Registered Company Number 04237777 Registered Charity Number 1135137 CLAPHAM PARK PROJECT TRUSTEES, REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 E J Avari & Co Limited 178 Tjvyford Road Harrow, Middlesex London HA2 OSN
CLAPHAM PARK PROJECT (COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) FOR THE YEAR ENDED 31 MARCH 2024 INDEX Financial Results- Highlights Reference and Administrative details of the Charity, its Trustees/directors and advisers 2 317 Trustees, Report Trustees, responsibilities statement Independent Examiner's Report Statement of financial activities 10 Balance Sheet as at 31 March 2024 11 Notes foming part of the financial statements 12121
Page I CLAPHAM PARK PROJECT (COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Financial Results- Higmights * 2024 2023 Incoming resources 195,474 156,337 Resources Expended (451,977) (349,530) Net (adverse) movetnent in fLmds (240,809) (111,591) Total funds 2,037,615 2.278,424 * Note: These highlights do not include changes to pension provisions.
Page 2 CLAPHAM PARK PROJECT (COMPANY LIMITED BY GuARArEE AND NOT HAVING SHARE CAPITAL) TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DETAILS Trustees D M Morris - Chair G Wedderburn - Vice Chair J H Rymer- Treasurer J Roberts L Allison A Morton T Lowndes (appointed December 2023) T Rees (appointed December 2023) H Williams (appointed December 2023) Councillor Irfan Mohan]med Observer Chief Executive and Company Secretary Mr A Johnson Registered Charity Number 1135137 Company Registration Number 04237777 Registered Office 14 Brixton Hill Place London SW2 IHJ Bankers National Westminster Bank PLC 68 Baker Street London WIA2BA Independent Examiner E J Avari & Co Ltd Association of Accounting Technicians 178 Twyford Road Harrow, Middlesex London HA2 OSN Solicitors Wedlake Bell LLP 71 Queen Victoria Street London EC4V 4AY
Page 3 CLAPHAM PARK PROJECT (COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with financial statements of the Charity for the year ended 31 March 2024. These financial statements are prq)ared under the historical cost convention, in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice ("the Charities SORP") applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS) applicable in the UK and Republic of Ireland (FRS 102) (effective l January2019), Charities SORP (FRS102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRSI 02) and the Companies Act 2006. I. STRUCTURE, GOVERNANCE & MANAGEMENT Governing document The company was incorporated on 20 June 2001, is limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the company being wound up. On 9 March 2010 Clapham Park Project was registered as a charity (charity registration No. l 135137). It is governed by its imemorandum and Articles of Association as amended by special resolution dated 22 March 2011. Recruitment and appointment of trustees The management of the company is the responsibility of the Trustees who are appointed or co-opted in accordance with the Articles of Association. Trustees serve for a period of two years and may be reappointed. Trustee vacancies are published across Clapham Park and surrounding neighbourhoods and applicants are considered by an appointment panel that makes a recommendation to appoint to the Board. Clapham Park Project will make use of third-party organisations to identify suitable applicants. When recruiting trustees, the appointment panel will be looking for individuals who can bring specific skills to the Board: for example, finance, fimdraising, legal etc. The quorum for General Meetings is four company members. Introduction and training of trustees New Trustees undertake an induction programme with the organisation and are asked to attend a series of short training courses. The organisation will also run regular training workshops for the entire Board: for example, on legal and financial responsibilities and to review Clapham Park policies. Organisation, structure and decision making The Board of Trustees are responsible for the management of the company. They delegate the general management and administration of the company to the Chief Executive Officer who, with staff team, ensures that the company is run efficiently. Management At Clapham Park Project's AGM. held on 6 December 2022, Diana Morris was appointed as Chair and John Rymer as Treasurer. They will serve for a period of two years. At the AGM held on 5 December 2023, Gordon Wedderburn was appointed as Vice Chair for a period of two years.
Page 4 CLAPHAM PARK PROJECT (COMPANY LIMITED BY GUARANfEE AND NOT HAVING SHARE CAPITAL) FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT Risk management The Board of Trustees has conducted a review of the major risks to which the charity is exposed. A risk register has been created and is reviewed and updated annually. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of procedures for authorising orders and financial transactions. Procedures are also in place to ensure compliance with health and safety of staff, volunteers, clients and visitors to our premises at Brixton Hill Place. 2 OBECTIVES AND ACTIVITIES Public benefit The Trustees confirni that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Commission in deterniining the activities undertaken by the Charity. The Charity Commission in its "'Charities and Public Benefit" guidance states that there are two key principles to be met in order to show that an organisation's aims are for the public benefit: firstly, there must be an identifiable benefit and, secondly. that the benefit must be to the public or a section of the public. The trustees are satisfied that the aims and objectives of the charity, and the activities reported on below to achieve those aims, meet these principles. Principal activity The principal activity of the company in the year under review was delivering projects and activities that benefitted residents, and supporting local community groups in Lambeth. particularly in the CIapham Park neighbourhood. Our vision Our vision is a safe and welcoming place; a learning community which recognises and promotes its own skills and resources. and which can manage its own affairs with dignity. We have ensured, and will continue to ensure, that the community is at the heart of the process. We know this is only the beginning of the journey towards an inclusive and equitable community. 3 ACHIEVEMENTS AND PERFORMANCE As the year began, CPP was fully functional, delivering a range of projects and activities across the Clapham Park neighbourhood. Youth Work CPP had developed a consortiurn of local youth organisations called Clapham Park Youth Initiative. These providers continued to deliver activities in 2023-2024 supported with funding from Lambeth Council starting with Easter activities and caFrying on into the surnmer.
Page 5 CLAPHAM PARK PROJECT (COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT Youth work (continued) CPP'S Bikes Project continued its work in 2023-24 providÉng sessions for local young people and referrals from Lambeth Council's Youth Offending Service. We also continued to provide sessions for the Harris Academy School which proved to be very popular. Towards the end of the year CPP, working with Metropolitan Thames Valley Housing (MTVH), moved the bikes project to a new, temporary site. This was to facilitate the next phase of the estate regeneration programme. CPP, working with Knight's Youth Centre and O&sis Play? developed a new consortium of Clapham-based youth organisations in the auturnn of 2022. In total. the consortium consists of nine members who provide a wide range of activities for Lambeth residents. The consortium successfully bid for funding through Lambeth Council's Youth and Play Service and secured funding for two years commencing in April 2023. Supporting Local Organisations CPP continued to provide significant support to the Friends of Agnes Riley Gardens throughout the year. Our Community Partnerships Manager led on local consultations regarding new play equipment and a splash pad. Work began in late 2023 and all the new equipment was in place by early summer. Work was also undertaken to help the Friends to put on a very well attended Autumn Fair and a Meet Santa event. Once again, working with Tr, CPP helped to deliver a great fun day on 5th August 2023. Despite bad weather it attracted sorne 400 local residents. During the year, CPP continued to support MTVH in delivering its warni hub and free meals through the provision of staff and volunteer support. CPP also helped MTVH organise a successful Winter Fair which took place in December 2023. CPP continued to support the Clapham Park Over 50s 0Up with their weekly coffee mornings, two seaside tiips and a Christmas Meal. CPP continued to provide free weekly Tai Chi classes and at the end of the year was successful in helping the Over 50s raise ndS to support a weekly activities session. CPP has longstanding good relations with the local police and it continues to support and help administer the Clapham Park Safer Neighbourhood Panel. This meets quarterly and brings together local organisations, residents and the police. In March 2024, our Community Partnerships Manager, Ching Wah Wong, announced her intention to retire in September 2024. She has worked for CPP for 22 years and has been instnmiental to all our achievements, both as an NDC and &s a local charity. We would like to record our thanks and to wish her every happiness in the fvture.
Page 6 CLAPHAM PARK PROJECT (COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT Community Development CPP continues to work to support and engage with local residents to better understand their needs and to inform our service delivery. CPP, s Community Chest small grants scheme proved to be very well subscribed with funding made available for ten local projects, alI developed by local residents and supported by CPP'S Community Development Officer. Examples of these are Arts workshops, gardening projects, Youth Sports and a Women, s Self Defence course. Finally, CPP continued to be an active member of the Lambeth Fonlln Network. We also produced our quarterly newsletter, Parklife, which is distributed to 7,000 homes across the Clapham Park neighbourhood. Fundraising Clapham Park Project is grateful for the funding it received in 2023-24 and would like to thank the following funders: * Lambeth Council, Youth and Play for their continuing support of our Bikes Project. * Lambeth Council, Youth and Play for their funding of a local consortium of youth providers who were able to deliver a range of projects during 2023-24. Lambeth Council, Lambeth Forum Network (LFN). This enabled CPP to continue to participate in the Forum Network during 2023-24 and continue to provide financial support to local neighbourhood organisations. 4 Financial Viability Following the sale of CPP'S premises at 14 Brixton Hill Place in January 2022, CPP secured adequate income to continue its work well into the future. Thanks to our landlord, CPP remained at Brixton Hill Place throughout 2023-24 while planning pennission was sought. However. we recognise that we will have to find new premises soon and this will be a priority for 2024-25. 5 Plan for the future * Finding new premises. This is currently a pressing priority for the organisation and a challenge as CPP wants to find new premises as near to the Clapham Park estate as possible. As this is prdominantly a residential area it is proving to be difficult and the Board may have to consider moving further afield. * In early 2024, the CPP Board held a further infornial Board meeting to consider its way forward and how it could best meet its charitable objectives. This will see CPP recruiting more staff in 2024-25 with a view to increasing its impact and supporting more Eocal residents.
Page 7 CLAPHAM PARK PROJECT (COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT 5 Plans for the future (continued) Responding to the cost-of-livtng crtsis. CPP lil(e all commullity organi5ations, is fe¢ling the impact of the rise in the cost of living, particularly in power and service costs. We are acutely aware of the impact this is having on local residents particularly those on benefits and low incomes. CPP is working with other local organisations to develop some local initiatives to help those in the community who are struggling. 6 Reserves Policy It has been the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately l 00 % of anticipated unrestricted expenditure for the following year. This provides sufficient funds to cover twelve months management, administration and support costs. Trustees are confident that the situation can now be maintained for the year ending 31 March 2025. 7 Independent Examiner E J Avari and Co. Limited have expressed their willingness to continue in office as an Independent Examiner and a resolution to reappoint them will be proposed at the forthcoming Annual General Meeting. The Trustees, annual report was approved on 3 December 2024 and signed on their behalf by: Trustee: Diana Morris, Chair Angus Johnson: Company Secretary
Page 8 CLAPHAM PARK PROJECT (COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) FOR THE YEAR ENDED 31 MARCH 2024 Trustees, responsibilities statement The trustees (who are also directors of Clapham Park Project for the purposes of company law) are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year. Under that the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAP) (United Kingdom Accounting Standards and applicable law). Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a trne and fair view of the state of affairs of the charitable company and of the incoming resourc¢s and application of resources, including the incoEne and cxpenditure, of the charitable company for this period. In preparing these financial statements. the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities Statement of Recommended Practice (SORP). make judgements and estimates that are reasonable and prudent" state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confirn] that: so far as each Trustee is aware, there is no relevant information of which the charttable company's Independent examiner is unaware. *the Trustees have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant inforniation and to establish that the charitable company's Independent examiner is aware of that inforniation. The Trustees are responsible for the maintenance and integrity of the COLVOrnte and financial inforniation included on the charitable company. s website. Th¢ Trustees confinn that Èn approving the Trustees. report they are also confirniing the trustees, report in their capacity as directors of the charitable company, By order of the Board, D M Monis Trustee Chair, Management Board [0 IL December 2024.
Page 9 CLAPHAM PARK PROJECT (COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) NDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CLAPHAM PARK PROJECT I report to the charitable company's trustees on my examination of the accounts of Clapham Park Project ("the company") for the year ended 31 March 2024 which comprise the Statement of financial activities, the balance sheet and the related notes I to 21. This report is made solely to the charitable company's trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the charitable company's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent perniitted by law, I do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for my work, for this reporL or for the opinions I have forn]ed. Responsibilities and basis of report As the charitable cornpany's trustees (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ("the 2006 Act-,). You are satisfied that your charitable company is not required by charity law to be audited and have chosen instead to have an independent exatnination. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for the independent examinatio I report in respect of my examination of your charitable company's accounts as carried out under section 145 of the Charities Act 2011 ("the 2011 Act"). In carrying out my examination I have followed the Directions given by the CIwity Commission under section 145 (5)(b) of the 2011 Act. Independent examiner's statement Your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirni that I am qualified to undertake the examination because l am a member of the Association of Accounting Technicians, which is one of the listed bodies. I have completed my examÉnation. I confmn that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the company as required by section 386 of the 2006 Act. or 2 the accounts do not accord with those records" or 3 the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a -true and fair view, which is not a matter considered as part of an independent examination" or 4 the accounts have not been prepared in accordance wlth the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and (FRSI 02). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this respect in order to enable a proper understanding of the accounts to be rpched. Edulji J vari BCOM. MAAT For and on behalf of E J Avari & Co Limited The Association of Accounting Technicians Licence Number 1004948, 178, Twyford Road, Harrow. Middlesex HA2 OSN, United Kingdom Dated: 10 <£ December 2024.
Page 10 CLAPHAM PARK PROJECT (COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Notes 2024 2024 Unrestricted Restricted Funds Funds 2024 Total Funds 2023 Total Funds Incoming resources Incoming resources from generated funds: Activities for generating funds Voluntary income Incoming resources from Charitable Activities: Support and deliver project for local Community Regeneration income Investment inconle: Bank and Other Interest: Gross 9,253 5,000 9,253 12,042 5,000 5,000 5b 107,804 107,804 112,185 Total incoming Resources Resources Expended Costs of generating funds: Charitable Activities Governance cost 107 804 195 474 156 337 19120 (299,395) (148,380) (447,775) (346,101) Total resources expended Net (outgoing) resources 303 597 (215,927) 148 380 451977) 349 530 (40,576) (256,503) (193,193) Transfers between funds 19 4,093 (4,093) Less: Scottish Voluntary pension: Excess provision of past years Reversed Deficit contribution paid Pension gain (loss) provision arising in thc year due to reduction in pension deficit contribution 18 157,937 (57,862) Net (adverse) movement in funds for the year (196,140) (44,669) (240,809) (111.591) Reconciliation of funds Total Funds balances brought-forward at 31 March 2023 as previously reported Total Funds carried-forward at end of Year including pension reserve 18 2 200 092 78 332 2 278 424 2 390 015 2 003 952 33 663 2 037 615 2 278 424 All items dealt with in the Statement of Financial Activities relate to continuing activities. There are no recognised gains or losses other than those passing through the Statement of Financial Activities. The notes on pages 12 to 21 forni part of these financial statements.
Pagell CLAPHAM PARK PROJECT (COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CIlPITAL) BALANCE SHEET AS AT 31 MARCH 2024 COMPANY NUMBER 04237777 Notes 2024 2024 2023 2023 Current Assets Trade debtors and prepaents ] I Cash and cash equivalents 12 2 037 673 2 271063 2 074 035 2 299 847 Current Liabilities Creditors: Amounts falling due within one year Net Current Assets 2 040 394 2 296 897 Total Assets less Current Liabilities 2,040,394 2,296.897 Creditors: amounts falling due after more than one year 10 Net Assets includlng pension liability 2 037 615 2 278 424 Represented by: The funds of the Charity Restricted funds Unrestricted funds General lld Desiated fund 17 33,663 78,332 303,952 1700 000 400,092 1800 000 2037615 2 278 424 These financial statements which have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006. For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Trustees, responsibilities: The trnstees have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476. The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts. These financial statements of Clapham Park Project, regÈstered charity number l 135137, registered number 04237777 were approved by the Board of Trustees (Directors) on i OOL Q&<•y>kn 202 É and signed on behalf of the Board of Trustees (Directors). Trustee: Diana Morris, Chair The notes on pages 12 to 21 form part of these financial statements
Page 12 CLAPHAM PARK PROJECT (COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) NOTES TO THE FINANCIAL STATEIWIENTS FOR THE YEAR ENDED 31 MARCH 2024 l. General information and charitable statUS Clapham Park Project, a public benefit entity. is incorporated in England and Wales as a company limited by guarantee not havtng a share capital. There are currently nine Trustees who are also the members of the company. Each member has undertaken to contribute to the assets in the event of winding up a sum not exceeding £ l. The charitable company is a registered charity. The registered office address is given on page 2. 2. Statement of Compliance The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS102) '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) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial statements are prepared in Sterling, which is the functional currency of the entity. The charity has taken advantage of the exemption Èn Financial Reporting Standard No l from the requirements to produce a cash flow statement on the ground that it is a small charity. 3. Accounting policies Preparation of financial statements-Going Concern basis The company is in surplus position at 3 l March 2023 and 31 March 2024. The trustees do not anticipate any significant changes to the business in the foreseeable future. at least twelve months from the date of Si11ng the financial statements. With policies and processes in place to manage operational and financial risks, the Trustees believe it Ès appropriate to continue to adopt the going concern b&sis of accounting in preparing these financial statements. Changes to accounting estimates and judgements Preparation of the financial statements requires the Trustees to make significant judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not factual. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The item in the financial statements where these judgements and estimates have been made is under Note 21 relating to Scottish voluntary sector pension scheme. Material prior year errors No material prior year errors have been identified in the reporting period. Funds accounting Funds held by Clapham Park Project are: Unrestricted fund5 represent the funds of Clapharn Park Project that are not subject to any restrictions regarding their use and are avaiIable for the general purpose of the charity. Funds designated by the Trustees for a particular purpose are also unrestricted. Restricted funds consist of monies received for specific purposes. The unspent balances of the funds may not be used for any other purposes unless the Trustees have received, from the donors, express pern]ission to do so.
Page 13 CLAPHAM PARK PROJECT (COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 MARCH 2024 (continued) Funds Accounting Designated funds are unrestricted funds where the Trustees have resolved to 'put aside, the funds for a specific purpose. Enrolled Pension Costs The company operates a defined conttibution scheme for the benefit of its employees. Contributions payable are charged to the income and expenditure account in the year they are payable. The amount paid in the year is £1 0,993 (2023: £10,970). Recognition of income All income is included in the statement of financial activities when the conditions for receipt have been met. receipt is probable and the amount can be quantified with reasonable accuracy against an invoice, contract or agreement. Incoming resources from charitable activities includes Activities for generating funds comprises: Fun day contributions Rent Voluntary income Incoming resources from charitable activitie5: Regeneration income received from fund providers for specific projects are accounted for as restricted funds Cash and cash eqllivalents Cash and cash equivalents comprises cash in hand, on demand and short term deposits with a maturity within twelve months with banks and similar institutions, which are readily convertible to known amounts of cash and are subject to insignificant risk of change value. The items in the financial statements where these have been made include: Current bank interest is accounted for over the period in which it is earned. Treasury Reserve deposit for a temi of one year fixed- Interest receivable is credited to the revenue in the year in which it is accrued. All deposits will have interest paid gross. The current deposit interest rate (AER) of 4.53 % (2023:3.50/0) gross is fixed for a period of one year commencing from 21 November 2023. The total funds held on deposit is £1.700,000. Resources expended Expenditure is reCOlSed once there is a legal or constructive obligation to make a payment to a third paty, it is probable that settlement will be required and the amount of the obligation can be measured reliably. (i) Expenditure is reCOlSed on an accrual basis as a liability is incurred and includes VAT, and has been cl&ssified under headings that aggregate all costs related to the category. Charitable expenditure comprtses those costs incurred by the charity in the delivery of its activities and services. (iii) Governance costs comprise all costs involving public accountability of the charity and its compliance with regulations and good practice. (ii)
Page 14 CLAPHAM PARK PROJECT (COMPANY LIMITED BY GUARANTEE NOT HAVING SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IIqARCH 2024 (continued) Accounting policies (contd) Trade debtors Trade debtors are stated at original value less provision for doubtful debts. Bad debts are written off when identified. Subsequently. they are measured at the cash or other fixed consideration expected to be received. Tangible red assets for use by Charity The Charity has no fixed assets during the reporting period. Rent After the sale of the building in January 2022 CPP became the tenants of Brixton Hill Place, and at the time of the preparation of these accounts they are still the tenant, until CPP find the new premises. No rent is paid by CPP for occupying the premises. 4 Staff costs, remuneration of key management personnel and trustees, remuneration 2024 2023 Employment costs Staff costs during the year were as follows: Wages and salaries Employer's social security costs Employer's pension costs 153,705 147,226 15,224 14,697 Total staff costs 173 641 165 931 Employee numbers The average number of etnployees employed by Clapham Park Project throughout the year was as follows: No. Management staff Operating staff There are no employees wÈth emoluments above £60,000 for the reporting period (2023: £NIL). The key management personnel of the charity comprise the Chief Executive Officer. Tru5tees' Remuneration None of the trustees. received any remuneration or reclaimed any other expenses during the reporting period. (2023: £NIL)
Page 15 CLAPHAM PARK PROJECT (COMPANY LIMITED BY GUARANTEE AfsD NOT HAVING SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 MARCH 2024 (eolltinued) 5 INCOMING RESOURCES Unrestricted Restricted Total Funds Total Funds 2024 2023 (a) Activities for generating funds Kids City Rental income Fundraising Fun day contributions CPP Management fees 8,333 1,809 600 300 2,826 2,826 5,427 5,427 9,253 9,253 12,042 Voluntary income-employment Allowance (b) Incoming resources from charitable activities Support and deliver specific project for local community Regeneration income 107 804 112 185 (c) Investment Income Interest received Interest receivable 45.853 45.853 27.564 4,672 Total incoming resources £87670 195 474 156 337 6 Banks interest income 2024 2023 Interest received during the year Interest receivable during the year Total 45,853 4,672 2024 2023 7 Net outgoillgs for the year are stated after charging: Independent examiner"s fees 8 Governance costs Independent examiner's fees Trustees, catering for meetings and travel costs 2,500 2,200 Total
Page 16 CLAPHAM PARK PROJECT (COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 9 Creditors: amounts falling due within one year 2024 2023 Trade creditors Bank Over(traft Accruals 1,137 7,751 24.753 750 Total 10 Creditors: amounts falling due after one year Scottish Voluntary Sector Pension Scheme Provision made in the year, derkved from Scottlsh Voluntary Sector Pension Scheme 'on-lin¢-tool' I l Debtors: amounts falling due within one year 2024 2023 Trade debtors Interest due on deposits with Nat West maturable on 21.11.24 Other Debtors - HMRC Advance to staff Total 4,812 27,564 3,986 1,860 22,438 3,986 500 12 Cash and cash equivalents 2024 2023 Cash at bank and in hand Treasury Reserve Deposit Total 337,673 471,063 1700 000 1800 000 2 037 673 2.271063 13 Taxation Clapham Park Project is a registered Charity No.1135137 with the benefit of exemption from taxation granted to the Corporation Tax Act 2010. On the basis that the charitable company's activities fall within their charitable purposes and their funds are applied only for these purposes. no provision for corporation tax or capital gains tax is made. This includes use of fldS for the general administrative purposes of the charity. 14 Capital commitments The charity had no commitments for capital expenditure at 31 March 2024 and the trustees did not authorise any expenditure for capital commitments at that date (2023: £ NIL). 15 Related Parties There are no transactions with related parties which require to be disclosed in the accounts.
Page 17 CLAPHAM PARK PROJECT (COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 16 Events after the end of the reporting period There have been no material events since the end of the reporting period. 17 Analysis of Net Assets between funds Fund balances are represented by- Unrestricted Designated Restricted Total Total Current Assets Creditors: amounts falling due within one year after more than one year 340,372 1,700,000 33,663 2,074,035 2,299,847 (33,641) (33,641) (2,950) Total Net Assets as at 31 March 2024 303 952 1700 000 2 037 615 2 278 424 Designated funds are unrestricted funds where the Tnjstees have resolved to set aside the funds for the purchase of the new premises. 18 Statement of movements on reserves 2024 2023 Balance at l April 2023 Net (outgoing) resources Scottish Voluntary Sector Pension Scheme: Excess provision of past years reversed Deficit contribution paid Pension gain (loss) provision aTising in the year due to reduction in pension deficit contribution 2,278,424 2,390,015 (256,503) (193,193) 157,937 (57,862) 15 694 Total balance carried-forward at 31 March 2024 2 037 615 2 278 424
Page 18 CLAPHANI PARK PROJECT (COMPANY LITrIITED BY GUARAI¥TEE AND NOT HANG SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 19 Movement in Funds Details of funds held and movements during the current reporting period. Restricted Funds Grants which are received for specific projects are accounted for as restricted fLmds. Incoming Outgoing Transfers l April 2023 Resources Resources to Reserves 3 l March 2024 National Lottery Over 50s MTVH CPP Bike Project- EIPS LFN Grants Agnes Riley Gardens Oasis Children SV CPP Youth Initiative 4,093 4,093 1.912 1,440 2,171 67,413 69,603 865 472 (1,271) 27,680 82 2,700 4,000 900 46.736 19,685 30 48,357 50.000 3,535 4,000 Total 107 804 148 380
Page 19 CLAPHAM PARK PROJECT (COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 20 Unrestricted funds: The purpose of the fund is to support and deliver projects for the local community. Included within the charitable activities are the support costs of £288,889 (2023: £ 247,373) Analysis and allocation of support Costs 2024 2023 Office and general running costs Salaries and pension costs Telephone & fax Mobile IT equipment IT support services Software subscriptions Dues and subscriptions Photocopying usage Printing postage and stationery Cleaning Insurance Marketinglpublicity Miscellaneous expenses Travel, substance and hospitality Bank service charges Training and development Payroll costs Repairs and maintenance Premises security Conference attendance and training Fundraising costs Other central costs Bad debts 29,369 173,641 6,686 723 28,797 165,931 309 3,642 6,025 997 784 2,777 2,066 7,819 6,536 3,776 89 281 593 520 360 2,754 4,184 636 2,400 35,873 673 2,923 9,252 5,829 4,956 182 557 179 1,433 3,438 16,379 Total support costs 288 889 247 373 Charitable activities: Community Chest Fun day 4,000 3,574 540 Total charitable activities 299 395 251487
Page 20 CLAPHAM PARK PROJECT (COMPANY LIMrrED BY GUARANTEE AND NOT HAVING SHARE CAprrAL) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 21 PENSION SCHEME-Scottish Voluntary Sector Pension Scheme Clapham Park Projcct participates in the Scottish Voluntary Sector Pension Scheme (the Scheme). The Scheme is a multi-employer defined benefit (DB) pension Scheme. The Scheme closed to future entry on 31 March 201 O. There is currently no intention to wind-up the Scottish Voluntary Sector Pension Scheme and it continues in paid- up forni. The Trustees of the Scheme commission an actuarial valuation of the Scheme every three years. The main purpose of the valuation is to detemiine the financial position of the Scheme in order to deterniine the level of future contributions required so that the Scheme can meet its pension obligations as they fall due. The acarIal valuation assesses whether the Scheme's assets at the valuation date are likely to be sufficient to pay the pension benefits accrued by members as at the valuation date. Asset values are calculated by reference to market values. Accrued pension benefits are valued by discounting expected future benefits payments using a discount rate calculated by reference to the expected future investment returns. The rules of the Plan give the Trustees the power to require employers to additional pay contributions in order to ensure that the statutory funding objective under the Pensions Act 2004 is met. The statutory funding objective is that a pension scheme should have sufficient assets to meet its past service liabilities, known as technical provisions. If the actuarial valuation reveals a deficit. the Trustees will agree a recovery plan to eliminate the deficit over a specified period of time either by way of additional contributions from employers, investment returns or a combination of these. It is not possible in the nornial course of events to identify on a consistent and reasonable basis the share of underlying assets and liabilities belonging to individual participating employers. This is because the scheme is a multi-employer scheme where the scheme assets are co-mingled for investment pury)oses and benefits are paid from total scheme assets. Accordingly, due to the nature of the Scheme, the accounting charge for the period under FRS 17 represents the employer contribution payable. Following a change in legislation in September 2005 there is a potential debt on the employer that could be levied by the Trustees of the scheme. The debt is due in the event of the employer becoming insolvent or ceasing to participate in the Scheme, or the Scheme winding up. The debt of the scheme as a whole is calculated by comparing the liabilities for the Scheme (calculated on a buyout basis i.e. the Scheme Actuary s estimate of the cost of securing benefits by purchasing annuity policies from an insurer, plus an allowance for expenses) with the assets of the Scheme. If the liabilities exceed assets there is a buy-out debt. The leaving employer s share of the buy-out debt is the proportion of the Scheme's liability to employment with the leaving employer compared to the total amount of the Scheme's liabilities. Therefor¢, the leaving employer s debt includes a share of any ' Orphan liabilities in respect of previously participating employers. -Orphan' liabilities are the defeTred and pension liabilities of members previously employed by employers that have ceased to participate in the Scheme.
Page21 CLAPHAM PARK PROJECT (COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 21 PENSION SCHEME-Scottish Voluntary Sector Pension Scheme (continued) The amount of the debt therefore depends on many factors including total Scheme liabilities. Scheme investment perforniance, the liabilities in respect of cuent and fonner employees of the employer, the level of 'orphan' liabilities, fjnancial conditions at the time of the employer's withdrnwal of the scheme and the insurers buy-out Market. The amount of debt can . therefore be volatile over time. Where the scheme is in deficit and where the charity and company has agreed to a deficit lldIng arrangement the charity recognised a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate of 4.900/0 as at 31 March 2024: (2023: 5.40 % p.a.). The charity has recognised a liability of (£2,779) as at 31 March 2024 (2023: £18,473) as the present value of the contributions payable that arise from the deficit recovery agreement. These projected figures are derived from Scottish Voluntary Sector Pension Scheme 'on-line-tool'. Mr Angus Johnson is currently on the board of 'the Employer Consultative Group, which scrutinises the decisions made in connection with this pension scheme.