2025-03-31-accounts - Junction Cdc Limited

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Company Registration No. 02328810 Charity Registration No. 801637

JUNCTION CDC LIMITED

(t/a Cambridge Junction)

Trustees’ Report and Financial Statements

Year ended 31 March 2025

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JUNCTION CDC LIMITED (t/a Cambridge Junction)

ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31 March 2025 CONTENTS

Year ended 31 March 2025 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 consolidated cash flows	19
Notes to the financial statements	20

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JUNCTION CDC LIMITED (t/a Cambridge Junction)

ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31 March 2025 REFERENCE AND ADMINISTRATION DETAILS

TRUSTEES

Richard Arnold Alastair Cotton John Gourd Benjamin Hebron Kevin Jones Rachel McCawley Dr Lucy Mills, Chair Prof Shreepali Patel (resigned 22 July 2024) Mark Reddy, Treasurer Mark Ridler (appointed 19 May 2025) Callum Sayer Gabrielle Sumner Zoe Svendsen Haley Tam

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

PEM Audit Limited Registered Auditor Salisbury House Station Road Cambridge CB1 2LA

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2025 TRUSTEES’ REPORT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

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

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

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2025 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.

April 2024 – March 2025

For these financial statements, the activities of Cambridge Junction may be classified within the following programme strands:

Artistic (Theatre, Dance, Live Art, Circus, Contemporary Performance, Family)
Popular Culture (Music, Comedy, Clubs)
Creative Learning (targeted, open access, skills & employability)
Artist Development (including Troop artist network, residencies, commissioning)

2024-25 was the second year of our current Arts Council England funding agreement as part of the National Portfolio. Our award (of £649,146 annually from 2023-26) 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) though the level of funding will not be confirmed until autumn 2025. Arts Council England have also proposed a further extension (to 2027-28) to DCMS. The outcome of this is dependent on the Spending Review (June 2025) and is currently unknown.

As organisational administrative lead in the development of a new cultural compact for the city (Create Cambridge), we also received a further award of £15,000 from Arts Council England to support the cost of consultants to work with the sector and partners on the development of a visionary 10-year cultural plan for Cambridge. In addition, University of Cambridge and Anglia Ruskin University will be supporting this project with funding of £45,000 and £25,000 respectively. Cambridge Junction CEO & Artistic Director, Matt Burman, is currently one of the co-leads for the compact.

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 2024-25, we were awarded £40,000 through the Community fund, to support two projects in our Creative Learning programme.

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2025 TRUSTEES’ REPORT

OUR PURPOSE AND ACTIVITIES (continued)

In addition to funding from statutory organisations, we have grown our income from private sources, Trusts & Foundations, individuals and companies. In 2024-25, we received:

£49,998 from Youth Music (first payment) for our new music development project, Next Wave.
£15,000 from Cambridge City Council through their Health Discovery Funding towards our Open Mic Club music development project.
£12,500 from The Peter Sowerby Foundation for core costs towards our Creative Learning Producer role. We will receive an additional £12,500 during 2025-26.
£3,356 from The Red Hill Trust to purchase equipment for our music development creative learning projects.
£4,166.67 from the Co-op Community Cares fund through the Cambridgeshire Community Foundation to go towards filmmaking workshops with the Olive AP Academy.
£8,000 from the Limbourne Trust for our Total Arts Programme.
£5,000 from The Lujenna Educational Trust for our Contemporary Youth Choir project.
£7,224 from Evelyn Trust, from their multi-year contribution towards our Take Two project.

We currently have 445 members (July 2025), which is a 29% increase since 31 March 2024 (344 members). We also raised £4,044 for 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. On top of this, we also received £7,440 from Cambridgeshire County Council for their Holiday and Activity Fund (HAF) places, enabling more young people on pupil premium and their families to watch a Christmas show at no cost to them

PROGRAMME OVERVIEW

Cambridge Junction’s programme continues to be driven by artistic ambition, civic responsibility and an unshakeable belief in the power of culture to connect, provoke and inspire. This year has seen bold programming, powerful cocreation, and deepening partnerships across our performance, participation and artist development work. In the context of significant sector challenges, from public funding pressures to shifting audience behaviours, Cambridge Junction has responded with creativity, care and resolve.

In 2024-25 we presented 635 events for a total audience of 111,133, an increase of 6.4% on the previous year and an increase of 32% on 2022-23 (2023-24: 104,465; 2022-23: 84,259).

We continue to commission, produce and deliver a distinctive, contemporary artistic programme, commissioning 8 new productions in 2024-25. We continue to foreground Global Majority, LGBTQIA+ and Disabled artists through the programme with 82% 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.

Popular Culture

Our popular culture programme continues to be one of the most vibrant in the region, attracting large, diverse audiences and generating vital earned income that underpins our charitable work. This year saw sold-out shows from artists including Andy C, Fern Brady, Max Cooper, Valve Sound System, The Wailers, and Nik Kershaw. New audiences have been brought in through innovative booking and marketing strategies – including segmented newsletters, targeted social campaigns, and greater investment in high-impact promotions. These have contributed to a notable rise in first-time bookers and improved engagement across platforms.

We continue to develop partnerships across the city to programme events in other venues including Storey’s Field Centre and Portland Arms - presenting, for example, The Jesus & Mary Chain and Jim Jones Allstars - ensuring a citywide presence and extended reach for our programme.

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2025 TRUSTEES’ REPORT

OUR PURPOSE AND ACTIVITIES (continued)

Artistic Programme

The artistic programme in 2024–25 brought exceptional and urgent new work to Cambridge, with a particular focus on live performance that speaks to the moment we’re in. Highlights included Signal to Noise by Forced Entertainment, Passion Fruit by Dior Clark and Stephanie Martin, IV by SERAFINE1369, and The Haunted by Joanna Holland. Club Urania continued to offer a home for radical and joyful cabaret and performance, platforming voices from across the queer, global majority and experimental music scenes.

We presented new commissions and co-productions with a range of regional, national and international partners, including Ocean Chillingworth, marikiscrycrycry, Igor & Moreno, Wet Mess, Jennifer Jackson and Pagrav Dance. Increasingly, this strand of the programme is connecting deeply with themes of place, identity, migration and technology - reflecting and refracting the complex world we inhabit.

Creative Learning

Our creative learning programme continues to be a cornerstone of our work – supporting young people across the city and region to engage with, create and lead cultural activity. Participation remained high across all strands, with particularly strong engagement from disabled young people and those from marginalised communities.

This year saw:

Two powerful new shows, created and performed by the Junction Youth Company (JYC) to great acclaim, including This is Fine (co-created with Silent Faces) and new work made with artists Cassie Hercules and Bar Groisman.
The successful start of Next Wave, our new music development programme, which supports young people into employment, funding, artist residencies and performance opportunities.
Total Arts’ flourishing film programme, culminating in a packed summer film festival.
Industry Days and co-designed workshops connecting over 150 young people with professional artists, producers and technicians.
The launch of our Equipment and Beat Bank, improving access to creative resources for participants.

Evaluation feedback from participants, families and audiences reflects the profound impact this work is having on confidence, creativity and connection.

In 2024-25, there were 6,766 engagements in our Creative Learning programme through the delivery of 331 workshop sessions.

Community Projects

Our place-based, co-created community work deepened this year with standout projects including Book of Cambridge, an inspiring collaboration with primary schools and artists Andy Field and Beckie Darlington, supported by Cambridge University Press & Assessment and Cambridge Room, and the evolving partnership with Olive Academy and other AP settings. These projects centre young people’s voices lived experience and creative agency, while engaging schools, families and local communities in meaningful ways.

Artist Development

Our artist development work has grown in scale and sophistication. Membership of Troop, our artist network, remains steady at around 80, with increasing numbers engaging in workshops, residencies and commissions. Monthly Skills Share events, Heart of Noise (experimental music), Comfort Zone (drag performance) and new seasonal storytelling events (Wonder Mongers) have built momentum and connection among artists locally and regionally.

This year’s New Ideas Awards offered cash support, space, and public sharing opportunities to two artists, with applications reflecting the growing appetite for space to test and share new performance ideas in supportive

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2025 TRUSTEES’ REPORT

OUR PURPOSE AND ACTIVITIES (continued)

environments. We also presented a short season of new work by members of Troop, and supported by Cambridge Junction, including work by Emma Spearing, Alan Seiglow and Adie Mueller.

We also continued our partnership with Movement Connects, hosted artist residencies in collaboration with national funders and networks, and provided ongoing mentoring, dramaturgical support and visibility to artists at all stages of their careers.

Create Cambridge

This year marked a significant step forward for the development of Create Cambridge, the emerging cultural compact for the city and region. With funding in place from Arts Council England, University of Cambridge and Anglia Ruskin University, we appointed a consortium of consultants (Intelligence Agency, CT Consults and Metal Culture) to lead an ambitious six-month consultation and planning process.

Work began in June 2025 and will culminate in a ten-year cultural plan for Cambridge. Priorities include:

Placing culture at the heart of civic planning, growth and sustainability;
Building infrastructure and networks to support artist development, creative enterprise and inclusive participation;
Unlocking investment for long-term cultural resilience;
Ensuring arts and culture are accessible, relevant and accountable to all.

The process has already surfaced shared values and common goals across the sector, while also exposing structural challenges, including fragmentation, inequality and the lack of coherent civic policy around arts and culture. The full cultural plan is expected to be published in early 2026.

Capital Redevelopment

The vision for our capital redevelopment project remains clear: to create a trailblazing cultural complex for Cambridge by 2034. In partnership with Landsec U+I and Cambridge City Council, and with strategic support from Arts Council England, we are developing a transformed creative campus with new venues, expanded workspace, and improved access for artists and audiences.

This year has brought both opportunity and challenge. While the project is not yet progressed sufficiently to make a larger application to support a funding gap identified in the feasibility study prepared for Cambridge Junction by sector experts Achates, we are preparing a more focused application to ACE’s Creative Foundations Fund for under £1m, aimed at replacing outdated lighting and projection equipment and improving accessibility in our existing building. We are currently finalising this application with a view to submission in July 2025.

At the same time, we have been advocating for long-term lease and tenure arrangements that reflect the social and cultural value Cambridge Junction provides to the city. We continue to argue that a peppercorn lease is both justified and necessary to enable sustainable development, community benefit and sector-leading creative risk.

The next phase will require clarity, commitment and collaboration from all partners. We remain determined to deliver a space that reflects the scale of our ambition and the needs of the people we serve.

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2025 TRUSTEES’ REPORT

FINANCIAL REVIEW

Overall, the group had net expenditure for the year of £378,986 (2024: £22,586) comprising net expenditure on unrestricted funds in the year of £390,146 before transfers (2024: 148,712) and net income on restricted funds in the year of £11,160 before transfers (2024: £126,126).

Included within the group’s results are those of the charity’s wholly owned trading subsidiary, The Junction Promotions Limited, which earned £240,352 profit for the year (2024: £156,610), which was gift-aided to the charity.

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 £1,549,682 at 31 March 2025 (2024: £1,928,668).

These funds included restricted funds of £225,026 (2024: £296,068). 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.

Unrestricted funds of the organisation at 31 March 2025 were £1,324,656 (2024: £1,632,600). These funds include £109,475 building development reserve, (2024: £109,475) relating to designated funds for a repair and renewal contingency and £7,199 (2024: £14,199) relating to designated funds for remuneration contingency. During the year, funds were transferred as follows: £35,834 relating to capital funds from Cambridge City Council to improve the public spaces in J2 and £46,368 relating to capital funds from Arts Council England for upgraded audio visual equipment.

The free reserves of the group are in deficit of £146,429 (2024: deficit of £216,861) after taking out unrestricted fixed assets of £1,354,411 (2024: £1,725,787).

At 31 March 2025, 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.

PLANS FOR FUTURE PERIODS

In 2024-25, the team at Cambridge Junction continued to excel in the production of vital, vibrant and high quality artistic, popular culture, creative learning and artist development programmes to continue to grow revenue and a sustainable and resilient business model, make important cost-savings, maintain our commitment to activities (such as creative learning and artist development) that require subsidy, and deliver an urgent cultural service for the city and wider region. All whilst ensuring our role as an Arts Council England National Portfolio Organisation and delivery to our charitable purpose and objects.

The inflationary pressures noted in previous reports, with public investment at standstill or reduced levels over the last 15 years, and changes to legislation significantly increasing staffing costs (such as on National Living Wage and National Insurance Contributions) continue to put considerable pressure on the organisation to increase earned

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2025 TRUSTEES’ REPORT

PLANS FOR FUTURE PERIODS (continued)

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.

We are aware that legislation such as Martyn’s Law and the Employment Rights Bill will come into force in the near future. While important to ensure best practice and the safety of all our audiences, artists and staff, these are very likely to increase staffing costs and overheads. We continue to develop our business plan and identify immediate or proposed changes to our business model to grow revenue to support these costs.

As an example of this, we are currently exploring the development of our daytime offer at Cambridge Junction as we believe this is an area in which we might both increase engagement with our community and generate new revenue. This will include a new Food & Beverage offer during the day (with good coffee and a simple, locally sourced menu), as well as open access and paid creative workshops, building on the success of past projects (like Junction University and Creative Café). We hope to begin this new offer in early 2026.

We continue to advocate for increased funding from central government, for statutory funders like Cambridge City Council and Arts Council England, who do not have the resource to fund independent artists or venues at the levels required to support growth or sustainability in the longer term. While the recent spending review announced increased capital investment in culture over the course of the current parliament, funding to DCMS was cut, one of the few departments to see a reduction in revenue. Arts Council England have informed funded clients that funding levels for 2026 and beyond are unconfirmed. A reduction in funding will have serious implications across the whole of the funded cultural sector, a sector that is already in a perilous position. Reductions in either Cambridge City Council funding or support, or Arts Council England investment, will impact directly on areas core to our charitable purpose and vital to local, national and international cultural ecologies.

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.

In January 2025, we were informed that the grant that would be awarded to us by Cambridge City Council through their Community Fund, would be £26,000 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 pragmatic targets for fundraising from private trusts, foundations and individuals. Pragmatism at a time when third sector, community and arts organisations are all experiencing pressure on budgets like never before is essential. Many cultural organisations 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 the success of all our work will be crucial to securing the income required to continue delivering world-class, contemporary, progressive, inclusive and representative commissions and projects.

Over the last year we have continued to work with Cambridge City Council on plans for a major capital redevelopment of our buildings. Cambridge Junction trustees and executive team remain committed to this project, while maintaining a clear focus on the significant risks involved, actively working to mitigate these and develop effective solutions. We have been supported in our planning through a Fundraising Feasibility Study by industry experts Achates and by work with a cultural capital project expert Harper Tackley Associates (funded by the Theatres Trust). Negotiations with Cambridge City Council and a private developer are ongoing. As of July 2025, the project timetable is for a phased build process beginning in 2029 and completed in 2034-35.

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2025 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 2024-25.

Key management personnel

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

Pay policy for senior staff

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

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

Cambridge Junction does not pay performance related bonuses.

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2025 TRUSTEES’ REPORT

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

Risk management

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

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

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

TRUSTEES’ QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

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

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JUNCTION CDC LIMITED (t/a Cambridge Junction) Year ended 31 March 2025 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.

Our auditor Peters Elworthy and Moore transferred their audit registration and therefore that part of their business to a newly incorporated limited company, PEM Audit Limited, on 1 September 2025. Accordingly, Peters Elworthy and Moore ceased to be the Company’s auditor with the Directors duly appointing PEM Audit Limited to fill the vacancy arising.

The auditor, PEM Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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

Date 26 September 2025

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JUNCTION CDC LIMITED (t/a Cambridge Junction)

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

OPINION

We have audited the financial statements of Junction CDC Limited (the 'parent charitable company') and its subsidiary (the 'group') for the year ended 31 March 2025 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 2025 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.

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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:

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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.

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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

PEM Audit Limited Registered Auditors Salisbury House Station Road Cambridge CB1 2LA Date: 26 September 2025

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JUNCTION CDC LIMITED (t/a Cambridge Junction)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(including consolidated income and expenditure account) Year ended 31 March 2025

Note INCOME: *Donations and legacies* 3 *Income from charitable activities:* Main projects and participation programme 4 Projects including arts development *Income from other trading activities:* Commercial trading operations 5 *Investments – bank interest* 6 Total income EXPENDITURE: *Costs of raising funds:* Commercial trading operations 5 *Expenditure on charitable activities:* Main projects and participation programme 7 Projects, including arts development 7 Total expenditure Net income/(expenditure) Transfer between funds 17 Net movement in funds in the year Total funds brought forward 17 TOTAL FUNDS CARRIED FORWARD 17	Unrestricted funds 2025 £ 1,037,636 1,503,089 - 680,643 11,764 3,233,132 440,291 2,952,138 230,849 3,623,278 (390,146) 82,202 (307,944) 1,632,600 1,324,656	Restricted funds 2025 £ Total funds 2025 £ 261,828 1,299,464 - 1,503,089 - - - 680,643 - 11,764 261,828 3,494,960 - 440,291 57,000 3,009,138 193,668 424,517 250,668 3,873,946 11,160 (378,986) (82,202) - (71,042) (378,986) 296,068 1,928,668 225,026 1,549,682	Total funds 2024 £ 1,473,986 1,674,877 - 537,415 8,514 3,694,792 380,805 3,022,981 313,592 3,717,378 (22,586) - (22,586) 1,951,254 1,928,668

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.

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JUNCTION CDC LIMITED (t/a Cambridge Junction)

CONSOLIDATED BALANCE SHEET Year ended 31 March 2025

	Note	2025	2024
		£	£
FIXED ASSETS
Tangible assets	11	1,354,411	1,725,786
		1,354,411	1,725,786
CURRENT ASSETS
Stocks	13	35,828	26,213
Debtors	14	160,416	172,490
Cash at bank and in hand		591,210	683,328
		787,454	882,031
CREDITORS:amounts falling due within one
year	15	(592,183)	(679,149)
NET CURRENT ASSETS		195,271	202,882
TOTAL ASSETS LESS CURRENT LIABILITIES		1,549,682	1,928,668
NET ASSETS		1,549,682	1,928,668
CHARITY FUNDS
Restricted funds	17	225,026	296,068
Unrestricted funds		1,324,656	1,632,600
TOTAL FUNDS		1,549,682	1,928,668

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 . 26 September 2025

Signed on behalf of the Trustees

M Reddy

Trustee

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JUNCTION CDC LIMITED (t/a Cambridge Junction)

CHARITY BALANCE SHEET Year ended 31 March 2025

	Note	2025	2024
		£	£
FIXED ASSETS
Tangible assets	11	1,354,411	1,725,786
Investments	12	2	2
		1,354,413	1,725,788
CURRENT ASSETS
Debtors	14	587,688	585,721
Cash at bank and in hand		183,013	278,526
		770,701	864,247
CREDITORS:amounts falling due
within one year	15	(575,432)	(661,367)
NET CURRENT ASSETS		195,269	202,880
TOTAL ASSETS LESS CURRENT LIABILITIES		1,549,682	1,928,668
NET ASSETS		1,549,682	1,928,668
CHARITY FUNDS
Restricted funds	17	225,026	296,068
Unrestricted funds		1,324,656	1,632,600
TOTAL FUNDS		1,549,682	1,928,668

The deficit of the parent charity for the year for Companies Act purposes is £378,986 (2024: £22,586). 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 . 26 September 2025

Signed on behalf of the Trustees

M Reddy

Trustee

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JUNCTION CDC LIMITED (t/a Cambridge Junction)

STATEMENT OF CONSOLIDATED CASH FLOWS Year ended 31 March 2025

Note Cash generated from operating activities 22 Cash flows from investing activities Interest income Purchase of tangible fixed assets Cash flows used in investing activities Decrease in cash and cash equivalents in the year Cash and cash equivalents at beginning of the year Total cash and cash equivalents at the end of the year		2025 £ (89,189) 11,764 (14,693) (2,929) (92,118) 683,328 591,210	2024 £ 384,963 8,514 (458,266) (449,752) (64,790) 748,118 683,328 2024 £ (64,790) 748,118 683,328

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Note Decrease in cash in the year being movement in net funds in the year 23 Net funds at 1 April Net funds at 31 March		2025 £ (92,118) 683,328 591,210

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

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JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

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 thirteen (2024: twelve) 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.

In 2024–25, Cambridge Junction’s Trustees and senior management remained actively engaged in identifying and securing funding opportunities, achieving important cost savings, and building strategic partnerships to strengthen the organisation’s financial position and ensure the continued delivery of our charitable purpose. These efforts are increasingly vital in the context of sustained inflationary pressures, standstill or reduced public investment, and rising staffing costs linked to changes in legislation such as increases to the National Living Wage and National Insurance Contributions. Soon, additional requirements from legislation including Martyn’s Law and the Employment Rights Bill are also expected to raise staffing costs and overheads, placing further pressure on our financial sustainability.

The Trustees and senior management have prepared detailed financial forecasts which, even under cautious downside scenarios and allowing for the continuation of these economic and legislative challenges, demonstrate that Cambridge Junction will be able to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements. The Trustees therefore have a reasonable expectation that the organisation will continue to operate as a going concern, underpinned by ongoing efforts to develop new revenue streams, strengthen resilience through effective risk management, and advocate for sustained levels of statutory and philanthropic support. 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

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JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

1. ACCOUNTING POLICIES (CONTINUED)

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.

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.

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JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

1. ACCOUNTING POLICIES (CONTINUED)

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:

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.

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JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group’s accounting policies, which are described in note 1, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

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

3. ANALYSIS OF INCOME FROM DONATIONS AND GRANTS

Donations: Rent and rates in kind Individual Donations Corporate Sponsorship Trusts & Foundations Grants: Cambridge City Council1 Cambridge City Council2 Cambridge City Council – S1063 Arts Council England4 Arts Council England5 Arts Council England – Capital6 Arts Council England – project funding7 Cambridgeshire County Council8 Create Cambridge9 Cambridge University Faculty of English10 The Cambridge, Dept of Architecture11 Delegation of Flanders in UK & Ireland12	2025 £ Unrestricted Funds 335,490 51,712 1,288 - 388,490 - - - 649,146 - - - - - - - - 649,146 1,037,636	2025 £ Restricted Funds - 387 10,000 94,615 105,002 40,000 15,000 35,834 - 700 46,368 - 7,440 750 7,500 1,500 1,734 156,826 261,828	2025 £ Total Funds 335,490 52,099 11,288 94,615 493,492 40,000 15,000 35,834 649,146 700 46,368 - 7,440 750 7,500 1,500 1,734 805,972 1,299,464	2024 £ 103,280 56,407 35,448 127,556 322,691 40,000 10,000 102,203 649,146 - 337,634 9,030 3,281 - - - - 1,151,294 1,473,985

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JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

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

Grant to support community and creative learning programmes.
Grant to support apprentice employment costs
Grant to support capital improvements
National Portfolio Organisation triannual funding awarded up to 2026.
Grant to support Create Cambridge
Grant to support purchase of audio equipment
Grant to support Sound & Vision Festival April 2023
Grant to support youth music initiatives
Grant to support Create Cambridge
Grant to support Create Cambridge
Grant to support Book of Cambridge Project
Grant to support costs of Theater Aan Zee performance

2024 figures include restricted funds of £662,286 consisting of £160,137 restricted donations and £502,149 restricted grants.

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

4. ANALYSIS OF INCOME FROM CHARITABLE ACTIVITIES

*Earned income from performance, classes and public events:* Ticket sales Event hire fees Cloakroom sales Creative learning sales Other sales Total	Unrestricted funds 2025 £ 905,061 302,536 23,551 15,700 256,241 1,503,089	Restricted Funds 2025 £ - - - - - -	Total 2025 £ 905,061 302,536 23,551 15,700 256,241 1,503,089

2024– Comparative *Earned income from performance, classes and public events:* Ticket sales Event hire fees Cloakroom sales Creative learning sales Other sales Total	Unrestricted funds 2024 £ 1,080,982 260,590 18,889 17,170 297,246 1,674,877	Restricted Funds 2024 £ - - - - - -	Total 2024 £ 1,080,982 260,590 18,889 17,170 297,246 1,674,877

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JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

5. ANALYSIS OF INCOME AND EXPENDITURE ON RAISING FUNDS

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

Turnover Cost of sales Administration costs Support costs (note 8) Net Profit Retained earnings at the beginning of the year Deed of covenant/gift aid Retained in subsidiary SUMMARY BALANCE SHEET CURRENT ASSETS Stocks Debtors Cash at bank and in hand CREDITORS: amounts falling due within one year NET CURRENT ASSETS NET ASSETS CAPITAL Share capital Retained earnings SHAREHOLDERS’ FUNDS	2025 £ 680,643 (344,031) (32,532) (63,728) 240,352 - (240,352) - 2025 £ 35,828 1,584 408,197 445,609 (445,607) 2 2 2 - 2	2024 £ 537,415 (286,549) (33,797) (60,459) 156,610 - (156,610) - 2024 £ 26,213 1,188 404,803 432,204 (432,202) 2 2 2 - 2

Docusign Envelope ID: 378B0620-CB18-4B6A-97CC-8C6BEF9C3824

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

6. ANALYSIS OF INCOME FROM INVESTMENTS

	2025	2024
	£	£
Bank interest	11,764	8,514

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Cost of main performance and participation programme Costs of projects, including arts development Total Cost of main performance and participation programme Artists’ fees and commissions Licences Security costs Technical costs Box Office Costs Marketing costs Property costs Salaries National insurance Depreciation Support costs (note 8) Costs of projects, including arts development Consilience Theater Aan Zee PHF: Take Two J2 Seat Refurbishment Create Cambridge Pru Project/Total Arts Film Festival J3 Lighting Book of Cambridge New ideas fund Other: Building depreciation	Unrestricted funds 2025 £ Restricted funds 2025 £ 2,952,138 57,000 230,849 193,668 3,182,987 250,668 676,421 25,000 46,326 - 137,093 - 106,648 - 51,590 - 49,274 - 603,739 - 491,762 30,696 50,595 1,304 155,220 - 583,470 - 2,952,138 57,000 - 5,000 - 1,734 - 85,088 - 1,567 - 6,293 - 62,896 - 4,590 - 6,500 - 20,000 230,849 - 230,849 193,668	Total 2025 £ 3,009,138 424,517 3,433,655 701,421 46,326 137,093 106,648 51,590 49,274 603,739 522,459 51,898 155,220 583,470 3,009,138 5,000 1,734 85,088 1,567 6,293 62,896 4,590 6,500 20,000 230,849 424,517

Docusign Envelope ID: 378B0620-CB18-4B6A-97CC-8C6BEF9C3824

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES (continued)

2024 – Comparative

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

Docusign Envelope ID: 378B0620-CB18-4B6A-97CC-8C6BEF9C3824

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

8. ANALYSIS OF SUPPORT COSTS

*Support costs:* Staff training Staff welfare Travel and subsistence General administration Legal fees Consultancy Fees Accountancy Fees Bank and credit card charges Irrecoverable VAT Bad and doubtful debts Exchange rate variance Wages and salaries National insurance Pension *Governance costs:* Auditor’s remuneration Governance	Main performance and participation programme 2025 £ 3,564 5,480 5,764 107,399 6,590 16,247 704 35,470 146,821 10,452 (22) 160,912 16,524 50,130 17,400 35 583,470	Commercial trading operations 2025 £ - 90 - 21,668 582 2,216 96 408 - - - 29,091 2,709 2,108 4,760 - 63,728	Total 2025 £ 3,564 5,570 5,764 129,067 7,172 18,463 800 35,878 146,821 10,452 (22) 190,003 19,233 52,238 22,160 35
			647,198

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.

Docusign Envelope ID: 378B0620-CB18-4B6A-97CC-8C6BEF9C3824

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

8. ANALYSIS OF SUPPORT COSTS (continued)

2024 – Comparative

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

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

9. NET EXPENDITURE FOR THE YEAR

ET EXPENDITURE FOR THE YEAR
	2025	2024
	£	£
This is stated after charging:
Depreciation of tangible fixed assets:
Owned	386,069	349,760
Fees payable to the charity’s auditor for audit of the consolidated
financial statements	22,160	15,500
Fees payable to the charity’s auditor for other services to the
group:
The audit of the charity’s subsidiary	-	9,250
Tax compliance
	1,000	960

Docusign Envelope ID: 378B0620-CB18-4B6A-97CC-8C6BEF9C3824

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

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

The average monthly number of employees was: Commercial trading Main performance and participation programme Support The aggregate staff costs were as follows: Wages and salaries Social security costs Pension costs	2025 No 15 61 2 78 £ 1,138,340 75,035 52,238 1,265,613	2024 No 13 63 2 78 £ 1,077,518 67,130 49,759 1,194,407

One Group employee had emoluments, excluding pension contributions but including benefits in kind, that were within the range of £60,000 to £69,999 (2024 – one), 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 9. The total remuneration (including pension contributions and employer’s NI) of the key management personnel for the year totalled £125,532 (2024: £123,439).

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 £ 1,766 (2024: £1,556) plus 12% Insurance Premium Tax making £1,978 (2024: £1,743) in total.

Docusign Envelope ID: 378B0620-CB18-4B6A-97CC-8C6BEF9C3824

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

11. TANGIBLE FIXED ASSETS

Group and charity Cost At 1 April 2024 Additions At 31 March 2025 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 12. FIXED ASSET INVESTMENTS Charity *Shares in subsidiary undertakings* At 1 April 2024 and 31 March 2025	Long term leasehold property £ Fixtures and fittings £ 5,738,137 1,173,560 - 14,694 5,738,137 1,188,254 4,444,556 741,355 230,848 155,221 4,675,404 896,576 1,062,733 291,678 1,293,581 432,205	Total £ 6,911,697 14,694 6,926,391 5,185,911 386,069 5,571,980 1,354,411 1,725,786 £ 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	2025	2024
	£	£
Bar and catering stock	35,828	26,213

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

Docusign Envelope ID: 378B0620-CB18-4B6A-97CC-8C6BEF9C3824

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

14. DEBTORS

Debtors falling due within one year: Trade debtors Amounts due from subsidiary undertakings Prepayments and accrued income	Group 2025 £ 2024 £ 22,462 58,768 - - 137,954 113,722 160,416 172,490	Charity 2025 £ 2024 £ 22,462 58,768 428,856 414,419 136,370 112,534 587,688 585,721	Charity 2025 £ 2024 £ 22,462 58,768 428,856 414,419 136,370 112,534 587,688 585,721
			585,721

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors Other taxation and social security Deferred ticket income Other creditors Accruals	Group 2025 £ 2024 £ 144,753 86,153 49,503 38,088 266,129 410,330 22,670 18,958 109,128 125,620 592,183 679,149	Charity 2025 £ 2024 £ 133,769 77,204 49,503 38,088 266,129 410,330 22,606 18,405 103,425 117,340 575,432 661,367	Charity 2025 £ 2024 £ 133,769 77,204 49,503 38,088 266,129 410,330 22,606 18,405 103,425 117,340 575,432 661,367
			661,367

16. DEFERRED TICKET INCOME RECONCILIATION

Balance at 1 April 2024 Amount deferred in the year Amount released in the year Balance as at 31 March 2025	2025 £ 410,330 1,737,789 (1,881,990) 266,129	2024 £ 300,130 1,823,981 (1,713,781) 410,330

Docusign Envelope ID: 378B0620-CB18-4B6A-97CC-8C6BEF9C3824

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

17. MOVEMENTS OF FUNDS

Unrestricted funds: General funds Unrestricted funds total Designated funds: Repair and renewal fund Remuneration contingency Designated funds total *Unrestricted and designated funds total* Restricted funds: Building Development Reserve Tickets in Advance Reserves Book of Cambridge Consilience (University of Cambridge) Cambridge City Council Apprentice Fund Theater Aan Zee PHF: Take Two Stobbs New Ideas Fund Total Arts Film Festival Seat Sponsorship Theatres Trust re J3 Lighting Create Cambridge Cambridge City Council S106 Arts Council England Capital Restricted funds total TOTAL FUNDS	At 1 April 2024 £ 1,508,926 1,508,926 109,475 14,199 123,674 *1,632,600* 120,000 - - 17,000 - 85,877 20,000 43,310 3,581 - 6,300 - - 296,068 1,928,668	Income £ Expenditure £ 3,233,132 (3,623,278) 3,233,132 (3,623,278) - - - - - - *3,233,132* *(3,623,278)* - - 6,500 (6,500) 5,000 (5,000) 40,000 (40,000) - (17,000) 1,734 (1,734) 7,005 (85,088) - (20,000) 105,461 (62,896) 386 (1,566) 4,590 (4,590) 8,950 (6,294) 35,834 - 46,368 - 261,828 (250,668) 3,494,960 (3,873,946)	Transfers £ 89,202 89,202 (7,000) (7,000) *82,202* - - - - - - - - - - - - (35,834) (46,368) (82,202) -	At 31 March 2025 £ 1,207,982 1,207,982 109,475 7,199 116,674 *1,324,656* 120,000 - - - - - 7,794 - 85,875 2,401 - 8,956 - - 225,026 1,549,682

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.

Restricted funds:

Tickets in advance reserve represents a grant from Arts Council England to reimburse ticket purchasers due to event cancellations, postponements or other unforeseen events. Book of Cambridge represents funds received towards a creative project

Consilience represents funds received from University of Cambridge towards a creative project

Docusign Envelope ID: 378B0620-CB18-4B6A-97CC-8C6BEF9C3824

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

17. MOVEMENTS OF FUNDS (continued)

Cambridge City Council represents funds received from Cambridge City Council to support the community engagement programmes.

Apprentice Fund represents funds received towards the costs of employing apprentices Theater Aan Zee represents funds received towards costs of international projects

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

Stobbs News Ideas fund represents funds received towards artistic commissions.

Total Arts Film Festival represents funds received to support work for and by disabled young people. Seat sponsorship represents a capital fund towards costs of replacing the seats in J2 auditorium. Theatres Trust represents a capital fund to replace the lighting in the J3 Studio

Create Cambridge represents funds towards the establishment of a cultural compact Cambridge City Council S106 represents a capital fund to improve the public spaces in J2 ACE Capital represents a capital fund towards audio visual upgrades .

Analysis of movement in free reserves

Unrestricted funds Less - tangible fixed assets Less - designated funds: Repair and renewal fund Remuneration contingency Free reserves	At 1 April 2024 £ 1,632,600 (1,725,787) (109,475) (14,199) (216,861)	Income £ 3,233,132 - - - 3,233,132	Expenditure £ Transfers £ At 31 March 2025 £ (3,623,278) 82,202 1,324,656 371,376 - (1,354,411) - - (109,475) - 7,000 (7,199) (3,251,902) 89,202 (146,429)

Docusign Envelope ID: 378B0620-CB18-4B6A-97CC-8C6BEF9C3824

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

17. MOVEMENT OF FUNDS (continued)

2024– Comparative

Unrestricted funds: General reserves Unrestricted funds total Designated funds: Repair and renewal fund Remuneration contingency Philanthropy Fund Utilities Reserve Designated funds total *Unrestricted* *and* *designated* *funds total* Restricted funds: Building Development Reserve Tickets in advance reserve Cambridge City Council Community Projects Apprentice Fund Paul Hamlyn Foundation (Take Two) Stobbs New Ideas Fund 23/24 Sound Production WrestleLadsWrestle Create Cambridge ACE Capital CCC S106 Seat Sponsorship Total Arts Restricted funds total TOTAL FUNDS	At 1 April 2023 £ 81,405 81,405 119,475 28,398 43,855 7,337 199,065 *280,470* 1,362,840 120,000 - 6,185 - 64,617 20,000 2,500 - - 73,214 - 1,000 20,429 1,670,785 1,951,255	Income £ 3,032,506 3,032,506 - - - - - *3,032,506* - - 40,000 - 20,000 67,526 20,000 - 2,730 6,300 337,634 102,203 2,581 63,311 662,285 3,694,791	Expenditure £ (3,181,218) (3,181,218) - - - - - *(3,181,218)* (224,167) - (40,000) - (3,000) (46,266) - - (2,730) - (174,590) (4,977) - (40,430) (536,160) (3,717,378)	Transfers £ At 31 March 2024 £ 1,576,233 1,508,926 1,576,233 1,508,926 (10,000) 109,475 (14,199) 14,199 (43,855) - (7,337) - (75,391) 123,674 *1,500,842* *1,632,600* (1,138,673) - - 120,000 - - (6,185) - - 17,000 - 85,877 (20,000) 20,000 (2,500) - - - - 6,300 (236,258) - (97,226) - - 3,581 - 43,310 (1,500,842) 296,068 - 1,928,668

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

Docusign Envelope ID: 378B0620-CB18-4B6A-97CC-8C6BEF9C3824

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

17. MOVEMENT OF FUNDS (continued)

Analysis of movements in free reserves

2024 – Comparative

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

18. ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS

Group Unrestricted funds £ Designated funds £ Tangible fixed assets 1,354,411 - Current assets 445,754 116,674 Current liabilities (592,183) - At 31 March 2025 1,207,982 116,674	Restricted funds £ - 225,026 - 225,026	Total 2025 £ 1,354,411 787,454 (592,183) 1,549,682

2024 – Comparative

Group Unrestricted funds £ Designated funds £ Tangible fixed assets 1,725,786 - Current assets 462,290 123,674 Current liabilities (679,149) - At 31 March 2024 1,508,926 123,674	Restricted funds £ - 296,068 - 296,068	Total 2024 £ 1,725,786 882,031 (679,149) 1,928,668

Docusign Envelope ID: 378B0620-CB18-4B6A-97CC-8C6BEF9C3824

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

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 £52,238 (2024: £49,759). Contributions totalling £5,323 (2024: £4,729) 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 £335,490 (2024: £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 2025, trustees and associated companies made payments totalling £582 (2024: £1,714) to Cambridge Junction for donations, corporate memberships and sponsorship.

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

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

Net(expenditure) for the year Adjustments for: Depreciation charge Interest income Operating cash flow before movement in working capital (Increase)/decrease in stock Decrease/(increase) in debtors Increase in creditors Net cash(used)/ provided by operating activities	Group 2025 £ 2024 £ (378,986) (22,586) 386,069 349,760 (11,764) (8,514) (4,681) 318,660 (9,615) (2,253) 12,074 27,343 (86,967) 41,213 (89,189) 384,963

Docusign Envelope ID: 378B0620-CB18-4B6A-97CC-8C6BEF9C3824

JUNCTION CDC LIMITED (t/a Cambridge Junction)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

23. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand Net funds	31 March 2024 £ 683,328 683,328	Cash flow £ (92,118) (92,118)	31 March 2025 £ 591,210
			591,210

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 2025 the company had a creditor relating to value added tax of £26,340 (2024: £18,497).