CHARITY REGISTRATION NUMBER: 1185780 Magor & Undy Community Hub C.l.O. Unaudited Financial Statements 31 March 2024 WALTER HUNTER & CO LIMITED Chartered accountants 24 Bridge Street Newport South Wales NP20 4SF Magor & Undy Community Hub C.l.O. Financial Statements Year ended 31 March 2024 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements Magor & Undy Community Hub C.l.O. Trustees, Annual Report Year ended 31 March 2024 The trustees present their report and the unaudited financial statements of the charty for the year ended 31 March 2024. Reference and administratlve details Registered Charlty name Magor& Undy Communty Hub C.l.O. Charity reglstrntlon number 1185780 Prfnclpal office Magor & Undy Community Hub Main Road Undy Caldicot NP26 3GD The trustees M 8urke- Chair DrRSKing S Raggett L Squire - Secretary K Wright - Treasurer Paul Turner- ex Chair {Resigned 1 April 20241 Company secretary Linda Squire Independent examiner Mr Jonathan Rhodes Bsc BFP FCA 24 Bridge Street Newport South Wales NP20 4SF Structure. govèrnance and management The published Constitution of Magor and Undy Community Hub IMUCHI t5 the governing d¢xumenl for the charity. The charity is a charitable incorporated organisation IC.I.O.I. The appointment of trusteès is sel out in the governing document. No Trustees have been added since formation. One Trustee has stepped down and has not yet been replaced. Future Trustees will be selected according to the skills, knowledge and experience ne￿ed as noted in the constilulion. Magor & Undy Community Hub C.l.O. Trustees, Annual Report (¢ontlnu¢dJ Year ended 31 March 2024 Objectives and activities The purpose of the charity is to establish. secure and maintain a facilty for the furtherance of education recreation and leisure for the benefit of all residents of Magor and Undy and the neighbourhotsd. Having procured the funding the Hub was constructed throughout 2022123 and the building handed over to the Trustees under a lease arrangement in August 2023. Since then the Trustees and an appointed Manager have worked wth local organisalions to provide de variety of clubs and actNf(ies in line with our objectives. Public Benefit The trustees have had regard lo the guidance issued by the Charty Cornmi5sion with regard lo Public Benefit guidance parts 1,2 and 3. Contrlbution made by volunteer5 The facility is available for the public lo use for around 12 hours per day and 7 days per week. The Trustees employ a Manager who works around 40 + hours per week. The 'oul of hours, opening and closing of the facility is carried out by Trustees and other volunteers. The facility is surrounded by landscaped area which requires regular maintenance and has an 8djoining orchard which is rnanag￿ by the team. Volunteers are involved in most of the aspects relating lo ground maintenance and gardening. Therefore our volunteers are essential for delivering the public benefit and reducing running costs. The Trustees continue lo Contribute a 'hands on, approach supporting the manager on a daily basis and carrying Out maintenance tasks. Achievoments and performance The community now benefrts from a wide variety of clubs, classes and events covering education, recreation and leisure activities. Throughout the build process local school children visK(ed the sile and were amongst the first to take a lour of the Completed fa¢ility. The Hub now provides a home for over 20 regular groups attracting over 200 weekly users. In addf(ion the Hub is frequently hired out for family events and parties. The on-time completion of the building project in early August 2023 was a 5ignrficanl achievement after more than 20 years of planning. Despite the disruption of Covid and the need lo find signif1cant cost reductions the fabric ar*d fittings within the facilty were delivered to a high standard of finish. The f1rst 7 months of operations have resulted in a growing number of regular bookings with our revenue income meeting anlicipaled levels. The funding of a manager was the objective for years 1 & 2 as part of our business plan. Thanks to the support of M8gor and Undy Town Council this objective was met for Year 1. Magor & Undy Community Hub C.l.O. Trustees, Annual Report (C¢Wtr¢lnuso) Year ended 31 March 2024 Flnancial review The charty's total reserves are £55,208 made up of £18,851 unreslricled and £36,357 restricted. Within the restricted reserves are £28,477 capital funds held for the depreciation of assets in future years. There are no uncertainties about the charity continuing as a going concem. The following beneficiaries have contributed to the charty's income',- Income from hall hire charges Funding for Manager from Magor and Undy Town Council Lease free period for years 1 & 2 from Monmouthshire County Council. One off Lottery Grant Financial Rl$k Year 3 sees operating Cost increases as the lease costs kick in and a potential risk to staff funding. The Iruslees, annual report was approved on Iruslees by.. and signed on beha￿ of the board of K Wright - Treasurer Trustee Magor & Undy Community Hub C.l.O. Independent Examiner's Report to the Trustees of Magor & Undy Community Hub C.l.O. Year ended 31 March 2024 I report lo the trustees on my examination of th¢ financial slalements of Magor & Undy Communty Hub C.l.O. I'the charty'l for the year ended 31 March 2024. Responsibilities and basis of report A$ the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirement$ of the Charities Act 20111'the Ad'l. I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5llb) of the Act. Independent examinerfs statement Since the charity's gross income exeeeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confim that l am qualified to undertake the examination because l am a member of the Inslilule of Chartered Accountants in England and Wales IICAEW), which is one of the listed bodies, I have completed my examination. I conftmi that no material matter5 have ¢ome to my attention in connection with the exarninalion gwing me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act., or the financial statements do not accord with those records., or the financial statements do not comply w((h the applicable requirements ¢onceming the form and conlenl of accounts sel out in the Chari(ies (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fairf view which is not matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reaehed. Mr Jonathan Rhodes Bsc BFP FCA Independent Examiner 24 Bridge Streol Newport South Wales NP20 4SF Magor & Undy Community Hub C.l.O. ststement of Financial Activities Year ended 31 March 2024 2024 Reslricled funds Total funds Total fund$ 2023 Unreslrided funds Not• Income and endowments Donations and legacies Charitable activities Other trading activities Investment income 174 22,389 389,160 389,334 22,389 5.C61 87 47 47 Totsl income 22,610 389.160 411,770* 5,148 Exponditure Expenditure on charitable acliwties Totsl expenditure 22,785 22.785 352,803 352,803 375,588 375,588 *- 2,088 2,088 Net Income and net movement in funds 11751 36,357 36.182 3,060 Reconciliation of fund$ Total funds brought forward Total funds carried forward 19,026 19,028 15,966 18,851 36,357 55,208 19,026 The statement of financial a¢livilie$ includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Tho not•s on page8 7 to 14 fonn part of the$9 financlal $tst•m•nts. Magor& Undy Community Hub C.l.O. ststement of Flnancial Posltion 31 March 2024 2024 2023 Not• Flxed assets Tangible fixed assets 15 28.477 Current assots Cash al bank and in hand 38,080 19,026 Credltorn: amounts falllng duo wlthln one yèar Not current as$ots 18 9,349 26.731 19,026 19,026 Total a888ts18s9 current IlabllStlo$ Net assots 55,208 55,208 19,026 Funds ol tho ¢harlty Reslricled funds Unrestricted funds 36,357 18,851 19,026 19,028 Total charlty fundj 17 55,208 Inan¢i81518lemenls were approved by Ihfj board of trustees and aulhodsed for issua on and ale signed on behaw of the board by.. M Burke - Chair Trustee K Wright- Treasurer Trustee The notss on pag•$ 7 to 14 form part of the88 financlal ¥tat•m•nts. Magor & Undy Community Hub C.l.O. Notes to the Financial Statements Year ended 31 March 2024 General Infomation The charity is a public benefit entity and a ￿gIStered charity in England and Wales and is incorporated. The address of the principal office is The Hub, Main Road, Undy, Caldicot, NP26 3GD, Monmoulhshirg. Statement of compllancè These financial slalemenls have been prepargd in complianca with FRS 102, 'The Finan¢ial Reporting Standard applicable in the UK and th8 Republic of Ireland., the Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (Charities SORP IFRS 10211 and the Charities Act 2011. Accountlng pollcles 8as18 of prgparatlon The financial slalemenls have been p￿pared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured al fair value through income or expenditure, The financial slalements are prepared in Sterling, which is the functional currency of the enlily. The figures in the financial 8lalemenl8 are rounded to the ngaresl whole pound. Golng concorn There are no material uncert8inlle8 about the charity'8 abllity to continue. 013¢losure exomptlon8 The enlily satisfies the criteria of being a qualifying enlily as defined in FRS 102. As su¢h. advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102. 181 No ¢a¥h fl¢)w slalemenl ha8 been presontgd for the charity. Judgements and key sources of ￿tImatIOn uncèrtalnty Tho preparation of the financial 8tatements requires management to make judgements, eslimales and assumptions that affeel the amounts reported. These eslimales and judgements aro continually reviewed and are basod on experience and othef factors, including expgGlations of future events that are believed lo bo reasonable under the circumst8nee8. Magor & Undy Community Hub C.l.O. Notes to the Financlal Statsments (cmtlnu Year ended 31 March 2024 Accountlng policles fconiiny•ts) Fund accountlng Unrestricted funds are available for use al the discretion of the trustees lo further any of the char((y's purposes. Designated funds are unreslrictgd funds eam)arked by the trustees for particular future project or commitment. Restncted funds are 8ubjecled to r8$lridions on their expendiluro declared by the donor or through the terms of an appeal. and fall into one of sub-cla8ses.' restrided income funds or endowment funds, Incomlng resources All incoming resourcès are included in the statement of financial aclivrties when enlitlemenl has passed to the charity,. il is probable that the economic benefit¥ associated with the Iransa¢lion will flow lo the charity and the amount can be reliably mèasurod. The folpowing specific policies are applied lo particular categories of incom8". income from donations or grants is recognised when Ihore 18 evidenc$ of gntillemenl lo the gift, receipt 1$ probable and ils amount can be measured reliably. l•gacy income is recognised when receipt is probable and entitlement Ss established. income from donatèd goods is measured al th6 fair value of the goods unless this 18 impractical lo measure reliably, in which case the valuo is derived from the cost lo the donor or the e$limaled resalo value. Donated faeililia$ and seNiees are rgcognised in the accoun15 when received if the value can be roliably measured. No amounts are included for the contribution of genoral volunteers, Sncome from ¢onlracts for tho supply of $ervices 18 rec¢>Jni5od wilh the delivery of the contracted service. This is classrfied as unreslricled funds unless there 1$ a conlraelual requirement for il lo be spent on a particular purpose and returned if unspent, in which case il may be regarded as r&$lricled. Magor & Undy Community Hub C.l.O. Notes to the Financial Statements f¢onthuedJ Year ended 31 March 2024 Accounting pollcies (tontthued) Resources expended Expenditure is recognised on an ac¢ruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the siaemenl of financial activities lo which it relates.. expenditure on raising fund$ includes th8 costs of all fundraising aclivilies. events. non