Compwy Nurnber: 11205a76 IEn8land arA Wales) ReOst¢r¢d char 14uml>er.' 1191150 CAMDEN HIGHLINE TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CAMDEN HIGHLINE CONTENTS W•r•nce •nd Admini5tr•ti¥e Oetsi15 Rewrt Oft Trust•es Inthpondqnt Emrninerfs Report StstenI of Financial ActItIeS B•lin¢• She+t NOtt5t0t lDElI1 Ststements
CAMDEN HIGHLINE REFERENCE AND ADMINISTRATIVE DETAILS tharlty number.. 1191150 CnPaThynurnbe1. 11205376 Rrfl#ered Address: 7 Collettive Auciion Rooms
7 Bu¢k Strett London NWI 8NJ Trustees: RJTerry D L fham8S C Hornvood B•rwtye Ihd•ptr)dffit Exlmlner: John Mow•rd FCA Azets Audk Servlce Charted Accovntants Floor, Rews House 45 Kini William Street London EC4R 9AN B•nkers.' Lloyds Bank plc 140 Camdtn Hi8h5tfe¢t London IIWI ONG
CAMDEN HIGHUNE REPORT OF THE TRUSTEES The Trusteès have pleasure in present1 their Annu81 RÈportand financlèl statements for theyear ended 31 Mar£h 2Q24. The financial statement has been wepared in accordance with the occountin8 pDlicie$ Set out in note I to the accounts and comply with the tharity's Memorandum and Artitles of Assotiation, the Charities Act 2Qll and Accounting and Reporting by Charities.. Staternent of Recommended Prartice applic3ble to charitie5 preparin8 their accounts in accordance with the Financial Reporting Standard èpplicable in the UK pubtished on 16 july 2014 and updated by Bulletin l. OBJEcfivE5 AND AcfiviTIES The chariiy's objectwes are to transform a disused f3ilway viadurt Tunning from Camden Town to King's Cr055 into a new elevated pèrk and Éarden walk. whlch wlll serve as the foundation for new community actlvity In the area. The trustees confirm thai they have referred to thè guidance tontained in the charity commission's general guidance on public benefit when reviewingthe harity's aims objectives and in planning future activities. Makn aetmtlesto furtherthe publlc benefit The Camden Highline 15 currently in the second sta8e of its delwery, It ha5 prepared a masterplan of the route and detailEd de518ri of the first section, submitted 8 plannin8 application, received a resolutlon to Brant annIng consenL and is now final1s1r the annne permission ènd fundraising for construction. Short arsd Lon8 terni alms and oblettlves In the near term the Carnden Highline aims to achieve plènning permission, ènd raise the fvndinE required to bewn construrtion. Its long-term objertive is to deliver and operate the Comderi Hi8hline •$ 8 publicly accessible Pafk and 8arden walk. ACHIEVEMEMfsAND PERFORMANCE A beneflt5 analysis perforrned during the feasibility sta8e projected si8nrfi£ant social outputs from thè treation of thÈ Carnden New local green spacefor 20,0(XS people 1.2m nÈwvisltors, spending £16m a year in local businesses £3.5m worth of travel time benefit5. £2.1rn worth of hpalth and vie1118 benefits Athievins these otstputs requires the delivery ol the Camden HIEhlir*, the focu5 of the team at thls stage is to secure the design, plannin8 perrnission and funrJin8 for con5tructlon. FINAN AL REVIEW Thè Camden Highline is currently in the second stage of its delivery. The projert's feasibllfty work Is Complete, and It ran an OJEU certified International competition to secure it5 design tearn. Fiel(S Operation5, the team behind the New York Hi8hline 15 leadin8 the design, and has èssembled a team of local talent, Including Kentish Town based architects VPPR. The design team have completed a ¥na5terplin for the Highline, and detailèd de518n for tht first sertion, runnin8 from Camden Gardens to Royal College Street. This design has been submitted for p14nning permission, with a re501ution togrant planning consent secured inJanuary 2023. The Hi8hline tèam are currently fis)alisin8 the planning permission and fundraising for construction. Reserves Pollcy Most of the spending undertaken bythp Camden Highline at this Stage istoward5 fundrai5in¥ for construction, and legal and profes5ienal fees related to finali5ation of the pl)nninE cof15ent. Wrth svpport from ComdenTown Unlimited it5 overheads are very low, and it maintains reserves of at a$1 two years of operètions. Rlsk Management The Carnden Highline's cashflow is monitored, partIClarIY thiough this design stsle. It's also supported by Camden Town Unlimited, whc> have been a key sponsor and Can offer in-kind and fjnancial 5UPPOrt if required.
CAMDEN HIGHLINE REPORT OF THE TRUSTEES PLANS FOR THE FufuRE The Camden HiEhline received a resolution to grant planning consent for the first section Sn Januèry 2023. Ivs exp•ndinE its fundraisin8 activities to ralse construttionfundingfor the first section, whith could be open In 2026 fvnding pemirting. UCTURE GOVERNAN AND MAPIAGEM Carnden Hi8hline wa5 established in 2018 becarne a UK re¥stered tharity on the 4 Septèmber 2021 and is a company limlted bv 8uarHntee, governed by it5 Memorèndurn and Articles o AssoriatioTr. The members of the company. whose liability is limited to £1, are the Trustees. The charity's objertives are to transform a dlsused rallway vladutt runninÉ from Catnden Towri to King's Cr055 into a new elevated park and Barden walk, ¥vhich will serve a5 the foundation for new communty artivity in the are4. The Twstees conflrm that they have referred to the guidance rontained in the Charity Commi55ion'5 general guidance on publlc benefit when ieviewiTh8 the charlty's aims and objectives and in planning future activltSes. Trysiee apprffitment and indyrtion New Trustees are appointed by the members of the company and serve fcr a period of three years from the AGM It whKh their appointment is tonfirmed. after whith time they may be re-appointed, normally f¢r up to two further term5 (nine year5 in totall. The Memorafidum and Articles of A550ciation of the company require è miNmum of three Trustèes, with no moximurn. TheTrustees who served durin8 the year were.. RJTerry D L Thoma5 OtFr¢howes in Trustees during the yearwere.. C Holwood 83rwlse-appolnted 28July 2023 Key Mana¥Em*nt Ptrsann¢l The Key Management Personnel of the chadtable company are the Trustees and the CEO Slmon Pitke4th5ev. Fyndraisln8 Disclosure The Camden Hl8hlSne 15 currently fundralsin8 for Its construction. wrth a focus on statutory fundin& trusts & foundations. hi8h net worth Individuals and commercial Income. It's registered wlth the fundraisinÉ regulator and has politiÈs to protect vulnerable members of Society and Othèr mernbÈrs of thÈ public. Staff and tralnlnK The Camden Hi8hliThe has one member of staff.
CAMDEN HIGHLINE REPORT OF THE TRUSTEES Trustee5're5pfybbili¢ies$t•tm¢ The Trustee5 (who are also dirÈttors of Cèmden HighlinÈ for the purposes of company lawl are respon*ble for preparing the Trustees, Report and the finènrial Statements in •ccordonce with opplicjble law and United Kingdorn At¢ountin8 Standard5 Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Trustee5 to prepare finarscial statement5 for each financial year. which give a true and fair view of the state of affairs of the charitable company and of the irKominE resources and application of resources, including the income and expenditure, of the charitable ¢ompallyfor the ¥r. In preparing thèse financial statements, the Trustees are required to.. 5elert suitsble atcountin8 polities and thÈn ¥pYtM tonsistentlv observe the methods and prSnciples In the Charlties SORP 2015 IFRS 1021 make judgements and estimates that are reasonable and prudeni state whether applicable UK Accounting Standards have been followed, subject to any material departures disdosed and explaiThed in the financial Statements prepare the flnancial statements on the going concern basss unless It Is InapproprSate to presume that the charitable company will Continue in 0ration The Trustees are responsible for keeping adèguatÈ actDunting records that disclose with reasonable accuracy at any timÈ thÈ financial position of the charitable company and enable them to ensure that the financial statement5 cornply ¥wth the Companies Act 2W6. They are also responslble for safeÉuarding the assets of the charitsble company 3nd hentt lor taking reasonable steps for the prevention and detertion of fraud and other irre8ularities. By Order olthe Board R J Terry-Trustee Date.. 18.09.24
CAMDEN HIGHLINE INDEPENDENT EXAMINER'S REPORTTOTHE MEMBERS I report on the accounts of the Camden Highline for the year ended 31 Morch 2024 set out on paees 6 to 14. Responsibilities and basi5 of report A5 the charity'5 tru5tee5 of the Cornpany land olso its dirertors for the purposes of company lawl you are responsible for the preparatlon of the accounts In accordance wSth ihe requirements of the Companles Act 20061'the 2006Act'l. Havin8 satiSfd myself that the accounts of the Cornpany are not required to be audited vnder Part 16 of the 2006 Art and are eligible for independent examination. I report in respect of my examination of your charity's accounts as tarried out under 5ectiori 145 of the Charities Act 20111.the 2011 Act'l. In carryin8 Out my examination I have followed the Directions gnien by the Charity Commi55ion under5ection 145151 Ibl of the 2011 Act. Independent ex•nlnei's sement l can £onfirm that l am qualified to undertake the examinatlon because l am a re8lSterèd member of ICAEW which is one of the listed bodies. I have cornpleted my examination. I confirm that no rnatters hève corne to my Jttention in connection with the examination 8ivin8 rne ¢•u$e to believe.. ctountin8 records wefe not kèpt in respect of the Comp8nyas required by sertion 386 of the 2Crt)6 Act.. or the 3ccounts do not accord with those record5; or the accounts do not comply wilh the accounting reqvirernents o15ection 396 of the 2(M)6 Act other than any requirement that the accounts give a true and fairview which is not a matter considered as part of èn Independent examination. or accounts have not been prepared in accordance with the method5 and principles of the Statement of Recommended Practice for accounting and reportin8 by charities applicable to charitie5 preparing Ihetr occounts In accordance with the FinarKial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concern5 and have corne acr055 no other matter5 in connertion with the examination to which attentlon sh¢uld be drawn in this report in order to enable a proper understanding of the accoun¢5 to be reached John Howard IFCAI Forand on behalf of et$ Audit Services Chartered Accountants Floor, ftegis House 45 KI William Street London EC4R 9AN Date.. 2S'*•&-W
CAMDEN HIGHLINE STATEMENT OF FINANCIAL ACTIVITIES {Includln8 the Income and Expendlture A¢¢ountl FOR THE YEAR ENDED 31 MARCH 2024 N(es UnreMrlrt¢d Funds Tffjal Tthal 2023 Incorne: Don•tion$ and legacies Invtstment income 73.147 4261 73.147 4.261 476,382 Tot•1 ltrKom• 476.418 xp•ndKur•', Charltable actfvltles 95.379 95.379 107.331 Totsl •yndltur• 95.379 95.379 107.331 N•t I1p*dlYr•l 17.971 17.9711 369,J17 14et mo¥ementsln funds 169.117 R•¢orKllatlon olfund5: Tot•1 funds brouBht forward T¢>t•l lunds wrl•dlorw•rd 477J91 459,422 477,393 459,422 108,276 io 477 393 I Income and e¥peTrYlture derive from contlnuln8 letivityes. All re¢ogfilsed 88ins and losses are Incltsded In the Ststement of Financlèl Actfvltie5. The not•$ on w8e$ 8 to 14 fom) partof these financial statemettts
CAMDEN HIGHUNE BALANCE SHE COMPANY NUM8ER: 11205376 AS AT 31 MARCH 2024 Note5 2024 2023 Ojrrent assets Debtors 14,854 467,271 47,413 442,680 Cè5h bank 482,125 490,093 Crethtors: Amounts fallln8due wlthin one year 122.7031 12,7001 Net wrrent 05ts 459,422 477.393 Net assets 459.422 477,393 Restricted funds UnrtstrTrrtedfund5 General lunds io 459,422 477,393 Trtal lunds li 459.422 477,393 The ch4rltable company is entitled to exemption Irorn audit under Sertion 477 of the Cornpanies Act 2LX)6 for year ended 31 March 2024. The rnernber5 have not required the charltable cornp4ny to obtsin an audit of its Nnjncial statements for the Vear ended 31 March 20Z4 in accordance with Section 476 of the CornpJnie5 Act 2CK)6. The Trustees ècknowled8e thÈir responsibilitiesfor.. lal ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies 2006 and Ibl preparing floandal statements whlch Rfve a true and falr vlew of the stale of affalrs of the company tys at the eni each financial year and of it5 profit or Ios5 for e&ch financial year in accordance with the requirement5 of Sections and 395 and which otherwise cornply with the requiTernents of the Companie5 Act 2006 relatin8 to fina ststernents, $0 far as applicable tothe cornpan¥. The financial StateMer have been prepared in accordanrE with the 5pEcial provision5 of Part 15 of the Cornpanies Act 2006 reLatin8 to srnall charitable companies. The financial statements were approved by the Board on the 18109124 and Signed on its behalf by.. RJT¢ry Trusree The note5 on page5 8t0 14 form part of these financial statements.
CAMDEN HIGHUNE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES lal General Infomiadon and b3sls of preparat The Camden Highline 15 a company limited byguarantee in the United Kingdom. The addre55 of the registered office is gwen ITh the charSty Informatlon on page l of these financ131 staternent5. The nature of the charW5 operations and prqnclpal activities are sÈt out cn page 2. The charStable company constitutes a publlc benefit entlty as defined by FRS 102. The fina131 statements have been PTepJred in èttordante vlith Attounting and Reporti by Charities." Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Repothng Standard applicable in the UK IFRS 1021 ssued on 16 July 2015 las updated through Update Bulletln published on 2 February 20191. the FSnandal Reporting Stsndafd applicèble In the United Kln8dom IFRS 1021, the Charities Act 2011, the Compan5 Att 2006 and UK Gera1 Accepted Practice as it applie5from l January 2016. The financial statements are prepared on a 8oINd concern basls tsnder ihe hlstorScal cost conventlon, modlfied to include certain itern5 * fairvalue. Thefinancial statErnents are prepared in sterlin8whi¢h is the funttional currÈnLy of the charity. The 1n[fICant accountin8 pc4icies aPled in the preparatlon of these flnanclal stètsments are set out below. These policie5 hove bEen consistelYpled to bll year5 Present unless otherwise ststed. Ibl Goln8Concern At the time of approving the linanc¢al statements, the dirertors have a reasonable expectation thtyt the company ha5 adequate resources to contiNue in operational existence for the foreseeable future due to the low fixed costs of operation. Thus the diTertor5 Continue to adopt the 80in8 concern basis of actountin8 in pfeparin8 the financial staternent5. (¢1 Fund Llnrestricted funds- represent funds which can be led in accordance with the charitoble objects at the discretion of the Trustees. Designated funds projerts. these are funds set aside by the Trv5tees out of unrestrirted general fvntls for specrfic purpose5 or Restricted lunds- represent funds that con lY be used for parbcvlar re5trirted pvrp05e5 Wlthin the object5 of the charity. Restrlctlons arlse when specltled by the doror orwhen the fund5 are raised foT specitic re5tr1cted purposes. Furtherexplanion of the nature and purpose of each fund 15 included in the note5to the financial staternent5. Idl Intome All income is included Sn the Statement of Financlal Activlties ISOFAI when the charity is legally entitled to the Income after any performance condit4Dns have been tnet, the arnount can be measured reliably and it is probable that ihtr incomE will bÈ recewed. Donations ènd k8acies are reco8nised in the financial ststements when the charlty Is convinced that there is eniitlementto the income, there is certainty of receipt and the arnount in question 15 rneasurable. Gift aid incorne is occounted lor in the ve3r the donatlon was recewed.
CAMDEN HIGHUNE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 MARCH 2024 ACCOUNTING POUCIES. tontinued lel Expendlture All expenditure is accounted for on an accruals ba515 and ho5 been cla55ified under headings that 3ggreEate all costs related to the category. Expenditure Is recognised where there is a legal or cotrUctIVe obligation to make payments to third parties, it 15 probable that the Settlement will be required and the amount of the obli8aticn can be measured reliably. It is categori5ed underthe followin8 headin85.' Expendlture on charitabk actRIeS IludeS costs ITr relatlon to the Camden Htshllne Park. (fj All4X3tlon of supptyt •md eoverh•¢t ¢¢#$ Support tosts are those that assist the work of the Charity but do not dirertly represent Charitable actsvitie5 and include gÈ)vernantÉ tost5, administrative office function cost ènd premises COS They are Incurred ¢lirectly in 5UPPOrt of expendSture en the obletts of the chartablE company. GtsvÈrnancÈ tosts comyise all cotts involvlngthe public accountsbllity of the charity and its compli8ntÈ vrith regulation and good practice. These costs include costs related to the independent examinatK)n. Statutory audlt and legal fees. 181 Debtars Trade and other debtor5 are recogni5ed at the settlement arnovnt due. Prepayrnerbts are valued at the amount prepald. A£crued income is measured at the amouni due to be recelved. Ihl Cash at bank arKI In hand Cash at bank ènd tash in hand includes cash and short term hi8hly liquid investments with a short maturity of three months or less from the déte of acqui51tion or opening of the deposr( OT similar ac£ount. 111 Creditors and pro¥Oslons Credltors are recoKnlsed where the Ch3rity has a present obligatioTh resulting from a past event that wlll probably result In the transfer offunds toa thlrd party and the arnount due to Sett the obliytlon can be rneasured or estimated relSablv. Othercredltors and accrua15 Ore recognised at their 52ttlement amount due. Ul Flnandal The charlty only has fSnanclal assets and financial liabilitie5 0¢ a knnd that qualify as basic financlal instrurnents. Basic flnancial instruments are initially recognised at transartion vèlue and subsequently measured at their settlement value wlth the Èxteption of bank loans which are subseguentfy measured at amortised cost using the effective interest method. Ikl Tax The tharitable compèny Is consldered to pass the tests set out in Pè¥agraph 1 Schedule 6 Finance Att 2010 ènd therÈforÈ it rneet5 the definitlDn of 4 charitable company for UK cofporatK>n tax purp05e5. Accordingly, the charity Is wtentiallv e¥ernpt from taxation in respect of inrorre or capital gains received within ¢atÈgorie5 covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Sectlon 256 of the Taxation of Charge3ble Gains Act 1992, to the exrent that such IrKome or 83ins aTe applied excluswelyto charitable purposes.
CAMDEN HIGHLINE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUaES- ¢Wlln¥ed lJ¥dwhents andkry souffes 01 uncertalnty Accountirvd estlmates and ludgernents are contSnually evalvated and are based on hlstorical experienee and other hctors. in¢ludin8 ¢xpo¢taliofis of futur¢ events that are believed to be reasonable under the ¢ir¢umstance$. The followlni judgements (apart from those Irwolvlni estlmatesl have been made In the process of apptwn8 the ab)ve a¢¢oufttin8 p)li¢ies th•t h•ve had the mosi si8nth¢ant efletton•moynts rttognised in thef1ml•s statements.. There are no key assumptlons concemin8 the future and other key sources of estlmatlon uncertainty at the rÈportin8 d•t• that have • signrfiuNt ii$k of ¢•using a material •djustmefttio the amouffls ¢f •$sets and liabilities withln the %t fin•rKi41 year. 10
CAMDEN HIGHUNE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Dof4ATIONS AND LEGAOES Restrkt•d Totol 2024 Totsl 2023 2024 Donations 70,347 70.347 2.800 477,448 11,0661 Tax re¢¢verable under GSft 73.147 73,147 476,382 Total 2023 476,382 476,382 CKARITABLE Acnvm£5 Llnr•strlcted 2024 R•strlrttd 2024 Totsl 2024 Total 2023 C•mden Hi8hline Park 95.379 95.379 107,331 95J79 95.379 107.J31 Total 2023 107,331 107.331 ANALYSIS OF EXPENDITURE Dlr•tl Supp¢xt Costs Inote51 T•1 IOZ3 2014 Charitable Attivities.. Camden Hllhllne Park 72,006 23,373 95.379 107.331 7I006 23,373 95.379 107,331 Tot•1 2023 68.893 34.438 107.331
CAMDEN HIGHUNE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 5UPPORTCOSts 2024 5ub5CriPtigns Bonk Charges Telephcne and costs Printyn8, wsts8e and stationary Legal and professional fee5 Office supplies Governance costs 1.104 350 584 354 668 168 325 19,525 96 34.402 30 Indtpendent eyamiNtionlee 3,ISO .373 38,418 NET INCOMEI IEXPENDilliREI FOA TNEYEAA i0Z4 This is st•td after ¢h•rgsng'. Independent examlnatbn lee 3.150 AIIALYSIS OF STAFF COSTS,TRUSTEE REMUNERATION AND EXPENSES ANDTHE COSTOF KÈY MANAGEMENTPERSONNEL 20Z3 Sèlarle5and wales Social security ¢OSts 7.000 652 7.652 The totsl werage moftthly number of employee5 Ifull.tirne eqvlvllèntl durln8tht year w•s'. Employee tlme h35 beeTr allocatedto dlrert Costs on th b•sis of tyme sper*t. Theie were w staff employed with the ¢harRy during 2023. Theri were noemployees eamlngabove £60.OLM] per annum dvrlni thisyE•r12023.. £nlll During Z024 •fid 2023. no Tru#ees w¢Te pald or recelved any other benethts from employment with the charitable company. The key rn•naRtrntrt of the ch•tr¢•ble ¢gmpany¢ompiise th¢Truste¢s onlv. 12
CAMDEN HIGHUNE NOTES TO THE FINANCIAL STATEMÉNTS FOR THE YEAR ENDED 31 MARCH 2024 DEBTORS 20 2023 Other (Jebtors 3.3 11.SS4 312s 15588 T1x•tn •nd so¢i•l se¢¥rfty 14.854 47413 CREDITORS.. AMOUNTS FALUPIG DUEWITrAN ONE YEAR 2025 Trade Crndltors 2.366 3.922 16.415 7,800 4.900 Af¢ru•ls •nd d•f•fi•d in¢ome Other credltors 117(W) Unrertbaedfunds-currentyvr iAprfl In¢om• Exp•ndlture Tr•nsfers 31 M•rth 1024 Gtntr•l lund5 477.393 195,3791 459.422 10.1 Vnrestl¢tedfunds-Prl¢yye•r 141rt1 2022 lth¢om• E¥••n¢Htur Tr•rofers 31 Marth rJ•nqr4lfund5 108,276 476,448 1107.331 477.393 13
CAMDEN HIGHUNE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ii. AIIALYSIS OF t4ET ASSETS omvEENTOTAL FUND5_thrr¢ffl ye UnrestrlLt•d funds Re5trlLtsd funds Totsl Ftsnd balances at 31 March 2024 are repre5erted by.. Current a$5*ts 482,12S 122,7031 482.125 122.7031 Current Ilabl1leS 459A22 459.422 11.1 •J4ALYSIS OF NrrASSETS BETWEEN TOTAL FUNDS-Pvlorye•r Unr•51rfrt•d lunds Restrirl Fund lanCeS at 31 March 2023 are represented bv.. Currerit asset5 490,093 112.7(Xll 490,093 112.7Ch)I 477J93 477.393 12. RELATED PAM TAANsKnoNS Induded in other credltors Ss a balance of £16,41512023.. £31.324 due froml tlue tts Can7den Town Centre Lirnited, a company who Is under common control of the dir•ttors. This b•l)n¢e h•$ been potd postyear end. 14