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Annual Report & Financial Statements for 15 Months ended February 2023
**Registered Charity Number: 1196606**
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## Table of Contents
**01**
**02**
**07**
**08**
**09**
**05**
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## Legal & Administration
**Registered Office: 18 Eltham Road, London, SE12 8TF Date of Registration: 16 November 2021 Governing Document CIO: Foundation registered with the Charities Commission Bankers: CAF Bank, 25 Kings Hill Avenue, West Malling, Kent ME19 4JQ Auditors: Whitemoor Accountants Ltd, 5th Floor,**
**Charity Number: 1196606 Start of Financial Year: 16 November 2021 End of Financial Year: 3 February 2023 Trustees Served during this period:**
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November 2021, Resigned 1 February 2023),
111 Charterhouse Street, London EC1M 6AW
Teannie Binns (Appointed 1 February 2023),
Charles Harding (Appointed 1 February 2023)
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Our Mission: To assist in improving the educational, employment and welfare system in Lewisham borough and surrounding areas.
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## Objectives
**The Charity focuses on three main objectives:**
**01**
a)
b)
c)
d)
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**03**
## Objectives (cont.)
## **02**
**This report represents the first financial accounts published by our charity that provides an insight into its rapid growth and continued success.**
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## Notable achievements
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Collaboration with Matts BBQ x Crep Select for the donation of winter coats for disadvantaged
Nov-21
individuals in the community
Badda Trust starts Empowerment Classes at CC Foundation HQ to teach classes to children in, Business
& Finance to Entrepreneurship/History/Self worth/Law/Crypto currency/Martial Arts
CC Foundation awarded the Blue Awards 2021 for outstanding contribution to the community
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Founder Fekky recognised by BBC 1Xtra as FUTURE FIGURES for his contribution to Charity work and
building his community
Dec-21 Second Annual CC Turkey Drive - Pledgers include Ed Sheeran, Anthony Joshusa and Raheem Sterling, to name a few
CC set up a response via social media to donate food for Christmas to local food banks and other local charities
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Jan-22
Relaunch of Laptop Library
Feb-22
Half Term Coding Camp started at CC HQ
Mar-22 In collaboration with Frontline Sessions, we ran a competition for free music recording sessions with our in-house
award-wining music producer, Machinebaby
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## Notable achievements (cont.)
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Partnership with Stephen Lawrence Foundation to bring Careers Day to CC Foundaton for local teens and young
Apr-22
adults between 17-23 years old
May-22 Half Term Coding Camp II @ CC HQ
Jul-22 CC Foundation awarded Inside Success Award for achievements within the community
Collaboration with SLDF x Adidas to help implement 20 Apprenticeship roles at Adidas HQ in Manchester to ethnic
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minority youths
CV Workshop carried out at CC HQ to assist our local youths with the skills to formulate a well written CV. We
Sep-22 hosted the worshop via Zoom with 35 participants - 16 ending up getting job interviews and 5 with job placements
Oct-22 Half Term workshop for Black History Month @ CC HQ
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Donations made to CC were used to renovate HQ kitchen so it is fully functioning, where we can prepare food
Nov-22
for the vulnerable and for our monthly homeless walks.
Dec-22 Third Annual Turkey Drive in partnership with SUBWAY
CC Breakfast Club Launch so we can offer children breakfast before school and homework assistance, if required.
Jan-23
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## Independent Examiner’s Report
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I report to the charity trustees on my examination of Independent examiner’s statement
the accounts of the above charity for the period ended I confirm that I am qualified to undertake the examination because I am a member
of The Association of Chartered Certified Accountants, which is one of the listed
3 February 2023.
bodies.
Respective responsibilities of trustees and examiner I confirm that no other matters have come to my attention in connection with the
As the charity’s trustees you are responsible for the preparation of the accounts in examination giving me cause to believe:
accordance with the requirements of the Charities Act 2011 (“the Act”).
1. accounting records were not kept in accordance with section 130 of the Charities
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I report in respect of my examination of your charity’s accounts as carried out under Act; or
section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my 2. the accounts do not accord with those records; or
examination I have followed the Directions given by the Charity Commission under 3. the accounts do not comply with the accounting requirements set out in the
section 145(5) (b) of the 2011 Act. Charities (Accounts and Reports) Regulations 2008 other than any requirement that
the accounts give a ‘true and fair view which is not a matter considered as part of an
Basis of independent examiner’s report independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles
My examination was carried out in accordance with the general Directions given by
of the Statement of Recommended Practice for accounting and reporting by
the Charity Commission. An examination includes a review of the accounting
charities applicable to charities preparing their accounts in accordance with the
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Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
records. It also includes consideration of any unusual items or disclosures in the
accounts, and seeking explanations from you as trustees concerning any such matters.
The procedures undertaken do not provide all the evidence that would be
required in an audit and consequently no opinion is given as to whether the accounts
present a ‘true and fair view’ and the report is limited to those matters set out in
the statement shown.
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## Independent Examiner’s Report (cont.)
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I have no concerns and have come across no other matters in Gareth Murfin FCCA
connection with the examination to which attention should be Whitemoor Accountants Limited
drawn in this report in order to enable a proper understanding 5th Floor
of the accounts to be reached.
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05/02/2024
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Signed: Dated:
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## Reports & Audited Financial Statements
**Unrestricted Restricted Total Funds 2023 Funds 2023 Funds 2023**
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-
Donations 55,582 55,582
-
Turkey drive income 85,000 85,000
-
Apprenticeship income 39,000 39,000
-
Recharges 2,000 2,000
-
Interest received 13 13
Total incoming resources 96,595 85,000 181,595
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Reports & Audited Financial Statements (cont.)
**Unrestricted Restricted Total Funds 2023 Funds 2023 Funds 2023**
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Resources expended £ £ £
-
Subcontractor costs 44,421 44,421
-
Turkey drive costs 84,000 84,000
-
Apprenticeship costs 21,600 21,600
-
Rent 8,950 8,950
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-
Travel and subsistence 202 202
-
Office administration 840 840
-
Printing, postage and stationery 200 200
-
Website costs 2,000 2,000
-
Bank charges 727 727
-
Accountancy 1,000 1,000
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-
Total resources expended 80,190 84,000 164,190
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Reports & Audited Financial Statements (cont.)
**Unrestricted Restricted Total Funds 2023 Funds 2023 Funds 2023**
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£ £ £
Net Incoming Resources for the year 16,405 1,000 17,405
Fund balance brought forward at
16 November 2011 - - -
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Transfer between funds - - -
Fund balance carried forward at
3 February 2023 £16,405 £1,000 £17,405
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All of the activities of the charity are classed as continuing.
The charity has no recognised gains or losses other than the results for the period as set out above.
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Reports & Audited Financial Statements (cont.)
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£ Net Assets £17,405
Fixed Assets 750
Current Assets Funds
Debtors 2,400 Unrestricted Funds 16,405
Bank accounts 42,305 Restricted Funds 1,000
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2/6/2024
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28,050
Signed: Simeon Ogundipe, Trustee
The notes on the following pages form part of these financial statements.
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## Reports & Audited Financial Statements (cont.)
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CC Foundation currently has sufficient cash reserves to fund its activities and is confident
The principal accounting policies are summarised below. The accounting policies have
that it remains a going concern.
been applied consistently throughout the year.
Basis of accounting
Fund accounting
The financial statements have been prepared under the historical cost convention with
Unrestricted funds are available for use at the discretion of the trustees in furtherance
items recognised at cost or transaction value unless otherwise stated in the relevant
of the general objectives of the charity. Restricted funds are subjected to restrictions on
note(s) to these accounts. The financial statements have been prepared in accordance
their expenditure imposed by the donor.
with the Statement of Recommended Practice: Accounting and Reporting by Charities
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in the UK and Republic of Ireland (FRS 102) (“SORP(FRS102)”) issued on 16 July 2014 and Income
the Financial Reporting Standard applicable in the United Kingdom and Republic of All income is included in the statement of financial activities when the charity is entitled
Ireland (FRS 102), as amended by the Bulletin issued in February 2016, the Companies to the income, it is probable the income will be received and the amount can be
Act 2006, and applicable UK Accounting Standards. quantified with reasonable accuracy.
CC Foundation meets the definition of a public benefit entity under FRS 102. Advantage Expenditure
has been taken of the exemption for charities with income less than £500,000 from Liabilities are recognised as an expense as soon as there is a legal or constructive
preparing a cash flow statement under SORP (FRS 102) Update Bulletin 1 issued in obligation committing the charity to the expenditure. Expenditure is accounted for on
February 2016. an accruals basis.
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The financial statements are prepared in Sterling, which is the functional currency of the Expenditure includes any VAT which cannot be fully recovered, and is reported as part of
charity. the expenditure to which it relates.
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## Reports & Audited Financial Statements (cont.)
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Cash and cash equivalents include cash in hand, deposits held at call at banks, and bank Grants are recognised at the fair value of the asset received or receivable when there is
overdrafts. reasonable assurance that grant conditions will be met and the grants will be received.
Financial instruments A grant that specifies performance conditions is recognised in income when the
The charity only has financial assets and financial liabilities of a kind that qualify as basic performance conditions are met. Where a grant does not specify performance
financial instruments. Basic financial instruments are initially recognised at transaction conditions it is recognized as income when the proceeds are received or receivable. A
value and subsequently measured at amortised cost using the effective interest grant received before the recognition criteria are satisfied is recognised as a liability.
method. The charity has elected to apply the provisions of Section 11 'Basic Financial
Instruments' and Section 12' Other Financial Instruments Issues' of FRS102 to all of its
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financial instruments.
Critical accounting judgements and key sources of estimation uncertainty
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
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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.
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Reports & Audited Financial Statements (cont.)
|Donations
Turkey drive income
Apprenticeship income
Recharges
Interest received
**3. Net expenditure for the year**
This is stated after charging:
Independent Examiners fee
**2. Income**|55,582
-
39,000
2,000
13
96,595
**Unrestricted**
**Funds 2023**|-
85,000
-
-
-
85,000
**Restricted**
**Funds 2023**|
|---|---|---|
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Reports & Audited Financial Statements (cont.)
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Subcontractor costs (no employees) £44,421 The charity is exempt from tax on income and gains falling within
section 505 of the Taxes Act 1988 or section 252 of the Taxation
of Chargeable Gains Act 1992 to the extent that these are applied
to its charitable objects. No tax charges have arisen in the Charity.
5. Related party transactions
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7. Debtors 2023
Remuneration of £10,000 was paid to Simeon Ogundipe
during the period in respect of services provided. No
remuneration or reimbursed expenses were paid to any of Trade debtors £2,400
the other Trustees during the period.
8. Creditors: amounts falling due within one year
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Taxation and social security 27,050
Accruals and deferred income 1,000
£28,050
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## Reports & Audited Financial Statements (cont.)
|**9. Analysis of movements in funds**|**9. Analysis of movements in funds**|||||
|---|---|---|---|---|---|
||**At 16 Nov 2021**|**Income**|**Expenditure**|**Transfers**|**At 3 Feb 2023**|
|**Unrestricted Funds:**||||||
|General Funds|-|96,595|(80,190)|-|16,405|
|**Restricted Funds:**||||||
|Turkey Project|-|85,000|(84,000)|-|1,000|
||-|181,595|(164,190)|-|17,405|
|**Name of fund**|**Description, nature and purposes of the fund**|||||
|**Unrestricted funds:**||||||
|General fund|The “free reserves” of the charity.|||||
|**Restricted funds:**|This represents the Christmas Turkey distribution project which the charity undertook in a prior year.|||||
|**10. Ultimate controlling party**||||||
|In the opinion of the Trustees there was no one ultimate controlling party during the||||period.||
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Howour work delivers public benefits:
**01**
**02**
**20.7%** of its residents are estimated to live below the poverty line in 2021, which has
**03**
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**04**
Howour work delivers public benefits:
**37%** of children in the borough live in households with an income of less than **60%** the UK median, after
**05**
**06**
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## Outreach
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regarding the real challenges of what they suffer
and ways in which they feel improvements can be
made.
Other continuous outreach activities involve our
charity regularly attending school talks, giving radio
and magazine interviews to continue engagement
with the public and to encourage more of the
community to use our services.
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Please see our notable achievements.
We have built a successful virtual network for
fundraising, delivery, and promotion on all our
incentives. In addition, we can obtain the support
online from elite musicians, athletes and
celebrities that go so far as Ed Sheeran, Judy Love,
Anthony Joshua, and Raheem Sterling to name a
few. All have pledged and supported our
campaigns.
The Charity continues to improve our
safeguarding standards and establish excellence
in all areas. As a board we constantly review our
procedures and policies to ensure that we can
maintain a high level of duty of care towards the
public, volunteers, staff, and contractors.
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Our Forward Strategy
**CC Foundation** plans to build on the success of its progress in 2023/4 with an ambitious strategy.
**Our primary focus is Education and Employment teamed with tackling Welfare (the cost-of-living crisis).**
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Educationand Employment:
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The proportion of 19-year-olds in Lewisham borough without a level 2 or level 3 qualification in 2021 was 33.5%, worse
than the average London Borough.
As a direct result, we aim to address the current educational and employment system within the apprenticeships bracket,
by starting an independent trade school. This will equip young adults with the direct skill set and work experience, so they
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local companies and larger corporate organisations that will partner with us, to ensure the success of our courses.
CC Foundation’s training and management structure for the teaching of these courses reside with qualified and highly
trained teachers, plus exceptionally experienced trade professionals, who will enable the students to receive efficient
training of skills.
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The execution of this objective relies on securing partnership donations and the funding from the Department for
Education – This is currently in progress, and we aim to open the school in June 2024.
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Welfare and the Cost of Living Crisis
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In 2021, 35% of people in the borough lived in households
with an income of less than 60% the UK median after housing
costs have been subtracted. This is worse than the average
London Borough.
As we continue to operate during the increase cost of living
crisis, we would like to offer additional services to the
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community. We plan on diversifying our assistance by offering
grants to families to assist with clothing, food, electricity/gas
and other living costs.
In order to carry out this activity we need to increase our
fundraising approach, by gaining deeper and strategic
partnerships and funding from the government.
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