THE LOW CARBON HUB C.I.C.

Company Registration Number:
07583663 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

THE LOW CARBON HUB C.I.C.

Contents of the Financial Statements

for the Period Ended 31 March 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

THE LOW CARBON HUB C.I.C.

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Principal activities of the company

Throughout the year, The Low Carbon Hub C.I.C. continued its role as social enterprise. Its role is to be a catalyst of change: driving innovation and creating an ecosystem that is able to develop and pilot practical, real-world solutions that will become models for other communities throughout the world. The Company has successfully achieved its mission, significantly contributing to environmental sustainability and community empowerment in a way that’s good for people and good for the planet. Having fulfilled its goals, the decision has been made to dissolve the Company. The directors are of the belief that it has taken this mission as far as it can go has passed the mission baton onto The Low Carbon Hub IPS Limited.



Directors

The directors shown below have held office during the whole of the period from
1 April 2023 to 31 March 2024

Mairi Halliday Brookes
Saskya Huggins
Alan William Kitchen


The director shown below has held office during the period of
1 April 2023 to 5 December 2023

Luke Carl Marion


The director shown below has held office during the period of
1 April 2023 to 11 April 2023

Susan Halliwell


The director shown below has held office during the period of
31 May 2023 to 31 March 2024

Sam Clarke


Secretary Teresa Nicola Paterson

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
23 October 2024

And signed on behalf of the board by:
Name: Sam Clarke
Status: Director

THE LOW CARBON HUB C.I.C.

Profit And Loss Account

for the Period Ended 31 March 2024

2024 2023


£

£
Turnover: 716,006 1,174,008
Cost of sales: ( 419,092 )
Gross profit(or loss): 716,006 754,916
Administrative expenses: ( 232,226 ) ( 1,490,494 )
Other operating income: 91 34,778
Operating profit(or loss): 483,871 (700,800)
Profit(or loss) before tax: 483,871 (700,800)
Profit(or loss) for the financial year: 483,871 (700,800)

THE LOW CARBON HUB C.I.C.

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 0 31,990
Investments: 4 0 2,809
Total fixed assets: 0 34,799
Current assets
Stocks:   0 0
Debtors: 5 0 937,409
Cash at bank and in hand: 45,005 652,258
Investments:   0 0
Total current assets: 45,005 1,589,667
Creditors: amounts falling due within one year: 6 ( 157,106 ) ( 2,220,396 )
Net current assets (liabilities): (112,101) (630,729)
Total assets less current liabilities: (112,101) ( 595,930)
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): (112,101) (595,930)
Capital and reserves
Called up share capital: 4 46
Profit and loss account: (112,105 ) (595,976 )
Total Shareholders' funds: ( 112,101 ) (595,930)

The notes form part of these financial statements

THE LOW CARBON HUB C.I.C.

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 23 October 2024
and signed on behalf of the board by:

Name: Sam Clarke
Status: Director

The notes form part of these financial statements

THE LOW CARBON HUB C.I.C.

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Tangible fixed assets depreciation policy

    Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows: Asset class - Depreciation method and rate Plant and machinery - 5% straight line Office equipment - 25% straight line Website development - 25% straight line Development costs are capitalised as an asset when they meet the criteria set out in FRS 102.

THE LOW CARBON HUB C.I.C.

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 22

    All The Low Carbon Hub C.I.C. staff were transferred via TUPE to the Low Carbon IPS Limited at 31st March 2023.

THE LOW CARBON HUB C.I.C.

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2023 54,434 30,612 85,046
Additions
Disposals ( 54,434 ) ( 30,612 ) ( 85,046 )
Revaluations
Transfers
At 31 March 2024 0 0 0
Depreciation
At 1 April 2023 28,436 24,620 53,056
Charge for year 3,901 2,310 6,211
On disposals ( 32,337 ) ( 26,930 ) ( 59,267 )
Other adjustments
At 31 March 2024 0 0 0
Net book value
At 31 March 2024 0 0 0
At 31 March 2023 25,998 5,992 31,990

THE LOW CARBON HUB C.I.C.

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Fixed assets investments note

All fixed assets were transferred to The Low Carbon Hub IPS Limited on 31st March 2024 at zero value in accordance with the CIC53 consent to asset transfer other than for full consideration dated 5th June 2023.

THE LOW CARBON HUB C.I.C.

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Debtors

2024 2023
£ £
Trade debtors 0 769,477
Prepayments and accrued income 0 13,631
Other debtors 0 154,301
Total 0 937,409

THE LOW CARBON HUB C.I.C.

Notes to the Financial Statements

for the Period Ended 31 March 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 157,106 2,220,396
Total 157,106 2,220,396

THE LOW CARBON HUB C.I.C.

Notes to the Financial Statements

for the Period Ended 31 March 2024

7. Financial Commitments

Amounts not provided for in the balance sheet The total amount of financial commitments not included in the balance sheet is £nil (2023 - £Nil). These represent the total commitments under non-cancellable operating leases over the remaining life of these leases.

COMMUNITY INTEREST ANNUAL REPORT

THE LOW CARBON HUB C.I.C.

Company Number: 07583663 (England and Wales)

Year Ending: 31 March 2024

Company activities and impact

During the financial year, The Low Carbon Hub C.I.C. continued its mission of promoting low-carbon initiatives and supporting community energy projects. These activities aimed to reduce carbon emis-sions, promote renewable energy, and support sustainability across various communities in Great Britain. The Company has collaborated with local groups, businesses, and individuals to encourage energy efficiency, renewable energy installations, and community-led environmental programmes. The Company’s efforts have delivered significant benefits to the community, including: Reduction of carbon footprint: By promoting and facilitating the adoption of renewable energy sources, the Company has helped local communities lower their reliance on fossil fuels and reduce overall carbon emissions. Educational initiatives: The Low Carbon Hub C.I.C. provided educational resources and work-shops to inform the public about energy efficiency and sustainability, empowering communi-ties to make informed environmental decisions. Support for community projects: Through partnerships and investments, the Company has enabled local communities to launch their own energy projects, helping to ensure long-term environmental and financial benefits. Energy efficiency through the ERDF programme: The Low Carbon Hub C.I.C. generated £96,592 in community benefit from its European Regional Development Fund (ERDF) programme, fo-cused on retrofitting buildings to improve energy efficiency. This initiative has brought tangible energy savings and environmental benefits to the community. However, after careful review, the decision has been made to voluntarily dissolve The Low Carbon Hub C.I.C.. This decision follows the successful completion of its core mission of promoting low-carbon and community energy initiatives. The foundational work established by the Company will be carried on by The Low Carbon Hub IPS Limited, ensuring that the benefits to the community and the environment will not only continue but also expand further.

Consultation with stakeholders

The voluntary dissolution of The Low Carbon Hub C.I.C. was undertaken only after comprehensive consultation with the Company's community shareholders, the most crucial group of stakeholders. The consultation process included: Direct communication with community shareholders, explaining the reasons behind the dissolution and ensuring transparency throughout the process. Meetings and discussions with local community groups to inform them about the transition and to understand their concerns and suggestions regarding future involvement. Written feedback solicited from stakeholders to gather input on the dissolution and the trans-fer of activities to The Low Carbon Hub IPS Limited. Actions Taken in Response to Feedback The feedback from consultations with community shareholders and other stakeholders, inform the implementation and communication relating to the following activities: Community groups and shareholders were offered and issued new shares in The Low Carbon Hub IPS Limited, ensuring their continued involvement and stake in the ongoing community energy initiatives. The Company has ensured that stakeholders, particularly community groups, will remain ac-tively involved in the governance and decision-making processes of the successor entity, The Low Carbon Hub IPS Limited. Community benefit expenditure:

Directors' remuneration

No remuneration was received

Transfer of assets

In the year to 31st March 2024, all fixed assets were transferred to The Low Carbon Hub IPS Limited at zero value, in line with the CIC53 consent to asset transfer other than for full consideration, dated 5th June 2023. The assets transferred included furniture, fittings, and equipment, along with the solar panel array at Eynsham Village Hall and Church. The original cost of these assets was £85,046, comprising £30,612 for furniture, fittings, and equip-ment, and £54,434 for the solar panel array. As of 31st March 2023, the net book value of the assets was £31,990, with £5,992 attributed to the furniture, fittings, and equipment, and £25,998 to the solar panel array. By 31st March 2024, following depreciation and the transfer, the net book value of these assets was reduced to zero. No other transfers of assets other than for full consideration were made during the year.

This report was approved by the board of directors on
23 October 2024

And signed on behalf of the board by:
Name: Sam Clarke
Status: Director