Abbey Community
Association Limited
Annual Report and
Flnancial Statements
31 March 2024
Company ReglslralSon Number
05373711 (England a￿1 Wale8}
Ch8rlty Reglslrallon Number 1109442

Contents
Reports
Reference and administrative details
Trustees, report
Independent auditor's report
12
Flnanclal statements
Consolidated ststement of financial
activities
16
Balance sheet
17
Consolidated ststement of ca8h flows
18
Principal accounting policies
19
Notes to the financial staternents
21
Abbey Community Association Limited

Reference and administrative detalls of the charitable company and its trustees
Trustses
Mr J Buckingham (Chair)
Mr D Gilchrist
Mr R Perera
Ms G Arrindell (appointed 23 January 2024)
Ms T Brown (appointed 23 January 2024)
Ms C Vince (Treasurer) (appointed 25 June
2024)
Mr R Walters (Treasurer) (resigned 29 August
2023)
Dr J Wilkinson (resigned 20 February 2024)
Observer
Cllr T Mitchell
Senlor Management Toam
Mr M Linehan,
Ms G Deadman,
Mr A Greenhalgh
Address
34 Great Smith Str88t
London
SW1P 3BU
Wabslte
.'IlvMw.the
bb
Company reg18tratlon number
05373711
Charlty reglstratlon number
1109442
Audltor
Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers
CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Abbey Community Association Limited

Trustees, report 31 March 2024
The Board of Trustees submits its report together with the accounts for the year ended 31
March 2024. This report is prepared in a¢¢ordance with the Companies Act 2006, Charities
Act 2011 and the Statement of Recommended Practice.. Accounting and Reporting by
Charities {SORP 2015), issued by the Charity Commission.
Structura, governance and management
Governlng document
The organisation ('the Charity,) is a charitable company limited by guarantee, incorporated
on 23 February 2005. The Charily was established under a Memorandum of Association
which established the objects and powers of the charitable company and is governed under
its Articles of Association. The Articles ofAssociation were reviewed by the Trustees in early
2018 and new Articles adopted by special resolution in March 2018.
Prior to the establishment of Abbey Community Association Limited, the activitie8 of the
company were carried through an uninGorporated association and registered charity, Abbey
Community Association, first established in 1948.
Recrultment and appolntment of 8o8rd
The directors of the Charity are directors for the purposes of company law and are also
Charity trustees for the purposes of Charity law and under the Charity's Articles are known
as members of the Board ('Board'). The Board reviews its membership annually,
undertaking truste8 appraisals, to ensure that it reflects the diversity of the community it
serves and has the broad set of skills and experience required for the effective management
of the Charity. The Chair meets with snd is in ragular communication with members of the
Board. Working groups, acting under delegation of the Board, can be convened to meet to
deal with particular Board vmrf<-8treams Such a8 finance, business development and
strategic planning.
Rlsk management
The 808rd records the major risks to which the Charity is exposed, updating its risk register
for review at every Board meeting. The Charity continues to review its health and safety
policie8 during the year, as part ofthe Board's regular review of risk. PoliGies and procedure3
are regularly reviewed and where appropriate, systems and procedures are updated and
training delivered to staff. Major contracts with external suppliers are reviewed during the
year and where appropriate. opened up to competitive procurement on renewal.
Th8 CEO and Board of Trustees r8Vl8W the revenue of the café and commercial room hira
business (operated by its trading subsidiary, Abbey Community Services Limited),
comparing it to previous years and the budget, to ensure it remains profitable and continues
to provide unrestricted funds to the charity through gift aid.
Abbey Community Association Limited

Trustees, report 31 March 2024
Structure, governanco and management (continued)
Oryanlsatlonal structure
The Articles of Association provide that the Charity has a Board of no fewer than three and
no more than nine members who meet every tr￿0 months and are responsible for the
strategic direction and policy of the Charity. At present the Board has six members and on8
observer, from a range of backgrounds relevant to the work ofthe Charity. In 2023, the Chair
conducted an audit of skills and experience of Board members, which informed recruitment
and succession planning, leading to the appointment of three new members {with two
existing members standing downl to ensure the Board retains the necessary skills and is
representative of the community the Charity serves.
The Board meets evary two months and the CEO attends but has no voting rights. The
Board retains the option to convene time-limited "working groups. to pursue more detailed
work such as budget development, financial management, strategic planning and
organisational development rather than maintaining standing sub-committees. Each group
is chaired by a member of the Board and is open to other volunteers and staff members,
where appropriate, is time-limited, bound by agreed delivery objectives and reports back to
the Board with recommendation8,
The Board delegates day to day responsibility for the provision and management of the
services to the CEO and the Senior Management Team, which comprises the Head of
Community Programmes and the Businoss and Events Manager.
Remuneratlon of key management personnel
The pay of the Senior Management Team and all staff is reviewed annually in March and
nomally increased in accordance with average earnings to reflect a cost-of-living
adjustment, with the option of additional pay awards being made in line with changes to the
responsibilities of individual staff. A recommendation on the level of the cost-of-living
increase is made by the CEO for approval by the Board. Those staff earning the London
Living Wage receive an increase determined by the Living Wage Foundation. The Charity
is a Living Wage Employer.
New staff appointments are made where there is provision for new posts in restricted funds,
or where a business case for new appointments covered by CO￿ funds is made by the CEO
and approved by the Board.
Public Benefit Ststsment
The Charity works for the benefit of residents of south Westminster by providing activities,
programmes and services that improve their health, wellbeing, opportunities and
employability, in line with the objects set out in the Articles of Association. The Board
members confirm that they have complied with the duty in section 17 of the Charities Act
2011 to have due regard to the Charity Commission's general guidance on public benefrt,
'Charities and Public Benefit..
Abbey Communty Asscciation Limited

Trustees, report 31 March 2024
Structure, governance and management (continued)
Mlsslon, vision and values
The charity's mission, vision and values were reviewed by stsff and Trustees during 2023
and agreed.
Mission: To support a healthy and cohesive community in south Westminster by providing
the space, services and opportunities to th8 people who need rt most.
Vision.. A sotjth Westminster community that feels healthier, happier and fully supported.
Values..
Dedicated - to serving the community
Collaborative - working together to succeed
Welcoming - to everyone in the community
Responsive - to changing needs
Adaptsble- finding new solutions
Achlevements and perfomiance
The following section prés8nts the key achievements and achievements of services and
activities of the Abb8y Community Association for the year ended 31 March 2024. The
Charty manages the Abbey Centre as the vibrant community hub for south Westminster,
providing wrthin it and from it a diverse range of community Se￿ice8, events and activities.
The Charity is committed to ensuring its employment practices are consistent with its aims
and objectives, and continues to be a London Living Wage employer, certified with the Living
Wage Foundation.
Staff member8 ensure that the Charity undertakes a Strategic role locally by participating In
and facilitating a range of nefvnrks that develop local services and policy including..
Communty Champions Providers Meeting
Healthcare Central London -'Octopus° network
One Westminster- Health and Wellbeing Network
South Westminster Neighbourhood Network
Westminster City Council Community Alliance
Westminster City Council Food and Energy Network
Westminster Community Network
Westminster Connects
Abbey Community Association Limited

Trustees, report 31 March 2024
Structure, governance and management {continued)
Achlevements and performance (continued)
Westminster Neighbourhood Services
Westminster Monthly Outreach and Coordination meeting
The charrty engages with se￿1￿ users and the wider community through an E bulletin to
the community very two weeks, an E bulletin to partners every two weeks regular
newsletters, E-bulletins, printed posters, flyers, and activity leaflets social media {Instagram,
X and Linkedln), website, text messages, outreach by staff, and word of mouth.
During the year we saw growth in the number of members, the number of people using the
charity's seNices, and the number of attendances at the charity's activities.
2023124
2022123
Chang•
Memb•r8
5,193
4,617
+576
Total servlco users
8,193
7,391
+802
Attendances
32,198
25,787
+6,411
The number of volunteers increased during the year, but a reduction in the amount of time
volunteer8 were able to donate saw a fall in the number of hours provided.
2023124
2022123
Change
Volunteers
217
168
+49
Volunteer hour8
13,693
19,599
-5,906
The Charity managad and delivered (either directly or through community partners) a
diverse range of services and activities in 2023124 in support of its charitable objectives, and
these included..
Community Champions
Art therapy
Carers Group
Champions Volunteering
Change 4 Life Workshops
Community and Maternity Champion Head Count Sessions
Community Health Workers Coffee Morning
Maternity Champions Baby Drop-in Sessions
Men'8 Wellbeing Workshops
Men's Yoga with Open Age
Pimlico Millions Coffee Morning
Tea Party
Walking Football
Women Only Exercise Classes
Abbey Community Association Limited

Trustees, report 31 March 2024
structur8. governance and management (continued)
AehleveM￿ts andperfom7ance (continued)
Community Champions (continuad)
Women Only Online Exercise Classes
Women Only Gym Sessions
Women Only Swimming for Confidence
Women's Wellbeing Wotk5hops
Family Cookery Taster Sessions
Carers Group
Community Health and Wellbeing Worters
Churchill Gardens Coffee Moming8
Gordon Hospital Coffee Mornings
He81th and Wellbeing..
AthleFit for Women
Community Choir
Cycling Training
Hot Me81s for Rough Sleepers and Homeless P8ople
H8alth and Wellbeing
Refugee Meals Service
Women's Wellbeing Sessions
Women's Only Exercise (Wednesdays)
Westminster Adult Education funded sesS￿nS.,
Making & Mending Classes
Men's Shed
Money Management
Sewing Group
Woman Off to Wort¢.'
1..1 CV support
1.1 Business Coaching
1.1 InteNiew Practice
Breaking Barriers
Build Your Business Workshop5
Business Start-up Coffee Mornings
Confidence Building Taster
Confidence Classes
CV Clinics
Employability Sessions
Abbey Community Association Limited

Trustees, report 31 March 2024
Structure. governance and managemont (continued)
Achlevements and performance (continued)
Women Off to Woth (continued)
ESOL classes
Healthy Mind sessions
International Women's Month celebration
IT and Digrtal Skills Classes
IT Support Sessions
M8thematiC8 Functional Skills
Money Management
Presentation Skills Workshops
Public Speaking workshops
Sewing Classes
SheMeansBusiness Community Meet-up & Peer Support Session
Steering Group Meetings
Vlhat is a Social Enterprise? Lunch and Learn Webinar
Young At H88rt.'
Falls Prevention
Fitness Easy Pace
Tea Parties
Trip to Eastbourne
Fitness Easy Pace
Monday Club
Talking Tables
other seNices.'
1..1 Advice and Support Appointments
After School Club
Community Pantry
Sessions pmvid8d by community partners..
Addiction Smashers
Age UK Over 50s Drop-in
Alcoholics Anonymous
BH Community UK
Bonsai Kai
Carers NebNork
Dance Buzz
Doina Eastern European Folk Dance
DreamArts
Friday Prayers
Inspiration 2 Dance
Abbey Community Association Limited

Tru8tee8' report 31 March 2024
Structure, governance and management (continued)
Achlevements and ￿rfOrniance (continued)
Sessions pmvided by communily partne￿ (continued)..
London CSSC Table Tennis
M&M Strictly Ballroom
NarcotlC5 Anonymous
Obsessive Compulsive Disorder Group
OCD Support Group
One You
Shen Chi Do
South Westminster Legal Advice Seplice
Strictly Ballroom
Tai Chi
Thrive Trib8
VICEC Coffee Mornings
Weight Management Course
Vilhitehall Ballroom
Zivko Firfov Folklore Dancing Group
Stat•mant on fundralslng
The Charity is aware of the Charities (Protection and Social Investment) Act 2016 and the
Trustees support the aims of this legislation. The majorty of the Charity's income comes
from other charitable bodies and local authorities or from its own trading activities. The
Charity undertakes very little direct fundraising activity involving individual donors. Examples
include our online giving page and events which are promoted through general
communications, rather than targeting specific individuals. The Charity considers the origin
of unsolicited donations and legacies. The Charity does not share or purchase any donor
data with or from third parties. During the year ended 31 March 2024 the Charity did not
receive any complaints in relation to fundraising or raise any matter with regulators.
Operating lease
On 5th Septembar 2024 the charity signed a new lease with Westminster City Council for
tenancy of 34 Great Smith Street. The lease is for 15 years, wrth a break at 10 years, until
when the rent is fixed at £112,000 per annum. The charity has also fomially agreed with the
council to repay rent arrears from 2020 and 2021 totalling £172,705.48 interest-free in
monthly instalments over five years from April 2024.
The charity also signed a 10-year service level agreement agreed with Westminster City
Council that began on 1st April 2023 and includes a grant of £170,000 per annum, linked to
inflation.
Abbey Community Association Limited

Trustees. report 31 March 2024
Structura, governance and management (continued)
Financlal review
The results for the year ended 31 March 2024 a￿ shown in the attached Statement of
Financial Activities. Net income for the year was £126,229 (2023 - £32,264), of which there
was a surplus of £102,739 (2023- deficit of £15,184) on unrestricted funds and a surplus
of £23,490 (2023- surplu8 of £47,448) on restricted funds.
Abbey Community SeNices generated incom8 of £530,371, the highest figure recorded, a
profit of £205,920 (2023.. profit of£137,793) and made a GiftAid donation of£205,920 {2023
16,654) to 8UPPOrt the activities of tha charity.
Prlnclpal Funding Sources
Apart from the income generated by the Abbey Community Services Limited, (the trading
subsidiary ofthe Charity), the principal funding sources for the Charity continue to be grants
and contracts from Westminster City Council and a range of other funders and
commissioners.
InV￿tment Pollcy
The Charity has no investments apart from the trading Subsidiary and therefore there is no
immediate need for an investment policy. This continues to be reviewed in the light of twelve-
month cash flow forecasts.
ReseThes Pollcy
At 31 March 2024 the group had reserves of £415,078, of which £223,660 were restricted
and £36,927 were designated. Designated fund6 represent the net book value of the group,
fixed assets. General undesignated re3erves were £154,491.
The Board has examined the Charity's requirements for reserves in light of the main risk8
to the organisation. It has established a policy whereby the unrestricted funds not committed
or invested in tangible fixed assets should be at least 3 months of unrestricted charitable
expenditure and closure costs. Free reserves, as defined above. at the end of the year were
£154,491 which currently represents approximately 2 months of unrestricted charitable
expenditure plus closure costs. The Board regularly reviews the level of reserves and,
having seen free reserves increase from £46,618 at 31 March 2023 to £154,491 at 31 March
2024, is confident that the Charrty is on track to fulfil its reserves policy.
Going concern statement
In the light of the level of income generated by the trading subsidiary in the year ended 31
March 2024, and based on income to date and projections for the year ending 31 March
2025, the Trustees believe there are no material uncertainties in respect of the Charity's
financial posrtion. They will continue to monitor income on an ongoing basis.
Plans for the future
Having posted the best trading figures for its room hire and catering activities
in its
history, and income from grants and contracts well ahead of budget, the Board are confident
about the Charity's future.
Abbey Community Association Limited

Trustees, report 31 March 2024
Structure. governance and management (continued)
Plans for the future (continued)
The Charity's strategic vision to be °better, more focused, and biggerf was announced in
early 2023, and significant steps towards this were taken in January 2024 with the
recruitment of a team of 16 full and part-time Community Health and Wellbeing Workers,
who will provide an outreach seNice in the most deprived n8ighbourhoods of SOLrth
Westminster to encourage better uptake of primary healthcare opportunities. The seniice is
funded by Healthcare Central London for a period of two years.
The appointment of a full-time Fundraising manager for the first time, signals the charity's
ambition to proactively seek additional extemal funding to allow it to meet the growing need
for its services in the local community.
Statement of responslbllltles of the Board Members
The Board members, who are also directors of the Charity for the purposes of company law
and are trustees for the purposes of Charity law, are responsible for preparing the Trustees,
Report and the financial statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Board members to prepare financial statements for each financial
year which give a true and fair view of the state of affairs of the charitable company and the
group and ofthe incoming resources and application of ￿SOurCes, including the income and
expenditure, of the charitable group for that period. In preparing these financial statements,
the Board m8mb8rs are required to:
Select suitable accounting polici88 and than apply them consistently.,
observe the methods and principles in the Charities SORP.,
make judgements and estimates that are reason8ble 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 concern basis unless It is inappropriate
to presume that the charitable company will continue in business.
Abbey Community Association Limited 10

Trustees. report 31 March 2024
structure. govemance and managoment (continued)
Statement of responslbilities of the Board Members (continued)
The Board Members are responsible for keeping proper accounting records that disclose
with reasonable accuracy at any time of the financial position of the charitable company and
enable them to ensure that th8 financial statements comply with the Companies Act 2006.
They are also responsible for safeguarding the 8ssets of the charitable company and the
group and hence for taking reasonable steps for the prevention and detection of fraud and
other irregularities.
Each Board member confirms that..
There is no relevant audit information of which the charitable company's auditor 18
unaware., and
Board Members 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.
This confirmation is given, and should be interpreted in accordance with, the provisions of
S418 of the Companies Act 2006.
Approved by th8 Board on 1st November 2024 and signed on rts behalf by..
Mr J Buckingham {Trustee)
Abbey Community Association Limited 11

Independent auditors, report 31 March 2024
Independent audltorfs report to the members and trustees of Abbey
Communlty Association Limited
Oplnion
We have audited the financial statements of Abbey Communty Association Limited (the
'charitable parent company,) and its trading subsidiary (the "Group.) for the year ended 31
March 2024 which comprise the group statement of financial activities, the group and
charitable parent balance sheets, and statement of cash flows, the principal accounting
policies and the notes to the financial statements. Th8 financial reporting framework that has
been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in
the UK and Republic of Ireland, {United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements..
+ give a tru8 and fair view of the state of the group's and of the charitable parent company's
affairs as at 31 March 2024 and of the group's income and expenditure for the year then
ended.,
• have been properly prepared in accordance with United Kingdom Generally Accepted
AGGounting Practice; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
Basls for oplnlon
We conducted our audit in accordance with International Standards on Auditing IUKI (ISAS
(UK)) and applicable law. Our responsibilities 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 group 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 responsibilities in sccordance with these requirements. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide
basis for our opinion.
Concluslons relatlng to golng concern
In auditing the financial statements, we have concluded that the trustees, use of going concern
basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identffied any material uncertainties
relating to events or conditions that, individually or collectively, may cast significant doubt on
the group's and the charitable parent company's ability to continue as a going concern for
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.
Abbey Community Association Limited 12

Independent auditors, report 31 March 2024
Other Information
The trustees are responsible for the other information. The other information comprises the
information included in the Trustees, Report. Our opinion on the financial ststements does not
cover the other information and, except to the extent othenNise explicitly stated in our report,
we do not express any form of assurance conclusion the￿On.
In connection with our audit of the financial statements, our responsibilty is to read the other
information and, in doing so, consider wheth8r the other infomiation is materially inconsistent
with the financial statements or our knowledge obtained in the audit or othe￿ise appears to
be materially misstated. If we identify such material inconsistènci88 or apparent material
misstatements, we are required to determine whether there is a material misstatement in the
financial statements or a material misstatement of the other information. If, based on the work
have performed, we conclude that there is a material misstatement of this other
infomiation, we are required to report that fact. We have nothing to report in this regard.
Oplnlons on other matters prescrlbed by the Companles Act 2006
In our opinion, based on the work undertaken in the course of the audit..
• the information given in the Trustees, Report (which includes the directors, report
prepared for the purposes of company law) for the financial year for which the financial
statements are prepared is consistent with the financial statements. and
• the directors, ￿pOrt included within the Trustees, Report have been prepared in
accordance with applicable legal requirements.
Mattern on whlch we are requlred to report by exceptlon
In the light of the knowledge and understanding of the group and the charitable parent
company and its environment obtained in the course of the audit, wa have not identified
material misstatements in the Trustees, Report {which incorporates the directors, report).
We have nothing to report in respect 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 bean kept by the charitable parent company; or
• the charitable parent company 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 infomation and explanations we require for our audit., or
• the Trustees were not entitled to prepare the financial statements in accordance with the
small companies regime and take advantage of the small companies, exemptions in
preparing the Trustees, report and from the requirement to prepare a strategic report.
Abbey Community Association Limited 13

Independent auditors, report 31 March 2024
Responslbllltles of truste85
As explained more fully in the trustees, responsibilities statement, the trustees {who are also
the directors of the charitable company for the purposes of company lawl are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair
view, and for such internal control as the trustees determine is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group's
and the charitable parent company's ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting
unless the trustees either intend to liquidate the group or the charitable parent company or to
cease operations, or have no realistic alternative but to do so.
Audltor's responslbllltles for the audlt of the financial ststements
Our objectives are to obtain reasonable assurance about whether the financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an
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 Sccordance with ISAS (UK) will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We
design procedures in line with our responsibilities, outlined above, to detect material
misstatements in respect of irregularities, including fraud. The extent towhich our procedures
are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of
irregularities, including fraud and non-compliance wilh laws and regulations, was as follows..
we identified the laws and regulations applicable to the charitable company through
discussions with management, and from our commercial knowledge and experience of
the sector.,
we focused on specrfic laws and regulations which we considered may have a direct
material effect on the financial statements or the operations of the charitable company,
including the Companies Act 2006.,
we assessed the extent of compliance with the laws and regulations identified above
through making enquiries of management and inspecting correspondence,. and
identified laws and regulations were communicated within the audit team and the team
remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Charitab￿ company's financial statements to material
misstatement, including obtaining an understanding of how fraud might occur, by..
making enquiries of management as to where they considered there was susceptibility
Abbey Community Association Limited 14

Independent audltors, report 31 March 2024
Audltor's responslbllities for the audit of the flnanclal ststements (continued)
to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigat8 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 analylical procedures to identify any unusual or unexpected relationships.,
reviewed journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting
estimates set out in the accounting policies were indicative of potential bias., and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we
designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation.,
reading minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.
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 standards 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, ff 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
ra8ponsibiliti88 18 availablo on tho Financial Reporting Council's w•b$it•
vAvw.fr¢.org.uklauditorsresponsibilities. Thi8 description form8 part of our audrtorfs report.
Use of our report
This report is made solely to the charitable parent company's and group'members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been
undertaken so that we might state to the charitable company's members those matters we
are required to state to them in an Auditorfs report and for no other purpose. To the fullest
extent pemiitted by law, we do not accept or assume responsibility to anyone other than the
charitable company and the charitable company's members as a body, for our audit work, for
this report, or for the opinions we have formed.
Edward Finch (Senior Statutory Auditor)
For and on behalf of Buzzacott LLP, Statutory Auditor
130 Wood Street
London
EC2V 6DL
Abbey Community Association Limited 15

Consolldated ststement of flnancial activities Year to 31 March 2024
(incorporating an income and expenditure account)
Un-
rostrlctsd Rostrlcted
funds
funds
Total
lunds
2024
Total
funds
2023
restricted Restricted
fund$
fundg
Note8
Inc¢)me from:
Donallons and legacles
Tradlng acuvllles
264,324
530,371
66S,717
930.041
530,371
100.380
362.371
369.153
469,533
362.371
Investment income
825
825
605
605
Ch8rllable actI￿￿e8..
. Hlre of accommodaUon
. A￿l￿ty Income
. Other Income
Total Income
83.518
3,528
15,898
888,464
83,518
31.218
6.898
693,405 1.581,869
80,040
7.981
148,518
679,895
60,040
31,489
148,518
1,072,556
27,688
23.508
392,861
Expendlture on:
R818ing fund8
Charllable actlvitiès..
Communlty acllvllles
Total ex￿ndItUrn
260,632
260,632
234,285
234,285
696.077
956.609
499,031 1,195,108
499.031
1.455.640
522.544
758.829
283,463
806,007
283.463 1,040,292
Not1oxpondltur91 Incomo
108,1401
194,374
126.229
176,934}
109,198
32.284
Trnn8f•r b•¢w••n fund•
Movement offund•
170,884 1170,8841
102,739
23,490
61,750
115,1841
161,750
47,448
126.229
32,264
R•conclllatlon of lund#:
Fund balances brought lo￿ard
al 1 Aprfl 2023
13
88,679
200,170
288,849
103.863
152,722
256,565
Fund balance$ Garrfed forward
8131 March 2024
13
191,418
223,660
411078
88,679
200,170
288.849
All income and expenditure relates to continuing operations. There are no recognised gains
and losses in the year other than shown above.
The accompanying pages numbered 21 to 28 fomi part of these financial statements.
Abbey Communty Ass(Kiation Limited 16

Balance sheet 31 March 2024
2024
Charlty
2023
Charity
Group
Group
Notes
Flxed a88ets
Tangible fixed assets
Inv88tments
16,937
36,927
16,640
42,061
15,939
36,927
18,642
42,061
Current a8sets
Stoth$
Debtors
Cash at bank
4,362
176,316
466,607
637,276
2,365
156,112
373,556
532,033
494,667
147,752
642,409
334.527
204.049
538.576
Cr•dltor8: amounts falling duo
within one year
10 (248,165) (259,124)
{271.3171 (285.245)
Not currnnt a88•1•
394,244
378,151
267,259
246,788
Net a88ets
410,183
415,078
283.901
288,849
Ropro8ontsd by:
Unrestricted funds
General
Designatsd fund - fixed assets
170.588
15,937
186,523
154,491
36,927
191,418
87,089
16,642
83,731
46,618
42.061
88,679
Restricted funds
12
223,660
223,660
200,170
200,170
Total fund•
410,183
416,078
283,901
288,849
These financial statements were approved and authorised for issue, by the Board, on
and signed on its behalf by:
Jonathan Buckingham
Date: 181 November 2024
Company Registration Number: 05373711
Abbey Community Association Limited 17

Consolidated statement of cash flows 31 March 2024
2024
2023
Notes
Cash provldod by (used In) opgratlng actlvltles
95,011
{62.104)
Ca8h flows from Investlng actlvllle8:
Purchase of tangible fixed assets
Not ¢a8h used In Investlng actlvlt108
111,980
(11,960)
135,5811
135,5811
Change In cash and cash equlvalonts In tho year
83,061
{97,685)
Ca8h and cash equlvalents at 1 Aprll 2023
373,556
471,241
Ca8h and cash oqulvalents at 31 March 2024
466.607
373,556
Notes to the statement of cash flows for the year ended 31 March 2024
A Reconclllatlon of net movement In funds to net cash provlded by operatlng actlvltles
2023
2024
Nèt movemont In fund• la8 por tho •tstsment of flnanclal actlvlt1081
Adlu8tments for:
Dapraeiation ¢harg•
Increase in d8btors
Increase in stock
DeC￿8$e in creditors
N•t ca•h provldod by (u8od Inl oporatlng actlvltlos
126,229
32,264
17,094
16,346
{20.2041 {105.0561
11,9881
(2951
126,120}
15,363)
96.011
162,1041
Analy818 of cash and cash gqulvalents
2024
2023
Cash at bank and in hand
Total cash and cash equlv41onts
456,607
456,607
373,558
373,558
No 8eparate reconciliation of net debt has been prepared as there is no difference between
the net Cash (debt) of the charity and the above cash and cash equivalents.
Abbey Community Association Limited 18

Prlnclpal accountlng policies 31 March 2024
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting
by Charities.. Statement of Recommended Practice, applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102> - (Charities SORP (FRS 102)), the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act
2006.
Abbey Community Association Limited meets the definition of a public benefit entity under
FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value.
The presentation currency is pound sterling.
Preparation of accounts on a going concern ba818
The Trustees have assessed whether the use of the going concern assumption is
appropriate in preparing these financial statements. The Trustees have made this
assessment in ￿Spect of a period of one year from the date of approval of these financial
statements.
The Board assesses the performance of the Charity on an ongoing basis. Based on income
figures from trading activities in both the year ended 31 March 2024 and up until August
2024, on projected trading figures, and on ongoing successful funding applications, the
Trustees do not believe there are any material uncertainties in respect of the Charity's
financial position.
The 808rd will monitor income, expenditure and cash flow monthly on an ongoing basis.
Consolldatlon
The accounts consolidate the results, assets and liabilities of Abbey Community Association
Limited and its subsidiary, Abbey Community Services Limited on a line by line basis.
Intergroup transactions and balances are eliminated on consolidation. A separate Statement
of Financial Activities is not included for thè charity only.
Flxed assets
Fixed assets are recognised initially at Gost and subsequently depreciated over the useful
economic lives at rates of 250/0 per annum on a straight-line basis.
Stock
Stock is included in the financial statements at the lower of cost and net realisable value.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade
discount offered. Prepayments ar6 valued at the amount prepaid net of any trade discounts
due.
Creditor5 and provlslons
Creditors and provisions are recognised where the charity has a present obligation resulting
from a past event that will probably result in the transfer of funds to a third party and the
amount due to settle the obligation can be measured or estimated reliably.
Creditors and provisions are normally recognised at thair s8tt1@ment amount after allowing
for any trade discounts due.
Abbey Communty Association Limited 19

Prlnclpal accounting policies 31 March 2024
Income
Incoming resources are included on an accruals basis in the Statement of Financial
Activities when the criteria of entitlement, probability of receipt and measurability have b8en
met. Donated facilities income represents the rental cost of the Westminster City Council
premises which is matched by an equal amount of grant.
Expendlture
Expenditure is recognised in the Statement of Financial Activities on an accruals basis.
Direct costs are charged to costs of generating funds, community activities or governance
as appropriata. Support costs are allocated to cost of generating funds or charitable
activities on the basis of estimated usage of the related Se￿ices.
Funds
Unrestrlcted funds
These funds are expendable at the discretion of the Board of Trustees in furtherance of the
objects of the Association and include the Property Fund to provide for expenditure required
under the temis of the lease and the Core Projects Fund.
Doslgnated funds
This fund is Set aside by the trustees Out of unrestricted funds to reflect the amount tied up
in fixed assets.
Restrlcted funds
The Restricted Funds are to record grant income which is to be used in accordance with
specific restrictlons Imposed by donors and used for particular purposes. Further details
have been provided in note 12.
Operatlng leases
Expenditure arising from operating leases is charged to the Statement of Financial Activities
in the period to which the lease payment relates.
Abbey Communty Association Limited 20

Notes to the financial ststsments 31 March 2024
1 Donatlons and legacles
YeAr ended
31 March Unrestricted
2024
fijnds
Year ended
31 Marc
2023
Unmtrlctèd R•8trlctod
fund#
funds
Restricted
funds
WCC core grant
Grants
Other donatlons
Total fund#
170,000
89,423
4,901
264,324
170,000
761,243
8,798
930,041
154,$00
79,570
4,049
238.199
154,500
446,748
6,024
602,272
681,820
3.897
665.717
387,178
1,975
369,153
The charity received a core grant from Westminster City Council which relates to the service
level agreement with City of Westminster. A ful5 breakdown of the restricted grants received
can be found in note 12.
2 Tradlng actlvltle8
Unreslflcled
Y•ar ond•d Year ended
31 M*r¢h
31 March
2024
2023
Room hlre
Cafè ealering Income
Conferenc& calerlng In¢ome
Other Iradlng Income
Total funds
280,636
108,161
131,260
30,314
530,371
202.780
74,705
68,586
16,300
362,371
This inGome is generated entirely from Abbey Community Services Limited.
3 Analy818 of expendlture
Dlrgct
costs
Support Oov•rnanco
costs
costB
Total
2024
Co•t• of g•n•ratlng fvnd•
Trading 0x￿n983
258,732
70,973
1,800
331,500
Ch4rltabl• •x￿ndIt￿m
Communty activi1188
1,014,898
1,273,630
96.439
187,412
12.798
14,598
1.124,13S
1,455,640
Direct
costs
Support Governance
costs
Total
2023
Costs of generating funds
Trnding expensgs
184,575
47,550
2, 760
234,285
Ch8rtable expendlture
Community activit￿S
718,637
903,212
78,280
125,830
9,090
11.2
806,007
1,040,292
Only the audit fees and direct expenses have been included within Governance Costs. The
Chief Executive and senior management's time have been recognised within Community
activities.
Abbey Community Association Limited 21

Notes to the financial statements 31 March 2024
4 Analysls of support costs and governance costs
Flnance,
management
2024
Total
admini8tratlon
Prnml808
Trading expènsès
Community expenditure
Gov8rnanc8 costs
45,472
10,564
14.698
70.634
25,501
86,876
70.973
98,439
14,598
182,010
111,376
Finance,
managgmont &
administration
2023
Total
Premises
Tr8ding 8XP8ns8S
Community 8xp8nditur8
Gov8mance costs
28,602
14,558
11.250
54,410
18,948
63, 722
47,5
78, 280
11,250
137,080
82.670
5 Stsff costs
Total
2024
Total
2023
Wages and salaries
Social security costs
Pen81ons
687,954
62,021
33,665
783,630
450,051
37,850
25,129
513,030
Average staff numbers for the year,.
2024
2023
No.
Charitsble activities
Trading
Support
14
11
30
18
Members of the Council did not receive any fees or other emoluments for their services nor
did they receive any reimbursed expenses.
The total employee benefits of the key management personnel of the Group were £202,428
(2023- £211,975). All senior management also perform a role in the direct operational
activities of the charity.
During the year, one employee received remuneration falling within the £80,000 to £90,000
banding (2023: £70,000 to £80,000 banding - one).
Abbey Community Assttiation Limited 22

Notes to the flnanclal statements 31 March 2024
6 Net expenditure
Net expenditure is stated after charging:
Total
2024
Total
2023
Audito¢s remuneration (excluding VATI
9,929
9,929
7 Tangible flxed assets
Fufnitur• &
equipment-
Abtr*y
Communlty
Servlces
2024
Charlty
Totsl
2024
Group
Totsl
Fumlture &
equlpmenl
Co•t
At beginnlng of year
Addlllons In year
At end ofyear
73.933
6.318
80.251
73,933
6,318
80,251
65,393
5,642
71.035
139,326
11.960
101,2B6
D•prnclatlon
Al beglnnlng of year
Charge for the year
Al end of year
57,293
7,021
64,314
57.293
7.021
64,314
39.972
10,073
50,045
97,265
17,094
114,359
N•t book valug
At 31 March 2024
At 31 March 2023
15,g37
18,640
15,937
18,640
20,990
25,421
38,927
42.061
8 Investments
The investment consists of all the share capital of Abbey Community SeDiice8 Limited,
company registered in England and Wales. The investment was transferred at cost from
Abbey Community Association, the company's predecessor body.
For the year ended 31 March 2024, Abbey Community se￿ICe8 Limited had turnover of
£536,262 {2023.. £373,090) and made a profit of £205,92012023.' profit of £137.793) befor8
a gift aid donation of £205,92012023: £137,793). The net assets at 31 March 2024 were
£4,896 {2023.' £4,896).
9 Debtor8
2024
Chority
2023
Charity
Group
Group
Trade debtors
Sundry debtors and prepayments
Amount due trom Abbey Community
Service$ Limited
52,602
29,544
144.072
32,244
87.417
6,322
147.504
8,608
412,511
494,657
240,787
334,526
176,316
156,112
Abbey Communty Association Limited 23

Notes to the flnanclal statements 31 March 2024
10 Creditors: amounts falling due wlthln one year
2024
2023
Charity
Charlty
Group
Group
Trade creditors
Other creditors
Other taxes and soci81 security
Accruals
201,299
4,523
29,561
12,792
248,165
206,095
4,523
29,440
19,066
259,124
239.004
3,375
28.938
246.698
3,375
17,865
17,307
285,245
271,317
11 Unrestrlcted funds
2024
Charlty
2023
Charity
Group
Group
General fund
B818nce at start of year
Deficit for the year
Transfer from Ito} regtri¢ted fund
Transfer to lfroml designated fvnd arising
from movement in value of fixed assets
Balanc8 at 8nd of y6ar
87,089
{68,091)
170,884
46,618
(68,146)
170,884
90,695
176,9881
61,750
81,037
{76,934)
61,750
705
170,686
5,134
164.491
18,368)
67,089
119,2351
46,618
2024
2023
Charity
Charlty
Group
Group
Dezl
natsd fund8
Balance at slart of year
Transfer (tol from designated fund arising
from movement in value of fixed 8888ts
Balance at end of year
16,642
42,061
8,274
22,826
170S)
15,937
(5,134)
36,927
8,368
16,642
19,235
42,061
The designated fund represents the net book value of the charity I groups fixed assets.
Abbey Community Association Limited 24

Notes to the flnancial statements 31 March 2024
12 Re8trfcted funds
At31
March
2024
1 Aprfd
2023
Inwm• Expenditur•
Tf4n8fers
Plmlko Mllllon- SWAN
ME H881th Forum- Emolonal I￿lIb&In9 for th• BME
Community
WGG PU￿l¢ He81th-CoMrnUn￿ Cham￿OnI
Monday Club
Impgri01 Coll•o• London- Vc4untser Exp8nBeB
Abbéy Contre Communlty Food Pantry
Athl•fit- Actiw ￿ltm￿n4t0r
TNLCF- Wom¢n Off to Work Im
CAF Ra￿11•n¢9 Fund
E￿ryOne A¢tbv•- Phyilcal Advifjei
Aword$ F¢rAII- CyclirvJlAlhl•fit
Sockql Modla- AGIGW
Alt•r S¢hod Club TF
WCC- W8Btmln•¢er Slnoi Choir TF
WAES- Buildlng R•$I￿nCe and Opportynllt8
AmbAI￿d&ur1 Group- Worn•n• Activbtlob
WCC- H•4lthy Wntar Gr8nt Supwrt
WCC- Coit of LSYin9 Support
Amba¥8ad•urn Group- R•fua•• M•al•
Amb888adeurn Group- Communlty Alll8nce Grant
Ambgisad•urn Group- Homd••• Meo1•
Shqftsbury Ft)od Pov•rty
WCC- Appr•ntle••hlp Sthom•
WCC- Rl9hts Car•. F•b 24
WCC- Communlty Conlrlbullon Fund
AmbAsMd•urn Group- Wdlbelng
WCC- Hc41day Programrn•
Ed•n & Pwrlner•- Toll•t Donalon
WCC- Black Hlitory Monih
Comrnunlty & Wdlhlng Workern Prole¢t
SFSN- P8ntry
WCC. WTC Warni Prd¢
Unw Living- Plmllco Angel$ Acti%AIS01
Groat•r London Authority C*%nmunlty In•lght8 Hub Cont•nt
FrKl•y Sv*41ng Club
1.813
10.wo
11,9841
11,5041
18.4eo
3,258
2,612
2,833
741
83,589
6.336
57.221
46.3B3
144,1541
120.0281
12221
184,7131
18301
1103.7021
112,4761
17,ee81
17,061
21.745
2,390
28.12S
128.348
89
117.WO
15,3841
2,370
20.376
118,3431
142,0921
ie821
3&676
11.2601
14.9921
11181
16,5351
17.7591
118,4231
12,9601
12.4821
124,3451
118,2941
6.122
347
9,800
12.9081
(7581
3,200
2,490
5,663
16,8681
1S.849
229
29,192
42,940
11,863
10,832
12401
192
25,120
40,425
180.0001
52,516
115.6001
18,46B
8.000
9,623
8,563
10,764
213
1,737
138,792
3,438
4.709
2,000
750
7,000
893.405
118,8131
11,0791
15,2031
113.0S21
12001
14,9831
111,1821
2Lh)
17,6921
14,4001
1,400
10,989
69.800
102
20,000
120,8081
24,067
117,1591
14,1471
13,2451
11,7581
(7,8481
1.310
233
4.281
4,801
462
213
11,32cII
12,1171
12,4641
11,7371
188,2831
13,07ei
14,7091
12,OODI
(7501
(2801
1499,0311 1170,8841
128,4901
13601
24019
6.720
223.660
200.170
The most significant funds are:
The WCC Public Health funded Communty Champions project recruits, trains and supports
local residents to identify health and wellbeing issues that affect the community and develop
initiatives to address these.
The Big Lottery Funded WOW project supports °hard to reach" women, particularly those from
the Muslim community and those not speaking English as a first languagethrough the provision
of volunteering and work experience placements, help with job search, application and
interview skills and assistance with setting up businesses and entering self-employment.
The Charities Aid Foundation (CAF) Resilience Fund supports the Charity's community pantry
and its advice and SUPPDrt setvice, which provide affordable food and advice on a range of
issues to local people, particularly those experiencing difficulties due to cost-of-living increases.
The fund is also supporting the Charity to build its resilience and to understand new and
emerging needs in the community.
Abbey Community Association Limited 25

Notes to the flnancial statsments 31 March 2024
12 Restrlcted funds (continued)
At31
2022
Income Expenthture Transl￿
2023
Plmlict) Mllion- SWAN
BME Fl68lth FOn￿- EmoLlonal W•Klb•ingforlh• 8ME
Communlty
WCC H•allh- Community chorn￿0n8
Cory)w8te andlnthwdualdonalions. T•a Pa
vktoria BID- MJ"nl CSR proJ6¢t
Loc•tr'vrnq- HotMo8ls S•NI¢•
WCC-P8fenl&l E￿￿0y￿en1PrnjeC1
Mwd•y Club
M•rfn AlcLaren Memotl81
N•llortal Loltery Con7munltyFund- Hapty Tapthar
Imwl•l Colleqg London- V¢lunt8*rExpense5
Drug •ndAlcohol Wellbeln9 S•Me•.' Tumlrq Polnt-thrS¢hool
Club
N•llonal LolteryAw•r&s lorAII- Wollbtrlnq P*1
EQUIP- Women Employment Support
LldtalDlvlde- St Glles and Gwe
WAES. Wostmlnshrin
WCC. Reaty Forw
Ab￿Y C•ntr• Commurrity FaodP•nlry
WCC- Communlfy Corttribubon FunthAbb•y C•ntr• Conn•ets
Alhlellt- WCC A¢lrf¥e Westmlnsl•r
Voluntary Commurnly S8clor OulrnJ¢h. WCC Public H￿1th
The AOb•yC•ntre Wellbeino Hub- Imp•ii•l Health ChAty
Myllllln4ualEmDllon81 Wellbfrlng North We5tLond?n- BMEHul
C. W•rd 8udo01-R￿¢￿-o￿t- Wom•n Ftlneil Club
WCC- HtilidayAclfvllt•s Pmkrnfftrno
WAES. ￿ady4
rNLCF- Womon Ollto fwo
CAFR8slllon￿ Fund
WCCPH. Communlty vacc1￿ ChamOons-'W•¥tnth4ter
Prots¢ts'
Everyono Actlve- Phy￿alAC￿les
Awwrls ForAII- cyc&WAthl￿I
SoGlJl M•th•-AG/GW
A*l*rS¢hool Club 7F
WC¢- W•stmiftstwSlnp Ch¢lr TF
WCC- Kld$'H¢8tthy Eahng ProJKt- TF
WAES-Buildino Res1h.￿¢￿ •rtd Opportunlll
Amo•ssadeus¥ Gkwp. vvomns
G&rfen PrDiKI
WCC-Hoalthy Wnl8r Grantsupport
WCC- Costolbving Support
AmbassadeU￿ Group- CommunltyA Grnnt
Hom•le$s Meal$
Sh8llsbury FoodPov•
1,728
5.724
(3,352)
(2,287J
1.813
(2631
f231J
(44,314)
(2,409)
21,980
3,210
f7)
102
(14,206)
16.460
(801)
(102)
13)
3,915
(200)
(718)
744
(1,402)
3,206
118
2,872
2,612
142
(10)
119)
(4,60T)
(609)
(284)
1613)
21,35
(720)
931
(224)
1,788
8T1
163)
1268)
8.637
118,552
34.301
(132J
4.857
fl,276)
613
4,233
(22,T08J
1461)
(530)
2,833
(196)
741
(635J
(450)
174)
2,117
(78)
173
328
(3,6191
4q 1ST
54,30T
(3,400)
1779)
1110)
{60J
(4.072)
(TT,227)
(11,928)
(1,048)
123.913J
flO,3441
63.569
6,336
8,981
fjo
11,878
(4679)
fl,030)
(2,786)
1153)
18.264)
(4,779)
(T32)
(70,864)
11.800)
14,710)
(1,71OJ
6,122
347
9.609
(2,908)
9,805
(697)
18.CQO
2,492
832
10, 108
5.000
2iXI
7.000
5,663
(2, 136)
(621)
(100)
1758)
3,200
(4.510)
7.000
5,663
{200)
102
102
152.722
392.661
1283,463)
(6t,750)
2￿,170
Abbey Community Association Limited 26

Note3 to the financial ststsments 31 March 2024
13 Analysis of net assets by fund
Genernl Dosignated Re8tricted
fund
fund8
funds
Total
2024
Group
Fixed assets
Net current assets
36,927
36,927
378,151
415,078
164,491
154,491
223,660
223,660
36,927
Gonoral Deslgnatsd Rmtrletsd
fund
funds
funds
Totsl
2024
Charlty
Fixed assets
Investments
Net current assets
15,937
15,937
170,584
170,584
223,660
223.660
394.244
410,183
15.939
Comparative of net assets by fund..
Gener81 Dgsignatgd Restricted
fund
funds
funds
Tot81
2023
Group
Fixed assets
Not current assets
42,061
42,061
246, 788
288,849
46,618
46,618
200,170
200, 170
42,061
G8ngr81 Deslgnatéd Restrictgd
fund
funds
funds
Tot81
2023
Charity
Fixed assets
Investments
Net Gurnnt assets
q6,640
16,640
67.089
67,089
200, 170
200, 170
267.259
283, 901
16,642
14 Rolatod party tran8aetlon•
In the year, no trustees received a total of £nil in expenses (2023 - £nil).
During the year, family members of key management personnel worked in the café and
were remunerated for a value of £1,622 {2023- £2,307).
15 Op8ratlng lease
On 1 April 2023 the Charity entered into a 10-year service level agreement with Westminster
City Council for the services delivered at the Abbey Centre which are directly tied to the
occupancy ofthe building with an annual payment of £170,000 to be received by the Charity.
On 5 September 2024 the Chsrity signed a new 15-year lease wrth the council on 34 Great
Smith Street, with rent payable at the rate of £112,000 per annum. The Charity also signed
a side letter with council agreeing to repay rent arrears of £172,705.48, built up during the
pandemic, over 5 years from 1 April 2024
Abbey Community Association Limited 27

Notes to the financlal Ststements 31 March 2024
15 Operating lea88 (continued)
The amounts payable under the current lease agreement at 31 March 2024 are as follows:
Equlpmfrnt Equipment
2024
2023
L8SS than one year
Betmen ￿ and fiv8 y8ar8
340
340
340
340
Abbey Community Association Limited 28