Charity registration number 1120555
Company registration number 6056965 (England and Wales)
THE PEACE & HOPE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE PEACE & HOPE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr J Allan | |
|---|---|---|
| Mrs A Cruz Roque | ||
| Mr A Crawford | ||
| Mr S Ind | ||
| Mr William Hanks (Chair) | ||
| Ms R Gibbins | ||
| Mr R A Geary | (Appointed 15 August 2024) | |
| Charity number | 1120555 | |
| Company number | 6056965 | |
| Registered office | Little Llanafon Farm | |
| Dorstone | ||
| Hereford | ||
| Herefordshire | ||
| HR3 6AT | ||
| Independent examiner | Frances Wilde FCCA DChA | |
| Warner Wilde | ||
| Chartered Certified Accountants | ||
| 4 Marigold Drive | ||
| Bisley | ||
| Surrey | ||
| GU24 9SF | ||
| Bankers | Co-operative Bank Plc | |
| P.O. Box 250 | ||
| Dell House | ||
| Southway | ||
| Skelmersdale | ||
| WN8 6WT | ||
| Solicitors | Orme & Slade | |
| NatWest Bank Chambers | ||
| The Homend | ||
| Ledbury | ||
| Herefordshire | ||
| HR8 1AB |
THE PEACE & HOPE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 15 |
THE PEACE & HOPE TRUST
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 governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The objects of the Peace and Hope Trust are the relief of poverty and sickness, the advancement of education and to further such charitable objects as the trustees in their absolute discretion think fit anywhere in the world, particularly in resource-poor countries including Nicaragua. In practice this manifests as a focus on education and health.
Public benefit
The trustees have paid due regard to guidance on public benefit issued by the Charity Commission in deciding what activities the charity should undertake.
The Trust was established with objects that are for the public benefit. The trustees recognise their responsibility for the continued monitoring of the public benefit of the Charity’s activities and for the safeguarding of vulnerable people wherever it operates.
Achievements and performance
Significant activities and achievements against objectives
During 2023/4 the Trust worked through teams of British volunteers and in partnership with other charitable organisations. It paid a small number of UK part-time workers and contractors when volunteers could not be recruited, and occasionally paid for services in the countries of its operations. The Trust rents a shop selling donated goods in the UK, and is loaned warehouse space to hold goods awaiting sale or for despatch to the needy in Romania and the Philippines. It does not pay professional fund-raisers. Its founders’ long focus on Nicaragua has now necessarily extended to other countries in similar need.
The Trustees have continued to find ways to bring relief to the poorest of Nicaraguan society, despite the shutdown of its partner organisation there. Our ability to transfer funds directly to Nicaragua has been restricted, but some new partner organisations have expanded their operations to include projects sponsored by us. This approach has delivered renewed progress – a water and sanitation project in remote villages, and purchase of school uniforms and provision of some computer equipment to a Bluefields school, for example. Some work on Ometepe is supported by the Trust, helping an expanding group of schools around Urbaite. We also continued to support a children's feeding programme.
The Trust continued its informal partnership with Belief in Action to deliver donated goods in joint truckloads to Romania, and with Gorsley Baptist Church for container shipments to communities in the Philippines. We see this as a way of combining our shipping expertise and operational assets with our partners’ close knowledge of the needs of the destination countries, so as to increase the impact of our joint efforts.
Financial review
During the year the Charity had incoming resources of £79,689 (2023: £106,795). At the end of the year the Charity had unrestricted reserves of £206,873 (2023: £199,529).
The Trust’s income mainly comes from personal donations, from the net earnings of its charity shop in Ross-onWye, and occasional fund-raising events.
The trustees are monitoring the finances of the Trust and believe that at present they are satisfactory, measured against its commitments. lt is their policy to keep a minimum amount in reserves, sufficient to maintain fixed assets and meet current obligations as well as emergency contingencies. The Trust is dependent upon the support of its donors for the continuation of its work.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to them.
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THE PEACE & HOPE TRUST
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Struthrni govemance and managemwrt
The Pea and Hope Twst is a company linNted by guarantee arml is a UK registered thanty.
The trustees. who are also the directors for the purpose of o)mpany law, and served during the year and up to
the date of signature of the finanaal ststements were:
Mr JAllan
Mrs A Cruz Roque
MrA Crawft)rd
Mrslnd
Mr vllIaM Hanks (Chair)
Ms R Gibbin$
MrRAGeary
(Appointed 15 Aust 2024)
RecmitnRnt and 8ppointn7ent of Irustees
The trustees a appointed having regard lo the speafic skills requirpd for the govemarKe of the Trust. Given the
size of the Trust, the trustees
THE PEACE & HOPE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PEACE & HOPE TRUST I report to the trustees on my examination of the financial statements of The Peace & Hope Trusl (the charity) for the year ended 31 March 2024. Responsibilities and basis ot report As the trustees of the charity {and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Aot 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of Ihe 2006 Act and are eligible for independent examination. I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 (Ihe 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515}(b) of the 2011 Act. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual item5 or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence Ihat would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair, view and the report is limited to those matters set out in the statement below. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe thal in any material respect.. accounting records were not kept in respect of the char(ty as required by se¢tion 386 of the 2006 Act,. or the financial statements do not accord wilh Ihose records., or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. or the financial Statements have not been prepared in accordance with the melhods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021. I have no concern5 and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Francas Wilde FCCA DChA Wamer Wilde Chartered Certified Accountants 4 Marigold Driva Bisley Surrey GU24 9SF Dated: OLLI
THE PEACE & HOPE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income from: Donations and legacies 3 42,780 6,053 Charitable activities 4 5,327 - Other trading activities 5 22,576 - Investments 6 2,953 - Total income 73,636 6,053 Expenditure on: Raising funds 7 7,343 - Charitable activities 8 58,390 9,333 Other expenditure 12 - - Total expenditure 65,733 9,333 Net income/(expenditure) 7,903 (3,280) Transfers between funds (559) 559 Net movement in funds 10 7,344 (2,721) Reconciliation of funds: Fund balances at 1 April 2023 199,529 8,047 Fund balances at 31 March 2024 206,873 5,326 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 48,833 50,390 22,430 5,327 2,039 - 22,576 30,445 - 2,953 1,491 - 79,689 84,365 22,430 7,343 9,233 - 67,723 99,030 22,493 - (9,719) - 75,066 98,544 22,493 4,623 (14,179) (63) - 3,421 (3,421) 4,623 (10,758) (3,484) 207,576 210,287 11,531 212,199 199,529 8,047 |
Total 2023 £ 72,820 2,039 30,445 1,491 106,795 9,233 121,523 (9,719) 121,037 (14,242) - (14,242) 221,818 207,576 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE PEACE & HOPE TRUST
BALANCE SHEEr
AS AT31 AIARCH 2024
2024
2023
Fixed assets
Tangible assets
15
11.765
13,566
Debtors
Cash at bank and in hand
16
2.059
200,137
1.515
195.362
202.196
196.8TT
Creditor6: amounts falllng due vthin
one year
17
(1.762)
(2.867)
200.434
194.010
Total as80ts18s8 current Ilabilitles
212.199
207.576
The funds of the charity
18
19
5.326
206.873
8.047
199.529
Unrestiicted funds
212.199
207,578
The company is entiued to ts eXernpti fmm requirem (x)nIal in sedion 477 of Corrpanies Act
2006, for the year ended 31 March 2024.
The diredors arnOge their responskbilities for complying with the requirements of the ColanIeS Act 2006
accordartt wilh secaion 476.
These financial slateffnts have been wepared in aCCcdance y1h the pThigons arWi(xble to
THE PEACE & HOPE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
The Peace & Hope Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Little Llanafon Farm, Dorstone, Hereford, Herefordshire, HR3 6AT.
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: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
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 concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to 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.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors or grantors 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.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled 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 at the 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. If the amount is not known, the legacy is treated as a contingent asset.
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THE PEACE & HOPE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.5 Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.
Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
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:
Land Not depreciated Computer and office equipment 33.33% straight line Motor vehicles 25.00% straight line
The gain or loss arising on the disposal of an asset is determined 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 determine 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 (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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 charity's balance sheet when the charity becomes party to 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 simultaneously.
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 recoverable amount.
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THE PEACE & HOPE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price and are subsequently carried at payable amount.
Trade creditors are obligations to 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-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amount payable.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Taxation
The Company is a registered charity and is not subject to Income Tax on its current 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.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets 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 underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Unrestricted Restricted funds funds 2024 2024 £ £ Donations and gifts 42,780 5,553 Grants - 500 42,780 6,053 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 48,333 50,390 20,330 500 - 2,100 48,833 50,390 22,430 |
Total 2023 £ 70,720 2,100 |
|---|---|---|
| 72,820 |
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THE PEACE & HOPE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
4 Income from charitable activities
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Charitable activities | |||
| Sale of goods | 5,327 | 2,039 | |
| 5 | Income from other trading activities | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Shop income | 22,576 | 30,445 | |
| 6 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Interest receivable | 2,953 | 1,491 | |
| 7 | Expenditure on raising funds | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Trading costs | |||
| Operating charity shops | 7,343 | 9,233 |
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THE PEACE & HOPE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8 Expenditure on charitable activities
| Charitable | Charitable | ||
|---|---|---|---|
| activities | activities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Depreciation and impairment | 1,364 | 17,279 | |
| Project costs | 60,964 | 99,580 | |
| Office | 4,021 | 3,344 | |
| 66,349 | 120,203 | ||
| Share of support and governance costs (see note 9) | |||
| Governance | 1,374 | 1,320 | |
| 67,723 | 121,523 | ||
| Analysis by fund | |||
| Unrestricted funds | 58,390 | 99,030 | |
| Restricted funds | 9,333 | 22,493 | |
| 67,723 | 121,523 | ||
| 9 | Support costs allocated to activities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Governance costs | 1,374 | 1,320 | |
| Analysed between: | |||
| Charitable activities | 1,374 | 1,320 | |
| 2024 | 2023 | ||
| Governance costs comprise: | £ | £ | |
| Independent Examiers fees | 1,374 | 1,320 | |
| 1,374 | 1,320 | ||
| 10 | Net movement in funds | 2024 | 2023 |
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Depreciation of owned tangible fixed assets | 1,364 | - | |
| Impairment of owned tangible fixed assets | - | 17,279 | |
| Loss/(profit) on disposal of tangible fixed assets | - | (9,719) |
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THE PEACE & HOPE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
11 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year, and none (2023- None) received reimbursed expenses (2023- £Nil).
12 Other expenditure
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Net loss on disposal of tangible fixed assets | - | (9,719) |
13 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
14 Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| In respect of: | ||
| Property, plant and equipment | - | 17,279 |
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THE PEACE & HOPE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15 Tangible fixed assets
| Cost At 1 April 2023 Additions Disposals At 31 March 2024 Depreciation and impairment At 1 April 2023 Depreciation charged in the year Eliminated in respect of disposals At 31 March 2024 Carrying amount At 31 March 2024 At 31 March 2023 |
Land Computer and office equipment Motor vehicles Total £ £ £ £ 46,231 15,884 32,558 94,673 - 5,454 - 5,454 - - (23,170) (23,170) 46,231 21,338 9,388 76,957 38,556 15,884 26,667 81,107 - 1,364 - 1,364 - - (17,279) (17,279) 38,556 17,248 9,388 65,192 7,675 4,090 - 11,765 7,675 - 5,891 13,566 |
Land Computer and office equipment Motor vehicles Total £ £ £ £ 46,231 15,884 32,558 94,673 - 5,454 - 5,454 - - (23,170) (23,170) 46,231 21,338 9,388 76,957 38,556 15,884 26,667 81,107 - 1,364 - 1,364 - - (17,279) (17,279) 38,556 17,248 9,388 65,192 7,675 4,090 - 11,765 7,675 - 5,891 13,566 |
|---|---|---|
| 65,192 | ||
| 11,765 | ||
| 13,566 |
More information on the impairment arising in the year is given in note 14.
The Trust continues to hold a truck (fully written-down) in the UK for its warehouse and shop activities.
| 16 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 17 Creditors: amounts falling due within one year Accruals and deferred income |
2024 £ - 2,059 2,059 2024 £ 1,762 |
2023 £ 869 646 |
|---|---|---|
| 1,515 | ||
| 2023 £ 2,867 |
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THE PEACE & HOPE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
18 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At Moringa Project Mother & Child Development Centre Carolyn Gibbs Warehouse project Tim Sharpe Medical Previous year: At Moringa Project Mary Anne Vocational Centre Mother & Child Development Centre Carolyn Gibbs Warehouse project Tim Sharpe Casa Rahab Land transport Valeria's House Medical |
1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 £ £ £ £ £ 736 - - - 736 120 - (120) - - (78) 5,053 (5,534) 559 - 7,137 - (3,047) - 4,090 - 500 (500) - - 132 500 (132) - 500 8,047 6,053 (9,333) 559 5,326 1 April 2022 Incoming resources Resources expended Transfers At 31 March 2023 £ £ £ £ £ 736 - - - 736 4,294 1,735 (1,763) (4,266) - 552 360 - (792) 120 (1,188) 8,647 (8,725) 1,188 (78) 7,137 - - - 7,137 - 497 (945) 448 - - 150 (150) - - - 1,500 (1,500) - - - 8,941 (8,942) 1 - - 600 (468) - 132 11,531 22,430 22,493 (3,421) 8,047 |
|---|---|
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THE PEACE & HOPE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
18 Restricted funds
(Continued)
Moringa project - A project to develop Moringa, the 'Miracle Tree', and to seek ways of realising its potential for the benefit of needy communities.
Mary Anne Vocational Centre - The Trust supported tutors at the Mary Anne Vocational Centre, built in memory of a former team member, through the application of regular donations. The centre provides free tuition in a range of subjects.
Mother and Toddler groups - In 2017, three groups were inaugurated in the poorest districts of Bluefields, Nicaragua, with the help of the Trust. The plan was that these groups should be led and controlled by the mothers themselves and be self-sustaining. Over time only one group (at Santa Rosa) has flourished. The Trust shall continue to monitor their on-going progress, effectiveness and sustainability and if found to be successful, shall assist in the set-up of additional groups in the future.
Carolyn Gibbs - The Trust receives restricted donations and pays them every month to Carolyn's project account for school support work in Ometepe.
Warehouse Project - to buy land for building a storage warehouse
Tim Sharpe - The Trust receives restricted donations in recognition of Tim's service to the Trust.
ECHO - The ECHO grant was provided to pay for shipping of containers to Nicaragua and, by subsequent amendment, to the Philippines also.
Casa Rahab - The Trust operated a day centre for vulnerable and abused girls in Granada, Nicaragua. Restricted donations cover some of the running costs - the residue comes from unrestricted funds.
The Restricted funds shown in this note are mainly related to projects in Nicaragua and the Trust is winding up those which now have no realistic prospect of continuing, given the closure of Centro Cosecha. We have wound up the Mary Anne Vocational Centre and Casa Rahab funds by contacting the donors and refunding donations as they direct. The Moringa project, Warehouse project and Mother and Toddler project are suspended, pending resolution.
19 Unrestricted funds
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 April | Incoming | Resources | Transfers | At 31 March | |
|---|---|---|---|---|---|
| 2023 | resources | expended | 2024 | ||
| £ | £ | £ | £ | £ | |
| General funds | 199,529 | 73,636 | (65,733) | (559) | 206,873 |
| Previous year: | At 1 April | Incoming | Resources | Transfers | At 31 March |
| 2022 | resources | expended | 2023 | ||
| £ | £ | £ | £ | £ | |
| General funds | 210,287 | 84,365 | (98,544) | 3,421 | 199,529 |
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THE PEACE & HOPE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20 Analysis of net assets between funds
| Unrestricted Restricted funds funds 2024 2024 £ £ At 31 March 2024: Tangible assets 7,675 4,090 Current assets/(liabilities) 199,198 1,236 206,873 5,326 Unrestricted Restricted funds funds 2023 2023 £ £ At 31 March 2023: Tangible assets 13,566 - Current assets/(liabilities) 185,963 8,047 199,529 8,047 |
Total 2024 £ 11,765 200,434 |
|---|---|
| 212,199 | |
| Total 2023 £ 13,566 194,010 |
|
| 207,576 |
21 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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