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2023-03-31-accounts

REGISTERED COMPANY NUMBER: 03685423 (England and Wales) REGISTERED CHARITY NUMBER: 1084194

REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR HESTERS WAY PARTNERSHIP LTD.

Andorran Limited (Statutory Auditor) Chartered Accountants 6 Manor Park Business Centre Mackenzie Way Cheltenham Gloucestershire GL51 9TX

HESTERS WAY PARTNERSHIP LTD.

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 5
Report of the Independent Auditors 6 to 8
Statement of Financial Activities 9
Statement of Financial Position 10
Notes to the Financial Statements 11 to 19

HESTERS WAY PARTNERSHIP LTD.

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023

TRUSTEES R J Barkle Chair M J Saunders Treasurer C Jackson (resigned 8.2.23) Dr L J P Kilford D McNiffe (resigned 17.7.23) W L Flynn B Morgan Rev J P Hamilton (appointed 14.11.22) COMPANY SECRETARY A K Hayes REGISTERED OFFICE Hesters Way Community Resource Centre Cassin Drive Cheltenham Gloucestershire GL51 7SU REGISTERED COMPANY 03685423 (England and Wales) NUMBER REGISTERED CHARITY 1084194 NUMBER AUDITORS Andorran Limited (Statutory Auditor) Chartered Accountants 6 Manor Park Business Centre Mackenzie Way Cheltenham Gloucestershire GL51 9TX

Page 1

HESTERS WAY PARTNERSHIP LTD.

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of Hesters Way Partnership (HWP) are to pursue any charitable purpose for the benefit of the inhabitants of West Cheltenham, including Hesters Way, Springfields, Arle Farm, Cavendish Park, Springbank, St Mark's and Rowanfield areas in the Borough of Cheltenham, without distinction on the grounds of gender, race, or religious or political or other opinion, and in particular the relief of poverty, the advancement of education and training, the preservation and enhancement of the environment, the preservation and protection of physical and mental health, and the provision of leisure and community facilities in the interests of social welfare.

Public benefit

The trustees kept in mind the Charity Commission's guidance on public benefit whilst planning the charity's activities for the year. These activities are described in the Achievement and Performance section below.

ACHIEVEMENT AND PERFORMANCE

Resource centres

The year has been one of consolidation as we took our first steps in facilities management of the Community Resource Centres at Hesters Way and Springbank. We have been on a steep learning curve and have successfully maneuvered the business into a position of strength as reflected in the healthy financial situation we now find ourselves in.

Hesters Way Partnership Limited ('HWP') has set up new monitoring and evaluation of the Hesters Way and Springbank Community Resource Centres; promoting efficiency and maximising community use.

We employed a dedicated facilities manager who has addressed issues in both premises and have made some necessary investment at the Community Centres:

We continue to make improvements and have a programme of works for 2023-24 awaiting implementation.

Charitable activities

Our charitable activities have been hampered to some extent by the increased demand on resources made by the facilities management responsibilities at the Community Resource Centres. However, we have continued our "Dreamscheme" project which engages primary age young people promoting increased self-esteem, motivation, team working and good behaviour. We employed a new member of staff to support the team but were not successful with our funding applications and have supported the project in house from September 2022.

Page 2

HESTERS WAY PARTNERSHIP LTD.

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

ACHIEVEMENT AND PERFORMANCE

Charitable activities - continued

The West Cheltenham Community Pantry at Hesters Way CRC has grown with over 300 members joining. The project was awarded Levelling Up funds to support the manager and a new role to help signpost members to targeted local support services. A proportion of the fund paid for food supplies which were also funded by Feeding Britain, #feedcheltenham and Cheltenham Borough Council.

The Multi Use Games Area in Coronation Square (MUGA) installed in June 2018 continues to provide a much needed and free sports resource to the area and offer youth organisations opportunities to engage with young people. We have run Easter and Summer drop ins with coaching sessions for young people run in partnership with The Bridge Football Academy funded internally and via the GCC Holiday Activity Fund (HAF).

The Hesters Way Partnership (HWP) has continued to run Neighbourhood Co-ordination Panel (NCP) meetings addressing local issues with a multi-agency partnership approach. We have developed designs for redevelopment of Fiddlers Green Park and supported the local community at Springfield Park which has been awarded Green Flag status for an eleventh consecutive year.

The continuing neighbourhood planning project is reaching completion with the development of the Hesters Way Neighbourhood Plan which can be viewed on the www.hesterswayforum.co.uk. A big thanks goes to the Forum Steering Group who have worked tirelessly on this fantastic community project. The group has begun negotiations with the Golden Valley developers to ensure the benefits of this exciting scheme can be shared across the west of the town.

We have now completed 48 issues of the local magazine "Viewpoint" highlighting the work of partners and promoting positive views of Hesters Way. This combined with the Partnership's website: www.hwpartnership.org.uk, twitter account (@hwpartnership) and facebook page (Hesters Way Partnership | Facebook), keeps local people, organisations and agencies informed of local developments, meetings and issues of local interest.

Thanks to our directors, staff, volunteers and our community without whom none of this would be possible.

FINANCIAL REVIEW

Investment policy and objectives

The directors continue to pursue a low-risk investment policy for savings in view of the economic uncertainty in the banking industry in recent years and continue to monitor investments to ensure an effective return combined with flexible access to funds.

Reserves policy

Unrestricted funds are declared at £213,680, a large increase in comparison with 2023, reflecting the stabilisation of business finances in the year. The new management responsibilities and associated business turnover require a reassessment of the charity's reserve sums. The trustees propose to maintain the charity's reserves at a level of £100,000, which is at least equivalent to twelve months' predicted core expenditure for the year 2023-24.

The sinking fund at Springbank CRC, currently stands at £52,236. We have also established a sinking fund for Hesters Way CRC as proposed last year. We intended to allocate £75k over 3 years but have been able to allocate £50,000 in the current year. HWP has a low-risk approach to additional reserves due to concerns regarding potential reductions in funding in current climate, the effect of the loss of any of the five principal tenants and provision for building repairs to cover uninsurable events - e.g. essential improvements and repairs at the two Community Resource Centres.

Page 3

HESTERS WAY PARTNERSHIP LTD.

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

FUTURE PLANS

The Partnership will continue its involvement in the local West Cheltenham Neighbourhood Coordination Group meetings. Further engagement with the community across the patch is planned particularly to ensure that the neighbourhood plans for the area successfully gather the views and aspirations of the local community. The project progresses well as can be seen via the website http://hesterswayforum.co.uk/documents; it is hoped that in due course it can reach the referendum stage.

The Board has committed to support the development of the West Cheltenham Pantry Project. The scheme has proved to be increasingly popular, helping to address food poverty whilst also offering advice and guidance to members.

Funds are being raised to enable health and wellbeing developments at the CRCs. The provision of a community creative space at Springbank Community Resource Centre will offer opportunities to engage local young people in partnership with youth providers, whilst also offering creative and engagement activities for the wider community. A similar scheme is proposed for the Hesters Way Community Resource Centre which will incorporate a training kitchen and cafe.

We will continue to promote the activities of partners via issues of the local magazine "Viewpoint" and the Partnership's website: www.hwpartnership.org.uk, twitter and facebook.

Further efforts will be made to improve standards of governance and to better utilise the skills of the current Board of Directors.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its Memorandum and Articles of Association dated 17 December 1998, as amended by written resolutions dated 11 May 2004, 15 November 2010 and 21 November 2011.

The charity is constituted as a company limited by guarantee and therefore has no share capital. In the event of the charitable company being wound up, and the liabilities and winding up expense being in excess of assets, the liability of each member is limited to £1.

Organisational structure

The charitable company is managed by a Board of directors (trustees), which includes representatives from all its major stakeholders. The Board meets at least four times a year. It comprises a minimum of five and a maximum of twenty-two directors, of which no more than 19% may be Local Authority persons, as defined in the company's Articles of Association.

The company is a registered charity, having registered with the Charity Commission on 20 December 2000.

Risk management

The trustees actively review the major risks which the company faces on a regular basis and believe that maintaining unrestricted reserves at current levels, proper forecasting of incomes and expenditures combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of conditions becoming adverse. The trustees have also examined other operational and business risks faced by the company and confirm that systems have been established to mitigate any significant risks.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Hesters Way Partnership Ltd. for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 4

HESTERS WAY PARTNERSHIP LTD.

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements 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.

In so far as the trustees are aware:

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

................................................................. A K Hayes - Secretary

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HESTERS WAY PARTNERSHIP LTD.

Opinion

We have audited the financial statements of Hesters Way Partnership Ltd. (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Statement of Financial Position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HESTERS WAY PARTNERSHIP LTD.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HESTERS WAY PARTNERSHIP LTD.

Auditors' responsibilities for the audit of the financial statements - continued

We assessed the susceptibility of the charitable company's financial statements to material misstatement and considered how fraud might occur. The audit procedures performed included, but were not limited to:

In addition, we also considered other non financial laws relevant to the charitable company. These do not necessarily have a direct influence on the financial statements but might affect the charitable company's ability to operate.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Roger Downes FCA (Senior Statutory Auditor) for and on behalf of Andorran Limited (Statutory Auditor) Chartered Accountants 6 Manor Park Business Centre Mackenzie Way Cheltenham Gloucestershire GL51 9TX

Date: .............................................

Page 8

HESTERS WAY PARTNERSHIP LTD.

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Charitable Activities
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
Charitable Activities
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
18
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
-
407,789
6,278
1,239
415,306
-
300,694
300,694
114,612
(13,347)
101,265
112,415
213,680		 Restricted
funds
£
4,722
52,078
10,259
111
67,170
40,830
105,165
145,995
(78,825)
13,347
(65,478)
3,086,767
3,021,289		 31.3.23
Total
funds
£
4,722
459,867
16,537
1,350
482,476
40,830
405,859
446,689
35,787
-
35,787
3,199,182
3,234,969		 31.3.22
Total
funds
£
190
127,788
7,468
397
135,843
15,917
232,028
247,945
(112,102)
-
(112,102)
3,311,284
3,199,182

The notes form part of these financial statements

Page 9

HESTERS WAY PARTNERSHIP LTD.

STATEMENT OF FINANCIAL POSITION 31 MARCH 2023

Notes
FIXED ASSETS
Tangible assets
15
CURRENT ASSETS
Debtors
16
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
18
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
26,271
24,851
204,313
229,164
(41,755)
187,409
213,680
213,680		 Restricted
funds
£
2,918,675
-
115,377
115,377
(12,763)
102,614
3,021,289
3,021,289		 31.3.23
Total
funds
£
2,944,946
24,851
319,690
344,541
(54,518)
290,023
3,234,969
3,234,969
213,680
3,021,289
3,234,969		 31.3.22
Total
funds
£
3,013,808
83,285
170,719
254,004
(68,630)
185,374
3,199,182
3,199,182
112,415
3,086,767
3,199,182

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. R J Barkle - Trustee

The notes form part of these financial statements

Page 10

HESTERS WAY PARTNERSHIP LTD.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Rental income and income from renewable energies are recognised in the period to which they relate. Grants with time conditions are recognised in the period to which they relate; other unconditional income grants are recognised on confirmation of award. Capital grants are carried forward and released to income over the period of depreciation of the assets to which they relate. Donations and other income are recognised on receipt. Advertising income is recognised at the point of invoicing.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost Plant and machinery - 10% on cost Computer equipment - 25% on cost

Assets costing less than £1,000 individually are not capitalised unless they form part of an overall project.

Taxation

The charity is exempt from corporation tax on its charitable activities. It is not, however, exempt from VAT, and where there is irrecoverable VAT, it is included as an expense item in the financial statements.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Page 11

continued...

HESTERS WAY PARTNERSHIP LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

2.
DONATIONS AND LEGACIES
Pantry donations
3.
OTHER TRADING ACTIVITIES
Income from renewable energies
Other income
Advertising income
Pantry memberships
4.
INVESTMENT INCOME
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Rents, service charges and
utilities
Charitable Activities
Grants
Charitable Activities
Grants received, included in the above, are as follows:
Gloucestershire County Council
Cheltenham Borough Council
Family Space
Severn Wye Energy Agency
Cheltenham Lions Club
Severn Trent Water
The Mayor's Charity		 31.3.23
£
4,722
31.3.23
£
4,783
361
1,220
10,173
16,537
31.3.23
£
1,350
31.3.23
£
404,741
55,126
459,867
31.3.23
£
36,008
10,280
5,359
3,404
75
-
-
55,126		 31.3.22
£
190
31.3.22
£
2,933
2,643
1,040
852
7,468
31.3.22
£
397
31.3.22
£
91,988
35,800
127,788
31.3.22
£
6,050
12,726
8,939
2,835
-
5,000
250
35,800

Page 12

continued...

HESTERS WAY PARTNERSHIP LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

6. RAISING FUNDS

Other trading activities

Pantry costs
7.
CHARITABLE ACTIVITIES COSTS
Grant
funding of
Direct
activities
Costs (see
(see note
note 8)
9)
£
£
Charitable Activities
400,701
3,000
8.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Rates and water
Insurance
Postage and stationery
Advertising and publications
Sundries
Rent & service charges
Office expenses
Training
Professional fees
Events
Profit on sale of tangible fixed assets
Resource Centre costs
Depreciation
9.
GRANTS PAYABLE
Charitable Activities
The total grants paid to institutions during the year was as follows:
Cheltenham Borough Council		 31.3.23
£
40,830
Support
costs (see
note 10)
£
2,158
31.3.23
£
79,064
12,984
6,871
191
4,671
922
-
9,494
46
6,451
10,106
-
174,617
95,284
400,701
31.3.23
£
3,000
31.3.23
£
3,000		 31.3.22
£
15,917
Totals
£
405,859
31.3.22
£
46,981
145
2,328
40
2,776
927
1,637
2,727
-
37,086
17,641
(1,000)
25,923
92,523
229,734
31.3.22
£
-
31.3.22
£
-

Page 13

continued...

HESTERS WAY PARTNERSHIP LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

10. SUPPORT COSTS

10. SUPPORT COSTS
Governance
costs
£
Charitable Activities 2,158
Support costs, included in the above, are as follows:
31.3.23 31.3.22
Charitable Total
Activities activities
£ £
Auditors' remuneration 2,158 2,294
11. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
31.3.23 31.3.22
£ £
Auditors' remuneration 2,158 2,294
Depreciation - owned assets 95,284 92,523
Income from operating leases (404,741) (91,988)

12. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

13. STAFF COSTS

The average monthly number of employees during the year was as follows:

Administration Staff
No employees received emoluments in excess of £60,000.		 31.3.23
5		 31.3.22
4

Page 14

continued...

HESTERS WAY PARTNERSHIP LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

14.
COMPARATIVES FOR THE STATEMENT
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Charitable Activities
Other trading activities
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Charitable Activities
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
15.
TANGIBLE FIXED ASSETS
COST
At 1 April 2022
Additions
At 31 March 2023
DEPRECIATION
At 1 April 2022
Charge for year
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
190
91,988
7,183
395
99,756
-
126,566
126,566
(26,810)
(41,793)
(68,603)
181,018
112,415
Freehold
Plant and
property
machinery
£
£
4,243,604
124,547
-
26,422
4,243,604
150,969
1,294,506
59,837
78,472
16,812
1,372,978
76,649
2,870,626
74,320
2,949,098
64,710		 OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
190
91,988
7,183
395
99,756
-
126,566
126,566
(26,810)
(41,793)
(68,603)
181,018
112,415
Freehold
Plant and
property
machinery
£
£
4,243,604
124,547
-
26,422
4,243,604
150,969
1,294,506
59,837
78,472
16,812
1,372,978
76,649
2,870,626
74,320
2,949,098
64,710		 Restricted
funds
£
-
35,800
285
2
36,087
15,917
105,462
121,379
(85,292)
41,793
(43,499)
3,130,266
3,086,767
Computer
equipment
£
2,077
-
2,077
2,077
-
2,077
-
-		 Total
funds
£
190
127,788
7,468
397
135,843
15,917
232,028
247,945
(112,102)
-
(112,102)
3,311,284
3,199,182
Totals
£
4,370,228
26,422
4,396,650
1,356,420
95,284
1,451,704
2,944,946
3,013,808

Page 15

continued...

HESTERS WAY PARTNERSHIP LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
Prepayments
17.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
VAT
Other creditors
Accrued expenses
Deferred income		 31.3.23
£
15,615
3,000
6,236
24,851
31.3.23
£
16,494
19,104
973
5,184
12,763
54,518		 31.3.22
£
76,733
-
6,552
83,285
31.3.22
£
34,407
10,831
353
12,256
10,783
68,630

The deferred income represents a capital grant from Severn Wye Energy Agency towards the cost of solar panels at HWCRC, which is being released against the charge for depreciation on those assets and a capital grant from Cheltenham Borough Council towards the cost of LED lights, which is also being released against the charge for depreciation on those assets.

18. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Designated Fund - Sinking Fund
Restricted funds
SCRC
HWRC
Sinking Fund
Multi-use Games Area
Renewables - PV Solar Modules
Neighbourhood Management
Youth Projects
Dreamscheme
Growing our Communities
CCTV
Pantry
Groundwork
Lighting
POPPS
TOTAL FUNDS		 At 1.4.22
£
112,415
-
112,415
1,649,598
1,299,500
52,125
25,300
36,127
304
594
616
5,990
3,283
13,322
8
-
-
3,086,767
3,199,182		 Net
movement
in funds
£
114,612
-
114,612
(45,822)
(32,650)
111
(4,102)
(8,003)
-
267
(1,301)
(5,990)
(448)
19,585
-
(472)
-
(78,825)
35,787		 Transfers
between
funds
£
(63,347)
50,000
(13,347)
-
-
-
-
(3,404)
(304)
(861)
685
-
-
-
(8)
16,796
443
13,347
-		 At
31.3.23
£
163,680
50,000
213,680
1,603,776
1,266,850
52,236
21,198
24,720
-
-
-
-
2,835
32,907
-
16,324
443
3,021,289
3,234,969

Page 16

continued...

HESTERS WAY PARTNERSHIP LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

18. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
SCRC
HWRC
Sinking Fund
Multi-use Games Area
Renewables - PV Solar Modules
Youth Projects
Dreamscheme
Growing our Communities
CCTV
Pantry
Lighting
TOTAL FUNDS		 Incoming
resources
£
415,306
-
-
111
-
3,404
3,008
-
-
-
60,415
232
67,170
482,476		 Resources
Movement
expended
in funds
£
£
(300,694)
114,612
(45,822)
(45,822)
(32,650)
(32,650)
-
111
(4,102)
(4,102)
(11,407)
(8,003)
(2,741)
267
(1,301)
(1,301)
(5,990)
(5,990)
(448)
(448)
(40,830)
19,585
(704)
(472)
(145,995)
(78,825)
(446,689)
35,787

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
SCRC
HWRC
Sinking Fund
Multi-use Games Area
Renewables - PV Solar Modules
Neighbourhood Management
Youth Projects
Dreamscheme
Growing our Communities
CCTV
Creative West
Pantry
Groundwork
TOTAL FUNDS		 At 1.4.21
£
181,018
1,695,420
1,332,150
52,123
29,402
-
304
-
2,891
5,990
3,731
1,000
7,000
255
3,130,266
3,311,284		 Net
movement
in funds
£
(26,810)
(45,822)
(32,650)
2
(4,102)
(6,666)
-
594
(2,275)
-
(448)
-
6,322
(247)
(85,292)
(112,102)		 Transfers
between
funds
£
(41,793)
-
-
-
-
42,793
-
-
-
-
-
(1,000)
-
-
41,793
-		 At
31.3.22
£
112,415
1,649,598
1,299,500
52,125
25,300
36,127
304
594
616
5,990
3,283
-
13,322
8
3,086,767
3,199,182

Page 17

continued...

HESTERS WAY PARTNERSHIP LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

18. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
SCRC
HWRC
Sinking Fund
Multi-use Games Area
Renewables - PV Solar Modules
Youth Projects
Dreamscheme
CCTV
Pantry
Groundwork
TOTAL FUNDS
Details of designated funds		 Incoming
resources
£
99,756
-
-
2
-
2,835
10,726
285
-
22,239
-
36,087
135,843		 Resources
Movement
expended
in funds
£
£
(126,566)
(26,810)
(45,822)
(45,822)
(32,650)
(32,650)
-
2
(4,102)
(4,102)
(9,501)
(6,666)
(10,132)
594
(2,560)
(2,275)
(448)
(448)
(15,917)
6,322
(247)
(247)
(121,379)
(85,292)
(247,945)
(112,102)

Sinking Fund - HWRC

Repair and maintenance fund for ongoing upkeep of Hesters Way Community Resource Centre.

Details of restricted funds

SCRC and HWRC

These funds represent the written down values of freehold land and buildings (Hesters Way Resource Centre and Springbank Community Resource Centre), against which future depreciation charges will be made.

Sinking Fund - SCRC

Repair and maintenance fund for ongoing upkeep of Springbank Community Resource Centre.

Multi-use Games Area

Funds raised to instal a Multi-use Games Area on the land in front of the Oasis Centre on Princess Elizabeth Way.

Renewables - PV Solar Modules

Solar panels to enable the creation of electricity.

Neighbourhood Management

A grant to support continuation of Neighbourhood Management.

Youth Projects

The various underspend from previous youth projects have been amalgamated into one single line in the accounts. All remaining funds will be used as funding for youth projects or as matched funds for future youth project bids.

Page 18

continued...

HESTERS WAY PARTNERSHIP LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

18. MOVEMENT IN FUNDS - continued

Dreamscheme

The Dreamscheme project works with the help of the local schools, children and their families to offer different experiences to engage children’s attention and interest to effect positive change. The project focuses on young people aged 7-10 from three local primary schools in Hester’s Way and Springbank who are at risk of exclusion from school. Through the scheme we help to improve the children’s behaviour, their goals and to reduce exclusions and widen their experiences by concentrating on their strengths, encouraging a pride in their community and rewarding positive action .

Growing Our Communities

A successful bid was made to the Gloucestershire County Council to support improvements to local parks.

CCTV

Money raised for the re-establishment of the CCTV camera network in Springfield park, including upgraded cameras and monitoring equipment at Springfield Community Centre.

Creative West

A creative art project for young people involving four partner organisations. It was designed and funding secured but activities were postponed due to Covid; the project has now been cancelled.

Pantry

A new food membership project which will provide reduced price food and household items to local people in need and offer advice.

Groundwork

A holding account for Hesters Way Forum to support the development of a neighbourhood plan for Hesters Way Ward.

POPPS

A holding account for a local community group.

Transfers between funds

Transfers are made between restricted and unrestricted funds at the end of every accounting period in cases where:

i) the activity of the restricted fund has come to an end and there is an unspent balance that is not repayable to the funder(s), when the surplus is transferred to unrestricted funds; or

ii) the restricted fund has come to an end and there is no prospect of a surplus in a later period, when the deficit is eliminated by transfer from unrestricted funds.

19. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023.

Page 19