## **Interim Spaces Cio**
## **REPORT AND FINANCIAL STATEMENTS**
**31st March 2021**
## **CHARITY REGISTRATION NUMBER 1165694**
**Frank S Lachman 16b North End Road Golders Green London NW11 7PH**
**Interim Spaces Cio**
## **Legal and Administrative Information**
## **31st March 2021**
Registered Charity Number 1165694 Registered Office 41 Whitcomb Street London WC2H 7DT Directors and Trustees Marcus Warry Rachel Fletcher Joshua Neicho Natalie Scott Examiner Frank S Lachman Chartered Accountant 16B North End Road London NW11 7PH
Page 1
**Interim Spaces Cio**
## **DIRECTORS' AND TRUSTEES' REPORT**
The trustees, who are also directors for the purposes of the Companies Act, have pleasure in presenting their report and the financial statements of charity for the year ending 31st March 2021.
## **DIRECTORS' RESPONSIBILITIES**
Company Law which is also applicable to charitable companies in England and Wales requires the directors, who are also trustees of the company, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the results of the company for that period.
In preparing those financial statements, the directors/trustees are required to:
select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP make judgements and estimates that are reasonable and prudent
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors/trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **PRINCIPAL ACTIVITY AND CHARITABLE OBJECTIVE**
The charity provides low cost work and development space for artists, entrepreneurs, non-profit and creative organisations.Establishing creative hubs and facilitating learning and networking.
## **ORGANISATION AND CONSTITUTION**
CIO - Foundation Registered 23 Feb 2016
The company is limited by guarantee and has no share capital. The guarantees of individual members are limited to £1.
The company is a registered charity, number 1165694.
The directors of the company form its Committee of Management and Governing Body and are empowered to act as necessary in order for the company to fulfil its objectives. Directors may be appointed by the members of the company or fellow directors at any time.
Registered Office: 41 Whitcomb Street, London WC2H 7DT
## **PUBLIC BENEFIT**
The Trustees confirm that in compiling this report they have had due regard to the guidance on public benefit issued by the Charity Commission in compliance with the duty set out in section 4 of the Charities Act 2006.
Page 2
**Interim Spaces Ico**
## **REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS**
Period March 2020 to March 2021 During the period, the charity continued operating PopHub Leicester Square, an affordable workspace occupying two floors of office space in the Huguenot House block on Whitcomb Street, supported by Westminster City Council, providing space to over 100 beneficiaries. We are incredibly grateful to Community Fibre for their continued sponsorship of the 1gbs fibre optic line that provides superfast internet access to the creative hub.
The PopHub workspace comprises desk-based membership plans on Floor 1, and allocations of studio spaces on Floor 2. Situated on Floor 1 is the reception lobby for the premises, two meeting rooms enjoyed by the general community, one AV Studio for sound, film and photography, a workshop, staff offices, and a large studio used for cheap rehearsal hire, workshops and classes, yoga and aerobics, boardroom meetings and other creative and professional development activities.
The focus of the PopHub model is to provide truly affordable and flexible workspace to freelancers, micro-businesses, social enterprises, charities and other such creative people and organisations who would otherwise have no other option than to work from home or unsuitable or unsafe premises that could hinder or halt their work, as a result of the general lack of affordability in the commercial workspace rental market.
Over the period, there were a total of 120 memberships of which 45 (38%) were studio based and 73 (62%) were desk based. Of the total memberships, 13 were UNLTD Plan Work Exchange plans, providing Front Desk staffing and some general help in exchange for unlimited use of the desks and one studio. Six memberships were the Sponsored UNLTD Plan. Sponsored plans for the period included ShowerBox, a CIC startup providing homeless people with free and secure shower space; Amazin LeThi Foundation, an advisory group on LGBTQ sports inclusion; and Ezra-Lloyd Jackson, who runs a design startup.
Studio 1, which had become very popular with theatremakers looking for affordable rehearsal and casting space, was taken up during the coronavirus pandemic as development space by Punchdrunk International in September 2020 for the development of innovative theatrework. Punchdrunk remained at PopHub until the end of the period.
## **Covid-19 Impact**
As a result of the pandemic the operations and income of the charity was significantly affected, resulting in the full closure of PopHub Leicester Square during the first lockdown and the reorganisation of the first floor coworking space to accommodate social distancing, at a loss of 35 hot-desking memberships and the temporary suspension of the 4060 Plan, Podcaster plans, and Carnet plan.
The charity was fortunate to secure a combination of grants, relief and a bank loan during the period, which neatly plugged the losses in income due to coronavirus. We are tremendously grateful to have received £50,000 in the first round of the Culture Recovery Fund, £25,000 in the second round of the Culture Recovery Fund, £3,480 from the Creative Workspace Resilience Fund and discretionary rates relief at 41 Whitcomb Street of 20% for FY2020. The charity also secured a Bounce Back Loan of £17,000.
As a result of the Culture Recovery Fund, the charity was able to help protect the community at PopHub Leicester Square from the economic turbulence caused by the pandemic (losses to memberships were solely as a result of lowered capacity due to social distancing restrictions) by providing blanket discounts for FY2020-2021 between 35% for those opting to use the space and 50% for those wishing to retain their memberships but work from home. The charity provided discretionary rent relief of up to 100% for members who were suffering particular hardship and credited those who couldn’t enter the workspace due to self-isolation with the days they missed. In total, the charity subsidised members’ rents with 42% of the grant funds (£31,218), retaining 100% occupancy of the second floor studios and 50% of the first floor desk-based memberships throughout the period.
Members were also supported in person and online and kept up-to-date with grants and relief available to businesses. We are particularly grateful to Rachel Thevanesan and the Business Unit at Westminster City Council for their responsiveness and engagement through very difficult parts of the year, and for the distribution of Additional Restrictions Grants that rescued 14 of our member businesses.
## **Awards and accreditations**
Interim Spaces became an accredited Living Wage Employer in April of the period. In October, PopHub Leicester Square was one of nine London workspaces to become a Mayor’s Accredited Workspace operator as a result of its ethics, affordability, and sustainability.
Page 3
**Interim Spaces Cio**
## **Church Street Studios**
In December 2020, Interim Spaces were approached by Westminster City Council for the interim use of 382-386 Edgware Road W2, a single floor former workspace of approx. 3,500sqft vacated at the start of the pandemic and awaiting redevelopment as part of the Church Street regeneration project in 2022. The lease terms were agreed in March 2021 of the period and the charity occupied the property shortly after.
## **Social Impact Report**
The charity is publishing a detailed Social Impact Report spanning FY2020-FY2022 which will be available in print and online in April 2022.
## **ACCOUNTANTS**
A resolution proposing the re-appointment of Frank S Lachman as Independant Examiner will be submitted at the Annual General Meeting.
## **DIRECTORS/TRUSTEES**
The directors/trustees set out below have held office during the whole year of this report unless otherwise stated:
Marcus Warry Rachel Fletcher Joshua Neicho Natalie Scott
## **RESERVES POLICY**
The company endeavours to maintain a level of reserves that will enable it, if the situation arises that funding is curtailed, to carry on its activities whilst alternative sources of funding are obtained.
The unrestricted reserves as at 31st March 2021 were £9,717 surplus ( 2020 £2,354) The movement in reserves is shown in note 8 to the accounts.
## **INVESTMENTS**
The charity has no investments.
## **RELATED PARTIES**
The charity has relationships with other charities on a project-by-project basis.
The charity owns 100% of it's trading subsidiary Interim Spaces Trading Limited. During the year the subsidiary gift aided £nil (2020 £4,822) to the charity.
## **GOING CONCERN**
The directors confirm that:
A going concern basis is appropriate for these accounts.
The company has sufficient reserves to continue for at least 12 months after the date of signing these accounts.
## **RISK MANAGEMENT**
The company undertakes periodic reviews for different areas of risk including insurance cover,health and safety policies in the workplace and whilst performing, working with young children,financial affairs; personnel practices; ICT technology.
This report has been prepared in accordance with the provisions in Section 419(2) of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 18th January 2022
and signed on its behalf by Marcus Warry
Trustee
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**Interim Spaces Cio**
## ACCOUNTANTS REPORT
## Independent Examiner's Report on the Accounts
I report to the charity trustees on my examination of the accounts of the company for the year ended 31st March 2021 which are set out on pages 6 to 10 .
## 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 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 charity’s accounts as carried out under section 145 of the Charities Act 2011 (the ‘2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's report
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
(1) accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
(2) the accounts do not accord with those accounting records; or
(3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
(4) the accounts have not been prepared in accordance with 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.
Frank S Lachman FCA Member Institute of Chartered Accountants in England and Wales Chartered Accountant Independent Examiner
16b North End Road London NW11 7PH Dated: 18th January 2022
Page 5
## **Interim Spaces Cio**
## **Statement of Financial Activities For the Year Ended 31st March 2021**
|||**Unrestricted**|**Total**|**Unrestricted**|**Total**|
|---|---|---|---|---|---|
|||**Funds**|**Funds**|**Funds**|**Funds**|
||**Notes**||**2021**||**2020**|
|**Income from:**||||||
|Donations and Legacies|**2**|53,480|**53,480**|4,822|**4,822**|
|Charitable activities|**3**|24,693|**24,693**|76,458|**76,458**|
|**Total income**||78,173|**78,173**|81,280|**81,280**|
|**Expenditure on:**||||||
|**Charitable Activity Costs**|**4**|70,810|**70,810**|76,935|**76,935**|
|**Total expenditure**||70,810|**70,810**|76,935|**76,935**|
|Net income for year||**7,363**|**7,363**|**4,345**|**4,345**|
|Funds brought forward||2,354|**2,354**|(1,991)|**(1,991)**|
|**Funds carried forward**|**8**|9,717|**9,717**|2,354|**2,354**|
The statement of Financial Activities reflects the results of continuing activities for the year. There were no recognised gains or losses other than the net outgoing resources for the year. The net outgoing resources for the year have been calculated on the historical cost basis. The notes on pages 8 to 10 form part of these accounts.
Page 6
**Interim Spaces Cio**
## **Balance Sheet at 31st March 2021**
|**Notes**
**2021**
**2020**
**£**
**£**
**£**
**£**
**Fixed assets**
Investment in subsidiary
1
1
Office equipment
13,985
-
**Current assets**
Debtors
**5**
1,050
-
Cash at bank and in hand
11,681
2,520
**Total current assets**
12,731
2,520
**Creditors falling due within one year**
**6**
-
167
**Net current assets**
12,731
2,353
**Creditors falling due after one year**
**7**
17,000
-
**Net assets**
9,717
2,354
**The Funds of the Charity**
**Unrestricted Funds**
**9**
9,717
2,354
**Total Charity Funds**
9,717
2,354|**Notes**
**2021**
**2020**
**£**
**£**
**£**
**£**
**Fixed assets**
Investment in subsidiary
1
1
Office equipment
13,985
-
**Current assets**
Debtors
**5**
1,050
-
Cash at bank and in hand
11,681
2,520
**Total current assets**
12,731
2,520
**Creditors falling due within one year**
**6**
-
167
**Net current assets**
12,731
2,353
**Creditors falling due after one year**
**7**
17,000
-
**Net assets**
9,717
2,354
**The Funds of the Charity**
**Unrestricted Funds**
**9**
9,717
2,354
**Total Charity Funds**
9,717
2,354|**Notes**
**2021**
**2020**
**£**
**£**
**£**
**£**
**Fixed assets**
Investment in subsidiary
1
1
Office equipment
13,985
-
**Current assets**
Debtors
**5**
1,050
-
Cash at bank and in hand
11,681
2,520
**Total current assets**
12,731
2,520
**Creditors falling due within one year**
**6**
-
167
**Net current assets**
12,731
2,353
**Creditors falling due after one year**
**7**
17,000
-
**Net assets**
9,717
2,354
**The Funds of the Charity**
**Unrestricted Funds**
**9**
9,717
2,354
**Total Charity Funds**
9,717
2,354|**Notes**
**2021**
**2020**
**£**
**£**
**£**
**£**
**Fixed assets**
Investment in subsidiary
1
1
Office equipment
13,985
-
**Current assets**
Debtors
**5**
1,050
-
Cash at bank and in hand
11,681
2,520
**Total current assets**
12,731
2,520
**Creditors falling due within one year**
**6**
-
167
**Net current assets**
12,731
2,353
**Creditors falling due after one year**
**7**
17,000
-
**Net assets**
9,717
2,354
**The Funds of the Charity**
**Unrestricted Funds**
**9**
9,717
2,354
**Total Charity Funds**
9,717
2,354|
|---|---|---|---|
|||2,520
167||
|||||
||9,717||2,354|
||9,717||2,354|
||9,717||2,354|
a) For the year ended 31 March 2021 the company was entitled to exemption under section 477(2) of the Companies Act 2006.
(b) No members have 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.
(c) The directors acknowledge their responsibility for:
i. ensuring the company keeps accounting records which comply with section 386; and
ii. preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the section 393, and which otherwise comply with the requirements of the Companies Act relating to accounts, so far as applicable to the company.
(d) The accounts have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime, and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the . company
Approved by the directors on 18/01/2022 , and signed on their behalf by Marcus Warry
The notes on pages 8 to 10 form part of these accounts.
**----- Start of picture text -----**
Trustee
**----- End of picture text -----**
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**Interim Spaces Cio**
**Notes to the Financial Statements For the Year Ended 31st March 2021**
## **1 Accounting Polices**
**(a)** 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 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Interim Spaces Cio meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
## **(b) Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from grants, whether capital or revenue grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants has been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
## **(c) Expenditure**
All expenditure is accounted for on an accruals basis. 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.
Costs are allocated to a category either because such costs are directly incurred in relation to such category, or because they are support costs in respect of which an apportionment has been made between the categories.
Support costs consist of infrastructure costs for salaries, premises, office administration. Such costs are apportioned on a reasonable and consistent basis to the various categories with a view to determining, as accurately as possible, the total resources expended for each category. The basis of apportionment used is either a function of staff time applied to a given activity, or an estimate of the proportion of costs associated with the same, or a combination of both.
Direct and Support costs are separately shown by natural classification in Note 5 to these accounts for each category of cost.
## **(d) Taxation**
The company as a registered charity ( number 1165694 ) is exempt from taxation on most investment income insofar as it is applied for charitable purposes. The company is also exempt from taxation on capital gains.
## **(e) 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.
## **(f) Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **(g) Depreciation**
The rates of depreciation of asset class are:
Office equipment 20% Written down value
Page 8
**Interim Spaces Cio**
## **Notes to the Financial Statements For the Year Ended 31st March 2021**
|**2**|**Donations and legacies**|||||||
|---|---|---|---|---|---|---|---|
|||**Unrestricted**||**Unrestricted**||||
|||**Funds**|**2021**|**Funds**|**2020**|||
||**Grants for General Running Costs**|||||||
||Westminster City Council|5,000|5,000|-|-|||
||Great Land Trust Culture at Risk|3,480|3,480|||||
||Arts Council England|45,000|45,000|||||
||**Donations**|||||||
||Interim Spaces Trading Limited|-|-|4,822|4,822|||
|||53,480|53,480|4,822|4,822|||
|**3**|**Charitable activity**|||||||
|||**Unrestricted**||**Unrestricted**||||
|||**Funds**|**2021**|**Funds**|**2020**|||
||Space hire|23,793|23,793|74,014|15,332|||
||Sundry income and recharges|900|900|2,444|-|||
|||24,693|24,693|76,458|15,332|||
|**4**|**Charitable activity costs**|||||||
|||**Support**|**Charitable**||**Support**|||
|||**Costs and**|**Activity**||**Costs and**|**Charitable**|**Total**|
|||**Governance**|**Costs**|**Total 2021**|**Governance**|**Activity Costs**|**2020**|
|||**Unrestricted**|**Unrestricted**||**Unrestricted**|**Unrestricted**||
||**Charitable Activity Costs**|||||||
||Advertising & Marketing|789|-|**789**|456|-|**456**|
||Audit & Accountancy fees|1,600|-|**1,600**|1,250|-|**1,250**|
||Bank Fees|167|-|**167**|8|-|**8**|
||Business rates|12,496|-|**12,496**|-|24,993|**24,993**|
||Consumables|-|1,940|**1,940**|-|1,859|**1,859**|
||Direct labour|-|20,832|**20,832**|-|19,653|**19,653**|
||Equipment rental|-|1,190|**1,190**|-|528|**528**|
||General Expenses|1,967|-|**1,967**|3,588|-|**3,588**|
||Insurance|-|443|**443**|-|375|**375**|
||IT Software and Consumables|3,551|-|**3,551**|2,502|-|**2,502**|
||Light, Power, Heating, waste etc|-|9,098|**9,098**|-|2,780|**2,780**|
||Printing & Stationery|780|-|**780**|237|-|**237**|
||Repairs & Maintenance|-|6,897|**6,897**|-|12,203|**12,203**|
||Security Software & Infrastructure|-|980|**980**|-|419|**419**|
||Subscriptions|-|-|**-**|-|-|**-**|
||Telephone & Internet|1,947|-|**1,947**|1,543|-|**1,543**|
||Travel - National|1,711|-|**1,711**|2,137|-|**2,137**|
||Volunteer Expense|925|-|**925**|2,404|-|**2,404**|
||Depreciation|3,497|-|**3,497**|-|-|**-**|
||**Total**|**29,430**|**41,380**|**70,810**|**14,125**|**62,810**|**76,935**|
Page 9
**Interim Spaces Cio**
**Notes to the Financial Statements For the Year Ended 31st March 2021**
|**5**
**Debtors**
Loan to Subsidiary company
**6**
**Creditors due within one year**
Accruals
Other creditors
**7**
**Creditors falling due after one year**
**8**
**Reconciliation of movement of funds**
**Unrestricted Funds**|**Funds at 1st**
**April 2020**
2,354|**2021**
**2020**
1,050
-
1,050
-
**2021**
**2020**
-
83
-
84
-
167
**2021**
**2020**
17,000
-
17,000
-
**Income**
**Expenses**
**Funds at 31st**
**March 2021**
78,173
70,810
9,717|
|---|---|---|
||2,354|78,173
70,810
9,717|
## **The above funds comprise:**
**General Fund:** are moneys which can be used by the Trustees at their discretion for any purpose and which have not been designated by them previously
## **9 Analasys of assets over funds**
|**Unrestricted Funds:**|**Fixed Assets**
**Net Current**
**Assets**
**Total 2021**
**Total 2020**
13,986
(4,269)
9,717
2,354|
|---|---|
||13,986
(4,269)
9,717
2,354|
## **10 Trustees**
During the year, none of the trustees received any remuneration from the trust and no expenses were reimbursed to any of them.
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