Company iegistsation number.. 03527886 CbaTity registrdtion number.. 1069722 Partnership for Growth (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 30 April 2024 Hodson and Co Wi5tOll House I Wiston Avenue Wortbing West Sussex BN14 7QL
Partnership for Growth CoDteDts Reference and Administrative Details Trustees, Report 2to4 Stat¢meTJt of Tn]stees' R¢sponsibilities Independent Auditors, Report 6t08 Statement of Financial Activities 9tolO Balance Sheet li ststement of Cash Flows 12 Notes to the Financial Statem¢uts 13to27
Parther5hip for Growth Reference and Administrative Details Trustees Tim Dan Weller J Lelliott N Heward V John Charity Reglstrathon Number 1069722 Company Regi5tratioD Number 03527886 The charity 15 incorporated in Englaod and Wales. Liok House Ferring Street Ferrin8 West Sussex BN12 5JP Regislered Office Auditor Hodson and Co Wiston Houe I Wiston Avenue Worthing West Sussex BN14 7QL George Ide LLP Lion House 79 St PaJ]cra5 Chi¢hester West Susscx P019 7GE Soucltors: Bankers Bar¢lays Bank Wortbing I Chap¢l Road Worthing West Sussex BNI I IEX National Westjninster Bank Worthing 27 South Street Worthing West Sugsex BNII 3AR Page I
Partnersbip for Growth Trustees, Report Th¢ lrnstees. who ar¢ directors for the purposes of compally law. present the annual report together with the finallciai stalements and auditors, report of the Charitable company for the year ¢nded 30 April 2024. Objectives and aetivitles Objeels and aims The charity's object and principal activities are the relief of pov¢rty, the advancement of ¢ducation and the advancement of the Cl]ristian religion in any part of the world. A key fuDdamcntal is the equipping of individuals in the benefi¢iary Coulltries with materials, tools and skills to enable tbem to become s¢lf supporting. This is suppl¢mented by somc direct provision of Aid, and is achi¢ved by activities which provide'.- Gifts of Aid. Edu¢ation for under privile8ed Children and young adults. Sanctuary and support for under privilcged individuals. Support of dcvelopmelll of locally led charity work. Objectives, slrategies and aclivitits Ai the end of April 2024 the charity maintained fLve charity shops in the Worthing Eocality. It receives donated goods which are sold in the local clwity sbops and funds distributed to Eastern Europe. The charity continu¢s to mainiain an E-Bay shop Online. This now manages to generate enough profit to employ a part time E-Bay manager for 20 hours a week to expand this part of the charities operations. Tbe war in Ukraine bas caused the charity to focus more of its attention on thi5 county. A fvndraising appeal that was launched in Feb 2022 h&s raised a largc amount of fimds. These fid6 are being distributed lo project managers within Ukraill¢ who bavc a long association and relationship with tbe charity. Fund have becn going to fimd humanilari8n aid in the fotrn of food, tnedicines, clothing and water supply. Project money is raised and admiillslered in the UK alld channelled into a variety of projects. These range from educatioll projects such as a kindergarten, homework club, parents school, Emmaus Club et¢ through to social arc proje¢tS such as Cantcens for th¢ elderly, Lost & Found project, obtaining birth ¢¢rtificates, wasbing macbine ministy and many other project5. Public beneJ71 The trustees have referred to tbe guidance contained in tbe Cbarity Commission's general guidance on public benefit when reviewing Ibe cbarity's aill and objectives and in planning fvture activities. The trustee5 confum tbat thcy have Gomplied with the requirements of section 4 of the Charilies Act 2011 to bavc due regard to the public benefit guidance published by the Charity Commission for F.ngland and Wales. Use of volunleers Thc charity 15 heavily dcpendent upon voluntary support to maintain its shop operation. and Shoebox Appeal. and utilise5 Other voluntary suppo¢ e.g. warebous¢ operations. Page 2
Partnership for Gro)vth Trustees, Report Financial review Policy on r¢seryes The trustees have examined tb¢ clwity's requirements for res¢rves in ligbi of the main risks to the organisatiotL The tSteeS will ciJntiDue to review the financial affairs of the cbarity with tbe aim to increase income, cut costs and to improve overall control of its operations. The trustees consider that the present level of fullding wiIl be adequate to support the continuation of the charity and for it to fillfil its obligations. tncome peaks annually as a result of tbe Shoebox Appeal, and cash flow is consequently managed on an overall yearly basis. No reserves are h¢ld other than on a short terni basis. although unrestricted reserves available at the year end are considered adequate to support the charity through thc cyclo The ttee5 actively review the major risk5 that the charity faces on a re8ul&r basis and believe that maintaining reserves at current levels, Combined with the annual review of tbe Colltrols over key fancIal systems, will provide sufficient re$ourGcs in the evenl of adverse conditions. The tnLStees bave also examined other operational and business risks faced by th¢ charity and confirni that they have established systems to mitigate the significant risks. Investmenipolley and objectives The objectives of the company authorises it to invest and dcal with rnoneys not immcdiatcly rcquired for its purposes in and upon such invcstrncrLts securities alld property as may be tbought fil. Going coneer Th¢ charity has r¢vi¢wed it's financial perfornwlce and general reserve5 P051tion. The cbarity has adequate financial resources and is able to manage il's business risks. Th¢ Chity's planning pro¢¢ss has tsken into consideration the curreDt economic climate and its potential in]pact on the vaTiOU5 sources of income and planncd expenditure. Taking into account all factors the charity bas reasonable expectation that it has adequate resources to continue in opcralional existcnce for tbe foreseeable fjjture and believe that there are no material uncertainties that call into the charity's ability to continue in operation. The income is such tbal tho thstces have a reasonable expectation that the ¢harity will contiDue in operational existence and expand in the future. AccordAngly, the accounts bave been pr¢pared on the basis tbat tbe charity is a going concern. Trustees and oftlcers The tnteeS and officers serying during the year and since the year end were as follows: Trustees.. Tim Dan Weller J Lelliott N Hewatd V John Page 3
Partnership for Growth Trustees, Report Structur4 governance and management Nathre ofgoverning document The charity is constituted as a company by guarantee, and is therefore governed by a memoralldum and articles of association. RecruiÉmtn¢ and qppoinlmenl of trustees Ail dire¢tors of the company are also ITUStces of the cbarity, and there are no other tStees. The Board has the power to appoint additional trustees as it Considers fit to do so. None of thc trustees bas ally beneficial interest in the charity. All of the trustees ar¢ members of the company and guarantee to contribute £1 in the event of a winding up. Induction and tralning oftrustees Poteotial tn1¢¢8 are selected OD the basis of their personal qualities, Cbrislian commilmenl and familiarity with the complex issues involved. A speciality IiDking to ¢harity needs is also sought. New truslees are made familiar with Ibe charity vision, operation and goals by dialogue with existing petsoJ)nel and provision of minutes and other literature pertaining to charity activity. All trustees are aircady familiar with the praclical work of the charity. New trustees are encouraged to attend all managernent commitiee meetings. Short training sessions (if r¢quir¢d) to familianse new trustees with the charily and the context within which it operates are provided by the Genernl Managcr. Organuational structhre Thc charity is organised so that the trustees meet regularly to manage its affairs. The trustees meet at least quartcrly with additional meetings as required. The charity is ovcr5CCD by the trustees, supported by paid staff and voluntc¢rs. The organisation operates in the UK from prcmiscs in Fetring Street, Ferring. Kcy strat¢gic and administrative decisions ar¢ made by agreement of the trustees, and dclcgalcd as appropriale. Day lo day managemcnt of the charity is delcgated to the General Manager, Lisa Hcctor. Dlsclosure of Informatlon to auditor Eacb trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit informatioTh and to establish that the charity's auditor is aware of that infOallOn. The tTuslees confllm that there is no relevant infonnatloll tbat they know of and of which they know the auditor is unaware. The atwual report apptovcd by the Inlee5 of the charity on .,.,.. .... . ..... and signed on its behalf by: V John Trustee Page 4
Partnership for Growth Statement of Trustees, Responsibilities The trustees (who are also the directors of Partnership for Gn)wtb for the purposes of compally law) are responsiblc for preparing the trustees, report and the financial statements in accordance with applicable law and UDitcd Kingdoro Accounting Siandards (United Kingdotu Generally Acccpted AcCOLtIng Practice). including FRS I02 "The Financial Reporting Standard applicable in the UK aDd Republic of treiand" Company law requires the tsustees to prepare financial statements for ¢acb financial year. Under company law the trlte¢S must not approve the financial statements uraess they ar¢ satisfied that they give a true and fair view of th¢ state of affairs of the charitable company and of the incoming resources and applicauon of resources, including its income and cxpenditure, of the cbaritable company for that period. In preparing these financial statements, the trustees are required to.. selcct suitable ac¢ounting poli¢i¢s and apply thcm consisteDtIy' observe the methods and principles iti tb¢ Charities SORP. make judgements and estimatcs that arc reasonable and prudent. state whether &ppli¢able accounting standard5, comprising FRS 102 bave been followed, subject to any material departures disclosed and explained in the fmaucial statements. and prepare the financial statements on the going con¢¢rn basis unlcss il is inappropriate to presume that tbe harilable company will conltnue in business. The trustees are responsible for keeping proper a¢¢ounting records that can disclose with reasonable a¢¢uracy at any time the fmalleial position of the charitable COD]pany aud enable them to ensure that the fanCIaL siatements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Thc trnstees Are Tcsponsible for the rnaintenance and integrity of the corporate and financial inforniation included on the cbaritable companYs website. Legislation govcrning th¢ preparation alld dissemination of fanCIaL statcments may differ from legislation in othcr jurisdictions. Approved by the trustees of the charity on *..., ...., . . . and 8i8ned on its b¢haifby'. TNslee Page 5
Partnership for Groivth Independent Auditor's Report to the Members of Partnership for Groivth OpinioD We have aUdIt the financial stafytnents of Partnership for Growth {the 'charily') for the y¢ar ended 30 April 2024, which comprise the Stalernont of Financial Acliviti¢s, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including & summary of SI1ficallt accounting policies. The financial reporting framework that has b¢¢u applied in their preparation is United Kingdon) Accounting Standards. comprising Charits'es SORP - FRS 102 The Financial Reporting Standard applieablc in the UK and Republic of Ir¢land' and appli¢able law (Utiited Kingdom Generally Acccpted Accounting Practic¢). In our opinion the f¢181 statements: give a true and fair view of the state of the charity's affairs as at 30 April 2024 and of its incoming resource5 and application of resources, including it5 income and expenditurc, for the ycar then ended: have been properly prepared in accordance witb United Kingdom Gell¢rally Accepted AccouDtiDg Practi¢e' bave bccn prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnion We conductcd our audit in accordan¢e with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our respoDsibilities under those standard8 are further described in the audllor responsibilities for the audit of the fmancial slalemenls section of our report. We are indepeDdent of the charity in accordance with thc ethical requirement5 that are relevant lo our audit of Ibe financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in a¢¢ordance with these requirerneDts. We beli¢ve that tbe audit evidencc we have obtsilled is sufficient and appropriale to provide a basis for our opinion. Other knfornti0ll Tbe trusl¢cs are rcsponsiblc for the other inforn)ati¢)n. The othcr inforniation cotnprises thc information in¢ludcd in the annual rcport, othcr than thc financial statcrnents and our auditor's rcport thereon. OUT OPiDlOn on the finao¢ial statements does not cover the other infornlation and, except to tbe extent otherwise expli¢itly stsled in our report, we do not express any forni of assurance Conclusion thercon. tn cot)neclion with our audit of the fmancial slalements. our responsibilily is lo r¢ad the oiher infornmtion an in doing so, consider whether Ihe other inforniation is malerially inconsistent with the financial statements or our knowlcdge ubtained in the audit or othenvise appears to be materially misstated. If we idcnlify such mat¢rial inconsistcncies or apparent material misstatements, we are rcquired to dctcrn]ine whether there is a material mi5Statcment in the financial statcments or a Jnalcrial misstatement of thc other infotmalion. If, bascd on the work we ljavc perforn]ed, we conclude tbat thcre is a malcrial misstatement of this otber infornmtion. we are required to report that fa¢t. We have nothing to report in this regard. Matters OD which we are required to report by exceptlon In the light of our knowledge and understanding of the charity and its cnvironmenl obtained in the course of the audit. we have not identified material Misstatc¢nts in the Trustees, Report. We have nothing to Teport in respect of the following matters in relation to wbi¢b tbe Charities Act 201 E requires us to report to you if, in our opinion.. Page 6
Partnership for Growth Independent Auditor's Report to the Members of Partnership for Growth adequate accounting records have not been kept. or rebmis adequate for our audit have not been received from branches not visited by us. or the finaacial statements are not in agreement with the accounting records and returns. or rtain disclosures of trustees remuneration specified by law are not mad¢. or we have not received all the inforniation and explanations we require for our audit. Re5pollsibilltles of trustses As explained more fully in the Statement of Trustees. Responsibilities (sel out on page 5), the trustees are responsible for the preparation of the financial statements and for being satisfied that tbcy giv¢ a trne and fair view, and for such internal control as the tnjstees det¢rtt)itie is necessary lo enable th¢ prcparation of financial stsletllents that are free from material misstatcmcnL whether due to fraud or error. In preparing the financial statements. the trust8 ar¢ responsible for assessing the charity's ability to continue as a going con¢crn, disclosing, as applicable, mattcrs related to going Concern and using the going conccrn baqis of accounting unless th¢ trustees either intend to liquidate tILC cbarity or to ¢e&se operations, or have no realisliG alternative but to do 50. Concluslous rel4llng to going ¢on¢erD In auditing the fancIal Statements, we have concluded that the trustees use of the going ¢onc¢rn basis of accounting in the preparation of tbc financial statements is appropriat¢, Based on the work we have perfornied, we have not identified any material uncertaintics Tclating to event5 or conditions tbal, individually or collcctivcly, may cast significant doubt OD the Charity's ability to continue as a going concern for a period of at least twelv¢ months from when the original financial ststements werc authorised for issue. Our responsibilities and the r¢sponsibilities oftbe trustees with respect lo going concern are described in the relevant sc¢tions of this report. Auditor respon81bllides for the audlt of tbc fiDaDcial slatemenls The tntee5 hav¢ Clcclcd for the financial statcrncnts to bc audited in accordance with the Charities Act 2011 rather than the Companies Act 2006. A¢cordingly, we bavc been appointed as auditor under section 144 of thc Charities Act 2011 and report in accordance with regulatioDS made under sectioa 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Re&sonable assurancc is a high level of a55uran¢¢. but is not a 8uarantce that an audit conducted in accordance with ISAS (UK) will always d¢te¢t a material misstatement whcn it exists. Mis5talements can arise from fraud or error and arc considered rnaterial if, individually or in tbe awcgate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these fujancial statcments. Irregularities, including fraud, are instanccs of non-compliance with laws glld regulations. We desigll procedures in line with our respon5Lbilities to d¢fr¢t material misstatements in respect of itregulatities. illGluding fraud. The extent to which our procedures capable of dete¢titig irregularities, including fraud, is detailed below. Obtaining an understanding of the legal and regulalory frameworks that the charity operatcs in, focusing on those laws and regulations that had a direct effecl on the fmancial statements; Enquiry of management to identify any inslances of knowi or 5uspe¢ted instances of fraud. Enquiry of management and those cbarged with gov¢rnaDce around actual and potential litigation and claims; Page 7
Partnership for Growth Independent Auditor's Report to the Members of Partnership for Growth In addressiDg the risk of fraud tbrough management override of controls, we tested Ibe appropriateness of journal entries and other adjustments, assessed whether the judgements made ID making accouuting estimat¢s were indicative of a potential bias and tested sigllificaut transactions tbat are unusual or those outside the nornlal coutse of bl¢SS. Reviewing ttlinutes of rneetings of those charged with governance. and Reviewing fman¢ial statement disclosures and testing to supporting documentation to assess Compliance with applicable law5 and regulations. Owing to the inherent limitations of an audi¢ there is an unavoidable risk tbat we may not have detected some material n)isststements in the financial statements, even thougb we have properly plaDned and perforn)ed our audit in accordallce with auditing Standards. In addition, as viith any audit, thcre remained a higher risk of non-delection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentstions, or th¢ overridc of inl¢rnal controls. Our audit procedurcs are deS1¢d to detect Tnaterial misslatement. Wc are not responsible for prcventing nott-compliance or fraud and Car0t be expected to detect noDcomplian¢e with all laws alld regulations. If a breach of operational re¥ulations is not disclosed to us or cvident from relev8nt corrwpondenc¢, an audit will not detect that breach. A further des¢riptlOD of our responsibilities is available on thc Financial Reporting Council's website at: www.frc.org.uklauditorsrespon$ibilitses. This d¢$cription forn part of our auditor's report. Use of our report This report is made solely to the charitablc company's trustecs, as a body, iti accordance with Chapter 3 of Part 16 of th¢ Companies Act 2006. Our audit work has been undertakcn so that we might state to th¢ charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fidlegl cxlenl p¢rniillcd b law, we do not a¢Gept 01 assume responsibility to anyone othcr tban the charilable mpany aThd its In$ a body, for our audit worl for tbis report, or for the opinions we bave fom]ed. Matthew Hodson (Senior StatOry Auditor) For and on behalf of Hodson and Co, Siatrjtory Auditor Wi5ton House I Wiston Avenue Worthing West Susscx BN14 7QL Pag¢ 8
Partnership for Growth StaterneDt of Financial Activities for the Year Ended 30 April 2024 (IDcluding Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted lllnds Total 2024 Note Ineom¢ and Endowments from: Donations and legacies Other trading activities Investment income Other income 673.489 686.673 791 10,720 673,489 692,862 791 10,720 6.189 Total in¢om¢ 1371.673 6,189 1377 862 ExpeDditure oll: Raising funds Charitable aGtivitics Other expenditure (615,403) (722,226) 750 (615,403) (780,045) 750 (57,819) Total expenditurc Net incorne/(expenditure) Transfers between fldS 1.338.379 57.819 1,396,198 33,294 27,427) (51,630) 27,427 (18,336) N¢t movement in fid$ 5,867 (24.203) (18,336) Reconciliation of funds Total fid8 brought forward 260,549 240.946 501,495 Total fund5 carried forward 20 266416 216743 483,159 The notes on pages 13 to 27 fonn an integral part of these financial ststcments. Page 9
Partnership for Growth Statement of Financial Activities for the Year Ended 30 April 2024 Uncluding Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unre5tri¢ted funds Restricted lunds Total 2023 Note Income and Endowments from: Donations and legacies Other trading activities Other income 666,380 668,791 14.813 26,600 58,881 675 692.980 727,672 Total income 1349.984 1436 140 Expelldlture on: Raising fijnds Charitable activities Other expcThdithre (623,700) (594.579) (750 (11.204) (175,576) (634,904) (770.155) 750 Total cxpcnditure 1,219,029 (186,780 1405,809 Nct in¢ome/(expenditrJr¢) Transfers between fiJDds 130,955 (96.803 (100.624) 96.803 30,331 Net movement in fimds 34,152 (3,821) 30,331 Recon¢lllatlon of funds Total funds brought forward Total fiJnds carried forward 226,397 244,767 471,164 501,495 20 260,549 240,946 All of the charity's activitics derive from continuing op¢rations during tbe above two periods. Thc fimds brcakdown for 2023 is shown in note 20. The notes on pages 13 to 27 forni an inlegrnl part of these fmancial slalemenls. Page 10
Partnership for Growth (Registration number: 03527886) Balance Sheet as at 30 April 2024 2024 2023 Note Fixed assets Tangible assets 15 97,140 82,563 Current assets D¢btors Cash at bank and in hand 16 28,442 396,577 27.454 451.415 425,019 478,869 Creditors: Amounts faiilng due wlthin one year 17 {28,028 38.316 Net current asset5 396,991 440,553 Tot*1 assets less current Ilabllltle$ 494,131 523.116 Creditors: AmouDts fauiug due after more than one yeAr Net asset$ 483,159 501495 Funds of tbe charity: Restrlcted Income funds Restricted fimds 216,743 240,946 Unrestrleted ineome funds Unrestricted fimds 266,416 260 549 Total funds 20 483,159 501495 cial statemcnts on pages 9 to 27 were approved by the trustees, and authorised for issue on I f and signed on their behalf by: VJOI Trustee The notes OD pages 13 to 27 forni an integral part of these fanCi statements. Pa¥ell
Partnership for Groivth Statement of Cash Flows for the Year Ended 30 April 2024 2024 2023 Note Cash floiys from operatiDg aetivities Nct cash (expenditureyinGorne (23,336) 30,331 Adjustments to ¢a$h (iojys from nonrfash ilems Depreciation tnvesth]¢Dt income 3,071 791) 10,346 {21.056) 40,677 Worklng caplt21 adjustments tncr¢ase ID debtors Decreasc in creditors 16 17 (987) (5,289) (9,194) 8,391 Net ca5b flows from operating activities Casb flows from inv¢stiDg activltles IntCTes¢ received Acquisition of intangibl¢ assets Net casb flows from investing activities C&$h flows from finaDclng acdvlties Rcpayment of bank borrowings 791 17,648 (16,857) (10,649 (9,680) Nel (decrease)lincrease in casb and casb equivalents Casb and casb equivalenls at l May Cash and cash cquivaleDts al 30 April (54,838) 451,415 13,412 438,003 396,577 451,415 All of the cash flows are derived from ¢ontinuing operations during thc above Iwo periods. The notes on page5 13 to 27 forni an integral part of these fmancial statements. Page 12
Partnersbip for Growth Iyotes to the Financial Statements for the Year Ended 30 April 2024 I Charity statss The charity is limited by guarantee. In¢oOrated in England and Wal¢s. aDd consequently does not have share apital. Each of th¢ trust¢cs is liable to contribut¢ att arnount not Ceedillg £1 towards the assets of the cbarity in the event of liquidation. The address of its registered office is- Link House Ferting Street FerTing West Sussex BN12 5JP 2 Aeeounting policies Summary ofsignific2nt accounllng policles *Dd key aeeountlng ¢sdmates The principal accounting policies applied in the preparation of th¢sc financial statcmenls are sct out below. These policies have been consistently applied to all the years presented, utJess otherwise staled. Statement of eompliance Th¢ financial statements have been prepared in accordance with A¢¢ounting and Rcporting by Charilies: Statement of Recomrncnded Practice (applicable to charitiC5 preparing thcir accounts ID accordance with tbe Financial Reporting Standard applieable in ihe UK and Republi¢ of treland (FRS I02)) (issued in October 2019) (Charities SORP (FRS 102)), tbc Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and thc Companies Act 2006. Basls of preparatlon Partnership for Growth meets the defmition of a public benefit entity und¢r FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otberwise stated in the relevant accounting policy notes. Golng CODcern Thc trustees consider that there are no Material uncertainties about the charity's abilily to continue as a going Concern nor any significant arcas o(Ullcenainly that affect the carrying value of assets held by thc charity- Judgement$ Th¢ preparatloll of tbe financial statements requires managern¢nt to rnak¢ judgemcnts, estimat¢s and assumptions that affect the arnounts reported. These estimates and judgernents are CQDtinually reviewed and are based on experien¢e and other factors, including expectations of futLLre events Ibat are believed to be reasonable under the circumstances. Donated shoeboxcs arc filled with item5 from a standard list. Thesc are valued at £20 eacb with reference to the standard list and reviewed annually. Income aud endowments All illcome is rccogDised once the charity has entitlement to th¢ income. it is probable that the income will be received and the amoullt of the income receivable can b¢ measured reliably. Page 13
Partnership for Growth Notes to the Financial Statements for the Year Ended 30 April 2024 Donalions and l£g4cies Donations are recogllised when the charity has been notified in writing of botb the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by tbe charity before the charity is entitled to the fimds. the incorne is defe¢d and aot recoglliS¢d until either thos¢ collditions are fully ynet. or the fulfilm¢ut of those conditions is wholly within the control of th¢ Charity and it ts probable that these conditions will b¢ fulfilled in the reporting period. Legacy gifts are recognised on a cas¢ by case basis following the allt of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement dale. In the event that the gift is in the fom] of an assct other than cash or a financial Sel traded on a re¢ogDised stock exchange, recognitiou is subject to the value of the gift bcing reliably measurable with a degree of rca50nable accuracy and the title to the asset having been transferred to the charity, Granls receivable Grants are recognised wbcn the charity has an entitlement to the funds and any conditions linked to ibe grants bave bcen meL Where performance conditions ar¢ attached to the grant and are yct to be mct, the income is recognised as a liability and included on the balancc sheet as d¢ferred income to be released. Expenditure Expendityre is recognised on an accrual basis as a liability is incuTrd. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to w&i¢b It relates: Costs of generating funds Comprise the costs associated with attracting voluntary income and tho costs of trading for fundraising purposes including tbc charity's shops. Charitsble expenditure comprises those costs inCUrd by the charity in the delivery of its activities and services for its membcrs. It includes both costs that can bc allocated directly to such activities and tFLose costs of an indirect natute nccessary to support them. Where costs cannot bc directly attributed th¢y are cstimaled based on activity leve15 in relation to staff costs. Donations paid for the relief and dcvelopment of projects are included in tbe statement of fllW)cial activities when donated. Donated sho¢boxes are included in Provision of Aid when donated by the Chlty. Governance costs includc those costs associated with meeting thc constitutional and slatulory requirements of the charity and include the audit fecs and costs linkcd to the strategic managcment of tbe charity. Support costs Support costs include ccntral fictIOnS and have be¢n allocated to activity cosl catcgories on a basis consistent with the use of resourccs, for example, allocating property costs by floor areas, or per capita, staff costs by tb¢ time spent and other costs by their usage. Taxation The charitable company is rcgistered as a charity and is exempt from taxation {except for Value Added Tax) on its incom¢ aud capital gains applied for charitable purposes. Page 14
Partnership for Growth otes to the Financial Statements for the Year Ended 30 April 2024 TaDgible flxed as5Cts All fixcd asscts arc initially recorded at cost. TaDgiblc fixcd asset additions are capitalised and depreciated in th¢ year of purchase. Expenditure of les5 than £500 is not capitalised and is charged as an expense ill th¢ statement of financial activities. Deprethtlon and amort150don Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimatcd residual value, over their expected usefjjl e¢onomi¢ life as follows: Asset clas$ Motor vehicle Equipment Leasehold Plant & machinery Depreciation method and rate Over 4 years Bctsveen 2 and 5 years Over 35 years Over 4 years Imp21rm¢nt of ed *sscts A review for indicators of impairmcnt is carried out at each reporting date, with the recovcrable amount being estimated where such indicators exist. Whcre thc canying value exceeds the recoverable amount, the ass¢t is in)paired ac¢ordingly. Prior impairnients are aIso reviewed for possible reversal at each reporting date. For tbe purposes of impainJent testing, when it is not possible to estimate the recoverable 8mount of an Individual asset, an estimate is made of the recoverable amount of the cash-generating unit lo whi¢h the asset belongs. The cash-generating unit is the smallest idcntifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. Trade debtors Trad¢ d¢btors are amounts due from Customers for merchandise sold or servic¢s p¢rfonned in the Ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently m¢asur¢d at amortised cost using the effective interest method, less provision for impaimient. A provision for the irllpairnjent of trade debtors is established when there is objective evidence tbat tbe charity will not be able to collect all amounts due according to the original tenns of the receivable5. Cash And cash equlvalents C&8h aDd c&sb cquivalents eomprise cash on hand and call deposits, and other short-terni highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade Creditors Trade creditors are obligations to pay for goods or service5 that have beell acquired in the ordinary Course of business frotu supplier5. Accoullt5 payable ar¢ classified as curren¢ liabilities if the cbarity does not have an unconditional rigbt, at the end of the reporting period, to defer settlement of the Creditor for at least twelve months after the reporting date. If there is an unconditional right to dcfer settlement for at l¢ast twelve rnontbs after th¢ r¢porting dat¢. they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Page 15
Partnersbip for Growth Notes to the Financial Statements for the Year Ended 30 April 2024 Fund structure Unrestricted incomc funds are g¢neral fimd8 that are available for use at the trustees discrotion in furtbcTance of the objectives of thc charity. Resttieted income fi11$ are those donated for use in a particular ea or for sp¢¢ifi¢ puryjoses, tbe use of which is restricted to that area or purpose. Designated fuDds are uwe5tricted fimds eannarked by the trustees for particular putposes. Fln4Delal instruments Classification Th¢ charity only has fmancial assets and financial liabilities of a kind that qualify as basic fmancial instnunents. Basic finallcial instnllneuts are initially recognised at transaction value and subsequently measured at their settlement value with thc exception of bank loans which arc subscquently measured at amortised cost using the effective interest metho Deflned contrlbution plan Contributions to dcflned contribution plans are r¢¢ognised as an expense in tbc period in wbich th¢ related service is provided. Prepaid contributions are recognised as an a55el to the extent that the prepayment will lead to a reduction in future payments or a casb r¢fund. When contributions are not cxpected to be settled wholly within 12 tnonths of ihe cnd of the reporting date in whicb the employees render the r¢lated scrvice. the liability is measured on a discounl¢d present value basis. The unwinding of th¢ discount is r¢cogllis¢d as an expense in the period in which it arises. 3 Net IDcomlnWoutgolng re$our¢es Nct (outgoiug)lin¢oming resources for the year include: 2024 2023 Audit fces Depreciation of fed assets 5,060 4,250 10,346 4 Income from donatlons and lega¢les UDrestrl¢ted funds General Total 2024 Total 2023 Donations and legacies. Donations and gifts Leg&ie5 Gift aid reclaimed Grants, including capital grant5" Grants from other charities 661,381 661,381 650,176 21,415 15,963 12,108 12,108 5,426 673,489 673,489 692.980 Page 16
Partnership for Growth Iyotes to the Financial Statements for the Year Ended 30 April 2024 5 Income from other tradlng actlvltles Unrestricted funds General Restricted nds Total funds Trading income. Shop income Fundraising events 595,006 91.667 595,006 97,856 6.189 Totsl for 2024 686 673 6,189 692,862 Total for 2023 668 791 58,881 727.672 6 Other Income UDre5tri¢ted Total 2024 Tot 2023 General Gift Aid tax reclaimed Gift Aid tsx reclaimed Other income 675 5,267 9,546 5.720 5.720 5,000 10.720 10,720 15,488 7 Expendlture on ralslng funds a) Costs of generatlng doDatlong and Aegacles Uarestrl¢ted TotAI 2024 TotAI 2023 General lio¢e Staty costs Marketing and publicity Establishment ¢osts Other direct costs of generating voluntary inwr¢ 80,054 395 30,527 80,054 395 30,527 98,000 1,844 20,263 27.698 27,698 23,296 143,403 138,674 138.674 Page 17
Partnership for Growth Iyotes to the Financial Statements for the Year Ended 30 April 2024 b) Costs of trading aetivitie5 UDrestrict¢d funds General Tot 2024 Total 2023 Nottr Fundraising trading costs. Publicity Shop costs staff Shop Costs - estabiisbment Deprcciation, amortisation and other similar Costs Other direct costs of activities for generating funds Ajlocated support costs 2,673 261.259 161,521 2.673 261,259 161.521 5,445 239,870 175,760 3,070 3,070 10,346 48,206 48.206 59,112 968 io 476 729 476 729 491501 Pag¢ 18
Partnershfip for Growth Notes to the Financial Statements for the Year Ended 30 AprAI 2024 8 EendIknre oll charitable activities Unrestrlcted Total 2024 Total 2023 General Restricted Education and skills Provision of aid 130,083 592.143 57,819 187,902 592.143 181.536 588,619 722 226 Aetivity undertaken direetly 780.045 770,155 ActIty support ¢ost$ Total 2024 Tot4l 2023 Education alld skills Provision of aid 174,749 550 693 13.153 187,902 592 143 181,536 588 619 780 045 770 155 Of the above cxpenditure in 2024, £57.819 {2023 £175,576) was attributablc to Restricted Funds. included in the expendittue analysed above, there are also governance costs of £11,561 (2023: £10,659) whicb relate directly to charitable activities. See note 10 for further details. 9 Other expenditure Unre5trlcted funds Gener41 Total 2024 TotAI 2023 Note Other resources expended 750 750 750 750 750 750 Page 19
Partnership for Growth Notes to the Financial Statements for the Year Ended 30 April 2024 10 Analysis of governanee and support eosts Support costs allocated to charitable activities Total 2024 Total 2023 Staff costs B%sis of allocatfion See below Support costs 54.603 Basis of alloe4tloD Reference Method of allocatlon Educatioll and skills 250/0 of the administration costs Provision of aid 750/0 of the administratlOD costs Governanee eo$ts Unre5tri¢ted funds General Total 2024 TotAI 2023 Audit fees Audit of the fmancial statements Other fees paid to auditors Legal fees Other governance costs 5,060 1,728 2,409 2,364 5,060 1,728 2,409 4,250 1,431 2,922 2,056 11,561 Page 20
ParthershRP for GroTrYtb otes to the Financial Statements for the Year Ended 30 April 2024 11 Trustees remuneration 2nd expenses No trustees, nor any pcrsons connected with them. hav¢ roceived any rcmuneration from th¢ chatity during the year. No trustees have re¢¢ived any reimbursed expenses or ally other b¢nefIts from the ¢harity during the year. 12 Auditors, remuneration 2024 2023 Audit of the fUnla1 statements 5.060 Other fees to 4uditors All other non-audit services 1,728 13 Taxatlon The charity is a registered charity and is therefore exempt from taxation. 14 Staff ¢08ts The aggregate payroll costs were a5 follows: 2024 2023 Staff c05t5 durlng the year were; Wagcs and salari¢s Social security costs Employer contribution to peosion plans 315,743 22,822 7,493 307,505 22,142 7.319 346,058 336,966 The Monthly average Dumber of persons (in¢luding senior management I leadership team) ¢mploycd by the kwity during the year expressed as fiill time equivalents was as follows.. 2024 2023 Number of production staff Number ofmanagement staff 18 20 20 No employee received emoluments of more than £60.000 during the year. Page 21
Parthership for Growth Notes to the Financial Statements for the Year Ended 30 April 2024 15 Tangible fixed a55ets Land and buildings FurnRture alld equipment Motor veblcles Total Cost At l May 2023 Additions 88.766 33.856 52,539 175,161 At 30 April 2024 106414 192 809 DepreclAtion At l May 2023 Charge for the year At 30 April 2024 Net book value 32,939 535 52,536 92,598 2.536 9,659 33,474 95,669 At 30 April 2024 382 97,140 At 30 April 2023 917 82,563 Included within th¢ nel book value of laDd aDd buildings above is £17,648 (2023 - £Nil) in respecl of freehold land and buildings and £79,107 (2023 - £81.644) in respect of le&8eholds. 16 Debtors 2024 2023 Tradc dcbtors Prepayments VAT recoverable 14.150 11,939 2,353 14,473 10,598 2,383 28,442 27,454 Page 22
Partnership for Growth Notes to the Financial Statements for the Year Ended 30 April 2024 17 Creditors: allUt$ f2llitig due Ivithin one year 2024 2023 Bank loans Trade creditors Othcr tLxation and social security Other creditors Accrua15 10.648 1,253 8,970 972 6.185 10.648 913 18,253 3,223 28,028 18 Creditors: Amounts f#lling due after one year 2024 2023 Bank loans 10,972 19 Obllgatlons under leases and hlre purchase contr&ctJ Operatlng lease COLnmltmeRtJ Total fijture minimum lease payments under non-callcellable operatitig leases are as follows: 2024 2023 Within one year BetwecD one and five years 48,373 67,040 118807 118890 185,847 Pag¢ 23
Partnership for Growth Notes to the Financial Statements for the Year EDded 30 April 2024 20 Funds Balatl May 2023 Incoming resources Resources expended Bal at 30 April 2024 Tfrs Unrestricted General fund 260,549 1.37 1,673 (1,338,379) (27.426) 266,417 Rcstrl¢t Moldova Soup kitchen Future Changed Project It of Love-meals OD Whccls-Dancu Emmaus Club-special N¢eds-Dancu Cluj - shower blo¢k The Duckers MoldovaD Mission Cluj - Romania Dubovca P¢rvomaiscoe Bags of Education Good Homes for All New Living Will Legacy Washing Machioc Project I am Appeal Ukraine appeal Bo£ieni Andreea's Eyesight New Chitpan Project Dancu Social Work Alena - Ukraine 374 3,072 50 3,025 (4,000) (18,440) 3,576 12,343 (4,000) 4,000 (2,466) (751) 2,466 15.187 200 14,636 150 2,209 700 6,590 6,415 62 22,150 1,278 3,795 172,221 5,000 1.743 (120) (1,530) 30 125 1,000 804 1,700 (8,250) (180) 1,660 923 7,158 62 22,150 ,490 356 165,046 974 1,743 212 61 (3,500) (7,175) (4,026) (600) (2.781) 600 2.781 593 593 Total restrlcted 240,946 57,819 27,426 216,742 Total fund$ 501,495 1.377,862 1,396,198) 483,159 Page 24
Parthership for Growth Notes to the Financial Statements for the Year Ended 30 April 2024 BalaDce at 30 Aprll 2023 Balance at I May 2022 Incomlng resources Resources expended Transfers Unrestricted funds General General fund 226,397 1,349,984 (1,219,029) (96,803) 260,549 Restricted Moldova Soup kiichen Future Changed Project Inn of Love-meals on Wheels-Dancu Emrnaus Club-SpcGial Needs-Dancu Cluj - sbowcr block The Duckers Moldovan Mission Cluj - Rotnallia Dubov¢a Pervomaiscoe Bags ol Education Good Homes for All New Living Will Legacy Dubcovca Emergency Wasbing Macbin¢ Project I am Appeal Ukraine appeal Bozieni Andreea's Eyesight Balkan Tbrce Peaks Trek Club LiDk Kickslart Schcme LiJk Emergency Fund New Cbirpan Project Total restrieted funds 130 11,231 (5,330) (56,086) 5,574 22,104 374 3,072 25,823 (12,000) 12,000 (7,398) (1,800) 7,298 2,700 10,912 3J75 15,187 235 212 660 325 1865) (8,823) 1900) (10,500) (850) 120 10,495 1.600 16,895 120 (i) 150 2209 700 6,590 6,415 62 22,150 195 4206 2,939 63 22,150 5,050 2,712 3,048 171,623 {5,050) (1,369) 551 747 46.329 (616) 1.278 3,795 172,221 5,000 1,743 (41,635) (9,788) (4,096) 14,788 1,743 10.062 4,332 2,170 (10,738} (10,580) (4,485) (1,000) 3,386 676 6,248 2,315 1.000 3.386 244,767 86,156 186,780 96,803 240,946 Total funds 471,164 1.436.140 1,405,809 501,495 Page 25
Parthership for Growth Notes to the FiDancial Statement5 for the Year Ended 30 April 2024 The Moldovan Soup Kitchen fund provides a building in Cosnita, Moldova which provides food to between 50-100 people a day. The Futur¢ Changed project supports a team of social workers and tea¢h¢rs in transforming the 'Dallas' commuuity in lasi, Romania. The social worker visits families in tbe Sbanty town to help with medical and denlal bills. food parcels, clothing aud elleouraging children to attend the kindergarten the team nm. It also runs the Ho¢wOrk Club for 7-1 l years old who strnggle to do their homework due to poor housing conditions and the Little Rainbows Kindergarten foi 4-7 years old. It also runs a Parents School. Assistance is also given with Winter fuel needs and building maintenance, The tnn of Love provides a food Service for 60 of the elderly population Tn Dancw Moldova. The Community centre is used for tbe Inn of Love and the Emmaus Club for children with special educational needs. The Cluj showcr block fijnd is to maintsill support for a shower block for mar8inakn's¢d individuals and families with no b&sic amenities. Dubovca - Fund5 are sent to support the team that lead the humanitarian work in thc village and help pay towards transportatioa costs, Pervomaiscoe Funds to feed elderly pcople three times a week either inhouse or by delivery meals lo thexr homes New Living Will Legacy is a sum of moncy that has been loft io us to spend on education projects. Bags of Education - is a collaboration with anothcr charity Door of Hope to send bags of stationery items to disadvantaged children in our projects. Good Homes for All - 1$ part of the Future Cbanged Project and is to help rebuild homes Washing Machine Mtnisty in Borzi¢Di, Moldova secks to help the elderly and vulnerable in thc wasbing of clothes and bedding. Food parcels are also glven out to the elderly tbree tAtnes a week. In Ukrainc the projects that are supportcd are adult prison visiting and provision in Lviv, a school for gypsy children in Odessa and feeding programmes in Zaporozhye. The Ukrain¢ Appcal fund is uscd to specifically fund bumanitsrian projects that are a result of the war. In Bulgaria tbe fund supports a education and social care projects in chpall. Projects that the Ducker Family who lived in Moldova are continuing to fiwd after their return lo the UK. These aTr mainly summer Camps for cbildren in poor communitics in villages such as Po8anesti and Ra2esi in Western Moldova. Four projects arc currently beTng supported in Cluj, Rornania. These are support for leenage mothers amongst the Roma Community, a work skills prograrnme for young Men and women, a shower block building project and a Lost & Found project that b¢lps illiterate and educated people navigate a Icchnological world. They help with administratloll. hospital appointments, accessing government support, dealing with logal issues etc. Page 26
Partnership for Groivth Notes to the Financial Statements for the Year Ended 30 April 2024 21 Analysls of net assets between funds UDrestrleted fund$ Genernl Total fuDd5 at 30 April 2024 Tangible fix¢d assets Current assets Current liabilities Creditors over l year 97.140 425,019 (28.028) (10,972 97,140 425,019 (28.028) 10.972) Total net assets 483,159 483.159 Unrestricled funds General Total funds at 30 Aprll 2023 Tangible fixcd assets Current as5Ct5 Current liabilities Creditors over l year 82,563 478,869 (38,316) 82,563 478,869 (38,316) Total net assets 501495 501495 22 Analys15 of net funds Fin8nclng ea8h Ilows At 30 Apru 2024 At l May 2023 Cash at bank and in band 451,415 54,838 396,577 396,577 At 30 April 2023 Nel dcbt 451.415 54,838 Financlng cash flows At l May 2022 Cash at bank and in hand 438,003 13,412 451,415 Net debt 438,003 451,415 23 Related party transactions There were no related paty trans&ctions in the year. Page 27