OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-03-31-accounts

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

Registered number: 3453945 Charity number: 1070611

CLAREMONT PROJECT (ISLINGTON)

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 11
Independent auditors' report on the financial statements 12 - 15
Statement of financial activities 16
Balance sheet 17
Statement of cash flows 18
Notes to the financial statements 19 - 35

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees David Brain
Simon Berrill, Chair
Nicholas Fuller
Naveen Ayyaril, Treasurer (resigned 24 June 2024)
James Douglas
Rev Margaret Ali
Dr Logeswary Sivakumaran
Sarah Mook, Treasurer (appointed 24 June 2024)
Company registered
number
3453945
Charity registered
number
1070611
Registered office
24-27 White Lion Street
London
N1 9PD
Independent auditors
Griffin Stone Moscrop & Co
Chartered Accountants
21-27 Lamb's Conduit Street
London
WC1N 3GS

Page 1

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the audited financial statements of the Company for the year 1 April 2023 to 31 March 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

The charity identified the following objectives for the financial year 2023-2024:

  1. To serve at least 850 older people as core active members, especially those most isolated or otherwise disadvantaged.

  2. To provide at least 20,000 attendances.

  3. To serve at least an average of 23 psychotherapy clients at any one time.

  4. To see average CORE scores improve from a clinical status to a normal status across all dimensions for men and women and to see significant improvements in WEMWBS scores.

  5. To promote the creation of new projects aimed at improving mental well-being.

  6. To continue to build a sustainable economic model for the charity.

Page 2

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance

a. Main achievements of the Company

Our membership has continued to grow and we had 868 active members in the year (816 in FY23) (not including those who came less than 4 times). Overall, there were 20,865 attendances (20,460 FY23) and 979 (915) psychotherapy client sessions. The membership profile maintained its proportion of men at just under 30%, while 2/3 of the membership identified as something other than White British. 79% of the membership live alone.

In addition, there have been many hundreds of other users of our facilities, including a wide variety of community groups (theatre groups, dance, fitness, choirs, etc). These numbers exceed those recorded in any previous year and we have been logging data for 22 years.

We make significant efforts to design our programme so that it appeals to a variety of people, especially those who can be very difficult to engage in community-based services. Our partners include the LSO, the Royal Opera House, Sadlers Wells, the British Museum, the Royal College of Music, Guildhall, and many others, from National arts and culture organisations, to small community groups and special interest charities.

Highlights from our annual users’ survey include:

The results from the Warwick Edinburgh Psychological Well-being Scale over the period show an average joining/Before score of 48.36, which is poor (the average for England is 53; higher scores indicate greater wellbeing). The “After” scores average was 51.71. While this is still below the UK average, it is well beyond the 2.3 point change which is regarded as being a meaningful change in psychological well-being. This is showing significant improvement in “happiness” for those joining Claremont.

However, the averages hide important detail. There were big reductions in those scoring Very Low and Low, and big increases in those scoring High. Looking at the individual data, most Claremont members increase their scores from their starting points, even where these were in the Normal range. The other important point to make here is that those scoring very poorly are typically people with long-term mental health issues and to see this kind of improvement is remarkable and unusual.

Results from our psychotherapy services continued to show very positive outcomes, with initial client scores using CORE (Clinical Outcomes in Routine Evaluation) indicating that men and women came to us in significant distress (the ‘clinical range’) and that average final scores for all returned to within Normal ranges.

Just a few of the 100’s of comments from our 2023-24 survey:

“In your own words, briefly describe how you feel about Claremont...”

Page 3

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance (continued)

.

“Can you share more about your experience with Claremont staff?”

• I feel that they get to know you on a more personal level. A number of them call me using my first name. The wellbeing staff member has gone out of her way to help me. I have achieved some improvements dealing with medical staff at a health centre, also.

In addition to the existing core programme of 36+ weekly groups and classes, we launched 4 new therapeutic groups:

The bereavement group was very well attended and we hope to raise money to restart this group beyond its initial 1-year funding. We are very grateful to The Morris Charitable Trust, the Peter Stebbings Memorial Charity, and The London Catalyst for their support of these groups.

The 1-year temporary post of Welfare Officer was successful and helped many people with a wide range of issues, from health services to help with housing and money. With funding pressures on our core services, we decided not to continue this post and to incorporate most of its aspects into our existing Membership Support and Social Prescription Officer role.

In the coming year we are looking forward to a range of exciting partnership projects, including with the LSO, the British Museum, and an Arts Council funded photography and writing project exploring vulnerability, friendship, and ageing. We also look forward to installing a new insulated roof, which will not only make our building watertight but significantly lower our carbon footprint. We are very grateful to the Linbury Trust for help with this project, and for their support more broadly.

Page 4

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance (continued)

b. Review of activities

Details of the achievements of the charity during the year were as follows:

Objective 1 : To serve at least 868 older people as core active members, especially those most isolated or otherwise disadvantaged, online and in-centre.

We served 868 officially registered members, alongside a number of other older people who joined our classes and groups but who did not join as members or did not come more than 4 times. These non-members include friends and family of Claremont members.

Objective 2 : To provide at least 20,000 attendances (online and in-centre).

We provided 20,865 sessions over the year. These sessions ranged from one-to-one support sessions and small support groups for the most vulnerable of our members, through a wide range of regular weekly classes (36 at last count), to short term special projects and large online gatherings, such as our Variety Show, which was enormously popular and held at the N1 O2 performance space.

Objective 3 : To serve at least an average of 23 psychotherapy clients at any one time.

There were 979 psychotherapy client sessions and an average of 23 clients. Our capacity is for 27 clients and although we almost always have waiting lists, our trainee therapists move in and out of their placements as they gain their clinical experience and hours for registration. New placement therapists are never given full case loads until we are confident that they can manage the work.

We remain grateful for the time given by our volunteer therapists and their supporting training institutions and universities.

Objective 4 : To see average CORE scores improve from a clinical status to a normal status across all dimensions for men and women and to see significant improvements in WEMWBS scores.

Our data through 31 March 2023 shows that both men and women started therapy with us with scores well into the Clinical range – meaning that they were in significant distress and difficulty. By their last session with us, the average scores for all dimensions had returned to the Normal range. This is a slight change from many years of previous results, where men have tended to not do quite so well from therapy with us as women; results are almost identical. We do not know for sure why this change has occurred but could it be something related to a general cultural shift for men, encouraging greater self-development?

Men
Max Score for Normal
Assessment
First Session
Last Session
Women
Max Score for Normal
Assessment
First Session
Last Session		 Well-Being
Problems
Functioning
Risk
14
14
13
4
18.8
17.9
13.3
0.9
18.3
17.7
13.6
1.9
12.9
11.0
9.2
0.4
Well-Being
Problems
Functioning
Risk
13
15
13
1.6
20.4
18.3
14.5
1.0
17.9
16.2
13.0
0.8
13.0
10.8
8.1
0.4

As noted above, our Warwick Edinburgh mental Well Being scale results over the period show an average

Page 5

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance (continued)

joining/Before score of 48.36, which is poor (the average for England is 53; higher scores indicate greater wellbeing). The “After” scores average was 51.71. While this is still below the UK average, it is well beyond the 2.3 point change which is regarded as being a meaningful change in psychological well-being. This is showing significant improvement in “happiness” for those joining Claremont.

The averages hide important detail. There were big reductions in those scoring Very Low and Low, and big increases in those scoring High. Looking at the individual data, most Claremont members increase their scores from their starting points, even where these were in the Normal range. The other important point to make here is that those scoring very poorly are typically people with long-term mental health issues and to see this kind of improvement is remarkable and unusual.

Objective 5 : To promote the creation of new projects aimed at improving mental well-being.

Over the course of the year, we provided a wide array of new projects and sessions. These included the aforementioned support groups (Bereavement, Carers Support, Aspects of Ageing, and Men’s Groups), a Chinese New Year celebration and performance, performances by Akademie Dance and many other dance groups, a Postal Museum project, our Valentine’s Day Ball, an incredible project with the LSO (which culminated in a public performance at the Barbican with the full complement of the LSO), a project with the London College of Fashion, projects with the Royal Collection Trust, an LGBTQ+ set of events, a project with the British Museum aimed at older men, a puppetry workshop, and much, much more.

Objective 6 : To continue to build a sustainable economic model for the charity.

We were very relieved to see that bookings for our halls and offices eventually rebounded strongly postpandemic. Nearly half of our total income comes from self-generated sources, the largest of which is the letting out of our spaces at times when we are not using them and to organisations with similar aims and values to our own. We will continue to market our spaces, especially our therapy rooms, which even at low rental rates can generate more income for us than letting as office spaces.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Reserves policy

The Trustees aim to rebuild reserves to a level equivalent to 6 months’ adjusted expenditure.

c. Principal risks and uncertainties

The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. There is a register of risks and contingency plans for significant disasters, including for catastrophic loss of the building, loss of key personnel, and for another pandemic.

Page 6

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

d. Financial performance

Our total income for the year was £533,769 with expenditure of £557,047. On the face of it this is a net loss of £23,278. However, £20,000 of that amount was due to the timing of a grant from the London Marathon Foundation (LMF), which only came in at the end of their grant period and in the following financial year, subsequent to our costs. Income from our charitable activities remained stable and results from our fundraising activities were only £20,000 lower than the previous year, again being impacted by the LMF grant timing.

On the balance sheet, the total charity funds position of £972,699 consisted largely of a fixed asset value of £771,984, which represents the investment made in the building renovations. Net current assets stood at £200,715, which gives us a reserves position of about 5 months’expenditure. In a crisis situation, we would reduce our costs and this amount would likely to be equivalent to at least 6 months’ expenditure.

Structure, governance and management

a. Constitution

The Claremont Project (Islington) is a registered charity (no. 1070611) and a company limited by guarantee (no. 3453945) and is governed by its Memorandum and Articles of Association.

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

b. Methods of appointment or election of Trustees

The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

The Trustees, who are also directors for the purpose of company law are appointed by the existing board.

We continue to search for new Board members. We do this on the basis of the needs of the Board and in particular to ensure that the Board contains a good range of skills, experience, perspectives and expertise. Recruitment is by a mix of personal recommendation and advertising, specifying the particular skills required. Personal recommendation comes from other Board members, staff, advisors and users of Claremont services. A candidate meets first with both the Chair and Executive Director before being invited to meet other Board members, which is followed by a formal interview by existing Board members. We identified a need for someone who is well-connected with potential donors and we are starting a search, ideally of people local to us. We also want to recruit additional Trustees drawn from our service users.

Election to the Board is by a vote of existing Board members. The Claremont United Reformed Church maintains a right to have two of its appointees on the Board at any one time and appointees need to be approved by a vote of the entire Board.

It is the Board’s policy to operate fixed terms for its directors and director roles. Trustees/directors are limited to two terms of 5 years, with a discretionary additional 2 years if needed. This policy is in the process of being added to our Memorandum and Articles of Association.

Page 7

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

The charity's governing body, its Board, meets 6-7 times a year. The Board sets strategic direction and oversees the proper operations of the charity but does not generally involve itself in detailed operational matters and decisions. The Board has term limits for its officers and Trustees.

Responsible to the Board is the Chief Executive Officer, Lucien Paul Stanfield, who is invited to attend and report to Board meetings. Lucien manages all operational matters, including management of other staff, and may also recommend policy to the Board for its discussion. The Chief Executive Officer is not authorised to commit the charity to any single new expenditure over £2,000 without prior Board approval. All expenditure from the bank accounts requires at least two signatures.

There is a Claremont Users Committee, which is made up of those using Claremont services, which advises staff and the Board on various operational matters and this group meets monthly. Some Board members are also users of Claremont services or have other potential conflicts of interest. In all cases where a conflict of interest may arise, Board members declare their interest and remove themselves from the meeting.

d. Policies adopted for the induction and training of Trustees

New Board members are provided with background materials on the activities and history of the charity and spend time with members of staff learning about the various operations of the charity. Those Trustees with particular interests in legal and financial matters (Treasurer, for example) are briefed in detail on processes, systems, and reporting procedures, and are given appropriate direct access to information systems. Trustees are also invited to meet users of Claremont's services.

e. Related party relationships

The Charity leases the Claremont Building from the United Reformed Church Thames North Trust (registered as a charity and Trustee for Islington United Reformed Church). The lease was renewed for a further 28 years on 1st August 2020. The rent is £20,000/year. The church also agreed to provide a grant to support the charity.

The following Trustees have or had common trusteeship with the organisation listed below:

David Brain and Rev Margaret Ali Islington United Reformed Church members

Page 8

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management (continued)

f. Thanks

I would like to thank the staff, group facilitators, and volunteers of Claremont for their dedicated, thoughtful, and vital engagement with so many people at Claremont, and for contributing to the amazing improvements in people’s well-being. I would also like to thank our various and numerous partners, from the British Museum, LSO, and Tate Modern, to Sadlers Wells and White Tiger Crane Kung Fu. Partnership work so often produces value beyond the sum of its parts.

A special thank you too to our members’ vital and intimate involvement in the running and planning of our work, from the work of the Users’ Committee, to the many member-led and member-suggested events and all the voluntary help they give us all.

Our heartfelt thanks to all those who have helped to fund us – the enormously important grant-making trusts (a list of which can be found elsewhere in this report), the contributions from local businesses, and the wonderful generosity of individuals giving their time and money to help keep our work and community flourishing and alive. We remain incredibly grateful to all of our funders, including The Linbury Trust, the National Lottery Community Fund, The Garfield Weston Foundation, The Mercers Company, The Henry Smith Charity, and St Sepulchre United Charities.

We are also grateful to the congregation of Islington United Reformed Church for their continued financial support. We are likewise very grateful to receive generous financial support from a host of local people in support of the community. Thank you.

Page 9

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Plans for future periods

Next financial year, the charity has the following significant aims and objectives:

Objectives for 2024 – 2025

  1. To serve at least 850 older people as core active members, especially those most isolated or otherwise disadvantaged.

  2. To provide at least 20,000 attendances.

  3. To serve at least an average of 24 psychotherapy clients at any one time.

  4. To see average CORE scores improve from a clinical status to a normal status across all dimensions for men and women and to see significant improvements in WEMWBS scores.

  5. To repair our roof and install insulation to radically improve our carbon footprint.

  6. To promote the creation of new projects aimed at improving mental well-being.

  7. To continue to build a sustainable economic model for the charity.

Page 10

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

The auditors, Griffin Stone Moscrop & Co, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 9 December 2024 and signed on their behalf by:

................................................

Simon Berrill

(Chair of Trustees)

Page 11

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLAREMONT PROJECT (ISLINGTON)

Opinion

We have audited the financial statements of Claremont Project (Islington) (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 12

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLAREMONT PROJECT (ISLINGTON) (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 13

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLAREMONT PROJECT (ISLINGTON) (CONTINUED)

Responsibilities of Trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 14

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLAREMONT PROJECT (ISLINGTON) (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Smith (Senior statutory auditor) for and on behalf of

Griffin Stone Moscrop & Co Chartered Accountants Statutory Auditors 21-27 Lamb's Conduit Street London WC1N 3GS

Date:

Page 15

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
Income from:
Donations and grants
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2024
£
224,911
-
-
224,911
-
245,423
245,423
(20,512)
-
(20,512)
(20,512)		 Unrestricted
funds
2024
£
73,780
234,414
664
308,858
34,882
276,742
311,624
(2,766)
995,977
(2,766)
993,211		 Total
funds
2024
£
298,691
234,414
664
533,769
34,882
522,165
557,047
(23,278)
995,977
(23,278)
972,699		 Total
funds
As restated
2023
£
318,081
236,510
359
554,950
13,510
531,259
544,769
10,181
985,796
10,181
995,977

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 19 to 35 form part of these financial statements.

Page 16

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee) REGISTERED NUMBER: 3453945

BALANCE SHEET AS AT 31 MARCH 2024

As restated
2024 2023
Note £ £
Fixed assets
Tangible assets 12 771,984 794,476
771,984 794,476
Current assets
Debtors 13 19,437 13,212
Cash at bank and in hand 307,322 338,786
326,759 351,998
Creditors: amounts falling due within one
year 14 (126,044) (150,497)
Net current assets 200,715 201,501
Total assets less current liabilities 972,699 995,977
Total net assets 972,699 995,977
Charity funds
Restricted funds 17 (20,512) -
Unrestricted funds 17 993,211 995,977
Total funds 972,699 995,977

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 09 December 2024 and signed on their behalf by:

................................................

Simon Berrill

(Chair of Trustees)

The notes on pages 19 to 35 form part of these financial statements.

Page 17

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 19 to 35 form part of these financial statements		 2024
£
(16,243)
(15,221)
(15,221)
-
(31,464)
338,786
307,322		 2023
£
59,360
(7,589)
(7,589)
-
51,771
287,015
338,786

Page 18

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. General information

Claremont Project is a charitable company, limited by guarantee, registered with both Companies House (No. 3453945) and the Charity Commission (No. 1070611) in England and Wales. The registered office address is 24-27 White Lion Street, London, N1 9PD. A description of the nature of the charities operations and it's activities can be found in the Trustees' Report.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Claremont Project (Islington) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

Page 19

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.2 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Company's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

Page 20

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.3 Expenditure (continued)

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings - 25%
Computer equipment - 33%
Building costs - Over 28 years

2.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

2.9 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 21

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.10 Pensions

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

3. Income from donations and grants

Donations
Grants
Total 2024
Total 2023		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
8,780
224,911
65,000
224,911
73,780
156,094
161,987		 Total
funds
2024
£
8,780
289,911
298,691
318,081		 Total
funds
As restated
2023
£
14,695
303,386
318,081

Page 22

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

4. Income from charitable activities

Unrestricted
funds
2024
£
Classes and activities
57,414
Letting income
177,000
Total 2024
234,414
Total 2023
236,510
5.
Investment income
Unrestricted
funds
2024
£
Investment income
664
Total 2024
664
Total 2023
359		 Total
funds
2024
£
57,414
177,000
234,414
236,510
Total
funds
2024
£
664
664
359		 Total
funds
2023
£
52,978
183,532
236,510
Total
funds
2023
£
359
359

Page 23

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted
funds
2024
£
Fundraising costs
12,099
Fundraising staff costs
22,783
Total 2024
34,882
Total 2023
13,510		 Total
funds
2024
£
12,099
22,783
34,882
13,510		 Total
funds
2023
£
4,550
8,960
13,510

7. Analysis of expenditure on charitable activities

Summary by fund type

Charitable activities
Total 2024
Total 2023		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
245,423
276,742
245,423
276,742
186,474
344,785		 Total
2024
£
522,165
522,165
531,259		 Total
2023
£
531,259
531,259

Page 24

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

8. Analysis of expenditure by activities

Charitable activities
Total 2024
Total 2023		 Activities
undertaken
directly
2024
£
432,627
432,627
437,014		 Support
costs
2024
£
89,538
89,538
94,245		 Total
funds
2024
£
522,165
522,165
531,259		 Total
funds
2023
£
531,259
531,259

Analysis of direct costs

Staff costs
Depreciation
Centre activities
Training
Insurance
Building maintenance		 Total
funds
2024
£
227,398
32,863
147,715
2,265
4,017
18,369
432,627		 Total
funds
2023
£
229,110
32,863
132,579
2,512
6,538
33,412
437,014

Page 25

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Rent and rates
Utilities
Telephone and fax
Audit fees
Auditors' remuneration
Fees payable to the Company's auditor for the audit of the Company's
annual accounts		 Total
funds
2024
£
33,087
4,850
15,614
27,924
1,823
6,240
89,538
2024
£
5,400		 Total
funds
2023
£
30,380
6,372
25,185
25,411
1,257
5,640
94,245
2023
£
5,640

9. Auditors' remuneration

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
246,664
24,576
12,028
283,268		 2023
£
237,087
11,673
19,690
268,450

The average number of persons employed by the Company during the year was as follows:

2024 2023
No. No.
Average number of employees 8 9

Page 26

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. Staff costs (continued)

The number of employees whose employee benefits (including employer NIC contributions, but excluding employer pension costs) exceeded £60,000 was:

2024 2023
No. No.
In the band £70,001 - £80,000 - 1
In the band £80,001 - £90,000 1 -

The total employee benefits including pension and national insurance contributions of the key management personnel were £145,815 (2023: £133,592).

The charity Trustees were not paid nor did they received any other benefits from employment with the charity in the year (2023: £nil). No charity Trustee received payment for professional or other services supplied to the charity (2023: £nil).

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .

Page 27

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. Tangible fixed assets

Cost or valuation
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
Debtors
Due within one year
Trade debtors
Prepayments and accrued income		 Freehold
property
£
946,637
-
946,637
157,933
32,863
190,796
755,841
788,704		 Fixtures and
fittings
£
8,890
4,676
13,566
7,553
1,493
9,046
4,520
1,337		 Computer
equipment
£
25,463
10,545
36,008
21,028
3,357
24,385
11,623
4,435
2024
£
6,937
12,500
19,437		 Total
£
980,990
15,221
996,211
186,514
37,713
224,227
771,984
794,476
2023
£
11,124
2,088
13,212

13. Debtors

Page 28

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

14. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2023
Resources deferred during the year
Amounts released from previous periods		 2024
£
4,763
7,898
10,985
102,398
126,044
2024
£
112,656
95,529
(112,656)
95,529		 As restated
2023
£
9,575
5,576
17,290
118,056
150,497
As restated
2023
£
103,542
112,656
(103,542)
112,656

15. Financial instruments

2024 2023
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 307,322 338,786

Financial assets measured at fair value through income and expenditure comprise of cash at bank and in hand (2023 - the same).

16. Prior year adjustments

In the current year, it was determined that grant income received in the prior year had been erroneously deferred at the Balance Sheet date when the charity had full entitlement to the funds. As a result, a prior period adjustment has been reflected to represent this income correctly within the 2023 figures above. The adjustment has increased the total income by £23,792 to £554,950 and has resulted in a Surplus for the year (after reducing the loss by the same amount), of £10,181.

On the Balance Sheet, this change has resulted in a decrease to the Creditors balance by £23,792 to £150,497 and an increase to the Unrestricted Funds carried forward by the same amount, to £995,977.

Page 29

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. Statement of funds

Statement of funds - current year


Unrestricted funds
Designated funds
Building Fund
General funds
General Funds
Total Unrestricted funds
Restricted funds
Awards for all
Linbury Trust
Lottery Community Fund
Worshipful Company of Drapers
St Sepulchre United Charities
Peter Stebbings Memorial Trust
London Marathon Foundation
London Catalyst
Morris Charitable Trust
Henry Smith Charity
Worshipful Company of Mercers
Locality - Warm Spaces
Total of funds		 Balance at 1
April 2023
£
788,703
207,274
995,977
-
-
-
-
-
-
-
-
-
-
-
-
-
995,977		 Income
£
-
308,858
308,858
5,006
50,000
75,000
8,520
3,750
2,558
20,000
1,000
1,875
34,992
20,000
2,210
224,911
533,769		 Expenditure
£
(32,863)
(278,761)
(311,624)
(5,006)
(50,000)
(75,000)
(8,520)
(3,750)
(3,070)
(40,000)
(1,000)
(1,875)
(34,992)
(20,000)
(2,210)
(245,423)
(557,047)		 Balance at
31 March
2024
£
755,840
237,371
993,211
-
-
-
-
-
(512)
(20,000)
-
-
-
-
-
(20,512)
972,699

Page 30

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. Statement of funds (continued)

Purpose of restricted funds

Income, which is received for specific projects,as for example grants and donations, is accounted for as restricted funds.

The Lottery Community Fund : to support the core work of the charity, as well as its role in the local and regional area.

Locality - Warm Spaces : to provide facilitated spaces for older people on very low incomes to socialise during the coldest months.

Worshipful Company of Mercers : to increase the psychological well-being of isolated, lonely, and marginalised older people by providing creative activities and building social connections.

Linbury Trust : to provide dance and arts activities for older people.

Worshipful Company of Drapers : to provide welfare support to especially isolated older people.

St Sepulchre United Charities : to provide social activities, food, and activities specifically to older people living in the Clerkenwell and Finsbury area.

Peter Stebbings Memorial Trust : to provide a range of support groups (bereavement, carers, men, aspects of ageing).

London Marathon Foundation : to provide sporting and exercise-related activities for older people, especially those not typically accessing community services.

London Catalyst : to provide a range of support groups (bereavement, carers, men, aspects of ageing).

Morris Charitable Trust : to provide a range of support groups (bereavement, carers, men, aspects of ageing).

Henry Smith Charity : to provide a range of services for older people aimed at improving mental well-being and community.

The deficit arising in the LMF fund is as a result of all costs being expensed in Year 1 whereas income is to be received over 2 years and entitlement to the Year 2 income was not met until after the year end date. Effectively this overspend was met with General Funds but will be recouped in 2024/25.

Page 31

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Building Fund
General funds
General Funds
Total Unrestricted funds
Restricted funds
Linbury Trust
Lottery Community Fund
Henry Smith Charity
Worshipful Company of Mercers
Locality - Warm Spaces
London Borough of Islington
Total of funds		 Balance at
1 April 2022
£
821,566
164,230
985,796
-
-
-
-
-
-
-
985,796		 As restated
Income
£
-
398,856
398,856
13,750
81,094
35,000
20,000
5,000
1,250
156,094
554,950		 Expenditure
£
(32,863)
(355,812)
(388,675)
(13,750)
(81,094)
(35,000)
(20,000)
(5,000)
(1,250)
(156,094)
(544,769)		 Balance at
31 March
2023
£
788,703
207,274
995,977
-
-
-
-
-
-
-
995,977

Page 32

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
771,984
(20,512)
347,271
-
(126,044)
(20,512)
993,211		 Total
funds
2024
£
771,984
326,759
(126,044)
972,699

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2023
£
794,476
351,998
(150,497)
995,977		 Total
funds
2023
£
794,476
351,998
(150,497)
995,977

19. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the period (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities		 2024
£
(23,278)
37,713
6,275
(75,259)
(54,549)		 2023
£
10,181
39,235
(1,874)
35,610
83,152

Page 33

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

20. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2024
£
307,322
307,322		 2023
£
338,786
338,786

21. Analysis of changes in net debt

Cash at bank and in hand At 1 April
2023
£
338,786
338,786		 Cash flows
£
(31,464)
(31,464)		 At 31 March
2024
£
307,322
307,322

22. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £12,028 (2023 - £19,690). Amounts totalling £1,154 (2023 - £1,167) were payable to the fund at the balance sheet date and are included in creditors.

23. Operating lease commitments

At 31 March 2024 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2024
£
20,000
80,000
354,548
454,548		 2023
£
20,000
80,000
374,548
474,548

Page 34

Docusign Envelope ID: EE91239A-2EAD-4C60-A668-5B01188709C8

CLAREMONT PROJECT (ISLINGTON) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

24. Related party transactions

The Charity leases the Claremont building from the United Reformed Church Thames North Trust (registered as a charity and Trustee for Islington United Reformed Church). The lease was entered into in August 2020, for a period of 28 years. The rent paid during the year was £20,000. The church has also committed to give a grant each year to at least the end of 2024 to support day centre activity of the charity. The lease also allows for the church to use a hall space every Sunday morning. Two Trustees of the charity are also members of the Islington United Reform Church.

Donations totalling £5,000 were received from Trustees during the year.

All of the above transactions are wholly at arms-length.

Page 35