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← The People Hive

2024-03-31-accounts

REGISTERED CHARITY NUMBER: 1174852 REGISTERED COMPANY NUMBER: 10927793

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR THE PEOPLE HIVE Connecting Adults with a Learning Disability with the Community

The People Hive is a company limited by guarantee Registered in England and Wales Company Number 10927793 Registered Charity Number 1174852

==> picture [81 x 26] intentionally omitted <==

Address and Registered office 8 Heath Road Twickenham TW1 4BZ T 020 8977 5447 E info@thepeoplehive.org W www.thepeoplehive.org

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Page
Legal and administrative information 1
Chairman’s Report 2 to 3
Report of the Trustees 4 to 9
Independent Examiner's Report 10
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Financial Statements 14 to 24

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2024

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number 10927793

Registered Charity number 1174852

Principal Charity Office

8 Heath Road Twickenham Middlesex TW1 4BZ

Trustees

The Trustees serving during the year and to the date of this report were as follows: -

Peter J Stockdale - Chair Mark D Albrow - Treasurer Hugh S Evans Patrick Hehir Bernadette Jansen Jacqueline Johnson Ellen van Keulen - Appointed 30 October 2023 Amanda J Lenheim - Resigned 29 January 2024

The Trustees are all Directors under the Companies Act and Trustees under the Charities Act.

All Trustees give their time voluntarily and receive no benefits from the Charity apart from reimbursed expenses set out in note 9, page 18.

Chief Executive Officer

Samantha Fyn

Independent Examiner

Andrea L Kibble FCCA For and behalf of A K Accounting Solutions Limited Chartered Certified Accountants Ferneberga House Alexandra Road Farnborough GU14 6DQ

Bankers

Barclays Bank plc Hounslow Branch Leicester Leicestershire LE87 2BB

Santander UK plc Bridle Road Bootle Merseyside L30 4GB

-1-

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

CHAIRMAN’S REPORT FOR THE YEAR ENDED 31 MARCH 2024

Overview

This year, whilst as ever being extremely challenging, has been very successful for The People Hive. Its success is a tribute to our commendable staff, volunteers and clients. The Charity exists to provide services, resources and facilities to meet the needs of adults with learning disabilities. Our CEO, Samantha Fyn, her staff and volunteers continued to work tirelessly and creatively to support our clients given the challenges.

Funding has continued to be a very competitive environment with applications requiring significant resources from both staff and the trustees.

Our High Street presence in Heath Road, Twickenham continues to provide many opportunities for our clients, both in The Gallery and behind the scenes. It continues to support the local community by providing a place for local artists to sell their wares and, most importantly, helps to raise public awareness about adults with learning disabilities. Despite the cost-of-living pressures affecting the High Street, it is gratifying that support from customers to The Gallery has remained strong with our total net takings exceeding the budget expectation, being particularly strong in November and December 2023.

With a more secure financial position we will be working hard to seek development opportunities for our Charity to enable us to reach and serve a wider client group within and around the Borough.

Looking at the 2024/25 budget projections, including existing grant funding and new funding already confirmed and planned, we will strive to remain financially robust throughout the new financial year and beyond.

Our Activity Based Projects

Under the energetic and passionate leadership of our CEO, our charity is forging ahead with renewed purpose. She is acutely aware of the opportunities that have emerged despite the challenges faced over the past financial year, and she remains dedicated to exploring new avenues for growth and impact.

Finances

Our end year financial position was strong with a surplus of £176,480.

This surplus was largely due to our being able to sell the freehold property in Fulwell (which had been bequeathed to us in 2017), in February 2024. The property had been occupied until September 2023.

Additionally, and after a lengthy and challenging process, we were very pleased to have been awarded funding from the National Lottery Community Fund of £300,000 over three years commencing in December 2023 with the payment of the first tranche of £50,000.

The property sale was of course a ‘one off’ event which, if stripped out, would show an underlying deficit of £6,985. This had necessitated a significant drawing down of our reserves during the year prior to the first payment from the National Lottery Community Fund grant in December 2023.

-2-

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

CHAIRMAN’S REPORT FOR THE YEAR ENDED 31 MARCH 2024

We thank all those who have supported us during 2023/24 with grants and donations, and particularly the Hampton Fund for their continued support, as well as the Garfield Weston Foundation, the Edward Gostling Foundation and the Julia and Hans Rausing Trust for their funding grants during 2023/24.

There will inevitably and always remain, however, a funding gap between our forecast expenditure and income and we are constantly seeking additional funding sources and grants to reduce the gap in future years in order to maintain a sufficient level of reserves, develop our services, improve our resilience and secure our future sustainability.

The Board has agreed that the proceeds from the property sale will be invested with a professional fund manager to secure the longer-term sustainability of our Charity.

To demonstrate our commitment to the future of the Charity, the Board has further agreed that our funds will be designated as follows:

Further details are contained within the Trustees’ Report and the Financial Statements.

Trustee Board

Over the year, there have been two changes to the Trustee Board. We were very pleased to welcome Ellen van Keulen who joined in October 2023 and has been able to support us with our data collection and digital file management as well as being our minute taker. We also said farewell to Amanda Lenheim who resigned from the Board in January 2024.

We continue to be interested in applications from anyone who may like to join the Trustee Board, particularly if they feel they have the skills and experience to help the Charity with its existing and planned projects. Anyone who would like more information should contact any one of the Trustees or the Chief Executive.

Our staff and volunteers

We could not, of course, have achieved all this without the continued dedication and commitment of our small staff team, our volunteers and the artists who display in the Gallery and frequently also volunteer. With total volunteer hours now ahead of the hours worked by our salaried employees, the importance of volunteers to our Charity is tremendous. We are continually seeking individuals who support our aims and are able to offer some time commitment however small.

Our Future

Helping people with a learning disability is our primary and paramount objective. We are confident that we will be able to organise the resources in order to enable the Charity to continue to do that in the foreseeable future. In this regard, it is worth adding the reminder that we do not have any resort to local authority or central government funding.

It is a fact of life for any small/medium sized charity that it is unable to look too far into the future, particularly in relation to the certainty of funding. Raising the required finance continues as one of our primary priorities. It is an uppermost focus of Trustees and Management alike and we will continue to do everything we can to secure a continuing bright future for The People Hive and its clients.

Peter Stockdale

Chairman of Trustees

-3-

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The Trustees (who are also directors of the charitable company for the purposes of the Companies Act 2006) are pleased to present their annual Trustees’ Report, together with the unaudited financial statements for the year ending 31 March 2024, which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The People Hive is a company limited by guarantee, established on 22 August 2017 and registered as a charity on 26 September 2017. The Charity was established under a Memorandum and Articles of Association, which established the objects and powers of the Charity.

Appointment of new Trustees

The Articles of Association provide for a minimum of three trustees and no maximum. The Charity currently has a complement of seven trustees. Requirements for new trustees are identified, and new trustees appointed, by the current trustees.

Trustee recruitment and induction

New Trustees are briefed on their legal obligations under the charity and company law, the content of the trust deed, the committee and the decision-making processes, the business plan, and the recent financial performance of the Charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Governance and Organisational structure

The Board of Trustees administers the Charity and generally meets 8 times a year. There is also a finance committee which meets a minimum of once a year.

Management

Day-to-day management and decision-making of the Charity is delegated to the Chief Executive Officer who works closely with the Senior Management Team to fulfil the Charity’s objectives and ensure the smooth and effective running of the organisation. The Chief Executive reports to the Chair and the Board.

Samantha Fyn Chief Executive Officer
Susie Rowan Operations Development Manager

Pay policy for senior management team

The Trustees and the senior management team comprise the key management personnel of the Charity in charge of directing and controlling, running, and operating the Charity on a day-to-day basis. All Trustees give of their time freely and no Trustee received remuneration in the year. Details of Trustees’ expenses and related party transactions are disclosed on page 18 in notes 9 and 11 of the accounts.

The pay of the senior staff, and indeed all staff, is reviewed annually and typically any increases will reflect an increase in accordance with changes to the National Living Wage and average earnings. The Trustees’ benchmark against pay levels in other local charities of a similar size that are run on a voluntary basis.

Related parties

None of our Trustees receive remuneration or other benefit from their work with the Charity. Any connection between a Trustee or senior manager of the Charity with service user, external contractor or suppler of services must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related party.

As a Charity we rely heavily on our team of volunteers to support the organisation and the provision of services to our clients. From time to time the volunteers may fall under the definition of 'related parties”, typically spouses/partners/children of trustees or management staff and this is understood by the Board. As they are volunteers then by definition no charge is made for any services provided to the Charity.

As the theoretical monetary value of these services provided by such related parties would be de minimis it would seem unnecessary to list the parties. From time to time such volunteers may receive reimbursement for purchases from third parties incurred on behalf of The People Hive. There were no monetary transactions with related parties during the year.

There were no other related party transactions during the year.

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THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 MARCH 2024

OBJECTIVES AND ACTIVITIES

The objects of the Charity shall be the care and welfare of people with a learning disability centred around (but not exclusively to or within) the London Borough of Richmond upon Thames and in particular the creation and provision of activities in which individuals may participate to enable them to live and develop meaningful lives in their local and wider community and reflecting their individual wishes.

AIMS AND OBJECTIVES

The care and welfare of people with a learning disability, including the provision of facilities for recreation, social integration and personal development.

STRATEGY AND POLICIES

The Trustees are responsible for setting a strategy for achieving the objectives it has set. The focus of its strategy is to deliver sustainable opportunities for people with a learning difficulty through:

To become the organisation of choice for the delivery of advice to partner organisations to support people with a learning disability and as a partner for the delivery of services for the benefit of people with a learning disability

PUBLIC BENEFIT STATEMENT

The Trustees have given due consideration to the Charity Commission’s published guidance on the Public Benefit requirement under the Charities Act 2011. 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. We believe that the trustees have complied with the duty in Section 17(s) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission concerning the public benefit requirement.

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THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 MARCH 2024

FINANCIAL REVIEW

Financial Statements

The financial statements, including the notes, have been prepared in compliance with the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” 2019 (FRS 102). The analysis of income and expenditure reflects the classification of activities, together with costs relating to administration.

Statement of Financial Activities

The Statement of Financial Activities is shown on page 11, with a more detailed analysis of income and expenditure within the notes to the financial statements. The total income for the year was £438,738 (2023: £189,886). This includes a profit of £183,465 made on the sale of a freehold property.

Expenditure is incurred to enable the Charity to perform its charitable functions and raise additional funds. The total expenditure for the year was £266,543 (2023: £262,031). Full details of charitable expenditure are shown in note 7 on page 17.

Principal funding sources

The Charity is dependent upon grants and donations from individual donors and institutions. Details of charitable income is set out in note 2 on page 16 of the accounts.

Balance Sheet

The above result led to a surplus of £176,480 (2023: deficit £76,465), which has resulted in a combined fund balance of £802,325 (2023: £625,845) at the year-end. An analysis of the funds can be found in note 18 on page 20, with the movements with each fund detailed in note 19 on pages 20 and 21.

Investment powers and policy

The Memorandum and Articles of Association of the Trust give the Trustees control over the funds and assets of the company and thus to make any investment it deems fit.

At 31 March 2024 the Trust held investments managed by a professional fund manager and continues to hold those investments. The investments are held in a cash fund and/or in mixed asset classes in order to maintain a medium level of risk and with the aim of achieving a measurably higher return than might be expected from cash deposits which currently attract a low return. This to preserve the 'real' value of the Trust's reserves in an inflationary economic environment.

The level of invested reserves and their performance is regularly reviewed to ensure that the level of risk is appropriate to the aims of the Trust and to ensure that the Trust maintains the correct balance between invested funds and liquid cash deposits.

Reserves Policy

The policy of the Trustees is that the reserves are reviewed on a regular basis to ensure that they maintain a level that will provide a stable base from which to fund its future activity, whilst ensuring that excessive funds are not accumulated.

The Charity will use the reserve fund:

The Charity will maintain a reserve fund equivalent to a minimum of 9-12 months of the organisation's average annual running costs. The specific target will be reviewed and adjusted periodically to account for changes in the charity's operational needs and financial circumstances.

At the end of the year the Charity had unrestricted reserves of £755,902, (2023: £604,009) and restricted reserves of £46,423 (2023: £21,836)

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THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 MARCH 2024

FINANCIAL REVIEW - continued

Following the income received from the sale of the freehold property, the Trustees have agreed to designate a total of £742,000 into the resulting funds as follows:

Hardship Fund

To provide support for individuals who may struggle to afford activity and workshop costs to ensure that no individual is prevented from accessing our services.

Planned Project Fund

For project development of the organisation to enable a wider geographical spread within the Borough thus reaching more individuals in need of our services and to help create employment opportunities. The project fund will be used to fund the initial establishment/set up and costs thereafter are assumed to be covered by the project’s own generated income and separate grant funding.

Reserve Fund

To represent 9-12 months op costs plus wind up costs. Our clients are vulnerable adults who by nature of their disability find change difficult to manage and therefore our service provision is both unique and bespoke. It is crucial that in the event that we had to close the Charity or amalgamate/merge with another organisation, we provide plenty of notice to our clients and staff to manage the transition. This will require an appropriate level of reserves.

Sustainability Fund

To be drawn down where necessary to manage year on year funding shortfalls in the medium/longer term.

Risk management

The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirms that systems have been established to enable the necessary steps to be taken to lessen these risks. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. The Charity maintains a Risk Register which is reviewed from time to time with the last review in September 2024. Subsequent reviews will be carried out annually.

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THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 MARCH 2024

FINANCIAL REVIEW - continued

Future Plans

STRATEGIC PLAN 2024 - 2025

The People Hive is our community hub, based in Twickenham. From here we provide a range of life skills, social engagement and developmental activities and opportunities, for adults with a learning disability, to support their personal development social integration and recreation.

We provide a range of activities for adults with a learning disability. These promote employment, independent living, good health and social and community inclusion.

The People Hive Gallery also provides a retail outlet for locally produced arts, crafts and gifts to provide commission income to support our Charity and to develop community awareness and engagement.

Our aims

Strategic Objectives

To achieve this, we will focus on objectives within five main areas.

Life skills, social engagement and developmental activities.

Work experience and employment

The People Hive Hub

Fundraising, marketing and communications

Volunteers

-8-

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also directors of The People Hive 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).

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 the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that 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 Charity and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small Companies

This Trustees report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD OF TRUSTEES

Mark Albrow (Trustee)

For and on behalf of the Board of Trustees

11 November 2024

-9-

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PEOPLE HIVE FOR THE YEAR ENDED 31 MARCH 2024

I report to the Trustees on my examination of the accounts of the charitable company, The People Hive for the year ended 31 March 2024, which are set out on pages 11 to 24.

Respective and basis of report

As the Trustees of the charitable company (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 charitable company 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 report

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:

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.

Andrea L Kibble FCCA A K Accounting Solutions Limited Chartered Certified Accountants Ferneberga House Alexandra Road Farnborough GU14 6DQ

11 November 2024

-10-

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
Notes
£
£
INCOME FROM:
Donations and Legacies
2
22,575
131,000
Income from Charitable activities
3
44,947
-
Other trading income
4
56,383
-
Investments
5
368
-
Other income
183,465
-

Total
307,738
131,000

EXPENDITURE ON:
Raising funds
6
39,354
-
Charitable activities
7
Social and wellbeing activities
60,526
25,292
Establishment costs
34,656
8,340
Administration costs
21,394
72,781
Governance costs
4,200
-
Total
160,130
106,413
Net Income(expenditure) before transfers
147,608
24,587
Gains/(losses) on investment assets
4,285
-
Transfer between funds
-
-
Net movement in funds
151,893
24,587
RECONCILIATION OF FUNDS
17
TOTAL FUNDS BROUGHT FORWARD
604,009
21,836
TOTAL FUNDS CARRIED FORWARD
755,902
46,423		 2024
Total
funds
£
153,575
44,947
56,383
368
183,465

438,738
39,354
85,818
42,996
94,175
4,200

266,543

172,195
4,285
-

176,480
625,845
802,325		 2023
Total
funds
£
96,617
38,921
53,554
794
-
189,886
35,747
76,389
51,812
95,083
3,000
262,031
(72,145)
(4,320)
-
(76,465)
702,310
625,845

The notes on pages 14 to 24 form part of these financial statements

-11-

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

BALANCE SHEET COMPANY REGISTRATION NO: 10927793 AT 31 MARCH 2024

Unrestricted
Restricted
funds
funds
Notes
£
£
Fixed Assets
Tangible assets
13
1,884
-
Investments
746,465
-
748,349
-
CURRENT ASSETS
Stock
300
-
Debtors
14
8,789
16,500
Cash at bank and in hand
14,200
29,923

23,289
46,423
CREDITORS
Amounts falling due within one year
15
(15,736)
-
NET CURRENT ASSETS
7,553
46,423
TOTAL ASSETS LESS CURRENT LIABILITIES
755,902
46,423
NET ASSETS
755,902
46,423
CHARITY FUNDS
17
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2024
Total
funds
£
1,884
746,465
748,349
300
25,289
44,123

69,712
(15,736)
53,976
802,325
802,325
755,902
46,423

802,325		 2023
Total
funds
£
561,355
39,405
600,760
300
24,268
14,080
38,648
(13,563)
25,085
625,845
625,845
604,009
21,836
625,845

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Trustee's responsibilities:

The financial statements were approved by the Board of Trustees on 11 November 2024 and were signed on its behalf by:

The notes on pages 14 to 24 form part of these financial statements

……....................................... Mark Albrow – Trustee

-12-

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

Cash flows from operating activities:
Net cash provided by (in use) operating activities
Cash flows from investing activities
Sale of fixed assets
Dividends and interest from investments
Proceeds from sale of investments
Purchase of investments
Cash provided by (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the start of the year
Cash and cash equivalents at the end of the year
CASH FLOW NOTES
Reconciliation of net movement in funds to net
cash flow from operating activities

Net income/(expense for the reporting period (as per
the statement of financial activities)
Adjustments for:
Add back depreciation charge
(Increase)/decrease in debtors
(Decrease)/increase in creditors
(Gains) /losses on investments
(Gains) /losses on fixed asset
Dividends and Interest from investments

Net cash used in operating activities

Analysis of cash and cash equivalents

Bank and cash in hand

Total cash and cash equivalents
 2024
£
(10,015)

(10,015)
742,466
368
39,048
(741,824)

40,058

30,043

14,080

44,123

2024
£

176,480
471
(1,021)
2,173
(4,285)
(183,465)
(368)

(10,015)

2024
£

44,123

44,123
 2023
£
(62,259)
(62,259)
-
-
34,408
(14,707)
19,701
(42,558)
56,638
14,080
2023
£
(76,465)
12,471
(4,367)
1,782
4,320
-
-
(62,259)
2023
£
14,080
14,080

The notes on pages 14 to 24 form part of these financial statements

-13-

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

A summary of the principal accounting policies adopted judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation of the Financial Statements

The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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.

The address of the registered office is given in the reference and administrative details on page 1. The nature of the Charity’s operations and its principal activities are set out in the Trustees’ report.

The People Hive 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.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the Charity and rounded to the nearest £.

Judgement and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the Charity is required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Fund Accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees. Unrestricted funds include designated funds where the Trustees, at their discretion, have created a fund for a specific purpose.

Restricted funds can only be used for restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for restricted purposes. Further explanation of the nature and purpose of each fund is included in note 20 on page 23.

Income

All incoming resources are included on the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income is deferred only when the Charity must fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in future period.

Grants are recognised when the Charity has 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.

Donations are accounted for at the date they are received. Any related tax recoverable on donations received is accounted for when due.

Gallery sales are derived from the sale of goods.

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THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS – continued FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES – continued

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

Costs of raising funds is detailed in note 6, page 16, and comprises the costs associated with attracting voluntary income and any fundraising events. Charitable expenditure is detailed in note 7, page 17, and comprises those costs incurred by the Charity in the delivery of its activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature to support them.

All expenditure is accounted for on an accruals basis.

Going concern

The financial statements have been prepared on a going concern basis, as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements and consider these sufficient for the Charity to be able to continue as a going concern.

Tangible fixed assets

Tangible fixed assets purchased are stated at cost less accumulated depreciation.

Depreciation is calculated on the following bases in order to write off each asset over its estimated useful life: -

Asset Category Annual Rate Freehold property 2% per annum on cost Leasehold improvements 10% per annual on cost Office equipment 33% per annum on cost

Investments

Listed investments are measured at fair value with changes in fair value being recognised in Statement of Financial Activities.

Stock

Stocks are measured at cost.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short-term deposits.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Creditors and Provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Taxation

The Charity is an exempt Charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010. Accordingly, it is potentially exempt from taxation in respect of income and capital gains received to the extent that such income or gains are applied to exclusively charitable purposes. No provision for taxation has been made in these financial statements.

Pension costs and other post-retirement benefits

The Charity operates a defined contribution pension scheme and is offered to all staff. Contributions payable to the Charity’s pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

-15-

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS – continued FOR THE YEAR ENDED 31 MARCH 2024

2. INCOME FROM DONATIONS AND LEGACIES

2024
£
Donations
11,450
Income tax recoverable
1,125
Grants - restricted
131,000
Grants - unrestricted
10,000
153,575
GRANTS
2024
£
Edward Gostling
10,000
Garfield Weston Foundation
20,000
Hampton Fuel Allotment Charity
33,000
The Julia and Hans Rausing Trust
18,000
National Lottery Community Fund
50,000
Normansfield and Richmond Foundation
-
Other grants
10,000
141,000		 2023
£
6,742
875
73,000
16,000
96,617
2023
£
-
20,000
33,000
-
-
10,000
26,000
89,000

2.1 GRANTS

Of the total grants of £141,000 (2023: £89,000) £131,000 are restricted (2023: £73,000) and £10,000 are unrestricted (2023: £16,000).

3. INCOME FROM CHARITABLE ACTIVITIES

4.

5.

6.

Participants contributions
OTHER TRADING ACTIVITIES
Gallery sales (including contributions towards shredding and workshops)
INVESTMENT INCOME
Portfolio income
COSTS OF RAISING FUNDS
Commissions on artwork sold
Purchases for resale		 2024
£
44,947
44,947
2024
£
56,383
56,383
2024
£
368
368
2024
£
39,350
4
**39,354 **		 2023
£
38,921
38,921
2023
£
53,554
53,554
2023
£
794
794
2023
£
35,718
29
35,747

-16-

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS – continued FOR THE YEAR ENDED 31 MARCH 2024

7. CHARITABLE ACTIVITIES EXPENDITURE

Independence and wellbeing
Miscellaneous costs
Salaries, social security and pension costs
Establishment costs
Rent
Rates
Light and heat
Insurance
Repairs and renewals
Equipment
Equipment hire
Telephone
Computer expenses
Printing, postage and stationery
Cleaning
HMRC
Training costs
Depreciation – leasehold improvements
Depreciation – freehold property
Administration costs
Salaries, social security and pension costs
Recruitment costs
Travel and subsistence
Staff welfare
Sundry expenses
Subscriptions
Accountancy
Legal and professional fees
Governance costs
Independent examiner fee

-17-

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS – continued FOR THE YEAR ENDED 31 MARCH 2024

10 STAFF NUMBERS

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no Trustees' remuneration or other benefits for the years ended 31 March 2024 and 2023. Trustees are not remunerated for their time given to the Charity, which is on a voluntary basis.

9. STAFF COSTS

Wages and salaries
Social security costs
Pension costs		 2024
£
132,149
5,971
7,452

145,572		 2023
£
132,459
6,380
7,847
146,686

One employee had employee benefits in excess of £60,000 in the £70,000- £80,000 band (2023: in the band £60,000£70,000).

Pension costs are allocated to activities in proportion to the related staffing costs incurred.

The Senior Management Team of the Charity comprises of the Trustees and those staff detailed on page 4 of the Trustees report. The total employee benefits of the key management personnel of the Charity were £110,766 (2023: £105,046).

The average monthly number of full-time equivalent employees (including casual and part time staff) during the year was as follows:

follows:
2024 2023
Number Number
Senior Management Team 2 2
Administrative and Support 2 2

4		 4

11. TRANSACTIONS AND RELATED PARTIES

As a Charity we rely heavily on our team of volunteers to support the organisation and the provision of services to our clients. From time to time the volunteers may fall under the definition of 'related parties”, typically spouses/partners/children of trustees or management staff and this is understood by the Board. As they are volunteers then by definition no charge is made for any services provided to the Charity.

As the theoretical monetary value of these services provided by such related parties would be de minimis it would seem unnecessary to list the parties. From time to time such volunteers may receive reimbursement for purchases from third parties incurred on behalf of The People Hive. There were no monetary transactions with related parties during the year

There were no related party transactions during the year.

12. PENSION COSTS

The Charity has a defined contribution pension scheme, which all employees are entitled to join. The Charity contributed 7% and the employees contributed 1% or more. During the year ended 31 March 2024, the Charity's total contributions amounted to £7,452 (2023: £7,847).

-18-

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

13. TANGIBLE FIXED ASSETS

COST
At 1 April 2023
Additions
Disposal
At 31 March 2024
DEPRECIATION
NET BOOK VALUE
At 31 March 2024
At 31 March 2023
14.
FIXED ASSET INVESTMENTS
Movement in fixed asset listed investments
Market value brought forward
Add: additions to investment at costs
Disposals at carrying value
Add net gain/(loss) on revaluation
Market value of investments
Cash held within managed fund
Total value of managed fund
Investments at fair value compromised:
Fixed interest securities
UK investment and unit trusts
Overseas investment and unit trusts
Cash held within the investment portfolio
At 1 April 2023
Charge for year
Eliminated on disposal
At 31 March 2024		 Freehold
Property
Improvement
to leasehold
property
s
Equipment
£
£
£
600,000
4,710
3,478
-
-
-
(600,000)
-
-
-
4,710
3,478
-
1,884
-
559,000
2,355
-
2024
£
38,602
741,824
(38,602)
3,867

745,691

774
746,465
2024
£
-
745,691
-
774

746,465
41,000
2,355
3,478
-
471
-
(41,000)
-
-
-
2,826
3,478		 Totals
£
608,188
-
(600,000)
8,188
1,884
561,355
2023
£
57,464
14,707
(29,249)
(4,320)
38,602
803
39,405
2023
£
7,286
24,527
6,789
803
39,405
46,833
417
(41,000)
6,304

-19-

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Sundry debtors
Accrued income
Prepayments		 2024
£
1,125
16,500
7,664

25,289		 2023
£
875
16,500
6,893
24,268

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other taxes
Deferred income
Other creditors
Accrued expenses		 2024
£
2,811
2,929
4,913
883
4,200

15,736		 2023
£
3,696
2,891
2,776
-
4,200
13,563

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Current year information for the net assets between funds:

Unrestricted
Restricted
funds
funds
£
£
Tangible fixed assets
1,884
-
Investments
746,465
-
Current assets
23,289
46,423
Current liabilities
(15,736)
-

755,902
46,423
 2024
Total
funds
£
1,884
746,465
69,712
(15,736)

802,325
 2023
Total
funds
£
561,355
39,405
38,648
(13,563)
625,845

Comparative year information for the net assets between funds:

Unrestricted
Restricted
funds
funds
£
£
Tangible fixed assets
561,355
-
Investments
39,405
-
Current assets
16,812
21,836
Current liabilities
(13,563)
-

604,009
21,836
 2023
Total
funds
£
561,355
39,405
38,648
(13,563)

625,845
 2022
Total
funds
£
573,826
63,426
76,839
(11,781)
702,310

-20-

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

19. MOVEMENT IN FUNDS

Current Year Net movement Transfers
At 1/4/23 in funds between funds At 31/3/24
£ £ £ £
Unrestricted funds
General Fund 604,009 151,893 (742,000) 13,902
604,009 151,893 (742,000) 13,902
Designated funds
Hardship Fund - - 10,000 10,000
Planned project Fund - - 90,000 90,000
Reserve Fund - - 200,000 200,000
Sustainability Fund - - 442,000 442,000
- - 742,000 742,000
Restricted funds
Edward Gostling - - - -
Garfield Weston Foundation - - - -
Hampton Fuel Allotment Charity 16,500 - - 16,500
National Lottery Community Fund - 9,421 - 9,421
Normansfield & Richmond Foundation 5,336 (2,834) - 2,502
The Julia and Hans Rausing Trust - 18,000 - 18,000
21,836 24,587 - 46,423
TOTAL FUNDS 625,845 176,480 - 802,325
Net movements in funds for the current year are as follows:
Incoming Resources Gains and Movement in
resources expended losses funds
£ £ £ £
Unrestricted funds
General Fund 307,738 (160,130) 4,285 151,893
Designated funds
Hardship Fund - - - -
Planned project Fund - - - -
Reserve Fund - - - -
Sustainability Fund - - - -
- - - -
Restricted funds
Edward Gostling 10,000 (10,000) - -
Garfield Weston Foundation 20,000 (20,000 - -
Hampton Fuel Allotment Charity 33,000 (33,000) - -
National Lottery Community Fund 50,000 (40,579) - 9,421
Normansfield & Richmond Foundation - (2,834) - (2,834)
The Julia and Hans Rausing Trust 18,000 - - 18,000
131,000 (106,413) - 24,587
TOTAL FUNDS 438,738 (266,543) 4,285 182,149

-21-

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

19. MOVEMENT IN FUNDS

Prior Year Net movement Transfers Transfers
At 1/4/22 in funds between funds At 31/3/23
£ £ £ £
Unrestricted funds
General Fund 687,310 (1,038) (10,000) 604,009
687,310 (1,038) (10,000) 604,009
Designated funds
Core funding grant - (6,434) 10,000 -
- (9,354) 10,000 -
Restricted funds
Bailey Thomas - - - -
Garfield Weston Foundation - - - -
Hampton Fuel Allotment Charity 15,000 1,500 - 16,500
Normansfield & Richmond Foundation - 5,336 - 5,336
15,000 (46,003) = 21,836
TOTAL FUNDS 702,310 (56,395) - 625,845
Net movements in funds for the previous ear are as follows:
Incoming Resources Gains and Movement in
resources expended losses funds
£ £ £ £
Unrestricted funds
General Fund 116,886 (185,867) (4,320)
Designated funds
Core funding grant - (10,000) - (10,000)
Restricted funds
Bailey Thomas 10,000 (10,000) - -
Garfield Weston Foundation 20,000 (20,000) - -
Hampton Fuel Allotment Charity 33,000 (31,500) - -
Normansfield & Richmond Foundation 10,000 (4,664) - 5,336
73,000 (66,164) - 5,336
TOTAL FUNDS 189,886 (262,031) (4,320) 97,796

-22-

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS – continued FOR THE YEAR ENDED 31 MARCH 2024

20. FUND DESCRIPTION

Unrestricted funds

General Fund

This fund is held to meet the day-to-day activities of the Charity in line with the Charity’s objectives. This fund has been raised through donations, legacies, fundraising events, and grants from Trusts and Foundations.

Designated Fund

The income received from the sale of the freehold property has created a 'one off' opportunity to build our reserves, to secure the future of the Charity in the medium term, to allow development and expansion of our services and to ensure that financial hardship does not exclude any client from participation in our activities. The Trustees recognise that the Charity will still require grant funding in order to ensure that these funds are not the sole source of finance in the short/medium term which would result in exhaustion of the funds.

The Trustees have therefore agreed to designate the resulting funds as follows:

Hardship Fund

To provide support for individuals who may struggle to afford activity and workshop costs in order to ensure that no individual is prevented from accessing our services because of financial pressures.

Planned Project Fund

For development of the organisation to enable the Charity to have a wider geographical spread within the Borough thus reaching more individuals in need of our services and to help create employment opportunities. The project fund will be used to finance the initial establishment and set up costs. The costs thereafter are expected to be covered by the project’s own generated income and separate specific grant funding.

Reserve Fund

To represent 9-12 months operating costs plus wind up costs. Our clients are vulnerable adults who by nature of their disability find change difficult to manage and therefore our service provision is both unique and bespoke. It is crucial that in the event that we had to close the Charity or amalgamate/merge with another organisation, we provide plenty of notice to our clients and staff to manage the transition. This requires an appropriate level of reserves.

Sustainability Fund

These funds are intended to be drawn down as and when necessary to manage year on year funding shortfalls in the medium/longer term.

Restricted funds

Edward Gostling Fund

This fund is a contribution to core costs.

Garfield Weston Foundation

This fund is a grant received as a contribution to revenue/core running costs.

Hampton Fuel Allotment Charity

This fund is a grant received as a contribution to salary costs and core running costs.

National Lottery Community Fund

This fund is to support staff costs, office overheads and premises rent and rates.

Normansfield and Richmond Foundation

This fund is a grant received towards the costs of the Look & Plan Club, Dance Act, the Hardship Fund and various staff.

The Julia and Hans Rausing Trust

This fund is to support the recruitment and salary of a Volunteer Co-ordinator, who are appointed in April 2024, for a period of 12 months.

-23-

THE PEOPLE HIVE (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS – continued FOR THE YEAR ENDED 31 MARCH 2024

21. CAPITAL COMMITMENTS

The Charity has authorised and contracted for expenditure of £Nil. The Charity has authorised but not contracted for expenditure of £Nil in its capital budget for the upcoming year.

22. POST BALANCE SHEET EVENT

There have been no post balance sheet events to report.

23. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

The key components from the prior year figures are analysed below by fund:

Unrestricted
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
23,617
Income from charitable activities
38,995
Other trading activities
53,480
Investment income
794
Total Income
116,886
EXPENDITURE ON
Raising funds:
35,747
Charitable activities
160,120
Total
195,867
NET EXPENDITURE/INCOME
(78,981)
Gains/(losses) on investments
(4,320)
NET EXPENDITURE/INCOME after
gains/(losses) on investment
(83,301)		 Restricted
£
73,000
-
-
-
73,000
-
66,164
66,164
6,836
-
6,836		 Total
2023
£
96,617
38,995
53,480
794
189,886
35,747
226,284
262,031
(72,145)
(4,320)
(76,465)

-24-