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← Carney's Community

2025-01-31-accounts

Company no. 07923708 Charity no. 1150650

Carney's Community Report and Unaudited Financial Statements

31 January 2025

Carney's Community

Reference and administrative details

For theyear ended 31 January 2025
Company number 07923708
Charity number 1150650
Registered office and 30 Petworth Street
operational address Battersea
London
SW11 4QW
Trustees Trustees, who are also directors under company law, who served during the
year and up to the date of this report were as follows:
Shnay Chohan
Paul Delaney
Thomas Fitzgerald
Charles Gibson Chair
Gregory Jones resigned 19 May 2025
Puja Nayar
Charles Sackey resigned 19 May 2025
Rebecca Smith
Company secretary Thomas Fitzgerald
Senior Management George Turner - Chief Executive Officer
Team Hannah Tulloch - Chief Operating Officer
Alice Jhugroo - Employment Support Manager appointed 1 August 2024
Mark Reigate - Head Coach
Trung Chu – Lead Coach
Layla Madkour - Lead Key Worker
Michael Petiafo - Youth Work Manager appointed 2 September 2024
Bankers The Co-operative Bank CCLA Investment
PO Box 250 Management Limited
Skelmersdale One Angel Lane
WN8 6WT London
EC4R 3AB
Independent Godfrey Wilson Limited
examiners Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Carney's Community

Report of the trustees

For the year ended 31 January 2025

The trustees present their report along with the financial statements of the charity for the year ended 31 January 2025.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Carney’s Community exists to support all young people, but target our resources at those who face poverty, those who are in the care system, those impacted by gun and knife crime, those with families misusing substances or facing domestic abuse and many who have been excluded from school or involved in the criminal justice system. Carney’s works differently by providing long term consistent unconditional support, unlike much statutory provision. We provide a safe space and engage young people in positive activities including boxing, skills workshops, social activities, mentoring and one to one intensive key work.

Carney’s Community was started in 2011, combining the expertise of youth worker George Turner with boxing coach Mark Reigate to help young disadvantaged people turn their lives around. Inspired by boxing legend Mick Carney, we offer a unique approach to mentoring that empowers young people with everything they need to be the best they can be.

For our young people we strive for equality and aim to: ▪Improve physical & mental health;

▪Improve community engagement; and

▪Reduce offending & re-offending.

Public benefit

Our main activities and those we try to help are described below. All our charitable activities focus on supporting the most disadvantaged young people, and are undertaken to further our charitable purposes for the public benefit.

Our objects mean our target group is those living in the Wandsworth and Lambeth area, who are aged between 11-30 years old. However, we also open up some of our services to those who do not fall in that age bracket or in our target area. The reason being that we are trying to widen the social network of our participants and do not want to put barriers in the way of the benefit we can offer.

What happened in 2024?

In the summer of 2024, we celebrated with Marcus Perrineau-Daley as he won silver at his debut Paralympics. In 2014 he was in a motorcycle accident, severing his spinal cord. A friend of his, participant of Carney’s and wheelchair user, Aaron, invited Marcus to the boxing sessions at Carney’s. He trained alongside participants without disabilities and quickly excelled. He passed his gym instructor qualification and joined the team at Carney’s as a coach for a while. After trying out different wheelchair-based sports, he entered the Paralympics in 2024 and came second, just after the world record holder. Marcus came back to visit our youth session and our young people’s highlight was Marcus letting them try on his medal! We had a second brilliant sporting moment this year when Carney’s was spotlighted at the Wimbledon Men’s Tennis Final and one of our participants, Cyprian, was chosen to perform the coin toss to decide the first serve.

2

Carney's Community

Report of the trustees

For the year ended 31 January 2025

We have done a lot of work around challenging exploitation and modern slavery, including obtaining two conclusive grounds decisions from the Single Competent Authority, resulting in charges being dropped. This is a life changing result for these two people.

We remember with sadness the lives lost this year, Damaris McLaren, one of our participants who was stabbed and killed in an incident that saw another participant stabbed in the heart, but miraculously survive. And Angie, one of our past participants and colleagues. Angie was one of the founding members of Carney’s and would always volunteer where she could, until she sadly lost her battle with cancer in September.

Achievement against aims and objectives

In 2024 we have taken time to re-evaluate our work and make sure we are investing our time and resources in the work that has the most impact, whilst always focussing on those who are the hardest to reach. At the start of the year staff, trustees and participants took part in a “vision day” and created new strategic aims for the year. These are:

Our work on these aims includes:

This year we have had such incredible financial support from a whole range of individuals, companies and trusts, those who have seen the importance of our work with young people. This has enabled us to develop our strategy and develop the building to create an environment more suitable for our young people. We have replaced one of the roofs, installed a bike shelter, upgraded the kitchen and refurbished our meeting space. Towards the end of the year we secured funding for more works to the centre due to take place in early 2025.

3

Carney's Community

Report of the trustees

For the year ended 31 January 2025

Boxing

In 2024 our Head Coach Giz Chu was awarded coach of the year by Wandsworth Council and the Get Active Network. This is an incredible achievement and truly demonstrates both the impact of quality of his work. Giz also set up his own CIC, called Boxer’s Toolkit, teaching transferrable life skills through boxing. We’ve partnered with Boxer’s Toolkit on a couple of projects this year and are excited to see what the future holds for the project next year.

We employed another participant this year as a boxing coach, Timothy, adding to our team, and many of our young people volunteered with us at boxing events throughout the year including those put on by Battersea Summer Scheme, Doddington and Rollo Community Association, Enable, George Shearing, Open Doors Community Centre, South Thames College and many more. Our regular sessions have continued 6 days a week and are busier than ever, our record this year was 53 participants at a youth boxing session.

We also ran several activities during the school holidays including “Week of the Warrior” where young people tried out a range of different sports and we ran two week long boxing programmes for female participants only, both of which were well attended and had a significant impact. We’ve also been running regular and one off sessions for students of pupil referral units, as well as teaching life skills in an engaging way and these sessions have encouraged students to attend Carney’s outside of school hours supporting their development both in and out of school.

Youth Club

This year our lead youth worker, Lizzie, left Carney’s and we wish her all the best in her future. We brought in a new lead youth worker, Michael, who brings a wealth of experience in youth work and trauma informed practices. As with the boxing, we have employed another one of our participants as a youth worker, Malachi, and provided opportunities for young people to volunteer at activities throughout the year. We ran a programme of activities in the school holidays, partly in partnership with Wandsworth HAF, this included trips to Lift 109 at Battersea Power Station and Cooking Workshops at Florence Dock. At our youth club sessions, we have continued to offer free hot meals, mentoring and a range of games, in addition we’ve introduced more workshops which have included cooking, life skills, photography and body image.

We took part in the Jack Petchey Achievement Award Scheme again this year, with 6 young people winning the award and choosing how £300 was to be spent at Carney’s: Ronnie, Justin, Shem, Te’velle, Judith and Ioannis, well done to all!

Fit and Fed

We have continued our Fit and Fed project, where we provide free, healthy and home cooked meals to participants 3 evenings a week, and provide food care packages to a number of those who we know are struggling financially. This year we have provided around 4,000 meals to those most in need.

4

Carney's Community

Report of the trustees

For the year ended 31 January 2025

Bike workshop

This year six amazing young people completed the bike mechanic course and received a free bike for their hard work. Another 88 young people came to the bike workshop over the year, to improve their cycling, receive support with repairs and learn how to maintain their bikes. In the autumn we paused the social enterprise part of the bike workshop whilst we re-evaluated how best to do this and we’re very excited for our plans for next year. In Spring 2025 we plan to open “Carney’s Cycles” to the public every Saturday for repairs and bike sales which will provide young people who’ve completed the bike mechanic course with employment opportunities. Our young people have been involved in the design and planning, with an enterprise workshop running in early 2025 using Carney’s Cycles to teach young people entrepreneurship skills.

Key Work

We have seen a tremendous increase in the Key Work project, both in people supported and hours of provision. We have provided nearly double the number of key work hours than the previous year and supported 96 people through the project, compared to 34 in 2023. Of these, 72 met with a key worker at least 10 times in the year. To support the increase in demand we brought in a new full time key worker, Mark, who started in February. The increase has been a combination of referrals through the Turnaround Project (a Ministry of Justice project, targeting those young people who have been given a community resolution or first time youth caution) and participants who need additional support due to their home situation, offending behaviour or other factors. Due to the success of the project the contract for Turnaround referrals was extended and we are encouraged by the difference it is making to these young people.

Some of the successes of the Key Work project include supporting 22 people to get or maintain paid employment and 57 to get into or maintain education or accredited training. For many, staying in education or work is as much a challenge as getting into it, so for those this is an incredible achievement.

Employment Support

We have always been committed to helping disadvantaged and hard-to-reach individuals bridge the gap between potential and opportunity. The majority of our staff team are former participants who we have taken on to give their first work opportunity. Whether they are entering employment for the first time, have a criminal record, or are managing the complexities of neurodiversity, we have been here to support them, but we knew this area of work needed more investment and capacity.

In August we introduced a new role of Employment Support Lead to help address the challenges that many of our participants face in securing employment, primarily due having a criminal record or Special Educational Needs. One of our main goals for 2025 is to advocate for improved access to employment opportunities for individuals in these groups.

We have taken a person-centred approach to meet each person’s individual needs and profile, knowing that there can be many barriers to gaining employment. Participants, including those currently employed by us, have so far been supported with cooking classes, job searching, CV’s, one to one key work for personal issues, benefit and housing support and more. We now run a bi-weekly Employment Support group, inviting external speakers and using this as an opportunity to engage participants and provide one to one support when needed.

5

Carney's Community

Report of the trustees

For the year ended 31 January 2025

The year in numbers

In 2024 we supported a total of 866 people. These can be broken down as:

1,105 Hours of group sessions were delivered, made up of:

We also provided one to one support:

Young people responded in our anonymous survey that because of our work they had improved in:

6

Carney's Community

Report of the trustees

For the year ended 31 January 2025

Financial review

We remain indebted to the Wand trustees for continuing to afford us the opportunity to occupy this space on a “peppercorn” basis, estimated at £30,000 yearly. We are also thankful for our ongoing relationship with The Power of Boxing as well as other key organisations and funders.

The total income for the year was £962,815, an increase of over 56% on the previous year. Of this, unrestricted income was £559,949 and restricted was £402,866.

Expenditure for the year increased to £638,472 with continued improvement works on the centre including £66,063 for installation of a new roof and bike shelter which were capitalised.

Expenditure on raising charitable funds stayed roughly the same with a marginal increase of £561 to £45,232, which included buying the services of professional fundraisers. Spending on charitable activities increased by 31% to £593,240. The free reserves at 31 January 2025 were £390,005 which is an increase of £85,604 on the previous year.

Reserves policy

The trustees recognise the need to hold reserves to allow protection of core activities in the event of income shortfalls, to promote balanced, long term, strategic planning and to enable Carney's Community to carry on supporting the most disadvantaged members of our society.

Carney's Community's reserves policy is that 6 to 9 months of operating expenditure will be held in free reserves. For the financial year 25-26 this is budgeted as £351,000 to £527,000. This figure is monitored and reviewed by the board of trustees on an annual basis. At 31 January 2025 Carney's Community had total funds of £860,826. Of this £175,329 was restricted, £118,217 designated and £177,275 was fixed assets and investments. Therefore, the total amount of free reserves held is £390,005, which is within the range of the policy.

Organisational structure

Carney’s Community has a Management Committee of 8 members who meet on a quarterly basis and are responsible for the strategic direction and policy of the charity. At present the Committee has 6 members from a variety of professional backgrounds relevant to the work of the charity. A scheme of delegation is in place and day to day responsibility for the provision of the services rests with the Chief Executive.

Staff Team

George Turner – Chief Executive Officer Mark Reigate – Head, Fitzroy Lodge Hannah Tulloch – Chief Operating Officer Trung (Giz) Chu – Head Coach, Carney’s Alice Jhugroo – Employment Support Manager Community Layla Madkour – Key Work Manager Ahmed Abdow – Boxing Coach Michael Petiafo – Youth Work Manager Nabil Hammia - Boxing Coach Aaron Grew – Facilities Manager Ibrahim Idris – Boxing Coach Sian Fletcher – Finance Officer Jahrel Laurencin – Boxing Coach Rio Garcia - Administrator Junior Miller – Boxing Coach Jacqueline Gilbert – Youth Worker Timothy Musiitwa – Boxing Coach Mya Hamidi-Jones – Youth Worker Mark Lawrence – Key Worker Warren Hutchinson – Youth Worker Tunde Balogun – Key Worker Malachi Phillips – Youth Worker Bob Turgott – Key Worker Nuriya Qamili - Youth Worker Verona Stewart – Community Chef Isaac Shuker – Youth Worker Denise (Dinky) Wilson – Bike Mechanic

7

Carney's Community

Report of the trustees

For the year ended 31 January 2025

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Independent examiners

Godfrey Wilson Limited were re-appointed as independent examiners to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 11 July 2025 and signed on their behalf by

cgibson

Charles Gibson - Trustee

Thomas Fitzgerald - Trustee

8

Independent examiner's report

To the trustees of

Carney's Community

I report to the trustees on my examination of the accounts of Carney's Community (the charitable company) for the year ended 31 January 2025, which are set out on pages 10 to 29.

Responsibilities and basis of report

As the trustees of the charitable 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 charitable 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 the charitable company'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 the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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.

Date: 11 July 2025 Robert Wilson FCA Member of the ICAEW For and on behalf of: Godfrey Wilson Limited

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

9

Carney's Community

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 January 2025

Restricted Unrestricted
Note
£
£
Income from:
Donations and legacies
3
402,866
404,664
Charitable activities
4
-
132,708
Investment income
5
-
22,577
Total income
402,866
559,949
Expenditure on:
Raising funds
-
45,232
Charitable activities
287,483
305,757
Total expenditure
7
287,483
350,989
Net income before investment gains
115,383
208,960
Net gain on investments
-
1,955
Net movement in funds
8
115,383
210,915
Reconciliation of funds:
Total funds brought forward
59,946
474,582
Total funds carried forward
175,329
685,497		 2025
Total
£
807,530
132,708
22,577
962,815
45,232
593,240
638,472
324,343
1,955
326,298
534,528
860,826		 2024
Total
£
542,900
60,502
13,628
617,030
44,671
453,447
498,118
118,912
-
118,912
415,616
534,528

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 18 to the accounts.

10

Carney's Community

Balance sheet

As at 31 January 2025

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Current asset investments
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
14
Net current assets
Net assets
17
Funds
18
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds		 £
66,208
500,000
230,251
796,459
(112,908)		 2025
£
100,320
76,955
177,275
683,551
860,826
175,329
118,217
567,280
860,826		 2024
£
58,581
-
58,581
29,684
285,000
224,975
539,659
(63,712)
475,947
534,528
59,946
111,600
362,982
534,528

The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476 of the Act.

The directors acknowledge their responsibilities for:

11

Carney's Community

Balance sheet

As at 31 January 2025

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 11 July 2025 and signed on their behalf by

cgibson

Charles Gibson - Trustee

Thomas Fitzgerald - Trustee

12

Carney's Community

Statement of cash flows

For the year ended 31 January 2025

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Other interest receivable and similar income
(Decrease) / Increase in debtors
Increase in creditors
Gain on investments
Net cash provided by operating activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Interest and dividends received
Purchase of investments
Net cash used in investing activities
Increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Cash and cash equivalents comprises:
Cash at bank in hand
Current asset investments
Total cash		 2025
£
326,298
24,324
(22,577)
(36,524)
49,196
(1,955)
338,762
(66,063)
22,577
(75,000)
(118,486)
220,276
509,975
730,251
230,251
500,000
730,251		 2024
£
118,912
11,867
(13,628)
6,801
11,738
-
135,690
(31,975)
13,628
-
(18,347)
117,343
392,632
509,975
224,975
285,000
509,975

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

13

Carney's Community

Notes to the financial statements

For the year ended 31 January 2025

1. Accounting policies

a) General information and basis of preparation

Carney's Community is a charitable company limited by guarantee registered in England and Wales. The registered office address is 30 Petworth Street, Battersea, London, SW11 4QW.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Carney's Community meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of provision of boxing and mentoring sessions is deferred until criteria for income recognition are met.

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

14

Carney's Community

Notes to the financial statements

For the year ended 31 January 2025

1. Accounting policies (continued)

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities based on the proportion of staff time occupied by each activity as follows:

2025 2024
Raising funds 4% 7%
Charitable activities 96% 93%

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Sporting equipment 4 years straight line
Other equipment 3 years straight line
Fixtures and fittings 4 years straight line
Leasehold improvements Straight line over the length of the lease

Items of equipment are capitalised where the purchase price exceeds £1,500.

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

15

Carney's Community

Notes to the financial statements

For the year ended 31 January 2025

1. Accounting policies (continued)

k) Current asset investments

Current asset investments consist of cash held on deposit in interest bearing accounts. Such investments are measured at their fair value.

l) Cash at bank and in hand

Cash at bank and cash 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.

m) Creditors

Creditors and provisions 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. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

n) Conduit funding

Conduit funds are monies received for third parties and do not belong to the charity. The incoming funds and outgoing payments are excluded from the Statement of Financial Activities. Any conduit funds in hand at the year end are shown as creditors in the accounts.

o) Financial instruments

The charitable company 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 recognised at amortised cost using the effective interest method.

p) Pension costs

The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

q) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required 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 an ongoing 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.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation as described in note i above.

16

Carney's Community

Notes to the financial statements

For the year ended 31 January 2025

2. Prior period comparatives: statement of financial activities

Income from:
Donations and legacies
Charitable activities
Investment Income
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income
Transfers between funds
Net movement in funds		 Restricted
£
£
257,825
285,075
468
60,034
-
13,628
258,293
358,737
-
44,671
188,838
264,609
188,838
309,280
69,455
49,457
(15,512)
15,512
53,943
64,969
Unrestricted		 2024
Total
£
542,900
60,502
13,628
617,030
44,671
453,447
498,118
118,912
-
118,912

17

Carney's Community

Notes to the financial statements

For the year ended 31 January 2025

3. Income from donations and legacies

Income from donations and legacies
Donations
Battersea Park Youth Club gift in kind
I.G.Y. Foundation
Jack and Michael Morrison Foundation
Sabio
Witheren Foundation
The Childhood Trust
Other donations less than £10,000
Total donations
Grants
Allegra's Ambition
Cherry Family Foundation
Garfield Weston Foundation
Laureus Sport for Good
Masonic Charitable Trust
The April Trust
The Clarkson Foundation
Veolia Environmental Trust
Children in need
Mount Trust
JP Lebus Trust
AB Charitable Trust
Other grants less than £10,000
Total grants
Total income from donations and legacies*		 Restricted
£
£
-
30,000
-
50,000
-
25,817
-
15,000
-
10,000
12,500
-
39,500
239,347
52,000
370,164
12,050
-
37,000
-
40,000
-
10,000
-
60,000
-
36,000
-
12,000
-
55,062
-
15,000
-
20,000
-
10,000
-
-
25,000
43,754
9,500
350,866
34,500
402,866
404,664
Unrestricted		 2025
Total
£
30,000
50,000
25,817
15,000
10,000
12,500
278,847
422,164
12,050
37,000
40,000
10,000
60,000
36,000
12,000
55,062
15,000
20,000
10,000
25,000
53,254
385,366
807,530

*The Wand: The trustees of Battersea Park Youth Club (owners of the lease on the premises, the Wand) have granted the charity 'peppercorn rent' on Carney's Community Centre. This is estimated at £2,500 per month, £30,000 for the accounting year (2024: £30,000).

18

Carney's Community

Notes to the financial statements

For the year ended 31 January 2025

For the year ended 31 January 2025
3.
Income from donations and legacies (continued)
Prior period comparative:
Donations
Battersea Park Youth Club gift in kind
I.G.Y. Foundation
Witheren Foundation
Other donations less than £10,000
Total donations
Grants
National Lottery Community Fund
Garfield Weston Foundation
Clarkson Foundation
Laureus Sport for Good
Allegra's Ambition
Community Fund - Million Hours
JP Lebus
Other grants less than £10,000
Total grants
Total income from donations and legacies
4.
Income from charitable activities
Boxing courses and mentoring
Room hire
Turnaround contract
Other income
Total income from charitable activities
Boxing courses and mentoring
Room hire
Turnaround contract
Other income
Total income from charitable activities		 Restricted
£
£
-
30,000
-
50,000
-
10,000
43,419
179,075
43,419
269,075
54,120
-
30,000
-
29,330
-
37,917
-
12,050
-
10,000
-
-
10,000
40,989
6,000
214,406
16,000
257,825
285,075
Restricted
£
£
-
27,052
-
6,275
-
95,000
-
4,381
-
132,708
Restricted
£
£
-
23,030
-
8,781
-
15,000
468
13,223
468
60,034
Unrestricted
Unrestricted
Unrestricted		 2024
Total
£
30,000
50,000
10,000
222,494
312,494
54,120
30,000
29,330
37,917
12,050
10,000
10,000
46,989
230,406
542,900
2025
Total
£
27,052
6,275
95,000
4,381
132,708
2024
Total
£
23,030
8,781
15,000
13,691
60,502

19

Carney's Community

Notes to the financial statements

For the year ended 31 January 2025

5. Income from investments

Income from investments
Bank interest
Dividends		 2025
£
22,405
172
22,577
Total		 2024
Total
£
13,628
-
13,628

All income from investments was unrestricted in the current and prior periods.

6. Government grants

The charitable company receives government grants, defined as funding from Wandsworth Council to fund charitable activities (2024: National Lottery Community Fund and Department of Culture, Media and Sports Million Hours Fund). The total value of such grants in the period ending 31 January 2025 was £10,252 (2024: £54,120). There are no unfulfiied conditions or contingencies attaching to these grants in the current or prior period.

20

Carney's Community

Notes to the financial statements

For the year ended 31 January 2025

7. Total expenditure

Raising funds
Charitable
activities
£
£
Staff costs (note 9)
16,174
354,976
Other staff costs
-
10,795
Premises costs
-
103,543
Office costs
-
17,409
Participant costs
-
26,413
Professional fees
25,408
-
Bank charges
-
-
Sub-total
41,582
513,136
Allocation of support and
governance costs
3,650
80,104
Total expenditure
45,232
593,240
Total governance costs were £3,450 (2024: £3,300).		 Support and
governance
costs
£
53,529
-
8,171
17,409
-
4,324
321
83,754
(83,754)
-		 2025 Total
£
424,679
10,795
111,714
34,818
26,413
29,732
321
638,472
-
638,472
Prior period
comparative
Staff costs (note 9)
Other staff costs
Premises costs
Office costs
Participant costs
Professional fees
Bank charges
Sub-total
Allocation of support and
governance costs
Total expenditure		 Raising funds
£
20,729
-
-
-
-
19,273
-
40,002
4,669
44,671		 Charitable
activities
£
272,333
6,207
82,021
14,001
17,547
-
-
392,109
61,338
453,447		 Support and
governance
costs
£
37,046
-
9,114
14,001
-
5,833
13
66,007
(66,007)
-		 2024 Total
£
330,108
6,207
91,135
28,002
17,547
25,106
13
498,118
-
498,118

21

Carney's Community

Notes to the financial statements

For the year ended 31 January 2025

8. Net movement in funds

This is stated after charging:

Depreciation
Operating lease payments
Trustees' remuneration
Trustees' reimbursed expenses
Independent examiner's remuneration:
Independent examination (excluding VAT)		 2025
£
24,324
840
Nil
34
2,875		 2024
£
11,867
840
Nil
13
2,750

Trustees reimbursed expenses relate to one trustee being reimbursed for governance costs (2024: one trustee).

9. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs		 2025
£
392,191
25,085
7,403
424,679		 2024
£
306,791
17,701
5,616
330,108

No employee earned more than £60,000 during the current or prior years.

The key management personnel of the charitable company comprise the Trustees, Chief Executive Officer and Chief Operating Officer. The total employee benefits of the key management personnel were £94,737 (2024: £81,582).

Average head count
The average number of full time equivalent employees during the year was a
Full time equivalent head count		 2025
No.
23
s follows:
2025
No.
11		 2024
No.
21
2024
No.
8

10. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

22

Carney's Community

Notes to the financial statements

For the year ended 31 January 2025

11. Tangible fixed assets

Cost
At 1 February 2024
-
Additions in year
55,074
At 31 January 2025
55,074
Depreciation
At 1 February 2024
-
Charge for the year
3,570
At 31 January 2025
3,570
Net book value
At 31 January 2025
51,504
At 31 January 2024
-
12. Investments
Market value at 1 February
Additions
Gains on investment
Market value at 31 January
13. Debtors
Trade debtors
Prepayments
Accrued income
Leasehold
improvements		 £
68,808
10,989
79,797
11,337
19,774
31,111
48,686
57,471
Fixtures and
fittings		 £
4,480
-
4,480
4,480
-
4,480
-
-
Sporting
equipment		 £
8,688
-
8,688
7,578
980
8,558
130
1,110
2025
£
-
75,000
1,955
76,955
2025
£
14,273
49,272
2,663
66,208
Other
equipment		 Total
£
81,976
66,063
148,039
23,395
24,324
47,719
100,320
58,581
2024
£
-
-
-
-
2024
£
13,724
5,737
10,223
29,684

23

Carney's Community

Notes to the financial statements

For the year ended 31 January 2025

14. Creditors : amounts due within 1 year

Creditors : amounts due within 1 year
Trade creditors
Accruals
Other taxation and social security
Deferred income (note 15)
Other creditors
Conduit funds (note 16)		 2025
£
29,203
4,513
11,041
46,000
5,214
16,937
112,908		 2024
£
7,681
5,940
7,152
38,333
4,606
-
63,712

15. Deferred income

At 1 February 2024
Deferred during the year
Released during the year
At 31 January 2025		 2025
£
38,333
46,000
(38,333)
46,000		 2024
£
-
38,333
-
38,333

Deferred income relates to income received in advance of a contract provision and grant income received in advance of performance related criteria being met.

16. Conduit funding

Balance at start of year
Funding received during year
Funding distributed during year
Balance at end of year		 2025
£
-
16,937
-
16,937		 2024
£
-
-
-
-

Conduit funds are monies received for third parties and do not belong to the charity. The charity passes them through the accounts under a unique project code as a service to other charities to help their charitable purposes, but does not claim gift aid nor has control over their use. The receipts and payments referred to above have been excluded from the Statement of Financial Activities. The balance held at the end of the year is included in creditors (note 14). Conduit funding is held on behalf of Fitzroy Lodge ABC a charitable company (Charity no. 1194283, Company no. 10959522).

24

Carney's Community

Notes to the financial statements

For the year ended 31 January 2025

17. Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Investments
Current assets
Current liabilities
Net assets at 31 January 2025
Prior period comparative
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 January 2024		 £
-
-
175,329
-
175,329
£
-
59,946
-
59,946
Restricted
funds
Restricted
funds		 £
-
-
118,217
-
118,217
£
-
111,600
-
111,600
Designated
funds
Designated
funds		 £
100,320
76,955
502,913
(112,908)
567,280
£
58,581
368,113
(63,712)
362,982
General
funds
General
funds		 Total
funds
£
100,320
76,955
796,459
(112,908)
860,826
Total
funds
£
58,581
539,659
(63,712)
534,528

25

Carney's Community

Notes to the financial statements

For the year ended 31 January 2025

18. Movements in funds

Movements in funds
At 1
February
2024
£
Restricted funds
Core
27,917
Boxing
-
Key Work
-
Youth Work and Mentoring
32,029
Building improvements
-
Total restricted funds
59,946
Designated funds:
Building fund
13,433
Capacity building
14,667
Employment support
-
Key Work (Turnaround)
-
Flood prevention
8,500
Additional staff costs
-
Solar panels
-
Architects fees
-
Training and upskilling
-
Investments
75,000
Total designated funds
111,600
General funds
362,982
Total unrestricted funds
474,582
Total funds
534,528
Unrestricted funds		 Income
£
£
70,000
(37,917)
94,800
(44,198)
67,000
(37,000)
81,135
(88,437)
89,931
(79,931)
402,866
(287,483)
-
(13,433)
-
(14,667)
25,000
(13,068)
95,000
(61,893)
-
(4,322)
-
-
-
-
-
-
-
-
-
-
120,000
(107,383)
439,949
(243,606)
559,949
(350,989)
962,815
(638,472)
Expenditure		 £
-
-
-
-
-
-
-
-
-
-
-
14,000
35,000
10,000
10,000
(75,000)
(6,000)
6,000
-
-
Transfers
between
funds		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,955
1,955
1,955
Gains on
investment		 £
60,000
50,602
30,000
24,727
10,000
At 31
January
2025
175,329
-
-
11,932
33,107
4,178
14,000
35,000
10,000
10,000
-
118,217
567,280
685,497
860,826

Purposes of restricted funds

Core

Funds that are specifically for the general running costs of the organisation, not including direct service delivery, for example administration, HR, management, fundraising, finance and the employment of staff to conduct these tasks.

Boxing A range of boxing sessions for disadvantaged children, young people and adults in and around Wandsworth.

Key work

Intensive, consistent and long term one to one support for the most at risk and disadvantaged young people living in and around Wandsworth.

26

Carney's Community

Notes to the financial statements

For the year ended 31 January 2025

18. Movements in funds (continued) Purposes of restricted funds (continued)

Youth Work and Mentoring A programme of activities for young people in and around Wandsworth including youth club, fit and fed (free hot meals), bike workshop and mentoring (including during boxing sessions).

Building improvements For development, maintenance and running costs of the building at 30 Petworth Street.

Purposes of designated funds

Building fund For specific items as listed to improve the facilities at 30 Petworth Street: ▪ Contributing third party payment for the roof repair; ▪ Bike shelter; ▪ Electrical installation for an induction cooker; ▪ Asbestos tests and removals/waste clearance in preparation for building work; and ▪ Repair and replacement of lighting.

Capacity building For development of services and fundraising capacity to support future work.

Employment support A range of activities and support to enable participants to access employability and increase employability skills. Key Work (Turnaround) For delivery or our key work project, providing one to one intensive support for high-risk young people. Flood prevention For drain maintenance and repairs work, including the roof outlets, to prevent flooding in the centre and enable normal activities to continue. Solar panels To install solar panels at the centre. Architects fees To pay for architects to create plans to increase the capacity of the space at the centre. Additional staff costs A designation to enable the CEO to increase hours to a full time role. Training and upskilling For, predominantly accredited, training and skills development for staff and participants. Investments For the purpose of investing to best utilise and create income from our cash reserves, based on the organisation's latest income generation strategy. Transfers Transfers represent additions to designated funds and the transfer of the investment from a designation to an unrestricted fund.

27

Carney's Community

Notes to the financial statements

For the year ended 31 January 2025

18. Movements in funds (continued)
Prior period comparative
Restricted funds
Core
Boxing
Key Work
Youth Work and Mentoring
Building improvements
Total restricted funds
Designated funds:
Building fund
Capacity building
Key Work (turnaround)
Flood prevention
IT infrastructure
Investments
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 At 1
February
2023
£
-
4,489
-
1,514
-
6,003
30,000
32,000
-
-
5,000
-
67,000
342,613
409,613
415,616		 Income
£
£
87,917
(60,000)
21,800
(26,289)
3,500
(3,500)
110,746
(90,409)
34,330
(8,640)
258,293
(188,838)
-
(8,067)
-
(17,333)
15,000
(15,000)
-
-
-
(5,000)
-
-
15,000
(45,400)
343,737
(263,880)
358,737
(309,280)
617,030
(498,118)
Expenditure		 £
£
-
27,917
-
-
-
-
10,178
32,029
(25,690)
-
(15,512)
59,946
(8,500)
13,433
-
14,667
-
-
8,500
8,500
-
-
75,000
75,000
75,000
111,600
(59,488)
362,982
15,512
474,582
-
534,528
At 31 January
2024
Transfers
between
funds		 £
£
-
27,917
-
-
-
-
10,178
32,029
(25,690)
-
(15,512)
59,946
(8,500)
13,433
-
14,667
-
-
8,500
8,500
-
-
75,000
75,000
75,000
111,600
(59,488)
362,982
15,512
474,582
-
534,528
At 31 January
2024
Transfers
between
funds
59,946
13,433
14,667
-
8,500
-
75,000
111,600
362,982
474,582
534,528

19. Financial instruments at fair value

Financial assets measured at fair value 2025
£
76,955		 2024
£
-

Financial assets measured at fair value comprise listed investments.

28

Carney's Community

Notes to the financial statements

For the year ended 31 January 2025

20. Operating lease commitments

The charity had operating leases at the year end with total future minimum lease payments as follows:

Amount falling due:
Within 1 year
Within 1 - 5 years		 2025
£
1,008
1,176
2,184		 2024
£
1,008
2,184
3,192

21. Related party transactions

During the year Rebecca Smith, Trustee, provided some internal training sessions on behalf of her employer, Anna Freud Centre, who were paid £2,100 (2024: £nil).

During the year trustees and their related parties donated to the charitable company £2,000 (2024: £3,000).

29