Charity Registration No. 1079475
Company Registration No. 03816738 (England and Wales)
PROJECT 34
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PROJECT 34
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr A Turner
Mr X Vernon
Mrs L Bowe
Mrs S Worgan
Secretary
Mr A Turner
Charity number (England and Wales)
1079475
Company number
03816738
Registered office
32-34 Weaste Road
Salford
M5 5FW
Independent examiner
AJP Corporate Accountants Limited
9 Brenton Business Complex
Bond Street
Bury
BL9 7BE
PROJECT 34
CONTENTS
Page
Trustees' report
2 - 5
Independent examiner's report
6
Statement of financial activities
7
Balance sheet
8
Statement of cash flows
9
Notes to the financial statements
10 - 17
PROJECT 34
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The trustees, who are also the directors of Project 34 for the purpose of company law, are responsible for preparing the Trustees' 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 which give a true and fair view of the state of affairs of the Project and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

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;

- make judgements and 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 Project 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 Project 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 Project and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PROJECT 34
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -

The trustees present their annual report and financial statements for the year ended 31 October 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Project's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The Project's objects are to provide social housing accommodation, care and support for the vulnerable homeless. From 4 December 2014 Project 34 is also a Registered Provider with the ‘Regulator of Social Housing’ (RSH) – Registration number 4800 and is required to comply with their Regulatory Framework. There has been no change in activities during the year.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Project should undertake.

Achievements and performance
Significant activities and achievements against objectives

At the main hostel, Project 34 provides fully-furnished individual rooms, with cleaning services and laundry, together with communal kitchen, dining and lounge facilities, for 27 vulnerable homeless people. There is also a ‘move on’ hostel with duplicate communal services, but much lighter supervision, this can accommodate a further 8 individuals. Occupancy levels are usually over 95%.

Project 34 sees the demonstration of Value for Money (VfM) as an important factor in ensuring that our Commissioners and Regulators are able to take a view on the investment made of public monies. We already monitor against various VfM indicators and are looking to identify how we can adapt our systems so as to reflect some of the new Standards that the RSH have introduced, even though these are mainly geared towards ‘large Registered Providers with bed-units of 1,000 or more.

 

 

Tenant Satisfaction Survey

Project 34 has always had high regard to what its tenants think of the overall service it provides, The Regulator of Social Housing (RSH) now require all Registered Providers to carry out a formal survey to ascertain this - in Project 34's case, every two years.

Accordingly, we have surveyed all Tenants using the following relevant questions suggested by the RSH

 

a) Overall satisfaction?

b) Satisfaction with repairs?

c) Satisfaction with time taken to complete most recent repair?

d) Satisfaction that the home is well maintained?

e) Satisfaction that the home is safe?

f) Satisfaction that the landlord listens to tenant views and acts upon them?

g) Satisfaction that the landlord keeps tenants informed about things that matter to them?

h) Agreement that the landlord treats tenants fairly and with respect?

i) Satisfaction with the landlord’s approach to handling complaints?

j) Satisfaction that the landlord keeps communal areas clean and well maintained?

k) Satisfaction that the landlord makes a positive contribution to neighbourhoods?

l) Satisfaction with the landlord’s approach to handling anti-social behaviour?

 

Some of the questions were not relevant to individual tenants as they hadn't experienced certain aspects of the service (eg b), c) and i)) and after taking these in account, the satisfaction levels averaged 98%. For the small minority who expressed non-satisfaction (ie 2%), further discussions took place and the respective issues were resolved.

 

PROJECT 34
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

The Housing Ombudsman have subsequently confirmed that they are satisfied that we have provided and

published all necessary documents as part of its submission. Their Duty to Monitor team will in due course carry out an assessment of the annual submission to determine if the landlord demonstrates compliance

with the Complaint Handling Code and will contact the landlord once this is commenced. It is worth noting that in the various press releases that the Housing Ombudsman have recently issued, there has been a very mixed response to other organisation’s performance in carrying out this Tenant’s Satisfaction survey and therefore it is very encouraging that the initial Housing Ombudsman’s report is positive in that we have fully complied with submission requirement requirements. Its however important not to become complacent regarding Tenants Satisfaction and if any actions points are required following the Duty Monitor assessment, these will be immediately actioned.

Financial review

Income from room rentals was up this year. In total, incoming resources rose by 8% to £713,114.

Increases in the costs of wages, repairs and depreciation were the main reasons why expenditure rose by 8% so that income exceeded expenditure by £51,013.

 

Also as the building is aging and with its specific usage, the frequency and cost of 'standard/annual repairs' is increasing but also the need for additional ad-hoc repair costs which though they may not occur every year, do need to be 'saved for' (i.e. 'contingency provision') so that they can be afforded when they happen.

 

The total funds at 31 October 2024 amounted to £675,622, so the project is still well able to fund its day to day operations and to seek new opportunities for its expertise while remaining completely self-supporting and without having to resort to public appeals.

Reserves policy

It is the policy of the Project that unrestricted funds which have not been designated for a specific use should be maintained at a level to give it an adequate safety margin and that will enable it to consider running other hostels as and when the opportunity arises. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Project’s current activities while consideration is given to ways in which additional funds may be raised. The trustees have maintained the £300,000 capital building fund in order to support the proposed new building development. This level of reserves has been maintained throughout the year.

Principal funding sources

The project's primary source of income is currently Housing Benefit claimed on behalf of the client group. We are however continually looking at opportunities to diversify with other income streams whilst maintaining the overall aims and objectives of the Charity and also complying fully with RSH registration and standards.

 

The Charity is currently liaising with Salford City Council rough sleeper team with a view to locating sleeping pods on land owned by the Charity which is currently vacant. This would be utilised  for entrenched rough sleepers with extensive needs and issues that would make it difficult to accommodate them within the main Project. This would be a useful source of future income.

 

 

Plans for future periods

Project 34 is still mindful that the Government may still at sometime in the near future look to impose restrictions on social housing funding and is therefore will continue  to explore ways in which can demonstrate Value for Money.

Project 34 has also purchased a plot of land immediately adjacent to the main building with a view to immediate development. Full planning permission is now in place for 9 one bed room flats for affordable rent. This decision was made to increase the Project's operating surplus and also mitigate against any potential future funding changes. The trustees are aware that this building project will absorb some cash reserves, but do not expect this will put undue pressure on their reserves policy. Trustees are also looking to further improve upon ‘Tenants Satisfaction Measures (TSM)’ monitoring in order to ensure that they are able to demonstrate a greater transparency concerning landlord performance and are also able to inform the RSH in its efforts to improve ‘consumer standards’ nationally.

 

PROJECT 34
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
Structure, governance and management

Project 34 is a company limited by guarantee, incorporated on 30 July 1999 and registered as a charity from that time. The Memorandum of Association sets out the powers and objects of the charitable company which is governed under its Articles of Association. In the event of a winding up, members have guaranteed to contribute an amount not exceeding £10.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr A Turner
Mr X Vernon
Mrs L Bowe
Mrs S Worgan
Recruitment and appointment of trustees

The Articles prescribe that these shall be a minimum of 3 and a maximum of 12 Trustees and that one third of their number shall retire at each Annual General Meeting. Only a retiring Trustee, or a person nominated by the Trustees, is eligible for election.

 

The trustees, networking with the local authority, the police, the probation service and other interested parties, are continuing to seek new candidates to join their ranks, and particularly, younger people with appropriate specialist knowledge. Trustee numbers and responsibility awareness will remain a key feature in the Project’s governance arrangements.

 

Trustee Induction and Training

The legal, financial and managerial framework, together with the obligations of a Trustee, are thoroughly explained to each candidate, before he or she accepts office. After that, the new Trustee, in the company of the very experienced hostel manager, spends time at the hostels, seeing at first hand, how operations are conducted and how the day to day problems are dealt with in order to gain a reasonable understanding of the breadth of the social business This is followed by discussions with other trustees as to the contribution the newcomer can make and how this fits into the future plans for the development of the Charity. Trustees also receive external training so as to better understand their role and responsibilities.

Risk Management

Risks, Risk Management and Stress Testing is a frequent agenda item at staff and Trustee Meetings and risks such as:

 

are assessed and mitigation options considered.

 

A thorough assessment of the risks to which the charity is exposed, is also regularly undertaken externally by a professional risk assessment firm, covering the risks faced by the Charity, its staff and its users in all departments. Their recommendations have been implemented and risks are kept under constant review.

 

There have been no collections from the public and cash receipts are small, so risks to the Charity’s funds from dishonesty are minimal. With 4 trustees it has been possible to institute a simple, but robust system of internal control, as recommended by the Charity’s independent examiner.

 

Trustees and Senior Staff also state ‘Declarations of Interest’ at any discussion/decision making process (eg Trustee meetings)

PROJECT 34
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
Organisational structure

Organisational Structure

The trustees meet formally or informally, whenever necessary, in order to manage the Charity's affairs. Administration is delegated to a full-time Project Manager (reporting to the Trustee Chairman as required) and he and his staff, look after the day to day operation of the hostel. The Trustees provide their services on a voluntary basis; the manager and other staff are paid.

Employee involvement

The Project's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting performance.

The trustees' report was approved by the Board of Trustees.

Mr A Turner
Mr X Vernon
Trustee
Trustee
24 April 2025
PROJECT 34
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF PROJECT 34
- 6 -

I report to the trustees on my examination of the financial statements of Project 34 (the Project) for the year ended 31 October 2024.

Responsibilities and basis of report

As the trustees of the Project (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the Project are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Project’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the Project’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, 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 that in any material respect:

1

accounting records were not kept in respect of the Project as required by section 386 of the Companies Act 2006.

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

4

the financial statements 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 financial statements 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 financial statements to be reached.

AJP Corporate Accountants Limited
9 Brenton Business Complex
Bond Street
Bury
BL9 7BE
24 April 2025
PROJECT 34
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
Capital fund
Capital fund
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
-
-
-
10
-
10
Income from letting
4
713,114
-
713,114
661,841
-
661,841
Investments
5
349
-
349
558
-
558
Total income
713,463
-
713,463
662,409
-
662,409
Expenditure on:
Charitable activities
6
662,450
-
662,450
615,814
-
615,814
Total expenditure
662,450
-
662,450
615,814
-
615,814
Net income and movement in funds
51,013
-
51,013
46,595
-
46,595
Reconciliation of funds:
Fund balances at 1 November 2023
324,609
300,000
624,609
278,014
300,000
578,014
Fund balances at 31 October 2024
375,622
300,000
675,622
324,609
300,000
624,609

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

PROJECT 34
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
235,422
246,359
Current assets
Debtors
12
117,529
117,861
Cash at bank and in hand
343,914
283,033
461,443
400,894
Creditors: amounts falling due within one year
13
(21,243)
(22,644)
Net current assets
440,200
378,250
Total assets less current liabilities
675,622
624,609
Capital funds
Building
300,000
300,000
Income funds
Unrestricted funds
375,622
324,609
675,622
624,609

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 October 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the Trustees on 24 April 2025
Mr A Turner
Mr X Vernon
Trustee
Trustee
Company Registration No. 03816738
PROJECT 34
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
63,462
38,103
Investing activities
Purchase of tangible fixed assets
(2,930)
(648)
Investment income received
349
558
Net cash used in investing activities
(2,581)
(90)
Net cash generated from financing activities
-
-
Net increase in cash and cash equivalents
60,881
38,013
Cash and cash equivalents at beginning of year
283,033
245,020
Cash and cash equivalents at end of year
343,914
283,033
PROJECT 34
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
1
Accounting policies
Charity information

Project 34 is a private company limited by guarantee incorporated in England and Wales. The registered office is 32-34 Weaste Road, Salford, M5 5FW.

1.1
Accounting convention

The accounts have been prepared in accordance with the Project's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The Project is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Project. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Project has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4
Incoming resources
Income is recognised when the Project is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2%
Leasehold land and buildings
10%
Fixtures and fittings
33.3%
Motor vehicles
20%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.6
Impairment of fixed assets

At each reporting end date, the Project reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

PROJECT 34
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 11 -
1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The Project has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the Project's balance sheet when the Project becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Project’s contractual obligations expire or are discharged or cancelled.

1.9
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the Project is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

PROJECT 34
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
2
Critical accounting estimates and judgements

In the application of the Project’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
-
10
4
Income from income from letting
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Letting and licensing arrangements
713,114
661,841
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
349
558
PROJECT 34
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
6
Charitable activities

 

 

2024
2023
£
£
Staff costs
377,726
358,960
Depreciation and impairment
13,867
4,158

Property rental costs

69,003
71,509

Council tax and insurance

10,022
9,596

Light, heat and water

43,220
42,690

Cleaning

11,670
12,193

Repairs and maintenance

85,983
73,168

Printing, postage and stationery

2,413
6,474

Telephone

4,578
4,395

Motor running expenses

5,199
2,548

Travelling expenses

1,076
230

Consultancy fees

8,696
4,875

Accounting and payroll services

5,870
5,850

Sundry expenses

3,628
1,810

Food

13,672
10,376

Computer running costs

5,827
6,982
662,450
615,814
7
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
13,867
4,158
8
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Project during the year.
PROJECT 34
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
9
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
11
11
Employment costs
£
£
Wages and salaries
341,590
324,971
Social security costs
28,596
26,735
Other pension costs
7,540
7,254
377,726
358,960
10
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

11
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023
238,887
57,407
159,658
47,079
503,031
Additions
-
-
2,930
-
2,930
At 31 October 2024
238,887
57,407
162,588
47,079
505,961
Depreciation and impairment
At 1 November 2023
40,010
57,406
149,840
9,416
256,672
Depreciation charged in the year
3,066
-
10,801
-
13,867
At 31 October 2024
43,076
57,406
160,641
9,416
270,539
Carrying amount
At 31 October 2024
195,811
1
1,947
37,663
235,422
At 31 October 2023
198,877
1
9,818
37,663
246,359
PROJECT 34
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
57,813
58,496
Other debtors
450
800
Prepayments and accrued income
59,266
58,565
117,529
117,861
13
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
7,383
7,166
Payments received on account
1,677
2,270
Accruals and deferred income
12,183
13,208
21,243
22,644
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
7,540
7,254

The Project operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Project in an independently administered fund.

15
Restricted funds - Capital fund

These are restricted funds which are material to the Project's activities.

At 1 November 2023
At 31 October 2024
£
£
Building fund
300,000
300,000
300,000
300,000
PROJECT 34
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 16 -
16
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of income which are not subject to specific conditions as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 November 2023
Incoming resources
Resources expended
At 31 October 2024
£
£
£
£
General funds
324,609
713,463
(662,450)
375,622
Previous year:
At 1 November 2022
Incoming resources
Resources expended
At 31 October 2023
£
£
£
£
General funds
278,014
662,409
(615,814)
324,609
17
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds

2024
2024
2024
£
£
£
Fund balances at 31 October 2024 are represented by:
Tangible assets
235,422
-
235,422
Current assets/(liabilities)
140,200
300,000
440,200
375,622
300,000
675,622
Unrestricted
Restricted
Total
funds
funds

2023
2023
2023
£
£
£
Fund balances at 31 October 2023 are represented by:
Tangible assets
246,359
-
246,359
Current assets/(liabilities)
78,250
300,000
378,250
324,609
300,000
624,609
18
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

PROJECT 34
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 17 -
19
Cash generated from operations
2024
2023
£
£
Surplus for the year
51,013
46,595
Adjustments for:
Investment income recognised in statement of financial activities
(349)
(558)
Depreciation and impairment of tangible fixed assets
13,867
4,158
Movements in working capital:
Decrease/(increase) in debtors
332
(13,787)
(Decrease)/increase in creditors
(1,401)
1,695
Cash generated from operations
63,462
38,103
20
Analysis of changes in net funds

The Project had no material debt during the year.

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