Charity registration number 1187543
LYDNEY HUB
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
LYDNEY HUB
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mrs Carla Sterry |
|---|---|
| Ms E P Timmins | |
| Ms P W Coleman-Wood | |
| Charity number | 1187543 |
| Principal address | Unit 2 & 3 Travel Corner |
| 71 Newerne Street | |
| Lydney | |
| GL15 5RA | |
| Independent examiner | Griffiths Marshall |
| Beaumont House | |
| 172 Southgate Street | |
| Gloucester | |
| GL1 2EZ |
LYDNEY HUB
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
LYDNEY HUB
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2022
The trustees present their annual report and financial statements for the year ended 31 January 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011 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
Lydney Hub is a charitable incorporated organisation (CIO) registered with the Charities Commission on 23 January 2020.
The trustees who served during the year and up to the date of signature of the financial statements were: Mrs Carla Sterry
Ms E P Timmins Ms P W Coleman-Wood
Lydney Hub operates as a C.I.O with 3 active trustees and a working group of 5 regular members who meet every month to discus charity matters and the decision making process, this also includes separate committees for the Youth Hub and the project management of the building.
Public Benefit Statement
To further or benefit the residents of Lydney and the surrounding areas, without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to provide facilities in the interests of social welfare for recreation and leisure time occupation with the objective of improving conditions of life for the residents.
Objectives and activities
The primary goal is to provide a home for Lydney Youth Hub, where the needs of young people are met, somewhere safe and secure, in order to tackle the complex personal and social issues facing young people in our area.
Our Hub building will be a hub of innovation, creativity and positivity that supports the growth of young people and extends this encouragement to the wider community, improving the lives of many.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Although there were limitations due to COVID-19 we were able to hold online youth sessions and then, when restrictions lifted, resume our 'live' sessions which have proved popular with numbers increasing quickly,
Plans for the Future
To continue weekly sessions with a view to adding additional sessions in the future. To continue fundraising to help wit the development of the building. Continue to strengthen connections with local community groups and organisations and provide new and exciting opportunities for the residents of Lydney and the wider areas.
Financial review
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity ’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
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LYDNEY HUB
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The Trustees' r eport was approved by the Board of Trustees.
Ms E P Timmins
Chairman Dated: 24 January 2023
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LYDNEY HUB
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LYDNEY HUB
I report on the financial statements of the charity for the year ended 31 January 2022, which are set out on pages 4 to 11.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the financial statements. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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(i) examine the financial statements under section 145 of the 2011 Act;
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(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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(iii) to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has no w been withdrawn.
I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 130 of the 2011 Act; and
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(ii) to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
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have not been met or
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(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Griffiths Marshall Beaumont House 172 Southgate Street Gloucester GL1 2EZ
Dated: 24 January 2023
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LYDNEY HUB
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2022
| Unrestricted Restricted funds funds 2022 2022 Notes £ £ Income from: Donations and legacies 3 10,877 - Other trading activities 4 12,083 - Investments 5 1 - Total income 22,961 - Expenditure on: Charitable activities 6 23,770 - Net (expenditure)/income for the year/ Net movement in funds (809) - Fund balances at 1 February 2021 34,966 8,936 Fund balances at 31 January 2022 34,157 8,936 |
Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 10,877 55,584 9,256 12,083 10,570 - 1 - - 22,961 66,154 9,256 23,770 32,428 320 (809) 33,726 8,936 43,902 1,240 - 43,093 34,966 8,936 |
Total 2021 £ 64,840 10,570 - 75,410 32,748 42,662 1,240 43,902 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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LYDNEY HUB
BALANCE SHEET
AS AT 31 JANUARY 2022
| Notes Fixed assets Tangible assets 10 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Income funds Restricted funds 12 Unrestricted funds |
2022 £ 43,344 (1,200) |
£ 949 42,144 43,093 8,936 34,157 43,093 |
2021 £ 43,237 (600) |
£ 1,265 42,637 43,902 8,936 34,966 43,902 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on 24 January 2023
Mrs Carla Sterry Trustee
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LYDNEY HUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
1 Accounting policies
Charity information
Lydney Hub is a charitable incorporated organisation (CIO) registered with the Charities Commission on 23 January 2020. Registered number 1187543.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, 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 charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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LYDNEY HUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
1 Accounting policies
(Continued)
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
Support costs are those costs incurred directly in support of expenditure on the objects of the Charity. Governance costs are those incurred in connection with the administration of the the Charity and compliance with constitutional and statutory requirements.
All resources expended are inclusive of VAT.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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LYDNEY HUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, 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 considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing 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.
3 Donations and legacies
| UnrestrictedUnrestricted Restricted funds funds funds 2022 2021 2021 £ £ £ Donations and gifts 6,673 24,846 9,256 Grant income 4,204 30,738 - 10,877 55,584 9,256 |
Total 2021 £ 34,102 30,738 64,840 |
|---|---|
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LYDNEY HUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
4 Other trading activities
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds |
||
| 2022 | 2021 |
||
| £ | £ |
||
| Rental income | 12,083 | 10,570 |
|
| 5 | Investments | ||
| Unrestricted | Total |
||
| funds | |||
| 2022 | 2021 |
||
| £ | £ |
||
| Interest receivable | 1 | - |
|
| 6 | Charitable activities | ||
| Lydney Hub | Lydney Hub | ||
| 2022 | 2021 |
||
| £ | £ |
||
| Project costs | 2 | 500 |
|
| Christmas meals | 2,275 | 842 |
|
| Computer and stationery costs | 230 | 693 |
|
| Other costs | 674 | 111 |
|
| 3,181 | 2,146 |
||
| Share of support costs (see note 7) | 19,414 | 29,021 |
|
| Share of governance costs (see note 7) | 1,175 | 1,581 |
|
| 23,770 | 32,748 |
||
| Analysis by fund | |||
| Unrestricted funds | 23,770 | 32,428 |
|
| Restricted funds | - | 320 |
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LYDNEY HUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
7 Support costs
| Support costs Governance costs £ £ Depreciation - 316 Rent 14,702 - Rates 459 - Repairs 4,253 - Audit fees - 600 Legal and professional - - Insurance - 259 19,414 1,175 Analysed between Charitable activities 19,414 1,175 |
2022 Support costs Governance costs £ £ £ 316 - 422 14,702 15,707 - 459 2,280 - 4,253 11,034 - 600 - 600 - - 300 259 - 259 20,589 29,021 1,581 20,589 29,021 1,581 |
2021 £ 422 15,707 2,280 11,034 600 300 259 30,602 30,602 |
|---|---|---|
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9 Employees
There were no employees in the period.
10 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Computers | |
| £ | |
| Cost | |
| At 1 February 2021 | 1,687 |
| At 31 January 2022 | 1,687 |
| Depreciation and impairment | |
| At 1 February 2021 | 422 |
| Depreciation charged in the year | 316 |
| At 31 January 2022 | 738 |
| Carrying amount | |
| At 31 January 2022 | 949 |
| At 31 January 2021 | 1,265 |
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LYDNEY HUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
11 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Accruals and deferred income | 1,200 | 600 |
12 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds | Movement in funds | Movement | ||||
|---|---|---|---|---|---|---|
| in funds | ||||||
| Incoming | Resources | Balance at | Incoming | Balance at | ||
| resources | expended | 1 February | resources | 31 January | ||
| 2021 | 2022 | |||||
| £ | £ | £ | £ |
£ | ||
| Thriving Communities Grant | 7,405 | - | 7,405 | - |
7,405 | |
| FOD Lions | 1,823 | (320) | 1,503 | - |
1,503 | |
| Christmas Meals | 28 | - | 28 | - |
28 | |
| 9,256 | (320) | 8,936 | - |
8,936 | ||
| Analysis of net assets between funds | ||||||
| Unrestricted | Restricted | TotalUnrestricted | Restricted | Total | ||
| funds | funds | funds | funds | |||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Fund balances at 31 | ||||||
| January 2022 are | ||||||
| represented by: | ||||||
| Tangible assets | 949 | - | 949 | 1,265 | - | 1,265 |
| Current assets/ | ||||||
| (liabilities) | 33,208 | 8,936 | 42,144 | 33,701 | 8,936 | 42,637 |
| 34,157 | 8,936 | 43,093 | 34,966 | 8,936 | 43,902 |
13 Analysis of net assets between funds
14 Related party transactions
There were no disclosable related party transactions during the year (2021 - none) .
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