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2024-02-29-accounts

HEARTS AND HELPERS

Charity Incorporated Organisation (C.I.O)

Financial Statements

For the period ended

29[th] February 2024

Registered Charity No: 1183267

1

HEARTS AND HELPERS

Year Ended 29[th] February 2024

Principal address:

The Selby Centre Selby Road London N17 8JL

Trustees/Committee Members:

Lois Anderson Jubedul Miah Mark Hutchings

Governing document

The organisation is operated under the rules of its constitution.

Accountant:

TACTS Accountant Chartered Certified Accountant 61 Fountains Crescent London, N14 6BD

Bank: Barclays

2

HEARTS AND HELPERS

FINANCIAL ACCOUNTS

FOR YEAR ENDED 29[th] FEBRUARY 2024

CONTENTS

Pages

8. Accountant’s Report

9. Income and Expenditure

10. Balance Sheet

11-13. Notes to the Accounts

3

HEARTS AND HELPERS

Year Ended 29[th] February 2024

Annual Report

The committee are pleased to present the financial report for the period ended 29[th] February 2024, the first accounting period of the Charitable Incorporated Organisation.

Structure, Governance and management

Hearts and Helpers is a charitable Incorporated Organisation (CIO), registered with the Charity Commission and governed by its constitution, dated 07[th] May 2019.

If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

The affairs of the charity are managed on a day-to-day basis by the trustees, who may exercise all the powers of the CIO.

The trustees of served during the year are shown on page 2 of this report.

Appointment of Trustees

In accordance with the terms of the constitution, there must be at least three charity trustees. If the number falls below the minimum, the remaining trustees can act only to call a meeting of the trustees or appoint a new trustee.

The charity trustees may not appoint any charity trustee if as a result the number of charity trustees would exceed the maximum.

Each new trustee is given a copy of the constitution and the latest trustees’ annual report and accounts, on or before appointment.

Charitable Objects

TO RELIEVE POVERTY, ADVANCE EDUCATION AND PROMOTE AND PROTECT HEALTH FOR THE PUBLIC BENEFIT, IN PARTICULAR TO PROVIDE SUPPORT FOR THE HOMELESS AND THOSE WHO ARE DISPLACED OR DISADVANTAGED DUE TO THEIR SOCIAL OR ECONOMIC CIRCUMSTANCES IN PARTICULAR BUT NOT EXCLUSIVELY BY: 1. PROVIDING BACKPACKS FILLED WITH VARIOUS LIFE CHANGING NECESSITIES; 2. PROVIDING COUNSELLING & RELIEF SERVICES THROUGH THE USE OF MEDIATION AND SPECIFICALLY DESIGNED EDUCATIONAL WORKSHOPS.

4

Objectives, Activities and Achievements

Main objectives:

Main activities:

To fulfil our objectives, we conducted the following:

5

Achievements and performance, including reporting on its public benefit:

Reserves policy and going concern

The Board has assessed the charity’s requirements for reserves in the light of the main risks to the organisation. As a result, the Board has approved a policy whereby the unrestricted funds not committed, should be held in reserve and maintained at a level which ensures that Hearts and Helper’s core activity could continue during a period of unforeseen difficulty. The target reserve amount represents at least 6 months’ (26 weeks) expenditure and will be reviewed annually.

Risk management

The trustees have a risk management strategy which comprises:

● an annual review of the principal risks and uncertainties that the charity undertakes.

● the establishment of policies, systems and procedures to mitigate those risks identified in the annual review; and

● the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.

The Trustees constantly review risks relevant to the charity. Any risks identified are reported to the Trustees and decisions made on how to minimise risk.

6

Trustees and their responsibilities

Charity trustees are the people who serve on the governing body of a charity. They may be known as trustees, directors, board members, governors or committee members. The principles and main duties are the same in all cases.

Trustees have, and must accept, ultimate responsibility for directing the affairs of a charity, and ensuring that it is solvent, well-run, and meeting the needs for which it has been set up.

Our volunteers

Hearts and Helpers is very involved in the community and relies on voluntary help. Around 20 volunteers assisted with our on-going activities. We wish to thank our volunteers for their loyal support and contribution.

Future plan

The charity is planning to recruit more trustees to strengthen governance. We have been successful with the Big Lottery Reaching Community grant and we are looking forward to successfully deliver on this project activities for the forthcoming years. We will continue to apply for funding to sustain the organisation activities.

Signed on behalf of all members,

J Miah (Trustee) Date: 26/11/2024

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ACCOUNTANT’S REPORT

Hearts and Helpers for the year ended 29[th] February 2024

In accordance with your instructions, we have compiled these accounts in order to fulfil your statutory responsibilities from the accounting records, information and explanation supplied to us.

It is your duty to ensure that Hearts and Helpers has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of Hearts and Helpers.

We have not been instructed to carry out an audit/independent examination or a review of the financial statements of Hearts and Helpers due the in income below the threshold of £25,000. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

TACTS Accountant Chartered Certified Accountant 61 Fountains Crescent London N14 6BD

Date: 26/11/2024

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HEARTS AND HELPERS HEARTS AND HELPERS HEARTS AND HELPERS HEARTS AND HELPERS HEARTS AND HELPERS HEARTS AND HELPERS HEARTS AND HELPERS HEARTS AND HELPERS HEARTS AND HELPERS HEARTS AND HELPERS HEARTS AND HELPERS HEARTS AND HELPERS
INCOME AND EXPENDITURE FOR THE PERIOD ENDING 29TH FEBRUARY 2024
INCOMING RESOURCES
Donation

Income from Charitable Activities:
The National Lottery Community Fund
Enfield Neighbourhood Fund
TOTAL INCOMING RESOURCES
RESOUCES EXPENDED
Charitable Expenditure
Sessional Workers & Staff Cost
Community Activities and Events
Storage & Allotments Costs
Office Rent and Venue Hire
Utilities
Office and Admin Expenses
Professional Fees
Publicity and Advertisement
Volunteer Expenses
Travel and Transport
Insurance
Renovation and Maintenance
Depreciation
TOTAL RESOUCES EXPENDED
Net Incoming/Outgoing resources
FUNDS BROUGHT FORWARD
FUNDS CARRIED FORWARD		 Unrestricted
Funds
£
21
-
-
21
5,009
-
-
92
221
869
1,530
-
295
844
-
-
416
9,276
(9,255)		 Restricted
Funds
£
-
10,000
-
10,000
4,500
3,242
2,302
970
-
-
-
231
-
-
945
736
12,927
(2,927)		 Funds
2024
£
21
10,000
-		 Funds
2023
£
10,021
-
15,776
10,021 25,797
9,509
3,242
2,302
1,062
221
869
1,530
231
295
844
945
736
416		 16,121
6,213
15,666
5,681
587
8
1,744
78
-
2,118
459
3,546
416
22,203 52,637
(12,182) (26,840)
11,007 2,927 13,934
40,774
1,752 - 1,752
13,934

There were no recognised gains or losses for the above period other than those shown in the income and expenditure for the above financial year. All incoming resources and resources expended are derived from continuing activities.

(The notes attached form part of these financial statements)

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HEARTS AND HELPERS BALANCE SHEET AS AT 29TH FEBRUARY 2024

Notes
Fixed Assets
Tangible assets
(6)
Current Assets:
Debtor
(10)
Cash at Bank and In Hand
Current Liabilities:
Creditors:
Amount falling due within one year
(9)
Net Currents Assets
Net Assets
As Represented By
Unrestricted Fund
Restricted Fund
(8)
Total Funds		 2024
£
999
1,380
2,113
2,740
753		 2023
£
1,415
-
13,410
891
12,519
1,752 13,934
1,752
-		 11,007
2,927
1,752 13,934

(The notes form part of this account)

The accounts were approved by the Committee Members on 26/11/2024 and signed on their behalf by: -

……………………….........

(Trustee) J Miah

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HEARTS AND HELPERS Year Ended 29[th ] February 2024

Notes to the accounts

ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Hearts and Helpers meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

b) Preparation of the accounts on a going concern basis

The Charity trustees are of the view that measures taken subsequent to the year-end to reduce operating costs and successful in applying for continuation funding have secured the immediate future of the Charity for the next 12 to 18 months and that on this basis the charity is a going concern.

1. Cash Flow Statement

The trustees have taken advantage of the exemption in Financial Reporting Standard No 1 (revised) from including a cash flow statement in the financial statements on the grounds that the charity is small.

2. Incoming Resources

Income is recognised in the period to which it relates, unless specified otherwise by the funder. Project funding is, in general, repayable if not expended within the relevant project. Such income is only recognised to the extent that it ceases to be repayable. The income is accounted for on a receivable basis.

3. Resource Expended

Resources expended are included in the Statement of Financial Activities inclusive of VAT which cannot be recovered. Direct charitable expenditure include includes the direct costs of the activities. Where such costs relate to more than one functional cost category, they have been apportioned in line with the direct costs of the relevant service.

11

Notes to the accounts (Cont.)

4. Support Cost

Allocation of support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back-office costs, finance, personnel, and governance costs which support the Charity activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 11.

5. Taxation

Hearts and Helpers is a registered charity and is not liable for corporation tax on its income under section 505 of the Income and Corporation Taxes Act 1988 to the extent that it is applied to its charitable activities.

6 . Tangible fixed assets

Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided to write off the cost, of all fixed assets over their expected useful life as follows: -

Fixtures and Fittings - 20 % straight line Plant and Machinery - 20 % straight line

Cost
At Cost
Carried Forward
Depreciation
Brought forward
Charge for the year
Carried Forward
Net Book Value
As At February 2024
As At February 2023		 Fixtures and
Fittings
£
425
425
170
85
255
170
255		 Plant &
Machinery
£
1,655
1,655
495
331
826
829
1,160		 Total
£
2,080
2,080
665
416
**1,081 **
999
1,415

7. Reserves

The Unrestricted Funds are expendable at the discretion of the trustees in furtherance of the objects of the charity.

At 1st March 2023
Surplus/(Deficit) for the year
Transfers between funds
At 29th February 2024		 Unrestricted
funds reserve
£
11,007
(9,255)
-
1,752		 Restricted funds
reserve
Total
£
£
2,927
13,934
(2,927)
(12,182)
-
-
-
1,752

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HEARTS AND HELPERS Year Ended 29[th ] February 2024

Notes to the accounts (Cont.)

8. Analysis of Restricted Fund

.Analysis of Restricted Fund
Enfield Neighbourhood Fund
National Lottery Com. Fund		 Balance 1st
March 2023
Incoming
resources
Outgoing
resources
Balance 29th
Feb 2024
£
£
£
£
2,927
-
2,927
-
-
10,000
10,000
-
2,927
10,000
12,927
-

Purpose of Restricted Fund:

To support mental health and wellbeing and tackling cost of living crisis.

9. CREDITORS (ACCRUALS)

Professional Fees
Other Creditors
0. Debtors
Other debtors		 2024
£
785
1,955
2,740
2024
£
1,380		 2023
£
-
891
891
2023
£
-

10. Debtors

11. Support and Governance cost

Office and Administration Cost
Utilities
Professional fees
Insurance
Renovation and Maintenance
Depreciation		 General
Support
£
869
221
745
-
736
416
2,987		 Governance
£
-
-
785
945
-
-
1,730		 Total
£
869
221
1,530
945
736
416
4,717

12. Staff and Sessional Workers

Total staff and sessional workers costs were £9,509 in this financial year.

There were 1 part-time employee on payroll and 5 self-employed workers.

Trustees are not remunerated.

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