Charity number: 1181222
Company number: 11356125
(England and Wales)
CREATE FOUNDATION
Report of the Trustees and Unaudited Financial Statements
For the year ended 01 October 2023
CREATE FOUNDATION Contents Page For the year ended 01 October 2023
| Report of the Trustees | 1 |
|---|---|
| Independent Examiner's Report to the Trustees | 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7to12 |
| Detailed Statement of Financial Activities | 12 |
CREATE FOUNDATION Report of the Trustees For the year ended 01 October 2023
The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements for the charitable company for the year ended 01 October 2023. The Trustees have adopted the provisions of 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Employability and career support through promoting access to creative and digital industries with specific focus on developing entrepreneurial awareness and skill-set through training, events and employment opportunities. Promoting free access to events and workspace for people of all ages.
The trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.
ACTIVITY REPORT
The Charity continued to operate in a challenging environment and continued to pursue our strategy of consolidation with a focus on enterprise work with young people through our retail offering of free and affordable space for local entrepreneurs and tailored support.
We rooted our work in South London, in order to maintain presence and build connections and partnerships that would amplify the impact and reach of our activities. We were able to deliver a year round programme of markets, shops and events and in doing so provide much needed space for local entrepreneurs starting out.
Through this work we were to provide free and subsidised space for over 50 young businesses, generating upwards of £10,000 in earned income through the operation of our monthly markets and shops. We were also able to create over £10,000 in revenue for our network of young businesses through their participation in our programme. Further to this we have been able to provide sustained employment at London Living Wage to local young people who have been instrumental in running and shaping our activities.
We were successful in receiving a grant from Social Investment Business via Enterprise Development Fund to grow our work and have been able to assess and understand the feasibility of scaling up and putting in place a longer term fundraising strategy to sustain us and now look forward to building upon more solid foundations.
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CREATE FOUNDATION Report of the Trustees For the year ended 01 October 2023
Financial review
Review of the charity’s financial position at the end of the period
The longer terms impact of covid-19 pandemic and economic downturn on the funding of the charity has continued to be felt with the
charity focusing on consolidation of operations. As a result we ended the period with reserves of £14,605.
Statement explaining the policy for holding reserves stating why they are held
The trustees have examined the charity’s requirements for reserves in light of the main risks to the organisation. It has established a
policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be between 3 and 6 months of the expenditure. The level of reserves available to the charity was below this threshold however we had secured additional
funding to restore our reserve position due to be disbursed in Q4 2023.
Amount of reserves held
£14,605
Structure, governance and management
Memorandum and articles of association
How is the charity constituted?
The charity is constituted as a limited company.
Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees
The directors of the company are also charity trustees for the purposes of charity law.
Under the requirements of the Memorandum and Articles of Association Trustees elected to serve for a period of three years after which
they must be re-elected by resolution.
All trustees give their time voluntarily and received no benefits from the charity.
Unless determined by ordinary resolution, the number of trustees shall not be less than three or more than twelve.
Up to nine trustees may be appointed by ordinary resolution or by resolution of trustees.
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CREATE FOUNDATION Report of the Trustees For the year ended 01 October 2023
REFERENCE AND ADMINISTRATIVE INFORMATION
Name of Charity CREATE FOUNDATION Charity registration number 1181222 Company registration number 11356125 Principal address POP BRIXTON 49 BRIXTON STATION RD LONDON SW9 8PQ
Trustees
The trustees and officers serving during the year and since the year end were as follows:
Independent examiners
Mr JAMES DANIEL LEAY Mr JOHAN MAGNUS JENSEN Ms ANDREA FERNANDEZ Ms HELEN SIMPSON EMMAN AND CO CHARTERED CERTIFIED ACCOUNTANTS 1 GOSCHEN HOUSE 68 PECKHAM ROAD LONDON SE5 8QE
Approved by the Board of Trustees and signed on its behalf by
............................................................................. 03 July 2024 Ms ANDREA FERNANDEZ
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CREATE FOUNDATION Independent Examiners Report to the Trustees
For the year ended 01 October 2023
I report to the trustees on my examination of the accounts of the charitable company for the year ended 01 October 2023.
Responsibilities and basis of report
As the charity Trustees, who are also directors for the purposes of company law, 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 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 examiners 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:
-
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 records; or
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the accounts do not comply with the 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.
EMMAN AND CO CHARTERED CERTIFIED ACCOUNTANTS
1 GOSCHEN HOUSE
68 PECKHAM ROAD LONDON SE5 8QE
03 July 2024
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CREATE FOUNDATION
Statement of Financial Activities (including Income and Expenditure Account) For the year ended 01 October 2023
| Notes Income and endowments from: Donations and legacies 2 Charitable activities 3 Other trading activites 4 Total Expenditure on: Raising funds 5/6 Charitable activities 7/8 Total Net income Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 2 55,115 11,606 66,723 (2,556) (51,157) (53,713) 13,010 54,143 67,153 |
2022 £ 1,348 67,490 16,407 |
|---|---|---|
| 85,245 | ||
| (4,667) (73,096) |
||
| (77,763) | ||
| 7,482 46,661 |
||
| 54,143 |
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11356125
Registered Number :
CREATE FOUNDATION Statement of Financial Position
As at 01 October 2023
| Notes Fixed assets Tangible assets 13 Current assets 14 Debtors: amounts falling due within one year Debtors: amounts falling due after more than one year 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Provisions for liabilities 16 Net assets The funds of the charity Unrestricted income funds Total funds |
£ 2023 4,192 4,192 13,117 39,648 2,215 54,980 8,764 63,744 67,936 (783) 67,153 67,153 67,153 |
£ 2022 5,789 |
|---|---|---|
| 5,789 | ||
| 84,728 39,648 64,191 |
||
| 188,567 | ||
| (139,430) 49,137 |
||
| 54,926 | ||
| (783) | ||
| 54,143 | ||
| 54,143 | ||
| 54,143 |
For the year ended 01 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance
-
with section 476,
-
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting
-
records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
Ms ANDREA FERNANDEZ Trustee
03 July 2024
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CREATE FOUNDATION Notes to the Financial Statements
For the year ended 01 October 2023
1. Accounting Policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and in accordance with the Charities SORP (FRS 102) ‘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)', Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006.
CREATE FOUNDATION 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).
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Land and Buildings | 04 Reducing balance |
|---|---|
| Plant and Machinery | 25 Reducing balance |
| Computer Equipment | |
| Fixtures and Fittings | 25 Reducing balance |
2. Income from donations and legacies
| Unrestricted funds Donations received ncome from charitable activities Unrestricted funds Activity 1 Income from charitable activities ncome earned from other activities Unrestricted funds Fund raising events |
2023 £ 2 2 2023 £ 55,115 2023 £ 11,606 11,606 |
2022 £ 1,348 |
|---|---|---|
| 1,348 | ||
| 2022 £ 67,490 2022 £ 16,407 |
||
| 16,407 |
3. Income from charitable activities
4. Income earned from other activities
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For the year ended 01 October 2023
CREATE FOUNDATION Notes to the Financial Statements Continued
5. Expenditure on generating donations and legacies
| Unrestricted funds Support costs xpenditure on other trading activities Sponsorship costs osts of charitable activities by fund type Unrestricted funds Activity 1 Support costs |
2023 £ 2,556 2,556 2023 £ - - 2023 £ 38,162 12,995 51,157 |
2022 £ 2,151 |
|---|---|---|
| 2,151 | ||
| 2022 £ 2,516 |
||
| 2,516 | ||
| 2022 £ 59,715 13,381 |
||
| 73,096 |
6. Expenditure on other trading activities
7. Costs of charitable activities by fund type
8. Costs of charitable activities by activity type
| Support costs Activity 1 Activity 2 |
2022 2023 Support costs Activities undertaken directly £ £ £ £ 50,917 12,755 38,162 71,396 240 240 - 1,700 38,162 12,995 51,157 73,096 |
|---|---|
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CREATE FOUNDATION Notes to the Financial Statements Continued
For the year ended 01 October 2023
9. Analysis of support costs
| Management Finance IT Governance costs |
Activity 1 Raising funds £ £ - 12,707 - 48 2,556 - - - 2,556 12,755 |
2023 £ 12,707 48 2,556 240 15,551 |
2022 £ 10,779 902 2,151 1,700 |
|---|---|---|---|
| 15,532 |
10. Net income/(expenditure) for the year
This is stated after charging/(crediting):
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Depreciation of owned fixed assets | 1,596 | 2,165 |
| Accountancy fees | 240 | 1,700 |
| Staff pension contributions | 896 | 2,224 |
11. Staff costs and emoluments
Total staff costs for the year ended 01 October 2023 were:
| Total staff costs for the year ended 01 October 2023 were: | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Salaries and wages | 37,662 | 56,022 |
| Social security costs | - | 3 |
| s | 896 | 2,224 |
| 38,557 | 61,940 | |
| 2023 | 2022 | |
| Voluntary staff | 0 | 0 |
| 0 | 0 |
12. Comparative for the Statement of Financial Activities
The comparative year values on the Statement of Financial Activites are for unrestricted funds.
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CREATE FOUNDATION
Notes to the Financial Statements Continued
For the year ended 01 October 2023
13. Tangible fixed assets
| Cost or valuation At 02 October 2022 At 01 October 2023 Depreciation At 02 October 2022 Charge for year At 01 October 2023 Net book values At 01 October 2023 At 01 October 2022 14. Debtors Amounts due within one year: Trade debtors Amounts due after more than one year: Prepayments and accrued income 15. Creditors: amounts falling due within one year Trade creditors Other creditors Accruals and deferred income |
Plant and Machinery £ 4,703 4,703 1,520 796 2,316 2,387 3,183 |
Fixtures and Fittings £ 1,616 1,616 490 282 772 844 1,126 |
Computer Equipment £ 2,636 2,636 1,156 519 1,675 961 1,480 2023 £ 13,117 13,117 39,648 39,648 2023 £ 5,510 (14,774) 500 (8,764) |
Total £ 8,955 |
|---|---|---|---|---|
| 8,955 | ||||
| 3,166 1,597 |
||||
| 4,763 | ||||
| 4,192 | ||||
| 5,789 | ||||
| 2022 £ 84,728 |
||||
| 84,728 | ||||
| 39,648 | ||||
| 39,648 | ||||
| 2022 £ 153,704 (14,774) 500 |
||||
| 139,430 |
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CREATE FOUNDATION Notes to the Financial Statements Continued
For the year ended 01 October 2023
16. Provisions for liabilities and charges
Pension provision £ Provision at 02 October 2022 783 Provision at 01 October 2023 783
18. Analysis of net assets between funds
| Unrestricted funds General General Previous year Unrestricted funds General General |
Tangible fixed assets Net current assets / (liabilities) Provisions Net Assets £ £ £ £ 4,192 63,744 (783) 67,153 |
|---|---|
| 4,192 63,744 (783) 67,153 |
|
| Tangible fixed assets Net current assets / (liabilities) Provisions Net Assets £ £ £ £ 5,789 49,137 (783) 54,143 |
|
| 5,789 49,137 (783) 54,143 |
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CREATE FOUNDATION Detailed Statement of Financial Activities
For the year ended 01 October 2023
| INCOME AND ENDOWMENT Donations and legacies Donations Charitable activities Income from charitable activities (Activity 1) Other trading activities Fund raising events Total incoming resources EXPENDITURE Other trading activities Sponsorship costs Charitable activities Cost of direct charitable activity (Activity 1) SUPPORT COSTS Management Management (Activity 1) Finance Finance (Activity 1) IT IT Governance costs Governance costs (Activity 2) Total resources expended Net Income |
£ 2023 2 2 55,115 55,115 11,606 11,606 66,723 - - (38,162) (38,162) (12,707) (12,707) (48) (48) (2,556) (2,556) (240) (240) (53,713) 13,010 |
£ 2022 1,348 |
|---|---|---|
| 1,348 67,490 |
||
| 67,490 16,407 |
||
| 16,407 | ||
| 85,245 (2,516) |
||
| (2,516) (59,715) |
||
| (59,715) (10,779) |
||
| (10,779) (902) |
||
| (902) (2,151) |
||
| (2,151) (1,700) |
||
| (1,700) | ||
| (77,763) | ||
| 7,482 |
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This page does not form part of the statutory financial statements