Company registration number: 07358159 Charity registration number: 1159016
The Hub-Yeovil Community Support Charity
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 December 2020
Milsted Langdon LLP Motivo House Alvington Yeovil Somerset BA20 2FG
The Hub-Yeovil Community Support Charity
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Statement of Trustees' Responsibilities | 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 to 10 |
| Statement of Cash Flows | 11 |
| Notes to the Financial Statements | 12 to 27 |
The Hub-Yeovil Community Support Charity
Reference and Administrative Details
Chief Executive Officer C Tuck, (resigned 7 February 2020) S Kibby (Joint CEO, appointed 23 April 2020) K Comber (Joint CEO, appointed 23 April 2020) Trustees K C Mauger (resigned 6 March 2020) N A Downton J S McCabe I Raby I A W Robinson J A Matthews (appointed 10 December 2020) Principal Office 13 Buckland Road Pen Mill Trading Estate Yeovil Somerset BA21 5EA The charity is incorporated in England and Wales, United Kingdom. Company Registration Number 07358159 Charity Registration Number 1159016 Independent Examiner Milsted Langdon LLP Motivo House Alvington Yeovil Somerset BA20 2FG
Page 1
The Hub-Yeovil Community Support Charity
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2020.
Trustees
K C Mauger (resigned 6 March 2020)
N A Downton
J S McCabe
I Raby
I A W Robinson
J A Matthews (appointed 10 December 2020)
Objectives and activities
Objects and aims
The objects of the Charity, as set out in the governing document, are:
"To relieve the needs of young people and adults with learning disabilities/difficulties, physical disabilities and emotional and social difficulties (trainees), in particular by providing skills training and support that will enable them to lead meaningful independent lives, fulfil their aspirations to work and make positive contributions to society."
We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help.
The review also helps us ensure our aim, objectives and activities remain focused on our states purposes.
Fundraising disclosures
The Charity did not have any fundraising events in 2020 due to the coronavirus pandemic.
Public benefit
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. The trustees consider how planned activities will contribute to the aims and objectives they have set.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Use of volunteers
The Charity has a small number of dedicated and much valued volunteers. The volunteers support the running of the scrapstore, drama and social groups and events but due to the coronavirus pandemic their involvement in 2020 was minimal.
Page 2
The Hub-Yeovil Community Support Charity
Trustees' Report
Achievements and performance
Key non-financial performance indicators
The Charity had a very challenging year in 2020 with the services closed for 27 weeks due to the pandemic. During this period the staff continued to regularly engage with our trainees via phone calls and Zoom meetings. This included activities, social chats, weekly quizzes' etc. When the Hub re-opened we had only reduced our trainee numbers by two and both of these cases were where the trainees had moved from the area.
Financial review
During the year ended 31 December 2020, the Charity had total income of £611,160 (2019: £481,175) and total expenditure of £550,176 (2019: £482,862). The income and expenditure realting to restricted funds was £32,443 (2019: £41,308) and £34,628 (2019: £35,978). The Charity was in receipt of Government grant income in relation to Coronavirus of £117,294.
Total funds at 31 December 2020 are £88,930 (2019: £27,946). This is split between unrestricted £(113,822) and restricted £202,752. Total funds at 31 December 2019 were £27,946. This was split between unrestricted £(175,756) and restricted £203,702. Total free reserves as at 31 December 2020 are in deficit by £127,251 (2019: deficit £188,791).
Policy on reserves
The Charity has improved its financial control systems over the last twelve months. Monthly detailed Profit and Loss statements ae provided for the Trustees and bank reconciliations and cashflow projections are carried out on a daily basis. A robust financial model is now in place with a target of retaining three months operation costs as reserves.
Funds in deficit
The Charity aims to have three months of operating costs (approximately £90,000 in reserves). The Charity does not plan to hold large amounts of reserves and any surpluses will be used to benefit the experience for our trainees. We are eroding the historic deficit due to one particular restricted fund as a matter of urgency.
Principal funding sources
The principal funding sources for the charity are currently by way of skills development training and social events/activities via the income from direct payments/personal budgets. There has been a slight decrease in income generated by the social enterprises.
Structure, governance and management
Nature of governing document
The charity was established as a company limited by guarantee (incorporated 26 August 2010) and registered as a charity with the Charity Commission (registered 29 October 2014). The affairs of the charity are governed by its memorandum and articles under which the members of the company are its trustees and control of the charity and its property and funds.
Recruitment and appointment of trustees
A more rigorous process is now in place for the recruitment and appointment of trustees. Trustees carry out a skills gap analysis before recruiting and now advertise more widely to find people with the required skills and experience.
Page 3
The Hub-Yeovil Community Support Charity
Trustees' Report
Induction and training of trustees
The Charity has an induction process for the recruitment of new trustees.
Arrangements for setting key management personnel remuneration
The trustees employ staff to run the day to day activities of the charity, with strategic decisions being taken at a trustee level.
The Chief Executive Officers' are considered to be key management personnel. The Chair carries out an annual appraisal of the Chief Executive Officers' and agrees their salary with the other trustees.
Major risks and management of those risks
Pricing
The Charity's main source of income is fees from trainees. The Local Authorities set up a daily rate for day services and this amount is charged to the individual dependent upon how many days they attend the Hub each month. If the Local Authority reduces the daily rate for day services or changes it policy/methodology, this is a risk to the Charity.
To mitigate this risk the Charity wants to become less reliant on Local Authority income and plans to increase other sources of income such as fund raising, cafe and scrapstore income, drama and social groups, and room hire.
Reputational risk
The Charity works with vulnerable adults with learning disabilities and autism. It is essential that the Charity provides professional services in a safe and secure environment.
The Charity has comprehensive safeguarding, whistle-blowing and other policies in place and staff are appropriately vetted and trained.
Government Policy
The Government could change their policies in how they see services for vulnerable adults delivered.
The Charity keeps up to date with any Government press releases, changes in legislation and maintains effective relationships with key stakeholders.
Financial instruments
Objectives and policies
The Charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk.
Cash flow risk
The Charity’s activities expose it primarily to the financial risks of changes in interest rates. The Charity does not currently hold any interest bearing assets or liabilities.
Page 4
The Hub-Yeovil Community Support Charity
Trustees' Report
Credit risk
The Charity’s principal financial assets are bank balances and cash, trade and other receivables.
The Charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The Charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
The Charity's liquidity risk is attributable to it's level of cash and credit lines available.
The annual report was approved by the trustees of the charity on 30 September 2021 and signed on its behalf by:
......................................... N A Downton Trustee
......................................... I Raby Trustee
Page 5
The Hub-Yeovil Community Support Charity
Statement of Trustees' Responsibilities
The trustees (who are also the directors of The Hub-Yeovil Community Support Charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees 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 charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on 30 September 2021 and signed on its behalf by:
......................................... N A Downton Trustee
......................................... I Raby Trustee
Page 6
The Hub-Yeovil Community Support Charity
Independent Examiner's Report to the trustees of The Hub-Yeovil Community Support Charity
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which are set out on pages 8 to 27.
Respective responsibilities of trustees and examiner
As the charity’s trustees of The Hub-Yeovil Community Support Charity (and also its directors for the purposes of company law) you 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 Hub-Yeovil Community Support 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
Since The Hub-Yeovil Community Support Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of The Hub-Yeovil Community Support Charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I 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 accounts to be reached.
...................................... Gill Freeman ACA
Milsted Langdon LLP Motivo House Alvington Yeovil Somerset BA20 2FG
30 September 2021
Page 7
The Hub-Yeovil Community Support Charity
Statement of Financial Activities for the Year Ended 31 December 2020 (Including Income and Expenditure Account)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Other income 6 Total income Expenditure on: Raising funds 7 Charitable activities 8 Other expenditure 10 Total expenditure Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 22 |
Unrestricted £ 60,885 378,228 20,810 118,794 578,717 (25,403) (490,145) - (515,548) 63,169 (1,235) 61,934 (175,756) (113,822) |
Restricted £ 32,443 - - - 32,443 (6,341) (28,287) - (34,628) (2,185) 1,235 (950) 203,702 202,752 |
Total 2020 £ 93,328 378,228 20,810 118,794 611,160 (31,744) (518,432) - (550,176) 60,984 - 60,984 27,946 88,930 |
Total 2019 £ 68,027 328,608 84,540 - |
|---|---|---|---|---|
| 481,175 | ||||
| (73,353) (409,433) (76) |
||||
| (482,862) | ||||
| (1,687) - |
||||
| (1,687) 29,633 |
||||
| 27,946 |
All of the charity's activities derive from continuing operations during the above two periods.
The Statement of Financial Activites include all gains and losses recognised in the period, accordingly a separate Statement of Comprehensive Income has not been presented.
The funds breakdown for 2019 is shown in note 22.
The notes on pages 12 to 27 form an integral part of these financial statements. Page 8
The Hub-Yeovil Community Support Charity
(Registration number: 07358159) Balance Sheet as at 31 December 2020
| Note Fixed assets Tangible assets 15 Current assets Stocks 16 Debtors 17 Cash at bank and in hand 18 Creditors: Amounts falling due within one year 19 Net current liabilities Net assets Funds of the charity: Restricted 22 Unrestricted income funds Unrestricted 22 Total funds 22 |
2020 £ 91,901 1,000 959 22,854 24,813 (27,784) (2,971) 88,930 202,752 (113,822) 88,930 |
2019 £ 69,985 1,000 6,204 8,972 |
|---|---|---|
| 16,176 (58,215) |
||
| (42,039) | ||
| 27,946 | ||
| 203,702 (175,756) |
||
| 27,946 |
The notes on pages 12 to 27 form an integral part of these financial statements. Page 9
The Hub-Yeovil Community Support Charity
(Registration number: 07358159) Balance Sheet as at 31 December 2020
For the financial year ending 31 December 2020 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements on pages 8 to 27 were approved by the trustees, and authorised for issue on 30 September 2021 and signed on their behalf by:
......................................... N A Downton Trustee
......................................... I Raby Trustee
The notes on pages 12 to 27 form an integral part of these financial statements. Page 10
The Hub-Yeovil Community Support Charity
Statement of Cash Flows for the Year Ended 31 December 2020
| Note Cash flows from operating activities Net cash income/(expenditure) Adjustments to cash flows from non-cash items Depreciation 8 Working capital adjustments Decrease in debtors 17 Increase/(decrease) in creditors 19 Net cash flows from operating activities Cash flows from investing activities Purchase of tangible fixed assets 15 Sale of tangible fixed assets Net cash flows from investing activities Cash flows from financing activities Repayment of loans and borrowings 19 Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December |
2020 £ 60,984 17,038 78,022 5,245 6,369 89,636 (38,954) - (38,954) (36,800) 13,882 8,972 22,854 |
2019 £ (1,687) 11,833 |
|---|---|---|
| 10,146 18,583 (14,363) |
||
| 14,366 | ||
| (28,852) 1,126 |
||
| (27,726) (13,200) |
||
| (26,560) 35,532 |
||
| 8,972 |
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 12 to 27 form an integral part of these financial statements. Page 11
The Hub-Yeovil Community Support Charity
Notes to the Financial Statements for the Year Ended 31 December 2020
1 Charity status
The charity is limited by guarantee, incorporated in England and Wales, United Kingdom, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.
The address of its registered office is: 13 Buckland Road Pen Mill Trading Estate Yeovil Somerset BA21 5EA
These financial statements were authorised for issue by the trustees on 30 September 2021.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
Basis of preparation
The Hub-Yeovil Community Support Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
In light of the rapid global spread of the Coronavirus "COVID-19" in early 2020, the trustees have reviewed projections and budgets for the next twelve months. From April 2021 the restrictions in place are easing allowing students back to the 'Hub' and the Cafe to re-open. Following this review, the trustees consider there to be little impact on the Charity's ability to act as a going concern.
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Page 12
The Hub-Yeovil Community Support Charity
Notes to the Financial Statements for the Year Ended 31 December 2020
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.
Gift aid
Incoming resources from tax reclaims are included in the Statement of Financial Activities at the same time as the gift to which they relate.
Other trading activities
Other trading activities income is recognised when the income is received.
Charitable activities
Income from charitable activites is recognised when the income is received.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Page 13
The Hub-Yeovil Community Support Charity
Notes to the Financial Statements for the Year Ended 31 December 2020
Other expenditure
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £50 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Property improvements depreciated over the life of the lease Furniture and equipment 25% straight line Motor vehicles 25% reducing balance
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
Page 14
The Hub-Yeovil Community Support Charity
Notes to the Financial Statements for the Year Ended 31 December 2020
Trade debtors
Trade debtors are amounts due from customers 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 charity will not be able to collect all amounts due according to the original terms of the receivables.
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the charity 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Page 15
The Hub-Yeovil Community Support Charity
Notes to the Financial Statements for the Year Ended 31 December 2020
Pensions and other post retirement obligations
The Charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the Charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current or prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activites when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows;
Recognition and measurement
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.
Cash at bank - is classified as a basic financial instrument and is measured at face value.
Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
3 Income from donations and legacies
| Donations and gifts Gift aid reclaimed Other income including grants |
Unrestricted General £ 50,805 10,080 - 60,885 |
Restricted £ - - 32,443 32,443 |
Total 2020 £ 50,805 10,080 32,443 93,328 |
Total 2019 £ 44,207 - 23,820 |
|---|---|---|---|---|
| 68,027 |
£60,885 (2019 - £26,719) of the income above was attributable to unrestricted funds and £32,443 (2019 - £41,308) attributable to restricted funds.
Page 16
The Hub-Yeovil Community Support Charity
Notes to the Financial Statements for the Year Ended 31 December 2020
4 Income from charitable activities
| Sales within charitable activities Charitable rental income |
Unrestricted General £ 376,663 1,565 378,228 |
Total 2020 £ 376,663 1,565 378,228 |
Total 2019 £ 323,901 4,707 |
|---|---|---|---|
| 328,608 |
£378,228 (2019 - £328,608) of the income above was attributable to unrestricted funds and £Nil (2019 - £Nil) attributable to restricted funds.
5 Income from other trading activities
| Cafe and scrap sales Fundraising income |
Unrestricted General £ 20,810 - 20,810 |
Total 2020 £ 20,810 - 20,810 |
Total 2019 £ 81,466 3,074 |
|---|---|---|---|
| 84,540 |
£20,810 (2019 - £84,540) of the income above was attributable to unrestricted funds and £Nil (2019 - £Nil) attributable to restricted funds.
6 Other income
| Coronavirus job retention scheme Coronavirus business support Other income |
Unrestricted funds General £ 107,294 10,000 1,500 118,794 |
Total 2020 £ 107,294 10,000 1,500 118,794 |
Total 2019 £ - - - |
|---|---|---|---|
| - |
£118,794 (2019 - £Nil) of the income above was attributable to unrestricted funds and £Nil (2019 - £Nil) attributable to restricted funds.
Page 17
The Hub-Yeovil Community Support Charity
Notes to the Financial Statements for the Year Ended 31 December 2020
7 Expenditure on raising funds
a) Costs of trading activities
| Fundraising trading costs: Raising funds |
Unrestricted General £ 25,403 25,403 |
Restricted £ 6,341 6,341 |
Total 2020 £ 31,744 31,744 |
Total 2019 £ 73,353 |
|---|---|---|---|---|
| 73,353 |
£25,403 (2019 - £55,883) of the expenditure above was attributable to unrestricted funds and £6,341 (2019 - £17,470) attributable to restricted funds.
8 Expenditure on charitable activities
| Note Depreciation Legal and professional fees Insurance costs Repairs and maintenance Motor expenses Consultancy fees Rent and rates Bank charges Postage and stationary Sundry expenses Accountancy fees Lofty Therapy Horses Other charitable expenditure Staff costs Governance costs 9 |
Unrestricted General £ 3,677 4,243 5,148 9,404 663 7,293 46,360 615 1,376 1,598 1,730 8,849 955 390,770 7,464 490,145 |
Restricted £ 13,361 92 - - - 3,625 4,000 - - - - - - 7,209 - 28,287 |
Total 2020 £ 17,038 4,335 5,148 9,404 663 10,918 50,360 615 1,376 1,598 1,730 8,849 955 397,979 7,464 518,432 |
Total 2019 £ 11,833 329 4,330 13,526 5,260 14,060 39,031 564 2,641 1,609 - 9,454 2,546 299,978 4,272 |
|---|---|---|---|---|
| 409,433 |
Page 18
The Hub-Yeovil Community Support Charity
Notes to the Financial Statements for the Year Ended 31 December 2020
£490,145 (2019 - £390,925) of the expenditure above was attributable to unrestricted funds and £28,287 (2019 - £18,508) attributable to restricted funds.
9 Analysis of governance and support costs
Governance costs
| Independent examiner fees Examination of the financial statements Other fees paid to examiners Other governance costs 10 Other expenditure (Profit)/Loss on sale of tangible fixed assets held for own use |
Unrestricted funds General £ 1,080 6,351 33 7,464 Note charity's |
Total 2020 £ 1,080 6,351 33 7,464 Total 2020 £ - - |
Total 2019 £ 1,800 2,424 48 |
|---|---|---|---|
| 4,272 | |||
| Total 2019 £ 76 |
|||
| 76 |
£Nil (2019 - Loss of £76) of the expenditure above was attributable to unrestricted funds and £Nil (2019 - £Nil) attributable to restricted funds.
11 Net incoming/outgoing resources
Net incoming/(outgoing) resources for the year include:
| Operating leases - plant and machinery Operating leases - other assets Loss on disposal of fixed assets held for the charity's own use Depreciation of fixed assets Independent examination fees Other accountancy services |
2020 £ 1,152 48,000 - 17,173 1,080 6,351 |
2019 £ 3,504 40,000 76 11,833 1,800 2,424 |
|---|---|---|
Page 19
The Hub-Yeovil Community Support Charity
Notes to the Financial Statements for the Year Ended 31 December 2020
12 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses from the charity during the year.
13 Staff costs
The aggregate payroll costs were as follows:
| The aggregate payroll costs were as follows: | ||
|---|---|---|
| Staff costs during the year were: Wages and salaries Social security costs Pension costs Redundancy costs |
2020 £ 359,822 22,985 5,793 9,379 397,979 |
2019 £ 273,472 21,566 4,940 - |
| 299,978 |
The monthly average number of persons (including senior management team) employed by the charity during the year was as follows:
| Average number of employees | 2020 No 22 |
2019 No 17 |
|---|---|---|
No employee received emoluments of more than £60,000 during the year.
The total employee benefits of the key management personnel of the charity were £6,540 (2019 - £16,550).
The chief executive officers, as the highest paid members of staff, received benefits totalling £54,132 (2019 - £62,595).
14 Taxation
The charity is a registered charity and is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Page 20
The Hub-Yeovil Community Support Charity
Notes to the Financial Statements for the Year Ended 31 December 2020
15 Tangible fixed assets
| Property improvements £ Cost At 1 January 2020 61,828 Additions 31,626 At 31 December 2020 93,454 Depreciation At 1 January 2020 9,709 Charge for the year 8,695 At 31 December 2020 18,404 Net book value At 31 December 2020 75,050 At 31 December 2019 52,119 |
Furniture and equipment £ 50,138 7,328 57,466 37,146 6,718 43,864 13,602 12,992 |
Motor vehicles £ 6,500 - 6,500 1,626 1,625 3,251 3,249 4,874 |
Total £ 118,466 38,954 157,420 48,481 17,038 65,519 91,901 69,985 |
|---|---|---|---|
Included within the net book value of land and buildings above is £Nil (2019 - £Nil) in respect of freehold land and buildings and £75,050 (2019 - £52,119) in respect of leaseholds.
16 Stock
| Stocks 17 Debtors Trade debtors Other debtors |
2020 £ 1,000 2020 £ 959 - 959 |
2019 £ 1,000 |
|---|---|---|
| 2019 £ 6,181 23 |
||
| 6,204 |
Page 21
The Hub-Yeovil Community Support Charity
Notes to the Financial Statements for the Year Ended 31 December 2020
18 Cash and cash equivalents
| Cash on hand Cash at bank |
2020 £ 191 22,663 22,854 |
2019 £ 97 8,875 |
|---|---|---|
| 8,972 |
19 Creditors: amounts falling due within one year
| 19 Creditors: amounts falling due within one year | ||
|---|---|---|
| Trade creditors Other loans Other taxation and social security Other creditors Accruals |
2020 £ 3,596 - 5,916 - 18,272 27,784 |
2019 £ 3,368 36,800 6,610 37 11,400 |
| 58,215 |
20 Obligations under leases and hire purchase contracts
The total value of future minimum lease payments was as follows:
| The total value of future minimum lease payments was as follows: | ||
|---|---|---|
| Within one year In two to five years In over five years |
2020 £ 48,288 192,000 680,000 920,288 |
2019 £ 8,288 - - |
| 8,288 |
The lease commitments disclosed above relate to leasehold property £48,000 and a coffee machine £648, being the commitment at the balance sheet date. The leasehold property lease was renewed on 25 February 2020 with a contractual term ending on 24 February 2040 at an initial rate of £40,000 per annum. Included in the lease is a break clause being every 5 years from the date of the lease. The coffee machine lease was renewed on 29 March 2019 with a contractual term of 12 months at a monthly fee of £80 plus VAT.
21 Pension and other schemes
Defined contribution pension scheme
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £5,793 (2019 - £4,940).
Page 22
The Hub-Yeovil Community Support Charity
Notes to the Financial Statements for the Year Ended 31 December 2020
22 Funds
| Unrestricted funds General Unrestricted Restricted funds LPR Consulting LLP Furniture Grant Somerset Community Foundation Yarlington Housing Community Fund Schuh Foundation Fund Battens Grant Fund National Lottery Community Fund St James Place Charitable Trust Screwfix Grant Reach Grant Somerset County Council - PPE Grant Dorset County Council - PPE Grant Open Mental Health Network Yarlington Housing - Enterprise Investment Fund Total restricted funds Total funds |
Balance at 1 January 2020 £ (175,756) 185,133 963 - 2,050 1,672 500 5,759 1,000 5,000 1,625 - - - - 203,702 27,946 |
Incoming resources £ 578,717 - - 4,000 - - - 5,100 - - - 1,343 500 1,500 20,000 32,443 611,160 |
Resources expended £ (515,548) (9,509) (2,198) (4,000) (800) (557) (348) (10,859) (111) (556) (1,625) (1,343) (500) - (2,222) (34,628) (550,176) |
Transfers £ (1,235) - 1,235 - - - - - - - - - - - - 1,235 - |
Balance at 31 December 2020 £ (113,822) 175,624 - - 1,250 1,115 152 - 889 4,444 - - - 1,500 17,778 |
|---|---|---|---|---|---|
| 202,752 | |||||
| 88,930 |
Page 23
The Hub-Yeovil Community Support Charity
Notes to the Financial Statements for the Year Ended 31 December 2020
| Unrestricted funds General Unrestricted Restricted LPR Consulting LLP Furniture Grant Andy Lovell Yarlington Housing Community Fund Schuh Foundation Fund Battens Grant Fund National Lottery Community Fund St James Place Charitable Trust Screwfix Grant Reach Grant Total restricted funds Total funds |
Balance at 1 January 2019 £ (168,739) 192,016 6,356 - - - - - - - - 198,372 29,633 |
Incoming resources £ 439,867 - - 5,000 2,850 2,229 500 9,909 1,000 5,000 14,820 41,308 481,175 |
Resources expended £ (446,884) (6,883) (5,393) (5,000) (800) (557) - (4,150) - - (13,195) (35,978) (482,862) |
Balance at 31 December 2019 £ (175,756) 185,133 963 - 2,050 1,672 500 5,759 1,000 5,000 1,625 |
|---|---|---|---|---|
| 203,702 | ||||
| 27,946 |
Page 24
The Hub-Yeovil Community Support Charity
Notes to the Financial Statements for the Year Ended 31 December 2020
The specific purposes for which the funds are to be applied are as follows:
The unrestricted funds are available to be used at the trustees discretion to further the objects of the charity.
The LPR Consulting LLP fund was donated to purchase a residential property for a trustee to live in to enable them to fulfil their role within the charity. Rental income was receivable during the period of occupancy. The property was subsequently sold and the funds remain restricted to spend on the repayment of debts and/or expand the operations of the charity.
The Furniture Grant was donated to enable the charity to purchase furniture for its facility.
The Yarlington Housing Community Fund represents the net book value of assets purchased from the money donated for the purchase of a fridge and freezer. Depreciation is written off annaully against the restricted fund.
The Schuh Foundation Fund represents the net book value of assets purchased from the money donated for the purchase of a dishwasher. Depreciation is written off annaully against the restricted fund.
Battens Grant Fund was donated to enable the charity to carry out first aid training.
National Lottery Community Fund relates to a grant to enable the charity to carry our poetry sessions for their trainees. There was also an additional grant in the year to enable the charity to continue to keep in contact with the trainees during lockdown.
St James Place Charitable Trust relates to money donated to be spent towards renovation works. The balance represents the net book value of the assets purchased for renovation works. Depreciation is written off annaully against the restricted fund.
Screwfix Grant relates to money donated to be spent towards renovation works. The balance represents the net book value of the assets purchased for renovation works. Depreciation is written off annaully against the restricted fund.
Reach Grant relates to a grant to enable the charity to prepare a detailed financial business plan in relation to a proposed mezzanine floor.
Somerset County Council Fund and Dorset County Council Fund was donated to enable the charity to purchase PPE equipment.
The Somerset Community Foundation Fund was donated to help towards the rent of Edwards House which was temporarily rented so that the charity could spread their trainees over two sites for social distancing purposes.
The Yarlington Housing Enterprise Investment Fund was for improvements to the building where the charity installed an internal roof on the warehouse and made other improvements in the kitchen and warehouse area. This balance represents the net book value of the assets purchased for renovation works. Depreciation is written off annaully against the restricted fund.
The Open Mental Health Network grant was donated for trips for the charity's trainees. This was not spent in 2020 due to the lockdown but will be spent in September 2021.
Page 25
The Hub-Yeovil Community Support Charity
Notes to the Financial Statements for the Year Ended 31 December 2020
23 Analysis of net assets between funds
| 23 Analysis of net assets between funds | |||
|---|---|---|---|
| Tangible fixed assets Current assets Current liabilities Total net assets Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 13,429 (99,467) (27,784) (113,822) Unrestricted funds General £ 13,035 (130,576) (58,215) (175,756) |
Restricted funds £ 78,472 124,280 - 202,752 Restricted funds £ 56,950 146,752 - 203,702 |
Total funds at 31 December 2020 £ 91,901 24,813 (27,784) |
| 88,930 | |||
| Total funds at 31 December 2019 £ 69,985 16,176 (58,215) |
|||
| 27,946 |
24 Analysis of net funds
| 24 Analysis of net funds | |||
|---|---|---|---|
| Cash at bank and in hand Net debt Cash at bank and in hand Net debt |
At 1 January 2020 £ 8,972 8,972 At 1 January 2019 £ 35,532 35,532 |
Cash flow £ 13,882 13,882 Cash flow £ (26,560) (26,560) |
At 31 December 2020 £ 22,854 |
| 22,854 | |||
| At 31 December 2019 £ 8,972 |
|||
| 8,972 |
Page 26
The Hub-Yeovil Community Support Charity
Notes to the Financial Statements for the Year Ended 31 December 2020
25 Financial instruments
Categorisation of financial instruments
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Financial | assets that are debt instruments measured at amortised | ||
| cost | 959 | 6,204 | |
| Financial | liabilities measured at amortised cost | 21,868 | 51,605 |
26 Related party transactions
During the year the charity made the following related party transactions:
Mr I Raby
(Trustee)
During 2018, Mr I Raby advanced a £50,000 loan to the charity. From January 2019, the charity commenced repaying the loan in monthly insalments of £1,100. The loan has been repaid in full without interest in January 2020 with the remaining £36,000 donated to the charity from Mr I Raby. At the balance sheet date the amount due to/from to Mr I Raby was £Nil (2019 - £36,800).
Mr C Tuck
(CEO)
Expenses were reimbursed totalling £Nil (2019: £22) in the year. At the balance sheet date the amount due to/from Mr C Tuck was £Nil (2019 - £Nil).
Mr S Kibby
(CEO)
The Charity has paid for rent for Unit 13 Buckland Road since 7 February 2018. The lease agreement is between Trustees of the Minerva Sipp, Stephen John Kibby and The Hub Yeovil Community Support Charity. The last payment to Minerva Sipp was on 24th August. Mr S Kibby no longer has an interest in the unit as the unit was sold during the year. The rental payments in the period are £29,841 (2019: £48,000).
Mr S Kibby donated £1,200 (2019: £Nil) to the charity. At the balance sheet date the amount due to/from Mr S Kibby was £Nil (2019 - £Nil).
Mr N Downton
(Trustee)
During the year, the Hub has received £32 (2019: £32) in relation to room hire from Mr N Downton. At the balance sheet date the amount due to/from Mr N Downton was £Nil (2019 - £Nil).
Page 27