HUB WESTON CIC

Company limited by guarantee

Company Registration Number:
10598139 (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

HUB WESTON CIC

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

HUB WESTON CIC

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

Directors

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

Jemma Coles
Roy Pinney
Kenda Jean Macdonald
William Jeffries
Stuart James
Sharon James


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
20 January 2025

And signed on behalf of the board by:
Name: Jemma Coles
Status: Director

HUB WESTON CIC

Profit And Loss Account

for the Period Ended 31 March 2024

2024 2023


£

£
Turnover: 369,934 319,753
Cost of sales: ( 72,201 ) ( 69,176 )
Gross profit(or loss): 297,733 250,577
Administrative expenses: ( 346,536 ) ( 382,046 )
Other operating income: 15,700 72,461
Operating profit(or loss): (33,103) (59,008)
Interest payable and similar charges: ( 900 )
Profit(or loss) before tax: (33,103) (59,908)
Profit(or loss) for the financial year: (33,103) (59,908)

HUB WESTON CIC

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 258,063 264,602
Total fixed assets: 258,063 264,602
Current assets
Debtors: 4 1,620
Cash at bank and in hand: 2,259 31,795
Total current assets: 2,259 33,415
Creditors: amounts falling due within one year: 5 ( 15,114 ) ( 14,659 )
Net current assets (liabilities): (12,855) 18,756
Total assets less current liabilities: 245,208 283,358
Creditors: amounts falling due after more than one year: 6 ( 315,299 ) ( 319,813 )
Total net assets (liabilities): (70,091) (36,455)
Members' funds
Profit and loss account: (70,091) ( 36,455)
Total members' funds: ( 70,091) (36,455)

The notes form part of these financial statements

HUB WESTON CIC

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 20 January 2025
and signed on behalf of the board by:

Name: Jemma Coles
Status: Director

The notes form part of these financial statements

HUB WESTON CIC

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 Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Plant & Machinery - 20% Reducing Balance Fixtures & Fittings - 20% Reducing Balance Computer Equipment - 20% Reducing Balance

    Other accounting policies

    Government Grant Government grants are recognised in the income and expenditure account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute. Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income and expenditure account. Grants towards general activities of the entity over a specific period are recognised in the income and expenditure account over that period. Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income and expenditure account over the useful life of the asset concerned. All grants in the income and expenditure account are recognised when all conditions for receipt have been complied with.

HUB WESTON CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 21 24

HUB WESTON CIC

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 231,947 52,876 16,606 8,865 310,294
Additions
Disposals
Revaluations
Transfers
At 31 March 2024 231,947 52,876 16,606 8,865 310,294
Depreciation
At 1 April 2023 32,657 9,696 3,339 45,692
Charge for year 4,044 1,390 1,105 6,539
On disposals
Other adjustments
At 31 March 2024 36,701 11,086 4,444 52,231
Net book value
At 31 March 2024 231,947 16,175 5,520 4,421 258,063
At 31 March 2023 231,947 20,219 6,910 5,526 264,602

HUB WESTON CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Debtors

2024 2023
£ £
Trade debtors 1,620
Total   1,620

HUB WESTON CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 4,645 4,839
Taxation and social security 5,955 8,463
Accruals and deferred income 850 833
Other creditors 3,664 524
Total 15,114 14,659

HUB WESTON CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

6. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 4,146 8,659
Other creditors 311,153 311,154
Total 315,299 319,813

COMMUNITY INTEREST ANNUAL REPORT

HUB WESTON CIC

Company Number: 10598139 (England and Wales)

Year Ending: 31 March 2024

Company activities and impact

Hub Weston CIC is a not-for-profit community interest company committed to driving positive change in Weston-super-Mare and the surrounding villages of North Somerset. Over the past financial year, we have delivered a range of initiatives that have had a significant and lasting impact on the community. Activities: Our cornerstone project, The Stable, functions as a dynamic community enterprise hub, supporting start-up social enterprises, local businesses, charities, the Voluntary, Community, and Social Enterprise (VCSE) sector, community projects, and employability programs across North Somerset. The Stable encompasses several key elements: - The Stable Games Room - Stable Foundations - The Stable Pop Up Shop - Stable Cafe These initiatives cater to a wide range of community needs and create opportunities for collaboration and growth. Our space supports a vibrant mix of individuals and groups, including Artists and Makers, VCSE organisations, Digital Tech enthusiasts, Film and Media creatives, Health and Well-being Practitioners, Engineers, Writers, Project Managers, and hot desk users, all contributing to a flourishing local ecosystem. Community Benefits: 1. Empowering Vulnerable Groups We provide training and employment opportunities for individuals facing challenges such as learning disabilities, health issues, long-term unemployment, and barriers to work. Our efforts also extend to young people aged 16 to 24, fostering inclusivity and enabling pathways to meaningful employment and engagement. 2. Driving Local Economic Growth Through our initiatives, we have supported the development of services that directly benefit the community and bolster the local economy. By easing the strain on statutory services and strengthening economic resilience, we play an active role in fostering sustainable growth. 3. Providing a Community Hub The Stable serves as a versatile space for education, business activities, cultural pursuits, and the arts. It is a hub for creativity, collaboration, and innovation, fostering community pride and connection. 4. Supporting Enterprise and Leadership We empower entrepreneurs, business leaders, and VCSE organisations by offering support and resources to help them thrive. This includes facilitating networking, skills development, and growth opportunities that enhance individual and collective success. 5. Improving Well-being and Breaking Cycles of Deprivation Our activities contribute to better mental health, quality of life, and community cohesion. By creating opportunities and breaking down barriers, we help individuals lead fulfilling lives and contribute positively to society. Summary: Hub Weston CIC's work during the financial year has delivered a far-reaching and multifaceted impact on the community. Through inclusivity, economic development, and support for wellbeing, we continue to be a catalyst for positive change in Weston-super-Mare and the wider North Somerset area.

Consultation with stakeholders

At Hub Weston CIC, engaging with stakeholders is central to our approach, ensuring that our activities align with the needs of the community we serve. Over the past year, we have actively sought input from a diverse range of stakeholders, including individuals, organisations, and groups, to inform our planning and decision-making processes. Methods of Consultation: 1. Community Engagement Events We hosted regular open days, workshops, and networking events at The Stable, inviting feedback from community members, local businesses, VCSE organisations, and service users. These events foster dialogue, ensuring our services remain relevant and responsive. 2. Surveys and Feedback Forms We distributed surveys to stakeholders, including beneficiaries of our programs, to gather insights into their needs, challenges, and experiences with our services. This feedback directly influenced the development of new initiatives and the enhancement of existing ones. 3. Collaborative Partnerships Regular consultations with partners such as Age UK, U3A, local councils, and employment services like Seetec and DWP helped us identify gaps in local services and co-develop solutions. These collaborations also enabled us to expand the reach and impact of our initiatives. 4. Stakeholder Forums We convened forums with local entrepreneurs, VCSE leaders, and community representatives to discuss opportunities for growth and areas for improvement within The Stable’s ecosystem. 5. Individual Consultations For specific projects, we held one-on-one consultations with key stakeholders, such as young people, adults with learning disabilities, and individuals facing barriers to employment, to better understand their unique perspectives and tailor our support accordingly. Outcomes of Consultation: - Improved Services: Feedback led to the expansion of The Stable’s facilities, including enhancements to the Stable Games Room and increased access to training and employability programs. - New Initiatives: Based on community input, we launched additional pop-up shop opportunities for local makers and introduced targeted mental health support activities. - Strengthened Collaboration: Insights from partners informed joint initiatives that addressed local challenges, such as reducing isolation among older people and increasing employability skills among young adults. - Greater Inclusivity: Stakeholder feedback ensured our services remained accessible and inclusive, particularly for vulnerable groups. Through ongoing consultation, we maintain a strong connection with our community, ensuring our work continues to reflect and meet their evolving needs.

Directors' remuneration

The total amount paid to directors in respect of qualifying services was £49,862. There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director’s loss of office, which require to be disclosed.

Transfer of assets

No transfer of assets other than for full consideration

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

And signed on behalf of the board by:
Name: Jemma Coles
Status: Director