Charlty r•glslratlon nunknr 1156428 THE ISAIAH PROJECT ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE ISAIAH PROJECT LEGALAND ADMINISTRATIVE INFORMATION Tru8t••8 C Cooper H Copplng O Aroyehun S Dallay Charfty numb•r 1156428 Prlnclpal addr••s Femdale Road Soulhend On Saa Essax England SS2 4DS Ind•p•nd•nt •xamln•r Az8l8 7 - 8 Brltannla Buslne86 Park Comel Way Soulhond-On-S88 Essex United Klngdom SS2 6GE
THE ISAIAH PROJECT CONTENTS Pago Tru8lees' rnport Independent ex8mlnerf6 report Statement of Iknanclal acUvllle8 Balance sheet Statemenl of cash flowg Noles to Ihe flnanclal 8tatements 8-18
THE ISAIAH PROJECT TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Th8 trustees present th8lr rgport and finandal statemanls for the year ended 31 Marth 2024. Th8 flnanclal statements have been prepared In acrAJrdanc6 wllh th8 aecounllng pollcles Sel out In note 1 to the flnanclal slalemenls and comply wllh Ihe chadly's Igovemlng documenlj, the Charili8s Act 2011 and 'Accounling and Reportlng by Char1116s'. Slalemènl of Recommended Practice appllcaNe to Gharllies preparing their accounls In accordance wllh the Flnandal Rèporting Standard appllcable In Ihe UK and Republlc of Ireland (FRS 102). (effective 1 January 2019). ObJo¢tlve8 and oCtlvltle8 The prlnclple obkcllveslacilvitles of the charlly are.. To relleve poverly In the Soulhendaonwsaa area by provldlng good quallly houslng and provldlng a continued support SèNiC8 for them.. To promote social Inclusion for the publlc benefit by preventlng people from becomlng soclally excluded, relieving the needs of those people who are socially excluded and 8sslstlng Ih8m lo inlégrale Inlo soclely, In partlcular 6nabllng them lo gairl Ihe life and 8oclal 8kllls necessary lo oblaln and malntaln independence In Ihe C£>mmunily by way of educallon, Irainlng and support. The rellef ol un8mploymenl for the banefil of the public in the Soulhend-on Se8 area In suth w8y8 as may be Ihoughl nl, Includlng assistance to find employmenl. The Iruslees have pald due regard lo guldance Issued by th8 Ch8rlty Commisslon in decldlng what acllvllbs Iha charily should undertake. The trustees 8re aware of Iheir duty uftdar S.17 of th8 Ch8rftles Act 2011 lo have due r&g8rd lo th6 Publlc Benefll Guidan¢8 publi6hed by the Charfly Commlssion. As such, th8 Trusl8es onsure that the aclivlli68 of the Charity ar8 for publlc benefit.
THE ISAIAH PROJECT TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevernenlg and perfornianca The Isalah PrO1t alms to help Ihose who find themselves unable to MO Ih8lr Ilfe forward wIthC hèlp and are wllllng to work wllh thè alms of the tle¢t, Rèlallonshlps are built by means ol a befrlender and penal support Is wovided with th6 Int6ntlon of enabling to take p08111ve steps in life. Thos6 SUPPOrted by the proleci come with varying n88ds. but all want to change Iha clrcumstances in vthich Ihey Itnd Ihamselvès. In March 24, the Isaiah Prolecl housed 119 residents, Indudlng 55 chlldrén In $4 propertles across Swlhchurch, Weslcllff, Southend and Shoebury. The Isalah Project rents 51 of thase propertles and owns 3 (2 of wthlch are through a LlmlteLI Company Isalah Project Llmited). embers of the Project attend 'Op8n House, coffee morning on a Tuesday or Wednesday for a 'calch up, and lo conllnue lo bulld positive r81alion8hlp8 wlth olhers on the prolecl and the befrienders. The befrlèndér8 ar8 avallable to deal wllh any problems that hAv6 arlsen, 8nd can help Ihe re$ldanls make appolnlmenls, go through fomis etc. We aro pl88sed lo meet new peopEe al th8se sesslons neadlng help or the opportunlty to talk In C4)nfKlerK8. Th8s8 ar8 Ilm6s wh&n rel8tlon8hlp8 ar6 built vthich 80metim88188d lo houslng, Ourlng half lems and holldays, the Wednesday sèsslons focus on famlty actlvlllés and days out In the local aréa. These are almed ai givlng ChIldr opportunltl88 they may not otheIse have, as well as creatlng a supportlva envlronment for thè 8dull8. The Project M8nager18 8UPPOrted by 4 part tlmè offic8 Staff, 8 full.Ilm8 Ilnanca offle8r and finance as8lstanL The befrfending team h88 11 part Ilme befriendern. bolh pal(l and volunteer8. The b&frfendlng team have made long lerm relationships wllh our Project members, and much of IheSr Ilme Is spent v18111ng and Supportlng ttwm In thalr homes. The Project also employE three part Ilme van staft - Ihey are supported by 2 voluntéers to collecl and deliver furnltufe In the Community. 6 of our resldenls, volunteer for us In the shop8 and 3 f88id8nts h8ve pald poslllons In thé 8hopelon the van. Our team of 16+ vclunteers help In our 5 shops and Ihe Project emOYS 3 fijll tSme £nd 4 part Ilme slaff In the sh¢)ps. Our fumlture shops are used as part of Ihe Ess8nll81 Llvlng Fund scheme wh8re Iha Councll allocat88 certaln monles for baslc furnllure redeemable [h ug. To sell electrlcal goods, every118m has lo be PAT tested and v48 have 3 voluntéèrs and 3 pald staff who have undert8k6n and pa88ed Iralnlng. The Proleci offer8 the (y)mmunlty 8 house dearance Servlce where the Ilems can than be sold In our 8hop8, Some Indlvlduals have ¢ommlited to makln9 a monthly donallon loward8 staff wage8. The Isalah Prolect conllnuès lo be a ,mp8sSIon, based mln18lry reaching thosa In Iha communlty Vh often feel alone or unable to move out ol thelr drcumstanc8s wlthoul help. The team responslbl8 for Ihe Project Is commilted to be flexlble lo 'hear' Ihe need¥ of Ihose we com8 Into Gontscl with and to demonstrate the love of Gcrfj in the area In whlch we are based. Flnanclal révlew Incom6 and expendlture shovm in Ihese accounts reprèsenls April 2023 to March 2024. The total income w88 £1,285.459 and total éxp8ndllur8 was £1,199,549 léaving a surplus of £85,910 for Ihè year, 11 58 the policy of the thariiy that unrestsicled fund8 whlch have nol been deslgnaled for a speciftG use should be maintslned al 8 level equlvalent to approximalely three month'8 expendltur8. The Trustees consld8r Ih81 reserves al this level wlll ensure that, In thè év8nl of a slgnificant drop Sn fundlng, they wlll be able lo conllnue thg tharitys ¢urr8nt acllvllles vA)Ile wnslderatlon Is gen to Wa In whlch addltlonal funds may be ralsed. Tha Trustees have a duly to Idenllfy ri$ks and review the rlsks lo vthich the charlty13 exposed and to ensure approprf8te controls are In rAace to provlde r6830nable 8s$ur8nce 8g81nst fraud and error. In the ¢oming year The18alah Project alms lo conllnue to fulfil its objecllves. In doing so Ih6re I11 be a contlnu8d need to seek to dlverslfy Ihe fundlng streams that enable The Prolect lo providè lh8 servlce It does. Expanslon has meant that addili¢Jnal befdenders have b86n recrulted and trained 8s more resldenls ar8 accommodated. along wlth addlllonal offlce and Shop 8laff.
THE ISAIAH PROJECT TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structuroi governancè and management The Isalah Project Is a ¢harflable Incorpor818d organis8llon (CIO) gov6med by the fndatIon mod81 conslilulton. The charity W88 regIsled wlth the Chartty CommissFon on 28th M8rch 2014 and Commnced aclNities on 181 January 2015. Prlor to thls date, The Isaiah Project has b66n operating for $8ver81 y88rs as part of Soulhend Chdsuan Féllowshlp, a oooperalin9 charlty. In January 2023 w6 moved our principle office lo The Isal8h Project, Ferndale Road, Soulhend on Sea, Ess6x, SS2 4DS. The charlty Is registered wlth Ihe Charlty Commlssion In England and Wales and 118 registrallon numb6r Is 1156428. Tho trusleès who seryed durlng th8 y88r and up to the date of Slgnalure of Ihe financl81 statemenls were: C Cooper H Copplng P Roblnson O Aroyehun S Dalley (Reslgned 1 Aprll 20231 The charily Is managed by 8 board of four Iruslees $6bcled because Ihey 8lrongly end¢)rse the ¢h8rilable oblecllves of the organisatlon and support ils Chrlstlan ethos. When 86lectlng Irustees, th6 ch8rlly aims lo en8ure Ihere 18 8 broad r8nge of relevant skills. Trustee$ are 8ppoinled after inleNiaws with exlslSng Irusl8es and fom181 vlsils lo the org8nisalion, lo ensure Ihal they under818nd our vlslon and value8. Truslees 8r8 subJ8ct lo Disdosvre and Barrfng Service checks where applicable. Any potenual Trustee 18 made aware of tho legal oblloatlons under Charity law. Thè Trust aotlvely endorses Iralnlng at all levels of th8 chartty. New Iruslees p8rt1clpal& In an indudion process whlch Includes becomlng f8mlllar wllh all the Trust's prolecls- rgceivlng relevant In(omalion regarding h8allh and safely and personal safely,. 8 copy of the CIO'S conslltulion 8nd rol8-r6lated knowledge where appllcable. Nèw trustees a also glvèn ¢oples of relevant Charity Commlsslon Iller8lurè, such as "CC3 The Ess6ntlal Trus166' and "Guidance for Charily Trustees.. Trustees are encouraged lo undértake development Iralning wher6 appropriate. The Isalah Project recognls8s the ne6d to provlde a safe 8nd Qaring envlronmenl for chlldr6n. young people and vulnerable adults. We acknowledge that children, young people and vulnerable adulls can be the victims of physlcal, sexual and emotional abus8, and neglect. Therefor6. all p81d and voluntary staff working wllh vulnerabl8 adults undertake regular Sn-house safeguardlng Iralning and are 0Ssclosure and 88rrlng SeNlce checked. Where more in-depth training is Idenlified as being required this will b8 sought from CCPAS (The Churthes, Chlld Protection Advisory Service). The Isaiah Prolecl will also ensure that chlldren and vulnerable adults are providèd th Informallon on whèrè lo g81 help and 8dvieE in relation lo abus8, dlscrlmlnallon, bullylng or any other maller where they have a concem. The Isalah Prolecl Saf8guardlng Pollcylg implemenl&d by Hazel Copplng (Safaguardlng Coordlnalor), Geraldine Viok8rs (Deputy Saleguardlng Coordlnalorl & Tracy Makepeaca. The Trustees. report was approved by th8 Board of Trustees. Trusteè Dated.. ..21-,.Q...1.-25
THE ISAIAH PROJECT INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ISAIAH PROJECT Wè r6Ffv)rt to the truste6s on my ex8mlnatSon of the finandal 8talements of The Isalah Project (th8 charlty) for the yeAr ended 31 March 2024. Rèsponslbllltles and bas18 of report A8 th8 trustees of th8 ch8rity you are responslble for the propar8llon of Ihe financial slatements in accordarKe with the requlremenls of the Charities Act 2011 (th8 2011 Act). We report In resp6ct of my ex8mln8llon of the charlws fin8ndal stslomenls carried out undèr sectton 145 of the 2011 Act. In carylng out my ex8mln811on we havè followed all th8 appllcable DIrlIonS glvan by the Charity Commlsslon under Sècllon 145151(b) of th8 2011 Act, Independent èxamlnef8 8tstemenl Slnce tho charlws gross incom6 exceeded £250,000 your examlner must be a member of a bc*Jy listad In séctlon 145 of Ihe 2011 Aci. We confirm Ihal we are qu811fl8d to und8rtak8 the examlnatlon béc8U88 we are a mamber of , vthlch Is on8 of the Ilsted bodles, Your attenll¢)n Ss drawn lo the fact Ihal the charlty ha8 prepared llnanclal stalements In accordance th Accounllng and Retthlng by Charlllés Pfeparlng thelr accounts In accordanc8 wllh the Financlal Repor1ing Standard appllcable In th8 UK 8nd Republic of Ir8land IFRS 1021 In preference lo thé Accounllng and R6portlng by Charlll8s: Statement of Recommended Practica Issued on 1 April 2005 whlch Is refwred lo In the extant regulatlons bul has now beèn wlthdTavm. We under8tsnd that Ihls has b8en done In order for flnandal 8talém8nls to provkl8 a tru8 arKI falr vlew In accord8nce wlth Generally Acceptéd Accounllng Practlce effecllve for reportlng rIodS beginnlrvJ on or after 1 January 2015, I have completed my examlnallon. I confirm th81 no matters havè come to my 8118nllon In Connectbn wlth the examlnallon glvlng me caus8 lo believe th81 In any malerlal resp8cI: accounllng rec(Kds were rKJt kept In respect of the charity as requlred by 880t1 130 of th8 2011 Act,. or the ffinanclal stalèmenls do not accord wllh those records,. or the financial slalements do not comply with Ihe applicable requirements ¢onGemlng the form 8nd con18nl of aeLounls sel oul In the Charlllo8 (Accounts and Reports) Regulallon8 2008 other Ih8n any rèqulremenl that the acKounls glve 8 true and falr vléw whleh Is not a matter consldered 88 p8rt of an independent 8xamlnallon. W8 have no conc8ms arKI have come across no other m8lt8rg In connectlon wlth thé ex8mlnatlon to whlch 8tt8ntion sh Idbed n In thls repgrt in order lo ènable a proper understandlng of the fln8nclal 818tements lo be reached. Azot8 7 - 8 Brilannla Business Parf Comel Way SoulhendQn-Sea Essex SS2 6GE Unllad Kingdom
THE ISAIAH PROJECT STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Restrl¢ted funds funds 2024 2024 Total Unrestrf¢ted Restiicled (unds funds 2023 2023 Total 2024 2023 Notos Income fr Donations and legacies Charltsble acllvlllès Other trading actlvltles 6,908 872.513 346,261 6.908 911,043 346,261 1,706 754,617 311,019 1,706 784.617 311,019 38,530 30,000 Total In¢om 1.225,682 38.530 1.264,212 1,(7.342 30,(N)0 1,097,342 ur R81slng funds 287,580 287,580 226.643 226,643 Charliable 8divities 873,439 38,530 911,989 745,985 47,498 793.483 Total rn80urce8 oxpendod 1,161.019 38,530 1,199.549 972,628 47.498 1.020.126 N81 gain81llosse81 on Investment3 11 21,247 21,247 Net In¢ome for t yearl Not movomenl In fund8 85,910 85,910 94,714 {17,4981 77,216 Fund b81anoes at l Aprll 2023 458,336 463,720 363,622 22,882 386,504 Fund balances al 31 March 2024 544,248 5,384 549,630 458.336 5,384 463,720 The slalement of financlal aclivitles includes 811 galns and lossès recognised In the year. All Income and experKlilure d6rlv8 from contSnulng acllvllles.
THE ISAIAH PROJECT BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Not•8 Flx¢d assets Tanglblé 8s80t8 13 142,171 121,856 Currgnt ass•t• D4btorB Cash albank and In hand 14 133,307 308,010 103,066 263,410 441,317 366,476 Credbtora: amount8 falllng du• wSthln on• y•ar 15 {33,858) (24,612) Net currerbt as88t8 407.459 341.864 Tot•1 a•8•t•1o8• curr•nt Il•bllltl 549,630 463.720 Ineomo funds R8strlctad fund8 5,384 De8lgnat8d fund8 Gener81 unr8strSct6d fund8 340,221 204,025 348,036 110,300 644.248 456,336 549,630 483,720 The finandal slatemants were approved by the Tru81ees on *.-..o..I,:zs Tru810•
THE ISAIAH PROJECT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AqARCH 2024 2024 2023 Cash flow8 from operatlng aCtitI•l Cash genoRled from operallons 19 46.295 85,726 Invesllng actlvltl•s Purcha88 0118nglble fixed 888et8 {367) Not cash u8•d In Inv•8llng a¢tlvltl•• 1367) N•t ca8h u8•d In flnanclng acllvlti N•1 Incr•a•• In ¢••h and ca•h •qulval•nt8 45.295 85,359 C88h and ca8h equiveknts at beglnnlng of yoar 283,410 178,051 Ca•h and c••h •qulval•nts at •nd of year 308,010 263,410
THE ISAIAH PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢untIng policie8 Charlty Infonnatlon The Isalah Project is a charita8 Incorporated organi8ation (CIO) govemed by tha foundallon mod81 constilullon. Tho charity wa8 registered wllh Ihe Charity Commlsslon on 281h March 2014 8rvJ o)mmenced adivilies on 1st January 2015. Prior lo Ihls dai8, Thè Isal8h Project ha8 been operating for several year8 as part of Southend Chrlsljan Fellowshlp, a coop8ratlng ch8rfty. 1.1 Aceountlng ¢onventlon Thè ffinanclal slatemgnts havg beon prepar8d In 8ccordance wlth the charltys tgovernlng documènll, th8 Ch8ritles Acl 2011, FRS 102 "Th8 Flnancial Reportlng Slar)dard applicable in the UK and Republic of Ireland" ("FRS 102'18nd the Chariti88 SORP 'A¢counliw and Reportlng by Charlll8s: Statement of Recommended PraGtSce applicable lo charili85 preparing Ihelr a¢¢ounls In accordancé wlth the Financial Reporting Slandard appllcable in Ihe UK and Republlc of Iréland (FRS 1021. leffectiV8 1 J8nuary 2019). The charlty Is a Public 8enafil Enuty as defined by FRS 102. The finandal stslements have departed from the Charfllas (Accounls 8nd Report$) Regulallons 2008 only lo Ihe exlenl r6qulred to provldè a truè and f81r ew. Thls departLtre has Involved fcllowlng the Statement of Racomménd6d Practlce for charftles applylng FRS 102 rather than th6 versl¢)n of the Stalement of Recomméndad Pracllce whlch Is refèrred to In the Regul8llons but vthlch h8s slncé b88n wllhdrawn. Th6 financial statements 8re prepared In stedlng, which18 the funclSon81 ¢urrency of Ihe charfly. Monatary amounts In these fin8ndal Statements are rounded lo the n&are81 £. The financ181 stslem8nts have been prepar8d under tho hlstorical cost conventlm, [m(hJlfled lo Indude Ihe revaluatlon of fréehold propertlas and to Include Investmenl prop8rt18s and certaln flnanc181 Snslrum6nls at falr valuel. The prlndpal accounts'ng pollcles adopted are 861 wl b81ow. 1,2 Golng con¢em At Ihe tlme of approving the flnanclal st81ements, the twslees have a r8asonabl8 8XP8Ct8llon that the charity hès adaquale resources lo contlnue In oper81ional ex]sl8nce for Ihe loreseeable future. Thus Ihe Irust886 continue to adop( Ihè golrKJ concem ba$ls of accounllng In preparfng the financlal statements. 1.3 Charltable funds Unr88tricted fund8 are av8llabla for u86 at th8 dlscr8tton of the tru818e8 In furtherance of Ihelr ¢harlt8 obleGtive¥ unles8 Ihe funds have been daslgn6d for olh6r purpose8. D981gnaled funds comprlse lunds whlch have been set aside al the discretion of the Trustees for 8peclfic purposès. The purpose8 and uses of the designaled funds are sel out In Ihe noles to the flnanclal 8tat8m8nl8. Reslric18d funds are sublect to speclfic ndItIOnS ty don$ as to how they may be u8ed. The purposes and uses of the restriGted funds are 501 oul in Ihe notes lo the financial 81atem8nts. Endowment funds are subl6cl lo speclfic condlllons by donors that the capital must be malntslned by tho charity. 1.4 Income Income Is recognlsed when the charlty is legally enlltled lo tt after any perfonnance o)ndition8 have been mel, the amounts ¢an be measured ffjllably, and It Is probable that Incom6 viill be reGei¥ed. Cash donatlon8 aré r6eognlsed on recelpt. other donallons are recognlsed once Ihe ¢harfty h88 beon notlfled of Ihe donatlon, unl869 p&rformance condltlons requlre deferral of tha amount. Income tax recoverable in rel81ion to donatlons recelved under Gift Ald or deèds of covenanl18 recognlséd at th8 Ilme of Ihe donatlon.
THE ISAIAH PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting poll¢les (Continuad Turnov8r18 m88sured St the falr value of conslderation recelved or recelvable 8nd represents amounts recelvable for goods and servi8 pmNided In the norm81 Course of bugln8ss. nèl ofd18counts, VAT 8NJ other sale8 related taxes. 1.5 Eypondlturo Tradin9 cos18 comprfsè 811 axpendlture IneJJff6d In th8 operallon of charlty shops whl¢h ra18e Income for the tharlty as well as an awar8ne8s of its work. ExpendltLira on tharltable adlv6118s IrKlude8 all exp6ndliur8 directly related io the provIsn of the maln 8cU¥llle8 of the charlty. Costs that are related to the running of the charlty bul not dlrectly 8ttrlbulable to a charltablo actlvlty ar8 811ocated between a¢livltse8 and trading costs on an approprlale ba81s. 1.6 Tanglbla Ilxed a880ts Tanglble fixèd as8et8 are Inhl8lly m88sur8d at Cost and 8ubs8qu8nlly measured al cost or valu8tlon. nel of depreclatlon and any Impalrment108S88. D8preciallon18 recognl$8d 60 as lo wrllé off the Cost or valu8llon of 8888ts lass Ihelr r681dual valu88 over thelr U8elul1Sv88 on the follon9 ba80S'. FreeId land 8nd bulldlngs Flxlur88, fittings & egulpment Computers Motor vehlcles 2% C cost 25% on C4)sl 25% on cost 25% on cost The g8ln or Jo88 arl8lng on the d18PO881 of an assel 18 detemilned as tho dlfference between the Sale proce8d8 8nd the carrylng value of th8 88séI, and Is recognlsed in th6 sl8tem6nl ol finandal a¢llvStSes. 1.7 Impalrm•nt of fox a••el• At each reportlng end dale, Ihe charlty reewS the carrylng amounts of Its langlble assets to del8rmln8 whether there Is any IndleAllon thal those assets have suffered an Impalrmenl 108s. If any Suth Indlcatlon exists. the recoverable amount of th8 asset Is estimaied In order to determlne Ihe oxlonl of thg Impalmanl 108s (If any). Int8nglt4e assets wlth Indeflnllè useful Ilves and Intanglble assets not yel 8vallable lor use are tested for Imp8lmient annually, and vthenever thére Is an Indlc4tlon that the asset may be Impalred. 1.8 Cash and cash •qulvalen16 Cash and eash equlvalents Indudé cash In h8nd, deposlts héld 81 call with banks, olhw 8hort-tém Ilquld Irweslmenls th cfflglnal malurities of three months or léss, and bank overdraft8. Bank overdrafts are shown thln borroNlnos In Jrrent Ilablllties.
THE ISAIAH PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Aceountlng poll¢lès (Cohtlnu•d} 1.9 Flnanclal In8truments The ch8rlly has elected to apply Ihe provlslons of S8Ctlon 11 'Basic Financlal Instruments. 8nd Section 12 'Olher Fln8nclal In8trumenls Issues, of FRS 102 to all of Ils financSal Inslwments. FlnanGial Inslrumenl8 are rg¢ognlsed In the charltys balancé Sheet when Ihe charity becomes pariy to the conlraclual provlsions of the Instsment. Financlal assets and liabili118s are offsel, wilh Ihe net amounts presented In thè finandal $18temenls, vthen there is a lagally enforceable right to sel off lh8 r8cognlsed amounts and there Is an Inlenlion lo sellle on a ng1 basls or lo realise the 8ssel and settle the liability simu118neously. Baslc Ilnancifjl asse(8 Baslc financlal assets. thlch Include d8btfX8 and cash and bank balance8, are Inllially measured at transactlon prlce Indudlng Iran8aclbon costs and are subsequently ¢anled 81 amortlsed cost using the effecllvo Interest m81hod unle88 the arrangemenl conslltules 8 flnanclng Iransaclion, where the transactlon Is measured al the presenl value of Ihe luture re¢elpts discounted al a marf(el ralo of Interest. Flnan¢lal assets classified a8 receivable wllhln one year are nol amortisad. 8aslc flnanelal Ilabllhles Basic financlal118biiiiles, Includlng creditors and bank loans are Inlltally recth3nls8d at Irans8cllon prlc8 unless the arrangement conslllutes a financing transaction, where the debt Instrument 1$ m888ured al th6 presenl valu8 of the future payments dSscounled al 8 market rate of Sntere81. Fln8ncl811I8bllllle8 dasSifd as payable Ihln year 8re Dot amortls8d. Debl Instruments are subs8quenlly Carrlad at 8mortl8ed cost, U8lng the effecllve Inleresl rale melhoj. Trade credllor8 8re obligallons lo pay for goods or servloe$ that have been acquSr8d in th8 ordinary course of operations from suppliers. Amounls payable are cla8sifi8d as currenl158bili1185 il paymenl is due within one ye8r or less. If not, they are presented as non-¢urrÉnt IlabS1itles. Trade edItOrS are r8cognised inilially 81 tr8ns8clion prlce and yubsequenlly rneasured al amorilsed cost uslng Ihe effecllv8 interest meth&4. Derecognltlon of Ilnanclal Ilabllltlos Flnanclal IlabllllS8s arè d8r8cognised then ihe charily's conlraclual oblig81ions expire or are di8charged or Cancelled, 1.10 Employee beneflts The cost of any unused hollday enlillemenl Is recognlsad In the period In which the employee's services are received. T•milnalion benefits are recognlsed Immediately as an expense wh8n the charily Is demonslrably commltted lo temilnale Ihe employment of an employee or lo provide leminallon benefits. 1.11 Rellrement benofft8 Payments lo dellned conlribullon r&Uremenl b8n8fil schemes are charged as an expense 88 they fall due. 10-
THE ISAIAH PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Crftl¢al aGcountlng tImat•• and Judg•mants In th8 appllcallon of th8 ¢h8rlW8 accountlng pollcSe$. the tr$1085 are roqulred to make ludaement8. aslknat88 and assumptlons aboul Ihe carrylng amount of assets 8nd Ilabllllles thal aré not readlly apparent Irom olher 80urces. The estlmates and associated 8S8umpikni8 are based on hlstorfcal experl6n¢8 and other factors that are consld•red io bo r8levant. A¢iual results may dlffer from these esllm8t68. The e8tirnate8 underlylng assumptlons are reaWad on an ongolng ba818. Re310n8 to aceountlng e8tlmales are recogn18ed In the p8rfod In whlch thé 88tlm8te 55 revi8ed where the revlslon affects onty that porlod, or In tho p•rbd of the ievlslon and future parl¢>l8 where the reVIon affec18 both Current 8nd future perlods. 0on8llon8 and l¢ga¢l•8 Unr••trlct•d Unre8trl¢ied fund• funds 2024 2023 2023 Donallons and glft8 1,708 1,708 11
THE ISAIAH PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other tradlng actlvltl•$ Unre8trlctod Unrnstrlctsd fund• fvnd8 2024 2023 Shop Income 346.261 311.019 Ralslng funds Unr•8trlctsd Unr•8trlct•d funds funds 2024 2023 0ratIng chorlly shops Support costs 73,575 214,005 50.192 176.451 Tradlng co818 287,580 228,643 287.680 226,643 13-
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THE ISAIAH PRQJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 support eosls Support Governance Costs co•t8 2024 Support Goveman costs 2023 Staff cosis Dopracralion Insurance ACuntancY Bank Charges Computer Costs Motor Postage, Prfnllng a Stsllonery Tel•phon8S Olh8r Rant 357,098 1,627 6.261 6,060 3,050 1,604 357,098 1,627 6,281 6,060 3,050 1,604 284.260 1,581 3,016 284,280 1,581 3,016 5,088 875 1,171 193 875 1,171 193 2,319 1,798 4,207 9,296 2,319 1,798 4.207 9,296 1.858 1.515 18.620 12,718 1,858 1,515 18,620 12,718 393.320 393,320 330,895 330.895 An81y8ed between Tradlng Charll8bl8 actlvlt168 214,005 179,315 214.005 179.316 176,451 154.444 176.451 164.444 393.320 393,320 330,895 330,895 Support costs 8re allocaied lo the acllvlly that they relate and then 8pIIi equally over thé actlvltles of the chartiy. Ac(yJuntancy Include8 £6,060 (2023- £4,225) In re$p8Ct of Indep8nd8nt Examlnatlon fee8. Tru81808 Two of Ihe four tru8t6es are 8mrAoyed a8 parrnlitad by the tharltls conslllution. Thdr Salary Is dlscuss8d In Iholr absence at Iruslees, meellngs. The amounls pald lo trustees In re8P8cI of remunerallon durlrvJ tho period were B8 follows: Hazel Copping- £19,321 Colln Cooper- £402 No trustees were remunerated for the role of tru3188. 10 Employees The average monthly number of employe88 durtng Ihe yearwas: 2024 Numbèr 2023 Numb8r All employees 33 22 15-
THE ISAIAH PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Employ668 (Contlnu•d) Employment Costs 2024 2023 W8g8s and $818ri88 Soclal 88curfty c08ts Olher pension costs 331,837 14,562 10,699 265,389 9,968 8,903 357,098 284,260 There were no employees whose annual romuneratlon wa8 £60,LXIO or more. 11 Net galn81{losses) on Inv68lment8 Unrnstrlctad fund8 Total 2Q24 2023 Revaluatlon of Inveslment propertle$ 21,247 12 Taxatlon The ¢h8rlty Is exempt from lax on Income and galns falllng wlthln s8cllon 505 of the Taxes Act 1988 or se¢llon 252 of the Taxatlond Charge8bt6 Galn8 Act 1992 to the ext8nt that the88 8r6 applled lo It6 ¢harfi8ble obl8¢ts. 13 Tanglblg flxad a88el• Fr•èhold lond and bulldlng• Flxtur•¥, fllllng• a •qulpm¢nl C•mput•r• Molor v•hlcleo Tot•1 Cost Al 1 Aprfl 2023 140,000 1,307 2,929 5,200 149,436 Al 31 March 2024 140,0(KI 1,307 2,929 5.200 149,436 Dopro¢latlon and Impalmient Al l Aprll 2023 Depreci8tlon chgrged In the ye8r 960 2.078 320 2,600 5,638 1,627 Al 31 March 2024 3.900 7,265 Carrylng amount Al 31 March 2024 140,OCKI 340 &31 1,300 142,171 At 31 March 2023 118,753 503 2.800 121,856
THE ISAIAH PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Debtors 2024 2023 Amounts falllng due within one year: Trade debtors Olher debtors 55,628 77,679 35,494 67.572 133,307 lo3,6 15 Credltors: amounts falllng due wlthln one year 2024 2023 Trade Gredllors Olh8r credllors AcGruals and deferred Income 2,687 26,731 4,440 20,387 4,225 33.858 24,812 16 Ratlremenl baneflt schem08 Doflnod contrlbLttlon s¢hemg$ The Charlty operates a d8fin8d conlrlbution ponslon schem8 for all quallfylng empk)yees, The a88ets of the scheme ar8 held s8paralely from Ihos8 of th8 charity In an Independently administered fund. The charge to profit or loss In respect of deflned Contrlbullon sch8mes was £10,69912023- £8,9)3). 17 Analy$l8 of nol as8et8 between fund$ Unr8$trlcled Restrlcted fund8 fund8 2024 2024 Total Unrnstrl¢t•d Rastrlcted fund8 funds 2023 2023 Tol81 2024 2023 Fund balances al 31 March 2024 are represented by: Tangible assets Current 8sselsl{liabllilles) 142,171 407,459 142,171 407.459 121,856 341,864 121,856 341.864 549,630 549,630 463,720 463,720 18 Related party transa¢tlons The Isalah Prc4ect Llmlted Is a pdvale limlled company whose shareholdei is H Copplng. a Iruslee of the Charity. H Copping ovm8 the Shares in Irusl for the Charity and Ihe activities of the limlt8d company are controlled by the Charily. The loan £77,354(2023: £87.0041 is shown within olher debtor8 In the finanaal statemenls and the loan is considered r8payabl8 on demand, 17-
THE ISAIAH PROJECT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Cash ganoratad from oporatlon• 2024 2023 Surplus for the year 85,910 77,216 Adjustrnenls for: Falr value gains and losses on Inve8lm8nl propert4e8 Depredatlon and Impalmient ol tanglble ffixed a8881$ (21,247) 1,827 1,581 Movements in working eAplt81: (In¢r¢aseydecrea8e In débtorn Increa88 In credllors (30,241) 9,246 321 6,608 Ca•h gan•rat•d from oporatlon• 45,296 85,726 18.