2024-03-31-accounts

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REGISTERED COMPANY NUMBER: 07381550 REGISTERED CHARITY NUMBER: 1139233

RECOOP (COMPANY LIMITED BY GUARANTEE)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

RECOOP

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

CONTENTS	Pages
Company information	2
Annual report	3 to 7
Independent auditor’s report to the members of RECOOP	8 to 10
Statement of financial activities including income and expenditure account	11
Balance sheet	12
Notes to the financial statements	13 to 22

RECOOP

ANNUAL REPORT

The Trustees present their report and the financial statements for the year ended 31 March 2025, which should be read in conjunction with the information on page 2. This report also serves as the Directors’ Report for the purposes of Company Law. The financial statements have been prepared in accordance with Accounting and Reporting by charities; Statement of Recommended Practice applicable to Charities preparing their accounts with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019 – Charity’s SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

GOING CONCERN

As set out in the accounting policies note, after reviewing the company’s forecasts and projections, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This includes consideration of the impact inflation may have upon its forecasts and projections, and measures taken to try and limit the potential impact. As the trustees have concluded that it has sufficient resources to enable it to continue in existence, the company continues to adopt the going concern basis in preparing its financial statements.

OBJECTIVES AND ACTIVITIES

RECOOP objectives, as defined in the Memorandum of Association, are:-

To promote the care, resettlement and rehabilitation of offenders and ex-offenders, in particular those over the age of 50, notably but not exclusively, through the provision of support services, advocacy, financial advice, and mentoring on issues such as employment and training and advice on housing and health, enabling them to take control of their lives and remain free from offending and prevent them from being socially excluded.

The trustees have given due regard to public benefit when planning the charity’s activities, in accordance with Sections G2 and G3 of the Charity Commission’s General Guidance on Public Benefit (January 2008).The paragraphs below set out our activities, achievements and performance during the year, which are directly related to the objects and purposes for which the charity exists. The charity achieves its principal objects and purposes through the provision of support and advice to offenders and exoffenders. These benefits are directly related to the aims of the charity and are fully compliant with Principles 1 and 2 of the Charity Commission Principles on Public Benefit.

ACHIEVEMENTS AND PERFORMANCE

During 2024/25, Recoop has focussed on mobilising and moving towards a stable, business as usual, position in our newest six services at HMPs Lowdham Grange, Altcourse, Send, Downview, Bronzefield and Ashfield. Delays in prison security vetting had been problematic but improved during the year. These new services all have contracts varying from five to ten years. This offers additional financial security and stability for the charity as it grows.

All existing services have either been renewed or extended this financial year. A new quality assurance framework has been developed to ensure consistency in the standards of our provision across all prison sites can be maintained. The first year of our Buddy peer support program evaluation across the Lancashire five – prison cluster has now been completed. Feedback from recipients and the Buddy support team has been very positive. During this financial year 32 individuals were able to come off support plans as they regained their independence and were able to control and manage their own emotional and physical well-being.

During the year, a total of 91 new Buddies were trained. They have supported a monthly average of 328

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2025

RECOOP

individuals across ten prisons. 396,145 support interventions were delivered during the last 12 months, this equates to an increase of 41% from 2023/24.

2,655 individuals were supported by Recoop in total. This is an increase on the last year of 43%. This includes 8,879 visits to our day centre group sessions and bereavement support interventions from across both the male and female prison estates. This has increased sixfold, over the year.

There is increasing demand for RECOOP’s services. We are anticipating a period of growth over next few years and are reviewing our business and governance structures to ensure we have the agility and capacity to be responsive as we grow.

In the second half of the year the Recoop Board, with the support of BCHA, started plans to demerge from the Group structure. The financial stability and growth plans were key factors in deciding that this was the right juncture to become a standalone charity once more, from the 1[st] April 2025. This was completed successfully with the assistance and support of BCHA.

The Trustees are extremely grateful for the valuable contribution made by our staff and our volunteers, both of whom help the charity to achieve its objectives in supporting older prisoner welfare.

FINANCIAL REVIEW

The Charity reports a net deficit for the year of £27,422 (2024: surplus £71,241). Total funds at 31 March 2025 were £373,961 (2024 : £401,383) of which £373,961 (2024 : £401,383) were unrestricted.

PRINCIPAL RISKS AND UNCERTAINTIES

RECOOP’s trustees acknowledge their responsibility for identifying and managing the risks to which the charity is exposed. The approach to the management of risk includes:

Introduction of a new Risk Appetite Statement for setting the approach to all strategic activity
Risk appraisal and mitigation for all proposed new ventures
Regular review of the strategic Risk Register at meetings of the Board throughout the year.

The top three strategic risks as identified and scored on the Strategic Risk Register at the year end are summarised below:

Capacity of organisation to grow; mobilise and set – up new contracts quickly
Corporate support service needs to become more agile and responsive to growth and business needs
Intellectual property of RECOOP commercial services.

Mitigations have been identified by the trustees for these and other risks.

An ongoing review of the risk register ensures that the trustees are well informed to arrive at a set of parameters and decisions for the amount of risk they consider to be acceptable. The trustees continue to review and question the reserves policy to establish and agree an appropriate level of reserves. With this information the trustees can make informed choices about the strategic proposals put forward by the Chief Officer.

Recoop’s Trustees acknowledge their responsibility for identifying and managing the risks to which the charity is exposed. An ongoing review of the risk register ensures that the trustees are well informed to arrive at a set of parameters and decisions for the risk they consider to be acceptable. The trustees continue to review and question the reserves policy to establish and agree an appropriate level of reserves. With this information the trustees can make informed choices about the strategic proposals put forward by the Chief Officer.

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2025

RECOOP

Recent years have been characterised by large scale changes in the criminal justice policy and operating environment which have provided opportunities as well as challenges for voluntary organisations working in the Justice sector. There are risks that our activity and work loses its broad reach as budgets are squeezed and policy priorities and emphases, shift. The prison overcrowding challenges and cost in building new prison places are very real and need immediate attention. We await the impact of the Sentencing Review this coming year and how these pressures will be eased. The older prisoner group remains the fastest growing cohort. Our services will be needed more than ever in the future. It is pleasing to see that the Ministry of Justice (MOJ) will be adopting the recommendation to implement an Older Prisoner Strategy.

This year we again assessed the appropriate level of Recoop reserves. We are now entering a period of financial stability with 75% of our income coming from several long-term contracts (5+ years). Recoop’s business model means that income and expenditure can be forecast with reasonable accuracy. We anticipate further growth in the next 5 - 8 years.

The Board have agreed that this is the right juncture for the charity to demerge from the current Group structure. Having reviewed the risks and potential growth the organisation has chosen to demerge from the BCHA Group, becoming independent and a standalone charity once again from 1[st] April 2025.

Good practice suggests that we should retain a minimum of three months operating costs. With our growing staff team this equates to £175k. Caution, prudence, and vigilance will be paramount, whilst operating with lower levels of reserves, so that a decrease in funding, or unplanned or increased expenditure can be accommodated without recourse to these reserves.

RECOOP will continue to monitor this position and a further review will be undertaken in October 2025 to agree RECOOP’s reserves in relation to the expenditure required for the transition, political environment, risk, and functionality. RECOOP’s free reserves (based on net current assets) on 31 March 2025 are £373,961 (including designated funds of £175,000). The trustees have assessed the going concern basis as at the date this report and accounts are approved. They believe that the level of reserves held (including the flexibility of the use of the designated funds) outlined above and an analysis of the financial risks currently faced gives sufficient assurance to conclude that RECOOP continues to be a going concern.

RESERVES AND RESERVES POLICY

The Board has approved setting aside designated reserves of £175,000 in total. This is committed from the reserves for two pieces of work. The first is £150,000 for restructuring the management team extending over the next 24 months, providing the corporate support required for the anticipated growth in the charity’s size. This includes £10,000 designated to independently evaluate new services. This will enable RECOOP to increase the quality of the products and services being developed as well as providing evidence of both cost savings and social return on investment for both prison partners and other stakeholders. The remaining £25,000 is to provide specialist support as we transition into a standalone charity. There is some flexibility to review these figures as required as we embark to this exercise.

STRUCTURE, GOVERNANCE AND MANAGEMENT

RECOOP is a company limited by guarantee and a registered charity. The liability of the members is limited by their guarantee. The company was incorporated on the 20th September 2010 was a subsidiary of Bournemouth Churches Housing Association Limited (BCHA) until 1 April 2025 when it demerged from the BCHA Group.

The Trustees listed on page 2 have held office during the whole of the period from 1 April 2024 to the date of this report unless otherwise noted. Whilst part of the BCHA Group no person could be appointed as a Trustee unless approved in writing by the parent member (BCHA), but the organisation does seek, through general

RECOOP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2025

advertisement and networking, additional members with relevant experience or interest in the work of the charity. Until demerger the induction and training of trustees was undertaken by the parent member (BCHA).

RECOOP has signed up to the National Housing Federation 2020 Code of Governance (also adopted by the parent member, BCHA). It should be noted that some provisions are only applicable at Group-level (for example Audit Committee requirements) and others are not applicable at all (for example Board remuneration).

The Board of RECOOP has self-assessed as being compliant as at the year ending 31 March 2025. A full statement of compliance can be found on the Charity’s website www.recoop.org.uk

COMPLIANCE & INTERNAL CONTROL

RECOOP has used the Group-wide Framework of Business Planning Risk and Internal Control which is based on the model developed by the US Committee of Sponsoring Organizations of the Treadway Commission (COSO). This internationally recognised model has five integrated components:

Control Environment (standards, processes and structures)
Business Planning and Risk Assessment (defining the strategy and understanding risks to achieving objectives)
Control Activities (policies, procedures and systems to mitigate risk)
Information & Communication (generating and sharing data)
Monitoring (assessing that the components are present and functioning)

Within these five components are 17 principles which drill down into a broad range of control measures.The Board receives regular and ongoing assurance on legal/regulatory compliance and control via a number of measures including:

Appropriate and robust systems, policies and procedures
Quarterly review of risks
Quarterly review of performance, customer satisfaction and compliance
Use of external legal advice, consultancy, and expertise, as required
Participation in the Group annual Internal Audit programme utilisting independent auditors
and regularly reports to the Board on the effectiveness of assurance it receives.

Assessment of the effectiveness of Internal Controls

In our Group annual self-assessment, ten of the principles were scored as Strong, six as Moderate to Strong and one as Moderate. There were no components scored as Weak. The Internal Auditor’s Annual Opinion Report for 2024/25 confirmed reasonable assurance based on the results of the audits conducted in the year. Action plans are in place to address areas where controls need to be strengthened and progress against these actions is being robustly monitored by the Board’s Audit, Risk and Treasury Committee.

Statement of Trustees' responsibilities in respect of the trustees’ annual report and the financial statements

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law they have are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the excess of[income over

RECOOP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2025

expenditure that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;1 and
assess the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
use the going concern basis of accounting unless they either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities.

DISCLOSURE OF INFORMATION TO AUDITOR

In so far as the trustees are aware:

There is no relevant audit information of which the charitable company’s auditor is unaware
They have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Approved by the Trustees on 26 August 2025 and signed on their behalf by:

Kerryn Wotton - Chair

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF RECOOP

________________

Opinion

We have audited the financial statements of RECOOP (the “charitable company”) for the year ended 31 March 2025 which comprise the Income and Expenditure Account, the Balance Sheet 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 state of the charitable company’s affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted 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 with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 statements 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 charitable company'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 the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to 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.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF RECOOP

________________

Opinions on other matters prescribed 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, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company 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.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept; or
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 not 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 exemption in preparing the trustees’ report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees (who are also the directors of the charitable company for the purposes 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 internal 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 charitable company’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 audit conducted in accordance with 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 statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF RECOOP

________________

and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011, together with the Charities SORP (FRS102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the company for fraud. The laws and regulations we considered in this context for the UK operations were health and safety, employment and taxation legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Audit, Risk and Treasury Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, designing audit procedures over the timing of income and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Un ki — Guy Biggin for and on behalf of Crowe U.K. LLP, Senior Statutory Auditor

Chartered Accountants

Crowe U.K. LLP St James House, St James’ Square Cheltenham GL50 3PR Date: 29 August 2025

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RECOOP

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 March 2025

Notes INCOME AND EXPENDITURE Income: Charitable activities 3 Investment Income 4 Total income Expenditure: Charitable activities 5 Total expenditure 6 Net income and net movements in funds for the year Reconciliation of funds Total funds brought forward Funds Transferred Total funds carried forward	Unrestricted Funds Restricted Funds Total 2025 Total 2024 £ £ £ £ 705,170 5,121 710,291 655,791 8,919 - 8,919 7,556
	714,089 5,121 719,210 663,347
	741,511 5,121 746,632 592,106
	741,511 5,121 746,632 592,106
	(27,422) - (27,422) 71,241 401,383 - 401,383 330,142 - - - -
	373,961 - 373,961 401,383

The notes on pages 13 to 22 form part of these financial statements

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Company number: 07381550

RECOOP BALANCE SHEET AT 31 March 2025

	Notes	2025	2024
		£	£
Fixed Assets
Tangible assets	7	11,737	-
Total Fixed Assets		11,737	-
Current Assets
Debtors	8	180,104	146,680
Current Investments		152,000	-
Cash at bank and in hand		71,328	429,849
Total Current Assets		403,432	576,529
Liabilities
Creditors falling due within one year	9	(41,208)	(175,146)
Net Current Assets		362,224	401,383
Total assets less current liabilities		373,961	401,383
Creditors:falling due after more than one year		-	-
Net Assets		373,961	401,383
The funds of the charity
Restricted funds	10,11	-	-
Unrestricted funds	11,12	373,961	401,383
Total Charity Funds		373,961	401,383

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime under the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A – small entities.

The financial statements were approved by the Trustees and authorised for issue on 26 August 2025.

Kerryn Wotton (Chair)

The notes on pages 13 to 22 form part of these financial statements.

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RECOOP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2023

1) COMPANY STATUS

The charity is a company limited by guarantee incorporated in England and Wales, whose registered office is set out on page 2. The members of the company are the trustees named on page 2. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

2) ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The financial statements have been prepared in accordance with the 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 (FRS102) (effective 1 January 2015) – (Charities SORP effective 1 January 2019), and the Companies Act 2006.

RECOOP meets the definition of a public benefit entity under FRS102. Assets and liabilities are recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s) and the trustees consider it to be a going concern.

In preparing these financial statements the company has taken advantage of the disclosure exemptions conferred by FRS102 paragraph 1.12, in accordance with paragraphs 1.8 – 1.10. Therefore these statements do not include a cashflow statement, or certain disclosures in respect of financial instruments. The disclosure exemption has been adopted because the equivalent disclosure is included in the consolidated financial statements of Bournemouth Churches Housing Association Limited.

b)

Income

Income is recognised when the charity has entitlement to funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

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RECOOP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

c) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

d)

Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular purpose or defined project.

e) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified as relating to charitable activities, including any associated support costs.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

f) Tangible fixed assets

Individual fixed assets costing £500 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:

Asset Category	Annual rate
Fixtures and Fittings	20% - 33%

g) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered and provision for impairment. Prepayments are valued at the amount prepaid net of any trade discounts due.

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RECOOP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

h) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

j) Financial Instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value.

k) Going concern

After reviewing the charitable company’s forecasts and projections, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The majority of the income for 2024/25 comes from secured grants and committed Her Majesty’s Prisons and Probation Service contracts (HMPPS). The company therefore continues to adopt the going concern basis in preparing its financial statements.

l) Estimates and Judgements

The Trustees have considered key estimates and judgements over balances and have concluded there are no significant issues to disclose.

3) INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

Unrestricted Funds Grant and contract income Restricted Funds Grants	2025 2024 £ £ 705,170 557,350
	705,170 557,350
	2025 2024 £ £ 5,121 105,997
	5,121 105,997

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RECOOP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4) INTEREST RECEIVABLE AND INCOME FROM INVESTMENTS

	2025	2024
	£	£
Interest receivable and similar income	8,919	7,556
	8,919	7,556

5) COST OF CHARITABLE ACTIVITIES

Charitable activities 2025 Charitable activities 2024 OTAL RESOURCES EXPENDED Charitable activities 2025 Charitable activities 2024	General Funds Restricted Funds Total £ £ £ 741,511 5,121 746,632
	485,309 106,797 592,106
	Staff Costs £ Other Costs £ Total £ 529,107 217,525 746,632 419,398 172,708 592,106

6) TOTAL RESOURCES EXPENDED

Included within other costs are external audit fees of £3,925 (2024: £3,670).

TRUSTEES AND EMPLOYEES

Staff costs include the following:

Wages and salaries Redundancy Social security costs Pension costs	2025 2024 £ £ 475,288 - 41,904 377,565 - 32,231 11,915 9,602
	529,107 419,398

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RECOOP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

The number of employees for whom retirement benefits are accruing under money purchase pension schemes amounted to 1. (2024:1).

The average number of employees, analysed by function, was:

	Number	Number
	2025	2024
Project based staff	18	16

The remuneration paid to staff (including Executive Management Team) earning over £60,000 upwards:

£60,000 - £69,999 £70,000 - £79,999 £80,000 - £89,999 £90,000 - £99,999	2025 2024 No. No.
	- 1 1 - - - - -

The trustees received no remuneration but were reimbursed expenses of £272 during the period (2024: £531).

There are no retirement benefits accruing to the trustees under money purchase – pension schemes (2024: £nil).

17 -

RECOOP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7) TANGIBLE FIXED ASSETS

Cost At 1 April 2024 Additions Disposals At 31 March 2025 Accumulated depreciation At 1 April 2024 Charge for the year Disposals At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 8) DEBTORS Trade debtors Prepayment and accrued income Amounts owed from parent company Taxation and social security		Fixtures and Fittings Total £ £ 3,978 3,978 12,355 12,355 - - 16,333 16,333 3,978 3,978 618 618 - - 4,596 4,596
		11,737 11,737
		- -
		2025 2024 £ £ 160,538 95,876 6,371 50,800 13,195 - - 4
		180,104 146,680

Outstanding balances relating to intercompany recharges are settled in the following month.

18 -

RECOOP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9) CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors Taxation and social security Accruals and deferred income Grants in advance Amounts owed to group undertaking Other Creditors	2025 2024 £ £ - - 495 - 9,253 4,638 29,017 67,498 - 101,099 2,443 1,911
	41,208 175,146

Outstanding balances relating to intercompany recharges are settled in the following month.

10) RESTRICTED FUNDS

Aldo Trust The Valentine Charitable Trust Total The Valentine Charitable Trust The Triangle Trust Devon Threads Grant Chadwick Charitable Trust Total	Balance Balance 1 April 2024 Incoming resources Resources expended Transfers 31 March 2025 £ £ £ £ - 1,371 (1,371) - - - 3,750 (3,750) - -
	- 5,121 (5,121) - -
	Balance Balance 1 April 2023 Incoming resources Resources expended Transfers 31 March 2024 £ £ £ £ £ - 5,000 (5,000) - - - 15,000 (15,800) 800 - - 84,997 (84,997) - - - 1,000 (1,000) - -
	- 105,997 (106,797) 800 -

The Esmee Fairbairn Foundation funding supports our new Buddy Support, ‘Transition’ resettlement training and business development.

The Aldo Trust funding helps prisoners with small individual grants to provide resources and equipment that helps them with their emotional well-being.

The Valentine Trust grant funded our Dorset resettlement support and prison work at HMP Erlestoke.

Chadwick Charitable Trust grant was received in relation to the Healthy Living Project at HMP Eastwood Park female prison.

19 -

RECOOP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11) UNRESTRICTED FUNDS

Unrestricted Funds Designated Funds Total Unrestricted Funds Designated Funds Total	Balance Balance 1 April 2024 Incoming resources Resources expended Transfers 31 March 2025 £ £ £ £ 251,383 714,089 (741,511) (25,000) 198,961 150,000 - - 25,000 175,000
	401,383 714,089 (741,511) - 373,961
	Balance Balance 1 April 2023 Incoming resources Resources expended Transfers 31 March 2024 £ £ £ £ 190,142 557,350 (485,309) (10,800) 251,383 140,000 - - 10,000 150,000
	330,142 557,350 (485,309) (800) 401,383

The Board has approved the transfer of reserves to a designated fund for the purpose of developing and independently evaluating new services.

20 -

RECOOP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12) ANALYSIS OF NET ASSETS BETWEEN FUNDS

As at 31 March 2025

s at 31 March 2025
Restricted funds: Unrestricted funds:	Tangible Fixed Assets £ Net Current Assets £ Total £ - - - - 373,961 373,961
	- 373,961 373,961

As at 31 March 2024

Restricted funds: Unrestricted funds:	Tangible Fixed Assets £ Net Current Assets £ Total £ - - - - 401,383 401,383
	- 401,383 401,383

13) CONTROL

The ultimate and immediate parent undertaking is Bournemouth Churches Housing Association Limited. The results of RECOOP are included in the consolidated accounts of Bournemouth Churches Housing Association Limited; these consolidated accounts are available from: The Factory, 14 Alder Hills, Poole BH12 4AS.

14) RELATED PARTY TRANSACTIONS

During the year, BCHA charged RECOOP £71,050 (2024: £71,615) in respect of goods and services and management charges. There was a net £13,195 (2024: £101,099) owed by BCHA to RECOOP as at 31 March 2025.

The registered office and full address for RECOOP and BCHA is The Factory, 14 Alder Hills, Poole BH12 4AS.

21 -

RECOOP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15) FINANCIAL INSTRUMENTS

The charity’s financial instruments may be analysed as follows:

	2025	2024
	£	£
Financial assets that are recorded at transaction price	410,256	525,724
Financial liabilities that are recorded at amortised cost	31,460	107,648
Financial assets comprise cash, trade debtors and loans
Financial liabilities comprise trade creditors, accruals and other loans.

16) POST BALANCE SHEET EVENT

Subsequent to the reporting date, on 1st April, the Board of Directors of BCHA and RECOOP approved and completed a demerger. As a result RECOOP ceased to be a subsidiary of BCHA with effect from 1[st] April 2025.

This event occurred after the end of the reporting period and it has been treated as a non-adjusting event.

22 -

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

RECOOP

COMPANY INFORMATION

ANNUAL REPORT

GOING CONCERN

OBJECTIVES AND ACTIVITIES

ACHIEVEMENTS AND PERFORMANCE

RECOOP

FINANCIAL REVIEW

PRINCIPAL RISKS AND UNCERTAINTIES

RECOOP

RESERVES AND RESERVES POLICY

STRUCTURE, GOVERNANCE AND MANAGEMENT

COMPLIANCE & INTERNAL CONTROL

Assessment of the effectiveness of Internal Controls

Statement of Trustees' responsibilities in respect of the trustees’ annual report and the financial statements

RECOOP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2025

DISCLOSURE OF INFORMATION TO AUDITOR

________________

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

________________

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of trustees

Auditor’s responsibilities for the audit of the financial statements

Use of our report

Un ki — Guy Biggin for and on behalf of Crowe U.K. LLP, Senior Statutory Auditor

RECOOP

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 March 2025

RECOOP BALANCE SHEET AT 31 March 2025

1) COMPANY STATUS

2) ACCOUNTING POLICIES

a) Basis of preparation

b)

Income

c) Interest receivable

d)

Fund accounting

e) Expenditure and irrecoverable VAT

f) Tangible fixed assets

g) Debtors

h) Creditors and provisions

j) Financial Instruments

k) Going concern

l) Estimates and Judgements

3) INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

RECOOP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4) INTEREST RECEIVABLE AND INCOME FROM INVESTMENTS

5) COST OF CHARITABLE ACTIVITIES

6) TOTAL RESOURCES EXPENDED

TRUSTEES AND EMPLOYEES

RECOOP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7) TANGIBLE FIXED ASSETS

RECOOP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9) CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

10) RESTRICTED FUNDS

RECOOP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11) UNRESTRICTED FUNDS

RECOOP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12) ANALYSIS OF NET ASSETS BETWEEN FUNDS

As at 31 March 2025

As at 31 March 2024

13) CONTROL

14) RELATED PARTY TRANSACTIONS

RECOOP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15) FINANCIAL INSTRUMENTS

16) POST BALANCE SHEET EVENT