platform featuring creative essays by Mish Green and Koushik Banerjea
Our digital literature platform continues to discover and promote new writing talent in sometimes surprising genres. The call-out for creative non-fiction essays produced two crackers. Koushik’s essay wrestled with the history of crime fiction from Raymond Chandler onwards and outlined the niche that black writers occupy, the aesthetic challenges and potentials for growth within the genre for diverse writers and the sheer joy that participation in the genre means to him. Mish Green’s essay was a paean
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Commonword Enterprises Limited
Management committee’s annual report
for the year ended 31[st] March 2023
to working class literature and to those working class writers who, despite the battles they face to get published, still take that journey and in doing so bring fresh, even revolutionary perspectives on what literature can and must do for it to participate in the progression of society. Mish Green’s essay proved the surprise hit of the digital platform, gaining traction across several platforms and provoking comments, and creative responses.
Flight Project
Flight was a challenge to diverse writers of the North West to produce digital creative works which addressed the theme. Full support was given to all writers who took up the challenge and the results – some of them spectacular – were platformed on our youtube channel. The responses ranged from Sonic Boom by Clare Ramsaran which used poetry to reflect on Concorde flights of the 70’s and 80’s; Jane Adelakun’s meditation on airport arrivals and departures; the wider theme of freedom and captivity addressed creatively in a straight-to-camera video-poem by Ali Al Jamri, and the poem-song Tribute to Bessie Coleman by Naomi Kalu, all featured in an interactive e-book.
Identity Writers (a) Home is not a Place / Blackpool with Identity
Identity rode with the award-winning writers, Johny Pitts and Roger Robinson on a poetry day trip to Blackpool, linked to Pitts’ and Robinson’s new book Home Is Not a Place. The book combines photography, poetry and essays to offer a reflection upon Black Britishness – its complexity, strength, resilience – at the start of a new decade. Commonword was chosen for this collaboration for our deep community roots and our long-developed community of Global Majority writers. The day took place on 28 January 2023, visiting Blackpool, and sharing memories of local seaside trips.
As well as the Blackpool coast, the group visited Blackpool’s Old Electric Theatre for lunch, and the conversations spilled out along the coast, in the theatre, on the journey home and beyond, into creative conversations. The visit inspired poetry including Haku that were and generated great post-lockdown enthusiasm for more such events.
Identity Writers (b) Novelists Group
The novelist group has emerged as an organic growth out of the general Identity writers group, The long form of the novel means it is sometimes difficult to find enough time for novelists in the general group. Hiving the novelists off into their own group has suited them and the general =group too. Many of the novelists in the new group are making great strides, with two having obtained publishing deals or agents. We continue to attract great interest in the group and have had to limit numbers in order to ensure its effectiveness at giving feedback. We fully expect further publishing deals for its members in the next year.
Indivisible book launch
9 February 2023 saw the launch of InDivisible, an anthology of creative writing by people with invisible disabilities. InDivisible contains the work of 28 writers and a biographies section. It is a smorgasbord of creativity and includes poetry, monologues and short stories from a diverse range of writers. The writing is defiant, personal, vulnerable and inspired. It contains moments of humour as well as deep insight into the writers’ lived experiences. The launch, at Manchester Poetry Library was fully booked, and provided opportunity for writers to read, some for the first time in public, so building confidence and esteem.
Refugee & Migrants Writing Project
Commonword has a proud, 20-year tradition of working with refugee and migrant communities, some of the most marginalised voices in society. With support from ‘Awards for All’ funders, we programmed a creative writing project focused on women and non-binary people and completed a series of sixteen
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Commonword Enterprises Limited
Management committee’s annual report
for the year ended 31[st] March 2023
creative writing workshops for women and non-binary people from migrant and refugee communities which culminated in a sharing event and a publication. There was a special focus on Iranian, Afghan, Kurdish and Arab communities.
Members of the refugee group helped design the project and it was a great chance for project participants and attendees to meet up, and to discuss their work with people from the writing and publishing sector.
Picture Books Project
This second year of our Picture Book Project launched in collaboration with the mainstream publisher, Hachette Children’s, sought to discover and nurture PoC Picture Book writers who are underrepresented in this genre which has seen another fifteen writers join the project, with three given extensive feedback on their work by Hachette. Meanwhile, several Children’s book writers we have helped have gone on to publication or to land publishing deals or agents, including Jhalak Prize Winner 2023, Danielle Jawando, Diane Anyakwo, Clare Weze and (in the world of children’s theatre) Elayne Ogbeta. We are pleased as punch at these successes.
Zine Fest including Climate Change workshop
Commonword participated in this zine fest held on August 20[th] 2022 at Peoples History Museum, Manchester. The Fest brought together zine makers, artists, writers and activists for a day of workshops, talks and stalls. The event showcased the work of Black, Asian and minority ethnic (BAME) people and People of Colour (POC) and aimed to build self-sustaining alternative models for publishing, art, activism and collaboration in Global Majority and diverse communities. Workshops were held during the day including a Climate Change workshop which Commonword hopes to replicate in future years as part of its commitment to environmental responsibility.
Moss Side Festival
Commonword’s Moss Side Festival took place on 5th November at the Moss Side Powerhouse Library, 12-5pm and celebrated the joy of community. Audiences were able to watch performances from local artists and writers and learn about the creative industries. For the first time in Commonword’s history, the event included a choir – the Commonword Community Choir, formed specially for the event. The choir performed throughout the day and were a great draw. The other elements of the festival were a talk and workshop by afshan d’souza lodhi on ‘How I’m Doing It – Working in TV’ in which Afshan painted the background to her commissioning by Sky Studios/ the National Theatre Peter Shaffer Commission. This provided insight and inspiration for those wishing to achieve success in the creative industries. There were also a series of moving monologue performances by participants in acclaimed writer and actor, Yusra Warsama’s monologue workshops series which had been held at the Amani Centre over the course of the preceding two months. The Festival also gave a platform to the InDivisible writers – writers with invisible disabilities - who wowed the audience with poetry, short fiction and short play extracts. Throughout the day a book stall provided the chance to purchase books and to pick up news on other creative writing activities in the area such as Commonword’s ongoing creative writing workshops. The event was also an excellent chance to network with influential community movers and shakers such as the renowned Moss Side-based community engagement expert, Sharon Raymond.
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Commonword Enterprises Limited
Management committee’s annual report
for the year ended 31[st] March 2023
Financial review
The charity’s unrestricted liquid reserves at year end stand at £64,086.
Commonword’s financial model has proved robust. The milestones and targets that are key to the drawing down of funding for the charity have been met. Major funder Arts Council England has put a funding agreement in place with Commonword for the next three years.
A modified fundraising strategy has been implemented and approaches are now being made to several Trust funds with good results expected.
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Commonword Enterprises Limited
Management committee’s annual report
for the year ended 31[st] March 2023
Reserves Policy
Reserves are required to cover any disparity between spending on our programme and the income we generate through grants and private income generation and to ease transitions between one source of funding and another. Reserves are also maintained to guard against exceptional, unplanned expenditure. The reserves also function as a means to mitigate main risks to the organisation such as the withdrawal of a significant funder.
In reaching our target reserve amount we took into account the following:
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forecasts for levels of income in future years, taking into account the reliability of each source of income and the prospects for opening up new sources
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forecasts for expenditure in future years on the basis of planned activity
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analysis of future needs, opportunities, contingencies and risk
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assessment, on the best evidence reasonably available, of the likelihood of each of those needs and risks arising and the potential consequences for the organisation of not being able to meet them
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consideration of wind-up arrangements and the financial consequences arising from this
Based on these considerations our pre-pandemic policy was to maintain sufficient free reserves to provide cover for 6 months in relation to known liabilities, along with a smaller additional provision of one month of free reserves for unforeseen liabilities. Post Covid-19, our policy is to maintain sufficient free reserves to provide cover for 5 months in relation to known liabilities, with the expectation that cost-cutting measures and renewed funding will over the next 18 months enable us to recover our reserve to the pre-pandemic 6 months + 1 month.
Our pre-pandemic total target reserve amounted to 7 months running costs. On this basis our target reserve was £73,737. Our post-Covid-19 target reserve amounts to 5 months running costs. On this basis our target is £59,696.
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Commonword Enterprises Limited
Management committee’s annual report
for the year ended 31[st] March 2023
Structure, governance and management
Recruitment and Appointment of Management Committee
The management committee makes wide general appeal to find those who are willing to serve as members on the Committee. The recruitment strategy takes cognisance of the particular skill sets of existing members and attempts to ensure a well-rounded, diverse membership with excellent expertise who can individually and collectively assist the charity in furthering its aims.
New management committee members are appointed by ordinary resolution according to articles 34 to 38 of Commonword Enterprise Ltd’s constitution. There is no upper limit to the number of management committee members but there is a minimum threshold of 3.
The organisation is a charitable company limited by guarantee having no share capital. It was incorporated on 10th July 2006 and registered as a charity on 19 June 2013. The company is established under a Memorandum of Association which establishes the object and powers of the charitable company and is governed under its Articles of Association.
Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The members of the management committee are members of the charity but this entitles them only to voting rights. The members have no beneficial interest in the charity.
All members of the management committee give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 9 to the accounts.
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Commonword Enterprises Limited
Management committee’s annual report
for the year ended 31[st] March 2023
Statement of responsibilities of the management committee
The members of the management committee (who are also directors of Commonword Enterprises Limited for the purposes of company law) are responsible for preparing the management committee’s annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the management committee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the management committee is required to:
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Select suitable accounting policies and then apply them consistently
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Observe the methods and principles in the Charities SORP
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Make judgements and estimates that are reasonable and prudent
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State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The management committee is responsible for keeping proper accounting records that 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.
The management committee is responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime of the Companies Act 2006.
The management committee’s annual report has been approved by the members of the management committee on ___ and signed on their behalf by
Laura Stewart
Chair
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Independent examiner’s report
to the trustees of
Commonword Enterprises Limited
I report to the charity trustees on my examination of the accounts of the company for the year ended 31[st] March 2023 which are set out on pages 11 to 27.
Responsibilities and basis of report
As the charity trustees of the company (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 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 company’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
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 that in any material respect:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
Christy Lau FCCA CTA DChA Slade & Cooper Limited Beehive Mill Jersey St Ancoats Manchester M4 6JG DATE
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Commonword Enterprises Limited
Statement of Financial Activities
(including Income and Expenditure account) for the year ended 31 March 2023
| Unrestricted funds Note £ Income from: Donations and legacies 3 10 Charitable activities: 4 Education 97,749 Total income 97,759 Expenditure on: Charitable activities: 5 Education 99,767 Total expenditure 99,767 (2,008) 7 (2,008) Transfer between funds - Net movement in funds for the year (2,008) Reconciliation of funds Total funds brought forward 67,331 Total funds carried forward 65,323 Net income/(expenditure) before net gains/(losses) on investments Net income/(expenditure) for the year |
Restricted funds £ - 9,536 9,536 10,281 10,281 (745) (745) - (745) 745 - |
Total funds 2023 £ 10 107,285 107,295 110,048 110,048 (2,753) (2,753) - (2,753) 68,076 65,323 |
Total funds 2022 £ 35 150,415 |
|---|---|---|---|
| 150,450 | |||
| 152,130 | |||
| 152,130 | |||
| (1,680) | |||
| (1,680) - |
|||
| (1,680) 69,756 |
|||
| 68,076 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
A full comparative SOFA is available on the last page of the financial statements.
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Commonword Enterprises Limited Company number 5870623
Balance sheet as at 31 March 2023
| Note £ £ Fixed assets Tangible assets 12 1,237 Total fixed assets 1,237 Current assets Stock 1,880 Debtors 13 2,035 Cash at bank and in hand 14 64,016 Total current assets 67,931 Liabilities Creditors: amounts falling due in less than one year 15 (3,845) Net current assets 64,086 Total assets less current liabilities 65,323 Net assets 65,323 The funds of the charity: Restricted income funds 16 - Unrestricted income funds 17 65,323 Total charity funds 65,323 2023 |
£ £ 2,368 2,368 581 595 70,479 71,655 (5,947) 65,708 68,076 68,076 745 67,331 68,076 2022 |
£ £ 2,368 2,368 581 595 70,479 71,655 (5,947) 65,708 68,076 68,076 745 67,331 68,076 2022 |
|---|---|---|
| 2,368 65,708 |
||
| 68,076 | ||
| 68,076 | ||
| 745 67,331 |
||
| 68,076 |
For the year in question, the company was entitled to exemption from an audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006,
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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 are prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies and in accordance with FRS102 SORP, and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.
The notes on pages 13 to 25 form part of these accounts.
Approved by the trustees on //2023 and signed on their behalf by:
Laura Stewart (Chair)
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Commonword Enterprises Limited
Notes to the accounts for the year ended 31 March 2023
1 Accounting policies
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a 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), second edition - October 2019 (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The charity has applied the exemption available to small charities in the Charities SORP (FRS 102) and does not include a Statement of Cash Flows in these Financial Statements.
Commonword Enterprises Limited meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
b Preparation of the accounts on a going concern basis
The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees have made no key judgments which have a significant effect on the accounts.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.
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Commonword Enterprises Limited
Notes to the accounts for the year ended 31 March 2023 (continued)
c Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.
Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.
d Donated services and facilities
Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised; refer to the trustees’ annual report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
e Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
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Commonword Enterprises Limited
Notes to the accounts for the year ended 31 March 2023 (continued)
f Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity.
Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.
Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.
g Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
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Expenditure on charitable activities includes the costs undertaken to further the purposes of the charity and their associated support costs.
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Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
h Operating leases
Operating leases are leases in which the title to the assets, and the risks and rewards of ownership, remain with the lessor. Rental charges are charged on a straight line basis over the term of the lease.
i Tangible fixed assets
Individual fixed assets costing £250 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:
Computer equipment 25% straight line Office furniture & equipment 20% straight line
j Stock
Stock is included at the lower of cost or net realisable value. In general, cost is determined on a first in, first out basis. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for obsolete, slow moving, and defective stocks. 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.
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Commonword Enterprises Limited
Notes to the accounts for the year ended 31 March 2023 (continued)
k 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.
l 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.
m 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 after allowing for any trade discounts due
n Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
o Pensions
Employees of the charity are entitled to join a defined contribution ‘money purchase’ scheme. The charity’s contribution is restricted to the contributions disclosed in note 8. There were £295 outstanding contributions at the year end (2022: £Nil).
2 Legal status of the charity
The charity is a company limited by guarantee registered in England and Wales and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The registered office address is disclosed on page 1.
3 Income from donations and legacies
| Current reporting period Donations Total Previous reporting period Donations Total |
Unrestricted £ 10 10 Unrestricted £ 35 35 |
Restricted £ - - Restricted £ - - |
Total 2023 £ 10 |
|---|---|---|---|
| 10 | |||
| Total 2022 £ 35 |
|||
| 35 |
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4 Income from charitable activities
Commonword Enterprises Limited
Notes to the accounts for the year ended 31 March 2023 (continued)
| Current reporting period Grants Arts Council England, North West Awards for All Fees and other income Fees and other income Sales of publications Total Previous reporting period Grants Arts Council England, North West British Council, Digital Collaboration Fund Muli Amaye Grant Fees and other income Sales of publications Total |
Unrestricted £ 95,981 - 95,981 960 808 1,768 97,749 Unrestricted £ 95,981 - - 95,981 534 534 96,515 |
Restricted £ - 9,536 9,536 - - - 9,536 Restricted £ - 53,500 400 53,900 - - 53,900 |
Total 2023 £ 95,981 9,536 |
|---|---|---|---|
| 105,517 960 808 |
|||
| 1,768 | |||
| 107,285 | |||
| Total 2022 £ 95,981 53,500 400 |
|||
| 149,881 534 |
|||
| 534 | |||
| 150,415 |
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Commonword Enterprises Limited
Notes to the accounts for the year ended 31 March 2023 (continued)
5 Analysis of expenditure on charitable activities
| Salaries Premises Development Marketing Book production Administration IT and software Depreciation Restricted expenditure Unrestricted expenditure 6 Analysis of governance and support costs Current reporting period Basis of apportionment Accountancy services Governance Legal and professional Governance Previous reporting period Basis of apportionment Accountancy services Governance Legal and professional Governance Governance costs (see note 6) |
Total 2023 £ 82,488 9,593 8,571 620 1,669 1,661 2,199 1,131 2,116 110,048 2023 £ 10,281 99,767 110,048 Governance £ 1,575 541 2,116 Governance £ 1,575 576 2,151 |
Total 2022 81,975 14,703 45,721 - 992 1,512 3,868 1,208 2,151 |
|---|---|---|
| 152,130 | ||
| 2022 £ 53,155 98,975 |
||
| 152,130 | ||
| Total 2023 £ 1,575 541 |
||
| 2,116 | ||
| Total 2022 £ 1,575 576 |
||
| 2,151 |
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Commonword Enterprises Limited
Notes to the accounts for the year ended 31 March 2023 (continued)
7 Net income/(expenditure) for the year
| This is stated after charging/(crediting): | 2023 | 2022 |
|---|---|---|
| £ | £ | |
| Depreciation | 1,131 | 1,208 |
| Operating lease rentals: | ||
| Property | 6,456 | 10,150 |
| Independent examiner's fee | ||
| Accountancy | 1,050 | 1,050 |
| Independent examination | 263 | 263 |
| Payroll | 411 | 439 |
8 Staff costs
Staff costs during the year were as follows:
| ff costs during the year were as follows: | ||
|---|---|---|
| Wages and salaries Social security costs Pension costs |
2023 £ 80,177 1,263 1,048 82,488 |
2022 £ 78,831 1,710 1,434 |
| 81,975 |
No employees has employee benefits in excess of £60,000 (2022: Nil).
The average number of staff employed during the period was 4 (2022: 6). The average full time equivalent number of staff employed during the period was 2.32 (2022:2.42).
The key management personnel of the charity comprise the trustees and Co-Directors. The total employee benefits of the key management personnel of the charity were £50,418 (2022: £52,271).
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Commonword Enterprises Limited
Notes to the accounts for the year ended 31 March 2023 (continued)
9 Trustee remuneration and expenses, and related party transactions
No (2022: Nil) members of the management committee received any fees during the year (2022: Nil).
No (2021: Nil) members of the management committee received travel and subsistence expenses during the year (2022:£Nil).
No aggregate donations from related parties (2022: £Nil).
There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.
No trustees or other persons related to the charity had any personal interest in any contract or transaction entered into by the charity, including guarantees, during the year (2022: nil).
10 Government grants
The government grants recognised in the accounts were as follows:
| Arts Council England, North West | 2023 £ 95,981 95,981 |
2022 £ 95,981 |
|---|---|---|
| 95,981 |
11 Corporation tax
The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.
20
Commonword Enterprises Limited
Notes to the accounts for the year ended 31 March 2023 (continued)
12 Fixed assets: tangible assets
| Cost Additions Depreciation Charge for the year Net book value At 1 April 2022 At 31 March 2023 At 1 April 2022 At 31 March 2022 At 31 March 2023 At 31 March 2023 |
Equipment £ 15,713 - 15,713 13,345 1,131 14,476 1,237 2,368 |
Total £ 15,713 - |
|---|---|---|
| 15,713 | ||
| 13,345 1,131 |
||
| 14,476 | ||
| 1,237 | ||
| 2,368 |
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Commonword Enterprises Limited
Notes to the accounts for the year ended 31 March 2023 (continued)
13 Debtors
| 13 Debtors |
||
|---|---|---|
| Prepayments and accrued income 14 Cash at bank and in hand Cash at bank and on hand |
2023 £ 2,035 2,035 2023 £ 64,016 64,016 |
2022 £ 595 |
| 595 | ||
| 2022 £ 70,479 |
||
| 70,479 |
15 Creditors: amounts falling due within one year
| Other creditors and accruals Taxation and social security costs |
2023 £ 2,573 1,272 3,845 |
2022 £ 5,947 - |
|---|---|---|
| 5,947 |
22
Commonword Enterprises Limited
Notes to the accounts for the year ended 31 March 2023 (continued)
16 Analysis of movements in restricted funds
| Total Total Muli Amaye Grant British Council, Digital Collaboration Fund Awards for All Current reporting period Previous reporting period British Council, Digital Collaboration Fund |
Balance at 1 April 2022 £ 745 - 745 Balance at 1 April 2021 £ - - - |
Income £ - 9,536 9,536 Income £ 53,500 400 53,900 |
Expenditure £ (745) (9,536) (10,281) Expenditure £ (52,755) (400) (53,155) |
Transfers £ - - - Transfers £ - - - |
Balance at 31 March 2023 £ - - |
|---|---|---|---|---|---|
| - | |||||
| Balance at 31 March 2022 £ 745 - |
|||||
| 745 |
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Commonword Enterprises Limited
Notes to the accounts for the year ended 31 March 2023 (continued)
16 Analysis of movements in restricted funds (Continued)
| Name of | |
|---|---|
| restricted fund | Description, nature and purposes of the fund |
| British Council, | In 2021, Commonword, based in the UK, and the American University of |
| Digital Collaboration | Beirut (AUB), based in Lebanon, joined together to develop a digital |
| Fund | literature in a project sponsored by the British Council. The project aims |
| were (1) to pioneer interactive digital storytelling generated primarily by | |
| black creatives of the North West and boost collaboration with our | |
| overseas partner, American University of Beirut. (2) to seed | |
| experimentation and further digital innovation by galvanizing digital | |
| literature production, especially by black writers and coders. (3) to grow | |
| the Commonword digital lab experiments and to enthuse, innovate and | |
| foster the growth of_born-digital_literature. The collaboration with | |
| Falafel games proved smooth and innovative and led to a demo RPG | |
| Game being jointly developed. The UK digital project outcomes included | |
| seven new Twine (Digital Storytelling) Games produced. | |
| Awards for All - | Commonword ran sixteen workshops in association with Sheba Arts for |
| Through the | refugee and migrant communities which developed creative writing |
| darkness | including poetry and short stories. The project culminated in a |
| performance at Bridge 5 Mill Manchester and a pamphlet of the | |
| participants’ work was produced. | |
| Muli Amaye Grant | Writer Dr. Muli Amaye hosted a black girls end of year get together in |
| Ardwick. It was an evening for women of colour to talk, read, listen and | |
| write. Providing a nourishing space for literary joy after a difficult few | |
| years. The event was held at the ARMR Store in Ardwick and was very | |
| well attended. |
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Commonword Enterprises Limited
Notes to the accounts for the year ended 31 March 2023 (continued)
17 Analysis of movement in unrestricted funds
| Current reporting period Previous reporting period General fund General fund |
Balance at 1 April 2022 £ 67,331 67,331 Balance at 1 April 2021 £ 69,756 69,756 |
Income £ 97,759 97,759 Income £ 96,550 96,550 |
Expenditure £ (99,767) (99,767) Expenditure £ (98,975) (98,975) |
Invesment gains / (losses) - - Invesment gains / (losses) - - |
Transfers £ - - Transfers £ - - |
As at 31 March 2023 £ 65,323 |
|---|---|---|---|---|---|---|
| 65,323 | ||||||
| As at 31 March 2022 £ 67,331 |
||||||
| 67,331 |
Name of unrestricted fund Description, nature and purposes of the fund
General fund
The free reserves after allowing for all designated funds
25
Commonword Enterprises Limited
Notes to the accounts for the year ended 31 March 2023 (continued)
18 Analysis of net assets between funds
| Current reporting period Tangible fixed assets Net current assets/(liabilities) Total Previous reporting period Tangible fixed assets Net current assets/(liabilities) Total |
General fund £ 1,237 64,086 65,323 General fund £ 2,368 64,963 67,331 |
Designated funds £ - - - Designated funds £ - - - |
Restricted funds £ - - - Restricted funds £ - 745 745 |
Total £ 1,237 64,086 |
|---|---|---|---|---|
| 65,323 | ||||
| Total £ 2,368 65,708 |
||||
| 68,076 |
19 Operating lease commitments
The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:
| Less than one year One to five years |
2023 2022 £ £ 1,614 6,456 - 1,614 1,614 8,070 Property |
2023 2022 £ £ 1,614 6,456 - 1,614 1,614 8,070 Property |
|---|---|---|
| 8,070 |
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Commonword Enterprises Limited
Statement of Financial Activities
(including Income and Expenditure account) for the year ended 31 March 2022
| Unrestricted funds Note £ Income from: Donations and legacies 3 35 Charitable activities: 4 Education 96,515 Total income 96,550 Expenditure on: Charitable activities: 5 Education 98,975 Total expenditure 98,975 (2,425) 7 (2,425) Transfer between funds - Net movement in funds for the year (2,425) Reconciliation of funds Total funds brought forward 69,756 Total funds carried forward 67,331 Net income/(expenditure) for the year Net income/(expenditure) before net gains/(losses) on investments |
Restricted funds £ - 53,900 53,900 53,155 53,155 745 745 - 745 - 745 |
Total funds 2022 £ 35 150,415 150,450 152,130 152,130 (1,680) (1,680) - (1,680) 69,756 68,076 |
Total funds 2021 £ - 96,445 |
|---|---|---|---|
| 96,445 | |||
| 123,664 | |||
| 123,664 | |||
| (27,219) | |||
| (27,219) - |
|||
| (27,219) 96,975 |
|||
| 69,756 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
27