ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2021
HIGHAM HILL HUB CIO
(Charitable Incorporated Organisation)
CHARITY REGISTRATION No: 1193310
Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
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HIGHAM HILL HUB CIO
(Charitable Incorporated Organisation)
CONTENTS
| Page 3 | Legal and Administrative Information |
|---|---|
| Pages 4 to 5 | Trustees' Report |
| Page 6 | Statement of Financial Activities |
| Page 7 | Balance Sheet |
| Pages 8 to 15 | Notes to the Financial Statements |
| Page 16 | Independent Examiner's Report |
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HIGHAM HILL HUB CIO
(Charitable Incorporated Organisation)
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 1193310 DATE OF REGISTRATION 28th January 2021 START OF FINANCIAL PERIOD 28th January 2021 END OF FINANCIAL PERIOD 31st December 2021 TRUSTEES AT 31ST DECEMBER 2021 Rabina Nawaz Max Dewdney Lillian Gerber Clive Bower Andreea Manga LEGAL STATUS Charitable Incorporated Organisation GOVERNING INSTRUMENT CIO - Foundation Registered 28th January 2021
OBJECTS
For the public benefit, to further or benefit the residents of the London Borough of Waltham Forest and the neighbourhood, without distinction of sex, sexual orientation, race or of political, religious or other opinions by association together the said residents and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interest of social welfare for recreation and leisure time occupation with the objective of improving the conditions of life for the resident. In furtherance of these objects but not otherwise, the Trustees shall have the power: a) To establish or secure the establishment of a community centre and maintain or manage or co-operate with any statutory authority in such maintenance and management of such a centre for activities promoted by the Charity in furtherance of the above objects.
| CORRESPONDENCE ADDRESS | 41 Millfield Avenue |
|---|---|
| London | |
| E17 5HH | |
| PRIMARY BANKERS | The Co-operative Bank Plc |
| P.O Box 1011 | |
| Ballon Street | |
| Manchester | |
| M60 4EP | |
| INDEPENDENT EXAMINERS | Castle View Accounting Ltd |
| New Barn | |
| Mudberry Lane | |
| Bosham | |
| Chichester | |
| West Sussex | |
| PO18 8TS |
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HIGHAM HILL HUB CIO
(Charitable Incorporated Organisation)
TRUSTEES' REPORT
FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2021
Objectives and Activities
The charity’s purpose is to maintain and run a small hall and grounds for the use of the public of Waltham Forest at low cost and to run activities at and from the site.
As well as hiring out the hall and grounds, the charity runs a Community Outdoor Group which has cycling as its central activity, and a Community Social Activity Group which is a meeting group of needleworkers whose produce is distributed to hospitals and children’s charities.
The Trustees have had regard for the charity’s activities to be exclusively for the public benefit.
Achievements and Performance
The use of the hall and grounds was curtailed at the beginning of the period by the Covid restrictions in place at various times. However it remained open for those who could use it, in particular, a large marquee ( made possible by grants from the Mayor’s Fund, Comic Relief and Waltham Forest Council) provided a very large and well ventilated space in which people could exercise, dance and cycle with social distancing.
In the second half of the year, as Covid restrictions were reduced, the hall was again used for children’s parties, exercises for the elderly, dancing, mothers and toddlers groups, cycling, dog training and many other activities.
There is no comparable facility for the use of the public in the immediate area of the Hub, and the facility of having a large fenced outdoor area that can be private to the hirer is almost unique in Waltham Forest.
The Community Outdoor Group ran coaching groups for young people on balance bikes, BMX and mountain bikes and cycle mechanics, including running cycling classes for local schools. This activity was all grant funded, with grants from housing associations, sports equipment suppliers, the local Council and various other grant giving bodies.
The Trustees are negotiating with the local Council and others towards the building of a new hall on the site, and have received grants to fund the feasibility of this project.
Financial Review
The charity’s main fund is associated with the running of the hall and grounds. Although income was considerably affected by Covid, government Covid grants ensured that this fund was in robust shape at the end of the period.
The Community Outdoor Group is well funded through grants, and although the grants were almost exhausted at the end of the period, further grants were known to be coming to continue the groups operation.
The Community Social Activity Group fund was in deficit, but was expecting further grants to be made from Waltham Forest Council.
The charity does not have a specific reserves policy, but does monitor its cash holding carefully and all expenditure is weighed against cash which is held, taking into account that there may be unexpected costs.
The charity has no employees, nor other future commitments which it needs to make allowance for other than unexpected maintenance costs.
The charity is financially quite strong in relation to its commitments.
The charity’s source of funds to maintain and run the hall and grounds is through hire fees.
Other activities are all funded by grants.
The charity does not raise funds from public donations.
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HIGHAM HILL HUB CIO
(Charitable Incorporated Organisation)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2021
| Notes INCOMING RESOURCES Incoming Resources from Generated Funds Donations, Grants & Legacies 3a Activities for Generating Funds 3b Investment Income 3c Other Incoming Resources 3d TOTAL INCOMING RESOURCES RESOURCES EXPENDED Costs of Generating Funds Cost of Charitable Activities 4a Governance Costs 4b TOTAL RESOURCES EXPENDED NET INCOMING (OUTGOING) RESOURCES Funds Brought Forward Transfer of Funds 18 TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted TOTAL Funds Funds 2021 £ £ £ 19,493 21,395 40,888 6,081 500 6,581 - - - 495 - 495 26,069 21,895 47,964 23,445 53,925 77,370 575 - 575 24,020 53,925 77,945 2,049 (32,030) (29,981) - - - 11,082 32,691 43,773 13,131 661 13,792 |
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 8 to 15 form part of these financial statements.
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HIGHAM HILL HUB CIO ICarrtable Inc¢ypNatsd (>gaTh5atson) BALANCE SHEET AS AT 31ST DECEIABER 2021 T•t•l J141•c-21 Flx•d AB••ts TonoiiY8 Asséts lnwthnt$ o$h Bt 8•nk •nd In Totsl Cury•rtA•••l• 13,7 13,706 661 14,367 14387 Cr•dltovs.' Amourrt•favJ ¥thn 575 575 NET CURRENT A88ET8 11131 13.792 TOTALA8SErs tms pjrrwff l•blMO 13.131 161 13,792 Cr•thtor•.' OJ• kn mty•th•n y•W 10 NEfAIIETI Mi 13,7•2 Fund•olth• chAty Genor81 Fundi R¢th¢ted FurKI• 11131 13.131 rgtsl Fund• 13.131 13.792 8ign•d onthw bvhyby Tnth.... prknt Noff.' C L(VE
HIGHAM HILL HUB CIO
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of Preparation & Assessment of Going Concern
Basis of Preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Incoming Resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
▪ the trustees are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
Incoming Resources with Related Expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services has been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer Help
The value of any voluntary help received is not included in the accounts.
Investment Income
This is included in the accounts when receivable.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
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HIGHAM HILL HUB CIO
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2021
1. ACCOUNTING POLICIES (continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advice to trustees on governance or constitutional matters.
Grants with Performance Conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.
Unrestricted funds
These funds can be used for the general objectives of the charity as set out in the trustees report. The movements of the unrestricted funds are given in the Statement of Financial Activities.
Restricted funds
These funds are where the donor has specified a purpose for the donation made. These restrictions often arise as a result of appeals for special offerings for specific purposes.
Designated funds
These funds are funds set aside by the trustees out of unrestricted general funds for particular purposes or projects.
Fixed Assets
Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows:
Fixtures, Fittings and Equipment
25% - Reducing Balance Basis
2. TANGIBLE FIXED ASSETS
The CIO held no fixed assets during this or the previous financial period.
The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31st December 2021 : None
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HIGHAM HILL HUB CIO
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2021
3. INCOMING RESOURCES
| Note a) Donations, Grants & Legacies Gifts & Donations Grants Received 5 b) Activities for Generating Funds Premises Hire Sponsorships Income 5 Subscriptions Income c) Investment Income Interest d) Other Incoming Resources Reimbursements Sundry Income |
Unrestricted Restricted TOTAL Funds Funds 2021 £ £ £ 1,300 - 1,300 18,193 21,395 39,588 19,493 21,395 40,888 6,003 - 6,003 - 500 500 78 - 78 6,081 500 6,581 - - - - - - 480 - 480 15 - 15 495 - 495 |
|---|---|
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HIGHAM HILL HUB CIO
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2021
4. RESOURCES EXPENDED
| a) Cost of Charitable Activities Administrative Expenses Cleaning Costs 5 Community Outdoor Project 5 Community Social Club Costs 5 Equipment Costs Feasibility Study 5 Health & Safety Costs Insurance Costs Marquee Construction Costs 5 Refunds Rent & Rates Repairs & Maintenance b) Governance Costs Independent Examiners Fees 9 |
Unrestricted Restricted TOTAL Funds Funds 2021 £ £ £ 623 - 623 1,055 125 1,180 140 30,027 30,167 - 412 412 515 - 515 294 17,409 17,703 228 - 228 549 - 549 6,814 5,952 12,766 1,105 - 1,105 8,117 - 8,117 4,005 - 4,005 23,445 53,925 77,370 575 - 575 575 - 575 |
|---|---|
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HIGHAM HILL HUB CIO
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2021
5. RESTRICTED FUNDS
| Balance | Transfer of | Balance | |||
|---|---|---|---|---|---|
| 28-Jan-21 | Income | Expenditure | Funds | 31-Dec-21 | |
| £ | £ | £ | £ | £ | |
| Bright Ideas 1st Grant | - | - | 2,409 | 2,409 | - |
| TfL COG Grant 3rd Tranch | - | - | 32 | 32 | - |
| LBWF COG Grant 2nd Tranch | - | 2,500 | 2,047 | 270 | 723 |
| Bright Ideas 2nd Grant | - | - | 15,000 | 15,000 | - |
| Clarion Futures COG 1st Grant | - | - | 278 | 278 | - |
| LBWF Marquee Grant | - | 1,250 | 1,250 | - | - |
| Mayor's Office Marquee Grant | - | - | 702 | 702 | - |
| LBWF COG 2nd Grant | - | - | 5,000 | 5,000 | - |
| Comic Relief Marquee Grant | - | - | 4,000 | 4,000 | - |
| Clarion Futures COG 2nd Grant | - | - | 5,000 | 5,000 | - |
| Clarion Futures COG 3rd Grant | - | 5,000 | 5,000 | - | - |
| COG Cycle Mechanics Grant | - | 2,000 | 2,000 | - | - |
| BMX/Striders COG Grant | - | 3,000 | 3,000 | - | - |
| LVE Charitable Foundation COG Grant | - | 1,000 | 1,000 | - | - |
| CCS Scaffolding COG Shirt Sponsorship Grant | - | 500 | 500 | - | - |
| Access Sport COG Grant | - | 6,170 | 6,170 | - | - |
| LBWF Cleaning Grant | - | 125 | 125 | - | - |
| Community Club Savings | - | 350 | 412 | - | (62) |
| - | 21,895 | 53,925 | 32,691 | 661 |
Restricted funds are wholly represented by the Charity's cash reserves and are to be expended as specified above.
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HIGHAM HILL HUB CIO
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2021
6. INVESTMENTS
The CIO held no fixed assets investments during this initial financial period.
7. CASH AT BANK AND IN HAND
| Cash at Bank & in Hand 8. DEBTORS AND PREPAYMENTS Sundry Debtors 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Independent Examiners Fees |
Unrestricted Restricted Total Fund Fund 31-Dec-21 £ £ £ 13,706 661 14,367 13,706 661 14,367 Unrestricted Restricted Total Fund Fund 31-Dec-21 £ £ £ - - - - - - Unrestricted Restricted Total Fund Fund 31-Dec-21 £ £ £ 575 - 575 - 575 - 575 |
|---|---|
10. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The CIO held no long term liabilities during this initial financial period.
11. NET ASSETS BETWEEN FUNDS
| Fixed Asset Investments Net Current Assets Long Term Liabilities |
Unrestricted Restricted Total Funds Funds 31-Dec-21 £ £ £ - - - 13,131 661 13,792 - - - 13,131 661 13,792 |
|---|---|
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HIGHAM HILL HUB CIO
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2021
12. STAFF COSTS AND NUMBERS
The Charity employed no members of staff during this initial financial period.
13. TRUSTEES AND OTHER RELATED PARTIES
During the financial period Trustee Lillian Gerber received £1,400 in relation to providing administrative services for the Community Outdoor Group in furthering the Charity's objects. All conflicts of interest have been identified, documented and managed in accordance with the Charity's Governing Document.
No other payments were made to trustees or any persons connected with them during this financial period. No other material transaction took place between the organisation and a trustee or any person connected with them.
14. RISK ASSESSMENT
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
15. RESERVES POLICY
The Trustees have considered the level of reserves they wish to retain, appropriate to the CIO's needs. This is based on the CIO's size and the level of financial commitments held. The Trustees aim to ensure the CIO will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Trustees will endeavour not to set aside funds unnecessarily.
16. PUBLIC BENEFIT
The CIO acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the CIO has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the CIO should undertake.
17. COMPARATIVE FIGURES
There are no comparative figures available as this is the initial period of registered Incorporated Charitable Activity.
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HIGHAM HILL HUB CIO
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE FIRST PERIOD ENDED 31ST DECEMBER 2021
18. TRANSFER OF FUNDS
The Directors of Higham Hill Hub Community Interest Company (Registered Company Number 10462014) sought guidance and advice and have agreed to register the Charitable Incorporated Organisation, Higham Hill Hub CIO (Registered Charity Number 1193310). All assets and liabilities were transferred from Higham Hill Hub Community Interest Company (Registered Company Number 10462014) to Higham Hill Hub CIO (Registered Charity Number 1193310) during the period ended 31st December 2021 and the assets and liabilities transferred are as follows:
| Fixed Assets Tangible Assets Current Assets Debtors & Prepayments Cash at Bank and in Hand Total Current Assets NET CURRENT ASSETS TOTAL ASSETSless current liabilities NET ASSETS Funds of the Charity General Funds Restricted Funds Total Funds Transferred Creditors:amounts falling due within one year |
Unrestricted Restricted Total Funds Funds 28-Jan-21 £ £ £ - - - - - - 11,082 32,691 43,773 11,082 32,691 43,773 - - - 11,082 32,691 43,773 11,082 32,691 43,773 11,082 32,691 43,773 11,082 - 11,082 - 32,691 32,691 11,082 32,691 43,773 |
|---|---|
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