HAM and PETERSHAM SOS
Charity Registration No. 1136675
Company Registration No. 7001262
TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS
Year to 31 March 2023
Index to Annual Report
| Page | 1 | Objectives and Activities | ||
|---|---|---|---|---|
| Page | 2 | - | 3 | Achievements and Performance |
| Page | 4 | Financial Review | ||
| Page | 5 | - | 6 | Structure Governance and Management |
| Page | 7 | - | 8 | Independent Examiners Report |
| Page | 9 | - | 16 | Management Accounts |
Page 1
HAM and PETERSHAM SOS
REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 MARCH 2023
The trustees present their annual report and financial statements of the charity for the year ended 31 March 2023.
OBJECTIVES AND ACTIVITIES
The charitable objectives are
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to provide services to the elderly, the disabled, the housebound, and others in need, living in or around Ham and Petersham, all of whom shall herein after shall be called the clients. Primarily but not exclusively through the provision of a transport service, shopping service and outings as will relieve their charitable need.
-
to promote any other charitable purpose in and around Ham and Petersham as the trustees from time to time may determine
In order to achieve these aims Ham and Petersham SOS organises the following main areas of work in furtherance of its public benefit duties:
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A dedicated telephone helpline and answering service which is manned daily by either staff or volunteers
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A fully operational Office that is staffed with both salaried personnel and fully trained volunteers
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An accessible 9-seater minibus utilised for shopping trips, group outings, and social events.
The Trustees consider that the activities undertaken, offered at no or minimal cost, provide benefit to the public and confirm that in exercising their powers and duties, they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission and have complied with their duties under Section 17 of the Charities Act 2011.
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REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 MARCH 2023
ACHIEVEMENTS AND PERFORMANCE
The year covered by this report started with our annual Easter Tea Party held at The Woodville Centre and attended by many of our clients. Everyone was keen to get back to socialising and enjoy afternoon tea together. Covid continued to impact both on our service delivery and on the number of clients attending and although we were able to offer our full range of activities, we were short of volunteer drivers and transport assistants. One of our main aims in the summer of 2022 was to engage widely with our local community and ensure we were well known for what we do as well as offering volunteering opportunities for local residents. We found that our local profile was raised and that following the Covid lockdowns there was more interest in local charities. In May we were fortunate to be chosen as one of the charities to benefit from Ham Open Gardens which was organised by the Ham and Petersham Association and Amenities Group. Some of our volunteers helped on the day, successfully working alongside other local volunteers. In June 2022 we had a stall at our monthly local food market where we were able to talk face to face to people and provide information about ourselves. June saw the full return of Ham Fair to Ham Common and our stall was again an information source. By providing games for children, we succeeded in attracting families to discuss our work with us and Hook a Duck and Splat the Rat proved popular with all ages!
Our summer party in August was held in the garden of the Woodville Centre and attended by over 50 guests. The Mayor of Richmond was our guest of honour and tea was ably and efficiently served by a team of volunteer Police Cadets who came along with their leaders. Our ever-popular outings ran with a full monthly programme throughout the year and included a very hot trip to Fulham Palace just as the heatwave took grip and a very enjoyable, trip to Brighton in September.
In November a local restaurant, Saqui Tandoori, celebrated 40 years of business with a generous fund-raising evening in aid of Ham and Petersham SOS. Regular visitors to the restaurant as well as staff, volunteers and clients of Ham and Petersham SOS all joined together for a curry buffet. In December we were back to the New Inn on Ham Common for our Christmas lunch. We are very grateful to the New Inn staff who, over two days, provided a delicious seasonal lunch for 50 of our clients.
In the Autumn the trustees discussed their concerns about the increased cost of living and the impact it was having on our clients. We decided to reduce the cost of regular activities and increase the mileage allowance available to volunteer drivers. As part of the Richmond upon Thames council’s winter initiative, Ham Library was designated a warm space. We took the opportunity to start a monthly ‘Fish and Chip Friday’ lunch in the library’s community room. It was a great success and continues to be fully booked every month. Our thanks to the staff of Great Fish and Chips at Ham Parade for supplying a tasty lunch each month.
We have continued to work in partnership with a range of local organisations. The Michelin starred restaurant, The Dysart Petersham, has continued to make a monthly donation of fruit and vegetables as well as making soup and dessert once a month for our Lunch Club. The monthly coffee morning hosted by Petersham Nurseries has continued to be a popular event. A local company, TaylorMade Plumbing and Heating, has sponsored our minibus and Societe Generale have given a donation to support staff and volunteer training.
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Our number of clients remains steady at 125. We currently have 60 volunteers. Our outreach work has attracted some new volunteers and our Organiser's active posting on social media has helped widen the pool of prospective helpers. We have looked at the way we offer volunteering opportunities so that we can be more flexible and ask for occasional help from those who find a regular commitment difficult. The shift in the pattern of requests from clients has settled with some increase in requests for medical appointments. Attendance at our social events has been affected on a few occasions by Covid but all our events remain very popular.
Our Community Independent Living Service contract with Age UK Richmond upon Thames continues to support some of our activities and we receive funds annually from the Richmond Parish Lands Charity. In the past year donations have come from our local community and we are as ever, extremely grateful to all our supporters as without their much-needed contributions we would not be able to continue our work in the local community.
Finally, I would like to express my gratitude to all the staff and volunteers who work so hard to organise, support and help with all our activities. With this dedicated team we are able to reach out to the elderly and vulnerable members of our community and bring not only practical support but also fun and friendship.
Helen Beedham
Chair of Trustees
Page 4
REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 MARCH 2023
FINANCIAL REVIEW
The surplus for the year was £2,913 and total net assets increased to £131,778 as a result. Total income was £57,118 whilst expenditure was £54,206.
Income grew by 44% over the previous year reflecting an increased focus on fund raising. Grants totalling £32,756 were the principal source of income during the year. Donations received amounted to £14,785.
Lunch Club, trips, Tea & Chat, and the launch of the monthly Fish & Chip Club also helped bolster income earned during the year. Gift Aid generated an income of £1,334 whilst increased interest rates improved interest earned by 42% to £1,222.
Total expenditure was £54,206. The sound financial performance enabled the Trustees to authorise additional expenditure to enhance and support the events run by the charity and to raise our profile in the local community. Additional costs were incurred in the launch of the Fish and Chip Club.
Reserves Policy
Unrestricted Reserves
The Trustees have established the following unrestricted reserves:
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General Fund to cover working capital requirements including any potential short-term reduction in funding and for winding up costs (£11,778).
-
Hardship Fund to provide support for those in need (£20,000).
-
Transport Fund to provide for the future replacement of the minibus (£75,000).
-
Premises Fund to cover the potential costs of fitting out the office and in case of a move to new premises in the future (£25,000).
Total Unrestricted Reserves amounted to £131,778.
Restricted Funds
There was no requirement to set up any restricted reserves for services specified by grant donors.
Investment Policy
No investments were made in equities, gilts, equity-based securities, or any collective investment. All funds were deposited in a UK based bank regulated by the Financial Regulation Authority and/or the Prudential Regulatory Authority.
Funds were deposited in a current account supported by an interest-bearing on-line savings account with immediate access. Balances in the current account and the on-line savings accounts were monitored to ensure that sufficient funds were in place to meet predicted outgoings.
Surplus funds were deposited in an interest earning fixed period savings account, which required notice of withdrawal to be given.
The maximum amount deposited with a single institution did not exceed the current Financial Services Compensation protection limit.
The Trustees regularly monitored interest rates to ensure that funds secure a competitive rate of interest.
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REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 MARCH 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Status
The Ham and Petersham SOS is a Company Limited by Guarantee (No 7001262) and a Registered Charity (No 1136675). The company was formed in August 2009 to take over from the previous Ham and Petersham SOS as an Unincorporated Association, which had been founded in the late 1960s. Ham and Petersham SOS was registered as a charity in June 2010. The company’s Memorandum and Articles had been amended in October 2021.
The following Trustees were in post during the period:
Helen Beedham Chair Chris Ayliffe Treasurer Jane Lane Roberts Kate Mitchell (joined August 2021) Aiden Buckley
Salaried Staff
Karen King Organiser appointed May 2015 Millie Cooper appointed March 2014 Monique Mole appointed March 2019 (left September 2022) Denise Whittington Appointed October 2022
Induction and Training of Trustees
Induction for new Trustees is organised by the Organiser of the Charity. In addition to knowledge gained through attendance at meetings. Trustees are provided with initial guidance and briefing material on the Charity’s activities, as well as their legal obligations under charity and company law and on the content of the memorandum and Articles of Association
Risk management
The committee members have examined the major risks which the charity faces and seek to control these risks to mitigate any impact that they may have on the charity.
REFERENCE AND ADMINISTRATION
| Address | The Woodville Centre |
|---|---|
| Woodville Road | |
| Richmond | |
| TW10 7QW | |
| Banker | Barclays Bank PLC |
| Kingston upon Thames Branch | |
| Independent Examiner | Clare Judge |
| 114 Selkirk Road | |
| Twickenham | |
| TW2 6PU |
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REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 MARCH 2023
The Trustees (who are also the directors of the Ham and Petersham SOS for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any t ime the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Report of the Trustees has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relat ing to small companies.
Approved by order of the Board on 9[th] November 2023 and signed on its behalf by:
Helen Beedham Chair of Trustees
Page 7
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
HAM & PETERSHAM SOS
I am reporting on the accounts of the charity Ham and Petersham SOS, Charity No: 1136675, Company No: 7001262 for the year ending 31 March 2023.
The Organiser and Trustees, as directors of the charity, are responsible for the preparation and financial reporting of the accounts.
It is my responsibility to state, based on the procedures specified in the General Directions given by the Charity Commissioners under section 145 of the Act, whether matters have come to my attention and to:
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Examine the accounts under section 145 of the Charities Act,
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To follow the procedures laid down in the general Directions given by the Charity
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Commission (under section 145(5)(b) of the Charities Act, and to state whether any matters have come to my attention.
Basis of independent examiner's report:
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records.
It also included consideration of any unusual items or disclosures in the accounts and seeking explanations from your Organiser and Treasurer concerning any such matters. The procedures undertaken do not provide all the evidence that 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 Examiner's Statement
In accordance with my examination, no matter has come to my attention that gives me reasonable cause to believe that, in any material respect, there is any cause for concern to believe that:
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- Accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
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- The accounts do not accord with such records; or
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- The accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006; or
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- The accounts have not been prepared in accordance with the Charities SORP (FRS102).
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Page 8
Blank rows had been left within both the income and expenditure spreadsheets. An acceptable reason for this was explained, however it could have indicated fraud.
All other minor details and changes have already been satisfactorily discussed with the charity's Organiser and Treasurer and the majority have already been undertaken. These included further detailing on spreadsheets together with regular updating via Dropbox.
A set of Procedure Notes showing all the tasks undertaken by the Organiser is being compiled showing her individual responsibilities. Once completed and where necessary the method to complete some tasks may need to be added to enable anyone taking over in her absence to undertake the task.
Clare Judge Independent Examiner Date: 04 July 2023
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Ham and Petersham SOS
Statement of Financial Activities For the year ended 31 March 2023
| Note | Unrestricted funds |
Restricte d funds |
Total funds 2023 |
Total funds 2022 |
|
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Income from: | |||||
| Legacies,donations & GiftAid | 2 | 16,374 | - | 16,374 | 5,381 |
| Charitable activities | 3 | 39,523 | - | 39,523 | 33,451 |
| Investment income | 4 | 1,222 | - | 1,222 | 862 |
| Total | 57,118 | - | 57,118 | 39,694 | |
| Expenditure on: | |||||
| Charitable activities | 5 | 54,206 | - | 54,206 | 44,016 |
| Total | 54,206 | - | 54,206 | 44,016 | |
| Net income/(expenditure) | 2,913 | - | 2,913 | 4,322 - |
|
| Transfers between funds | 13 | - | - | - | - |
| Net movement in funds | 2,913 | - | 2,913 | 4,322 - |
|
| Reconciliation of funds: | |||||
| Total funds brought forward | 128,865 | - | 128,865 | 128,865 | |
| Total funds carried forward | 131,778 | - | 131,778 |
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Ham and Petersham SOS
Balance Sheet
As at 31 March 2023
| 2023 | 2023 | 2022 | 2022 | |||||
|---|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||||
| Fixed assets : | ||||||||
| Tangible assets | - | - | ||||||
| Currents assets: | - | - | ||||||
| Debtors | 10 |
- | - | - | ||||
| Cash at bank and in hand | 11 |
131,777 | - | 128,865 | ||||
| Total Current Assets | 131,777 | 128,865 | ||||||
| Liabilities | ||||||||
| Creditors: Amounts fallingdue within oneyear | 12 |
- | - | |||||
| Net current assets or liabilities | 131,777 | 128,865 | ||||||
| Total Net Assets | 131,777 | 128,865 | ||||||
| The funds of the charity: | ||||||||
| Unrestricted fund - General Fund | 13 | 11,778 | 58,865 | |||||
| Unrestricted fund - HardshipFund | 13 | 20,000 | 15,000 | |||||
| Unrestricted fund - Transport Fund | 13 | 75,000 | 35,000 | |||||
| Unrestricted fund - Premises Fund | 13 | 25,000 | 20,000 | |||||
| Restricted funds | 13 | - | - | |||||
| Total Funds | 131,778 | 128,865 |
For the year ended 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to
obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The Trustees acknowledge their responsibility for complying with the requirements of the act with respect to accounting records and for the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the Board of Trustees on 9[th ] November 2023 and were signed on its behalf by:
Helen Beedham - Chair
Page 11
Ham and Petersham SOS
Notes to the Income Statements For the year ended 31 March 2023
1 Accounting Policies
(a) Basis of preparation
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Exemption has been taken from preparing a cash flow statement on the grounds that the charitable company qualifies as a small charitable company.
Ham and Petersham SOS meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
(b) [Incoming resources ]
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
(c) Resources expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of resources.
(d) Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Community minibus: written off over five years
(e) Taxation
The charity is exempt from corporation tax on its charitable activities.
(f) Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
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(g) Pension Costs
Contributions are made to the National Employer's Savings Trust on behalf of eligible employees. NEST contributions are charged to the Statement of Financial Activities in the period to which they relate.
2 Legacies, Gift Aid and Donations
----- Start of picture text -----
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
Legacies - - - -
Donations 14,785 - 14,785 4,254
Gift Aid 1,334 - 1,334 1,053
Collection boxes 255 - 255 74
Total 16,374 - 16,374 5,381
----- End of picture text -----
3 Income from charitable activities
----- Start of picture text -----
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
Grants 32,756 - 32,756 28,710
Membership 510 - 510 683
Outings 2,038 - 2,038 1,447
Tea and chat 926 - 926 604
Lunch club 1,679 - 1,679 942
Fish & Chip Club 577 - 577 -
Shopping bus 1,037 - 1,037 1,065
Total Funds 39,523 - 39,523 33,451
----- End of picture text -----
4 Investment Income
| Unrestricted Funds 2023 |
Restricted Funds 2023 |
Total Funds 2023 |
Total Funds 2022 |
|
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Bank interest receivable | 1,222 | - | 1,222 | 862 |
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5 Expenditure on Charitable Activities
| Unrestricted Funds 2023 |
Restricted Funds 2023 |
Total Funds 2023 |
Total Funds 2022 |
||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Salary | 31,829 | - | 31,829 | 31,391 | |
| Employer's Pension Contribution | 749 | - | 749 | 718 | |
| Overtime | 44 | - | 44 | - | |
| Office Supplies | 2,386 | - | 2,386 | 545 | |
| Postage | 272 | - | 272 | 423 | |
| Printing | 1,370 | - | 1,370 | 1,562 | |
| Telephones & Broadband | 1,361 | - | 1,361 | 1,270 | |
| Employee Travel & Parking | 43 | - | 43 | - | |
| Office Service Charge | 1,040 | - | 1,040 | 650 | |
| Volunteer's Expenses | 354 | - | 354 | 243 | |
| Training | 270 | - | 270 | 150 | |
| Grants | - | - | - | - | |
| Insurance | 646 | - | 646 | 649 | |
| IT Services & Hosting | 1,648 | - | 1,648 | - | |
| Payroll Services | 357 | - | 357 | - | |
| Barclaycard | 9 | - | 9 | - | |
| Legal & Professional Services | 382 | - | 382 | 1,889 | |
| Audit | 400 | - | 400 | - | |
| IT Hardware | 365 | - | 365 | - | |
| IT Software | 62 | - | 62 | - | |
| Activities & Events | 3,047 | - | 3,047 | 709 | |
| Outings & Tickets | 1,457 | - | 1,457 | - | |
| Outings Transport | 989 | - | 989 | 444 | |
| Tea & Chat | 13 | - | 13 | 14 | |
| Lunch Club | 335 | - | 335 | 75 | |
| Fish & ChipClub | 720 | - | 720 | - | |
| List ShoppingExpenses | -55 | - | -55 | -30 | |
| ShoppingBus | 4,113 | 4,113 | 3,314 | ||
| Depreciation | - | - | - | - | |
| Total | 54,206 | - | 54,206 | 44,016 |
6 Trustees’ Renumeration and Benefits
There were no trustee's remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021
Page 14
7 Analysis of Employee Costs
----- Start of picture text -----
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
Salary 31,829 - 31,829 31,391
Overtime 44 - 44 -
Employer's National Insurance - - - -
Employer's pension contributions 749 - 749 718
Total Funds 32,622 - 32,622 32,109
----- End of picture text -----
No Employers NI was payable as it was fully offset by the government's Employment Allowance
The average monthly number of employees during the year was as follows:
| Management and administration | 2023 | 2022 | |||
|---|---|---|---|---|---|
| 3 | 3 |
8 Comparatives for the Statement of Financial Activities 2022/23
Net Income
----- Start of picture text -----
Unrestricted Restricted Total funds
funds funds 2022
£ £ £
Income from:
Legacies and Donations 16,374 - 5,381
Charitable activities 39,523 - 33,451
Bank interest 1,222 - 862
Total 57,118 - 39,694
Expenditure on:
Charitable activities 54,206 - 44,016
Total 54,206 - 44,016
Net income/(expenditure) 2,913 - - 4,322
----- End of picture text -----
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9 Tangible Fixed Assets
----- Start of picture text -----
£
Cost
At beginning of the year-1 April 2022 -
At end of the year-At 31 March 2023 -
Depreciation
At beginning of the year- 1 April 2022 -
Charge for the year -
Impairment -
At end of the year-31 March 2023 -
Net book value at 31 March 2022 -
----- End of picture text -----
10 Debtors
----- Start of picture text -----
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
Accrued income - - - -
Total - - - -
----- End of picture text -----
11 Cash at bank and in hand
----- Start of picture text -----
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
Barclays Community Account 749 - 749 1,607
United Trust Bank Account 52,106 - 52,106 51,565
Monmouthshire Building Society Account 78,923 - 78,923 75,693
Total 131,777 - 131,777 128,865
----- End of picture text -----
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12 Creditors: Amounts falling due within one year
----- Start of picture text -----
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
Deferred income - - - -
Accrued expenses - - - -
Total - - - -
----- End of picture text -----
13 Movements in funds
----- Start of picture text -----
Fund Fund
balances Incoming Resources Transfers balances
brought Resources Expended carried
forward forward
£ £ £ £ £
Unrestricted funds
General Fund 58,865 57,118 - 54,206 - 50,000 11,778
Hardship Fund 15,000 - - 5,000 20,000
Transport Fund 35,000 - - 40,000 75,000
Premises Fund 20,000 - - 5,000 25,000
Total Unrestricted Funds 128,865 57,118 - 54,206 - 131,778
Restricted funds
Grant funding - - - - -
Total restricted funds - - - - -
Total Funds 128,865 57,118 - 54,206 - 131,778
----- End of picture text -----
Purposes of unrestricted funds
Unrestricted reserves (General Fund) are held to cover working capital requirements, any potential shortterm reduction in funding and for winding-up costs.
Unrestricted reserves (Hardship Fund) are held to provide for one-off or continuing support to those in need.
Unrestricted reserves (Transport Fund) are held to provide for the future replacement of the minibus. Unrestricted reserves (Property Fund) are held to cover the potential cost of fitting out of and moving to new premises in the future.
Purposes of restricted funds
The funds are for services covered by specific grants as explained in the trustees report.
14 Related Party Transactions
There were no related party transactions for the year ended 31 March 2023.