Hopeworx Company Number 07979812 Charity Number 1151572 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
HOPEWORX CONTENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Legal and Administrative Information Trustees Annual report Independent Examination report Statement of Financial Activities Balance Sheet Notes forming part of the financial statements 9-17
HOPEWORX LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2024 Registered company number 07979812 Registered charity number 1151572 Registered Address 33 Brook Road Rayleigh Essex SS6 7XJ Trustees B Chapman G Chapman RFOX H Prentice M Ward W Ward Company Secretary RFOX Bankers HSBC 48 High Street Rayleigh SS6 7JH Independent Examiner Community360 Winsley's House High Street Colchester Essex C01 1UG
HOPEWORX TRUSTEE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 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 charitys 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 goodslservices which they could not othemise afford through lack of means. b. Activities for achieving objectives Hopeworx currently has 3 on-going activities to meet our objectives.. Supply of Emergency Food Packs Channelling surplus food to other charities and organisations in the area Running of a furniture re-use project All of these projects operate through the valuable contribution made by volunteers with 4120 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.. Supply of Emergency Food Packs, rneeting the needs of those in crisis with food Providing surplus food to other charities, for these charities to meet their charitable purposes through the use of this food Running of a furniture re-use project, meeting needs by providing affordable fumrture and appliances
HOPEWORX TRUSTEE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 d. Volunteers The role of volunteers within Hopeworx is crucial in that the project would not be viable without them. With 4120 hours in this year it has enabled us to achieve our objectives. Volunteers cover all areas from sales desk, cleaning, fumiture 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 yeals 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 (2024= 15.11 / 2023.. 22.600/0. Percentage of the value of special invoices against the total of invoices in month (2024: 40.04 /,' 2023: 52.51 % Sales per working day {2024: £874; 2023.. £1,204} Gross profit as a percentage of total sales excluding donations (2024: 77.14 % , 2023: 69.25 % Volunteer hours as a percentage of staff hour in month (2024: 42.220/0, 2023: 53.60Q/o) Staff and volunteer costs as a percentage of gross profit excluding donations (2024= 65.350/0, 2023: 47.62°/0) New customers in month as percentage of new customers in the same month the previous year (2024." 94.78 %' 2023: 100.14 % )
HOPEWORX TRUSTEE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 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 651 packs feeding 1,860 people for up to a week, whereas last year we provided 530 packs feeding 1,590 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 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 fumiture and electrical appliances are provided to the general public lo 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 reSoUrS 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.
HOPEWORX TRUSTEE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 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= select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgments and accounting estimates that are reasonable and prudent. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. 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: io. Z024 R Fox - Trustee Date
HOPEWORX INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31ST MARCH 2024 I report on the accounts of Hopeworx for the year ended 31 st March 2024 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 l am qualified to undertake the examination by being a qualified member of Association of Accounting Technicians. It is my responsibility to.. Examine the accounts under section 145 of the Charities Act, To follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the Charities Act, and To state whether particular matters have come to my attention. Basis of independent examiner's Ststement 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.. the accounting records were not kept in accordance with section 130 of the Charities Act. or the accounts did not accord with the accounting records., or the accounts did not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair, view which is not a matter considered as part of an independent examination. 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 FMA4T AATQB for and on behalf of: Community360 Winsley's House, High Street, Colchester, Essex Date 0911212024
HOPEWORX STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted Designated 2024 Fund Fund Fund Total 2023 Total Note Incoming resources Incoming resources from generated funds Donations and legacies Charitable activtties Investment income 6,851 266,973 3,942 277.765 6,851 274,378 4,204 285,433 9.595 359,227 1,006 369,828 7,405 262 Total incoming resources 7,405 262 Resources expended Charitable activities Total resources expended 280,286 280.286 7,405 7,405 1.556 289.247 1,556 289,247 323,606 323,606 Net outgoing resources before other recognised gainsllosses {2,520) (1,295> {3,814) 46,221 Profit on sale of assets 2,929 2,929 Net movement in funds 409 (1,295) (886) 46,221 Total funds brought fOard 329,056 15,421 344,477 298,256 Total funds carried forward 17 329,465 14,126 343,591 344,477 The notes on pages 9 to 17 form part of these accounts.
HOPEWORX BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Fixed assets 13 57,701 7,594 Current assets stocks Deblors Cash at bank and in hand 14 15 8,968 3,667 277,626 290.261 11,832 2,575 326,863 341,269 Total current assets cdItOrs. amounts falling due wlthin one year Net current assetsllliabilities) 16 14,372) {4,386) 285,890 336,883 Total assets less current liabilities 343,591 344,477 Total net assets 343,591 344,477 Capital and reserves Unrestricted funds 17 329,465 329,056 Restricted funds Designated funds 14,126 15,421 Total Funds 343,591 344,477 For the year ended 31 March 2024 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 deGlare that they have approved the accounts above. Signed Date izfr, 10 Z.024 RFOX
HOPEWORX NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 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 20191, 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 recognis8d 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. Evidenc8 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 Balan 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.
HOPEWORX NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 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 cosis 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 companws 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 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 notrfication of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Tangible fixed assets and depreciatlon 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 estimat8d useful lives. Depreciation is provided on the following bases.. Short-term leasehold propety Motor vehicles Fixtures and fittings Office Equipment Straight line over the temi of the lease 20 % straight line 25 % straight line 33°/o Straight line 10
HOPEWORX NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 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 Llabilities and provislon 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 anticipales 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.
HOPEWORX NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 3. Incoming from donations and legacies Unrestricted Restricted Designated Funds Funds Funds Total 2024 Total 2023 General donations Gift aid reclaimed CJRS grant income 6,543 308 6,543 308 9,595 6,851 6,851 9,595 2023 9.595 9,595 4. Income from charitable activities Unrestricted Restricted Designated Funds Funds Funds Total 2024 Total 2023 Recycled items sales Grants 266,973 266,973 7,405 274,378 353,677 5,550 359,227 7,405 7,405 266.973 2023 353,677 5,550 359.227 5. Investment income Unrestricted Restricted Designated Funds Funds Funds Total 2024 Total 2023 Local cash 3,942 3,942 262 4,204 4.204 1,006 1,006 262 2023 950 56 1,006 9. Analysis of expenditure by activities Activities Grant undertaken funding of Support directly activities costs 2024 2024 2024 Total funds 2024 Recycled Items 275,793 275,793 1,556 1.556 11.898 11,898 289,247 289,247 12
HOPEWORX NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Grant funding of activities expenditure reSates to designated funds. Unrestricted Restricted Designated Funds Funds Funds 2024 2024 2024 Analysis of direct costs Total 2024 Total 2023 Staff training Wages Rent and rates Insuran Light and heat Motor and travelling expenses Printing, stationery and advertisinc Telephone Computer costs Website costs Legal and professional fees Repairs and maintenance Sundry expenses Purchases & installation fees Staff & volunteer welfare 180 140,611 35,263 3,904 6,207 5,479 180 140,611 38,449 3,904 6,207 5.479 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 3,186 2,658 1,569 1,883 935 3,423 4,308 58,437 2,548 268,388 2,658 1,569 1.883 935 3,423 4,308 62,656 2,548 275,793 4,219 7,405 9 Analysis of expenditure by activlties (continued) Analysis of support costs Total 2024 Total 2023 Depreciation Bank charges Governance costs 8,305 3,092 501 1,662 2,970 417 5,049 11,898 10. Independent examinerfs remuneration The independent examiner's remun8ration amounts to an independent examiner fee of £500 including VAT (2022 - £500). 11. Staff costs Total 2024 Total 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 132,967 4,556 3,088 140,611 119,489 4,149 2,422 126,060 13
HOPEWORX NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 The average number of persons employed by the company during the year was as follows.. 2024 No. 203 No. Management Administration Logistics 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 £31,967 (2022: £28,653). 12. Trustees. remuneration and expenses During the year, no trustees recevied any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no trustee expenses have been incurred (2023- £NIL). 13. Tangible fixed assets Short-term leasehold property Motor vehicles Fixtures and fittings Office Equiprnent Total Cost or valuation At 1 April 2023 Additions Disposals At 31 March 2024 21,444 16,159 56.448 (15.518) 57,089 6,170 1,146 8,448 890 (346) 8,992 52,221 58,484 115,864) 94,841 21.444 7,316 Dapreciation At 1 April 2023 Charge for the year Disposals At 31 March 2024 17.122 912 15.659 5,701 (15.518) 5,842 4,010 1,132 7,836 561 (275) 8,122 44,627 8,306 (15,793) 52,933 18,034 5,142 Net book valu8 At 31 March 2024 3,410 51,248 2,174 870 57,701 At 31 March 2023 4,322 500 2,160 612 7,594 14
HOPEWORX NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Stocks 2024 2023 Finished goods and goods for resale 8,968 11,832 8,968 11,832 15. Debtors 2024 2023 Due within one year Trade debtors Prepayments and accrued income 1,774 1,893 360 2.215 3,667 2.575 16. Creditors: Amounts falling due within one year 2024 2023 Trade creditors Other taxation and social security Accruals and deferred income 499 3,206 667 852 3,117 417 4,372 4.386 17. Statement of funds Balance at 0110412023 Balance at Expenditure Transfers 3110312024 Income Current year Unrestricted funds Designated funds H.E.L.P. funds 15,421 262 (1,556) {1,556) 14,126 Total designated funds 15,421 262 14,126 General funds General funds 329,056 280,694 (280,286) 329.465 Total unrestricted funds 329,056 280,694 (280,286 329.465 Restricted funds Jeanne Marie Gunn Trust Neighbourly- Lidl Fund Neighbourly- Sainsburys EALC - Food Support Total restricted funds 2,000 1,305 500 3,600 (2,000) (1,305} (500) (3,600) (7,405) 7.405 Total funds 344,477 288.361 (289,247) 343,591 15
HOPEWORX NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statemenf of funds (continued) Balance at 0110412022 Income Balance at Expenditure Transfers 3110312023 Prior 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 281,828 364,221 316,994 329,056 Total unrestricted funds 281,828 364,221 (316,994) 329,056 Restricted funds Jeanne Marie Gunn Trust Neighbourly- Lidl Fund EALC - Food Support Total restrlcted funds 1.000 200 4,350 11,000> (200> 14.350> {5.550) 5,550 Total funds 298,255 369,827 {323.606) 344,477 19. Analysis of net assets between funds Unrestricted Restricted Designated funds funds funds 2024 2024 2024 Total funds 2024 Current period Tangible fixed assets Current assets Creditors due within one year 57,701 276,135 {4,372} 329,464 57,701 290,261 {4,372) 343,591 14,126 Totsl 14,126 Prior period Unrestricted Restricted Designated funds funds funds 2023 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year 12,798 325,848 {4,386) 334,260 12,798 341,269 (4,386) 349,682 15,421 Total 15,421 16
HOPEWORX NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 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 £3,088 (2023 - £2,422). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balan sheet date and are included in creditors. 21. Operating lease commitments At 31 March 2024 the company had commitments to make future minimum lease payments under non-cancell8ble operating leases as follows: 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 30,594 110.844 33,292 115,063 141,438 148,354 22. Related party transactions During the year. J Fox, the wife of the Trustee R Fox, received £31,967.43 in remuneration (2023 - £28,653). Charity Commission consent to pay this remuneration has been received. There have been no other related party transactions that require disclosure. 17