Charity rèytstration number 1110403 Company registration number 05425527 IEnyland and Wales) CANAAN PROJECT ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 AIIVYKNR 21104r2023 COMPANIES HSE A16
CANAAN PROJECT LEGAL AND ADMINISTRATIVE INFORMATION Tru$tee$ Hannah Genn Bethany Jennings Naznin Robinson Barbaia Workman Charity number 1110403 Company numbèr 05425527 PrincTrpo1 address Lansbury Lodge 117 Ricardo Slreel London E14 6EQ Regists office Lansbury Lodge 117 Ricardo Stre London E146EQ Independent examiner Richard F Hopper 4 Rho(ffa Clawdd Offa Denbigh Denbigh5hire LL16 4RJ
CANAAN PROJECT CONTENTS Page Trijslees, report Independent examine¢s report Statement of financial a¢lwrties Balancè sheet Notes to the fanCIal stslemenls 7-15
CANAAN PROJECT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2022 The tru51ees present Iheir annual report and ffinanua stater115 for Ihe year ended 31 August 2022. The financial statements have been preparecl in accor(lance wilh thè accounting poIleS Sel out in note 1 to the financial staternenls and comply with the charivs constitution. the Comparnies Act 20[ and "Aceounling and Reporting by Charities." Statemenl of Recommended Pract applicable to chaiities preparing their accounts in acoordance with the Finanoal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {etfective 1 January 20191" Objective5 and activities The charty'5 objects are to promote the provision of recreational farylilies and education in life skiHs. The polictes adopled in furtherance of Ihese obj.ects are the provisK)n of actNrtie5 for vUknerab children and young people, and Ihe¥e has been no change in these during the year. The Project's aims ale to work rolkboralNety with marginalised girls young wornen in Tower Hamlets to see them flourish. havè broadened horizons and raiwl asratS. by wovvjing experipn¢e5 and opportunrties through innovative approacnes to youth work. The IrLtstees have paid due regard to guthnce iSSLJed by the Charty Comrnission in decKling what actiwties the charity should undertake. Aehièvèments and perfom4nce This was our first year 51nce the Cowd pandemic where we wete abbe lo run a full. in-person prograrnme. September we launched work in an addilionèl secondary school, Canary arf College, as well as launching a new after-school dub. We a pleased io be growing our prowsion and to now have a busy sche¢Jule engaging wrth and supporting more young women in the k)cal community. We have worked wth a ioial of 215 d¢fferent young women in Ihe Isk of t)ogs aoas of Tower Hamlets this year. Clubs.. Gèor è Greens School We ran a regular droTrin lunch club for girfs in years 7_9 once a week in term lime. Attendance grew over Ihe academic year and by the summer term we regularty saw 20 young wornen per sessirm. W• also recornmenced our empowemient course for young women in year 7 as part of Iheir enrichment programme. We ran three courses throughoul the year for a lotsl 0137 drffeient young women. Cana Wharf Coll We ran hyo drop-in lunch dubs for girfs in all years durirwj tefm kn"me. We saw attendance grryw lo betsveen 20 and 30 young women per session. Across bolh lunch dubs 100% of youn9 women reported feeluig welcomèd, 100% rertd feeling safe and 81Q reported having tried new Ihings_ After School Club We launched our after-school club al St Andrews Wharf yLNrth hub in May. had a solid group of 10 young women attending regularly, and ende(I the sumrner lerm wrth a party altended by 27 young women from across our provisions.
CANAAN PROJECT TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Mentoring We menfored 5 drfferenl young women thas year, taking referraLs from bolh schools as well as from a Ihiid sGhool, St Pauls Way. On reviewing her experience of menloring one youn9 woman wrote 'Before I would hate tnyself a bit and now I love myself more. I have leamt lo be more relaxed and calm. before I would be so angry,. TripslResident•als'. We ran 8 Irips Ihis year atlended by 32 diffefent young women. In keeping with our aim to broaden young women's horizons we took young women on a variety ol trips including to Chalkwell beach, the Wesl End to see Wicked. 8attefsea park. bowlirng and iceskating. Our planned sailing residential was rescheduled lor Seplember 2022, $0 we took our group on a day trip to Soulhend instead. Staff We WelMad back ouf Projeci Manager from maternty 3ve in 0¢tOr 2021. Our senior young women's workèr left In January 2022 and we are in the sKocess of recruiting for this post. We recruiled a pat1-time interim supportin9 befvleen April and Au9USt. Financial review The income and expendrfure oflhe tharity for the year and its financial p0sitrt at the end of the year are shown in the attached accounts. The trustee5 consider the finanual position to be satisfactory and are gralelul for the work put in by Barbara Workman as honorary treasurer and Steve Wiltcox as finance adminis1rat dwing the period. We would like to thank our funders and vokjnleers who have supported us so generou5ty during Ihe period. With deep gratitude we woukl like to thank. c0P Community Fund. East End Community Fund, Henry Srnilh Chènty, The Lon(Jon Borough of Tower Hamlets Local Community Fund, London City Airport, Osmani Tru51 and Three Oaks. It is the policy of Ihe charity that unresliicted funds which have not been designaled for a specrfic use should be mainlained at a level equivalent to beeft lhe and six monlhs. expenditure. The Irustees consider that serves al this level will ensure that. in ihe event of a significant drop in funding, they will be able to continue the charity's current aclivities while consvJefatKJn ts given to ways in which addrt*)nal funds may be raised. This level of reseNes has been maintaine¢J throughout the year. Since the end gf the financial year the tru5tee5 have revised gur Feserve5 policy in order lo rniligate loi thè eurrent unstable financwl dim3te. It was agreed in December 2022 to maintain rÈserves at an increasèd level ol between six lo nine months. expenOrtu. The trustees have assessed the rnajor risk5 to whh ihe chaFrty 15 exposed. and arp satisfied that Systems are in place lo mitl9ale exposure lo the mapr risks_ Th15 includes the safeguarth.ng of wlnerable young people. Structure. governance and managemeTht The charity is a Company limrted by guarantee. The trustees. who are also the directors for the purpose of company law. and who Served during the year and up to the dale ol signature ol the financd statements weie." Hannah Genn Rebecca Vvhrte 8elhany Jennings Naznin Robinson Barbara Workman {Resigneil 6 December 2022) None of the trustees has any benefval interest in the company. All of the trustees are members of the company and guarantÈÈ lo contribule £1 in the event of a winding up. New IfLJStees are appotnted with Ihe agreement of the existing ¢ru5tees.
CANAAN PROJECT TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 The chaity is overseen by the trustees, th four paKI memr$ of stall and thè essential help ofvolunleer workers in Tower Hamlets. The trustees, report was approved by the Board of Trustees. nDah¢EnnlAwS.10!ji<!*GMT+AI Hannah Gtnn Trustee Date(l." Apr5 2023
CANAAN PROJECT INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CANAAN PROJECT I report lo the Iruslees on my examination of the ffinanrial stalement5 of Canaan Proied Ilhe charity) for the year ended 31 August 2022. Responsibilities and basis of report As the trustees of the chanty land also its direclors for the purposes of company law) Y¢ are responsible for the preparation of the finanoal statements in accordance with the requiremenls of the CoMpanS Act 20(E Ilhe 2006 Act). Having satisfied myself that thè financial sialernents of the charity are not required lo be audiled under Parl 16 01 the 2006 Act and are eligTrble lor independent examination. I report in SpeCt of my examinalion of Ihe charitls financial slaternenls carried out Under SeCtn 145 01 the Charities Act 2011 Ithe 2011 Act). In carrying out My examination I have followed all the applicable DirethK)ns 9iven by the Charrty CommissK)n under sect*Jn 145151{bl of the 2011 Act. Independent examinefs ststèment I have completed my examination. I confirm that no matters have come to my aitention in connection with the examination giving me caLFse to believe Ihal in any material fespect". accounting records were not kepl in respect of the charrty a5 requyed by seth.on 386 of the 20( Act.. OT the financial statements do not accord with thosè records. or the financtal statements do not comply with the accounting requirements of section 396 of the 20[ Act olher than any requiiemenl Ihal the accounls gNe a true and fair view whh Ès not a matter considered as part of an independent examination., Of the financial 5talemeniS have noi been prepared in a¢¢ordanc2 wlh Ihe methods and principles ol ihe Stalemènl of Recommènded Practice lor accounh.ny and reporting by charitie5 app110b lo charities preparing their 3ccounis in accordan¢e wrth the Finan¢Jal ReFQrting Standard applicabk in the UK an Republ of Ireland IFRS 1021. . I have no concerns and have come acr055 rn other matter5 in thnnection wrth Iht examination to which attentson uld be drawn in this report in order lo enable a proper understsndiro olthe finanoal statements to be reached. Richard F Hopper Charted Accountsnt 4 Rhodla Clawdd Off Denbigh Denbighshire LL16 4RJ
CANAAN PROJECT STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022 Unrestricted Restricted funds lund$ 2022 2022 Total Unresthcted Re$tricted funds funds 2021 2021 Total 2022 2021 Notes Income from.. Donations and legacies Charitable a¢tivtties Investments 1.928 36.479 20 1.928 68,379 20 2.743 53.479 2.743 92.471 31.9)0 38,992 Total in¢ome 38,427 31.9)0 70,327 56,228 38.992 95.220 Ex nditure on= Charitable activities 51.492 33.404 84,8 42.058 31.773 73.831 Net lexpenditurellincome for the yearl Net movement in funds 113.065} (1.5041 (14,569) 14.170 7.219 21.389 Fund balances at 1 September 2L121 85,084 9.479 70,914 2.260 73,174 Fund balances at 31 Augusl 2022 72.019 7.975 79.994 85,084 9.479 94,563 The statèment of finanaal aCtivitS include5 am gains and losses recognised in the year. All income and expendrtvre dèrive from eonbnLNng actmknes. The statement ol finanual activities also ¢omplies with the requirnents for an Inrne and expenditure acUnt under the Companies Act 20(.
CANAAN PROJECT BALANCE SHEET AS AT31 AUGUST2022 2022 2021 Notes Flxèd assets Tangible a5set5 10 611 1.119 Current assets Debtors Cash at bank and in hand 11 4,861 89.301 2,120 102,905 94,162 105,025 Creditora.. amounts falling due within onè yèar 12 114,779) 111.5811 Nel current assets 79.383 93,444 Totsl assets less ¢urrent Ilabllrties 79.994 94,563 Incomè lund$ Restricted funds Unrestricted funds 14 7.975 72.019 9.479 85.084 79,994 94,563 The company Is entrtled lo the èxemption frcrfn the a111 requirement containtd in sects)n 477 01 the Companies Act 2006. for the year ended 31 Atjgust 2022. The directors acknowledge their responsibilities lor cornplying Wth the reqU1MentS ol Ihe Companie5 Ad 2006 wilh respect to accounling record5 and Ihe preparalion of financial slalements. The members have nol required the company lo obtain an audit ol its financial slatemenls lor ihe year in question in accordance with seclion 476. These fin8nual statements have been Pfepared in awdancè wilh the p(ovis$ applb to companies subject lo Ihe small c4mp8nies regim¢. Apr 5. 2023 The finan¢ial statements were approvpd by tht Trustèes on ......................... Hannah Genn Trustee mpany registration number 05425527 Type text here
CANAAN PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting policies Charity information Canaan Project is a prNale company limited by guaranlee incorporaled in England and Wale5. The iegistered office is Lansbury Lodge, 117 Ricafdo Slfeet. London. E14 6EQ. 1.1 Accounting convention The financial stalements have been prepad in a¢cordan¢e wilh the charrlls tgovem1ng documenll. the Companies Act 2006, FRS 1 D2 -The Financial Reporting Standard applicable tn the UK arld Republic of Ireland. I"FRS 102,) and the Charrties SORP "Accounting and Reporting by Charittes.. Statement ol Recommended Practice applicabje lo charities preparing their acLounts in accordan wilh the Financial Reporfing Standard applicat4e in Ihe UK and Republic of Ireland IFRS 102}" leffeclNe 1 January 20191. The charily is a Public Benefrt Enlity as defined by FRS 102. The charity has laken advanlage ol the provisions in the SORP for charities not lo prepare a Statement of Cash Flows. The financial statements are prepa in sterh"rwJ, whth is the functional ¢ur(ency of the charity. Monetary amounts in Ihese financial statemenls ace rounded to the nearest £. The finanrial slalement5 hav been prepare(l under the histonral cost conventioTh. Imodffied to include Ihe revaluation of freehold properties and to include inve5tmenl propetlies and certain financial inslrurnents al 18ir valuel- The principal 8ccountsng policies adopted are set out below. 1.2 Going concern At the time of approwng Ihe finanaa stat•ments. Ihe IrLtstees have a reasonable expectation that the charity has adequate resources to conthnue in operational existence tor the foreseeab future. Thus the trustees continue to adopt the going concern basis ol a¢¢ounting in preparing the financial statements. 1.3 Charitable funds Unrestricted fvnds are available for use at the discretion of the trustee5 in furtheranre ol their charitab objecb"ves. Re5trKteil funds are subject to ¢ondilions by donors as to how they may be used. The purposes and uses ol the reslride(I funds are sel out in the noles to the ffir7ancial statements. 1.4 In¢omlny resources It)come is recognised when the charily is legally entitled lo rt after any perfornwnce conditions have been met. Ihe amounts can be measured reliabty. and rt is probabk that income will be received. Cash donaon5 are reGoyn75ed on receipt. Other donations are recognised once the charrty ha5 been notified of the donation, unles5 perfomance cjjndrtions require deferral of the amount. Income tax recoverable in relation to donations recerved under Grfl Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipl or otherwise il the charity ha5 been notified of an impending distribulion, the amount is known, and receipt is expected. If the amnI is nol knvwn, the legacy is taled as a contingent asset. 1.5 Resourees expended Financial liabilities and expendrtufe are rectynised in the arrount5 * the time when a commitment to make payment is inoJrred.
CANAAN PROJECT NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Accounling policie¥ (Continued) 1.6 Tangible fixed assets Tangible fixed assets ale inrtialty measured at cost and 5ubsequènlly measvred al usst or valuation, net of depreaation and any Impairment 1055es. Depreciation is recognised so as lo write oll Ihe cost (M valuaiion of assets less their residual values over their uselLd lives on the lollowing bases". Fixlures, [lg5 & equipment Computtrrs 25°h p.a_ on cost 25% p.a. on cosi The gain or Ios5 8rising on the disposal of arb asset is delemiined a5 Ihe difference belween the sale proceeds and the carrying value of Ihe asset, and is recognised in the statement ol financial activilies. 1.7 Impairment of fixed assets At each reporting end date. the charity rewews the carrying amounts of its tangibk assels to determine whèther there is any indication that those assets have suffered an impaimienl loss. 11 any such indicatio exists, the recoverable amount ol the asset is eslimated in order to delermine the extenl of the impairment loss Irf anyl. 1.8 Cash and cash equivalents Cash and cash equNalents indude cash in hand, deposits held at call with banks, othe¥ short-lerm liquid Investrnents with original rnatunties of three monihs or less, and bank overdrafts. Bank overdrafts are shown within borrowings in ujrrent liabilities. 1.9 Financial instrumènts The charity has elecled to appty the provisions of Section 11 'BaS Finanual Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its finanaal inslrumenls. Financial instrumen15 are recognised in Ihe chartys balance sheel when the charity becomes party lo ihe contractual provisions of Ihe instwment. Financial assets and liabililies are offset. wilh the nel amounls presented in the financial Statements. when there is a legally enforceable right lo set off the recognised amounts and there is an intention to settle on nel basis or to realise the asset and settle the liabilty simultaneousty. Basic financial assets 8asic financial assets. whh indude debtOf5 and cash and bank b8LHnGes. are initially measured at transaction pr including IransactKJn costs and are subsequentty carried at amortised cost using the effective interest method unless the arrangemenl constitutes a ffinancing transactR)n, where the transaction is measured al Ihe present value ol the future receipts discounted at a markel rate of interest. Financial assets classified as receivable wthin one year are not amoth"sed.
CANAAN PROJECT NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 31 AUGUST 2022 A¢¢ounting policies Icontrnuedl sic fin3ncialliabililies easic financial liabilities. induding credilors and bank bans are initialty recognised at traThsaction price unless the arr3n9emenl Constitutes a financing transaction. Whe the debt inslrumenl is rreasured al the present value of the futu payments discounted at a markel rate of interest. Financial liabilities classified as payable wrfhin one year are not aMorted. Debt instruments are subsequentty carried at amortised cost, using the effective interest rate method. Tradp creditors are obligations to pay lor gwds or services that have been acquired In the ordinary course of operations from suppliers. Amunis payabte are dassrfied as current liabilities rf payment is due within one year or less. 11 not. they are presented a5 non-cwrienl liabilities_ Trade creditors are iecognised initially at transaction price and 5ubsequentty measured at arnorlised cost Us9 the efftdive interest method. Derecognition of financialliabililies Financial liabilities ale derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Retivement benefits Payrnenls lo defined trIbUIlDn retirement benefft schemes are charged a5 an expense as they tsll due. Critical accounting estimates and judgements In the application of the charity's accounting polic*s. the truslees are required to make judgemenls, eslirnates and assumptions about Ihe carrying amount of assels and liabililies that a not readily apparent from other sources. The eslimales and assouated aSsUmptnS are based on historical experience and othei factors that are considered lo be relevant. Actual results may drfler from Ihese estimates. The estimates and undertying assumplions are reviewe(l on an ongoing basis. Revisw)s to accounling estimates are fecognised in the period In which the estimale is revised where the revision affects only Ihal period, or in the period ol the rewsion and future periods Whe the rewsN)n affects try)th ¢urrent and future periods. Donations and leg•¢ie$ Unrestricted Unrestricted funds fvnds 2022 2021 Donations and gfft$ Coronavirus grant income 1.928 1.087 1.656 1.928 2.743
CANAAN PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 crIbIe aclivities Giants Grnnts reteivablt receivable 2022 2021 Performance relatèd grants 68.379 92.471 Analysis by fvnd Unrestricted funds Resliicted hjnds 36.479 31,9C 53,479 38,992 68.379 92,471 Investments Unrestricted UnrestTiCted funds funds 2022 2021 Intere51 receivab 20 10-
CANAAN PROJECT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 Charitsble a¢tivities Youth activities 2022 Youth •ctivities 2021 staff costs Direct project StS $4,451 13,273 55,709 4.883 67.724 60,592 Share of support cosls (see note n Share of govemance costs (see nole 71 15,673 1,499 12.184 1,055 84,8 73.831 Analysis by fund Unreslricted lund5 Restrted funds 51.492 33,404 42,058 31,773 84,8 73,831 For the year ended 31 August 2021 Unrestncted funds ReStted funds 42.058 31.773 73.831
CANAAN PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Support costs Support Govemance Costs costs 2022 Support Governance costs osts 2021 Slaff costs Depreciation Premises and equipmenl expenses Administraiwe expenses 5.825 5,825 4,880 681 4,880 681 7.830 1.510 7,830 1,510 4.598 2,025 4,598 2.025 Accountancy Trusteès. expenses 1.020 479 1,020 479 960 95 95 15,673 1.499 17.172 12.184 1.055 13.239 Analysed beeen Charitable actiwkn.es 15,673 1.499 17,172 12,184 1.055 13.239 Govemance costs includes payments to Ihe independent examiner of £1.02012021- £9601 for tndependent examination and accAJuntancy fees. Trustees None ol the trustees lor any peisons connected with them) receNed any remuneration or reimbursernent of expenses dufing the year. Employees The average monthly ntsmbef ofemph)yees during the year was". 2022 Ilumber 2021 Number Youth work AdminiStratn Total Employment costs 2Q22 2021 Wages and 5alarres Social security ¢ost$ Other pension CAtS 57.178 55.865 1.556 3,168 3,098 60,276 60,589 There werè no employees whose annua remuneration was MO than E60.C(KI. 12-
CANAAN PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 10 Tangiblè fixed assets Flxturgs, fiings & Comput¢ Total C¢$t At 1 Seplember 2021 401 4,515 4,916 At 31 Au9USt 2022 401 4,515 4,916 OprÈeiation and Imlertt At 1 September 2021 OepreGialion tharged in the year 399 3,398 3,797 508 At 31 Augusl 2022 401 4,305 Carrying amount Al 31 Augusl 2022 611 611 Al 31 Augusl 2021 1.117 1,119 11 Debtoys 2022 2021 Amounts falling due within onè yèar. Other debtors Prepayments and accwed income 4,230 631 135 1,985 4,861 2,120 12 Creditors.. amounts lalling due within one year 2022 2021 Notes DèferrÈd income Trade creditors Other creditors Accruals 13 12.(K 388 832 1.559 7,000 2,144 1.477 960 14.779 11,581 13 Oeferred Income 2022 2021 Other deferred income 12,000 7,000 13-
CANAAN PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 13 Oelerred income (Continued) Deferred in¢ome is induded in the ffinanual statements as fol(Avs'. 2022 2021 Deferred income is induded within". Current liabltieS 12,OC 7,000 Movements in the year". DeleTred income al 1 Septembèr 2021 ReaSed from previous periods Resource5 delerred in the year 7,0(Kt 17.OC(JI 12.000 19,692 119,6921 7,000 Deferred income at 31 August 2022 12.000 7.000 Oefeired coMe is grant income re¢eNed frcrfn fvThJers whith they intend lo be spenl in the next financial year. 14 Re$tri¢ted funds The income lunds ol Ihe charity indude restricted funds comprisng Ihe followng unexpended balances of donatmjns and grants held on trusl for speciffic purposes.. Movement in lunds Movement in funds In¢tynlng Resourc nce at Incornlng Rosour¢gs resourtes expend•d 1 SeptÈmber rnsources 2021 Balanc• at 1 Sèptember 2020 Balan¢e at 31 August 2022 Youth workers Other dire proiecl costs Equipment 38.992 131.167) 7.825 31. 131,7501 7,975 14461 11601 1.652 11.6521 121 162 2,260 38.992 (31,7731 9,479 31.9)) 133,4041 7.975 14_
CANAAN PROJECT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 15 Analysis ol net assets belween funds Unrestricted Restricted fvnds lunds 2022 2022 Totsl Unrestricted fvnds 2021 RestrictÈd funds 2021 Total 2022 2021 Fund balare$ al 31 August 2022 are represented by.. Tangible assets Current asselsllliabilitiesl 611 71.408 611 79.383 1,117 83.7 1,119 93.444 7.975 9.477 72.019 7.975 79.994 85,084 9,479 94,563 16 Related party transactions There were no disd05able related party transac1n5 during the year {2021 - none). 15-