REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the period |
1 April 2023 to 30 September 2024 |
for |
Change Up @ Kennington Cross |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the period |
1 April 2023 to 30 September 2024 |
for |
Change Up @ Kennington Cross |
Change Up @ Kennington Cross |
Contents of the Financial Statements |
for the period 1 April 2023 to 30 September 2024 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 11 |
Change Up @ Kennington Cross (Registered number: 07604236) |
Report of the Trustees |
for the period 1 April 2023 to 30 September 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 18 month period ended 30 September 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). In determining the activities undertaken by the Charity, the trustees have had due regard to the Charity Commission's guidance on public benefit. |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
As stated in last year's Trustees' Report, the trustees and members of the Charity have resolved that it be dissolved and its net assets transferred to North Lambeth Parish ("NLP") due to NLP's intended development of the St Anselm's site and the consequent loss of the Charity's premises. During the period under review, all financial assets and liabilities of the Charity were discharged and net cash of £49,362 was transferred to NLP and the bank account closed. The Company will shortly apply to Companies House to be struck off the register of Companies and thereafter for removal from the Register of Charities. |
The Charity's primary objective had been the promotion of social inclusion for the public benefit. The aim was to achieve this by helping the socially excluded take advantage of opportunities to build through employment or by establishing and growing a business. The Charity provided low-cost business units and mentoring, focussing primarily on people between 18 to 35 years of age who are excluded from society or parts of society (in particular but not exclusively ex-offenders) as a result of unemployment, financial hardship, poor educational or skills attainment or who are within or have experienced the public care or penal system. |
FINANCIAL REVIEW |
Principal funding sources |
The Charity's funding historically came from three principal sources. Firstly, from income generated by the business units provided to those supported by the Charity. In the extended 18 month period it received £14,971 (2023 - 12 months £15,468) from this source. Secondly, from a network called 'The 100 Club' which collected monthly donations from local supporters in addition to general donations. During the 18 month period, the 100 Club supporters and general donations amounted to £2,547 (2023 - 12 months £5,366). No money was raised from fundraising events. |
In anticipation of the Charity's dissolution, during the period all financial assets and liabilities were discharged and net cash of £49,362 was transferred to NLP and the bank account closed. At the period end, total charity funds amounted to £Nil (2023- £44,653) of which £Nil (2023- £42,811) was held in cash at bank or in hand. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Change Up @ Kennington Cross is a company limited by guarantee, as defined by the Companies Act 2006. It was incorporated on 14 April 2011 and its governing document is its Articles of Association which was adopted in its current form by special resolution passed on 7 July 2019. |
New trustees are introduced to and appointed by the Board and stand for re-election at the next following Annual General Meeting. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Change Up @ Kennington Cross (Registered number: 07604236) |
Report of the Trustees |
for the period 1 April 2023 to 30 September 2024 |
Registered Charity number |
Registered office |
Trustees |
The trustees who served during the period under review and as at the date of this report were (unless otherwise stated): |
Miles R K Freeman (Co. Chair) |
Fiona J Walshe (Co. Chair) |
Rev.'d Canon Angus R Aagaard |
Nigel J E Field |
Peter A Trevelyan-Clark |
Lisa J Urquhart |
W Ezra P Wallace |
Company Secretary |
Independent Examiner |
Alton & Co |
Chartered Accountants |
239-241 Kennington Lane |
London |
SE11 5QU |
GOING CONCERN |
The members and trustees have resolved to dissolve the charity and to transfer all its net assets to North Lambeth Parish. |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Change Up @ Kennington Cross |
Independent examiner's report to the trustees of Change Up @ Kennington Cross ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the period 1 April 2023 to 30 September 2024. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
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 A Kemal FCA FCCA |
Alton & Co |
Chartered Accountants |
239-241 Kennington Lane |
London |
SE11 5QU |
20 January 2025 |
Change Up @ Kennington Cross |
Statement of Financial Activities |
for the period 1 April 2023 to 30 September 2024 |
period |
1/4/23 |
to | year ended |
30/9/24 | 31/3/23 |
Unrestricted | Restricted | Total | Total |
funds | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Charitable activities | 4 |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 44,653 |
Change Up @ Kennington Cross (Registered number: 07604236) |
Balance Sheet |
30 September 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
funds | fund | funds | funds |
Notes | £ | £ | £ | £ |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 10 |
Unrestricted funds | 44,653 |
TOTAL FUNDS | 44,653 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2024. |
The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 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. |
Change Up @ Kennington Cross (Registered number: 07604236) |
Balance Sheet - continued |
30 September 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 |
Change Up @ Kennington Cross |
Notes to the Financial Statements |
for the period 1 April 2023 to 30 September 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Change Up @ Kennington Cross |
Notes to the Financial Statements - continued |
for the period 1 April 2023 to 30 September 2024 |
2. | DONATIONS AND LEGACIES |
period |
1/4/23 |
to | year ended |
30/9/24 | 31/3/23 |
£ | £ |
Donations |
3. | INVESTMENT INCOME |
period |
1/4/23 |
to | year ended |
30/9/24 | 31/3/23 |
£ | £ |
Rents received |
4. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of |
activities |
£ |
Donations to North Lamberth Parish | 49,362 |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the period ended 30 September 2024 nor for the year ended 31 March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the period ended 30 September 2024 nor for the year ended 31 March 2023. |
Change Up @ Kennington Cross |
Notes to the Financial Statements - continued |
for the period 1 April 2023 to 30 September 2024 |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income |
Total |
EXPENDITURE ON |
Other |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 48,601 | - |
TOTAL FUNDS CARRIED FORWARD |
44,653 |
- |
44,653 |
7. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 April 2023 |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 31 March 2023 |
Change Up @ Kennington Cross |
Notes to the Financial Statements - continued |
for the period 1 April 2023 to 30 September 2024 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Rent deposit | - | 1,495 |
Prepayments |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Accrued expenses |
10. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1/4/23 | in funds | 30/9/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 44,653 | (44,653 | ) | - |
TOTAL FUNDS | (44,653 | ) | - |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 17,518 | (62,171 | ) | (44,653 | ) |
TOTAL FUNDS | ( |
) | (44,653 | ) |
Change Up @ Kennington Cross |
Notes to the Financial Statements - continued |
for the period 1 April 2023 to 30 September 2024 |
10. | 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 | 48,601 | (3,948 | ) | 44,653 |
TOTAL FUNDS | 48,601 | (3,948 | ) | 44,653 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 20,834 | (24,782 | ) | (3,948 | ) |
TOTAL FUNDS | 20,834 | (24,782 | ) | (3,948 | ) |
11. | RELATED PARTY DISCLOSURES |