CITY OF EXPERTISE CIC

Company limited by guarantee

Company Registration Number:
12550551 (England and Wales)

Unaudited statutory accounts for the year ended 30 April 2023

Period of accounts

Start date: 1 May 2022

End date: 30 April 2023

CITY OF EXPERTISE CIC

Contents of the Financial Statements

for the Period Ended 30 April 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

CITY OF EXPERTISE CIC

Directors' report period ended 30 April 2023

The directors present their report with the financial statements of the company for the period ended 30 April 2023

Principal activities of the company

ActivitiesIn the prior periods the activities of the company had been restricted due to the ongoing effects of the Coronavirus pandemic andthe UK Government's initiatives to combat it. During this year the organisation continued to open up its calendar of events, aimedprimarily at the Young Professionals Group and also Mid-Tier professionals. As the year progressed, the Board sought to consultwith its members to establish their vision for the future, acknowledging that there was a change in working patterns generallywhich was impacting on individuals' ability and desire for face-to-face events. Towards the end of the year the Board met withmembers and, following discussions, it was decided that the successful Young Professionals Group should be continued, but thatthis could be run by other organisations in the area. If this transfer could be achieved, then the Board and members agreed thatthe company could then be wound up in a controlled manner. This cessation will be likely to occur during the 2023/24 year



Directors

The directors shown below have held office during the whole of the period from
1 May 2022 to 30 April 2023

S Vitiello
I Taylor
P Vorster
M Lewis


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
3 August 2023

And signed on behalf of the board by:
Name: S Vitiello
Status: Director

CITY OF EXPERTISE CIC

Profit And Loss Account

for the Period Ended 30 April 2023

2023 2022


£

£
Turnover: 1,928 6,277
Cost of sales: ( 5,699 ) ( 988 )
Gross profit(or loss): (3,771) 5,289
Distribution costs: 0 0
Administrative expenses: ( 738 ) ( 156 )
Other operating income: 0 0
Operating profit(or loss): (4,509) 5,133
Profit(or loss) before tax: (4,509) 5,133
Tax: 0 0
Profit(or loss) for the financial year: (4,509) 5,133

CITY OF EXPERTISE CIC

Balance sheet

As at 30 April 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets:   0 0
Investments:   0 0
Total fixed assets: 0 0
Current assets
Stocks:   0 0
Debtors:   0 0
Cash at bank and in hand: 4,559 8,818
Investments:   0 0
Total current assets: 4,559 8,818
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 3 ( 250 ) 0
Net current assets (liabilities): 4,309 8,818
Total assets less current liabilities: 4,309 8,818
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 4,309 8,818
Members' funds
Profit and loss account: 4,309 8,818
Total members' funds: 4,309 8,818

The notes form part of these financial statements

CITY OF EXPERTISE CIC

Balance sheet statements

For the year ending 30 April 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 3 August 2023
and signed on behalf of the board by:

Name: S Vitiello
Status: Director

The notes form part of these financial statements

CITY OF EXPERTISE CIC

Notes to the Financial Statements

for the Period Ended 30 April 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Income for the company is derived from annual subscription payments from members and income from events.The membership year is from 1 April to 31 March and membership is payable annually in advance. Income frommembership income is recognised in full on the due date. Income from events is recognised when the event hasbeen held.

    Other accounting policies

    Company informationCity of Expertise CIC ("the company") is a community interest company limited by guarantee and is domiciled and incorporated in England & Wales. The registered office is 4 Victoria Square, St Albans, Hertfordshire AL1 3TF. Each members' liability is limited to £1.Accounting conventionThese financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.During the year ended 30 April 2023 the Board consulted with the members regarding the future of the organisation. It was eventually decided that whilst some activities were very successful, other areas had struggled to restart fully following the interruption to activities during the Coronavirus pandemic and the measures taken to combat its spread. Consequently, the decision was made to seek to transfer the successful Young Professionals Group to another organisation, who could run these events alongside their current activities and to then wind down the activities of the group, during 2023/2024, so as to close the organisation in an orderly manner. The financial statements have therefore been drawn up on a basis other than going concern. In the prior years the accounts were drawn up on a going concern basis. There were no adjustments required to be made to the financial statements by this change in basis.ExpenditureExpenditure is included in the financial period in which it is incurred and includes VAT, as the company is notregistered for VAT.Cash at bank and in handCash and cash equivalent 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.Financial instrumentsFinancial instruments are recognised in the statement of financial position.Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amountsand 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 initiallymeasured at transaction price including transaction costs and are subsequently carriedat amortised cost using the effective interest method unless the arrangementconstitutes a financial 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.TaxationThe tax expense represents the sum of the tax currently payable.

CITY OF EXPERTISE CIC

Notes to the Financial Statements

for the Period Ended 30 April 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

CITY OF EXPERTISE CIC

Notes to the Financial Statements

for the Period Ended 30 April 2023

3. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 0 0
Taxation and social security 0 0
Accruals and deferred income 0 0
Other creditors 250 0
Total 250 0

COMMUNITY INTEREST ANNUAL REPORT

CITY OF EXPERTISE CIC

Company Number: 12550551 (England and Wales)

Year Ending: 30 April 2023

Company activities and impact

As the business community began to return to more normal working patterns, following the impact of the Covid-19 pandemic and the various initiatives by the UK Government, the company sought to facilitate more networking opportunities. The focus remained on looking to the younger members in the workforce who, employers noted, had been impacted most by the changes during the pandemic. By arranging a variety of events, some based on training and development and others for more entertainment and social activities, the Young professionals' group engaged with a wide range of employees in the local area. This allowed the individuals to meet and create connections which will give them insights and understanding of the business community. In addition, a Mid-level Group was created, following consultation with the members, which it is envisaged would be a natural arena for individuals to move to once they have completed their training and are developing their careers. In addition, the company is seeking to collaborate with other local groups to continue to explore opportunities to enhance the support to the local area.

Consultation with stakeholders

The stakeholders include members (professional service firms in and around the Hertfordshire area), their teams and the local business community more widely.The company engaged with its stakeholders via emails to members directly on specific matters and by holding an open meeting to review activities and results as well as providing an opportunity to explore engagement needs. The company engaged with the business' employees primarily via events but also by seeking input on a range of subjects at those events. Wider engagement and consultation was facilitated by the website which provided full details about the company, its activities and welcomed input from the business community in the area.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
3 August 2023

And signed on behalf of the board by:
Name: Silvia Vitiello
Status: Director