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 AdrnlnlStrat￿8 D•talls Report of the TnJsieeB 2to7 Ind•p•nd￿t 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 d1￿ClOr$ of the charity for the purposes of the Companies Act 2006. p￿ent their ￿port wlh the finan￿al 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 cornmiss￿n'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 t￿l-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 crea￿on.. 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 p￿P1&. 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 partIc￿ar 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(Juc*ion, 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 p￿pIe 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 object1￿8 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 opw*e 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 Sel￿01, adjacent to Collective Auction Rooms. 11 provides Current collective membets with addition81 ho¢deskin9, breakout and oUts￿e 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 PlaceM￿t$ 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, ra￿Ing 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 as*de 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 drawi￿5 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 a￿1 be linked lo measurement of time uld, rf required, b8 vsed to le858 fA)mrngr¢y81 sp8Cg. rn8int8ining the prOJ￿t'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$1ngIY stronger financial outlook going forwards. Prlnclpal fundlng 50urco5 The charity h85 tr8ns1t￿nèd snto sèw-sufficlency from the strNice charge applied to established Collecttrve members. Page 6 CTU COMMUNITY PROJECT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 l•lARCH 2024 FUTURe PLANS CTUCP is currently operats'ng Collective Au￿10n Rooms, and Collective Infants SchoDI bul the priority remains identifying and refurbi$hing new $ilels} to maintsin the momentum CTUCP has built up over rts y88rs of operation. BaseKX is guaranteed for until D￿mber 2024 years so can provide a cushK)n to any relocation impact. Collective has been running free ¢o-working Spa￿ Sin￿ 2009 and has occupied 18 building5 in that lime. The experience gained during this time has allowed CTUCP to refurbish buildings at mSnimal (x)sts, providing only the featu￿$ 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 indUCt￿n for new trustees which indudes meetings with currenl trustees and the provision of key inf0M￿l￿n. 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 Comp￿leS 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 exam1r￿tIOn I have followed thè DirectK*ns 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 baL*USa 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 ser￿on 386 ofthe 2W6 Act., or the accounts do not ac￿rd 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 a￿unts 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 ReStr￿le￿ 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 c￿￿panIeS 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 end￿1 31 Marth 2024 in a(mr(Jance with s￿l0n 476 ofthe Companies Act 2006. The trustees acknowledge their resp￿SIbIl￿1eS 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 Sect￿ns 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 fina￿la1 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 by Canden Tovm Centre Llmited In respecl ol salary costs. pa￿ 16