REGISTERED COMPANY NUMBER: 03916937 (England and Wales)
REGISTERED CHARITY NUMBER: 1167974
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
FOR
THE FAITH HOPE & ENTERPRISE COMPANY LTD
Sibbalds Limited
Chartered Accountants and Statutory Auditor
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS
THE FAITH HOPE & ENTERPRISE COMPANY LTD
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
Page |
Reference and Administrative Details |
1 to 2 |
Report of the Trustees |
3 to 7 |
Report of the Independent Auditors |
8 to 11 |
Statement of Financial Activities |
12 |
Balance Sheet |
13 to 14 |
Cash Flow Statement |
15 |
Notes to the Cash Flow Statement |
16 |
Notes to the Financial Statements |
17 to 28 |
Detailed Statement of Financial Activities |
29 to 30 |
THE FAITH HOPE & ENTERPRISE COMPANY LTD
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2025
TRUSTEES |
N T Gregory (resigned 23.7.25) |
|
D M Haworth |
|
I Johnson (resigned 23.7.25) |
|
J Khan (resigned 11.7.24) |
|
D S Palterman |
|
A N Rimell (appointed 11.7.24) |
COMPANY SECRETARY |
K D Gill |
REGISTERED OFFICE |
Office 47, Eurocom House |
|
Derby West Business Centre |
|
Ashbourne Road |
|
Derby |
|
DE22 4NB |
REGISTERED COMPANY NUMBER |
03916937 (England and Wales) |
REGISTERED CHARITY NUMBER |
1167974 |
AUDITORS |
Sibbalds Limited |
|
Chartered Accountants and Statutory Auditor |
|
Oakhurst House |
|
57 Ashbourne Road |
|
Derby |
|
Derbyshire |
|
DE22 3FS |
SOLICITORS |
Flint Bishop Ltd |
|
Pinnacle Building |
|
2 Prospect Place |
|
Pride Park |
|
Derby |
|
DE24 8HG |
|
Rollits LLP |
|
Citadel House |
|
58 High Street |
|
Hull |
|
HU1 1QE |
Page 1
THE FAITH HOPE & ENTERPRISE COMPANY LTD
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2025
BANKERS
Unity Trust Bank plc
PO Box 7193
Planetary Road
Willenhall
WV1 9DG
The Charity Bank Limited
Fosse House
182 High Street
Tonbridge
TN9 1BE
Page 2
THE FAITH HOPE & ENTERPRISE COMPANY LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report
withthefinancialstatementsofthecharityfortheyearended31March2025.Thetrusteeshaveadopted the
provisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicableto charities
preparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublic of
Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
FaithHopeandEnterpriseexiststoprovidehousingtopeopleinDerbyandDerbyshirewhocurrentlyneed support
livinginthecommunity,sometimesasaresultofdrugandalcoholrelatedneeds,mentalhealthneeds, learning
disabilityor a combinationof these factors.Our long-termgoal is to help all our residentsmove towardsliving in more
independent accommodation as part of our mission to help end homelessness and social exclusion in the UK.
Page 3
THE FAITH HOPE & ENTERPRISE COMPANY LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
Thisyear,wehavecontinuedtomakeprogresswithourgoalofprovidinghighqualitysupported accommodation.
Ourfourfulltime supportworkersall have livedexperienceof homelessness,substancemisuseand/ormental health
challenges.WeareverygratefultotheNationalLotteryCommunityFundforagrantof£210,581overthree years,
which pays the salary of two of our support workers for that period of time.
We have purchasedanotherpropertyin Derby- bringingto 5 the numberof sharedhousesin ourportfoliowhich we
own - and we have agreed the purchaseof 3 self-containedflats in Ashbourne,which will complete next financial year.
WeareverygratefultoDerbyshireDalesDistrictCouncilforagrantof£320,000tomakethispossible.The DDDC
Housing Operations Manager recently stated that:
"DerbyshireDalesDistrictCouncilhaveworkedcollaborativelywithFaithHopeandEnterpriseoverthelast fifteen
yearsandcontinuetosupportthemtodevelopandgrowtheirexcellentservicebyinvestinginbuilding and
renovation work to achieve excellent quality supported accommodation."
Wehavebegunaprogramofcapitalimprovementsonallthepropertieswhereweownthefreehold, improving
bathroomsandkitchensandupgradingtheenergyefficiencyofthehouses.Webelievethatthisspeaksto our
residents about their value in our eyes.
We have furtherstrengthenedthe boardof trustees,appointingDr Andrew Rimell in May 2024.We hope to continue
appointing trustees with specialised knowledge and skills in the coming year.
Withoursupport,10peoplemovedonintoindependentlivingthisyearand3ofthosepeoplemovedon having
foundemployment.In addition,3 furtherresidentsmovedonto livewithfamilymembers.The restorationof family
relationships is one of the most important and rewarding outcomes of our support.
Staff Team
Thestaffteamhasalsocontinuedtodevelop.Wehavebeenabletoprovideadditionaltrainingopportunities to
support staff, our office manager and maintenance team.
OurSeniorSupportWorkerachievedCIHLevel3CertificateinProvidingHomelessnessServices(thefirst such
qualificationforsupportworkers).OurOfficeManagerachievedAATLevel2bookkeeping(withdistinction)and our
Estates Manager attained competency as an HHSRS (Housing Health and Safety Rating System) Practitioner.
I am very proudof the value that our employeesplace on learningand developmentand of the corresponding impact
that this has on the quality of our work.
OurmanagementteamcontinuestosupporttheworkoftheChiefExecutive.Inturn,hehasbeenabletoplay an
importantroleintheimplementationoftheSupportedAccommodation(RegulatoryOversight)Act2023 by
partneringwithLocalAuthoritiesasamemberoftheirworkinggroupsandSupportedHousing Improvement
Programmes.
We have helped to pilot protocols and shape charters for supported accommodation throughout the county.
Faith Hope and Enterprise remains a valued provider and key partner for Local Authorities in Derby and Derbyshire.
Page 4
THE FAITH HOPE & ENTERPRISE COMPANY LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL REVIEW
Financial position
The Charityreceived income from charitableactivities(housingbenefitsand residentcontributions)totalling £628,607
duringthe yearcomparedto £618,399in the previousyear.The charityreceivedincomefrom donationsand legacies
of£587,530duringtheyearcomparedto£136,983inthepreviousyear(seenote2forbreakdown).The charity
received investment income of £3,709 during the year compared to £1,393 in the previous year.
Therewasasurplusof£545,986fortheyearcomparedtoasurplusof£247,366inthepreviousyear(of which
£124,477 related to the revaluation of the property).
Wesustainedahighlevelofgrantandcharitableincomethisyear,securingathree-yeargrantfromthe National
LotteryReachingCommunitiesfund,thathasenabledustocontinuetoemploy4fulltimesupportworkers.Due to
accounting requirements, this has all been recognised in the current financial year.
Thisfundinghashadseveralsignificantimpacts.Ourlevelofstaffabsenceduetosicknessreducedfrom64days in
2024to19daysin2025.Muchoftheabsencein2024wasstressrelatedillnessandtheimproved working
environment has clearly benefitted our team. This has inevitably, benefitted residents in turn.
Our HousingBenefitincome,whichcovers the costs of managingand maintainingour accommodation,remainedat a
goodlevel.Ourlevelsof emptyrooms(orvoids),thenumberof evictionsandthecostof repairswerealllower than
for the previous year. This is also attributable to the increased number of staff hours.
Totalfundsof£1,056,348includerestrictedfundsof£533,401andrevaluationreserveof£124,477 leaving
unrestricted general funds of £398,470.
Reserves policy
We operate a reserves policy to ensure that:
1. Our beneficiaries are adequately protected from changes to the financial landscape in which we operate, from unexpected events and from variations in cashflow
2. We are able to take opportunities to grow and to improve our service whenever they arise
3. Beneficiaries, property owners, staff and volunteers are adequately provided for in the event of the unplanned closure of the charity.
Weaimtoholdunrestrictedreservesequivalenttofourmonthsrunningcosts,togrowdesignatedreservesto cover
redundancyandlegalcosts,undertakefutureprojectssuchasbuyingpropertyforadditionalaccommodationwith a
targetof£50,000andasinkingfundequivalentto2%ofrentalincomeeachyearformajorbuilding maintenance
projects.
The reserves policy has been adhered to during the year.
Page 5
THE FAITH HOPE & ENTERPRISE COMPANY LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
STRATEGIC PLANS FOR 2025-2027
Weaimtoprogresseachelementofourbusinessplanwithadegreeofflexibilityaswerecognisethat Local
Authoritiesarealsodevelopingtheirownstrategiesforsupportedandgeneralneedsaccommodationcurrently. Our
broad approach is to:
-Purchasethepropertieswecurrentlyleaseatasustainablerateandinpartnershipwithexistinglandlords and
financialinstitutions.We anticipatebuyingonepropertyevery18 - 24 months.Wherelandlordsdo notwishto sell,
we will seek to buy suitable alternative accommodation.
-TopurchaseoneadditionalsharedhouseinDerby,tobringthenumberofsupportedaccommodation places
towards 50.
-InpartnershipwithLocalAuthorities,begintopurchasestep-downaccommodation.Wealreadyhave provisional
agreementsinplacefornewaccommodationtobe inplaceduring2025/2026.Wheregrantsanddemandallow, we
will grow this provision accordingly.
- We hopetocompletetheprocessof becomingRegisteredProvidersof SocialHousing.Theprocesstakesupto two
years and should therefore be completed by 2027.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimitedcompany,limited by
guarantee, as defined by the Companies Act 2006.
Thetrustees,whoarealsothedirectorsforthepurposeofcompanylaw,andwhoservedduringtheyearandup to
the date of signature of the financial statements are detailed in page 1.
Noneof the trusteeshas anybeneficialinterestin the company.All of the trusteesare membersof the company and
guarantee to contribute £1 in the event of a winding up.
Resident feedback
Feedbackfromourresidentsis veryimportanttous.Oneresidentsaidthisyearthat,"WheneverI haveneeded help
or advice, they have always been sympathetic, understanding and supportive mentally and emotionally."
I remain very proud to chair the board of this charity.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
Thetrustees(whoarealsothedirectorsofTheFaithHope&EnterpriseCompanyLtdforthepurposesof company
law)areresponsibleforpreparingtheReportoftheTrusteesandthefinancialstatementsinaccordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyearwhichgiveatrueand fair
viewofthestateofaffairsofthecharitablecompanyandoftheincomingresourcesandapplicationof resources,
includingtheincomeandexpenditure,ofthecharitablecompanyforthatperiod.Inpreparingthose financial
statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and 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 business.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyat any
timethefinancialpositionofthecharitablecompanyandtoenablethemtoensurethatthefinancial statements
complywith the CompaniesAct 2006. They are also responsiblefor safeguardingthe assets of the charitable company
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 6
THE FAITH HOPE & ENTERPRISE COMPANY LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
In so far as the trustees are aware:
-
there is no relevant audit information of which the charitable company's auditors are unaware; and
-
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Sibbalds Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 1 August 2025 and signed on its behalf by:
D M Haworth - Trustee
Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE FAITH HOPE & ENTERPRISE COMPANY LTD
Opinion
We have auditedthe financialstatementsof The FaithHope& EnterpriseCompanyLtd(the'charitablecompany') for
the year ended 31 March 2025 which comprisethe Statementof FinancialActivities,the BalanceSheet, the Cash Flow
Statementandnotesto the financialstatements,includinga summaryof significantaccountingpolicies.The financial
reportingframeworkthathasbeenappliedintheirpreparationisapplicablelawandUnitedKingdom Accounting
Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicable law.
OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditof the
financialstatementssectionofourreport.Weareindependentofthecharitablecompanyinaccordancewith the
ethicalrequirementsthatarerelevanttoourauditofthefinancialstatementsintheUK,includingtheFRC's Ethical
Standard,andwe havefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditingthe financialstatements,we have concludedthat the trustees' use of the going concernbasis of accounting
in the preparation of the financial statements is appropriate.
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoevents or
conditionsthat,individuallyor collectively,may cast significantdoubton the charitablecompany'sabilityto continue
as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilitiesand the responsibilitiesof the trusteeswith respect to goingconcernare describedin the relevant
sections of this report.
Other information
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincluded in
the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand, in
doingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsor our
knowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuch material
inconsistenciesorapparentmaterialmisstatements,wearerequiredtodeterminewhetherthisgivesriseto a
materialmisstatementin the financialstatementsthemselves.If, based on the work we have performed,we conclude
thatthereis a materialmisstatementof thisotherinformation,we are requiredto reportthatfact.We have nothing
to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE FAITH HOPE & ENTERPRISE COMPANY LTD
Matters on which we are required to report by exception
Inthelightoftheknowledgeandunderstandingofthecharitablecompanyanditsenvironmentobtainedin the
course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothingto reportin respectof the followingmatterswhere the CompaniesAct 2006 requiresus to report to
you if, in our opinion:
-
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealsothedirectorsof the
charitablecompanyfor the purposesof companylaw) are responsiblefor the preparationof the financial statements
andforbeingsatisfiedthattheygiveatrueandfairview,andforsuchinternalcontrolasthetrusteesdetermine is
necessaryto enablethe preparationof financialstatementsthat are free from materialmisstatement,whetherdue to
fraud or error.
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitablecompany'sability to
continueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoing concern
basisofaccountingunlessthetrusteeseitherintendtoliquidatethecharitablecompanyortoceaseoperations, or
have no realistic alternative but to do so.
Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE FAITH HOPE & ENTERPRISE COMPANY LTD
Our responsibilities for the audit of the financial statements
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from
materialmisstatement,whether due to fraud or error, and to issue a Report of the IndependentAuditorsthat includes
ouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconducted in
accordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarise from
fraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpected to
influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of our planning process:
-Weenquiredofmanagementthesystemsandcontrolsthecompanyhasinplace,theareasofthe financial
statementsthataremostlysusceptibletotheriskofirregularitiesandfraud,andwhethertherewasany known,
suspected or alleged fraud.
- Weobtainedanunderstandingofthelegalandregulatoryframeworksapplicabletothecompany.We determined
that the following were most relevant: FRS 102, Companies Act 2006, Charities Act 2011, GDPR and Employment Law.
- We consideredthe incentivesand opportunitiesthat exist in the company,includingthe extent of management bias,
which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledgeof the company,togetherwith the discussionsheld with the companyat the planningstage, we
formedaconclusionontheriskofmisstatementduetoirregularitiesincludingfraudandtailoredour procedures
according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
-Identifyingandtestingjournalentriesandtheoverallaccountingrecords,inparticularthosethatwere significant
and unusual.
- Reviewingthe financialstatementdisclosuresanddeterminingwhetheraccountingpolicieshave been appropriately
applied.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
-Reviewingboardmeetingminutesthroughouttheperiodandsubsequenttotheyearendfordiscussions of
irregularities including fraud.
- Reviewing sensitive expense accounts for evidence of irregularities including fraud.
Becauseof the inherentlimitationsof an audit,thereis a riskthatwe willnotdetectallirregularities,including those
leadingtoamaterialmisstatementinthefinancialstatementsornon-compliancewithregulation.Thisrisk increases
themorethatcompliancewithalaworregulationisremovedfromtheeventsandtransactionsreflectedin the
financialstatements,as we will be less likelyto become aware of instancesof non-compliance.The risk is also greater
regardingirregularitiesoccurringduetofraudratherthanerror,asfraudinvolvesintentionalconcealment, forgery,
collusion, omission or misrepresentation.
Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedonthe Financial
ReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.ThisdescriptionformspartofourReport of
the Independent Auditors.
Other matters which we are required to address
As the charity'sincome did not exceed the £1m thresholdlast year, the charitytook exemptionfrom a statutory audit.
As the prior year financial statements were not audited, we express no opinion on them.
Page 10
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE FAITH HOPE & ENTERPRISE COMPANY LTD
Use of our report
This reportis made solely to the charitablecompany'smembers, as a body,in accordancewith Chapter3 of Part 16 of
theCompaniesAct2006.Ourauditworkhasbeenundertakensothatwemightstatetothecharitable company's
membersthosematterswearerequiredtostatetotheminanauditors'reportandfornootherpurpose.To the
fullestextentpermittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthe charitable
companyand the charitablecompany'smembers as a body,for our auditwork,for this report,or for the opinions we
have formed.
Hari Vasdev MEng FCA (Senior Statutory Auditor)
for and on behalf of Sibbalds Limited
Chartered Accountants and Statutory Auditor
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS
13 August 2025
Page 11
THE FAITH HOPE & ENTERPRISE COMPANY LTD
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
Notes
INCOME AND ENDOWMENTS
FROM
Donations and legacies
2
Charitable activities
4
Supported housing
Investment income
3
Total
EXPENDITURE ON
Charitable activities
5
Supported housing
NET INCOME
Transfers between funds
19
Other recognised gains/(losses)
Gains on revaluation of fixed
assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD |
Unrestricted
funds
£
24,668
628,607
3,709
656,984
629,086
27,898
(13)
-
27,885
370,585
398,470 |
Revaluation
reserve
£
-
-
-
-
-
-
-
-
-
124,477
124,477 |
Restricted
funds
£
562,861
-
-
562,861
44,773
518,088
13
-
518,101
15,300
533,401 |
2025
Total
funds
£
587,529
628,607
3,709
1,219,845
673,859
545,986
-
-
545,986
510,362
1,056,348 |
2024
Total
funds
£
136,983
618,399
1,393 |
|
|
|
|
|
756,775 |
|
|
|
|
|
633,886 |
|
|
|
|
|
122,889
-
124,477 |
|
|
|
|
|
247,366
262,996 |
|
|
|
|
|
510,362 |
The notes form part of these financial statements
Page 12
THE FAITH HOPE & ENTERPRISE COMPANY LTD
BALANCE SHEET 31 MARCH 2025
Notes
FIXED ASSETS
Tangible assets
11
Investments
12
CURRENT ASSETS
Debtors
13
Cash at bank
CREDITORS
Amounts falling due within one
year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more
than one year
15
NET ASSETS
FUNDS
19
Unrestricted funds:
General fund
Revaluation reserve
Restricted funds
TOTAL FUNDS |
Unrestricted
funds
£
937,817
10
937,827
33,814
143,473
177,287
(79,734)
97,553
1,035,380
(636,910)
398,470 |
Revaluation
reserve
£
124,477
-
124,477
-
-
-
-
-
124,477
-
124,477 |
Restricted
funds
£
323,862
-
323,862
176,531
33,008
209,539
-
209,539
533,401
-
533,401 |
2025
Total
funds
£
1,386,156
10
1,386,166
210,345
176,481
386,826
(79,734)
307,092
1,693,258
(636,910)
1,056,348
398,470
124,477
522,947
533,401
1,056,348 |
2024
Total
funds
£
894,970
10
894,980
35,145
130,567
165,712
(57,213)
108,499
1,003,479
(493,117)
510,362
370,585
124,477
495,062
15,300
510,362 |
|
|
|
|
|
|
The notes form part of these financial statements
continued...
Page 13
THE FAITH HOPE & ENTERPRISE COMPANY LTD
BALANCE SHEET - continued
31 MARCH 2025
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.
The financialstatementswere approvedby the Board of Trustees and authorisedfor issue on 1 August2025 and were
signed on its behalf by:
D M Haworth - Trustee
The notes form part of these financial statements
Page 14
THE FAITH HOPE & ENTERPRISE COMPANY LTD
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025
Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
New loans in year
Loan repayments in year
Capital repayments in year
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of
the reporting period |
2025
£
462,640
(44,062)
418,578
(518,813)
-
3,709
(515,104)
160,000
(15,329)
(2,231)
142,440
45,914
130,567
176,481 |
2024
£
188,923
(42,303)
146,620
(12,255)
2,335
1,393
(8,527)
-
(43,331)
(2,042)
(45,373)
92,720
37,847
130,567 |
|
|
|
The notes form part of these financial statements
Page 15
THE FAITH HOPE & ENTERPRISE COMPANY LTD
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Interest received
Interest paid
Increase in debtors
Increase in creditors
Net cash provided by operations |
2025
£
545,986
27,627
(3,709)
44,062
(175,200)
23,874
462,640 |
2024
£
122,889
21,722
(1,393)
42,303
(29,110)
32,512
188,923 |
|
|
|
2.
ANALYSIS OF CHANGES IN NET DEBT
|
At 1.4.24 |
Cash flow |
At 31.3.25 |
|
£ |
£ |
£ |
Net cash |
|
|
|
Cash at bank |
130,567 |
45,914 |
176,481 |
|
130,567 |
45,914 |
176,481 |
Debt |
|
|
|
Finance leases |
(6,321) |
2,231 |
(4,090) |
Debts falling due within 1 year |
(14,423) |
1,665 |
(12,758) |
Debts falling due after 1 year |
(489,027) |
(146,338) |
(635,365) |
|
(509,771) |
(142,442) |
(652,213) |
Total |
(379,204) |
(96,528) |
(475,732) |
The notes form part of these financial statements
Page 16
THE FAITH HOPE & ENTERPRISE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financialstatementsof the charitablecompany,whichis a publicbenefitentityunderFRS 102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities: Statement
ofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
CompaniesAct2006.Thefinancialstatementshavebeenpreparedunderthehistoricalcostconvention, with
theexceptionofinvestmentswhichareincludedatmarketvalue,asmodifiedbytherevaluationof certain
assets.
Thefinancialstatementsarepreparedinsterling,whichisthefunctionalcurrencyofthecharity. Monetary
amounts in these financial statements are rounded to the nearest £.
Going concern
At the time of approvingthe financialstatements,the trusteeshavea reasonableexpectationthatthe charity
hasadequateresourcestocontinueinoperationalexistencefortheforeseeablefuture.Thusthe trustees
continue to adopt the going concern basis of accounting in preparing the financial statements.
Preparation of consolidated financial statements
The financialstatementscontaininformationaboutThe FaithHope & EnterpriseCompanyLtd as an individual
companyand do not containconsolidatedfinancialinformationas the parentof a group.The charityis exempt
underSection399(2A)oftheCompaniesAct2006fromtherequirementstoprepareconsolidated financial
statements.
Critical accounting judgements and key sources of estimation uncertainty
In the applicationof the charity'saccountingpolicies,the trusteesare requiredto make judgements, estimates
andassumptionsaboutthecarryingamountofassetsandliabilitiesthatarenotreadilyapparentfrom other
sources.Theestimatesandassociatedassumptionsarebasedonhistoricalexperienceandotherfactors that
are considered to be relevant. Actual results may differ from these estimates.
Theestimatesandunderlyingassumptionsarereviewedonanongoingbasis.Revisionsto accounting
estimatesarerecognisedintheperiodinwhichtheestimateisrevisedwheretherevisionaffectsonly that
period,orintheperiodoftherevisionandfutureperiodswheretherevisionaffectsbothcurrentand future
periods.
Freehold property:
FreeholdpropertiesaremeasuredusingtherevaluationmodelunderSection17ofFRS102.Determining fair
valueinvolvessignificantestimation,includingjudgementsaboutmarketconditions,comparablesales, rental
yields,anddiscountrates.Independentprofessionalvaluationsareobtainedperiodically,and management
reviewskeyassumptionsforreasonableness.Changesintheseestimatescouldmateriallyimpactthe carrying
amount of the properties and revaluation reserves.
Changes in accounting policies
Duringtheyearitwasdecidedtoreclassifythepropertiesfrominvestmentpropertytofreeholdproperty as
this more accurately represents their function within the charity.
Due to this, the comparatives have been restated and this has resulted in the following:
Balance sheet
Increase to freehold property of £883,829
Decrease to investment property of £861,346
Decrease to general funds brought forward of £26,113
continued...
Page 17
THE FAITH HOPE & ENTERPRISE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025
1. ACCOUNTING POLICIES - continued
Changes in accounting policies
Statement of financial activities
Increase to gains on revaluation of fixed assets of £124,477
Decrease to net gains on investments of £60,000
Increase to depreciation of freehold property of £15,881
Aswellastheabove,variouspresentationalimprovementshavebeenmade,includingmore accurate
reportingofcharitablefunds/activities,allocationbetweenrestricted/unrestrictedfunds,reallocation of
creditors, analysis of grants and disclosure of operating lease commitments.
Income
Income is recognisedwhen the charityis legallyentitledto it after any performanceconditionshave been met,
the amounts can be measured reliably, and it is probable that income will be received.
Cashdonationsarerecognisedonreceipt.Otherdonationsarerecognisedoncethecharityhasbeen notified
ofthedonation,unlessperformanceconditionsrequiredeferraloftheamount.Incometaxrecoverable in
relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legaciesarerecognisedonreceiptorotherwiseifthecharityhasbeennotifiedofanimpending distribution,
the amount is known,and receipt is expected. If the amount is not known, the legacy is treated as a contingent
asset.
Expenditure
Expenditureisrecognisedoncethereisalegalorconstructiveobligationtotransfereconomicbenefitto a
thirdparty,itis probablethata transferof economicbenefitswillbe requiredinsettlement,andthe amount
of the obligation can be measured reliably.
Expenditureisclassifiedbyactivity.Thecostsofeachactivityaremadeupofthetotalofdirectcosts and
sharedcosts,includingsupportcosts involvedin undertakingeach activity.Directcosts attributableto a single
activityareallocateddirectlytothatactivity.Sharedcostswhichcontributetomorethanoneactivity and
supportcosts which are not attributableto a single activityare apportionedbetween those activitieson a basis
consistentwiththeuseofresources.Centralstaffcostsareallocatedonthebasisoftimespent, and
depreciation charges are allocated on the portion of the asset's use.
Tangible fixed assets
Tangiblefixedassetsarestatedatcost(ordeemedcost)orvaluationlessaccumulateddepreciation and
accumulatedimpairmentlosses.Costincludescostsdirectlyattributabletomakingtheassetcapable of
operating as intended.
Depreciationisprovidedonalltangiblefixedassets,atratescalculatedtowriteoffthecost,less estimated
residual value, of each asset on a systematic basis over its expected useful life as follows:
Freehold property |
- 2% on cost |
Plant and machinery |
- 25% on cost |
Fixtures and fittings |
- 25% on cost |
Motor vehicles |
- 25% on cost |
Details regarding the valuation of the property are given in note 11.
Taxation
The charity is exempt from corporation tax on its charitable activities.
continued...
Page 18
THE FAITH HOPE & ENTERPRISE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
Pension costs and other post-retirement benefits
Thecharitablecompanyoperatesadefinedcontributionpensionscheme.Contributionspayableto the
charitablecompany'spensionschemearechargedtotheStatementofFinancialActivitiesintheperiod to
which they relate.
Investments in subsidiaries
Investments in subsidiaries are recognised at cost less impairment.
2. DONATIONS AND LEGACIES
Donations
Grants
Grants received, included in the above, are as follows:
National Lottery Community Fund
Union Street Grant (DDDC)
Other grants |
2025
£
19,166
568,363
587,529
2025
£
210,581
320,000
37,782
568,363 |
2024
£
25,198
111,785 |
|
|
136,983 |
|
|
2024
£
79,544
-
32,241 |
|
|
111,785 |
Includedin incomeduringthe periodis £210,581fromThe NationalLotterywhichis receivablein instalments
overthreeyears.Asat31March2025,thecharityhadentitlementtotheincome,theamountcould be
measuredreliablyanditwasprobablethattheincomewouldbereceived,therefore,theincomehas been
recognised in full in the current period.
continued...
Page 19
THE FAITH HOPE & ENTERPRISE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
3.
INVESTMENT INCOME
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Rental income
Supported housing
5.
CHARITABLE ACTIVITIES COSTS
Supported housing
6.
SUPPORT COSTS
Supported housing
7.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Auditors' remuneration for non audit work
Depreciation - owned assets |
Direct
Costs
£
652,494 |
2025
£
3,709
2025
£
628,607
Support
costs (see
note 6)
£
21,365
2025
£
16,300
3,993
27,627 |
2024
£
1,393
2024
£
618,399
Totals
£
673,859
Governance
costs
£
21,365
2024
£
-
-
21,723 |
|
|
|
|
8. TRUSTEES' REMUNERATION AND BENEFITS
Therewasnotrustees'remunerationfortheyearended31March2025norfortheyearended31 March
2024.
Details on transactions with trustees are given in the related party disclosures note.
Trustees' expenses
Trustees' expenses |
|
|
|
2025 |
2024 |
|
£ |
£ |
Trustees' expenses |
1,072 |
450 |
continued...
Page 20
THE FAITH HOPE & ENTERPRISE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
9.
STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Charitable activities
No employees received emoluments in excess of £60,000.
10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Revaluation
funds
reserve
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
40,197
-
Charitable activities
Supported housing
618,399
-
Investment income
1,393
-
Total
659,989
-
EXPENDITURE ON
Charitable activities
Supported housing
552,400
-
NET INCOME
107,589
-
Other recognised gains/(losses)
Gains on revaluation of fixed assets
-
124,477
Net movement in funds
107,589
124,477
RECONCILIATION OF FUNDS
Total funds brought forward
262,996
-
TOTAL FUNDS CARRIED FORWARD
370,585
124,477 |
|
2025
£
254,839
24,069
9,043
287,951
2025
9
Restricted
funds
£
96,786
-
-
96,786
81,486
15,300
-
15,300
-
15,300 |
|
2024
£
260,809
20,091
8,759
289,659
2024
10
Total
funds
£
136,983
618,399
1,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
756,775 |
|
|
|
|
633,886 |
|
|
|
|
122,889
124,477 |
|
|
|
|
247,366
262,996 |
|
|
|
|
510,362 |
continued...
Page 21
THE FAITH HOPE & ENTERPRISE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
11. TANGIBLE FIXED ASSETS
TANGIBLE FIXED ASSETS |
|
|
|
|
|
COST OR VALUATION
At 1 April 2024
Additions
At 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for year
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024 |
Freehold
property
£
925,823
506,150
1,431,973
41,994
19,062
61,056
1,370,917
883,829 |
Plant and
machinery
£
898
-
898
287
225
512
386
611 |
Fixtures
and
fittings
£
4,536
2,290
6,826
1,578
1,708
3,286
3,540
2,958 |
Motor
vehicles
£
16,154
10,373
26,527
8,582
6,632
15,214
11,313
7,572 |
Totals
£
947,411
518,813 |
|
|
|
|
|
1,466,224 |
|
|
|
|
|
52,441
27,627 |
|
|
|
|
|
80,068 |
|
|
|
|
|
1,386,156 |
|
|
|
|
|
894,970 |
Cost or valuation at 31 March 2025 is represented by:
Valuation in 2024
Cost |
Freehold
property
£
124,477
1,307,496
1,431,973 |
Plant and
machinery
£
-
898
898 |
Fixtures
and
fittings
£
-
6,826
6,826 |
Motor
vehicles
£
-
26,527
26,527 |
Totals
£
124,477
1,341,747 |
|
|
|
|
|
1,466,224 |
If freeholdland and buildingshad not been revaluedthey wouldhave been includedat the following historical
cost:
Cost
Aggregate depreciation |
2025
£
1,307,496
58,567 |
2024
£
801,346 |
|
|
41,994 |
continued...
Page 22
THE FAITH HOPE & ENTERPRISE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025
12. FIXED ASSET INVESTMENTS
FIXED ASSET INVESTMENTS |
|
|
Shares in |
|
group |
|
undertakings |
|
£ |
COST LESS IMPAIRMENT |
|
At 1 April 2024 and 31 March 2025 |
10 |
NET BOOK VALUE |
|
At 31 March 2025 |
10 |
At 31 March 2024 |
10 |
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
Taylor Made Housing Ltd
Registered office: UK
Nature of business: Dormant
%
Class of share:
holding
Ordinary
100
Aggregate capital and reserves
Loss for the year
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Amounts owed by group undertakings
Accrued income
Prepayments |
31.7.24
£
(1,156)
(577)
2025
£
22,300
1,020
185,771
1,254
210,345 |
31.7.23
£
(579)
(318)
2024
£
33,051
1,020
-
1,074
35,145 |
|
|
|
13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
continued...
Page 23
THE FAITH HOPE & ENTERPRISE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 16)
Other loans (see note 16)
Hire purchase (see note 17)
Trade creditors
Social security and other taxes
Other creditors
Wages and salaries control
Accruals and deferred income
15.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 16)
Other loans (see note 16)
Hire purchase (see note 17)
16.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Other loans
Amounts falling between one and two years:
Bank loans - 1-2 years
Other loans - 1-2 years
Amounts falling due between two and five years:
Bank loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal |
2025
£
10,988
1,770
2,545
3,843
16,397
3,452
17,637
23,102
79,734
2025
£
635,365
-
1,545
636,910
2025
£
10,988
1,770
12,758
11,852
-
11,852
41,305
582,208 |
2024
£
7,832
6,591
2,231
1,220
9,899
3,096
17,529
8,815
57,213
2024
£
487,257
1,770
4,090 |
2024
£
7,832
6,591
2,231
1,220
9,899
3,096
17,529
8,815 |
|
|
|
57,213 |
|
|
493,117 |
|
|
|
2024
£
7,832
6,591 |
|
|
|
14,423 |
|
|
|
12,714
1,770 |
|
|
|
14,484 |
|
|
|
44,366 |
|
|
|
430,177 |
|
continued...
Page 24
THE FAITH HOPE & ENTERPRISE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
17. LEASING AGREEMENTS
Minimum lease payments fall due as follows:
Net obligations repayable:
Within one year
Between one and five years
Within one year
SECURED DEBTS
The following secured debts are included within creditors:
Bank loans
Hire purchase contracts |
Hire purchase contracts
2025
2024
£
£
2,545
2,231
1,545
4,090
4,090
6,321
Non-cancellable operating
leases
2025
2024
£
£
37,057
38,553
2025
2024
£
£
646,353
495,089
4,090
6,321
650,443
501,410 |
|
|
18. SECURED DEBTS
Bank loans are secured against the charity's freehold properties.
Hire purchase liabilities are secured against the assets to which they relate.
continued...
Page 25
THE FAITH HOPE & ENTERPRISE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
19. MOVEMENT IN FUNDS
Unrestricted funds
General fund
Revaluation reserve
Restricted funds
Union Street Property Fund (DDDC)
National Lottery Community Fund
Evan Cornish Foundation
Garfield Weston Foundation
National Grid Grant
Morrisons Foundation
Albert Hunt SP
TOTAL FUNDS
Net movement in funds, included in the above are a
Unrestricted funds
General fund
Hedley Foundation Grant
The Grace Trust
Restricted funds
Union Street Property Fund (DDDC)
National Lottery Community Fund
Groundwork UK
Evan Cornish Foundation
Garfield Weston Foundation
National Grid Grant
Morrisons Foundation
Albert Hunt SP
Derbyshire Dales District Council Grant
TOTAL FUNDS |
At 1.4.24
£
370,585
124,477
495,062
-
15,300
-
-
-
-
-
15,300
510,362
s follows: |
|
|
|
|
|
|
|
continued...
Page 26
THE FAITH HOPE & ENTERPRISE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025
19. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Unrestricted funds
General fund
Revaluation reserve
Restricted funds
National Lottery Community Fund
TOTAL FUNDS |
At 1.4.23
£
262,996
-
262,996
-
262,996 |
Net
movement
in funds
£
107,589
124,477
232,066
15,300
247,366 |
At
31.3.24
£
370,585
124,477 |
|
|
|
495,062
15,300 |
|
|
|
510,362 |
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Revaluation reserve
Restricted funds
National Lottery Community Fund
National Grid Grant
Derbyshire Dales District Council Grant
TOTAL FUNDS |
Incoming
resources
£
659,989
-
659,989
79,544
7,500
9,742
96,786
756,775 |
Resources
expended
£
(552,400)
-
(552,400)
(64,244)
(7,500)
(9,742)
(81,486)
(633,886) |
Gains and
Movement
losses
in funds
£
£
-
107,589
124,477
124,477
124,477
232,066
-
15,300
-
-
-
-
-
15,300
124,477
247,366 |
Gains and
Movement
losses
in funds
£
£
-
107,589
124,477
124,477
124,477
232,066
-
15,300
-
-
-
-
-
15,300
124,477
247,366 |
|
|
|
|
232,066
15,300
-
- |
|
|
|
|
15,300 |
|
|
|
|
247,366 |
National Lottery Community Fund
This grant covers the cost of two full time support workers for three years.
Evan Cornish Foundation
This was a grant towards support worker salaries.
Garfield Weston Foundation
A grant to cover core costs.
National Grid Grant
Agranttoimproveenergyefficiencyofaccommodation,includingstafftimewithresidentstohelpthem be
more aware of how to manage their energy use and bills.
Morrisons Foundation
A grant to provide garden furniture and improve the garden spaces in our properties.
continued...
Page 27
THE FAITH HOPE & ENTERPRISE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025
19. MOVEMENT IN FUNDS - continued
Albert Hunt SP
A grant to cover core costs.
20. RELATED PARTY DISCLOSURES
Duringtheyear,thecharitymadepaymentsof £18,720(2024:£18,000)to NicholasGregory(Trustee)and his
wife for rentals of two properties which were used for housing residents.
Duringtheyear,thecharitymadepaymentsof£10,800(2024:£10,800)toOakwoodLettingsLimited, a
companyinwhichDominicPalterman(Trustee)isa majorityshareholder,forrentalsofa propertywhich was
used for housing residents.
At the yearend,therewas an amountowedto NicholasGregoryandhis wife by way of a loanof £525 (2024:
£1,572).Loanrepaymentsduringtheyeartotalled£1,080(2024:£1,080)andinterestwaschargedof £33
(2024: £64).
Duringtheyear,adonationof£500wasreceivedfromSpectrumHousingCIC,acompanyinwhich Dominic
Palterman is a director.
ThekeymanagementpersonnelofthecharitycomprisesofthetrusteesandtheChiefExecutiveOfficer. The
totalemploymentbenefitsof theCEOwere£60,694(2024:£57,333).Inadditiontothis,thewifeof the Chief
Executive Officer received total employment benefits of £15,899 (2024: £14,891).
Page 28
THE FAITH HOPE & ENTERPRISE COMPANY LTD
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
INCOME AND ENDOWMENTS
Donations and legacies
Donations
Grants
Investment income
Deposit account interest
Charitable activities
Rental income
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Social security
Pensions
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Staff training
TV licenses
Rent
Support payments
Property repairs
Motor expenses
Travelling
Legal and professional fees
Accountancy
Bank charges
Credit card charges
Bad debts
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Interest payable |
2025
£
19,166
568,363
587,529
3,709
628,607
1,219,845
254,839
24,069
9,043
19,043
10,146
59,381
2,785
3,619
749
3,009
5,059
123,142
548
21,605
8,651
3,753
21,058
-
5,101
-
5,205
19,062
225
1,708
6,632
44,062
652,494 |
2024
£
25,198
111,785 |
|
|
136,983
1,393
618,399 |
|
|
756,775
260,809
20,091
8,759
17,027
8,784
44,926
2,555
3,987
916
1,852
5,163
121,222
2,586
25,148
6,005
4,334
18,424
2,203
447
237
10,156
15,881
225
1,578
4,038
42,303 |
|
|
629,656 |
This page does not form part of the statutory financial statements
Page 29
THE FAITH HOPE & ENTERPRISE COMPANY LTD
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
Support costs
Governance costs
Trustees' expenses
Auditors' remuneration
Auditors' remuneration for non audit work
Accountancy and legal fees
Total resources expended
Net income |
2025
£
1,072
16,300
3,993
-
21,365
673,859
545,986 |
2024
£
450
-
-
3,780 |
|
|
4,230 |
|
|
633,886 |
|
|
122,889 |
This page does not form part of the statutory financial statements
Page 30