Ignite Hubs (Registered charity, number 1186658) Financial statements for the year ended 31 December 2023
| Page | Contents | |
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| 2 - 4 | nnual report | |
| 5 | Independent e | report |
| 6 | Receipts & payments account | |
| 7 | Statement of assets & liabilities | |
| 8 | Notes to the accounts |
Ignite Hubs annual report for the year ended 31 December 2023
Full name Ignite Hubs
Organisation type Charitable incorporated organisation
Registered charity number 1186658
Principal address
30 Lynbrook Grove, Peckham, London, SE15 6HS
Trustees
Duncan Forbes, from 20/01/2024 Manoj Gopinath, from 10/11/2023 Sean Murray, from 10/11/2023 Themba Sweet, from 15/04/2024 Steven Rushworth, until 01/09/2023 Andy West, until 10/11/2023 Samantha Groon, until 10/11/2023 David Scott, until 10/11/2023
Independent examiner
Units 1 & 2 North West, 41 Talbot Street, Nottingham, NG1 5GL
Governance and management
The charity is operated under the rules of its constitution adopted 29 November 2019 Trustee roles are advertised on Reach, volunteering platform, and other appropriate channels. Applicants are interviewed by trustees and CEO. After which, the applicant is put forward for approval by the Board.
Objectives and activities
To advance the education of the public in particular, but not exclusively, in the subject of coding and science, technology, engineering and mathematics (STEM).
Summary of the main activities undertaken for the public benefit
We deliver remote and in-person classes in coding and STEM for children and young people who learn digital skills and access career-related learning opportunities to prepare for future employment.
Public benefit statement
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit, 'Charities and Public Benefit'.
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Ignite Hubs
Summary of the main achievements during the period
Ignite Hubs achieved significant milestones that furthered our mission of advancing education in coding and STEM.
We successfully resumed in-person classes, expanding our offerings to four libraries in Southwark; Camberwell, Walworth, Canada Water, and Peckham Library.
Additionally, we published two new titles in our STEM Career Books series, Lucy Green Robotics Queen and Storm Trackers, and we celebrated their launch with a successful event in October attending by the authors, community, parents and students.
We also extended our educational impact by delivering STEM classes for residents of Peabody, a Housing Association, at their Parkside Community Centre in Lewisham.
Our efforts were recognised when we were awarded 'Best Charity in Southwark' at the Southwark Awards 2023.
Our reserves policy is designed to ensure financial stability and sustainability, enabling us to maintain operations and manage risks without immediate income. The target for our reserves is set at 4 to 6 months of operational costs. We have successfully met this target.
Looking ahead, while we have a solid reserve foundation, we may need to use a portion of these reserves in the upcoming year to support strategic initiatives, particularly the enhancement of our IT infrastructure, which is crucial for expanding our educational offerings and improving service delivery platforms. This investment is expected to further our mission, improve service delivery and increase student numbers.
Of our total unrestricted funds held at year end, £65,000 is set aside as our designated general reserve, £26,375 is specifically earmarked for spend in early 2024, leaving a general reserve of £42,997.
Our reserves policy is reviewed annually to ensure it remains aligned with our financial goals and the needs of the charity. This regular assessment allows us to make informed decisions about reserve levels and usage, ensuring alignment with our strategic objectives and operational needs.
Financial review and risks
Ignite Hubs is pleased to report a robust financial position, highlighted by a substantial increase in our income. Our revenue rose from £55,000 in the previous year to £189,000, marking a significant leap forward. This increase is primarily attributed to securing our first corporate partner who, although our official collaboration begins in 2024, generously donated £50,000 in December to kickstart
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Ignite Hubs
the projects we are planning together. This boost in funds has significantly enhanced our net surplus, enabling us to build and strengthen our financial reserves. We are delighted with this outcome as it positions us well for future initiatives and sustainability.
We are primarily supported by grant funding and a few key donors, including a corporate partner providing unrestricted funds. However, economic fluctuations pose a risk of reduced funding levels. We recognise the necessity to diversify our income sources and are actively working on developing our own revenue streams to mitigate dependency on external funding. Additionally, operational costs have risen significantly, and with plans to enhance our IT infrastructure, there is a potential risk of escalating expenses. To address these challenges, we will be managing our costs carefully
Signed ______ Date _ Manoj Gopinath, Trustee
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Independent e report to the trustees of Ignite Hubs for the year ended 31 December 2023
I report to the trustees on my examination of the accounts of Ignite Hubs (the charity) for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the accounts
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(5)(b) of the Act.
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 that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records.
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.
28/05/2024 Signed ____ Date _______ Jo Employee of Community Accounting Plus
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Ignite Hubs Receipts & payments account for the year ended 31 December 2023
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Ignite Hubs Statement of assets and liabilities at 31 December 2023
These financial statements are accepted on behalf of the charity by:
Signed _____ Dated _____ Manoj Gopinath, Trustee
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Ignite Hubs Notes to the accounts for the year ended 31 December 2023
1. Receipts & payments accounts
Receipts and payments accounts contain a summary of money received and money spent during the period and a list of assets and liabilities at the end of the period. Usually, cash received and cash spent will include transactions through bank accounts and cash in hand.
2. Grants & donations
3. Funds analysis
The following funders all contribute to the Programme delivery: Southwark Council - Neighbourhood and Positive Futures Fund - to deliver coding and STEM classes for children and young people via Southwark libraries. London Community Fund - delivery coding and STEM learning in the Elephant & Castle area.
Power to Change - explore community learning via the Online Learning Platform Jack Petchey Foundation - STEM equipment for classes.
St Olave's Foundation - delivery of coding and STEM learning in Southwark.
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Trustees received no expenses, remuneration or benefits in this period.
5. Related party transactions
There were no related party transactions in this period.
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