Company registration number: Charity registration number: 4928733 1100990 COLAB EXETER LTD. (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024 eoLab Exeter Thompson Jenner LLP I Colleton Crescent Exeter Devon EX2 4DG
CoLab Exeter Ltd. Contents Reference and Admlnlstratlve Detall$ Trustees. Report 2tolO Statement of Trustees. Responslbllitles 11 Independent Audltor's Report 12to15 Statement of Flnanclal Artlvltles 16to17 Balance Sheet 18 statement of Cash Flows 19 Notes to the Flnanclal Statements 20to34
CoLab Exeter Ltd. Reference and Administrative Details Trustees J Alder JEDent A Famsworth H Groves J Mclaren S Stevens L Vanstone Secretary H Skinner Senlor Management Team F Carden, Chief Executive OfTicer I Cook, Deputy Chief Executive Officer (from June 2023) A Puleston, Head of Finance Prlnclpal Offlce Wat Tyler House King William Street Exeter EX4 6PD The charity is incorporated in England. Company Reglstratlon Number 4928733 Charlty Reglstratlon Number 1100990 Bankers The Co-operative Bank CAF Bank Limited Santander Audltor Thompson Jenner LLP I Colleton Crescent Exeter Devon EX2 4DG Page I
CoLab Exeter Ltd. Trustees, Reporl The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2024, which comply with the current statutory requirements, the charity's goveming documents and prepared sn accordance with the 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 IFRS 1021 {effective l January 20151 (Charities SORP FR5102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021 and the Companies Act 2006. Purposes and Aims CoLab is a multi-agency wellbeing hub in Exeter. We enable people and organisations to work together, to create the conditions for people to lead their best lives and do their best work. and for organisations to achieve their greatest impact and value. The CoLab purposes, as set out in the objects contained in the Arts"cles of Association, are: To promote any charitable purwses for the benefit of the community, principally but not excluslvely In Exeter. wider Devon, and the southwest of England Ihereinafter called "the area of benefit'l and, in particular the advancement of education and learning, the protection of health, and the relief of poverty. distress and sickness. To promote and organise collaboration and cooperation in the achievement of the above purposes, and to that end, to bring together irb partnership, voluntary organisations, businesses, statutory authorities, communities and citizens within the area of benefit. Airn: OLtr airn is to respond sensitively and proartively to people with complex lives as a multi-agency partnership in alignment with shared values, with common unéerstanding of the problems and a shared vision for change. From the work we have done to develop the culture, or context for all our offer, we have learned that otjr stakeholders value a compassionate approach, investment in community spirit, and capacity for people to listen, respond proactively and lead change in their own lives and work. How our activities deliver public benefit The organisation's main artivities and beneficiaries are identified in the review below. The trustees confirm that they have complied with the requirements of sertion 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charities Commission for England and Wales. Most of the activities are delivered in partnership with other voluntary and community groups or statutory agencies and are undertaken to further the organisation'5 charitsble purposes for the public benefit. Theory of change underpinning the work: Our theory of change is that if people are supported to commit to a shared purpose, in one location, within a common approach, this creates the optimum culture and conditions for people in need of help and support to benefit, tearns to do their best work. and organisations and the communities they serve to thrive. CoLab Vision Our shared vision is of a compassionate and inclusive city and hub where people actively participate and communities thrive. CoLab Mission Our shared mission is to create the conditions for people to lead their best lives and to do their best work- and for organisations to achieve their 9atest impart and value. Page 2
CoLab Exeter Ltd. Trustees, Report Our impart at a glance Doing What Matters Most Project llS4SO ..and consistent over ,.4he last 2 year5,, I,Vlsits to CoLab atrium in the x last year... Learnin9 Matters During the Doing What Matter Most the Urban Leamlng Academy has delivered courses from 27 dlfferent provlders Gender Matters .1 saw the workshop in the [ULAI brochure. I didn't know what to expect but it was lovely. I didn't realise I could be so creative!Pl over living in temporary accommodation or hostels supported by the Brave Spaces project last year women hlertal Ileatth Matters engagements In the Men's Group over the last year Page 3
CoLab Exeter Ltd. Trustees, Report CoLab Case Studies T Welcom• Team Ilterdlly never know what15 9olng to come through the door and must be abk to adapt moment to moment dependant on the person and problem at hand. The team can go from deallng wth a rnedlc41 emergency to provldlng a referrdl to foodbank In a matter of rnoments whllst also maklng each a prlorfty .We have several regular vlsltors who we see most days of the week and agaln they requlre very Indlvldual responses. Blll, a 70-year-old male wlth some leamlng dlfflcultles tomes to Colab most days. HIS purpose for dolng so seems to be that It Is somewhere he feels safe and has company. He does not trust e3sllyi and It has taken rne for the team to bulld a trustlng relatlonshlp wlth hlm. He has been Ilnked In wlth houslng support adult sodal CO and health care. The team support Blll wlth phone calls, charylng hls elertrlc scooter and many cups of ffee1 In COn$t to thls another regular vlsltor Is Chrfs. Chrfs Is a 35-year-old male who stNggles wh alcohol use and rnalntalnlng any sort of accommodatlon. Chrts can be challenglng In hls behavlour, some days the comedlan and others abuslve and belllgeren¢ he can also cause Issues wlth other vlsltorn to the bulldlng. The team have becfjme skllled at managlng hls presentatlons, puttlng dear boundarfes In Pla for Inapproprlate behavlour. We have also supported hlm In moments of dlstress, advocated for hlm wlth houslng provlders and ensured he has dean dothlng and provlded to a phone 50 he un keep In ct)ntart wlth hls famlly. T had been experfenced homelessness several tlrnes before she wa5 allocated a Spa In our women'5 SUPPOrted accommodauon offer, by the CoLab Women project. She settled well, eventually staylng there for several months and taklng part In our wraparound offer for women that Induded one to one support, flnandal asslstance and recovery groups. Our staff supported her to secure long-temi accommodatlon, and she was eventually able to move Into her own tenanry. As part of thls, we were able to support her wlth furnlture, whlte g¢)ods and •)ngolng hollstlc wpport. One year on, she Is settled, healthy and has set up her own small buslness. She has regalned contsct wlth her famlty and15 bulldlng Increased connectlon wlth her son. We conunue to support her on an ongolng basls, and she Is keen to volunteer wlth our tsam In futu. TIM, a 38-yeaTrold male. flrst vlslted Colab after loslng hls Job and consequentty hls accommo¢Jatlon. TIM was strugglSng wlth hls mental health and ac¢e55ed 5UPPOrt offered by the On• M•ntal H•olth Team. Inltlally thls was In the capatty of Itstenlng and offerlng SUPPOrt to access other serrflces such as houslng, beneffts and the GP. fm was then accepted on to the team'$ caseload and the team lead and recovery navlgator worked wlth hlm regularty, somettmes dallyi to help hlm learn some new coplng strategles. The team referred hlm onto the Homeless Mental Health Team for more Intenslve mental health support and offered outreoth sesslons seelng hlm at the hostel where he was accommodated. Alcohol was a part of Ttm'$ struggles, but he was very much In denlal about the level and Impatt of hls use. Over tlme he opened to the team and was then referred to the sfaR project sfaR have been worklng wlth TIM to develop a personallzed recovery plan that Indudes settlng reallstk 91$, developlng pIng Strategles. and bulhllng reslllence. TIM contlnues to access mental health and STaR SeN1 at Colab. Thls unlque offer enables TIM to access support at moments he reds In crfsls as well as hèvlng a strurtured plan to work towards. Page 4
CoLab Exeter Ltd. Truslees, Report Over the last few years, a woman experfenclng several complex challenges accessed the support of the CoLab Women's Team. Through those Interarttons she d15covered the leamlng opportunltles wlth the Urban L•arnlno Ac•d•my. Over tlme, she attended multlple ULA opportunltle5 and went on to become one of our freelan tutors wlthln the ULA and ran her own Embroldery wh Nature eourse whlch was a huge success. An opportunlty arose wlthln CoLab to offer some tempornry admlnlstratlon support to CoLab and the ULA, and •he has now successfully secured a flxed tem contract wlth CoLab as the uan Learnlng Academy Communlty Leamlng Connector. Wlth offerfng opportunltl•s In our communltles, IVS a wonderful exarne of the how people can use'l•amlng as a tool for change,, to Increase skllls, knowledge and confldence, and In thls Instance not only transltlonlng from leamer to freelan tutor but now also a key member of the ULA trn (#nnertlng people In our cornmunlty to leamlng •nd mejnlngfvl actmtlu •nd showlng the value and lrnportanc• of Ilfelong le•mlng SIX Strateglc Objectives CoLab 2022 - 2025 Stategv www.colabexeter.or our-strate Sustalnable Llfe- people live lives they have reason to value and 5UStain Sustalnable team - Staff are empowered and enabled to do their best work Sustainable model - CoLab is able to understand and evidence the difference the CoLab Model is making Sustalnable Hub - CoLab is safe, financially secure and sustainable Sustalnable System- CoLab contributes to a fairer, more equal and incluslve system and city Sustalnable communlty- The multi-agency community response maximlses expertlse, resources and relatlonshlps, to strengthen and develop the communlty Revlew of Achlevements and Performance 2023-24 Our guiding prlnclples of collaboratlon, welcome, compasslon, ambltlon and soclal Justlce Inform our dally practlce and are the result of seven years of learning, experfmentlng, falllng and beSng courageous. We continue to work together to achleve the vlslon of an Intluslve clty In whlch everyone's volce Is heard and valued. In the last year, we have been called a 'soclal A&E', an 'anchor Inststutlon,, 'a trusted palr of hands, and the 'bearers of hope, In our clty. We believe CoLab lives up to each of those statements. We have nurtured an enabled ground-breaklng alliances collaboratlng around common goa15 to tackle long standbng Inequalltles - these alllances leave aside competlng agendas to bulld trust and relatlonshlp5. We belleve that our approach of collaboration, and alllance-worklng Is the foundatlon of a sustainable future for 5ervlces workSng together to addres5 multSple dlsadvantages. Our work In building a sustainable future for the CoLab community is informed by a 8rowln8 body of evidence telling us that personal and community social capital is positively associated with improved health outcomes. We know that low levels of social connection result in higher rates of mental health issues and we know that deficit of social capital compounds the challenges of entrenched disadvantage and inequalities. This report outlines the numerous ways in which the CoLab community supports people to build social capital through learning and connection. We create the conditions for people to lead lives they have reason to value. We are grateful for the dedlcatlon of our incredlble board of trustees who support and empower the teams In their determination to continue to make a difference despite our uncertain times. We recognise and thank the people that go that extra mile every day because of thelr shared belief in what we do. We will strive to continue provldlng a trusted place where vlsltors are welcomed, valued and respected. A significant point of reflertlon Is the tragic deaths of a number of people who access our servlces. Thls numbers of deaths have Increased and reflect the tragedy that Is unfoldlng across the UK, Increaslng drug related deaths attributable to synthetic opioids. We also note that many people have also experienced complexity and challenges in their 5ives and faced multiple disadvanta9es all of which is a stark reminder of the increasing need for services Page S
CoLab Exeter Ltd. Trustees, Report 1Ske CoLab and for ways In whlch the volces of those communlties Is better heard and understood. Our sympathies and thoughts lie with the families of those who have died. The pioneering spirit that launched CoLab seven years ago prevalls today. We hope to broaden our reach and impact and are always excited to make new relationships and forge new partnerships. In October 2023 we launched our impact report summarising our extensive work and impact over recent years. This comprehensive report contains detailed information aligned to our strategic objectives, our funders, project work and role in the clty. act Re Ort5 - CoLab Exeter Organlsatlonal Structure Page 6
CoLab Exeter Ltd. Trustees, Report The appointment of Fiona Carden as sole CEO was followed by the recruitment of a Deputy CEO {Operations and Practice Lead) and Part Time HR lead. Fiona implemented a new leadership structure to support the distributed leadership model and CoLab now has a leadership ship the team leaders representing CoLab's key themes= Wellbeing, Mental Health, Infrastructure, Welcome and Hospitality, Finance, HR and People. CoLab Women. Research and Impact, and Learning. CoLab Leadership Team's Principles we will be open to learning and grow together be curious and open minded 'walk the talk, make time for each other share power and promote equality of voice communicate openly and actively nurture leadership in everybody In a staff wellbelng survey carrieé out in early 2024 we are delighted to report that people are very happy w01ng at CoLab and partlcularly enjoyed the collaboration, kindness, teamwork and sense of purpose they experience in their work. In the coming year CoLab will Continue to improve financial sustainability and capacity for growth and development within the Strategy Implementation Plan Revisit our current strategy with a refresh informed by emerging challenges and opportunities and informed by our stakeholders visions and strategies Develop strategic alliances underpinned by our role a5 Civic and Community leader Reflect on the extent of our recent growth and carry out a number of workshops and engagement activities to understand and inform next steps Financial Review Overview of year end position: In the year, CoLab achieved its second highest level of income in Its history and achieved an increase in reserves. This year has been a year of transition, as a number of projects ended and new projects commenced. It Is expected that the followlng year will see an increase in Income, and this will lead to some Improvement of CoLab's unrestricted reserves which includes the designated property fund. The accounts for the year ending 31st March 2024 show a surplus of £3,464 {2023.. deficit of £19,320). Income decreased by 10.40h to £1,413,363 {2023.' £1,576,970). Unrestricted funds increased by £9,337 from £442,984 to £452,321. Restricted funds decreased by £5,873 from £14,647 to £8,774. CoLab's increased its total funds by £3,464. Unrestricted funds represent general funds which is for the provision of Wat Tyler House for projects and outside agencies and designated funds. Designated funds include the Property fund {for which depreciation Is charged to it each year), a donation from Natwest and the extra cost in providing the Welcome Team. Restricted funds have been split into Expenditure Projects (where Income has been received and expenditure is incurred to complete the purpose the funds were provided) and Capital Projects (where income has been received and the expenditure is capitalised). Unrestrirted funds increased due a surplus of £9,337. Restrirted funds decreased due to a deficit of £5,837 Page 7
CoLab Exeter Ltd. Trustees, Report as a result of timing between Income belng recelved (shown as Fund Brought Forward) and the expenditure being incurred on è project. At the end of the previous year, the Restricted Capital fund was transferred to the Designated Property funds as the purpose for the grant had been cornpleted. More details can be seen in note 22. Reserves Poltcv The Board of Trustees Is monltoring progress on the reserves regularly and in accordance with Charity Commission guidelines remaln committed to increasing organisational cash reserves sufficiently iri order to meet three months of operating costs. The Charities unrestricted funds continue to be predominantly represented by fixed assets and will still be required to service the loan repayments to Exeter City Council. Maintaining and improving the unrestricted reserves across the fixed and current assets remains part of the overall strategy for the charity. Going concern This assessment requires the Trustees to consider whether there are any material uncertainties relating to events or conditions that may cast slgnbflcant doubt on the abllity of the charlty to contlnue as a golng concern for 12 months following the date of the approval of the financial statements. The Trustees recognise that its reserves are low and that this represents a vulnerability for the charity. However, through close monitoring of our free reserves position we are confident that the charity is sufficiently agile to be able to respond to further funding challenges. Trustees J Alder {from December 2023) JEDent A Farnsworth H Groves (from May 20241 T Lomas (to April 2023) J Mclaren A Rome (to May 2024} s stevens (from December 2023) L Vanstone Trustee recruitment CoLab continues to grow and develop and now need to broaden our trustee base. Particular areas of expertise to recruit to include people with a finance, fundraising or legal background. Page 8
CoLab Exeter Ltd. Trustees, Report Governlng Document Exeter CVS becaffo a charltsble company Ilmlted by guarnntee, Incorpordted on Icth Ortober 2003 and reglstered a5 a ch•rlty In December 2003. The company was establlshed under a Memorandum of Assoclatlon. whbch descrtbed the objects and powers of the CharItab companyi and Is govemed under Its Artlcles of Assoclatlon. In order to brfng It In Ilne wlth the requlrements of new company law. the constitutlon was amended by spLrlal resolutlon at a meetlng on 3rd March 2010 and reglstered a Companles House on 10th March 2010. In October 2018 It OnStItUted and changed Its name to CoLab Exeter Ltd. The Trustees are appolnted In accordance wlth the Arwcles of Assoclatk)n. The members elect persons to be Trustees at the Annual General Meetlng. Recrullment Ind Appolntment of the 8oard The Non-Executlve dlrectors of the axnpany are èlso charfty trustees, for the purposes of charlty law, and under the company's artlcles, Jre known as members of the Board of Trustees, The Artbcles of Assoclatlon states thèt." The Temi of Appolntment for Trustees shall be for three years, wlth an optbn serle for a sewnd three year perlod. Thus the maxlmum duratlon of Appolntment wlll be for slx years. In exceptk)nal clrcumstances a Trustee who has completed the maxlmum term of slx years may serrfe a further terni of 12 months. Thls provlslon can only be used On In respect of a Trustee. Trust•• Indurtlon and Tralnlng The organlsatlon has an Inductknn pack wlth Is Introduced to all trustees when they Joln. The pack covers Informatlon about the organlsatlon; a copy of the constitutlon; tenns of reference for Board of Trustees and sub-commlttees; oroanlsatlonal structure; role descrlptlons and person specificètlon for trustees and honorary offlcers; bxkqround Infom)atlon about the core serrflces and projects, and other Infomiatlon to enable the trustees to carry out thelr role effethvely. New trustees recelve an Invltatlon to sesslons to help fbmlll•d$e them wlth the organlsatlon. trustees are Invltod to attend stsff days, open days and exhlbltlons of the organlsatlon's work, Gov•rnanc• and Int•rnal Control A revlew process was undertaken èt the end of 2022 a vlew to Implementlno a new Jolnt ceo structure. Jolnt CEO'S would be Amanda Kllroy and the new appolntment of Flona Carden In Aprfl 2022. The 8oard of Tnjstees led by Chalr Julle Oent has met quarterly throughout the year, and addltlonally wlthln the Flnance sub-commlttee. The CEO Is also resFonslble for ensurfng that the servlces of CoLab Exeter are dellvered effectlvely, but many day to day resrK*nslbllltles are delegated to other staff as approprlate. The 8oard and sub-commlttees have Identlfled the major rlsks that the chartty 1$ exposed to, and have Implernented systems to manage those rfsks, whlch are revbewed perlodlcally. R•l•t•d rtIal Sm elected trustees are olso elther stsff or trustees of partner organlsatlofts, therefore these oryanlsjtlons ère defined as 'relateO partbes,. All servlces ?nd opwrtunltles co-work are offered by CoLab Exeter to all organlsJtlons equally ar by relevance and merlt, whether or not they are 'related partles,. No one organlsatlon or Indlvldual representatlve has a greater democratlc or flnonclal stske In CoLab Exeter than any other, and as suth the 8oard Is satlsfled that there are no Persons of Slgnlflcant Control wlthln the oryanlsatlon. Annual DeclaraUon of Interests foms are slgned by all Trustees and verbal dedaratlons a requested at the start of any Twstee Meetlngs. Page 9
CoLab Exeter Ltd. Trustees, Report Dl$elo8ure of Intormatlon to Independent •xamln•r Each trustee has taken steps that they ought to have taken a5 a trustee order to make themselves aware of any relevant audlt Informatlon and to establlsh that the charfty's Independent examlner Is aware of that nfomiatlon. The trnstees confirni that the ts no relevant Inforniatton that they know of and of whlch they know the Inderendent examlner Is unaware. Concluslon At a tlme when we contlnue to see Increaslng vlsitor numbers, demands on servlces wlth dients faclng the Impact of the cost of living crlsls. houslng pressures and changes to the crtminal Justlce system we are appreclate all staff, tnjstees, volunteers, and supporters for their dedicatlon and hard work throughout the year. Wlth thelr contlnued sUPPOrt, CoLab wlll contlnue to grow and thrive In fulfllling Its vlslon and mlsslon. The annual report was approved by the trustees of the charlty on 14th November 2024 and slgned on Its behalf by: JEDent Chalr of Trustees den hlef Executlve Offlcer Page 10
CoLab Exeter Ltd. Trustees, Responsibillties The trustees (who are also the dlrectors of CoLab Exeter Limited for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with the United Kingdom Accountir)g Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Company law requires the trustees to prepare financial statements for each ffinancial 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 charitable 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.. select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP. rnake judgements arid estimates that are r.easonable and prudent; state whether appllcable 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 charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufFicient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The annual report was approved by the trustees of the charlty on 14- N•Jy*2024 and signed on its behalf by.. JEDent Trustee Page 11
CoLab Exeter Ltd. Independent Auditor's Report to the Trnstees of CoLab Exeter Lld. Opinion We have audited the financial ststements of CoLab Exeter Ltd (the 'charity') for the year ended 31 March 2024, whlch compr15e the Statement of Financlal Actlvltles, Balance Sheet, statement of Cash Flows and the notes to the financial statements, Including signifficant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit In accordance with International Stsndards on Auditing {UKI (ISA5 (UKII and applicable law. Our responsibllitles under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibllities 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, weliave 11ot identified any material uncertainties relating to events or conditions that, indivbdually or collectively, may cast significant doubt on the charity's abllity to contlnue 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. other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly ststed in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is rnaterially incon51Stent 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. Page 12
CoLab Exeter Ltd. Independent Auditor's Report to the Trustees of CoLab Exeter Ltd. Oplnlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the informatlon glven In the trustees, report for the financial year for which the flnanclal statements are prepared is consistent with the financial statements. and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to Teport by exception In the light of the knowledge and Ljnderstanding of the charity and its environment obtained in the course of the audit, we have not identlfled material misstatements in the trustees, report. We have nothing to report in respert of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been receSved from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanatlons we require for our audit. Responsibilities of trustees As explained more fully in the trustees. responsibilities statement set out on page I I, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and falr view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from materlal mlsstatement, whether due to fraud or error. In preparing the ffinancial statements, the trustees are responsible for assessing the charity's ability to continue as a gobng concern, disclosingl as applicable, matters related to golng concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilltles for the audit of the financial statements Our objertives 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in ccordance 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 financi31 statements. As part of an audit in accordance with ISAS {UK). we exercise professional judgment and malntain professional scepticism throughout the audit. 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 irregularitie5, including fraud Is detalled below. Page 13
CoLab Exeter Ltd. Independent Auditor's Report to the Trustees of CoLab Exeter Ltd. The extent to which the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misstatement In respect of irregularities, including fraud and non-compliance with laws and regulatbons, was as follows.. the erigagement partner ensured that the engagement team collectlvely had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and expertence. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operation5 of the charity, including the Companies Act 2006, Charities Act 2011, taxation legislation, data protection, anti-brlberyj employment, fire safety and health and safety legislation,. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence,. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enqulrles of management as to where they considered there was susceptibility to fraud, thelr knowledge of actual, suspected and alleged fraud,. and considering the internal controls in place to mitigate risks of fraijd and non-compliance with laws and re9ulations. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationshlps. tested journal entries to identify unusual transactions,. assessed whether Judgements and assumptbons made in detemilnlng the accountlng estlmates were ndicative of potential bias- and investigated the rationale behlnd significant or unusual transactions. In response to the risk of irregularities and non-compllance with laws and regulatlons, we designed procedures which included, but were not limited to- agreeing financial statement disclosures to underlying supporting documentation; reading the minute5 of meeting5 of those charged with governance,. enquiring of managernent as to actual and potential litigation and clairns. and reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the charity's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transartions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedLJres 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, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. s. This description forrns part of our auditor's report. Page 14
CoLab Exeter Ltd. Independent Auditor's Report to the Trustees of CoLab Exeter Ltd. Use of thls report Thls report Is made solely to the charity's members, as a bodyi in accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them Sn an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibillty to anyone other than the charlty and the charity's members as a bodyi for our audlt work, or the opinlons we have formed. LkP Davld Tucker (Senlor Statutory Auditor) For and on behalf of Thompson Jenner LLP, Statutory Audltor I Colleton Crescent Exeter Devon EX2 4DG Date.. Page 15
CoLab Exeter Ltd. Statement of FEnanclal Activfitles for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestri¢ted Funds R¢stricted Funds Ttstal Funds Total Funds 2023 2024 Income from: Donations and legacies Charitable activities 14,423 14,423 1, 184,983 16,368 197,859 3,773 1,383,265 7,386 182,546 1, 184,983 Investment income 16,368 197,859 other income Total income 228,650 1,184,983 1,413,633 1,576,970 Expenditure on: Charitable activities (219,313 1,190,856 1,410,169 (1,596,290) Total expenditure 1219,3131 (1,190,856) (1,410,169) 11,596,290) Net income / (expenditure) 9,337 5,873 3,464 (19,320) Transfer between funds Net movement in funds 9,337 15,873) 3,464 {19,3201 Funds at the start of the year 22 442,984 14,647 457,631 476,951 Funds at the end of the year 452,321 8,774 461,095 457,631 All of the above results are derived from continuing activities. There were no other gains or losses other than those stated above. Movement in funds and transfers in funds are discosed above and in Note 22 to the financial statements. During the year, the Charity utilised brought forward specific designated funds to cover budgeted expenditure incurred as part of the continLJed delivery of Charitable objectives. Page 16
CoLab Exeter Ltd. Statement of Financial Activities for the Year Ended 31 March 2024 ncluding Income and Expenditure Account and Statement of Total Recognised Galns And LA)sses) Comparatlve Statement of Flnanclal Actlvltles for the Year Ended 31 March 2023 Unrestrlcted Fund• Restrlrted Funds Totsl Funds 2023 Not• Income from: Donations and legacies Charitable activities 2,000 1,773 1,383,265 3,773 1,383,265 7,386 182,546 1,576,970 Investment income 7,386 182,546 191,932 Other income Total income 1,385,038 Expenditure on.. Charitable activities 190,933) {1,405,357) {1,596,290) Total expenditure (190,933) { 1,405,357) {1,596,290) Net income l (expendlture) 999 {20,3 19) (19,320) Transfer between fund5 76, 147 (76,147) Net movement In funds 77, 146 {96,466) (19,320) Funds at the start of the year 22 365,838 111,113 476,951 Funds at the end of the year 442,984 14,647 457,63 1 All of the above results are derived from continuing activitles. There were no other gains or losses other than those stated above. Movement in funds and transfers in funds are dlscosed above and in Note to the financlal statements. Durlng the year, the Charity utilised brought fOard specific designated funds to cover budgeted expenditure incurred as part of the contlnued delivery of Charitable objectives. Page 17
CoLab Exeter Ltd. (Registration number: 4928733) Balance Sheet as at 31 March 2024 Note 2024 2023 Fixed assets Tangible assets 15 452,794 495,608 Current assets Debtor5 Cash at bank and in hand 16 17 145,843 229,248 323,571 242,277 469,414 471,525 1301,297) 1336,0631 168,117 135,462 620,911 631,070 { 159,816) 1173,4391 461,095 457,631 Creditors: Amounts falling due within one year Net current assets 18 Total assets less current liabilities Creditors: Amount falling due after more than one year Net assets 19 Funds of the charity: Unrestricted income funds Unrestricted Free Reserves 170,653 3,072 278,596 452,321 8,774 461,095 133,465 Designate(S Natwest Fund Designated Property Depreciation Fund 309,519 442,984 14,647 457,631 Restricted income funds 22 Total funds 22 These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to charitable small companies. The financial statements were approved by the Trustees on •11 i and signed on their behalf bv.. H Groves Trustee Page 18
CoLab Exeter Ltd. Statement of Cash Flows for the Year Ended 31 March 2024 Note 2024 2023 Cash flows from operating activities Net cash income/lexpenditurel Adjustments to cash flows from non-cash items Depreciation Investment income 3,464 {19,320) 45,757 116,368) 32,853 47,729 (7,386) 21,023 Working capital adjustments Decrease in debtors 16 83,405 {35,490) 24 137,910 5,688 (215,968) 151,3471 {Decrease}/lncrease in creditors Increase/{Decreasel iri deferred income Net cash flow5 from operating activities 18 18 80,792 Cash flows from investing activities Interest receivable and similar income Purchase of tangible fixed assets Net cash flows from investing activities 16,368 {2,9431 13,425 7,386 (7,102} 284 15 Cash flows from financing activitfes Repayment of loans and borrowings Net increase/ldecreasel in cash and cash equivalents Cash and cash equivalents at the start of the year Cash and cash equivalents at the end of the year 19 {12,9231 81,294 242,277 323,571 (12,9541 164,0171 306,294 242,277 17 All of the cash flows are derived from continulng operations during the above two periods. Page 19
CoLab Exeter Ltd. Notes to the Flnanclal Statements for the Year Ended 31 March 2024 I Charlty status The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered office is.. Wat Tyler House King Wllliam Street Exeter EX4 6PD 2 Accountlng pollcles Summary of slgnlflcant accountlng policles and key accounting e5tlmates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement of compllance The financial statements have been prepared In accordance wlth Accountlng and Reporting by Charities.. statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 and the Companies Act 2006. Basis of preparatlon CoLab Exeter meets the definition of a publbc benefit entlty under FRS102 Assets and liabilities are initially recognised at historical cost or transaction value unless otherwlse stated in the relevant accounting policv notes. The financial statement are prepared in sterlingi which is the functional currency of the charitv. Golng concern The financial statements have been prepared on a going concern basis. The trustees have assessed whether the use of 90ing concern Ss appropriate i.e. whether there are any material uneertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the éate of approval of the financial statements. The trustees have implemented a robust system of procedures and controls in order to deal with risks. The trustees consider that they have reasonable plans in place to manage any uncertainties that may arise in the next 12 months and to strengthen the charity for the future by rebuilding its reserves. The trustees have therefore concluded that it is reasonable for the charity to continue to operate on a going concern basis. Page 20
CoLab Exeter Ltd. Notes to the Financial Statements for the Year Ended 31 March 2024 Income Jnd endowments All income is recognised once the charity has entitlement to the income, it is probable that the incorne will be recelved and the amount of the Income receivable can be measured relbably. Donatlons and legacles Donations and legacies are recognised on a receivable basis when 'receipt' is probable and the amount can be reliably measured. Grants recèlvable Grants are recognised when the charlty has an entitlernent to the funds and any conditions linked to the grants have been met. Where perfonnance conditions are attached to the grant and are yet to be met, the Income is recognised as a liability and included on the balance sheet as deferred income to be released. Deferred Income Deferred income represents amounts received for future periods and is released to Incoming resources in the period for which, it has been received. Such income Is only deferred when: The donor specifies that the grant or donation must only be used Sn future accounting periods,. or The donor has imposed conditions which must be met before the Charity has unconditional entitlement. Expendlture All expenditure is recognised once there Is a legal or construrtive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure headlng that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headlngs they have been allocated on a basls consistent with the use of resources, wlth central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portlon of the asset's Use.. other support costs are allocated based on the spread of staff costs. Expenditure Is Incluslve of irrecoverable VAT. ClrItable activltles Charitable expenditure comprises those costs incurred by the charity in the delivery of its artivities and servbces for Its beneficiaries. It includes both costs that can be allocated dbreetly to such artivities and those costs of an indirert nature necessary to support them. Grant provlslons Provisions for grants are made when the intention to make a grant has been communlcated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Governance costs These include the costs attributable to the charity's compllance with constitutional and statutory requirements, including audlt, strategic management and trustees's meetings and reimbursed expenses. Government grants Government grants are recognised based on the accrual model and are rneasured at the fair value of the asset received or recelvable. Grants are classifled as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred Income. Page 21
CoLab Exeter Ltd. Notes to the Financial Statements for the Year Ended 31 March 2024 Taxatlon The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Flnance Act 2010 and therefore it meets the definition of a charitable company for UK corporatlon tax purposes. Accordlngly, the charity is potentially exempt from taxation in respert of income or capltal galns recelved within categorles by Chapter 3 Part I l of the Corporation Tax Act 2010 or Sectlon 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such Income or galns are applled excluslvely to charitable purposes. Tanglble flxed assets Individual fixed assets costing £500.00 or more are initially recorded at C05t, less subsequent accLtmulated depreelatlon and subsequent accumulated Impalrment losses. Depreclatlon and amortlsatlon Depreciation is provided on tangible fixed assets so as to wrlte off the cost or valuatlon, less any estlmated residual value, over thelr expected useful economlc life as follows.. Asset clasi Leasehold property and Improvements Flxtures, flttlngs and equlpment Oepreclatlon method and rate Straight line over the life of the lease Stralght Ilne over 10 years FIX •*#et Invastmants Flxed asset Snvestments, other than programme related Investments, are Included at market value at the balance sheet date. RealSsed gains and losses on Investments are calculated as the dSfference between sales proceed5 and their market value at the start of the year, or their subsequent C05t, and are charged or credlted to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement In market values durbng the year ané are credlted or charged to the Statement of Financlal Actlvltles based on the market value at the year end. Trade debtori Trade debtors are amounts due from customers for merchandlse sold or services performed Sn the ordinary course of business. Trade debtors are retognlsed Initlally at the transartlon prlce. They are subsequently measure<J at amortised cost using the effective interest method, less provlsion for impairment. A provislon for the impairment of trade debtors Is established when there Is oblectlve evidence that the Charlty wlll not be able to collect all amoLtnts due accordlng to the orlglnal terms of the recelvables. C••h Jnd ca•h equlvalonts Cash and cash equlvalents comprlse cash on hand and call deposlts, and other short-term hlghly liquid investments that are readlly convertlble to a known amount of cash and are subject to an insignificant risk of change In value. Trade credltors Trade creditors are obligations to pay for goods or services that have been acqulred In the ordlnary course of business from suppliers. Accounts payable are classlfled as current liabilities if the Charity does not have an unconditional right, at the end of the reporting perio¢J, to defer settlement of the ereditor for at least twelve months after the reporting date. If there Is an uncondltlonal rlght to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabllitles. Trade credltor5 are recognised inltbally at the transactlon prlce and subsequently measured at amortlsed cost using the effective Interest method. Page 22
CoLab Exeter Ltd. Notes to the Financial Statements for the Year Ended 31 March 2024 8orrowlngs Interest-bearing bormwings are inltially recorded at fair value, net of transaction costs. Intere5t-bearing borrowlngs are subsequently carrled at amortlsed cost, with the difference between the proceeds. net of transaction costs, and the amount due on redemption being recognise¢J as a charge to the Statement of Flnancial Activities over the period of the relevant borrowing. Interest expense Is recognlsed on the basls of the effettlve Interest method and Is Included In Interest payable. and slmilar charges. 8orrowlngs are classlfled as current Ilabllltles unless the Charlty has an uncondltlonal rlght to defer settlement of the Ilablllty for at least twelve months after the reportlng date. Fund •tructur• Unrestrlcted income funds are general funds that are avallable for use at the trustees. dlscretlon In furtherance of the objectlves of the Chaty. Restricted income funds are those donated for use In a partlcular area or for speciflc purposes, the use of whlch Is restrlcted to that area or purpose. P•n•lons and oth•r po4t rètlrem•nt obllgatlons The charlty operates a deflned contrlbutlon scheme for the beneflt of Its employees. Contrlbutlons payable are recognised In the proflt and loss account when due. The charlty allocates the penslon cost between attlvltles based on the Indlvldual to whom the penslon cost relates. Page 23
CoLab Exeter Ltd. Notes to the Flnancirdl Stvdtements for the Year Ended 31 March 2024 3 Income from donatlons and legacles UnreAtrlctsd Fund• G•n•rnl D•slgnat•d Fund• Funds Restrlct•d Fund¥ ProJ•ct C•plt•l Funds Fund• 2024 Tot•1 Pund• 2023 Totsl Fund• Donatlons and legacies.. Donations Grants, includlng capital Grants 80 5,000 5,080 I,ioo rants.. 9,343 9,423 9,343 14,423 2,673 3,773 5,000 4 Income from charltable aetlvltles unr•rI¢*•0 Funds G•n•r•l D••lgnat•d Fynd• Fund• R••trlLt•d Pund• ProJ•rt Capltsl Fund• Fund• 2024 Tot•1 Fund• 2023 Totsl Fund• Mental Health 243,983 286,826 309,266 156,977 172,210 15,721 243,983 286,826 309,266 156,977 172,210 15,721 322,119 481,788 331,896 150,831 75,013 CoLab Women Wellbeln Exeter Infrastructure Civic & Community Learnin Capital 21,618 1,184,983 1,383,265 1,184,983 S InveAtment Income Unrn•trlrt•d Fund• G•n•rnl D••lgn•ted Pund• Fund• R••trlrted Fund• ProJ•rt C•plt•l Fund• Pund• 2024 Total Pund• 2023 Total Fund• Int?iest rcc?Ival)l? on hrink dpposit5 Other investment income 16,368 16,368 16,368 16,368 7,386 7,386 6 Other Incom• Unrestrlcted Funds G•n•rnl D••lgn•ted Vunds Fund• Restrlcted Funds 2024 2023 PrnJ•rt Pund• Caplt•l Fund• Total Fund• Totsl Fund• resoui ces Meetin room facilities 40,628 48,990 108,241 197,859 40,628 48,990 108,241 197,859 43,905 27,180 Lll,461 182,546 Office support services Office hosting Pa8e 24
CoLab Exeter Ltd. Notes to the Flnanclal Statements for the Year Ended 31 March 2024 7 Expendlture on charitable activities Unrestrlcted Funds Genernl Desl9nated Fundg Funds Restrlcted Funds Projert Capltal Funds Funds 2024 Total Funds 2023 Total Funds Governance Costs 7,446 47,092 115,812 166,512 9,479 6,475 (200,4051 152,411 7,446 95,754 911,799 L66,542 12,791 215,837 5,952 91,077 956,417 155,977 14,451 372,416 Office Expenses Employment Costs Establishment Costs 45,775 18,175 2,887 777,812 30 Administration Costs 62 3,250 206,472 200,405 66,902 1,190,856 Project Costs Recharge Costs 2,890 1,410,169 1,596,290 Governance costs Unrestricted Funds Restricted Funds 2024 2023 Genernl Designated Funds Funds Projert Funds Capital Funds Total Fund• Total Funds Audit I Independent examiner fees Audit 5,400 5,400 5,100 {1,800) 2,153 499 Professional Examination Other fees paid to examiners Other governance costs 1,662 384 1,662 384 7,446 7,446 5,952 9 Net InmIng/OUtgoIn9 Msour¢¢* Net outgoing resources for the year include.. Unrestricted Funds General Deslgnated Funds Funds Restricted Funds Project Capltal Funds Funds 2024 Total 2023 Totsl Funds Funds Audit fees 5,400 5,400 45,757 51,157 5,100 47,729 52,829 Depreciation of fixed assets 45,757 45,757 5,400 10 Trustees remuneratlon and expenses No trustees, nor any persons connected with them, have recelved any remuneratlon from the charlty durbng the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. Page 25
CoLab Exeter Ltd. Iyotes to the Financial Statements for the Year Ended 31 March 2024 11 Staff costs The aggregate payroll costs were as follows.. Total 2024 Total 2023 Staff costs during the year were: Wages and salaries Social security costs Pension costs 778,498 67,376 62,200 3,725 911,799 827,281 67,782 38,525 22,829 956,417 Other staff costs The monthly average number of persons (including senior management team) employed by the charity during the year was as follows.. Totsl Total 2024 2023 No No Chdl-ILdble dLtiviLies - fiuriiber 34 38 Charitable activities - 27 28 The number of higher-paid staff with emoluments falling in the following ranges were: Tot•1 Tot•1 2024 2023 £60,000 - £69,999 The total employee benefits of the key management personnel of the charity were £164,130 {2023.' £183,653}. 12 Independent Examlners Remuneratlon Total 2024 Total 2023 Independent examiner fees Professional Examination - (over provision) I provision Other fees paid to examiner Other governance costs (1,800) { 1,800) Page 26
CoLab Exeter Ltd. Iyotes to the Financial Statements for the Year Ended 31 March 2024 13 Audltors Remuneratlon Tot41 2024 Total 2023 Auditor fees Auditor fees other fees paid to auditor Other govemance costs 5,400 1,662 5,100 2,153 7,062 7,253 14 Taxatlon The charlty Is a registered charity and is therefore exempt from taxation. 15 Tanglble flxed assets Furnlture Land and bulldlngs and equlpment Total Cost At l April 2023 Additions Disposals 804,348 74,743 2,943 {7,535) 70,151 879,091 2,943 (67,584) 814,450 (60,049) 744,299 Depreclatlon At l April 2023 Charge for the year Disposals 343,964 38,075 160,049) 321,990 39,519 7,682 {7,5351 39,666 383,483 45,757 167,584) 361,656 Net book value At 31 March 2024 422,309 460,384 30,485 35,244 452,794 495,608 At 31 March 2023 Included within the net book value of land and buildings above is £Nil (2023 £Nil) in respert of freehold land and buildings and £422.309 (2023: £460,384) in respect of leaseholds. 16 Debtors Total Total 2023 2024 Trade debtors 102,456 22,667 20,720 115,056 29,559 84,633 Prepayments Accrued income Other debtors 145,843 229,248 Page 27
CoL#b Exeter Ltd. Notes to the Financial Statements for the Year Ended 31 March 2024 17 Cash and cash equlvalents Total 2024 Total 2023 Cash at bank 323,571 242,277 18 Credltors: amounts falllng due wlthln one year Total 2024 Total 2023 Ti"ode Ci"editoi" Other loans Other taxation and social security Other creditors Accruals 7,175 13,984 14,689 6,313 12,457 246,679 301,297 16,787 13,284 17,686 6,792 34,859 246,655 336,063 Deferred Income Total 2024 Total 2023 Deierred 11)con)e at l April 2023 Resources deferred in the period Amounts released from previous periods Deferred income at year end 246,655 246,679 {246,6551 246,679 462,623 246,655 {462,6231 246,655 Deferred income represents grant income received in advance of the charitable activity for which the funding has been provided. Such income is deferred on the basis that the performance conditions attached to the grant are yet to be met because the activity has not yet taken place.. 19 Credltors: amounts fJlllng due after one ye•r Total Total 2024 2023 Oil)er lodi)s 159,816 173,439 Included in the creditors are the following amounts due after more than five years. Total 2024 Total 2023 After more than five years by instalmentS 101,765 116,830 Other loans after flve years Repayment is due in equal instslments over 16 years from l June 2019. The Interest rate charged Is 30/0 pa. Page 28
CoLab Exeter Ltd. Notes to the Financial Statements for the Year Ended 31 March 2024 20 Penslon and other schemes Defflned contrlbutlon penslon scheme The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £62,200 {2023'. £38,525). Contribution5 totalling £6,313 {2023: £6,792) were payable to the scheme at the end of the year and are included in creditors. 21 Commltrnents Other flnanclal commltments Lease of Wat Tyler House from Exeter City Council which runs untll 2035, with a review expected. but not completed, in 2021. The amount stated at 31 Narch 2024 is the total rent payable for the remaining lease term until the next expected review in 2025. The total amount of other flnanclal commltments not provlded In the flnanclal statements was £71,850 (2023: £143,700). Page 29
CoLab Exeter Ltd. Notes to the Financial Statements for the Year Ended 31 March 2024 22 Funds Balance at IApr 2023 Balance at JI Mar 2024 Incomlng rnsources Resourc•• expenses Tr•n•f•r Unrestricted funds General Unrestricted general funds Designated Premises depreciation fund Natwest Atrium 133,465 223,650 152,411 {34,051) 170,653 309,519 145,757 (1,928) 119,217) {219,313) 14,834 278,596 3,072 5,000 19,217 Total unrestricted funds 442,984 228,650 452,321 Restricted Expenditure Projects Discharge Initiative Fund First Step Mental Health Alliance 90,919 25,500 127,564 9,935 3,000 7,000 184,983 11,224 24,944 29,522 8,998 8,000 308,065 156,977 1,307 17,570 4,800 119,902 28,332 15,000 1,441 {90,9191 {25,500) {127,564) (9,935) {3,000) {7,000) {184,983) 11,224 24,944 {29,5221 {8,998} 8,000 (308,065) 156,977 7,180 17,570 (4,8001 (119,902 (28,332 (15,0001 (I,Hi) Brave Spaces DCF 8rave Spaces Mobilisation Brave Spaces Smallwood Brave Spaces DCC Brave S aces IDVA DCC Pathfinder Smallwood Trust Adult Sexual Exploitaton Toolkit Victim Support Well Being Exeter Doing What Matters Most Meaningful Activities High Flow Magic Carpet STaR 14,647 8,774 Welcome Team Exeter College Other Pro ects 14,647 1,184,983 {1,190,8561 8,774 Capital Projects Ministry of Justice - Capital fundin Loovre Total restricted funds 14,647 1,184,983 (1,190,856) 8,774 Total funds 457,631 1,413,633 (1,410,169) 461,095 Page 30
CoLab Exeter Ltd. Notes to the Financial Statements for the Year Ended 31 March 2024 Balance at Balance at IApr 2022 Incomlng Resour 31 Mar 2023 expenses Transfer Unrestricted f unds General Unrestricted general funds Designated Premlses de 112,335 191,932 {98,671) {72,131) 133,465 reciation fund 253,503 40,821 {6,932) {44,509) {190,933) 96,837 6,932 44,509 76,147 309,519 Learning Atrium Total unrestricted funds 365,838 191,932 442,984 Restricted Expenditure Projects Discharge Initiative Fund First Step Mental Health Alliance 165,733 25,500 130,886 106,407 204,215 2,977 20,589 72,029 70,154 1,434 330,570 150,831 23,817 23,197 1,173 18,508 9,716 5,684 {165,733) {25,500) {130,886) 106,407) 204,215 {2,977) {20,589) {72,029) {70,154) { 1,434) {330,570) {150,831) {23,817) {23, 197) {14,584} {18,508) {9,716) {5,684) Best Start Breathing Space Positive Activity One Woman Centre Smallwood Trust Spark Women Discretionary Fund Well Being Exeter Doing What Matters Most Community Ambassadors Exeter Homeless Partnership Meaningful Activities High Flow STaR Other Projects 28,058 14,647 28,058 1,363,420 (1,376,831) 14,647 Capital Projerts Ministry of Justice - Ca Loovre ital funding 83,055 {6,908 (21,618) {28,526) 76,147 21,618 21,618 83,055 {76, 147) Total restricted funds 111,113 1,385,038 11,405,357) 176,1471 14,647 Total funds 476,951 1,576,970 (1,596,290) 457,631 Page 31
CoLab Exeter Ltd. Notes to the Financial Statements for the Year Ended 31 March 2024 The specifie purposes for which the funds are to be applied are as follows.. Restrlcted funds Discharge Initiative Fund {DPT) funding for people experiencing mental ill-health First step IDCCI A recovery focused project that delivers community engagement, purposeful activity, and personal development opportunlties to people experiencing and recoverlng from mental health and wellbelng Issues Mental Health Alliance - An innovative partnership of VCSE organlsations supporting people across Devon Mental Health Issues Best start {Dept of Health) To improve engagement access to preconception, perinatal, post-natal and early years care for Women and their Farnilies Breathing Space {ECCIDHLUCI - For women facing homelessness due to fleeing violence, providillg a safe secure environment to recover with tailored support which enables and empowers women to progre55 and move forward with their lives Breathing Space Essentials (ECCI A grant to assist Breathing Space clients with essential expenditure Breathing Space Utilities (ECCI - A grant to assist Breathing Space clients Wlth utility bills expenditure Brave Spaces DCF - additional outreach capacity funding to support women in a range of community settings, including at evenings and weekends Brave Spaces Mobilisation {DCC) - rebrandingi Staff trainingi launch of new project Brave Spaces Smallwood additional move-on funding to support women moving into longer term accommodation Brave Spaces DCC - a two year test and learn pmject identifying new ways of supporting homeless women facing multiple disadvantages to access domestic and sexual violence and abuse support and recovery Brave Spaces IDVA DCC - a specialist independent Domestic Violence Advisor role funded by Devon County Council that sits within the Brave Spaces team Pathfinder (PCC) a 2 year project indentifying new ways of providing trauma support for women experiencing sexual violence Adult Sexual Exploitation Toolkit Dissemination (Various) - funding to create a learning and wotkforce development package and action research project to disseminate and implement the Out of the Shadows toolkit, improving support to women at risk of sexual exploitation through prostitution Victim Support - funding to produce a business caselneeds assessment to aid the development and funding of a Women's Centre for Exeter Positive Activities {Variousl - Funding for postive activities for women One Woman Centre IMOJI A project to support women leaving prisorb Smallwood Trust - To enable disadvantaged and vulnerable women in the city to have access to small grants, learning, and support to achieve and sustain financial independence and reduce their vulnerability to financial abuse Spark (Tampon Tax) - fo provide OLJt of Hours Assertive Outreach for Women and to work with women who are most vulnerable in society Women Discretionary Fund This combined funds from a number of sources covering support for vulnerable women accessing CoLab support Wellbeing Exeter IDCF) Wellbeing Exeter works alongside people to discover and develop opportunities and ideas on how to live and feel better and get connected to what matters to them Doing What Matters Most {NLCFI - Investing in the infrastructure that enables the collaborative community to achieve and demonstrate collettive impart Community Ambassadors (ECCI - Funding this projert for the year to Sep-22. Exeter Homeless Partnership (CRI - Funding to find better solutions to homelessness in the City; and Page 32
CoLab Exeter Ltd. Notes to the Ffinancial Statements for the Year Ended 31 March 2024 tralnlng for people with lived experience to provide peer support during Covid-19. Meaningful Activities Thi5 IS the funding from the Alternative Giving Fund for Meaningful Activities Nationwide - A project for learning and assist purchasing of bikes Hbgh Flow INLCF) - A proJect for the disadvantaged to improve their choices and empowerment Maglc Carpet Delivering arts based adult learning opportunities for people experiencing multlple disadvantage disadvantafe STaR {Public Health) A project to provide support and recovery for rough sleepers wlth substance misuse challenges Welcome Team {HUC and ECC) An alliance of organisations supporting a 12 month pilot project to fully understand the benefits and impatts of the Welcome Team and its value and role in the civic realm. View to longer term cityslde Investment. Exeter College A discreet fund in support of the role of the Urban Learning Academy in delivery of adult and a community leaming, and developing a business model for future sutainability of the ULA. MOJ Capital - Funding to create a dedicated safe and gender sensitive space for work with vulnerable women, Includlng develop existing spaces in the building to provvide more holistic, comfortable and effective spaces for learning and support. Loovre (Pulie Heath) Was a project looking at converting unused Council toilets into Usable space. The The project ceased as the cost would have exceeded the grant available. Deslgnated funds Premises Depreciation Fund - Designated funding to cover the leasehold improvement, fixtures and fittings expenditure. This fiJnd is offset against the depreciation charged on these capital items over their expected useful economic life. Atrium - Designated funding for additional servlces for the Welcome Team Natwest - Deslgnated fundlng for Learnlng and the Atrlum Welcome Team Leaming - Deslgnated fundlng for Learnlng support development Transfer* The transfer between Unrestricted general funds and the Premises depreciation fund represents; the value of capital expenditure incurred during the year and funded from Unrestritted general reserves,. along with the repayments funded from Unrestricted general reseNes, relating to the loan used for items capitalbsed wlthln fixed assets. The transfers between Unrestricted general funds and the Atrium and Learnlng funds represents the cost being covered for those funds. MOJ Capital Funds were transferred to the Property Fund. The purpose of the grant had been completed, so it was agreed that the remaining fund should be included with the Property Fund. Page 33
CoLab Exeter Ltd. Iyotes to the Financlal Statements for the Year Ended 31 March 2024 23 An•ly•l• of net assets between funds Unrestricted Restricted Total funds at 31 March 2024 Fundj G•n•rJl Funds D•signat•d Funds Project• Fund• Capltsl Fund$ Tangible fixed assets Current assets 174,198 242,881 (86,610) 1159,816) 170,653 278,596 3,072 452,794 469,414 1301,297 1159,8161 461,095 223,461 {214,687 Current liabilities Creditors over l year Total net assets 281,668 8,774 Unrestrlcted fund• Restrlcted funds Projorts Capitrl Funds Funds Totsl funds at 31 M•rch 2023 Fund$ G¢n¢rnl Funds Dulgnat Funds Tangible fixed a55ets Current assets 186,089 265,197 1144,382) (173,439) 133,465 309,519 495,608 471,525 (336,063 (173,439} 457,63 1 206,328 191,681) Current liabilities Creditors over l year Total net assets 309,519 14,647 24 Anal11 of net funds At l Aprll 2023 Flnanclng cash flows At 31 March 20Z4 Cash at bank and In hand Debt due within one year Debt due after more than one year Net funds / (debt) 242,277 113,284) (173,4391 55,554 81,294 (7001 13,623 94,217 323,511 (13,984) (159,8161 149,771 At l Aprll 2022 Fin•n¢ing sh flows At 31 March 2023 Cash at bank and in hand 306,294 {13,2981 (186,3781 106,618 (64,0171 14 242,277 {13,284) {173,439) 55,554 Debt due within one year Debt due after more than one year Net Idebtl I funds 12,939 (51,0641 25 ReA•t•d party tr•nsartlons There were no related party transactions In the year other than.. Fiona Carden is a director and shareholder in a company called The Green Hat Company Ltd. During the year, CoLab paid this Company £180 In respect of services provided (2023.. £NS11. Page 34