REGISTERED COMPAY NUMBER: 04627894 (England and Wales) REGISTERED CHARITY NUMBER: 1097445
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
FOR
THE FERNHURST CENTRE LIMITED
THE FERNHURST CENTRE LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Page | |
|---|---|
| Report of the Trustees |
1 to 3 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 to 7 |
| Notes to the Financial Statements | 8 to 14 |
THE FERNHURST CENTRE LIMITED
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)
OBJECIVES AND ACTIVITIES
The principle activity of the company is to operate the Fernhurst Centre at 2 Crossfield, Fernhurst. The Fernhurst Centre is now generally known as The Fernhurst Hub. It provides computers and IT, a Café and education facilities as well as delivering courses for the benefit of the local community.
The charitable objectives are to promote the benefits of the inhabitants of the Parish of Fernhurst, West Sussex and the neighbourhood without distinction of sex, sexual orientation, race, or of political, religious or other opinions, by associating together the said inhabitants and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation and leisure-time occupation with the object of improving the conditions of life for the said inhabitants.
ACHIEVEMENT AND PERFORMANCE
The year saw The Hub expand its range of activities and increase footfall. With reduced demand for use of its computers the increased space provided more teaching space and a variety of classes. Evening talks, art exhibitions and hire of spare by local societies and clubs increased the use of the premises outside opening hours, providing a useful source of income.
The Hub’s part-time paid Manager leads a strong team of volunteers who run the café with its gift shop, arrange and assist at talks and participate in planning and running events. The Hub has a high visibility in the community and is celebrating its 21[st] birthday this year.
1. Income
Net income for the year was £24,586 (2023: 13,476). Total income was £106,449 (2023: £90,067).
2. Expenditure
Total expenditure amounted to £81,863 (2023: £76,591).
3. Funds
Total funds carried forward to 2024-25 is £144,183 (2023-24: £119,597).
4. Capital Expenditure
No major capital expenditure was incurred during the year.
Page 1
THE FERNHURST CENTRE LIMITED
REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 MARCH 2024
FINANCIAL REVIEW
The Trustees consider that the Fernhurst Hub should seek to maintain within its financial resources, as detailed within its annual report and financial statement, sufficient reserves to meet:
-
The estimated cost of its obligation under the lease held with Chichester District Council (CDC) to reinstate the property (main premises, maisonette above and garage) upon expiry of the lease to the condition it was in upon commencement of the lease. This includes the complete demolition of the rear training room and the removal of all fixtures and fittings and signage.
-
75% of the Hub’s operating costs for the previous financial year.
The Trustees’ policy is influenced by the following factors:
-
a) in building up reserves, the Hub is heavily dependent on the rental subsidy granted by CDC. Originally the subsidy was granted at 100% of market rent, reducing over time from 90% to 70% from 2014 onwards. In January 2021 the rental subsidy of 70% was extended by CDC until the Rent Review date of 2[nd] January 2024 and further extended to 2[nd] January 2028.
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b) the Trustees acknowledge that the Hub has limited scope for increasing its income from operational activities, bearing in mind its open access and low charges policy. The operating expenditure is kept low by the significant contribution from the volunteer workforce, but in line with national trends the recruitment of new, younger volunteers to replace older volunteers is becoming increasingly difficult. As a result, more services are now being brought in on a paid basis, albeit sometimes at below market fee.
-
c) voluntary donations, supplemented by Gift Aid, are an important part of the Hub’s income stream, but in a difficult economic climate a reduction in such donations is highly likely. At present, donations remain strong.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Fernhurst Hub is a charitable company limited by guarantee, incorporated on 3[rd] January 2003 (registration no. 04627894) and registered as a charity on 9[th] May 2003 (registration no. 1097445). The company’s Memorandum of Association, as amended on 3[rd] May 2008 upon change of name, established the objects and powers of the charitable company, which is governed under its Articles of Association. The directors of the company are also trustees for the purposes of charity law.
The liability of each member in the event of a winding up as stated in the Memorandum of Association is £1.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered office
2 Crossfield Fernhurst Haslemere Surrey GU27 3JL
Page 2
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THE FERNHURST HUB Statement of Financial Activities For the year ended 31 March 2024
| Notes INCOME AND ENDOWMENTS FROM Donations, grants and legacies Charitable activities Operation of community centre 3 Investment income 2 Other income 4 Total EXPENDITURE ON Charitable activities Operation of community centre 5 Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2024 2023 £ £ 5,683 5,495 82,747 70,739 4,614 1,281 13,405 12,552 |
|---|---|
| 106,449 90,067 |
|
| 77,184 73,713 4,679 2,877 |
|
| 81,863 76,591 |
|
| 24,586 13,476 119,597 106,121 |
|
| 144,183 119,597 |
Page 5
THE FERNHURST CENTRE LIMITED
BALANCE SHEET 31 March 2024
| Note Fixed Assets Tangible assets 10 Current Assets Stocks 11 Debtors 12 Investments 13 Bank accounts and cash in hand Creditors:Amounts falling due within one year Creditors and accruals 14 Net Current Assets Total Assets less Current Liabilities Represented by: Funds 16 Unrestricted Funds Unrestricted funds Total Funds |
£ 983 2,152 48,383 97,376 |
2024 £ 9,591 134,592 144,183 |
£ 1,337 1,807 65,426 51,636 |
2023 £ 9,396 110,199 119,596 |
|---|---|---|---|---|
| 148,894 (14,302) |
120,206 (10,006) |
|||
| 144,183 | 119,596 | |||
| 144,183 | 119,596 |
Page 6
THE FeRNHURSY CENTRE UMITED BAWCÈ 5MEET- contlntsed 31 M•r£h 2024 Tliv rhoriiable company enlbibtd ioexemptlon Imm audii under Se 477 of the COMnbE$ Act 2C•)6 lor the year endetl Jl March 3024. The member5 have noi required the tornparylo obt•ln •n audfrt of hs finandal stslements frrthe year enflpd I l March 2024 In accordance with SECtn 476 of the Cgrnpan6es Act 2(X rhe Trusiee5 a(fwItse their lesnsIbl11tyfor ai en5urip8 that the charitable company keeps attountln8 record5 that ¢Miptyf wlth seTr5 386 •nd 387 ol the Companies Act 2tK)6 Jnd bl preparln8 Ilnancial statements which glve •true •nd f•lr vbww of state olaffalrs of thtcharitablp compaDy as at the end ol each financial year and of tts ssJrphJs or defKit for each fiftaftclal yeor In affordance the requirernefits of sections 394 and 395 and which othertse compty wlth ihe )[ ihp CornpaThS Act 2(A)6 1•18 to ftnantial staiements. so lar a5 applbc4ble io the Itie5e financ1 51aièrnenis hawe been ppared in accordartct wlth ihe prvv15knns •pplkable to ch•ftt•ble compan5 subject to the 5moll comp•nies ie8bW*. Tht Ilnartcial Slatemen approved ty the Board of Trustee5 •1 ¥uttsJrlsed for ¢)n nd were svaThed on ils behalf kn.. ei usiee I S•nderson- Trtssiee The nore5 partol these flnand•l slot¢
THE FERNHURST CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 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 ben 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 comprise all costs involved in public accountability of the charity and its compliance with regulations and good practice.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Leasehold | 10% on cost |
|---|---|
| Maisonette | 20% on cost |
| Maisonette equipment | 20% on cost |
| Equipment | 20% on cost |
| Furniture | 20% on cost |
| Computer and related equipment | 33% on cost |
Stocks
Stock represents items held for resale at the lower of cost or net realisable value.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Page 8
THE FERNHURST CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
Cash at bank and in hand
Cash at bank and in hand in the balance sheet comprise all cash at bank and in hand and short term deposits with an original maturity date of three months or less.
| 2. INVESTMENT INCOME Deposit account interest 3. INCOME FROM CHARITABLE ACTIVITIES Activity Goods for resale Operation of community centre Other sales (printing, website maintenance) Operation of community centre Events Operation of community centre Café takings Operation of community centre Course fees and adult education Operation of community centre Hire charges and other billings Operation of community centre Children’s activities Operation of community centre 4. OTHER INCOME Rental income 5. CHARITABLE ACTIVITIES COSTS Direct Costs (see note 6) £ Operation of community centre 77,154 6. DIRECT COSTS OF CHARITABLE ACTIVITIES Staff costs Rent and rates Insurance Utilities and cleaning Management costs Card charges, Zettle, Xero & Stripe Advertising and marketing Social events Cost of goods for resale Tuition fees and other course expenses Café consumables Computer and related costs Repairs and renewals Coffee machine maintenance Special interest events Children’s activities Sundries Depreciation Loss on disposal of fixed asset |
2024 £ 4,614 2024 £ 8,020 996 3,710 17,204 50,046 1,672 1,099 82,747 2024 £ 13,405 Support costs £ 30 2024 £ 11,672 4,778 994 4,842 1,726 1,849 2,430 127 5,177 26,590 5,177 2,223 3,052 315 1,461 165 691 3,952 37 77,154 |
2023 £ 1,281 2023 £ 9,637 1,232 3,970 16,863 36,314 1,643 1,081 70,740 2023 £ 12,552 Totals £ 77,184 2023 £ 12,018 4,438 1,251 3,929 1,367 1,417 2,593 249 6,137 22,540 5,298 2,089 3,298 1,131 1,161 200 516 3,479 0 |
|---|---|---|
| 73,111 |
Page 9
THE FERNHURST CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
7. NET INCOME/(EXPENDITURE)
| Net income/(expenditure) is stated after charging/(crediting): Depreciation – owned assets Deficit on disposal of fixed assets |
2024 £ 3,952 37 |
2023 £ 3,479 0 |
|---|---|---|
8. 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.
9. STAFF COSTS
The average monthly number of employees during the year was as follows:
| The average monthly number of employees during the year was as follows: | 2024 | 2023 |
| Administration | 1 | 1 |
No employees received emoluments in excess of £60,000.
10. TANGIBLE FIXED ASSETS
| 10. TANGIBLE FIXED ASSETS | |||||||
|---|---|---|---|---|---|---|---|
| Leasehold | Leasehold | Maisonette | Computer | Equipment | Furniture | Total | |
| Property | Maisonette | Equipment | Equipment | ||||
| £ |
£ | £ |
£ | £ |
£ | £ | |
| COST | |||||||
| At 1 April 2023 | 54,445 | 13,527 | 6,399 | 2,450 | 8,405 | 5,032 90,258 | |
| Additions | 0 | 0 | 0 | 499 | 2,800 | 884 | 4,183 |
| Disposals | 0 | 0 | (280) | (252) | (3,059) | (981) | (4,572) |
| At 31 March 2024 | 54,445 | 13,527 | 6,119 | 2,697 | 8,146 | 4,935 89,869 | |
| DEPRECIATION | |||||||
| At 1 April 2023 | 48,156 | 13,526 | 5,943 | 1,632 | 7,133 | 4,471 | 80,861 |
| Eliminated on disposal | 0 | 0 | (280) | (252) | (3,022) | (981) | (4,535) |
| Charge for the year | 1,506 | 0 | 194 | 555 |
1,171 | 526 | 3,952 |
| At 31 March 2024 | 49,662 | 13,526 | 5,857 | 1,935 | 5,282 | 4,016 | 80,278 |
| NET BOOK VALUE | |||||||
| At 31 March 2024 | 4,783 | 1 | 262 | 762 | 2,864 | 919 | 9,591 |
| At 31 March 2023 | 6,289 | 1 | 456 | 818 | 1,272 | 561 | 9,397 |
| 11. STOCKS | 2024 | 2023 | |||||
| £ | £ | ||||||
| Stock held for resale | 983 | 1,337 |
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THE FERNHURST CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
| 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 £ Trade debtors 547 Other debtors 1,605 Prepayments 0 2,152 13. CURRENT ASSET INVESTMENTS 2024 £ Bonds 48,383 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 £ Trade creditors 950 Accrued expenses 3,974 Other creditors (income taken in advance for courses) 9,378 14,302 15. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows: 2024 £ Within one year 4,350 Between one and three years 7,612 11,962 16. MOVEMENT IN FUNDS Net At 31.3.23 Movement £ £ Unrestricted funds General funds 119,596 24,586 Net movement in funds, included in the above are as follows: Incoming Resources Resources expended Unrestricted funds £ £ General fund 106,449 (81,863) |
£ 0 1,605 202 1,807 2023 £ 65,426 £ 437 2,110 7,459 10,006 2023 £ 2,876 0 2,876 at 31.3.24 £ 144,182 Movement in funds £ 24,586 |
|---|---|
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THE FERNHURST CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
The General Fund comprises specific amounts set aside by way of a minimum reserve for operating expenses and a Premises reinstatement reserve (for potential future obligations under a property lease), established in accordance with the company’s reserves policy.
Designated funds comprise amounts set aside for replacement of IT and other equipment and for general contingency purposes.
17. RELATED PARTY DISCLOSURES
Mrs K Aycinena, a trustee and director of the Charity, charged £1,800 (2023 - £1,800) for website services to the Charity.
Mrs S Gibbon, a trustee and director of the Charity, charged £1,000 as a course tutor (20023 – 1,180).
Page 12
THE FERNHURST HUB
Statement of Financial Activities
| For the year to 31 March 2024 INCOME AND ENDOWMENTS Incoming resources Donations and grants Covid Grant Investment income Deposit account income Charitable activities Goods for resale Other sales (website management, printing) Events Children's activities Café takings Course fees and adult education Hire charges and other billing Other income Rental income Total incoming resources EXPENDITURE Charitable activities Wages (Manager, assistant treasurer) Rent and rates Insurance Utilities and cleaning Postage and stationery, telephone Financial fees (Xero, Zettle, Stripe, Ccard) Advertising & marketing Sundries & social events Events costs Children's activities costs Cost of goods for resale Tuition fees and other course expenses |
2024 2023 £ £ 5,683 5,495 0 0 |
|---|---|
| 5,683 5,495 |
|
| 4,614 1,281 |
|
| 8,020 9,637 996 1,232 3,710 3,970 1,099 1,081 17,204 16,863 50,046 36,314 1,672 1,643 |
|
| 82,747 70,739 | |
| 13,405 12,552 | |
| 106,450 90,067 | |
| 11,672 12,018 4,778 4,438 994 1,251 4,842 3,929 1,726 1,367 1,849 1,417 2,430 2,593 818 767 1,461 1,161 165 200 5,072 6,137 26,590 22,540 |
This page does not form part of the statutory financial statements
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THE FERNHURST HUB
Statement of Financial Activities
For the year to 31 March 2024
| For the year to 31 March 2024 | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Charitable activities | ||
| Café consumables | 5,177 | 5,298 |
| Computer costs (maintenance, consumables, website) | 2,223 | 2,089 |
| Repairs & renewals | 3,052 | 4,047 |
| Coffee machine maintenance | 315 | 382 |
| Depreciation: | ||
| Short leasehold | 1,506 | 1,506 |
| Short leasehold - maisonette | 0 | 3 |
| Maisonette equipment | 194 | 193 |
| Furniture | 526 | 612 |
| Equipment | 1,171 | 755 |
| Computer equipment | 555 | 410 |
| Loss on disposal of tangible fixed assets | 37 | 0 |
| 77,154 | 73,113 | |
| Support costs | ||
| Governance costs | ||
| Independent examiners fee | 30 | 600 |
| Accountancy fee | 0 | 0 |
| 30 | 600 | |
| Operation of community centre | 77,184 | 73,713 |
| Other(maisonette expenditure, some included in ppy costs) | ||
| CDC service charge | 2,339 | 235 |
| CDC building insurance | 666 | 310 |
| Repairs and maintenance maisonette | 1,674 | 2,332 |
| Tenancy check-out fee | 0 | 0 |
| 4,679 | 2,877 | |
| Total resources expended | 81,863 | 76,591 |
| Net income | 24,586 | 13,476 |
This page does not form part of the statutory financial statements
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