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

**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**<br>**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 

1 



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

## **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: 

- Creative and enterprising 

- Progressive and inclusive 

- Supportive and collaborative 

- Independent and entertaining 

## **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: 

- J1, a large versatile performance and social space with a standing capacity of 850 

- J2, a 220-seat theatre 

- J3, a light-filled multipurpose space excellent for learning, rehearsal, residencies and talks 

## **Objectives and priorities** 

## 1. Growing audiences and increasing resilience 

- Increasing representation 

- Connecting with new audiences 

- Delivering a contemporary cultural offer 

- Increasing financial resilience from box office revenue, bar sales, and hires 

- Sustaining and growing funding 

## 2. Supporting artists 

- Enabling creative risk, by providing space, time and resources 

- Commissioning new work 

- Providing a platform and amplifying underrepresented voices 

- Offering at least 40 weeks of residency time and commission more than ten new projects each year 

- Expanding our artist and music development programmes and networks 

## 3. Focus on Young People 

- Providing vital creative opportunities for young people with complex needs 

- Removing barriers to engagement and putting the needs of young people at the centre of our work. 

- Increasing engagement in our Creative Learning programme by at least 40%, including offering 4 apprenticeships each year 

_2_ 



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

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

## **OUR PURPOSE AND ACTIVITIES (CONTINUED)** 

4. Developing partnerships 

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

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

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

At Cambridge Junction we are: 

- Committed to art, entertainment and learning, which are experience-led, including new forms of performance, contributing to the creation of art through participation, access to popular music, and learning through creativity. 

- Inclusive and welcoming: of artistic ideas, forms and contexts, and the diversity and difference of our artists and audiences. 

- Collaborative: with artists, arts organisations, communities, government authorities and other stakeholders in pursuit of mutual goals. 

- Strategic: in business; balancing day-to-day management, entrepreneurial opportunities and long-term aspirations. 

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: 

- Programme: Popular Culture 

- Programme: Artistic 

- Programme: Family 

- Creative Learning: Open Access 

- Creative Learning: Targeted Projects 

- Creative Learning: Skills & Employability 

- Community Projects 

- Artist Development 

- Producer Development 

- Commissioning & Co-production 

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. 

_3_ 



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

## **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. 

_4_ 



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

## **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. 

_5_ 



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

## **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. 

_6_ 



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

## **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: 

- Sufficient flexibility to cover temporary shortfalls in income due to timing differences in income flows; 

- Adequate working capital to cover core costs; and 

- An allowance to enable the organisation to cope and respond to unforeseen emergencies whilst specific action plans are implemented. 

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. 

_7_ 



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

## **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. 

_8_ 



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

## **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. 

_9_ 



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

## **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. 

_10_ 



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

## **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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP 2019 (FRS 102); 

- make judgements and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. 

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: 

- so far as the trustee is aware, there is no relevant audit information of which Cambridge Junction’s auditor is unaware; and 

- the trustee has taken all the steps that he/she ought to have taken as a trustee to make himself/herself aware of any relevant audit information and to establish that Cambridge Junction’s auditor is aware of that information. 

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 

_11_ 



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** 

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: 

- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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: 

- the information given in the Report of the Trustees’, which includes the Directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements. 

- the Directors’ report included within the Report of the Trustees’ has been prepared in accordance with applicable legal requirements. 

## **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: 

- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or 

- the parent charitable company financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of Trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report. 

## **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: 

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

- we identified the laws and regulations applicable to the group through discussions with trustees and other management, and from our knowledge of charity and company law and experience; 

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the Companies Act 2006, Charities Act 2011 and taxation legislation; 

- in addition, we considered provisions of other laws and regulations which do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity's ability to operate or to avoid material penalties; 

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit; and 

- we reviewed the minutes of Trustees' meetings to identify any references to non-compliances with laws and regulations. 

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

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

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

- performed analytical procedures to identify any unusual or unexpected relationships; 

- we evaluated the assumptions and judgements used by management within significant accounting estimates and assessed whether these indicated evidence of management bias; and 

- performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business. 

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

- agreeing financial statement disclosures to underlying supporting documentation; 

- reading the minutes of meetings of those charged with governance; 

- enquiring of management as to actual and potential litigation and claims; and 

- reviewing any correspondence with relevant regulators such as the Charity Commission. 

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**<br>**INCOME:**<br>**_Donations and legacies_**<br>3<br>**_Income from charitable activities:_**<br>Main projects and participation programme<br>4<br>Projects including arts development<br>**_Income from other trading activities:_**<br>Commercial trading operations<br>5<br>**_Investments – bank interest_**<br>6<br>**Total income**<br>**EXPENDITURE:**<br>**_Costs of raising funds:_**<br>Commercial trading operations<br>5<br>**_Expenditure on charitable activities:_**<br>Main projects and participation programme<br>7<br>Projects, including arts development<br>7<br>**Total expenditure**<br>**Net income/(expenditure)**<br>Transfer between funds<br>17<br>**Net movement in funds in the year**<br>Total funds brought forward<br>17<br>**TOTAL FUNDS CARRIED FORWARD**<br>17|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**Restricted**<br>**funds**<br>**2024**<br>**£**<br>**Total funds**<br>**2024**<br>**£**<br>811,700<br>662,286<br>1,473,986<br>1,674,877<br>-<br>1,674,877<br>-<br>-<br>-<br>537,415<br>-<br>537,415<br>8,514<br>-<br>8,514<br>**3,032,506**<br>**662,286**<br>**3,694,792**<br>380,805<br>-<br>380,805<br>2,800,413<br>222,568<br>3,022,981<br>-<br>313,592<br>313,592<br>**3,181,218**<br>**536,160**<br>**3,717,378**<br>**(148,712)**<br>**126,126**<br>**(22,586)**<br>1,500,842 (1,500,842)<br>-<br>**1,352,130 (1,374,716)**<br>**(22,586)**<br>**280,470**<br>**1,670,784**<br>**1,951,254**<br>**1,632,600**<br>**296,068**<br>**1,928,668**|**Total funds**<br>**2023**<br>**£**<br>1,154,568<br>1,457,390<br>-<br>553,769<br>2,183<br>**3,167,910**<br>378,269<br>2,983,916<br>316,823<br>**3,679,008**<br>**(511,099)**<br>-<br>**(511,099)**<br>**2,462,353**<br>**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**<br>Cash generated from operating activities<br>22<br>**Cash flows from investing activities**<br>Interest income<br>Purchase of tangible fixed assets<br>Cash flows used in investing activities<br>Increase in cash and cash equivalents in the year<br>Cash and cash equivalents at beginning of the year<br>**Total cash and cash equivalents at the end of the year**||**2024**<br>**£**<br>384,963<br>8,514<br>(458,266)<br>(449,752)<br>(64,790)<br>748,118<br>**683,328**|**2023**<br>**£**<br>(292,518)<br>2,183<br>(95,285)<br>(93,102)<br>(385,620)<br>1,133,738<br>**748,118**<br>**2023**<br>**£**<br>(385,620)<br>1,133,738<br>**748,118**|
|---|---|---|---|
|||||
|**RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT**||||
|**Note**<br>Increase/decrease in cash in the year being<br>movement in net funds in the year<br>23<br>Net funds at 1 April<br>**Net funds at 31 March**||**2024**<br>**£**<br>(64,790)<br>748,118<br>**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:**<br>Rent and rates in kind<br>Individual Donations<br>Corporate Sponsorship<br>Trusts & Foundations<br>**Grants:**<br>Cambridge City Council1<br>Cambridge City Council2<br>Arts Council England3<br>Arts Council England – Cultural Recovery Fund4<br>Cambridgeshire County Council5<br>Police and Crime Commissioner6<br>Sound & Vision Festival7<br>Arts Council England – Capital8<br>Arts Council England – project funding9<br>Arts Admin10<br>Paul Hamlyn Foundation (Take Two)11<br>Cambridge City Council12<br>Festival Bridge13|**2024**<br>**£**<br>Unrestricted<br>Funds<br>103,280<br>53,826<br>5,448<br>-<br>**162,554**<br>-<br>-<br>649,146<br>-<br>-<br>--<br>-<br>-<br>-<br>-<br>-<br>-<br>**649,146**<br>**811,700**|**2024**<br>**£**<br>Restricted<br>Funds<br>-<br>2,581<br>30,000<br>127,556<br>**160,137**<br>40,000<br>10,000<br>-<br>-<br>3,281<br>337,634<br>9,030<br>-<br>-<br>102,203<br>-<br>**502,148**<br>**662,286**|**2024**<br>**£**<br>Total<br>Funds<br>103,280<br>56,407<br>35,448<br>127,556<br>**322,691**<br>40,000<br>10,000<br>649,146<br>-<br>3,281<br>337,634<br>9,030<br>-<br>-<br>102,203<br>-<br>**1,151,294**<br>**1,473,985**|**2023**<br>**£**<br>105,840<br>62,038<br>50,071<br>40,258<br>**258,207**<br>40,000<br>10,000<br>649,146<br>34,690<br>4,032<br>3,500<br>10,839<br>77,676<br>-<br>3,244<br>61,734<br>-<br>1,500<br>**896,361**<br>**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:_**<br>Ticket sales<br>Event hire fees<br>Cloakroom sales<br>Creative learning sales<br>Other sales<br>**Total**<br>**2023– Comparative**<br>**_Earned income from performance, classes and public events:_**<br>Ticket sales<br>Event hire fees<br>Cloakroom sales<br>Creative learning sales<br>Other sales<br>**Total**|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>1,080,982<br>260,590<br>18,889<br>17,170<br>297,246<br>**1,674,877**<br>**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>957,064<br>248,532<br>17,068<br>16,765<br>214,761<br>**1,454,190**|**Restricted**<br>**Funds**<br>**2024**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>**Restricted**<br>**Funds**<br>**2023**<br>**£**<br>-<br>-<br>-<br>-<br>3,200<br>**3,200**|**Total**<br>**2024**<br>**£**<br>1,080,982<br>260,590<br>18,889<br>17,170<br>297,246<br>**1,674,877**<br>**Total**<br>**2023**<br>**£**<br>957,064<br>248,532<br>17,068<br>16,765<br>217,961<br>**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**<br>Cost of sales<br>Administration costs<br>Support costs (note 8)<br>**Net Profit**<br>Retained earnings at the beginning of the year<br>Deed of covenant/gift aid<br>**Retained in subsidiary**<br>**SUMMARY BALANCE SHEET**<br>**CURRENT ASSETS**<br>Stocks<br>Debtors<br>Cash at bank and in hand<br>**CREDITORS: amounts falling due**<br>**within one year**<br>**NET CURRENT ASSETS**<br>**NET ASSETS**<br>**CAPITAL**<br>Share capital<br>Retained earnings<br>**SHAREHOLDERS’ FUNDS**|**2024**<br>**£**<br>537,415<br>(286,549)<br>(33,797)<br>(60,459)<br>156,610<br>-<br>(156,610)<br>-<br>**2024**<br>**£**<br>26,213<br>1,188<br>404,803<br>432,204<br>(432,202)<br>2<br>2<br>2<br>-<br>2|**2023**<br>**£**<br>553,769<br>(285,423)<br>(31,001)<br>(61,845)<br>175,500<br>-<br>(175,500)<br>-<br>**2023**<br>**£**<br>23,960<br>1,188<br>505,847<br>530,995<br>(530,993)<br>2<br>2<br>2<br>-<br>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**<br>**Costs of projects, including arts development**<br>**Total**<br>**Cost of main performance and participation programme**<br>Artists’ fees and commissions<br>Licences<br>Security costs<br>Technical costs<br>Box Office Costs<br>Marketing costs<br>Property costs<br>Salaries<br>National insurance<br>Depreciation<br>Support costs (note 8)<br>**Costs of projects, including arts development**<br>Creative Learning/Total Arts Film Festival<br>PHF: Take Two<br>Wrestle Lads Wrestle<br>Other:<br>Building depreciation|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**Restricted**<br>**funds**<br>**2024**<br>**£**<br>2,800,412<br>222,568<br>313,592<br>**2,800,412**<br>**536,160**<br>879,525<br>25,000<br>33,004<br>-<br>126,112<br>-<br>100,754<br>-<br>58,802<br>-<br>64,500<br>-<br>381,538<br>-<br>528,353<br>16,746<br>45,183<br>1,253<br>16,420<br>109,174<br>566,221<br>70,394<br>**2,800,412**<br>**222,567**<br>-<br>40,430<br>-<br>46,266<br>-<br>2,730<br>-<br>224,167<br>**-**<br>**313,593**|**Total**<br>**2024**<br>**£**<br>3,022,980<br>313,592<br>**3,336,572**<br>904,525<br>33,004<br>126,112<br>100,754<br>58,802<br>64,500<br>381,538<br>545,099<br>46,436<br>125,594<br>636,615<br>**3,022,979**<br>40,430<br>46,266<br>2,730<br>224,167<br>**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**<br>**Costs of projects, including arts development**<br>**Total**<br>**Cost of main performance and participation programme**<br>Artists’ fees and commissions<br>Licences<br>Security costs<br>Technical costs<br>Box Office Costs<br>Marketing costs<br>Property costs<br>Salaries<br>National insurance<br>Depreciation<br>Support costs<br>**Costs of projects, including arts development**<br>Creative Learning/Total Arts Film Festival<br>PHF: Take Two<br>Other:<br>Building depreciation|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>**Restricted**<br>**funds**<br>**2023**<br>**£**<br>2,889,340<br>94,576<br>-<br>316,823<br>**2,889,340**<br>**411,399**<br>981,576<br>53,028<br>39,058<br>-<br>129,138<br>-<br>95,583<br>-<br>50,462<br>-<br>77,393<br>360<br>361,455<br>-<br>524,826<br>31,078<br>48,051<br>1,661<br>17,857<br>4,462<br>563,941<br>3,987<br>**2,889,340**<br>**94,576**<br>-<br>30,922<br>-<br>61,734<br>-<br>224,167<br>-<br>**316,823**|**Total**<br>**2023**<br>**£**<br>2,983,916<br>316,823<br>**3,300,739**<br>1,034,604<br>39,058<br>129,138<br>95,583<br>50,462<br>77,753<br>361,455<br>555,904<br>49,712<br>22,319<br>567,928<br>**2,983,916**<br>30,922<br>61,734<br>224,167<br>**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:_**<br>Recruitment<br>Staff training<br>Staff welfare<br>Travel and subsistence<br>General administration<br>Legal fees<br>Bank and credit card charges<br>Irrecoverable VAT<br>Bad and doubtful debts<br>Exchange rate variance<br>Wages and salaries<br>National insurance<br>Pension<br>**_Governance costs:_**<br>Auditor’s remuneration|**Main**<br>**performance**<br>**and**<br>**participation**<br>**programme**<br>**2024**<br>**£**<br>400<br>3,966<br>3,330<br>1,978<br>104,160<br>10,070<br>49,531<br>214,223<br>10,330<br>(1)<br>158,574<br>16,715<br>47,839<br>15,500<br>**636,615**|**Commercial**<br>**trading**<br>**operations**<br>**2024**<br>**£**<br>-<br>-<br>3<br>-<br>18,541<br>1,373<br>685<br>-<br>-<br>-<br>26,334<br>2,353<br>1,920<br>9,250<br>**60,459**|**Total**<br>**2024**<br>**£**<br>400<br>3,966<br>3,333<br>1,978<br>122,701<br>11,443<br>50,216<br>214,223<br>10,330<br>(1)<br>184,908<br>19,068<br>49,759<br>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**<br>**performance**<br>**and**<br>**participation**<br>**programme**<br>**2023**<br>**£**<br>**_Support costs:_**<br>Recruitment<br>1,059<br>Staff training<br>3,935<br>Staff welfare<br>9,261<br>Travel and subsistence<br>12,529<br>General administration<br>94,776<br>Legal fees<br>4,172<br>Bank and credit card charges<br>40,598<br>Irrecoverable VAT<br>159,343<br>Bad and doubtful debts<br>7,398<br>Exchange rate variance<br>201<br>Wages and salaries<br>157,175<br>National insurance<br>17,150<br>Pension<br>50,331<br>**_Governance costs:_**<br>Auditor’s remuneration<br>10,000<br>**567,928**|**Commercial**<br>**trading**<br>**operations**<br>**2023**<br>**£**<br>-<br>125<br>280<br>-<br>12,233<br>569<br>14,074<br>-<br>-<br>-<br>26,781<br>2,410<br>1,873<br>3,500<br>**61,845**|**Total**<br>**2023**<br>**£**<br>1,059<br>4,060<br>9,541<br>12,529<br>107,009<br>4,741<br>54,672<br>159,343<br>7,398<br>201<br>183,956<br>19,560<br>52,204<br>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:**<br>Commercial trading<br>Main performance and participation programme<br>Support<br>**The aggregate staff costs were as follows:**<br>Wages and salaries<br>Social security costs<br>Pension costs|**2024**<br>**No**<br>13<br>63<br>2<br>78<br>**£**<br>1,077,518<br>67,130<br>49,759<br>1,194,407|**2023**<br>**No**<br>13<br>65<br>2<br>80<br>**£**<br>1,084,393<br>71,658<br>52,204<br>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**<br>**Cost**<br>At 1 April 2023<br>Additions<br>At 31 March 2024<br>**Depreciation**<br>At 1 April 2023<br>Charge for the year<br>At 31 March 2024<br>**Net book value**<br>At 31 March 2024<br>At 31 March 2023<br>**12.**<br>**FIXED ASSET INVESTMENTS**<br>**Charity**<br>**_Shares in subsidiary undertakings_**<br>At 1 April 2023 and 31 March 2024|**Long term**<br>**leasehold**<br>**property**<br>**£**<br>**Fixtures and**<br>**fittings**<br>**£**<br>5,738,137<br>715,294<br>-<br>458,266<br>5,738,137<br>1,173,560<br>4,220,389<br>615,762<br>224,167<br>125,593<br>4,444,556<br>741,355<br>**1,293,581**<br>**432,205**<br>1,517,748<br>99,532|**Total**<br>**£**<br>6,453,431<br>458,266<br>6,911,697<br>4,836,151<br>349,760<br>5,185,911<br>**1,725,786**<br>1,617,280<br>**£**<br>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:**<br>Trade debtors<br>Amounts due from subsidiary undertakings<br>Prepayments and accrued income|**Group**<br>**2024**<br>**£**<br>**2023**<br>**£**<br>58,768<br>68,317<br>-<br>113,722<br>131,517<br>**172,490**<br>**199,834**|**Charity**<br>**2024**<br>**£**<br>**2023**<br>**£**<br>58,768<br>68,317<br>414,419<br>502,492<br>112,534<br>130,328<br>**585,721**<br>**701,137**|**Charity**<br>**2024**<br>**£**<br>**2023**<br>**£**<br>58,768<br>68,317<br>414,419<br>502,492<br>112,534<br>130,328<br>**585,721**<br>**701,137**|
|---|---|---|---|
||||**701,137**|



## **15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

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



## **16. DEFERRED TICKET INCOME RECONCILIATION** 

|Balance at 1 April 2023<br>Amount deferred in the year<br>Amount released in the year<br>Balance as at 31 March 2024|**2024**<br>**£**<br>300,130<br>1,823,981<br>(1,713,781)<br>**410,330**|**2023**<br>**£**<br>297,537<br>1,579,197<br>(1,576,604)<br>**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:**<br>General funds<br>**Unrestricted funds total**<br>**Designated funds:**<br>Repair and renewal fund<br>Remuneration contingency<br>Philanthropy Fund<br>Utilities Reserve<br>**Designated funds total**<br>**_Unrestricted and designated funds total_**<br>**Restricted funds:**<br>Building Development Reserve<br>Tickets in advance reserve<br> <br>Cambridge City Council<br>Community Projects<br> <br>Apprentice Fund<br>Paul Hamlyn Foundation (Take Two)<br> <br>Stobbs New Ideas Fund 23/24<br> <br>Sound Production<br> <br>WrestleLadsWrestle<br>Create Cambridge<br>ACE Capital<br>CCC S106<br>Seat Sponsorship<br> <br>Total Arts<br> <br>**Restricted funds total**<br>**TOTAL FUNDS**|**At 1 April**<br>**2023**<br>**£**<br>81,405<br>**81,405**<br>119,475<br>28,398<br>43,855<br>7,337<br>**199,065**<br>**_280,470_**<br>1,362,840<br>120,000<br>-<br>6,185<br>-<br>64,617<br>20,000<br>2,500<br>-<br>-<br>73,214<br>1,000<br>20,429<br>**1,670,785**<br>**1,951,255**|**Income**<br>**£**<br>**Expenditure**<br>**£**<br>**Transfers**<br>**£**<br>3,032,506<br>(3,181,218)<br>1,576,233<br>**3,032,506**<br>**(3,181,218)**<br>**1,576,233**<br>-<br>-<br>(10,000)<br>-<br>-<br>(14,199)<br>-<br>-<br>(43,855)<br>-<br>-<br>(7,337)<br>**-**<br>**-**<br>**(75,391)**<br>**_3,032,506_**<br>**_(3,181,218)_**<br>**_1,500,842_**<br>-<br>(224,167) (1,138,673)<br>-<br>-<br>-<br>40,000<br>(40,000)<br>**-**<br>-<br>-<br>(6,185)<br>20,000<br>(3,000)<br>-<br>67,526<br>(46,266)<br>-<br>20,000<br>-<br>(20,000)<br>-<br>-<br>(2,500)<br>2,730<br>(2,730)<br>-<br>6,300<br>-<br>-<br>337,634<br>(174,590)<br>(236,258)<br>102,203<br>(4,977)<br>(97,226)<br>2,581<br>-<br>-<br>63,311<br>(40,430)<br>-<br>**662,285**<br>**(536,160) (1,500,842)**<br>**3,694,791**<br>**(3,717,378)**<br>**-**|**At 31 March**<br>**2024**<br>**£**<br>1,508,926<br>**1,508,926**<br>109,475<br>14,199<br>-<br>-<br>**123,674**<br>**_1,632,600_**<br>-<br>120,000<br>-<br>-<br>17,000<br>85,877<br>20,000<br>-<br>-<br>6,300<br>-<br>-<br>3,581<br>43,310<br>**296,068**<br>**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<br>Less - tangible fixed assets (note 18)<br>Less - designated funds:<br>Repair and renewal fund<br>Remuneration contingency<br>Philanthropy Fund<br>Utilities Fund<br>**Free reserves**|**At 1 April**<br>**2023**<br>**£**<br>280,470<br>(254,441)<br>(119,475)<br>(28,398)<br>(43,855)<br>(7,337)<br>**(173,036)**|**Income**<br>**£**<br>3,032,506<br>-<br>-<br>-<br>-<br>-<br>**3,032,506**|**Expenditure**<br>**£**<br>**Transfers**<br>**£**<br>**At 31 March**<br>**2024**<br>**£**<br>(3,181,218)<br>1,500,842<br>**1,632,600**<br>(1,471,346)<br>-<br>**(1,725,787)**<br>-<br>10,000<br>**(109,475)**<br>-<br>14,199<br>**(14,199)**<br>-<br>43,855<br>**-**<br>-<br>7,337<br>-<br>**(4,652,564)**<br>**1,576,233**<br>**(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** 

|<br>**Unrestricted funds:**<br>General reserves<br>**Unrestricted funds total**<br>**Designated funds:**<br>Repair and renewal fund<br>Remuneration contingency<br>Website Optimisation Fund<br>International Projects<br>Philanthropy Fund<br>Utilities Reserve<br>**Designated funds total**<br>**_Unrestricted and designated funds total_**<br>**Restricted funds:**<br>Building redevelopment<br>Tickets in advance reserve<br>Cambridge City Council<br>Community Projects<br>Paul Hamlyn Foundation (Take Two)<br>Stobbs New Ideas Fund 23/24<br>Sound Production<br>Stobbs Christmas Fund<br>Arts Council Capital<br>Commissioning<br>Seat Sponsorship<br>Total Arts<br>**Restricted funds total**<br>**TOTAL FUNDS**|**At 1 April**<br>**2022**<br>**£**<br>367,734<br>**367,734**<br>119,475<br>50,088<br>40,000<br>21,000<br>43,855<br>40,000<br>**314,418**<br>**_682,152_**<br>1,587,006<br>120,000<br>-<br>-<br>54,858<br>-<br>-<br>-<br>-<br>-<br>-<br>18,336<br>**1,780,200**<br>**2,462,352**|**Income**<br>**£**<br>**Expenditure**<br>**£**<br>2,865,927<br>(3,267,609)<br>**2,865,927**<br>**(3,267,609)**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**-**<br>**-**<br>**_2,865,927_**<br>**_(3,267,609)_**<br>-<br>(224,167)<br>-<br>-<br>50,000<br>(45,000)<br>12,216<br>(6,031)<br>71,492<br>(61,734)<br>20,000<br>-<br>2,500<br>-<br>25,000<br>(25,000)<br>77,676<br>(4,462)<br>14,083<br>(14,083)<br>1,000<br>-<br>28,016<br>(30,922)<br>**301,983**<br>**(411,399)**<br>**3,167,910**<br>**(3,679,008)**|**Transfers**<br>**£**<br>**At 31 March**<br>**2023**<br>**£**<br>115,353<br>81,405<br>**115,353**<br>**81,405**<br>-<br>119,475<br>(21,690)<br>28,398<br>(40,000)<br>-<br>(21,000)<br>-<br>-<br>43,855<br>(32,663)<br>7,337<br>**(115,353)**<br>**199,065**<br>**_-_**<br>**_280,470_**<br>-      1,362,840<br>-          120,000<br>(5,000)                     -<br>-              6,185<br>-            64,616<br>-            20,000<br>-              2,500<br>-<br>-<br>-<br>73,214<br>-<br>-<br>-              1,000<br>5,000            20,429<br>**-**<br>**1,670,785**<br>**-**<br>**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**<br>**Unrestricted**<br>**funds**<br>**£**<br>**Designated**<br>**funds**<br>**£**<br>Tangible fixed assets<br>1,725,786<br>-<br>Current assets<br>462,290<br>123,674<br>Current liabilities<br>(679,149)<br>**At 31 March 2024**<br>**1,508,926**<br>**123,674**<br>**2023– Comparative**|**Restricted**<br>**funds**<br>**£**<br>-<br>296,068<br>**296,068**|**Total**<br>**2024**<br>**£**<br>1,725,786<br>882,031<br>(679,149)<br>**1,928,668**|
|---|---|---|



|**Group**<br>**Unrestricted**<br>**funds**<br>**£**<br>**Designated**<br>**funds**<br>**£**<br>Tangible fixed assets<br>254,440<br>-<br>Current assets<br>464,903<br>199,065<br>Current liabilities<br>(637,937)<br>-<br>**At 31 March 2023**<br>**81,406**<br>**199,065**|**Restricted**<br>**funds**<br>**£**<br>1,362,840<br>307,944<br>-<br>**1,670,785**|**Total**<br>**2022**<br>**£**<br>1,617,280<br>971,912<br>(637,937)<br>**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<br>Adjustments for:<br>Depreciation charge<br>Interest income<br>Operating cash flow before movement in working<br>capital<br>(Increase)/decrease in stock<br>Decrease/(increase) in debtors<br>Increase in creditors<br>**Net cash(used)/ provided by operating activities**|**Group**<br>**2024**<br>**£**<br>**2023**<br>**£**<br>(22,586)<br>(511,099)<br>349,760<br>246,485<br>(8,514)<br>(2,183)<br>318,660<br>(266,797)<br>(2,253)<br>(254)<br>27,343<br>(49,916)<br>41,213<br>24,449<br>**384,963**<br>**(292,518)**|**Group**<br>**2024**<br>**£**<br>**2023**<br>**£**<br>(22,586)<br>(511,099)<br>349,760<br>246,485<br>(8,514)<br>(2,183)<br>318,660<br>(266,797)<br>(2,253)<br>(254)<br>27,343<br>(49,916)<br>41,213<br>24,449<br>**384,963**<br>**(292,518)**|
|---|---|---|
|||(266,797)<br>(254)<br>(49,916)<br>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<br>Net funds|**31 March**<br>**2023**<br>**£**<br>748,118<br>**748,118**|**Cash flow**<br>**£**<br>(64,790)<br>**(64,790)**|**31 March**<br>**2024**<br>**£**<br>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_