REGISTERED COMPANY NUMBER.. 08032671 lÉngWnd and WalMI REGISTERED CHARITY NUMBER: 1148689 CTU COMMUNITY PROJECT REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
CTU COMMUNITY PROJECT CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 W4R¢H 2025 Pag8 R•frnc• and Adrninistrative Details Report ofthe Trust••s 2to7 Independ¥nt Examirtrfs Report StateThnt of Finan¢wl A¢tiwb'¢s stst•rnnt of Financsal Posrtion 10 Notss to th8 Flnandal Stst•m•nts 11 to16
CTU COMMUNITY PROJECT REFERENCE AND AMINISTFiATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMINISTRATIVE DETAILS R•ol•t•r•d Company nurnbor 08032671 IEngl•nd and Wales) R•gl•t•rnd Charlty numb•r 1148689 R•gl•t•r•d offlc• Collectiv• AUCtn Rocyns 5.7 Buth Str*t London NW1 8NJ TrU#tsD1r•¢lQrn S W B Pitkoathloy C A Sard (Resigned on 12 Febwary 20251 D L Thomas M Sagar W Fulford R Terry Ind•p•ndont •xamlnor John Howard FCA Azets Audit SeNic8s 2na Floor, R•gi$ Hou 45 lfjng Willkim Stre8t London EC4R 9AN Page I
CTU COMMUNITY PROJECT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The trusts•s who also director5 of the charity for the purpose5 of the Companies Act 20(6. present their raport with thè financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the prov1510ns of ACunting and Reporting by Charrti•s. Statament of R8cofflrnended Practice applicabb to charitEs prepanng their accounts in accordan wrth Ihe Finana81 Rèporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 (effecti 1 January 20151. OBJECTIVES AND ACTIVITIES The obiÈdives of the chanty are principally the promotion for the public benefit ol urban regèn•rthon in areas of 5wial and economi¢ deprivation land in particular within the London Borough ol Camden). The trustaes confirm that they have referred to the gKjan contained In the charity cornm15sion's gener81 gukYae on puNic beneft when r•vi•wing the charity'5 aims and Obje1¥?5 and in planning fvIre activities. CTU Community project ICTUCPI was established to providè centS for bu$in¢$$ hot-desking space and lease empty shops to give people have pcp up shop id¢a$ an cyporttjnty to trade. Maln actlvltleB to further publ1¢ nfit CTUCP'S main activity is providing free hot-d•skirKJ spacè and subsidised private oftK85 for start-up businesses in Camden, this prowdes a range of b8neffts'. Buslness Crgatyon: the support provided by CTUCP. not only through business Spa but also training and ¢ollaboralion opportunrties allows start-ups to •XP8rment with th"[ bu5in&ss mod¢l, push for grovrth, and become viable. mature businosses more quickly. Job Cmtlon.. the growth of these businesses creates new jobs. rwjuang unemployment 8nd ddiwring sockg18nd e¢{orni¢ uplift to the area Many CO1ctIVe businessos also offer wort( eXP8ri8nc& to young FEopIe. Building oceupan¢y benefits.- bringing blighted and disused buildings into use brings fcx)ttall to underused areas. incre8sing tumover for thal retsilers and reducing cnrne through passive crime defencÈ Bu$lne9s 8pa¢e ¢reatlon. London's businèss spaee is under pressu due to the increasing value of residential units and legislation making the conv8r510n of Offi space lo re5hYential more attracbve. CTUCP provides busines5 sp8ce. not only nurtunrg the groth ol innovatswe start-ups but also supporting existing SMES In planniro CTUCP'S acts"vitses for the year the trustees kept in mind the Charity Commissions guidance on benefit at trustee meelirKJS. Th8 prcynobon for t1 public tenefit of urban regeneration in a8$ of social an¢J economic d8privatitsn laThJ in particular within the London Borough of Camdenl by all or any ol the following maans. the l$ef of p)verty". the rel+ef of unemployment". the advancement of èdueation. trainin9 or retraining. particularfy among unemployed people, and providiThJ un8rnpIoy8d people wth work experience,. the provision of finanual assistance. technical assistance or business advicè or e¢nsultsncy in order to ProvKJe training and employment opportunities for unmploy8d poople in rA5es of financia1 or other charitable need through help In sethng up their own business. or to gxisting businesses.. the creation of training and ernployment opportunth.es by the provision of workspace, buildings. andlor land lor use on lavourable tenns". such othor mean5 a5 rnay trorn twne to b.rne be deiermined Suth'ect to the prior written consent of the chathy eommission. and together with the pursuan of such other chantable purposes consistent with the above as the trustees in their absolute discretion shall deterniine In Page 2
CTU COMMUNITY PROJECT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 OBJECTIVES AND ACTIVITIES- cont1nd Sltort and long.tgnn alms and oblecthies In the short term CTUCP continues to offer I & subsidised businèss sp8ee to start-up businesses. CTUCP'S long- temi goal Is to creatè a lunding package to socure permanent 5pacelsl, anchoring an investment that can ¢ontinue to provide soa81 outputs. repay 8ny investrnenls and provKle capital for fvlure chantable works. ACHIEVEMENT ANO PERFORMANCE Summary of maln ¥chlevtrnènts of th? charfty Collective Aucb"on Rooms" CTUCP continues to operate a xworkirvJ space in the heart of Camden Town CTUCP has begun occupathon of thè vacant Hawley Infants School, ad18nt to Collectr've Auction Rooms. It prtsvidès current Golloctivg rnembers with additional hotdesking. breakout and outside sp%a, and olfers free fixed desks to ¢limate-tech start-UP5. CTUCP has also begun to opèratè in thè vacant car8takers house adjacent to Hawley Infants School. CTUCP has undèrtaken an upgrade of its CRM and streamlined its onboarding processes, allowing t*tter tiacking of the Collectivè membershlp and a 'collaboration datsbase, to allow members to better find each othèr. Slgnlllcant charltable aGVItI0$ CTUCP continue to run Coworking spacès in the heart of Camden Town. Research into C3, CTUCP'S long-krrn ambib'on to secure a pemanent Collactivè space wntinues, along wth negotiations lor CO1ctIVe Spa In new proterty developrnents A¢hlevements agalnst obl•etlv•s Thè new Collective CRM, and a 2024 mgmbership sueY found the following oulputs over the year. 312 job5 created 475 Work plaents created £13.3m capital raised by ColleCtVe 5tart-UP5 £1m annual spend In Loeal busin855e3 Perforniance of materlal lundral$lng actlwttles CTUCP is In a surplus buikjing phase, iaising eapital for future buiklirvJ renovation works. CTUCP contsnutr$ to investsgate grants for project Inve8tm•nt performan¢• agalnst oble¢tlve8 CTUCP COrdS rts perfom)ance based on ihè wrfomancè indicators used in its grant-fvjnded stage as wall as its charitsbb otl'ectives. Effect ol expendIlu Incurred to ral$? In¢omo In future To date preparation for future funditvJ has reqUId no expenditure asde from stsff tirne. Impact reportlng CTUCP continues to use the perf0rnan indicators arising from the several Yea It was fundad aThJ monitored by the GLA. Catnden Cour¢il 8ThJ Camden Town Unlimrted. P8ge 3
CTU COMMUNITY PROJECT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENT AND PERFORMANCE- ¢ontinued Summary of MeasurlIndIrn used to assès¥ perfornonce.. Outputs Public Realm Improvgmgn¢s Im21 Dèfini¢ions Verification Improved. significant Improvern8nt in the Architect drawi$ demonstrating the quality of the built environment through area Improved Itefore and aftèrl and Improved use of spaTr, urban design and Invoices and contracts to dam()nstrats improved quality ol materials used. Could work has been tomm15sDned and be linked to m•asurernent of time completed. Tho designs should be savings. reductions in road safety supplied as part of invon9. Incidents. increased perctsptn ètc New. Spa which was prevU$1Y not for public use which Is transfotrned into paVent, road. street furniture & park area. overs all funding committed to Mayoral Value of other funding attracted to the prqects or programmes. Two typgs target area In addth.on to GLA recorded indu(". 11 Direct match in the funding ++Gross funds spent Grant Agreemgnt and monito as parf complèted sChule signed by Finance of the project ouarterfy claims", 21 Match Director. validated by rsceipts.++ln committed to a programma or area- kind contribub.ons all ¢ontributions based inteNenbOn where there is a should be convèrted to cash and seftes oftcKllplemenlary investrnents. signèd off by FInae Diraetor. Validated as above by reegipts. time sheets. invoices. Ngw - should not have èxisted in the Buslne88- namè. addre35, Postcode. London borough or Ihe employer before telephone number, ownership and the snteNention Pernianent should nUrnr Ofeoyee$. have a life expectancy of at least 26 wk3. FTE- 35hrs or mor8 rWk. Value of match fundln91£l from partn•r bOdS a$ • rèsult of GLA Inve$tmgnt No. ol jobs er•ato11 Job . tiue of the new OT attracted job. contract of employment with expect•d start dat8. hours of wo. Letter or fom signed by èmployer to confimi jobs are as a Mult of the project To avoid double counbng, a job rnust not be counted again if rt is Illéd over lime by different peoplé. Safoguarded jobs li.e. those that may have been lost without the intervenbonl are not incled Posi15 created before the start of the current Mayoral terni are nol to be included. even rf they 8re recorde(l as a¢hEved after the start of the Mayal temi Ilor example referring to outcomès recorded after 26 weeks) Must be a permanent, FT equivalent job Buslne8s- name, add$$. p05t cc#Ye. which is at risk when ttte project is telephone number, contact datsils, approved At risk is dfinad as teirrtJ ownership, numbèr ol èmployees forecast lo be lost nomalty wthin one year li.e must be specified or if the Safeguarded-job tille, contract Of secttsr Is in longer tem dedine a longèi employment and durats"on11 year of peri(Kl might be appropriatel. longer), hours of work (for FFE Cakulalionl No. of jobs safgguardgd A tter trom ètnp5oyer or fom at end of project confirming that safeguarde(I job 15 85 a result of project. Pag8 4
CTU COMMUNITY PROJECT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENT AND PERFORMANCE-continued Summary Of mea8ure811ndlcators us•d to a¥se¥¥ performance. ConnU Outputs Increase In busln•s8 turnover Definitions Verificatlon Increased financial tumover can be Annual audited bu$ine5s accounts, vi8 defined as the volume of a bLtsiness Cc¥np8ny House. output in temis of profits over a giv8n number of years or period of time In¢ase In wsitor satisfaction In the target area over agreed period. Also known as People Countirvj or Shopper Counbng. as the méasurement of the number ol pgoplg entering passing a certain location or eniering a shop or shopping rnall. An Increase In foolball is measure from the baseline position over a penod of timè ornpared to another survey aftèr an expected change or trènd ha5 tsken pla. Vacancy r8te5 are statrsts'cs kept on vacanoes in rental properties. hom8s for sale. and hotels. High vacancy rates are usually y&d as 8 51gn that the m8rk8t is struggling, while low ratès are desirabte. because they Indicate that property Is a hot comm(KJity and that vacanaes raraly rèmain unfilbd for very long. A job with an accompanying skills development programme destgned by employers in the sector. Allowing apprentice to gain tathnical knowdge. real practical experien. wilh functional and personal skills. In¢rea8e In vlsltor satisfaction Start and End Surveys of town cantre users al start of deliwry (baseline p0sOnI and at end Survey count venfication comparing basèline position at N¥0 particular locations where peOe a expected to pass or enter and a nèw survey count at a diffent ts.ma 01 date. InCr•a In footlall R•duetion vorAn¢y r•te Consulting census 90vemment offices. data. local New apprenti¢e8hlp starts Narn? or employee number, details 01 previous employment lor worklessnessl. employeg start date, appnticeshIp start date lif diffenI), P05tccée, date of birth. gen¢er, ?Ihnic origin. disability, cnminal convictions. job b'tle. details ol appr8ntice5hip frarnework. level, provider of apprenticeship Apprenticeships can b• counted only il they represent a new post in company. An existing post In a busines5 replaced by an apprenticeship post ¢annol b8 recorded An architect's floor plan draWn9$ showing floor space area New or Improved comm•rel4V businoss space Im2} New or upgrad•d: new butldings constructed a5 part of the project. refurfoished. irnproved or adapte(I lor productive use as part of th& projèct. C¢)py of completson cèrtificatg to demonstrate woths undertaken. Improved.. Actual floor spa or polenty'al marf(et Valua has tEen Surveyor reports frcrn pre and post increased by some physical completion of Works. irnprovement Pagè 5
CTU COMMUNITY PROJECT REPORT OF THE TRUSTEES FOR THE YEAR ENOED 31 MARCH 2025 ACHIEVEMENT AND PERFORIAANCE- continued Slgnlflcont poshlve and negatlv• faetors within and outslde control The m05t significant negative factor outside of CTUCP control Is the acquision and ietgntion of empty buildings CTUCP occupies disused and blighted buildings that generally have short lèase5 Mitvjating this is CTUCP nèw strategy ol acquiring longer term spaces in new developments as part of the developer's section 1(b contributions. BaseKX was a pilot of this model, and CTUCP has s8Gured another pernanent space In an upcomiTra Gamden development. Talks with other develyrs a ongoing FINANCIAL REVIEW During tt)e year the company made a Surplus ol £93,25512024." dèficit £182.5441. Collectr've has introdu¢ed a serwe charge for Its larger mornbers. income frorn this is used to fund CTUCPS Iree hot4esking offer and build reserve for ture rentsvatsons. Re8er¥e8 Polocy CTUCP currently holds unrestricted reserves of £332,321 12024." £239.CE61. Its transition from grant-lunded to sell- sufficièncy has resulted in M(lficatIon of its reserves policy Flnanclal eff•cts of 8lgnlficant events Issues with acquisition of new Sp is mitigated by th capital CTUCP has begun to raise from service charge income. which would allow it to Trt on a commercial basis if required Inveslment pollcy and obj•ctlve8 CTUCP may Invest funds appropnately in lire with its charithls tsbjtctives. Prlnclpal r18k• Acquisition of buildings". the nature of CTUCP'S work means that thè latgest risk is the acquLSltion of disusedlblighted buildin9s as pemous CTUCP spacès are lea58d commer¢ialty or demolished. CTUCP. exploration of longer-terrn, purpose-built space In new developments reduces ils lIan on d1sUd build1ngs. and th8 Capital raised rental Inccme could. if required. be used to lease MMe1claI spacR, maintaining the pro11.$ momentum as sitè5 are sourced CTUCP'S dose associath.orn with Carnden Town Unlimrted BID means thal rt can continue to usa CTU staff in4ind contnbLrtions and. If required, difect fundiNJ to maintain rts (¥)erations and mornentum. Fo¢tors affecting financial rformanc0 golng fOrId Meanwhile projects using temporary space5 requi$ fiexibilty but wrthin these parameters Ihe charity forecasts and has had an inmasin9ly stronger financial outtook going fOardS. Principal fundlng sourc The charity has Iransthonad into $d1-sUffnCY the Ser charge applied to estsNiqhed Collective mèmters Pa6
CTU COMMUNITY PROJECT REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 MARCH 2025 FUTURE PLANS CTUCP Is currently operats'ng Collects"ve AuctR)n Room$. and Collective Infants Schod but the priority remains identifying and h11$hing new sitelsl to maintain Ihè momentum CTUCP has built up over its yèars of operation. Collectsve has been mnning free co-working space since 2009 and has occupied 19 buildings in that b'mg. The èxperignce gained durin9 this tsme has allowed CTUCP to refurbish buildings at minim81 ¢osts, providing only thè features most important to start-up and mitrts businesses. STRUCTURE, GOVERNANCE AND NAGEMENT Govemlng document The chanty is controllad by ils governin9 docurnent. a d88d of trust, and COtrtYS a limited company, limrted by guarantaè. as defined by the Companies Act 2006. R•crulkn•ntand appolntmtnt of ngw tru8tse8 The Trustees a entiued tts appoint new Trustees subject to th• approval of the rnernbers The Tntstee5 who severed during the wholè period frorn 1 April 2024 to the dats ofthts rèport werg. S W B Pitkeathley C A Seward IR8signed on 12 February 20251 D L Thomas M Sagar W Fulford RJTerry Organisational $tructur• Flat. wrth one member ofstaff with additwal Camden Town Unlimited staff support Induction and tralnlng of new trusts There is a process 01 induction for new trustsès which indudes meetings with current trust•8s and the prowsion ol key infomatKJn. R•lat•d parti•$ Thè Chanty is conne¢Xed to Camden Town Centre Limited (Camden Town Unlimited or CTUI as Carnden Town Centra Limitsd is the sole member ol thè Charity. The principal activity of Camden Town Un1imttgd is the operation of a BID Managernent Company delivering 8 business irnprovernent dBtrKt in Camden Town. This report has basn prepar&J in acwrdance wrth the $e181 PfQVi%K)n$ of Part 15 of the Companies Act 2006 relatirvj to small companies. 0511112025 Approved by order of the board of trustèes ¢n . 8n¢J signad on 1ts beha by.. S W 8 Pitt(eathley- Dir8ctor Page 7
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ¢TU COMMUNITY PROJECT 1nd9Dnt oxamln•r's report to thè tru8t•o8 of CTU Cornmunlty Prol•ct I'the Company'l I report to the charrty trustees on my •xarnination of the aw¢)unts ol the Cornpany for the y•ar ènded 31 March 2025. Responslbllfjt# and basis of report As the charity's trustees of ttte Companylond ¥lso its dire¢lors for the purposes of company lawl you aré respons0 for the prepaiation of the accounts in acc¢rdan with the requirnents ol the Compani•s Act 20061'the 2Q16 Act'l. Having satisfied myself that the accounts ol the Company are not rèquir&l to be audited under Part 16 of th• 20C6 Ad and are eligible lor Indewndent exaTninab'on. I rgport in respect of my examination ol your charity$ accounts as carried out under section 145 of the Charities Act 2011 I'lhe 2011 Acri In carrying out my èxamination I have foll0v th• Dirction5 given by the Charily Commissithi under section 145151 Ibl of t1 2011 Act. Independent oxamin•ls statèmont Since your charity'5 gross income exeded £2SO.000 your examiner must be 8 rnernber of a listed body. I can confim that 18m qualifi•d to undertake the examirtation becaus& l am a règist¢rèJ rnember ol ICAEW which is of tha li$ted bodies have complètad my wamination. I confimi that no matters hava come to my attention in connection wlth the examination giving me cause to beIve.. accounng records were not kept in respect ofthe Company as Nuired by sethon 386 ofthe 2 Act.. or the accounts do not accord wilh those records". or thè accounts do nol comply with the accounting requirements of se¢tion 396 of the 20[ Act other th8n any requirernent that the accounts gw• a truè and frdir view which is not a matter considered as part of an independent examination, or the accounts have not been prepared in accordan wrth tha m6thod5 and principles of the Statement of Recommendèd Practi for accounting and pOrting by d)arth"es applicable to charities prepariro their accounts in x¢ordance with the Financial ReportiNJ Standard apICable in the UK and Republic ol Ir•land IFRS 1021. I have no cOnrn$ and have Come acr0$5 no other Matters in connection with the èxamination to wh*ch attention should bo drawn In this r8Wrt in order io enable a proper understancling of thè acetsunts to te reached John Howard FCA Az&ls Auclil Servi Chartered Accountants 2rt Floor. Rè3is Hguse 45 King Wllliam Street London EC4R 9AN Page 8
CTU COMMUNITY PROJECT STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENOITURE ACCOUNTI FOR THE YEAR ENDED 31 RCH 2025 2025 Unr•trl¢t•d Ro•trl¢tod Total fund• fund fuftd 2024 Totsl fvnds INCOME FROM Charitable activItS Investsment incomè Othar In¢ome 368.215 3,658 368,213 3,556 38 287,295 5,111 Totsl 371,807 371,t07 292,4C6 EXPENDITURE ON Charltsbl• o¢tlvltlo• Th• Coll¢tive Projoct 278.562 474,950 NET INCOMEII£XPÉNDITUREI 93,266 .256 1182,5441 RECONCILIATION OF FUNDS Totsl fund• brouoht fornwrd 239,066 18.024 436,634 TOTAL FUNOS CARRIED FORWARD 332 321 254,090 Th• not¢s lo part of these financial statsm¢nls Pay9
CTU COMMUNITY PROJECT STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2025 2025 2024 Notes CURRENT ASSETS Debtors Cash at bank 10 4.043 516,112 13,930 413.661 520,155 427,591 CREDITORS Amounts falling due wthin enè year 1172,8101 1173.5011 NET CURRENT ASSETS 254.090 TOTAL ASSETS LESS CURRENT LIA81LITIES 347,345 254.090 NET ASSETS 254.09) FUNDS Unreslricled funds Restricted fuThYs 13 332.321 239.C66 15024 TOTAL FUNDS 254.090 The charitable company 15 entioed lo exemption frorn audrt undar Sath'on 477 of the CcKnpanies Act 2cl lor th¢ year ended 31 March 2025. The rnembers have not qUired thè company to obtain an audit ol rts finanaal st8t8ments for the year ended 31 March 2025 in aceordaneè wrth Sedion 476 of Ihe Crynpanies Act 20Cfj. Thtr irust•es athnowledge their responsibilrties for ensuring that the charitable company koops acc¢)untyng records that comply with Sections 386 and 387 of the Companies Act 2006 and prepanng finanaal 5tatemÈnts ¥¥hith give a t and lair view of the statè of affairs of the charrtable company as at tha and of each financial year and ol its surplus or dÈfi¢it for each financial year in accordance Mrith Ihe requirements of Sections 394 and 395 and which otherwise cornply with the requirements of tho Companies Act 2006 relating to financial statements. so far as applicable to the tharitable company. These financial statemènts have len prepared in accordan th thè special provisions of Part 15 01 the Compani¢$ Act 2006 relabng to ¢haritsble small companies. The fin8wal st8temenls were app¥oved by the Board of Trustees on . behalf by. 0511112025 . and were si9n&Y on its S W B PIIkeathy-TruStet The nolas forrn part of these financial statemenls Page 10
CTU COMMUNITY PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOLINTING POLICIES Basis of preparlng thè financial •tstements These financial statements have been pared In accordance with the Financial Reporting Standard 102 "The Financial RÈporting Standard applicabl& In the UK and Republr of Ireland" thè Companies Act 2006. and Iho raquirernents of the Staternent ol Recognised Practic6. Accounting and Reporting by Chantres leffethve 1 January 20151. The financial ststements have been ppared under the historical cost conventson. The finanual ststements a presented In st¢rfiro l£} which i8 also the functional currewy for the charity. Golng concem Trusteès are confident that the charitiès finanoal fesoufces are sufficient to meots it5 liability'es for 12 months from authorising these financial statements and the bu¢et income and eXnditre remains Sufficient wth the level of reserves for th• charrty to conts'nue as a going concern. Th6 financial slalements have trèfOre been epared on a going ¢oncem basis Judg•mtnts and 8ource8 of •sUmatlon un¢grtainty The preparation of financial statèm8nts requires management to make jud9ernents. estimates and os$umpb'ons about the carrying valuas of assets and liabilities l)at are not readily apparent from other sourt8s. The estimates and underfying assurnptions a base¢J on histoncal experience and other factor5 th8t aro consid6red to b& r•l•vant. Actual results may differ from thèsè aSiimale$. The esty'mates ar underlyin9 assumptions are revMved ¢n a cxjnlinuiry basis. Revisions to a¢o)unting ests"mates arè rècognised in the period In which the estimate 1$ revised il rewsion affects only that period, or in the period tsl Ihe revision and future p6riods if the revision affects both cunI and future periods Legal status The chanty Is a company lirnited by guarantee and has no share capital. Public Benefit The charitable company meets th• definition of a public benefit •ntity under FRS 102 Income All Incoming resources are included In tho Statèmant of Financial Actrvrties ISOFAI when the charity Is leg811y anbuad to the income after any conditlgns have been met. the amount can be rneasured reliably and it is probable that the incom• will b8 reiVed Income frun charitable activit$ includes bKI incomè, tncome generated from pop up shop$ and rental incomè from sub-latbng ofthe property held primarily for funcbonal use by the chanty. Ir¢cKne frorn trading tltieS includes inccme earned from fundiaising events held in the yeAr, and Mnsultsncy Expendlture All expendilure is account8d for on an accruals basis and has been classifi41 under headings that aggregate all costs related to the category. Expenditure Is COgnised wherè thère is a legal or Constructs obligation to make payments to third part185, It is probable Ihal the settlement will be required and the amount of tha obligatson can be measuwd reliably It is categorised undei the following hea(Jings". Costs of raising ftjnds includes costs of generating voluntary incomè. fundraising events and fvndraisino trading Expenditure on charitable activie$ includes costs incurrèd by the charity in the delivery of its activrties and services for its beneficiarie8 It includes both costs allocated dire¢fjy to such activitses and those costs of an indirect nature necessary to support th&m. Stsff costs are allocated botsvsen cost headirwJs according to the fun¢b"tsn of each employee. Paga 11
CTU COMMUNITY PROJECT NOTES TO THE FINANCIAL STATEMENTS . CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES - contlnu¢d Taxation The chantable company is considered to P8SS the tests sel out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it Meets the d&finibon of a Charitab company for UK corporation tax purposes Ae¢ordingly, the tharity is potentially exempt from trxaton in respect of Income or capital gains received within categoriès covered by Chapter 3 Part 11 corporab.on Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. t¢> the extent that such income or gains are applied exdusivety to tharitable purposes. Fund ac¢ountlng unstrICt•d funds c8n be used in accordance with Ihe charitatik obiectivès at the discretion ol the truslees. Restricted fvrds can only be used for particular restrictéd puip05es within the objects of the charity. Reslnc*"o arise when specified by the donor or when funds are raised for particular restricted purpo¥e3 Further explanatIc of tho natUTtr 4nd purpose ol each fund is inejuded in the notes to the finanu81 ststernents. Debto Other débtor5 a rewgnLsed at the settlement amount due. Prepayments are valued at the amount prepaid. Accrued income is Measur at the amount due to be received. Cash at bank and in hand Cash at bank and in hard includes cash and short term highty Ik]uid Investmènts with a short maturity of three mtsnths or less from the date of acqui5rtion or gpeniro of th• ¢Jeposrt or sirnilar account. Creditors and provlsions Creditors are recognised where the charty has a present coligation r•sU.n9 from a past event that wll probatAy resutt In the transfer of funds to a third party and the amount ¢Jue to settle the oblBJalion can bè rneasured or eStMated reliatily. Other creditors and accw81s are CognIs•d at their sètugment arnount due. Financial in•trurnents Thè charity only has frnancial 8ssetS 8nd financial liabilitses ol a kind that qualify as basic Iinaneial instruments. Basic financial Instrumènts are initially recognise(l at tran5acb.on value and subsequèntly rne8sud at their settlement value with the exception of bank loans which are subseouenlly me8suréd at arnortised ctsst U51rYJ the effective Interest rate INCOME FROhl CHARITABLE ACTIVITIES 2026 2024 Actmty Collective fixed desk servic& incrffie The Collective Project 368 215 287.295 368215 287.295 INVESTMENT INCOME 2026 2024 Deposit &count interest Page 12
CTU COMMUNITY PROJECT NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2015 CHARITABLE ACTIVITIES COSTS Support ¢o$ts 1890 nots 51 Dlr•¢t co8ts T4)ts1• Thg Collgdive Progct Total 2024 441,894 33,256 474.950 SUPP¢XT COSTS 2025 Th• Coll•etlv• Prol•¢t Totsi activitie¥ 2024 T•lephoM ar IT Prfnfjng. Postsp and statii)nèry sund19 Othr Stsff co8ts Professional f¥•$ Rafreshmant and m¥etrfj expenseB Bank tharg0s Tax Legal fees Event costs G•vom•n¢• ¢08ts Independent examination Other Accountsncy SeNIco$ 1,378 221 10,112 461 1,652 2,864 1.197 95 9.916 216 16,666 2.077 304 11,2001 13 3,250 3,150 835 33.256 NET IomExPEND1TUREj Net 1ncomell8xndIlurtrI 1$ ststed after chargi@Icredrtit)g1'. 2026 2024 IndeFendent examln*"on Pag¥ 13
CTU COMMUNITY PROJECT NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENoe0 31 MARCH 2025 TRUSTEES. REMUNERATION AND BENEFITS Thère wère no trustees. remuneration or other benefits for the year ènd$d 31 Mar¢h 2025 nor lor year ended 31 March 2024 Tru8tè05' expens8• Thtrre wbie no tru$tees' expense5 paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. STAFF COSTS 2025 2024 Total staff ernoluments for the year worè as follows S818ry Costs National insuran 26.960 36,458 3.778 29.536 4LI,234 TIE averaje number ol peop, exdu¢Jing trustaès, èMF1od by the company during the year amounted to 112024.. 11 No employees had ernployee benefits in excess of £60,00012024.' nil) The key management of the Chantab company comprise the Trustees12024.. Trustees only). The Tru$tees do not receive any remuneration for this role COMPARATNES FOR THE STATEMENT OF FINANCIAL ACTIVITIES . 2024 UnrgstrF¢t•d fund R•strlet•d Tolal funds fund INCOME AND ENDOWMENTS FROM Chatable actSvltles The Collèdive Projact Investmènt ineorne other income 287.295 5.111 287,295 5.111 Total 292,4Cfj 292,405 expENOITURE ON ¢harStabl• a¢tivitioS The Collective ProJ8Ct 464.974 9.976 474,950 Total 464.974 9.976 474.950 NET IN¢OM&iexpENDITURE} 1172.S681 19.9761 1182.5441 RECONCILIATION OF FUNDS Total fund8 brought fOard 411.634 25.0(M) 436.634 TOTAL FUNDS CARRIED FORWARD 239.r 15.024 254.09) Pa 14
CTU COMMUNITY PROJECT NOTES TO THE FINANCIAL STATÈMENTS . CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 10. OEBTORS: AMOUNTS FALLING DUE IMTHIN ONE YEAR 2025 2024 Tr&Je debtors Otherdebtors 3,732 13.930 13.930 11. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2025 2024 Trade creditOfS Amounts ow•d to group und¢rtakirys Other crgdltors Axruals and deferred income 103,812 63.440 114.639 54.138 4,562 172B10 173.$01 12. ANALYSIS OF NET ASSETS BETWEEN FUNOS 2025 Total funds 2024 Totsl fvnds Unr••trlct•d fund Rlrtthd fund Curr•nt assets Curr¢nt lia&13 1505,131 172810 16.024 1520,156 172 8101 427.591 1735011 332 321 254.090 MOVEMENT IN FUND8 N•t m*)v•m•nt In fund• At 114124 At 3113126 Unr••trfct•d fund• General fund 239.¢X86 93,250 332.321 R••trt¢t•¢l fund• C3 15,024 16.024 TOTAL FUNDS 347.345 Pag• 15
CTU COMMUNITY PROJECT NOTES TO THE FINANCIAL STATEMENTS . CONTINUED FOR THE YEAR ENDEO 31 MARCH 2025 13. MOVEMENT IN FUNDS • conllnu•d Net mov•m*nt in funds. included in th8 abm are as follows.. Ineomlng r••our¢•8 R••our¢•• IAov•m•nt In 0xnd•d fund• Unr¢¥tri¢t•d fund• General lund 371.807 1278,552) 93,256 TOTAL UNRESTRICTED FUNDS 278.$62} Incomlng oure•8 R•sour¢•$ Mov•rnent In •xp•nd•d lund• R•8trlet•d fund• C3 TOTAL RESTRICTED FUNDS Comparntlv•• for mov•m•nt In funtl• N•t mov•m•nt In fund• Al 114123 At 3113124 Unr•$trlet•d Fund• Gen¥r•l fund Re•trf¢t•d Fund• C3 411,634 1172.5681 239,Ce6 25,OC(s 19,976} 15,024 TOTAL FUNDS 436,634 254,ogo cornparats.ve n8t mov•m•nl in lunds. included in tho abo are as follows.. Incomlng r••ourc•• RM¢ur¢M Mtsvernent in •xp•ndod funds Unrn¥trl¢t•d lund• G•Mral fiJn¢J 292.4C 464,9741 172.&881 TOTAL FUNOS 292,4Cfj 464,9741 Incomlng IoUr¢ RMoure•• Movom•nt In •xp•ndod ftinds R••trlct•d fund• C3 TOTAL ResTRICTED FUNDS
CTU COMMUNITY PROJECT NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 13. MOVEMENT IN FUNDS • contlnued Ro•trict•d fund• C3 is CTU CP$ long-tenn arnbition to $8cur• a wrm8nent Collective Space. on¢horing an Inv¢strnent that capturns uplift and ¢ontinues to produc• soual outputs indèfinitety. 14. RELATED PARTY DISCLOSURES IndudÉd in ¢rndators is a balance of £103,812 12024.. £114,6391. represenlng salary costs of £88.S1012024". £94,277} plus VAT due to Camden Town C•nlr• knmited, a company ¥tho * th• sol& m$mber ofthe chanty. This bala has béen pard po$1 ye•rend.