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2021-03-31-accounts

REGISTERED COMPANY NUMBER: 08032671 (England and Wales) REGISTERED CHARITY NUMBER: 1148689

CTU COMMUNITY PROJECT REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

CTU COMMUNITY PROJECT

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Statement of Financial Position 10
Notes to the Financial Statements 11 to 16
Detailed Statement of Financial Activities 17

CTU COMMUNITY PROJECT

REFERENCE AND AMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2021

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

08032671 (England and Wales)

Registered Charity number

1148689

Registered office

Collective Auction Rooms 5-7 Buck Street London NW1 8NJ

Trustees/Directors

S W B Pitkeathley C A Seward D L Thomas M Sagar W Fulford R Terry

Director only

Independent examiner

John Howard FCA Azets Audit Services 2[nd] Floor, Regis House 45 King William Street London EC4R 9AN

Page 1

CTU COMMUNITY PROJECT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

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 2021. 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 2015).

OBJECTIVES AND ACTIVITIES

The objectives of the charity are principally the promotion for the public benefit of urban regeneration in areas of social and economic deprivation (and in particular within the London Borough of Camden). The trustees confirm that they have referred to the guidance contained in the charity commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.

CTU Community project [CTUCP] was established to provide centres for business hot-desking space and lease empty shops to give people who have pop up shop ideas an opportunity to trade.

Main activities to further public benefit

CTUCP's main activity is providing free hot-desking space and subsidised private offices for start-up businesses in Camden, this provides a wide range of public benefits:

In planning CTUCP's activities for the year the trustees kept in mind the Charity Commissions guidance on public benefit at trustee meetings.

The promotion for the public benefit of urban regeneration in areas of social and economic deprivation (and in particular within the London Borough of Camden) by all or any of the following means:

Page 2

CTU COMMUNITY PROJECT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

OBJECTIVES AND ACTIVITIES - continued

Short and long-term aims and objectives

In the short term CTUCP continues to offer free & subsidised business space to start-up businesses. CTUCP's long-term goal is to create a funding package to secure permanent space(s), anchoring an investment that can continue to provide social outputs, repay any investments and provide capital for future charitable works.

ACHIEVEMENT AND PERFORMANCE

Summary of main achievements of the charity

Significant charitable activities

CTUCP have running a coworking space in the heart of Camden Town. Research into C3, CTUCP’s long-term ambition to secure a permanent Collective space continues, C3 will anchor an investment that captures uplift and continues to produce social outputs indefinitely. From March 2020 CTUCP waived all service charge fees due to the Covid-19 pandemic, they resumed in August 2020.

Achievements against objectives

CTUCP has quantified the social and economic outputs since it began in 2012:

Performance of material fundraising activities

CTUCP is in a surplus building phase, raising capital for future building renovation works. CTUCP continues to investigate grants for the project.

Investment performance against objectives

CTUCP records its performance based on the performance indicators used in its grant-funded stage as well as its charitable objectives.

Effect of expenditure incurred to raise income in future

To date preparation for future funding has required no expenditure aside from staff time.

Impact reporting

CTUCP continues to use the performance indicators arising from the several years it was funded and monitored by the GLA, Camden Council and Camden Town Unlimited.

Page 3

CTU COMMUNITY PROJECT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

ACHIEVEMENT AND PERFORMANCE - continued

Summary of measures/indicators used to assess performance:

Outputs Definitions Verification Public Realm Improved: significant improvement in the Architect drawings demonstrating the improvements (m2) quality of the built environment through area improved (before and after) and improved use of space, urban design and invoices and contracts to demonstrate improved quality of materials used. Could work has been commissioned and be linked to measurement of time completed. The designs should be savings, reductions in road safety supplied as part of invoicing. incidents, increased perception etc. New: space which was previously not for public use which is transformed into pavement, road, street furniture & park area. Value of match Covers all funding committed to Mayoral Value of other funding attracted to the funding (£) from projects or programmes. Two types target area in addition to GLA partner bodies as a recorded include: 1) Direct match in the funding.++Gross funds spent - result of GLA Grant Agreement and monitored as part completed schedule signed by Finance investment of the project quarterly claims; 2) Match Director, validated by receipts.++In committed to a programme or kind contributions - all contributions area-based intervention where there is a should be converted to cash and series of complementary investments. signed off by Finance Director. Validated as above by receipts, time sheets, invoices. No. of jobs created New - should not have existed in the Business - name, address, post code, London borough or the employer before telephone number, ownership and the intervention. Permanent - should number of employees. have a life expectancy of at least 26 wks. FTE - 35hrs or more per wk. Job - title of the new or attracted job, contract of employment with expected start date, hours of work. Letter or form signed by employer to confirm jobs are as a result of the project. To avoid double counting, a job must not be counted again if it is filled over time by different people. Safeguarded jobs (i.e. those that may have been lost without the intervention) are not included. Positions created before the start of the current Mayoral term are not to be included, even if they are recorded as achieved after the start of the Mayoral term (for example referring to outcomes recorded after 26 weeks). No. of jobs Must be a permanent, FT equivalent job Business – name, address, post code, safeguarded which is at risk when the project is telephone number, contact details, approved. At risk is defined as being ownership, number of employees forecast to be lost normally within one year (i.e. must be specified or if the Safeguarded – job title, contract of sector is in longer term decline a longer employment and duration (1 year of period might be appropriate). longer), hours of work (for FTE calculation) A letter from employer or form at end of project confirming that safeguarded job is as a result of project.

Page 4

CTU COMMUNITY PROJECT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

ACHIEVEMENT AND PERFORMANCE - continued

Summary of measures/indicators used to assess performance - continued

Outputs Definitions Verification
Increase in business turnover Increased financial turnover can be Annual audited business accounts, via
defined as the volume of a business Company House.
output in terms of profits over a given
number of years or period of time
Increase in visitor satisfaction Increase in visitor satisfaction Start and End Surveys of town centre
in the target area over agreed users – at start of delivery (baseline
period. position) and at end
Increase in footfall Also known as People Counting or Survey count verification comparing
Shopper Counting, as the baseline position at two particular
measurement of the number of people locations where people are expected to
entering passing a certain location or pass or enter and a new survey count
entering a shop or shopping mall. An at a different time or date.
increase in football is measure from the
baseline position over a period of time
compared to another survey after an
expected change or trend has taken
place.
Reduction in vacancy rate Vacancy rates are statistics kept on Consulting
census
data,		 local
vacancies in rental properties, homes government offices.
for sale, and hotels. High vacancy rates
are usually viewed as a sign that the
market is struggling, while low rates are
desirable, because they indicate that
property is a hot commodity and that
vacancies rarely remain unfilled for very
long.
New apprenticeship starts A job with an accompanying skills Name or employee number, details of
development programme designed by previous employment (or
employers in the sector. Allowing worklessness), employee start date,
apprentice to gain technical knowledge, apprenticeship start date (if different),
real practical experience, with postcode, date of birth, gender, ethnic
functional and personal skills. origin, disability, criminal convictions,
job title, details of apprenticeship
framework, level, provider of
apprenticeship.
Apprenticeships can be counted only if
they represent a new post in a
company.
An existing post in a business replaced
by an apprenticeship post cannot be
recorded
New or improved commercial/ New or upgraded:new buildings An architect’s floor plan drawings
business space (m2) constructed as part of the project, showing floor space area.
refurbished, improved or adapted for
productive use as part of the project. Copy of completion certificate to
demonstrate works undertaken.
Improved:
Actual
floor
space		 or
potential
market
value
has
been		 Surveyor reports from pre and post
increased
by
some
physical		 completion of works.
improvement.

Page 5

CTU COMMUNITY PROJECT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 202

ACHIEVEMENT AND PERFORMANCE - continued

Significant positive and negative factors within and outside control

The most significant negative factor outside of CTUCP control is the acquisition and retention of empty buildings. CTUCP occupies disused and blighted buildings that generally have short leases. Mitigating this is CTUCP new strategy of acquiring longer term spaces in new developments as part of the developer’s section 106 contributions. BaseKX was a pilot of this model, and CTUCP has secured another permanent space in an upcoming Camden development. Talks with other developers are ongoing.

FINANCIAL REVIEW

During the year the company made a surplus on its unrestricted fund of £31,614. Collective introduces a service charge as a member businesses grows and matures, income from this is used to fund CTUCP's free hot-desking offer and build reserve for future renovations.

Reserves Policy

CTUCP currently holds unrestricted reserves of £350,555. Its transition from grant-funded to self-sufficiency has resulted in modification of its reserves policy. There are large capital costs associated with the refurbishment of new Collective space; therefore, CTUCP continues to build reserves now that it’s up and running in Collective Auction Rooms.

Financial effects of significant events

Issues with acquisition of new space is mitigated by the capital CTUCP has begun to raise from service charge income, which would allow it to rent on a commercial basis if required

Investment policy and objectives

CTUCP may invest funds appropriately in line with its charities objectives.

Principal risks

CTUCP's close association with Camden Town Unlimited BID means that it can continue to use CTU staff in-kind contributions and, if required, direct funding to maintain its operations and momentum.

Factors affecting financial performance going forward

Meanwhile projects using temporary spaces requires flexibility but within these parameters the charity forecasts and has had an increasingly stronger financial outlook going forwards.

Principal funding sources

The charity has transitioned into self-sufficiency from the service charge applied to establish Collective members.

COVID 19

The Covid-19 pandemic had a significant impact on CTUCP’s operations in 20-21. From March 2020 CTUCP waived all service charge fees, they resumed in August 2020. CTUCP instigated a one way system improved cleaning regime and additional covid-safe restrictions. It closed the free hotdesking aspect for the first lockdown, later opening it with a booking system and at a reduced capacity. BaseKX remained closed for much of 20-21. There has been more churn that usual in Collective over the last year, but as of August 2021 the offices are once again at full capacity. The full impact of the pandemic and resultant increase in working from home on the workspace sector is yet to be seen, but with service charges around 1/3 of the market rate Collective occupies a unique space in the market. It continues to investigate how best to serve start-ups in Camden in the post-pandemic world.

Page 6

CTU COMMUNITY PROJECT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

FUTURE PLANS

CTUCP is currently operating a new space, but the priority remains identifying and refurbishing new site(s) to maintain the momentum CTUCP has built up over its years of operation. BaseKX is guaranteed for until December 2024 years so can provide a cushion to any relocation impact.

Collective has been running free co-working space since 2009 and has occupied 18 buildings in that time. The experience gained during this time has allowed CTUCP to refurbish buildings at minimal costs, providing only the features most important to start-up and micro businesses.

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.

Recruitment and appointment of new trustees

The Trustees are entitled to appoint new Trustees subject to the approval of the members.

The Trustees who severed during the whole period from 1 April 2020 to the date of this report were:

S W B Pitkeathley – Director only

C A Seward D L Thomas M Sugar W Fulford R J Terry

Organisational structure

Flat, with 2 members of staff with separate responsibilities

Induction and training of new trustees

There is a process of induction for new trustees which includes meetings with current trustees and the provision of key information.

Related parties

The Charity is connected to Camden Town Centre Limited (Camden Town Unlimited or CTU) as Camden Town Centre Limited is the sole member of the Charity. The principal activity of Camden Town Unlimited is the operation of a BID Management Company delivering a business improvement district in Camden Town.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

15/10/2021

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

............................................. S W B Pitkeathley - Director

Page 7

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CTU COMMUNITY PROJECT

Independent examiner's report to the trustees of CTU Community Project ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.

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

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

John Howard FCA Azets Audit Services Chartered Accountants 2[nd] Floor, Regis House 45 King William Street London EC4R 9AN

19 October 2021 Date: .............................................

Page 8

CTU COMMUNITY PROJECT

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

2021 2020
Unrestricted Restricted Total funds Total funds
fund fund
Notes £ £ £ £
INCOME FROM
Charitable activities 2 128,182 - 128,182 350,204
Investment income 3 1,063 - 1,063 4,241
Other income - - - 1,110
Total 129,245 - 129,245 355,555
EXPENDITURE ON
Charitable activities 4
The Collective Project **97,631 ** - 97,631 175,885
NET INCOME/(EXPENDITURE) 31,614 - 31,614 179,670
RECONCILIATION OF FUNDS
Total funds brought forward 536,188 25,000 561,188 381,518
TOTAL FUNDS CARRIED FORWARD **567,802 ** 25,000 **592,802 ** 561,188

The notes form part of these financial statements

Page 9

CTU COMMUNITY PROJECT

STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2021

Notes
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
13
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2021
£
15,421
700,555
715,976
(123,174)
592,802
592,802
592,802
567,802
25,000
**592,802 **		 2020
£
640
782,138
782,778
(221,590)
561,188
561,188
561,188
536,188
25,000
561,188

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to charitable small companies.

15/10/2021

The financial statements were approved by the Board of Trustees on ............................................. and were signed on its behalf by:

.............................................

S W B Pitkeathley -Trustee

The notes form part of these financial statements

Page 10

CTU COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; the Companies Act 2006; and the requirements of the Statement of Recognised Practice, Accounting and Reporting by Charities (effective 1 January 2015). The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling (£) which is also the functional currency for the charity.

Going concern

The immediate impact of COVID-19 resulted in all the Collective members being asked to work at home, the impact on the organisation this had was that service charges to members were paused until the end of August 2020. The management team took steps in this period to ensure the building was COVID-secure, and undertook a range of cost-saving measures including reduction of the CTUCP staff team from two to one. The Trustees have assessed the financial consequence of COVID-19 and are confident that the charities financial resources are sufficient to meets its liabilities for 12 months from authorising these financial statements and the budget income and expenditure remains sufficient with the level of reserves for the charity to continue as a going concern. The financial statements have therefore been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 a continuing 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.

Legal status

The charity is a company limited by guarantee and has no share capital.

Public Benefit

The charitable company meets the definition of a public benefit entity under FRS 102.

Income

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Income from charitable activities includes bid income, income generated from pop up shops and rental income from sub-letting of the property held primarily for functional use by the charity.

Income from trading activities includes income earned from fundraising events held in the year, and consultancy fees.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Costs of raising funds includes costs of generating voluntary income, fundraising events and fundraising trading.

Expenditure on charitable activities includes costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them.

Staff costs are allocated between cost headings according to the function of each employee.

Allocation and apportionment of costs

All costs are allocated between the expenditure categories on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis, for example, time spent, per capita or floor area.

Page 11

CTU COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES - continued

Taxation

The charitable company is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part II Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Fund accounting

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

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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Debtors

Other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Accrued income is measured at the amount due to be received.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Other creditors and accruals are recognised at their settlement amount due.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate.

2. INCOME FROM CHARITABLE ACTIVITIES

Activity
Collective fixed desk service
income
The Collective Project
C3 Income
C3		 2021
£
128,182
-
**128,182 **		 2020
£
345,204
5,000
350,204

3. INVESTMENT INCOME

Deposit account interest 2021
£
1,063		 2020
£
4,241

Page 12

CTU COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

4. CHARITABLE ACTIVITIES COSTS

Direct costs
Support
costs
(See note 5)
£
£
The Collective Project
32,792
64,839
£
£
Total 2019
70,576
105,309		 Totals
£
**97,631 **
£
175,885

5. SUPPORT COSTS

Management
£
The Collective Project
60,177
Total 2019
92,269		 Finance
£
1,362
726		 Other
Governance
costs
£
£
1,500
1,800
9,604
2,710		 Totals
£
64,839
105,309

Support costs, included in the above, are as follows:

2021 2020
The
Collective
Project Total activities
£ £
Accommodation 9,363 10,204
Insurance 1,712 1,195
Light and heat 9120 9,562
Telephone and IT 7,302
7,924
Printing, Postage and stationery 1
179
Sundries 415
393
Other staff costs 2,842
7,097
Repairs and maintenance 13,142
30,614
Cleaning 17,445
27,541
Professional fees 335
2,549
Refreshment and meeting expenses - 4,615
Bank charges 354
197
Accountancy and legal fees 1,800
2,710
Tax 1,008 529
64,839 105,309
6. NET INCOME/(EXPENDITURE)

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

Independent examination 2021
£
1,800		 2020
£
2,200

Page 13

CTU COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

8. STAFF COSTS

The total staff cost in the year was £32,501 (2020: £69,375), all of which were charged against the direct costs of the charitable activity.

Total staff emoluments for the year were as follows:
Salary costs
National insurance
Pension		 2021
£
27,818
3,803
880
32,501		 2020
£
62,815
1,874
4,686
69,375

The average number of people, excluding trustees, employed by the company during the year amounted to 2 (2020: 2).

No employees had employee benefits in excess of £60,000 (2020: None)

The key management of the charitable company comprise the Trustees (2020: Trustees only). The Trustees do not receive any remuneration for this role.

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted Total funds
fund fund
£ £ £
INCOME AND ENDOWMENTS FROM
Charitable activities
The Collective Project 345,204 5,000 350,204
Investment income 4,241 - 4,241
Other income 1,110 - 1,110
Total 350,555 5,000 355,555
EXPENDITURE ON
Charitable activities
The Collective Project 175,885 - 175,885
Total 175,885 - 175,885
NET INCOME/(EXPENDITURE) 174,670
5,000		 179,670
RECONCILIATION OF FUNDS
Total funds brought forward 361,518 20,000 381,518
TOTAL FUNDS CARRIED FORWARD 536,188
25,000		 561,188

Page 14

CTU COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors
Prepayments and accrued income
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank Loan
Trade creditors
Amounts owed to group undertakings
Other creditors
Accruals and deferred income		 2021
£
15,421
-
15,421
2021
£
50,000
1,463
33,418
36,293
2,000
123,174		 2020
£
240
400
640
2020
£
-
3,422
165,596
45,187
7,385
221,590

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

A Coronavirus Bounce Back Loan was taken out in May 2020 and repaid in April 2021. No repayments were due in the first year.

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2020 2019
Unrestricted Restricted Total Total
fund fund funds funds
£ £ £ £
Current assets 690,976 25,000 715,976 782,778
Current liabilities (123,174) - (123,174) (221,590)
**567,802 ** 25,000 **592,802 ** 561,188
MOVEMENT IN FUNDS
Net
movement in
At 1/4/20 funds At 31/3/21
£ £ £
Unrestricted funds
General fund 536,188 31,614 567,802
Restricted funds
C3 25,000 - 25,000
TOTAL FUNDS 561,188 31,614 **592,802 **

13. MOVEMENT IN FUNDS

Page 15

CTU COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021

13. MOVEMENT IN FUNDS – continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement in Movement in
resources expended funds
£ £ £
Unrestricted funds
General fund
129,245		 (97,631) 31,614
TOTAL UNRESTRICTED FUNDS
129,245		 (97,631) 31,614
Incoming Resources Movement in
resources expended funds
£ £ £
Restricted funds
C3
-		 - -
TOTAL RESTRICTED FUNDS
-		 - -
Comparatives for movement in funds
Net
movement in
At 1/4/19 funds At 31/3/20
£ £ £
Unrestricted Funds
General fund
361,518		 174,670 536,188
Restricted Funds
C3
20,000		 5,000 25,000
TOTAL FUNDS
381,518
179,670		 561,188
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Movement in
resources expended funds
£ £ £
Unrestricted funds
General fund
350,555		 (175,885) 174,670
TOTAL FUNDS
350,555
(175,885)		 174,670

Restricted funds

C3 is CTU CP's long-term ambition to secure a permanent Collective space, anchoring an investment that captures uplift and continues to produce social outputs indefinitely.

14. RELATED PARTY DISCLOSURES

Included in creditors is a balance of £33,418 (2020: £165,596) due to Camden Town Centre Limited, a company who is the sole member of the charity. None of the balance has been paid post year end.

During the year the Charity was charged £33,247 (2019: £69,375) by Camden Town Centre Limited in respect of salary costs.

Page 16

CTU COMMUNITY PROJECT

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

INCOME AND ENDOWMENTS
Charitable activities
Collective fixed desk service income
C3
Other income
Investment income
Deposit account interest
Total incoming resources
EXPENDITURE
Charitable activities
Collective Costs
Support costs
Management
Accommodation
Insurance
Light and heat
Telephone and IT
Printing, Postage and stationery
Sundries
Other staff costs
Repairs and maintenance
Cleaning
Professional fees
Refreshment and meeting expenses
Finance
Bank charges
Tax
Governance costs
Accountancy and legal fees
Total resources expended
Net income/(expenditure)		 2021
£
128,182
-
128,182
-
1,063
129,245
32,792
32,792
9,363
1,712
9,120
7,302
1
415
2,842
13,142
17,445
335
-
61,677
354
1,008
1,800
64,839
31,614		 2020
£
345,204
5,000
350,204
1,110
4,241
355,555
70,576
70,576
10,204
1,195
9,562
7,924
179
393
7,097
30,614
27,541
2,549
4,615
101,873
197
529
2,710
105,309
179,670

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