PAN AFRICA NETWORK CIC

Company limited by guarantee

Company Registration Number:
12462691 (England and Wales)

Unaudited statutory accounts for the year ended 29 February 2024

Period of accounts

Start date: 1 March 2023

End date: 29 February 2024

PAN AFRICA NETWORK CIC

Contents of the Financial Statements

for the Period Ended 29 February 2024

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

PAN AFRICA NETWORK CIC

Directors' report period ended 29 February 2024

The directors present their report with the financial statements of the company for the period ended 29 February 2024

Principal activities of the company

Activities of other membership organisations not elsewhere classified.



Directors

The director shown below has held office during the whole of the period from
1 March 2023 to 29 February 2024

Adeniran Oluwole OLADIPO


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
28 March 2024

And signed on behalf of the board by:
Name: Adeniran Oluwole OLADIPO
Status: Director

PAN AFRICA NETWORK CIC

Profit And Loss Account

for the Period Ended 29 February 2024

2024 2023


£

£
Turnover: 1,270 2,150
Cost of sales: ( 4,048 ) ( 6,684 )
Gross profit(or loss): (2,778) (4,534)
Operating profit(or loss): (2,778) (4,534)
Profit(or loss) before tax: (2,778) (4,534)
Profit(or loss) for the financial year: (2,778) (4,534)

PAN AFRICA NETWORK CIC

Balance sheet

As at 29 February 2024

Notes 2024 2023


£

£
Current assets
Cash at bank and in hand: 612 24
Total current assets: 612 24
Creditors: amounts falling due within one year: 3 ( 17,664 ) ( 14,298 )
Net current assets (liabilities): (17,052) (14,274)
Total assets less current liabilities: (17,052) ( 14,274)
Total net assets (liabilities): (17,052) (14,274)
Members' funds
Profit and loss account: (17,052) ( 14,274)
Total members' funds: ( 17,052) (14,274)

The notes form part of these financial statements

PAN AFRICA NETWORK CIC

Balance sheet statements

For the year ending 29 February 2024 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 28 March 2024
and signed on behalf of the board by:

Name: Adeniran Oluwole OLADIPO
Status: Director

The notes form part of these financial statements

PAN AFRICA NETWORK CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

  • 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

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

PAN AFRICA NETWORK CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

PAN AFRICA NETWORK CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

3. Creditors: amounts falling due within one year note

2024 2023
£ £
Other creditors 17,664 14,298
Total 17,664 14,298

COMMUNITY INTEREST ANNUAL REPORT

PAN AFRICA NETWORK CIC

Company Number: 12462691 (England and Wales)

Year Ending: 29 February 2024

Company activities and impact

In the space provided below, please insert a general account of the company’s activities in thefinancial year to which the report relates, including a fair and accurate description of how theyhave benefited the community, or section of the community, which the company is intended toserve.The company was mostly inactive during 2023/24 due to the pandemic. However thecompany held some virtual meetings and events for its members.

Consultation with stakeholders

The companys stakeholders are employees, supporters and service users. Any personmeeting these criteria can apply for membership.Future directors will be elected from themembership participate in the management and strategic direction of the company and areregularly consulted. There has been no other wider form of consultation. Users of thecompany's services are asked for feedback on services received at the end of anyintervention and the company uses this information to inform service reviews. Director of theCIC are active within communities served by the company and regularly consult informally togather information which is used to inform the development of services and projects.

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
28 March 2024

And signed on behalf of the board by:
Name: Adeniran Oluwole OLADIPO
Status: Director