REGISTERED COMPANY NUMBER.. 05793761 {England and Wale$) REGISTERED CHARThY NUMBER: 1118690 Report of the Trustees and Flnanclal Statements FOR THE YEAR ENDED 31 Décèmbér 2023 for WE HUB BUILDfNG Melinek Fine LLP Chartered Accountsnts First Floor, Winston House 349 Regents Park Road London N3 IDH
WE HUB BUILDING Contents of the Financ5al statements FOR THE YEAR ENDED 31 DECEMBER 2023 Page Rèport of thè Trusteos I to 3 Report of the Independent Audltors 4 to 5 Statement of Financial Artivities Balance Sheet Cash Flow Ststemont Notss to the Ca9h Flow Ststsm¢nt
WE HUB BUILDING (REGISTERED NUMBER: 05793761) Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2023 The trustw who are also direclt)rs of the charlty for the purpDses of the Companles Act 261 plent thr report with the flnano31 statements of thè charity for the year ended 31 Dmber 2023. The trustees have adopted the provlslons of Accounting and Reporting by Charities.. Ststement of Recomrnen(Jed Practice applicable to charitles preparfng thelr accounts in accordance with the FlnancEal Reporting Standard applicable in the UK and Republk Df IreFand IFRS 102) (effective l January 20191. OBJECTIVES AND ACTIVITIES Objectives and aim$ We Hub Building 15 a charity Jssistlng people to become flnanclally Independent elther through supporting them in buslness or securlng employment. We Hub Building as%sts in creating opportunllles for everyone at any stage and In any sltuatSon. The main way We Hub Building achieves this oblectivels by sutwrting and providlng the bulldlng and other faalikn.es to The Work Avenue Foundation, a charity registered the UK which carries out the operational acuvlty of assisting Peop Into employment. SignSflcant activities During the financial year, We Hub Buildln9, who already had a 31% Interest In Redbourne Avenue LLP, were glfted addltlonal Interest In Redbourne Avenue LLP by the other members, such that We Hub Buildlng now has 99.9 membwshlp interest In Redbourne Avenue LLP. Based on the net et5 of Redbourne on the date that the deed of transfer c>f membership interests was signed, the value of the donation to We Hub has been Calculated to be £258,486. In addltion, RedbDurne Avenue LLP had existlng loan a9reements In place wlth the exlstin9 MberS for a totsl of £2 million, which the exisbng members transferred to We Hub Bulldlngi also by way of gift. As suth, the total donations rQgnISed In We Hub Bulldlng's accounts are £2,258,48612022'. nll). RbOUrne Avenue LLP had an exisllny loan latIOnShIp wÉth We Hub Bulwlng whlch on the date that the deed of transfer of membershlp Interests was slgned stood at £1,971,260. Mlh the glftlnu of the loan agreements of É2 mlllbn from the exlstlng members of Redbourne, thè total k)an owed by Redbourne Avenue LLP to We Hub Buikling at the balan sheet date was £3,971,260. STRATEGIC REPORT Reserves policy As at 31 Dmber 2023 the charftys unre5trirted funds were £3,847,330 (2022.. £1,568,351). Amounts are set aslde to meet flnancLIl rlsks a550Ciated with rthÈntial Conngent$ and nrtaIntleS relatlrHJ to the charity's operatlng acuvltles. These Include: - The prov15 for an orderly winding-down of operatlons In the event of a slgnlflcant adverse event that Ss out4de the control of the charity. - The fundlng unfore major projects that have not been provlded for In the normal flnanclal plannlro pr(55. STRUCTURE, GOVERNANCE AND MANAGEMENT Govèrning th)cument The charity Ss governed by ks Memorandum and Artides of A5soclatk)n and is a company limited by guarantee. Recrultmont and appointsnent of new trustee5 Trust5 are appointed a¢cordSng to the Arte$ of Assoclation. Organlsatlonal structure The board of trustees administers the Charity. They have appolnted a manag(ng dlrecior that oVeeeS the day to day affalrs. Indurtlon and tr4lnlng of new trustees New trv5tees lergO a brfefing on their legal obllgatlons under company and charlty law. REFERENCE AND ADMINISTRATIVE DEfAILS Reglstered Company number 05793761 (England and Wale51 Page I
WE HUB BUILDING {REGllERED NUMBER: 05793761) Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2023 Reglstered Charlty nwnber 1118690 Registered office First Floor, Winston House 349 Regents Park Road London N31 Paul Jullan Mann Mark Morris Auditors Melinek Fine LLP Chartered AccouDtsnt5 Flrst Floor, Wlnston House 349 Regents Park Road London N3 IDH COMMENCEMENT OF ACTIVTYIES The charlty was incorporated In 2S Aprll 2006 and commenced operadn9 on l November 2006. CharItste status was gRnted on 4 April 2(X)7. TRUSTEES, RESPONSIBILTTY sfATEMENT The trustees (who are also the directors of We Hub Bulldlng for the purposes of company law) are responslble f(¥ preparing the Report of the Trustees and the financral statements in accordan wlth aprAicable law alld United Klngdom Accounting Standards (Unlted Klngdom Generally Accepted Accountlng Practlcel. Company law rUIreS Ihe trustees to prepare flnanclal statements for each financlal year whlch glve a true and vlew of the statè of affairs of the tharitsble compbny and of the incoming regouros and applltation of resou@9, Including the income and expenditsjre, of the tharitable company for that perK)d. In preparing those finanoal statèments, the tru5tee5 are requlred to ct suStable accounllng pollcies and then apply them conslstentsy,. obseNe the methods and prlnclples In the Charfty SORP,. make judgements and estlmates that are reaSonae and prudent. state whether appllcable accountlng standards have been followa1, subject to any materlèl departures dlsclosed and expL4ined in the financial statÈmÈnts,' prepare the financial Statements on the going concem basls unless It Is Inapproprlate to presume that the charltsble ompany wlll tontinue in business. The trustee5 are r&ponsible for keeping proper a¢tountino records whi¢h dd*e with reasonable attura¢y at any lime the finanaal position of the charitable company and to enable them to Ènsure that the financial 5tatÈments coMY with the Companles Art 2006. They are also responslble for safeguardlng the assets of the charltaNe company and hen for laklng reasonable steps for the preveThdon and detection of fraud and othe¥ irregularlties. In so far as the trustee5 are aware.. there Is no relevant audit information of whrch the charitsble company's audor$ Jre unaware,. and the trustees have tsken all steps that they ought to have taken to make themselves aware of arsy relevant audlt Infonmatlon and to establish that the auditors are aware of that Informatlon. AUDITORS The audltors, Melinek Fine LLP, will be proposed for r&appolntment at the forthcomlng Annual General Meeilng. ge2
WE HUB BUILDING (REGISTERED NVMBER: 05793761) Report of the Trwstees FOR THE YEAK ENDED 31 DECEMBER 2023 Report of the trustees, Incorp)rating a strateglc report, approved by order of the lard of trv#e&, as the company dIrtOrS, on ..... and slgned on the board's behalf by.. Mark Morri5 Page 3
Report of the Independent Auditors to the Members of We Hub Building Oplnlon We have audlted the financbl statements of We Hub Building (the 'charItae company'l for the year ended 31 Dember 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, Including a sumrnary of Signifant accounting poltcies. The financlal reportlng frarnework that has been applied in thelr preparatlon Is appllcable law and Unlted Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practlcel. In our opinlon the financial statements: glve a true and fair view of the stste of the charitable company's affalrs as at 31 Drnber 2023 and of Its incoming resources and application of resources, Indudinglts income and expend5ture, for the year then ended,. have been properly prepared In accordan with United Kingdom Generally Accepted Accounting Prattl. and have been prepared in accordance wtth the requlrements of the Companies Act 2006. Basi5 for opinion We conducted our audlt In accordance with Internatlonal Standards on Auditing (UK) (ISAS (UKI) and apICable law. Our responsibilities under those standards are further descrlbed in the Auditors, re5ponslbllltles for the audit of the financial statements settlon of our report. We are independent of the charitable company In accordan with the ethical requlrements that are relevant to our audit of the financial statements In the UK, including the FRC'S Ethical Standard, and we have fulfilled OUT Other ethlcal responsibilities In accordance wlth these requirements. We belleve that the audit evidence we have obtained is 5ufficlent and appropriate to provide a basis for our opinlon. Condusions relatlng to going concern In auditing the flnanclal ststements, we have concluded that the trusteeg use of the golng con basis of actountlng in the preparation of the linanc4al statements is appmprlate. Based on the work we have performed, we have not identified any materlal uncertainties relating to events or condltions tha¥ Indlvldually or collectively, may cast slgniflcant doubt on the CharItae company's ability to Contlnue as a going conrn for a perlod of at least twelve months from when the flnanckal statgnents are authortsed for issue. Our responsibilitles and the respDnsibllltie5 of the trustees wlth respett to going conrn are descrlbed In the rdevant sections of thls report. Other information The trustses are responsIe for the other information. The other Informatlon comprises the informatlon Included In the Annual Report, other than the financkl statements and our Rer¢ of the Independent Auditors the¢Th. Our opinion on the flnancial staternents does not cover the other information and, except to the extent otherwlse expliutly stated In our report, we do not express any form of assuran conclusion thereon. In connection with our audr( of the flnancial 5tstements, our responslbility is to read the other Inforniation and, In doing so, consider whether the other Information is materlally Inconslstent with the financial statements or our knowledge obtalned in the audit or otherwlse appears to be mèterially mlsstated. If we identify such materlal inconsistencies or apparent materlal misstatements, we are requlred to detemiine whether thls glves rise to a tnaterial mlsstatement In the financlal ststements thern5elves. If, based on the work we have perfomied, we conclude that there Is a material 1SStatemenl of thls other inforrnation, we are required to report that fart. We have nothing to report In thls regard. Opinions on othèr matters prescribed by thé Companles Art 21)06 In our opinion, based on the work undertaken In the course of the audit.. the Information given in the Report of the Trustees for the financlal year for which the flnanclal statements are prepared is con515tent w5th the flnancial statements; and the Report of the Trustees has been prepared in accordan wlth applkable legal requlrements. Mattérs on which we are requlred to report by exception In the light of the knowledge and understandlng of the charitable company and Its environment obtalned In the course of the audi¢ we have not identified materlal mlsstaternents in the Report of the Trustees. We have nothlng to report In respect of the following matters where the Companles Act 2006 requires us to report to you if, in our opinlon.. adequate accountlng records have not been kept or returns adequate for our audlt have not been recelved from branches not visited by us,. or the flnancial staternents are not In agreement wlth the accountlng records and retums,. or certaln dlsclosures of Iru5tees' remuneration specified by law are not made,. or we have not received all the Infomiatkjn and explanations we requlre for our audit. Page 4
Report ofthe Indepèndent Auditors to the Members of We Hub Buildlng Re$ponsibilitie$ of trustees As explained more fully in the Trustee5' Responslblllues Statement, the trustees (who are also the dlrectors of the char5table company for the purposes of cornpany lawl are responsible for the preparauon of the flnanclal statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparatlon of financial statements that are free from materlal mlsstatement, whether due to fraud or error. In prepartng the ftnanclal statements, the trustees are responslble for assesslng the charitable company's ablllty to continue as a going concern, disclosing, as appllcable, matters related to golng concern and using the going concern bhy5 of accounting unless the trustees either Intend to Ilquldate the charftsble company or to cease operation5, or have no realistic altemative but to do so. Our responslblllttes for the audit of the financial statsments Our objectives are to obtaln reasonable assurance about whether the financial statetnenls as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assuran Is a hlgh level of assurance, but is not a guarantee that an audit conducted in accordantr wrth ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error anil are considered material if, individually or In the aggregate, they could reasonably be expected to influence the economic decisions of users tsken on the basls of these flnanclal ststements. The extent to which our prOdureS are capable of dete¢tlng irregukriues, Includlng fraud L% detalled below.. Audlt prOdreS undertaken In response to the potential rlsks relating to irregularitie5 (which include fraud and non-compliance with laws and regulations) comprlsed of.. Inqulrles of management and those charged with governan as to whether the entity tomplies with such laws and regulatlons,. enquSrles w5th the same concerning any actual or potential litigation or claims,. inspection of relevant legal correspondence. revlew of board mlnutes. testing the appropriatene55 of entries in the nominal ledger, Includlng journal entrles. revlewlng transactlons around the end of the reporting period,. and the Performan of anaW¢al prollre$ to Identify unexpetted movements In account balances which may be indicatlve of fraud. No Instances of materfal non-compllance were identified. However, the likelihood of detecting Irregularftles, Includlng fraud, Is Ilm5ted by the Inherent difflculty In detetting irregularities, the effectiveness of the entity's contro15, and the nature, timing and extent of the audlt procedures performed. Irregularities that result frorn fraud might be inhentlY more dlfficult to detect than Irregularltles that result from error. As explained above, there is an unavoidable risk that material MitateMentS rnay not be detected, even though the audlt has been planned and performed In accordance with ISAS (UK). A further descrfptlon of our responsiblllties for the audit of the financial staternents is located on the Flnanckil Reportlng Councll's website at www.frc.org.uVauditorsresponsibilities. This descripts'on forrns part of our Report of the Independent Audlto Use of our réptsrt Thls report is made solely to the cha¥itable companws members, as a body, In accordan wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 that we mlght state to the charStable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permltted by law, we do not acpt or assume responsibility to anyone other than the charitable company and the charltable company's members as a b)dyi for our audit work, for this report, or for the opinions we have fomied. Daniel Fine, FCA (Senior Ststutory Audltor) for and on behalf of Melinek Fine LLP Chartered Accountsnts First Floor, Winston House 349 Regents Park Road London N3 IDH Date.. Page 5
WE HUB BUILDING 5tatemertt of Flnanclal Activlties {In¢tyrporatlng an Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Totsl funds 2022 Totsl funds as resled Unrestrlcted fund Restrirted fund Notes INCOME AND ENDOWMENTS FROM Donatlons and legatiès 2 258 486 2 258 486 EXPENDITURE ON Charltable actlvitl Charitable activity Net galns Invements NET INCOME 2,278,979 2,278,979 24,094 RECONCILIATION OF FUNDS Total funds brovghtfomard 1,568,351 1,568,351 1,544,257 TOTAL FUNDS CARRIED FORWARD 3 847 330 3 847 330 1568 351 The note5 form part of these flnanaal statements Page 6
WE HU3 BUILDING (REGISTERED NUMBER: 05793761) Balance Sheet 31 DECEMBER 2023 2023 Total funds 2022 Total runds as restated Unrestricted fund Re5Erict fund Notss FIXED ASSETS Investments 374,676 374,676 90,188 CURRENT ASSETS Debtors Cash at bank 3,971,260 302 621 3,971,260 1,560,263 713 618 4,273,881 4,273,881 2,273,881 CREDrroRS Amounts falling due wf(hln one year io 1801,227) 1801,227) (795,718) NET CURRENT ASSETS 3 472 654 1478 163 TOTAL ASSEYS LESS CURRENT LIABILtfIES 3,847,330 3,847,330 1,566,351 NET ASSETS 3 847 330 3 847 330 1568 351 FUNDS Unrestrtcted fuThls li 3 847 330 1568 351 TOTAL FUNDS 3 847 330 1568 351 The financial statements were approved by the Board of Tru5tee5 and autIr& for Issue on - and were signed on Its behatf by.. Mark Mor - Trustee The notes form part ofthese finandal statements Page 7
WE HUB BUILDING Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 as restated Notes Cash flows from oper*ing actlvltl•s Cash generated from operations 152 511) 87 1801 Net cash used In operatlng act1veS 152 511) 87 1801 Cash flowg from Inv•stlng artivitle9 PuKhase of fixed asset Investments Net cash (used In)Iprovided by investlng actlvities 258 4861 Change in cash and cash equivalÈnts In the reptyrtlng perlod Cash and cash equlvalents at the beglnning of thé rnportlng perlod 1410,997) 187,1801 713 618 Cash and cash equlvalents atthe end of the reportino perlod 302 621 713 618 The form part of th&e flnanclal statements Page 8
WE HUB BUILDING Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2023 RECONCILIATION OF NEf INCOME TO NET CASH FLOW FROM OPERATING ACTIvrtlES 2023 2022 as restated Net Income for the reporting p¢rlod {as per the Statement of Financial ALtlvltles) Adjustments for: Galn on investments Increase in debtors Increase in creditors 2,278,979 24,094 {26,002) {2,410,9971 126,363) 187,1801 Net cash usèd In operations 152 511 ANALYSIS OF CHANGES IN NEf FUNDS At 1.1.23 Cash flow At 31.12.23 Net cash Cash at bank 713 618 410 9971 302 621 713 618 410 9971 302 621 Total 713 618 410 9971 302 621 The notes form part of the flnancFal statements Page 9
WE HUB BUILDING Notes to the Financiol Statements FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The flnanclal statements of the charitable company, which Is a public benefit entity under FRS 102, have been prepared In accordance with the Charitles SORP IFRS 1021 'Accounting and Reporting by Charltles.. Statement of Recommended PractEce applicable to charities preparlng thelr accounts in accordance with the Financial Reporting Standard appllcable In the UK and Republic of Ireland (FRS 102) leffective l January 2019),, Flnanclal Reporting Standard 102 The nanCIal Reporting Standard èpplicable In the UK and Republic of Ireland, and the Cornpanies Act 2006. The flnanclal statements have been prepared under the hlstorical cost convention, with the exception of inve5tfflents whlch are Included at market value, as mod5fled by the revaluation of certaln assets. Preparatlon of consolidated financlal statements The financlal ststements contain informatlon about We Hub Buildlng as an indNKJual company and do not contain consolldated flnancial infoimation as the parent of a group. The charity 15 exempt under Sectlon 399(2A) of the Companles Act 2006 from the rUirementS to prepare consolidated financial statement Income All incorne is recognlsed in the Statement of Financial Activitie5 On the charlty has entltlement to the funds, it Is probable that the income will be recelved and the arnount can be measured rellably. Expéndlre Liabilities a recognlsed as expenditure as soon as there Is a legal or constructive obligation commlthng the harity to that expendlture, it is probable that a transf of economlc benefits will be required in settlement and the amount of the obligation can be measured reliab. Expenditure is accounted for on an accruals basis and has been classified under headlngs that aggregate all cost related to the category. Where costs cannot be dirert attributed to particular headlngs they have been allocated to activltles on a basls coThslstent with the use of resources. Taxatlon The charity Is exempt from corporation tax on its charltable artlvltles. Fund accountlng Unre5trtcted funds can be used In accordance with the charltable Objecte5 at the discretion of the trustees. R&trlcted funds can only be used for particular restricted purposes withln the objects of the charity. R&trlctlons arise when specified by the donor or when funds are raised for particular restricted purposes. DONATIONS AND LEGACIES 2023 2022 as reststed Donauons 2 258 486 CHAIUTABLE AcrivrriES COSTS Support costs (see note 4) Charitable actlty Page 10 c0nnUed...
WE HUB BUILDING Notrs to the Flnanclal Statements- continued FOR THE YEAR ENDED 31 DECEMBER 2023 SUPPORT COSTS GovernaTrce costs charItab athvlty NET INCOmE1(EXPENDuRE) Net incomel{expendllurel Is statoj after charglngl(credlting)'. 2023 2022 as restated Audltors, rernuneratn other non-audlt servlc 3,000 TRUSTEES, REMUNERATION AND BENEFITS The were no trustees, remunerat1( or other benefits for the year ended 31 DeLember 2023 nor for the year ended 31 DMb 2022. Trustees. expenses There were no trusteeg expenses pald ft)r the year ended 31 Decemb¥ 2023 nor for the year ended 31 D*ember 2022. PRIOR YEAR ADJUSTMENT Prevlous yeafs accounts werè restated to Yellt the correct posItn as at the year£t¥d date. FIXED ASSET INVESTMENTS Vnllsted investments MARKET VALUE At l January 2023 AdditlDns Revaluatk)ns 90,188 258,486 At 31 December 2023 374 676 NET BOOK VALUE At 31 December 20 374 676 At 31 t)ecember 2022 There were M Invethent assets outside the U Cost or valuation at 31 December 2023 is represented by.. Unlisted Investments Valuatk)n ID 2023 C05t 52,365 322 311 374 676 Page 11 contlnued...
WE HUB BUILDING Notes to thÈ Flnanclal Statèmènts - tontlnued FOR THE YEAR ENDED 31 DECEMBER 2023 FIXED ASSET INVESTMENTS - continued The cornpany's investrnents at the balance sheet date In the share Ca1 of companles iKlude the foltowlng: bourne Avenue LLP Reglstered Off1.. Devonshlre House, l DeVIShre Street, London, WIW 5DR Natuie of business-. Property investment Interest In partnershlp.. 99.9% 31.05.23 31.05.22 Members, other Interests Proflt for the year 374,805 83,876 290,929 85,043 DEBTORS: AMOUNTS FALLING DUE WThHIN ONE YEAR 2023 2022 as restated Other debtors 3 971260 1560 263 io. CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 as rtated Other creditors Accruals afid deferred Income 790,325 790,325 801227 795 718 ii. MOVEMENT IN FUNDS movement In funds At 31.12.23 At 1.1.23 Unrestrlcted funds General fijnd 1,568,351 2,278,979 3,847,330 TOTAL FUNDS 1568 351 2 278 979 3 847 330 Net moVnent In fijnds, Induded in the aLThe are as follows.. Incomlng resources Resource5 expended Gain5 and losses Movement in funds Unrestricted fundg General fund 2,258,486 (5,509) 26,002 2,278,979 TOTAL FUNDS 2 258 486 2 278 979 Page 12 contlnued...
WE HUB BVILDING Notes to the Financial Statements - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 ii. MOVEMENT IN FUNDS- ctyrttlnued Comparatlves for movemÈt*t In funds Net movement in fund5 At 31.12.22 At 1.1.22 Unrestrlcted fund$ General fund 1,5+7,257 24,094 1,568,351 TOTAL FUNDS 1544 257 1568 351 Comparalive net mov&nt in funds, included (n the above are as follows: Incomlng resource5 Resource5 expended Galns and losses MOvemt in fund5 Unrèstrlcted funds Getheral fund {2,2691 26,363 24,094 TOTAL FUNDS 12. RELATED PARTY DISCLOSURES Induded in other debtors is an aMrjt of £3,971,260 (2022: £1,560,263) owed from Redboume Avenue LLP, limSted liabllty partnership of whlch We Hub Bulldlng 15 a deignated member. Included In other credltors15 an amount of É790,325 (2022.. £790,325} owed to The Work Avenue Foundation, a tharlty whlch has common trustee& Page 13