OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-03-31-accounts

Charity number: 1203240

THE PEARL EXCHANGE CIO

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THE PEARL EXCHANGE CIO

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 7
Independent examiner's report 8 - 9
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12 - 25

THE PEARL EXCHANGE CIO

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees M Connelly-Webster, Chair (resigned 3 December 2024)
P Hughes
J Bamford, Interim Chair from 4 December 2024-12 March 2025
W M-St Aubyn, Chair (from 13 March 2025)
C Coates
H Hodge (appointed 3 September 2024)
F Bamford (appointed 6 August 2024)
Charity registered
number
1203240
Principal office
Broadclose Hill
Bude
Cornwall
EX23 8EQ
Key management
personel
Fliss Loxley, Managing Director
Emily Moore, Partnerships Manager
Independent Examiner
Griffin
Chartered Accountants
Courtenay House
Pynes Hill
Exeter
EX2 5AZ

Page 1

THE PEARL EXCHANGE CIO

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report together with the financial statements of the The Pearl Exchange CIO for the year 1 April 2024 to 31 March 2025.

Objectives and activities

a. Policies and objectives

The Pearl Exchange exists to act as a resource for young adults living in Cornwall and Devon by providing advice and assistance and organising programmes of creative and educational activities as a means of:

(a) advancing in life and helping young adults by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals;

(b) advancing education;

(c) relieving unemployment;

(d) providing recreational and leisure time activity in the interests of social welfare for people living in the area of benefit who have need by reason of their youth, age, infirmity or disability, poverty or social and economic circumstances with a view to improving the conditions of life of such persons.

Further to this it exists for the public benefit to relieve the needs of young adults living in Cornwall and Devon who are experiencing or who are at risk of experiencing poor mental health by providing support including access to free professional therapy and counselling.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Activities undertaken to achieve objectives

The Pearl Exchange is an award-winning charity based in Bude, Cornwall, dedicated to supporting the mental wellbeing of 18-35-year-olds across Cornwall and Devon. As isolation and loneliness become an ever-growing crisis, particularly in rural areas, The Pearl Exchange is stepping in to bridge the gap where there’s been a clear lack of support for this age group. Our mission is to change that, providing a safe, welcoming, and vibrant space for young adults to connect, share experiences, and access a wide range of free creative, educational, and wellbeing workshops, courses, and activities.

Our work is built around four key pillars: work, music, wellness, and art. We curate an eclectic programme of workshops, talks, and events within these categories, from music sessions and financial advice to creative writing and business skills. Each activity is designed to boost confidence and enhance both social and practical skills, empowering young adults to thrive.

In addition to our workshops, we offer free one-on-one counselling with minimal waiting times, a vital service in a time when NHS waiting lists can stretch for months. To date, we’ve provided counselling to hundreds of young people who might otherwise still be waiting for support, which remains one of our proudest achievements.

We believe that our holistic approach—combining preventative programmes with tailored counselling support for those in need—is key to building a stronger, more resilient community of young adults.

Page 2

THE PEARL EXCHANGE CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance

a. Main achievements of the Charity

This year The Pearl Exchange has achieved the following outcomes;

Our regular workshop programmes have provided vital weekly support for our participants, these include;

THE MUSIC EXCHANGE – THE DJ EXCHANGE

The DJ Exchange is a dynamic, bi-weekly workshop led by local DJ and music enthusiast, Stu, alongside his collaborator, Keleigh, a former participant and peer mentor. Together, they offer hands-on guidance in all aspects of electronic music, tailoring each session to the individual needs and interests of participants.

They’ve cultivated a welcoming, inspiring environment where attendees can develop new skills, refine their craft, and take their careers to the next level.

The team has helped participants promote events, curate playlists, produce tracks, and secure gigs. They’ve also welcomed guest experts from various fields—production, promotion, and professional DJing—to share their insights and expertise with the group.

Beyond technical skills, the sessions have fostered increased confidence, enhanced social skills, and a strong sense of community.

This year alone, thanks to the DJ Exchange, participants have landed gigs at multiple festivals, competed in and won regional DJ contests, and been featured on southwest radio stations.

We take great pride in supporting the next generation of music talent, empowering them to not only pursue their passion but also to build sustainable careers in the industry.

Page 3

THE PEARL EXCHANGE CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance (continued)

"I can not describe how good The Pearl Exchange has been for me. I really struggle meeting new people, and The DJ Exchange in particular has brought me closer to people who share the same music taste as myself. Who I didnt realise lived in the same town! Opportunities for young people in the Bude area are small but this place does so much for them. A real gem!"

"Gave me confidence and I had great fun sharing the music I love with others."

"I love meeting people around my age with similar Interests. I also value so much that it's a sober environment as a recovering alcoholic SO THANK YOU for this."

"Everyone is so welcoming and friendly, it is a really warm atmosphere. I felt like I fit in and it was a safe space."

THE WORK EXCHANGE - RESET YOUR MINDSET - LIFE AND PERFORMANCE COACHING

Cornwall and Devon are low-wage, seasonal economies with limited employment opportunities. As a result, a large portion of our community is self-employed or pursuing entrepreneurial ventures to create their own opportunities. With this in mind, we’re always seeking ways to support individuals in turning their ideas into reality and helping them thrive.

Building on the energy from our inspiring Reset Weekend, qualified life coach Donna led 10 weekly coaching sessions designed to help participants strengthen themselves from the inside out. These courses focused on setting clear intentions, personal development, mindful practices, energy management, and planning for positive habits. Each session was carefully structured into manageable steps, with practical tips and strategies provided to help participants move forward with confidence and clarity.

Outcomes:

“Donna has been so welcoming and informative when we discuss the struggles and how to welcome the difficulties in our mindsets.”

“I loved learning from Donna - the broadness of the different themes were really eye-opening and I feel helped me make sense of my own emotions, stressors and triggers; and how I can understand them, overcome them and set boundaries around them.”

“I got to know myself a little more and learnt some useful new techniques to manage my day to day life.”

“So much! Firstly, seeing so many familiar faces every week was so wonderful - we've all maintained contact since the course ended which is a massive bonus. It felt like Donna taught with very real knowledge from her own life - it felt like she was speaking from experience and sharing positive and supportive skills and learnings that we could all benefit from and shape in our own ways.”

“The Reset Your Mindset classes have helped me to understand negative thought patterns and how to stop catastrophizing days.”

Page 4

THE PEARL EXCHANGE CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The Trustees aim to hold at least 2 months running costs as free reserves at any one time. We currently have £2,684 of free reserves. This figure represents the total unrestricted fund balance of £71,878 less the £69,194 carrying value of fixed assets funded by unrestricted funds. Historically, The Pearl Exchange CIO accounts have been preapred on a receipts and payments basis, where the bank balance has been used to determine the Charity's going concern status. This year was a one off with regards to need for SORP accounts to be preapred and the expectation is that going forward receipts and payments account will be prepared. Given the bank balance at 31 March 2025 was £79,459 the trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

c. Material investments policy

The Pearl Exchange does not hold investments.

d. Finanical review

The Charity received total income of £221,508 (2024: £209,314). The Charity had total costs of £206,092 (2024: £139,432). The Charity made an in year surplus of £15,416 (2024: £69,882).

The Chartity had a total reserve balance of £85,298 (2024: £69,882). This consisted of £13,420 of restricted funds (2024: £10,000) and £71,878 of unrestricted funds (£59,882).

Structure, governance and management

a. Constitution

The Pearl Exchange CIO is a registered charity, number 1203240, and is constituted under a Trust deed.

b. Methods of appointment or election of Trustees

Trustees are invited to join the board via formal letter, once it is agreed by the majority at a Trustees meeting. The Trustees meet bi-monthly and are legally responsible for the overall management and control of The Pearl Exchange.

Page 5

THE PEARL EXCHANGE CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Public benefit

The Pearl Exchange is an open, inclusive community hub, with a core focus on supporting individuals aged 18–35—a demographic often overlooked by traditional community services and frequently without access to the resources needed to reach their full potential. Through a rich programme centred on the arts, wellbeing, and cultural engagement, we provide creative workshops, talks, classes, peer-to-peer learning, and mentoring opportunities designed to inspire, educate, and connect.

In our rural and economically disadvantaged area, access to culture and creative learning is often limited by inadequate public transport and the challenges of a low-wage, seasonal economy. We are proud to offer all our services completely free of charge, removing financial barriers and making it possible for young adults to access cultural and educational opportunities that would otherwise be out of reach. At The Pearl Exchange, we believe that participation in creative and cultural activity is vital for supporting mental health and wellbeing.

Our delivery model uniquely integrates creative programming with robust mental health support. Central to our approach is the provision of free, professional counselling. Young adults experiencing difficulties can access up to 9 sessions of one-to-one counselling, without the stress of long waiting times.

Building mental resilience is a cornerstone of our work. Alongside counselling, we provide tools and opportunities for participants to develop self-care strategies, confidence, and transferable skills—empowering them to maintain their wellbeing in their own lives. Whether through a creative session, peer support group, or therapeutic intervention, every element of our work is aimed at nurturing self-expression, connection, and personal growth in a safe and welcoming space.

Over the past year, we have seen a marked increase in engagement from 18–23-year-olds, a group still acutely feeling the aftershocks of the COVID-19 pandemic. Many missed out on formative social, educational, and employment opportunities due to lockdown, and this has significantly impacted their confidence, communication skills, and mental wellbeing. Our work is helping to bridge this gap—providing safe, creative, and supportive environments where they can begin to reconnect, rediscover their potential, and move forward with greater resilience.

“Since starting counselling I have experienced huge positive shifts. I feel now, for the first time like I have control over my life and can see things clearly. A massive thank you to [my therapist] and The Pearl Exchange!”

“I felt very isolated when I moved to Bude because it was hard to meet anyone different. I am neurodivergent and gay and also just a bit unusual and I didn't feel like I would be able to meet anyone I had anything in common with. As soon as I walked in, I knew there were people that I could relate to and be myself around. I also really like the creative activities and that they're all free. It seems so amazing that I can do such cool things without a financial barrier.”

Page 6

THE PEARL EXCHANGE CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Statement of Trustees' responsibilities

The Trustees 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).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on _______ 07/22/2025 and signed on their behalf by:

W M-St Aubyn (Chair of Trustees)

Page 7

THE PEARL EXCHANGE CIO

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025

Independent examiner's report to the Trustees of The Pearl Exchange CIO ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2025.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) 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 been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

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.

Page 8

THE PEARL EXCHANGE CIO

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed: Dated: 22/7/25

Laura Waycott FCA

Griffin Courtenay House Pynes Hill Exeter EX2 5AZ

Page 9

THE PEARL EXCHANGE CIO

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Note
Income from:
Donations and legacies
4
Charitable activities
5
Investments
6
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
15		 Restricted
funds
2025
£
93,768
-
-
93,768
90,348
90,348
3,420
10,000
3,420
13,420		 Unrestricted
funds
2025
£
123,157
4,515
68
127,740
115,744
115,744
11,996
59,882
11,996
71,878		 Total
funds
2025
£
216,925
4,515
68
221,508
206,092
206,092
15,416
69,882
15,416
85,298		 As restated
Total funds
2024
£
207,816
1,498
-
209,314
139,432
139,432
69,882
-
69,882
69,882

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 12 to 25 form part of these financial statements.

Page 10

THE PEARL EXCHANGE CIO

BALANCE SHEET AS AT 31 MARCH 2025

2025
Note
£
Fixed assets
Tangible assets
12
82,614
82,614
Current assets
Cash at bank and in hand
79,459
65,484
79,459
65,484
Creditors: amounts falling due within one
year
13
(76,775)
(11,906)
Net current assets
2,684
Total assets less current liabilities
85,298
Net assets excluding pension asset
85,298
Total net assets
85,298
Charity funds
Restricted funds
15
13,420
Unrestricted funds
15
71,878
Total funds
85,298
The
financial
statements
were
approved
and
authorised
for
issue
by
the
_______and signed on their behalf by:
07/22/2025		 2024
£
16,304
16,304
53,578
69,882
69,882
69,882
10,000
59,882
69,882
Trustees
on

W M-St Aubyn

(Chair of Trustees)

The notes on pages 12 to 25 form part of these financial statements.

Page 11

THE PEARL EXCHANGE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. General information

The Pearl Exchange CIO is an unincorporated charity registered in England and Wales, registration number 1203240. The registered office is Broadclose Hill, Bude, Cornwall, EX23 8EQ.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Pearl Exchange CIO 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.

2.2 Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 12

THE PEARL EXCHANGE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

2.6 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 13

THE PEARL EXCHANGE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.7 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.8 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.9 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.10 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

There are no critical accounting estimates or assumptions.

Page 14

THE PEARL EXCHANGE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4. Income from donations and legacies

Donations
Grants
Donations
Grants
Income from charitable activities
Income from charitable activities
Income from charitable activities		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
-
93,743
93,768
29,414
93,768
123,157
Restricted
funds
2024
As restated
Unrestricted
funds
2024
£
£
-
118,520
40,300
48,996
40,300
167,516
Unrestricted
funds
2025
£
4,515
Unrestricted
funds
2024
£
1,498		 Total
funds
2025
£
93,743
123,182
216,925
As restated
Total funds
2024
£
118,520
89,296
207,816
Total
funds
2025
£
4,515
Total
funds
2024
£
1,498

5. Income from charitable activities

Page 15

THE PEARL EXCHANGE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

6. Investment income

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Investment income 68 68 -

7. Analysis of expenditure on charitable activities

Summary by fund type

Charitable activities
Charitable activities		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
90,348
115,744
Restricted
funds
2024
As restated
Unrestricted
funds
2024
£
£
48,854
90,578		 Total
2025
£
206,092
As restated
Total
2024
£
139,432

8. Analysis of expenditure by activities

Activities
undertaken Support Total
directly costs funds
2025 2025 2025
£ £ £
Charitable activities 80,655 125,437 206,092

Page 16

THE PEARL EXCHANGE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. Analysis of expenditure by activities (continued)

Activities As restated
undertaken Support As restated
directly costs Total funds
2024 2024 2024
£ £ £
Charitable activities 74,617 64,815 139,432

Analysis of direct costs

Staff costs
Events and workshop costs
Staff costs
Events and workshop costs		 Activities
2025
£
8,604
72,051
80,655
Activities
2024
£
3,013
71,604
74,617		 Total
funds
2025
£
8,604
72,051
80,655
Total
funds
2024
£
3,013
71,604
74,617

Page 17

THE PEARL EXCHANGE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Other staff costs
Consultant costs
Insurance
Advertising
General costs
Premises costs
Rates and rent
Legal and professional fees
Bank fees
Governance costs		 Activities
2025
£
48,826
11,507
6,330
7,169
657
1,170
8,306
24,744
11,172
3,103
113
2,340
125,437		 Total
funds
2025
£
48,826
11,507
6,330
7,169
657
1,170
8,306
24,744
11,172
3,103
113
2,340
125,437

Page 18

THE PEARL EXCHANGE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Staff costs
Depreciation
Other staff costs
Consultant costs
Insurance
Advertising
General costs
Premises costs
Rates and rent
Legal and professional fees
Bank fees
Governance costs
9.
Independent examiner's remuneration
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts
10.
Staff costs
Wages and salaries
Contribution to defined contribution pension schemes		 As restated
Activities
2024
£
14,285
2,764
3,563
16,945
616
1,581
8,459
9,534
3,340
2,122
406
1,200
64,815
2025
£
1,080
2025
£
56,511
919
57,430		 As restated
Total funds
2024
£
14,285
2,764
3,563
16,945
616
1,581
8,459
9,534
3,340
2,122
406
1,200
64,815
2024
£
1,080
2024
£
17,211
87
17,298

Page 19

THE PEARL EXCHANGE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

2025 2024
No. No.
Number of employees 4 -

No employee received remuneration amounting to more than £60,000 in either year.

The total employee benefits, including employers pension costs, of the key management personnel of the charity were £36,004 (2024: £20,646).

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL) .

12. Tangible fixed assets

Cost or valuation
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Leasehold
improvements
£
10,496
76,729
87,225
1,050
9,575
10,625
76,600
9,446		 Office
equipment
£
8,572
1,088
9,660
1,714
1,932
3,646
6,014
6,858		 Total
£
19,068
77,817
96,885
2,764
11,507
14,271
82,614
16,304

Page 20

THE PEARL EXCHANGE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13. Creditors: Amounts falling due within one year

Other loans
Trade creditors
Other creditors
Accruals and deferred income
Resources deferred during the year		 2025
£
18,000
1,634
1,462
55,679
76,775
2025
£
50,000		 2024
£
-
10,498
208
1,200
11,906
2024
£
-

At the balance sheet date the Charity was holding funds received in advance of £50,000 from a donation that related to the 25/26 accounting period.

14. Prior year adjustments

The prior year accounts were prepared on the receipts and payments basis. Therefore, the comparative figures have been adjusted to the accruals basis.

Page 21

THE PEARL EXCHANGE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Restricted funds
Cornwall Council
Cornwall Community Foundation
Radcliffe Trust
Albert Hunt Trust
Invictus Trust
Garfield Weston
Total of funds		 Balance at 1
April 2024
£
59,882
-
10,000
-
-
-
-
10,000
69,882		 Income
£
127,740
30,771
34,997
3,000
5,000
5,000
15,000
93,768
221,508		 Expenditure
£
(115,744)
(17,351)
(44,997)
(3,000)
(5,000)
(5,000)
(15,000)
(90,348)
(206,092)		 Balance at
31 March
2025
£
71,878
13,420
-
-
-
-
-
13,420
85,298

Restricted Funds

Cornwall Council

Grant to fund solar installation, volunteer recruitment and training and thirty workshops. The balance carried forward represents the net book value of the solar installation project.

Cornwall Community Foundation

Grant to fund workshops and counselling.

Radcliffe Trust

Grant to fund workshops and counselling.

Albert Hunt Trust

Grant to fund counselling.

Invictus Trust

Grant to fund counselling.

Garfield Westo n

Grant to fund workshops and counselling.

Page 22

THE PEARL EXCHANGE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
Restricted funds
The National Lottery Fund
Cornwall Community Foundation
Speedo Mike Fund
St Austell Brewery Trust
Invictus Trust
The Elmgrant Trust
Total of funds		 As restated
Income
£
169,014
10,000
15,000
2,800
1,500
10,000
1,000
40,300
209,314		 As restated
Expenditure
£
(109,132)
(10,000)
(5,000)
(2,800)
(1,500)
(10,000)
(1,000)
(30,300)
(139,432)		 Balance at
31 March
2024
£
59,882
-
10,000
-
-
-
-
10,000
69,882

16. Summary of funds

Summary of funds - current year

General funds
Restricted funds		 Balance at 1
April 2024
£
59,882
10,000
69,882		 Income
£
127,740
93,768
221,508		 Expenditure
£
(115,744)
(90,348)
(206,092)		 Balance at
31 March
2025
£
71,878
13,420
85,298

Page 23

THE PEARL EXCHANGE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16. Summary of funds (continued)

Summary of funds - prior year

General funds
Restricted funds
Analysis of net assets between funds
Analysis of net assets between funds - current year
Tangible fixed assets
Current assets
Creditors due within one year
Total
Analysis of net assets between funds - prior year
Tangible fixed assets
Current assets
Creditors due within one year
Total		 As restated
Income
£
As restated
Expenditure
£
169,014
(109,132)
40,300
(30,300)
209,314
(139,432)
Restricted
funds
2025
Unrestricted
funds
2025
£
£
13,240
69,374
180
79,279
-
(76,775)
13,420
71,878
Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
16,304
10,000
55,484
-
(11,906)
10,000
59,882		 Balance at
31 March
2024
£
59,882
10,000
69,882
Total
funds
2025
£
82,614
79,459
(76,775)
85,298
Total
funds
2024
£
16,304
65,484
(11,906)
69,882

17. Analysis of net assets between funds

Page 24

THE PEARL EXCHANGE CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18. Pension commitments

The Charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Charity in an independent administered fund. The pension cost charge represents contributions payable by the Charity to the fund and mounted to £919 (2024: £87). Contributions totalling £Nil (2024: £208) were payable to the fund at the balance sheet date and are included in creditors.

19. Operating lease commitments

At 31 March 2025 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2025
£
12,000
37,000
49,000		 2024
£
11,200
37,000
48,200

20. Related party transactions

The The Pearl Exchange CIO has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the The Pearl Exchange CIO at 31 March 2025.

Page 25