# **ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024** ## **CROYDON WITH TALENT LTD** **(A COMPANY LIMITED BY GUARANTEE)** **COMPANY REGISTRATION No: 09735047** **CHARITY REGISTRATION No: 1170374** Castle View Accounting Ltd Ground Floor Offices 53 High Street Arundel West Sussex BN18 9AJ **CROYDON WITH TALENT LTD (A COMPANY LIMITED BY GUARANTEE)** ||**CONTENTS**| |---|---| |Page 3|Legal & Administrative Information| |Pages 4 to 6|Report of the Directors| |Page 7|Statement of Financial Activities| |Page 8|Balance Sheet| |Pages 9 to 16|Notes to the Financial Statements| |Page 17|Independent Examiner's Report| 2 ## **CROYDON WITH TALENT LTD** **(A COMPANY LIMITED BY GUARANTEE)** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **CHARITY NUMBER** 1170374 **COMPANY REGISTRATION NUMBER** 09735047 **DATE OF INCORPORATION** 16th August 2015 **START OF FINANCIAL YEAR** 1st September 2023 **END OF FINANCIAL YEAR** 31st August 2024 **DIRECTORS AT 31ST AUGUST 2024** Samuel Facey Lois Facey Vieta McKenzie David Prince ## **GOVERNING DOCUMENT** Memorandum and Articles of Association Incorporated 16th August 2015 and as Amended by Special Resolutions Dated 17th November 2016. ## **OBJECTS** To advance in life and help young people through: **a)** The provision of after school creative arts activities for young people ages 14 -19 and leisure time activities provided in the interest of social welfare, designed to improve their condition of life. **b)** Providing support and activities which will develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals. **REGISTERED ADDRESS** 37-39 St Georges Walk Croydon Surrey CR0 1YL **PRIMARY BANKERS** Barclay Bank Plc 1 Churchill Place London E14 5HP **INDEPENDENT EXAMINERS** Castle View Accounting Ltd Ground Floor Offices 53 High Street Arundel West Sussex BN18 9AJ 3 ## **CROYDON WITH TALENT LTD** ## **(A COMPANY LIMITED BY GUARANTEE)** ## **REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST AUGUST 2024** The trustees present their report with the financial statements of the charity for the year ended 31 August 2024. ## **Objectives & Activities** Objectives and activities Summary of the purposes of the charity as set out in its governing document; the objects of the Charity are: To advance in life and help young people through; a) The provision of after school creative arts activities for young people ages 14 -19 and leisure time activities provided in the interest of social welfare, designed to improve their condition of life. b) Providing support and activities which will develop their skills , capacities and capabilities to enable them to participate in society as mature and responsible individuals. Croydon With Talent is an organisation that uses creative arts as tool of engagement. Croydon With Talent owns The Front Room a multi-purpose performing arts venue in Croydon. The space is used for theatrical production-rehearsals, theatrical performances, band rehearsals, tv productions, education & training, conferences, live recordings, spoken word events, exhibitions, live recordings, musical showcases and concerts. The space features a recording studio and has seating for100 or 240 standing. ## **Our Aims** To create learning opportunities for young people To promote creative arts through music, theatre, spoken word and education. To provide opportunities for young people to obtain industry recognised qualifications and gain further experience. To offer innovative theatre that embraces local and global communities, nurture and present work that is inclusive and inspirational. To develop a venue that is renowned for its intimacy, atmosphere & quality To become part of the national fringe theatre touring circuit The provision of after school creative arts activities for young people ages 14 -19 and leisure time activities provided in the interest of social welfare, designed to improve their condition of life. Providing support and activities which will develop their skills , capacities and capabilities to enable them to participate in society as mature and responsible individuals. ## **Chairman's Notes** We offer a heartfelt vote of thanks to our dedicated workshop leaders, volunteers, and repeat users for your unwavering commitment, hard work, and kind words. Your support has been invaluable, and we Salute You! The trustees present their report with the financial statements of the charity for the year ended 31 August 2024. Objectives and activities Summary of the purposes of the charity as set out in its governing document; We hope through what we do it will help promote, encourage, educate and further develop appreciation and enjoyment of access to and participation in the arts, culture and heritage. The Trustees look forward to solidifying the aims and objectives of the charity and to providing mentorship to the next generation of young creatives in Croydon. 4 **(A COMPANY LIMITED BY GUARANTEE)** ## **CROYDON WITH TALENT LTD** ## **REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31ST AUGUST 2024** ## **Achievements & Performance** The start of 2023-24 saw an uneven recovery from the financial pressures, effects and challenges of the COVID-19 pandemic. Croydon’s night time economy has been experiencing difficulties with factors like crime rates, perceptions of safety and changes in customer habits contributing to a decline in footfall and business. Uncertainty amongst promoters again dampened seasonal revenues. While external commercial bookings for rehearsals and music video filming held up and exceeded expectations, private event bookings remained significantly below pre-pandemic levels. Classes and workshops also struggled and some regular annual events were cancelled. During the year, our community ‘Arts Me’ arts activities for young people continued to gain momentum. Music remained a central engagement tool, core to our ongoing commitment. Additionally, the consistency of the Foreign Praise vocal workshops - both online and in person, played a vital role in reconnecting people and raising awareness of the space, whilst supporting good Mental Health. This foundation has enabled the development of new writing workshops, from which local and emerging artists created - wrote/produced original songs and theatrical scripts. Brand new musical pieces for the stage production A Dream Across The Ocean have been written. A new script called Sunday is in the making. Support for local artist Roger Samuels live recording were significant highlights. The formation of 'Front Room Radio’, a 24/7 community online radio platform was another significant achievement. Front Room radio provides a space for young artists and musicians to share their voices and showcase original music across genres including jazz, soul, funk, fusion, gospel, afrobeats through programmed content. In the last year the station has broadcast to 98 countries around the world; with 45,000 worth of listening hours. This platform was created by participants of the ‘ARTS ME’ activities. ## **Front Room Space** The vision of musicians and life-long friends Samuel Facey and Dave Prince. The Front Room is a multi-purpose performing arts space located in central Croydon. The space is used for live music events, rehearsals, meetings, theatrical performances, spoken word events, education and private functions. The Front Room is a member of the Croydon Enterprise Zone consortium and a leading partner in the Croydon Music City initiative supporting new emerging musical artists. It is the main grassroots small scale music venue within the Croydon Borough. The space benefits from a bespoke audio system install provided by independent UK manufacturer AARONB and lighting provided by locals Are-events512. Hire revenue from the space is crucial in supporting the charities aims and objectives. Hire revenue from the space is crucial in supporting the charities aims and objectives. The space was supported tremendously during this accounting period by repeat users such as; Syrus Consultancy, Croydonites Festival, Astep Forward, GSPA, Light London, Croydon Composers, PCU, Busyboys Studios. ## **Future Plans** To support and expand our in-house programming following Croydon's designation as the 2023 London Borough of Culture. Further develop ‘front room’ radio by expanding its content and reach. Relaunch our 'Front Room' sessions, a high-quality jazz fusion music night showcasing top local talent. Launch of our Urban comedy nights. 5 CROYDON WITH TALENT LTD (A COMPANY LIM￿ED BY GUARANTEEI REPORT OF THE DIRECTORS (Continued) FOR THE YEAR ENDED 31 ST AUGUST 2024 stru￿Ure. Governance & Management Governing Document. Memorandum and Artides of Association ir￿pOrated 18th August 2015 and as Amended by Special Resolutions dated 17th November 2016. Recruitment and Appolntmenl of New Trustees Existing trustees nominate and appoint new trustees based on their specffic ski1Ss and knOW￿dge, enabling them to contribute effectNety to the charitys management. Organisational Structure The Board has estaEAished a number of group5 a￿1 ccffimittees with specific Temis of Reference to assist in providing oversight and constructive challenge. These currently include artistic develowient & aLKJience engagement group. and fundraising group. These groups will continue to evolve as needs change. Trustees are mindful of their responsibilrbes and review risk on a regular basis. The truslees have considered the broad areas of risk for the chartty and have put in place certain measures to mitigate or negate these risks. This is kept under review and specialist advice is si)ught where necessary. Statement of Directors. Re$pon$ibilitie$: The Charities Act and the Companies Act require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of Ihe stste of affairs of the charity as at the end (If the financial year and of the surplus or deficrt of the charity. In preparing those financial stalements the Board is required to:. select suitsble accounting policies and then appty them consistendy, b} make judgements arKI estimates that are reasonable and prudenL prepare the financial statements on the going basis unless f( is inappropriate to presume that the charity will continue in business". d) stste whether applicabSe accounting standards and ststements of recommended practice have been followed subject to any material departures disclosed aNJ explained in the financial statements. The Directors are also responsible for maintaining adequate accounting records which disck)se wtth reasonable accuracy at any time the financial posf(ion of the chartty and which are sufficient to show and explain the charitys transactions and enable them lo ensure that the financial slalements compty with the Companies Act 2006 and comply with regulations made under the Charities ACL They 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 Directors are also responsible for the contents of the Directors, report. and the responsibilty of the independent examiner in relation lo the Directors, report is limtted to examining the report and ensuriro that on the face of the report there are no incOn￿stenc1es with the figures disck)sed in the financial statemen These accounts have been prepared in accordance with the prowsions applicable to companies subject to the small companies regime. l approve the attached ststement of financial aclivf(ies and balance sheet for th8 year ended 31st August 2024 and confirm that I have made availabk all inf0m1at￿n necessary for its preparation. Approved bythe Directorsonthe................. ........................... Signed on their behoff by Director .......................... Printed Name: ## **CROYDON WITH TALENT LTD** ## **(A COMPANY LIMITED BY GUARANTEE)** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2024** ## **(Incorporating Income and Expenditure Account)** |**Notes**
**INCOMING RESOURCES**
**Incoming Resources from Generated Funds**
Donations, Grants & Legacies
**3a**
Investment Income
**3b**
Activities for Generating Funds
**3c**
Other Incoming Resources
**3d**
**TOTAL INCOMING RESOURCES**
**RESOURCES EXPENDED**
**Cost of Generating Funds**
Charitable Activities
**4a**
Governance Costs
**4b**
**TOTAL RESOURCES EXPENDED**
**NET INCOMING/ (OUTGOING) RESOURCES**
Balance Brought Forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
**2023/24**
**2022/23**
£
£
£
£
19,112
-
19,112
9,760
9
-
9
1
73,059
-
73,059
56,277
816
-
816
95
**92,996**
**-**
**92,996**
**66,133**
95,003
-
95,003
58,893
2,743
-
2,743
1,126
**97,746**
**-**
**97,746**
**60,019**
**(4,750)**
-
**(4,750)**
**6,113**
11,936
-
11,936
5,823
**7,186**
**-**
**7,186**
**11,936**| |---|---| Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing. The notes on pages 9 to 16 form part of these financial statements. 7 ## **CROYDON WITH TALENT LTD** ## **(A COMPANY LIMITED BY GUARANTEE)** ## **BALANCE SHEET AS AT 31ST AUGUST 2024** |**Note**
**Fixed Assets**
Tangible Assets
**2**
Investments
**6**
**Current Assets**
Debtors & Prepayments
**8**
Cash at Bank and in Hand
**7**
**Total Current Assets**
**Creditors:**Falling due within one year
**9**
**NET CURRENT ASSETS**
**Creditors:**Falling due in more than one year
**10**
**TOTAL ASSETS**less current liabilities
**NET ASSETS**
**Funds of the Charity**
General Funds
Restricted Funds
**5**
**Total Funds**|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
**31-Aug-24**
**31-Aug-23**
£
£
**£**
**£**
7,097
-
7,097
9,463
2,324
-
2,324
3,400
**9,422**
**-**
**9,422**
**12,863**
-
-
-
-
1,764
-
1,764
4,553
**1,764**
**-**
**1,764**
**4,553**
1,200
-
1,200
1,080
564
-
564
3,473
2,800
-
2,800
4,400
**7,186**
**-**
**7,186**
**11,936**
**7,186**
**-**
**7,186**
**11,936**
7,186
-
7,186
11,936
-
-
-
-
**7,186**
**-**
**7,186**
**11,936**| |---|---| ## **Directors' Responsibilities:** The Directors are satisfied that for the year ended on 31st August 2024 the charitable company was entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that no member or members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act. However, in accordance with section 145 of the Charities Act 2011, the accounts have been examined by an Independent Examiner whose report appears on page 17. The Directors acknowledge their responsibility 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 in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). The Directors acknowledge their responsibility for ensuring that the company keeps proper accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company. Approved by the Directors on the …………………………………29th May 2025…………………………………………………… Signed on their behalf by Director ……………………………………………………………………………………………………… Printed Name: Samuel Facey 8 CROYDON WITH TALENT LTD {A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31ST AUGUST 2024 Unrestricted Restricted Funds Funds TOTAL TOTAL 31.Aug.24 31.Aug.23 Note Fixed Assets Tangible Assets Investments 7,097 2,324 9,422 7,097 2,324 9N22 9.463 3,400 12.863 Current Assets Debtors & Prepayments Cash at Bank and in Hand 1.764 1.764 4,553 Total Currant Assets 1.764 1.764 4.553 Creditors: Falling due within one year 1.21)0 1,200 1,080 NET CURRENT ASSETS 564 3.473 Credltors: F811ing due in more than one year 10 2.800 2,800 4,400 TOTAL ASSETS less current liabilrbes 7,186 7.186 11.936 NET ASSETS 7,186 7.186 11.936 Funds of the Charity General Funds Restricted Funds 7.186 7.186 11.936 Total Funds 7.186 7.186 11,936 Directors. Rosponsibilitios: The Directors are satisfied that for the year ended on 31st August 2024 the charitable company was entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that no member or members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act. However. in accordance wtth section 145 of the Chartties Act 2011. the accounts have been examined by an IrKlependent Examiner whose rewrt appears on page 17. The Directors acknowledge their responsibility for comp￿n9 with the requirements of the Companies Act 2006 with respect to accounting records and the preparat￿n of accoun The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102). The Direelors aeknowledge th￿r responsibilty for ensuring that the company keeps proper accounting records which compty with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of tts profit and bss for the financial year in accordance with the reqvirements of sections 394 and 395 and which othetwise compty with the requirements of the Companies Act 2006 relating to accounts. so far as applicable to the company. Approved bythe Directors on the ............... . Signed onthe1rbeha￿bYOIreCt0r......................-........................... Printed Name: **(A COMPANY LIMITED BY GUARANTEE)** ## **CROYDON WITH TALENT LTD** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of Preparation & Assessment of Going Concern** ## **Basis of Preparation** The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2015) (Second Edition, effective 1st January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011. The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes. ## **Assessment of Going Concern** Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. ## **Incoming Resources** ## _**Recognition of Incoming Resources**_ These are included in the Statement of Financial Activities (SOFA) when: ▪ the charity becomes entitled to the resources; ▪ the Directors are virtually certain they will receive the resources; and ▪ the monetary value can be measured with sufficient reliability ## _**Incoming Resources with Related Expenditure**_ Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA. ## _**Grants and Donations**_ Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources. ## _**Tax Reclaims on Donations and Gifts**_ Incoming resources from tax reclaims are included in the SOFA in the same financial period as the gift to which they relate. ## _**Contractual Income and Performance Related Grants**_ This is only included in the SOFA once the related goods or services has been delivered. ## _**Gifts in Kind**_ Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable. ## _**Donated Services and Facilities**_ These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received. ## _**Volunteer Help**_ The value of any voluntary help received is not included in the accounts but is described in the Directors' annual report. ## _**Investment Income**_ This is included in the accounts when receivable. ## _**Investment Gains and Losses**_ This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. 9 **(A COMPANY LIMITED BY GUARANTEE)** ## **CROYDON WITH TALENT LTD** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2024** ## **1. ACCOUNTING POLICIES (Continued)** ## **Expenditure and Liabilities** ## _**Liability Recognition**_ Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. ## _**Governance Costs**_ Include costs of the preparation and examination of statutory accounts, the costs of the Directors' meetings and cost of any legal advice to Directors on governance or constitutional matters. ## _**Changes in Accounting Policies and Previous Accounts**_ There has been no change to the accounting policies (variation rules and methods of accounting) since last year, and no changes to the previous accounts. ## _**Grants Payable without Performance Conditions**_ These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity. ## _**Taxation**_ The charity is exempt from tax on its charitable activities. ## _**Legal Status of the Charity**_ The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. ## _**Fixed Assets**_ These are capitalised if they can be used for more than one year, and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt. ## _**Investments**_ Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at Directors' best estimate of market value. ## _**Depreciation Expense**_ Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied per annum are as follows: Equipment & Fixtures & Fittings Cost 25% - Reducing Balance Basis ## **2. TANGIBLE FIXED ASSETS** |Cost
01-Sep-23
Additions
Cost at
31-Aug-24
Depreciation
01-Sep-23
Charge
Depreciation at
31-Aug-24
Net Book Value
31-Aug-24
Net Book Value
31-Aug-23|Fixture &
Equipment
**Total**
Fittings
Costs
**2023/24**
£
£
£
-
22,431
22,431
-
-
-
-
22,431
22,431
-
12,968
12,968
-
2,366
2,366
-
15,334
15,334
**-**
**7,097**
**7,097**
-
9,463
9,463| |---|---| The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31st August 2024 : None 31st August 2023 : None 10 **(A COMPANY LIMITED BY GUARANTEE)** ## **CROYDON WITH TALENT LTD** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2024** ## **3. INCOMING RESOURCES** |**a) Donations, Grants & Legacies**
Gifts & Donations
Grants Received
**b) Investment Income**
Interest
**c) Activities for Generating Funds**
Events Income
Venue Hire
**d) Other Incoming Resources**
Sundry Income|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
**2023/24**
**2022/23**
£
£
£
£
14,112
-
14,112
6,760
5,000
-
5,000
3,000
**19,112**
**-**
**19,112**
**9,760**
9
-
9
1
**9**
**-**
**9**
**1**
12,805
-
12,805
13,698
60,254
-
60,254
42,579
**73,059**
**-**
**73,059**
**56,277**
816
-
816
95
**816**
**-**
**816**
**95**| |---|---| 11 **(A COMPANY LIMITED BY GUARANTEE)** ## **CROYDON WITH TALENT LTD** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2024** ## **4. RESOURCES EXPENDED** |**a) Charitable Activities**
Advertising & Publicity
Bank Charges & Loan Interest
Cleaning Costs
Depreciation Expense
Equipment Costs
Events
Health & Safety Costs
Insurance Costs
License & Subscriptions
Office Costs
Rent & Rates
Repairs & Maintenance
Staff Costs
Stage & Theatrical Costs
Sundry Expenses
Telephone Costs
Travel & Subsistence
Utility Costs
**b) Governance Costs**
Independent Examiners Fee
Legal & Professional Fees|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
**2023/24**
**2022/23**
£
£
£
£
5,425
-
5,425
1,985
194
-
194
264
350
-
350
440
2,366
-
2,366
3,154
9,355
-
9,355
7,231
1,710
-
1,710
-
721
-
721
303
1,002
-
1,002
981
2,183
-
2,183
2,779
1,697
-
1,697
517
5,443
-
5,443
8,148
-
-
-
250
5,590
-
5,590
3,345
49,926
-
49,926
18,619
1,665
-
1,665
1,454
401
-
401
-
589
-
589
744
6,386
-
6,386
8,681
**95,003**
**-**
**95,003**
**58,893**
1,200
-
1,200
1,080
1,543
-
1,543
46
**2,743**
**-**
**2,743**
**1,126**| |---|---| 12 **CROYDON WITH TALENT LTD (A COMPANY LIMITED BY GUARANTEE)** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2024** ## **5. RESTRICTED FUNDS** The Charity held no Restricted Funds during this or the previous financial year. ## **6. FIXED ASSET INVESTMENTS** |Market Value as at 1st September 2023
Additions
Disposals
Net Gains/(Losses) on Investments
Market Value as at 31st August 2024|Unlisted
**TOTAL**
**TOTAL**
Invested
**2023/24**
**2022/23**
£
**£**
**£**
3,400
3,400
-
7,340
7,340
3,400
8,425
8,425
-
9
9
-
**2,324**
**2,324**
**3,400**| |---|---| |Market Value as at 1st September 2023
Additions
Disposals
Profit/(Loss) on Investments
Market Value as at 31st August 2024|Pentecostal
Credit
Unrestricted
Restricted
**TOTAL**
**TOTAL**
Union Ltd
Fund
Fund
**31-Aug-24**
**31-Aug-23**
£
£
£
**£**
**£**
3,400
3,400
-
3,400
-
7,340
7,340
-
7,340
3,400
8,425
8,425
-
8,425
-
9
9
-
9
-
**2,324**
**2,324**
**-**
**2,324**
**3,400**| |---|---| ## **Pentecostal Credit Union Ltd** The Charity holds unlisted investments with the Pentecostal Credit Union Ltd and the market value of the investments held stood £2,324.35 as at the 31st August 2024. 13 **(A COMPANY LIMITED BY GUARANTEE)** ## **CROYDON WITH TALENT LTD** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2024** ## **7. CASH AT BANK AND IN HAND** |Cash at Bank and in Hand
**8. DEBTORS AND PREPAYMENTS**
Sundry Debtors|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Fund
Fund
**31-Aug-24**
**31-Aug-23**
£
£
**£**
**£**
1,764
-
1,764
4,553
**1,764**
**-**
**1,764**
**4,553**
Unrestricted
Restricted
**TOTAL**
**TOTAL**
Fund
Fund
**31-Aug-24**
**31-Aug-23**
£
£
**£**
**£**
-
-
-
-
**-**
**-**
**-**
**-**| |---|---| ## **9. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Independent Examiners Fees|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Fund
Fund
**31-Aug-24**
**31-Aug-23**
£
£
**£**
**£**
1,200
-
1,200
1,080| |---|---| ||**1,200**
**-**
**1,200**
**1,080**| |**10. CREDITORS AND ACCRUALS: AMOUNTS FALLING**|**DUE IN MORE THAN ONE YEAR**| |Bank Loans|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Fund
Fund
**31-Aug-24**
**31-Aug-23**
£
£
**£**
**£**
2,800
-
2,800
4,400| ||**2,800**
**-**
**2,800**
**4,400**| |**11. ANALYSIS OF NET ASSETS BETWEEN FUNDS**|| |Tangible Fixed Assets|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Fund
Fund
**31-Aug-24**
**31-Aug-23**
£
£
£
£
9,422
-
9,422
12,863| |Net Current Assets|564
-
564
3,473| |Long Term Liabilities|2,800
-
2,800
4,400| |**TOTAL FUNDS**|**7,186**
**-**
**7,186**
**11,936**| 14 **CROYDON WITH TALENT LTD** **(A COMPANY LIMITED BY GUARANTEE)** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2024** ## **12. RECONCILIATION OF MOVEMENT ON CAPITAL AND RESERVES** The Company is Limited by Guarantee (09735047) and is a Charity registered with the Charity Commission (1170374) and does not have a Share capital and has no income subject to Corporation Tax. |**TOTAL**
**2023/24**
**£**
Profit / Deficit for the financial year
(4,750)
Other Recognised Gains
-
**(4,750)**
Balance Brought Forward
11,936
Closing Funds at 31st August 2024
**7,186**
**13. STAFF COSTS AND NUMBERS**
**TOTAL**
**2023/24**
£
Gross Wages, Salaries & Fees
5,590
Employer's National Insurance Costs
-
Pension Contributions
-
**5,590**
Employees who were engaged in each of the following activities:
**TOTAL**
**2023/24**
Charitable Activities
4|**TOTAL**
**2022/23**
**£**
6,113
-
**6,113**
5,823
**11,936**
**TOTAL**
**2022/23**
£
3,345
-
-
**3,345**
**TOTAL**
**2022/23**
4| |---|---| The Charity employees members of staff on a Self-Employed basis and is not liable for Income Tax and National Insurance payments and no members of staff received emoluments of over £60,000. (2022/23:None) 15 **(A COMPANY LIMITED BY GUARANTEE)** ## **CROYDON WITH TALENT LTD** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2024** ## **14. DIRECTORS AND OTHER RELATED PARTIES** No payments were made to Directors or any persons connected with them during this financial period. No material transaction took place between the organisation and a Director or any person connected with them. ## **15. RISK ASSESSMENT** The Directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks. ## **16. RESERVES POLICY** The Directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The directors will endeavour not to set aside funds unnecessarily. ## **17. PUBLIC BENEFIT** The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake. ## **18. INDEPENDENT EXAMINER'S NOTE** The Directors of Croydon with Talent Ltd have been advised of their need to tighten their financial controls and procedures. These accounts have been prepared from the records and information supplied and reconciled to the bank statements. As part of payments are made using cash and cheques, it is difficult to be sure of the accuracy of nature of the payments shown. It has been necessary to assume that invoices were settled. The charity has been advised for the need to tighten up its financial controls and to review their financial procedures. The Charity is working along side Castle View Accounting Ltd in review of the financial systems and procedures to improve the accuracy of the financial information provided. 16 ## **INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS** Report to the trustees/ members of Croydon with Talent Ltd on the accounts for the year ended 31st August 2024 set out on pages 7 to 16. ## **Respective responsibilities of trustees and examiner** The Charity's trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the financial statements. The trustees are satisfied that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the governing document or constitution of the Charity for the conducting of an audit. As a consequence, the trustees have elected that the financial statements be subject to independent examination. Having satisfied myself that the charity is not subject to audit, and is eligible for independent examination, it is my responsibility to:- a) examine the accounts under section 145 of the Act; b) to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act; and; c) to state whether particular matters have come to my attention. ## **Basis of independent examiner's statement** I conducted my examination in accordance with the General Directions given by the Charity Commissioners for England & Wales in relation to the conducting of an independent examination, referred to above. An independent examination includes a review of the accounting records kept by the Charity and of the accounting systems employed by the Charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of the Charities legislation and that the financial statements comply with the SORP, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. The procedures undertaken do not provide all the evidence that would be required in an audit, and information supplied by the trustees in the course of the examination is not subjected to audit tests or enquiries, and consequently I do not express an audit opinion on the view given by the financial statements, and in particular, I express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below. I planned and performed my examination so as to satisfy myself that the objectives of the independent examination are achieved and before finalising the report I obtain written assurances from the trustees of all material matters. ## **Independent examiner's statement** In the course of my examination, attention should be drawn to note 18 of the accounts: 1. which gives me reasonable cause to believe that in, any material respect, the trustees requirements: - to keep accounting records in accordance with section 386 of the Companies Act 2006; and · to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of recommended Practice: Accounting and Reporting by Charities. ## have not been met; or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. K. Collaku MAAT Castle View Accounting Ltd Ground Floor Offices 53 High Street Arundel West Sussex BN18 9AJ Date: 29th May 2025 17