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2023-03-31-accounts

REGISTERED COMPANY NUMBER: 07221470 (England and Wales) REGISTERED CHARITY NUMBER: 1136377

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

3SPACE

3SPACE

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Page
Report of the Trustees 1 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9 to 10
Notes to the Financial Statements 11 to 15

3SPACE (REGISTERED NUMBER: 07221470)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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 1 January 2019).

The Charity is also registered with the Office of Scottish Charity Regulator (OSCR) number SC042130.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's objects ("Objects") are specifically restricted to the following:

(1) To promote the efficiency and effectiveness of charities and the effective use of charitable resources for the benefit of the public by providing charities, non-profit or community organisations with access to property in otherwise vacant units on a non-commercial basis; and

(2) To promote charitable use of property as a means of empowering communities, regenerating areas, developing a robust community sector, supporting social enterprise and delivering public benefit.

Significant activities

The charity's work involves signing short-term, meanwhile use, leases on empty commercial properties, which are then made available to charitable organisations, social enterprises, recognised community groups and qualifying local start-up businesses.

ACHIEVEMENT AND PERFORMANCE

How our activities deliver public benefit

Our main activities and who we try to help are described below. Our activities focus on providing charities, not for profit organisations and qualifying local start-up businesses with access to properties in which they can carry out their own activities for public benefit.

During the period, the charity provided space to over 180 organisations. Organisations who used our spaces have included registered charities (with a primary focus on education, unemployment, health, sport, arts, youth entrepreneurship, start-up business and food poverty), universities, social enterprises, community groups, qualifying local start-up businesses and Local Authorities.

Projects running in the charity's properties have continued to expand the reach of voluntary and community sector organisations at a time when traditional models of service delivery have been under pressure if not out-of-reach.

A brief summary of activities undertaken by beneficiary organisations during the period is included below:

The BuyGiveWork model continues to be employed using the 'Buy One Give One' approach that 3Space has pioneered in the property sector. BuyGiveWork means for every desk rental (supplied at below-market rate), one is provided free of charge to a qualifying non-profit, local start-up, or experimental project. This model enables the space to support a wide base of charitable projects and encourages collaboration between locals and non-locals.

Page 1

3SPACE (REGISTERED NUMBER: 07221470)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

The charity's major project during the period is International House, in partnership with Lambeth Council. 3Space was selected in September 2018 via a competitive tender to take the former Council office in Brixton on a five year Meanwhile Use to expand its BuyGiveWork program. International House remains in Council ownership and has been earmarked for redevelopment after five years as part of the Brixton Central masterplan. 3Space's interim activity will play a part in informing these future regeneration plans. The charity committed to a total rent payment to Council of £1.1 Million over 5 years with a 1 year rent free period. Quarterly payments have continued through the reporting period and throughout the uncertainty of Covid-19.

The building is split over 12 floors with five Give floors provided to support youth entrepreneurship, community initiatives and the arts. Five Buy floors are let at a below market rate to support Lambeth's drive to diversify Brixton's economic offer away from food & drink and retail, and towards the Creative & Digital Industries. The top two floors were scheduled to be used for free of charge co-working, meeting and hospitality offer.

The charity has continued to deliver its outputs through what has been a challenging period as it recovers from the impact from Covid-19. In December 2020 the charity commissioned economics consultancy PRD to prepare a report on International House which demonstrated its value to London Borough of Lambeth as well as alternative options for the future development plans proposed for the building. A summary of the report findings is as follows:

Typical Annual Outputs of International House

In International House has delivered the following benefits:

Valuing these Outputs

Using standard accepted measures, it is possible to come up with an approximate gross value of each of these:

To provide a more effective net figure for policy analysis additionally is applied to the core GVA (derived from earning in the building to give an approximate value of activity within International House):

Allowing for this gives a rough net annual added value of c £5m per year. With additional benefits of £3.4m in direct benefits to charities and social value.

Page 2

3SPACE (REGISTERED NUMBER: 07221470)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Although International House is located in an office and provides workspace, it is wrong to simply classify it as a managed workspace project. The interface between private businesses, civil society, start-ups, charities, culture and creation make it unlike a typical market led 'product'; it is therefore difficult to benchmark it against other developments.

Based on the impact numbers presented here however, it is reasonable to argue that a purpose-built office would deliver similar (or slightly higher) employment numbers and density than is currently achieved at International House.

Social value is clearly a more significant differentiator. Comparing International House to a proposed development in the north of Lambeth using similar metrics shows that the new development is estimated to deliver £27psqm social value. This compares to £413psqm at International House .

2022/2023 update

The charity has not undertaken a similar independent study in 2022/2023, however it expects to provide a report in 2023/24 when the International House project is expected to end. However, the charity has undertaken monitoring of its tenants via regular surveys. This shows similar activity has continued as in the year 2021/2022 where during that period:

The list of organisations the project continues to support across the different floors including the following five Give floors:

  1. Business Launchpad (BLP) was up until early 2022 the delivery partner for the Youth Entrepreneurship floor. The new delivery partner since April 2022 is the youth led organisation called Innovators League.

There are a range of youth organisations and start-ups led by young people who use the floor including Abdul Karim, BiG/Bestys inspirational Guidance, Grooveschool, House on Fire, Inzyme, Juvenis, Milk Honey Bees, No Roof, Step Now and TPro. This floor is provided free of charge to the Innovators League and their end users.

  1. Photofusion is the delivery partner for the Photographic Services Floor. Photofusion is a registered charity and London's largest photographic resource centre. They moved to International House having been unable to afford a rent increase on their existing site and were at risk of displacement from the Borough. The centre's facilities include digital suites, darkrooms, exhibition production services and picture library alongside a contemporary gallery which places an emphasis on showcasing emerging photographers, alongside new work by mid-career artists. The exhibition programme includes artist talks, panel discussions and occasional related masterclasses or workshops.

Alongside its professional development and training programmes, Photofusion delivers a range of crucial outreach engagement projects, working with socially and culturally marginalised young people, offering photographer-led creative programmes, skills-based accredited courses, bursaries and internships in collaboration with local organisations and a range of funding partners.

This floor is provided rent free but Photofusion pay a service charge as some of the services they offer are paid for.

Page 3

3SPACE (REGISTERED NUMBER: 07221470)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

  1. The Community Initiatives floor is available free of charge to local charities, non-profits and social enterprises who are based in Lambeth or who deliver programs which directly benefit Lambeth residents. During this period the floor was used by Abstract Benna, ARCS, Access Music Media, The Ascension Agency, Action Plus Foundation, ARCS Lambeth, Asylos, Avid Detention, Be Enriched, Brixton People’s Kitchen, Be Her Lead, Birds Eye View, Brixton bugle, Brixton Neighbourhood Forum, Babel Theatre, Brixton £, Brixton Project, Breadwinners, Built By Us, Earlybird,, Collected Creative, Compass Collect, The Crows, Clapham Film Unit, Cocoon Family Support, Code 7, Commons Legal, Cherry Groce Foundation, City of Sanctuary, Class 13, Craft Forward, Community Arts Box, Compliments of the House, Creative Society, Divert, Dialogue Hub CIC, Eco Soul hostel, Edible Lambeth, Empathy Museum, Exceed Reading Stars, Father Nature, FORTH, Gay Social, Girls United, Global Entrepreneurs UK, Glasshouse Theatre, Gma's Community Kitchen, Grounded Sounds, Global Urban Design, Hope For The Young, Healthy living Platform, Hope in the Heart, Independent Film Trust, Inclusion Arts, Kelly’s Cause Foundation, K3 Media, Bounceback, Lambeth Larder, Library of Things, Lee Lawrence Consultancy, Lerato Community Initiative, LTEN, Mi Comput Solutions, Multi Story Orchestra, New Challenge, The National Windrush Museum, Onwards and Upwards, Project Access, Prop Up Projects, Rapport Festival, Respeito, Restart Projects, Shamha Vibration, School Ground Sounds, Sloth Club CIC, State of the African Diaspora, Strongback Productions, Student Development CIC, Student Hubs, Brixton Topcats, Untold Stories, Urban Growth, We Are Oxygen Arts, We Rise, We Rock, Youth in Excellence, UBL Lambeth, Unjust CIC, Untold, We go Forth.

The floor is provided free of charge, but tenants are encouraged to pay into a future rent deposit scheme to build up a rent fund for any subsequent workspace. This is returned in full when the tenant moves out or the project comes to an end.

  1. The Events and Projects spaces are across the ground floor and are available free of charge to the buildings tenants and have been extensively used for a range of different types of use with a mixture of workshops, training, meetings and public facing events. The use of the Event Space is free of charge to use which removes any barrier for our tenants who might otherwise not be able to afford access to centrally located and well-equipped event space, specifically young people and local charities.

  2. The fivth Give Hub is a fabrics and textiles studio managed by Assemble, a Turner prize-winning art and design collective. Its tenants include many local and new start-ups including over 50% from BAME backgrounds. The tenants are Aergo, Ascension agency, good studio Riso, Furious Goose, Little Collective, Kangan Auror, LaundRe, White Weft, Stitch School, Glitter Customs, Paq Works, SCRT, Smith Matthias Ltd, Studio 1, United 80 Brixton, Ilara, Fashionwide, Ato studio, Ceres Studio and We Love.

This floor is provided rent free but Assemble pay a service charge and they in turn charge an affordable rental fee for textiles and fashion start-ups using the space.

The 5 Buy Floors are tenanted by a mixture of larger charities, freelancers, start-ups and scaleup businesses. All of the Buy Floor tenants are subject to a points-based allocation system which has been formalised in a Tenant Allocation and Marketing Strategy document that was drawn up with Council to align with the Borough's economic regeneration plans. The start-ups and scaleups who have benefited from the use include: Refuaid, Resi, The Ubele Initiative, Amazing Productions, Plantacorp, AKOU, Drew London, CodeBrave, India Thorogood, Food Foundation, ihateironing, National Energy Action, Insurance Supper Club, Fair Education Alliance, Drew & Rose, Minerva Tutors, Richard Nield, Repowering ltd, Rocial Visuals, The Bike Project, White Puzzle, Yes Futures, Iconic Steps, Refugees at home, Just Like Us, Black Thrive, Brixton BID, Road Peace, South London Cares, Age UK Lambeth, Thursday Works, Boz Temple-Morris, and Hello Self.

International House continues to be recognised by the Living Wage Foundation as Living Wage Building. It was the first Living Wage Building in UK and secured this status for the first time in 2019. This means that any organisation working from the building and their employees are required to be paid the London Living Wage. This is managed by a licence agreement with the tenants and is monitored via half yearly reporting requirements.

3Space provides space that acts as an interface between private business, civil society, start-ups, charities, culture and creation. Providing space which is free or low cost is one benefit. However, another benefit is from the co-location of similar organisations, the connections that are made by these organisations and the clustering benefits to the local economy. The connections formed between these diverse businesses and community initiatives is a hallmark of 3Space’s BuyGiveWork approach.

3Space has been working with data consultancy AKOU to develop a model showing the impact of these relationships at International House in Brixton. The map shows how organisations at 3Space are connected to each other, the strength of the relationship and how they collaborate. You can view the work in progress on the network map here https://akou.co.uk/3space/.

Page 4

3SPACE (REGISTERED NUMBER: 07221470)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

In April 2022 3Space won a competitive tender from Haringey Council to operate the council owned 40 Cumberland Road, Wood Green. This was a 35,000 sq ft building offered on a 10-year lease where 3Space proposed to implement its Space for Public Good and BuyGiveWork model. Unfortunately, there were several changes made to key parameters and after a year of negotiations the project was no longer considered viable, Despite best efforts, 3Space were unable to agree a way forward with council and the project was terminated in April 2023 (just outside this reporting period).

Whilst this is disappointing, much of the expenditure was undertaken by consultants which were funded by GLA and Haringey. Apart from the significant amount of 3Space staff time spent in the project, there was very limited risk or cost impact on 3Space.

Further details of additional past projects can be found on the Charity's website.

During the period, the charity has continued to work with and develop its Advisory Panel - a group of experts from the property, regeneration and marketing sectors - who provide advice and direction. 3Space hugely appreciates the time, effort and valuable support generously given by the members of the Panel.

FINANCIAL REVIEW

Investment policy and objectives

Under its Memorandum and Articles of Association, the charity has the power to invest in any way the trustees wish. The trustees, having regard to the liquidity requirements of operating the charity have maintained a policy of keeping available funds in interest bearing deposit accounts.

Reserves policy

It is the policy of the charity to maintain unrestricted funds, which include the free reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely costs of the charity for the next year.

The charity had unrestricted funds of £108,011 (2022: £110,473) as at 31 March 2023.

FUTURE DEVELOPMENTS

The lease at International House in Brixton was due to expire in September 2023. However, outside this reporting period, 3Space has now secured an extension on its lease to December 2024. 3Space will continue to work closely with its landlord and partner for the project, Lambeth council.

3Space continues to work on securing new properties to deliver greater impact. 3Space’s goal is to replicate the success of International House and expand its operations by opening a flagship hub in each quadrant of London in the next 5 years. 3Space will continue to focus on opportunities to use publicly owned assets to implement its Spaces for Public Good approach, while also considering opportunities to again work with the private sector.

3Space is well placed to secure government tenders for affordable workspace and the delivery of social value. The charity will also continue to explore opportunities to expand its reach and impact working with the private sector.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

In the event of the company being wound up members are required to contribute an amount not exceeding £1.

Recruitment and appointment of new trustees

The initial Trustees founded the company due to their interest in the aims of the charity as set out below.

Organisational structure

Trustees meet informally on a regular basis to manage the activities of the charity, which are organised by the executive management committee.

A Trustee is required to sign any property lease that the charity enters into.

Page 5

3SPACE (REGISTERED NUMBER: 07221470)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Induction and training of new trustees

All Trustees have read the guidance issued by Charity Commission concerning their roles and obligations.

Trustees can retire when they wish as they do not serve under a fixed term.

Risk management

The Trustees have conducted a full risk assessment of the organisation. Various systems and checks have been put into operation and these are reviewed annually.

The Trustees are satisfied that systems are in place to mitigate our exposure to those major risks.

The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

07221470 (England and Wales)

Registered Charity number

1136377

Registered office

105 Eade Road OCC Building A 2nd Floor Unit 11D London N4 1TJ

Trustees

Mr A J Brown Mr N D Elliot Mr W Hyslop

Independent Examiner

DAS Accounting Services Ltd 105 Eade Road OCC Building A 2nd Floor Unit 11D London N4 1TJ

Approved by order of the board of trustees on 26 December 2023 and signed on its behalf by:

Mr A J Brown - Trustee

Page 6

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF 3SPACE

Independent examiner's report to the trustees of 3Space ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.

Responsibilities and basis of report

As the charity's trustees of the Company (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').

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 independent examination, I report in respect of my examination of your charity'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 Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. 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

  2. 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

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mr Pesach Davidoff FCCA

DAS Accounting Services Ltd 105 Eade Road OCC Building A 2nd Floor Unit 11D London N4 1TJ

26 December 2023

Page 7

3SPACE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

2023
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
190,406
Charitable activities
4
Charitable activities
125,990
Investment income
3
3,577
Total
319,973
EXPENDITURE ON
Charitable activities
Charitable activities
322,435
NET INCOME/(EXPENDITURE)
(2,462)
RECONCILIATION OF FUNDS
Total funds brought forward
110,473
TOTAL FUNDS CARRIED FORWARD
108,011		 2022
Total
funds
£
232,704
85,623
11
318,338
225,266
93,072
17,401
110,473

The notes form part of these financial statements

Page 8

3SPACE (REGISTERED NUMBER: 07221470)

BALANCE SHEET 31 MARCH 2023

2023
Unrestricted
fund
Notes
£
FIXED ASSETS
Investments
7
10,100
CURRENT ASSETS
Debtors
8
111,177
Cash at bank
130,346
241,523
CREDITORS
Amounts falling due within one year
9
(143,612)
NET CURRENT ASSETS
97,911
TOTAL ASSETS LESS CURRENT LIABILITIES
108,011
NET ASSETS/(LIABILITIES)
108,011
FUNDS
11
Unrestricted funds
108,011
TOTAL FUNDS
108,011		 2022
Total
funds
£
10,100
170,109
124,914
295,023
(194,650)
100,373
110,473
110,473
110,473
110,473

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 9

3SPACE (REGISTERED NUMBER: 07221470)

BALANCE SHEET - continued 31 MARCH 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 26 December 2023 and were signed on its behalf by:

Mr A J Brown - Trustee

The notes form part of these financial statements

Page 10

3SPACE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. 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 (FRS 102) '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 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

2. ACCOUNTING POLICIES

Basis of preparation

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.

Preparation of consolidated financial statements

The charity is not required to prepare consolidated financial statements in accordance with the Charities Act 2011, and has taken advantage of the option not to prepare consolidated financial statements contained in section 398 of the Companies Act 2006 on the basis that the charity and its subsidiary undertaking comprise a small group.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, the trustees are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. 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 estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The trustees do not consider there are any critical judgments or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Governance costs

Governance costs are associated with the governance arrangements of the company and charity and relating to the general running of both. These costs include audit, legal advice for trustees and costs associated with meeting constitutional and statutory requirements such as the cost of trustee meetings and the preparation of the statutory accounts.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

continued...

Page 11

3SPACE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Fund accounting

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.There are no restricted funds as at the Balance Sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the period of the lease.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible reference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3.

4.

INVESTMENT INCOME

INVESTMENT INCOME
2023 2022
£ £
Deposit account interest 442 11
Interest receivable - trading 3,135 -
3,577 11
INCOME FROM CHARITABLE ACTIVITIES
Income from charitable activities 2023
Charitable
activities
£
125,990		 2022
Total
activities
£
85,623

Income from charitable activities relates to rent charged to the charity's subsidiary, 3Space Trading Ltd, in relation to the youth, cultural and community programmes provided on the Give Floors as part of the BuyGiveWork initiative.

5. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Independent Examiner's fee 2023
2022
£
£
2,575
2,350
Other operating leases 206,400
206,400

continued...

Page 12

3SPACE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

7. FIXED ASSET INVESTMENTS

Shares in
group
Unlisted
undertakings
investments
£
£
COST
At 1 April 2022 and 31 March 2023
100
10,000
NET BOOK VALUE
At 31 March 2023
100
10,000
At 31 March 2022
100
10,000		 Totals
£
10,100
10,100
10,100

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

3Space Trading Ltd

Registered office: 105 Eade Road, OCC Building A, 2nd Floor, Unit 11D, London N4 1TJ Nature of business: Management of real estate

%
Class of share: holding
Ordinary 100
Aggregate capital and reserves 31.3.23
31.3.22
£
£
474,202
411,745
Profit for the year 252,863
253,093

Consolidated financial statements have not been prepared as the charity has taken advantage of the exemption conferred by section 398 of the Companies Act 2006.

continued...

Page 13

3SPACE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Amounts owed by group undertakings 39,185 -
Other debtors 7,492 105,609
Prepayments 64,500 64,500
111,177 170,109
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors 2023
£
47		 2022
£
40
Other creditors 138,640 192,260
Accrued expenses 4,925 2,350
143,612 194,650
10. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
Within one year 2023
£
87,649		 2022
£
206,400
Between one and five years - 87,649
87,649 294,049
11. MOVEMENT IN FUNDS
Unrestricted funds At 1.4.22
£		 Net
movement
in funds
£		 At
31.3.23
£
General fund 110,473 (2,462) 108,011
TOTAL FUNDS 110,473 (2,462) 108,011
Net movement in funds, included in the above are as follows:
Unrestricted funds Incoming
resources
£		 Resources
expended
£		 Movement
in funds
£
General fund 319,973 (322,435) (2,462)
TOTAL FUNDS 319,973 (322,435) (2,462)

continued...

Page 14

3SPACE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

11. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS
Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Net
movement
At
At 1.4.21
in funds
31.3.22
£
£
£
17,401
93,072
110,473
17,401
93,072
110,473
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
318,338
(225,266)
93,072
318,338
(225,266)
93,072

12. RELATED PARTY DISCLOSURES

During the year the charity received donations of £190,406 and rental income of £125,990 from its subsidiary, 3Space Trading Ltd.

No transactions with related parties other than disclosed above were undertaken such as are required to be disclosed under Charities SORP (FRS102).

Page 15