REGISTERED COMPANY NUMBER: 12436197 (England and Wales) REGISTERED CHARITY NUMBER: 1193597
Trustees’ Report and Audited Financial Statements for the Year Ended 31 December 2022 for Centre for Public Impact Europe (formerly Centre for Public Impact UK)
Centre for Public Impact Europe Contents of the Financial Statements For the Year Ended 31 December 2022
| Page | |
|---|---|
| Trustees’ Report | 1 to 9 |
| Auditor’s Report | 10 to 12 |
| Statement of Financial Activities | 13 |
| Balance Sheet | 14 |
| Statement of Cashflows | 15 |
| Notes to the Financial Statements | 16 to 23 |
Centre for Public Impact Europe Trustees’ Report For the Year Ended 31 December 2022
The Trustees present their report, which is also a Directors’ report under company law, and audited financial statements for the year ended 31 December 2022.
The financial statements comply with the Companies Act 2006, the Memorandum and Articles of Association, and 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) (2nd Edition).
Reference and Administrative Information
| Charity name: | Centre for Public Impact Europe |
|---|---|
| Charity registration number: | 1193597 |
| Company registration number: | 12436197 |
| Registered office and | 30 Stamford Street |
| operational address: | 4th Floor, Alto Building |
| London SE1 9LQ | |
| Board of Trustees | |
| Mr L Kamener | Chair |
| Mr E R Rhys Jones | Company Secretary |
| Ms R G Kennedy | |
| Prof P ‘t Hart | |
| Senior Management Team | |
| Mr A Brown | Interim CPIE Director (from 1/1/2022 to 7/6/2022) |
| Miss K Rose | CPIE Director (from 7/6/2022) |
| Mrs R Harrison | Corporate Services Director |
| Ms H Hunter | Co-Programme Director of Scotland (from 18/9/2022) |
| Ms K Lawson | Co-Programme Director of Scotland (from 18/9/2022) |
External Auditors - HW Fisher LLP, Acre House, 11-15 William Road, London NW1 3ER
Accountants - ChadSan, Castle House, Castle Street, Guildford, Surrey, GU1 3UW
Bankers - HSBC, 60 Queen Victoria Street, London EC4N 4TR
Solicitors - Stone King, Boundary House, 91 Charterhouse Street, London EC1M 6HR
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Centre for Public Impact Europe Trustees’ Report – continued For the Year Ended 31 December 2022
Objectives and activities
The reporting period marks the second year as an independent UK charity. The Charity was founded by the Centre for Public Impact, a Swiss charitable foundation established by the Boston Consulting Group.
Purpose
CPIE’s purpose is to reimagine government so that it works for everyone.
We believe in the potential of government to bring about better outcomes for people. Yet, we have found that the systems, structures, and processes of government today are often not set up to respond to the complex challenges we face as a society.
That’s why we have an emerging vision to reimagine government so that it works for everyone. Our vision is a new era in which government adapts to address the complex challenges we face, emphasises the value of human relationships, and optimises for learning rather than control.
We refine and promote our vision for government by acting as a learning partner for governments, public servants, and the diverse network of changemakers leading the charge to reimagine government. We work with them to hold space to collectively make sense of the complex challenges we face and drive meaningful change through experimentation.
There are many ways we work alongside partners. Some of the main ways we support them are:
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Action research and storytelling : We push the boundaries of our current understanding, exploring new topics critical to the future of government. We share what we’re learning and tell the stories of the people spearheading change worldwide.
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Capability building and transformation : We work alongside governments to help them build the mindsets, capabilities, tools and frameworks to lead in complexity. We support them in transforming structures and cultures to orient them towards learning and experimentation.
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Supporting learning communities and spaces : We convene public servants to connect, share knowledge, and accelerate learning in response to complex challenges.
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Partnering to deliver impact through innovation : We work with partners to design and deliver global philanthropic impact challenges to support systems and communities to deliver better outcomes through the transformative power of technology.
Public benefit
The Trustees confirm that they have complied with the duty in the Charities Act 2011 to have due regard to guidance on public benefit produced by the Charity Commission and believe the undertaking of these activities fully meets the requirements that all the Charity’s aims are for the public benefit.
The Trustees and management team consider carefully any new initiatives or changes to delivery models to ensure they meet CPIE’s primary charitable purpose.
Our strategic aims:
Our aim in Europe is to support changemakers in and around government and the public sector to transform their thinking and practice. We believe this is necessary for CPI’s vision for government to be realised, and, ultimately, for government to work better for everyone.
To help us achieve this aim, CPIE set the following four objectives for our work. These act as both our north stars (stating the change we want to help bring about in the world) and as entry points for us to start our work with partners and each other.
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We support changemakers to reimagine relationships between government, communities and the planet.
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We support changemakers to redesign public services and create a paradigm shift so that relationships are prioritised, learning is centred and people's needs are put first.
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We support the building of learning environments within organisations and across organisations.
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As a team, we model the change we want to see in the world ; so we are continually learning and embedding our organisational values in our working culture, practices and programmatic work to build an environment that enables everyone to flourish.
Achievements & Performance
We advance our mission and vision through the following pillars of programmatic work:
Government innovation and digital transformation
We support city governments and organisations to do innovation differently, enabling progress in tackling the most pressing challenges, by exposing them to design thinking and other methods.
With funding from the European Union, CPIE partnered with the United Nations Development Programme (UNDP) to codesign and deliver the Urban Imaginaries programme. A 10-month initiative, Urban Imaginaries is a learning journey that supports cities across Eastern Europe and Central Asia to develop solutions to their most pressing urban challenges through complexity-informed approaches. In 2022, 50 public officials from 18 cities across five Eastern Partnership countries benefited from training and support.
We worked with Bloomberg Philanthropies to explore the digital transformation landscape in cities and local governments and understand the challenges and opportunities they face in accelerating digital transformation. CPIE used these insights to build recommendations to inform Bloomberg Philanthropies’ future philanthropic strategy.
In 2022, we also began a partnership with Google.org to build a more inclusive, sustainable and resilient Europe, through the Tech for Social Good Impact Challenge. CPIE is designing and running this Impact Challenge, which looks for bright ideas that leverage technology to positively impact individuals and communities across Europe, at the scale and pace the world needs today. Running until Autumn 2023, this programme partnership is the largest individual funding award CPIE has received.
Exploring a different approach to public management
We help organisations and partners to take a Human Learning Systems (HLS) approach to their public management practice, to transform how they work and make learning central.
CPIE has been key in developing the HLS approach and deepening understanding of how it could help improve public services and create better outcomes for people.
In 2022 we advanced our work in this area by partnering with Healthcare Improvement Scotland and Iriss to develop and publish A Practical Guide for the Curious . The guide aims to enable organisations and places to apply the HLS approach. Alongside Healthcare Improvement Scotland, we continued to build on this work by helping five sites to explore HLS in Scotland. We also commenced work with Inverclyde Council, supporting them to take an HLS approach in their Early Help team, focusing on helping those in the criminal justice system.
In England, we began working with Thurrock Council and Lancashire County Council to pioneer an HLS approach in their context and fundamentally change how their services work for their communities. In both projects, we are working with multiagency partners to support them in designing different ways of working together and evaluating how they support the people using their services.
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With seed funding from Lankelly Chase, we have continued to steward the HLS Collaborative, which we launched in 2021. This is a network of changemakers dedicated to supporting change in planning and delivering public services using a Human Learning Systems approach. We facilitated several learning sessions to understand how we can help organisations to explore this approach for themselves and provided communications support to the HLS Collaborative.
Building leadership mindsets and learning networks
We help leaders to build the mindsets, capabilities, tools and frameworks to lead in complexity. We support them in transforming structures and cultures to orient them towards learning and experimentation.
Collaborative Newcastle is an innovative partnership which aims to improve the health, wealth, and wellbeing of everyone in the city. We partnered with 40 leaders across NGOs, NHS and local mental health associations, which form Collaborative Newcastle, working with them to transform how they design and deliver services to encourage a more human and collaborative approach.
Supported by the Centre for Ageing Better, we collaborated with the Live Longer Better (LLB) network. Made up of Active Partnerships across England, the LLB network encourages active ageing through physical activity and increases people’s health spans. In our role, we helped the network to learn collectively.
Advancing climate action
We help cities and organisations to drive the transformation needed to accelerate climate action.
Together with the TransCap Initiative and EIT Climate-KIC, we began exploring how city governments can make climaterelated investments capable of catalysing the systems transformation necessary to meet the climate challenge. The long-term ambition of this partnership is to establish a centre of competence for systemic investing in cities.
Strengthening relationships between government and communities
We support organisations to work better together and with their communities, to enable improved public services.
In partnership with Frontline, the UK social work charity, we incubated and supported Crescendo - a social worker-led team. Working with Crescendo, we supported three local authorities across England to rethink children’s social care, helping them make the changes needed to do their best work. We helped Tower Hamlets, Wandsworth, and Warrington to design a blueprint that outlines a different approach to delivering children’s services, which enables them to spend more time building relationships with children and families.
We worked with Greater Manchester Combined Authority and regulatory and inspection partners - including CQC and Ofsted - to design more collaborative ways of working together to improve public services for those who experience multiple disadvantage. This has led to more work being commissioned to explore what this could look like in Oldham and Rochdale, with senior leaders in all organisations buying into the need for change.
The London Borough of Redbridge has been exploring how to enhance relationships with the local community through its Community Hubs programme. We supported them to keep learning central to efforts, helping them to establish the systems, processes, and culture to enable them to learn as they work.
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Plans for the Future
In future years, the Charity will continue to work with local governments and philanthropic organisations to support changemakers in government and public service, so that government works better for everyone.
In 2023, our work with many partners is ongoing, but we are looking to broaden our funding base.
We are continuing our partnership with Google.org to advance tech for good and the responsible use of AI. We are excited to expand our work with them on a new initiative - AI for the Global Goals - which aims to use AI to accelerate progress against the UN Sustainable Development Goals (SDGs), with Google.org committing $25M to support the most promising ideas. We will be developing this project stream as part of our innovation and digital transformation work.
Having broadened our geographic reach through a partnership with the UNDP on the Urban Imaginaries programme, we will explore how we can continue supporting these cities to take the next step, moving from ideation and experimentation to implementing their solutions. We also plan to expand our work with UNDP on Youth4Climate, a global initiative co-led by the Government of Italy, to boost youth-led and youth-inclusive climate action on the ground.
We will build upon our work with Healthcare Improvement Scotland and Inverclyde Council and are looking for more partnerships with local authorities across England and Scotland trying to address complex issues. In particular, we see so much more potential for advancing CPIE’s vision in Scotland to explore in 2023.
Leaders shape the thinking and practice of governments and organisations. In 2023, we plan to investigate what a leadership programme for European changemakers could look like. As part of this, CPIE will launch the Convening Conversations in Complexity Course, a systems leadership course for those working across traditional boundaries. Two online events and one in-person event are planned.
Climate change is one of the most pressing issues facing governments and, indeed, the entire world. Accelerating action in this space is, therefore, critical to our plans. We will continue working with other CPI regions to reimagine climate action. We also aim to advance our work with the TransCap Initiative and EIT Climate-KIC by designing and piloting offerings for a Centre of Competence on Systemic Investing. We’re also exploring work at the intersection of digital transformation and climate, with Impossible Ideas Inc, a public service venture studio looking to transform public services.
We are also working to build out our programme of work around reimagining relationships between communities and governments, honing our expertise and developing our partnerships in this space. In particular, we plan to support the University of Nottingham Rights Labs’ research work with survivors of modern slavery in the UK. We will run co-design sessions with survivors, the research team and government practitioners to redesign systems and offer recommendations based on lived experience.
In addition, we are continuing to partner with Crescendo. Over the coming months, we will support this social worker-led team to deepen their work with local authorities and build new partnerships across London and the South East.
Finally, we will continue supporting other CPI regions in developing new project streams to ‘do international development differently.’
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Financial Review
The Charity funds its activities through funded projects with public sector organisations and grants from philanthropic organisations. Total income raised in the period was £1,997k (2021: £502k). Of which, £1,943k (2021: £502k) was unrestricted income and £54k (2021: £nil) was restricted income. Total expenditure was £1,819k (2021: £462k). Of which, £1,787k (2021: £462k) was unrestricted expenditure and £32k (2021: £nil) was restricted expenditure. As a result, the charity produced a surplus of £178k (2021: £40k) and was able to increase unrestricted reserves by £156k (2021: £40k) and restricted reserves by £22k (2021: £nil).
In this period, our programmatic activity has been funded through grants from CPI CH, service contract income from public sector organisations and new funding secured during the year from philanthropic organisations.
We take an incremental lockstep approach to expenditure, increasing programme staffing resources once additional revenue is confirmed. This is a critical part of the Charity’s financial risk management process.
Going concern
Trustees continue to consider that the Charity is a going concern and able to meet its debts as they fall due, based on the following analysis:
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Budgets and forecasts for FY23-24 are based on known and secured sources or with further additional income targets that are considered to be achievable.
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The charity has no long-term liabilities and all costs are under the control of the Charity’s Trustees and management, enabling responsiveness to any further downturn.
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CPI CH is willing to act as a funder of last resort in the event of financial uncertainty.
As of the date of signing these financial statements, the Trustees’ forecasts indicate that CPIE will be able to maintain liquidity for a period of at least one year following the date of signing these financial statements and will therefore be able to continue to operate as a going concern. The Trustees consider that no material uncertainty exists in relation to going concern for CPIE.
Reserves policy
Trustees agreed a new reserves policy in September 2021, which incorporates a risk-based approach. The policy identifies the risk factors for which reserves are retained, the process for estimating the level of reserves required against each risk area and the circumstances under which reserves may be built above the minimum reserves level for future investment.
Total funds at the year-end are £218k (2021: £40k), of which £156k (2021: £24k) are free reserves. The assessment of the minimum unrestricted free reserves level required, based on the assessment of risks, is between £400k to £500k. Although the level of unrestricted reserves at 31 December 2022 was below the minimum requirement, the Trustees are working with management to build reserves to the required level over the next 2 years.
Risk management
We have a risk management process to enable our Trustees and management to assess the risks facing the organisation and to devise and implement strategies and controls to mitigate or address these risks.
We maintain a comprehensive risk register. Our risk register is reviewed regularly by our Chair and senior management team and annually by the Trustees.
The areas considered by our Board to be high risk, and our strategy for meeting them, are outlined below:
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Unrestricted funding targets not being met
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We have a clear fundraising proposition centred around our mission to reimagine government so that it works for everyone through sensemaking and action-learning activities
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We have regular conversations with existing and prospective funders
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We use our networks to raise CPIE’s profile with potential funders
Disengagement as CPIE transitions to remote first
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We have put in place policies and procedures to support flexible working for our staff
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We have three ‘in person’ away days to reflect on learning goals and discuss CPIE’s strategic direction
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We provide staff with the right tools and equipment to stay connected with each other and thrive professionally
Not demonstrating an arm’s length relationship with Boston Consulting Group (BCG)
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Contracts are put in place when collaborating with BCG on programmatic activities
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Trustees not connected to BCG are consulted when we partner with BCG
Disclosure of Information to the Auditor
So far as each person who was a Trustee at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the auditor is not aware. Having made enquiries of fellow Trustees and the auditor, each Trustee has taken all the steps that he/she is obliged to take as a Trustee in order to make himself/herself aware of relevant audit information and to establish that the auditor is aware of that information.
Structure, governance and management
Governing document
The Centre for Public Impact UK was incorporated on 31 January 2020 as a private company limited by guarantee, with no share capital. It is a registered charity with registered charity number 1193597 since 18 February 2021.
On 23 August 2022, the Centre for Public Impact UK changed its name to Centre for Public Impact Europe (“CPIE” or the “Charity”) to reflect its increasing diversification of activities across Europe.
The objects of the Charity are for the benefit of the public to advance such exclusively charitable purposes as the Trustees may decide from time to time.
The Charity is governed by a Board of Trustees, who are also the directors of CPIE. Trustees set the strategic and policy direction, with day-to-day management functions being the leadership team's responsibility.
Trustees who served during the year and up to the date of approval of the financial statements were:
Mr L Kamener (Chair) Mr E R Rhys Jones (Company Secretary) Mrs R G Kennedy Prof P ‘t Hart
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The leadership team during the year were:
Mr A Brown Interim CPIE Director (from 1/1/2022 to 7/6/2022) Miss K Rose CPIE Director (from 7/6/2022) Mrs R Harrison Corporate Services Director Ms H Hunter Co-Programme Director of Scotland (from 18/9/2022) Ms K Lawson Co-Programme Director of Scotland (from 18/9/2022)
Related Parties
The Charity’s sole member (“the Member”) is the Centre for Public Impact, an independent not-for-profit foundation within the meaning of Articles 80 et seq of the Swiss Civil Code registered on the Swiss Federal Interior Department’s Register of Foundations and at the Geneva Register of Commerce (IDE: CHE-172.995.978) based in Geneva, Switzerland (CPI CH). CPI CH has the power to appoint CPIE Trustees and provides operational and financial support to CPIE through an annually renewed agreement.
Recruitment and appointment of Trustees
Persons may be appointed to be a Trustee by ordinary resolution or by written notice from the Member to the Charity specifying the name of the person to be appointed as a Trustee and the date of their appointment.
Trustees are appointed for three years and may be re-appointed for a further term or terms to a maximum of nine years’ service.
The minimum number of Trustees is three, and there is no maximum number of Trustees who may be appointed.
The recruitment of new Trustees follows an evaluation of the desired skills and experience of the Board, aligned with the Charity’s evolving strategy.
On joining CPIE’s Board, new Trustees receive a welcome pack with key documents and an induction programme which covers the Charity’s values and purpose as well as information on the financial, governance and operational arrangements for the Charity. In addition, trustees receive insights into the Charity’s work at its meetings and regular staff and leadership team briefings.
The Board meets three times per year, with occasional additional meetings as needed. The Trustee role is unremunerated, but Trustees can claim expenses where relevant.
Remuneration policy
During the year, the organisation completed an extensive pay review to ensure that its staff remuneration structure was appropriate and in line with its values and commitment to equity. This review used benchmarked salary data from specialist Korn Ferry to create salary bands where the ratio between the top and bottom of the pay scale is capped at 4:1 (inclusive of the Regional Director). The remuneration of all employees, including key management personnel, is mapped against these salary bands based on an experience indicator. The Board approves and oversees the methodology applied.
Key management personnel
The Trustees have delegated authority to the Director of CPIE for the day-to-day management of the Charity. CPIE’s leadership team during the year comprised the Director of Europe and two Co-Directors of Programmes in Scotland. Additional support is provided by CPI CH through financial and operational support from its Executive Director, Global Director of Communications, Global Director of Corporate Services and Global Director of People and Culture (from February 2022).
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Centre for Public Impact Europe Trustees’ Report – continued For the Year Ended 31 December 2022
Adrian Brown, Executive Director for CPI CH, was Acting Director of CPIE from January 2022. An internal recruitment campaign for a new Director of CPIE was completed in June 2022 with the appointment of Katie Rose (formerly the Director of Programmes). In September, the CPIE leadership team was strengthened by the appointment of Harriet Hunter and Karen Lawson as Co-Directors of Programmes in Scotland.
Statement of Trustees’ Responsibilities
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including income and expenditure for that period.
In preparing these financial statements, the Trustees are required to:
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Select suitable accounting policies and then apply them consistently
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Make judgements and estimates that are reasonable and prudent
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State where applicable that UK Accounting Standards 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 operations.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditors
HW Fisher LLP have been reappointed as the Charity’s Auditors during the period.
In preparing this Trustees’ report, advantage has been taken of the small companies’ exemption. In addition, the option not to produce a strategic report has been taken.
The Directors’ and Trustees Report on pages 1-9 was signed on behalf of the Directors and Trustees by:
Larry Kamener (Chair)
27 Sep 2023
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Centre for Public Impact Europe
Auditor’s Report to the Members of Centre for Public Impact Europe For the Year Ended 31 December 2022
Opinion
We have audited the financial statements of Centre for Public Impact Europe (the ‘charity’) for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, the statement of cashflows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
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In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2022 and of its incoming resources and application of resources including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
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the information given in the trustees' report, which includes the directors' report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors' report included within the trustees' report have been prepared in accordance with applicable legal requirements.
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Centre for Public Impact Europe Auditor’s Report to the Members of Centre for Public Impact Europe - continued For the Year Ended 31 December 2022
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report included within the trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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As part of our planning process:
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We enquired of management the systems and controls the charity has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.
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We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: the Charity SORP, FRS 102, Charities Act 2011, Companies Act 2006.
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We considered the incentives and opportunities that exist in the charity, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
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Using our knowledge of the charity, together with the discussions held with the charity at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
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The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
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Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
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Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
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Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
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Testing key income lines, in particular cut-off, for evidence of management bias.
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Assessing the validity of the classification of income, expenditure, assets and liabilities between unrestricted and restricted funds.
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Obtaining third-party confirmation of material bank balances.
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Documenting and verifying all significant related party transactions.
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Reviewing documentation such as the charity board minutes, for discussions of irregularities including fraud.
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Performing a physical verification of key asset items.
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Centre for Public Impact Europe
Auditor’s Report to the Members of Centre for Public Impact Europe - continued For the Year Ended 31 December 2022
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the charity.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Carol Rudge
Carol Rudge (Senior Statutory Auditor) for and on behalf of HW Fisher LLP
Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER United Kingdom
27 Sep 2023 .........................
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Centre for Public Impact Europe Statement of Financial Activities (Incorporating an Income and Expenditure Account) For the Year Ended 31 December 2022
| Unrestricted INCOMING RESOURCES Note £ Income and endowments from: Donations and legacies 2 938,259 Charitable Activities 3 1,004,965 Total 1,943,224 RESOURCES EXPENDED Expenditure on: Raising funds 10,849 Charitable activities 4 1,776,065 Total 1,786,914 NET MOVEMENT IN FUNDS 6 156,310 RECONCILIATION OF FUNDS Funds brought forward 39,755 Funds carried forward 196,065 |
Year Ended 31.12.22 Year Ended 31.12.21 Restricted Total Total £ £ £ - 938,259 248,199 53,800 1,058,765 253,418 53,800 1,997,024 501,617 4,653 15,502 1,120 27,386 1,803,451 460,742 32,039 1,818,953 461,862 21,761 178,071 39,755 - 39,755 - 21,761 217,826 39,755 |
Year Ended 31.12.22 Year Ended 31.12.21 Restricted Total Total £ £ £ - 938,259 248,199 53,800 1,058,765 253,418 53,800 1,997,024 501,617 4,653 15,502 1,120 27,386 1,803,451 460,742 32,039 1,818,953 461,862 21,761 178,071 39,755 - 39,755 - 21,761 217,826 39,755 |
|---|---|---|
501,617 |
||
1,120 460,742 |
||
461,862 |
||
39,755 - |
||
| 39,755 |
13
Centre for Public Impact Europe Balance Sheet At 31 December 2022
| 2022 FIXED ASSETS Note £ Tangible Assets 9 39,792 CURRENT ASSETS Debtors 10 901,110 Cash at bank and in hand 1,055,001 1,956,111 CREDITORS Amounts falling due within one year 11 (1,778,077) NET CURRENT ASSETS 178,034 TOTAL ASSETS LESS CURRENT LIABILITIES 217,826 NET ASSETS 217,826 FUNDS Restricted funds 13 21,761 Unrestricted funds 13 196,065 Total funds 217,826 |
2021 £ 15,729 251,186 132,780 383,966 (359,940) 24,026 39,755 39,755 - 39,755 39,755 |
|---|---|
Registered Number: 12436197
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
27 Sep 2023
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Larry Kamener (Chair)
14
Centre for Public Impact Europe Statement of Cashflows For the Year Ended 31 December 2022
| Cashflows from operating activities Operating surplus for the financial year 178,071 Adjustment for: Depreciation charges 6,933 Increase in debtors (649,924) Increase in creditors 1,218,137 Net cash from operating activities Cashflows from investing activities Purchase of tangible fixed assets (30,996) Net cash expended on investing activities Cashflows from financing activities Proceeds from loan 200,000 Net cash from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Analysis of changes in net cash 01/01/2022 Cash at bank and in hand 132,780 Intercompany loan - Net cash 132,780 |
2022 £ 753,217 (30,996) 200,000 922,221 132,780 1,055,001 Cashflows 922,221 (200,000) 722,221 |
2021 £ 39,755 341 (251,186) 359,940 148,850 (16,070) (16,070) - - 132,780 - 132,780 31/12/2022 1,055,001 (200,000) 855,001 |
|---|---|---|
15
Centre for Public Impact Europe Notes to the Financial Statements For the Year Ended 31 December 2022
1. ACCOUNTING POLICIES
Charity information
Centre for Public Impact Europe is a charitable company limited by guarantee, incorporated in England and Wales. The company’s registered office address is 30 Stanford Street, 4[th] Floor, Vivo Building, London SE1 9LQ.
1.1. Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared 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' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
1.2. Incoming resources
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Income relating to funded projects is recognised in accordance with the stages of work completed and to the extent that the amounts can be measured reliably, and it is probable that income will be received.
Income relating to recharged expenses is recognised in line with the recognition of the related expenses to the extent that the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount.
Where payments are received in advance, any unrecognised amounts are held as deferred revenue until such time as it can be recognised.
1.3. Resources expensed
Expenditure is recognised in the period in which it is incurred.
Costs of raising funds are those costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Costs of charitable activities comprise all expenditure identified as wholly or mainly attributable to achieving the objectives of the charity. These costs include staff costs, other costs wholly or mainly attributable to charitable activities, and an apportionment of governance and support costs.
Where relevant, expenditure is allocated to a charitable activity on a percentage basis. The percentage allocated to an activity is derived from its use of the charity's direct resources during the year.
1.4. Taxation
The charity is exempt from corporation tax on its charitable activities.
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Centre for Public Impact Europe Notes to the Financial Statements – continued For the Year Ended 31 December 2022
1.5. Going concern
Trustees continue to consider that the Charity is a going concern and able to meet its debts as they fall due, based on the income targets in FY23-24 which are considered to be achievable, no long-term liabilities and support from its sole member CPI CH, who are willing to act as a funder of last resort in the event of financial uncertainty.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences arising on monetary items are detailed as support costs under expenditure on charitable activities on the Statement of Financial Activities.
1.7. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Office Equipment 33% Straight Line Computer Equipment 25% Straight Line
1.8. Charitable funds
Restricted funds comprise all restricted funds received and include grants which must be applied for specific purposes.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
1.9. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.10. Financial instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
17
Centre for Public Impact Europe Notes to the Financial Statements - continued For the Year Ended 31 December 2022
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
1.11. Value Added Tax
Value Added Tax is recoverable by the charity and as such, the recoverable amount is included in the Statement of Financial Position as a debtor.
1.12. Critical accounting estimates and judgements
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no critical accounting estimates and judgements for the year ended 31 December 2022.
1.13. Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. DONATIONS & LEGACIES
| Year Ended | Year Ended | |
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Donations | 8,711 | 93,895 |
| Donations from parent | 929,548 | 154,304 |
| 938,259 | 248,199 |
Included in Donations is £nil (2021: £21,420) of gifts in kind provided to CPIE by CPI CH. These amounts consist of £nil (2021: £13,770) in rent and £nil (2021: £7,650) in IT costs.
Included in Donations is £8,711 (2021: £nil) of gifts in kind provided to CPIE by the Boston Consulting Group. These amounts consist of £8,711 (2021: £nil) in project expenses.
18
Centre for Public Impact Europe Notes to the Financial Statements - continued For the Year Ended 31 December 2022
3. CHARITABLE ACTIVITIES
| Unrestricted £ Government innovation and digital transformation 420,383 Exploring a different approach to public management 281,234 Building leadership mindsets and learning networks 104,083 Advancing climate action 107,965 Strengthening relationships between government and communities 91,300 1,004,965 |
Year Ended 31.12.22 Restricted Total Unrestricted £ £ £ - 420,383 173,372 53,800 335,034 2,000 - 104,083 66,979 - 107,965 - - 91,300 11,067 53,800 1,058,765 253,418 |
Year Ended 31.12.21 Restricted Total £ £ - 173,372 - 2,000 - 66,979 - - - 11,067 - 253,418 |
Year Ended 31.12.21 Restricted Total £ £ - 173,372 - 2,000 - 66,979 - - - 11,067 - 253,418 |
|---|---|---|---|
253,418 |
4. DIRECT COSTS OF CHARITABLE ACTIVITIES
| Unrestricted £ Support to other CPI entities 185,101 Subcontracted consultants 8,558 Wages & salaries 1,074,675 Recharged third party/external staff costs 278,332 Project costs 50,580 Rent 30,713 Benefits 49,047 HR and setup costs 2,559 Website hosting and maintenance 2,376 Travel 2,593 IT costs - Event cost - Support costs (note 5) 91,531 1,776,065 |
Year Ended 31.12.22 Year Ended 31.12.21 Restricted Total Unrestricted Restricted Total £ £ £ £ £ - 185,101 129,286 - 129,286 - 8,558 119,382 - 119,382 27,386 1,102,061 - - - - 278,332 157,012 - 157,012 - 50,580 - - - - 30,713 13,770 - 13,770 - 49,047 8,521 - 8,521 - 2,559 3,763 - 3,763 - 2,376 1,048 - 1,048 - 2,593 1,090 - 1,090 - - 11,068 - 11,068 - - 633 - 633 - 91,531 15,169 - 15,169 27,386 1,803,451 460,742 - 460,742 |
Year Ended 31.12.22 Year Ended 31.12.21 Restricted Total Unrestricted Restricted Total £ £ £ £ £ - 185,101 129,286 - 129,286 - 8,558 119,382 - 119,382 27,386 1,102,061 - - - - 278,332 157,012 - 157,012 - 50,580 - - - - 30,713 13,770 - 13,770 - 49,047 8,521 - 8,521 - 2,559 3,763 - 3,763 - 2,376 1,048 - 1,048 - 2,593 1,090 - 1,090 - - 11,068 - 11,068 - - 633 - 633 - 91,531 15,169 - 15,169 27,386 1,803,451 460,742 - 460,742 |
|---|---|---|
460,742 |
5. SUPPORT COSTS
| . SUPPORT COSTS | ||
|---|---|---|
| Year Ended | Year Ended | |
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Other | 45,222 | 813 |
| Governance | 46,309 | 14,356 |
| Total | 91,531 | 15,169 |
19
Centre for Public Impact Europe
Notes to the Financial Statements – continued For the Year Ended 31 December 2022
| Year Ended 31.12.22 Year Ended 31.12.21 Other costs £ £ Insurance 6,944 298 Office costs 308 - Postage 21 26 Subscriptions 128 - Interest 667 - Professional development 7,764 - Telephone & internet 680 64 Depreciation of computer equipment 6,923 341 Depreciation of office equipment 10 - Foreign currency exchange losses on receivables 21,777 84 45,222 813 Governance costs Year Ended 31.12.22 Year Ended 31.12.21 £ £ Audit 22,712 12,000 Legal 8,141 - Bookkeeping 15,456 2,356 46,309 14,356 6. NET INCOMING/(OUTGOING) RESOURCES Net incoming/(outgoing) resources is stated after charging/(crediting): Auditors’ remuneration Depreciation of computer equipment Depreciation of office equipment Foreign Currency exchange losses Year Ended 31.12.22 £ 22,712 6,923 10 21,777 Year Ended 31.12.21 £ 12,000 341 - 84 |
Year Ended 31.12.22 Year Ended 31.12.21 Other costs £ £ Insurance 6,944 298 Office costs 308 - Postage 21 26 Subscriptions 128 - Interest 667 - Professional development 7,764 - Telephone & internet 680 64 Depreciation of computer equipment 6,923 341 Depreciation of office equipment 10 - Foreign currency exchange losses on receivables 21,777 84 45,222 813 Governance costs Year Ended 31.12.22 Year Ended 31.12.21 £ £ Audit 22,712 12,000 Legal 8,141 - Bookkeeping 15,456 2,356 46,309 14,356 6. NET INCOMING/(OUTGOING) RESOURCES Net incoming/(outgoing) resources is stated after charging/(crediting): Auditors’ remuneration Depreciation of computer equipment Depreciation of office equipment Foreign Currency exchange losses Year Ended 31.12.22 £ 22,712 6,923 10 21,777 Year Ended 31.12.21 £ 12,000 341 - 84 |
Year Ended 31.12.22 Year Ended 31.12.21 Other costs £ £ Insurance 6,944 298 Office costs 308 - Postage 21 26 Subscriptions 128 - Interest 667 - Professional development 7,764 - Telephone & internet 680 64 Depreciation of computer equipment 6,923 341 Depreciation of office equipment 10 - Foreign currency exchange losses on receivables 21,777 84 45,222 813 Governance costs Year Ended 31.12.22 Year Ended 31.12.21 £ £ Audit 22,712 12,000 Legal 8,141 - Bookkeeping 15,456 2,356 46,309 14,356 6. NET INCOMING/(OUTGOING) RESOURCES Net incoming/(outgoing) resources is stated after charging/(crediting): Auditors’ remuneration Depreciation of computer equipment Depreciation of office equipment Foreign Currency exchange losses Year Ended 31.12.22 £ 22,712 6,923 10 21,777 Year Ended 31.12.21 £ 12,000 341 - 84 |
Year Ended 31.12.22 Year Ended 31.12.21 Other costs £ £ Insurance 6,944 298 Office costs 308 - Postage 21 26 Subscriptions 128 - Interest 667 - Professional development 7,764 - Telephone & internet 680 64 Depreciation of computer equipment 6,923 341 Depreciation of office equipment 10 - Foreign currency exchange losses on receivables 21,777 84 45,222 813 Governance costs Year Ended 31.12.22 Year Ended 31.12.21 £ £ Audit 22,712 12,000 Legal 8,141 - Bookkeeping 15,456 2,356 46,309 14,356 6. NET INCOMING/(OUTGOING) RESOURCES Net incoming/(outgoing) resources is stated after charging/(crediting): Auditors’ remuneration Depreciation of computer equipment Depreciation of office equipment Foreign Currency exchange losses Year Ended 31.12.22 £ 22,712 6,923 10 21,777 Year Ended 31.12.21 £ 12,000 341 - 84 |
Year Ended 31.12.22 Year Ended 31.12.21 Other costs £ £ Insurance 6,944 298 Office costs 308 - Postage 21 26 Subscriptions 128 - Interest 667 - Professional development 7,764 - Telephone & internet 680 64 Depreciation of computer equipment 6,923 341 Depreciation of office equipment 10 - Foreign currency exchange losses on receivables 21,777 84 45,222 813 Governance costs Year Ended 31.12.22 Year Ended 31.12.21 £ £ Audit 22,712 12,000 Legal 8,141 - Bookkeeping 15,456 2,356 46,309 14,356 6. NET INCOMING/(OUTGOING) RESOURCES Net incoming/(outgoing) resources is stated after charging/(crediting): Auditors’ remuneration Depreciation of computer equipment Depreciation of office equipment Foreign Currency exchange losses Year Ended 31.12.22 £ 22,712 6,923 10 21,777 Year Ended 31.12.21 £ 12,000 341 - 84 |
|---|---|---|---|---|
| Year Ended 31.12.22 £ 22,712 6,923 10 21,777 |
Year Ended 31.12.21 £ 12,000 341 - 84 |
|||
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the period ended 31 December 2021.
8. STAFF COSTS
| Year Ended | Year Ended | |
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Wages & salaries | 908,748 | - |
| Social security costs | 110,609 | - |
| Pension costs (defined contribution scheme) | 82,704 | - |
| Total staff costs | 1,102,061 | - |
During the year, total costs of £61,094 (2021: £261,053) were recognised in respect of staff employed by Boston Consulting Group charged on to Centre for Public Impact Europe. Of these costs, £nil (2021: £104,041) has been recognised as support costs for other CPI Entities. All staff employment contracts were transferred to Centre for Public Impact Europe on 1 January 2022.
20
Centre for Public Impact Europe Notes to the Financial Statements – continued For the Year Ended 31 December 2022
The number of employees whose employee benefits (excluding employer pension costs) exceed £60,000 was:
| Band | Year Ended | Year Ended |
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £60,000 to £69,999 | 2 | - |
| £70,000 to £79,999 | 2 | - |
| £80,000 to £89,999 | 2 | - |
| £90,000 to £99,999 | 1 | - |
| £100,000 to £109,999 | 1 | - |
| £110,000 to £119,999 | 1 | - |
| £120,000 to £129,999 | 1 | - |
The total amount paid to key management personnel (includes trustees and senior management) for their services to the charity was:
| Year Ended | Year Ended |
|---|---|
| 31.12.22 | 31.12.21 |
| £ | £ |
| 293,376 | - |
The average monthly number of staff employed by Centre for Public Impact Europe during the year was 14 (2021: nil).
9. TANGIBLE FIXED ASSETS
| . TANGIBLE FIXED ASSETS | |||
|---|---|---|---|
| Office | Computer | Total | |
| Equipment | Equipment | ||
| Cost | £ | £ | £ |
| As at 1 January 2022 | - | 16,070 | 16,070 |
| Additions | 244 | 30,752 | 30,996 |
| As at 31 December 2022 | 244 | 46,822 | 47,066 |
| Depreciation | |||
| As at 1 January 2022 | - | 341 | 341 |
| Provided during year | 10 | 6,923 | 6,933 |
| As at 31 December 2022 | 10 | 7,264 | 7,274 |
| Net Book Value | |||
| As at 31 December 2022 | 234 | 39,558 | 39,792 |
| As at 1 January 2022 | - | 15,729 | 15,729 |
| 0. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| Year Ended | Year Ended | ||
| 31.12.22 | 31.12.21 | ||
| £ | £ | ||
| Trade debtors | 846,825 | 149,446 | |
| VAT | 13,679 | 81,750 | |
| Accrued revenue | 24,232 | 19,570 | |
| Prepayments | 16,374 | 420 | |
| 901,110 | 251,186 |
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
21
Centre for Public Impact Europe Notes to the Financial Statements – continued For the Year Ended 31 December 2022
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Year Ended | Year Ended | |
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Trade creditors | 58,965 | 217,325 |
| Deferred revenue (note 12) | 1,403,183 | 100,957 |
| Accrued expenses | 26,233 | 41,658 |
| Other taxes and social security | 77,629 | - |
| Amounts due to parent | 200,000 | - |
| Other creditors | 12,067 | - |
| 1,778,077 | 359,940 |
As at the year end, £200,000 is owed to CPI CH. This loan is non-interest bearing, unsecured and repayable on demand.
12. DEFERRED REVENUE
| 2. DEFERRED REVENUE | ||
|---|---|---|
| Year Ended | Year Ended | |
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Balance brought forward | 100,957 | - |
| Payments received | 1,472,892 | 162,875 |
| Income recognised against contracts | (170,666) | (61,918) |
| Balance carried forward | 1,403,183 | 100,957 |
As per note 1.2, income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Income relating to funded projects is recognised in accordance with the stages of work completed and to the extent that the amounts can be measured reliably, and it is probable that income will be received. Where payments are received in advance, any unrecognised amounts are held as deferred revenue until such time as it can be recognised.
13. CHARITY FUNDS
| 3. CHARITY FUNDS | ||||
|---|---|---|---|---|
| Fund name | Balance at 01.01.22 |
Income | Expenditure | Balance at 31.12.22 |
| £ | £ | £ | £ | |
| Restricted funds | - | 53,800 | 32,039 | 21,761 |
The specific purposes for which the funds are to be applied are as follows:
Restricted funds comprise grants received for the purpose of running the HLS Collaborative. The purpose of this is to explore a different approach to public management. The restricted funds of £21,761 are held in cash at bank and in hand.
14. RELATED PARTY DISCLOSURES
During the year, a total of £929,548 (2021: £154,304) of costs were recharged to Centre for Public Impact, the independent not-for-profit foundation identified in the Trustees’ Report.
As at the year end and included in Creditors is £200,000 (2021: £nil) owed to Centre for Public Impact. This loan is unsecured, non-interest bearing and repayable on demand.
During the year, a total of £61,094 (2021: £269,574) was charged to the Centre for Public Impact Europe in staff and benefits costs by the Boston Consulting Group.
22
Centre for Public Impact Europe Notes to the Financial Statements – continued For the Year Ended 31 December 2022
15. CHANGE OF NAME
On 23 August 2022 the name of the organisation was formally changed from ‘Centre for Public Impact UK Limited’ to ‘Centre for Public Impact Europe’.
16. PARENT ENTITY
The Parent entity of Centre for Public Impact Europe is Centre for Public Impact (Registered office: 10 Rue de Rive, Geneva 1204, Switzerland), an independent not-for-profit foundation within the meaning of Articles 80 et seq of the Swiss Civil Code registered on the Swiss Federal Interior Department’s Register of Foundations and at the Geneva Register of Commerce (IDE: CHE-172.995.978) based in Geneva, Switzerland (CPI CH). The consolidated accounts can be found at 10 Rue de Rive, Geneva 1204, Switzerland.
23