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REGISTERED COMPANY NUMBER: 07221470 (England and Wales)
REGISTERED CHARITY NUMBER: 1136377














REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

3SPACE

3SPACE






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




Page

Report of the Trustees 1 to 6

Independent Examiner's Report 7

Statement of Financial Activities 8

Balance Sheet 9 to 10

Notes to the Financial Statements 11 to 15

3SPACE (REGISTERED NUMBER: 07221470)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's objects ("Objects") are specifically restricted to the following:

(1) To promote the efficiency and effectiveness of charities and the effective use of charitable resources for the benefit of the public by providing charities, non-profit or community organisations with access to property in otherwise vacant units on a non-commercial basis; and

(2) To promote charitable use of property as a means of empowering communities, regenerating areas, developing a robust community sector, supporting social enterprise and delivering public benefit.

Significant activities
The charity's work involves signing short-term, meanwhile use, leases on empty commercial properties, which are then made available to charitable organisations, social enterprises, recognised community groups and qualifying local start-up businesses.

ACHIEVEMENT AND PERFORMANCE
How our activities deliver public benefit
Our main activities and who we try to help are described below. Our activities focus on providing charities, not for profit organisations and qualifying local start-up businesses with access to properties in which they can carry out their own activities for public benefit.

During the period, the charity provided space to over 180 organisations. Organisations who used our spaces have included registered charities (with a primary focus on education, unemployment, health, sport, arts, youth entrepreneurship, start-up business and food poverty), universities, social enterprises, community groups, qualifying local start-up businesses and Local Authorities.

Projects running in the charity's properties have continued to expand the reach of voluntary and community sector organisations at a time when traditional models of service delivery have been under pressure if not out-of-reach.

A brief summary of activities undertaken by beneficiary organisations during the period is included below:

The BuyGiveWork model continues to be employed using the 'Buy One Give One' approach that 3Space has pioneered in the property sector. BuyGiveWork means for every desk rental (supplied at below-market rate), one is provided free of charge to a qualifying non-profit, local start-up, or experimental project. This model enables the space to support a wide base of charitable projects and encourages collaboration between locals and non-locals.

3SPACE (REGISTERED NUMBER: 07221470)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024


The charity's major project during the period is International House, in partnership with Lambeth Council. 3Space was selected in September 2018 via a competitive tender to take the former Council office in Brixton on a five year meanwhile use to expand its BuyGiveWork program. International House remains in Council ownership and has been earmarked for redevelopment in 2027 as part of the Brixton Central masterplan. The charity made a total rent payment to Council of £1.1 Million over 5 years with a 1 year rent free period. This ended in September 2023 and a new lease has now been negotiated for a further period until March 2027 and an additional rent payment to council of £423,000.

The building is split over 12 floors with five Give floors provided to support youth entrepreneurship, community initiatives and the arts. Five Buy floors are let at a below market rate to support Lambeth's drive to diversify Brixton's economic offer away from food & drink and retail, and towards the Creative & Digital Industries.

The charity has continued to deliver its outputs through what has been a challenging period for the office market as it adjusts to the increase in work from home post pandemic and an oversupply of office space in London. In December 2020 the charity commissioned economics consultancy PRD to prepare a report on International House which demonstrated its value. A summary of the report findings is as follows:

Typical Annual Outputs of International House
In International House has delivered the following benefits:
- 230 New jobs
- 337 People employed
- 111 Lambeth residents employed
- New jobs created during Covid 19
- 130 Businesses had access to space
- 22 New youth led businesses started
- 300 Events a quarter
- 58 Non-profits & social enterprises have a home free of charge
- 30 NEET young people into employment per year (2019)
- 20 Apprentices employed per year (2019)
- 64 Work experience placements per year (2019)
- 2,800 Attended training per year (2019)
- 4,916 Volunteers per year (2019).

Valuing these Outputs
Using standard accepted measures, it is possible to come up with an approximate gross value of each of these:
- 337 Jobs provided on site provides gross contribution of £15.9m GVA for the local economy
- 230 new jobs created account for £11m of GVA
- Tenants report increase in turnover and employment. Turnover now c £12m amongst tenants
- £800,000 rent foregone to civil society per year = effective donation to these activities
- £2.6m of social value generated per year (estimated at 15 x typical office building)

The charity has not undertaken an independent study in 2023/2024. However it is working with Lambeth and consultancy AKOU to provide additional independent reporting in 2025.

The charity has undertaken its own monitoring of its tenants via a survey that has recorded data from January 2023 to December 2023. The outcome of the survey has been summarised with the following headline outputs and responses to questions :

Reporting Period: 1st January to 31st December 2023
Response Rate: 93 of 105 requests = 89% (Youth Innovation Hub, Photofusion and Assemble report as a whole for their entire floor)

1. Number of paid employees on 31st December 2023 = 989
2. How many new jobs (full and part time) have you created in the reporting period? (1st January - 31st December 2023) = 625
3. Number of Lambeth residents your organisation employs = 294
4. Number of people you have employed in the reporting period who were not in employment, education or training = 183
a. Of these, how many are Lambeth residents = 68

3SPACE (REGISTERED NUMBER: 07221470)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024

5. How many people volunteered with your organisation during the reporting period = 6199
6. How many apprentices have you taken on in the reporting period? = 114
7. How many work experience students have you taken on in the reporting period? = 168
8. Have you provided training (employment, life skills, health etc) and if so, to how many people? = 5402
9. Of all the above (apprentices, work experience students and those who participated in any training) how many were Lambeth residents? = 1851

The list of organisations the project continues to support across the different floors including the following five Give floors:

1. Business Launchpad (BLP) was up until early 2022 the delivery partner for the Youth Entrepreneurship floor. A youth led organisation called Innovators League then took over from April 2022 until July 2024 which is outside the reporting period, at which point 3Space became joint operators with Winston Goode of Juvenis. There are a range of youth organisations and start-ups led by young people who use the floor including Abdul Karim, BiG/Bestys inspirational Guidance, Grooveschool, House on Fire, Inzyme Labs CIC, Juvenis, Milk Honey Bees, Step Now and TPro. This floor is provided free of charge to al tenants and their end users.

2. Photofusion is the delivery partner for the Photographic Services Floor. Photofusion is a registered charity and London's largest photographic resource centre. They moved to International House having been unable to afford a rent increase on their existing site and were at risk of displacement from the Borough. The centre's facilities include digital suites, darkrooms, exhibition production services and picture library alongside a contemporary gallery which places an emphasis on showcasing emerging photographers, alongside new work by mid-career artists. The exhibition programme includes artist talks, panel discussions and occasional related masterclasses or workshops.

Alongside its professional development and training programmes, Photofusion delivers a range of crucial outreach engagement projects, working with socially and culturally marginalised young people, offering photographer-led creative programmes, skills-based accredited courses, bursaries and internships in collaboration with local organisations and a range of funding partners.

This floor is provided rent free but Photofusion pay a service charge as some of the services they offer are paid for.

3. The Community Initiatives floor is available free of charge to local charities, non-profits and social enterprises who are based in Lambeth or who deliver programs which directly benefit Lambeth residents. During this period the floor was used by Abstract Benna, Action Plus Foundation, Afeweee Training Centre, ARCS (ADHD and Related Conditions Support Service), Ascension Agency, Avid Detention, Babel Theatre, Be Enriched / Brixton People’s Kitchen / Wandsworth Food Partnership, Birds Eye View, Bounceback (Divert/Kent Opera), Breadwinners, Brixton Blog & Bugle, Brixton Neighbourhood Forum, Brixton Pound, Brixton Writers Circle, City of Sanctuary UK, Clapham Film Unit, Community Arts Box, Compass Collective, Compliments of the House, Craft Forward, Earlybird (Formerly Career Ear), Creative Society, Dialogue Hub, Empathy Museum, Exceed Reading Stars, Father Nature, Feathers Up, Forth, Gay Social, Girls United FA, Glasshouse Theatre, Global Entrepreneurs UK, Gma's Community Kitchen, Grounded Sounds, Healthy Living Platform, Hope In The Heart, Inclusion Arts, Incredible Edible Lambeth, Independent Film Trust (IFT), K3 Media, Kelly’s Cause Foundation, Lambeth Larder, Lambeth Schools Patrol, Lee Lawrence Consulting, Library of Things, LTEN, Multi-Story Orchestra, National Windrush Museum, NACCOM Lambeth, Onwards and Upwards, Our Second Home, Oxygen Arts, Prop Up Project, Rapport Festival, Restart Project, Shamha Vibration, Sloth Club CC, SOAD (State of the African Diaspora), South London Socials, South London Topcats, Southsustainable, Strongback Productions, UBI Lambeth, Unity Matters CIC, Unjust CIC, Untold, Urban Growth, We Are Brave, We Rise, We Rock.

The floor is provided free of charge, but tenants are encouraged to pay into a future rent deposit scheme to build up a rent fund for any subsequent workspace. This is returned in full when the tenant moves out or the project comes to an end.

4. The Events and Projects spaces are across the ground floor and are available free of charge to the buildings tenants and have been extensively used for a range of different types of use with a mixture of workshops, training, meetings and public facing events. The use of the Event Space is free of charge to use which removes any barrier for our tenants who might otherwise not be able to afford access to centrally located and well-equipped event space, specifically young people and local charities.


3SPACE (REGISTERED NUMBER: 07221470)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024

5. The fifth Give Hub is a fabrics and textiles studio managed by Assemble, a Turner prize-winning art and design collective. Its tenants include many local and new start-ups including over 50% from BAME backgrounds. The tenants this period have included Aergo, Alexa Kari, Ascension Agency, Ato Studio, Baptiste Studio, Cassine by Kelly Oozageer, Ceres Studio, Fashionwide, Good Studio Riso, Joel Spencer Wilson, Kangan Aurora, LaundRe, Paq Works, Samara Lou Willis, Scott Thomas, Sheridan Coulson, Stitch School, Tia Cox, White Weft, and We Love. This floor is provided rent free but Assemble pay a service charge and they in turn charge an affordable rental fee for textiles and fashion start-ups using the space.

Outside of the reporting period, Photofusion are moving to new premises in April 2024 and an additional Give floor was created on the 10th floor maximising the use of that space. Common Room for Carers operated in the 10th floor from their opening in October 2022 until April 2024, when they relocated. Funding for fit-out from the Paul Hamlyn Foundation and was a space for domicillary care workers to relax and recharge, fin support, eat and drink, charge their phones and discuss improvements to their work conditions. In July 2023, circular economy leaders Prop Up Project took up residence on the 10th floor, launching its identity as a circular Economy Hub. Since then, they have been joined by Craft Forward, Tahlee's Vintage Emporium, and in early January 2025 will be joined by Momso Sustainable CIC. Space is provided free of charge or at a highly affordable rates to non-profits working in circularity and sustainability in the local area.

The 5 Buy Floors are tenanted by a mixture of larger charities, freelancers, start-ups and scaleup businesses. All of the Buy Floor tenants are subject to a points-based allocation system which has been formalised in a Tenant Allocation and Marketing Strategy document that was drawn up with Council to align with the Borough's economic regeneration plans. The start-ups and scaleups who have benefited from the use include: 4F Media, Age UK Lambeth, Akou, Amazing Productions, Black Curriculum, Black Thrive, Born or Made, Boz Temple Morris, Brixton Project , Centrepoint (Lambeth Housing First & Lambeth Emotional Wellbeing Service), Chefs in Schools, Cicero Holdings Ltd, Code Brave, Duke + Dexter, Fair Education Alliance, Food Foundation, Garett Mears, Hope For The Young, Iconic Steps, ihateironing, Insert Robot, Insurance Supper Club (ISC), Melanie Gouby, Minerva Virtual
Academy, New Motions Ltd, Plantacorp, Ratio Partners, Redthread, Refuaid, Refugees at Home, Repowering London, Roadpeace, Ruane CDC, Sarah Baldwin PR, School of Communication Arts, South London Botanical, St Matthews Project, Sustrans, The Bike Project, Thursday Works, Turnquick Distribution, White Label Comedy, Why Me?, Yes Futures.

International House continues to be recognised by the Living Wage Foundation as Living Wage Building. It was the first Living Wage Building in UK and secured this status for the first time in 2019. This means that any organisation working from the building and their employees are required to be paid the London Living Wage. This is managed by a licence agreement with the tenants and is monitored via half yearly reporting requirements.

3Space provides space that acts as an interface between private business, civil society, start-ups, charities, culture and creation. Providing space which is free or low cost is one benefit. However, another benefit is from the co-location of similar organisations, the connections that are made by these organisations and the clustering benefits to the local economy. The connections formed between these diverse businesses and community initiatives is a hallmark of 3Space’s BuyGiveWork approach.

3Space has been working with data consultancy AKOU to develop a model showing the impact of these relationships at International House in Brixton. The map shows how organisations at 3Space are connected to each other, the strength of the relationship and how they collaborate. You can view the work in progress on the network map here https://akou.co.uk/3space/.

As mentioned in the 2022/23 Trustee report the 40 Cumberland Road project was cancelled by Haringey Council. 3Space was refunded all costs for expenditure on consultants for the preliminary work.

Further details of additional past projects can be found on the Charity's website.

During the period, the charity has continued to work with and develop its Advisory Panel - a group of experts from the property, regeneration and marketing sectors - who provide advice and direction. 3Space hugely appreciates the time, effort and valuable support generously given by the members of the Panel.


3SPACE (REGISTERED NUMBER: 07221470)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024

FINANCIAL REVIEW
Investment policy and objectives
Under its Memorandum and Articles of Association, the charity has the power to invest in any way the trustees wish. The trustees, having regard to the liquidity requirements of operating the charity have maintained a policy of keeping available funds in interest bearing deposit accounts.

Reserves policy
It is the policy of the charity to maintain unrestricted funds, which include the free reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely costs of the charity for the next year.

The charity had unrestricted funds of £217,280 (2023: £108,011) as at 31 March 2024.

FUTURE DEVELOPMENTS
The lease at International House in Brixton was due to expire in September 2023. However, 3Space has now secured an extension on its lease to March 2027. 3Space will continue to work closely with its landlord and partner for the project, Lambeth council.

Outside of the reporting period in December 2024 3Space has secured planning permission for the 11th floor at International House. Working with its partners Rooftop Saunas in early 2025 the charity will let space to Rooftop Saunas who will open four rooftop saunas and a restaurant to facilitate the use of the 11th floor as a place for meeting, working, food and wellness in connection with the wider office use. This will be open to tenants as well as the public.

Outside of this reporting period 3Space has recently secured a new property consisting of 15,000 sq ft at 37-38 Warren Street Fitzrovia London which will open in January 2025. Further updates will be provided in the next reporting period.

3Space continues to work on securing new properties to deliver greater impact. 3Space’s goal is to replicate the success of International House and expand its operations by opening a flagship hub in each quadrant of London in the next 5 years. 3Space will continue to focus on opportunities to use publicly owned assets to implement its Spaces for Public Good approach, while also considering opportunities to again work with the private sector.

3Space is well placed to secure government tenders for affordable workspace and the delivery of social value. The charity will also continue to explore opportunities to expand its reach and impact working with the private sector.

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

In the event of the company being wound up members are required to contribute an amount not exceeding £1.

Recruitment and appointment of new trustees
The initial Trustees founded the company due to their interest in the aims of the charity as set out below.

Organisational structure
Trustees meet informally on a regular basis to manage the activities of the charity, which are organised by the executive management committee.

A Trustee is required to sign any property lease that the charity enters into.

Induction and training of new trustees
All Trustees have read the guidance issued by Charity Commission concerning their roles and obligations.

Trustees can retire when they wish as they do not serve under a fixed term.


3SPACE (REGISTERED NUMBER: 07221470)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024


STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The Trustees have conducted a full risk assessment of the organisation. Various systems and checks have been put into operation and these are reviewed annually.

The Trustees are satisfied that systems are in place to mitigate our exposure to those major risks.

The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07221470 (England and Wales)

Registered Charity number
1136377

Registered office
105 Eade Road
OCC Building A
2nd Floor Unit 11D
London
N4 1TJ

Trustees
Mr A J Brown
Mr N D Elliot
Mr W Hyslop

Independent Examiner
DAS Accounting & Partners (UK) LLP
105 Eade Road
OCC Building A
2nd Floor Unit 11D
London
N4 1TJ

Approved by order of the board of trustees on 30 December 2024 and signed on its behalf by:





Mr A J Brown - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
3SPACE

Independent examiner's report to the trustees of 3Space ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

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

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








Mr Pesach Davidoff FCCA

DAS Accounting & Partners (UK) LLP
105 Eade Road
OCC Building A
2nd Floor Unit 11D
London
N4 1TJ

30 December 2024

3SPACE

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 295,676 190,406

Charitable activities 4
Charitable activities 115,545 125,990

Investment income 3 10,177 3,577
Total 421,398 319,973

EXPENDITURE ON
Charitable activities
Charitable activities 302,270 322,435

Net gains/(losses) on investments (9,859 ) -

NET INCOME/(EXPENDITURE) 109,269 (2,462 )


RECONCILIATION OF FUNDS
Total funds brought forward 108,011 110,473

TOTAL FUNDS CARRIED FORWARD 217,280 108,011

3SPACE (REGISTERED NUMBER: 07221470)

BALANCE SHEET
31 MARCH 2024

2024 2023
Unrestricted Total
fund funds
Notes £    £   
FIXED ASSETS
Investments 7 100 10,100

CURRENT ASSETS
Debtors 8 211,273 111,177
Cash at bank 145,785 130,346
357,058 241,523

CREDITORS
Amounts falling due within one year 9 (139,878 ) (143,612 )

NET CURRENT ASSETS 217,180 97,911

TOTAL ASSETS LESS CURRENT
LIABILITIES

217,280

108,011

NET ASSETS 217,280 108,011
FUNDS 11
Unrestricted funds 217,280 108,011
TOTAL FUNDS 217,280 108,011

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


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


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


3SPACE (REGISTERED NUMBER: 07221470)

BALANCE SHEET - continued
31 MARCH 2024

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


The financial statements were approved by the Board of Trustees and authorised for issue on 30 December 2024 and were signed on its behalf by:





Mr A J Brown - Trustee

3SPACE

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

1. STATEMENT OF COMPLIANCE

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

2. ACCOUNTING POLICIES

Basis of preparation
The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in Sterling, which is the functional currency of the entity.

Preparation of consolidated financial statements
The charity is not required to prepare consolidated financial statements in accordance with the Charities Act 2011, and has taken advantage of the option not to prepare consolidated financial statements contained in section 398 of the Companies Act 2006 on the basis that the charity and its subsidiary undertaking comprise a small group.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, the trustees are required to make judgments, 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.

The trustees do not consider there are any critical judgments or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.

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

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

Governance costs
Governance costs are associated with the governance arrangements of the company and charity and relating to the general running of both. These costs include audit, legal advice for trustees and costs associated with meeting constitutional and statutory requirements such as the cost of trustee meetings and the preparation of the statutory accounts.

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

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


3SPACE

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

2. ACCOUNTING POLICIES - continued

Fund accounting
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.There are no restricted funds as at the Balance Sheet date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the period of the lease.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible reference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3. INVESTMENT INCOME
2024 2023
£    £   
Deposit account interest 1,609 442
Interest receivable - trading 8,568 3,135
10,177 3,577

4. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
Charitable Total
activities activities
£    £   
Income from charitable activities 115,545 125,990

Income from charitable activities relates to rent charged to the charity's subsidiary, 3Space Trading Ltd, in relation to the youth, cultural and community programmes provided on the Give Floors as part of the BuyGiveWork initiative.

5. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£    £   
Independent Examiner's fee 2,700 2,575
Other operating leases 174,380 206,400


3SPACE

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

6. TRUSTEES' REMUNERATION AND BENEFITS

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


Trustees' expenses

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


7. FIXED ASSET INVESTMENTS
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 April 2023 100 10,000 10,100
Disposals - (10,000 ) (10,000 )
At 31 March 2024 100 - 100
NET BOOK VALUE
At 31 March 2024 100 - 100
At 31 March 2023 100 10,000 10,100

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

3Space Trading Ltd
Registered office: 105 Eade Road, OCC Building A, 2nd Floor, Unit 11D, London N4 1TJ
Nature of business: Management of real estate
%
Class of share: holding
Ordinary 100
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 249,936 474,202
Profit for the year 71,410 252,863

Consolidated financial statements have not been prepared as the charity has taken advantage of the exemption conferred by section 398 of the Companies Act 2006.


3SPACE

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

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 143,443 39,185
Other debtors 8,568 7,492
Prepayments 59,262 64,500
211,273 111,177

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 65 47
Other creditors 137,113 138,640
Accrued expenses 2,700 4,925
139,878 143,612

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 2023
£    £   
Within one year 36,138 87,649

11. MOVEMENT IN FUNDS
Net
movement At
At 1.4.23 in funds 31.3.24
£    £    £   
Unrestricted funds
General fund 108,011 109,269 217,280

TOTAL FUNDS 108,011 109,269 217,280

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 421,398 (302,270 ) (9,859 ) 109,269

TOTAL FUNDS 421,398 (302,270 ) (9,859 ) 109,269


3SPACE

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

11. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement At
At 1.4.22 in funds 31.3.23
£    £    £   
Unrestricted funds
General fund 110,473 (2,462 ) 108,011

TOTAL FUNDS 110,473 (2,462 ) 108,011

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 319,973 (322,435 ) (2,462 )

TOTAL FUNDS 319,973 (322,435 ) (2,462 )

12. RELATED PARTY DISCLOSURES

During the year the charity received donations of £295,676 (2023: £190,406), rental income of £115,545 (2023: £125,990) and received interest of £8,568 (2023: £3,135) from its subsidiary, 3Space Trading Ltd.

No transactions with related parties other than disclosed above were undertaken such as are required to be disclosed under Charities SORP (FRS102).