Company Registration No. 05137036 (England and Wales)
THE CENTRE FOR SOCIAL JUSTICE
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
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 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
83,126
112,747
Investments
4
100
83,226
112,747
Current assets
Debtors
5
176,658
232,870
Cash at bank and in hand
1,888,819
1,386,415
2,065,477
1,619,285
Creditors: amounts falling due within one year
6
(1,128,856)
(984,085)
Net current assets
936,621
635,200
Total assets less current liabilities
1,019,847
747,947
Reserves
Income and expenditure account
1,019,847
747,947
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 2020 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 10 May 2021 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 2020
- 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 represents donations, grants and other income receivable less value added tax where applicable
Income in respect of donations is recognised when the company is legally entitled to it after any performance conditions by the donor have been met, the amounts can be measured reliably and it is probable that income will be received. Where there are no performance obligations, donations are recognised on receipt.
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Grants in respect of capital expenditure are credited to deferred income account and are released to the profit and loss account over the useful lives of the relevant assets.
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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in surplus or deficit.
THE CENTRE FOR SOCIAL JUSTICE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
1
Accounting policies
(Continued)
- 3 -
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
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.
1.6
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.
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.
1.7
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 17
(2019 - 22).
THE CENTRE FOR SOCIAL JUSTICE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
- 4 -
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 June 2019
92,345
10,103
22,867
125,315
Additions
2,411
9,738
12,149
At 31 May 2020
92,345
12,514
32,605
137,464
Depreciation and impairment
At 1 June 2019
6,926
596
5,046
12,568
Depreciation charged in the year
30,778
3,940
7,052
41,770
At 31 May 2020
37,704
4,536
12,098
54,338
Carrying amount
At 31 May 2020
54,641
7,978
20,507
83,126
At 31 May 2019
85,419
9,507
17,821
112,747
4
Fixed asset investments
2020
2019
£
£
Investments
100
-
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 June 2019
-
Additions
100
At 31 May 2020
100
Carrying amount
At 31 May 2020
100
At 31 May 2019
-
THE CENTRE FOR SOCIAL JUSTICE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
- 5 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
176,658
232,870
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
131,603
197,329
Taxation and social security
31,532
27,004
Other creditors
965,721
759,752
1,128,856
984,085
7
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.
8
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:
2020
2019
£
£
263,267
408,064
9
Grant Funding
Turnover includes £8,500 grant funding received from the Barrow Cadbury Trust which is restricted to the costs of salaries and running costs of our project ‘Prisons and probation: Delivering the reform we need’. £5,500 had been spent as at 31 May 2020.