Company Registration No. 05137036 (England and Wales)
THE CENTRE FOR SOCIAL JUSTICE
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
PAGES FOR FILING WITH REGISTRAR
THE CENTRE FOR SOCIAL JUSTICE
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE CENTRE FOR SOCIAL JUSTICE
BALANCE SHEET
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
112,747
306
Current assets
Debtors
4
232,870
143,168
Cash at bank and in hand
1,386,415
796,000
1,619,285
939,168
Creditors: amounts falling due within one year
5
(984,085)
(335,896)
Net current assets
635,200
603,272
Total assets less current liabilities
747,947
603,578
Reserves
Income and expenditure account
747,947
603,578
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 February 2020 and are signed on its behalf by:
Rt Hon Sir Iain Duncan Smith MP
Director
Company Registration No. 05137036
THE CENTRE FOR SOCIAL JUSTICE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
- 2 -
1
Accounting policies
Company information
The Centre for Social Justice is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
Kings Buildings, 16 Smith Square, Westminster, London, SW1P 3HQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% on cost
Fixtures and fittings
straight line over 3 years
Computers
straight line over 3 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to surplus or deficit
.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Basic financial assets
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
THE CENTRE FOR SOCIAL JUSTICE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. Loans and borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan.
1.6
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 22 (2018 - 19).
THE CENTRE FOR SOCIAL JUSTICE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
- 4 -
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 June 2018
-
-
3,735
3,735
Additions
92,345
10,103
19,132
121,580
At 31 May 2019
92,345
10,103
22,867
125,315
Depreciation and impairment
At 1 June 2018
-
-
3,429
3,429
Depreciation charged in the year
6,926
596
1,617
9,139
At 31 May 2019
6,926
596
5,046
12,568
Carrying amount
At 31 May 2019
85,419
9,507
17,821
112,747
At 31 May 2018
-
-
306
306
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
232,870
143,168
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
197,329
72,453
Taxation and social security
27,004
30,336
Other creditors
759,752
233,107
984,085
335,896
6
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
THE CENTRE FOR SOCIAL JUSTICE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
- 5 -
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
408,064
-