COMPANY REGISTRATION NUMBER: 11177669 CHARITY REGISTRATION NUMBER: 1179132 Lending Hope Limited Company Limited by Guarantee Unaudited Financial Statements 31 January 2024 BRINDLEY GOLDSTEIN LIMITED Chartered accountants 103 High Street Waltham Cross Herts EN8 7AN
Lending Hope Llmited Company Limited by Guarantse Financial Statements Year •nded 31 January 2024 Page Trustees, annual report (incorporating the directorfs 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 Limitsd by Guarantee Trustses. Annual Report (Incorporating the Director's Report) Year ended 31 January 2024 The Iruslees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 January 2024. Ref•r•nc• and administrativ¢ details R•glst•r•d Gharity nam• Lending Hope Limited Charity r•gistration number 1179132 Company registration number 11177569 Prinelpal ¢)fflc• and r•gist•r•d 67 Forburg Road office London N16 6HR England The trustees Mr N. Kahan Mr H. Barminka Mr B. Schwartz Indep•ndent examin•r Charles Goldstein FCA 103 High Street Wallham Cross Herts EN8 7AN Structur•, governaneè #nd management The charity is consliluled under a trust deed dated 19 February 2018. It is a registered Charity, number 1179132. Recruitment and appointment of new trustees would be in line with the Memorandum and Arb'cles of Association and with the wnsenl of the trustegs. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation. All major decisions are taken collectively by the trustees and all the trustees give of their lime freely. The Iruslees are unpaid and details of any related paty transactions are di10$ed as applicable in the notes to the accounts, The arrangements for setting the pay of the charity's employees are the sole domain of the trustees.
Lending Hope Limited Company Limit•d by Guarantee Trustees. Annual Roport Ilncorporating tha Director's Report) (¢onllnu8dJ Year ended 31 January 2024 Obj•¢tiv•s and activities The charity's objectives are the following.. lo promote the education, including soeial 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 fil, incSuding by.. awarding such persons scholarships, maintenance allowances or grants tenable at 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 foN entry to any oGcupalion, trade or ptofes5ion on leaving any educational establishment. - the advanrnent of educats'on. the relief of povety. the advancement of such other objects as we are for the benefit of the public and are charitable according to the laws of England and Wales. A¢hlevements and p¢rformanc• During the year the charity continued to function lo the satisfaction of the Trustees and the Trustees a satisfied with its increase in funds during the year. As part of their duties, the Trustees are constantly reviewing the level of services provided. and are prepared lo introduce any improvements that are deemed necessary. Finan¢lal revi¢w Income from donations during the year has decreased lo £396,535 12023.. £540,092) and the charity reports a decreased surplus for the year of £11,337 12023.. Surplus £38,157). The Iruslees are determined lo keep within budget and continue lo examine ways to increase income as well as savings in costs. Reserv•s policy The charity retains resgrves lo ensure il has sufficient funds to meet immediate and anticipated adminislralive costs. Small ¢omp*ny provlsions This report has been prepared in accordance with the provisions applicable to companies entitled lo the small companies exemption.
Lending Hope Limited Company Limited by Guarantoe Trustees. Annual Report (In¢orporating the Director's Report) (eonllnu&* Year ended 31 January 2024 The trustees. annual report was approved on 17 September 2024 and signed on behalf of the board of trustees by.. MrH. Trustee arminka
Lending Hope Limited Company Limited by Guarantee Independent Examinor's Report to the Trustees of Lgnding Hopo Limitsd Year ended 31 January 2024 I report lo the trustees on my examination of the financial statements of Lending Hope Limited I the charity'l for the year ended 31 January 2024. Responslbllltl•s and basis of r•port As the Iruslees of the company land also ils directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'i. Having satlsfied myself that the accounts of the company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts as Cared out under section 145 of the Charities Act 2011 I'lhe 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinerfs stat•m•nt Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Inslilule of Chartered Accountants in England and Wales IICAEW), which is one of the listed bodies. I have completed my examination. I confimi that no matters have come lo my attention in connects'on with the examination giving me cause to believe.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act., or the financial slalemenls do not accord with those records,. or the financi81 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 examination,. or the financial statements have not been prepared in accordance with the methods and principles of the Slalemenl of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ot Ireland IFRS 1021.
Lending Hope Limited Company Limitsd by Guarantee Independent Examiner's Report to the Trustses of Londing Hope Limitsd [ntInU¢) Year ended 31 January 2024 I have no concems and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Charfes Goldstein FCA Independent Examiner 103 High Street Wallham Cross Herts EN8 7AN 17 September 2024
Lending Hope Limited Company Limited by Guarantse Ststsment of Financial Activities (including income and èxpenditure account Year ènded 31 January 2024 2024 Reslricled funds T¢)tal funds Total funds 2023 Unrestricted funds Inoom• and end•vmi•nts Donations and legacies Other income 391,327 20,884 5,207 396,535 20,884 540,092 Total In¢om• 412,211 5,207 417.419 540,092 Expenditur¢ Expenditure on charitable activities Total exp?ndltur• 406,081 406,082 501,935 406,081 406,082 501,935 N•t in¢om• and n•t movom8nt in funds 6,130 5,207 11.337 38,157 R•¢on¢iliation of funds Total funds brought forward Totsl funds carri¢d forward 88,738 88,738 100,075 50.581 94,868 S,207 88.738 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pag•s 9 to 16 forni part oftheso financial ststsmènts.
Lending Hope Limited Company Limited by Guarantee Statement of Financial Position 31 January 2024 2024 2023 Fix•d •ss•ts Tangible fixed assets 13 166.134 187,174 Current assets Cash at bank and in hand 21,213 33,000 ¢reditors- amounts falllng du• within one year N•t ¢urr•nt liabilities 14 38,105 82,269 16,892 49,269 137,905 Total assets less current liabilitiès 149,242 Cr•dltors: amounts falllng duo aft•r more than one year Net assets 16 49,167 49,167 88,738 100,075 Funds of the charlty Reslricled funds Unrestricted funds 5,207 94,868 100,075 88.738 Total ¢harity funds 16 88.738 For the year ending 31 January 2024 the charity was entitled to exemption frorn audit under section 477 of the Companies Act 2006 relating to small companies. Directors, SpOnsIbl11t1eS'. The members have not required the company lo obtsin an audit of its financial statements for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provision5 applicable to ompanies subject to the small companies, regime. These financial statements were approved by the board of trustees and aLrthorised for issue on 17 September 2024 nd are signed on behalf of the board by.. Barm lee ka The not•s on payts 9 to 18 forni part of thes• finanelal stst•m•nts.
Lending Hope Limited Company Limited by Guarantse Statsment of Cash Flows Year ended 31 January 2024 2024 2023 Cash flows from operating activitl•s Net income 11,337 38,157 Adjustments for.. Interest payable and similar charges Lossllgainsl on disposal of tangible fixed assets Accrued expenses 1,722 3,040 2,426 15,7011 1,200 Changes An.. Trade and other debtors Trade and other creditors 73,591 144,1641 1123,8581 128,065) 114,1851 Cash generated from operations Interest paid Nel Gash used in operating activities 11,7221 129,7871 12,426} 116,8111 Cash flovts from investing activiti•s Purchase of tangible assets Proceeds from sale of tangible fixed assets Proceeds from sale of tangible fixed assets Net cash from investing activities 19,0001 18,435 5.701 21,040 13.0401 18,000 15,136 Net decr•as• in cash and cash •qulvAl•nts Cash and cash •quiv#lents at b•ginning of y•ar Cash and eash equivalents It •nd ol year 111,7871 33,000 11.4751 34,475 21,213 33,000 Thè notes on pages 9 to 18 forni part of these finan¢ial ststèmènts.
Lending Hope Llmited Company Limitsd by Guarantee Notes to the Financial Statements Year ended 31 January 2024 G•n¢ral intormatlon 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 of compll*n¢• These financial statements 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 accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Companies Act 2006. A¢¢ounting polici•s Basis of preparation The financial slalemenls have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investrnent properties measured al fair value through income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the entity. Going concem There are no material uncertainties about the charity's ability lo continue. Judgements and key sour¢•s of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affed 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 to be reasonable under the circumstsnces. Fund accounting Unrestricted funds are available for use at the discretion of the twslees to further any of the charity's purKX)ses. Designated fund5 are unreslricled funds eam)arked by the trustees for particular future project or commitment. Reslricled funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of sub-classes.. reslricled income funds or endowment funds.
Lending Hope Limited Company Limitsd by Guarantee Notes to the Financial Ststements (¢oniiftu•dJ Year ended 31 January 2024 A¢¢ounting poli¢i•s i¢onllnued) Incoming resources All incoming resources are included in the statement of financial aclivits'es when enb'llement has passed lo the charity., it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is eviden of entitlement to the gift. receipt is probable and ils amount can be measured reliably. legaw income is recognised when receipt is probable and entitlement is established. income from donated goods is measured al the fair value of the goods unless this is impractical to Measure reliably, in which case the value is derived from the cost lo the donor or the eslimaled resale value. Donated facilities and services are recognised in the accounts when reiVed 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 recognised with the delivery of the contracted seNice. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particuLgr purpose and returned if unspent, in which case il may be regarded as reslricled. Resour¢•s •xpended Expenditure is recognised on an accfuals basis as a liability 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 ils beneficiaries, including those support costs and costs relating to the governance of the charity apportioned lo charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of ils expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a sirigle activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Tanglble assets Tangible assets are initially recorded al cost, and subsequently staled al cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded al the fair value at the dale of revaluation less any subsequent accumulated depreciation and subseqLJonl accumulated impairment losses. 10
Lending Hope Limited Company Limitsd by Guarantee Notes to the Finan¢ial Statements (eontlnu8d) Year ended 31 January 2024 A¢counting policies (eontlnuedj Tangibl• assets (¢Onllnu¢d) 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 previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a resLJIt of revaluation, is recognised in other recognised gains and losses, except to which il offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the slalement of financial activities. D¢pr¢¢iati•n Depreciation is calculated so as lo write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Motor Vehicles 20% slraighl line Impairni•nt of flx•d iss•ts A review for indKalors of impairment is carried out al each reporting dale, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the coverable amount. the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal al each reporbng dale. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit lo which the 8SS&t 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 assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is. from the acquisition date, allocated lo each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those Ltnits. Financial instruments A financial asset or a financial liability is recx)gnised only when the charity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are in((ially recognised al the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured al the cash or other consideration expected to be paid or received and not diswunled. Debt instruments are subsequently measured at amortised cost. 11
Lending Hope Limited Company Limited by Guarantee Notes to the Financial Statements (eontlnu Year ended 31 January 2024 Ac¢ounting poli¢i•s fc¢)ntinuedJ Financial instrum•nts (conllnu8dJ Vvhere investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured al fair value with changes in fair value recognised in incorne and expenditure. All other such investments are subsequentty measured at cost less impairment. Other financial instruments, including derwalives. are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or fInand al a rate of inlefesl that is not a market rate. in which case the asset is measured at the present value of the fvture payments discounted al a market rale 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 designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporbng dale. If there is objective evidence of impairment, an impairment loss is recognis8d under the appropriat8 heading in the statement of financial activities in which the initial gain was rocognised. For all equity instruments regardless of significance, and other financial assets that are indNiidually signif cant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any r8versals 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 the impairment not previously been recognised. Limit•d by gurnte• Lending Hope Limited is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes lo contribute such amount as may be required, not exedIng £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. Donations and legacies Unrestricted Funds Restricted Totsl Funds Funds 2024 Donatlons Donations 391.327 5,207 396,535 12
Lending Hope Limited Company Limited by Guarantse Notes to th• Financial Statements (eontlnu8d) Year gndgd 31 January 2024 Donations and l•gaci•s (contlnu8d) Unrestricted Funds Restricted Total Funds Funds 2023 Donations Donations 540,092 540,092 oth•r in¢om• Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 other income 20,884 20,884 Expenditure on ¢haritabl• activities by fund type Unrestricted Tol•l Funds Unreslricled Total Funds Funds 2024 Funds 2023 Charitable activities Support costs 402,572 3,510 402,572 3,510 497,814 4,121 497,814 4,121 406,082 406,082 501,935 501,935 Exp•nditur• on ¢harftabl• activities by activity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Ch8rilable activities Governance costs 402,572 402,572 3,510 497,814 4,121 3,510 3,510 402,572 406,082 501,935 Net incom• Nel income is slated after chargingllcreditingl.. 2024 2023 Lossl{gainsl on disposal of tsnglble fixed assets 3,040 15.7011 10. Indèp¢nd•nt •xamlnation fees 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial statements 1,800 1,800 13
Lending Hope Limited Company Limited by Guarante• Notgs to the Financial Statsments l¢onllnu¢dJ Year endod 31 January 2024 11. Staff costs The total staff costs and employee benefits fof the reporting period are analysed as follows.. 2024 2023 Wages and salaries 36,886 42,036 The average head count of employees during the year was g {2023.' 91. The average number of full-lime equivalent employees during the year is analysed as follows.. 2024 2023 Administrative staff No employee received employee benefits of more than £60,000 during the year12023'. Nill- 12. Trust•• r•mun•ration and ¢xyns•s There were no Iruslees. remuneratson or other benefits for the year ended 31 January 2024. There were no Iruslees, expenses paid for the year ended 31 January 2024. 13. Tangibl• fix•d ass•ts Motor v•hl¢l•s Cosl Al 1 February 2023 Disposals At 31 January 2024 Depreciation At 1 F•bruary 2023 and 31 January 2024 Carrying •mount At 31 January 2024 At 31 January 2023 194,440 121,0401 173,400 7,266 166.134 187.174 14. Creditors: amounts lalllng due within one year 2024 2023 Accruals and deferred incoffle Other creditors 3,600 34,505 3,600 78,669 38.105 82,269 14
Lending Hope Limited Company Limitod by Guarantse Notes to the Financial Statements (eontlnu•d) Year ended 31 January 2024 16. Credltots: #mounts falling du• after mor• than one year 2024 2023 Bank loans and overdrafts 49,167 49.167 16. Analysls of charitable funds Unr•strl¢t•d funds At 1 February 20 23 At 31 January 2 024 Income Expenditure General funds 88,738 412,211 1406,0811 94,868 Al 1 February 20 22 At 11 January 20 23 Income Expenditure General funds SO,581 540,092 1501,9351 88,738 Restricted funds At 1 February 20 23 At 31 January 2 024 Income Expenditure Restricted Fund 5,207 5,207 At 1 February 20 22 At 31 January 20 23 Income Expendttule Reslricled Fund 15
Lending Hope Limited Company Limited by Guarantso Notes to the Financial Statements (eontlnu8dJ Year ended 31 January 2024 17. Analysis of nét assets between funds Unrestricted Funds Restricted Tot*1 Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 166,134 16,006 138,1 OSI 149,1671 94,868 166,134 21,213 138,1051 149,1671 100,075 5.207 S,207 Unrestricted Funds Reslricled Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 187,174 33,000 182,2691 149,1671 88.738 187,174 33,000 182,2691 149,1671 88,738 18. Anatysis of ¢hanges in n•t debt At At 1 Feb 2023 Cash flows 31 Jan 2024 Cash al bank and in hand Debt due after one year 33,000 149,1671 116,1671 111,7871 21,213 149, 1671 127,9541 111,7871 16