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← The Hub At Gladstone Ltd

2024-03-31-accounts

Company registration number: 10562824 Charity registration number: 1173454

The Hub at Gladstone Ltd

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 March 2024

M.G. Walker & Co. Limited 119a High Street Clay Cross Chesterfield Derbyshire S45 9DZ

The Hub at Gladstone Ltd

Contents

Reference and Administrative Details 1
Strategic Report 2
Trustees' Report 3 to 5
Independent Auditors' Report 6 to 7
Independent Auditors' Report 8 to 10
Statement of Financial Activities 11 to 12
Balance Sheet 13
Notes to the Financial Statements 14 to 25

The Hub at Gladstone Ltd

Reference and Administrative Details

Chairman Ms Tait Mrs Clare Louise Glazebrook Mrs Annette Dillon Charity Registration Number 1173454 Company Registration Number 10562824 The charity is incorporated in Wales. Registered Office Gladstone Buildings Broadleys Clay Cross Chesterfield Derbyshire S45 9JN Independent Examiner M.G. Walker & Co. Limited 119a High Street Clay Cross Chesterfield Derbyshire S45 9DZ

Page 1

The Hub at Gladstone Ltd

Strategic Report for the Year Ended 31 March 2024

The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 March 2024, in compliance with s414C of the Companies Act 2006.

The strategic report was approved by the trustees of the charity on 12 September 2024 and signed on its behalf by:

......................................... Ms Tait Chairman

Page 2

The Hub at Gladstone Ltd

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 March 2024.

Objectives and activities

Public benefit

The Hub at Gladstone is a Company Limited by Guarantee and a registered Charity that exists to stimulate civic interest and a sense of pride in an area which is heavily deprived of its past industries and cultural heritage. The charity will provide a place for people and children to meet, to exchange ideas, to share artistic achievements and develop community spirit.

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.

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees: Mr James Duncan Glazebrook Mrs Julie Anne Goodwin Mr Andrew Keith Goodwin Ms Carissa Jade Harrison Mr Richard Godley Mr Trystan Tavener Chairman: Ms Tait Mrs Clare Louise Glazebrook Mrs Annette Dillon

Structure, governance and management 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. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

Cash flow risk

The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.

Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

Page 3

The Hub at Gladstone Ltd

Trustees' Report

Credit risk

The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. 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 and derivative financial instruments 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

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.

Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.

Statement of trustees' responsibilities

The trustees (who are also the directors of The Hub at Gladstone Ltd for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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 the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can 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 governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Page 4

The Hub at Gladstone Ltd

Trustees' Report

The annual report was approved by the trustees of the charity on 12 September 2024 and signed on its behalf by:

......................................... Ms Tait Chairman

Page 5

The Hub at Gladstone Ltd

Independent Auditors' Report to the Members of The Hub at Gladstone Ltd

We have audited the financial statements of The Hub at Gladstone Ltd for the year ended 31 March 2024, which comprise the Statement of Financial Activities, Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)).

This report is made solely to the charitable company’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of trustees and auditors

As explained more fully in the Statement of trustees' responsibilities (set out on page 4), the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charitable company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Trustees' Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on the financial statements

In our opinion the financial statements:

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the for the financial year for which the financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Page 6

The Hub at Gladstone Ltd

Independent Auditors' Report to the Members of The Hub at Gladstone Ltd

......................................

(Senior Statutory Auditor) For and on behalf of M.G. Walker & Co. Limited, Statutory Auditor

119a High Street Clay Cross Chesterfield Derbyshire S45 9DZ

12 September 2024

Page 7

The Hub at Gladstone Ltd

Independent Auditor's Report to the Members of The Hub at Gladstone Ltd

Opinion

We have audited the financial statements of The Hub at Gladstone Ltd (the 'charity') for the year ended 31 March 2024, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 8

The Hub at Gladstone Ltd

Independent Auditor's Report to the Members of The Hub at Gladstone Ltd

Opinion on other matter prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of trustees' responsibilities (set out on page 4), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Detecting irregularities, including fraud

Page 9

The Hub at Gladstone Ltd

Independent Auditor's Report to the Members of The Hub at Gladstone Ltd

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

...................................... (Senior Statutory Auditor) For and on behalf of M.G. Walker & Co. Limited, Statutory Auditor

119a High Street Clay Cross Chesterfield Derbyshire S45 9DZ

12 September 2024

Page 10

The Hub at Gladstone Ltd

Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Other trading activities
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Other expenditure
7
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16
Note
Income and Endowments from:
Donations and legacies
3
Other trading activities
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Other expenditure
7
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16		 Unrestricted
funds
£
39,825
39,257
79,082
(22,101)
(960)
(33,576)
(56,637)
22,445
22,445
13,144
35,589
Unrestricted
funds
£
11,950
37,187
49,137
(7,143)
(2,101)
(42,075)
(51,319)
(2,182)
(2,182)
15,326
13,144		 Total
2024
£
39,825
39,257
79,082
(22,101)
(960)
(33,576)
(56,637)
22,445
22,445
13,144
35,589
Total
2023
£
11,950
37,187
49,137
(7,143)
(2,101)
(42,075)
(51,319)
(2,182)
(2,182)
15,326
13,144

All of the charity's activities derive from continuing operations during the above two periods.

The notes on pages 14 to 25 form an integral part of these financial statements. Page 11

The Hub at Gladstone Ltd

Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

The funds breakdown for 2023 is shown in note 16.

The notes on pages 14 to 25 form an integral part of these financial statements. Page 12

The Hub at Gladstone Ltd

(Registration number: 10562824) Balance Sheet as at 31 March 2024

Note
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
14
Creditors: Amounts falling due within one year
15
Net current assets
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
16		 2024
£
4,849
(3,283)
28,606
25,323
5,417
30,740
35,589
35,589
35,589		 2023
£
5,474
(2,200)
9,424
7,224
446
7,670
13,144
13,144
13,144

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 to small companies.

Directors' responsibilities:

The financial statements on pages 11 to 25 were approved by the trustees, and authorised for issue on 12 September 2024 and signed on their behalf by:

......................................... Ms Tait Chairman

The notes on pages 14 to 25 form an integral part of these financial statements. Page 13

The Hub at Gladstone Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

1 Charity status

The charity is limited by guarantee, incorporated in Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: Gladstone Buildings Broadleys Clay Cross Chesterfield Derbyshire S45 9JN

These financial statements were authorised for issue by the trustees on 12 September 2024.

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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

The Hub at Gladstone Ltd 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

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.

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.

Page 14

The Hub at Gladstone Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

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.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

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.

Support costs

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 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.

Page 15

The Hub at Gladstone Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Tangible fixed assets

Individual fixed assets costing £0.00 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:

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.

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.

Page 16

The Hub at Gladstone Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Foreign exchange

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).

Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:

1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);

2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and

3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual 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

The Hub at Gladstone Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate 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 to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 18

The Hub at Gladstone Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Debt instruments

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of 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.

Page 19

The Hub at Gladstone Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Derivative financial instruments

The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

3 Income from donations and legacies

Grants, including capital grants;
Government grants
Total for 2024
Total for 2023		 Unrestricted
funds
General
£
39,825
39,825
11,950		 Total
funds
£
39,825
39,825
11,950

4 Income from other trading activities

Trading income;
Shop income from sale of donated goods and services
Other trading income
Total for 2024
Total for 2023		 Unrestricted
funds
General
£
5,032
34,225
39,257
37,187		 Total
funds
£
5,032
34,225
39,257
37,187

Page 20

The Hub at Gladstone Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

5 Expenditure on raising funds

a) Costs of trading activities

Note
Costs of goods sold
Total for 2024
Total for 2023
b) Investment management costs
Note
Allocated support costs
8
Total for 2024
Total for 2023
6
Expenditure on charitable activities
Note
Governance costs
8
Total for 2023		 Unrestricted
funds
General
£
17,709
17,709
2,948
Unrestricted
funds
General
£
4,392
4,392
4,195
Unrestricted
funds
General
£
960
2,101		 Total
funds
£
17,709
17,709
2,948
Total
funds
£
4,392
4,392
4,195
Total
costs
£
Total
funds
£
960
2,101
Total
expenditure
£

In addition to the expenditure analysed above, there are also governance costs of £960 (2023 - £2,101) which relate directly to charitable activities. See note 8 for further details.

Page 21

The Hub at Gladstone Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

7
Other expenditure
Total for 2024
8
Analysis of governance and support costs
Governance costs
Total for 2024
Total for 2023		 Note
Unrestricted
funds
General
£
-
205		 Total
funds
£
-
Total
funds
£
-
205

Page 22

The Hub at Gladstone Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

9 Net incoming/outgoing resources

Net incoming/(outgoing) resources for the year include:

2024 £

10 Trustees remuneration and expenses

11 Taxation

The charity is a registered charity and is therefore exempt from taxation.

12 Tangible fixed assets

Cost
At 1 April 2023
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
13 Debtors
Trade debtors
Other debtors
14 Cash and cash equivalents
Cash at bank
Short-term deposits		 Furniture and
equipment
£
9,482
9,482
4,008
625
4,633
4,849
5,474
2024
£
4,345
(7,628)
(3,283)
2024
£
280
28,326
28,606		 Furniture and
equipment
£
9,482
9,482
4,008
625
4,633
4,849
5,474
2024
£
4,345
(7,628)
(3,283)
2024
£
280
28,326
28,606		 Total
£
9,482
9,482
4,008
625
4,633
4,849
5,474
2023
£
2,767
(4,967)
9,482
4,008
625
4,633
4,849
5,474
2024
£
4,345
(7,628)
(3,283)
2024
£
280
28,326
28,606
(2,200)
2023
£
4,240
5,184
9,424

Page 23

The Hub at Gladstone Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

15 Creditors: amounts falling due within one year

Other loans
Other creditors
Accruals
16 Funds
Unrestricted funds
General
Unrestricted funds
General		 Balance at 1
April 2023
£
13,144
Balance at 1
April 2022
£
15,326		 Incoming
resources
£
79,082
Incoming
resources
£
49,137		 2024
£
(6,917)
1,500
-
(5,417)
Resources
expended
£
(56,637)
Resources
expended
£
(51,319)		 2023
£
(1,286)
-
840
(446)
Balance at 31
March 2024
£
35,589
Balance at 31
March 2023
£
13,144

17 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
£
4,849
25,323
5,417
35,589
Unrestricted
funds
General
£
5,474
7,224
446
13,144		 Total funds at
31 March
2024
£
4,849
25,323
5,417
35,589
Total funds at
31 March
2023
£
5,474
7,224
446
13,144

Page 24

The Hub at Gladstone Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

18 Analysis of net funds

18 Analysis of net funds
Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt		 At 1 April
2023
£
9,424
9,424
At 1 April
2022
£
9,401
9,401		 At 31 March
2024
£
9,424
9,424
At 31 March
2023
£
9,401
9,401

19 Related party transactions

Page 25

The Hub at Gladstone Ltd

Statement of Financial Activities by fund for the Year Ended 31 March 2024

Unrestricted Funds

Unrestricted Funds
Income and Endowments from:
Donations and legacies
Other trading activities
Total income
Expenditure on:
Raising funds
Charitable activities
Other expenditure
Total expenditure
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
Unrestricted
Funds
2024
£
39,825
39,257
79,082
(22,101)
(960)
(33,576)
(56,637)
22,445
22,445
13,144
35,589		 Total
Unrestricted
Funds
2023
£
11,950
37,187
49,137
(7,143)
(2,101)
(42,075)
(51,319)
(2,182)
(2,182)
15,326
13,144

This page does not form part of the statutory financial statements. Page 26

The Hub at Gladstone Ltd

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

Income and Endowments from:
Donations and legacies (analysed below)
Other trading activities (analysed below)
Total income
Expenditure on:
Raising funds (analysed below)
Charitable activities (analysed below)
Other expenditure (analysed below)
Total expenditure
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
2024
£
39,825
39,257
79,082
(22,101)
(960)
(33,576)
(56,637)
22,445
22,445
13,144
35,589		 Total
2023
£
11,950
37,187
49,137
(7,143)
(2,101)
(42,075)
(51,319)
(2,182)
(2,182)
15,326
13,144

This page does not form part of the statutory financial statements. Page 27

The Hub at Gladstone Ltd

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

Donations and legacies
Appeals and donations
UK Government grants
Other trading activities
Sales of donated goods
Rental income
Other income
Raising funds
Purchases
Direct costs
Advertising
Office expenses
Computer software and maintenance costs
Printing, postage and stationery
Trade subscriptions
Sundry expenses
Cleaning
Consultancy fees
Bank charges
Depreciation of plant and machinery
Charitable activities
Travel and subsistence
Accountancy fees
Other expenditure
Rent
Rates
Water rates
Light, heat and power
Insurance
Repairs and renewals
General maintenance		 Total
2024
£
-
39,825
39,825
5,032
33,911
314
39,257
(17,609)
-
(100)
(1,074)
(80)
(1,363)
(349)
(434)
(285)
(35)
(146)
(626)
(22,101)
-
(960)
(960)
(20,000)
(556)
-
(9,622)
(615)
(1,717)
(1,066)
(33,576)		 Total
2023
£
1,000
10,950
11,950
2,022
31,889
3,276
37,187
(2,623)
(60)
(265)
-
(766)
(994)
(466)
-
(152)
(961)
(126)
(730)
(7,143)
(205)
(1,896)
(2,101)
(20,000)
(1,106)
(2,849)
(8,254)
(590)
(7,904)
(1,372)
(42,075)

This page does not form part of the statutory financial statements. Page 28