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: 1. 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. 2. 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. - 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 IE FfRNNUR5T CtIffllE UIAITED YLIR EI4)ED 31 PAIACM 2014 Mfs MtCLRB(th*r Mfs E C B¥th•n Mrs S R Gibbo Mr5 C 11 Hcwr 19.6.10231 M15 sal￿ Malwn lappoinred ti 9.X1231 t 4r.. A Plani Iresi8ned I 120241 rAIs J A Short C•mp•Try S*cv•t•ry M¢s l ￿ndersOn Ind•p•hdMt EMmh¥•r Paul WITrd￿ FLA I I fi%wl.¢i tsv orotv ol Iht kb)brd ol tvuskès¢ behall by •nd ils IPIIJEPÉMDfNT EXAIIINEA'SIIEpoftfTOTHETRUSIEESOF ThE FEftNMIIISTCEPIrn£ UMfTtD lfideF*ndent ex4minerf5 f•POrt t• th•trwttts olThv F¢nthuv5t&rtFe Llnthd l*h•CorrpAhyI I ropoll ro iht chlilly irull••5 on nry px•min*knn ul att￿￿$01 Com￿nY Iw the 31 MarLh 2024 As the chaiitV'5 IrustÈe5 of Ihe com￿nY land also rt5 dIreCto￿ lar ttté purpost5 01 comp4ny lawl ¥au a rEs￿nSIb￿ lot ihe preparrth)n of the IN accor￿nce tho ofth Comp•rfe5 Arl ?OD6 5a115fied rnysEII ihat the *c￿u￿¢S 01 Cornp•rry ère requtred to ￿ Iuthltd ufid•r P4n 16 the 2(Th Att •nd el¥Jble lor IndewD￿nt ?x3mln•tk)n. I In r•5P•rt ol •amkwtiDn ol youf chaiitv S Kiount5 •5 iarrled oui un¢Jtr sert￿n 14S olihe Ch•dile5 Art 201I I'th¢ 2011 Ad'l. In caryiw out my e#*nin•tlo• l thtfc4bwed otrertwsi￿gITr lry c￿lityCo￿ffl*kjn secth)f* 145151 ofth 2011 A(1 I hawe Corn￿eted my *Mmin•iion. i conhrrn rnatt*S hav* L•m*to m¥ •neprtkni In t￿ne￿￿￿*T￿l￿ rne (av5eto bo14o¥e". l. Kw¥niln8 r¥¥ords wer¢ noi kept ￿$pett of C(nP•ty•S f•quhd b¥s•rthM 386aliho 21MJ6 Art.. QT 2. the acceuntsdo lot •rcord wl¢h tIKfje rero1￿. Or 3 ihe Jccoun15 dg I￿1 wlth the a(￿aOlin1 requkernents of 5ethM 386 Oft￿ X¥]6 OihEr Ih•n •ny requ1￿ment Ih•f the a¢wun15 a t￿e ar￿ whkh15 not a mètter 45 Part ol ￿ illdtpehdeffl ex•mift•tkni.' or 4 the ¥cotsnt¥ havp not been swr•d In K¢¢11￿ the jrrtl t si•iemef¢l of Recofftmtnded PThrtK2 fur •Dd reportlw ￿ ￿h#r￿￿$ laprAk•l)kn to tharr(￿S p￿pari1￿ their ￿uThts Irs *ccord•nce wlth the FIn•￿ill Reportity St•nd•rd •FWI￿b* Ih the UK and IhE Republk of Ire14Th1 IFftS 1021. I ha¥t corKerDs and htye ccfflt xross M other connfftkni wkh th •xamirwtir•n to wh*h •iieniion bp drnwn In thb TeP)rt In order to en•tsle • pmp•t yThl¢r5tarnln8LI &tounts io b reaihed. P Windxbr FCA Dato.. ## **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 COM￿nbE$ 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 fr*rthe year enflpd I l March 2024 In accordance with SECt￿n 476 of the Cgrnpan6es Act 2(X rhe Trusiee5 a(￿f￿wIt￿se their les￿nsIbl11tyfor ai en5urip8 that the charitable company keeps attountln8 record5 that ¢Miptyf wlth se￿￿Tr5 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 other*tse compty wlth ihe )[ ihp CornpaTh￿S Act 2(A)6 ￿1•1￿8 to ftnantial staiements. so lar a5 applbc4ble io the Itie5e financ￿1 51aièrnenis hawe been p￿pared in accordartct wlth ihe prvv15knns •pplkable to ch•ftt•ble compan￿5 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:|2**024**|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|| Page 10 ## **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**| |---|---| Page 11 ## **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 Page 13 ## **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 Page 14