Create Space London
Trustees’ Report and Accounts
For the Period Ending 29 March 2023
Registered company number: 08846726
Registered charity number: 1166043
Registered office: 80 Daws Lane, London, United Kingdom, NW7 4SE
Create Space London
Trustees Report for the year ended 29[th] March 2023
Introduction
The Directors, henceforth referred to as Trustees, present their report and the financial statements of Create Space London (referred to as the “Charity” in the remainder of this report) for the period ended 29 March 2023. The financial statements have been prepared in accordance with the accounting policies and comply with the Charities Act 2011, the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP) effective 1 January 2015 and applicable UK Accounting Standards (UK GAAP).
Chair’s Report
CSL has gone through a significant amount of change since the accounting period in scope of this report. Of note is the appointment of several trustees later in the year, placing material reliance on the charity’s management team to supply the information contained in this report. In my view, there is still work to do for the board of trustees to feel that they have sufficient information and understanding of the charity, to support it effectively.
Being a new trustee myself, I would like at this stage to provide the following observations:
First and foremost, I applaud the CSL management team for the energy and dedication they have put into the charity and wellbeing of its members over this reporting year, particularly in the context of severely limited human resources, as well as unprecedented practical and financial challenges.
Our focus now should be to restore a secure financial position for the charity, and I am encouraged to see that, despite an adverse annual result, a monthly surplus has been reported monthly more recently.
Moreover, The Charity is now supported by a fuller, diverse board of trustees, which should help in improving its governance, understanding of key risks, strategic direction and support needs.
I am keen that CSL establishes a confident and clearer sense of its strategic direction, opportunities and plans for the coming years, so that it can continue supporting its users and the wider communities surrounding them.
I am thankful to the CSL management team, accounting team and other trustees for their support and invaluable feedback in collating this annual report.
Our Public Benefit
At Create Space London (CSL) we are proud to provide affordable space, open access workshops and communal facilities. We cater for professionals and hobbyists alike and encourage people to
2
Create Space London
Trustees Report for the year ended 29[th] March 2023
experiment with pursuing their creative and entrepreneurial ambitions in an affordable, supportive and energising environment.
“Great art and culture inspires us, brings us together and teaches us about ourselves and the world around us. In short, it makes life better.” The Arts Council.
In alignment with the above guiding principle, our aims are:
-
Education (of all types and at all levels) in the fields of the visual, creative and applied arts, design and technology;
-
The provision of studios, workshops, galleries and other places where art and innovation may be practised, created or exhibited;
-
The provision of facilities for the education and the practice of art and design in an inclusive, inspiring, inviting community environment.
Educationally, CSL runs skills inductions and teaches industry-led processes to members who are interested, such as ceramics, screen printing and general fabrication. Our vision is to develop new and engaging courses to further develop our members’ creative processes.
CSL offers studios and all-inclusive workspaces at “lower-than-market” prices to individuals and companies working in the creative sector. Careful consideration has been taken into account for the accessibility of those on low income, offering opportunities to a broad range of people by providing them with facilities to develop their creative skills.
The shared facilities of the charity have both direct and indirect benefits. Creative engagement enriches the lives of participants. The environment is inclusive, supportive, educational and developmental, sharing expensive machinery, equipment and resources. These activities create a social capital that engages a loyal community. In turn, this community shares and promotes a common identity which attracts more people of all ages, contributing to the quality of life of the people in the Boroughs of Barnet and Brent.
Achievements and Performance
Closure of the Willesden site
The major change for CSL this year has been the closing of one site and the opening of another. More specifically, due to financial issues, in respect to energy and rental increases, along with general use issues seen from post-COVID engagement (see “Key Risks and Uncertainties”), the Willesden site was closed.
Opening of the new Wembley site
This new site established a new direction for CSL, placing focus on facilities that were more inline with the dynamic nature of the creative industry and the temporary nature of the premises. Because of this new dynamic, facilities such as ceramics and screenprinting were deemed unsuitable due to their bulk and supportive facilities such as cleaning, and equipment was sold through multiple avenues, with the finances feeding back into the CSL’s financial stream. The design of this new route
3
Create Space London
Trustees Report for the year ended 29[th] March 2023
for CSL meant the establishment of a flexible small general workshop and a range of CNC facilities in Wembley.
Resolution of Mill Hill site issues
In respect of our other site in Mill Hill, although general member retention has been good, multiple problems have arisen. There has been an issue with the roof, which is the responsibility of Barnet Council. After several months it was agreed that they would repair the areas of issue and after 9 months in total the issue was resolved. Financial loss from our perspective was caused by one empty space and a reduction for 2 other studios.
Another major issue was the heating system, which is also the responsibility of the council. This failed and was not fixed for 6 months over the winter period, which meant that members were heating their spaces with electrical oil heaters. The loss from our perspective was caused by the electrical costs incurred, which placed CSL in debt with the electricity company. The boiler has now been fixed and the debt has been placed under a repayment schedule.
Overall, although the above issues caused a range of monetary and retention problems, Mill Hill as a site is now in a stronger place than before. All studios are occupied, with a more efficient boiler and a new large roof section which is less prone to weather-related issues over the next few years.
Improvements in Management Practices and Governance
Delfin Ortiz and Mark Lowman, who both work as PAYE Managerial staff, with assistance from Daniel Moseley in a self-employed capacity, have allowed CSL to run more efficiently.
Both sites have been streamlined, with lighting fixed, security increased and historical waste removed, and studio occupancy has been kept at a maximum rate, even with the aforementioned issues seen. All staff have worked to maximise capacity in Mill Hill and establish Wembley, which took 4 months to break even.
This move to a more professional management approach has allowed CSL to retain and enhance ownership of both sites. In Mill Hill, certain individuals had accrued debt through lack of payment. Through the actions undertaken by our solicitors, we attempted to recover the monetary amount back, although legally unsuccessful, and through the issue of Tort notices cleared the spaces for new licensees to minimise further loss. A policy of payment is now in position, that will prevent the accrue of debt occurring again. More specifically, individuals are invoiced at the start of each month, a warning is sent if this is not paid in the first 2 weeks, and a licence termination is given if no payment is received by the end of the third week.
Along with the managerial run elements, this year there has been a fluctuation in trustees. At the start of the year we had four trustees, but due to personal circumstances and conflicts of interest, three resigned. Through word of mouth we registered a second trustee with Companies House, so within this report term both Lawrence Rose and Robin Moseley are both registered trustees. An
4
Trustees Report for the year ended 29[th] March 2023
Create Space London
advert was written and distributed to find further suitable individuals which reflect our members' demographic.
Marketing
With respect to promotion, a new website was built, logo designed and social media presence reformed. All of these have been linked to produce a more cohesive brand, which we believe has allowed our charity to draw new members with a broader level of profession, along with a better sense of belonging.
Finally, during this period CSL has been continuing to review and visit new sites, such as one in Dalston and Barbican, whilst establishing links with new guardian companies. Parameters of appropriateness have been established, predominantly reviewing sites in North and West London with a minimum size to establish 10 studios, for managerial ease, allowing CSL to streamline its search, but currently to no avail.
FINANCIAL REVIEW
Result for the year
For the year ended 29[th] March 2023, the Charity recorded a deficit of £20,037 (2022 - surplus of £18,455) and a closing general funds reserve of £3,567 (2022 - £23,604).
As explained in this report, the deficit for the year arose primarily following a very significant increase in the rent at the Willesden site along with increasing energy costs. The Trustees therefore had to close the Willesden site as it was no longer financially viable.
In addition, two users of our Mill Hill centre did not pay rent to us at a loss of income to CSL of approximately £5,600 in the year.
The Charity is operating with a small monthly surplus in the current year (2023/24) to date.
Key Risks and Uncertainties
Temporary sites
Currently both our sites are under ‘meanwhile’ licence agreements, with little information concerning the term. Due to the aforementioned works in Mill Hill and the financial outlay involved, we believe that this site is fairly secure, in respect to tenancy, for the next two years. In respect to Wembley, little information is known but we have continual contact with the property management, which will minimise any notice lag.
5
Create Space London
Trustees Report for the year ended 29[th] March 2023
Dispute with landlord
In respect of our previous site in Willesden, there is a dispute with the landlord. Specifically, the landlord requested financial reimbursement for legal costs incurred due to a previous CSL volunteer not moving out of the premises. Our insurers’ solicitor believes the request has no merit. No formal claim has been made and the Trustees consider that neither a provision nor a contingent liability note is necessary. In the unlikely event of a claim, the Trustees consider it a risk covered by our insurers.
Resources and workloads
Operating personnel numbers are currently at three, and due to the use of managerial communication tools and more rigorous methodologies, this makes day to day work loads manageable.
Reserves Policy
The Trustees are aware of the need to develop a reserves policy, and will do so when the Charity has reached a suitable stage in its development.
Going Concern
The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Priorities for Future Periods (placed in order of importance)
-
Find and establish new sites, establishing between four and five to place CSL in a strong financial position and to support more creative practices and individuals.
-
Implement new and varied classes and courses. We hope to have these exciting new courses operational and fully running within the next two years.
-
Establish new artist residency programs.
-
Form established research avenues for current creative practitioners.
-
Host a more regular Open Studios programme, skills workshops such as life drawing and craft markets.
-
Continue the good relationships we have already fostered and establish new links with Councils, property guardian companies and development agencies.
-
Improve the community bonds between our members.
-
Commission artists to paint murals and hang work within the communal areas and workshops to enhance user experience. Making the charity a visually more appealing and inspiring place to work and visit.
6
Create Space London
Trustees Report for the year ended 29[th] March 2023
On behalf of the Trustees,
Karen Topp, Chair
22 November 2023
Directors/Trustees* Kathryn Bock Appointed 7 August 2023 Katrina Broder Appointed 7 November 2023 Matt Dennis Resigned 29 September 2022 Paula Hodges Resigned 30 September 2022 Robin Moseley Appointed 13 January 2023 Lawrence Rose Afolabi Spence Resigned 1 October 2022 Karen Topp Appointed 7 August 2023
*Trustees of the Charity are also known as Directors of the company.
7
Create Space London
Financial Statements for the year ended 29 March 2023
Registered Charity number: 1166043
Company number: 08846726
Create Space
Financial statements for the year ended 29 March 2023
CONTENTS
| Pages | |
|---|---|
| Directors/Trustees | 2 |
| Independent examiner’s report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6-13 |
Directors/Trustees*
| Kathryn Bock | Appointed 7 August 2023 |
|---|---|
| Katrina Broder | Appointed 7 November 2023 |
| Matt Dennis | Resigned 29 September 2022 |
| Paula Hodges | Resigned 30 September 2022 |
| Robin Moseley | Appointed 13 January 2023 |
| Lawrence Rose | |
| Afolabi Spence | Resigned 1 October 2022 |
| Karen Topp | Appointed 7 August 2023 |
*Trustees of the Charity are also known as Directors of the company.
The accompanying Trustees' Report includes the information required for the Directors' Report required by company law.
2
Create Space London
Independent Examiner's Report - 29 March 2023
Report to the Trustees of Create Space London on the financial statements of the Charitable Company ("the Company") for the year ended 29 March 2023 set out on pages 4 to 13.
Responsibilities and basis of report
I report to the Charity's Trustees on my examination of the accounts of the Company for the year ended 29 March 2023.
As the Trustees of the Company (and also the directors of the Company 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 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 your charity’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
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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
Signed: DA EATON 22 November 2023
David A Eaton FCA Eaton & Co Chartered Accountants and Consultants
The Cedars, School Lane, Great Barton, Bury St Edmunds, Suffolk IP31 2RQ
3
Create Space London
Statement of Financial Activities (including income and expenditure account) For the period ended 29 March 2023
| Unrestricted funds Total Funds Note £ £ Income from: Activities for generating funds 2 117,632 117,632 Total income 117,632 117,632 Expenditure on: Charitable activities 3 137,669 137,669 Total expenditure 137,669 137,669 Net income and net movement in funds for the year (20,037) (20,037) Reconciliation of funds: Total funds brought forward 23,604 23,604 Total funds carried forward 3,567 3,567 Year ended 29 March 2023 |
Year ended 29 March 2022 | Year ended 29 March 2022 |
|---|---|---|
| Unrestricted funds £ 147,924 147,924 129,469 129,469 18,455 5,149 23,604 |
Total Funds £ 147,924 |
|
| 147,924 | ||
| 129,469 | ||
| 129,469 | ||
| 18,455 5,149 |
||
| 23,604 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses during the year.
Page 4
Create Space London Balance Sheet For the period ended 29 March 2023
| Note Fixed assets: Tangible assets 8 Current assets: Debtors 9 Cash at bank and in hand Liabilities: Creditors: amounts falling due within one year 10 Net current liabilities Total net liabilities The funds of the charity: Unrestricted funds 11 Total charity funds |
£ £ 5,116 5,116 3,915 14,197 18,112 19,661 (1,549) 3,567 3,567 3,567 29 March 2023 |
29 March 2022 | 29 March 2022 |
|---|---|---|---|
| £ 3,915 14,197 18,112 19,661 |
£ 800 35,740 36,540 28,675 |
£ 15,739 |
|
| 15,739 7,865 |
|||
| 23,604 | |||
| 23,604 | |||
| 23,604 |
The Directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
The accounts were approved by the Board of Trustees on 22 November 2023.
Signed: K TOPP Signed: R MOSELEY Karen Topp Robin Moseley Chair of Trustees Treasurer Create Space London Create Space London 22 November 2023 22 November 2023
Company Registered No: 08846726
Page 5
Create Space London Notes to the Financial Statements For the period ended 29 March 2023
1 Accounting Policies
Create Space London is a charitable company limited by guarantee and is incorporated in England and Wales. The registered office address and principal place of business is 80 Daws Lane, London, England, NW7 4SE.
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
In applying the financial reporting framework, the Trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.
The functional currency is the British Pound.
b) Public benefit entity
The charitable company meets the definition of a public benefit entity under FRS 102.
c) Going concern
The accounts have been prepared on a going concern basis.
The Trustees have drawn up forecasts which show that, at the current level of rental and membership income, they expect that the Charity will be able to meet its debts as they fall due.
These expectations are based on the assumption that the Charity will be able to continue its operations at its current two centres, both of which are subject to short-term letting arrangements.
If for any reason the current expected level of income was not available, the Charity would need to seek alternative sources of income to ensure its continuation as a going concern.
The financial statements do not include the adjustments which would result if the Charity was unable to continue as a going concern.
The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
Page 6
Create Space London Notes to the Financial Statements For the period ended 29 March 2023
d) Income
Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
e) Donations of gifts, services and facilities
Donated professional services and donated facilities are recognised as income when the Charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the Trustees’ annual report for more information about their contribution.
On receipt, donated gifts, 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.
f) Fund accounting
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
There are no restricted funds in the current year or the previous period.
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. Expenditure is classified under the following activity headings:
i) Expenditure on charitable activities:
ii) Other expenditure: this represents those items not falling under any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
h) Allocation of support costs
Resources expended are allocated to the particular activity where the cost relates directly to that activity, for example energy costs. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs, is apportioned on the basis of an estimate of staff time, attributable to each activity.
Governance costs, one of the support costs, are the costs associated with the governance arrangements of the Charity. These costs relate to constitutional and statutory requirements and include any costs associated with the strategic management of the Charity’s activities as well as professional fees such as independent examination fees.
i) Operating leases
Rental charges are charged on a straight line basis over
j) Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
Page 7
Create Space London Notes to the Financial Statements For the period ended 29 March 2023
k) Tangible fixed assets
Assets over £250 are capitalised at cost. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. Depreciation rates will be determined when the first asset purchases are made.
l) 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.
m) 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. They are held to meet short term cash commitments as they fall due.
n) Creditors and provisions
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.
o) Financial Instruments
The Charity 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 measured at amortised cost using the effective interest method.
p) Critical accounting estimates and judgements
In the application of the charitable company's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
No critical accounting estimates were made in the year to 29 March 2023 (2022 - None).
Page 8
Create Space London Notes to the Financial Statements For the period ended 29 March 2023
2 Activities for generating funds
| Activities for generating funds | |||
|---|---|---|---|
| Studio hires and ancilliary income Covid grants |
Year ended 29 | Total Funds £ 117,632 - 117,632 March 2023 |
Year ended 29 March 2022 |
| Unrestricted funds £ 117,632 - 117,632 |
Unrestricted funds Total Funds £ £ 114,723 114,723 33,201 33,201 147,924 147,924 |
3. Analysis of expenditure on charitable activities
| Activities undertaken directly Staffing and subcontractors Other direct costs Support costs (note 4) |
Year ended 29 | Total Funds £ 48,009 77,895 125,904 11,765 137,669 March 2023 |
Year ended 29 March 2022 |
|---|---|---|---|
| Unrestricted funds £ 48,009 77,895 125,904 11,765 137,669 |
Unrestricted funds Total Funds £ £ 48,619 48,619 67,711 67,711 116,330 116,330 13,139 13,139 129,469 129,469 |
During the year the Charity had one class of activity, the hire of artisan space.
4. Analysis of support costs
| Governance (see below for analysis) Other Total Governance costs are made up of: Accountancy and financial management Independent examination Legal and professional fees |
Unrestricted funds Total Funds Unrestricted funds Total Funds £ £ £ £ 4,000 4,000 4,500 4,500 7,765 7,765 8,639 8,639 11,765 11,765 13,139 13,139 2,000 2,000 2,500 2,500 2,000 2,000 2,000 2,000 - - - - 4,000 4,000 4,500 4,500 Year ended 29 March 2023 Year ended 29 March 2022 |
|---|---|
Page 9
Create Space London Notes to the Financial Statements For the period ended 29 March 2023
| 5 Net income for the period This is stated after charging: Depreciation Operating lease rentals: Property 6 Staff costs were as follows: Subcontractors Salaries & pension contributions The charity had two employees in the year (2022 - Two). Analysis of staff costs, trustee remuneration and expenses, and the cost of key |
Year ended 29 March 2023 Year ended 29 March 2022 £ £ 8,123 3,123 42,114 18,550 £ £ 8,946 9,313 39,063 39,306 48,009 48,619 |
|---|---|
Key Management Personnel is made up of two centre managers both of whom work on a partly voluntary basis. Salaries and related costs totalling £39,063 were paid to them during the year (2022 - £39,306).
The Charity's Trustees were not paid and did not receive any benefits from employment with the Charity in the year (2022 - £Nil). The Trustees did not have any reimbursement of expenses (2022 - Nil). No Charity Trustee received payment for professional or other services supplied to the Charity (2022 - £Nil).
7 Taxation
The charitable company is exempt from Corporation Tax as all its income is charitable and is applied for charitable purposes.
Page 10
Create Space London Notes to the Financial Statements For the period ended 29 March 2023
8 Tangible Fixed Assets
| Fixtures and fittings £ Cost At the start of the period - Additions during the period - Disposals in period - At the end of the period Depreciation At the start of the period - Charge for the period - Eliminated on disposal - At the end of the period Net book value At the end of the period - At the beginning of the period - 9 Debtors Deposits paid to landlords Other debtors 10 Creditors: amounts falling due within one year Trade creditors Accruals Loans Loans from Directors Loans from Management Studio deposits Other creditors |
Plant and equipment Total £ £ 31,231 31,231 - - (5,000) (5,000) 26,231 26,231 15,492 15,492 8,123 8,123 (2,500) (2,500) 21,115 21,115 5,116 5,116 15,739 15,739 29 March 2023 29 March 2022 £ £ 3,915 - - 800 3,915 800 29 March 2023 29 March 2022 £ £ - - 9,500 10,880 - 1,416 - 1,162 - - 9,195 13,423 966 1,794 19,661 28,675 |
|---|---|
Page 11
Create Space London Notes to the Financial Statements For the period ended 29 March 2023
11 Movements in funds
| Current period Total - unrestricted funds Prior Period Total - unrestricted funds 12 Reconciliation of net income to net cash flow from Net income for the reporting period Depreciation charges Disposal of fixed assets (Increase) Decrease in debtors (Decrease) Increase in creditors Net cash provided by operating activities 13 Analysis of cash and cash equivalents Cash at bank and in hand Total cash and cash equivalents |
At the start of the period Incoming resources £ £ 23,604 117,632 5,149 147,924 operating activities |
Outgoing resources At the end of the period £ £ 137,669 3,567 129,469 23,604 Year ended 29 March 2023 Year ended 29 March 2022 £ £ (20,037) 18,455 8,123 3,123 2,500 - (3,115) - (9,014) (1,173) (21,543) 20,405 29 March 2023 29 March 2022 £ £ 14,197 35,740 14,197 35,740 |
|---|---|---|
14 Capital commitments
At the balance sheet date, there were no capital commitments (2022 - £Nil).
15 Contingent assets or liabilities
At the balance sheet date, the there were no contingent assets or liabilities (2022 - £Nil).
Page 12
Create Space London Notes to the Financial Statements For the period ended 29 March 2023
16 Legal status of the charity
The Charity is a company limited by guarantee and has no share capital. The Company is incorporated in England and Wales registration number 08846726 .The liability of each member in the event of winding up is limited to £1.
The registered office of the company is 80 Daws Lane, London, United Kingdom, NW7 4SE.
Page 13
Create Space London
Independent Examiner's Report - 29 March 2023
Report to the Trustees of Create Space London on the financial statements of the Charitable Company ("the Company") for the year ended 29 March 2023 set out on pages 4 to 13.
Responsibilities and basis of report
I report to the Charity's Trustees on my examination of the accounts of the Company for the year ended 29 March 2023.
As the Trustees of the Company (and also the directors of the Company 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 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 your charity’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
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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
Signed: DA EATON 22 November 2023
David A Eaton FCA Eaton & Co Chartered Accountants and Consultants
The Cedars, School Lane, Great Barton, Bury St Edmunds, Suffolk IP31 2RQ
1