PASSION PARTNERSHIP CIC

Company Registration Number:
14845398 (England and Wales)

Unaudited statutory accounts for the year ended 31 May 2024

Period of accounts

Start date: 4 May 2023

End date: 31 May 2024

PASSION PARTNERSHIP CIC

Contents of the Financial Statements

for the Period Ended 31 May 2024

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

PASSION PARTNERSHIP CIC

Directors' report period ended 31 May 2024

The directors present their report with the financial statements of the company for the period ended 31 May 2024

Principal activities of the company

The company was incorporated on 4 May 2023 and commenced trading on 1 February 2024. The principal activity of the company since trading began has been that of public relations and communications, on a not-for-profit basis.

Additional information

Small companies exemption This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.



Directors

The directors shown below have held office during the whole of the period from
4 May 2023 to 31 May 2024

Jennifer Talman
Rachel Westcott


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 February 2025

And signed on behalf of the board by:
Name: Jennifer Talman
Status: Director

PASSION PARTNERSHIP CIC

Profit And Loss Account

for the Period Ended 31 May 2024

13 months to 31 May 2024


£
Turnover: 5,151
Cost of sales: ( 1,445 )
Gross profit(or loss): 3,706
Administrative expenses: ( 3,706 )
Operating profit(or loss): 0
Profit(or loss) before tax: 0
Profit(or loss) for the financial year: 0

PASSION PARTNERSHIP CIC

Balance sheet

As at 31 May 2024

Notes 13 months to 31 May 2024


£
Current assets
Debtors: 3 1,500
Cash at bank and in hand: 4,761
Total current assets: 6,261
Creditors: amounts falling due within one year: 4 ( 6,260 )
Net current assets (liabilities): 1
Total assets less current liabilities: 1
Total net assets (liabilities): 1
Capital and reserves
Called up share capital: 1
Total Shareholders' funds: 1

The notes form part of these financial statements

PASSION PARTNERSHIP CIC

Balance sheet statements

For the year ending 31 May 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 3 February 2025
and signed on behalf of the board by:

Name: Jennifer Talman
Status: Director

The notes form part of these financial statements

PASSION PARTNERSHIP CIC

Notes to the Financial Statements

for the Period Ended 31 May 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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

    Other accounting policies

    Financial Instruments The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing 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. Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

PASSION PARTNERSHIP CIC

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 2. Employees

    13 months to 31 May 2024
    Average number of employees during the period 2

PASSION PARTNERSHIP CIC

Notes to the Financial Statements

for the Period Ended 31 May 2024

3. Debtors

13 months to 31 May 2024
£
Trade debtors 1,500
Total 1,500

PASSION PARTNERSHIP CIC

Notes to the Financial Statements

for the Period Ended 31 May 2024

4. Creditors: amounts falling due within one year note

13 months to 31 May 2024
£
Trade creditors 600
Other creditors 5,660
Total 6,260

COMMUNITY INTEREST ANNUAL REPORT

PASSION PARTNERSHIP CIC

Company Number: 14845398 (England and Wales)

Year Ending: 31 May 2024

Company activities and impact

The community we benefit is UK charities and social enterprises in the UK. Passion Partnership promotes pro bono partnerships between the not-for-profit (NFP) sector (charities and social enterprises) in the UK & UK communications agencies. This activity benefits the NFP community by enhancing their communications function and therefore their impact. The activity is not limited to any sector or cause although the majority are in the health sector. Typically, the partnerships will be between small to medium sized organisations who are unable to afford paid agency services. Between May 2023 and May 2024 we matched 12 pro bono partnerships and therefore 12 charities benefited from a communications resource free of charge. The time spent by the communications agency was between 50 and 250 hours.

Consultation with stakeholders

There has been no formal stakeholder consultation held. However, at the end of a pro bono partnership, Passion Partnership facilitates a debrief and stakeholders are asked to complete an Impact Spreadsheet. Data from this spreadsheet is currently being reviewed for inclusion in our first Impact Report which will be available in March, on our website (www.passionpartnership.uk) and via our LinkedIn profile page. There has been no feedback to date which has resulted in a change to our activities.

Directors' remuneration

£600.00 was received as Directors’ renumeration by Jennie Talman and is included in direct costs.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
3 February 2025

And signed on behalf of the board by:
Name: Jennifer Talman
Status: Director