Charity Registration No. 1110403 Company Rtgistrabon No. 05425527 (England and Wales) CANAAN PROJECT ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 •A84ERXGG' 2Q105r2022 cOANIEs HOUSE A17
CANAAN PROJECT LEGALAND ADMINISTRATIVE INFORMATION Tw$tee$ Hannah Genn Rebe¢ca Whrte Bethany Jennings Naznin Robinson Barbara Vvorkman Charity number 1110403 Company number 05425527 Pfincipal addrès$ Lansbury Lodge 117 Ricafdo Street London E146EQ Reglstered offi¢e Lansbury Lodge 117 Ricardo Street London E146EQ Independent examiner Richard F Hopper 4 Rht)dla Clawdd Offa Denbigh Denbighshire LL16 4RJ
CANAAN PROJECT CONTENTS Page Trustees. report Independent examinerf5 rert Statement of financial activities Balar sheet Notes to the financial statements 7-14
CANAAN PROJECT TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 31 AUGUST2021 The trustee5 sent their annual report and fina1¥ $tsternts for the year erwjed 31 August 2021. The financial statements have been ppared in accordance wth the accounb.ng policies sel ovl in note I to the financial statements and comply wth the charty's conslitulion. the Companies Act 2006 and "A¢¢ountsng and Reporting by Charibes.. Statement 91 Recommended Practice appIable to charities preparing their accounts in accordance wth the Financ5al Reporting Standard applicable in the UK and Republi¢ ¢1 Ireland IFRS 102) leffeclive 1 January 20191". Objectives and a¢tlvities The chanty's objects are to promote the provision of Cleat)nal facilrties and educaknon in life ski115. The poli¢ies adopted in furtherance of Ihese objects are the provision of activitses for vulnerable ¢hildren and young people, and there has been t)0 change in these during the year. The Project's aims ate to work ¢ollaborativety Mth marginalised girts and young women in Tower Harnlels to see them flourish, have broadened horizon5 and raised aspirations. by provith.ng experiences and opportunities through innovative approaches Its youth work. The trustees have paid due regard to guidance iSSLFed by the Charity Commission in deciding what activities the charity shoukl undertake. Achievements and pèrfom)ancÈ We have impacted a total of 41 young women in both the Belhnal Green and Isle of Dogs areas of Tower Hamlets this year., however, as wrth much of society, our has eominued to be greatly clisrupled by the Covid-19 Pandemic. 8eNveen September and December 2020 we finah.sed the handover of our sessions in Belhnal Green and were grateful to be able 10 rtjn our final sessions In Morpeth ScfH)ol in person. We handed over to local youth worker Jessica Lawrence from Sl Pau15 Old Ford. Our v40rk is now fully focused on the Isle ol Dogs primanly with George Green$ 5ehool. and for the majority of this yeaf Ihe sessions have been online. Lunch Club5". Geor From September we ran a Y+Eekty online gitls dub, attended by 10 youNJ women in year 7. Although sth0015 returned in person in February 2021, al the request of the hl we conb.nued ouf provision online. These sessions relurned in person in April. As part of our online Provision we ran a prcject called 'Her Story,. working with young women Irj journal Ihrough their expenences as we explored Identity and aspirations. Afterwards young women told us they now 'had the tools to look after themselves, and that they felt 'special and valuable,. 100% of aitendees told us they 'felt more comfortable in their own skin, and one young woman reflected that she had 'leamt how to be real and that she coukl be hetse During the Summer lerm we worked with a gfOUP of 6 girls to develop their volunteering skdls. These young women then went on lo plan and run parts ol our summer programme. 80'k of the young women attending told us they fell more confidenl to ty new things and 100% said they fett better able to sort out problems with famity and frieThJs.
CANAAN PROJECT TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 AUGusf 2021 Mentoring. We partnered with XLP to run group mentoring session5 in George Greens school befften March and June, after which we took over the running of the mentoring programme taking direct referrals from the school's social worker. This has enabled us lo ensure that our support is targeted to the m051 vulnerable young women and allowed us lo feed into the school's wder safeguarding strategy. We a now supporb'ng 3 young women wth weekty mentoring, vAth a further young VKJman wailirig to begin. Tp$IResidentials. As we were not able to run a residential thi5 year we ran a ttYdaY summer programme at a local community centre on the Isle of Dogs. 16 young people attended these days. We were also able lo run a trip lo Go Ape during the summer holiday5 and picnic trips in the local area. Stsff As we fi'nished OUT handover in Beihnal Green in December 2020 now employ only one Young Women's Workef. Oui Project Manager went on maternity leave in December 2020 and we decided 10 5plIl the role Into Iwo posts, so now employ a Project Manager and Senior Young Women's Worker_ We also continue to employ one Finance and Office Administrator. Financial review The Income and expenditure of the charity for the year and its financial position at the end of the year are shown in the attached accounts. Our income for the 2020121 year was ahvay5 expe¢led to be lower than previous due lo handin9 over work at Mofpelh Secondary Sthool lo another charity- The trustees consider the financial position to be satisfactory and are grateful for the work put In by Richard Lucas and then Barbara Workman as honorary treasurer and Rahmalolla TavakkoSi as finance administrator. We woulcl like lo thank our funders and volunfeers showed generosity, forbearance and flexibility through such an unpredictsble year due to the Cowd-19 pandemic. Several of these funders also allowed us lo carry over funds which were not able to be spent due to the Covid-19 lockdown. Wth deep gratitude we would like to thank. Imagine IF, Three Oaks, London Youth QM, Marsh Chnstian TnJsl, Henry Smith. Mercers Trust, BBC Children in Need, London Borough ol Tower Hamlets. Charfes S French, Vvoothard Charitable Trust. Albert Hunt Trust, c0p Community Fund. EECF Small Grants, Tower Hill Trust. Virgin Money Foundation, Garfield Weston, London City Airport Fund, Canary Wharf Group, Anchor Foundation and Hill Did¢inson 11 is the policy of the charity that unrestn.cted fijnds vthich have not been desvJnaled for a 5pe¢ific use should be maintained at a Ve1 equivalent lo between three and six month's expenditure. The Iruslees consider that reserves al thi5 level 711 ensure Ihat. in the e¥ent of a significant drop in fvn(lin9, they wll be able to continue rhe charity's Cufrent aclivikn.es while considerab.on 15 gNen to ways In which additional funds May be raised. This level ol SerVeS has been maintained Ihrougholrt the year. The trustees have assessed the major risks to vthich the tharity is exposed. and are satisfied that syslems are in place lo mrtigate exposure to the major risks. Thi5 indude$ the safeguarding of vulnerable young people. Structure, governance and management The charity is a company limited by guarantee. The trustees. who are also the diiectors for the purpose of company law. and who served during the year and up to the date ol signature of the financial statements were.. Richard Lucas (Resigned 19 Febfuary 20211 Hannah Genn Danielle Goodwin Rebecca lIe Bethany Jennings Naznin Robinson Barbara Vvorkman (Resigr 5 October 20201
CANAAN PROJECT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 None of the truslee5 has any beneficial interest in Ihe company. All of the trustees are members of the company and guarantee to contribute £1 w) event of a winding up. New trustees are appointed the agreement of the existing trustees. The ¢harity is overseen by the trustees, vth fwr pawj members of staff and the essential help of volunteer workers in Tower Hamlets. ThE Iruslees, report WBS approved by the Board ol Trustees. RebecGa White Trustee Dated. i¢XL
CANAAN PROJECT INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CANAAN PROJECT I report lo the Iruslee5 on my examinab.on of the financ1 statements of Canaan Project (the charilyl for the year ended 31 August 2021. Responsibilities and basis of report As the trustees of the charity land also its directors for Ihe pUrseS of company taw) you are responsible for the preparation of the financial statements in accordance with the requirements ol the Companies Act 2006 (the 2006 Act). Having salisfi.ed myself that the finantyal ststements of the charity a not required to be aLJited under Part 16 of the 2006 Act and are eligible lor independent examinathon. I report in respect of my examinatiofi of the charity's financial statements carried out under seth.on 145 of the Charities Act 2011 Ithe 2011 Act). In carrying out my examination I have followed all the appltable Di110n$ given by the Charity Commission under section 145151 Ibl of the 2011 Act. Indepenthnt examiner's statement I have completed rny examination. I confinn that rfo matters have come lo my attenb.on in wnne¢tir)n wilh the examination giving me Cause lo believe that in any material respect.. accounting records were not kept in respecl of the charty as required by section 386 of the 2006 A¢t,' or Ihe financial statements do not accord wlh those records". or the financial statements do not comply wrth the accounting requirements of section 396 of the 2006 Aet other Ihan any requirement that the accounts gNe a Vue and fair view *hich is nol a matter ¢onsidered as part ol an independent examination". oi the financial statemen15 have not been prepareil in a¢¢ordan¢e the melhods and principles of the Slatement ol Recommended Practbce for a¢counting and reporting by chartties applicable to chanlies preparing their accounts In accordance the Finanaal Reporb"ng Slandard applicable in the UK and Republic of Ireland {FRS 1021. I have no concerns and have come auoss no other matters in connection wth Ihe examinab.on lo whKh attention should be d¥awn in this report in order to enable a propef understanding ol the financial statements lo be re hed. Richard F Hoppgf Chartered A¢countant 4 Rhodfa Clawdd Offa Denbigh Denbighshire LL16 4RJ Dated..
CANAAN PROJECT STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021 Unrestricted Restricted lunds funds 2021 2021 Tolal Unrestricted Restrictèd funds funds 2020 2020 Total 2021 2020 Notes Income from: Donations and lega¢ies Charitable activitie5 Investmenis 2.743 53,479 2.743 92,471 2.939 51.736 98 2,939 112,963 98 38.992 61,227 Total incomè 56.228 38.992 95.220 54.773 61.227 116,000 enditur Charitable activities on: 42 058 31.773 73,831 48,943 62,553 111,496 Net income lor the yearl Net movement in funds 14.170 7,219 21.389 5.830 11,326) 4,504 Fund balances at 1 September 2020 70,914 2.260 73.174 65.084 3,586 68,670 Fund balances at 31 August 2021 85,084 9.479 94,563 70.914 2,260 73.174 The slalement of financial a111e5 indudes al gain5 and bsses recognised in the year. All income and expenditure derive from contsnuing xtNities. The statement ol financial activrties also complies wth Ihe requirements for an income and expenditure account under the Companies Act 20C6.
CANAAN PROJECT BALANCE SHEET AS AT 31 AUGUST2021 2021 2020 Notes Fixed assets Tangible assets 10 1.119 1,000 Current assets Debtors Cash al bank and in hand 11 2,120 102.905 749 93,799 105,025 94,548 Creditors: amounts falling dut within one year 12 111.5811 122,374) Net current assets 93,444 72.174 Total assets less current liabilities 94.563 73,174 Income funds Re5tri¢ted funds Unrestricted funds 14 9.479 85.084 2,260 70,914 94.563 73,174 The Company is entitled lo the exemption from the au(Jit requirernenl contained in se¢b'on 477 of the Companies Act 2006, for the yeaf ended 31 August 2021. The dife¢tors acknoedge their responsibilrttes for comptying wth the requirements of the Companies Act 2006 with respect to ac¢ounling record$ and the preparatTr of financial statements. The members have not requi the company lo obtain an audit of its financial slafrments for Ihe year in question in accordance with Se¢ln 476. These ffinan¢iJ statements have been yepareil in xcordance the provisA$ applicable to companies subject to the small Companies regime. The financial statements were approved by the Trustees on ............. Rebecca VlIe Trustee Company Registration No. 05425527
CANAAN PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounting policies Charity Infomiation Canaan Project is a pnvate company limited by guarantee incorporad in England an¢J Wales. The reglStere(J offi'ce is Lansbury Lodge. 117 Ricardo stt. London, E14 6EQ. 1.1 Accounting convention The financial statemenis have been prepared in accordance wth the charity's Igoverning documentl, the Companies Act 20C6, FRS 102 'The Financial Repoth"ng Stsndard applicable in the UK and RepL4blic ol Ireland" I"FRS 102"} and the Charrties SORP "Accounting and Repo.n9 by Chants.. Statement of Recommended Pia¢li¢e applicable to charities preparFng their accounls in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" leffeclive 1 January 2019)- The charity Is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of Ihe p(OViSK)ns in the SORP for charities not to prepare a Slalemenl of Cash Flow5. The financÈal statements are prepared in sterfing, which is the functional currency of the tharty. Monetary arnounts in these financial statements are rounded to the nearest £. The finanaal ststements have been Prepa under the historical cost Convent, modif*d to include the revaluation of Ireehold properties and to indude inveslmenl propertie5 and fErtain financial instrurnents al fair value. The prinupal ac¢ounbng pcAi¢ies adopted are set oul below. 1.2 Going ¢on¢ern Ai the lime of appioving the financial stalements. the trustees have a reasonab expectation Ihat the charity has adequate resources to continue in operational existence for the foreseeable fijlure. Thu5 the trustees ¢ontinue to a(b)pl Ihe going concem basis of a¢¢ounling in piepan'ng the financial statements. 1.3 Charitable funds Unieslricled lunds are availab lor use at the diS¢tIon of the truslees in furtherance of their charitab obiectives. Restricted fvnd5 are subject lo specific conditions by donors a5 lo how they may be used. The purposes and uses ol the restricted funds are set out In the notes lo the financial statements. 1.4 IncomFng Te50urces Income is recognised %then the charity is legalty entiued to il after any performance conditions have been mel, the amounts can be measured reliabty, and rt is probable that wll be rettwed. Cash donalions afe wognised on receipt. Other donations are recognised once the charrty has been notified of the donation, unsS performance conditions require deferr31 of the amount. IncDme tax recoverable In relation to ijonations received under Grt Aid or deeds of covenant is recognised at the til of the donation. Legacies are recognised on ieceipt or othe7$e rf charity has been notified of an impendiro di5tnbufion, the amount is knowrb. and receipt is expected_ If the amunt is not known. Ihe legacy is tated a5 3 conb'ngenl asset. 1.5 Resources expended Financial liabilities and e%ndrture are recognised in the accounts at the time eTr a commitment lo make payment is Incurred.
CANAAN PROJECT NOTES TO THE FINANCIAL STATEMENTS ICQNTINUED) FOR THE YEAR ENDED 31 AUGUST2021 Accounting policies (Continued) 1.6 Tangible fixed a$5ets Tangible fixed assets a initially measured at cosl and subsequently measured al cost or valuation. nel of depreuation and any impairment losses. Depreciation is fecognised so as to wnte off the cost or valuation of assets less their residual values over t11 useful lives on the follwng bases.. Fixlufes, fittirys & equipment Computers 25% p.a_ on ¢ost 25% p.a. on cosl The gain or loss arising on the disposal of an asset is delemined as the difference between the sale Pfoceeds and the carrying value of the asset. and is recognised in the slalemenf ol Iinancial aclivilies. 1.7 Impairnient of fixed assets At each reporting end date, Ihe Charity ¥$ the rryIng amounts of its tangible assets to detemiine whelher there is any indication that those assets have suffered an Impairnienl 105s. If any such indication exists, the recoverable amount of the assel is esb"maled order to determine the eKtenl of the impairrnent loss lif any). 1.8 Cash and cash èquivalents Cash and cash equivalents include cash in hand. dew)srts held at Gall th banks. other short-terrn liquid investments with original maturities of three months or less, arml bank overdrafts. Bank overdrafts are shown within borrowngs in current liabilities. 1.9 Financial instruments The charity has elected to appty the provisions of Section 11 '8asic Financial InStnjnts, and Section 12 'Other Finan¢ial Instrumenls155ues' of FRS 102 to all of rt5 finarrial instnjments. Financial Instruments are recognised in the charity's balance sheet %then the charity become5 Party to the onlractual provisions ol ihe instrumenl. Financial assets and liabilities are offset, th the nel amounts presenled in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there Is an intention to settle on a net basis or to realise the asset and seltle Ihe liability Simultaneously. Basi¢ financial assets Basic financial assets. which indude debtors and cash and bank balances. are initially measured at transaction price in¢luding transaction costs and are subsequenuy carried al amortised cost using the effective interest method unless the arrangement constrtutes a financing Iransathon, where the transaction MeaSud at the pfesenl valLte of the future receipts d15wunled at a market rale of interest. Financial assets classified as receivable vnthtrn one year are not anwjrtised.
CANAAN PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Accounting pdl¢ies (Continued} Basie financial liabilities Basic tinancAI liabilities, including creditors and bank anS are initially recognised at transaction price Ljnless the arrangement constitutes a financing transaction. where the debl inslrumenl Is measured al the present value of the fvlure payments discounted at a market rale of intere51. Financial liabilitie5 classified as payable wthin one year a nol amorb"sed_ Debt instruments are 5ub5eqvenUy carried al amort15ed cost, U5g the effeGb"ve interest ratt method. Trade ccedilors are 019atIonS to pay for g¢)ods or servKes thal have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as CLtrrenl liabilitie5 il payment is due within one year or less. If not, they are presented a5 non-currenl IiabilrtÈe5. Trade Creditors are recognised initially at Iransactson price and subsequenvy MeaSud al amortised cost using Ihe effective infrrest method. Derecognition of tinancial liabililie$ Inancial liabilitie5 are derecognised %then the charty's contractual obligations expire or are discharged or can¢elled. 1.10 Retirement benefits Payments lo defined conlribution cetiremenl benefit heMeS a charged as an expense as they lall due. Critical a¢¢ounting estimates and Judgements In the application of the charty's accounling policies. the trustees are required lo make judgements. eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience ancl other factors that are considered lo be relevant. Actual res$ may differ from these estsmales. The estimatès and undertyin9 assumptions are VIeEd on an ongoing basis. Revisions to accounting estimale5 are recognised in the perth in which the estimate is revised where the revision affects only that period. or in the penod ol the revision and future pertt)ds Whe Ihe vIsion 3ffe¢ts bolh current and future periods. Donations and legacies Unrestricted Unrestricted funds fvThJs 2021 2020 Donation5 and gifts Coronavirus grant income 1,087 1.656 2.939 2,743 2.939
CANAAN PROJECT NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Charitsble activities Grnnts Grants r•ceivable receivable 2021 2020 Performance related grants 92,471 112,963 Analysis by fund Unrestricted funds Restricted funds 53,479 38.992 51,736 61,227 92,471 112,963 Investments Unrestrictèd Unrestricted funds funds 2021 2020 Inleresl receivable 98 10-
CANAAN PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Charitable activities Youth activities 21121 Youth a¢tiviti•$ 2020 Staff c0515 Direct project costs 55.709 4,883 89,428 10,787 60,592 100,215 Share of support costs {see note n Share ot governance costs Isee note 71 12,184 1,055 10,2J4 1,067 73.831 111,496 Analysis by lund Unrestricted funds Restricted funds 42,058 31,773 48,943 62,553 73,831 111,496 For the year ended 31 August 2020 Unrestricted funds Restricled funds 48.943 62,553 111,496 11
CANAAN PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Supportcosts Support Govemance costs osts 2021 Support Goveinan costs C051s 2020 Staff cosls Deprectalion Premises and equipment expenses Administrative expenses 4,880 681 4.880 681 4.709 505 4,709 505 4,598 2.025 4,59 2.025 2,556 2,556 2,444 Accountancy Tru5tees' expenses 960 95 948 119 948 95 12,184 1.055 13,239 10.214 1,067 11,281 Analysed been Charitable activities 12,184 1.055 13.239 10.214 1,067 11,281 Governance costs include5 payments to the independent examiner of £%O12020- £9481 for Independent examination and a¢¢ounlancy fees. TfU5tee5 None of the trustees lor any pefsons connecled them) received any remuneratKn or reimbursement of expenses dunng the year. Employees The average rrnIhty number of emphjyees during the year was.. 2021 14umber 2020 Number Youth work Administration Total Employment co$ts 2021 2020 Wages and salaries Stxial security costs Other pension costs 55.865 1,556 3,168 86.628 3,028 4,481 60,589 94,137 There were no employee5 OSe annual remuneration was rr4)re than £60.000. 12-
CANAAN PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 10 Tangible fixed assets Total fftliw & equipment Cost Al 1 September 2020 Addition5 Disposals 401 4,164 800 14491 4.565 800 1449) At 31 August 2021 401 4,S15 4,916 Depreciation and impaimient At I September 2020 Depreciation charged in the year Eliminèled In respeel ol disposals 375 24 3.190 657 14491 3,565 681 1449) Al 31 August 2021 399 3,398 3,797 Carying amount At 31 August 2021 1.117 1.119 At 31 August 2020 26 974 1.000 11 Oebto 2021 2020 Amounts falling due wtthin one year.. Other debtor5 Prepayments and accrued income 135 1,985 69 680 2.120 749 12 Creditors: amounts falling due within one year 2021 2020 Motes Deferred income Trade creditors Other ¢redilors AG¢ruals 13 7,000 2.144 1.477 19,692 1.654 1,028 11.581 22.374 13-
CANAAN PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 13 Deferred income 2021 2020 Other deferred income 7.0 19.692 Deferred income is grant income ceIVed from lunders wthich they intend to be spenf in the next financial year. 14 Restricted funds The income funds of the charity include restricted funds compnsing the follon9 unexpended balances of donations and giants held on trust for speufic purposes.. Alovement in lun(Is Movement in funds Incoming Resources B•L4nce at Incomin9 Resourc05 r8sourc¢s ¢xwnded 1 Septembw resources e¥pen(led 2020 83nce at 1 S(tptgrnb8r 2019 Balanc• at JI AugU$t 2021 Youth workers Other dire project costs Equipment 57,767 (57.767) 38,992 131,167} 7,825 3.263 323 3.460 {4.625) 11611 2,098 162 14461 1160} 1.652 3,586 61.227 (62,5531 2.260 38.992 131,773) 9,479 15 Analysis of net assets beiwten funds UnstrICted R¢stri¢tÈd funds funds 2021 2021 Totsl Unrestricted Restricted funds funds 2020 2020 Total 2021 2020 Fund balances al 31 August 2021 are represented by.. Tangible assets Current assetsl 1,117 1.119 838 162 1.0 83,967 9,477 93,444 70.076 2.098 72,174 85,084 9,479 94,563 70,914 2,260 73.174 16 Relaled party transactions There were no discb)sable related paty transadions during the year12020- none). 14-