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2025-03-31-accounts

PEGSWOOD COMMUNITY HUB LIMITED

(A company limited by guarantee and not having a share capital)

CHARITY NUMBER 1097910 COMPANY NUMBER 04328999

TRUSTEES REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 March 2025

Richard Alsept Chartered Accountant 16 Burlington Terrace Cardiff CF5 1GG

PEGSWOOD COMMUNITY HUB LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Name of Charity Pegswood Community Hub Limited
(formerly Pegswood Community Project Limited)
Registered Charity No 1097910
Registered Company No 04328999
Directors and Charity Martin Booth
Trustees John Dobinson
Thomas Graham (Treasurer)
Peter Kerswell
Margaret Kerswell
Debra Tighe
Mark Beresford (appointed 18thJune 2025)
Lee Richardson (resigned 23rdApril 2024)
Kevin Hope (resigned 23rdApril 2024)
Anne Arter (resigned 23rdApril 2024)
Secretary Thomas Graham
Registered Office Longhirst Road
Pegswood
Northumberland
NE61 6XF
Independent Examiner Richard Alsept Chartered Accountant
16 Burlington Terrace
Cardiff
CF5 1GG
Bankers Cooperative Bank
PO Box 250
Delf House
Southway
Skelmersdale
WN8 6WT

PEGSWOOD COMMUNITY HUB LIMITED

CONTENTS

Page
Trustees Report 1 - 4
Independent Examiners Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 – 14

PEGSWOOD COMMUNITY HUB LIMITED

TRUSTEES REPORT FOR THE YEAR TO 31 MARCH 2025

Introduction

The Trustees present their report and the financial statements for the year ended 31 March 2025. The trustees have prepared the annual report and financial statements in accordance with the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” effective January 2015.

Governing document

Pegswood Community Hub Limited is a company limited by guarantee and its governing document is its Memorandum and Articles of Association. It is registered as a charity with the charity commission. Every member of the charity undertakes to contribute such an amount as may be required (not exceeding £1) to the charity's assets if it should be wound up while he or she is a member or within one year after he or she ceased to be a member.

Organisation

The charity is managed by the trustees. The number of trustees is restricted with the makeup of the representatives of the management committee such as are required to fulfil the criteria set out in the Memorandum and Articles of Association, to ensure adequate representation of all areas of the community.

Appointment of Trustees

The Directors of the company are also charity trustees for the purposes of Charity Law. Under the requirements of the Memorandum and Articles of Association Directors are elected annually by the company at the general meeting, with one third resigning in rotation. Between annual meetings, the board may appoint Directors on a temporary basis to be confirmed by the company in the general meeting.

Induction of Trustees

The majority of trustees are already familiar with the practical work of the charity. Additional new trustees are invited and encouraged to attend a series of short meetings with some of the existing trustees to familiarise themselves with the charity and the contexts within which it operates. These cover:-

There is a strict child and vulnerable people protection policy which is reviewed annually in consultation with all staff working with children or young people.

Page 1

PEGSWOOD COMMUNITY HUB LIMITED

Objectives and activities

To provide an advice and support network for families within Pegswood in the County of Northumberland, to provide a safe, secure and creative outlet for both the young and adults of the village and those disaffected, otherwise excluded, or in need, and to advance adult education and training, promote the presentation and protection of good health and relieve the effects of poverty amongst the residents of the parishes of Pegswood and Longhirst.

Achievements and public benefit

We managed to get through the year with our finances very close to the bone. Due to circumstances beyond our control, we suffered a loss of revenue from our lunches and breakfasts, but this was counterbalanced to some extent by some very generous donations from our users.

Our utility costs are a major cost to us, and in the year we changed gas and electricity providers. The new providers now correctly charge the 5% VAT rate for charities.

Our Friday Family Nights, which included a lot of hard work from all our board members and volunteers, proved very popular and provided a regular source of income for The Hub over the year.

All our Groups are performing well, some with increased numbers (Kids Club and Watercolours).

Our ELDERFLOWERS are back up to full strength and are going well.

The same can be said of our Toddler group ‘ PIPLINGS’.

Our KIDZ CLUB is doing well.

Our WATERCOLOURS GROUP are increasing in numbers, with new members coming along on a regular basis.

All our other CRAFT groups are progressing well.

A new Art group U3A ART has started on Monday afternoons and are averaging 4 – 6 members each week.

OVERALL, The Hub is progressing on a very tight budget, and we will increase our efforts in the coming year to secure grants for core funding, as well as monitoring all our pricing and charging procedures for the next year.

Financial Report

Total income decreased in the year to £36,184 (2024: £60,534). Income included grants/donations received of £2,933, of which £1,653 relates to restricted projects. The Trustees are grateful for the support of all other funders, volunteers, supporters and Hub users during the year.

Costs, including depreciation of £4,959, were £44,302 (2024: £73,200). This meant that overall, there was an operating deficit of £3,159 for the year, and a deficit of £8,368 after

Page 2

PEGSWOOD COMMUNITY HUB LIMITED

depreciation costs. The Trustees remain conscious of the need to control costs and run the Hub on a broadly break-even basis at the very least.

Bank and cash balances at 31 March 2025 were £1,141 (2024: £4,300). The bank balance has therefore fallen slightly over the course of the year as a result of the operating deficit. However, the charity is debt free, and the emphasis continues to be a concentration on break-even operations, and on building core reserves where possible.

Reserves as at 31 March 2025 were £30,113 (2024: £38,231), of which £16,191 was unrestricted. However, unrestricted cash reserves at just over £1,000 represent less than one months’ basic operating costs, and the Trustees remain committed to urgently building reserves in the coming months and years.

Trustees Responsibilities

Charity law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of the affairs of the charity and of its financial activities for that year, together with its assets and liabilities at the end of the period, and adequately distinguish any material special trust or other restricted fund of the charity. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time, the financial position of the charity, and enable them to ensure that the financial statements comply with applicable Accounting Standards and Statements of Recommended Practice and the regulations made under the Charities Act 2011.

The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as the trustees are aware, there is no relevant information needed by the company’s accountants in connection with preparing their report of which the company’s accountants are unaware, and each director has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company’s accountants are aware of that information.

Page 3

PEGSWOOD COMMUNITY HUB LIMITED

Risk Review

The trust has reviewed its Risk Assessment and addressed the risks contained. This will be continually reviewed and updated using a Risk Log.

This report was approved by the Trustees on 19[th] June 2025

And signed on its behalf by

............................................ Tom Graham - Trustee

Page 4

PEGSWOOD COMMUNITY HUB LIMITED

INDEPENDENT EXAMINERS REPORT ON THE UNAUDITED FINANCIAL STATEMENTS TO THE TRUSTEES OF PEGSWOOD COMMUNITY HUB LIMITED.

I report to the Charity Trustees on my examination of the accounts of The Trust for the year ended 31 March 2025, which are set out on pages 6 to 14.

Respective and basis of report

The trustees, who are also the directors of Pegswood Community Hub Limited (‘the Company’) for the purposes of company law, 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 charity 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 my examination giving me cause to believe:

I have no concerns and have come across no 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.

……………………………………… Richard Alsept ACA 16 Burlington Terrace Cardiff CF5 1GG

DATE: 19[th] June 2025

Page 5

PEGSWOOD COMMUNITY HUB LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Notes
Income
2
Charitable Activities
Grants received
Rental income
Other charitable activities
Investment income
Total income
Expenditure
Charitable activities
3
Total expenditure
Operational income
Depreciation charge
Net income / (expenditure)
before transfers
Gross transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
1,280
420
32,787
44
34,531
36,328
36,328
(1,797)
2,502
(4,299)
-
(4,299)
20,490
16,191		 Restricted
Funds
£
1,653
-
-
-
1,653
3,015
3,015
(1,362)
2,457
(3,819)
-
(3,819)
17,741
13,922		 2025
£
2,933
420
32,787
44
36,184
39,343
39,343
(3,159)
4,959

(8,118)

-
(8,118)

38,231
30,113

The statement of financial activities includes all gains and losses in the year.

All incoming resources and resources expended derive from continuing activities.

Page 6

PEGSWOOD COMMUNITY HUB LIMITED

BALANCE SHEET AS AT 31 MARCH 2025

Notes
Fixed assets
Tangible assets
4
Current assets
Stock
Cash in hand and at bank
Current Liabilities
5
Creditors and accruals
Other creditors and
deferred income
Net current assets
Net assets
Funds
Unrestricted Funds
10
Restricted Funds
10
Total funds		 2025
£
£
28,099
1,323
1,141
2,464
450
-
450
2,014

30,113
16,191
13,922

30,113		 2024 2024
£
1,323
1,141
2,464
450
-
450		 £
1,323
4,300
5,623
450
-
450		 £
33,058
5,173
38,231
20,490
17,741
**38,231 **

For the financial period ended 31 March 2025, the company was entitled to exemption from audit under section 477(1) of the Companies Act 2006; and no notice has been deposited under section 476(1) requesting an audit. The trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the period and of its profit or loss for the financial period in accordance with the requirements of section 394 and which otherwise comply with the Companies Act 2006, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102, Section 1a Small Entities.

Approved by the Board on 19[th] June 2025

Signed...................................... Tom Graham, Trustee

Page 7

PEGSWOOD COMMUNITY HUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025

1. Accounting Policies

1.1. Accounting basis and standards

The financial statements are prepared under the historical cost convention and in accordance with the provisions of Financial Reporting Standard 102, Section 1a Small Entities, and the Charity Statement of Recommended Practice, (Charities SORP (FRS 102) 2019), as well as the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

1.2. Tangible fixed assets and depreciation

Depreciation on fixed assets is provided at rates estimated to write off the cost or revalued amounts, less estimated residual value, of cash asset over its expected useful life as follows:

Land and buildings 15% reducing balance Office Equipment 15% reducing balance Fixtures and Fittings 15% reducing balance Cafe Equipment 15% reducing balance

All assets are reviewed regularly for impairment, and written down to their recoverable, where necessary.

1.3. Income

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Voluntary income is received by way of grants, donations and gifts to the charity and is included in full in the Statement of Financial Activities upon receipt. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

Bank interest is included when receivable.

Income from charitable activities is accounted for as the charity earns the right to consideration by its performance.

1.4. Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes unrecoverable VAT.

Charitable expenditure includes all costs incurred by the charity in the delivery of its activities and services.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include accountancy fees.

Page 8

PEGSWOOD COMMUNITY HUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025

1.5. Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of funding.

1.6. Pensions

The Project operates a defined contributions pension scheme. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme.

1.7. Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

1.8. Trade debtors

Trade debtors are amounts due from funders for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

1.9. Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 9

PEGSWOOD COMMUNITY HUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025

2. Income

Grant Income
Grants received
Investment and other income
Charitable Activities
Donations, fundraising and
enterprise
Activity fees & other income
Rentals and office income
Total income
3.
Expenditure
Charitable expenditure
Activities & Enterprise
Building
Office and overheads
Salaries and wages
Miscellaneous
Depreciation
Governance
Accountancy fees
Total resources expended		 2025 2025 Total
£
2,933
44
17,340
15,447
420

36,184
Total
£

14,842

17,815

6,211

-

-
4,959

43,827

475
44,302		 2024
Unrestricted
Restricted
£
£
1,280
1,653
44
-
17,340
-
15,447
-
420
-

34,531 1,653

2025
Unrestricted
Restricted
£
£
11,827
3,015
17,815
-
6,211
-
-
-
-
-
2,502
2,457
38,355
5,472
475
-


38,830
5,472		 Restricted
£

1,653

-

-

-

-
1,653

2025		 £
4,517
26
37,678
16,343
1,970
60,534
2024
Unrestricted
£
11,827
17,815
6,211
-
-
2,502
38,355
475

38,830		 Restricted
£

3,015

-

-

-

-
2,457

5,472

-

5,472		 £
19,807
32,089
7,350
7,670
-
5,834
72,750
450
73,200

Page 10

PEGSWOOD COMMUNITY HUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025

4. Tangible fixed assets

Cost
At 1 April 2024
Additions
As at 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
As at 31 March 2025
Net Book Value
As at 31 March 2025
As at 31 March 2024		 Property
& Improv-

ements
£
83,959
-
83,959
63,631
3,049
66,680
17,279
20,328		 Equipment Fixtures
Café
Fittings
£
£
£
33,777
13,280
14,167

-
-
-

33,777
13,280
14,167
28,658
10,636
9,200
768
397
745

29,426
11,033
9,945
4,351
2,247
4,222
5,119
2,644
4,967		 Total
£
145,183
-
145,183
112,125
4,959
117,084
28,099
33,058

Included in property and improvements at a cost of £1 is the centre from which the Hub operates at Longhirst Road, Pegswood, and which was valued by Rickards in January 2015 at a market value of £150,000 for current use and a reinstatement value of £725,000 for insurance purposes. The purchase of the building was managed for the Hub by Northumberland County Council who subsequently transferred ownership on 9 November 2005, for the nominal value of £1.

Page 11

PEGSWOOD COMMUNITY HUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025

5. Creditors: amounts falling due within one year

Trade creditors
Accruals
Other creditors and Deferred Income		 2025
£
-
450
-
450		 2024
£
-
450
-
450

6. Staff costs

Salaries, employer NI
and pension costs		 2025
£
-
 2024 2024
£
7,670

The charity had no employee costs during the year (2024: 1 FTE). The charity is operated solely from the input of volunteers.

7. Transactions with trustees and other related parties

No payments were made to trustees or other related parties (2024: £nil) for services as a Trustee. During the year donations totalling £2,000 were received from two Trustees.

8. Governance costs

Accountancy and examination fees paid 2025
£
475		 2024 2024
£
450

Page 12

PEGSWOOD COMMUNITY HUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025

9 . Restricted Grants and Donations

Fund names
Project
Catherine
Cookson Trust
Premises
Co-operative
Activities
Capital Grants b/f
Premises
NCC Towns Fund
Fixtures
Total Funds		 Fund
balances
brought
forward
Fund
transfer
at 1 April
2024
Incoming
resources
Outgoing
resources
and
transfers
Fund
balances
carried
forward
£
£
£
£
£
250
-
-
250
-
1,112
-
1,653
2,765
-
15,335
-
-
2,300
13,035
1,044
-
-
157
887
17,741
-
1,653
5,472
13,922

10. Fund balances

Balance
1 April
2024
Incoming
Resources
Resources
Expended
Transfer Balance
31 March
2025
£
£
£
£
£
Unrestricted Funds
20,490
34,531
38,830
-
16,191
Restricted funds
Co-operative
1,112
1,653
2,765
-
-
Catherine Cookson Trust
250
-
250
-
-
Capital
16,379
-
2,457
-
13,922
Total
17,741
1,653
5,472
-
13,922
TOTAL FUNDS
38,231
36,184
44,302
-
30,113
1.
Analysis of net assets between funds
Unrestricted
Funds
Restricted
Funds
Total
£
£
£
Tangible Fixed Assets
14,177
13,922
28,099
Current Assets
2,464
-
2,464
Creditors
(450)
-
(450)
Total
16,191
13,922
30,113		 Balance
1 April
2024
Incoming
Resources
Resources
Expended
Transfer Balance
31 March
2025
£
£
£
£
£		 Balance
1 April
2024
Incoming
Resources
Resources
Expended
Transfer Balance
31 March
2025
£
£
£
£
£		 Balance
1 April
2024
Incoming
Resources
Resources
Expended
Transfer Balance
31 March
2025
£
£
£
£
£
20,490 34,531
38,830
-
16,191
1,112
250
16,379		 1,653
2,765
-
-
-
250
-
-
-
2,457
-
13,922
17,741 1,653
5,472
-
13,922
**38,231 ** 36,184
44,302
-
30,113
Restricted
Funds
£

13,922

-
-
13,922		 Total
£
28,099
2,464
(450)
30,113

11. Analysis of net assets between funds

Page 13