Registered number: 08413978 Charity number: 1151778
PROJECT FREEDOM LTD
(A company limited by guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PROJECT FREEDOM LTD
(A company limited by guarantee)
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the charity, its trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Statement of cash flows | 8 |
| Notes to the financial statements | 9 - 17 |
PROJECT FREEDOM LTD
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees
David Calland Gustaf Aolph Du Plessis Margaret Moody Elizabeth Perera
Company registered number
08413978
Charity registered number
1151778
Registered office
21 Chiswell Street, Wigan, WN5 8DW
Accountants
CW Accountants Limited, The Boulevard Centre, 45 Railway Road, Blackburn, Lancashire, BB1 1EZ
Bankers
Barclays Bank PLC, 48B - 50 Lord Street, Liverpool, L2 1TD
Lloyds Bank PLC, PO Box 1000, Andover
Page 1
PROJECT FREEDOM LTD
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report together with the financial statements of the Charity for the year 1 January 2024 to 31 December 2024. 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 2015) as amended by Update Bulletin 1 (effective 1 January 2015).
Since the Charity 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
To advance the Christian faith for the benefit of the public. The relief of the physical and mental sickness of persons in needs, primarily by reason of addiction to substances. To assist in advancing education of persons by developing their mental, physical and moral capabilities.
To promote social inclusion for the public benefit by preventing people from becoming socially excluded, relieving the needs of those people who are socially excluded and assisting them to integrate into society. For the purpose of this clause 'socially excluded' primarily means being excluded from society, or parts of society, as a result of unemployment, financial hardship, youth, substance abuse or dependency, poor educational or skills attainment, or as a result of being a member of a socially or economically deprived community.
b. ACTIVITIES FOR ACHIEVING OBJECTIVES
enter text here
Achievements and performance
a. REVIEW OF ACTIVITIES
As Trustees of Project Freedom, we are pleased to present our annual report reflecting on the past year - one that has brought its fair share of challenges, but also important growth, renewed vision, and meaningful impact.
A Year of Change and Progress
This has been a tough year for many, including the individuals and communities we serve. Amid economic uncertainty and increasing demand for support, we have had to navigate significant financial and operational pressures. Yet, despite the challenges, we are proud of the positive steps we have taken.
A key milestone was the appointment of our new CEO, Omid Ghanbari, whose focus on strengthening our operational systems, strategic vision, and future planning has already begun to bring fresh energy and clarity to our mission. This leadership has helped us lay solid foundations for the future, ensuring that our work remains both effective and sustainable.
Strategic Investment for a Stronger Future
This year also saw us make the important decision to release equity on our property. This was not taken lightly, but it was a necessary step to enable essential maintenance and repairs. More than that, it allowed us to invest in our future plans - ensuring that our spaces remain safe, welcoming, and fit for purpose, both now and in the years to come.
Page 2
PROJECT FREEDOM LTD
(A company limited by guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024
Strengthening Our Team and Community
We continue to build a strong and committed team of Trustees, staff, and volunteers. The growth in unity and shared purpose has been encouraging, and we are deeply grateful to every individual who has contributed their time, expertise, and heart to our cause.
Our charity shop remains a powerful part of our mission - not only by offering realistic, affordable pricing on quality goods, but also by providing a welcoming space for connection, dignity, and hope. It is a privilege to see lives impacted daily through both practical support and human kindness.
Our Mission in Action
At the heart of our work is a commitment to supporting individuals from all walks of life. We believe in early intervention and the prevention of life-controlling issues, including mental health struggles, addiction, and poverty. Through our charity shop, mentoring programs, volunteering opportunities, and support groups, we aim to equip people to live in lasting freedom.
It has been an honour to walk alongside families and individuals this year - to offer not just goods, but genuine support, empowerment, and the opportunity to begin again.
Looking Ahead
We know the road ahead will bring more work and more challenges. But with strong leadership, wise stewardship, and a clear vision, we are confident that Project Freedom will continue to grow in impact and reach. Together, we remain committed to transforming lives and building stronger communities.
Financial review
a. GOING CONCERN
After making appropriate enquiries, the trustees have a reasonable expectation that the Charity 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.
b. RESERVES POLICY
The trustees continue reviewing the adequacy of the charity's reserves. Currently there is sufficient funds coming in through our income streams to enable the charity to continue meeting its stated aims and objectives. However, our reserves policy as a charity is to hold the minimum equivalent of three months running costs, which at this time we do not.
Structure, governance and management
a. CONSTITUTION
The Charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 21/02/2013 .
The Charity is constituted under a Memorandum of Association dated 21/02/2013 and is a registered charity number 1151778.
b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
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PROJECT FREEDOM LTD (A company limited by guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. RISK MANAGEMENT
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
TRUSTEES' RESPONSIBILITIES STATEMENT
The Trustees (who are also directors of Project Freedom Ltd 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:
Page 4
PROJECT FREEDOM LTD
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PROJECT FREEDOM LTD (the 'Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2024.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
Dated:
Courtney Wright BA FCCA
45 Railway Road, The Boulevard Centre, Blackburn, BB1 1EZ
Page 5
PROJECT FREEDOM LTD
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted funds Note 2024 £ INCOME FROM: Donations and legacies 2 65,395 TOTAL INCOME 65,395 EXPENDITURE ON: Charitable activities 3 67,125 TOTAL EXPENDITURE 67,125 NET EXPENDITURE BEFORE INVESTMENT GAINS (1,730) Net gains on investments 96,554 NET INCOME / (EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES 94,824 NET MOVEMENT IN FUNDS 94,824 RECONCILIATION OF FUNDS: Total funds brought forward 33,799 TOTAL FUNDS CARRIED FORWARD 128,623 |
Total funds 2024 £ 65,395 65,395 67,125 67,125 (1,730) 96,554 94,824 94,824 33,799 128,623 |
Total funds 2023 £ 49,853 49,853 54,257 54,257 (4,404) - (4,404) (4,404) 38,203 33,799 |
|---|---|---|
The notes on pages 9 to 17 form part of these financial statements.
Page 6
PROJECT FREEDOM LTD (A company limited by guarantee) REGISTERED NUMBER: 08413978
BALANCE SHEET AS AT 31 DECEMBER 2024
| Note FIXED ASSETS Tangible assets 6 CURRENT ASSETS Cash at bank and in hand CREDITORS:amounts falling due within one year 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS:amounts falling due after more than one year 8 NET ASSETS CHARITY FUNDS Unrestricted funds 9 TOTAL FUNDS |
£ 41,691 (4,063) |
2024 £ 134,403 37,628 172,031 (43,408) 128,623 128,623 128,623 |
£ 2,694 - |
2023 £ 31,105 2,694 |
|---|---|---|---|---|
| 33,799 - |
||||
| 33,799 | ||||
| 33,799 | ||||
| 33,799 |
The Charity's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The Trustees consider that the Charity is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the Charity to obtain an audit for the year in question in accordance with section 476 of the Act.
The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees on signed on their behalf, by:
and
The notes on pages 9 to 17 form part of these financial statements.
Page 7
PROJECT FREEDOM LTD
(A company limited by guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Cash flows from operating activities Net cash provided by/(used in) operating activities 11 Cash flows from investing activities: Purchase of tangible fixed assets Net cash used in investing activities Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward 12 |
2024 £ 47,147 (8,150) (8,150) 38,997 2,694 41,691 |
2023 £ (3,324) (787) (787) (4,111) 6,805 2,694 |
|---|---|---|
The notes on pages 9 to 17 form part of these financial statements.
Page 8
(A company limited by guarantee)
PROJECT FREEDOM LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Project Freedom Ltd 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.
1.2 Reconciliation with previous Generally Accepted Accounting Practice
In preparing these accounts, the Trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required.
No restatements were required.
1.3 Company status
The Charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £- per member of the Charity.
Page 9
(A company limited by guarantee)
PROJECT FREEDOM LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES (continued)
1.4 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
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.
Donated services or facilities are recognised when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third 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.
Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the Charity's operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.
Page 10
(A company limited by guarantee)
PROJECT FREEDOM LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES (continued)
1.6 Tangible fixed assets and depreciation
All assets costing more than £1,000 are capitalised.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.
Tangible fixed assets are carried at costor valuation , net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the costor valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
- Freehold property 25 years straight line basis Motor vehicles - 20% straight line basis - Computer equipment 20% straight line basis
1.7 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.
1.8 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.
1.9 Liabilities and provisions
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 Charity 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 within interest payable and similar charges.
1.10 Financial instruments
The Charity 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.
Page 11
PROJECT FREEDOM LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES (continued)
1.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
2. INCOME FROM DONATIONS AND LEGACIES
| Unrestricted funds 2024 £ Donations 606 Grants/ Shop Income 61,908 Similar incoming resources 2,881 Total donations and legacies 65,395 Total 2023 49,853 EXPENDITURE OF CHARITABLE ACTIVITIES Transport and driver Shop costs Premises Admin costs Volunteer costs Contractor costs Phone, Internet and postage Insurance Motor costs General expenses Repairs and maintenance Depreciation Governance costs Staffing costs Total |
Unrestricted funds 2024 £ Donations 606 Grants/ Shop Income 61,908 Similar incoming resources 2,881 Total donations and legacies 65,395 Total 2023 49,853 EXPENDITURE OF CHARITABLE ACTIVITIES Transport and driver Shop costs Premises Admin costs Volunteer costs Contractor costs Phone, Internet and postage Insurance Motor costs General expenses Repairs and maintenance Depreciation Governance costs Staffing costs Total |
Unrestricted funds 2024 £ Donations 606 Grants/ Shop Income 61,908 Similar incoming resources 2,881 Total donations and legacies 65,395 Total 2023 49,853 EXPENDITURE OF CHARITABLE ACTIVITIES Transport and driver Shop costs Premises Admin costs Volunteer costs Contractor costs Phone, Internet and postage Insurance Motor costs General expenses Repairs and maintenance Depreciation Governance costs Staffing costs Total |
Total funds 2024 £ 606 61,908 2,881 65,395 49,853 2024 £ 9,414 846 12,783 184 2,176 6,746 824 3,747 2,649 1,841 794 1,406 305 23,410 67,125 |
Total funds 2023 £ 1,018 44,285 4,550 |
|
|---|---|---|---|---|---|
| 49,853 | |||||
| 2023 £ 7,083 545 13,148 206 1,447 24,000 496 2,226 1,045 334 2,197 1,080 450 - |
|||||
| 54,257 |
Page 12
PROJECT FREEDOM LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. GOVERNANCE COSTS
| GOVERNANCE COSTS | |||
|---|---|---|---|
| Unrestricted | Total | Total | |
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Governance accountancy costs | 305 | 305 | 450 |
4. AUDITORS' REMUNERATION
The Independent Examiner's remuneration amounts to an Independent Examination fee of £ 385 (2023 - £ 450). - -
Page 13
(A company limited by guarantee)
PROJECT FREEDOM LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. STAFF COSTS
Staff costs were as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 23,410 | - |
The average number of persons employed by the Charity during the year was as follows:
| 2024 | 2023 |
|---|---|
| No. | No. |
| 1 | - |
No employee received remuneration amounting to more than £60,000 in either year.
6. TANGIBLE FIXED ASSETS
| Cost or valuation At 1 January 2024 Additions Revaluation surplus/(deficit) At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 |
Freehold property £ 54,928 8,150 96,554 159,632 23,823 1,406 25,229 134,403 31,105 |
Motor vehicles £ 67,580 - - 67,580 67,580 - 67,580 - - |
Computer equipment £ 1,236 - - 1,236 1,236 - 1,236 - - |
Total £ 123,744 8,150 96,554 |
|---|---|---|---|---|
| 228,448 | ||||
| 92,639 1,406 |
||||
| 94,045 | ||||
| 134,403 | ||||
| 31,105 |
7. CREDITORS: Amounts falling due within one year
| Bank loans and overdrafts Accruals and deferred income |
2024 £ 3,613 450 4,063 |
2023 £ - - |
|---|---|---|
| - |
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PROJECT FREEDOM LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. CREDITORS: Amounts falling due after more than one year
| 2024 £ Bank loans 43,408 Creditors include amounts not wholly repayable within 5 years as follows: 2024 £ Repayable by instalments 43,408 |
2023 £ - |
|---|---|
| 2023 £ - |
9. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| Balance at 1 January 2024 £ Unrestricted funds General Funds - all funds 33,799 STATEMENT OF FUNDS - PRIOR YEAR Balance at 1 January 2023 £ General funds General Funds - all funds 38,203 |
Income Expenditure £ £ 65,395 (67,125) Income Expenditure £ £ 49,853 (54,257) |
Gains/ (Losses) £ 96,554 Gains/ (Losses) £ - |
Balance at 31 December 2024 £ 128,623 |
|---|---|---|---|
| Balance at 31 December 2023 £ 33,799 |
Page 15
PROJECT FREEDOM LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
SUMMARY OF FUNDS - CURRENT YEAR
| Balance at 1 January 2024 £ General funds 33,799 SUMMARY OF FUNDS - PRIOR YEAR General funds |
Income Expenditure £ £ 65,395 (67,125) Balance at 1 January 2023 Income £ £ 38,203 49,853 |
Gains/ (Losses) £ 96,554 Expenditure £ (54,257) |
Balance at 31 December 2024 £ 128,623 Balance at 31 December 2023 £ 33,799 |
|---|---|---|---|
10. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Unrestricted funds 2024 £ Tangible fixed assets 134,403 Current assets 41,691 Creditors due within one year (4,063) Creditors due in more than one year (43,408) 128,623 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unrestricted funds 2023 £ Tangible fixed assets 31,105 Current assets 2,694 33,799 |
Total funds 2024 £ 134,403 41,691 (4,063) (43,408) 128,623 Total funds 2023 £ 31,105 2,694 33,799 |
|---|---|
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PROJECT FREEDOM LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income/(expenditure) for the year (as per Statement of Financial Activities) Adjustment for: Depreciation charges Gains on investments Decrease in debtors Net cash provided by/(used in) operating activities ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand Total |
2024 £ 94,824 1,406 (96,554) 47,471 47,147 2024 £ 41,691 41,691 |
2023 £ (4,404) 1,080 - - (3,324) 2023 £ 2,694 2,694 |
|---|---|---|
12. ANALYSIS OF CASH AND CASH EQUIVALENTS
13. RELATED PARTY TRANSACTIONS
There have been no related party transactions throughout the financial year.
Page 17