```
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
```