**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 2023** 



**CTU COMMUNITY PROJECT** 

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

||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 2023** 

## **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 

## **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 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 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: 

- **Business Creation:** the support provided by CTUCP, not only through business space but also training and 

- collaboration opportunities allows start-ups to experiment with their business model, push for growth, and become viable, mature businesses more quickly. 

- **Job Creation:** the growth of these businesses creates new jobs, reducing unemployment and delivering social and economic uplift to the area. Many Collective businesses also offer work experience to young people. 

- **Building occupancy benefits:** bringing blighted and disused buildings into use brings footfall to underused areas, increasing turnover for local retailers and reducing crime through passive crime defence. 

- **Business space creation** : London's business space is under pressure due to the increasing value of 

- residential units and legislation making the conversion of office space to residential more attractive. CTUCP provides business space, not only nurturing the growth of innovative start-ups but also supporting existing SMEs. 

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: 

- (a) the relief of poverty; 

- (b) the relief of unemployment; 

- (c) the advancement of education, training or retraining, particularly among unemployed people, and providing unemployed people with work experience; 

- (d) the provision of financial assistance, technical assistance or business advice or consultancy in order to Provide training and employment opportunities for unemployed people in cases of financial or other charitable need through help: 

   - (i) in setting up their own business, or 

   - (ii) to existing businesses; 

- (e) the creation of training and employment opportunities by the provision of workspace, buildings, and/or land for use on favourable terms; 

- (f) such other means as may from time to time be determined subject to the prior written consent of the charity 

   - commission; and together with the pursuance of such other charitable purposes consistent with the above as the trustees in their absolute discretion shall determine. 

Page 2 



**CTU COMMUNITY PROJECT** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023** 

## **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 longterm 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** 

- Collective Auction Rooms: CTUCP continues to operate a coworking space in the heart of Camden Town. 

- CTUCP continues its partnership with UCL advances to operate BaseKX, purpose built co-working space on Camley street. 

## **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 its social and economic outputs in 2020-23 

   - 473 hotdesking members 

   - 117 jobs created 

   - 281 businesses supported 

   - 44 young people inspired 

   - 102 events held by Collective members 

   - 6 charities supported 

- £14.6m of finance raised by members 

## **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 2023** 

## **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 areakind contributions - all contributions 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 2023** 

## **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<br>census<br>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:**<br>Actual<br>floor<br>space|or|||
||potential<br>market<br>value<br>has<br>been||Surveyor reports from pre and|post|
||increased<br>by<br>some<br>physical||completion of works.||
||improvement.||||



Page 5 



## **CTU COMMUNITY PROJECT** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023** 

## **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 £1,371. 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 £174,885. 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** 

Acquisition of buildings: the nature of CTUCP's work means that the largest risk is the acquisition of disused/blighted buildings as pervious CTUCP spaces are leased commercially or demolished. CTUCP’s exploration of longer-term, purpose-built space in new developments reduces its reliance on disused buildings, and the capital raised from rental income could, if required, be used to lease commercial space, maintaining the project's momentum as new sites are sourced. 

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 established 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 2023** 

## **FUTURE PLANS** 

CTUCP is currently operating Collective Auction Rooms, 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 2022 to the date of this report were: 

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

## **Organisational structure** 

Flat, with one member of staff with additional Camden Town Unlimited staff support. 

## **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. 

20.11.23 

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 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 registered member of ICAEW 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 

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 

4. the accounts have not been prepared in accordance 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 

## 23 November 2023 

Date: ............................................. 

Page 8 



## **CTU COMMUNITY PROJECT** 

## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023** 

|||||**2023**|2022|
|---|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**Total  funds**|Total  funds|
|||**fund**|**fund**|||
||**Notes**|**£**|**£**|**£**|£|
|**INCOME FROM**||||||
|Charitable activities|**2**|**284,581**|**-**|**284,581**|251,803|
|Investment income|**3**|**893**|**-**|**893**|55|
|Other income||**893**|**-**|**893**|775|
|**Total**||**286,367**|**-**|**286,367**|252,633|
|**EXPENDITURE ON**||||||
|**Charitable activities**|**4**|||||
|The Collective Project||**284,995**|**-**|**284,995**|410,173|
|**NET INCOME/(EXPENDITURE)**||**1,372**|**-**|**1,372**|(157,540)|
|**RECONCILIATION OF FUNDS**||||||
|**Total funds brought forward**||**410,262**|**25,000**|**435,262**|592,802|
|**TOTAL FUNDS CARRIED FORWARD**||**410,262 **|**25,000**|**436,634 **|435,262|



The notes form part of these financial statements 

Page 9 



**CTU COMMUNITY PROJECT** 

## **STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2023** 

|Notes<br>**CURRENT ASSETS**<br>Debtors<br>10<br>Cash at bank<br>**CREDITORS**<br>Amounts falling due within one year<br>11<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT LIABILITIES**<br>**NET ASSETS**<br>**FUNDS**<br>13<br>Unrestricted funds<br>Restricted funds<br>**TOTAL FUNDS**|**2023**<br>2022<br>**£**<br>£<br>**21,723**<br>66,792<br>**691,278**<br>530,306<br>**713,001**<br>597,098<br>**(276,367)**<br>(161,836)<br>**436,634 **<br>435,262<br>**436,634** 435,262<br>**436,634 **<br>435,262<br>**411,634**<br>410,262<br>**25,000**<br>25,000<br>**436,634 **<br>435,562|
|---|---|



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 

- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and 

- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. 

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. 

## 20.11.23 

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 2023** 

## **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** 

Trustees 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 2023** 

## **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**<br>Collective fixed desk service<br>income<br>The Collective Project|**2023**<br>**£**<br>**284,581 **<br>**284,581 **|2022<br>£<br>251,803|
|---|---|---|
|||251,803|



## **3. INVESTMENT INCOME** 

|Deposit account interest|**2023**<br>**£**<br>**893**|2022<br>£<br>55|
|---|---|---|



Page 12 



## **CTU COMMUNITY PROJECT** 

## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2023** 

## **4. CHARITABLE ACTIVITIES COSTS** 

||||**Support**||
|---|---|---|---|---|
|||**Direct costs**|**costs**|**Totals**|
||||**(See note 5)**||
|||**£**|**£**|**£**|
||The Collective Project|**93,469**|**191,526**|**284,995**|
|||**£**|**£**|**£**|
||Total 2022|83,935|326,238|410,173|
|**5.**|**SUPPORT COSTS**||||
||||**2023**|2022|
||||**The**||
||||**Collective**||
||||**Project**|Total activities|
||||**£**|£|
||Accommodation||**9,363**|9,363|
||Insurance||**1,343**|1,232|
||Light and heat||**14,420**|15,004|
||Telephone and IT||**7,834**|11,041|
||Printing, Postage and stationery||-|80|
||Sundries||**6,002**|6,177|
||Other staff costs||-|-|
||Repairs and maintenance||**36,108**|14,853|
||Cleaning||**24,021**|24,411|
||Professional fees||**969**|1,215|
||Refreshment and meeting expenses||**2,151**|2,167|
||Bank charges||**609**|612|
||Buck Street Renovation||**83,078**|237,335|
||Hawley Infants renovation||**1,750**|-|
||Accountancy and legal fees||**2,900**|2,950|
||Event costs||**978**|-|
||Tax||-|(202)|
||||**191,526**|326,238|
|**6.**|**NET INCOME/(EXPENDITURE)**||||
||Net income/(expenditure) is stated after charging/(crediting):||||
||||**2023**|2022|
||||**£**|£|
||Independent examination||**2,500**|2,150|



Page 13 



**CTU COMMUNITY PROJECT** 

## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2023** 

## **7. 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. 

## **8. STAFF COSTS** 

The total staff cost in the year was £93,469 (2022: £83,571), all of which were charged against the direct costs of the charitable activity. 

|Total staff emoluments for the year were as follows:<br>Salary costs<br>National insurance<br>Pension|**2023**<br>**£**<br>**83,581**<br>**8,009**<br>**1,879**<br>**93,469**|2022<br>£<br>75,633<br>6,738<br>1,200<br>83,571|
|---|---|---|



The average number of people, excluding trustees, employed by the company during the year amounted to 1 (2022: 1.6). 

No employees had employee benefits in excess of £60,000 (2022: £60,000) 

The key management of the charitable company comprise the Trustees (2022: Trustees only). The Trustees do not receive any remuneration for this role. 

## **9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - 2022** 

||**Unrestricted**|**Restricted**|**Total  funds**|
|---|---|---|---|
||**fund**|**fund**||
||**£**|**£**|**£**|
|**INCOME AND ENDOWMENTS FROM**||||
|**Charitable activities**||||
|The Collective Project|251,803|-|251,803|
|Investment income|55|-|55|
|Other income|775|-|775|
|**Total**|252,633|-|252,633|
|**EXPENDITURE ON**||||
|**Charitable activities**||||
|The Collective Project|410,173|-|410,173|
|**Total**|410,173|-|410,173|
|**NET INCOME/(EXPENDITURE)**|(157,540)|-|(157,540)|
|**RECONCILIATION OF FUNDS**||||
|**Total funds brought forward**|567,802|25,000|592,802|
|**TOTAL FUNDS CARRIED FORWARD**|410,262|25,000|435,262|



Page 14 



## **CTU COMMUNITY PROJECT** 

## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2023** 

## **10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Other debtors<br>Prepayments and accrued income<br>**11.**<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Trade creditors<br>Amounts owed to group undertakings<br>Other creditors<br>Accruals and deferred income|**2023**<br>**£**<br>**11,275**<br>**10,448**<br>**21,723**<br>**2023**<br>**£**<br>**9,867**<br>**213,817**<br>**47,388**<br>**5,295**<br>**276,376**|2022<br>£<br>55,282<br>11,510<br>66,792<br>2022<br>£<br>12,887<br>102.575<br>42,296<br>4,078<br>161,836|
|---|---|---|



|**12.**<br>**ANALYSIS OF NET ASSETS BETWEEN FUNDS**<br>**Unrestricted**<br>**fund**<br>**Restricted**<br>**fund**<br>**£**<br>**£**<br>Current assets<br>**688,001**<br>**25,000**<br>Current liabilities<br>**(276,367)**<br>**-**<br>**411,634 **<br>**25,000**<br>**13.**<br>**MOVEMENT IN FUNDS**|**2023**<br>**Total**<br>**funds**<br>**£**<br>**713,001**<br>**(276,367)**<br>**436,634**|2022<br>Total<br>funds<br>£<br>597,098<br>(161,836)<br>435,262|
|---|---|---|



||||**Net**||
|---|---|---|---|---|
||||**movement in**||
||**At 1/4/22**||**funds**|**At 31/3/23**|
|||**£**|**£**|**£**|
|**Unrestricted funds**|||||
|General fund||410,262|**1,372**|**411,634**|
|**Restricted funds**|||||
|C3||25,000|**-**|**25,000**|
|**TOTAL FUNDS**||**435,262 **|**1,372**|**436,634 **|



Page 15 



## **CTU COMMUNITY PROJECT** 

## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2023** 

## **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<br>**286,367**|**(284,995)**||**1,372**|
|**TOTAL UNRESTRICTED FUNDS**<br>**286,367 **|**(284,995) **||**1,372**|
|**Incoming**|**Resources**|**Movement in**||
|**resources**|**expended**||**funds**|
|**£**|**£**||**£**|
|**Restricted funds**||||
|C3<br>**-**|**-**||**-**|
|**TOTAL RESTRICTED FUNDS**<br>**-**|**-**||**-**|
|**Comparatives for movement in funds**||||
||**Net**|||
||**movement in**|||
|**At 1/4/21**|**funds**||**At 31/3/22**|
|**£**|**£**||**£**|
|**Unrestricted Funds**||||
|General fund<br>567,802|(157,540)||410,262|
|**Restricted Funds**||||
|C3<br>25,000|-||25,000|
|**TOTAL FUNDS**<br>592,802|(157,540)||435,262|
|Comparative net movement in funds, included in the above are as follows:||||
|**Incoming**|**Resources**|Movement in||
|**resources**|**expended**||funds|
|**£**|**£**||**£**|
|**Unrestricted funds**||||
|General fund<br>252,633|(410,173)||(157,540)|
|**TOTAL FUNDS**<br>252,633|(410,173)||(157,540)|



## **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 £213,817 (2022: £102,575) 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 £93,469 (2022: £83,571) 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 2023** 

|**INCOME AND ENDOWMENTS**<br>**Charitable activities**<br>Collective fixed desk service income<br>Other income<br>**Investment income**<br>Deposit account interest<br>**Total incoming resources**<br>**EXPENDITURE**<br>**Charitable activities**<br>Collective Costs<br>**Support costs**<br>**Management**<br>Accommodation<br>Insurance<br>Light and heat<br>Telephone and IT<br>Printing, Postage and stationery<br>Sundries<br>Other staff costs<br>Repairs and maintenance<br>Cleaning<br>Professional fees<br>Buck Street renovation<br>Hawley Infants renovation<br>Event costs<br>Refreshment and meeting expenses<br>**Finance**<br>Bank charges<br>Tax<br>**Governance costs**<br>Accountancy and legal fees<br>**Total resources expended**<br>**Net income/(expenditure)**|**2023**<br>**£**<br>**284,581 **<br>**284,581**<br>**893**<br>**893**<br>**286,367**<br>**93,469**<br>**93,469**<br>**9,363**<br>**1,343**<br>**14,420**<br>**7,834**<br>**-**<br>**6,002**<br>**-**<br>**36,108**<br>**24,021**<br>**969**<br>**83,078**<br>**1,750**<br>**978**<br>**2,151 **<br>**188,017**<br>**609**<br>**-**<br>**2,900**<br>**284,995**<br>**1,372**|2022<br>£<br>251,803<br>251,803<br>775<br>55<br>252,633<br>83,935<br>83,935<br>9,363<br>1,232<br>15,004<br>11,041<br>80<br>6,177<br>-<br>14,853<br>24,411<br>1,215<br>237,335<br>-<br>-<br>2,167<br>322,878<br>612<br>(202)<br>2,950<br>410,173<br>(157,540)|
|---|---|---|



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