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2023-03-31-accounts

HOPEWORX

Charity number 1151572 Company registration number 07979812

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2023

HOPEWORX

CONTENTS FOR THE YEAR ENDED 31 MARCH 2023

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Page
Legal and Administrative Information 1
Trustees Annual report 2-5
Independent Examination report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes forming part of the financial statements 9-17
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HOPEWORX

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2023

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Registered company number 07979812
Registered charity number 1151572
Registered Address 33 Brook Road
Rayleigh
Essex
SS6 7XJ
Trustees B Chapman
G Chapman
R Fox
H Prentice
M Ward
W Ward
Company Secretary R Fox
Bankers HSBC
48 High Street
Rayleigh
SS6 7JH
Independent Examiner Community360
Winsley's House
High Street
Colchester
Essex
CO1 1UG
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1

HOPEWORX

TRUSTEE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

The trustees (who are also directors for the purposes of the Companies Act) present their annual report together with the financial statements of the company for the 1 April 2022 to 31 March 2023. The trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), 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) as amended by Update Bulletin 1 (effective 1 January 2019).

Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Objectives and Activities

a. Policies and objectives

In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the charity commission relating to public benefit.

The charity's objectives are:

(1) To develop the capacity and skills of the members of the socially and economically disadvantaged community of Essex in such a way that they are better able to identify and help meet their needs and to participate more fully in society.

(2) The relief of financial hardship among people living or working in Essex by providing such persons with goods/services which they could not otherwise afford through lack of means.

b. Activities for achieving objectives

Hopeworx currently has 3 on-going activities to meet our objectives:

Both these projects operate through the valuable contribution made by volunteers with 5973 hours clocked up in the year. Volunteering opportunities are provided to support and empower the volunteers to help them gain confidence, experience and skills to enable them to enter or re-enter the workplace.

c. Main activities undertaken to further the charity's purposes for the public benefit

The public benefit from both of the on-going activities:

2

HOPEWORX

TRUSTEE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

d. Volunteers

The role of volunteers within Hopeworx is crucial in that the project would not be viable without them. With 5973 hours in this year it has enabled us to achieve our objectives.

Volunteers cover all areas from sales desk, cleaning, furniture repairs, assisting with warehouse duties and assisting with deliveries.

Volunteers come from all walks of life and include retired, long-term unemployed, those with mild mental health issues and anyone who has time to spare and wants to give back some time to society.

Our aim is to help volunteers meet their full potential and overcome any issues they may have with confidence or anything else to enable them to enter the market place and find employment.

Achievements and performance

a. Key financial performance indicators

The key effect of COVID-19 on last year's figures key performance indicators may distort the year on year comparisons.

Key performance indicators are as follows:-

• Percentage of the number of special invoices (free of charge, discounted or supplied to Essex County Council) against the number of invoices in a month (2023: 22.60% : 2022: 23.76%.

• Percentage of the value of special invoices against the total of invoices in month (2023: 52.51%; 2022: 58.85%)

• Sales per working day (2023: £1,204; 2022: £1,082)

• Gross profit as a percentage of total sales excluding donations (2023: 69.25%; 2022: 218.17%)

• Volunteer hours as a percentage of staff hour in month (2023: 53.60%; 2022: 49.67%)

• Staff and volunteer costs as a percentage of gross profit excluding donations (2023: 47.62%; 2022: 46.34%)

• New customers in month as percentage of new customers in the same month the previous year (2023: 100.14%; 2022: 296.73%)

3

HOPEWORX

TRUSTEE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

b. Review of activities

Hopeworx provides Emergency Food Packs to anyone in crisis for whatever reason. These are provided by referrals from social organisations and other churches. During the pandemic the demand for these packs has increased. This year we provided 530 packs feeding 1,590 people for up to a week, whereas last year we provided 460 packs feeding 1,799 people. The higher demand remains in place. Donations of food and money continue to mainly meet the demands. Grants have also been awarded to us to help with the additional costs of providing this service.

Hopeworx continues to collect surplus food from supermarkets. During this current year this has risen from 2 supermarkets to 4 supermarkets and 1 fast food retailer. This food is collected and distributed to various charities in the area who come and collect this food. It is also used for the Emergency Food Packs where appropriate.

Hopeworx has continued the Reuse centre in Rayleigh where furniture and electrical appliances are provided to the general public to buy, are sold at a discounted price to those on certain benefits, and given away free of charge to those who find themselves in crisis.

The Hopeworx Essential Living Partnership Fund (HELP Fund) is a designated fund for meeting the needs of those who have exhausted all means of providing furniture for themselves and need assistance. This is done through referrals from other organisations or churches.

Financial review

a. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Structure, governance and management

a. Constitution

The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 7 March 2012 .

The company is constituted under a Memorandum of Association dated 7 March 2012 and is a registered charity number 1151572.

The principal object of the company is to provide relief of need within the community.

b. Method of appointment or election of Trustees

The management of the company is the responsibility of the trustees who are elected and co-opted under the terms of the Articles of Association.

4

HOPEWORX

TRUSTEE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

c. Organisational structure and decision making

All policy decisions are made by the Trustees with day-to-day operational decisions made by the Manager.

Plans for future periods

a. Future developments

The Trustees are continually considering what other needs Hopeworx are in a position of meeting either independently or in partnership with other charities in the area.

Trustees' responsibilities statement

The trustees (who are also directors of Hopeworx for the purposes of company law) are responsible for preparing the Trustees' report 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. 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 incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

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 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.

This report was approved by the trustees, on and signed on their behalf by:

................................................ R Fox - Trustee

5

HOPEWORX

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31ST MARCH 2023

I report on the accounts of Hopeworx for the year ended 31st March 2023 which are set out on pages 7 to 17.

Respective responsibilities of trustees and examiner

The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year (under section 144 (2) of the Charities Act 2011 (The Act) but that an independent examination is needed. The charities gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of Association of Accounting Technicians.

It is my responsibility to:

Basis of independent examiner’s Statement

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. 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 considerations of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner’s statement

In the course of my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:

I 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 accounts to be reached.

Shelley-Marie Rudling FMAAT AATQB for and on behalf of: Community360

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Winsley’s House, High Street, Colchester, Essex Date 27/10/2023
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6

HOPEWORX

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
Note
Fund
£
Incoming resources
Incoming resources from generated funds
Donations and legacies
3
9,595
Charitable activities
4
353,677
Investment income
5
950
Total incoming resources
364,221
Resources expended
Charitable activities
9
316,994
Total resources expended
316,994
Net outgoing resources before
47,227
other recognised gains/losses
Transfer between funds
-
Net movement in funds
47,227
Total funds brought forward
281,829
Total funds carried forward
17
329,056		 Restricted Designated
Fund
Fund
£
£
-
-
5,550
-
-
56
5,550
56
5,550
1,062
5,550
1,062
-
(1,006)
-
-
-
(1,006)
-
16,427
-
15,421		 2023
Total
£
9,595
359,227
1,006
369,827
323,606
323,606
46,221
-
46,221
298,256
344,477		 2022
Total
£
18,862
320,315
174
339,352
290,411
290,411
48,940
-
48,940
249,315
298,256

The notes on pages 9 to 17 form part of these accounts.

7

HOPEWORX

BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2023

Notes
Fixed assets
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Total current assets
Creditors: amounts falling
16
due within one year
Net current assets/(liabilities)
Total assets less current liabilities
Total net assets
Capital and reserves
17
Unrestricted funds
Restricted funds
Designated funds
Total Funds		 11,832
2,575
326,863
341,269
(4,386)		 2023
£
7,594
336,883
344,477
344,477
329,056
-
15,421
344,477		 12,747
6,888
292,898
312,533
(16,667)		 2022
£
2,389
295,866
295,866
298,256
281,829
-
16,427
298,256

For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director's 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 companies subject to small companies regime.

The directors declare that they have approved the accounts above.

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Signed Date 19.10.2023
R Fox
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8

HOPEWORX NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

Hopeworx is a charitable company, limited by guarantee, registered in England and Wales. Its principle office address is 33 Brook Road, Rayleigh, Essex, SS6 7XJ.

2. Accounting policies

2.1 Basis of the preparation of the accounts

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practise 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Hopeworx 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.

Cash flow

The financial statements do not include a cash flow statement because the charity, as a small reporting entity, is exempt from the requirement to prepare such a statement under Financial Reporting Standard 1 "Cash flow statements".

2.2 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the company has sufficient eveidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the pproperty in question will not be rewuired to satisfy claims in the estate. Receipt of a legacy muts be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the company, can be reliably measured.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is recevied in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitelment occurs before income is received, the income is accrued.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

9

HOPEWORX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.3 Expenditure

Expenditure is recognised once there is legal or constructive obligation to transfer economic benefit to a thrid party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.

Expenditure on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have bot been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is net of VAT as the charity is registered for VAT.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £50 or more are capitalised and recognised when future economic benefits are probable and the cost of value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

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|||| |---|---|---| |-| |Short-term leasehold property|Straight line over the term of the lease| |Motor vehicles|-|20% straight line| |-| |Fixtures and fittings|25% straight line| |-| |Office Equipment|33% straight line|

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10

HOPEWORX NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.6 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.7 Debtors

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

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.9 Liabilities and provision

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.10 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

2.12 Fund accounting

General funds are unrestricted funds which are avaliable for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Investment income, gains ans losses are allocated to the appropriate fund.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

11

HOPEWORX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3. Incoming from donations and legacies

Unrestricted
Funds
£
General donations
9,595
Gift aid reclaimed
-
CJRS grant income
-
9,595
2022
18,862
4. Income from charitable activities
Unrestricted
Funds
£
Recycled items sales
353,677
Grants
-
353,677
2022
320,315
5. Investment income
Unrestricted
Funds
£
Local cash
950
950
2022
174
9. Analysis of expenditure by activities
Recycled Items		 Restricted
Funds
£
-
-
-
-
-
Restricted
Funds
£
-
5,550
5,550
-
Restricted
Funds
£
-
-
-
Activities
undertaken
directly
2023
£
317,495
317,495		 Designated
Funds
£
-
-
-
-
-
Designated
Funds
£
-
-
-
-
Designated
Funds
£
56
56
1
Grant
funding of
activities
2023
£
1,062
1,062		 Total
2023
£
9,595
-
-
9,595
18,862
Total
2023
£
353,677
5,550
359,227
320,315
Total
2023
£
1,006
1,006
175
Support
costs
2023
£
5,049
5,049		 Total
2022
£
15,827
451
2,585
18,862
Total
2022
£
320,315
-
320,315
Total
2022
£
175
175
Total
funds
2023
£
323,606
323,606

12

HOPEWORX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Grant funding of activities expenditure relates to
Unrestricted
Analysis of direct costs
Funds
2023
£
Staff training
1,185
Wages
126,060
Rent and rates
33,671
Insurance
3,635
Light and heat
3,423
Motor and travelling expenses
7,747
Printing, stationery and advertising
4,037
Telephone
2,065
Computer costs
1,572
Website costs
1,400
Legal and professional fees
580
Repairs and maintenance
6,815
Sundry expenses
10,100
Purchases & installation fees
106,897
Staff & volunteer welfare
2,759
311,945		 designated funds.
Restricted
Designated
Funds
Funds
2023
2023
£
£
-
-
-
-
2,682
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,868
-
-
-
5,550
-		 Total
2023
£
1,185
126,060
36,353
3,635
3,423
7,747
4,037
2,065
1,572
1,400
580
6,815
10,100
109,765
2,759
317,495		 Total
2022
£
240
107,613
32,626
3,496
3,703
6,082
5,361
1,923
1,474
-
1,692
5,588
6,161
105,930
2,032
283,920

9 Analysis of expenditure by activities (continued)

Analysis of support costs
Depreciation
Bank charges
Governance costs		 Total
2023
£
1,662
2,970
417
5,049		 Total
2022
£
1,310
2,354
417
1,727

10.Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £500 including VAT (2022 - £500).

11.Staff costs
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 Total
2023
£
119,489
4,149
2,422
126,060		 Total
2022
£
102,509
2,966
2,139
107,613

13

HOPEWORX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

The average number of persons employed by the company during the year was as follows:

Management
Administration
Logistics		 2023
No.
1
2
4
7		 2022
No.
1
2
3
6

No employee received remuneration amounting to more than £60,000 in either year.

There was one member of key management personnel in the reporting period, this employee earned a total of £28,653 (2022: £24,600.31).

12. Trustees' remuneration and expenses

During the year, no trustees recevied any remuneration or other benefits (2022 - £NIL).

During the year ended 31 March 2023, no trustee expenses have been incurred (2022 - £NIL).

13. Tangible fixed assets
Cost or valuation
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
Disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Short-term
leasehold
property
£
16,894
4,550
-
21,444
16,894
228
-
17,122
4,322
-		 Motor
vehicles
£
15,659
500
-
16,159
15,616
43
-
15,659
500
43		 Fixtures and
fittings
£
6,382
1,817
(2,029)
6,170
5,298
741
(2,029)
4,010
2,161
1,084		 Office
Equipment
£
8,448
-
-
8,448
7,185
651
-
7,836
612
1,263		 Total
£
47,383
6,867
(2,029)
54,250
44,993
1,663
(2,029)
46,657
7,594
2,389

14

HOPEWORX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
14. Stocks 2023 2022
£ £
Finished goods and goods for resale 11,832 12,747
11,832 12,747
15. Debtors 2023 2022
£ £
Due within one year
Trade debtors 360 6,468
Prepayments and accrued income 2,215 420
2,575 6,888
16. Creditors: Amounts falling due within one year 2023 2022
£ £
Trade creditors 852 5,522
Other taxation and social security 3,117 5,645
Accruals and deferred income 417 5,500
4,386 16,667
17. Statement of funds Balance at Balance at
01/04/2022 Income Expenditure Transfers 31/03/2023
Current year £ £ £ £ £
Unrestricted funds
Designated funds
H.E.L.P. funds 16,427 56 (1,062) - 15,421
Total designated funds 16,427 56 (1,062) - 15,421
General funds
General funds 281,829 364,221 (316,994) - 329,056
Total unrestricted funds 281,829 364,221 (316,994) - 329,056
Restricted funds
Jeanne Marie Gunn Trust - 1,000 (1,000) - -
Neighbourly - Lidl Fund - 200 (200) - -
- - -
EALC - Food Support 4,350 (4,350)
Total restricted funds - 5,550 (5,550) - -
Total funds 298,256 369,827 (323,606) - 344,477
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15

HOPEWORX

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. Statement of funds (continued)

Balance at
01/04/2021
Prior year
£
Unrestricted funds
Designated funds
H.E.L.P. funds
8,837
Total designated funds
8,837
General funds
General funds
240,479
Total unrestricted funds
240,479
Total funds
249,316
Analysis of net assets between funds
Current period
Tangible fixed assets
Current assets
Creditors due within one year
Total
Prior period
Tangible fixed assets
Current assets
Creditors due within one year
Total		 Income
£
1
1
339,350
339,350
339,351
Unrestricted
funds
2023
£
7,594
325,848
(4,386)
329,056
Unrestricted
funds
2023
£
2,389
299,677
(16,667)
285,399		 Expenditure
£
(2,410)
(2,410)
(288,001)
(288,001)
(290,411)
Restricted
funds
2023
-
-
-
-
Restricted
funds
2023
-
-
-
-		 Transfers
£
10,000
10,000
(10,000)
(10,000)
-
Designated
funds
2023
£
-
15,421
-
15,421
Designated
funds
2023
£
-
16,427
-
16,427		 Balance at
31/03/2022
£
16,427
16,427
281,828
281,828
298,256
Total
funds
2023
£
7,594
341,269
(4,386)
344,477
Total
funds
2022
£
2,389
316,104
(16,667)
301,827

19. Analysis of net assets between funds

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

HOPEWORX

20. Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,422 (2022 - £2,139). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

21. Operating lease commitments

At 31 March 2023 the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2023
£
33,292
115,063
148,354		 2022
£
28,000
2,333
30,333

22. Related party transactions

During the year, J Fox, the wife of the Trustee R Fox, received £28,653 in remuneration (2022 - £24,600.31). Charity Commission consent to pay this remuneration has been received.

There have been no other related party transactions that require disclosure.

17