Company registration number.. 08409289 Charity registration number.. 1162412 Honiton Community Complex TIA The Beehive IA company limited by guaranleel Annual Report and Financial Slalements for the Year Ended 31 March 2024 WESTCOTTS TERED A¢COUNtANrs & QUSINESS ADVISERS
Honiton Community Complex TIA The Beehive Contents Referen and Administrative Details Trustees, Report 2108 Independent Examiner's Report 91010 Slalemenl of Financial Activities 11 Balance Sheet 121013 Notes lo the Financial Statements 14to27
Honiton Community Complex TIA The Beehive Reference and Administrative Details Chairman K Wilson Trustees K Wilson S Boyd R Sexton C Dougherty C Nissen S Sexton Senior Managementi Leadership Team S Bonella. Manager C Reller, Deputy manager R Larsson-carter. Marketing manager V Davis, Programme and events manager Charity Registration Number 1162412 Company Registratlon Number 08409289 The charity is incorporated in England and Wales. The company a150 trades under the name The Beehive. Registered Office The Beehive Dowell Street Honilon Devon EX14 1LQ Independent Examiner Weslcotts ISWI LLP Independent examiner Queens House 42-44 New Street Honilon Devon EX14 1BJ Solicitors: Michelmores Woodwaler Hou Pynes Hill Exeter Devon EX2 5WR Bankors Lloyds Honilon 82 High Street Honilon Devon EX14 1JJ Page 1
Honiton Community Complex TIA The Beehive Trustees, Report The Trustees Iwho are also directors of the Charity for the purposes of the Companies Acts) present their annual report together with the financial statements of Honilon Community Complex Ilhe Charity) for the year ended 31 March 2024. The Trustees confirm that the annual report and financial statements of the Charity comply wlh the current slalulory requirements, the requirements of the Charity's governing document and the provisions of the Stalerllenl of Recommended Practi ISORPI. applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leIftiVe 1 January 20191. Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omilled The Company also trades under the name The Beehive. Page 2
Honiton Community Complex TIA The Beehive Trustees, Report Objectives and activities a. Policies and objectives In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefit, as well as to the Charity's charitable objects, as approved by Honilon Town Council and set forth in ils Articles of Association. These refer to the advancement of education in the arts, lo asswialing local residents, authorities and voluntary organisalions lo provide facilities in the interest of social welfare for recre3lion and leisure time occupations, and the eslablishmenl, Maintenan and management of a community cenlre. b. Activities undertaken to achieve objectives In order to achieve these objectives, Honilon Town Council and the Charity entered into a 10-year lease of the community centre known as The Beehive and a Service Level Agreement, both commencing on 11 September 2015 and expiring on 10 September 2025. Community organisalions benefit from concessional room hire rates. The activities of the Charity directed lo ils charitable objects consist principally of the followng". 1. Artistic and cultural activities including theatre, live musical F)erformances of all kinds, cinema, dances, craft fairs and exhibitions of local works of art. 2. Room hire lo local community groups and organisalions, including various public sector organisalions. for the purposes ol education, training, leisure activities and communal worship. 3. The Beehive Cafe together wth the bar provide a meeting point and social centre for members of the public, both generally and for those taking part in the activities referred lo above. The cafélbar is run by a tholly-owned subsidiary of the Charity, Beehive Hospitality Limited I'BHL": see below.) 4. Honiton Town Council's offices are wthin the Beehive building and its presence sils well with the social and community aspects of the Charity's objectives. 5. Upkeep of the building, which is key lo the Charity's charitable activities. c. Volunteers The Board acknowledges wth gratitude the continued enthusiasm, hard work and commitment of the volunteers from the community who help lo staff the Beehive. The hours worked by our volunteers significanuy reduce al would be a huge wage bill wthoul them. Page 3
Honiton Community Complex TIA The Beehive Trustees. Report Public benefrt The trustees confimi that they have complied Nvilh the requirements of section 17 of the Charities Act 2011 to have due regard lo the public benefit guidan published by the Charity Commission for England and Wales. Achievements and perforn)ance Followng the appointment of staff lo most of the managerial roles at the end of the previous financial year the staff team began lo develop successful working relationships and went on the operate The Beehive very successfully throughout this current financial year. The trustees would like lo thank all the staff for their continuing hard work lch has contributed immensely lo the success of The Beehive. Following the publication of the Business Plan for 2022 - 2025, the trustees review the Business Plan monthly and a schedule of action points is updated accordingly. The room hires have Increased by 230/0 during this year wlh more regular bookings being taken from both private and public sector groups and organisalions. These Included bookings such as blood doning, luilion for excluded children and pilales classes. Aller the 'Covid years, It was good to see The Beehive relurnirrfJ to business as usual although audience numbers still tended to fluctuate particulady for the cinema wlh the increased use of other streaming facilities al home such as Netflix and Disney. We are grateful for the continued sponsorship of the Nostalgia cinema events by Churchi15 Retirement Living which enabled this valuable Servi to continue and be enjoyed by the memory clinic and other membersof the community. As the Beehive café continued lo expand it became clear that more permanent staff were required lo manage the day lo day running of café as well as overseeing the training and supervision of the volunteers. A cafè manager was appointed in October 2023 followed by a café supervisor in November 2023. The café has added to the welcoming atmosphere within The Beehive and provides buffet lunches for groups who hire the meeting rooms. The Café is also the venue for some new groups that were established such as the fortnighlly craft group and the weekly group who meet lo play board games. It's also used as a more informal meeting space for ad-hoc sma15er meetings. Page 4
Honiton Community Complex TIA The Beehive Trustees. Report Financial review Going concern These accounts have been prepared on the going concern basis. Throughout the year of account, the Charity's reseNes have conformed with the policy sel out below, and al the dale of signature of this ReKK)rt the Tru51ees are confident that wlh the Town Council's financial support as described above the Charity will be able lo continue lo operate for the foreseeable future. Following a decision taken by Honiton Town Council lo continue to underwTite the losses of HCC up lo a maximum level Df £5.000 per month, the financial pressures on Honilon Community Complex IHCCI were subslanlially reduced. The managerial accounts were reviewed by HTC every month and a decision taken on the amount ol underwriting lo be provided. The Trustees are greatly Indebted to the Town Council for this contribution. b. Reserves policy The Charity's policy on reserves is lo maintain, in its monthly management accounts and its annual accounts, nel assets sufficient lo accommodate the liquidity required by all businesses in amounts varying from time lo lime, and also to provide for an orderly a1 solvent wnding-down of the business should the necessity arise The laller is most likely to occur on tem)inalion of the lease of the building, either by operation of the break clause or al the end of the len-year term in September 2025. The Trustees monitor the nel assets of the Charity with these criteria in mind, and throughout the year ol account were satisfied that they were mel. c. Financial performance We would add the follomring notes on certain aspects.. 1. The Compromise Agreement of 12 November 2019 and the Deed of Variation on 30 March 2021 replaced the servi Charge based on the cost lo the Charity of running the Beehive building with a fixed New servi Charge of £10,000 p. a, with effect from 1 April 2020. During the year of account, the Charity received an increased amount of £11,OOOpa from the Town Council In quartedy instalmenls by way of the New Service Charge. 2. No Donations were made lo other charities during the year of account owng to financial ConstrantS. although several local comrnunity groups enjoyed reduced room hire rates. 3. The general public continued lo support the Beehive with minor casual donations. In particular when an event is cancelled due lo circumstances beyond our control a proportion of the lickel holders usually refuse a refund and ask us lo keep their money as a donation. 4. As in previous years 1000/0 of the takings of Beehive Hospitality Limited were donated to the Charity. 5. Reserves and working capital are kept under review continually by the Trustees. who have ad-only access online lo the Charity's accounting records and bank account. Monthly profil and loss accounts and balance sheets are seen by Trustees after the end ol each month, and before each meeting Trustees receive a report with key data including bank balances, creditors, lickels sold In advance and event financial performan. Page 5
Honiton Community Complex TIA The Beehive Trustees, Report 6. A new Business Plan was prepared by the Trustees which covers the period from the present lo the end of the 10-year lease in September 2025 and lay the foundation for the Charity's bid for the contract lo continue to run the Beehive from then on. 7. The major risk lo which the Charity is exposed are identified by the Trustees and regularly updated and reviewed during the year Where appropriate, insurance cover is effected lo mitigate risks. 8. The Slalemenl of Financial Aclivib'es show incoming resources for the year of a revenue nature of £424,278 12023 £321,808) and outgoing resources of a revenLE nature of £431,308 12023 £333,103>, making a nel delicil of £7,03012023 £11,295 deficit). The total free unrestricted reserves al the year end sland al £44,25812023- £51,288) d. Principal risks and uncertainties The system and procedures to manage major risks are covered by the Directors by way of.. 1. Trustees meetings 2. Ongoing reference to the existing Business Plan and work on the new draft plan 3. Organisalional risk assessments 4. Financial monitoring 5. Ongoing review of health and safely issues The principal risk and uncertainly this year is ltte underwTiling to be provid1 by HTC and if this wll continue. Its impact on our profit and loss account sel out above. The approach of the end of our 10-year lease of the Beehive building also casts a shadow of uncertainly over our activities, making il more difficult lo plan ahead and relain the enthusiasm of staff and volunteers. We are looking at systems lo monitor or profitability and indicate ways lo increase our income and efficiency. Many similar establishments in this country are in like straits. Page 6
Honiton Community Complex TIA The Beehive Trustees, Report structure, 9overnance and management a. Constitution The Charity is registered al Companies House as a company limited by guarantee under number 08409289 and 15 conslituled under a Memorandum of Association dated 19 February 2013 Mrilh Articles of Association adopted on 31 March 2015. 11 is also registered wlh the Charity Commission as a Charity under number 1162412. The Charity's objects I'objects'l are specifically restricted lo the following.. 1. To advan the education of the public in Honilon and East Devon, in particular Ibut wlhoul limilali(Ml in the arts., 2. To further or benefit the residents of Honiton and East Devon, without distinction of age, sex, sexual orientation, race or of politi1, ieligious or other opinions by associating together the said residents and the local authorities. voluntary ar)d other organisalions operating in those areas in a common effort to provide facilities In the interests of social welfare for recreation and leisure lime occupation with the objective of improving the conditions of life for the residents,. and 3. To advance, lor the benefit of the public in Honilon and East Devon, such other purposes as are exclusively charitable under the law of England and Wales as the Directors may from lime lo time delerrnine., in particular (but without limilationl by the establishment. Maintenan and managernenl of a community centre for charitable activities promoted by the Charily.Slruclure, governance and management Iconlinuedl b. Methods of appointment or election of Trustees New Trustees may be nominated by the Charity Members, the existing Trustees or Honiton Town Council Nominees and appointees are subject lo meeting the qualification criteria as defined by the Articles of Association as well as the Board of Trustees, approval, and they are invited lo allend Board Meetings for a trial period, after which both parties confimi or otherwise their desire lo pursue the aptx)inlmenL The Articles of Association limit the numbers and voting power of local aulhorily-inlluenced trustees and the voting wwer of local authorities or companies controlled by them, to avoid the Charity becoming Local Authority influenced or controlled Currer)Ily, one HTC Councillor, Cllr Serena Sexton has voting FX)wer 11 was wlh great dis8ppointment that Judith Stewart resigned as a Iruslee in October 2023 due to retuming lo live in Scotland c. Members Individuals who SUPF)Ort the Beehive are encouraged lo become members of the Company. Their liability is limited lo £12. and they are known as Charity Members. They pay a nominal subscription. currently £12. Currently there are about 35, and many work as volunteers al the 8eehive. Page 7
Honiton Community Complex TIA The Beehive Trustees, Report Statement of trustees. responsibilities The trustees (who are also the directors of Honiton Community Complex TIA The Beehive for the purposes of company lawl are responsible for preparing the Iruslees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards IUn11ed Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK 2nd Republic of Ireland Company law requires the Iruslees to prepare financial statements for each financial year. Under company law the Iruslees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs ot the charitable company and of the incoming resources and application of resources, including ils income and expenditure, of the charitable ompany for that period. In preparing these financial stalemenls, the trustees are required to.. select suitable accounting policies and apply them consistently., observe the melhcKls and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent.. stale whether applicable accounting standards, comprising FRS 102 have been followed, subject lo any maleiial departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the charitable company wll continue in business. The Iruslees are responsible for keeping proper accounting records that can disclose wlh reasonable accuracy al any lime the financial position of the charitable company and enable them lo ensure that the financial statements comply wlh the Companies Act 2006 They are also responsible for feguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Iruslees are responsible for the maintenance and integrity of the corF)orale and financial information included on the charitable company's website. Legislation governing the preparation and dissemination ol financi81 statements may differ from IlatIon in other jurisdictions. The annual report was approved by the Iruslees of the charity on .2Y. I..l.Y*. and behalf by signed on its K Wilson Chairman and trustee Page 8
Honiton Community Complex TIA The Beehive Independent Examiner's Report to the trustees of Honiton Community Complex TIA The Beehive ('the Company,) I report lo the charity trustees on my examination ol the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity s Iruslees of the Company land also ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accoidance with the requirements of the Companies Act 20061'lhe 2006 Acl'l. Having satisfied myself that the accounts of the Compar¢y 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 I'lhe 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement Since the Company's gross Income exeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confimi that l am qualified lo undertake the examination because l am a member of Westcotls ISWI LLP, which is one of the listed bodies. I have Completed my examination I confimi that no mallers have come lo my attention in connection with the examination giving me cause to believe". 1. accounting records were not kept in respect of Honiton Community Complex TIA The Beehive as required by section 386 of the 2006 Act,. or 2. the accounts do not accord wlh those records,. or 3. 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 'lnJe and fair view which is not a maller considered as part of an independent examination., or 4. the accounts have not been prepared In accordance with the melhcKls and principles of the Statement of Recommended Practi for accounting and reporting by charities lapplicable lo charities preparing Iheir accounts in accordance with the FinanciJ Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other mallers in connection wth the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Page 9
Honiton Community Complex TIA The Beehive Independent Examiner's Report to the trustees of Honiton Community Complex TIA The Beehive {'the Company,) Mr N Smy ACA Independent examiner Westcotts {SWl LLP Queens House 4244 New Street Honiton Devon EX14 1BJ Page 10
Honiton Community Complex TIA The Beehive Statement of Financial Activities for the Year Ended 31 March 2024 Ilncluding Income and Expenditure Account and Statement of Totsl Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Totsl 2023 Note Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investment income 91,095 308,349 142 480 21,162 112,257 308,349 3,192 480 79.800 240.193 1.730 85 3,050 Totsl income 400,066 24,212 424,278 321,808 Expenditure on.. Charitable activities 409,298 22,010 431.308 333,103 Total expenditure 409,2981 22.010 431.308 333, 1031 Nel lexpenditurellincome 19,232 2,202 7,0301 11.295 Nel movement In funds 19.2321 2.202 (7,0301 111,2951 Reconciliation of funds Total funds brought forward Total funds carried forward 20 51,288 51,288 62,583 42,056 2,202 44,258 51,288 All of the charitls activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 20. The notes on pages 14 10 27 fo)mi an integral part of these financial statements. Page 11
Honiton Community Complex TIA The Beehive {Registration number: 08409289) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets Investments 13 14 851 2,527 852 2,528 Current assets Stocks Debtors Cash 31 bank and in hand 15 18 17 1,341 38,582 92,765 1,117 40,277 71,985 132,688 113,379 Credltors: Amounts falling due within one year 18 170,2821 151 119 Net current assets 62,406 62,260 Total assets less current liabilities 63.258 64,788 Provisions 19 119,000 44,258 113.500 51,288 Net assets Funds ofthe charity: Restricted income funds Reslricled funds 2,202 Unrestricted income funds Unreslricled funds 42,056 51.288 Totsl funds 20 44,258 51,288 For the financial year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating lo small companies. Directors, responsibilities.. 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 The directors acknowledge their responsibilities for complying wlh the requirements of the Act wlh respect lo accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the special provisions relating lo Companies subject lo the small companies regime wlhin Part 15 of the Companies Act 2006. The notes on pages 14 10 27 form an integral part of these financial slalements. Page 12
Honiton Community Complex TIA The Beehive (Registration number: 08409289) Balance Sheet as at 31 March 2024 The financial statements on pages 11 10 27 were approved by the trustees, and aulhorised for issue on .?.%lk¥..I"*d signed on their behalf by.. K Wilson Chairman and trustee The notes on pages 14 10 27 form an integral part of these financial slalemenls. Page 13
Honiton Community Complex TIA The Beehive Notes to the Financial Statements for the Year Ended 31 March 2024 1 Charity status The charity Is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the Iruslees is liable lo contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. The address of ils registered office is. The Beehive Dowell Street Honilon Devon EX14 1LQ 2 Accounting policies Summary of significant accountin9 policies and key accounting estimates The principal accounting policies applied in the preparation of these financial sl8tements are sel out below. These policies have been consistently applied to all the years presented, unless otherwise staled. Statement of compliance The financial slalements have been prepared in accordance th Accounting and Reporting by Charities. Statement of Recommended Practice (applicable lo charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211 lissued In October 20191 Icharilies SORP IFRS 10211. the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Basis of preparation Honilon Community Complex TIA The Beehive meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the relevant accounting policy notes. Going concern The Iruslees consider that there are no material uncertainties about the charity's ability lo continue as a going conrrn nor any significant areas of uncertainly that affect the carrying value of assets held by the charity, Exemption from preparing a cash flow statement The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow slalement in these financial slalemenls. Income and endowments All income is recognised once the charity has entillemenl to the income, il is probable that the income will be received and the amount of the income receivable can be measured reliably. Page 14
Honiton Community Complex TIA The Beehive Notes to the Financial Statements for the Year Ended 31 March 2024 Grants receivable Grants are included in the Statement of financial activities on a receivable basis. The balance ol income received for specific purposes bul not expended during the period is shown in the relevant funds on the Balance sheet. Where income is receIvj in advance of entillemenl of receipt, ils recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Donatedsernices and facilities Where the donated good is a fixed asset, il is measured al fair value. unless it is Impractical lo measufe this reliably, in which case the cost of the itern lo the donor should be used The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Company's accoLJnling policies. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift lo the Company which is the amount il would have been willing lo pay lo obtain seNices or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. Investment income Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company., this is normally upon nolificalion ol the interest paid or payable by the institution wlh whom the funds are deposited Expenditure Expenditure is recognised once there is a legal or conslruclive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each aclivily. Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent the use of resources. Central staff cos15 are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities 15 incurred on directly undertaking the activities lch further the Company's objectives, as well as any associated sUPPOrt costs. All expenditure is inclusive of irrecoverable VAT. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for ils beneficiaries. 11 includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary lo support them. Supportcosts 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 capila, staff costs by the lime spent and other costs by their usage Page 15
Honiton Community Complex TIA The Beehive Notes to the Financtal Statements for the Year Ended 31 March 2024 Government grants Government grants relating lo tangible fixed assets are treated as deferred Income and released lo the Slalemenl of financial activities over the expected useful lives of the assets concerned. Other grants are credited lo the Statement of financial activities as the related expenditure is incurred. Taxation The charity is considered lo pass the lesls sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the charity is potentially exempt from taxation in fespecl of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 01 the Taxation of Charge8ble Gains Act 1992. to the extent that such income or gains are applied exclusively lo charitable purposes Tangible fixed assets Individual fixed assets costing £500 or more are initially recorded at cost. less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impaiment losses. All costs incurred lo bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as lo write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows." Asset class Long-lerm leasehold property Plant and machinery Computer equipment Digital equipment Depreciation method and rate Over the remaining life ol the lease 4 years 3 years 4 years Fixed asset investments Fixed asset inveslmenls. other than programme related investments, are included at market value al the balance sheet dale. Realised gains and losses on investments are calculated as the difference befften sales proceeds and their market value al the start of the year, or their subsequent cost, and are charged or credited lo the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged lo the Statement of Financial Activities based on the market value al the year end. Stock Stocks are ValUj al the lower of cost and nel re8lisable value aller making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and VarIae overheads. Page 16
Honiton Community Complex TIA The Beehive Notes to the Financial Statements for the Year Ended 31 March 2024 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 lo a known amount of cash and are subject lo an insignificant risk of change in value. Provisions Provisions are recognised when the charity has an obligation al the reporting dale as a result of a past event, il is probable that the charity will be required lo settle that obligation and a reliable estimate can be made of the amount of the obligation. Fund structure Unreslricled income funds are general funds that are available for use at the Iruslees discretion in furtherance of the objectives of the charity. Restricted funds are funds which are to be used in accordance with specific reslriclions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are char9ed against the specific fund. The aim and use of each restricted fund 15 set out in the notes to the financial stalemenls. Pensions and other post retirement obligations The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Comp8ny to the fund in respect of the year. Financial instruments Classification Financial as1$ and financial liabilities are recognised when the charity becomes a party lo the conlraclual provisions of the Inslrumenl. Financial liabilities and equity instruments are classified according lo the substance of the conlraclual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Page 17
Honiton Community Complex TIA The Beehive Notes to the Financial Ststements for the Year Ended 31 March 2024 Recognition and measurement All financial assets and liabilities are initially measured al transaction price (including transaction costs), except for those financial assets classified as al fair value through profil or loss, which are initially measured al fair value (which is normally the transaction price excluding transaction coslsl, unless the arrangement conslitules a financing Iransaclion. If an arrangement conslilules a financing transaction, the financial asset or financial liability is measured al the present value of the future payments discounted al a market rale of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right lo sel off the recognised amounts and the charity intends either lo sellle on a nel basis, or lo realise the asset and settle the liability simultaneously. Financial assets are derecognised then and only when al the contractual rights lo the cash flows from the financial asset expire or are sellled, bl the charity transfers lo another party subslanlially all of the risks and rewards of ownership of the financial asset, or cl the charity. despite having retained some, bul not all, significant risks and rewards of ownership, has transferred control of the asset lo another party Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled oi expires. Investments Investments in subsidiaries and associates are measured al cost less impairment. For investments in subsidiaries acquired lor consideration including the issue ol shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. 3 Income from donations and legacies Unrestricted funds General Restricted funds Totsl 2024 Total 2023 Donations and legacies", Donations Grants, including capital grants., Government grants 91,095 1,162 92,257 79.800 20,000 20,000 91,095 21.162 112,257 79,800 Page 18
Honiton Community Complex TIA The Beehive Notes to the Financial Statements for the Year Ended 31 March 2024 4 Income from charitable activities Unrestricted funds General Total 2024 Total 2023 Temporary lellings & licensing of ch8rilable property Cultural & community events 104,389 203,960 104,389 203.960 67,296 172,897 308,349 308,349 240.193 5 Income from other trading activities Unrestricted funds General Restricted funds Total funds Total 2023 Events income., Other trading income 142 3,050 3,192 1,730 142 3,050 3,192 1,730 6 Investment income Unrestrieted funds General Total 2024 Total 2023 Interest receivable and similar income", Interest receivable on bank deposits 480 480 85 Page 19
Honiton Community Complex TIA The Beehive Notes to the Financial Statements for the Year Ended 31 March 2024 7 Expenditure on charitable activities Charitable activity expense by fund Unrestricted funds General Restricted funds Total 2024 Total 2023 Note Direct costs Allocat support costs 159,252 2,010 161,262 127,636 250,046 20,000 270,046 205,467 409,298 22.010 431,308 333,103 Charitable activity expense by type Activity undertaken directly Activity support costs 2024 2023 Temporary lellings & licensing of charitable property Cultural & community events Fundraising 75,001 194,046 999 75,001 355,308 999 57,533 273,974 1,596 161,262 161,262 270,046 431,308 333,103 Page 20
Honiton Community Complex TIA The Beehive Notes to the Financial Statements for the Year Ended 31 March 2024 8 Analysis of 5UPPOrt costs Analysis of direct costs Cultural & ommunity events Total 2024 Totsl 2023 Payments to artists Film costs Publicity Other 110,316 23,010 10,876 17,060 110.316 23,010 10.876 17,060 87,286 15,213 6,295 18,842 161,262 161,262 127.636 Analysis of support Costs Temporary lettings & licensing of Cultural & charitable cornmunity property events Total 2024 Total 2023 Fundraising staff costs Poslage & stationery Licensing & 5ubscriplions Equipment & maintenan Communications Premises costs IT & website support Professional fees Sundry Motor expenses Donations Bank fees Training Depreciation Dilapidation provisic 46,309 395 769 404 561 22,278 118.999 1,015 1,976 1,037 1,442 57,245 2,472 1,400 971 614 165,922 1,415 2.755 1.446 2.010 79.818 3,447 1,952 1,353 109,994 1.077 2.881 17,051 1,612 49,307 4,205 14.081 1.382 50 850 294 942 1,741 10 295 13 545 377 593 175 98 1,535 75,001 1,525 449 1,570 3.945 2.126 626 1,676 5,500 20 194,046 999 270,046 205.487 Page 21
Honiton Community Complex TIA The Beehive Notes to the Financial Ststements for the Year Ended 31 March 2024 9 Trustees remuneration and expenses No Iruslees, nor any persons connected wlh them, have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. 10 Staff costs The aggregate payroll costs were as follows.. 2024 2023 Staff costs during the year were.. Wages and salaries Social security costs Pension costs 158,935 4,851 2,136 165.922 105,613 2,567 1.814 109.994 The monthly average number of persons (including senior management I leadership leaml employed by the charity during the year was as follows". 2024 No 2023 No Employees The charitable company operates a defined conlfibution pension scheme. The assets of the heme are held separately from those of the charity in an independently administered fund. £37312023 - £2541 was payable lo the fund at the balance sheet dale and is included in creditors. No employee received emoluments of more than £60.000 during the year. 11 Independent examinees remuneration 2024 2023 Other fees to examiners Examinalion-related assurance services All other services 630 1,170 507 978 1,800 1.485 Page 22
Honiton Community Complex TIA The Beehive Notes to the Financial Statements for the Year Ended 31 March 2024 12 Taxation The charity is a registered charity and is therefore exempt from laxalion. 13 Tan9ible fixed assets Long-temi leasehold property Plant and machinery Computer equipment Digital equipment Total Cost Al 1 April 2023 3,992 45,950 4,404 20.906 75,252 Al 31 March 2024 3,992 45.950 4,404 20,906 75.252 Depreciation Al 1 April 2023 Chaige for the year 3,992 45,431 3,349 19,953 72,725 196 527 953 1,676 Al 31 March 2024 3,992 45,627 3,876 20,906 74.401 Net book value Al 31 March 2024 323 528 851 At 31 March 2023 519 1,055 953 2,527 14 Fixed asset investments 2024 2023 Shares in group undertakings and participating interests Page 23
Honiton Community Complex TIA The Beehive Notes to the Financial Statements for the Year Ended 31 March 2024 Shares In group undertakings and participating interests Subsidiary undertakings Totsl Cost At 1 April 2023 Al 31 March 2024 Net book value Al 31 March 2024 At 31 March 2023 Details of undertakings Details of the investments in which the charity holds 200/0 or more of the nominal value of any class of share capital are as follows.. Country of incorporation Proportion of voting rights and shares held 2024 2023 Prlncipal activity Undertaking Holding Subsidiary underiakings Public houses and bars Beehive Hospilalily Ltd England & Wales Ordinary Subsidiaries The loss for the financial period of Beehive Hospitality Ltd was £614 12023 £17,89711 and the aggregate amount of ¢apital and reserves al the end of the period was £10.12712023 - £10,741). 15 Stock 2024 2023 Stocks 1,341 1,117 Page 24
Honiton Community Complex TIA The Beehive Notes to the Financial Statements for the Year Ended 31 March 2024 16 Dgbtors 2024 2023 Trade debtors Prepayments Other debtors 22,098 6,484 10,000 25,588 5,226 9,463 38.582 40,277 17 Cash and cash equlvalents 2024 2023 Cash al bank 92,765 71.985 18 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other laxalion and social security Other creditors Accruals 6,101 2,375 5,894 55,912 11,470 2,321 775 36,553 70,282 51.119 19 Provlslons Lease provision Total Al 1 April 2023 Charged lo the statement of recognised gains and losses Al 31 March 2024 113.5001 15,5001 119.000 113,5001 15,5001 19,000 Page 25
Honiton Community Complex TIA The Beehive Notes to the Financial Statements for the Year Ended 31 March 2024 20 Funds Balance at 31 March 2024 Balance at 1 April 2023 Incoming resources Resources expended Unrestricted funds General General 51,288 400,066 1409,2981 42,056 Restricted funds Lighting Fundraising 20,000 4.212 120,0001 2.0101 122.0101 2,202 24,212 2,202 Total funds 51,288 424,278 431,308 44,258 Balanee at 31 March 2023 Balance at 1 April 2022 Incoming resources Resources expended Unrestricted funds General General 62,583 320,958 1332,2531 51,288 Restricted funds Fundraiser for Ukraine 850 850 Total funds 62,583 321,808 333.103 51,288 21 Analysis of net assets between funds Unrestricted funds General Total funds at 31 March 2024 Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities Provisions 851 851 130,486 170,2821 19,000 2,202 132,688 170,2821 19,000 Total nel assets 42,056 2,202 44,258 Page 26
Honiton Community Complex TIA The Beehive Notes to the Financial Statements for the Year Ended 31 March 2024 Unrestricted funds General Total fund5 at 31 March 2023 Tangible fixed as*ls Fixed asset investments Current assets Current liabilities Provisions 2,527 2,527 113,379 151.1191 113,5001 51.288 113,379 151,1191 113,5001 Total net assets 51,288 22 Related party transactions DLJring the year the charity made the followng related party Iransaclions.. Included within other creditors is £4,444 owed by the charity lo ils subsidiary 12023 other debtors is £9,463 owed to the charity from ils subsidiary), Beehive Hospitality Limited in respect of transactions with 8eehive H05pilalily Limited throughout the year. The transactions can be summarised as follow5". £2,389 12023 £7.9101 for sales rnade by Beehive Hospitality Limited to Honilon Community Complex. Donations of £28,50012023 - £26.0001 were received from Beehive Hospitality Limited. During the year HCC received £77,769 12023 - 39,1211 frorn Honiton Town Council. S Sexton is a councillor for Honilon Town Council and a trustee of Honilon Community Complex. The Iran5aclions can be summarised as follows". Grants.. Service charge £10,750 Underwriting £58,423 Services provided.. Room hire £7,474 Cleaning £1. 110 Membership subseriplion." £12 Included in other debtors is £10,000 12023.. £nill owed lo Honiton Community Complex from Honilon Town Council. Page 27