COMPANY REGISTRATION NUMBER: 11177569 CHARITY REGISTRATION NUMBER: 1179132 Lending Hope Limited Company Limited by Guarantee Unaudited Financial Statements 31 January 2023 BRINDLEY GOLDSTEIN LIMITED Chartered accountsnts 103 High Street Waltham Cross Herts EN8 7AN
Lending Hope Limited Company Limited by Guarantee Financial Statsments Year ended 31 January 2023 Page Trustees, annual report (incorporating the director's report} Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Statement of cash flows Notes to the financial statements
Lending Hope Limited Company Limited by Guarantso Trusteos, Annual Raport (Incorporating the Directorfs Report) Year ended 31 January 2023 The Iruslees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the Gharity for the year ended 31 January 2023. Ref•r•nee •nd administratlve details Registered ¢harity narne Lending Hope Limited Charlty registration number 1179132 Company r•gistration numb•r 11177569 Prin¢ipal oifice and regist•red 67 Forburg Road office London N16 6HR England Th• trust••s Mr N. Kahan Mr H. Barminka Mr B. Schwartz Indep•nd•nt examlner Charles Goldstein FCA 103 High Street Waltham Cross Herts EN8 7AN Structure, governance and rnAnag•m•nt The charity is constituted under a trust deed dated 19 February 2018. It is a registered charity, number 1179132, Recruitment and appointment of new Irustegs woukd be in line with the Mernorandum and Articles of Association and with the ¢onsenl of the trustees. The criteria set for the suitable candidate would be sorneone who is sensitive to the needs and demands of the organisalion. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The Iruslees are unpaid and details of any related party transactions are disclosed as applicable in the notes lo the accounts. The arrangements for setting the pay of the charity's employees are the sole domain of the trustees.
Lending Hope Limited Company Limitsd by Guarantee Trustses, Annual Report (Incorporating the Director's Report) (eontlnued) Year •ndod 31 January 2023 Obj•¢tiv•s and activiti•s The charity's objectNes are the following.. to promote the education, including social and physical training, of people with special needs under the age of 25 years in the United Kingdom in such ways as the charity Iruslees see fit. including by.. awarding such persons scholarships, maintenance alloWanS or grants tenable al any school, university, college or institution of higher education,. providing their education, including the study of music or other arts, to undertake travel in furtherance of that education or to prepare forv entry to any occupation, trade or profession on leaving any educational establishment. the advancement of education. the relief of poverty. the advancement of such other objects as we are for the benefit of the public and are charitsble according to the laws of England and Wales. R•seNes policy The charity retains reserves lo ensure rt has sufficient funds to meet immediate and anticipated adminislralive costs. small company provisions This rewrt has been prepared in accordance with the provisions applicable lo companies entitled lo the small companies exemption. The trustees, annual report was approved on 18 July 2024 and signed on behalf of the board of trustees by.. r H. Barrninka Trustee
Lending Hope Limited Company Limitsd by Guarantse Independènt Examiner's Report to the Trusts•s of Lending Hopo Limited Year ended 31 January 2023 I report to the Iruslees on my examination of the financial statements of Lending Hope Limited I'the charity'l for the year ended 31 January 2023. R•sponsibiliti¢s and basls ol report As the Iruslees of the company land also ils directors for the purposes of company 18wI you are ressxjnsible for the preparation of the financial slalements in accordance with the requirements of the Companies Act 20061'lhe 2006 Act'l. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 ot the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts as carried out under section 145 of the Charities Act 2011 I'lhe 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under sectson 14515}Ibl of the 2011 Act. Indep•nd•nt •xamln•r's Statement sin the charity's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified lo undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales IICAEW). which is one of the listed bodies. I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause to believe.. awounting records were not kept in respect of the charity as required by sectson 386 of the 20( Act., or the financial slalemenls do not accord with those records.. or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'lrue and fair. view which is not a matter considered as part of an independent oxaminalion,. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021.
Lending Hope Limited Company Limitsd by Guarantso Independent Examiner's Report to the Trustses of Lending Hopg Limited (eontlnu¢d) Year ended 31 January 2023 I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Chades Goldstein FCA Independent Examiner 103 High Street Wallham Cross Herts EN8 7AN 18 July 2024
Lending Hope Limited Company Limitsd by Guarantse Statsment of Financial Activities (including income and expenditur6 account) Year gndod 31 January 2023 2023 Unreslricled funds T¢)tal funds Total funds 2022 Not• Incorne and •ndowm•nts Donations and legacies Investment income Other income 540,092 540,092 569.598 936 T•tal in¢om• 540,092 540,092 570.535 Exp•nditure Expenditure on charitable actwities 501,935 501,935 539,241 Total •xpendltur• 501,935 501,935 539,241 N¢t in¢om• and n•t movement in funds 38,157 38,157 31,294 Recon¢iliation of funds Total funds brought forward Tot41 funds ¢arri•d fopward 50,581 50,581 88,738 19,287 50,581 88,738 The statement of financial activitie5 includes all gains and losses recognised in the year. All income and expenditure derive from continuing activitiès. The notes on pag•s 8 to 16 form part of thesa financial st#t•m•nts.
Lending Hope Limited Company Limited by Guarantee Stat•m•nt of Financial Position 31 January 2023 2023 2022 Not• Fixed assets Tangible fixed assets 14 187,174 196,609 Current assets Debtors Cash al bank and in hand 15 73,591 34,475 33,000 33,000 108,066 Creditors: amounts falling du• within on• y•ar N•t ¢urrnnt liabiliti•s 16 82,269 204,927 49.269 96,861 Total assets less current liabilities 137,905 99,748 Cr•ditOfS: amounts falling du• aft•r more than on• y•ar N•t ass•ts 17 49.167 49,167 50,581 88.738 Funds of th• ¢harty Unrestricted funds 88.738 88.738 50,581 Totsl ¢harity funds 18 50,581 For the year ending 31 January 2023 the charity was 8nlitled to exemption from audit under section 477 of the Companies Act 2006 relating lo sm811 eomp8nies. Directors, responsibilities.. The members have not required the company lo obtain an audit of its financial statements for the year in question in accordan with section 476.. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the Prepation of financial statements. These financial statements have been prepared in accordance with the provisions applicable lo companies subject lo the small companies, regime. These financial statements were approved by the board of trustees and 8ulhorised for issue on 18 July 2024, and are signed on behalf of the board by.. . Bamiinka ste8 The notes on pagas 8 to 15 form part of th•s• financial statements.
Lending Hope Limited Company Limited by Guarantse Statsment of Cash Flows Y•ar ended 31 January 2023 2023 2022 Cash flows Imm op•rating activities Nel income 38.157 31,294 Adjustments for. Other interest receivable and similar income Interest payable and similar Charges Gains on disposal of heritage assets Accrued expenses 2,426 15,701} 1,200 686 1,560 Changes in.. Trade and other debtors Trade and other creditors 73,591 1123,8581 114,1851 173.5911 157,369 Cash generated from operations 117,317 Interest pald Interest received 12.4261 16861 Net cash (used inyfrom operating activities 116,6111 116,632 Cash flows from Investlng aetlvltles Purchase of tangible assets Proceeds from sale of tangible assets Proceeds from sale of heritage assets Net cash fromllused inl investsng activities {9,0001 18.435 5,701 15,136 1167,2751 1167,2751 C4sh flows from finan¢ing a¢tivbti•s Proceeds from borrowings Nel cash from financing activities 49,167 49,167 Not d•¢reas• in ¢ash and cash equiv#l•nts Cash and cash equivalents at beginning ol year Cash and Gash •qulval•nts at •nd ofy•ar 11,4751 34,475 33,000 11,4761 35,951 34,475 Th& notes on paggs 8 to 15 form part of thtse Ilnancial statements.
Lending Hope Limited Company Limitsd by Guarantee Notes to the Financial Statements Year ended 31 January 2023 Gèneral Informatlon The charity is a public benefit entity and a private company limited by guarantee. registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 67 Forburg Road. London. N16 6HR, England. Statement ol compliance These financial slalements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Companies Act 2006. Accounting policies Basis of pr•par4tlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no materia5 uncertainties about the charity's ability to continue. Judg•m•nts and key sources of •stimation uncert*lnty The preparation of the financial statements requires management to make judgement5. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees lo further any of the charity's purposes. Designated funds are unreslricled funds eamiarked by the trustees for particular future project or commitment. Restricted funds a subjected lo restrictions on their expenditure declared by the dorior or through the terms of an appeal, and fall into one of two sub-classes.. reslricled income funds or endowmentfunds.
Lending Hope Limited Company Limited by Guarantse Notos to the Financial Statsments {eonllnue*) Year ended 31 January 2023 Aeeountlng policl•s (conlinued) Incoming r•sourc•s All incoming resources are included in the ststement of financial activities when entitlement has passed to the charity., it is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. The following SFeGific policies are applied lo particular categories of income.. income from donations or grants is recognised when there is evidence of enlillement lo the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entiuemenl is established. income from donated goods is measured al the fair value of the goods unless this is impracli¢al lo measur8 reliably, in which case the value is derived from the cost lo the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers, income from contracts for the supply of services is recoonised with the delivery of the contracted servi. This is classified as unreslricled funds unless there is a contractual requirement for il lo be spent on a particular purpose and returned if unspent, in which case il may be regarded as restricted. Resourc•s exp•nd•d Expenditure is recognised on an accruals basis as a liabllity is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading aclivilies, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither reialed lo raising funds for the charity nor part of ils expenditure on charitable activities. All costs are allocat to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs are apportioned between the activities they contribute lo on a reasonable, justifiable and consistent basis. Tnglbl• ass•ts Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluatson less any subsequent accumulated depreciats'on and subseqljenl accumulated impairment losses.
Lending Hope Limited Company Limitsd by Guarantae Not•s to the Financial Stat•ments f¢ontlnu•d) Year endod 31 January 2023 Accountirig policies (el11 Tangibl• ass•ts {ltinUed) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previousty been recognised as expenditure within the slalemenl of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except lo which il offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the stalernent of financial activitr'es. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, les5 its residual value, over the useful economic life of that asset as follows.. Motor vehicles 200/0 Straight Ilne Impairm•nt of fixed •ss•ts A review for indicators of impairment is carried out al each reporting date, with the recoverable amount being eslimaled where such indicators exist. Vvhere the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal al each reporting date. For the purposes of impairment t&sb'ng, when it is not possible lo estimate the recoverable amount of an individual asset. an estimate is made of the recoverab amount ol the cash-generaling unil to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other ass8ts or groups of assets. For impairment lesling of goodwill, the goodwill acquired in a business combination is, from the acquisition dale. allocated to each of the cash-generaling units that are expected lo benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Finan¢ial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are inffially recognised at the amount receNable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected lo be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. 10
Lending Hope Limited Company Limit•d by Guarantse Notes to the Financial Statsmonts {eontlnuedJ Year ended 31 January 2023 Accounting policies (eanllnued) Financial instrum•nts (¢onllnuedJ Where investments in shares are publicly traded or their fair value can otheise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. Al other such investments are subsequently measured al cost less impairment. Other financial inslrurnenls. including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed al a rale of interest that is not a market rate, in which case the asset is measured at the present value of the fijture payments discounted at a market rate of interest for a similar debt inslrumenl. other financial instruments are subsequently measured al fair value, with any changes recognised in the statement of financial aclivilies, with the eXptIon of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed ft)r objective evidence of impairment at the end of each reporting dale. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance. and other financial assets that are individually significant, these are assessed indNidually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characlerislics. Any reversals of impairment are recognised immediately, lo the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had tha impairment not previously been recognised. Lirnlt by guarant¢¢ Lending Hope Limited is a company limited by guarantee and accordingly does not have a share capitsl. Every member of the company undertakes lo contribute such amount as may be required. not exceeding £1, to the assets of the charitable company in the event of it being wound up while he or she is a member, or within one year after he or she ceases lo be a member. Donatlons stnd l•ga¢l•s Unrestricted Total Funds Unreslricled Totsl Funds Funds 2023 Funds 2022 Donations Donations 540,092 540,092 488,730 488,730 Grants Grants re1vable 80,868 80,868 540,092 540.092 569,598 569,598 11
Lending Hope Limited Company Limited by Guarantse Notss to tho Financial Statements (eonllnuod) Year ended 31 January 2023 Investment income Unrestricted Totsl Fund5 Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest receivab Oth•r in¢om• Unrestricted Totsl Funds Unrestricted Total Funds Funds 2023 Funds 2022 Other income 936 936 Exp8ndltur• on ¢harltabl• A6llvftl•s by fund typ• Unrestricted Total Funds Unrestricted Totsl Funds Funds 2023 Funds 2022 Charitable activities Support costs 497,814 4,121 497.814 4.121 536,842 2.399 536,842 2,399 501,935 501,935 539.241 539,241 Expenditure on ¢haritable a¢tiviti•s by aetlvlty typ• Activities undertaken directly Support costs TotAI funds 2023 Totsl fund 2022 Charitable activities Governance costs 497,814 497.814 4,121 501,935 536,842 2,399 539,241 4,121 4,121 497,814 10. Net income Nel income is slated after chargingllcreditingl.. 2023 2022 Gains on disposal of fixed assets 15,7011 11. Ind•p•nd•nt •xamlnation f••s 2023 2022 Fees payable to the independent examiner for.. Independent examination of the financial statements 3,600 12
Lending Hope Limited Company Limit•d by Guarants• Notss to tho Financial Stat•monts fconllnu¢d) Year ended 31 January 2023 12. Staff costs The lolal staff costs and employee b8nefils for the reporbng period are analysed as foljows.. 2023 2022 Wages and salaries 42,036 63,147 The average head count of employees during the year was 912022.. 91. The average number of full-lime equivalent employees during the year is analysed as follows.. 2023 2022 No. Adminislralive staff No employee received employee benefits of more than £60,000 during the year12022.. NIII. 13. Trust•• r•mun•ratlon and •xp•ns•s There were no Iruslees. remuneration or other benefits for the year ended 31 January 2023. There were no Iruslees. expenses paid for the year ended 31 January 2023. 14. Tangible fixed assets Motor vehlcl•s Cost At 1 February 2022 Additions Disposals At 31 January 2023 D•pr•¢iation Al 1 February 2022 Disposals At 31 January 2023 Carrying amount At 31 January 2023 At 31 January 2022 216,165 9,000 130,7251 194.440 19,556 112,2901 7,266 187,174 196,609 15. Debtors 2023 2022 Other debtors 73,591 13
Lending Hope Limited Company Limited by Guarantse Notgs to the Financial Statomgnts {¢onllnued) Y¢ar ended 31 January 2023 16. Cr•dltors- arnounts falling du• within on• y•ar 2023 2022 Trade creditors Accruals and defefred income Other creditors 1,411 2,400 201,116 3,600 78,669 82,269 204,927 17. Creditors: amounts falling du• aft•r mor• than on• y•ar 2023 2022 Bank loans and overdrafts 49,167 49,167 18. Analysis of Charitable funds Unrestrict•d funds At 1 February 20 22 At 31 January 2 023 Income Expenditure General funds 50,581 540,092 1501,9351 88,738 At 1 February 20 21 Al 31 January 20 22 Income Expenditure General funds 19,287 570,535 1539,2411 50,581 14
Lending Hope Limited Company Limitsd by Guarantse Notes to the Financial Stat6m6nts (eontlnued) Year èndod 31 January 2023 19. Analysls of net assets b•ttvMn funds Unrestricted Total Funds Funds 2023 Tangible fixed assets Cuffenl asse15 Creditors less than 1 year Creditors greater than 1 year N•t assets 187.174 33.000 182,2691 149, 1671 88.738 187,174 33,000 {82,2691 {49, 1671 88,738 Unrestricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 196.609 196,609 108.066 108,066 1204,9271 {204,9271 149,1671 149. 1671 50,581 50,581 16