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2024-03-31-accounts

REGISTERED COMPANY NUMBER: 01587922 (England and Wales) REGISTERED CHARITY NUMBER: 283680

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

CHATS PALACE LIMITED

CHATS PALACE LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8 to 9
Notes to the Financial Statements 10 to 17
Detailed Statement of Financial Activities 18 to 19

CHATS PALACE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice 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 2019).

OBJECTIVES AND ACTIVITIES Objectives and aims

Summary of the objects of the Charity set out in its governing document

Chats Palace is governed by a memorandum of association. The objects for which the Company is registered are to "promote the benefit of inhabitants of particular neighbourhoods in the United Kingdom without distinction of political religious or other opinions by associating with local and other government authorities, stautory and voluntary organisations and individuals in efforts to advance education, encourage the arts and to provide facilities in the interests of social welfare with the object of improving conditions of life for the said inhabitants and to establish, manage or assist with the establishing and management of community centres, arts centres, workshops, groups for educational play, deprived youth and old people in need and centres residential or otherwise for activities in furtherance of the objects of the Company and generally to promote, maintain, improve and advance education particularly "by the production and promotion of educational performances and exhibitions and the encouragement of the Arts.""

Public benefit

The Trustees have considered the Charity Commission guidance on public benefit and considered that the activities of the Charity meet its charitable activities and provide a benefit to the public.

Page 1

CHATS PALACE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Chats Palace Arts Centre is an east London community centre with civic role, empowering local people. We are a trusted body and our building a safe space, with reputation that goes back 40+ years. Our key focus areas are with those who are marginalised, excluded or without a voice; working in partnership we devise and deliver projects that combine artistic and social interaction to engender positive, life-long change. Our equality-driven programme is shaped by strong track record of engagement with our local community to identify and address issues of public concern.

Chats Palace is based in Hackney, London's 6th most ethnically diverse borough (GLA DI 2017): 1 of 10 most deprived English authorities (IMD 2019), ranking top 10% IDAOPI measuring Older People poverty, with 2 in 5 Elders experiencing income deprivation. We are passionate about the role we play in strengthening this distinctive, diverse community. With 40,000 annual visits to our building,

we pride ourselves on developing inclusive local relationships and partnerships. Through proactive engagement 2016-19, we increased the number of local not-for-profit organisations using Chats Palace from 3 to 22 and community participants from 6,000 to 16,500 p/a: 80% of people we reach in our target groups live in Hackney and reflect our borough's diversity.

Chats Palace has a collaborative approach to realising our civic and cultural objectives. We continue to work with our existing partners as well as developing new partners to collaborate with us on delivery of our innovative new programmes. We see this as an essential route through which we may extend the reach of our projects and allow time and space for local people to be involved in their creation and delivery. A 2021 CCLORS grant from Power to Change funded a new civic project, Homerton Assembly, which reopened Chats Palace as a series of safe spaces created by and for targeted members of our community. We were already powerfully connected to Hackney residents: opening up our building and offering meeting space and a curated programme of civic-focused and inspired activities, we have continued to develop Homerton Assembly as a platform to support local people to come together to form a community with new bonds and strengthened commitment to each other.

In common with the wider community and arts sectors, the ongoing economic crisis has continued to present Chats Palace with a set of challenges that require an entrepreneurial approach. This year we have had to address the economic impact of our audience's reduced spending power with a contraction in small-scale touring arts productions - both live music and theatre. The outcome is what we had thought of as a temporary set-back post lockdowns, we can see is a new pattern requiring a fresh approach and a new business model. This year has therefore seen a transition from the pre-Covid business model to a new operating plan that provides core financial stability matched with increased creativity. Chats Palace is delivering co-commissioned and co-produced in-house projects, collaborating with key partners and focusing on a range of civic and arts objectives that continue to meet the changing needs of local people.

We continue to gratefully acknowledge the support of our key funding partners, including London Borough Hackney, London Legacy Development Corporation, The National Lottery, Mayor of London, Transport for London and from local people, who contributed to our Christmas Crowdfunder (Dec 2023). Our core ambition for this year was to ensure that we continued to grow and deliver our artistic and civic ambitions, developing our role as a key community resource and platform for community groups: we are confident that despite the challenges facing our sector, we have met with success.

Civic Programme: Homerton Assembly

Community platform:

We continued to offer space to our Muslim community partners, Abu Hurairah, for their Friday prayers. NHS Homerton continue to use Chats Palace as their base for a series of public consultation workshops.

Resident social enterprises:

Our partnership with Photochats continued to strengthen, with their community dark rooms now fully re-opened and supporting local amateur photographers. With Photochats input, we invited two visual artists to create retrospective exhibitions tailored to Chats Palace profile and history:

Outputs included a private view and exhibition study day with artist-led guided tours and panel discussion with guests.

Page 2

CHATS PALACE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Elders programme:

The Palace Club firmly established its position as our flagship civic programme, supporting Hackney's Elders (aged 65+yrs). This term, the Palace Club programme included a Christmas 2023 origami project led by Toshiko Kurata. Completed decorations were displayed in 6 local shops on Chatsworth Road as well as decorating our Bar and Christmas Tree.

We also launched the inaugural year of a new 3-year Spring/Summer Walking Club programme, funded by Mayor of London. Aimed at supporting health and fitness for local Elders, this programme delivered 29 walks - ranging from 15 minutes in a local park to longer cultural trips and hikes in Epping Forest and Walthamstow Wetlands.

Arts Programme

Creation Space: in 2022/23 we refocused our hires programme to one which allowed us to work to support local artists in a more impactful way. We built on this initiative in 2023/24 - offering our first-floor rehearsal and meeting room as a creative space and building to create a highly valued platform for creative collaboration. Participating companies included:

Theatre for Children

Our reputation as one of Hackney's key venues presenting exceptional and accessible arts programme for children and families was further strengthened in 2023/24. Launched in 2021 with support from Hello Again Hackney funds from LB Hackney, Kids Club offers exuberant, exciting performance that reflect our local community in its demographics and subject matter.

Kid's Club programme highlights include:

Of the 6 performances, 2 sold-out in advance (Long Nose Puppets). In total we sold 298 tickets - an overall sales level of 80% against capacity. As with previous seasons of work for younger audiences, we continue to experience high demand with excellent feedback from parents and children on the quality of work offered and the continuing accessibility of tickets, held at £7.50 each (no booking fee).

Premier/Showcase events

Page 3

CHATS PALACE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

London premiere screening of Women Talking - Muscle: a question of power, a new short film made by filmmaker Kilian Waters in partnership with theatre artist and writer Anna Furse, filmed at Chats Palace earlier in the year. - 11 Christmas Makers Market. 30 local makers came together to share their wares with a welcoming local community.

FINANCIAL REVIEW

Financial position

Income for the year decreased by £34,571, to £130,610 (2023: £165,181), and expenditure decreased by £52,261, to £179,926 (2023: £232,187). This resulted in a planned overspend for the year of £49,316 (2023: £67,006).

Cash decreased by £6,934, to £22,469 (2023: £29,403), unrestricted reserves stood at £4,063 (2023: £42,237) and restricted reserves stood at £3,000 (2023: £14,142) at the year end. The trustees are satisfied with the charity's overall results for the year.

Reserves policy

Chats Palace's reserves policy is to hold three months of expenditure in unrestricted funds, not invested in fixed assets. From 2017 we have seen continued, positive movement in the diversification and hence sustainability of Chats Palace finances. Chats Palace Board continues to work steadily to achieve and maintain this policy through the development of an increasingly robust business model.

Due to the challenges of the current economic climate, a percentage of the charity's reserves have been used to underpin the current year's trading activity. Although the charity's reserve policy is not currently being met, the trustees believe that funds will be returned to an acceptable level in the forthcoming year.

Funding

London Borough of Hackney supports Chats Palace with a Specialist Grant of £38,500 p/annum, which includes a restricted fund element of £10,000 p/annum to be repaid to London Borough of Hackney as rent. This grant, which commenced in April 2018 for a two-year period ending March 2020, was extended by a further three years to March 2023 and renewed for the current period with a 5% increase.

We were pleased to progress in our lease discussions with London Borough of Hackney in its capacity as our landlord, and in translating the agreed Memorandum of Understanding into the desired outcome of a longer lease, enabling Chats Palace to plan a capital development plan of this heritage site. The trustees are now engaged in negotiation with our landlord for a new short bridging agreement, containing an option to take up a longer 25 year lease, conditional on fundraising targets being met.

Fundraising

Financial underpinning for this enhanced programme of collaboration and partnership was provided by a growing roster of grant aid, making a significant contribution to Chats Palace financial stability.

Our LB Hackney Specialist Grant - £38,500 continued as our sole core grant with several new-to-Chats Palace trusts and foundations offering matched funding. We are grateful for their support and contributions.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

01587922 (England and Wales)

Registered Charity number

283680

Registered office

42-44 Brooksby's Walk London E9 6DF

Page 4

CHATS PALACE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Trustees

J May C H F Ng R S Norton-Hale I D Rathbone G D Bridgewood Ms G Cossins (appointed 24.4.2024)

Independent Examiner

John Carroll FCCA CTA Jones Hunt & Keelings Chartered Certified Accountants and Chartered Tax Advisers 71 Knowl Piece Wilbury Way Hitchin Hertfordshire SG4 0TY

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.......................................................................... C H F Ng - Trustee

Page 5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHATS PALACE LIMITED

Independent examiner's report to the trustees of Chats Palace Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the 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 matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. 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

  3. 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.

John Carroll FCCA CTA

Jones Hunt & Keelings Chartered Certified Accountants and Chartered Tax Advisers 71 Knowl Piece Wilbury Way Hitchin Hertfordshire SG4 0TY

Date: .............................................

Page 6

CHATS PALACE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

2024
Unrestricted
Restricted
Total
fund
fund
funds
Notes
£
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
46,214
13,000
59,214
Other trading activities
3
70,854
-
70,854
Investment income
4
542
-
542
Total
117,610
13,000
130,610
EXPENDITURE ON
Raising funds
3,002
-
3,002
Charitable activities
General
152,782
14,142
166,924
Rent
-
10,000
10,000
Total
155,784
24,142
179,926
NET INCOME/(EXPENDITURE)
(38,174)
(11,142)
(49,316)
RECONCILIATION OF FUNDS
Total funds brought forward
42,237
14,142
56,379
TOTAL FUNDS CARRIED FORWARD
4,063
3,000
7,063		 2023
Total
funds
£
94,637
70,495
49
165,181
9,800
212,387
10,000
232,187
(67,006)
123,385
56,379

The notes form part of these financial statements

Page 7

CHATS PALACE LIMITED

BALANCE SHEET 31 MARCH 2024

Unrestricted
Restricted
fund
fund
Notes
£
£
FIXED ASSETS
Tangible assets
9
6,427
-
CURRENT ASSETS
Stocks
10
1,885
-
Debtors
11
7,778
-
Cash at bank
19,469
3,000
29,132
3,000
CREDITORS
Amounts falling due within one year
12
(31,496)
-
NET CURRENT ASSETS
(2,364)
3,000
TOTAL ASSETS LESS CURRENT
LIABILITIES
4,063
3,000
NET ASSETS
4,063
3,000
FUNDS
13
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2024
Total
funds
£
6,427
1,885
7,778
22,469
32,132
(31,496)
636
7,063
7,063
4,063
3,000
7,063		 2023
Total
funds
£
8,569
981
35,975
29,403
66,359
(18,549)
47,810
56,379
56,379
42,237
14,142
56,379

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 8

CHATS PALACE LIMITED

BALANCE SHEET - continued 31 MARCH 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

.............................................

C H F Ng - Trustee

The notes form part of these financial statements

Page 9

CHATS PALACE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared on a going concern basis and under the historical cost convention. A significant proportion of the charity's income is derived from grants. Consequently, the applicability of the going concern basis is contingent upon the continued support of the charity's supporters. At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for at least the next twelve months.

The presentation currency of the financial statements is the Pound Sterling (£). The principal accounting policies adopted are set out below.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% on reducing balance Computer equipment - 25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 10

CHATS PALACE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES - continued

Significant judgements and estimates

Estimates and judgements are periodically evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The charity's significant accounting judgements and estimates are in respect of impairment of assets and depreciation.

Details of these judgements and estimates are described below:

Financial instruments

The charity has elected to apply the provisions of Section 11 'Accounting for financial assets and financial liabilities' of Charities SORP (FRS 102) to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost, using the effective interest method, unless the arrangement constitutes a financing transaction, when the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Grants

Income from grants, whether capital or revenue, is recognised when the charity has entitlement to the funds, any conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
Donations
Grants		 2024
£
4,714
54,500
59,214		 2023
£
2,507
92,130
94,637

continued...

Page 11

CHATS PALACE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

2. DONATIONS AND LEGACIES - continued

Grants received, included in the above, are as follows:

London Borough of Hackney
London Legacy Development Corporation
Arts Council England
Unity Theatre Trust
Pipeline Investment Trust Grant
Walking and Cycling Grants London
The National Lottery Community Fund
Cost of Living Grant
Magic Little Grant
Hedley Grant
3.
OTHER TRADING ACTIVITIES
Space hire
Bar income
4.
INVESTMENT INCOME
Bank interest received
5.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets		 2024
£
38,500
-
-
-
-
3,000
-
10,000
500
2,500
54,500
2024
£
59,659
11,195
70,854
2024
£
542
2024
£
2,142		 2023
£
40,961
25,000
15,777
600
1,627
4,665
3,500
-
-
-
92,130
2023
£
46,939
23,556
70,495
2023
£
49
2023
£
2,856

continued...

Page 12

CHATS PALACE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

7. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2024
£
87,958

3,024
2,713
93,695
 2023
£
105,001
5,101
3,276
113,378

The average monthly number of employees during the year was as follows:

Administration
Front of house		 2024
3
6
9		 2023
3
7
10

No employees received emoluments in excess of £60,000.

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
29,277
Other trading activities
70,495
Investment income
49
Total
99,821
EXPENDITURE ON
Raising funds
9,800
Charitable activities
General
191,615
Rent
-
Total
201,415
NET INCOME/(EXPENDITURE)
(101,594)
Transfers between funds
25,000
Net movement in funds
(76,594)		 Restricted
fund
£
65,360
-
-
65,360
-
20,772
10,000
30,772
34,588
(25,000)
9,588		 Total
funds
£
94,637
70,495
49
165,181
9,800
212,387
10,000
232,187
(67,006)
-
(67,006)

continued...

Page 13

CHATS PALACE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

8.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
fund
fund
£
£
RECONCILIATION OF FUNDS
Total funds brought forward
118,831
4,554
TOTAL FUNDS CARRIED FORWARD
42,237
14,142
9.
TANGIBLE FIXED ASSETS
Fixtures
and
Computer
fittings
equipment
£
£
COST
At 1 April 2023 and 31 March 2024
61,737
29,466
DEPRECIATION
At 1 April 2023
54,510
28,124
Charge for year
1,807
335
At 31 March 2024
56,317
28,459
NET BOOK VALUE
At 31 March 2024
5,420
1,007
At 31 March 2023
7,227
1,342
10.
STOCKS
2024
£
Stocks
1,885
11.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
£
Trade debtors
5,000
Prepayments and accrued income
2,778
7,778		 Total
funds
£
123,385
56,379
Totals
£
91,203
82,634
2,142
84,776
6,427
8,569
2023
£
981
2023
£
32,633
3,342
35,975

continued...

Page 14

CHATS PALACE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Social security and other taxes
Other creditors
Accrued expenses
13.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Restricted funds
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Restricted funds
TOTAL FUNDS		 At 1.4.23
£
42,237
14,142
56,379
Incoming
resources
£
117,610
13,000
130,610		 2024
2023
£
£
4,213
2,078
13,795
7,299
13,488
9,172
31,496
18,549
Net
movement
At
in funds
31.3.24
£
£
(38,174)
4,063
(11,142)
3,000
(49,316)
7,063
Resources
Movement
expended
in funds
£
£
(155,784)
(38,174)
(24,142)
(11,142)
(179,926)
(49,316)		 2024
2023
£
£
4,213
2,078
13,795
7,299
13,488
9,172
31,496
18,549
Net
movement
At
in funds
31.3.24
£
£
(38,174)
4,063
(11,142)
3,000
(49,316)
7,063
Resources
Movement
expended
in funds
£
£
(155,784)
(38,174)
(24,142)
(11,142)
(179,926)
(49,316)		 2023
£
2,078
7,299
9,172
18,549
(49,316)

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Restricted funds
TOTAL FUNDS		 At 1.4.22
£
118,831
4,554
123,385		 Net
movement
in funds
£
(101,594)
34,588
(67,006)		 Transfers
between
funds
£
25,000
(25,000)
-		 At
31.3.23
£
42,237
14,142
56,379

continued...

Page 15

CHATS PALACE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

13. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Restricted funds
TOTAL FUNDS		 Incoming
resources
£
99,821
65,360
165,181		 Resources
Movement
expended
in funds
£
£
(201,415)
(101,594)
(30,772)
34,588
(232,187)
(67,006)		 Resources
Movement
expended
in funds
£
£
(201,415)
(101,594)
(30,772)
34,588
(232,187)
(67,006)
(67,006)

A current year 12 months and prior year 12 months combined position is as follows:

Net Transfers
movement between At
At 1.4.22 in funds funds 31.3.24
£ £ £ £
Unrestricted funds
General fund 118,831 (139,768) 25,000 4,063
Restricted funds
Restricted funds 4,554 23,446 (25,000) 3,000
TOTAL FUNDS 123,385 (116,322) - 7,063

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Restricted funds
TOTAL FUNDS		 Incoming
resources
£
217,431
78,360
295,791		 Resources
Movement
expended
in funds
£
£
(357,199)
(139,768)
(54,914)
23,446
(412,113)
(116,322)		 Resources
Movement
expended
in funds
£
£
(357,199)
(139,768)
(54,914)
23,446
(412,113)
(116,322)
(116,322)

continued...

Page 16

CHATS PALACE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

14. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.

Page 17

CHATS PALACE LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Grants
Other trading activities
Space hire
Bar income
Investment income
Bank interest received
Total incoming resources
EXPENDITURE
Other trading activities
Opening stock
Purchases
Closing stock
Charitable activities
Wages
Social security
Pensions
Rent, rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Advertising and marketing
Sundries
Repairs and renewals
Cleaning
Subscriptions and membership
Licenses and royalties
Subcontractors
IT support and maintenance
Fixtures and fittings depreciation
Computer equipment depreciation		 2024
£
4,714
54,500
59,214
59,659
11,195
70,854
542
130,610
981
3,906
(1,885)
3,002
87,958
3,024
2,713
10,136
1,409
2,239
3,084
338
604
197
588
7,461
1,973
1,594
43,392
2,419
1,807
335
171,271		 2023
£
2,507
92,130
94,637
46,939
23,556
70,495
49
165,181
1,161
9,620
(981)
9,800
105,001
5,101
3,276
11,776
1,514
3,827
2,778
767
2,152
492
377
3,934
1,837
844
65,584
3,653
2,409
447
215,769

This page does not form part of the statutory financial statements

Page 18

CHATS PALACE LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Support costs
Finance
Bank and credit card charges
Governance costs
Accountancy fees
Professional fees
Total resources expended
Net expenditure		 2024
£
1,009
3,000
1,644
4,644
179,926
(49,316)		 2023
£
1,198
3,300
2,120
5,420
232,187
(67,006)

This page does not form part of the statutory financial statements

Page 19