Charlty reglstration numbor 1084194 (England and Wales) Company registration number 03685423 HESTERS WAY PARTNERSHIP LTD. ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
HESTERS WAY PARTNERSHIP LTD. LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms W L Flynn Rev J P Hamilton Mr R J Barkle Dr L J P Kilford Mr S M Richardson Mr M J Sheppee Mrs J Kurlbaum (Appointed 18 November 2024) Secretary MrA K Hayes Charlty number (England and Wal•s) 1084194 Company number 03685423 Reglstorod office Hesters Way Communlty Resource Centre Cassin Drive Cheltenham Gloucestershire United Kingdom GL517SU Auditor BK Plus Audit Limited 6 Manor Park Business Cenlre MacKenzie Way Swindon Village Cheltenham Gloucestershire United Kingdom GL519TX
HESTERS WAY PARTNERSHIP LTD. CONTENTS Page Truslees, report Statement of trustees, responsibilities Independent auditor's report 8-10 Statement of financial activities 11 Statement of financial position 12 Slatemenl of cash flows 13 Notes to the financial statements 14-24
HESTERS WAY PARTNERSHIP LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial stalemenls and Comply with the charity's governing document, the Companies Acl 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Ihe Charities SORP "knounting 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) Objectlves and actlvltles Alms and Objectlves The objects of the company are to pursue any charitable purpose for the benefit of the inhabitants of West Cheltenham (includes but is not limited to the wards of Hesters Way. Springbank, St Marks and St Peters) in the Boroughs of Cheltenham and Tewkesbury 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 Iraining, the preservation and enhancement of Ihe environment, the preservation and protection of physical and mental health, and the provision of leisure and community facilities in the interests of social welfare. Publlc beneflt The Iruslees kept in mind the Charity Commission's guidance on public benefit whilst planning the charity's activlties for the year. These activities are described in the Achievemenl and Performance sections below. Vlsion Statemont Our vision is for West Cheltenham to be a tlourishing community with opportunities for all. Misslon Statement Working with local people, groups and organisations to connect and empower them to develop healthy, happy and sustainable communities.
HESTERS WAY PARTNERSHIP LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 34 MARCH 2025 ACHIEVEMENT AND PERFORMANCE The Hesters Way Partnership IHWP) 8oard has focused its attention on addressing the strategic goals identified in the three-year plan developed in 2024. The strategy set out these priorities. 1. To develop the sustainability of the organisation, including a secure financial position 2. To improve HWP governance and related systems and processes 3. To focus on using a community development approach lo increase connection with residents. groL¢PS and organisations 4. To influence the design and development of the Golden Valley D8velopment and its integration wlth communities in West Cheltenham The fi'nancial footing of the organisation has been key to furthering the community goals and the improvements in facilities that have taken place during the year. We have Improved monitoring and evaluation of Ihe Hesters Way and Springbank Community Resource Centr8S, promoting efficiency and maximising community use. We have signed up with Peninsula who offer HR advice and office systems. Our dedicated facilities manager has addressed issues in both premises, and we have made some necessary investment at the Community Centres. Investment at the Community Centr•s Having completed the foyer space at Hesters Way in August 2024 we continued with improvements to the Community spaces on the first floor in partnership wilh Construction School at Gloucestershire College. The café area has also seen investment and reopened in early 2025 with the recruitment of a new café manager. We have undertaken accessibility reviews of bolh premises and have developed a programme of improvements to ensure all members of the community are able to use all the services we offer. The work will include improved kitchens, hearing loops, and a new lift at Hesters Way funding permitting. We also plan to improve access lo two community garden spaces at Springbank with better accessibility, raised bed planting and a sensory element. Malntenance The contract wilh Greener Gardener has incorporated a community gardening project at which local volunleers have helped with maintenance tasks across the premis8s including upkeep of our planters and herb garden. Our in-house team responds to all requests quickly and efficiently. utilitlO5 At Hesters Way we will continue to supply discounted electricity from solar panels installed in 2022 and free, the energy generated from the original solar panels installed in 2010. We continue lo make improvements and have a programme of works for 2025-26 awaiting implementation.
HESTERS WAY PARTNERSHIP LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charitable actlvltles As part of our strategic plans, we have started a new community development inilialive focused on Hesters Way Community Centre. The new Hesters Way Community Centre foyer redevelopment, now known as The Hub will enable community activities to take place in a fresh and welcoming space. The Partnership successfully raised funds from the NHS and GCC Thriving Communities fund to kick slart the programme. We have employed a community development worker to run activities based on local need including offering access to support, advice and guidance. To support the new programme, we have reopened the café in the lobby and renamed it The Ash Tree Community Café. A new manager, lain is now offering value and quality meals, sandwiches, snacks and cakes lo Community member5, tenants and hall hirers. The café is working closely with the community development and pantry staff and partners to ensure good local take-up. We have continued our Dreamscheme project which engages primary age young people promoting increased self- esteem, motivation, team working and good behaviour. Our search for support has been successful, and the National Benevolent Charity have funded two further years of staff costs for this well-loved scheme. The Multi Use Games Area in Coronation Square (MUGA) installed in June 2018 continues to provide a much- needed sports resource to the area and offers youth organisations opportunities lo engage with young people. We have run free Easter and Summer drop ins with coaching sessions 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 CcAnmunity Group we re-commissioned The Music Works to run a two-month programme which offered creative and engagement activities for the youth community. We hope the project will continue into the new year. The West Cheltenham Community Pantry at Hesters Way CRC has supported over 600 members since Its inception in 2021. Since the original manager left us we have restructured the management roles lo help signpost pantry members to local support services. The project was awarded grant funds sums for food supplies from Feeding Britain, #feedchellenham, Gloucestershire County Council and Cheltenham Borough Council (CBC}. Local benefactors have also generously supported the pantry with financial and in-kind contributions. We have supported the local community around Springfield Park which has been awarded Green Flag slatus for elfth consecutive year. The continuing neighbourhood planning project is reaching completion with the development of the Heslers Way Neighbourhood Plan which can be viewed on the www.heslerswa k A big thanks goes to the Forum Steering Group who have worked tirelessly on this fantastic community project. The group have begun negotiations with the Golden Valley developers to ensure the benefits of this exciting scheme can be shared across the west of the town. Thanks lo grant support from Enovert, CBC CIL and the CBC Parks Department the Forum have enabled the installation of new park equipment al Fiddlers Green Park furthering Ihe parks redevelopmenl plan. We have now completed $4 issues of the local magazine 'ViewpoinV' highlighting the work of partners and promoting positive views of Hesters Way. This combined with the Partnership's renamed social media pages including websile.. www account I@t]wllLh. ) and facebook page "West Cheltenham Partnership l Facebook" keep local people, organisalions 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.
HESTERS WAY PARTNERSHIP LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Flnanclal Revlew Reserves Policy Unrestricled funds are declared al £417,406, a large increase in comparison with 2024, reflecting further improvements in performance the slabilisation 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 at least £150,000 which is at least equivalent to elve months, predicted core expenditure for the year 2025-26. The Heslers Way and Springbank CRCS now have associated slnking fund accounts. The Hesters Way sinking fund account stands at £90,000 and the Springbank sinking fund account stands at £92,457 at the year end. These accounls are intended to provide funds lo cover the cost of replacement of the following items at the end of Ihelr life., roof {£40k I CRC} , boilers {£50k), wiring1£20k). plumbing (£20kl, kitchens (£30kl, flooring {£50k), external drainage (£20k>, walls and fences (£20k), car park {£50k - HWCRC only) and CCTV {£15k). It is proposed that they grow annually such that once rep5acemenl is required, sums are available to that end. Each building will need a minimum of £300k available at the end of a 30-year period plus the annual inflation rale which equates to £10k I CRC l year. HWP has a low-risk approach to additional reserves due to concerns regarding. potential reductions in funding in curienl climate,. the effect of the loss of any of the five principal tenants and provision for build ing repairs to cover uninsurable events - e.g. essential improvements and repairs at the Community Resource Centres. Investment Pollcy and Obj•ctiv•s 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. 2024- 25 Flour•s Income Expenditure £514,950 (including £84,394 in grant revenues) £529,083 (including £101,460 depreciation) Deficit £14,133 Nel depreciation £101,460 Trading surplus £87,327 The grant income supporled the West Chellenham Community Pantry, Dreamscheme, Community Hub al Hesters Way, Springbank Creative Space, Community Development and Youth Work.
HESTERS WAY PARTNERSHIP LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Plan5 for future periods Future Opportunities The Partnership plans to increase its community development efforts in the coming years and has committed funds to employ officers to that effect. Community activities started this year as part of the Hub project will continue to grow and attendees will be given access to support, advice and guidance. We will be conducting surveys to establish what new services to offer over the following year. The Hub will continue to work closely with the Ash Tree Café and pantry staff and partners to ensure local lake up. Since assessing our community centers for their accessibility last year, we will have begun to address many of the issues raised. We will be redesigning some of our community spaces and facilities and hope to be making funding applications to support improved access for the whole community. Spaces will include gardens, toilets and the Heslers Way lift. These new activities will offer volunteering opportunities for community members and a new volunteering scheme lies at the heart of the partnership's strategy in the years to come. We plan to reinvigorate the local West Cheltenham Neighbourhood Coordination Group meetings. 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 to ensure that the neighbourhood plans for the area successfully progress to referendum and that it reflects the views and aspirations of the local community. The project is progressing well as can be $8en via the website Al 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. Further work will take place to support pantry member. identifying and responding to their needs. We will continue to promote the activities of partners via issues of the local magazine "Viewpoinf, and the Partnership's website.. nh Instagram and Facebook. Further efforts will be made to improve standards of governance and to better utilise the skills of the current Board of Directors. structurei governance and managemont 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. 21 November 2011 and July 14th 2024. The company is constituted as a company limited by guarantee and therefore has no share capital. In the event of the company being wound up, and the liabilities and winding up expense being in excess of assets, Ihe liability of each member is limited to £1. The trustees, who are also the directors for the purpose of company law, and who served during theyear and up to the date of signature of the financial statements were.. Ms W L Flynn Rev J P Hamilton Mr R J Barkle Dr L J P Kilford B Morgan Mr S M Richardson Mr M J Saunders Mr M J Sheppee Mrs J Kurtbaum (Resigned 18 November 2024) {Resigned 7 January 2025) (Appointed 18 November 2024)
HESTERS WAY PARTNERSHIP LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Organlsatlonal structure The company is managed by a Board of directors (trustees), which includes representatives from all its major stakeholders. The Board meets al least four times a year. 11 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 Ihe 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. Audltor In accordance with the company's articles, a resolution proposing that BK Plus Audit Llmiled be reappointed as auditor ofthe company will be put at a General Meeting. Dlsclosur• of Informatlon to audltor Each of the trustees has confirmed Ihal there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further Confirmed that they have taken appropriat8 steps to identify such relevant information and 10 8Stablish that the auditor 15 aware of such information. The trustees, report was approved by the Board of Trustees. Mr R J Barkle Trustee 17 November 2025
HESTERS WAY PARTNERSHIP LTD. STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR EAIDED 31 MARCH 2025 The trustees, who are also the directors of Hesters Vvay Partnership Ltd. for the purpose of company law, are responslble for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GenerallyAccepled Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for Ihat year. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply Ihem consistently. observe the methods and principles in the Charities SORP., make judgements and estimales that are reasonable and prudent., and pr8pare the financial stalements on the going concern basis unless it is inappropriate to presume that the charity will conlinue in operation. The trustees are responsible for keeping ad8quate accounting records that disclose with reasonable accuraGy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
HESTERS WAY PARTNERSHIP LTD. INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HESTERS WAY PARTNERSHIP LTD. Opinion We have audited the financial slatemenls of Hesters Way Partnership Ltd. (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities, the statement of financial positlon, the statement ot ash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in Iheir preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finanal Reporting Slandard applicable in the UK and RepLJblic oj /reland{Uniled Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements- give a true and fair view of the slate of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure. for the year then ended., have been properly pr8pared in accordance with United Kingdom Generally Accepted Accounting Practi., and have been prepared accordance with the requirements of the Companies Act 2006. Basls lor oplnlon 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 01 the financial statemenls section of our report. We are independent of the charity in accordance with the ethical requiremenls that are relevant lo our audit of th8 financial stalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with Ihese requirements. We belleve Ihat Ihe audit evidence we have obtained is suffici8nt and appropriate to provide a basis for our opinion. Concluslons rolatlng to golng conc•rn In auditing the financial statements, we have concluded that the trustees, use of the golng concem basis of eccounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainlies relatlng to events or condition5 that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of al18ast twelve months from when the financial statemenls are authorised for issue. Our responsibilities and the responsibilities of the trustees wilh respect to going concern are described in the relevant sections of this report. other Information The other information comprises the information included in the annual report other than the financial statements and our audltor's report Ihereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial slalements does nol cover the other information and, except to the extent olherwise explicilly stated in our report, we do not express any form of assurance Conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the olher information is materially inconsistent with the financial slatemenls or our knowledge obtained in the course of the audit, or othemise appears to be materially misstated. If we identify such material inconsislencies or apparent material misslalements. we are required lo determine whether this gives rise to a material misslatement in the financlal 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 lo report in this regard. Opinions on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit= the information given in the Iruslees, report for Ihe financial year for which the financial statements are prepared, which includes the directors, report prepared for the purposes of company law, is consistent with the financial statements- and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements,
HESTERS WAY PARTNERSHIP LTD. INDEPENDENT AUDITOR'S REPORT (CONTINUED) 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 charity and its enwronment obtained in the course of the audit, W8 have not identified material misstatements in the directors, report included within the tfUStees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequat8 for our audit have not been received from branches not visited by us., or the financial slatements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and exp5anations we require for our audit., or the trustees were not entitled to prepare the financial stalements in accordance wilh the small companies regime and take advantage of the small companies, exemptions in preparing Ihe trustees, report and from the requirement to prepare a strategic report. Responslbllitios of trustees As explained more fully in the statement of Irustees, responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial slatement5 and for being satisfied that they giv& a true and fair view, and for such internal control as Ihe trustees detefmine is necessary lo enable the preparation of financial statements that are free from material misstalement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disGlosin9, as applicable. matters related to going concern and using the going concern basi5 of accounting unless the trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative but to do so. Audltor's responsibilltl•s for tho audlt of the flnanclal statement$ 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 lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee Ihat an audit conducled in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misslalements 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 d8cisions of users taken on the basis of Ihese financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. 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: enquiries of management including a pre audit meeting; obtaining and reviewing supporting documentalion of policies conceming the laws 8nd gUlationS applicable to the business., understanding how the company complies with its regulatory framework by making enquiries of management., considering the culture inherenl in the company and whether this represents a culture of honesty and ethical behaviour with a strong emphasis of detection and prevention of fraud.
HESTERS WAY PARTNERSHIP LTD. INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF HESTERS WAY PARTNERSHIP LTD. We assessed the susceptibility of the company's financial statements to material misstatement and considered how fraud might occur. The audit procedures performed included. bul were not limited to.. challenging management assumptions and estimates- identifying and testing unusual journal entries-, assessing how the relevant laws and regulations have been complied with and noting any instances of non compliance. reviewing the financial stalements for compliance with relevant Accounling Standards and accounting legislation applicable to a small company., considering how those charged with governance have addressed the possibility of an override of essential controls or other influence over the financial reporting processes. In addition, we a550 considered other non financial laws relevanl to the company. These do not ne$sarIlY have a direct influence on the financial statements bul might affect the company's ability to operate. A further description of our responsibilili8s is available on the Financial Reporting Council's website at.. htlps'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditors report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance wilh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so Ihat we might stale lo Ihe CharItae company's members those matters we are required to state to them in an auditor's 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 audil work, for this report, or for the opinions we have formed. Roger Downe5 FCA (Senlor Statutory Auditor) For and on behalf of BK Plus Audit Limited, Statutory Audilor Chartered Certified Accountants 6 Manor Park Business Centre MacKenzie Way Swindon Village Cheltenham Gloucestershire GL51 gTX United Kingdom 17 November 2025 10-
HESTERS WAY PARTNERSHIP LTD. STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unr•6tYlcted Restrictod funds funds 2025 2025 Total Unrestrlclod Restrlcted funds funds 2024 2024 Total 2025 2024 Notes Income lyom: Donation5 and legacies ChaTltable activities Other trading activities Investment income 3.346 84.394 10.563 3,346 488,915 15,697 6,992 3,131 61,619 13,662 3,131 469,941 20,661 4,810 404,521 5,134 6,992 408,322 6,999 4,810 Total Income 416,647 98,303 514,950 420,131 78,412 498,543 Exp•ndlture on: Raising funds Charitable activities 46,019 107,971 46,019 483,064 51,003 103,581 51,003 421,954 375,093 318,373 Total •xpendlture 375,093 153,990 529.083 318,373 154,584 472,957 N•t Incomollexp•nditur•) 41,554 {55,687) (14,133) 101,758 (76,172) 25,588 Transfers beeen funds 9.030 (9.0301 51,384 (51,3841 Net movement In funds 11 50.584 (64,717) (14,133) 153,142 (127,556) 25,586 Recon¢lllatlon of funds: Fund balances at 1 April 2024 386,822 2,893.733 3.260,555 213,680 3,021,289 3,234,969 Fund balances at 31 March 2025 417,406 2,829,016 3,248,422 366,822 2,893,733 3,260,555 The notes on pages 1410 24 form part of these financial statements. 11
HESTERS WAY PARTNERSHIP LTD. STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025 2025 2024 Notes Flxed assets Tangible assets 14 2,814,766 2,876,082 Current assets Debtors Cash al bank and in hand 15 29,127 440,651 61,580 365,230 469,778 426,810 Credltors: amounts falllng du• wlthln one year 16 (38,122) (42,337) Net current assets 431,656 384,473 Total a66•ts loss current Ilabllllles 3,248,422 3,260,555 The fund5 of th• charity Restricted income funds Unrestricted funds 18 19 2,829,016 417,406 2,893,733 386,822 3,246,422 3,260,555 The notes on pages 14 to 24 form part of these financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies sublect to the small companies regime. The financial statements were approved by the trustees on 17 November 2025 Mr R J Barkle Trustee Company regislratlon number 03685423 (England and Wales) 12-
HESTERS WAY PARTNERSHIP LTD. STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating activltles Cash generated from operations 22 108,573 71,241 Investing actlvltles Purchase of tangible fixed assets Investment income received (40,144) 6.992 {30,511) 4,810 Net cash used In Inv•stlng actlvltles (33,152) (25,701) Net cash generated from flnanclng actlvltles Net Incroaso In cash and cash equlvalents 75,421 45,540 Cash and cash equivalents at beginning of year 365,230 319,690 Cash and ¢•6h equlvalents at ond of y•ar 440,651 365,230 The notes on pages 14 to 24 form part of these financial statements. 13-
HESTERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policles Charlty Information Hesters Way Partnership Ltd. is a private company limited by guaranlee incorporated in England and Wales, The registered office is Hesters Way Community Resource, Centre Cassin Drive, Cheltenham, Gloucestershire, GL517SU, United Kingdom. 1.1 Accountlng convention The financial statements have been prepared in accordance with Ihe charity's governing document, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland" and the Charities SORP "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)" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements aTe prepared in sterling, which is the functional currency of the charity. Monetary amounts in Ihese financial slalements are rounded to the nearest £. The financial slatemenls have been prepared under th8 historical cost convention. The principal accounting policies adopted are set out below. 1.2 Charitabl• lunds Unrestricted funds can be used in accordance with Ihe charitable objectives at the discretion of the Iruslees. 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 funds are raised for partlcular restricted purposes. Fund accountlng Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 1.3 Income All income is recognised when the charity is legally entitled to it after any performance conditions have been mel, the amounls can be measured reliably, and il is probable that income will be received. 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 relale.. other unconditional income grants are recognised on confirmation of award. Capital grants are carried fOard and released lo income over the period of depreciation of the assets to which Ihey relate. Donations and olher income are recognised on receipt. Advertising income 15 recognised at the point of invoicing. 14-
HESTERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcias (Continued) 1.4 Expenditure Expenditure is recogni5ed once there is a Segal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in selllement, 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 allocaled to activities on a basis consislent 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. 1.5 Tanglble flxed assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation, net of depreciation and any impairment losses. Depreciation Is recognised so as to write off the cost or valuatlon of assets less thelr sIdual values over thelr useful lives on the following bases- Freehold property Plant and machinery Computer 8quipm8nt 29A on cost 100A on cost 250h on cost Assets costlng less than £1,000 individually are not capitalised unless they form part of an overall project. 1.6 Taxatlon The charity is exempl from corporation tax on its charilable activities. It is not, however, exempt from VAT, and where there is Irrecoverable VAT. il is included as an expense ilem in the financial stalements. Critical accountlng estimates and Judg•m•nts In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumplions about the carrying amount of assels and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting estimales are recognised in the period in which the estimate is revised where the revision affecls only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donatlons and legacies Restricted funds 2025 Restrlcted funds 2024 Pantry donations 3,346 3,131 15-
HESTERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from charltable activltles Unr0Strlcted Restricted lunds funds 2025 2025 Total Unreslrlctad R•strlcted lunds funds 2024 2024 Total 2025 2024 Charltable actlvltles Grants Rents, service charges and utilities 84.394 84,394 61,619 61,619 404,521 404,521 408,322 408,322 404,521 84.394 488.915 408,322 61,619 469,941 Incom• from other trading actlvltles Vnr•slrlcted Restri¢t•d funds funds 2025 2025 Total Unrèstrlct•d Rostrlcted funds funds 2024 2024 Total 2025 2024 Income from renewable energies Other income Advertising income Pantry memberships 1,820 477 340 2,697 1,620 547 340 13,190 5,704 555 740 5,704 555 740 13,662 70 10,493 13,662 other trading activities 5,134 10,563 15,697 6,999 13,662 20,661 Income from Invostments Unrgstrlcted Unrestrlctgd funds funds 2025 2024 Inleresl receivable 6,992 4,810 Expenditure on raising funds Restrlcted Restricted funds funds 2025 2024 Fundralslng and publlclty Pantry costs 46,019 51,003 16-
HESTERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on charltable activities Charltable Charltable activities activitles 2025 2024 Dlrect costs Staff costs Depreciation Rates and water Sundries Professional fees Office expenses Training Insurance Postage and slation&ry Advertising and publications Events Resource Cenlre costs 102,539 101.460 1,148 888 16,932 10,749 560 9.863 672 4,169 14,136 217.128 95,507 99,375 11,848 1,125 10,003 10,324 46 8,494 239 4,158 4,623 171,170 480,244 416,912 Grants payable (see note 91 320 2,600 Share ol support and governanc• costs (see note 10) Audltors, remuneration 2,500 2,442 483,064 421,954 Analysls by fund Unrestricted funds Reslricled funds 375,093 107,971 318,373 103,581 483,Q64 421,954 Grants payabl• Charitablo Charltable actlvltles activities 2025 2024 Grants paid 320 2,600 17-
HESTERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Support costs allocated to actlvltles 2025 2024 Auditors, remuneration 2,500 2,442 Analysed betwoon: Charitable activities 2,500 2,442 11 Net movement In funds 2025 2024 The net movement in funds is stated after chargingl(crediting)- Fees payable for the audit of the charity's financial statements Depreciatlon of owned tangible fixed assets Income from operating leases 2,500 101,460 (404,521) 2.442 99,375 (408,3221 12 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the harity during the year. 13 Employe•s The average monthly number of employees during the year was.. 2025 Numbor 2024 Numbor Administration staff Employment costs 2025 2024 Wages and salaries 102,539 95,507 There were no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel The remuneration of key managemenl personnel was as follows= 2025 2024 Aggregate compensation 50,058 46,532 18-
HESTERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 31 MARCH 2025 14 Tangible fixed assets Freehold Plant and Computer Property ma¢hinery equipment Total Cost At 1 April 2024 Additions 4,243,604 181,480 40,144 2,077 4,427,161 40,144 At 31 March 2025 4,243,604 221,624 2,077 4,467,305 Depreciation and Impalrment At 1 April 2024 Depreciation charged in the year 1,451,450 78,472 97,552 22,988 2.077 1,551,079 101,480 At 31 March 2025 1,529,922 120.540 2,077 1,652,539 Carrylng amount At 31 March 2025 2,713,682 101.084 2,814,766 At 31 March 2024 2,792,154 83,928 2,876,082 15 Debtors 2025 2024 Amounts falllng due wlthln on• y•ar: Trade debtors Prepayments and accrued income 13,467 15,660 33,684 27,896 29,127 61,580 16 Credltors: amounts falllng due wlthln one year 2025 2024 Not•s other taxation and social security Deferred income Trade creditors Other creditors Accruals 8,349 6.359 14,592 567 8,255 10,447 10,498 13,360 474 7,558 17 38,122 42,337 17 Deferred income 2025 2024 Other deferred income 6.359 10,498 19-
HESTERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 D•f•rred Income (Contlnued) Deferred income is included in the financial statements as follows-. 2025 2024 Deferred income is included within.. Current liabilities 6,359 10,498 Movements in the year.. Deferred income at 1 April 2024 Released from previous periods Resources deferred in the year 10,498 (4,139) 12,763 (3,9931 1,728 Deferred income at 31 March 2025 6,359 10.498 The deferred income represents a capital grant from Severn Wye Energy Agency towards the cosl of solar panels at HWCRC, a capital grant from Cheltenham Borough Council towards the 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. 18 R•strlct•d funds The restricted funds of Ihe charity comprise the unexpended balances of donations and grants held on trust subjecl to specific conditions by donors as to how they may be used. At l April In¢omlng Resourcos 2024 resourcos expended Transfers At 31 March 2025 SCRC HWRC Mulli-use GamesArea Renewables - PV Solar Modules CCTV Pantry Lighting popps Creative Youth Space Community Health and Developmenl Youth Projects Dreamscheme 1,557.954 1.234,200 17,096 (45,8221 (32,6501 (4,1021 1,512,132 1,201,550 12,994 13,313 5.890 17,270 14,641 443 32.928 3,404 773 33,095 561 70 10,000 (11 ,407} {1,048) (44,608} (1,703) (70) (1,338) (3,4041 (529) 70 {580} 1.906 5,086 5,827 12,919 443 36,130 (5,458) 32,500 8,400 9,500 32,500 (9.271) (1,971) 871 7,529 2,893,733 98,303 (153,990) (9,030) 2,829,016 -20-
HESTERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Restrl¢ted funds (Continued) Prevlous yoar: At 1 April Incomlng R•sources 2023 resources expended Transfers At 31 March 2024 SCRC HWRC Sinking Fund Multi-use Games Area Renewable5 - PV Solar Modues 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 (52,238) (4,102) (11.407) (2.353) (5,038) (5061 (51,003) (1,703) 17,096 13,313 3,404 (3,404) 2,353 5,038 3,533 <6,127) (541) 2,835 32,907 16,324 443 28 41,493 561 5,890 17,270 14,641 443 32,926 32,926 3.021,289 78.412 (154,584) (51,3841 2,893,733 19 Unrestrlcted fund8 The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 Apr•1 Ineomlny Resources 2024 r•50urces expend•d Transf•rs At 31 March 2025 Designated Fund- Sinking Fund HWRC Designated Fund - Sinking Fund SCRC General funds 80,000 10,000 90,000 80,000 206,822 12,457 {13,427) 92,457 234,949 416,647 {375.093) 366.822 416,647 (375,093) 9,030 417,406 Prevlous year: At 1 April 2023 Incoming Rosources rosources exp•nded Transfers At 31 March 2024 Designated Fund - Sinking Fund HIIVRC Deslgnated Fund - Sinking Fund SCRC General funds 50.000 30,000 80,000 80,000 (58,616) 80,000 206,822 163,680 420,131 (318,373) 213,680 420,131 (318,373) 51,384 366,822 21
HESTERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Unrestrlcted funds (Contlnued) Detalls of desl nated funds Slnking Fund - HWRC Repair and maintenance fund for ongoing upkeep of Heslers Way Community Resource Centre. Slnklng Fund - SCRC Repair and maintenance fund for ongoing upkeep of Springbank Community Resource Cenlre. Detalls f restrlcted funds SCRC and HWRC These funds represent Ihe written down values of freeho5d land and buildings (H8Sters Way Ressource Centre and Springbank Community Resource Centrel, against which future depreciation Charges will be made. Multl-us• games Area Funds raised to install a Multi-use Games Area on land in front of the Oasis Centre on Proncess Elizabeth Way. Renowables - PV Solar Modul•s Solar panels lo enable the crealion of electricity. CCTV Money raised for Ihe re-establishment of Ihe CCTV camera network in Springfield park, including upgraded cameras and monitoring equipment at Springfield Cornmunity Centre. Pantry A food membership project which provides reduced price food and household ilems lo local people in need and offers advice Lightlng Funding lowards upgrading the lighting to LED for the premises. popps A holding account for a local community group. Creatlve Youth Spac• A new space for youth and community activities made available from redesign of the lobby at Springbank Community Resource Centre. Communlty Health and Development Funds to develop a community hub space at Hesters Way Community Resource Centre lo address community needs particularly for young people, the elderly, the infirm and those with mental health issue5. Youth Projects Funds used for various youth projects or as matched funding for future youth project bids. Dreamscheme The Dreams¢heme project works with the help of the local schools. Ghildren 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 Ihree local primary schools in Hester's Way and Springbank who are at risk of exclusion from school. Trough 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 commljnity and rewarding positive action. -22-
HESTERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Unr¢stricted funds (Continued) Transfers between funds Transfers are made between restricted and unrestricted funds at the end of every accounting period in cas&s 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 Ihe surplus is transferred to unrestricted funds,. or 11> the restrlcled fund has come lo an end and there is no prospect of a surplus in a later period, when the deficit is eliminated by transfer from unrestricted funds. 20 Analy51s of net assets between funds VnY•strlcted R•strlct•d lunds funds 2025 2025 Total 2025 At 31 March 2025: Tangible a55els Current assetsl{liabilities) 32,049 385,357 2,782,717 46,299 2,814,766 431,656 417,406 2,829,016 3,246,422 Unr•slrlcted Restrlcted funds funds 2024 2024 Total 2024 At 31 March 2024: Tangible assets Current asselsl(liabilities) 50,036 316,788 2,826,046 67,687 2,876,082 384,473 366,822 2,893,733 3,260,555 21 Related party transactlons There were no disclosable related party transactions during the year (2024 - none). -23-
HESTERS WAY PARTNERSHIP LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 31 MARCH 2025 22 Cash genorated from operatlons 2025 2024 (Deficit)Isurplus for the year (14,133) 25,586 Adjustments for: Inveslment incom8 recognised in statement of financial activities Depreciation and impairment of tangible fixed assets (6,992) 101,460 {4,810) 99,375 Movements In worklng capltal: Decreasellincrease} in debtors (Decrease) in creditors (Decrease) in def6rred income 32,453 (76) (4,139) (36,729) {9,916) {2,265) Cash g•n•rat•d from op•ratlons 108,573 71,241 23 Analysls of changes In net funds The charity had no material debt during the year. -24-