COMPANY REGISTRATION NUMBER: 02848451
CHARITY REGISTRATION NUMBER: 1153366
Collage Arts.
Company Limited by Guarantee
Financial Statements
31 December 2023
BRIAN PAUL LIMITED
Chartered Accountants & Statutory Auditor
Chase Green House
42 Chase Side
Enfield
Middlesex
EN2 6NF

Collage Arts.
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2023
Page
TrLtstees' annual report (incorporating the director's report)
Independent auditorfs report to the members
Statement of financial activities (including income and
expenditure account)
13
Statement of financial position
14
Statement of cash flows
15
Notes to the financial statements
16

Collage Arts.
Company Limited by Guarantee
Trustees. Annual Report Ilncorporating the Director's Report)
Year ended 31 December 2023
The Iruslees. who are also the directors lor the purposes of company law, present their report and the
fingnGial statements of the charity for the year ended 31 December 2023.
Reference and admlnSstrative details
Registered charity name
Collage Arts.
Charity registratlon number
1153366
Company registration number 02848451
Prlncipal office and reylstered The Chocolate Factory
offlce
4 Coburg Road
London
N22 6UJ
England
The trustees
P M P Sherman
V Hirani
A Richardson
YA Khan
Y Slajno
A Kumar
Company secretary
M Amb8sn2
Auditor
Brian Paul Limited
Chartered AccoLJnlants & Statutory Auditor
Chase Green HoLJse
42 Chase Side
Enlield
Middlesex
EN2 6NF
Solicitors
Derrick Bridges and Co
12 Wood Street
Barnel
Hertfordshire
England
EN5 4BQ

Collage Arts.
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (¢Onlirtued)
Year ended 31 December 2023
Structure. governance and management
Governing Document
The organisalion is a charitablè Company limited by guaianlee, incorporated on 27th August 1993 and
registered as a charity on 18th December 1999. The powers of the charitable company are governed
under ils Articles of Association. In the event of the company being wound up members are required
to contribute an amounl not exceeding £10.
Recruitment and appointment of new trustees
The directors of the company are also charity trustees for the purposes of charity law and under the
company'5 articles are known as members of the Management Committee. Under the requirements of
the Memorandurll and Articles of Association the members of the Management Comrnillee are elected
lo serve for a period of six years after which they rllusl be re-elected at the next Annual General
Meeting.
In an efftjrt to maintain a complementary skill mix, members of the Management Committee are
required to provide a list of their skills land update il each yearl and in the event ol the particular skill
being lost due lo reliremenl, individuals are approached to offer themselves for election for the
Management CDmmillee.
Trustee induction and training
Trustees are invited and encouffiged to attend short training sessions on a range of governance
issues. Trustees are already familiar with the work of the charity through attending regular events and
meetings throughout the year.
Organisalional structure
Collage Arts has a Management Committee of up lo 8 members who meet every 8 weeks and are
rèspongible for the strategic direction and policy ol the charity. Al present the Committee has six
members from a variety ol profèssional backgrounds relevant to the work of the charity. There are up
to 2 council representatives bul with no voting rights.
A scheme of delegation is in place and day lo day responsibility for tho provision of the seDJices rest
with the Executive Director. The Executive Director is responsible for ensuring that thè charity delivers
the services specified and that key performance indicators are mel. Also, he has responsibility for the
day-lo-day operational management of the Cenlre, individual supervision of the staff team and also
ensuring that the team continue lo develop their skills and working practices in line with good practice.
Related parties
In so far as il is complimentary lo the charity's objects, the charity is guided by both local and national
policy. The charity works in partnerships with the local authority and regional development agency, It
has also developed partnerships with organisalions in the locality and London-wide to deliver the
service it offers.
Risk management
The M8nagemenl Commillee has conducted a review of the major risks lo which the charity is
exposed. A risk register has been established and is updated al least annually. Where appropriate,
systems or procedures have been established lo mitigate the risks the charity faces. Significant
external risks to funding have led to Ihe development of a strategic plan which will allow for the
diversification of funding and activities. Internal control risks are minimised by the implemenlalion of
procedures for aulhorisalion of all transactions and projects. Procedures are in place lo ensure
compliance with health and safety of staff, volunteer8, clients and visitors to the centre. The continuing
implementation of qualily systems like Matrix, Customer First. OCR, EdExcel and OCN awarding body

Collage Arts.
Company Limited by Guarantee
Trustees, Annual Report (Incorporating the Director's Report) (conllnue¢ll
Year ended 31 Decernber 2023
systems, ensure 8 consistent quality of delivery lor all operational aspects of the charity. These
procedures 8re periodically reviewed lo ensure that they continue to meet the needs of the charity.
Auditors
Brian Paul Limited were appointed auditors to the company and are deemed lo be reappolnted in
accordan￿ with Section 487121 ol the Companies Act 2006.
Objectives and acllvltles
The charity's objects specifically are.,
1. To losler. promote, develop and advance the educalion of the publi¢ resident. working or studying
in the Greater London area, in all aspects of the arts, in particular but not exclusively by.. the
provision and maintenance of a public arts facility Icurrenlly known as the 'Chocolate Factory,)., the
provision and organisation of exhibitions, literature. music, comedy, theatre events and communily
festivals..
the provision of ecSuc21ion, training or retraining in the arts, partiCLJ18rly amongst people in
need by reason of their youth, age, disability, ill-heallh, financial hardship or othèr social or economic
disadvantsge - the relief of unemployment and the creation of employment opportunllies.
2. To promote social inclusion for the public benefit by preventing people from becoming s(Kially
excluded, relieving the needs of those people who are socially excluded and assisting them to
integrate into society by using all aspects of the 8rts, theoretical and applied. lo improve lives in the
Greater London area.
For the purpose of this clause 'socially excluded, means being excluded fro
society, or part5 of society, as a result of one of more of the following factors.. unemployment., financial
hardship,. youth or old age", ill health Iphysical or mental). substance abuse or dependency including
alcohol and drugs., discrimination on the grounds of sex, race, disability, ethnic origin, religion, belief,
creed, sexual orientation or gender re-assignment., poor eduealional or skills allainmenl., relationship
and family breakdown., poor housing Ilhat is housing that does not meet basic habitable standards,.
crime {eilher as a victim of clime or as an offender rehabililaling into society).
The main objectives and activities for the year continued to fo¢us upon,'_ The management of Collage
Arts spaces 1, 2, 3 and the new space 4
The provision of training aimed at young people and marginalised sections of the community to
assist in relieving unemployment, providing vocational training. mentoring and development of social
inclusion,. The provision ol Information, Advice and Guidance IIAGI and ongoing support specifically
aimed al long term unemployed and economically inactive BAME women in to Employment,
Enterprise and Training. The delivery ol three European projects, Talent Matching, AMICO and
CREUS.- The organising of community festivals, exhibitions. lileralure. music, theatre and children's
theal
Strategic report
The following sections for achièvements and performance and financial review form the strategic
report of the charity,

Collage Arts.
Company Limited by Guarantee
Trustees, Annual Report (Incorporating the Director's Report) (¢ontlntsÈdl
Year ended 31 December 2023
Achievements and performance
The Trustees Report for 2023 highlights the ch811enges faced by Collage Arts in the aftermath of the
Covid-19 pandemic and the additional strain posed by the cosl-ol-living crises, including rising ulililies
and inflation costs. also the lin31 part of European funding 13 projeclsl came lo an end with Brexit.
Despite these difficulties, Collage Arts managed to adapt and continue ils Mission of supporting ils
communities and promoting artists and crealivily. Highlighted below afe some ol the key
achievements of 2023.
1.Challenges of 2023.. The year was characterised by the challenges of recovering Irom the pandemic
and adjusting lo a posl-COVID landscape, exacerbated by rising costs.
2.The first cassjalty of the changing funding landscape for charities like Collage Arts, was the closure
of Collage Works as we were not able lo raise the funding required to continue our support of Young
Adults and Entrepreneurship. We had lo let go of three very experienced members ol staff with heavy
sadness. Later in 2023, we were able lo develop a partnership with CLOCK Your Skills Creative Bool
Camps which has enabled us lo continue to support Young Adults into employment and enterprise.
3.Collage Voices Continued lo provide Saturday classe5 in performat)¢o, Ihealre. creative writing, and
digital music for over 150 young people. The Paul Hamlyn Foundation Teacher Development Fund
Project, Voices for the Future funded further work with six Primary schools in Haringey, allowing
Collage Voices to place established artists all six schools and leading lo improved atlainmenl levels_
Other projects of note in 2023 were Conlinualion of Windru5h Community support. with more
inlergeneralional projects with local Secondary schools and Windrush Elders which led lo 4 Primary
school books display campaign, working with 4 Secondary schools published that re-lold the history of
four people who came on the HMT Empire Vvlndrush and how their professions impacted Britain
positively forever. Copies of the 4 books were given lo every Primary School in Haringey1661 and the
resulting exhibition of the whole project was displayed b￿1￿ in 2023.
4.Collage Community continued lo support the All-Nalions Well-Being Group for the elderly and
vulnerable people from Caribbean Windrush communities They mel every week with lunch lo meet
and various arts aclivilies. All Nations grew in 2023 with the group growing and becoming more
diverse and inclusive. All the members have physical disabilities including poor mobility, or mental
health conditions, and life changing health conditions.
5,Kar8mel returned into action under Collage Arts management with ￿)th chefs having recovered from
Long Covid. Initially opening on Thursdays and Friday evenings only when an event was scheduled
and al the weekends from 1pm lo 10pm. The new Karamel has become a venue fiTsI and this
approach has been very SU￿esSfUl. Al the end of 2023 the jazz programming had risen to number 7
as a jazz club in London and the Vegan Sunday Roast won the best Vegan Roast lille wlth the London
Vegans Website.
6.Despile the challenges faced, Collage Arts continued lo deliver programrnes and proje¢ls that
supportod over 3000 young people. initiated SUPF)Ort projects for the elderly and those experiencing
mental health issues and continued lo serve the broader commL¥nity of artists and musicians across
London.
7.The Trustees and Senior Management worked very hard on slabilising the Strategy pul in place in
2022. They followed and monitored the strategy very closely and made sure it brought about the
changes and impact required. Prolitabilily and reserves remained the priority focus, and this led lo a
sharp focus of both McQueen's and Karamel incom2 lo maximise profil for the organisation.

Collage Arts.
Company Limited by Guarantee
Trustees, Annual Report (Incorporating the Director's Report) {conlinued)
Year ended 31 December 2023
8.To overcome difficult funding landscape, more partnerships developed with CLOCK. mentioned
above Hustle Wrestling Training School, the Vegan Gommunity and meelups and several fundraising
events were organised throughout the year by Collage Voices.
Financial review
The Income of the Charilyfor the year ended 31st December 2023 was £1,468.630 12022..
£1,732.6321, whèreas the costs of Charitable Activities were £1,322,694 12022. £1,782,046) and
Governance Costs were £6,000 (2022.. £6,960).
During the year the overall net asset of the Charity increased from £118.197 to £258,133.
The income of the Ghaiity is prsmarily derived from grants and rental income. The ¢harily Is striving to
achieve a policy of maint8ining working capital reserves of £100.000.
The charity faces many uncertainties as sel out in note 3 to the accounts. The trustee's actions and
projection5 arising therefrom lead them to beSieve that the charity tfftdes as a going concern.
Trustees. rÈsponsibilitles statement
The trustees, who are also directors 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 (United Kingdom Generally Accepted Accounting Practice).
Company law ￿quireS the charity trustees to prepare financial statements for each year which give a
true and fair view of the slate of affairs of the charitable company and the incoming resources and
application of resources, including the income and expenditure, for that period.
In preparing these financial stalemenls, the trustees are required lo..
select suitable accounting policies and then apply them con5islently',
observe the methods and principles in the applicable Charities SORP.,
make judgments and accounting estimates that are reasonable and pNdent',
stale whether applicable UK Accounting Standards have been followed, subject lo any material
departures disclosed and explained in the financial slatemenis.,
prepare the linan¢ial slalements on the going Goncern basis unless il Is inappropriate lo presume
that the charity will ¢ontinLJe in business.
The trustees are responsible for keeping adequate accounting records that are sufficient lo show and
explain the charily's transactions and disclose with reasonable accuracy al any lime the financial
position of the charity and enable them lo ensure that the financial slalemenls comply with the
Companies Act 2006. They are also responsible for saf￿Varding the assets of the charity and hence
for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Collage Arts.
Company Limited by Guarantee
Trustees, Annual Report (Incorporating the Director's Report) Icontlnued)
Year ended 31 December 2023
Audltor
Each of the persons who is a trustee al the date of approval of this report confirms Ihal..
so far as they are aware, there is no relevant audit information of which the charity's auditor is
unaware.. and
they have taken all steps that they ought lo have taken as a Iruslee lo make themselves aware of
any relevant audit information and lo establish that the charity's auditor is aware of that
information.
The Iruslees, annual report and the strategic report were approved on 11 November 2024 and signed
on behalf of the board of trustees by..
V Hirani
Trustee

Collage Arts.
Company Limited by Guarantee
Independenf Auditor's Report to the Members of Collage Arts.
Year ended 31 December 2023
Opinion
We have audited the financial statements of Collage Arts. Ithe 'charity'l for the year ended
31 December2023 which comprise the slalement of financial activities {including income and
expenditure accounll, statement ol financlal position, statement of cash flows and the related notes,
including a summary of significant accounting policies. The financial reporting framework that has
been applied in their preparation is applicable law and United Kingdom Accounting St8nd8rds,
including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Genèrally Accepted Accounting Pra¢lieel.
In our opinion the financial statements.,
give a true and fair view of the slate of the charity's affairs as al 31 December 2023 and of its
incoming resources and application ol resources. including its income and expenditure, for the
year then ended.,
have been properly preparèd in accordance with United Kingdom Generally Accepted
Accounting Practice,.
have been prepared in accordance with the requirements of the Companies Act 2006 and the
Gharilies Act 2011.
Basis for opinion
We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the audilorfs
responsibilitie8 for the audit of the financial statements section ol our report. We are independent of
the charity in accordance with the ethical requirements that are relevant lo our audit of the financial
statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believè that the audit evidence we have
obtained is sU￿le￿I and appropriate to provide a basis for our opinion.
Conclusions rglating to going concern
We draw allenlion lo note 3 in the financial slatem&nts, which indicates the steps being taken lo
overcome the effect ol Covid-19. These uncertain conditions have been considered and our opinion is
not modified in respect of this matter.

Collage Arts.
Company Limited by Guarantee
Independent Auditor's Report to the Members of Collage Arts. {Gonl1￿uVd)
Year ended 31 December 2023
Other Information
The other information comprises the inft)rmalion included in the annual report, other than the ft"nancial
statements and our auditor's report thereon. The trustees are responsible for the other information.
Our opinion on the financial statements doès not Cover the other information 2nd, except lo the extent
otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon.
In connectiori with our audit of the fin8nclal slatemenls. our responsibility 15 to read the other
information and, in doing so, consider whether the other information is materially inconsislenl with the
financial slalements, or our knowledge obtained in the audit or othepNise appears to be materially
misstated. If we identify such material inconsistencies or apparent m21erial misslalemenls. we are
quired lo determine whether there is a material misslalement in the financial statements or a
material misstatement of the other infoimalion. If, based on the work we have performed, we conclude
that there is a material misstalemenl of this other information, we are required to report that fact.
We have nothing lo reFX)rt in this regard.
Opinions on other matters prescribed by the Companles Aet 2006
In our opinion, based on the work undertaken in the course of the audit.
the information given in the tnjstees, report frjr the linancial year for which the financial
statements are prepared is consistent with the financial statements,. and
the trustees, report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exceptlon
In the light of the knowledge and understanding of the charity 2nd ils environment obtained in the
course of the audit. we have not identified material misstatements in the Iruslees. report.
We have nothing lo report in respect of the following mallers in relation lo which the Companies Act
2006 and the Charities Act 2011 requires us lo report lo you if, in our opinion..
adeqLJale accounting records have not been kept, or returns adequate for our audit have not
been received from branches not visited by us., or
the financial slalements are not in agreement with the accounting records alld reluTns', or
certain disclosures of Iruslees. remuneration specified by law are not made., or
we have not received all the infom)alion and explanations we require for our audit_

Collage Arts.
Company Limited by Guarantee
Independent Auditor's Report to the Members of Collage Arts. (contlnuedj
Year ended 31 December 2023
Responslbllltles of trustees
As explained more fully in the Iruslees, responsibilities slalemenl, the trustees (who are also the
directors for the purposes of company lawl are responsible for the preparation of the financsal
statements and for being satisfied that they give a true and fair view. and lor such inlemal control as
the trustees determine 15 necessary to enable the preparation of financial slalemenls that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, thè Iruslees are responsible lor assessing the charity's ability to
continue as a going concern, disclosing, as applicable, matters related lo going concern and using the
going Coll￿[n basis of accounting unless the Irusleès eilher intend lo liquidate the charity or lo cease
operations, or have no realistic alternative bul to do so.

Collage Arts.
Company Limited by Guarantee
Independent Auditor's Report to the Members of Collage Arts. (continued)
Year ended 31 December 2023
Auditor's responsibllitie8 for the audtt of the financial statements
Our objectives are to obtain reasonable ?ssuranTr about whether the financial statements as a whole
are free from material misstalemenl, whether due to fraud or error, and lo issup an auditor's report that
ncludes our opinion. Reasonable assurance is a high level of assurance bul 15 not a guarantee that an
sudil conducted in accordance with ISAS {UKI will always delecl a material misslalement when il
exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected lo influence the economic decisions of users taken on
the basis ol thesè financial slatemenls.
Irregularities, including frauLI, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, lo detect material misslalemenls in respect
of irregularities, including fraud. The exlenl to which our procedures are capable of detecting
irregularities, including fraud is detailed below..
The extent to which the audit was considered capable of detecting irregularities including
fraud.
Our approach to identifying and assessing the risks of material misststement in respect of
irregularities, including fraud and non-compliance with laws and regulations. was as follows..
the engagement partner ensured that the engagement team collectively had the appropriate
compètence, capabilities and skills to identify or recognise non-compliance with applicable laws and
regulations.,
we identified the laws and regulations applicable lo the company through discussions wllh directors
and other management, and from our knowledge and experience of the chayity sector-
we focused on specific laws and regulations which we considered may have 8 direct material effect
on the financial statements or the operations of the company, including the Companies Act 2006,
Charities Act 2011, UK Taxes Acts, data protection, anli-bribery. employment, environmental and
health and safety legislation..
we assessed the extent of compliance with thelsws and regulations identified abovè through making
enquiries of management and inspecting legal correspondence.. and
identified laws and regu181ions were communicated within the audit team regularly and the team
remained alert to instances of non.compliance throughout the aL¢dit.
We assessed the susceplibilily ol the company'5 linancial ststements lo maleaal misstatement.
including obtsining 2n understanding of how fraud might occur, by..
making enquirlès of management as to where they conSide￿d there was susceptibility lo fraud, their
knowledge of actual, 8U8pecled and alleged fraud.,
considering the internal controls in place to miligale risks of fraud and non-compliance with laws and
regulations., ancl
To address the risk of fraud through management bias and override of controls, we.,
performèd analytical procedures lo Identify any Ltnusual or unexpected relationships..
tested journal entries to identify unusual Iransaclions.,
10

Collage Arts.
Company Limited by Guarantee
Independent Auditor's Report to the Members of Collage Arts. (¢E¥ntirtueLI)
Year ended 31 December 2023
investigated the rationale ljehind significant or unusual transactions; and
In response to the risk of irregularities and non-compliance with laws and regulations, we designed
procedures which included, but were not 5imiled to..
agreeing financial statement disclosures lo underlying supporting documentation-,
enquiring of management 8$ to aclual and potential liligalion and claims,,
There are inherent limitations in our audit procedures described above. The more removed that laws
and regulations are from financial Iransaetions, the less likely il is that we would become aware of
non-compliance. Auditing standards also limit the audit procedures required lo identify non-compliance
with laws and reguSalions lo enquiry of the directors and other managernenl and the inspection of
regulatory and legal correspondence, if any.
As part of an audit in accordance with ISAS (UKI, we exercise professional judgment and malntain
professional S￿pIlGIsM throughout the audit. We also..
Identify and assess the risks of material misststement of the financial statements, whether due lo
fraud or error, design and perform audit procedures responsive to those risks. and obtain audit
evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not
detecting 2 material mis5talement resulting from fraud is higher than for one resulting from error.
as fraud may involve collusion. forgery. intentional omissions, migrepresentalions, or the override
of internal conlrol.
Obtain an understsnding of internal control relevant to the audit in order lo design audit
procedures that are appropriate in the circumstances, bul not for the purpose of expressing an
opinion on the effectiveness of the internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimate$ and related disclosures made by the trustees.
Conclude Dn the appropriateness of the trustees. use of the going concèrn basis of accounting
and, based on the audit evidencè obtained, whether a material uncertainty exists related lo
events or conditions that may cast significant doubt on the charity's ability lo continue as a going
concern. If we conclude that a material un￿rtainlY exists, we are required lo draw attention in
our auditor's retK)rt to the related disclosures in the financial slalemenls or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained
up lo the dale of our auditor's report. However, future events or conditions may cause the charity
lo cease lo continue as a going GOn￿rn.
Evaluate the overall presentation, structure and content of the financial slalemenls, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a rnanner that achieves fair presentation,
11

Collage Arts.
Company Limited by Guarantee
Independent Auditor's Report to the Members of Collage Arts. (contlnuedj
Year ended 31 December 2023
We communicate with those charged with governance regarding, among other mallers, the planned
scope and timing of the aLidil and significant audit linding5, including any significant deficiencies in
internal control that we identify during our audit.
Use of our report
This report is made solely lo the charity's members, as a body, in accordance with section 144 of the
Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been
undertaken so that we might state to the charity's members those mallers we are required lo state lo
them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not
ac￿pt or assume responsibility lo anyone other than the charity and the charity's members as a body.
for our audit woik, for this reFN)rt, or for the opinions we have formed.
Parvez Dalal
(Senior Ststutory Audltor)
For and on behalf of
Brian Paul Limited
Chartered Accountants & statutory audltor
Chase Green House
42 Chase Side
Enfield
Middlesex
EN2 6NF
1311112024
Date..
12

Collage Arts.
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 December 2023
2023
Reslricled
funds Total funds Tolal lunds
2022
Unreslricled
funds
Note
Income and endowments
Donations and legacies
Investment income
other income
187,568
35
985,728
295,299
482.867
35
985,728
646,810
1,085,822
1,732,632
Total income
1,173,331
295,299
1,468,630
Expenditure
Expenditure on charitable activities
Total expenditure
8,9 1,028,487
1,028,487
300,207
1,328,694
1,328,694
1,789.006
300,207
1,789,006
Net incomellexpenditure) and net
movement In funds
144,844
{4,9081
139.936
156.374}
Reconciliation of funds
Total funds brought forward
Total funds carried forward
81,724
36,473
118,197
174,571
118,197
226,568
31,565
258,133
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditu￿ derive from continuing activities.
The not&s on pages 16 to Errorl Bookmark not defined, form part of these fEnancial statements.
13

Collage Arts.
Company Limited by Guaranteo
Statement of Financial Position
31 December 2023
2023
2022
Note
Fixed assets
Tangible fixed assets
15
715,659
733,809
Current assets
Debtors
Cash al bank and in hand
16
408,942
23.115
493,860
104
432.057
493,964
Credllors- amounts falling due wlthin one year
Net current liabilities
18
688,201
900,856
406,892
256.144
Total assets less current liabllities
459,515
326,917
Creditors: amounts falling due after more than one year
Net assets
19
201,382
258,133
208,720
118,197
Funds of the charity
Reslricled funds
Unrestricted funds
31,565
226,568
258,133
36,473
81,724
Total charity funds
22
118,197
These financial statements were approved by the board of Iruslees and aulhorised for issue on
1.1 Noyember. 2024 ..... and are signed on behalf oflhe board by..
V Hirani
Trustee
The not95 on pages 16 to Error! Bookmaik not defined. form part of these financial statements.
14

Collage Arts.
Company Limited by Guarantee
statement of Cash Flows
Year ended 31 December 2023
2023
2022
Note
Cash flows from operating activities
Net incomellexpendilurel
139.936
{56,3741
Adjustmenls for..
Depreciation ol tangible fixed assets
Other interest receivable and similar income
Interest payable and similar charges
Accrued expensesllincomel
50,269
1351
41,315
60,360
50,779
39.275
159,9761
Changes in..
Trade and other deblors
Trade and other creditors
24,933
1184,3881
132,390
11,408
68,877
Cash generated from operations
53,989
Interest paid
Interest received
141,3151
35
139,2751
Nel cash from operating 8Glivilies
91,110
14,714
Cash flows from investing activities
Purchase of tangible assets
Nel cash used in investing activities
132,1191
132,119}
155,4321
155.432}
Cash flows from financing activitles
Proceeds from borrowings
Nel cash used in financing activities
134,6241
134,6241
112,3981
112.3981
Net Increasellde¢reasel in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
24,367
19,3351
15.032
153,1161
43,781
17
19,3351
The notes on pages 16 to Errorl Bookmarf( not defined. form part of these financial statements.
15

Collage Arts.
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2023
General information
The charity is a public benefit entity, and a private company limited by guarantee, registered in
England and Vvales and a registered charity in England and Wales. The address of the
registered office is The Chocolate Factory, 4 Coburg Road, London, N22 6UJ, England.
statement of compllance
These financial slaletnenls have been prepared in compliance with FRS 102, 'The Financial
Reporting Standard applicable in the UK and the Republic of Ireland., the Slalerllenl of
Recommended Practice applicable lo charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} (Charities
SORP IFRS 10211 and the Companies Act 2006.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the fL¢nctional currency of the entity.
Going concern
In light of the post covid-19 world and war in Europe the Iruslees have considered the future
trading projections. In consideration of these projections th& directors are monitoring both and
have taken various steps lo improve short term cash flow and long-lerm suslainabilily.
Strategies and policies lo manage the evolving developments have been implement by them,
specifically.
Repositioning project uptake and progress
Changing its way of working lo the use of a remote offi
Moving delivery of project online
dentifying new Patrons to support specific project delivery
Gelling support from funders already funding the organisation like Big Issue Invest and
IWOCA
Implementing a cost reduction package
The director's projections lead them lo believe that the charity has sufficient resources to bear
the global iwpact within ils particular sector.
Judgements and key sourcos of estimatlon uncertainty
In producing these accounts, the trustees have considered accounting policie5 & relevant
eslimales. In the Iruslee's opinion and lo the best of their knowledge significant accounting
entries are based upon facts. However, these accoLJnls do include estimates in relation to useful
life of assets and immaterial prepayments and accruals.
16

Collage Arts.
Company Limited by Guarantee
Notes to the Financial Statements (conllnuedj
Year ended 31 December 2023
Accountlng pollcles (contfnued)
Fund accounting
Unreslricled funds are available for use at the discretion of the Iruslees lo further any of the
charity's purposes.
Designated funds are unreslricled funds earmarked by the trustees for future project or
commitment.
Reslricled fvnd8 are subjected to restrictions on their expenditure declared by the donor Dr
through the terms of an appeal and fall into one of two sub-classes-. restricted income funds or
endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entillemenl has
passed lo the charity., il is probable that the economic benefits associated with the transaction
will flow to the charity and the amount can be reliably measured. The following specifi¢ policies
are applied to particular categories of income-
income from donations or grants is recognised when there is evidence of entillemenl lo the
gift, receipt is probable and ils amount can be measured reliably.
legacy income is recognised when receipt is probable arsd entitlementls estsbli5hed.
income from donated goods is measured at the fair value of the goods unless Ihls is
impractical to measure reliably, in which case the value is derived from the cost to the donor
or the estimated resale value. Donated facilities and services are recognised in the
accounts when received il the value can be reliably measured. No amounts are included for
the contribution of general volunteers.
income from contracts for the supply of services is recognised with the delivery of the
contracted service. This is classified as unrestricted funds unless there is a contractual
requirement for it lo be spent on a particular purpose and returned if unspent, in which case
il may be règarded as reslricled.
17

Collage Arts.
Company Limited by Guarantee
Notes to the Financial Statements fcontinuedj
Year ended 31 December 2023
Accounting policies {continuedJ
Resources expended
Expenditure is recognised on an accruals basis as a liability is incLJrred. Expenditure includes any
VAT which cannot be fully recovered, and is classified under headings ol the slalèmenl of
financial activities lo which it relates-
expenditure on raising funds includes the costs of all fundraising activities, events, non-
charitable trading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undert2king
activities that further ils charitable aims for the benefit of its beneficiaries, including those
support costs and costs relating lo the governance of the charity apportioned lo charitable
activities.
other expenditure includes all expenditure that is neither related lo raising funds for the
charity nor part of ils expenditure on charitable activities.
All costs are allocated lo expenditure categories reflecting the use of the resource. Direct costs
attributable to a single activity are allocated direclly lo that activity. Shared costs are apportioned
beiween Ihe activities they contribute to or) a reasonable, justifiable and consistent basis.
Tanglble assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any
accutnulaled depreci81ion and impairment losses.
Depreclation
Depreciation is calculated so as to write off the cost or valLtalion of an asset, less Its ￿81￿￿al
value, over the useful èconomic life of that asset as fo11ows'.
Short leasehold propety
Fixlurgs and fillings
Over the period of lease
250/0 slraighl line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable
amount being estimated where such indicators exist. Vthere the carrying value exceeds the
recoverable amount, the asset Is impaired accordingly. Prior impairments are also reviewed for
possible reversal at each reporting dale.
For the purposes ol impairment testing, when it is not possible to estimate the recoverable
amount of an individual asset, an estimate is made of Ihe recoverable amount of the cash-
generating unil lo which the asset belongs. The cash-generating unit is the smallest identifiable
group of assets that includes the asset and gener21es cash inflows Ihat18rgely independent of
Ihe cash inflows from oiher assets or groups of assets.
18

Collage Arts.
Company Limited by Guarantee
Notes to the Financial Statements (contlnued)
Year ended 31 December 2023
Accounting polieles (conliJFued)
Financial instruments
A financial asset or a financial liability is recognised only when the charity kcomes a party lo the
contractual provisions of the instrument.
Basic financial instruments arè initially recognised al the amount receivable or payable including
any related transaction costs.
Current assets and current liabilities are subsequently measured al the cash or other
consideration expe¢led to be paid or received and not discounted.
Debt Instruments are subsequently measured al amortised cost.
Definad contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which
the related service is provided. Prepaid contributions are recogtEised as an asset lo the extent
that the prepayment will lead ID a Teduclion in future paymen15 or a cash refund.
When conlributtons are not expected lo be settled wholly within 12 months of the end of the
reporting date in which the employees render the related service, the liability is measured on a
discounted present Value basis. The unwinding of the discount is recognised as an expense in
the period in which it arises.
Limited by guarantee
The Company is a company Limited by Guarantee. Under the terms of the company's
Memorandum ol Association. every member ol the Association undertakès lo contribute lo the
assets in the event that the company is wound up during the lime that he is a member lor within
one year of ceasing to be a member) and should the assets of the company be insufficient to
meet 118 liabilities on winding up_ The extent of each members contribution to the assets in such
circumstances is however limited 10 2 maximum of ten pounds sterling.
19

Collage Arts.
Company Limited by Guarantee
Notes to the Financial Statements f¢onllnuedJ
Year ended 31 December 2023
Donatlons and legacies
Unreslricled
Funds
Reslricled Total Funds
Funds
2023
Grants
General grants
Access Reach
Jack Pelchey
European
Arts Council
PRS Foundation
Sl Williams
Jumbo
Collage Works
Big Issue
Alexander Primary
Haringey Council
Future Wood Green
Creative Academy
Tollenham Grammar
Windrush
Kickslart
Home Office
BBC 1 Children in Need
187.568
187,568
15,000
2,300
62,953
15,000
2,300
62,953
4,500
4,595
4,500
4,595
95,079
95,079
56.486
11.730
56,486
11,730
2,186
7,000
18.560
2,186
7,000
18,560
990
13.920
990
13,920
187,568
Unrestricted
Funds
295,299
482,867
Reslricled Total Funds
Funds
2022
Grants
General grants
Access Reach
Jack Pelchèy
European
Arts Council
PRS Foundation
St William5
Jumbo
Collage Works
Big Issue
Alexander Primary
Haringay Council
Future Wood Green
Creative Academy
Tottenham Grammar
Windrush
Kickstart
123,105
123,105
11,400
40,000
1,840
11,400
40,000
1,840
7,300
18,120
61,962
39,468
52,866
47,324
10,000
41,473
7,300
18,120
61,962
39,468
52,866
47,324
10,000
41,473
191,952
191,952
20

Collage Arts.
Company Limited by Guarantee
Notes to the Financial Statements (contlnued)
Year ended 31 December 2023
Donations and legacies IconliFJupdJ
Unreslricled
Funds
Restricted Total Funds
Funds
2022
Home Office
BBC Children in Need
123,105
523.705
646,810
Investmgnt Income
Unrestricted Tolal Funds Unreslricled Total Funds
Funds
2023
Funds
2022
Bank interest receivable
35
35
Other income
Unreslricled Total Funds Unreslricled Total Funds
Funds
2023
Funds
2022
Other income- Rental income
Other incoming resources
Kararnel Restaurant
895, 100
18,875
71.753
895,100
18,875
71,753
1,043,452
42.364
1,043,452
42,364
985.728
985,728
1,085,822
1,085,822
21

Collage Arts.
Company Limited by Guarantee
Notes to the Financial Statements l¢ontintsedJ
Year ended 31 December 2023
Expendrture on charitable actSvities by fund type
Unreslricled
Funds
Restricted Total Funds
Funds
2023
General donations
Access Reach
Windrush
Kickslart
BBC Children in Need
PRS & Home Office
European Projects
Creative Academy
Tottenham Grammar
Arts Council
Collage Works
Haringey Council
Jumbo
Big Issue
Jack Pelchey
Alexander Prirllary
Alexander Primary
Future Wood Green
Sl William
Karamel Restaurant
Support costs
957,716
1,496
15.000
18.559
8,853
13.920
5.490
58,089
2,186
7,000
959,212
15,000
18,559
8,853
13,920
5,490
58,089
2,186
7,000
8,700
94,921
11,730
8,700
94,921
11,730
2,300
56,069
2,300
56,069
4,594
4,594
56,071
6,000
1,328,694
56,071
6,000
1,028,487
300,207
Unreslricled
Funds
Restricted Total Funds
Funds
2022
General donations
Access Reach
Windrush
Kickslart
BBC Children in Need
PRS & Home Office
European Projects
Creative Academy
Tottenham Grammar
Arts Council
Collage Works
Haringey Council
Jumbts
Big Issue
Jack Pètchey
Alexander Primary
Future Wood Green
Sl Williams
Karamel Restaurant
1,200,317
1.496
1,201,813
8.173
177.179
8,173
177,179
90,915
41,474
90,915
41.474
1.840
66,205
47,325
18,120
39,467
11,4DO
52,866
10,000
7,300
1.840
66,205
47,325
18,120
39,467
11,400
52,866
10.000
7.300
7.971
7,971
22

Collage Arts.
Company Limited by Guarantee
Notss to the Flnancial Statements (conllnuedj
Year ended 31 December 2023
Support cos
6,960
1,215,248
6,960
1,789,006
573,758
Expenditure on charitable activities by activity type
Activities
undertaken
directly
Support Total funds
costs
2023
Tol81 fund
2022
Genèral donations
Access Reach
Windrush
Kickslart
BBC Children in Need
PRS & Home Offi
European Projects
Creative Academy
Tollenham Grammar
Arts Council
Collage Works
Haringey Council
Jumbo
Big Issue
Jack Pelchey
Alexander Primary
Future Wood Green
Sl Williams
Karamel Restaurant
Governallce costs
959,212
15,000
18,559
8,853
13,920
5,490
58,089
2,186
7,000
8,700
94,921
11,730
959,212
15,OOD
18,559
8,853
13,920
5,490
58,089
2,186
7,000
8,700
94,921
11,730
1.201,813
8,173
177,179
90,915
41,474
1,840
66,205
47,325
18,120
39.467
11,400
52,866
10,000
7,300
7,971
6,960
2,300
56,069
2,300
56,069
4.594
56,071
4,594
56.071
6,000
6,000
1,322,694
6,000
1,328,694
1,789,0(
10. Net incomellexpenditurel
Nel incomel{expenditurel is staled after chargingl(creditingl'.
2023
2022
Depreciation of18ngible fixed assels
50,269
50,779
11. Auditors, remuneration
2023
2022
Fees payable for the audit of the financial statements
6,000
6,960
23

Collage Arts.
Company Limited by Guarantee
Notes to the Financial Statements ItorJtinuȢrfJ
Year ended 31 December 2023
12. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows..
2023
2022
Wages and salaries
Social security costs
Employer contributions lo pension plans
272,612
23,086
5,910
404,6TT
34,643
6,533
301,608
445,853
The average head count of employees during the year was 12 {2022.' 191. The average number
of full-lime equivalent employees during the year is analysed as follows-.
2023
No.
2022
No.
Number of stsff - support staff
Number of staff - head office
1D
17
12
19
No employee received employee benefits of more than £60,000 during the year (2022= Nill.
Key Management Personnel
Key management personnel include als persons that have authority and reswnsibilily for
planning, directing and controlling the activities of the charity. The lo181 compènsation paid lo key
management personnel for sèrvices provided lo the charity was £17.25012022.' £50,000).
13, Trustee remuneratlon and expenses
There were no trvslee's remuneration or benefits for thè yèar ènded 31 st December 2023 nor for
the year ended 31st December 2022.
There were no Iruslee's expenses paid for the year ended 31st December 2023 nor for the year
ended 31st December 2022.
24

Collage Arts.
Company Limited by Guarantee
Notes to the Financial Statements fcontsnued)
Year ended 31 December 2023
14. Analysis of expenses
2023
2022
Training lees
Rental costs
Office costs
Legal 8nd professional
Evènt CO8ls
Bank and loan inlerest charges
Staff costs and employer Nl
Premises and wmpuler costs
Support cosis
Karamel
Depreciation
227,032
593,419
38.509
7.415
16.946
41.615
301.608
9.800
6,000
36.081
50.269
281,090
873,792
42,186
22,912
20,g83
39,275
445,853
2,691
6,960
2,485
50,779
1,328.694
1,789,006
15. Tangible flxed assets
Short
leasehold Fixtures and User defined
propety
fittings
asset
Total
Cost
Al 1 January 2023
AdditiOnS
1,651,940
1,920
1,853,860
662,974
999
33.100
29.200
2,248,014
32,119
2,280,133
At 31 December 2023
563,973
62.300
Deprpciation
At 1 J2nuary 2023
Charge for the year
At 31 Decembgr 2023
983,974
35,154
530,231
15,115
1.514,205
50,269
1,019,128
545,346
1,564,474
Carrying amount
At 31 December 2023
634.732
18,627
32,743
62,300
715,659
733,809
Al 31 December 2022
667,966
33.100
25

Collage Arts.
Company Limited by Guarantee
Notes to the Financial Statements l¢onlinuèdJ
Year ended 31 December 2023
16. Deblors
2023
2022
Trade debtors
Prepayments and accrued income
Other deblors
282,276
38,188
88,478
313,748
111,334
68,778
493,860
408,942
17. Cash and cash equivalents
Cash and cash equivalents comprise the following..
2023
2022
Cash al bank and in hand
Bank overdrafts
23,115
18,083}
15,032
104
19,4391
(9,3361
18. Creditors: amounts falllng due within one year
2023
2022
Bank loans and ovefdfafts
Trade creditors
Accruals and deferred income
Social security and other taxes
other creditors
55,658
427,538
18,403
123,723
62,879
74.912
576,353
10,960
168,061
70,570
688,201
900,856
19. Credltors: amounts falling due alter more than one year
2023
2022
Bank loan5 and overdrafts
other creditors
97,811
103,571
201,382
114,537
94,183
208,720
Bank loans are secured against the lease of Chocolate Factory 2 which is due lo expire in
Oclober 2026.
20. Defgrred income
2023
2022
Amount deferred in year
7,068
26

Collage Arts.
Company Limited by Guarantee
Notes to the Financial Statements (contlnued)
Year ended 31 December 2023
21. Pensions and other post-retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined
contribution plans was £5,91012022.. £6,533).
22. AnalysTS of charitable funds
Unrestrlcted funds
At
31 December
2023
At
1 January 2023
Income Expenditure
General funds
81,724
1,173,331 11,028,487)
226,568
Al
31 December
2022
At
1 January 2022
Income Expenditure
General fund5
88,045
1,208,927 11,215,248)
81,724
Restricted funds
At
31 D•¢¢mb*r
2023
At
1 Janusry 2023
Income Expenditure
European
Capital Grant
Collage Works
Jack Petehey
Arts Council
St Williams
F￿tUre Wood Green
Alexander Primary
Harringay Council
Big Issue
Jumbo
Creative Academy
Windrush
Kickslart
Tollenham Grammar
BBC Children in Need
PRS & Home Office
Access Reach
11.765)
34,397
1160}
62,953
158,0891
11,496}
194,921)
12,300)
3,099
32,901
95.079
2,300
4,595
14,594)
56,486
11.730
156,0691
111,7301
418
2,186
18,560
12,1861
{18,5601
18,8531
17,0001
113,920}
15,4901
115,0001
1300,2071
4.001
14,853)
7.000
13,920
5.490
15.000
36,473
295.299
31,565
27

Collage Arts.
Company Limited by Guarantee
Notes to the Financial Statements (conflnu8dJ
Year ended 31 December 2023
Al
31 December
2022
At
1 January 2022
Income Expenditure
European
Capital Grant
Collage Works
Jack Petchey
Arts Council
St Williams
Future Wood Green
Alexander Primary
Harringay Council
Big Issue
Jumbo
Creative Academy
Windrush
Kickstart
Tollenham Grammar
BBC Children in Need
PRS & Home Office
Access Reach
149,1491
35.893
4,083
40,000
190.9141
11.4961
166.2051
111.4001
{1,8401
{7,3001
110,000}
152,866)
147,3241
139,4681
118,1201
141,473)
18,173}
(177,179}
11,7651
34,397
{1601
61,962
11,400
1,840
7,300
10,000
52,866
47,324
39,468
18,120
41,473
8,173
110,7721
191,952
4,001
86,526
523,705
1573,7581
36,473
28

Collage Arts.
Company Limited by Guarantse
Notes to the Financial Statements (conttnued)
Year ended 31 December 2023
23. Analysis of net assets between funds
Unreslricled
Funds
Reslricled Total Funds
Funds
2023
Tangible fixed assets
Current assets
Creditors less than 1 year
Creditors greater than 1 year
Net assets
715,659
400,492
1688,2011
1201,3821
226,568
715,659
432,057
1688,2011
1201,3821
258.133
31,565
31,565
Unreslricled
Funds
Restricted Total Funds
Funds
2022
Tangible fixed assets
Current assets
Creditors less than 1 year
Creditors greater than 1 year
Net assets
733,809
457,491
(900,8561
1208,7201
81,724
733,809
493,964
1900,856)
1208,7201
118,197
36,473
36,473
24. Post balance sheet event
The charity has been overcharged by electricity supplier in previous years. The reclaim is under
process and the charity received £26,000 in the year ended 31st December 2022. 11 is expected
that charity is likely to receive further refund in excess of £100,000. Al this stage il is not probable
hence no adjuslmenl has been provided for additional refund in the financial slatemenls.
25. Analysis of changes in net debt
Al
At
1 Jan 2023 Cash flows 31 Dec 2023
Cash at bank and in hand
Bank overdrafts
Debt due within one year
Debt due after one year
104
19,4391
165,473}
1114,5371
1189,345}
23.011
1,356
17,898
16,72S
58,991
23,115
18,083)
147,5751
197,81 fj)
1130,364)
29