SHAPING THE FUTURE OF PORTSMOUTH CIC

Company limited by guarantee

Company Registration Number:
10308223 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 September 2022

End date: 31 December 2023

SHAPING THE FUTURE OF PORTSMOUTH CIC

Contents of the Financial Statements

for the Period Ended 31 December 2023

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

SHAPING THE FUTURE OF PORTSMOUTH CIC

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

Develop and deliver programmes that enhance the city's main objectives



Directors

The directors shown below have held office during the whole of the period from
1 September 2022 to 31 December 2023

Salina Ahmed-Ali
Simon Barrable
Yvonne Clay
Christopher Hillman
Emily Howes
Jane Lamer
Alison Lee
Stef Nienaltowski
Sam Singleton
Hayden Taylor
Mark Waldron


The director shown below has held office during the period of
1 September 2022 to 25 October 2023

Louisa Burton


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
11 October 2024

And signed on behalf of the board by:
Name: Sam Singleton
Status: Director

SHAPING THE FUTURE OF PORTSMOUTH CIC

Profit And Loss Account

for the Period Ended 31 December 2023

16 months to 31 December 2023 2022


£

£
Turnover: 245,069 167,780
Cost of sales: ( 11,067 ) ( 23,230 )
Gross profit(or loss): 234,002 144,550
Distribution costs: ( 501 ) ( 1,147 )
Administrative expenses: ( 245,930 ) ( 139,031 )
Operating profit(or loss): (12,429) 4,372
Interest payable and similar charges: ( 17 )
Profit(or loss) before tax: (12,446) 4,372
Profit(or loss) for the financial year: (12,446) 4,372

SHAPING THE FUTURE OF PORTSMOUTH CIC

Balance sheet

As at 31 December 2023

Notes 16 months to 31 December 2023 2022


£

£
Fixed assets
Tangible assets: 3 3,505 4,818
Investments:   0 0
Total fixed assets: 3,505 4,818
Current assets
Stocks:   0 0
Debtors: 4 27,489 24,613
Cash at bank and in hand: 62,687 35,424
Total current assets: 90,176 60,037
Prepayments and accrued income: 3,709 1,052
Creditors: amounts falling due within one year: 5 ( 101,050 ) ( 58,510 )
Net current assets (liabilities): (7,165) 2,579
Total assets less current liabilities: (3,660) 7,397
Creditors: amounts falling due after more than one year:   0 0
Total net assets (liabilities): (3,660) 7,397
Members' funds
Profit and loss account: (3,660) 7,397
Total members' funds: ( 3,660) 7,397

The notes form part of these financial statements

SHAPING THE FUTURE OF PORTSMOUTH CIC

Balance sheet statements

For the year ending 31 December 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 11 October 2024
and signed on behalf of the board by:

Name: Sam Singleton
Status: Director

The notes form part of these financial statements

SHAPING THE FUTURE OF PORTSMOUTH CIC

Notes to the Financial Statements

for the Period Ended 31 December 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

    Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when all the following conditions are satisfied the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the Company; and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

    Tangible fixed assets depreciation policy

    Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life: Furniture, fittings and equipment 33.33% Straight Line

    Other accounting policies

    Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. Trade and other debtors Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts. Trade and other creditors Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Defined contribution pensions The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. Provisions Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.

SHAPING THE FUTURE OF PORTSMOUTH CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    16 months to 31 December 2023 2022
    Average number of employees during the period 5 5

SHAPING THE FUTURE OF PORTSMOUTH CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 September 2022 175 8,802 8,977
Additions 324 2,186 2,510
Disposals
Revaluations
Transfers
At 31 December 2023 499 10,988 11,487
Depreciation
At 1 September 2022 63 4,096 4,159
Charge for year 168 3,655 3,823
On disposals
Other adjustments
At 31 December 2023 231 7,751 7,982
Net book value
At 31 December 2023 268 3,237 3,505
At 31 August 2022 112 4,706 4,818

SHAPING THE FUTURE OF PORTSMOUTH CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Debtors

16 months to 31 December 2023 2022
£ £
Trade debtors 26,098 24,339
Other debtors 1,391 274
Total 27,489 24,613

SHAPING THE FUTURE OF PORTSMOUTH CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Creditors: amounts falling due within one year note

16 months to 31 December 2023 2022
£ £
Trade creditors 1,638 1,237
Taxation and social security 24,320 9,790
Accruals and deferred income 51 0
Other creditors 75,041 47,483
Total 101,050 58,510

COMMUNITY INTEREST ANNUAL REPORT

SHAPING THE FUTURE OF PORTSMOUTH CIC

Company Number: 10308223 (England and Wales)

Year Ending: 31 December 2023

Company activities and impact

Maintaining and exploring further ways to develop sustainable relationships between businesses, education, the community, the Local Authority and the main charities in the City, and the Creative Industry Ongoing coordination of 190 plus volunteers from our Partner organisations to deliver projects/programmes Provided administrative support for partnerships, programmes and projects that benefit the city of Portsmouth including- Business support service for all business types Roll out of Explore Your Future programmes in schools with groups of 11 to 16 year-olds Planning of the 2024 Apprenticeship programme with all 11 of our city’s senior schools Coordinating the provision of apprentices supplied by our Partners Inspirational and aspiration-raising events in schools such as the business breakfast briefing Expanding our choose employability programme for care leavers and other deprived cohorts Increasing the Social Value of our programmes to those that benefit from them and by bringing together the city and their residents Impact Increase in levels of support for small businesses 10 Businesses supported in the three month period Over 50 school pupils met with and took part in our careers programme Increase in collaboration and partnership working between organisations in different sectors, now including the Financial and Construction sectors Ran three successful net zero clinics Planned and executes the second shore excursion event in the city

Consultation with stakeholders

List of main stakeholders donors to company Portsmouth City Council University of Portsmouth Hovertravel Wightlink Gunwharf Quays Blake Morgan Biscoes SLR Recruitment Portsmouth Naval Base Property Trust The Partnership Foundation Portsmouth Cultural Trust BEA Solutions BH Live HSDC South Hampshire College City of Portsmouth College Portsmouth Grammar School Vivid Homes Consultation October Business Leaders Forum mini conference 3 hours in duration with over 100 attendees Regular one to one meetings between Director of Shaping Portsmouth and heads of the above organisation Quarterly Board meeting with appointed directors City annual objectives launched at annual conference to which all stakeholders are invited as guests Feedback from consultations has led to streamlining some existing projects ceasing some which were no longer relevant and starting work on new projects that have more relevance to the neds within the city Now a total of 15 projects up and running

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
24 January 2024

And signed on behalf of the board by:
Name: Stef Nienaltowski
Status: Director