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2024-03-31-accounts

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Company Registration No. 02328810 Charity Registration No. 801637

JUNCTION CDC LIMITED

(t/a Cambridge Junction)

Trustees’ Report and Financial Statements

Year ended 31 March 2024

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31 March 2024 CONTENTS

Year ended 31 March 2024
CONTENTS
Page
Reference and administration details 1
Trustees’ Report 2
Auditor’s Report 12
Consolidated statement of financial activities 16
Consolidated balance sheet 17
Charity balance sheet 18
Statement of cash flows 19
Notes to the financial statements 20

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31 March 2024 REFERENCE AND ADMINISTRATION DETAILS

TRUSTEES

Richard Arnold Nicola Buckley, Chair (resigned 26 September 2023) Alastair Cotton (appointed 20 November 2023) John Gourd (appointed 20 November 2023) Benjamin Hebron (appointed 20 November 2023) Kevin Jones (appointed 29 May 2023) Rachel McCawley (appointed 20 November 2023) Dr Lucy Mills, Chair Prof Shreepali Patel (resigned 22 July 2024) Mark Reddy, Treasurer Merav Rosenfeld (resigned 26 September 2023) Callum Sayer (appointed 20 November 2023) Gabrielle Sumner Haley Tam (appointed 20 November 2023) Zoe Svendsen

COMPANY REGISTERED NUMBER

02328810

CHARITY REGISTERED NUMBER

801637

REGISTERED OFFICE

Clifton Way Cambridge CB1 7GX

BANKERS

HSBC Bank plc Vitrium St John’s Innovation Park Cambridge CB4 0DS

AUDITOR

Peters Elworthy Moore Ltd Salisbury House Station Road Cambridge CB1 2LA

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2024 TRUSTEES’ REPORT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

OUR PURPOSE AND ACTIVITIES

Cambridge Junction is the trading name of Junction CDC Ltd.

Vision & mission

Our vision is that Cambridge Junction will be a vibrant and inspiring beacon of creativity at the beating heart of our communities. We will be a welcoming home for artists, audiences and young people, and the life and soul of a city where anyone can creatively flourish.

To realise our vision Cambridge Junction will continue to be a thriving independent arts centre, a venue for live performance and shared experiences, a creative hub, and a centre of excellence for our work with young people.

Our values are at the heart of everything we do.

Values

We are:

The venue

Cambridge Junction is twenty minutes’ walk from the centre of the city and is located at the Cambridge Leisure Park. Each year we produce, present and deliver over 900 events and workshops in our three spaces:

Objectives and priorities

1. Growing audiences and increasing resilience

2. Supporting artists

3. Focus on Young People

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2024 TRUSTEES’ REPORT

OUR PURPOSE AND ACTIVITIES (CONTINUED)

  1. Developing partnerships

  2. Leading the development of a new cultural compact for Cambridge including a 10-year plan for the city

  3. Co-creating, co-producing and collaborating with partners locally, nationally and internationally

  4. Embedding arts-based learning in schools through multi-year collaboration

At Cambridge Junction we are:

The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing their aims and objectives and in planning their future activities. This section of the Trustees’ Report identifies and explains the various activities undertaken.

Programme overview

For these financial statements, the activities of Cambridge Junction may be classified as:

This year was the first year of our current Arts Council England funding agreement as part of the National Portfolio. Our award (of £649,146 annually from 2023-2026) as a National Portfolio organisation recognises the significant value, impact and contribution we make in Cambridge and the wider region in delivering to Arts Council England’s Let’s Create strategy, supporting the development of Creative People, Cultural Communities and a Creative and Cultural Country. We have been informed by Arts Council England, that our current funding agreement will be extended by a year (to 2026/27) pending a short application confirming budgets and programme, in December 2024.

In addition to our core revenue funding from Arts Council England, we completed a significant capital project in 2023, updating and enhancing our AV equipment in J1 and J2, and improving the accessibility of our buildings. This award of £461,678 has been vital in ensuring the technical resilience of our operations and programmes. As one of the coleads in the development of a new cultural compact for the city – Create Cambridge – we also received £7,000 to support workshops and activities with local artists and cultural organisations to progress this ambitious and much needed project to foreground culture in the city, establish cross-sector partnerships and create a visionary 10-year cultural plan for Cambridge.

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2024 TRUSTEES’ REPORT

OUR PURPOSE AND ACTIVITIES (CONTINUED)

We are hugely grateful for the continued and important support we receive from Cambridge City Council, both inkind support through the provision of a peppercorn lease (with our current lease to 2032) and through project funding. In 2023/24, we were awarded £40,000 through the Community fund and £15,000 through the Preventative Health fund. Additionally, in 2023/24 we were able to carry out works to improve and enhance our social spaces, in the foyer and Mezzanine areas of J2, with the support of £113,185 from the City Council’s S106 fund, provided through developer contributions to improve community assets.

In addition to funding from statutory organisations, we continue to grow income from private sources, from Trusts & Foundations, individuals and companies. In 2023/24, we delivered the third year of Take Two, a major three-year Creative Learning project for which we received an award of £176,000 from Paul Hamlyn Foundation in 2021. We also secured funding from the following Trusts & Foundations, other statutory/project and international funds; including Alan Boswell Group Charitable Trust, the Limbourne Trust, the Lujenna Educational Trust, the Britford Bridge Trust, the Evelyn Trust, Microsoft Research Limited Community Fund (via Cambridgeshire Community Foundation) The Simon Gibson Charitable Trust, and the Cambridgeshire County Council HAF grant. This funding is vital in supporting our Creative Learning programme and supporting the development of young people’s creativity, skills and confidence.

Our individual giving is holding steady with 344 members, supporters and patrons as of 31 March 2024. Showing the commitment of our whole team to our plans and fundraising, Cambridge Junction staff raised £5,421 by running the Cambridge Half Marathon on 3 March 2024. Additionally, through the generosity of all of our audiences, we raised £4,503 with our Christmas show campaign which supports our Funded Ticket Scheme, enabling children, young people and families who would not otherwise be able to attend, free tickets and refreshments to our family programme.

Creative Learning

We continue to establish Cambridge Junction as a centre of excellent for our work with young people with complex needs. For Cambridge Junction, the term “complex needs” is intersectional and inclusive of disability, neurodivergence, mental health challenges, and the barriers faced by young people excluded or self-excluding from mainstream education, or marginalised by society, or at risk of encountering the criminal justice system. In 2023/34, our Creative Learning programme and projects engaged 6,505 children and young people (2022/23: 5,137), the majority of whom have complex needs, through a programme of 333 workshops.

Our Creative Learning programme is comprised of Open Access, Targeted and Skills & Employability projects. Open Access projects include Junction Young Company (JYC), Total Arts and Total Arts Mini-Bytes, and our new Contemporary Youth Choir. Targeted projects focus on work with young people with complex needs, and marginalised young people, and include Paul Hamlyn Foundation funded multi-year project Take Two (that will run until 2025) and Beats, Trials, & Tribulations. Skills & Employability projects include our Apprenticeships, Industry Days and intensive workshops such as Big Bang Theory (developing sound engineering skills for 14+ year olds).

Total Arts continues to be a core Creative Learning project. Total Arts is a group for young disabled creatives which works together throughout the year to create new theatre performances and films. In 2023/24, we further established Mini-Bytes, Total Arts for 9-13yr olds, originally established through funds raised by Total Arts mentor Irving McCormick. One of the joyous highlights of our annual programme is the Total Arts Film Festival, a two-day event presented in June each year, which is curated by Total Arts and which showcases the films made by the group as well as films made through Taster sessions in SEND schools, and through other Creative Learning projects including Beats, Trials and Tribulations and Take Two.

In April 2023 Junction Young Company premiered the work devised with critically acclaimed company The Pappy Show that was developed through 2022/23. In September 2023JYC began a new season working with local professional artists and Troop members Cassie Hercules (Cultureclash Theatre) and Bar Groisman (Sababa Dance) to create a new devised show that premiered at Cambridge Junction in April 2024. The principle of artist leadership and co-creation is at the heart of all our Creative Learning activities and the sense of agency and ownership held by all the young people with whom we work is vital and tangible through each process with Junction Young Company.

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2024 TRUSTEES’ REPORT

OUR PURPOSE AND ACTIVITIES (CONTINUED)

We continue to run Contemporary Youth Choir, led by local musician and composer Yvonne Hercules. This project is inclusive of disabled and non-disabled young people, free to participants and open to people with no previous singing experience. The project was funded in 2023/24 through awards from the Lujenna Trust and funding awarded by Cambridge City Council through their Community Fund. Take Two is a three-year project funded by the Paul Hamlyn Foundation, through which we will deliver a series of artist-led and co-created projects with young people in four educational settings; Olive Academy (alternative provision for young people excluded from mainstream education), Red Balloon (a charity working with young people who self-exclude), six Autism CABINS across Cambridge and Cambridgeshire, and Pilgrim Pathways Schools (CUH schools, some of which are secure psychiatric settings). In 2023/24, we delivered projects with each of these partners, producing high quality and engaging new films, with themes and approaches led by the young people themselves, facilitated by professional theatre and film-makers, animators and spoken word artists. The films produced have been showcased online and at the Total Arts Film Festival.

In 2023/24, we delivered a further Beats, Trials, and Tribulations (BTT) project funded by Cambridgeshire Police and Crime Commissioner working with marginalised young people from Trumpington, Romsey and Arbury wards, and in partnership with HighRise Entertainment, Lyrix Organix and Romsey Mill. Through BTT a series of music videos and freestyles was produced, building on the co-creation model developed through Act One and Take Two, supporting skills development in music and film production, building confidence, wellbeing and expanding possibilities for participants. The project creates a genuine sense of opportunity for participants, through which they establish a sense of ownership and agency in the project, change perceptions of young people in their communities and develop a stronger connection with Cambridge Junction and our wider programmes. BTT has led to establishing a new project Open Mic Club, offering a regular space for young people with whom we’ve connected through BTT as well as young people new to the project, to share new music they’ve written, develop performance skills and networks, and further develop professional experience that might support creative careers in music and the arts.

Programming

In 2023/24 we presented 624 performances for a total audience of 104,465 people (an increase of 23% on 2022/23).

We continue to commission, produce and deliver a distinctive, contemporary artistic programme, commissioning 13 new productions in 2023/24. We continue to foreground Global Majority, LGBTQIA+ and Disabled artists through the programme with 75% of the programme demonstrating the creative case for diversity. To ensure access to this disruptive and lingering work, created by local, national and international artists, we offer tickets on a Pay What You Feel model with tickets from £2.50.

Artistic Programme

Our Artistic programme in 2023/24, featured some standout events:

The Talent by Action Hero (CJ commission); this work was also selected for the Horizon Showcase in Edinburgh (August 2023) and completed a successful run of performances at Battersea Arts Centre in June 2023.

The World Premiere of internationally critically acclaimed and Ibsen Award winners Forced Entertainment’s new work If All Else Fails (CJ commission)

DISRUPT 2023 was the biggest and most ambitious contemporary arts festival we have imagined, with new work by Lou Robbin, Eloina, In Bed with My Brother, Nando Messias, Katy Dye, Catherine Hoffman, Samir Kennedy, Adam York Gregory & Gillian Lees, Daniel Oliver, and Greg Wohead. Over 36hours we presented 12 shows and welcomed the biggest audience to date, with the majority of the work supported or commissioned by Cambridge Junction. The influence of this festival on the curation of other national and international programmes has been clear, with positive feedback for national and international colleagues. We are developing plans for future iterations of DISRUPT which will require additional funding to make possible.

Frozen Light’s The Bar at the End of Time – a CJ commission and a fabulous example of best practice in the production of work for adult audiences with profound and multiple learning disabilities.

Laura Murphy’s A Spectacle of Herself – another CJ commission – an award-winning queer, feministic, live art, circus performance with high production standards and groundbreaking integrated captioning. Laura won numerous awards at the Edinburgh Fringe Festival in August 2023, and the work was selected for the Caravan international showcase at Brighton Festival in May 2024.

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2024 TRUSTEES’ REPORT

OUR PURPOSE AND ACTIVITIES (CONTINUED)

Dash Arts – The Reckoning: part of Cambridge Festival, work in progress of their new play that uses testimonies of people effected by the Russian invasion of Ukraine, and a collaboration with Prof. Rory Finnan, Dept of Ukrainian Studies at Cambridge University

Other highlights included New International Encounter’s Hansel & Gretel, DROWNTOWN by Rhiannon Faith (CJ commission), Silent Face’s Godot is a Woman, Bertrand Lesca & Nasi Voutsas’s The End and The Beginning (a doublebill over two nights with The Beginning featuring a cast of 15 60+ yr old non-professional performers), Mark Thomas’s England & Son, Gandini Juggling’s The Games We Play, Jo Fong & George Orange’s The Rest of Out Lives, Figs in Wigs’ BIG FINISH (CJ commission), Shon Dale-Jones’s Cracking, 2 Destination Language’s 40:40, and Ray Young’s OUT (this restaging additionally supported by CJ).

Popular Culture Programme

Highlights across our Popular Culture programme included:

Warning’s 28th Birthday, Rosie Jones, Black Country New Road, Yvonne Hercules, Two Sour Gays, Baluji Shrivatav OBE, Anu Vaidyanthan, Ezra Furman, Future Islands, work in progress performances of a new show by Sarah Millican, Brighde, Chaimbeul, Skindred, Nabil Abdulrashid, Reuben Kaye, Cambridge Jazz Festival, Bob Vylan, Big Fish Little Fish, The Amy Winehouse Band, Viggo Venn & Julia Masli, Nick Cope’s Family Show, Tatty Mcleod, Mr Wilson’s Second Liners, Comedy Club 4 Kids, Feeder, The Horne Section, Damian Lewis, and The Unthanks, Rival Sons, and Unknown Mortal Orchestra (all presented at Cambridge Corn Exchange).

Community Projects

In April 2024, Cambridge Junction presented Quarantine Theatre’s 12 Last Songs at Cambridge’s historic Guildhall. This Stobbs New Ideas Fund commission was a landmark project for Cambridge Junction, in terms of scale, ambition and community engagement and was a huge success. The 12hr duration performance was a celebration of the city, with a strongly diverse cast of participants, with fantastic engagement from audiences, and a clear demonstration the potential of collaboration between Cambridge Junction and Cambridge University which was presented as part of the university’s Cambridge Festival programme.

Artist & Producer Development

In April 2023, we presented a second edition of I’m Here Where Are You? , a festival of work by Disabled and Neurodivergent artists co-produced with us by Liz Counsell & Linda Rocco as part of our Vision Mixers programme. The highlight of this project was Vijay Patel’s Brotherly, Otherly, Disorderly, and we were pleased to note that the accessibility of our venue and the care and welcome of our team to Disabled artists and audiences was praised.

We continue to provide a leading role on artist development in the region. Members of our artist development network Troop (which currently has 90 members and increase of 50% on 2022/23) received training, workshops, advice sessions, mentoring, work-in-progress opportunities and space and time in our building to make work. In 2023/24 we commissioned and supported the development of 25 new pieces of work and offered 40 weeks of residency time across the building.

In 2023/24, commissions, co-productions and additional production support were offered to to Forced Entertainment, Ray Young, Bertrand Lesca & Nasi Voutsas, Samir Kennedy, Katy Dye, Catherine Hoffman, Zaki Masu, Ocean Chillingworth, Gillian Lees & Adam York Gregory, and Katy Baird.

FINANCIAL REVIEW

Overall, the group had net expenditure for the year of £22,586 (2023: £511,099), including net deficit of £148,712 (2023: net deficit £401,682) on unrestricted funds before transfers.

The net expenditure on restricted funds in the year was £126,125 (2023: £109,417) before transfers.

Included within the group’s results are those of the charity’s wholly owned trading subsidiary, The Junction Promotions Limited, which earned £156,610 profit for the year (2023: £175,500), which was gift-aided to the charity.

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2024 TRUSTEES’ REPORT

OUR PURPOSE AND ACTIVITIES (CONTINUED)

We continue to maintain excellent relationships with our principal funding bodies, Arts Council England and Cambridge City Council. Arts Council England supports our core activity with annual funding of £649,146 (2023: £649,146) through its National Portfolio funding programme. We received project funding of £40,000 (2023: £50,000) and from Cambridge City Council to support our community engagement programme and a further £10,000 (2023: nil) to support our apprenticeship programme.

The Charity understands its duty to protect the public, including vulnerable people, from unreasonably intrusive or persistent fundraising approaches, and undue pressure to donate but does not currently fundraise from the public or use any internal fundraisers or external fundraising agencies for either telephone or face to face campaigns and received no fundraising complaints during the year. The charity is registered as a small charity with the Fundraising Regulator. No fundraising complaints were received during the year.

RESERVES POLICY

Cambridge Junction carries out a diverse range of activities, including short term, externally funded projects and longterm business development. The trustees have examined the requirement for free reserves, i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The trustees consider that, given the scale of the organisation and the nature of its work, the level of free reserves should be approximately £230,000 at any one time.

The trustees are of the opinion that this provides:

In determining the reserves policy, the trustees have considered the fixed costs required to maintain the Charity for three months stands at approximately £230,000. The trustees have also considered the impact of any funding loss and the timescale in which this might occur.

The balance sheet shows total funds of £1,928,668 at 31 March 2024 (2023: £1,951,254).

These funds included restricted funds of £296,068 (2023: £1,670,785). This comprises grants and other income and assets subject to donor-imposed conditions. The restricted funds include a Tickets in Advance Reserve of £120,000. This reserve represents funds held to cover some of the costs that may be incurred if performances are cancelled. The trustees note that the Tickets in Advance Reserve provides risk mitigation around ticket sale returns and refunds. Full details of restricted funds can be found in note 17 to the financial statements together with an analysis of movements in the year.

The significant transfer in the year of £1,576,233 relates to the transfer of the building development reserve and the ACE capital reserves to unrestricted funds. The restrictions in these capital grants have been satisfied by the completion of the building works and therefore following the guidance of the SORP these funds have been transferred to unrestricted funds as the assets are for the unrestricted use of the charity.

Unrestricted funds of the organisation at 31 March 2024 were £1,632,600 (2023: £280,470). These funds include £1,138,673 building development reserve, £109,475 (2023: £119,475) relating to designated funds for a repair and renewal contingency and £14,199 (2023: £28,398) relating to designated funds for remuneration contingency. During the year, funds were transferred as follows: £1,138,673 to reflect the buildings initially funded by restricted grants, £20,000 to commission three artists to create new work, £2,500 to purchase audiovisual equipment for creative learning projects, and a grant of £6,185 to support additional creative learning initiatives.

The free reserves of the group are in deficit of £216,861 (2023: deficit of £173,036) after taking out unrestricted fixed assets of £1,725,787 (2023: £254,441).

At 31 March 2024, the free reserves fell short of the desired level as set out in the reserves policy, above. The trustees are taking steps to address this as detailed below.

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2024 TRUSTEES’ REPORT

PLANS FOR FUTURE PERIODS (CONTINUED)

After a difficult previous year, in 2023/24 it was important for the team at Cambridge Junction to rebalance and find a more financially sustainable model, with the need to make savings across the organisation, grow revenue and reduce the level of risk. The inflationary pressures noted in our annual report last year, combined with public investment at standstill or reduced levels over the last 14 years, continue to put considerable pressure on the organisation to increase earned income from surplus generating programmes, whilst maintaining our strong and vital role in supporting artists, creative risk and the development of young people’s creativity.

Without sufficient funding from central government, partners like Cambridge City Council and Arts Council England do not have the resource to fund independent artists or venues at the levels required to support growth or sustainability in the longer term, which will over time affect the availability of high quality, contemporary theatre and dance and creative learning programmes.

We will continue to work to develop audiences and programmes and identify new sources of income (both donated and earned) to ensure we increase attendance, grow income, are dynamic in our development of strategy and actions, and further strengthen our resilience to this ongoing situation and similar challenges in the future.

We continue to be concerned about the future of public investment in the arts and will continue to lobby central government to properly support both local government and Arts Council England effectively. This is particularly relevant with regards to public investment in cultural infrastructure.

2023/24 is the first year of our current 3-year funding agreement as part of Arts Council England’s National Portfolio. This will provide vital core revenue funding to the organisation of £649,146 per year, for the three years, 2023-2026. The funding awarded remains at standstill, with no inflationary increases since 2010, equivalent to a 35% cut in real terms.

In January 2024, we were informed that the grant that would be awarded to us by Cambridge City Council through their Community Fund, would be £25,000 lower than the sum requested. We are grateful to Cambridge City Council for the grant of £40,000 which will partially support projects including Total Arts and Contemporary Youth Choir. The Council’s Community Fund was heavily oversubscribed, with most organisations not receiving the funds they had requested and require to deliver vital work in communities. To demonstrate the impact of cuts to local authority funding, in 2012, Cambridge Junction received £120,000 in revenue funding from Cambridge City Council. Further reductions to our Cambridge City Council funding would impact directly on our ability to deliver our Creative Learning programme and to work with young people with complex needs across the city.

To balance real terms and actual reductions in public subsidy, while continuing to deliver our core programmes of work, requires us to have ambitious targets for fundraising from private trusts, foundations and individuals. However, this is at a time when third sector, community and arts organisations are all experiencing pressure on budgets like never before, and so many are in a similar position to us and the upshot is significant pressure on trust and foundation funds, with success rates for these (as well as for Arts Council England) at historically low levels. Telling compelling and well-evidenced stories of the value and impact and success of all our work will be essential to securing the income required to continue delivering world-class, contemporary, progressive, inclusive and representative commissions and projects.

Over the last year we have worked closely with Cambridge City Council on plans for a major capital redevelopment of our buildings. We are currently in negotiations with partners to ensure a design for this project that unlocks much of our future income generating potential, as well as a lease and financial arrangements that make this project both financially viable and key to delivering our future resilience and sustainability, enabling us to deliver to our charitable aims and objectives, expanding our vital work with young people and our crucial local and national role in supporting the development of new work. Cambridge Junction trustees and executive team remain fully committed to this project, maintaining a clear focus on the significant risks involved and actively working to mitigate them and develop effective solutions.

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2024 TRUSTEES’ REPORT

STRUCTURE, GOVERNANCE AND MANAGEMENT

The trustees constitute directors of the charitable company for the purpose of the Companies Act 2006.

The trustees serving during the year and since the year end, are shown on page 1.

Governing document

Cambridge Junction is incorporated as a company limited by guarantee with no share capital, registered in England and Wales (Company registration no. 02328810), and is set up as a registered Charity (Charity registration no. 801637).

Cambridge Junction’s Memorandum and Articles of Association were incorporated on 15 December 1988 and amended by special resolution on 23 May 1989; 31 March 1998; 6 March 2000; 10 May 2000 and 22 February 2006.

Appointment of Trustees

There can be up to 17 trustees, elected to the Board. Each trustee is elected for a term of three years and can be reelected for consecutive periods not exceeding nine years. After serving for nine years, a board member is not eligible for re-election until one year after retirement. New trustees are identified through personal recommendation, local networks and recruitment advertising. The trustees undertake a regular skills audit to ensure a suitable balance of skills and experience is achieved.

Trustee induction and training

On appointment, new trustees meet with the chair of the board and with senior management. These meetings include in-depth discussions regarding the structure, management and aims of the organisation and the responsibilities of the board as a whole and of individual trustees. New trustees are provided with a pack of relevant policies and other background information (including copies of budgets and financial statements) and are informed about the general information available on the Charity Commission website.

Group structure

The charity’s wholly owned trading subsidiary, The Junction Promotions Limited, which is incorporated in the United Kingdom and registered in England and Wales, pays all its profits to the charity by gift aid, under a deed of covenant. The Junction Promotions Limited operates the bars, refreshments and all commercial trading operations carried out at Cambridge Junction. The charity owns the entire issued share capital of 2 ordinary shares of £1 each.

The Board of trustees has overall control of the charity and is responsible for ensuring it fulfils its charitable aims and objectives. The Board appoints the CEO who in turn appoints the staff team responsible for the day to day running of the charity and trading subsidiary.

Related parties and co-operation with other organisations

Cambridge Junction had no formal partnership agreements in place during 2023/24.

Key management personnel

Matt Burman is the Artistic Director and Chief Executive Officer. Helen Chamberlain is the General Manager.

Pay policy for senior staff

Pay levels are agreed annually by the Board. All pay levels, including those of senior staff, are based on an understanding of fair and equitable pay within the arts sector and within peer National Portfolio Organisations.

Cambridge Junction is committed to pay all permanent staff the Living Wage (as set by the Living Wage Foundation) or better. All casual staff are paid the National Minimum Wage for 23+ or better. The organisation aspires to pay all staff the Living Wage or better.

Cambridge Junction does not pay performance related bonuses.

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2024 TRUSTEES’ REPORT

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

Risk management

The trustees have assessed the major risks to which Cambridge Junction is exposed, in particular those related to the strategic, business, operations and finances of Cambridge Junction, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Key risks and the trustees’ approach to mitigating these risks are outlined in Cambridge Junction’s risk register. The primary risks remain the failure to achieve audience levels/income (particularly with popular culture) and the reduction/cessation of ongoing financial support from public funders.

The trustees’ approach to mitigating these risks is to reforecast budgets at quarterly intervals and to ensure the budget reflects actual trading and funding outcomes; revise budgets to reduce core costs; and, where necessary, rebalance the programme to reduce the level of financial risk. Additionally, we will work closely with funders and lobby for additional financial support from government to support our continued operation across 2024/25 and beyond.

TRUSTEES’ QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

The Charity has granted an indemnity to one or more of its trustees against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third-party indemnity provision remains in force as at the date of approving the Trustees’ report.

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2024 TRUSTEES’ REPORT

TRUSTEES’ RESPONSIBILITIES STATEMENT

The trustees (who are also directors of Junction CDC Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITOR

Each of the persons who is a trustee at the date of approval of this annual report confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

PEM has expressed its willingness to continue in office as auditor and reappointment as auditor will be considered at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption.

Approved by the Board of Directors and signed on behalf of the Board

M Reddy

Trustee

28 November 2024 Date

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JUNCTION CDC LIMITED (t/a Cambridge Junction)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF JUNCTION CDC LIMITED

OPINION

We have audited the financial statements of Junction CDC Limited (the 'parent charitable company') and its subsidiary (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities (incorporating the income and expenditure account), the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor’s Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

12

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF JUNCTION CDC LIMITED

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees’.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

13

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF JUNCTION CDC LIMITED

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

14

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF JUNCTION CDC LIMITED

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor’s Report.

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor’s Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Nikki Loan (Senior Statutory Auditor) for and on behalf of Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House

Station Road Cambridge CB1 2LA

Date 28 November 2024

15

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including consolidated income and expenditure account) Year ended 31 March 2024

Note
INCOME:
Donations and legacies
3
Income from charitable activities:
Main projects and participation programme
4
Projects including arts development
Income from other trading activities:
Commercial trading operations
5
Investments – bank interest
6
Total income
EXPENDITURE:
Costs of raising funds:
Commercial trading operations
5
Expenditure on charitable activities:
Main projects and participation programme
7
Projects, including arts development
7
Total expenditure
Net income/(expenditure)
Transfer between funds
17
Net movement in funds in the year
Total funds brought forward
17
TOTAL FUNDS CARRIED FORWARD
17		 Unrestricted
funds
2024
£
Restricted
funds
2024
£
Total funds
2024
£
811,700
662,286
1,473,986
1,674,877
-
1,674,877
-
-
-
537,415
-
537,415
8,514
-
8,514
3,032,506
662,286
3,694,792
380,805
-
380,805
2,800,413
222,568
3,022,981
-
313,592
313,592
3,181,218
536,160
3,717,378
(148,712)
126,126
(22,586)
1,500,842 (1,500,842)
-
1,352,130 (1,374,716)
(22,586)
280,470
1,670,784
1,951,254
1,632,600
296,068
1,928,668		 Total funds
2023
£
1,154,568
1,457,390
-
553,769
2,183
3,167,910
378,269
2,983,916
316,823
3,679,008
(511,099)
-
(511,099)
2,462,353
1,951,254

There were no other items of comprehensive income other than those listed above and the net income for the year. All income and expenditure derive from continuing activities.

See note 17 for comparative Consolidated Statement of Financial Activities analysed by funds.

The notes on pages 20 to 38 form part of these financial statements.

16

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

CONSOLIDATED BALANCE SHEET Year ended 31 March 2024

Note 2024 2023
£ £
FIXED ASSETS
Tangible assets 11 1,725,786 1,617,280
1,725,786 1,617,282
CURRENT ASSETS
Stocks 13 26,213 23,960
Debtors 14 172,490 199,834
Cash at bank and in hand 683,328 748,118
882,031 971,912
CREDITORS:amounts falling due
within one year 15 (679,149) (637,938)
NET CURRENT ASSETS 202,882 333,974
TOTAL ASSETS LESS CURRENT LIABILITIES 1,928,668 1,951,254
NET ASSETS 1,928,668 1,951,254
CHARITY FUNDS
Restricted funds 17 296,068 1,670,785
Unrestricted funds 17 1,632,600 280,470
TOTAL FUNDS 1,928,668 1,951,254

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. The notes on pages 20 to 38 form part of these financial statements.

The financial statements of Junction CDC Limited, registered number 02328810 were approved by the Board of Trustees and authorised for issue on . 28 November 2024

Signed on behalf of the Trustees

V2— M Reddy

Trustee

17

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

CHARITY BALANCE SHEET Year ended 31 March 2024

Note 2024 2023
£ £
FIXED ASSETS
Tangible assets 11 1,725,786 1,617,280
Investments 12 2 2
1,725,788 1,617,282
CURRENT ASSETS
Debtors 14 585,721 701,137
Cash at bank and in hand 278,526 242,271
864,247 943,408
CREDITORS:amounts falling due
within one year 15 (661,367) (609,436)
NET CURRENT ASSETS 202,880 333,972
TOTAL ASSETS LESS CURRENT LIABILITIES 1,928,668 1,951,254
NET ASSETS 1,928,668 1,951,254
CHARITY FUNDS
Restricted funds 17 296,068 1,670,785
Unrestricted funds 17 1,632,600 280,470
TOTAL FUNDS 1,928,668 1,951,254

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. The notes on pages 20 to 38 form part of these financial statements.

The deficit of the parent charity for the year for Companies Act purposes is £22,586 (2023: £511,099). As permitted by Section 408 of the Companies Act 2006, no separate Statement of Financial Activities is presented in respect of the parent charity.

The financial statements of Junction CDC Limited, registered number 02328810 were approved by the Board of Trustees and authorised for issue on . 28 November 2024

Signed on behalf of the Trustees

V2— M Reddy

Trustee

18

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

STATEMENT OF CONSOLIDATED CASH FLOWS Year ended 31 March 2024

Note
Cash generated from operating activities
22
Cash flows from investing activities
Interest income
Purchase of tangible fixed assets
Cash flows used in investing activities
Increase in cash and cash equivalents in the year
Cash and cash equivalents at beginning of the year
Total cash and cash equivalents at the end of the year		 2024
£
384,963
8,514
(458,266)
(449,752)
(64,790)
748,118
683,328		 2023
£
(292,518)
2,183
(95,285)
(93,102)
(385,620)
1,133,738
748,118
2023
£
(385,620)
1,133,738
748,118
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Note
Increase/decrease in cash in the year being
movement in net funds in the year
23
Net funds at 1 April
Net funds at 31 March		 2024
£
(64,790)
748,118
683,328

The notes on pages 20 to 38 form part of these financial statements.

19

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

1. ACCOUNTING POLICIES

Company and charitable status

Junction CDC Limited meets the definition of a public benefit entity under FRS102 and is incorporated in the United Kingdom and registered in England and Wales as a company limited by guarantee not having a share capital. There are currently twelve (2023: nine) Trustees who are also the members of the company. Each member has undertaken to contribute to the assets in the event of winding up a sum not exceeding £1. The charity is a registered charity. The registered office is given on page 1.

General information and basis of accounting

The financial statements are prepared under the historical cost convention, in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities (SORP 2019)” 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 September 2018; and the Companies Act 2006.

The financial statements are presented in Sterling and are rounded to the nearest £.

The principal accounting policies are set out below .

Preparation of financial statements - going concern basis

Cambridge Junction’s activities, together with the factors likely to affect its future development, performance and position are set out in the Trustees’ Report. The Trustees’ Report also describes the financial position of Cambridge Junction; its risk management objectives and policies; its free reserves policy and statutory funding position.

The Trustees and senior management acknowledge their responsibility to evaluate Cambridge Junction’s financial position and sustainability. As a result of the current economic conditions which impacts operating income, operational costs and the generation of funding, Cambridge Junction currently possess reserves that are lower than the Trustees and senior management would ideally like. However reserves remain at a level which ensures that the organisation continues to be able to pursue its charitable objectives.

The Trustees and senior management continue to be actively engaged in seeking funding opportunities, costsaving measures, and strategic partnerships to enhance its financial position and ensure the continued delivery of its charitable aims. The trustees and senior management believe that these ongoing efforts will enable Cambridge Junction to continue to operate as a going concern in the foreseeable future despite the current economic challenges. The trustees and senior management have prepared forecasts which, even allowing for plausible downside scenarios and a continuation of the current economic challenges, show that Cambridge Junction will be able to meet its liabilities as they fall due, for a period of at least 12 months from the date of approval of these financial statements.

The trustees have a reasonable expectation that Cambridge Junction has adequate resources to continue in operational existence for the foreseeable future and, therefore, continue to adopt the going concern basis in preparing these financial statements.

Basis of consolidation

Group financial statements have been prepared in respect of the Charity and its wholly owned subsidiary undertaking Junction Promotions Limited. These financial statements have been consolidated on a line-byline basis and the results of the subsidiary undertaking are disclosed in note 5.

Income

Income is recognised when the Group and Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income relating to events including ticket sales, bar income and cloakroom income is recognised at the date of performance.

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item 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.

20

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

1. ACCOUNTING POLICIES (CONTINUED)

On receipt, donated 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised.

Expenditure

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:

Expenditure on raising funds includes the costs incurred in commercial trading operations.

Expenditure on charitable activities includes the costs of performances and other educational activities undertaken to further the purposes of the charity and their associated support costs.

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back-office costs, finance, personnel, payroll and governance costs which support the Trust’s artistic programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. Irrecoverable VAT is charged as an expense and shown within support costs

The bases on which support costs have been allocated are set out in note 8.

Governance costs are included in support costs and relate to the audit, legal and other costs associated with constitutional and statutory requirements.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds subject to specific restrictions imposed by the funding authorities and donors. These funds are not available for the Trustees to apply at their discretion. The purpose and use of the restricted funds is set out in the notes to the financial statements.

Taxation

The parent company is a registered charity and has no liability to corporation tax on its charitable activities under the Corporation Tax Act 2010 (chapters 2 and 3 of part ii, section 466 onwards) or Section 256 of the Taxation for Chargeable Gains Act 1992, to the extent surpluses are applied to its charitable purposes.

Current tax for the subsidiary company, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. No corporation tax is payable (or receivable) for the current or previous financial year.

Tangible fixed assets

Fixtures and equipment are stated at cost less accumulated depreciation and any recognised impairment loss.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

21

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

1. ACCOUNTING POLICIES (CONTINUED)

Long term leasehold property Period of lease Leasehold improvements Period of lease Fixtures and fittings 20-33%

Residual value is calculated on prices prevailing at the date of acquisition. Useful lives and residual values are reviewed at the end of every reporting period.

Investments

In the parent charity balance sheet, investments in subsidiary undertakings are measured at cost less impairment.

Stock

Stocks are stated at the lower of cost and net realisable value. Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and costs to be incurred in marketing, selling and distribution. Cost is based on the cost of purchase on a first in, first out basis. Provision is made for obsolete, slow-moving or defective items where appropriate.

Leases

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs).

The charity and group only have 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. Fixed assets are recorded at depreciated historical cost and all other assets and liabilities are recorded at costs which is their fair value.

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. 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. 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.

Pensions

For defined contribution schemes the amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

22

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group’s accounting policies, which are described in note 1, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. As outlined in the trustees’ report, the building is leased from Cambridge City Council at a peppercorn rent. In line with SORP guidelines, the trustees have estimated the value of this in-kind donation, which is recognized as income (see Note 3). The rental value was originally calculated in 2014 based on local market comparisons and the building's designation for arts and cultural use. No adjustments to the rent estimation have been made this year, as there have been no significant changes to the building or its facilities. Under the terms of the lease, the charity is responsible for certain remedial work to maintain the building in good condition. However, given the building's designated use for arts and culture, along with the charge from Arts Council England restricting alternative uses, the likelihood of a dilapidation charge being imposed is considered low. This assessment reflects the trustees’ judgment based on the current conditions and foreseeable plans for the property.

The Trustees do not consider there are any further critical accounting judgements or key sources of estimation uncertainty requiring disclosure.

3. ANALYSIS OF INCOME FROM DONATIONS AND GRANTS

Donations:
Rent and rates in kind
Individual Donations
Corporate Sponsorship
Trusts & Foundations
Grants:
Cambridge City Council1
Cambridge City Council2
Arts Council England3
Arts Council England – Cultural Recovery Fund4
Cambridgeshire County Council5
Police and Crime Commissioner6
Sound & Vision Festival7
Arts Council England – Capital8
Arts Council England – project funding9
Arts Admin10
Paul Hamlyn Foundation (Take Two)11
Cambridge City Council12
Festival Bridge13		 2024
£
Unrestricted
Funds
103,280
53,826
5,448
-
162,554
-
-
649,146
-
-
--
-
-
-
-
-
-
649,146
811,700		 2024
£
Restricted
Funds
-
2,581
30,000
127,556
160,137
40,000
10,000
-
-
3,281
337,634
9,030
-
-
102,203
-
502,148
662,286		 2024
£
Total
Funds
103,280
56,407
35,448
127,556
322,691
40,000
10,000
649,146
-
3,281
337,634
9,030
-
-
102,203
-
1,151,294
1,473,985		 2023
£
105,840
62,038
50,071
40,258
258,207
40,000
10,000
649,146
34,690
4,032
3,500
10,839
77,676
-
3,244
61,734
-
1,500
896,361
1,154,568

23

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

3. ANALYSIS OF INCOME FROM DONATIONS AND GRANTS (continued)

  1. Community grant which supports community and creative learning programmes.

  2. Grant to support apprentice employment costs

  3. National Portfolio Organisation triannual funding awarded up to 2026.

  4. Cultural Recovery Fund grant to support cultural organisations during COVID-19 pandemic.

  5. Grant to support youth music initiatives.

  6. Grant to support creative learning activity.

  7. Grant to support Sound & Vision Festival April 2023

  8. Arts Council England Capital award for audio visual upgrades

  9. Arts Council Grant to support arts programme & Create Cambridge

  10. Grant to support arts programme commission

  11. Multiyear grant to support creative learning activity.

  12. Section 106 funding to support venue improvement.

  13. Grant to support arts activity

2023 figures include restricted funds of £298,783 consisting of £86,258 restricted donations and £212,525 restricted grants.

There are no unfulfilled conditions or other contingencies relating to the above grants.

4. ANALYSIS OF INCOME FROM CHARITABLE ACTIVITIES

Earned income from performance, classes and public events:
Ticket sales
Event hire fees
Cloakroom sales
Creative learning sales
Other sales
Total
2023– Comparative
Earned income from performance, classes and public events:
Ticket sales
Event hire fees
Cloakroom sales
Creative learning sales
Other sales
Total		 Unrestricted
funds
2024
£
1,080,982
260,590
18,889
17,170
297,246
1,674,877
Unrestricted
funds
2023
£
957,064
248,532
17,068
16,765
214,761
1,454,190		 Restricted
Funds
2024
£
-
-
-
-
-
-
Restricted
Funds
2023
£
-
-
-
-
3,200
3,200		 Total
2024
£
1,080,982
260,590
18,889
17,170
297,246
1,674,877
Total
2023
£
957,064
248,532
17,068
16,765
217,961
1,457,390

24

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

5. ANALYSIS OF INCOME AND EXPENDITURE ON RAISING FUNDS

The wholly owned trading subsidiary, The Junction Promotions Limited, is incorporated in the United Kingdom (company number 03437774) and pays all of its profits to the charity under a deed of covenant. The Junction Promotions Limited operates the bars at the Cambridge Junction premises. A summary of the trading results is shown below:

Turnover
Cost of sales
Administration costs
Support costs (note 8)
Net Profit
Retained earnings at the beginning of the year
Deed of covenant/gift aid
Retained in subsidiary
SUMMARY BALANCE SHEET
CURRENT ASSETS
Stocks
Debtors
Cash at bank and in hand
CREDITORS: amounts falling due
within one year
NET CURRENT ASSETS
NET ASSETS
CAPITAL
Share capital
Retained earnings
SHAREHOLDERS’ FUNDS		 2024
£
537,415
(286,549)
(33,797)
(60,459)
156,610
-
(156,610)
-
2024
£
26,213
1,188
404,803
432,204
(432,202)
2
2
2
-
2		 2023
£
553,769
(285,423)
(31,001)
(61,845)
175,500
-
(175,500)
-
2023
£
23,960
1,188
505,847
530,995
(530,993)
2
2
2
-
2

.

25

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

6. ANALYSIS OF INCOME FROM INVESTMENTS

2024 2023
£ £
Bank interest 8,514 2,183

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Cost of main performance and participation programme
Costs of projects, including arts development
Total
Cost of main performance and participation programme
Artists’ fees and commissions
Licences
Security costs
Technical costs
Box Office Costs
Marketing costs
Property costs
Salaries
National insurance
Depreciation
Support costs (note 8)
Costs of projects, including arts development
Creative Learning/Total Arts Film Festival
PHF: Take Two
Wrestle Lads Wrestle
Other:
Building depreciation		 Unrestricted
funds
2024
£
Restricted
funds
2024
£
2,800,412
222,568
313,592
2,800,412
536,160
879,525
25,000
33,004
-
126,112
-
100,754
-
58,802
-
64,500
-
381,538
-
528,353
16,746
45,183
1,253
16,420
109,174
566,221
70,394
2,800,412
222,567
-
40,430
-
46,266
-
2,730
-
224,167
-
313,593		 Total
2024
£
3,022,980
313,592
3,336,572
904,525
33,004
126,112
100,754
58,802
64,500
381,538
545,099
46,436
125,594
636,615
3,022,979
40,430
46,266
2,730
224,167
313,593

26

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES (continued)

2023 – Comparative

Cost of main performance and participation programme
Costs of projects, including arts development
Total
Cost of main performance and participation programme
Artists’ fees and commissions
Licences
Security costs
Technical costs
Box Office Costs
Marketing costs
Property costs
Salaries
National insurance
Depreciation
Support costs
Costs of projects, including arts development
Creative Learning/Total Arts Film Festival
PHF: Take Two
Other:
Building depreciation		 Unrestricted
funds
2023
£
Restricted
funds
2023
£
2,889,340
94,576
-
316,823
2,889,340
411,399
981,576
53,028
39,058
-
129,138
-
95,583
-
50,462
-
77,393
360
361,455
-
524,826
31,078
48,051
1,661
17,857
4,462
563,941
3,987
2,889,340
94,576
-
30,922
-
61,734
-
224,167
-
316,823		 Total
2023
£
2,983,916
316,823
3,300,739
1,034,604
39,058
129,138
95,583
50,462
77,753
361,455
555,904
49,712
22,319
567,928
2,983,916
30,922
61,734
224,167
316,823

27

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

8. ANALYSIS OF SUPPORT COSTS

Support costs:
Recruitment
Staff training
Staff welfare
Travel and subsistence
General administration
Legal fees
Bank and credit card charges
Irrecoverable VAT
Bad and doubtful debts
Exchange rate variance
Wages and salaries
National insurance
Pension
Governance costs:
Auditor’s remuneration		 Main
performance
and
participation
programme
2024
£
400
3,966
3,330
1,978
104,160
10,070
49,531
214,223
10,330
(1)
158,574
16,715
47,839
15,500
636,615		 Commercial
trading
operations
2024
£
-
-
3
-
18,541
1,373
685
-
-
-
26,334
2,353
1,920
9,250
60,459		 Total
2024
£
400
3,966
3,333
1,978
122,701
11,443
50,216
214,223
10,330
(1)
184,908
19,068
49,759
24,750
697,074

Governance and support costs are allocated to the different activities on the basis of a department allocation and the functions for which the resources are used.

28

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

8. ANALYSIS OF SUPPORT COSTS (continued)

2023 – Comparative

Main
performance
and
participation
programme
2023
£
Support costs:
Recruitment
1,059
Staff training
3,935
Staff welfare
9,261
Travel and subsistence
12,529
General administration
94,776
Legal fees
4,172
Bank and credit card charges
40,598
Irrecoverable VAT
159,343
Bad and doubtful debts
7,398
Exchange rate variance
201
Wages and salaries
157,175
National insurance
17,150
Pension
50,331
Governance costs:
Auditor’s remuneration
10,000
567,928		 Commercial
trading
operations
2023
£
-
125
280
-
12,233
569
14,074
-
-
-
26,781
2,410
1,873
3,500
61,845		 Total
2023
£
1,059
4,060
9,541
12,529
107,009
4,741
54,672
159,343
7,398
201
183,956
19,560
52,204
13,500
629,773

Governance and support costs are allocated to the different activities on the basis of a department allocation and the functions for which the resources are used.

9. NET EXPENDITURE FOR THE YEAR

ET EXPENDITURE FOR THE YEAR
2024 2023
£ £
This is stated after charging:
Depreciation of tangible fixed assets:
Owned 349,760 246,485
Fees payable to the charity’s auditor for audit 15,500 10,000
Fees payable to the charity’s auditor for other services to the
group:
The audit of the charity’s subsidiary 9,250 3,500

29

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

10. STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL

The average monthly number of employees was:
Commercial trading
Main performance and participation programme
Support
The aggregate staff costs were as follows:
Wages and salaries
Social security costs
Pension costs		 2024
No
13
63
2
78
£
1,077,518
67,130
49,759
1,194,407		 2023
No
13
65
2
80
£
1,084,393
71,658
52,204
1,208,255

One Group employee had emoluments, excluding pension contributions but including benefits in kind, that were within the range of £60,000 to £69,999 (2023 – none), in the current year.

The key management personnel of the parent Charity and its wholly owned subsidiary, The Junction Promotions Ltd are listed on page 11. The total remuneration (including pension contributions and employer’s NI) of the key management personnel for the year totalled £123,439 (2023: £123,320).

Trustees’ Remuneration

No trustees received remuneration or travel and subsistence expenses during the current or prior year. The Group holds Charity Management Liability Insurance at a cost of £1,556 (2023: £1,358) plus 12% Insurance Premium Tax making £1,743 (2023: £1,521) in total.

30

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

11. TANGIBLE FIXED ASSETS

Group and charity
Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
12.
FIXED ASSET INVESTMENTS
Charity
Shares in subsidiary undertakings
At 1 April 2023 and 31 March 2024		 Long term
leasehold
property
£
Fixtures and
fittings
£
5,738,137
715,294
-
458,266
5,738,137
1,173,560
4,220,389
615,762
224,167
125,593
4,444,556
741,355
1,293,581
432,205
1,517,748
99,532		 Total
£
6,453,431
458,266
6,911,697
4,836,151
349,760
5,185,911
1,725,786
1,617,280
£
2

The fixed asset investment comprises 100% of the issued ordinary share capital of The Junction Promotions Limited, a company incorporated in the United Kingdom and registered in England and Wales. The Junction Promotions Limited (Company Registration No. 03437774) is the main trading arm, in support of the Charity. See balance sheet at note 5.

13. STOCKS

TOCKS
Group 2024 2023
£ £
Bar and catering stock 26,213 23,960

There is no material difference between the balance sheet value of stocks and their replacement cost.

31

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

14. DEBTORS

Debtors falling due within one year:
Trade debtors
Amounts due from subsidiary undertakings
Prepayments and accrued income		 Group
2024
£
2023
£
58,768
68,317
-
113,722
131,517
172,490
199,834		 Charity
2024
£
2023
£
58,768
68,317
414,419
502,492
112,534
130,328
585,721
701,137		 Charity
2024
£
2023
£
58,768
68,317
414,419
502,492
112,534
130,328
585,721
701,137
701,137

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other taxation and social security
Deferred ticket income
Other creditors
Accruals and deferred income		 Group
2024
£
2023
£
86,153
141,992
38,088
51,903
410,330
300,130
18,958
15,931
125,620
127,982
679,149
637,938		 Charity
2024
£
2023
£
77,204
117,021
38,088
51,903
410,330
300,130
18,405
15,931
117,340
124,451
661,367
609,436		 Charity
2024
£
2023
£
77,204
117,021
38,088
51,903
410,330
300,130
18,405
15,931
117,340
124,451
661,367
609,436
609,436

16. DEFERRED TICKET INCOME RECONCILIATION

Balance at 1 April 2023
Amount deferred in the year
Amount released in the year
Balance as at 31 March 2024		 2024
£
300,130
1,823,981
(1,713,781)
410,330		 2023
£
297,537
1,579,197
(1,576,604)
300,130

32

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

17. MOVEMENTS OF FUNDS

4

Unrestricted funds:
General funds
Unrestricted funds total
Designated funds:
Repair and renewal fund
Remuneration contingency
Philanthropy Fund
Utilities Reserve
Designated funds total
Unrestricted and designated funds total
Restricted funds:
Building Development Reserve
Tickets in advance reserve

Cambridge City Council
Community Projects

Apprentice Fund
Paul Hamlyn Foundation (Take Two)

Stobbs New Ideas Fund 23/24

Sound Production

WrestleLadsWrestle
Create Cambridge
ACE Capital
CCC S106
Seat Sponsorship

Total Arts

Restricted funds total
TOTAL FUNDS		 At 1 April
2023
£
81,405
81,405
119,475
28,398
43,855
7,337
199,065
280,470
1,362,840
120,000
-
6,185
-
64,617
20,000
2,500
-
-
73,214
1,000
20,429
1,670,785
1,951,255		 Income
£
Expenditure
£
Transfers
£
3,032,506
(3,181,218)
1,576,233
3,032,506
(3,181,218)
1,576,233
-
-
(10,000)
-
-
(14,199)
-
-
(43,855)
-
-
(7,337)
-
-
(75,391)
3,032,506
(3,181,218)
1,500,842
-
(224,167) (1,138,673)
-
-
-
40,000
(40,000)
-
-
-
(6,185)
20,000
(3,000)
-
67,526
(46,266)
-
20,000
-
(20,000)
-
-
(2,500)
2,730
(2,730)
-
6,300
-
-
337,634
(174,590)
(236,258)
102,203
(4,977)
(97,226)
2,581
-
-
63,311
(40,430)
-
662,285
(536,160) (1,500,842)
3,694,791
(3,717,378)
-		 At 31 March
2024
£
1,508,926
1,508,926
109,475
14,199
-
-
123,674
1,632,600
-
120,000
-
-
17,000
85,877
20,000
-
-
6,300
-
-
3,581
43,310
296,068
1,928,668

Transfers between funds represent reallocation of income or expenditure to funds, while remaining consistent with any restriction in relation to these funds.

General funds represent the funds generated from voluntary, charitable and trading operations of the charity to support the charity on a day-to-day basis and to fulfil the objectives of the charity.

Designated funds:

Repair and renewal fund represents the amount allocated for small capital repair, replacement, and renewal. Remuneration contingency represents an amount allocated for salary and wage increases. Website Optimisation Fund represents an amount allocated to redesign the company’s website International Projects represents an amount allocated to international projects (UK-Australia) delayed due to COVID-19

Philanthropy Fund represents an amount allocated for Development department salaries. Utilities Reserve represents an amount allocated to mitigate the impact of increasing utilities cost

33

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

17. MOVEMENTS OF FUNDS (continued)

Restricted funds:

Tickets in advance reserve represents a grant from Arts Council England to reimburse ticket purchasers or other costs due to event cancellations, postponements or other unforeseen events. Cambridge City Council represents funds received from Cambridge City Council to support the community engagement programmes.

Community Projects represents funds received towards projects within the community Apprentice Fund represents funds received towards the costs of employing apprentices Stobbs News Ideas fund represents funds received towards artistic commissions. Sound production represents a fund to purchase audio visual equipment

WrestleLadsWrestle represents a fund towards artistic commissions

Paul Hamlyn Foundation (Take Two) represents a multi-year grant supporting projects with young people.

Create Cambridge represents funds towards the establishment of a cultural compact ACE Capital represents a capital fund towards audio visual upgrades .

Seat sponsorship represents a capital fund towards costs of replacing the seats in J2 auditorium . Total Arts represents funds received to support work for and by disabled young people.

Analysis of movement in free reserves

Unrestricted funds
Less - tangible fixed assets (note 18)
Less - designated funds:
Repair and renewal fund
Remuneration contingency
Philanthropy Fund
Utilities Fund
Free reserves		 At 1 April
2023
£
280,470
(254,441)
(119,475)
(28,398)
(43,855)
(7,337)
(173,036)		 Income
£
3,032,506
-
-
-
-
-
3,032,506		 Expenditure
£
Transfers
£
At 31 March
2024
£
(3,181,218)
1,500,842
1,632,600
(1,471,346)
-
(1,725,787)
-
10,000
(109,475)
-
14,199
(14,199)
-
43,855
-
-
7,337
-
(4,652,564)
1,576,233
(216,861)

34

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

17. MOVEMENT OF FUNDS (continued)

2023 – Comparative


Unrestricted funds:
General reserves
Unrestricted funds total
Designated funds:
Repair and renewal fund
Remuneration contingency
Website Optimisation Fund
International Projects
Philanthropy Fund
Utilities Reserve
Designated funds total
Unrestricted and designated funds total
Restricted funds:
Building redevelopment
Tickets in advance reserve
Cambridge City Council
Community Projects
Paul Hamlyn Foundation (Take Two)
Stobbs New Ideas Fund 23/24
Sound Production
Stobbs Christmas Fund
Arts Council Capital
Commissioning
Seat Sponsorship
Total Arts
Restricted funds total
TOTAL FUNDS		 At 1 April
2022
£
367,734
367,734
119,475
50,088
40,000
21,000
43,855
40,000
314,418
682,152
1,587,006
120,000
-
-
54,858
-
-
-
-
-
-
18,336
1,780,200
2,462,352		 Income
£
Expenditure
£
2,865,927
(3,267,609)
2,865,927
(3,267,609)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,865,927
(3,267,609)
-
(224,167)
-
-
50,000
(45,000)
12,216
(6,031)
71,492
(61,734)
20,000
-
2,500
-
25,000
(25,000)
77,676
(4,462)
14,083
(14,083)
1,000
-
28,016
(30,922)
301,983
(411,399)
3,167,910
(3,679,008)		 Transfers
£
At 31 March
2023
£
115,353
81,405
115,353
81,405
-
119,475
(21,690)
28,398
(40,000)
-
(21,000)
-
-
43,855
(32,663)
7,337
(115,353)
199,065
-
280,470
- 1,362,840
- 120,000
(5,000) -
- 6,185
- 64,616
- 20,000
- 2,500
-
-
-
73,214
-
-
- 1,000
5,000 20,429
-
1,670,785
-
1,951,254

Transfers between funds represent reallocation of income or expenditure to funds, while remaining consistent with any restriction in relation to these funds.

35

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

17. MOVEMENT OF FUNDS (continued)

Analysis of movements in free reserves

2023 – Comparative

At 1 April At 31
2022 Income Expenditure Transfers March
£ £ £ £ 2023
£
Unrestricted funds 682,152 2,865,927 (3,267,609) - 280,470
Less - tangible fixed assets (note (181,474)
18) - (72,967) - (254,441)
Less - designated funds:
Repair and renewal fund (119,475) - - - (119,475)
Remuneration contingency (50,088) - - 21,690 (28,398)
Website Optimisation Redesign (21,000) - - 21,000 -
Philanthropy Fund (43,855) - - - (43,855)
International Projects (40,000) - - 40,000 -
Utilities Fund (40,000) 32,663 (7,337)
Free reserves 186,260 2,865,927 (3,340,576) 115,353 (173,036)

18. ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS

Group
Unrestricted
funds
£
Designated
funds
£
Tangible fixed assets
1,725,786
-
Current assets
462,290
123,674
Current liabilities
(679,149)
At 31 March 2024
1,508,926
123,674
2023– Comparative		 Restricted
funds
£
-
296,068
296,068		 Total
2024
£
1,725,786
882,031
(679,149)
1,928,668
Group
Unrestricted
funds
£
Designated
funds
£
Tangible fixed assets
254,440
-
Current assets
464,903
199,065
Current liabilities
(637,937)
-
At 31 March 2023
81,406
199,065		 Restricted
funds
£
1,362,840
307,944
-
1,670,785		 Total
2022
£
1,617,280
971,912
(637,937)
1,951,254

36

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

19. EMPLOYEE RETIREMENT BENEFITS

The group operates a defined contribution retirement benefit scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable to the scheme in the year and amounted to £49,759 (2023: £52,204). Contributions totalling £4,729 (2023: £5,007) were payable to the scheme at the balance sheet date and are included in creditors.

20. FINANCIAL COMMITMENTS

Operating lease commitments:

The estimated annual value of rent and rates waived by Cambridge City Council in respect of the Cambridge Junction site is £105,840 (2023: £105,840), which is included in donations income and property costs. The Arts Council retain a charge over the building until 2049 as part of their support for redevelopment.

21. RELATED PARTY TRANSACTIONS

Other related party transactions

In the year ended 31 March 2024, trustees and associated companies made payments totalling £1,714 (2023: £52,090) to Cambridge Junction for donations, corporate memberships and sponsorship.

The total remuneration for key management personnel for the period is set out in note 10. The Charity-has taken advantage of the exemption in section 33 of FRS 102 ‘Reduced disclosure framework’ not to disclose transactions and balances with its wholly owned subsidiary, The Junction Promotions Limited. There are no other related party transactions.

22. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net(expenditure) for the year
Adjustments for:
Depreciation charge
Interest income
Operating cash flow before movement in working
capital
(Increase)/decrease in stock
Decrease/(increase) in debtors
Increase in creditors
Net cash(used)/ provided by operating activities		 Group
2024
£
2023
£
(22,586)
(511,099)
349,760
246,485
(8,514)
(2,183)
318,660
(266,797)
(2,253)
(254)
27,343
(49,916)
41,213
24,449
384,963
(292,518)		 Group
2024
£
2023
£
(22,586)
(511,099)
349,760
246,485
(8,514)
(2,183)
318,660
(266,797)
(2,253)
(254)
27,343
(49,916)
41,213
24,449
384,963
(292,518)
(266,797)
(254)
(49,916)
24,449
(292,518)

37

Docusign Envelope ID: B1C9C304-1938-41A4-B50F-2AC62906ED2F

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024

23. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand
Net funds		 31 March
2023
£
748,118
748,118		 Cash flow
£
(64,790)
(64,790)		 31 March
2024
£
683,328
683,328

24. CONTINGENT LIABILITY

The company is part of a group VAT registration and therefore is potentially liable for VAT liabilities of its trading subsidiary. As at 31 March 2024 the company had a creditor relating to value added tax of £18,497 (2023- £28,920).

38