Charity registration number 1116773 Company registration number 05822301 (England and Wales) HALOW PROJECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
HALOW PROJECT LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrMDay Ms S Hill Mr M McArthur Mr R Meins Mr T Oliver Mr N E F Butcher Secretary Mr R Meins Non-statutory Director Nr N Wheeler Director of halow project services Charity number 1116773 Company number 05822301 Registered office Carroll House 11 Quarry Street Guildlord Surrey United Kir)gdom GU13UY Auditor Azets Audit Services Ashcombe Court Woolsack Way Godalming SUeY United Kingdom GU71LQ
HALOW PROJECT CONTENTS Page Trustees report Independent auditofs report 10-12 Slatement of financial activities 13-14 Balance sheet 15 Statement of cash flows 16 Notes to the financial statements 17-31
HALOW PROJECT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's memorandum and articles of association, the Companies AGt 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 2019)". Objectives and actlvities Overall purpose "(a) To provide education, training, care and accommodation and other support SeiceS to persons with permanent learning disabilities and others who have charitable need for such services with the object of developing their mental, physical and spiritual capacities so that they may realise their full potential as individuals and members of society and that their condition for life may be improved," and (b) to undertake any other charilable activity." Memorandum and Articles of IsOcIatIon incofporated on 19 May 2006 as amended 5 October 2006 The principal activity of the charity is to provide benefit to young people with a learning disability in Surrey and the surrounds. Main activities Halow Project (halow) is a registered charity dedicated to creating opportunities and supporting young people aged 16+ with a lèarning disability so that they are able to live independent, meaningful, fulfilled lives and become more involved in their local community. halow provides specialist. person-centred support and activities and our aim is for every person with learning disabilities to have the same life choices and chances as any other person. The young people we work with want the opportunity to: Build relationships Become part of the communty Find meaningful employment Have a home of their own Our four core areas of activity are as follows: Building Futures: halow's full-time community-based leaming programme is available for people aged 18-25 with a learning disability located in Surrey. Unlike formal education. young people on this programme are immersed in the community. There is no fixed curriculum but instead a focus on person-centred planning and individual outcomes. Our aim is to support Servi users lo build their own futures by nurturing their independence, continuing education, and providing sociallwork experien. A Reason to Get Up: A programme which seeks to develop the skills leamt by service users in Building Futures by developing their interests for further independence and employability. It supports them in learning new life skills that can help them find a satisfying vocation. Currently the 4 sessions provided are Cook and Grow, Crafty Crèations, Fit Club and IT Crowd. The programme also provides a range of social activities which enable people to enjoy an active social life, make new friends and become part of their community. Independent Support Programme: An intensive 10-week programme with 1 to 1 support which enables each young person to set their own goals and prepares them to live independently. Supported Living: Halow provide staffing for 5 supported living houses across Surrey to support our young people to live independently.
HALOW PROJECT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Many of our young people are referred to halow by the local authority and are funded for some of the programmes they access. Our remaining costs are covered through a mixture of individuals. fees and fundraising. Volunteering In addition to the 85 halow staff who work to support young people. we are indebled to Ihe 33 halow volunteers who support the organisation in its work on a regular basis. Our volunleers take part in the daytime activity and learning programmes enabling more young people to take part. They are supported wilh training and complete DBS checks. In addition to our regular volunteers, an addition 31 volunleer contacts from local businesses support the organisation including fundraising on an ad hoc basis. With the charity experiencing a growing demand for our services, and to meet this need, we urgently reqLJire more volunteers. Wilh additional hands, we can expand our reach, offer more support, and continue to provide vital resources to those who depend on us. The success of our programs relies heavily on the dedication of volunteers, and with more support. we can make an even greater impact. Statement of Compliance with Charity Commission guidance The Trustees have paid due regard to guidance issued by the Charity Commission's guidance on public benefit and what activities they should undertake. Use of volunteers halow is supported by a small group of dedicated regular volunteèrs who enable more young people to take part in the daytime activity and learning programmes, and support halow at fundraising events. Volunteers are supported with training and complete DBS checks
HALOW PROJECT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and Performance From April 2023 to March 2024, halow supported 326 (previously 268) individuals across our services. represenling a 220/0 increase in people supported on previous year. Many young people use several of our services with the breakdown per service as follows: Social Activities - 180 people benefitted from our range of activities . A Reason to Get Up {ARTGU)- 58 people attended our regularARTGU sessions Building Futures- 46 people were supported on our educational programme Independent Support Programme (Buddy Service)- 32 people were supported to grow in independence Supported Living- 10 people supported intensively to live independently In totsl, halow delivered 7.592 hours of social and leaming activities and flexibly provided 24,596 hours of care to 42 individuals in their homes andlor communities. Some of our services, for example our home care, are regulated by the Care Quality Commission ICQCI where we scored "good. across all assessment areas in our last inspection (2022). Our reach has grown significantly over the last year. particularfy within our educational and lifeslyle programmes, ie. Building Futures, A Reason to Get Up, and Social Activities which saw an over 20°/0 increase in individuals supported. With around 26,000 adults in Surrey wilh a learning disability, there is significant need for support from organisations such as halow. This support will vary in the level of intensity required, ranging from social activilies helping to reduce loneliness and grow confidence to greater levels of intervention such as supported living. As halow develops its strategy going forward, we are mindful of the importance of balancing our response to local need with our available resources so that we can achieve maximum impacl in supporting people with a learning disability. The Trustees {Company Directors) are pleased to report progress in those areas identified within our 2023-24 plans, namely-. 1. Continue to deliver hlgh quality, innovative. and perSonentred services and to exceed expectations of the young people themselves. families, commissioners and the local community. We are committed to maintaining our high standards of Servi delivery by focusing on quality. innovation, and a person-centred approach. Our goal is not only to meet but to exceed the expectations of the young people we serve, their families, our commissioners, and the wider community. By continuously refining our practices and staying responsive to the needs and feedback of all stakeholders, we aim to create lasting, positive impacls. We understand the importance of this mission and will strive to go above and beyond to ensure that our services remain exceptional and truly trar)sformative. 2. Continue the implementation of our Exceptional Person-centred Care (EPC) strategy, a root and branch approach to reposition our teams to deliver this. We are fully dedicated to advancing the implementation of our Exceptional Person-cenlred Care {EPC) strategy, recognizing it as a fundamental shift in how we deliver care. This comprehensive, root-and-branch approach will realign our teams, ensuring that every action, decision, and Se1 is deeply anchored in the unique needs and preferences of the individuals we serve. By fostering collaboration, enhancing training, and integrating feedback, we will embed person-centred care into every facet of our operations. This strategy is not just a commitment but a trarisformative journey toward elevating the standard of care we provide, making it truly exceptional and responsive to those we support. 3. Ensure the smooth transition of staff into the expanded charity and further strengthen the values-based approach to recruitment, training and delivery. As we welcome new staff into our expanded charity, our priority is to ensure a smooth and seamless transition that aligns with our core values. We are committed to reinforcing our values-based approach in every aspect of recruilment. training, and service delivery. By providing comprehensive orientation and ongoing support, we will integrate new leam members inlo our culture of compassion. integrity. and excellence. This approach not only strengthens our team but also enhances our ability to deliver consistent. high-quality services that reflect our shared commilment to making a meaningful difference in the lives ofthose we serve
HALOW PROJECT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 4. To modernise our financial procedures and bring the department more in line with operational need. We are committed to modernizing our financial procedures to better align with the evolving needs of our operalions. This involves streamlining processes, impletnenting more advanced financial tools, and enhancing transparency and efficiency across the department. By adopting modern financial practices, we aim to improve accuracy, reduce manual workloads, and enable more agile decision-making. These changes will ensure that our financial management is not only up-lo-date but also fully supports the dynamic demands of our growing organization, allowing us to allocate resources more effectively and respond swiftly to emerging opportunities and challenges. It is a credil to our teams that we were able to deliver SeiceS for more young people than in previous years, have invested further in the quality of our services, have made real and sustainable change to further secure the charity's priorities and future, and end the year in a healthy financial position. Everyone at halow wishes to thank all our young people, families, staff. volunteers, commissioners, funders and supporters for your support for our work this year and we would particularly like to thank Surrey County Council for their engaging and committed approach in continuing to support us. Statement of Compliance with Charity Commission guidance The Trustees have paid due regard to guidan issued by the Charity Commission's guidance on public benefit and what activities they should undertake. Financial review Overview The financial accounts for the year to 31 March 2024 show a net surplus of £85.871 as shown on the Statement of Financial Activities on page 11. The Cash Flow Statement on page 14 shows an increase in cash and cash equivalents of £96,791 during the year. Income overall increased by £316,544 over the year. Fundraislng standards Halow subscribes to the Fundraising Regulalor's Fundraising Promise. In addition to this, we are developing our own promise to supporters which includès the following.. We will keep supporters updated on the wonderful difference you make to young adults with a learning disability. We will follow the highest standards of fundraising. going beyond the industry and regulatory requirements for fundraising practices. We will always keep supporters, pèrsonal information safe. We will always give supporters the power to decide how they would like us to contact them. We will never coerce supporters or use guilt to persuade them to make a donation or grant. Honesty, transparency and accountability are key values for us and we encourage and support all staff to uphold these values in the work they do. For our fundraising team this involves= Ensuring that donors ar)d funders understand where their support is being channelled to e.g., whether a grant or donation is restricted to a specific project or is unrestricted. Informing a fur)der if we have received additional funding for a specific project and offering to return any surplus funds. Being accountable to each other and to the charity's management team and truslees in everything we do. We raise Ihese funds from one-off donations, regular giving (via direct debit), applications to grant making trusts. corporate fundraising activities. and fundraising events
HALOW PROJECT TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Work by the Fundraising team is reviewed by the Managing Director, who is also involved in fundraising activity. We do not engage any other external agencies to fundraise or engage with donors on our behalf. Over the past year we received no complaints about our fundraising. We define a complaint as an expression of dissatisfaction from a supporter or funder. No complaint is ever disregarded, and all complairits are passed on to colleagLtes and managers and we seek always to learn from these and to use this learning to inform future fundraising practice. As a chartty that supports some of our commLJnity's most vulnerable young people. we have strict guidelines with regard to soliciting funds from anyone who may be classed as vulnerable (through reduced mental capacity, poverty or ill health). Although many of our young people are keen lo support our fundraising through sponsored events, attending our carol service or helping on the stand at a community ftjndraising event. we never ask our young people to make a donation to the charity either face to face or through a fundraising appeal. All staff and contractors are trained and supeNised to ensure that when we are aware of a person's vulnerability, it is not appropriate to solicit funds from them. Where a frail or elderly individual expresses interest in leaving a gift in their will, we always encourage them lo speak to their family first to ensure that we do not influence their decision.
HALOW PROJECT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reserves Policy The Finance Committee annually reviews the Reserves Policy and the level of reserves which are shown in the Financial Statements. At the time of approving this report. the trustees believe the reserves levels continue to remain appropriate. Iri setting the Reserve Policy. the Board of Trustees has considered the financial position of the charity, the performance recent years and expectations of future years. and the current and future liquidity cover. This is with the goal of ensuring we have the lunds required to carry on our activities safely and consistently through period of Unrtainty. Having regard to halow's strategic plans and economic conditions. the Board of Trustees have set a target level of unrestricted reserves. which have not been designated for a specific use, of £250,000. with a minimum of £200,000 required. These figures are considered appropriate to ensure financial stability and act as a safeguard against volatile and unpredictable income streams or unforeseen expenditure and liabilities. As of 31 March 2024, totsl fund balances were £360.681 (2023.. £274,810). This sum includes restricted funds, which are subjected to specific conditions by donors as to how they may be used. at a total of £35,288 12023.. £37,914). Unrestricted funds held at the end of the year were £325,393 {2023- £236,896) of which a total of £40,800 (2023.. £40,755) was committed for expenditure within 2024125. The reserves level last year was lower than we had wished, so we are pleased to report a 310/0 increase at the end of March 2024. Risk Management The Trustees have a duly to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Key financial risks to our charity include factors that could significantty impact its financial stability. Reduced donor funding is a major concem. especially if there is over-reliance on a few large donors or if economic conditions lead to a downturn in individual giving. Fluctuating economic conditions-such as inflation. changes in tax laws, or economic recessions-can affect both operational costs and donor generosity. Cash flow issues could arise if there is a mismatch between the timing of incoming funds and outgoing expenses. particularly if there are delays in grant disbursements or large expenditures. Compliance and regulatory risks are also significant, as failure to meet reporting requirements or maintain nonprofit status could lead to financial penalties or loss of donor confidence. Fraud or financial mismanagement, although rare. remains a potential threat. To mitigate these risks, our charity can diversify income streams by expanding beyond individual donations, seeking corporale partnerships, government grants, and social enterprise opportunities. Establishing a strong financial reserve or endowment can provide a buffer during lean periods. Implementing stringent financial oversight, such as regular audits. clear segregation of duties, and transparency in financial reportir)g. can reduce the likelihood of mismanagement. Regular risk assessments will help in identifying potential vulnerabilities early. Strong budget planning, cash flow forecasting, and regular fir)ancial reviews will ensure funds are allocated appropriately and that we remain adaptable to financial shifts. Engaging with donors and maintaining clear communication about our impact can also help relain their support, even in challenging times.
HALOW PROJECT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for future periods Our annual objectives for 2024-25 are as follows.. 1. Dèvelop a longer-term Strategic Plan- In 2024-25. halow will be developing its Stralegic Plan, setting out how we will achieve our mission and goals over the next three years. It will outline our commitment to improving the lives and future life chances of people in Surrey who have a leaming disability. 11 will also provide a framework to ensure that our finite resources are allocated lo the most important areas of need. 2. Extend Building Futures: Our full-time leaming programme. Building Futures, is oversubscribed and demand continues lo grow. In 2024 we will be starting a new Year C group based from Woking. Over the year, we will also be developing our plans for a new 'transition year, from 2025 for young adults who need some 'lighter touch. support before they enrol in in the full Building Futures programme. Over the next year, we will also be developing plans to extend the service beyond Guildford and Woking into several new locations, including Redhill. 3. Launch a new employability programme- We plan to pilot Pathways to Employment which we aim to launch in September 2025. Pathways to Employment will provide workplace-based support, training and development for people with learning disabilities. We will delivèr this project in partnership with businesses in Guildford, Woking and across Surrey. 4. Governance Review.. With a new Chair of Trustees and changes to the Board over the last year. we will be conducting a preliminary review of our Governance. Structure, governance and management The charity is a company limited by guarantee. incorporated on 19 May 2006 and registered as a charity. The company was established under a Memorandum of Association which defined the objects and powers of the charitable company and is governed under its Articles of Association. The Trustees, who are also the directors for the purpose of cotnpany law, and who served during the year and up to the date of signature of the financial statements were= Mr J Stevens MrMDay Ms S Hill Mr M McArthur Mr R Meins Mr T Oliver Miss S L Squire Mr N E F Butcher (Resigned 1 June 2023) (Resigned 1 September 2023}
HALOW PROJECT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Recruitment and appointment of new trustees Current Trustees are already familiar with the practical work of the charity- Prior to the appointment as a new Trustee, the candidate is met by individual Trustees and officers of the charity to ensure that helshe is fully aware of the requirements and the statutory duties of a Trustee. and to ensure that the person is suitsble to hold such an appointment. halow has a Board that mel On every quarter in 2023-24. It is responsible for the strategic direction and policy of the charily. At present the Board has 6 members from a variety of professional backgrounds relevant to the work of the charity. A number of sub-committees and a scheme of delegation is in place and day to day responsibility rests with the Managing Director and the senior leadership team. Pay scales have been set for all levels of staff through benchmarking and regular review of the employment market. The charity has introduced a salary scale related to the position. this is based on Ihe Hays Method. halow is committed to paying all staff at least the Real Living Wage. Trustees do not receive remuneration for their services to the charity. Statement of Trustees responsibilities The Trustees. who are also the directors of halow Project for the purpose of company law, are responsible for preparing the Truslees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company Law requires the Trustees to prepare financial statements for each fir)ancial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to: seleGt suitable accounting policies and then apply them consistently. - observe the methods and principles in the Charities SORP. - make judgements and estimates that are reasonable and prudent; and prepare the financial statements on the going concèrn basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose wilh reasonable accuracy 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 laking reasonable steps for the prevenlion and detection of fraud and other irregularities. The Truslees are responsible for the Maintenan and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
HALOW PROJECT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Disclosure of information to auditor Each of the Trustees has confirmed that there is no informalion 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 appropriate steps to identify such relevant infomiation and to establish that the auditor is aware of such information. ees report was approved by the Board of Trustees. Mr N E F Butcher Date..
HALOW PROJECT INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF HALOW PROJECT Opinion We have audited the financial statements of halow Project (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities. the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {United 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 2024 and of its incoming resources and application of resources, including its income and expenditure. for the year then ended: have been properly prepared in accordance with United Kingdom Generally ACpted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wth International Standards on Auditing (UK) {ISAs (UK}) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 ststements 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 charity'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 thè responsibilities of the Trustees with 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 slatements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, excepl to the extent otherwise explicitly stated in our report, we do not express any forffl of assurance conclusion thereon. 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 course of 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 lo 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 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 Trustees report for the financial year for which Ihe 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 withir) the Trustees report has been prepared in accordance with applicable legal requirements. 10-
HALOW PROJECT INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF HALOW PROJECT Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the Trustees report. In the light of the knowledge and understanding of the company and its environment oblained in the course of the audil. we have not identified material misstatements in the Trustees 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.. adequale accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us- or the financial statements 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 nol received all the information and explanations we require for our audit- or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees report and from the requirement to prepare 8 Strategic report. Responsibilities of Trustees As explained more fully in the statement of Trustees 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 statements and for being satisfied that they give a true and fair view, and for such intemal 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 charity'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. Auditor's 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audil conducted in accordance wilh 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 statemenls. A further description of our responsibilities is available on the Financial Reporting Council's website at= https-11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditors report. 11
HALOW PROJECT INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF HALOW PROJECT Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities. including fraud. are instances of non-complian with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity. its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of malerial misstatement of the financial statements, whether due lo fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations. including fraud. In response to the risk of irregularities and non-compliance with laws and regulations. including fraud, we designed procedures which included.. Enquiry of management and those charged with govemance around actual and potential litigation and claims as well as actual. suspected and alleged fraud., Reviewing minutes of meetings of those charged with governance- Assessing the extent of compliance with Ihe laws and regulations considered to have a direcl material effect on the financial statements or the operations of Ihe entity through enquiry and inspection-, Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations- Performing audit work over the risk of management bias and override of conlrols, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting eslimates for indicators of potential bias. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularilies, including those leading to a material misstalement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstalemenl resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery. intentional omissions, misrepresentations, or the override of internal control. 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 stale 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 Ihan 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. Debra Saunders Bsc FCA (SenTor Statutory Auditor) for and on behalf of Azets Audit Services Chartered Accountants Statutory Auditor 3 December 2024 Ashcombe Court Woolsack Way Godalming Surrey Uniled Kingdom GU7 1LQ 12-
HALOW PROJECT STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Current financial year Unrestricted Restricted funds funds 2024 2024 Total Total 2024 2023 Notes Income from: Donations and legacies Charitable activities Building Futures A Reason To Get Up Buddy Support Services Supported Living SCC Infection Control & Workforce Capacity Fundraising activities 375,271 7,150 382,421 296,291 788.139 113.228 86,606 749,061 6,174 60,600 3,000 794,313 173,828 89,606 749,061 583,281 124,564 157,285 767.930 2,306 310,612 369.584 369.584 Total income 2,481.889 76,924 2,558,813 2,242,269 enditure on: Raising funds 198,122 1.968 200,090 216,677 Charitable activities Building Futures A Reason To Get Up Information and Awareness Raising Buddy Support servIs Supported Living SCC Infection Control & Workforce Capacity 841,916 210,463 86.994 230,208 815,167 10,522 9,824 64.923 851,740 275,386 86,994 233,043 815,167 10,522 698,934 278,465 100,700 232,838 688,818 2,835 Total charitable expenditure 2.195.270 77.582 2,272,852 1,999,765 Total resources expended 2.393.392 79.550 2.472.942 2,216,442 Net incomel(expenditure) for the yearl Net movement in funds 88,497 {2,626) 85.871 25,827 Fund balances at 1 April 2023 236.896 37,914 274,810 248,983 Fund balances at 31 March 2024 325,393 35,288 360,681 274,810 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 13-
HALOW PROJECT STATEMENT OF FINANCIAL ACTIVITIES {CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Prior financial year Unrestricted Restricted funds funds 2023 2023 Total 2023 Notes Income from: Donations and legacies Charitable activities Building Futures A Reason To Get Up Buddy Support Services Supported Living SCC Infection Control & Workforce Capacity Fundraising activities 289,291 7,000 296.291 574.713 79,946 157,285 767,930 2,306 310.330 8,568 44,618 583,281 124,564 157,285 767,930 2,306 310,612 282 Total income 2.181,801 60,468 2,242,269 enditure on: Raising funds 204,313 12.364 216,677 Charitable activities Building Futures A Reason To Gel Up Information and Awareness Raising Buddy Support Services Supported Living 697,293 261,134 100,700 232,838 688,818 1.639 17,343 698,932 278,477 100,700 232,838 688,818 Total charitable expenditure 1,980,783 18,982 1,999,765 Total resources expended 2.185,096 31,346 2,216,442 Net incomingl(outgoing) resources before transfers 13,295) 29,122 25,827 Net incomel(expenditure) for the yearl Net movement in funds 13,295) 29.122 25,827 Fund balanS at 1 April 2022 240.191 8,792 248,983 Fund balances at 31 March 2023 236.896 37,914 274,810 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 14-
HALOW PROJECT BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 13 13,982 20,588 Current assets Debtors Cash at bank and in hand 14 188.084 450.561 145,908 353,770 638,645 499.678 Creditors: amounts falling due within one year 15 (291,946) (245,456) Net current assets 346,699 254,222 Total assets less current liabilities 360,681 274,810 Income funds Restricted funds Unrestricted funds 35,288 325,393 37,914 236,896 360,681 274,810 The fin ncial statements were approved by the Trustees on . 28.November 2024 cher Trustee Company registration number 05822301 15-
HALOW PROJECT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 24 101.122 56,278 Investing activities Purchase of tangible fixed assets (4,331) (7,760) Net cash generated froml(used in) investing activities (4,331) (7,760} Net increase in cash and cash equivalents 96,791 48,518 Cash and cash equivalents at beginning of year 353,770 305,252 Cash and cash equivalents at end of year 450,561 353.770 16-
HALOW PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity infomiation halow project is a private company limited by guarantee incorporated in England and Wales. The registered office is Carroll House. 11 Quarry Street, Guildford, Surrey. GU13UY. United Kingdom. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities= Slatement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standarij applicable in the UK and Republic of Ireland (FRS 1021 {effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concem The charity has remained in a surplus at the year end and therefore at the time of approving the financial slatements, the Trustees have a reasonable expeclation that the charily has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue lo adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specwfic conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the charity is legally entilled to it after any performance conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised al Ihe time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known. and receipt is expected. Buddy Support Services and Supported Living income is included in the financial statements as il becomes receivable. The charity receives government grants ir) respect of projects aimed at vulnerable young people. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met. then these amounts are deferred. 17-
HALOW PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure is inclusive of VAT. Costs of generating funds comprise the costs associated with attracting donations and legacies and the cost of trading for fundraising purposes. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and service for its beneficiaries. It includes both costs that can be allocated directly to such services and those costs of an indirect nature necessary to support them. 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. Support costs are allocated beeen charitable activities on the basis of the proportion of staff working on each activity as follows= Supported Living - 19.90/. Buddy Support Services- 19.9 % Building Futures 39.90/0 A Reason To Get Up- 10.5 /0 Information and Awareness Raising- 3.4 /. Fundraising - 6.4% 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation, net of depreciation and any impairment losses. There is a minimum threshold of £250 for capitalising fixed assets. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Fixtures and fittings 25 /0 on cost The gain or loss arising on the disposal of an asset is detemiined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to delermine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tenm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 18-
HALOW PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charivs balance sheet when the charity becomes party lo the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultsneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured al the present value of the future payments discounted at a market rale of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non<urrent liabilities. Trade creditors are recognised initially at transaction price and subsequently measLFred at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Taxation The charity is exempt from corporation tax on its charitable activities. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.12 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 19-
HALOW PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donations and legacies Unrestricted Restricted funds funds Total Unrestricted Restricted funds funds Total 2024 2024 2024 2023 2023 2023 Donations and gifts Grants receivable 374,071 1,200 7.150 381,221 1.200 288,536 755 7,000 295,536 755 375,271 7.150 382,421 289.291 7,000 296,291 Charitable activities Building A Reason To Futures Get Up Buddy Support Services Supported Living Totsl 2024 Total 2023 2024 2024 2024 2024 Income from charitable activities 794.313 173,828 89,606 749.061 1,806,808 1.635,366 Analysis by fund Unrestricted funds Restricted funds 788,139 6,174 113.228 60.600 86,606 3,000 749,061 1,737,034 69,774 1,582,180 53,186 794,313 173,828 89,606 749,061 1,806,808 1,635,366 For the year ended 31 March 2023 Building A Reason To Futures Get Up Buddy Support Services Supportèd SCC Infection Living Control & Workforce Capacity Total 2023 Income from charitable activities 583,281 124.564 157,285 767,930 2.306 1,635.366 Analysis by fund Unrestricted funds Restricted funds 574,713 8,568 79,946 44.618 157,285 767,930 2,306 1,582,180 53.186 583,281 124.564 157,285 767.930 2,306 1,635,366 -20-
HALOW PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Fundraising activities Unrestricted Unrestricted fundsrrotal funds 2024 2023 Restricted funds 2023 Tolal 2023 Volunteer-led fundraising Trusts Fundraising events Trading 297.369 223,102 223,102 282 83,451 3,777 282 71,621 594 83,451 3.777 Fundraising activities 369,584 310,330 282 310,612 Raising funds Unrestricted Restricted funds funds Total Unrestricled funds Reslricted funds Total 2024 2024 2024 2023 2023 2023 Fundraising costs Fundraising aclivilies Fundraising events Staff costs Support costs 42,772 17,642 99,099 35,053 1.968 44,740 17,642 99.099 35,053 35,678 14.313 84.175 64,192 12,121 243 47,799 14,556 84,175 64,192 Fundraising costs 194,566 1,968 196.534 198.358 12,364 210,722 Tradin Trading Govemance costs {see note 7) costs 1,896 1.896 2,529 2,529 1,660 1,660 3,426 3,426 Trading costs 3.556 3,556 5,955 5,955 198,122 1,968 200,090 204,313 12,364 216,677 -21
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HALOW PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance costs costs 2024 Support costs Governance costs 2023 Staff costs Depreciation Operating lease charges Premises costs Computer costs Printing, postage and telephone Staff welfare and expenses Sundry expenses Bank charges Bad debts 378.717 10,937 40.463 45.225 22,672 378.717 10,938 40,463 45,225 22,672 313,436 11,429 39,600 50,484 20,160 313,436 11,429 39,600 50,484 20,160 17.598 17.598 12,317 12,317 29,644 4,387 576 70 29,644 4,385 576 70 30.554 3.940 475 11,400 30,554 3,940 475 11,400 Auditors. remuneration Accountancy Legal and professional HR consultancy 11.100 8.094 1,311 5.559 11,100 8,094 1,310 5,559 10,500 1,500 9,410 4,940 10,500 1,500 9.410 4.940 550,289 26,064 576.351 493.795 26,350 520,145 Analysed between Fundraising Trading Charitable activities 35,053 35.053 1.660 539,640 64,192 64,192 3,426 452,526 1,660 24,404 3,426 22,923 515,236 429,603 550.289 26.064 576.353 493,795 26,349 520,144 Net movement in funds 2024 2023 Net movement in funds is staled after chargingl{crediting> Depreciation of owned tangible fixed assets Operating lease charges 10,937 40,463 11,429 39,600 -24-
HALOW PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Auditor's remuneration The analysis of audilorfs remuneration is as follows.. Fees payable to the charity's auditor.. 2024 2023 Audit of the charity's annual accounts 11.100 10,500 Other services to the charity Non-audit services 1,620 1,500 Total audit fees 12,720 12,000 10 Trustees None of the Trustees (or any persons connected with them) received any remuneration during the year. Two of the trustees were reimbursed a total of £807 for travelling expenses (2023 - £nil). 11 Employees Number of employees The average monthly number of employees during the year was: 2024 Number 2023 Number Administrative Fundraising Operational Management 71 79 83 91 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 1,700,208 141,334 43,654 1.534,133 133,526 41,735 1.885,196 1,709,394 The number of employees whose annual remuneration was £60,000 or more 2024 Number 2023 Number £60,000 - £70,000 -25-
HALOW PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Taxation The charity is exempt from tsx on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extenl that these are applied to its charitable objects. 13 Tangible fixed assets Fixtures and fittings Cost At 1 April 2023 Additions Disposals 85,356 4,331 19,780) At 31 March 2024 79,907 Depreciation and impairment At 1 April 2023 Depreciation charged in the year Eliminated in respect of disposals 64,768 10,937 {9,780) At 31 March 2024 65,925 Carrying amount At 31 March 2024 13,982 At 31 March 2023 20,588 14 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 101,022 43 87,019 51,969 93,939 188.084 145,908 15 Creditors- amounts falling due within one year 2024 2023 Noles Other taxation and social security Deferred income Trade creditors Other creditors Accruals 33,999 111,983 45,789 74,233 25,942 36,451 42,904 26,577 122,241 17,283 16 291,946 245,456 -26-
HALOW PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Deferred income 2024 2023 Arising from Deferred income 111,983 42,904 Deferred income is included in the financial statements in relation to services invoiced in advance. 17 Retirement benefit schemes Defined contribution schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The charge to profit or loss in respect of defined contribution schèmes was £43,654 {2023 - £41 .735). 18 Movement in Funds The income funds of thè charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes- Current year Movement in funds Incoming Resources Balance at 31 resources expended March 2024 Balance at 1 April 2023 SCC SEND The Bally Thomas Charitable Trust Community Foundation Grant National Lottery Community Fund Ironmongers Company Sport England's Queen Plalinum Jubilee The Wisley Foundalion Catherine Woolford No Fear Bridge The Julia & Hans Rausing Trust REDEVCO Foundalion UNUM Insurance Industry Charitsble Foundation Electronic Arts Hampshire Care Association ICB Funding Panel Groundwprk (Tesco Community Fund) Middlesex Sports Foundation Other (<£1 k) 2,500 15,000 5,241 5.652 2,840 49 1,333 521 3.000 2,500 (15,000) (5,241) 15,652) 12,840) (49) (368) (318) 13.000) {35,672) 965 203 40,000 12,659 5,000 5,000 4,150 3,000 3,000 1,000 1,000 2,115 4,328 12,659 5,000 2,785 4,150 1,032 165 {2,215) 11,968) 12,835) 11 ,000} {1,000} {2,392} 1,778 1,501 Total Restricted Funds 37,914 76.924 (79,550) 35,288 -27-
HALOW PROJECT NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 18 Movement in Funds (Continued) SCC SEND Funds received to be spent on Building Futures promotion matenals. The Bally Thomas Charitable Trust Funds received to be spent on costs and equipment forARTGU Cook & Grow sessions. Community Foundation Grant Funds received to cover costs for ARTGU IT Crowd sessions. National Lottery Community Fund Funds received to be spent on running costs of ARTGU Cook & Grow sessions. Ironmongers Company Funds received to be spent on BFG Duke of Edinburgh equipmer)t. Sport England's Queen Platinum Jubilee Funds to be spent on sports groups for Social Activilies coach fees. hire facilities, equipment hire and transport costs. The Wisley Foundation Funds received to cover costs for ARTGU Cook and Grow sessions for 2 halow adults. Catherine Woolford Funds to be spent on BFG shed. No Fear Bridge Funds to be spent on BFG activtties. The Julia & Hans Rausing Trust Funds received to be spent on ARTGU Cook and Grow sessions. REDEVCO Foundation Funds received lo be spent on ARTGU Crafty Creations. UNUM Funds received to be spent on ARTGU Life Skills Ilndependence and Employability) course. Insurance Industry Charitable Foundation Funds to be spent on BFG public transport for training purposes. Electronic Arts Funds to contribute to the costs of its programming and to ftjnd at least 1 volunteer event to engage our employees in their mission. Hampshire Care Association Funds received to be spent on intemational recruitrnent. ICB Funding Panel Funds received to be spent on Care Digital Transformatior) Fund - Implementation of Sekoia. Groundwork (Tesco Community Fund) Funds received to be spent on BFG Woking RaiaY project. Middlesex Sports Foundatton Funds to be spent on Social Activites Sports Group. Other This consists of immaterial restricted income funds. -28-
HALOW PROJECT NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Movement in Funds (Continued} Prior year Movement in funds Incoming Resources Balance at 31 resources expended March 2023 Balance at 1 April 2022 Community Foundation for Surrey SCC SEND The Bailey Thomas Charitable Trust Community Foundation Grant National Lottery Community Fund Ironmongers Company Sports England's Queen Platinum Jubilee Groundworks UK Shanly Foundation The Wisley Foundation Catherine Woolford No Fear Bridge Other {<£1 kl 5.121 3.160 7.000 (12,121} {660} 2,500 15,000 5,241 5,652 2,840 49 15,000 9,280 8,970 2.840 3.330 2.125 2,000 3.000 1,200 3,000 2,723 14,039) 13,318) 13,281) 12,125) 12,000) 11,667) (679) 1,333 521 3,000 1.778 511 (1.456) Total Restricted Funds 8,792 60,468 (31,346) 37,914 19 Analysis of net assets between funds Unrestricted Restricted funds funds 2024 2024 Total Unrestricted funds 2023 Restricted funds 2023 Total 2024 2023 Fund balances at 31 March 2024 are represented by= Tangible assets Current assets/(liabilities) 13.982 311.411 13,982 346,699 20,588 216,308 20,588 254,222 35,288 37,914 325.393 35,288 360.681 236.896 37,914 274,810 -29-
HALOW PROJECT NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Operating lease commitments At the reporting end date the charity had outstanding commitments for future minimum lease payments under nOn-CanlIable operating leases, which fall due as follows: 2024 2023 Within one year Between and five years 40,800 52,800 40,755 10,200 93,600 50,955 21 Related party transactions Donations totalling £9,700 {2023 none) were made by trustees during the year. Ther8 were no other disclosable related party transactions during the year (2023 - none). Remuneration of key management personnel The remuneration of key management personnel is as follows. 2024 2023 Aggregate compensation 74,665 105,651 22 Company limited by guarantee halow project is a company limited by guarantee and accordingly does not have any share capital. Each director has pledged to contribute £1 in the case the charitable company becomes insolvent. 23 Charges held A charge is held by Property Investment Holdings Limited for the sum of £8,519 land such other sums as may be deposited by the company from time to time pursuant to the temis of the said deed) the interest from time to time accrued and any sums from time to time deposited in respect of value added tax. -30-
HALOW PROJECT NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 24 Cash generated from operations 2024 2023 Surplus for the year 85,871 25,827 Adjustments for: Deprecialion and impairment of tangible fixed assets Loss on disposal of fixed assets 10.937 11,429 2,422 Movements in working capital: Ilncrease) in debtors IDecrease}lincrease in creditors Increaselldecrease) in deferred income {42,176) {22,589) 69,079 (10,4481 52,110 {25,062) Cash generated from operations 101.122 56,278 31