HOPE UNWRAPPED Statement of Financial Position 31 May 2024 2024 2023 Note Fixed assets Tangible fixed assets 12 10,822 9,011 Current assets Debtors Cash at bank and in hand 13 597 13,111 312 14,519 13,708 14,831 Creditors: amounts fallin due within one year 14 11,440 15,967 et current assets 2,268 (1,136) 7,875 Tot la ts less c rrent liabilities 13,090 N t assets 13,090 7,875 Funds of the charity Unrestricted funds 13,090 7,875 Total charity funds 15 13,090 7,875 These financial statements were approved by the board of trustees and authorised for issue on 18 March 2025, and are signed on behalf of the board by: Mr James Smyth Trustee The not son es 7 to 13 form part of these financial statements. HOPE UNWRAPPED Notes to the Financial Statements Year ended 31 May 2024 Gener l information The charity is a public benefit entity and a registered charity in Northern Ireland and is unincorporated. The address of the principal office is 98A Drumcroone Road, Coleraine, BT51 4ER. t tement of compliance 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 (FRS 102) (Charities SORP (FRS 102)) and the Charities Act (Northern Ireland) 2008. Accou ting p licies Basis of preparation 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 material uncertainties about the charity's ability to continue. Jud ements and key sources of estimation uncertainty There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carying amounts of assets and liabilities within the next financial year. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for commitment. articular future project or Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. HOPE UNWRAPPED Notes to the Financial Statements (continued) Year ended 31 May 2024 Accounting policies (continued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to 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 followin specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to 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 recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expen Expenditure is recognised on an accruals asis 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 activities, and tha 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 related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets 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 revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. HOPE UNWRAPPED Notes to the Financial Statements (continued) Year ended 31 May 2024 Accounting policies (continued) Tangible assets (continued) 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 result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to 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 Equipment 25 % reducing balance 33,/0 reducing balance Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. 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 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 assets or groups of assets For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to 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 units. Financial 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 initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can othenwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. HOPE UNWRAPPED Notes to the Financial Statements (continued) Year ended 31 May 2024 Accounting policie (continued) Financial instruments (continued) Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a 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 reporting date. 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 individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to 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. Donations nd leg ies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations 1,505 1,505 2,963 2,963 Other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Shop income 124,413 124,413 126,051 126,051 10 HOPE UNWRAPPED Notes to the Financial Statements (continued) Year ended 31 May 2024 Costs of other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Shop costs - purchases Shop costs - wages and salaries Shop costs - rent Shop costs - light & heat Shop costs - repairs & maintenance Shop costs - insurance Shop costs - motor vehicle expenses Shop costs - travel costs Shop costs - other office costs Shop costs - depreciation Shop costs - profit or loss on disposal of assets Shop costs - bank charges 1,093 22,580 13,760 6,196 1,528 504 5,077 833 1,606 3,880 1,093 22,580 13,760 6,196 1,528 504 5,077 833 1,606 3,880 712 22,680 14,690 5,142 1,298 493 6,347 712 22,680 14,690 5,142 1,298 493 6,347 2,776 3,412 2,776 3,412 (441) 1,024 (441) 1,024 1,578 1,578 57,640 57,640 59,128 59,128 xpenditure on ch ritable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gifts to Open Doors Other donations Support costs 61,299 61,299 65,743 50 1,832 65,743 50 1,832 1,764 1,764 63,063 63,063 67,625 67,625 Expe diture on charitable activities by activity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Gifts to Open Doors Other donations Governance costs 61,299 61,299 65,743 50 1,832 1,764 1,764 61,299 1,764 63,063 67,625 income Net income is stated after charging/(crediting): 2024 2023 Depreciation of tangible fixed assets 3,880 3,412 11 HOPE UNWRAPPED Notes to the Financial Statements (continued) Year ended 31 May 2024 15. Analysis of charitable funds Unrestricted funds At 1 June 2023 At Income Expenditure 31 May 2024 General funds 7,875 125,918 (120,703) 13,090 16. Analysis of net assets between funds Unrestricted Total Fun s Total Funds Funds 2024 2023 Tangible fixed assets Current assets Creditors less than 1 year Net ass 10,822 13,708 (11,440) 13,090 10,822 13,708 (11,440) 13,090 9,010 14,832 (15,967) 7,875 13 HOPE UNWRAPPED Notes to the Financial Statements (continued) Year ended 31 May 2024 10. In ent examination fees 2024 2023 Fees payable to the independent examiner for: Independent examination of the financial statements 1,765 1,877 11. Trustee remunerati nandex enses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 12. Tangible fixed assets Motor vehicles Equipment Total Cost At 1 June 2023 Additions Disposals At 31 May 2024 reciation At 1 June 2023 Charge for the year Disposals At 31 May 2024 Carryin amount At 31 May 2024 At 31 May 2023 11,660 12,250 (11,660) 12,250 3,998 15,658 12,250 (11,660) 16,248 3,998 5,101 3,063 (5,101) 3,063 1,546 817 6,647 3,880 (5,101) 5,426 2,363 9,187 1,635 10,822 6,559 2,452 9,011 13. Debtors 2024 2023 Other debtors 597 312 14. Creditors: amounts fallin due within one year 2024 2023 Accruals and deferred income 11,440 15,967 12 HOPE UNWRAPPED Statement of Financial Activities Year ended 31 May 2024 2024 Unrestricted funds Total funds Total funds 2023 Note Income and endowments Donations and legacies Other trading activities Total income 1,505 124,413 1,505 124,413 2,963 126,051 125,918 125,918 129,014 Expenditure Expenditure on raising funds: Costs of other trading activities Expenditure on charitable activities Total expenditure 57,640 63,063 57,640 63,063 59,128 67,625 120,703 120,703 126,753 Net income and net movement in funds 5,215 5,215 2,261 econciliation of funds Total funds brought forward Total fun s carried forwar 7,875 7,875 5,614 13,090 13,090 7,875 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 pages 7 to 13 form part of these financial statements.