REGISTERED COMPANY NUMBER: 03782564 (England and Wales) REGISTERED CHARITY NUMBER: 1132710 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 FOR THE Hp FOUNDATION LIMITED A COMPANY LIMITED BY GUARANTEE Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6
THE HIVE FOUNDATION LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Page Report of the Trustees Report of the Independent Auditors 7 to 10 Statement of Financial Activities 11 Statement of Financial Position 12 Notes to the Financial Statements 13 to 18 Detailed Statement of Financial Activities 19 Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6
THE HIVE FOUNDATION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 The Trustees present their annual report together with the audited financial statements of The Hive Foundation Limited for the year ended 30 June 2023. The Trustees confim that the Annual Report and finanaal slatements of the company comply Ih Ihe current stalutory requirements, the requirements of the company's goveming documenl and Ihe provisions of the Statement of Recommended practi ISORPI. appIlble to charities preparing their aco)unts in accordance with the Financial Reporting Standard 102. sin the Company qualifies as small under sedion 383, the strategic report required of medium and large companies under The Companies Act 20CE (strategic Report and Directols Report) Regulalions 2013 is not required. Page 1 Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6
THE HIVE FOUNDATION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 OBJECTIVES AND ACTIVITIES Objectives and aims The charity's objeds set out in the Memorandum of Assoaation are: The charity's objects Clhe objeds") are for the benefft of the public generally and. in particular. the inhabitants of London Borough of Bamet, Harrow and its surrounding areas'.- - lo promole community participation and healthy recreation by providing faalities for the playing of association football and other sports capable of improving health (Yaalities in this dause means land, buildings, equipment and organising sporting activrties),. and to provide and assist in providing faalities for sport. recreation or other leisure time occupation of such persons who have need for such facilities by reason of their youth, age, infimity or disablement, povety or soaal and economic circumstsnces or for the public at large in the interests of social welfare and with the objects improving their conditions of life., and - to advance the education of children and young Feople through such means as the trustees think fit in accordan with the law of charity: and - for the general purposes of suth charitable tthies or for suth other exduSiVe charitable purposes in each case as the trustees may from time to time deade. Our aims & objectives The charity's main aims are to play a supportive role in the communty by operating proven initiatives and developing new ones, induding underpinning the prinaples of"EVERY CHILD MAThERS": - To work within our communty for the benefft of the o)mmunty. To support govemment initiatives aime(l at youth using Bamet Football Club & London Bees as a vehicle to deliver and reinforce important soual messages. - To be flexible and adaptable, designing Urse$ to suit sthool & cr)mmunty needs. Increasing the amount of people, particularty children. parbcipating in sport. Encourage people, especially children. to lead healthier lrfestyes. - Use sport as a vehicle lo re-engage children in leaming. Create and develop programmes to reduc£ youth offending through our social indusion programmes and mentoring schemes. - Operate an indusive approach to work. - Establish The Hive Foundation and its facilities as a cnmmunty resour. Deliver a range of training programmes to produ qualtfies sports coaches. thus creating employment and voluntary opportunities. - To create and foster a o)mmunty identity. - To create and support community volunteers, tK)th young people and adults. Main objectives for the period and strategy for achieving these The charity's main objectives, for both the period under review and fijture periods are: - To work within our communty for the benefft of the communty - Continue to deltver SOL?al inclusion projects engaging hard to reach groups, working closely with the poli and the Local authority. To support govemment initiatives aimed at youth using Bamet Football Club & London Bees as a vehicle to deliver and reinforce important soaal message - Deliver (and introduce more as needed) soaal educational workshops to support the our social indusion delivery. Page 2 Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6
THE HIVE FOUNDATION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 - To be flexible and adaptable, designing courses to suii school & communty needs- Work on more gids only projects. - Develop projects aimed at different generations to increase the amount of people engaging with us. Encourage people, espeaally children, lo lead heallhier lifestyles projects working with partners to enhan this. Indude healthy living information into more of our - Use sport as a vehicle lo re-engage children in leaming - Build on current NEEDS delivery to help engage young people. Create and develop programmes to reduc£ youth offending through our social indusion programmes and mentoring schemes- Build into our social inclusion work. offering mentoring and volunteering opportuntlies. - Operate an indusive approach to work. - Establish The Hive Foundation and its facilities as a communty resource. Deliver a range of Iraining programmes to produce qualtfies sports coaches, Ihus creating employment and voluntary opportunities- Currently being delivered in partnership but VrkIng towards our own training programmes. To create and foster a communty identity - Build on social indusion and reinfor communty identity through providing positive activities and volunteering opportunrties. - To create and support community volunteers. both young people and adults - To add to the work that we are doing and to continue to after volunteering opportuntties an all of our proieds. Public benefit Entity In reporting on the objectives and achievements of Ihe chanty, the Trustees have given regard to the charity commission guidan on public benefft under the Charities Act 2011. The Hive Foundation Limited constttutes a public benefit entty as defined by FRS 102. Page 3 Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6
THE HIVE FOUNDATION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 OBJECTIVES AND ACTIVITIES Achievement and perfonnance The Foundation have a positive impact on the communty it serves. It has built strong partnerships with other charities, volunteering and statutory ServIS suth as the local authority and poli. The Foundation has successfully mel all largels on individual projects and continues to grow in stature and reputation throughout the Boroughs of Bamet, Harrow and Brent and beyond. Financial Review During the period under review. the Foundation has made an overall defi¢it. The main income streams during the year have been the Premier League funding, together with ongoing income from coaching. Reserves policy The charity intends to build up reserves suffiaent to Ver three months of expenditure. the current reserves levd is deemed to be suffiuent. Future plans We at the Hive aayS seek lo serve the communty as mud) as we can and create a construdive impact on Ihe swal environment. We have begun to use "Bees in the Communtif which will help us to market ourselves and create an awareness of our activities which will attrad more attendanS to all our events. This will enhan the objectives of the Foundation and enable the (x)mmunity to be aware of the faaltties we make available. There is also increased emphasis on schools in the local area to deliver training programmes. Fund Raising The Foundation does not use professional fvndraisers invdve commercial participators. There have been no complaints about fundraising adivty this year. The fundraising department has signed up to the Fundraising Regulatorfs Code of Fundraising Practice and the fundraising guidan and working practices have been updated so that they are compliant. All appeals for funds are undertaken in a manner to ensure that they are not unreasonabw intrusive or persistent. All marketing material contains dear instrudions on how a person be removed from mailing lists. STRUCTURE. GOVERNANCE AND MANAGEMENT Origin of Trust The Barnet FC Communtiy Trust was incorporated on 4 June 1999 as a company limited by guarantee, and was registered as a charity with the charity commission on 9 September 29. The trust was renamed The Hive Communty Foundation, on 13 March 2014 and The Hive Foundation Limtted, on 14 Juty 2016. Goveming document The company is limited by guarantee and has no share capttal. Each member has undertaken lo contribute to the assets of the company in the event of the same being wound up whilst helshe is a member. or wtthin one year of ceasing to be a member, for payment of debts and liabiltties of the company contracted before ceasing to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors amongst themselves, such amount as may be required nol exceeding £10. Organisational structure The board of trustees, which meets six times a year. govems the charity. The offir { ) is appointed by Ihe Trustees lo manage the day to day operations of Ihe Charity. To facilitate effective operations, the offir has delegated authority. within the temis of delegation approved by the Trustees. Twstee induction and training Trustees are provided with a detaile(I document oudining their duts'es and responsibilrties along with the opportunity to discuss Ihe practicalities of the role. In addthon, all Truslees have the opportunity to meet key members of Foundation staff and encouraged to attend Trust events and programmes. Ongoing training for Trustees will be provided as appropriate to faalttate the undertaking of the role. Page 4 Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6
THE HIVE FOUNDATION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management A full review of the charity's main areas of risks has been undertaken. This indudes all heah and safety and child protection policies and procedures. The Trustees have approved wrltten poli(aes and practi¢ statements covering these areas. In addition, a review of all finanaal risks is undertaken on regular basis. ststement of Compliance with the Goveman¢e Code The Foundation complies with Ihe requirements of the G0Veman Code appIlble to Small Charities issued by the Charity Commission in England & Wales. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 03782564 (England and Wales) Registered Charity number 1132710 Registered office 1 Kings Avenue London N213NA Trustees The Trustees of the charity and the Diredors of the company for the purposes of company law, who served during the year Mr Anthony Andrew laeanthous- Director and Trustee Mr Graham Robin Slyper- Direclor and Trustee Father Paul Reece- Director and Trustee Ms Natasha A V Kleanthous- Director and Twstee Company Secretary P Georgiou Senior Statutory Auditor Alekos Christofi FCCA Auditors AGK Partnership Ltd Chartered Accountants & Statutory Auditors 1 Kings Avenue London N213NA Page 5 Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6
THE HIVE FOUNDATION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 TRUSTEES. RESPONSIBILITY STATEMENT The Trustees (who are also directors of The Hive Foundakn'on for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accx)rdance wtth appli¢2ble law and United Kingdom Accounting Standards (United Kingdom Generalty Aepted Accounting Practi). Company law requires the Trustees to prepare finanaal stalements for each finanaal year. Under company law the Truslees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Foundation and of the result for that period. In preparing these finanaal slatements, the Trustees are required to.. select suitable accounting policies and then apply them consistentty,. obsetve the methods and prinaples in the Charibes SORP., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed. subject to any material departures disdosed and explained in the financial statemenls., prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the will continue in operation. The Trustees are responsible for keeping adequate a0UntIng rerdS that are suffiaent to show and explain the Foundation's transactions and disdose with reasonable accuracy at any time the finanaal position of the and enable them to ensure that the finanaal slalemenls comply wtth Ihe Companies AIX 2006. They are also responsible for safeguarding the assets of the Foundation and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. DISCLOSURE OF INFORMATION TO AUDITORS So far as the trustees are aware. Ihere is no relevant infomialion (as defined by Section 418 of the Companies Act 2006) of which the charitable company's auditors are unaware. and each trustee has taken all the steps that they ought to have taken as a trustee in order lo make them aware of any audit infomiation and to establish that the charitable company's auditors are aware of that infomialion. AUDITORS The auditors, AGK Partnership Ltd, have signified their willingness to continue in Offi as audttors. This report has been prepared in aCrdance wtth the special provisions of Part 15 of the Companies Act 2006 relaling to small companies. Approved by order of the board of trustees on 21 Marth 2025 and signed on lis behalf by.. A A Kleanthous - Trustee AA/AoAy Page 6 Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE HIVE FOUNDATION LIMITED Opinion We have audited the finanaal stalemenls of The Hive Foundalion Limrted (the 'charitable company.) for the year ended 30 June 2024 which comprise the Statemenl of Financial Aclrvilies. the Statemenl of Financial Position and noles to the financial statements, induding a summary of significant accounting poliaes. The finanaal reporting framework that has been applied in their preparation is appli(2ble law and Unrted Kingdom Accounting Stsndards (Unrted Kingdom Generally Accepled Accounting Pra(x1). In our opinion the finanual statements= give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 and of its incoming resources and application of resources, induding its income and expendrture. for the year then ended,. have been propedy prepad in accordance with Uniled Kingdom Generalty A¢xepled Accounting Practi,. and have been prepared in ar£ordan with the requirements of the Companies Act 20C6. Basis for opinion We conducted our audii in accordance with Intemational Standards on Auditing {UK) (ISAS (UK)) and applicable law. Our responsibilities under Ihose slandards are further described in the Audtlors, responsibiltties for the audit of the financial statements section of our report. We are independent of the charitable company in accordan with the ethical requirements that are relevant to our audii of the finanaal statements in the UK. induding the FRC'S Ethical Standard, and we have fulfilled our olher elhical s[jonSIbl1[tieS in accordan¢* wilh these requirements. We believe thal Ihe audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial slalements, we have conduded that the trustees. use of the going conrn basis of accounting in the preparation of the finanaal stalements is appropriate. Based on the work we have perfomed, we have not identified any material uncertainkn'es relating to events or condrtions that, individually or colleclively, may cast significant doubt on the chartlable company's abilty to continue as a going concern for a period of at least e1ve months from when the finanaal statements are authorised for issue. Our responsibilities and Ihe resF)onsibilities of Ihe Irustees wf(h respect to going concem are described in the relevanl sections of this report. Other infomation The trustees are responsible for the olher infomiation. The other infomiats'on comprises the infomiation included in the Annual Report, other than the finanaal statements and our Report of the Independent Auditors thereon. Our opinion on the finanaal statements does not cover the other infomalion and, expt to Ihe extent otheise explicitly stated in our report, we do not express any fomi of assuran condusion thereon. In connection wtth our audit of the financial slatements. our responsibilty is to read the other infomialion and. in doing so, consider whether the other information is rnaterial inconsistent wth the financial statements or our knowledge obtained in the audit or otherwise appears to be Material misstated. If we identfy such material inconsistencies or apparent material misstatemenls, we are required to detemine whether Ihis gives rise lo a malerial misslatement in the financial statements themselves. If, based on the work we have perfomied. we condude that there is a material rnisstatement of this other infomialion, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audtt= the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial stalemenls., and the Report of the Trustees has been prepared in aC£Ordan wtlh applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable MpanY and its environment obtained in the course of the audit, we have not idenb'fied material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 20C6 requires us to report to you rf, in our opinion.. adequate aco)unting records have not been kept or retums adequate for our audit have not been reiVed from branches not visited by us., or the financial ststements are not in agreement wrth the accounting records and retums; or certain disclosures of trustees, remuneration spe¢ified by law are not made., or we have not reiVed all the information and explanations we require for our audrt.. or the trustees were nol entitled to take advantage of Ihe small mpanIeS exemption from the requiremenl to prepare a Strategic Report or in preparing the Report of the Trustees. Page 7 Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE HIVE FOUNDATION LIMITED Responsibilities of trustees As explained more fully in the Truslees. Responsibilities Statement. the truslees (who are also the directors of the charitable company for the purposes of company law} are responsible for the preparats'on of the finanaal statements and for being satisfied that they give a true and fair view, and for such intemal conlrol as the trustees detemiine is neSSary to enable the preparation of financial slatements that are free from malerial misstalemenl. whelher due to traud or error. In preparing the financial ststements, the trustees are responsible for assessing the charitable company's abilrty to conlinue as a going conrn, disclosing, as applicable. matters related to going conrn and using the going conrn basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Page 8 Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE HIVE FOUNDATION LIMITED Our responsibilities for the audit of the financial statements Our objectives are to oblain asonable assurance about whether the finanual statements as a whole are free from malerial misstatement, whether due to fraud or eOr, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audrt conducted in accordan with ISAS (UK) will aayS detect a malerial misstatement when tt exists. Misstalements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to Influen the economic decisions of users taken on the basis of these finanaal ststements. The extent to which our ProdureS are capable of detecting Iegular[ties. induding fraud is detailed below: Our approach to identifying and assessing the risks of rnaterial misstatement in respect of irregularities, induding fraud and non-complian with laws and regulations, was as follows= - the engagement partner ensured that the engagement team llectIVelY had the appropriate competen, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations. - we identrfied the laws and regulations applicable to the company through discussions with directors and other management, and from our commerual knovledge and experien of Ihe ewronic money institution sector. we focused on speafic laws and regulations vthich we considered may have a direct material effed on the financial statements or the operations of the company, induding the Companies Act 20, taxation legislation, data protection, antbribery and employment. - we assessed the exient of Complian with the laws and regulations identified above through making enquiries of management and inspecting legal Corresponden.. and identified laws and regulations were comrnunicated within the audit team regulady and the team remained alert to instances of nOrcompliance throughout the audrt. We assessed the suptib11ty of the CornpanS finanaal staternents to material misstatement, induding obtaining an understanding of how fraud might occur, by: - making enquiries of management as lo where they considered there was SUptIbIlity to fraud. their knowledge of actual, suspected and alleged fraud,. and - considering the internal controls in pla to mitigate risks of fraud and non-complian with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. - perfomed analytical prOdureS lo identfy any unusual or unexpected relationships; tested joumal entries to idenlify unusual transactions., assessed whether judgements and assumptions made in deternining the aUntIng estimates were indicative of potential bias- and investigated the rationale behind signtficant or unusual transadions. In response to the risk of irregularities, induding fraud and now0mplian with laws and regulations, we designed prOdureS which included, but were not limited to.. - agreeing finanaal statement disdosures to undetying supporting documentation" enquiring of managemenl as to actual and potential liligation and daims-, and - reviewing correspondence with HMRC, relevant regulators and the MpanY'S legal advisors. There are inherenl limitalions in our audtt procedu$ desuibed above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would beme aware of non-cornplian. Auditing standards also limit the audit procedures required to identify non-comFlIan wrth laws and regulations to enquiry of the directors and other management and Ihe inspection of regulatory and legal corresponden. rf any. Material misstalemenls that arise due to fraud can be harder to detect than Ihose that arise from error as they may involve deliberale COnalment or collusion. A further description of our responsibilrties for the audrt of the finanaal statements is located on the Financial Reporting CouncTI's website at YW.frC.Org.uk/aUdrt0rsresponSlb1I[1les. This description forms part of our Report of the Independent Auditors. Page 9 Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE HIVE FOUNDATION LIMITED Use of our report This report is made solely lo the charrlable compan$ members. as a bcKty. in accordan Yth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to slate lo them in an auditors. report and for no other purpose. To the fullest extent permitted by law, we do not a(xepl or assume responsibilty lo anyone other than the charttable company and Ihe charitable company's members as a body. for our audit work, for this report, or for the opinions we have fomied. Alekos Christofi FCCA (Senior Statutory Audttor) for and on behalf of AGK Partnership Ltd Chartered Accountants & Statutory Auditors 1 Kings Avenue London N213NA 21 March 2025 Page 10 Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6
THE HIVE FOUNDATION LIMITED STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 30 JUNE 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and other income 9.259 9,259 25,000 Charitable activities Coaching and courses Events 88,630 88,630 107,042 3,398 Other income 121 121 550 Total 98.010 98.010 135,990 EXPENDITURE ON Raising funds 9.035 9,035 7,605 Charitable activities Admin Expense Coaching and courses 114.169 820 114,169 820 127,478 Total 124.024 124,024 135,083 NET INCOMEIIEXPENDITURE) P6.014) 126,014) 907 RECONCILIATION OF FUNDS Total funds brought fOard 14,522 14,522 13,615 TOTAL FUNDS CARRIED FORWARD (11.492) 111,492) 14,522 The notes fomi part of these finanaal statements Page 11 Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6
THE HIVE FOUNDATION LIMITED STATEMENT OF FINANCIAL POSITION 30 JUNE 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted funds Notes CURRENT ASSETS Debtors Cash at bank 18,318 5.990 18,318 5,990 34,658 20,360 24.308 24,308 55.018 CREDITORS Amounts falling due wtthin one year (35.8(Kl) (35,800) (40,4961 NET CURRENT ASSETSI(LIABILITIES) (11.492) (11.492) 14.522 TOTAL ASSETS LESS CURRENT LIABILITIES (11.492) 111,492) 14,522 NET ASSETSIILIABILITIES) (11,492) 111,492) 14,522 FUNDS Unrestricted funds (11,492) 14,522 TOTAL FUNDS (11.492) 14,522 These financial statements have been prepared in accordan with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approve(I by the Board of Trustees and authorised for issue on 21 March 2025 and were signed on its behalf by.. A A Kleanthous - Trustee +fri/A¢ff4y tl£aA/Aow The notes fomi part of these finanaal statements Page 12 Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6
THE HIVE FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 GENERAL INFORMATION The Hive Foundalion Limited is a company limtted by guarant (company number 03782564) registered in England. The Company is also a charity registered wth the charity commission (charity registration number 1132710)- The registered office is 1 Kings Avenue, London N21 3NA and its prinapal pla of business is The Hive London, Camrose Avenue. London. HA8 6AG. The principal accounting policies applied in the preparatr'on of these finanryal statements are set out below.. ACCOUNTING POUCIES Basis of preparing the financial staternents The financial stalemenls have been prepared under the historical cost convention and in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wrth the Finanaal Reporting Stsndard 102 and Charities SORP, and the Companies Act 2006. The Hive Foundation Limrted meels the definrtion of a public benefit entty under FRS 102. Assets and liabilities are initially recognised at historical o)st or transaclion value unless otherwise stated in the relevant accounting policy. Cash flow statement The Tnjstees have taken advantage of disdosure exemption in respect of requirements of Section 'Slatement of Cash Flows. in preparing these accounts as pennitted by FRS 102 and the Charities SORP {FRS 102) Updale Bulletin. Going concem The trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The trustees regard the foreseeable future as no less than twelve months following the publication of the Charity's annual financial staternents. The trustees have considered the Charity's balan sheet position and reserves as at the year end. the future plans for the Charity and the impact of the current crisis, laking account of reasonably possible changes in the income of the Chartty and are satisfied thal Ihe Charity has suffiaent reSoUrS to remain in operational existen. Accordingty, they have adopted going con basis in preparing these finanaal statemenls. Furthermore, the Trustees consider Ihat. at the time of approving the finanaal stalemenls, Ihere are no malerial unrtaIntieS about the Charity's abilty to continue as a going COnM. Company status The Company has charitsble ststus for tax purposes. Control of the Company is vested in the members collectively and there is no one overall controlling party. The member of the company The Hive F(K)tball Centre Holdings Limited has agreed to contribute £10 to the assets of the Company in the evenl of tt being wound up. Judgements in applying accounting policies and key sources of estimation In preparing these financial statements. management is required to make estimates and assumptions which impact the financial ststements. Management consider that there are no key judgements or key areas of estimation unrtainty. Income All income is recognised On the Company has entttlement to the income, rt is probable that the income will be re1Ve and the amount of income re1vable can be measured reliably. Income represents sales invoiced during the year and sponsorship and grants received in the year. Grant income is dassified depending on the temis of the donations and where the income relates to a period, speafied by the donor or the sponsor, it is recognised over the length of that period. Investment income is accounted for when receivable. Tickets and other items donated for resale by the Charity are induded as income from charitable activities when they are sold. Donated servi$ are recognised in Ihe financial statements where there is an identifiable cost to the donor. Govemment grants Page 13 continued... Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6
THE HIVE FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POUCIES - continued Income Government grants are recognised al the fair value of the asset received or receivable when there is reasonable assuran thal Ihe grant condttions wll be met and the grants will be received. A grant that speafies perfomiance conditions is recognised as income when the perfornian condrtions are met. Where a grant does nol speafy perfomiance conditions tt is recognised as income when the grant proceeds are reiVed or receivable. A grant received before the recognition criteria are sats'sfied is recognised as a liability. Government grants received by the Charity relate to the Coronavirus Job Retenlion (Furkiugh) Scheme. Expenditure Expenditure is recognised once there is a legal or constructwe obligation to transfer economic benefrt to a third party, it is probable thal a transfer of economic beneffts will be required in settlement and the amount of the obligation can be measured reliabty. Expenditure is classified by activty. The costs of each activity are made up of the total of direct costs and shared costs, induding support costs invrAved in undertaking each activity. Direct costs 8ttributsble to a single activity are allo(2ted direcdy to that activty. Shared costs which contribute to more than one activty and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of reSoUrs. Staff salaries are apportioned behveen cost categories based on an eslimate of time spenl. Support costs comprise the management of the Company's assets, organisalional administration and propety costs that have been apportioned on the basis of staff numbers. The Company is not registered for VAT and acrdInglY expendilure is shown gross of irrecoverable VAT. Cosls of raising fund5 are costs incurred in attracting voluntary ino)me, and other income generation. for example, the costs associated with running events. Charitable activities and governan costs are StS incurred on the Companws educational operations, induding support costs and costs relating to the governan of the Company apportioned to charitsble activities. Tangible fixed assets and depreciation All fixed assets are initially recorded at cost. A review for impairment of a fixed asset is carried out rf events or changes in arcUmstan$ indicate that the carrying value of any fixed assel may not be recoverable. Shorttalls belween the carying value of fixed assets and Iheir recoverable amounts are recognised as impaimients. Impaiment losses are recognised in the Statement of Financial Activities incorporats'ng Income and Expendrture Actount. Tangible fixed assets are carried at cost. net of depreciation and any provision for impairment. Depreciation is provided at rates calculaled to wrrte off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the followng bases: Long-tem leasehdd propety Events equipment Computer equipment 110 per annum slraighl line 33 /0 per annum straight line - 25h per annum straight line Debtors Trade and other debtors are recognised at the setuement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash at bank and in hand indudes cash and short temi highly liquid investments with a short maturity of three months or less from the date of acquisttion or opening of the depostl or similar aOunt. Financial Instruments The Company only has finanaal assets and finanoal liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlemenl value with the exptIOn of bank loans which are subsequenuy measured at amortised cost using the effective interest method. Taxation The charity is exempt from corporalion tax on its charitable acts'vrties. Page 14 continued... Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6
THE HIVE FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POUCIES - continued Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of Ihe Company and which have nol been designated for other purposes. Restricted funds are fvnds which are to be used in accordan wrth speiific reslrictions imposed by donors or which have been raised by Ihe Company for particular purposes. The costs of raising and administering such funds are charged against the speafic fund. The aim and use of each restricted fund is set out in the notes to the financial statements. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023. STAFF COSTS The average monthty number of employees during the year was as follows: 2024 2023 Administration staff No employees received emoluments in eXsS of £60.OCM). COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES Unrestricted fund Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and other income 25.OIXI 25.000 Charitsble activities Coaching and courses Events 107,042 3,398 107,042 3,398 Other income 550 550 Total 135.990 135,990 EXPENDITURE ON Raising funds 7.605 7.605 Charitsble activities Admin Expense 127,478 127,478 Total 135.083 135,083 NET INCOME 907 907 RECONCILIATION OF FUNDS Total funds brought forward 13,615 13,615 Page 15 continued... Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6
THE HIVE FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES - continued Unrestricted fund Restricted funds Totsl funds TOTAL FUNDS CARRIED FORWARD 14,522 14,522 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Olher debtors Prepayments and accrued incnme 8,298 939 9,081 1,602 25,057 7,999 18,318 34,658 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Amounts owed to conneded companies Other creditors 1,003 6,251 28,546 6,115 5,834 28,547 35,800 40,496 MOVEMENT IN FUNDS Net movemenl in funds At 30.6.24 At 1.7.23 Unrestricted funds General hjnd 14.522 {26,014) (11,492) TOTAL FUNDS 14,522 {26,014) (11,492) Nel movemenl in funds, induded in the above are as follows.. Incoming resources ReSoUrS expended Movement in funds Unrestricted funds General fund 98.010 (124.024) (26.014) TOTAL FUNDS 98,010 (124.024) (26.014) Page 16 continued... Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6
THE HIVE FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024 MOVEMENT IN FUNDS- continued Comparatives for movement in funds Nel movement in funds At 30.6.23 At 1.7.22 Unrestricted funds General fund 13.615 907 14,522 TOTAL FUNDS 13,615 907 14,522 Comparative net movement in funds. induded in the above are as folkms: Incoming resources ReSoUrS expended Movement in funds Unrestricted funds General fvnd 135,9 {135,083) 907 TOTAL FUNDS 135.9 (135,083) 907 A current year 12 monlhs and prior year 12 months combined position is as follNs: Net movement in funds At 30.6.24 At 1.7.22 Unrestricted funds General fund 13,615 {25,107) (11,492) TOTAL FUNDS 13,615 {25,107) (11,492) A current year 12 months and prior year 12 rnonths combined net movement in fund5. induded in the above are as follows= Incoming resources ReSoUS expended Movement in funds Unrestricted funds General fvnd 234.0 (259.107) (25,107) TOTAL FUNDS 234,000 {259,107) (25,107) Page 17 continued... Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6
THE HIVE FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024 RELATED PARTY DISCLOSURES The charilable company has taken advantage of exemption. under the lemis of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,. not to disdose related paty transactions with wholly owned subsidiaries within the group. Amounts owed to group undertakings are noTrinterest bearing and repayable on demand. During the year. the Company undertook the following transactions with a number of companies under the control of Mr A A Kleanthous. Included within amounts owed by group undertakings is a balan of £6.251 (2023: 5.834) due to connected companies. During the year. the Company was charged rent of £12.000 (2023: £12,IXIO) from The HNe London Estates Ltd. Page 18 Document Ref.. ZFFTS-NPSNY-A9TG7-2V2D6