REGISTERED COMPANY NUMBER: 03685423 {England and Wales) REGISTERED CHARITY NUMBER: 1084194 REPORT OFTHE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR HESTERS WAY PARTNERSHIP LTD. BK Plus Audit Limited Istalulory Auditor) 6 Manor Park Business Centre Mackenzie Way Chellenham Gloucestershire GL519TX
HESTERS WAY PARTNERSHIP LTD. CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Reference and Administralive Detalls Report of the Trustees Report of the Independent Audilors 8 to 10 Stalement ol Financial Actlvilies Stalement ol Financial PosStSon 12 Notes lo the Financial Statements 73 to 23
HESTERS WAY PARTNERSHIP LTD. REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES R J Barkle Chair M J Saunders C Jackson (resigned 13.11.23) Dr L J P Kilford D McNiffe (resigned 13.11.23) W L Flynn Treasurer B Morgan Rev J P Hamilton Vice Chair S M Richardson (appointed 13.11.23) M J Sheppee (appointed 13.11.23) COMPANY SECRETARY A K Hayes REGISTERED OFFICE Hesters Way Community Resource Centre Cassin Drive Chellenham Gloucestershire GL517SU REGISTERED COMPANY NUMBER 03685423 (England and Wales) REGISTERED CHARITY NUMBER 1084194 AUDITORS BK Plus Audit Llmited {Statulory Auditor) 6 Manor Park Business Centre Mackenzie Way Chellenham Gloucestershire GL519TX Page I
HESTERS WAY PARTNERSHIP LTD. REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the purposes ol the Companies Act 2006, present their report wilh the financial statements of the charity for the year ended 31 March 2024. The trustee5 have adopted the provisions of Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l 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 Chellenham. including Hesters Way, Springfields, Arle Farm, Cavendish Park, Springbank, St Mark's and Rowanfield areas in the BDrough of Cheltenham, without distinction on the grounds of gender, race, or religious or political or olher opinion, and in pa rticular Ihe relief of poverty, the advancement of educalion and training, the preservation and enhancement of the environment, the preservation and protection of physical and mental health, and the prDVlSion of leisure and community facilities in the interests of social welfare. Publlc benefil 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 seclion below. Vision Stalement Our vision is for West Cheltenham to be a flourishing community with opportunities fo r all. Misslon Slatement Working wilh local people, groups and organisations to connect and empower them to develop healthy, happy and sustainable communities. ACHIEVEMENT AND PERFORMANCE Charitable aclivilies Having successfully consolidated the finances of the Community Resource Centres In the last two years the Hesters Way Partnership (HWPI Baard has focused on developing a new strategy. After an in-depth assessmenl and appraisal. the new strategy was completed in early 2024. The intention expressed to play a key role in the Golden Valley project necessitated a change to the objects of the company as reflected In the rewording featured above. These were accepted by Companies House and the Charity Commission in July 2024. The new strategy sel out these priorities: l. To develop the sustainability of the organisalion, including a secure financial p05ilion. 2. To improve HWP governance and related systems and processes. 3. To focus on using a community development approach to increase connection with residents. groups and organisalions. 4. To influence the design and development of the Golden Valley Development and its integration with communities in West Cheltenham. An action plan for year one has been developed and a review of progress will take place in April 2025. Page 2
HESTERS WAY PARTNERSHIP LTD. REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Charitable aclivities We have improved monitoring and evaluation of the Hesters Way and Springbank Community Resource Centres. promoting efficiency and maximising community use. We have siyned up with Peninsula who offer HR advice and office systems plu5 Health and Safety support. Our dedicated facilities manager has addressed issues in both premises. and we have made some necessary investment al the Community Cenlres Investmenl at the Community Cèntres With grant funding we've installed a new Creative Space at Springbank in part of the former lobby Space and upgraded the floor at the main hall. We are now able to offer opporlunilies to engage local young people in partnership wilh youth providers. A new boiler has also been installed al Springbank providing a more consistent and efficient supply of heal. A new mezzanine Storage space and has a150 been developed. The foyer space al Hesters Way has been converted into a community space with the removal of reception, advice rooms and the glass cafe partition. The new open plan area which incorporates front facing windows will allow for more community activily and its opening will coincide with reopening the cafe. Maintenance The new gardens contract is with Greener Gardener, we have tidied up bolh premises and installed new planting, planters and a herb bed as weLL as improvements lo the grounds. The community garden at Springbank has been repaved and replanted with the help of volunteers. Our in-house team is responding lo all requests quickly and efficiently Utllltles We negolialed a reduced fixed price for gas for 2024-27 (8ritish Gas Lite) and renewable larlff electriclty (Brltish Gas) for 2024-26. These should make a considerable difference lo energy bills going forward. Al Heslers Way we will continue to supply discounted electricity from solar panels installed in 2022 and f ree, the energy generated from the original solar panels installed in 2010. We continue to make improvements and have a programme of works for 2024-25 awaiting Implementation Page 3
HESTERS WAY PARTNERSHIP LTD. REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Charitaljle activilies We have continued our "Dreamscheme. project which engages primary age young people promoting increased self-esteem. motivation, team working and good behaviour. We are searching for funding Support for Ihis project but and supported the project in house since September 2022. The Multi Use Games Area in Coronation Square {MUGA) installed in June 2018 continues to provide a much needed and free sporls resource to the area and offer youth organi5ations opportunities lo engage wilh young people. We have run Easter and Summer drop ins Wlth coaching se55ions for young people run in partnership with The Chellenham Town Football Club funded internally. Following feedback from young people from a survey conducted in partnership with The Springbank Community Group we have commissioned The Music Works and Cheltenham Poelry Festival to run a creative programme called "Expre55 Yourself. which offered creative and engagement activities for the youth community. The Project is due to conlinue in lo next year The West Chellenham Community Pantry at Hesters Way CRC has supported over 450 members since ils inception in 2021. The project was awarded Levelling Up funds to support the manager and a new role lo help signpost members to targeted local supporl services. A proportion of the fund paid for food supplies which were also funded by Feeding Britain, #feedcheltenham. Gloucestershire County Council and Chellenham Borough Council (CBC). The Hesters Way Partnership (HWP) has continued to run Neighbourhood Co-ordination Panel (NCP) meetings addressing local issues wilh a multi-agency partnership approach. We have supported the local community around 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 lo the Forum Stèering Group who have worked tirelessly on this fantastic community project. The group have beg un negotiation5 with the Golden Valley developers to ensure the benefits of this Èxciting scheme ca n be shared across the west ol Ihe town. Thanks to grant support from Enovert. CBC CIL and the CBC Parks Department the Forum have enabled the installation of new park equipment at Fiddlers Green Park f urthering the parks redevelopment plan. We have now completed 51 issues of the local magazine Viewpoint. highlighting the work of partners and promoling posltive views of Hesters Way. This combined with the Partnership's website: www.hwparlnership.org.uk twitter account (@hwpartnershipl and facebook page IHesler5 Way Partnership l Facebook), keep local people, organisations and agencies informed of local developments, meeti ngs and issues of local interest. Thanks to our directors, staff. volunteers and our community without whom none of this would be possible. Page 4
HESTERS WAY PARTNERSHIP LTD. REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Investment polTCy and objectives The directors continue to pursue a low-risk investment policy for savings in view of the economit uncertainty in the banking industry in recent years and continue to monitor investments lo ensure an efleclive return combined with flexible acce55 to funds. 2023-24 flgures Income - £498,543 (including £61,619 in grant revenue5) Expenditure £472,957 (including C99.375 depreciation) Surplus- £25,586 Nel Depreciation - £99,375 Trading Surplus £124,961 The grant income supported the West Chellenham Community Pantry and £32,926 was raised for the Spri ngbank Creative Space project. Reserves policy Unrestricted funds are declared at £366,822, a large increase in comparison with 2023, reflecting further improvements in performance the slabilisation of business tinances 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 Ihe charity'5 reserves al a level OF £105,000, which is at least equivalent to Iwelve months, predicted core expendilure for the year 2024-25. The Hesters Way and Springbank CRCs now have associated sinking account5, and both stand at £80k.11 is proposed that they grow annually al least in line with inflation. HWP has a low-rlsk approach to additional reserves due to concerns regarding,. potential reductions in funding in current climate,. the effecl of the 105S of any of the five principal tenants and provision for building repairs to cover uninsurable events essential improvements and repairs at the Iwo Community Resource Centres. Page 5
HESTERS WAY PARTNERSHIP LTD. REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FUTURE PLANS The Partnership plans to increase its community development efforls in the coming year5 and has committed funds lo employ officers to that effect. Community activities based on local need will be set up and access to support, advice and guidance will be made available. The new Hesters Way Community Centre foyer redevelopment will enable these activities to happen in a fresh and welcoming space. The new development will also see the reopening uf the cafe and a new manager will be employed lo provide a service to community members, tenants and hall hirers. The cafe will work closely with the community development and pantry staff and partner5 to ensure local take up. These new activities will offer volunteering opporlunilies for community members and a new volunteering scheme lies at the heart of the parlnership's strategy in the years to come We plan to reinvigorate the local West Cheltenham Neighbourhood Coordination Group meetinys. Further engagement with the community across the patch is planned with the support of the new community development staff. A particular focus will also be lo ensure thal the neighbourhood plan5 for the area successfully progresses to referendum and that it reflects the views and aspirations of the local community. The projecl progressing well as can seen via the website htlp'./lhesterswayforum.co.uk/documents The 8oard has committed to support the development of the Wesl Cheltenham Pantry Project. The scheme has proved to be increasingly popular, helping io address food poverty whilst also offering advice and guidance lo members. Further work will take place to support pantry member, identifying and responding lo their needs. We will continue to promote the activities of partners via issues of the local magazine "Viewpoint" and the Partnership's website: www.westcheltenham.org.uk X (twitter) and Facebook. Further efforts will be made lo improve slandards of governance and to better ulilise the skills of the current Board of Directors. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng 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, 21 November 2011 and 15 July 2024. The charity is consliluted as a company limited by guaranlee 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 a5sels, the liability of each member is limited to Él. Organisational struclure Th e charila ble co mpany is managed by a Board of directors (trustees), which includes representatives from all ils major stake holders. The Board meets al least four times a year. 11 comprises a minimum of five a nd a maximum of twenty-two directors, of which no more than 19/0 may be Local Authority persons, as defined n the co mpany's Article5 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 unre51ricled reserves al current levels, proper forecasting of incomes and expenditures combined with an annual review of Ihe controls over key financial systems, will provide sufficient resources in Ihe 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. Page 6
HEgfER5 WAY PARTNERSHIP LTD. REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 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 Ihe Trustees and the financial statemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 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 resourcès and application of resources, including the income and expenditure. of the charitable company for that period. In preparing those financial 5tatementS. the trustee5 are required to select suilable accounting policies and then apply ihem consistently; observe the methods and principles in the Charity SORP- make judgements and eslimales that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounling records which disclose with reasonable accuracy at any lime the financial position of the charitable company and to enable I hem lo ensure that the financial slalements 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 50 fa r as the trustees are aware: there is no relevant audit information of which the charitable company's audilors are unaware., and the trustees have laken all steps that they oughl to have taken lo make themselve5 aware of any releva nt aud it information and to establish that the auditors are aware of that information. This report has been prepared in accordance with the special provisions of Parl 15 of Ihe Companies Act 2006 relating to small companies. Approved by order of the board of Irustees on 14 October 2024 and signed on its behalf by: AKHayes-S reta Page 7
REPORT OFTHE INDEPENDENT AUDifoRS TO THE MEMBERS OF HESTERS WAY PARTNERSHIP LTD. Opinlon We have audited the financial statements of Hesters Way Partnership Ltd. (the 'charitable com pany'} for the year ended 31 March 2024 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 thal has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). I n our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resoLJrces and application of resources, including its income and expenditure, for the yea r then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirement5 of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Stondards on Auditing (UKI (ISAS IUK)) 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 independenl of the charitable company in accordance with Ihe ethical requirements that are relevant to our audit of the financial slalemenls 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 oblained is sufficient and appropriate lo provide a basis for our opinion. Conclu51ons relaling to golng concern In aud iting the financial statements, we have concluded that the trustees, use of the going concern basis of accounting i n the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncerta inties relati ng to events or conditions that, individually or collectively, may cast significant doubl on the charitablè company's a bilily lo 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 Ihe financial statements and our Report of the Independent Auditors Ihereon. Our opinion on thè financial statements does not cover the other information and, except lo the extent otherwise explicitly slated i n our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial 5tatement5, our responsibility is to read the other information and, in doing so, consider whether the other information is malerially 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 misslatemenls. we are required lo determine whether Ihis g ives rise lo a material misstatement in the financial 5talement5 themselve5. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required tD report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companles Acl 2DO6 In our opinion, based on the work undertaken in the course of Ihe audit.. the information given in the Report of the Trustees for the financial year for which the financial statements a re prepared is consistent wilh Ihe financial slatem enls- and the Report Of the Trustees has been prepared in accordance with applicable legal requirements. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HESTERS WAY PARTNERSHIP LTD. Matters on which we are required lo report by exception In the light of the knowledge and understanding of Ihe charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of Ihe 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.. adequate accounling records have not been kept or returns adequate for our audit have not been received f rom branches not visited by us- or the financial slatements are not in agreement with the accounting records and retu rns; or certain disclosures of trustees, remuneration specified by law are not made; or we have nol received all Ihe information and explanations we require for our audit., or the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepa re a Strategic Report or in preparing the RÈport of the Trustees. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees {who are also the directo rs of the charitable company for Ihe purposes of company lawl are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view. and for such inlernal control a5 the Iru51ees determine is necessary to enable the preparation of financial slalemenls that are f ree from materia I misslalement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charila ble company's ability to conlinue as a going concern. disclosing. as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or lo cease operation5, or have no realistic alternalive but to do so. Our responsibilities for the audit of the linancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from malerial misstatement, whether due to fraud or error, and lo issue a Report of the Independenl Auditors that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audil conducled in accordance wilh ISAS (UK) will always detect a material misslatemenl when it exists. Misstalements 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 Df users taken on the basis of these financial statements. In identifying and assessing risks of material misslatement in respect of irregularities, including fraud and non-compliance with laws and regulations. our procedures included the followi ng.. enquiries of management including a pre audit meeting., obtaining and reviewing supporting documentation of policies concerning the laws and regulations applicable to the charity's business., understanding how the charitable company complies with its regulatory framework by making enquiries of managemenl considering the culture inherent in the company and whether this represents a culture of honesty and ethical behaviour with a strong emphasis of detection and prevention of fraud, Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HESTERS WAY PARTNERSHIP LTD. Auditors. responsibilities for the audit of the f inancial stalements continued We assessed the susceptibility of the charitable company's financial statements lo material misstatement and considered how fraud might occur. The audit procedures performed included, but were not limited to: challenging management assumptions and estimates; identifying and lesting unusual journal entries; assessing how the relevant laws and regulations have been complied with and noting any instances of non compliance,. reviewing the linancial stalements for compliance with relevanl Accounting Standards and accounting legislation applicable to a charity,. considering how those charged with governance have addressed the possibility of an override of essential Conlrols or other inf luence over the financial reporting processes. 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 slalemenls but might alfecl the charitable company'5 ability lo operate. A further description of our responsibilities for the audit of the financial slatements is located on the Financial Reporting Council's website al www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our reporl This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Parl 16 of Ihe Companies Acl 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 lo Ihem in an auditors, report and for no olher purpose. To the fullest extenl permitted by law, we do not accept or assume responsibility to anyone other Ihan Ihe charitable company and the charitable company's members as a body, for our audil work, for this report, or for the opinions we have formed. Roger Downes FCA (Senior Statutory Auditor) for and on behalf of BK Plus Audit Limited Istatulory Auditor) 6 Manor Park Business Centre Mackenzie Way Cheltenham Gloucestershire GL519TX 15 October 2024 Page 10
HESTERS WAY PARTNERSHIP LTD. STATEMENT OF FINANCIAL ACTivrriES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM DDnations and legacies 3,131 3,131 4,722 Charitable activities Charitable Aclivilies 408,322 61,679 469,941 459,867 Other trading activitiès Investment income 6,999 4,810 13.662 20,661 4,810 16,537 1,350 Total 420,131 78,412 498.543 482,476 EXPENDITURE ON Raising funds 57,003 51,003 40,830 Charilable activilies Charitable Activities 318,373 103,581 421,954 405,859 Total 318,373 154,584 472,957 446.689 NET INCOMEI(EXPENDITURE) Transfers between funds 101,758 51,384 {76,1721 (51,384) 25,586 35,787 18 Net movement in lunds 153,142 (127.5 56) 25,586 35,787 RECONCILIATION OF FUNDS Total funds brought forward 213,680 3,021,289 3,234.969 3,199,182 TOTAL FUNDS CARRIED FORWARD 366,822 2,893.733 3,260,555 3,234,969 The notes form part of these financial statements Page 11
HESTERS WAY PARTNERSHIP LTD. STATEMENT OF FINANCIAL POSITION 31 MARCH 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restricted funds funds Note5 FIXED ASSErs Tangible assets 15 50.036 2,826.046 2,876,082 2,944,946 CURRENT ASSETS Deblor5 Cash at bank 16 40.642 296.404 20.938 68.826 61,580 365,230 24,851 319.690 337,046 89,764 426,810 344.541 CREDITORS Amounts falling due within one year 17 (20,260) 122.077) (42.337) (54,518) NET CURRENT ASSETS 316.786 67,687 384,473 290.023 TOTAL ASSEfs LESS CURRENT LIABILITIES 366,822 2,893,733 3,260.555 3,234,969 NEf ASSErs 366.822 2,893,733 3,260.555 3.234,969 FUNDS Unrestricted funds Restricted f unds 18 366,822 2,893,733 213,680 3,021,289 TOTAL FUNDS 3,260.555 3.234,969 These financial slatements 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 14 Ottober 2024 and were signed on ils behalf by: R J Barkle- Trustee The note5 form parl of these financial Statements Page 12
HESTERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparlng the financial statements The financial statements of the charilable company, which is a public benefit entity under FRS 102, have been prepared in accordance with Ihe Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe 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 Companie5 Act 2006. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Stalement 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 Ihe period to which they relate. Grants with time conditions are recognised in the period to which they relate,. other unconditiDnal income grants are recognised on confirmation of award. Capital granls 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 obligalion committing the charity to thal expenditure, it is probable Ihal a transfer of economic benefits will be required in settlement and the amount of the obligalion can be measured reliably. Expendilure is accounted for on an accrua15 basi5 and ha5 been classified under headings that aggregate all cost related to the category. Where costs cannot be directly altribuled lo parlicular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditlons whlch have not been mel at the year end date are noted as a commitment but not accrued as expenditure. Tangible fixed assets Depreciation is provided al the following annual rates in order to write off each asset over its estimated useful Ilfe. Freehold property Plant and machinery Computer equipment 2/0 on cosl 10/0 on c05t 25/4 on cost Assels costing less than £1,000 individually are not capitalised unless they form parl of an overall projecl. Taxatlon The charity is exempt from corporation tax on its charitable aclivilies. It is not, however, exempl 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 Ihe trustees. Restricted funds can only be used for particular restricted purposes wilhin the object5 of the charity. Restrictions arise when specified by the donor or when fund5 are raised for parlicular restricted purposes. Page 13 continued...
HESTERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS - continued FOR THEYEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Fund accounting Further explanation of the nature and purpose of each fund is included in the notes to Ihe financial statements. DONATIONS AND LEGACIES 31.3.24 31.3.23 Pantry donations 3.131 4.722 OTHER TRADING ACTIVITIES 31.3.24 31.3.23 Income from renewable energies Other income Advertising income Pantry memberships 5,704 555 740 13,662 4,783 361 1,220 10,173 20,661 16,537 INVESTMENT INCOME 31.3.24 31.3.23 Deposit account interest 4,810 1,3 50 INCOME FROM CHARITABLE ACTIVITIES 31.3.214 31.3.23 Activity Rents, service charges and utilities Grants Charitable Activities Charitable Activities 408.322 61,619 404,741 55,126 469.941 459,867 Grants received, included in the above, are as follows: 31.3.24 31.3,23 NHS Gloucestershire Cheltenham Borough Council Gloucestershire County Council Severn Wye Energy Agency Family Space Police and Crime Commissioners Fund Chellenham Lions Club 21,926 21.061 15,000 3,404 200 28 10,280 36,008 3,404 5,359 75 61,619 55,126 Page 14 continued...
HESTERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 RAISING FUNDS Other Irading activities 31.3.24 31.3.23 Pantry costs 51,003 40.830 CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note Direct Costs (see note 8) Support costs (see note 10) 9) Totals Charitable Activities 416,912 2,600 2,442 421,954 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.3.24 31.3.23 Staff costs Rèles and water Insurance Postage and stationery Advertising and publicalions Sundries Office expenses Training Professional f ees Events Resource Centre costs Depreciation 95,507 11.848 8,494 239 4,158 1,125 10,324 46 10,003 4,623 171,170 99,375 79,064 12.984 6,871 191 4,671 922 9,494 46 6,451 10,106 174,617 95,284 416,912 400,701 GRANTS PAYABLE 31.3.24 31.3.23 Cha ritabLe Activities 2,600 3.000 The total grants paid to institutions during the year was as follows: 31.3.24 31.3.23 Chellenham Borough Council 2,600 3,OOD Page 15 continued...
HESTERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 10. SUPPORT COSTS Governance costs Charitable Activities 2,442 Support costs, included in the above, are as follows: 31.3.24 Charitable Activities 31.3.23 Total activities Auditors, remuneration 2,442 2,158 NET INCOME/(EXPENDITURE) Nel income/(expenditure) is slated after charging/(crediling): 31.3.24 31.3.23 Auditors, remuneral ion Depreciation owned assets Income from operaling leases 2,442 99,375 (408,322) 2,158 95,284 1404,741) 12. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or olher benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023, Tru5tees' expenses There were no trustees, expenses paid lor the year ended 31 March 2024 nor for the year ended 31 March 2023, 13. STAFF COSTS The average monthly number of employees during the year was as follows: 31.3.24 31.3.23 Administration Staff No employees received emoluments in exces5 of £60,000. Page 16 continued.
HESTERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Re51ricted funds funds Total fund5 INCOME AND ENDOWMENTS FROM Donations and legacies 4,722 4.722 Charltable aclivitie5 Cl)arilable Aclivilies 407,7B9 52.078 459.867 Other trading activities Investment income 6,278 1,239 10.259 16.537 1,350 Total 415,306 67,170 482,476 EXPENDITURE ON Raising funds 40,830 40,830 Charitable acllvities Charitable Activities 300,694 105,165 405,859 Total 300,694 145,995 446.689 NEf INCOMEI(EXPENDITURE) Transfers between lunds 114,612 (13,347) (78,825) 13,347 35,787 Net movemenl In funds 101.265 (65,4781 35.787 RECONCILIATION OF FUNDS Total funds brought forward 112,415 3,086,767 3,199,182 TOTAL FUNDS CARRIED FORWARD 213,680 3.021,289 3,234,969 Page 17 continued...
HESTER5 WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 15. TANGIBLE FIXED ASSErs FreehoLd property Plant and machinery Computer equipment Totals COST At l April 2023 Addilions 4.243.604 150,969 30,511 2.077 4,396,650 30,511 At 31 March 2024 4,2143,604 181,480 2.077 4,427,161 DEPRECIATION At l April 2023 Charge for year 1,372.978 78.472 76,649 20,903 2.077 1,451,704 99,375 Al 31 March 2024 1,451,450 97,552 2,077 1,551,079 NET BOOK VALUE Al 31 March 2024 2,792,154 83,928 2,876,082 Al 31 March 2023 2,870,626 74,320 2,944,946 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade debtors Other debtors Prepayments 33,684 15,615 3,000 6,236 27,896 61,580 24,851 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade creditors VAT Olher creditors Accrued expenses Deferred income 13,360 10,447 474 7,558 10,498 16,494 19,104 973 5,184 12,763 42.337 54,518 The deferred income represent5 a capilal grant from Severn Wye Energy Agency towards the cost of 501ar panels at HWCRC. a capilal grant from Cheltenham Borough Council towai-ds Ihe cost of LED lights and a capital grant from the Police and Crime Commissioner towards CCTV equipment, all of which are being released against the charge for depreciation on those assets. Page 18 continued...
HESTERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENTIN FUNDS Net movement in funds Transfers between fun(tS Al 31.3.24 At 1.4.23 Unrestricted funds General fund Designated Fund Sinking Fund HWRC Dèsignated Fund Sinking Fund SCRC 163.680 50,000 101,758 (58,616) 30,000 80,000 206,822 80,000 80,000 213,680 101,758 51,384 366,822 Restrlcted funds SCRC HWRC Sinking Fund Mulli-u5e Games Area Renewables- PV Solar Modules Youth Projects Dreamscheme CCTV Pantry Lighting popps Creative Youth Space 1.603.776 1,266.850 52.236 21,198 24,720 (45.822) (32,650) 1.557,954 1,234,200 (52,236) (4.102) (8,003) (2,353) (5,038) (478) (9,510) {1.142) 17,096 13,313 {3,404) 2,353 5,038 3,533 16.1271 (5411 2,835 32.907 16.324 443 5,890 17,270 14,641 443 32,926 32.926 3,021,289 (76,172) <51,384) 2,893,733 TOTAL FUNDS 3,234.969 25.586 3,260,555 Nel movement in funds, included in the above are as follows., Incoming resources Resources expended Movement in funds Unrestrlcted funds General fund 420,131 (318,373) 101,758 Reslricted funds SCRC HWRC Multi-use Ganies Area Renewables - PV Solar Modules Youth Projects Dreamscheme CCTV Pantry Lighting Creative Youth Space (45.822) (32,650) (4,102) (11.407) (2,353) (5,038) (506) (51,0 03} {1,703) (45,822) (32,650) (4,102) (8,003) (2,353) (5,038) (478) (9,510) (1,142} 32.926 3,404 28 41,493 561 32,926 78,412 (154,584) (76.172) TOTAL FUNDS 498,543 (472,957) 25,586 Page 19 continued...
HESTERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS - conlinued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS - conlinued Comparatives for movement in funds Net movement in funds Transfers between funds At 31.3.23 At 1.4.22 Unrestricted funds General fund Designated Fund- Sinking Fund HWRC 112,415 114,612 (63,347) 50,000 163,680 50,000 112.415 114,612 {13,347J 213,680 Restricted f unds SCRC HWRC Sinking Fund Multi-use Games Area Rènewables - PV Solar Modules Neighbourhood Management Youth Projects Dreamscheme Growing our Communities CCTV Pantry Groundwork Lighting popps 1,649,598 1,299,500 52,125 25,300 36,127 304 594 616 5,990 3.283 13,322 (45.822) (32.650) 1,603.776 1,266.850 52,236 21,198 24,720 (4,102) (8,003) (3,404) {30 4) (861) 685 267 (1,301) (5,990) (448) 19,585 2.835 32,907 (8) 16,796 443 (472) 16,324 443 3,086,767 (78,825) 13,347 3,021,289 TOTAL FUNDS 3.199.182 35,787 3,234,969 Page 20 continued...
HEsfERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS - conlinued Comparative net movement in funds, included in the above are as follows.. Incoming resources Re50urce5 expended Movement in funds Unrestricted funds General fund 415.306 (300,694) 114,612 Restricled funds SCRC HWRC Sinking Fund Multi-use Games Area Renewables- PV Solar Modules Youth Projects Dreamscheme Growing our Communities CCTV Pantry Lighting (45,822) (32,650) (45,822) (32,650) (4,102) (11,407) (2.741) (1.3 01) (5,990) (448) (40,830) (704) 14,102) (8,003) 267 (1,301) {5,990J (448) 19,585 (472) 3,404 3,OD8 60,415 232 67,170 (145,995) (78.825) TOTAL FUNDS 482,476 {446,689) 35,787 oJAil%.of.de&iqDalRdlund& Sinklng Fund - HWRC Repair and mainlenance fund for ongoing upkeep of Hesters Way Community Resource Cenlre. Sinking Fund SCRC Repair and maintenance fund for ongolng upkeep of Springbank Community Resource Cenlre. SCRC and HWRC These funds represent the wrilten down values of freehold land and buildings (Hesters Way Resource Centre and Springbank Community Resource Centre), against which fulure depreciation charges will be made. 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 conlinualion of Neighbourhood Management. Youth Prolects The various underspend from previous youth project5 have been amalgamated inlo onp 51ngle line in the acco unls. All remaining f unds will be used as funding for youth proj ects or as matched funds for future youth project bids. Page 21 continued...
HESTERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 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 atlention 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 Commut)itiÈ$ A successful bid was made to the Glouceslershire County Council to support improvements lo local parks. CCTV Money raised for the re-eslablishment of the CCTV camera nelwork in Springfield park, including upgraded cameras and monitoring equipmenl at Springfield Community Centre. Pantry A new food membership project which will provide reduced price food and household items lo local people in need and offer advice. Groundwork A holding account for Heslers Way Forum to support the development of a neighbourhood plan for Hesters Way Ward. L5ghtlng Funding towards upgrading Ihe lighting to LED for the premises. popps A holding account for a local community group. Creallve Space Funds to develop a creative area at Springbank Community Resource Centre. Transfers between lunds Transfers are made between restricted and unrestricted funds at the end of every accounting period in cases where: i) the activity of the reslricled fund has come to an end and there is an unspent balance that is not repayable lo the funder{s), when the surplus is transferred to unreslricled funds: or ii) the restricted fund has come to an end and there is no prospect of a surplus in a later period, when Ihe deficil is eliminated by transfer from unrestricted funds. Page 22 conlinued...
HESTERS WAY PARThlERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 19. RELATED PARTY DISCLOSURES There were no related parly transactions for the year ended 31 March 2024. Page 23