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← Point Europa LTD

2024-09-30-accounts

Point Europa Ltd

Charity No. 1106788

Company No. 05047890

Trustees' Report and Unaudited Accounts

30 September 2024

Point Europa Ltd ’ Contents

Pages
Trustees’ Annual Report 2 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Summary Income and Expenditure Account 6
Balance Sheet 7
Statement of Cash flows 8
Notes to the Accounts 9 to 16
DetailedStatementofFinancialActivities 17to 18

Page 1

Point Europa Ltd ; Trustees Annual Report

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 30 September 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 05047890

Charity No. 1106788

Registered Office

The Old Bank 1 & 2 West Quay

Millbrook

Torpoint PL10 1AS

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

Y. De La Haye (Resigned 9 July 2024)

E.A. Powell S.M. Riggs J.R. Sainsbury (Resigned 31 March 2025) M.C. Shillaker

Accountants

Ark South West Ltd

Unit 3, Burley Court

Pillmere Drive Saltash Cornwall PL12 6FH

OBJECTIVES AND ACTIVITIES

During 2023/2024, the Charity completed all its international activities. Following this, the Board undertook a strategic review and decided to shift the Charity’s focus toward supporting carers and older residents within our local community. This required a substantial change in direction and purpose.

As part of this transition, a formal request was submitted to the Charity Commission to revise the Charity’s objectives to reflect this new community-based mission. A consultant was engaged to manage the transition and to draft a new business plan.

ACHIEVEMENTS AND PERFORMANCE

Page 2

Point Europa Ltd

‘ Trustees Annual Report

The Charity successfully secured funding from the EO! Levelling Up Programme to employ new staff and begin delivering local services aligned with our new objectives. However, the Charity Commission rejected the proposed changes to our existing charitable objectives and recommended the establishment of a new charitable organisation.

In response, the Board registered a new Charitable Incorporated Organisation (CIO), The Care Hub Millbrook, which was officially established on 24 April 2025, following several months of unavoidable delays. Despite these delays, the Commission accepted that we were in the process of restructuring and recognised our continued charitable status throughout.

The Charity’s building, owned by Point Europa, will be leased to the new CIO at a nominal rent. This arrangement will enable continuity of services, retention of professional networks, and implementation of the new business plan without disruption.

The Charity Shop, operated by a dedicated group of volunteers, continues to thrive and is well-supported by the local community. It will remain an integral part of the new Charity’s operations.

FINANCIAL REVIEW

Throughout 2023-2024, the Charity’s cash flow was closely monitored. The General Manager and Finance Manager provided regular updates to the Board through the Finance and Planning Committee. As a result, the Charity’s financial position remained stable and fully compliant with reporting requirements.

The Charity maintains a policy to hold unrestricted funds at a level deemed sufficient by the Trustees to sustain operations in the event of a significant funding shortfall. This allows time to seek alternative funding sources without disrupting core activities.

The Board of Trustees are aware of the risk of a potential funding shortfall for the 12 month period from the date of signing this Trustees Report. The Trustees have reviewed the funding/ projects for the next 12 months and are confident that the risk of a funding shortfall is minimal due to the secured projects already approved. However, the Board has decided that if necessary, we will adopt a plan to realise a part of the capital value of the charity's building, using the most appropriate facility (such as a loan or sale-and-leaseback agreement), to provide working capital and thus cover the potential risk. The Old Bank building where Point Europa’s offices are base was deemed an unrestricted asset from 1st January 2014, when the project was closed.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board E.A. Powell [ow Trustee 17 June 2025

Page 3

Point Europa Ltd ‘ Independent Examiners Report

Independent Examiner's Report to the trustees of Point Europa Ltd

.

| report to the charity trustees on my examination of the financial statements of Point Europa Ltd for the year ended 30 September 2024.

Responsibilities and basis of report

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

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

Independent examiner's statement

| have completed my examination. | can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:

| 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.

Kelly Barenskie-Boyle MAAT (295199)

Ark South West Ltd

Unit 3, Burley Court

Pillmere Drive

Saltash

Cornwall PL12 6FH 17 June 2025

Page 4

Point Europa Ltd

‘ Statement of Financial Activities

for the year ended 30 September 2024

Unrestricted
funds Totalfunds Total funds
2024 2024 2023
Notes £ £ £
Income and endowments
from:
Charitable activities 4 24,980 24,980 157,236
Othertrading activities 5 38,903 38,903 38,582
Total 63,883 63,883 195,818
Expenditure on:
Raising funds 6 194 194 3,006
Charitable activities 7 2,491 2,491 224,797
Other 8 83,056 83,056 92,941
Total 85,741 85,741 320,744
Netgainson investments - “i -
Netexpenditure 9 (21,858) (21,858) (124,926)
Transfers between funds - - =
N
i
th
etexpenditure beforeother
gains/(losses)		 (21,858) (21,858) (124,926)
Other gains and losses
Net movement in funds (21,858) (21,858) (124,926)
Reconciliation offunds:
Total funds broughtforward 331,057 331,057 455,983
Totalfundscarriedforward 309,199 309,199 331,057

Page 5

Point Europa Ltd

.

Summary Income and Expenditure Account

for the year ended 30 September 2024

==> picture [492 x 226] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2024|2023| |£|£| |Income|63,883|195,818| |Gross|income|for|the|year|63,883|195,818| |Expenditure|84,687|320,295| |Depreciation|and|charges|for| |impairment|of|fixed|assets|1,054|449| |Total|expenditure|for the year|85,741|320,744| |Net|expenditure|before|tax for the|year|(21,858)|(124,926)| |Net|expenditure|for the|year|(21,858)|(124,926)|

----- End of picture text -----

Page 6

Point Europa Ltd

‘

Balance Sheet

: at 30 September 2024

Company No.
05047890		 Notes 2024 2023
£ £
Fixed assets
Tangible assets 11 265,596 263,488
265,596 263,488
Current assets
Debtors 12 1,907 4,158
Cash at bank and in hand 42,187 66,208
44,094 70,366
Creditors: Amount falling due within one year 13 (491) (2,797)
Net current assets 43,603 67,569
Total assets less current liabilities 309,199 331,057
Net assets excluding pension asset or liability 309,199 331,057
Total net assets 309,199 331,057
Thefunds ofthe charity
Restricted funds 14
Unrestricted funds 14
General funds (21,858) -
Designated funds 331,057 331,057
309,199 331,057
Reserves 14
Totalfunds 309,199 331,057

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 30 September 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

Approved by the board on 17 June 2025

And signed on its behalf by:

E.A. Powell \~ Trustee 17 June 2025

Page 7

Point Europa Ltd

‘

Statement of Cash flows

for the year ended 30 September 2024

2024 2023
£ £
Cash flowsfrom operating activities
Net expenditure perStatement of Financial Activities (21,858) (124,926)
Adjustments for:
Depreciation of property, plant and equipment 1,054 449
Decrease/(Increase) in trade and other receivables 2,251 (3,606)
Decrease in trade and other payables (2,306) (1,863)
Netcash used in operating activities (20,859) (129,946)
Cash flowsfrom investing activities
Payments for property, plant and equipment (3,162) (1,361)
Net cash used in investing activities (3,162) (1,361)
Net cash from financing activities - =
Netdecrease in cash and cash equivalents (24,021) (131,307)
Cashand cash equivalents atthe beginning oftheyear 66,208 198,460
Cash and cash equivalents atthe end oftheyear 42,187 67,153
Components of cash and cash equivalents
Cash and bank balances 42,187 66,208
42,187 66,208

Page 8

Point Europa Ltd ; Notes to the Accounts

for the year ended 30 September 2024

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Income
Recognition of Income is included in the Statement of Financial Activities (SoFA)when the charity
income becomes entitled to, and virtually certain to receive, the income and the amount of
the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is
expenditure reported gross in the SoFA.
Donations and Voluntary income received bywayofgrants, donations and gifts is included in the
legacies the SoFAwhen receivable and onlywhen the Charity has unconditional
entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the
donations and gifts _gift/donation to which it relates.
Donated services These are only included in income (with an equivalent amount in expenditure)
and facilities where the benefitto the Charity is reasonably quantifiable, measurable and
material.
Volunteer help The value ofanyvolunteer help received is not included in the accounts.
Investment income This is included in the accounts when receivable.
Gains/(losses) on This includes anygain or loss resultingfrom revaluing investments to marketvalue
revaluation offixed atthe end ofthe year.
assets
Gains/(losses) on This includes any gain or losson the sale of investments.
investmentassets

Page 9

Point Europa Ltd . Notes to the Accounts

Expenditure

Expenditure
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes anyVATwhich
expenditure cannot be fully recovered, and is reported as part ofthe expenditure towhich it
relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising
raising funds trading costs and investment management costs.
Expenditure on These comprise the costs incurred bythe Charity in the delivery of its activities and
charitable activities services in the furtherance of its objects, includingthe making ofgrants and
governance costs.
Grants payable All grant expenditure is accounted foron an actual paid basis plus an accrual for
grants that have been approved bythe trustees atthe end ofthe year but not yet
paid.

Governance costs _These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.

Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Office equipment 25% Straight line Fixtures & fittings 33% Straight line Computer equipment 33% Straight line

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 10

Point Europa Ltd : Notes to the Accounts

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense ona straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised asa liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 11

Point Europa Ltd Notes to the Accounts

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

The company is a private company limited by guarantee and consequently does not have share capital.

3 Statement of Financial Activities - prior year

3 Statement of Financial Activities - prior yearyear
Unrestricted
funds Total funds
2023 2023
£ £
Income and endowments from:
Charitable activities 157,236 157,236
Othertrading activities 38,582 38,582
Total 195,818 195,818
Expenditure on:
Raising funds 3,006 3,006
Charitable activities 224,797 224,797
Other 92,941 92,941
Total 320,744 320,744
Netincome income (124,926) (124,926)
Netincomebeforeother
gains/(losses)		 (124,926) (124,926)
Othergains and losses:
Netmovement movement infunds (124,926) (124,926)
Reconciliation offunds:
Total funds brought forward 455,983 455,983
Total funds carried forward 331,057 331,057
4 Income from charitable activities
Unrestricted Total Total
2024 2023
£ £ £
Point Europa Projects 24,980 24,980 157,236
24,980 24,980 157,236

Page 12

Point Europa Ltd

R

Notes to the Accounts

5 Income from other trading activities

5 Income from other tradingtrading activities
Unrestricted Total Total
2024 2023
£ £ £
CharityShop 38,003 38,003 37,612
Rent 900 900 970
38,903 «=—«38,903 38,582
6 Expenditure on raisingfunds
Unrestricted Total Total
2024 2023
£ £ £
Fundraising trading costs
CharityShop 194 194 3,006
194 948,08
7 Expenditure on charitable activities
Unrestricted Total Total
2024 2023
£ £ £
Expenditure on charitable
activities
Point Europa Projects 83 83 221,309
Governance costs
Accountancy 2,408 2,408 3,488
2,491 2,491 224,797
8 Otherexpenditure
Unrestricted Total Total
2024 2023
£ £ £
Employee costs 59,133 59,133 67,691
Motor and travel costs 86 86 -
Premises costs 10,716 10,716 10,946
Amortisation, depreciation,
impairment, profit/loss on 1,054 1,054 449
disposal offixed assets
General administrative costs 10,702 10,702 8,590
Legal and professional costs 1,365 1,365 5,265
83,056 83,056 92,941

Page 13

Point Europa Ltd ; Notes to the Accounts

9 Net expenditure before transfers
2024 2023
This is stated after charging: £ £
Depreciation ofowned fixed assets = =
Depreciation of assets held under finance 1,054 449
leases and hire purchase contracts
Independent Examiner's fee 500 500
10 Staff costs
2024 2023
Salaries and wages 54,491 62,364
Pension costs 4,499 5,176
58,990 67,540
No employee received emoluments in excess of£60,000.
The average monthly number offull time equivalent employees duringthe yearwas was as follows:
2024 2023
Number Number
Operations 3 3
a. scares
11 Tangible fixed assets
Landand
buildings		 Office
equipment		 Fixtures&
fittings		 Computer
equipment		 Total
£ £ £ £ £
Cost or revaluation
At 1 October 2023 262,576 7,220 25,054 12,051 306,901
Additions - - 673 2,489 3,162
At 30 September 2024 262,576 7,220 25,727 14,540 310,063
Depreciation and
impairment
At 1 October 2023 - 7,220 25,054 11,139 43,413
Depreciation charge forthe
year		 _ ; 224 830 1,054
At 30 September 2024 - 7,220 25,278 11,969 44,467
Net book values
At 30 September 2024 262,576 - 449 2,571 265,596
At 30 September 2023 262,576 - - 912 263,488
12 Debtors
2024 2023
£ £
Other debtors 1,744 3,618
Prepayments and accrued income 163 540
1,907 4,158

Page 14

Point Europa Ltd

,

Notes to the Accounts

13 Creditors:

13 Creditors: Creditors:
amounts falling due within one year
2024 2023
£ £
Other creditors 491 297
Accruals - 2,500
14 Movementinfunds — 491 2,797
Oo
Incoming
At 1 October resources
.
.
iii
other		 Resources
expended		 Gross
transfers		 At 30
iossein
2024
2023 gains/losses)
£ £ £ £
Restricted funds:
Unrestricted funds:
General funds - 63,883 (85,741) - (21,858)
Designated funds:
Point Europa 67,120 - - (1,659) 65,461
Fixed Asset Reserve 263,937 - - 1,659 265,596
Total 331,057 - - - 331,057
Total funds 331,057 63,883 (85,741) - 309,199
Purposes and restrictions in relation to the funds:
Designated funds:
Point Europa Training and education
Fixed Asset Reserve
15 Analysis of net assets between funds
Unrestricted
funds		 Total
£ £
Fixed assets 265,596 265,596
Net current assets 43,603 43,603
309,199 309,199
16 Reconciliation of net debt
At 30
At 1 October September
2023 Cash flows 2024
£ £ £
Cash and cash equivalents 66,208 (24,021) 42,187
66,208 (24,021) 42,187
Netdebt 66,208 (24,021) 42,187

Page 15

Point Europa Ltd . Notes to the Accounts

17 Commitments

Operating lease commitments

Annual commitments under non-cancellable operating leases are as follows:

2024 2024 2023 2023
Land and
is
buildings		 Other Land and
ci
buildings		 Other
£ £ £ £
Operating leases with expiry date:
Pension commitments
2024 2023
£ £
The pension cost charge to the company
amounted to: 4,499 5,176
18 Related party disclosures
2024
Transactions with relatedparties £
Name ofrelatedparty Right at Home Millbrook CIC
Description of relationshi
e
f
.
?
between the parties		 Sharedtrusteeand andpremises
Description oftransaction
andgeneral amounts Loan to set up CIC, and begin work
involved
Amountduefrom/(to) the relatedparty 5,000
Amountswrittenoffin theperiod
party		 periodinrespectof debtsfrom/(to) the related the related 5.000
Controllingparty

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 16

Point Europa Ltd

: Detailed Statement of Financial Activities

for the year ended 30 September 2024

Unrestricted
funds Totalfunds Total funds
2024 2024 2023
£ £ £
Income and endowments from:
Charitable activities
Point Europa Projects 24,980 24,980 157,236
24,980 24,980 157,236
Othertrading activities
CharityShop 38,003 38,003 37,612
Rent 900 900 970
38,903 38,903 38,582
Total income and endowments 63,883 63,883 195,818
Expenditure on:
Costs ofother trading activities
CharityShop 194 194 3,006
194 194 3,006
Total
of
i
isi
otal of expenditureon raising
funds		 194 194 3,006
Charitable activities
Point Europa Projects 83 83 221,309
83 83 221,309
Governance costs
Accountancy 2,408 2,408 3,488
2,408 2,408 3,488
formalexpenditureoncharitable
activities		 2,491 2,491 224,797
Employee costs
Salaries/wages 54,491 54,491 62,364
Pension costs 4,499 4,499 5,176
Stafftraining 143 143 151
59,133 59,133 67,691
Motor and travel costs
Travel and subsistence 86 86 -
86 86 -
Premises costs
Rates 228 228 478
Light, heat and power 4,726 4,726 7,875
Premises cleaning 766 766 230
Premises insurances 1,353 1,353 1,554
Premises repairsand
maintenance		 3,643 3,643 809
10,716 10,716 10,946

Page 17

Point Europa Ltd

: Detailed Statement of Financial Activities

General administrative costs,

General administrative costs,
including depreciation and
amortisation
Depreciation of Office equipment - - -
Depreciation of Fixtures& fittings 224 224 -
Depreciation ofComputer
.
equipment		 830 830 449
Bad debts 5,000 5,000 -
Equipment leasing
and hire
aeiP
:
charges		 898 898 -
Postage and couriers 3 3 -
Software, ITsupportand related
costs		 60 60 453
Stationery and printing 2,644 2,644 933
Subscriptions 350 350 704
Sundry expenses 680 680 1,302
Telephone, fax and broadband 1,067 1,067 5,198
11,756 11,756 9,039
Legal and professional costs
Consultancy fees 1,365 1,365 5,265
1,365 1,365 5,265
Total ofexpenditure ofother costs 83,056 83,056 92,941
Total expenditure 85,741 85,741 320,744
Net gains on investments . - -
7
Net expenditure		 (21,858) (21,858) (124,926)
ialexpenditurebeforeother
gains/(losses)		 (21,858) (21,858) (124,926)
Other Gains = = =
Netmovement in funds (21,858) (21,858) (124,926)
Reconciliation offunds:
Total funds brought forward 331,057 331,057 455,983
Totalfundscarriedforward 309,199 309,199 331,057

Page 18