OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Croydon Business Venture Limited

2024-04-30-accounts

CROYDON BUSINESS VENTURE LIMITED

CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 30th APRIL 2024

Company Number 01731516

Charity Number 1145658

DSK Partners LLP Chartered Accountants & Statutory Auditors

CROYDON BUSINESS VENTURE LIMITED CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30th April 2024

Contents

Company Information 1
Report of the Trustees 2-8
Report of the Auditors 9-11
Statement of Financial Activities 12
Statement of Financial Position 13-14
Notes to the Financial Statements 15-21
Consolidated Statement of Financial Activities 22

1

CROYDON BUSINESS VENTURE LIMITED COMPANY INFORMATION for the year ended 30th April 2024

Trustees P A Taylor
J M Gumb
S Shah
G C Cumberbatch
C Rutherford
M Burgess
D Miller
C M Francis Appointed on 10th January 2024
N Ginsburg Appointed on 26th August 2024
Registered Office Weatherhill House
New South Quarter
23 Whitestone Way
Croydon
Surrey
CR0 4WF
Company Number 01731516 (England and Wales)
Charity Number 1145658
Auditors DSK Partners LLP
Chartered Accountants and Statutory Auditors
D S House
306 High Street
Croydon
Surrey
CR0 1NG

2

CROYDON BUSINESS VENTURE LIMITED REPORT OF TRUSTEES for the year ended 30th April 2024

The trustees, who are directors of Croydon Business Venture Limited (charity number 1145658, company number 01731516), present their report and the audited financial statements for the year ended 30th April 2024.

Who we are

Croydon Business Venture Limited, which trades as StartUp Croydon, is a Charity and is governed by its Memorandum and Articles of Association. The company has two wholly owned subsidiaries, Croydon Enterprise Agency Limited who primarily let small offices and workshops to start ups and small businesses and CBV (Business Centre) Limited, which is dormant. The overall management of the charity rests with the trustees who meet bi-monthly. They ensure that the objects of the charity are being clearly adhered to, that it is financially viable and establish the overall strategy. They delegate the day-to-day management of the charity to the Chief Executive Officer and staff. The trustees have clearly defined terms of reference.

What we do

Despite a continued challenging economic situation for the charity and the community it serves, this year has been one of growth in terms of the facilities, services and projects that the charity is providing. Continued efforts in securing grant funding have proved beneficial and three projects have been instigated and delivered during the period:

Governance

We take pride in our governance structure and have a trustee board of 9 people consisting of local business owners, managers, bank managers, community organisers and accountants. The Board of trustees met four times during the year.

In addition, the charity has three sub-committees covering finance, fundraising and sponsorship and charitable aims. Trustee membership of the sub-committees is determined mainly by their experience although membership is flexible and trustees can rotate to sit on other subcommittees following a year’s service. The structure and regularity/terms of reference of the sub-committees was reviewed in terms of its effectiveness and best use of trustees’ expertise and availability. From January 2024 it was decided that the sub-committees would be replaced by informal online Board meetings and four formal in-person Board meetings.

New trustees are selected through a selection process with the chair of the Board of trustees and the CEO and attend one or two board meetings as observers before starting their position.

Resignations

The following resignations were received during and subsequent to the year end.

3

CROYDON BUSINESS VENTURE LIMITED REPORT OF TRUSTEES for the year ended 30th April 2024

Appointments

New trustees joining in 2023-2024 and subsequent were

As well as undertaking their roles as board members, trustees also continued to volunteer their time and expertise to further support entrepreneurs and business owners through delivery of workshops, masterclasses and 1-1 advice sessions on our Start Up & Go Bootcamps and Business Incubator Programme.

Staffing

The success in securing funding for new projects this year has seen an increase in staffing levels. The charity secured funding under the UK Shared Prosperity Fund for the London E-Business Support Programme and as a result recruited and appointed two e-Business advisors and a deputy project manager.

The creation of the Creative Digital Lab this year resulted in a range of expert contractors being commissioned to assist with the design and implementation of key strategies and activities. We also provided work experience opportunities to both one unemployed individual and four young people in mainstream education.

“Overall, I had a brilliant time at StartUp Croydon and I couldn’t have chosen anywhere better to do my work experience or better people to meet. I learnt a lot here and learnt how to make different connections with people and stay connected to.” Work experience student, January 2024

“Through this experience, I was able to gain understanding of how other organisations function and expand my understanding of what it takes to manage a successful company. Overall, I had an amazing time at StartUp Croydon that I will never forget. Even though I’m only in year 10, I received adult-level treatment, for which I am grateful because I wanted the right experience.” Work experience student, March 2024

Through the year, one person resigned and one individual’s employment came to an end due to the completion of one of the projects delivered.

Environmental Achievements

We continue to take our responsibility for the environment seriously and are committed to making sure the planet’s resources remain sustainable. We were able to secure £50,000 in funding towards the sourcing and installation / use of the most environmentally friendly equipment for the Creative Digital Lab.

Social

Our core aim as a charity is to support people to achieve their goals and become the best that they can be for themselves, their family and their community. This year we have:

Diversity, Equity and Inclusion

Our employees and trustees reflect the diverse demographic of Croydon – our trustee board comprises 25% from Black and Asian heritage and 42% female .

Our beneficiaries are from diverse backgrounds and we supported the following through the year

60% Women 52% Black 9% Asian 5% Mixed

7% Disabled

4

CROYDON BUSINESS VENTURE LIMITED REPORT OF TRUSTEES for the year ended 30th April 2024

Training / 1-1 advice sessions

Throughout the year we delivered 11 one day training bootcamps which were attended by 96 participants.

Business Incubator Programme

We continued to deliver the Business Incubator Programme (formerly the Building Business Horizons Programme), however, have started to review the effectiveness of the current delivery model and whether it meets the needs of future participants and various stages of start-up business development.

In June 2023, we saw six early stage businesses complete the incubator programme and pitch for seed funding to help their business start-ups. We awarded £1,000 of seed funding in total to three participants who successfully pitched their business ideas. The award winners from the pitching event were/included

Overall, participants on our training programmes stated that the support had a positive impact on them:

78% felt more prepared to start a business

72% felt more confident to start a business

56% were more likely to start a business

“Today's course reminded me that it's okay to be good at sales but I need to capitalise on it” “It has helped me look into the bigger picture when promoting my business.”

“[Has] given me insight into how to start a business and what is required of myself to make it happen.”

Events

We continued to engage with and provide opportunities for local residents and businesses to develop themselves and support their business growth through various events during the year.

Key events that were delivered include:

I Mean Business – we hosted a weekly meet-up and support group for female entrepreneurs run by female entrepreneur, pastor and motivational coach. The group supported peer-centred learning, support and mentoring and guest speakers regularly attended to encourage participants to take the next step on their amazing journeys.

Bite-sized Lunch & Learn Masterclasses to our community including one on Equality and Diversity. The masterclass focused on how improving understanding of inclusion and diversity can pay huge dividends, how to implement strategies to help those with disabilities access products, services and how to provide employment opportunities.

International Women’s Day – 8 March 2024 – in collaboration with I Mean Business we celebrated International Women’s Day on 8 March 2024 at London South Bank University, Croydon which saw over 40 female entrepreneurs and male allies attend and hear from two successful and inspiring female entrepreneurs.

We hosted local networking initiative Connecting Croydon at Weatherill House which attracted over 70 entrepreneurs, start-ups and local business owners.

We also continued to host the monthly business networking group First Friday .

40[th] Anniversary Celebrations

One of the highlights this year was celebrating our 40[th] anniversary of supporting individuals and small businesses in Croydon. So it was with great delight that we hosted a Gatsby themed event at another Croydon historic icon - the Old Palace of John Whitgift School to bring together supporters, entrepreneurs and small businesses to help us celebrate.

5

CROYDON BUSINESS VENTURE LIMITED REPORT OF TRUSTEES for the year ended 30th April 2024

40[th] Anniversary Celebrations (continued)

Highlights of the celebrations included a speech from the Mayor of Croydon who congratulated the charity’s trustees and staff on its recent news regarding opening the new Creative Digital Lab as well as the presentation of the Geoffrey Dove award to a recognised local entrepreneur.

Support and sponsorship was received from local stakeholders to mark the occasion.

“Congratulations to StartUp Croydon on its 40-year anniversary, we are delighted to celebrate with you to support four decades of innovation, assisting entrepreneurs in our community to success. Here’s to many more years of collaboration between businesses, new and established.” Omer & Company Accountants

“As mentors over the last couple of years, we’ve seen first-hand the great strides forward that Start-up Croydon has made and we wanted to lend our support to an organisation that is doing such great things for local entrepreneurs” Atom CTO

We are looking forward to celebrating the next 40 years of supporting local businesses and the Croydon economy.

Projects

We continued to identify project opportunities to support our business community and local residents.

Creative Digital Lab

A major focus this year has been the creation of the Creative Digital Lab (CDL), an exciting new state of the art facility, in partnership with Croydon Council and the South London Partnership.

The Creative Digital Lab aims to support local creatives and businesses with state-of-the-art equipment to develop their digital creative skills as well as support career pathways for local people. It provides access to a virtual production studio, post-production editing suite, podcasting and voice over recording studio and technical room, training facilities with the latest creative software and suite of MacBook Pro laptops as well as a green room for users of the lab to rest, relax and get ready for their creative projects.

The CDL was officially launched on 16 November 2023 with an event attended by stakeholders including the South London Partnership, Croydon Council and local creative businesses.

Since the launch, we supported 31 businesses through a range of training and events including

Of those accessing these initial services

75% Croydon based creatives

45% start-ups

67% Cultural, creative and digital industries

42% were aged 45-54

55% Black, Indian, Pakistani and Mixed backgrounds/heritage

We also delivered an exciting one day taster course in Unreal Engine which saw 10 businesses and individuals increase their knowledge and skills in gaming development.

London E-Business Support Programme

This year also saw the start of a new programme to help small businesses with their digital transformation and growth. Funded through the UK Shared Prosperity Fund, the London E-Business Support Programme helps businesses in the South London Partnership sub-region of Croydon, Merton, Sutton, Kingston and Richmond to transform their business through increasing the use of digital tools available to help with their transformation.

6

CROYDON BUSINESS VENTURE LIMITED REPORT OF TRUSTEES for the year ended 30th April 2024

London E-Business Support Programme (continued)

Our dedicated e-Business advisers were able to support over 50 businesses in the first six months through advising on improvements to their websites, social media marketing strategies and making their management processes more efficient through introduction of CRM systems. We look forward to supporting more local businesses as the programme continues next year.

Skills for Londoners Community Outreach Programme

We were delighted to be selected to support people through the Mayor of London’s Skills for Londoners Community Outreach Programme which aimed to help people with little or no qualifications to understand and access local and London based adult learning opportunities and programmes, especially in numeracy, English language skills. We worked with local learning provider organisations and local community organisations to reach those in need of the support.

From November 2023 to April 2024, we delivered information sessions and weekly drop-in sessions and collaborated with local organisations to support their beneficiaries. The project culminated in a panel discussion event with representatives from local training providers, colleges, universities and community organisations including Croydon College, Croydon Adult Learning And Training (CALAT), LSBU Croydon, Youth PWR and Building Pathways. Panellists and attendees discussed the barriers to people with negative experiences of mainstream education and low qualification attainment levels accessing adult education and solutions and tools to help overcome those barriers.

Although small business owners may work from home, meeting others in a third place other than work or the office has been proven to offer organic growth opportunities. Our new space offers the vibrancy needed by those who work from home to connect with others as well as

Office / Business Services

A key part of our business model, pre-pandemic, has been through the provision of office space, meeting rooms, co-working facilities and virtual office services provided to start-up and established businesses, charities and social enterprises.

Our tenants and virtual office clients vary; however, a high proportion of health and social care businesses use our offices at Weatherill House which was also the case during this period.

Partnerships / Sponsorships

This year has seen an increase in our formal partnerships through the projects we have introduced as well as continued relationships with LSBU Croydon, the National Enterprise Network and Business for London.

Challenges and Future Focus

Similar to last year, the main challenge faced this year was raising and continuing to bring in sufficient revenue and funding to ensure that we were able to continue to deliver the charitable side to our work i.e. the training and advice support.

A key challenge has been to bring in more businesses and entrepreneurs to take up office and co-working memberships. Various marketing initiatives have been employed to increase the utilisation of the space and offices throughout the year.

With the availability of funding and continued opportunities from the UK Shared Prosperity Fund becoming available and other opportunities and partnerships, we are confident that we will be able to continue to support those that need it the most.

We look forward to building on our achievements this year through the delivery of the Creative Digital Lab and supporting creatives, local businesses, individuals, learning and training providers and community organisations with more exciting initiatives and projects in the planning stages.

Financial Review

The results for the year ended 30th April 2024 show an overall surplus of £33,837 (2023: deficit of £28,830).

7

CROYDON BUSINESS VENTURE LIMITED REPORT OF TRUSTEES for the year ended 30th April 2024

Reserves Policy and risk management

The Trustees have implemented a risk management strategy which comprises:

The Trustees aim to carry reserves of £100,000 to cater for any downturn in activities. In order to achieve this the Trustees monitor income, expenditure and cash flow through their bi-monthly meetings.

Statement of Public Benefit

The trustees have paid due regard to the guidance on public benefit provided by The Charity Commission and are confident that the work of the charity meets all the criteria for public benefit

Trustees

The trustees who served in office throughout the year are as follows

----- Start of picture text -----
Trustees Representing
P A Taylor
R Plant Stiles Harold Williams Resigned 30 September 2024
G G Thomas Resigned 1 January 2024
R Sumption Resigned 30 September 2024
L A McCance Shared Intelligence Resigned 30 September 2024
J Walsham Resigned 30 September 2024
J M Gumb
S Shah
G C Cumberbatch
C Rutherford
M Burgess
D Miller
C Francis Appointed 10 January 2024
N Ginsburg Appointed 1 October 2024
----- End of picture text -----

When appointing trustees the company looks at skill gaps within the current board and thereby identify the skills that are needed. The company would then search for appropriate candidates. P A Taylor as chairman would provide induction for the trustees as he has the requisite knowledge. External training would also be offered.

Statement of Trustee's Responsibilities

The trustees are required by law to prepare financial statements for each financial year, which give a true and fair view of the financial activities of the charity and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention of fraud and other irregularities.

8

CROYDON BUSINESS VENTURE LIMITED REPORT OF TRUSTEES for the year ended 30th April 2024

Statement of Trustee's Responsibilities (continued)

So far as the trustees are aware, there is no relevant audit information of which the company's auditors are unaware, and they have taken all of the steps necessary that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Advantage is taken in preparing the trustees' report of the special exemptions applicable to small companies conferred by Part 15 of the Companies Act 2006 and the Financial Reporting Standard 102 Section 1A.

This report was approved by the Trustees on 4th December 2024.

P A Taylor Chair of Trustees

9

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROYDON BUSINESS VENTURE LIMITED

Opinion

We have audited the financial statements of Croydon Business Venture Limited (the 'parent company') and it's subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Statement of Financial Activities, Statement of Financial Position, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2016. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other then the company or the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Trustees, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

10

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROYDON BUSINESS VENTURE LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The key laws and regulations we have considered in this context included the Companies Act 2006, pension and tax legislation. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion."

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

11

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROYDON BUSINESS VENTURE LIMITED

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Dhiraj Shah FCA (Senior Statutory Auditor)

for and on behalf of DSK Partners LLP Chartered Accountants and Statutory Auditors 306 High Street Croydon Surrey CR0 1NG

4th December 2024

12

CROYDON BUSINESS VENTURE LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30th April 2024

----- Start of picture text -----
Notes Unrestricted Restricted Total Total
Funds Funds Funds Funds
2024 2024 2024 2023
£ £ £ £
INCOMING RESOURCES
-
Activities for generating funds 373,420 373,420 364,395
Grants received 230,071 - 230,071 42,471
Investment income 8,988 - 8,988 8,166
TOTAL INCOMING RESOURCES 612,479 - 612,479 415,032
RESOURCES EXPENDED
Charitable activities 6 589,269 - 589,269 426,067
Governance 6 3,588 - 3,588 3,275
TOTAL RESOURCES EXPENDED 592,857 - 592,857 429,342
-
NET INCOME/(EXPENDITURE) AND NET MOVEMENT 19,622 19,622 (14,310)
IN FUNDS BEFORE GAINS AND LOSSES ON
INVESTMENTS
-
Net gain/ (loss) on investments 14,200 14,200 (14,520)
NET MOVEMENT IN FUNDS BEFORE TAXATION 33,822 - 33,822 (28,830)
Taxation 15 - 15 -
NET MOVEMENT IN FUNDS 33,837 - 33,837 (28,830)
TOTAL FUNDS BROUGHT FORWARD 123,171 - 123,171 152,001
TOTAL FUNDS CARRIED FORWARD 157,008 - £157,008 £123,171
----- End of picture text -----

All transactions are derived from continuing activities. All recognised gains and losses are included in the statement of Financial Activities.

13

CROYDON BUSINESS VENTURE LIMITED Company Number 01731516 CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30th APRIL 2024

----- Start of picture text -----
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 7 482,014 84,231
Investments 8 217,978 282,580
699,992 366,811
CURRENT ASSETS
Debtors 9 134,316 41,910
Cash at bank and in hand 65,621 80,439
199,937 122,349
CREDITORS
Amounts falling due within one year 10 (266,357) (165,989)
NET CURRENT LIABILITIES (66,420) (43,640)
CREDITORS
Amounts falling due after more than
one year 11 (476,564) (200,000)
NET ASSETS 157,008 £123,171
FUNDS
Unrestricted funds 12 157,008 123,171
Restricted funds - -
TOTAL FUNDS 13 157,008 £123,171
----- End of picture text -----

In preparing these financial statements the directors have taken advantage of the exemptions applicable to small companies conferred by Part 15 of the Companies Act 2006.

Approved by the Trustees on 4th December 2024 and signed on their behalf by

P A Taylor Chair of Trustees

14

CROYDON BUSINESS VENTURE LIMITED Company Number 01731516 COMPANY STATEMENT OF FINANCIAL POSITION as at 30th APRIL 2024

----- Start of picture text -----
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 7 - -
Investments 8 218,005 282,607
218,005 282,607
CURRENT ASSETS
Debtors 9 76,019 134
Cash at bank and in hand 14,089 17,787
90,108 17,921
CREDITORS
Amounts falling due within one year 10 (65,626) (61,876)
NET CURRENT ASSETS/ (LIABILITIES) 24,482 (43,955)
CREDITORS
Amounts falling after more than one year 11 (170,000) (200,000)
NET ASSETS £72,487 £38,652
FUNDS
Unrestricted funds 12 72,487 38,652
Restricted funds - -
TOTAL FUNDS £72,487 £38,652
----- End of picture text -----

In preparing these financial statements the directors have taken advantage of the exemptions applicable to small companies conferred by Part 15 of the Companies Act 2006.

Approved by the Trustees on 4th December 2024 and signed on their behalf by

P A Taylor Chair of Trustees

15

CROYDON BUSINESS VENTURE LIMITED NOTES TO THE FINANCIAL STATEMENTS for the year ended 30th April 2024

1. ACCOUNTING POLICIES

Statutory Information

Croydon Business Venture Limited is a private company, limited by guarantee, registered in England and Wales. The registered office and registration number can be found on the company information page.

The presentation currency of the financial statements is the Pound Sterling (£) to the nearest pound.

Basis of preparation of financial statements

The financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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 historical cost convention.

The company has taken advantage of the exemption from preparing a cash flow statement on the grounds that it qualifies as a small company under the Companies Act 2006.

Going Concern

As part of the trustees' assessment of going concern, they have prepared detailed cash flow and profit and loss forecasts for the next 12 months. The forecasts have been prepared on an appropriate basis, taking into account the current economic conditions that exist.

After making appropriate enquires, the trustees have a reasonable expectation that the charity has adequate resources to enable it to continue in operational existence for the foreseeable future. They believe it is appropriate to prepare the accounts on a going concern basis.

Fund Accounting

Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees in furtherance of the general charitable objectives.

Incoming resources

Incoming resources represents the total incoming receivable during the year comprising grants, donations and gifts received during the year. Tax refundable on Covenant and Gift Aid Income has been included as a debtor at the year end. Gifts in kind are included at their estimated market value. No value has been attributed to voluntary help given by unpaid volunteers.

Resources expended

Direct Charitable Activities

Where possible costs have been allocated to the Direct Charitable activity with which they are associated.

The cost of staff have been allocated in accordance with the proportion of their involvement in the various Direct Charitable Activities.

16

CROYDON BUSINESS VENTURE LIMITED NOTES TO THE FINANCIAL STATEMENTS for the year ended 30th April 2024

Tangible fixed assets

Tangible fixed assets held for the group's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives at the following rates

----- Start of picture text -----
||| |---|---| |Fixtures and fittings|- 25% pa on a reducing balance basis| |Short term leasehold improvements|- Straight line basis over the life of the lease| |Plant, machinery and equipment|- 25% pa on a reducing balance basis| |Creative Digital Lab Equipment|- 25% pa on a reducing balance basis|

----- End of picture text -----

Assets held under finance leases are depreciated in the same way as owned assets.

At each statement of financial position date, the group reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Deferred tax

Deferred tax is provided using the liability method in respect of all material timing differences that have originated but not reversed by the balance sheet date. Deferred tax assets are recognised where it is considered more likely than not that future profits will be available for offset. The company has not adopted a policy of discounting deferred tax assets and liabilities.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and its subsidiaries, CBV (Business Centre) Limited and Croydon Enterprise Agency Limited, for the financial year ended 30th April 2024. A separate income and expenditure account dealing with the results of the holding company only has not been presented, as permitted by Section 408 of the Companies Act 2006.

Investments

Investments held as fixed assets are stated at cost less provision for permanent diminution in value. Those held as current assets are stated at the lower of cost and net realisable value.

----- Start of picture text -----
||||| |---|---|---|---| |2|NET MOVEMENT IN FUNDS|2024|2023| |£|£| |The net movement in funds is stated after charging;| |Depreciation and Amortization|79,976|35,590| |Auditor's Remuneration - Non audit fees|7,954|5,384| |Auditor's Remuneration - Statutory audit|3,588|3,275| |3|EMPLOYEES AND STAFF COSTS|2024|2023| |In aggregate the number of full and part time persons employed| |during the year was:| |Charitable Operations|8|5| |Staff costs were as follows:| |Salaries and Wages|£ 276,996|£ 189,074|

----- End of picture text -----

17

CROYDON BUSINESS VENTURE LIMITED NOTES TO THE FINANCIAL STATEMENTS for the year ended 30th April 2024

4 PROFIT OF PARENT COMPANY

As permitted by Section 408 of the Companies Act 2006, the statement of financial activities of the parent company is not presented as part of these financial statements. The parent company's result for the financial year was £33,820 (2023: (£28,828)).

5 EXECUTIVE COMMITTEE' REMUNERATION AND REIMBURSED EXPENSES

None of the trustees received any remuneration during the year (2023: £NIL).

6
ANALYSIS OF TOTAL RESOURCES EXPENDED
Unrestricted
Direct charitable expenditure
Governance costs
Unrestricted resources expended
Restricted resources expended
TOTAL RESOURCES EXPENDED
7
TANGIBLE ASSETS
Group
Cost
At 1st May 2023
Additions
Disposals
At 30th April 2024
Depreciation
At 1st May 2023
Disposals
Charge for year
At 30th April 2024
Net Book Value
At 30th April 2024
At 1st May 2023		 Short Term
Leasehold
Improvements
£
241,405
-
-
£241,405
190,576
-
15,446
£206,022
£35,383
£50,829		 2024
2024
2024
Staff Costs
Other
Total
£
£
£
276,996
312,273
589,269
-
3,588
3,588
276,996
315,861
592,857
-
-
-
£276,996
£315,861
£592,857
Creative
Fixtures &
Plant, Machinery
Digital Lab
Fittings
& Equipment
Equipement
£
£
£
-
172,220
149,797
470,811
-
7,451
-
-
(928)
£470,811
£172,220
£156,320
-
152,873
135,742
-
-
(425)
48,702
8,066
7,762
£48,702
£160,939
£143,079
£422,109
£11,281
£13,241
£0
£19,347
£14,055		 2023
Total
£
426,067
3,275
429,342
-
£429,342
Total
£
563,422
478,262
(928)
£1,040,756
479,191
(425)
79,976
£558,742
£482,014
£84,231

18

CROYDON BUSINESS VENTURE LIMITED NOTES TO THE FINANCIAL STATEMENTS for the year ended 30th April 2024

7 TANGIBLE ASSETS (continued) Company

TANGIBLE ASSETS (continued)
Company
Cost
At 1st May 2023
Disposals
At 30th April 2024
Depreciation
At 1st May 2023
Disposals
At 30th April 2024
Net Book Value
At 30th April 2024
At 1st May 2023		 Short Term
Fixtures &
Leasehold
Fittings
Improvements
£
£
-
-
-
-
-
£
-
£
-
-
-
-
-
£
-
£
-
£
-
£
-
£
-
£		 Total
£
-
-
-
£
-
-
-
£
-
£
-
£

Net Book Value At 30th April 2024 At 1st May 2023

FIXED ASSET INVESTMENTS
Group
Cost
At 1st May 2023
Additions
Disposal
Revaluations
At 30th April 2024
Net Book Value
At 30th April 2024
At 1st May 2023
Company
At 1st May 2023
Additions
Disposals
Revaluations
At 30th April 2024		 Shares in
Group
undertakings
£
-
-
-
-
-
27
-
-
-
£27		 Other
Investments
£
282,580
48,509
(127,311)
14,200
217,978
£217,978
£282,580
282,580
48,509
(127,311)
14,200
£217,978		 Total
£
282,580
48,509
(127,311)
14,200
217,978
£217,978
£282,580
282,607
48,509
(127,311)
14,200
£218,005

19

CROYDON BUSINESS VENTURE LIMITED NOTES TO THE FINANCIAL STATEMENTS for the year ended 30th April 2024

8 FIXED ASSET INVESTMENTS (continued)

The charity has the following investments, both of which are incorporated in the United Kingdom:

Nominal value
Percentage of
per share
issued capital
CBV (Business Centre) Limited (Dormant)
2
£1
100
Croydon Enterprise Agency Limited
25
£1
100
9
DEBTORS
2024
Group
£
Trade debtors
63,556
Prepayments
40,401
Other Debtors
30,359
£134,316
Company
£
Trade debtors
47,445
Other Debtor
28,574
£76,019
10
CREDITORS: amounts falling due within one year
2024
£
Group
Trade creditors
62,356
Social security and other taxes
11,386
Other creditors
158,383
Accruals and deferred Income
4,744
Deferred income
29,488
£266,357
Company
£
Social security and other taxes
3,782
Other creditors
2,181
Accruals
2,584
Amount owed to group undertakings
27,591
Deferred income
29,488
£65,626
No. of ordinary
shares		 Purchase
price
£2
£25
2023
£
18,726
23,050
134
£41,910
£
-
134
£134
2023
£
28,592
15,775
82,390
9,644
29,588
£165,989
£
3,286
892
2,363
25,747
29,588
£61,876

20

CROYDON BUSINESS VENTURE LIMITED NOTES TO THE FINANCIAL STATEMENTS for the year ended 30th April 2024

11 CREDITORS: amounts falling due after more than one year

Group
Other creditors
Deferred income
Company
Deferred income		 2024
306,564
170,000
£476,564
2024
£170,000		 2023
-
200,000
£202,023
2023
£200,000

Other creditors (due within one year and more than one year) includes a capital grant of £450,000 received from Big South London and Croydon Council to fund a state of the art digital lab providing a virtual production studio. The capital grant is being released to match the depreciation charged on the appropriate facility.

Deferred Income includes a grant of £500,000 received from the London Borough of Croydon, divisible as to £200,000 capital and £300,000 revenue. The deferred balance of this grant as at the year end is £170,000 which is for capital projects.

12 UNRESTRICTED FUND

Group
General unrestricted funds
Company
General unrestricted funds
There are no restricted funds.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
For the year ended 30th April 2024
Tangible Assets
Investments
Current Assets
Current Liabilities
Long-term Liabilities
Total Net Assets
Tangible Assets
Investments
Current Assets
Current Liabilities
Long-term Liabilities
Total Net Assets		 Balance at
1st May 2023
£123,171
Balance at
1st May 2023
£38,652		 Incoming
Outgoing
resources
resources
£626,679
£(592,842)
Incoming
Outgoing
resources
resources
£247,499
£(213,664)
2024
2024
Unrestricted
Restricted
Funds
Funds
£
£
482,014
-
217,978
-
199,937
-
(266,357)
-
(476,564)
-
£157,008
-
£
2023
2023
Unrestricted
Restricted
Funds
Funds
£
£
84,231
-
282,580
-
122,349
-
(165,989)
-
(200,000)
-
£123,171
-
£		 Balance at
30th April 2024
£157,008
Balance at
30th April 2024
£72,487
2024
Total
Funds
£
482,014
217,978
199,937
(266,357)
(476,564)
£157,008
2023
Total
Funds
£
84,231
282,580
122,349
(165,989)
(200,000)
£123,171

21

CROYDON BUSINESS VENTURE LIMITED NOTES TO THE FINANCIAL STATEMENTS for the year ended 30th April 2024

14 SHARE CAPITAL

Croydon Business Venture Limited is a company limited by guarantee and has no share capital. The liability is limited to £1 per member.

22

CROYDON BUSINESS VENTURE LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30th April 2024

----- Start of picture text -----
2024 2024 2024 2023
Unrestricted Restricted Total Total
Funds Funds Funds Funds
£ £ £ £
INCOMING RESOURCES
-
Rental and service charge income 373,420 373,420 364,395
Grants received 230,071 - 230,071 42,471
Investment income 8,988 - 8,988 8,166
TOTAL INCOMING RESOURCES 612,479 - 612,479 415,032
RESOURCES EXPENDED
Charitable activities
Staff costs 256,968 - 256,968 174,844
-
Staff social security 20,028 20,028 14,230
Utilities 69,008 - 69,008 55,971
-
Service charge 38,210 38,210 37,034
- - - -
Publications and subscriptions
-
Legal and professional 15,697 15,697 12,322
- -
Consultancy fees 13,244 13,244
Management Fees 461 - 461 556
Insurance 5,376 - 5,376 4,060
-
Security 3,121 3,121 5,739
-
Photocopier 2,151 2,151 2,315
-
Repairs and maintenance 32,252 32,252 31,804
-
Printing, postage and stationery 2,571 2,571 2,677
-
Advertising 6,663 6,663 18,332
-
Training 1,099 1,099 1,645
-
IT support 14,078 14,078 11,307
Depreciation
Short leasehold 15,446 - 15,446 21,655
- -
Creative Digital Lab Equipment 48,702 48,702
-
Fixtures and fittings 8,066 8,066 7,098
-
Plant and machinery 5,594 5,594 5,275
Amortization on Website 2,168 - 2,168 1,562
-
Gain/Loss on Disposal of investments 6,565 6,565 (250)
Bad debt 3,555 - 3,555 3,336
Vat non-recoverable - - - -
-
Bank charges 1,635 1,635 1,633
-
Sundry expenses 16,611 16,611 12,922
-
(589,269) (589,269) (426,067)
Governance costs
Staff salaries - - - -
Audit fees 3,588 - 3,588 3,275
TOTAL RESOURCES EXPENDED (592,857) - (592,857) (429,342)
-
NET SURPLUS/(DEFICIT) FOR THE YEAR 19,622 19,622 (14,310)
-
(Loss)/Gain on revaluation of investments 14,200 14,200 (14,520)
Taxation on charitable activities 15 - 15 -
NET INCOMING/(OUTGOING) RESOURCES £33,837 £ - £33,837 £(28,830)
----- End of picture text -----

Document electronically signed

www.fusesign.com

Document Details

Document ID 0c0d55c0-ca5a-46fb-b609-b012bc0e7c23 Document Bundle ID dd670000-bdc2-6045-2b84-08dd1e8a9139 Uploaded to FuseSign 2024-12-17 12:09 +01:00 FuseSign subscriber DSK Partners LLP Initiator email ilona.fabian@dskllp.com Signed by paul (paul@taylordutton.co.uk) System finalisation 2024-12-17 15:15 +01:00 Verify URL https://app.fuse.work/fusesign/verify/0c0d55c0-ca5a-46fb-b609-b012bc0e7c23

Document Signers

Signer 1

Name paul Email paul@taylordutton.co.uk 80510000-3aca-000d-cd04-08dc1d7aaad4_Signature Mobile N/A IP Address 81.152.148.231 Pie Verification Mode Email Code

DOCUMENT AUDIT LOG

DATE TIME USER TRANSACTION
2024-12-17 12:09 +01:00 ILONA.FABIAN@DSKLLP.COM DOCUMENT BUNDLE CREATED BY ILONA FABIAN
(ILONA.FABIAN@DSKLLP.COM) (SOURCE IP ADDRESS: 52.151.100.70)
2024-12-17 12:09 +01:00 SYSTEM EMAILS SENT TO:
PAUL@TAYLORDUTTON.CO.UK(8 DOCUMENTS - 5 ACTIONS)
2024-12-17 15:11 +01:00 PAUL VERIFIED FROM OTHER BUNDLE AT 2024-12-17 15:00 +01:00: EMAIL
VERIFICATION REQUESTED TO EMAIL PAUL@TAYLORDUTTON.CO.UK
(ED160000-F395-B217-CA8B-08DD1EA321F6)
2024-12-17 15:11 +01:00 PAUL VERIFIED FROM OTHER BUNDLE AT 2024-12-17 15:00 +01:00: CODE ENTERED
AND VERIFIED(ED160000-F395-B217-81C0-08DD1EA32CFD)
2024-12-17 15:11 +01:00 PAUL LINK OPENED FROM IP 81.152.148.231
2024-12-17 15:15 +01:00 PAUL DOCUMENT SIGNED: CBV CONSOLIDATED ACCOUNTS YE30_04_24 21_23 [FYI-
41646112].PDF
2024-12-17 15:15 +01:00 SYSTEM FINALISING DOCUMENT(0C0D55C0-CA5A-46FB-B609-B012BC0E7C23)

More Information

For more information on electronic signatures and to validate this document was signed by the parties listed above, please visit www.fusesign.com