Company regl$tration number 03169878 (England and WaleB} Charity r•gistration number 1072104 (England and Wales} OPEN CITY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
OPEN CITY LEGALAND ADMINISTRATIVE INFORMATION Trustses Pooja Agrawal Dav Bansal Anna Liu Sara Bailey Deborah Denner Peter Bury Carolyn Larkin Selina Mason Roland Oakshett Aretha Ahunanya Ann Paul Mike Saunders Sarah Gold (Appoinled 28 May 2024) (Appointed 28 May 2024) (Appointed 27 May 2025) (Appointed 22 Juty 2025) (Appointed 22 July 2025) Country of In¢orporatlon United Kingdom (England and Wales) 03159878 Charity registration England and Wales 1072104 Registered offlce C1, Design District Unit 2 Floor 11a Cripps Yard Soames Walk London SE10 OBQ Auditor Galloways Accounting (Audit) Limited 15 West Street Brighton East Sussex BN12RL
OPEN crry CONTENTS Page Trustees. report Statement of trustees, re$ponsibililies Independent audltorfs report 10-12 Statement of financial activities 13 Statement of financial p05ilion 14 Statement of cash flows 15 Notes to the financial statements 16-28
OPEN CITY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The tTustees present their annual report and financial statements for the y8ar ended 31 March 2025. The trustees of Open City are pleased to present their annual report together with the financial statements of the charity for the year ending 31 March 2024 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. Objèctives and activities Public benefit The trustees have paid due regard lo guidan¢e issued by the Charity Commission in deciding what activities the charity should undertake. Activities The Charity Cornmission's guidance on public benefrt (section 17(5) of the 2011 Act) has been considered when applying the objectives of the Charity. Open City's charitable object is lo foster public apprecialion of and advance public education in architecture. To achieve this object Open City makes architecture and cities more open, accessible and equitable. We empower communities to learn about, feel connected lo, and have a role in shaping places where they live. We collaborate with people from diverse communities to widen access to spaces, neighbourhoods, knowledge and Careets that they are often excluded from. We do this by creating educational and Cuttural programmes that discuss, celebrate and open up historic and contemporary architecture. Our work is organised into four strands.. An annual Open House Fgstival Empowering local communities, residents and homeowners, civic organisations and local businesses to exhibit and learn about buildings and neighbourhoods which matter to them, our flagship annual event Open House Festival is an accessible volunteer-led public celebralion encouraging audien$ to explore new places, learn ab)ut diffent communities & experience diverse architecture first-hand each September. A Young People's Education Pathway Open City works with primary, secondary and SEND schools as well as higher education providers to support children and young people from lower socioeconomic backgrounds, under-represented communities, and wrth special educational needs and disabilities lo learn design skills and critical thinking needed for successful careers in Creative industries including design, architecture and landscape. This indudes city-making workshops and insight tours at primary, secondary and Special Educational Needs (SEND) schools as well as the AClerate pre- University mentorship programme that provides workshops and mentoring sessions for young people Iraditionally excluded from ar¢hileclure lo create pathways into Careers in the built environment. A year-mund Editorial programm8 Throughout the year, there is a lively programme of events, podcasts, tours, training courses, Pocket printed tours, video reel cont8nt, merchandise and other opportunities to engage our audiences and demo¢ratise publi¢ knowledge about cities and the way we live in them. Open House Worfdwide Ne0 Supporting, growing and cultivating dialogue across a network of over 60 Open House Festivals around the world, from Lagos to New York, the Open House Worldwide Neork creatively engages millions of people a year with the architecture that shapes their local communities. Open City believes a good city is one in which all citizens have a voice in shaping the design, development and care of Ihe built environment.
OPEN CITY TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance Significant actiV-e$ and achievements agaiiist objectives Programmes in 2024-2S 2024-25 saw the charity create 1,492 in-person events, tours, workshops and building openings, in order to enhan belonging and open up access to who gels to learn about and engage with cities. The 2024 Festival saw us open up 848 spaces across London, in a return to our pre-pandemic figures. with over 275.000 visits and 880A of visitors wanting to explore and research the different buildings and areas more. Our Education programmes engaged 3,744 young people in London with preparations for Ouf full Education pathway to be established in Birmingham in the 2025-26 academic year well underway. This follows successful pilots of Accelerate Studios in secondary schools, and plans for Young Cty Makers to be piloted in the 2024-25 academic year. to establish our neorkS and seed interest in our programmes in Birmingham. From a survey sent to the audien5 for our Editorial projects, 780A felt an increased sense of belonging in how they were connected to London through accessing oui ntent with 1.2 million impressions across our social media reels and podcasts. A fvll summary of the charity's services are as follows.. London Open House Festival 2024 Open House Festival is London's annual lebration of architedure, heritage, and communty- Over nine days. buildings and neighbourhoods open their doors to visitors. for free, to bring people together to share in and learn about the city in all its diversity. As Open City's largest evenl of the year, the festival generates huge social value with tens of thousands of people visiting new neighbourhoods for the first time and feeling More connected to London and its communities as a result. This year, an overwhelming 990A of visitors to the Festival said they enjoyed it - an increase on even last year's figures - with 720/0 accessing the spaces on offer for the very first tirne. 57°h said it gave them a more posilive view of London. There were 275.494 visits to 848 events across all 33 London Boroughs with an estimated £10.7 million economic impact in the London local economy as a result of Ihe festival. No Open House Festivals ar8 the same. reflecting London as a changing city. This year, 300A of the 848 buildingslevents were new to the Festival. In light of changing and uncertain times, two-thirds of Festival conlributors take part in order to strengthen links with th8ir local community. The Festival is the work of many hands: made possible only through volunteers.. 801 volunteer stewards made the 2024 edition possible plus our team of core volunteers who onboard buildings to the Festival year-round. Open House Festival's audience development programme aims for Festival visitors, contributors and volunteers to be representative of London's population in order to properly tell its story. While the Open House Festival will always be free to all to access, our additional programming aims to plarform underrepresented voices and dismantle the barriers faced by groups in experiencing and learning about architecture. heritage, and cities. These included.. City Curators." 19 young people from Open City's Accelerate mentoring programme curated collections of buildings and events on the themes that mattered to them. Guest Curators.. four of the most exciting volS in the built environment onboarded sites and curated thematic collections.. Chris Laing. Riya Patel., Rayan Elnayal & Heba Tabidi (Space Black)., and Olly Wainwright. Animate.. festival spaces collaborate wilh artists to bring places to life through different art forms: movement installations at The Royal College of Physicians with Clod Ensemble-, dance at Isleworth Town Hall with Alliance Arts-, plus scent installations at Southall Manor with Sarah Mccartney and Gurpal Singh Sahots. Early Career Photography.. a development programme in collaboration with The Photography Foundation. commissioned 8 early-career photographers from underrepresented backgrounds to document the Festival. A collaboration with Deaf Architecture Front.. to create a growing programme of British Sign Language Tours, plus a review of the Festival's operations to begin removing barriers to access for Ihe Deaf community. Open House Wortdwid9 Open House Worldwide is a nelwork of non-profit organisations sharing our mission to make cities rTh)re open and accessible through Open House Festivals. In 2024-25, there were 52 Festivals that occurred across 30 countries and 6 continents that in lotal comprised over 1.6 million visits. New cities joining the nelwork were Bern, Hong Kong, Miarni and Zaragoza.
OPEN CITY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 As part of Open House Europe, a regional chapter that reiVeS funding from Creative Europe. an annual summil was held in January 2025 that was hosted by Open House Dublin and the Irish Archite¢ture Foundation in Ireland. The 15 member organisations of Open House Europe attended along with several guest cities and members of the global community including Santiago. Taipei, BuenosAires and London. Open City Tours & Golden KeyAcademy Open City delivers year-round public tours and tour guide training through the Golden Key Academy, promoting architectural education, active citizenship and inclusive participation in the built environment across London. Travelling by foot. bicycle or boat, the tours programme furthers our charitable aims by providing engaging ways for diverse audiences to explore how cities are best shaped for the benefit of everyone. Over the past year, Open City led 194 walking tours, 7 cycling lours and 10 boat tours plus 2 outof London tours for 5,183 participants. We had 28 tour guides who trained as part of the &month Golden Key Academy {GKA) with 6 mentors, which culminated in them giving their first tour during the Open House Festival. New tours developed include= North Kensington by GKA 2021 graduate Aine Grace., Queer Soho by GKA 2023 graduate Imogen Steinberg., Brixton Walking Tour by Betty Owoo., The London Pubs of Westminster by Sheldon Goodman; Richmond to Roehampton Cycle Tour by Roz Peebles and Aidan Hall.. Libraries of London Cycle Tour by GKA 2023 graduate Justin Manley. 910h of attendees on our tours rated their enjoyment as 5 out of 5 and 730h said that they felt they learned something that they otherwise wouldn't have. Editorial programme Through podcasts, printed tours and video reels, Open City extends its educational reach-providing accessible, on-demand resources that foster public understanding of architecture, urban issues and the value of well4esigned cities. Coupled wrth our tours programme, this multimedia content showcases the role that an inclusive highquality built environment can play in delivering better outcomes for all. Through experiential learning, acssible mulli- format resour¢es and inclusive storytelling, the programme encourages a deeper connection to the built environment, while supporting lifelong public education. In 2024-25, Open City produced 41 reels which were watched 1.1 million times, and we made 42 podcasts that had 53,193 global listeners - 213rds of whom were very likely to recommend our pod¢ast to a friend. Pocket printed tours produced 12 editions- reaching an estimated readership of 4,200,. 850k of whom felt that these printed tours increased their knowledge of London substantially. It was interesting to note that 700/0 of our audiences for our editorial content had no specialist or professional Iraining in architecture and the built environment. Young People's programme Open Crty has established an education pathway spanning primary to secondary to SEND schools as well as our pre-universty mentorship programme. Accelerate. These support children and young people from under- represented backgrounds to learn about. engage with. and pursue careers in design and city-making. Our young people's programmes help to create a more diverse and representative built environment sector that. in turn. will lead to more equitable outcomes for communities. This section covers the 2023-24 academic year (which concluded during the 2024-25 financial year). During this time, Open City expanded its education programmes for the first time beyond London with a pilot of our secondary school programme. Accelerate Studios. in Birmingham. In-school PrOgramnS.. Cities are changing rapidly and the voices of children and young people are often left out of di$ssIOnS about the future. Open City's school programmes work to creatively engage learners to reimagine their cty and share their vision of it with the world. Young City make (KS2 Primary School Education programme) is a free, inter-school design Challenge that pairs local primary schools with built environment professionals (architects, engineers, planners or landscape designers).
OPEN CITY TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 It's My City Too (SEND Education programma) supports student5, leachers and families across multiple Special Educational Needs (SEND) schools by delivering tailored workshops and visits. Working together to reimagine the cty, learners build cultural capital, oracy and confidence as ell as creative and critical thinking skills. In the 2023-24 academic year, we worked wilh 38 primary schools and 4 SEND schools in partnership with 41 built environment practices who facilitated the workshops. Open City reached 2010 students and 153 teachers and teaching assistants through 55 sile visits, 168 in-school workshops and 22,810 hours of pupil engagement. 93°/o of the students said they enjoyed the model- making experience very much. Teachers also lold us that students improved their skills in confidence, oracy. team-work, problem solving and creative skills. Accelerate Studios (Education programme for 12-16 year olds) intrOdUS young people aged 1416 to the excitement of the built environment. Learners gain awareness of career pathways, creative skills, and-crucially-are reminded of their vol. agency, and right to the city- Workshops are delivered by young adults who have themselves been supported by Open City's education programmes, providing the additional impact of meaningful paid employment for 20 young adults from under-represented backgrounds. As parl of Accelerate Studios, we ran 61 events for 1,638 students at 20 secondary schools. Accelgratg (Education pmgramme for I18 year olds) supports young Londoners from underrepresented backgrounds to explore careers in architecture, landscape, planning, engineering and related fields. The course equip5 participants with Ihe skills, portfolios, networks and confidence to make informed progression choices and to thrive in higher education and the workplace. In the 2023-24 academic year, AClerate supported 96 young people to develop new skills that will help them pursue careers and university studies. Of this cohort, 840/0 were from global majority backgrounds, 310/0 were eligible for freè school meals, 40 % would be the first in their family to go to university, 180 lived in social housing and 1000kn attended non¥fee paying schools. Open City ran 30 workshops as part of the course with 26 guest speakers. 23 built environment practices provided mentorship and work experience for the students and the course culminated in a summer exhibition of their work, which was held at University College London. 890A of students ported an increased feeling of belonging within London after doing the course and 950/0 of students felt they had an improved understanding of how the city is constructed. Since its inception, Accelerate has supported more than 600 young people froffl historically marginalised backgrounds to create. express and develop their ideas and skills. In its second year the AcceleTrte Alumni network expanded its support to graduates with more job offers. work experience, a monthly newsletter, and a popular competition to celebrate the impact of the programme. Sponsors and Partners Open City's programmes are the Work of many hands. We'd like to thank all of our partners and sponsors for their support given in 2024. Special thanks also goes to all those who donated time andlor funding during the Festival or our year-round programmes, as well as to the Friends of Open City whose membership fees go towards wpporting our cause. The headline sponsorfor the London Open House Festival in 2024 was AiTbnb. Additional Festival sponsors include: Arts Council England Aucoot City Bridge Foundation Foster + Partrbers National Lottery Community Fund
OPEN CITY TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 London Borough Sponsors.. Open City would like to thank the following London Boroughs who supported our work with financial support towards the costs of staging the Open House Festival.. Barking & Dagenham Bromley Camden City of London Croydon Ealing Enfield Hackney Haringey Hounslow Islington Richmond-upon- Thames Sutton City of Westminster Waltham Forest Young City Makers & Its My City Too Partners." Earls Court Development Company East End Community Foundation Hayes Davidson Howard de Walden Estate John Lyons, Charity Knight Dragon Old Oak and Park Royal Development Corporation Tallow Chandlers, Company Tower Hamlets Accelerate Studios partne.. Deent Lendlease Zaha Hadid Foundation Accelerate University Partners.. Architecture Association IAA) Kingston Universily University of the Arts London (UAL) University College London (UCL) Accelerate Sponsors." Barking & Dagenham Be First British Land Earls Court Development Company Geoff Herrington Foundation Landscape Institute Lendlease surfa Matter Zaha Hadid Foundation Zetteler Accelerdte MentorPractices.' AHMM AKT-11
OPEN CITY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Atkins Realis Corstorphine & Wright Cullinan Studlo Turkington Martin Frame Projects Grimshaw Gustafson Porter + Bowman HawkinslBrown Healhetwick Studio HKS Jestico + Whiles LOM Maccreanor Lavington Make Morris + Company NBBJ Periscope Sheppard Robson Stanton Williams Studio Jenny Jones Weston Williamson + Partners Media Partners.. The Architects, Joumal SAVE Britain's Heritage Financial revlew Total income for the year was £1,122,037 (compared to £1.033,055 in the previous financial year to 31 March 2024). of which £100,614 (2024.. £97,149} was restricted income and the balance was unrestricted. Total expenditure was £1,206,044 (2024.. £1,088,685) leading to a deficit for the year of £84,007 (2024.. deficit £55,630). Total reserves at the year end were £257,133 (2024.. £341,140) of which none were restricted funds carried over (2024.. £56,459) and unrestricted funds were £257,133 {2024'. £291.292). Reservés policy The Board of Trustees kept the reserves policy al the same level as previous years to maintain at leasl £300.000 of unreslri¢ted reserves, which the Board deemed sufficienl to run the organisation for three months without income. As at 31 st March 2025 the charity's unrestricted reserves stood at £257,133. This is below our staled target as a result of increased costs and the timing of securing income. The Trustees have considered the increased risk associated with the lower feserve levels and are actively addressing the situation as explained in the Risk Management and Plans for Fuluie Periods sections of the report below. Major risks Risk Management Income Open City is working with the assumption that funding from local authorities, university partners and the wider buitt environment sector is likely to be harder to secure in the next few years. We are looking to grow individual donations by improving the donor jouiney through the Festival website, and through running more regular campaigns linked to other programmes of work as well as legacies. The Open City team is continuing to develop strategies to diversify our income. Being a recipient of Iwo types of multpyear funding - from Bloomberg Philanthropies through their Digital Alerator Programme towards setting up a new CRM and from the Paul Hamlyn Foundation towards growing our primary school and SEND programmes in London and Bimiingham- will hopefully pave the way for more similar opportunities to invest in Open City's wotk over multiple years. This should aid our ability to track Ihe longer term impact on the communities served. The goal is for Open City to develop a diverse income base with several multi-year parlners to keep a majority of our programming free.
OPEN CITY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Financial Monitoring Cash reserves are reviewed on a regular basis by the offi and Digital Communications Manager and the CEO and if nearing the reseNes limit, this is referred to the Treasurer and Finance & General Purposes Board su commillee. Cash flow projections and management a¢¢ounts are compiled and reported to the Treasurer by the CEO on a quarterly basis. Economic Impacts There are many pressures on the built environment sector in the current economy that have led to increased uncertainly. The government's focus on housing delivery, including the New Towns Programme, will hopefully boost the construction industry. In the meantime. challenging e¢onomics in the construction industry are making it harder for Open City to obtain support from architecture praCtIs, developers and other built environment professionals. The Trustees are aware of this risk and will endeavour to obtain more secure funding streams which are less exposed to the current major e¢onomi¢ impacts. In the cultural sector more broadly, Arts Council England (ACEI'S National Portfolio was extended to 2028 making Open City unable to apply as planned in 202&26, with ACE itself under independenl review. Ethical fundraising is becoming increasingly important for the charity to consider when engaging corporale sponsors in partnership in order lo maintain the goodwill and trust of the large and diverse audiences whom we engage. A draft policy has been developed which is being reviewed by the Board of Trustees. Plans for future periods Open City experienced leadership change with the CEO and COO leaving the organisalion in 2024-25 and a new CEO being appointed in September 2025. The organisational strategy developed in 2022-23 is in the process of being revised in consultation with the Open City team and Trustees. Open City remains focused on diversifying funding for the Open House Festival, securing multi-year funding across the Young People's Education pathway in London and Birmingham while reaching new audiences through our Editorial activities of tours and podcasts. A major changè in our business plan was the decision to slop producing publications and merchandise in 2024-25, with the exception of our monthly Pocket printed guides that are distributed through a subscription model. This decision was taken because these products were a pandemic measure lo generate income but are not aligned with our charitable mission and generate significant warehouse and fulfillment costs. The ambition is to reduce subslantially all warehouse sto¢k by the end of 2025-26 through sales, donations and gifts to our Friends programme. The interim strategic direction is to address ways to sustainably grow the social impact and reach of Open City's programmes to new audiences in cuhurally under- served areas through partnerships wrthout increasing the size of the team. offi Space Open City continues to be based in the Design District in North Greenwich having secured office Spa at the end of 2021 at a significantly reduced rate in exchange for cultural programming. In 2024-25 this included situating the Open City podcast here, collaborating with local partners Clod Ensemble and The Photography Foundattyjn, and starting to run tours on demand for visitors to the district. Open City also runs a local Young City Makers programme in collaboration with developer Knight Dragon with Greenwich primary schools. and Ravensbourne University is the latest university partner of Open City's AClerate programme. Having a fixed space for multiple years has brought considerable stability to the organisation and the running of our different programmes of work. Website and Digitalplaffonns Open City Continues lo improve our digitsl plafforms to better communicate the mulliple strands of work that the charty undertakès. Being selected to join the cuirent Cohort of the Bloomberg Digital Accélerator Programme has aided this endeavour to fund the development of a new ntralIsed CRM lo help with the current fundraising challenges in an unrtain economy. In 2025, the Charity moved to working with a web development agency to maintain the Open House Festival website to ensure it can respond to the different needs of the diverse audiences of visitors, volunteers and contributors whom it serves ahead ol the 2025 London Open House Festival.
OPEN CITY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure) governance and management Open City was fomied in 1992 and became registered with the Charity Commissioners of England and Wales under registration no. 1072104 in 1996. 11 is a company limited by guarantee (Company Registration no. 3159878) and is govemed by its Memorandum and Articles of Association. The charity ohanged ils name from Open City Architedure to Open City on the 4th of December 2023, to reflect that our activities went beyond just engaging with architecture and architects and instead involved all those interested in the making of their city. The Trustees of the charity, who constitute its Board of Directors, have been appointed in accordance with the charity's Artides of Association. The trustees, who are also the directors for the purpose of company law, and who served up to the date of signature of the trustees report are.. Pooja Agrawal Dav Bansal Anna Liu Eleanor Dodd JaydenAIi Sara Bailey Deborah Denner Peter Bury Edward Francis Carolyn Larkin Selina Mason Roland Oakshett Aretha Ahunanya Ann Paul Mike Saunders Sarah Gold {Resigned 31 December 20241 (Resigned 25 November 2024) (Resigned 7 October 2024) (Appointed 28 May 2024) (Appointed 28 May 2024) (Appointed 27 May 2025) (Appointed 22 July 2025) (Appointed 22 Juty 2025) Recruitment and appointment of trustees Re¢ruitmenl of Trustees is undertaken Ihrough open processes with a periodic call for new Trustees through social media, newsletter, our extensive neork, and our supporters. The charty's Articles ofAssociation set out the length and duration of each Trustee. Potential Trustees submit a CV and cover letter from which they are shortlisted and then inlerviewed by a minimum of existing Trustees as well as the Chair, followed by approval of the appointment of the preferred candidate at a subsequent Trustee meeting. Auditor In accordance with the company's articles. a resolution proposing that Galloways Accounting (Audit) Ltd be reappointed as auditor of the company will be put at a General Meeting. Daborah Cierthor Chalr RoL*rKI i)ak8tll Tr•a•ur•r ., 15 December 2025 .....
OPEN CITY STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The trustees (who are also directors of the charity for the purposes of company18w) are responsible for preparing the Trustees, Annual 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 which give a true and fair view of the stale of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing Ihese financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently,. obseNe the methods and principles in the Charities SORP- make judgments and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going ¢oncem basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that disclose wilh reasonable a¢cLJracy at any lime the financial position of the charitable company and enable them to ensure that the financial slatements compty with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company (and the group) and heno for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: There is no relevant audit information of which the charitable company's auditor is unaware. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information; The trustees are responsible for the maintenance and inlegrty of the corporate and financial information included on the charitable Company's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial slatemenls may differ from legislation in olher jurisdictions. Company law requires the trustees to prepare finan¢ial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming reSoUrS and application of reSoUrs, including the income and expenditure, ofthe charitable company forthat year. In preparing these financial statements, Ihe trustees are required to: select suitable accounting policies and then appty them consistently., obSee the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., stste whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time Ihe financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
OPEN CITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OPEN CITY Oplnlon We have audited the financial slalements of Open City (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Uniled Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practi). In our opinion, the financial slatemenls.. give a true and fair view of the slate of the charitable company's affairs as at 31 March 2025 and of its incoming resource5 and application of resources, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit ol the financial statements section of our report. We are independent of the charity in accordan with the elhical requirements thal are rèlevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, 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 lo provide a basis for our opinion. Key audit matters We have determined that there are no key audit matters to be communicated in our report. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concem 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 UnrtaInlieS relating to events or conditions that, individually or collectively, may cast significant doubt on the charity'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 trusteès with respect to going concern are described in the relevant sections of this report. Other inforniation The other information comprises the infomation included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover Ihe other information and we do not express any fomi 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 misslalemenls, we are required to determine whether this gives rise to a malerkll misstatement in the financial statements themselves. If. based on the wotk we have perfarmed, we conclude that there is a material misstatement of this other information, we are required to report that fact. Matters on which we are required to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion: the infomation given in the financial statements is inconsi$tenl in any material respecl with the tru5tees' report", or sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting re¢ords- or we have not received all the information and explanations we requir8 for our audit. 10-
OPEN CITY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OPEN CITY Responslblllties of trustees As explained more fully in the statement of trustees. responsibilities, the trustees, who are also the directors of the charity for the purpose 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 misslalement. whether due to fraud or error. In preparing the financial slalements, the trustees are responsible for assessing the charity'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. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial slatements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs 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 exisls. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they Gould reasonably be expected to influen the economic decisions of users taken on the basis ofthese financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. The engagement partner ensured that the engagement team collectivety had the appropriate competen, capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations; We identified the laws and regulations applicable to the charity through discussions with management, and from our commercial knowledge and experience of the charity sector,. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities SORP 2019, Charities Act 2011, Companies Acl 2006, and data protedion, anti-bribery, employment, environmental and health and safety legislation. We assessed the extent of mplianCe with the laws and regulations identified above through making enquiries of management and inspecting legal corresponden. and Identified laws and regulations were MmUnIcated within the audit team and the team remained alert lo InStanS of non-compliancè through the audit. We assessed the susceptibility of the charity's financial slalements to material misstatements, including obtaining an understanding of how fraud might occur" by: Making enquiries of management as to where they considered there was susceptibility to fraud. their knowledge or actual, suspected and alleged fraud., Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we- Performed analytical ProdureS to identsfy any unusual or unexpected relationships., Tested joumals entries to identify unusual transactions., Assessed whether judgements and assumptions made in detemiining the accounting estimates were indicalive of potential bias,. and Investigated the rationale behind significant or unusual transactions. 11
OPEN CITY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OPEN CITY In response to the risk of irregularities and non-complian with laws and regulations, we designed procedures which induded, but were not limited lo- Agreeing financial statement disclosures to underlying supporting documentation- Enquiring of management as to actual and potential litigation and Claims., Reviewing correspondence with Ihe Charity Commission, relevant regulators and the charity's legal advisors., and Reviewing minutes of trustee board meetings. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it IS that we would become aware of non-compliance. Auditing stsndards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence. rf any. Material misstatements that arise due to fraud can be harder to delect than those Ihal arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Coun(al's website at.. https=Il vMw.frc.org.uklauditor5responsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charitie5 (AGcounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's 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 charity and the charity's trustees as a body, for our audit work, for this report, or forthe opinions we have formed. Peter Watters FCA BFP Isenlor Statutory Auditor for and on behalf of Galloway$ Ac¢ountlng (Audlt} Llmlted Chartered Accountants Statutory Auditor 15 West Street Brighton East Sussex BN12RL Galloways Accounting (Audit) Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 ofthe CompaniesAct 2006. 12-
OPEN CITY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Noteg Incomo from: Donations and legacies Charitable activities Other trading activities 323,411 328,038 369,974 100,614 424,025 328,038 369.974 262,038 137,193 536,675 262,038 234,342 536,675 97,149 Total income 1,021,423 100,614 1,122,037 935,906 97,149 1,033,055 Expenditure on: Raising funds Charitable activities 45,740 1.003.231 45,740 157,073 1,160,304 50,271 973,224 50,271 65,190 1,038,414 Total expenditure 1,048,971 157,073 1.206.044 1.023,495 65,190 1.088.685 Net expenditure and movement in funds (27,548) (56,459) (84.007) (87,589) 31.959 (55,630) Reconciliation of funds: Fund balances at 1 April 2024 284,681 56,459 341,140 372,270 24,500 396,770 Fund balances at 31 March 2025 257,133 257,133 284,681 56,459 341,140 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from conlinuirlg activities. 13-
OPEN CITY STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets 13 31,396 39,326 Current assets Stocks Debtors Cash at bank and in hand 14 15 11,594 55,011 445,086 34,227 87.688 382,301 511,691 504,216 Creditors: amounts falling due within one year 17 (285,954) (202,402) Net current assets 225,737 301,814 Total assets less current liabilities 257,133 341,140 The funds of the charity Restricted income funds Unrestricted funds 20 21 56,459 284,681 257,133 257,133 341,140 The Company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounling records and the preparation of financial statements. The members have not required the company to obtsin an audit of its financial statements under the requirements of the Companies Act 2006. for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the trustees on 15 December 2025 Roland Oakih•tt Tru•l•• 14-
OPEN CITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flow5 from operating activities Cash generated froml(absorbed by) operdtions 24 62,788 (19.949) Investing activities Purchase of tangible fixed assets (9,142) Net cash used in investing activities (9.142) Net cash generated from financin9 activitie5 Net increaselldecreasel in Gash and cash equivalents 62,788 (29,091) Cash and cash equivalents at beginning of year 382,298 411,389 Cash and cash equlvalents at end of year 445,086 382,298 Relating to: Cash at bank and in hand Bank overdrafts induded in creditors payable within one year 445,086 382,301 (3) 15-
OPEN CITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Charity inforniation Open City is a private company limited by guarantee incorporated in England and Wales. The registed office is C1, Design District Unil 2, Floor 11a Cripps Yard, Soames Walk, London, SE10 OBQ. 1.1 Basis of preparation The financial statements have been prepared in accordan with the charitls Memorandum and Articks of Association, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. ("FRS 102.) and the Charities SORP 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entty as defined by FRS 102. The financial statements are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial slalemenls are rounded to the nearest £. The financial slatemenls have been prepared under the historical cost rnnvention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, Ihe trustees have a reasonable expectstion that the charity has adequate resources to Continue in operational existen for the foreseeable future. Thu5 the tru5tee5 continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment. Designated funds comprise of unrestricted funds that have been aside by the Trustees for particular purposes. Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to Carefully monitor the application of those funds in accordance with the restrictions placéd upon them. There is no formal policy of transfer between funds or on the allocation of funds to designated funds, other than that described above. Endowment funds are subject lo specific conditions by donors that the capital must be maintained by the charity. 1.4 Income All incoming resources are induded in the statement of financial activities when the Charity is entit]ed to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied lo particular categories of income.. 16-
OPEN CITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Icontlnuedl Donated services and donated facilities are recognised as income when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefil from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift lo the charity which is the amount the charity 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 the expenditure in the period of reipt. Due to the nature of Open House (free access to London's best buildings), the charity receives the benefit of venues to hold all rts events and programmes each year. At these events volunteers also donate their time. A value has been quantrfied for this benefit as there is no reasonable markel value lo base the benefit on. 1.5 Expenditu Expenditure is recognised once there is a legal or constructive obligalion 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 dir1 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 contribLrte to more than one activty and 5UPPOrt costs which are not attributable to a single activity are apportianed belween those aCtivitS on a basis consistenl with the use of resources. Central slaff costs are alk)cated on the basis of time spent. and depreciation tharges are allocated on the portion of the asset's use. Support costs are those functions Ihat assist the work of the charity but do not directly undertake charitable aclivities. Support costs may include any back office costs, finance, personnel. payroll and govemance costs which support the charities programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitsble activities where applicable. The bases on which support costs have been allocated are set out in the notes to the accounts. 1.6 Tanglble fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Fixtures and fittings Computer Equipment Website Development 25./0 reducing balance 25% reducing balance 200k reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale prOedS and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impaimient of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impaitment loss. If any such indication exists, the recoverable amount of the assel is estimated in order to detemiine the extent of the impairment loss (rf any). 17-
OPEN CITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 1.8 Sto¢ks Slocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their presenl location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.9 Cash and cash equivalents Cash and cash equivalents indude cash in hand, deposrts held at call wilh banks, other short-lemi liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial instruments The charity 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. Financial instruments are recognised in the charity's balance sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when Ihere is a legally enforceable right to set off the recognised amounts and 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 initially measured a transaction pri including transaction costs and are subsequently carried at amortised cost using the effedive 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 flnanclal Ilabllltles Basic financial liabilities, including creditors and bank loans are initially wognised 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 carned at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or serVIS that have been acquired in the ordinary course of operations 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 inrtially at transaction pri and subsequently measured at amortised cost using the effective interest method. inancial liabilities Derecognition of r Financial liabilities are derecognised when the ¢harity'S contractual obligations expire or are discharged or Canlled. 1.11 Taxatlon The company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitsble purposes onty. 18-
OPEN CITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢counting policies (Continued) 1.12 Employee beneffts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Temiination benefits are recognised immediately as an expense when the charty is demonstrably committed to temiinate thè employment of an employee or to provide termination benefits. 1.13 Retirement benefits Payments to defined contribution retirement benefft schemes are charged as an expense as they fall due. Critical accounting estimatss and judgements In the application of the charity's accounting policies. the trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readity apparent from other sources. The estimates and associated assumptions are based on historical experien and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and fLrture periods where the revision affects both currenl and future periods. Income from donatlons and legacles Unrestricted Restricted funds funds 2025 2025 Totsl Unrestricted Restricted funds funds 2024 2024 Totsl 2025 2024 Donations and gifts Legacies receivable Grants received 78,750 150,656 94,005 78.750 251.270 94,005 76,469 100,024 85,545 76,469 100,024 85,545 100,614 323,411 100,614 424,025 262,038 262,038 Income from Charitable activities UnrestriGted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Projects Income from charitable activities 328,038 328,038 137,193 97,149 234,342 19-
OPEN CITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from other trading activities Unrestrlcted Unrestrlcted funds funds 2025 2024 Corporate sponsorship Product income 366,864 3,110 535,885 790 Other trading activities 369,974 536,675 Expenditure on raising funds Unrestricted Unrestricted funds funds 2025 2024 Fundralsing and publicity Other fundraising costs 45,740 50,271 Expendbture on charitable activities Total 2025 Total 2024 Direct costs Staff costs Project costs 530,578 461,069 493.973 351,403 991,647 845,376 Share of support and governance costs (see noto 8) Support Governance 154,559 14.098 181,348 11,690 1,160.304 1,038,414 Analysis by fund Unrestricted funds Restricted funds 1,003,231 157,073 973,224 65,190 1,160,304 1,038,414 -20-
OPEN CITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs allo¢ated to activities Total 2025 Total 2024 Depreciation Personnel and travel costs Premises costs Telephone and IT costs Marketing. printing and statonery Finance costs Sundry expenses Gavemance 7,930 41,510 17.703 34,386 44,549 3,968 4,512 14,098 12,510 13,617 16,445 86.809 44.980 4,901 2,086 11.690 168,656 193.038 2025 2024 Governance costs comprise: Audit fees Accountancy 9,500 4,598 7,000 4,690 14,098 11,690 Governance costs includes £9,500 (2024.. £7,000) paid to the Auditorllndependent examiner. Net movement in funds 2025 2024 The net movement in funds is slated after ¢hargingl(crediting)- Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fi'xed assets 9,500 7,930 7,000 12,510 10 Trustees None of the trustees (or any persons connected with them) reiVed any remuneration or benefits from the chaiity during the year. 21
OPEN CITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Employees The average monthly number of employees during the yearwas.. 2025 Number 2024 Number Management and administration Projects 11 12 Total 18 14 Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 477,083 42,998 10,497 455,002 30,284 8,6B7 530,578 493,973 There were no employees whose annual remuneration was more than £60,000. 12 Taxation The charity is exempl from taxation on its activities because all its income is applied for charitable purposes. 13 Tangible fixed assets Flxtures and flttlngs Computer Website Equlpmant Development Total Cost At 1 April 2024 19,181 45,070 238,862 303,113 At 31 March 2025 19,181 45,070 238,862 303,113 Depreciation and impalrment At 1 April 2024 Depreciation charged in Ihe year 18,804 94 44,145 231 200,838 7,605 263,787 7.930 At 31 March 2025 18,898 44,376 208,443 271.717 Carrying amount At 31 March 2025 283 694 30.419 31.396 At 31 March 2024 377 925 38.024 39,326 -22-
OPEN CITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Stocks 2025 2024 Finished goods and goods for resale 11,594 34.227 15 Debtors 2025 2024 Amounts falling due within one year. Trade debtors Other debtors 55.011 86,151 1,537 55.011 87,688 16 Loans and overdrafts 2025 2024 Bank overdrafts Payable within one year 17 Creditors: amounts falling due wlthln one year 2025 2024 Nots8 Bank overdrafts Other tsxation and social security Deferred income Payments received on account Trade creditors Other creditors Accruals 16 50,267 84,0(X) 118.351 22,176 2,160 9,000 93.263 86,905 11.473 1,758 9,000 285,954 202,402 18 Deferrod Income 2025 2024 Other deferred income 84,000 -23-
OPEN CITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Deferred income (Continued) Deferred income 15 included in the financial statements as follows: 2025 2024 Deferred income is included within: Current liabilities 84,000 Movements in the year.. Deferred income at 1 April 2024 Resources deferred in the year 84,OQO Deferred income at 31 March 2025 84,000 19 Retiroment beneflt schemes 2025 2024 Defined contributlon Schemes Charge to profit or loss in respect of defined conlribution schemes 10,497 8,687 The charty operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independenlly administered fund. 20 Restricted funds The restricted funds of the charity comprise the unexpended balances of donation5 and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 April 2024 Incoming resources Resources At 31 March expended 2025 Baylight Foundation Greater London Authority National Lottery Community Fund Tallow Chandlers Company Johyn Lyons Foundation Conseilde I'Europe EH Days Funding City Bridge Foundation 25,926 2,000 5,000 16,260 3.000 14,000 1,647 58,707 (27,926) 15,000) (16,260) {3,000) 137,029) (1,647) (66,211) 23,029 7,504 56,459 100,614 (157,073) -24-
OPEN CITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Restricted funds (Continued) Previous year: At 1 Aprll 2023 Incomlng Resour¢e$ At 31 March resources expended 2024 Baylight Foundation Geoff Herrington Greater London Authority Foundation for future London NEU Tallow Chandlers Company City Bridge Foundation Johyn Lyon5 Foundation Christina Smith Foundation Conseilde I'Europe EH Days Funding 24,500 3,000 12,000 1,000 10,000 1,5LKI 3.000 27,200 27,000 5,675 6,774 (1,574) 112,0001 11,0001 (10,000) (1,500) 13,000) 119,6961 13,971) (5,675) 16,774) 25,926 7,504 23,029 24,500 97,149 (65,1901 56,459 -25-
OPEN CITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Restri¢ted funds (Continued) Purpose of restricted funds hl Foundatio This is funding for Academy of British Housing l Baylight Fellowship- workshops and tours foi professionals. ons oundal'on - This is funding for Its My City Too.. in-school workshops for SEN children. G off Herrin lo an ater London AulhD These are Accelerate funding for skills development, mentoring for 16-18 year olds and also funds activities for young people who have been through Accelerate. ousin Mastercla Funds restricted to the housing masterclass are restricted to supporting the delivery of programmes which explore, promote and drive positive practice in housing design and development in the UK. Found tion orf anders Com an These are funds for Young City Makers programme for young people aged 8-11. Across in-school workshops and a trip in the city, this programme pairs primary schools with architecture practice to bring learning io life. Students develop their collaboration and model-making skills, together with Iheir understanding of their role in shaping their city- Christina Smith Foundation This is funding for Open House Festival 2024.. Animate lj'azz perf0mlan). Animate is an interdisciplinary Festival initiative to awaken the buildings and spaces showcased in the festival with complimentary art forms, such as music, dance, or visual art. In this instance we ceiVed fun(fjng to stage a jazz perfomiance at a library in South NO00. Brid e Foundation This is funding for Open House Festival 2024.- City Curalors (young people's development programme). City Curators is for graduates of our young people's programmes in their late teens and early twenties. Our City Curators engage in several weeks of mentoring and workshops, in addition to curating their own Festival collections and running events for members of the public during the Festival. Conseilde I'E This is funding for Open House Festival 2024.. Animate (Beck Road artist exhibition). This was another part of our Animate programme, in which we supported a neighbourhood collective to showcase visual art and hold workshops, while also opening their homes and studio spaS for the Festival. ional This is funding for Open House Festival- ACssIbl11ty for All Grant. Tallow Ch ndler - This is funding foryoung City Makers.. in-school workshops for KS2. 21 Unrestricted funds The unrestricted funds of the charily comprise the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2024 Incoming resources Resources At 31 March expended 2025 General funds 284,681 1,021,423 (1,048.971) 257,133 -26-
OPEN CITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Unrestrlcted funds (Continued) Previous year: At 1 Aprfl 2023 Incoming resources Resources At 31 March expended 2024 General funds 372,270 935,906 (1,023,495) 284,681 22 Analysis of net assets between funds Unrestrlcted funds 2025 Restrlctsd funds 2025 Total 2025 At 31 March 202S: Tangible assets Current assetsl(liabilities) 31,396 225,737 31,396 225.737 257,133 257.133 Unrestricted funds 2024 Re$trlcted funds 2024 Total 2024 At 31 March 2024: Tangible assets Current assets1(liabilities> 39,326 245,355 39,326 301,814 56,459 284,681 56,459 341,140 23 Related paty transactions The were no disclosable related paty transactions during the year (2024 - none). 24 Cash generated froml(absorbed by) operations 2025 2024 Deficit for the year (84.007) (55.630) Adjustments for: Depreciation and impairment of tangible fixed assets 7.930 12.510 Movements in working capitsl: Decreasel(increase) in stocks Decreasel(increase) in debtors (Decrease)lincrease in creditors Increase in deferred income 22,633 32,677 1445) 84,000 (34,227) (32,230) 89,629 Cash generated fromllabsorbed by) operations 62,788 (19,948) -27-
OPEN CITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 26 Anatysis of changes In net funds The charity had no material debt during the year. -28-