REGISTERED COMPANY NUM8ER: 08032671 IEngl•nd and Wal••l REQISTERED CHARITY NUMBER: 1148689 CTU COMMUNITY PROJECT REPORT OF THE TRUSTEES AND UNAUDITEO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AIARCH 2024
CTU COMMUNITY PROJECT CONTENTS OF THE FIW4NCIAL STATEMENTS FOR THE YEAR EMDEO 31 MARCH 2024 Pago R•forèrt• and AdrnlnlStrat8 D•talls Report of the TnJsieeB 2to7 Ind•p•ndt Ex8mirAes Report Statement of Flnancial ActNitieB St8t•m•nt of Fffi8nrAal Posthon 10 Noles to the Flnancigl Statemenls 11 to 16
CTU COMMUNITY PROJECT REFERENCE AND AMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATV DETAILS R•91•1•r Company number 08032671 IEn9land and Wales) R•glst•r•d Charlty numb•r 1148689 R•gl•t•r•d offlc• Cdlective Auction Rooms 5.7 Buck Street London NW1 8NJ Tntsts•Dlr•¢1O1I S W B Pitkeathley C A Seward D L Thomas M Sagar W Fulford R Terry Ind•nd•rtt oxamln•r John Howarij FCA Azets Audi¢ Services 2nd Fthr. Regks House 45 Kin9 William Street Lond EC4R 9AN Page 1
CTU COMMUNITY PROJECT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also d1ClOr$ of the charity for the purposes of the Companies Act 2006. pent their port wlh the finanal statemènts of the charity for the year ended 31 March 2024. The tru5tee5 have adopted the provisions of Accounting and Reporting by Charities.. Statement of Reo)mrnended Practice applicable to charities prepariry their accounts in accordan(e with the Finanaal Reporting Standard applicable in the UK and Republic of Irel8nd IFRS 1021 lefle(ve 1 January 20151. OBJECTIVES AND ACTIVITIES The objeixives of the charity are principally the promotion for the public benefit of urban regeneration In areas of soual and economic deprivation land In particular within the London Borough of Camden). The trustees confim that they have fer ts the guidance ntained in the charity cornmissn'5 general guidance on public benefit when reviewng the charity's airn5 and objectwes and in plannin9 future activitie5. CTU Community project ICTUCPI was established to provide cenlres for bu8iness tl-deSkIng spaee and lease empty shops to gwe people who have pop up shop ide8s an opportunity to trade, Maln acWvltl8s furthèr publlc ben•llt CTUCPS main activity is proviiting free hot-desking Spa and subssdised private offi$ for stsrt-up bu5ne858s in Camdan, this provides a vAde raroe ol pulAic beneffit5'. Bu$lness creaon.. the support provided by CTUCP. rKJl only through business space bul also training and collatK)ralion opportunitie5 allows start-ups its experiment wth their business model, push ft)r growth, and be(x)rne viable. Matu businesses more quickly. Job Creatlon.. th8 growth of these businesses creales new jobs, r&lucing unemploymenl and delivering sorial and ecorKJrnic uplift to the area. Many Collective businesses 81s0 offer work 8xperieneè to young pP1&. Building occupancy btrnefits- bringing bli9hled and disused buildings into use brings footfall to underuseo areas. in¢r88sing lurrrf)ver for local reiailets and reducing crime through passive crime defence. Bu8lnes¥ space creatlon." London's business spa(% is under pr8ssure due to the increasing value of residential units and legislation making the ¢onversion of office space to residential more attractive. CTUCP provides business spac8, not only nurturirwJ the growth of innovative slart-ups but also supporting existing SME5. In pl8nniThJ CTUCP'S activits.es for the year the trustees kepl in mind th8 Charity Commissions guidanc¢ on public benefit 81 trustee meetings. The prOr"On for the public benefil of urban regenerètion in areas of social and economic deprivation land in partIcar within the London Borough ol Camden) by all or any of the following rn8ans'. lal the relief of povety,. Ibl the relief of unemployment., Icl the advancement of e(Jucion, training or r8trainin9. particularly arnorrfj unemployed people, and KWVKII unemployed people with work experien¢e', the provision of financial assistance. technical assistance or business advice gr consultaney in ordar lo Provide training and ernploymenl opportunities for unemployed ppIe in cases of financial or other charitable need through hdp.. in setting up their own business. or to existing businessès.. Idl (e} the ueation of training and employrnent opportunities by the provision ol workspace. buildings, andlor land for use on favourable terrns., such other means as may from titne to time be delem)ined subject to the prior written consent ol the charity commi%sion". and together with the pursuan of suoh other charitable purposes consistent kmth the abov8 as the trustees in their absolute discretion shall detemine. (fl Pa9e 2
CTU COMMUNITY PROJECT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES- conllnued Short and 14)np-t•rm alm5 and object18 In Ihe short term CTUCP conlinues to off8r free & sub5idsed business space to start-up businesses. CTUCPS lory- lerrn goal 15 to create a lunding package lo secure permanent spa¢elsl. anchoring an investment that can contr'nue to provhle social outputs. repay 8ny invesbnents and provide capitsl for lutuie charitable works. ACHIEVEMENT AND PERFORMANCE Sunwnary of main a¢hleveftwnts of the ¢harKy Collectwe Auction Roorns.. CTUCP continues to opwe 8 (x)wx)rking Sp in the heart ol Cam(Jen Town. CTUCP continues its partnership th UCL advances to operate BaseKX, purpose buill o)-working SP on Cam18y Street CTUCP has begun occupation of the vacant H&vley Infants Sel01, adjacent to Collective Auction Rooms. 11 provides Current collective membets with addition81 ho¢deskin9, breakout and oUtse space. and offets free fixed d85ks to clirnat8-tech Start-ups. Sl9nlficont charltable o¢tlvllles CTUCP CL)ntinue to run coworking spaces in the hèart of Camden Town. Research into C3. CTUCP'S long-term ambition to secure a pemlanent Collective space continues, along with ne901181ions for Colle¢tive space in nèw property devebprn8nl$. A¢hlèvèmnts agalnst obl•etlv•s In 2023 CTUCP commissioned an impact report on collècti,$ impact to dats. Thè r8POrt found that it has achievéd". 341 jobs created 209 8pprenliceships and 348 Work PlaceMt$ Created Totallir6 £19.2m of employment value 35.932 volLSnteering hours 573 pop-up occupants and events £37 2m ¢aprt81 raised by Collective start-ups Performan¢¢ of materlal fundraSglng aetlvltles CTUCP is in a surplu5 building pha58, raIng capital for future bjildiro renovatKJn works_ CTUCP eontinues lo investKJat8 grants for th8 project. Inv¢stmont porformanc• agalnst obJ•ctlv•s CTUCP rec4)rds its perfomian¢e based on the perfomancè indicators used in its grant-funded stage as well a5 its charitab18 objectiv8s. Eff•ct of expendltur• Incurrod to rals• Incomo In futur• To date preparab.on forfuture fvnding has requSred no expen(Jituie asde frorn staff time. Impact reporknng CTLICP continues lo use the perfomiance indicators arising from the several years it was funde(l and monitored by the GLA. Camden Council Camden Town Unlimited. P89e 3
CTU COMMUNITY PROJECT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT ANO PERFORMANCE- contlnued Summary of measuresllndlcators usod to ass•ss p•rforman¢•'. Oulputs Publlc Realm Improvements Im21 Definitions VerifKation Improved.. significant improverngnl in the Architecl drawi5 dèmonstrating tha quality ol the built envirtsnmenl through area Improved Ibefore and afterl and irnproved use tsf space, urban deson and invoices and e4)ntracts to demonstrate improved qu81ily of mat8ri8ls used. Could work has been cornmissioned a1 be linked lo measurement of time <x)rnpleted. The desyns should b8 savings. r&Juctions in road safely supplie(J as part ol Invoicing. inradents, incre858d perception 8tc. New.. space ¥thi¢h was previously not ft)r public use which is transfomied nI0 pavement. road, Stet fvmiture & park aa. Covers all fkjnding cornrnitted to Mayoral Value ol other funding attracted lo the projects or prograrnrne5. Two types target 8r88 in 8ddition to GLA recorded indude." 11 Direct match in the funding ++Gross funds spent Grant Agre8rn8nt and monitored as parf completed schedule signed by Finance of the project quarterty daims,. 21 Match Director, validated by rec8iPt5.++ln mrnilled to a programrne or area- kn'nd Ix)nlribulions 811 (x)niribulion5 based inteTvenlion tte there Is a should be converted lo cash and 5eri8s of cornpleTnentary investments. signed off by Finance Director. Validated as above by receipts. tirne Sheets, invoices. shoul¢J not have existed in the 8u$lne$s- name, address. rx)sl code. London borou9h or the employer before te18phone number, ownehlP and Ihe InleNention. Permanent should number of employges. have a li18 expectan¢y of at least 26 wks FfE- 35hrs or more perwk. Valu• of match lundlnp 1£) from partner bodles as a resull of GLA Instment No. of lo ¢reat8d Job. lrtle of the new or attracted job. contract of employrnent with expected stsrt date, hours ofwork. Letter or form swned by employer lo confirrn Jobs are as a resuK ol the proje(#. To avoid double wuntlng. a Job must not be counted again if it is filled over time by diffent people. Safeguari5ed jobs li.e. those that may hav8 b8en lost without the intervention) are not induded. Posits'on5 Crtaled before the start of the current Mayoral term are not to be Included. even if they a re¢orded as achieved after the start ol the Mayoral term Ifor example terring to outeomes recorded aft8r 26 weeks). Must be a permanent. FT equivalent pb 8uslness- name. add$$. rost c£Jde. which is al risk when the project is telephone number. contact detsils. 8pprove(J. At risk is define<S as being ownership. number of employees foreG3St lo b8 lost normalty within one year li.e. musl be specified or if the Safeguard•d-iobtille. contractof Sector 15 in longer term decline a longer employment an(J duration11 year ol period rnight be appropriatel. longer). hour5 of work (for FTE G3lculalionl No. of jobs safeguarded A letter from employer or fom) al end ol project eonfiming that safeguarded lob is as 8 Trsult of proj8c¢. Page 4
CTU COMMUNITY PROJECT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE . eontlnuod Summary of mo5nd1¢9rS US to as$8 performan¢•- ¢ontlnuod Outputs Increase In bUsIne turnover D•finltlons V•r115catlon Increased finanoal tumover can be Annual audited business accounts. via defined as the volume of a business Company House. oulpul in terms of profits over a given number ol years or penod ol time Increase In visitor satisfaction in the target are8 over agreed period. Also known as People cnj or Shopper Counting. z5 the me85urement of the number of people entering passing 8 certain location or entering a shop or shopping mall. An tncrease in football is measure from the b85eline position ov8r 8 period of time compared to another suNey after an expected change or trend has tsken place. Vacancy rat85 are 5tat15tics kept tsrTr vacancies in rental properties, homes for sale. and hotels. High vacancy rates a usually viewed as a sign that the rn8rk8t is struggling, whil8 low rates arg desirable. beGguse they indicate that property Is a hot commodity and Ihal vacancies rafeSy remain unfilled for very lory. A job wth an aecompanying skills development pro9ramme desvjned by employers In the sector Allowing apprenti lo gain technical knowledge. real praclical èxperiènce, wth functional and p8rsonal skills. Increa In vlsltor satlsfactlon Start and End Surveys of town cent use al stari of deliv¢ry Iba5elina poS10n) and at end Survey o)unt verification comparing baseline positK)n at Iwo particular Ioc8tions where people are expected to pass or enler and a new survey count al a diffeTht time or date. Increase In footfall Rèductlon In vacancy rat• Consulting sus govemmenl offi$ dala. local New apprentie•#hip start# Namè or employee number. details of prevKJus employment lor worklessnessl. emph)yee stsrt date, apprenticeship start dale lif diff8ren¢l, P05tcode, date of birth. gender. ethnic origin. disability. criminal ¢onvictions, job title. ijetaib of appntIce$hiP framewort. level. provider of apprèntictship. Apprenticeships can be counied only if they represenl a new post in a company. An 8XlSting rx)st in 8 business replaced by an apprenb'ceship post canmt be recorded An archrte¢t's floor plan drawings showing flotsr Space area. Nèw or Improved ¢omm?r¢lall businèss space Im21 New or up9radgd.' new buildings constructed as part of the projeet. Telurb15hed, improved or adapted for productive use as part of the projecl. Copy of completKn rtCate to demonslrale works undertakerTr. Improv•d'. Actual floor space or potential madiet value has been Surveyor reports from pre and post increased by som8 physical completion of works. improvement. Page 5
CTU COMMUNITY PROJECT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE. continu•d Significant positlv• and n•g•llve factors wSthln and outslde control The llK)St signrficant negative factor outside ol CTUCP control is the ac4vis1.on and retention of erngty buildings. CTUCP occupies disused and blighted buildings that generally have short leases. MitKJating this Is CTUCP new strategy of acquiring longer tern SP8cas in naw devèltspmants 8S Part ol tha d&velop&r's section 106 contributs"ons. BaseKX was 8 pilol of this model. and CTUCP has SeCud another permanent Spa in an upcoming Camden development_ Talks wth oth9r dèvalopèrs ara ongoing. FINANCIAL REWEW During tre ytrar Iha ComnY made a loss on ils unrestricted ftTrnd 01 £172,S68. This is due to signiftsnl on•-off spending in rep8ir8 to Colleixion Auction Rooms and Tefurbishrnent ol Collective Infants Sehool. Colthtive h&% introduced a serwce charge for it'5 larger member5, income from thi5 15 U5?d to fund CTUCP'S free hot-d8sking offer and build reseNe forluture m)VationS. Reserves Pollcy CTUCP currentty hdds Un$'thd serveS of £239,Cffi Its transrbon from grant-funded lo seW-SLfficl8n has resulted in rn(Mlification (rf its rr¥•$ pdioy. Flnanclal eff•cts of slgnHlcant gv•nts Issues wdlh acquisition of new space is mitMJated by the c8tMt81 CTUCP h8s btyun to raise Irom 3ervi¢e charge irKome. which would alkjw it to rent on a commercial basis rf requi In¥¢$tmont pollcy and Obj11 CTUCP may invest funds appropnately in line wrth its charities obl11¥e$. Prlnclpal rlsks Acquisition of buildings.. the nature of CTUCPS work means that the lar9est risk is the acqui8itk)n of disusedlblwJhted buildings as pervious CTUCP spaces are leased commercially or demolished. CTUCP'S 8xplor8tion of longer-term, purpose-built Spa in new developments reduces its relianck on disused buildings. and the capital raised from rental incorn8 (x>uld, rf required, b8 vsed to le858 fA)mrngr¢y81 sp8Cg. rn8int8ining the prOJt'S momentum as new sites a sourced. CTUCPS dose 85sociatK)n writh Camden T¢)wn Unlimited BID means that it can Continue to use CTU staff in-kind contributions and. rf required, direct fundiro lo maintain its op9ration5 and morngnturn. F*etors affèetlng finanelal rtOrnIanc• golng fopAtard Meanwhile projects using tÈmptsrkry spaces requires flexibility but within these parametets the charity forecasts and has had an In¢8$1ngIY stronger financial outlook going forwards. Prlnclpal fundlng 50urco5 The charity h85 tr8ns1tnèd snto sèw-sufficlency from the strNice charge applied to established Collecttrve members. Page 6
CTU COMMUNITY PROJECT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 l•lARCH 2024 FUTURe PLANS CTUCP is currently operats'ng Collective Au10n Rooms, and Collective Infants SchoDI bul the priority remains identifying and refurbi$hing new $ilels} to maintsin the momentum CTUCP has built up over rts y88rs of operation. BaseKX is guaranteed for until Dmber 2024 years so can provide a cushK)n to any relocation impact. Collective has been running free ¢o-working Spa Sin 2009 and has occupied 18 building5 in that lime. The experience gained during this time has allowed CTUCP to refurbish buildings at mSnimal (x)sts, providing only the featu$ most important lo start-up and micro businesses. STRUCTVRE, GOVERNANCE AND MANAGEMENT Gov•rnlno document The charty is controlled by rts governing thcurn8nl, a de8iJ of trust, and consbtul85 a limited company, lirnited by guarantee, as defin8d by th8 Compan$ Act 20. R•¢rultment and appolntment 01 n•w trusts•s The Trustees are enliled to appoint new Trustee5 subject to the approval of th8 rnernbers. The Trusleg5 severed during the whc4e period from 1 April 2023 to the date ol thrs K)rt were.. S W B Prtkeathley C A Seward D L Thomas M Sugar W Fuword RJTerry Or9anlsotlonal Structure Flat. wrth one member ol staff with additional Carnden Town UnliftNled staff support. Inductlon and tralnlng of new tru818es There Is 8 process of indUCtn for new trustees which indudes meetings with currenl trustees and the provision of key inf0Mln. Rolated parti•$ The Charity is conne(*8d to Camden Town Centre Limited IC8rnden Town Unlimited or CTUI &% Camden Town Centre Limited is the so18 member of the Charity. The principal a¢tivity of Camden Town Unlimited 15 the operation of a BID Management Company deliveri¢YJ a business Improvement dkslri¢t in Camden Town. Thi5 report has been prepared in ac(x)rdance wth Ihg 5peo81 provisK)n5 gf Part 15 of the CompleS Act 2006 re18ts.ng to small MpanieS. 18109124 Approved by order ol the board of trustees tsn ............................................. and signed on ils behalf by". S W 8 Pitkeathley - t)irec¢or Page 7
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CTU COMMUNITY PROJECT Ind•p•nd•nt examlnerf$ report to the truste•s of CTU Community Projèct Ilhè Conyanll I report to Ihè charity trustees on my examination of the accounts of the Cornpany lor the year ended 31 March 2024. Re6pon$lblll¢l¢s ond basls of report As the charitys trustees of the Company18nd aso its directors for the purp058s tsf company I> you are responsible for the prepwation of th8 accounts in ac(tJrdar)ce with the requirements of the Companies Act 2006 Ilhe 2006 Act'l. Havir4J satisfied mysew th8l the accounts (rf the Company are not required to be audrted under P8rt 16 of the 2006 Act and are eligib for independent examinaiK)n, l [m)rt in respect of my examinatK)n 0¢ your charitys accounls as carried out under section 145 01 the Charities Act 2011 I'lhe 2011 Act'l In Ggrying out my exam1rtIOn I have followed thè DirectKns gNerJ by the Charity Comrnission under section 14951 Ibl of the 2011 Act. Independont examlnoes stat•mnt Since your charity's gros5 income trxceeded £250.000 your examiner rnust be a member of 8 listed body. I can confi that l am qualified lo undertake thg exarninatK)n baLUSa l am a r8gister&J member of ICAEW which is one of the listed bodies. I have (ompleted my ex8rninab'on. l (x)nfim that Th) matlers have come to My attention in conne(*'on with the examination giving me cause to bdwe. accounting records w8re ml kept in respect ol the Ccmpany as required by seron 386 ofthe 2W6 Act., or the accounts do not acrd with those re(x)rds', or the accounts do not mplY with th8 8cu)unting requirements ol seotK)n 396 of the 201 Ad other Ihan any r8quiremenl that the accounts gNe a true and fair view %l¢h is not 8 matter (Lsnsidered as part of an independ8nt 8xamination,' or the accounts have not been pr8p2red in accordance with the methods and principles of the Ststement of Recommended Pwti¢e for accounting and reporting by charities applicable lo charities preparing their aunts in accordance vath the Financol Reporting Standard apFAicabb in the UK and Republic of Ireland IFRS 1021. I have no con(ems and have corne across other rnarter5 in conn8Ction 1th the examination to which at¢entk)n should be drawn in thk% report in order to enable a proper understanding of the 8cc(xJnts tts be rexhe John Howard FCA A28ts Audit S8rvices Chartered ArxJ)untants Floor. Regis House 45 King William Straat London EC4R 9AN Page 8
CTU COMMuMiff PROJECT STATEMENT OF FlhlANCIAL ACTMTIES {INCORPORATING AN INCOME AND EXPENOITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 2024 RMtrl¢t•d Total funds fvnd 2023 Tot81 funds Unwtyi¢t•d fund NCOME FROM Charitabltr actwrtiès 287,295 287,295 284,581 Investment income Other incL)m8 5,111 893 Total 292.406 293A06 286,367 EXPENDITURE ON Charllabl• acllvltl•6 The Coll8Ctiv Project NET INCOMEIIEXPENDITURE) 1172.5881 19,9761 (182,5441 1,372 RECONCILIATION OF FUNDS To¢al fund• brought forward 411,634 25.000 43¢,634 435.262 TOTAL FUNDS CARRIED FORWARD 436,634 Th not¢$ form port of th¥s* fin•ncial ¥t•tornenls Page 9
CTU COlJlMUNITY PROJECT STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2024 2024 2023 Ntst8S CURRENT ASSETS Debtors Cash at bank 10 13.930 21,723 427,591 713.LY)1 CREDITORS Arnounts falling due within one ye8r 11T3.5011 1276,3671 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 254,090 NET ASSETS FUNDS Unrestricte(* funds ReStrle funds 13 239.066 15.0241 411,634 25,000 TOTAL FUNDS 254,090 436,634 The charitable company is entitled to exemption from audlt undu Sectv)n 477 of the cpanIeS Act 2fy)6 for the ye ended 31 March 2024. Tha members have mt required the (£Jmpany to obtain an audit of ts finanryal ststements for the year end1 31 Marth 2024 in a(mr(Jance with sl0n 476 ofthe Companies Act 2006. The trustees acknowledge their respSIbIl1eS for 8nsuring that the charitable cornpany keeps a¢)untIng CordS that Compty wlh SeclKJns 386 and 387 ot the Compani85 Act 201% and preparing financial $¢atemenls which give a tru8 and lair view ol the state of affairs of the Charitab ttsmpaty as at the end ol e&h finanaal year an¢ of its surplus or deficit for eath finan(i81 ygar in 8(xx)rdan(% with the r8quir8ments ol Sectns 394 and 395 and which othewse comply wth the QuIreMents of the Cwnpanies Act 2006 relating to linanoal statemènts, 50 far as applicable lo tho charbtable iompany. Ibl These finala1 staternents have been prepared in a(tordan¢e with the special provisK)ns of Part 15 of the Companio5 Act 20L% r81ating to ehbritable small eompanies. 18109124 The financial statements were approved by the 808rd of Twstees on ............................................. {j werè signad on its behaff by.. S W B Pitke8thley-Truslee The notes fom part of these financial st8lement Page10
CTU COMMUNITY PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACC<XJNTING POLICIES Basls of pr•parlng th• finan¢lal stat•m•nts These financial statements have been prepad in 8ethrdance with the Financial Reporting StandaT(J 102 'The Financial Reporting St8nd8rd 8pplicab18 in the UK and Republic of Ireland.: the Companv85 Act 2006,. 8nd the r8quirements of the Statement of Rectjgnised Pwtice. Accounting and Reporting by Charities (effective 1 January 20151. The financial slat¢msnts have b88n prepared un¢J8r th8 historical $t convention. Thè ffinantsal statemènts arg present¢d in 5tertirrtJ 1£) which is abo the ftjnctional currency for thè charrty. Golno con¢m Trustee5 ar8 confident that Ihe chariti&s fin8nrial r850urces are sufficient to meets its liabilities for 12 months from authorising th8se financral staternents 8nd the budget in¢ome and expenditure MaInS suffirient with the level of reserves for the charily to Con'nUe as a going concem. The finanoal staiements have therefo been prepad on a goirKJ concem basis. Judgèmtnts and key sources of 08tim8tron uncertainty The preparatn of financial stslements requires management to make jt#Jgements. e5fr'rnat85 and assumptions about the carrying values of assets an¢J liabilities that a nol readlly appant from other sources. The estimates an<J underfying assurnption5 ar8 based on historiral 8xp8ri8nc8 and other f8Ctors that are eonsidered to be ralevant. Actual sUM5 Thay differfrom the58 èStim8tÈs. The estimates and unOedyin9 assvmptions are revSewed on a cLJntinuing basis. Revisions to COuntr"n9 estirnates art reco9nised in the period in which the estirnate is r8vised tf the r8vision affects only that period, or in the period of the reviSn and fulure periods rf thè ravtsion affacis both current and future periods. L•9al $tatus The chanty is a company limited by guarantee and has no share capital. Publle B•nefit The tharit8ble ujrnpany meets the definOn of a public benefit entity under FRS 102. Incom• All incoming resourcas ara included in Ihe Statn8t ol Finanri81 Acts'viti8s ISOFAI when the charty is gallY 8ntitl8<J to the In)Me after any conditions have been met. the amount Can be measured f81i8bly and it is prObae that the incx)rne wll be received. Income from chantable activrties includes bid income. income 98neraled from F<)p up shops and rentsl iLIme from sub-letting of the property held prirnarily forfunction81 use by the charily. Income frorn trading acbvits Includes Income earned from fundraising events held in the year, and )nsUltancY lees. Expendltu All expenditure is accounted for on an accruals basis and has been classlfied Under headings that aggregate all costs related lo the category. Expenditu is recognised wthere there is a legal or constructive obligation to make payments to third parties, il Is probable that the settlement will be r8guiraJ 8nd the arroun¢ of the obligab.on (an be measur8d reliably. tt is Cat8g0ri58d under the following headings.. Costs of raisiro funds includes o)sts of generating voluntary income. fundraisin9 events and fundraising trading. Expenditu on charitable activikn'es inclu¢Jes costs incurrèd by the charity in the delivery of its aotivities an¢J services lor its beneficiaries. It include5 both ctssts allocated directly to such 8divib.es and those costs of an indirect nature ne(xssary to 8UPry)rt th8m. Staff o)sts are allocated botween cost headings aco)rding to the funetion of èach 8mpk)yee. Pagé11
CTU COMMUNITY PROJECT NOTES TO THE FINANCIAL STATeMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- eontinu•d TaOn The charitable wmpany is considered to pass the tests set (xjt in Paragrdph 1 Schadule 6 Financè Act 2010 8nd ther8for8 rt rne8ts thè ¢JèfinitK)n ol a tharitable cL)mpany for UK (orroralion tax purposes. AcrdinglY, the th8rity potentially exempt from taxation in respect of income or capital gains recwved wlthin categories covered by Chapter 3 Part 11 corporab.on Tax Acl 2010 or Sedion 256 of the T8XatK)n of chargeab Gains Act 1992, to thè extent that such hcA)me or gans are appld exdusively to charitable purposes. Fund a¢¢ountlng Llnrestricted funds can be used in accordance wth the charitable obje¢tN$s at the diseretion of Ihe tn1st$. Restrictad funds (n only be used ltsr particular restrieted purposes wlhin the objects of the charity. Restrictions arLse when specrfied by the donor or when funds are raised for particular wslricled purposes. Further exanatiOn ol ihe nalure and purpKJse ol each fund is induded in the notes to the financial slatements. D•btors Other debtors are recognised al the settlem1 amount due. Prepayments are valued al the aK)Unt prep8id. Accrueij inc(xn8 15 rn8asured at the arrK)unt due lo be ed. Cash at bank and In hand Cash at bank and in hand indudes cash and short temi highly liquid inveslments wth a short rnoturity of three months or less frorn th8 datè ol aequisitK)n or opening of Ihe deposit or similar awount. Credltors and provlslon8 Creditors ar8 rEcognised where the chaity has a prèsent 0blKJa0n resulting from a past event Ihat wll probably result in the tr8n$fer of fund$ to a thir¢J party s1 thè am(n( due to settle the 0b1vJat can be measured or estimated reliably. Oth8r cr8ditor5 and accruals are reLtJgnised at their settlement 8rrrt)unt due. Flnan¢lal In$trumtnts The charity only has financial assets and financial liabilities of 8 knnd that qualrfy as basic finanal instrum8nls. 8asic financi81 instruments are initi'alty CognIsed at transaction value and subsequenly rneasured at their settlement value with the eXpt)n of bank 108ns which are subseouently measured at amortised o)sl usSng the effective Inte$t ote. INCOME FROM CHARITABLE ACTWMES 2024 2023 Actlvlty Collective ffiX desk s8Nic8 incyjme The Co118Ctivè Projeet 287 295 287.295 284.581 INVESTMENT INCOME 2024 2023 Deposit xcounl interest 893 Page 12
CTU COAIMUNITY PROJECT NOTes TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 CHARITABLE ACTMTIES COSTS Support costs IS•• not• S) The Collethve Project 33 Tot812023 Ir8Statedl 270,468 264.995 SUPPORT COSTS 2024 Th• Colhctlv• ProlKt Total ath"vitiés 2023 festaled Telephone and IT Prfnting, Postage and slatlonery Sundries Other stsff Costs Professional lees1£9.976 restrtlI Refreshmènt ané me8ting 8xp•nsos Bank charges Tax G0ManrA co•ts Independt examination Othar Accountancy Sèr¥ic4S 1,197 95 9,916 216 16.666 2.077 304 1121)0) 918 6,002 2.151 3,150 835 2,900 NET INCOMEIIEXPENDITUREI Net incom[9XpendIlUreI is stsled after chargirsllcredits'ngl.. 2024 2023 Ind&nd¥n1 ¥xaminati 2,900 P•ga 13
CTU COMMUNITY PROJECT NOTES TO THE FINANCIAL STATEMENTS. CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES. REMUNERATION AND BENEFITS Thère were no trustees. remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Tru8t•85' èxpons•s Th8re wer8 no Irust885' èxpèr6•s paid for the year ended 31 March 2024 nor for the year ended 31 M8r¢h 2023. STAFF COSTS 2024 2023 Tolal staff erry)lumen¢s for the year were 85 follo.. Restated Salary costs Nationa insurance 36,4S8 3,776 35.0(X) 38.748 The average number of people. exdudlng trustees. employed by the company durtng th8 y88r amounted to 1 12023.. 11. No employees employee benefits in excess of £60,00012023'. nill The key management of the tharit8ble company cornprise the Trustees12023. Trustees only). The Trustees do not e any muneration for thi4 role. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES- 2023 Unrèstr5ct•d fund Restricted Totsl funds fund INCOME ANO ENDOWMENTS FROM Chafitablo a¢vItI•$ The Collective Project Investment in¢x)m8 Other income 284.581 893 893 284.581 B93 893 T¢)tsl 286.367 286.367 EXPENDrruRE ON Charitable activitl8s The Collective Project 284,995 284.995 Totsl 284,995 284,995 NET INCOMEIIEXPENOITUREI 1.372 1.372 RECONCILIATION OF FUNDS Totsl funds brought forward 410.262 25,OC#) 435.262 TOTAL FUNDS CARRIED FORWARD 411.634 25.0(K 436.634 Pa9e 14
CTU COMMUNITY PROJECT NOTES TO THÉ FIPIANCIAL STATEMENTS. c£TINUED FOR THE YEAR ENDED 31 MARCH 2024 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other deblors PrepayThents and acLrued Ino)me 13.930 11.275 10.448 11. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Trad¢ ef•dilors Arnounts owed to group undertakings Other creditorB Accntrals and delerr•J incom8 144 114,639 54.136 9.867 213,817 47,388 S.295 276.367 12. ANALYSIS OF NET ASSETS BETWEEN FUND3 2024 Total fund* 2023 Tot81 funds Unmtrlct•d fund R••trlct•d fund Current assels Current liabilities 402.591 25.000 427,591 1735011 713.001 276 3671 13. MOVEMENT IN FUNDS N•t mov•rtwnt In funds At 114123 At 3113r24 Unr•¥trl¢tsd fund• General fund 411.634 1172,5661 239.066 R••trlct•d funds C3 25.OiV) 19,9761 13,024 TOTAL FUNDS P8g8 15
CTU COMMUNITY PROJECT NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 13. MOVEMENT IN FUNDS- ¢ontlnued Net rnoyemenl in fvnds, induded in the above a as follows.. Ineoming r•$oure•• R•$our¢•s Mov•mnt In èwnd funds Unrèstrlcted fund8 General fund 292,406 1464.9741 {172.5681 TOTAL UNRESTRICTED FUNDS 464 9741 Incomln9 resource5 Resour9 Mov•ment In •xponded funds R¢strl¢tsd fund C3 19.9761 19.9761 TOTAL RESTRICTED FUNDS Comparatlv•s for mo¥•m•nt In funds Net movemont Sn funds At 114122 At 3113123 Unr•$triet•d Funds Gèneral fund Restrkted Fund• C3 410,262 1,372 411,634 25.0(X) 25,000 TOTAL FUNDS Cornparative net movement in funds. include(J in the atrAwe are os folknws.. Incomlno rosourcos Resour •xp•nd•d Movement in funds Unr¢$lrl¢tgd fund8 General fund 286.367 284.9951 1.372 TOTAL FUNDS 286.367 284,9951 1.372 Re8trl¢ted fund¥ C3 is CTU CP'S long-temi ambOn to secure a perrnanent Colw've space, alOring an investment that CaptuS uplift and continues to KKoduce sorial outputs indefinitely. 14. RELATED PARTY DISCLOSURE5 Includod in creditors Is a balance of £114,63912023.. £213,8171 due to Carnijen Town Centre Limited, a MpanY who is th• solè member of the chanty. This balance has be9n paid post year gn¢J. During the year the Charity charggd £94.27712023'. £93,469> by Canden Tovm Centre Llmited In respecl ol salary costs. pa 16