2025-05-31-accounts - Hope Unwrapped

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HOPE UNWRAPPED

Statement of Financial Activities

Year ended 31 May 2025

		2025		2024
		Unrestricted
		fundsTotal funds		Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	4	873	873	1,505
Other trading activities	5	130,363	130,363	124,413
		`─────────`	`─────────`	`─────────`
Total income		131,236	131,236	125,918
		`═════════`	`═════════`	`═════════`
Expenditure
Expenditure on raising funds:
Costs of other trading activities	6	59,583	59,583	57,640
Expenditure on charitable activities	7,8	73,010	73,010	63,063
		`─────────`	`─────────`	`─────────`
Total expenditure		132,593	132,593	120,703
		`═════════`	`═════════`	`═════════`
		`─────────`	`─────────`	`─────────`
Net (expenditure)/income and net movement in funds		(1,357)	(1,357)	5,215
		`═════════`	`═════════`	`═════════`
Reconciliation of funds
Total funds brought forward		13,090	13,090	7,875
		`─────────`	`─────────`	`─────────`
Total funds carried forward		11,733 `═════════`	11,733 `═════════`	13,090 `═════════`

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 8 to 14 form part of these financial statements.

HOPE UNWRAPPED

Statement of Financial Position

31 May 2025

		2025	2024
	Note	£	£
Fixed assets
Tangible fixed assets	12	7,981	10,822
Current assets
Debtors	13	391	597
Cash at bank and in hand		13,757	13,111
		`────────`	`────────`
		14,148	13,708
Creditors: amounts falling due within one year	14	10,396	11,440
		`────────`	`────────`
Net current assets		3,752	2,268
		`────────`	`────────`
Total assets less current liabilities		11,733	13,090
		`────────`	`────────`
Net assets		11,733	13,090
		`════════`	`════════`
Funds of the charity
Unrestricted funds		11,733	13,090
		`────────`	`────────`
Total charity funds	15	11,733 `════════`	13,090 `════════`

These financial statements were approved by the board of trustees and authorised for issue on 17 March 2026, and are signed on behalf of the board by:

Mr James Smyth Trustee

The notes on pages 8 to 14 form part of these financial statements.

HOPE UNWRAPPED

Notes to the Financial Statements

Year ended 31 May 2025

1. General 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.

2. Statement 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.

3. Accounting policies

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.

Judgements 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 carrying 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 particular future project or commitment.

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 2025

3. 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 following 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 expended

Expenditure is recognised on an accruals 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, noncharitable trading activities, 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 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 2025

3. 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 - 25% reducing balance Equipment - 33% 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 otherwise 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 2025

3. Accounting policies (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.

4. Donations and legacies

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2025	Funds	2024
		£	£	£	£
	Donations
	Donations	873	873	1,505	1,505
		`════`	`════`	`═══════`	`═══════`
5.	Other trading activities
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2025	Funds	2024
		£	£	£	£
	Shop income	130,363	130,363	124,413	124,413
		`═════════`	`═════════`	`═════════`	`═════════`

HOPE UNWRAPPED

Notes to the Financial Statements (continued)

Year ended 31 May 2025

6. Costs of other trading activities

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2025	Funds	2024
	£	£	£	£
Shop costs - purchases	702	702	1,093	1,093
Shop costs - wages and salaries	27,852	27,852	22,580	22,580
Shop costs - rent	14,760	14,760	13,760	13,760
Shop costs - light & heat	4,108	4,108	6,196	6,196
Shop costs - repairs & maintenance	1,223	1,223	1,528	1,528
Shop costs - insurance	530	530	504	504
Shop costs - motor vehicle expenses	4,766	4,766	5,077	5,077
Shop costs - travel costs	–	–	833	833
Shop costs - other office costs	1,770	1,770	1,606	1,606
Shop costs - depreciation	2,842	2,842	3,880	3,880
Shop costs - profit or loss on disposal
of assets	–	–	(441)	(441)
Shop costs - bank charges	1,030	1,030	1,024	1,024
	`────────`	`────────`	`────────`	`────────`
	59,583 `════════`	59,583 `════════`	57,640 `════════`	57,640 `════════`

7. Expenditure on charitable activities by fund type

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2025	Funds	2024
	£	£	£	£
Gifts to Open Doors	70,885	70,885	61,299	61,299
Support costs	2,125	2,125	1,764	1,764
	`────────`	`────────`	`────────`	`────────`
	73,010 `════════`	73,010 `════════`	63,063 `════════`	63,063 `════════`

8. Expenditure on charitable activities by activity type

	Activities
	undertaken		Total funds	Total fund
	directly Support costs		2025	2024
	£	£	£	£
Gifts to Open Doors	70,885	–	70,885	61,299
Governance costs	–	2,125	2,125	1,764
	`────────`	`───────`	`────────`	`────────`
	70,885 `════════`	2,125 `═══════`	73,010 `════════`	63,063 `════════`

9. Net (expenditure)/income

Net (expenditure)/income is stated after charging/(crediting):

Depreciation of tangible fixed assets

2025	2024
£	£
2,841 `═══════`	3,880 `═══════`

HOPE UNWRAPPED

Notes to the Financial Statements (continued)

Year ended 31 May 2025

10. Independent examination fees

	2025	2024
	£	£
Fees payable to the independent examiner for:
Independent examination of the financial statements	2,126 `═══════`	1,765 `═══════`

11. Trustee remuneration and expenses

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 2024 and 31 May 2025	12,250	3,998	16,248
		`════════`	`═══════`	`════════`
	Depreciation
	At 1 June 2024	3,063	2,363	5,426
	Charge for the year	2,296	545	2,841
		`────────`	`───────`	`────────`
	At 31 May 2025	5,359	2,908	8,267
		`════════`	`═══════`	`════════`
	Carrying amount
	At 31 May 2025	6,891	1,090	7,981
		`════════`	`═══════`	`════════`
	At 31 May 2024	9,187	1,635	10,822
		`════════`	`═══════`	`════════`
13.	Debtors
			2025	2024
			£	£
	Prepayments and accrued income		38	–
	Other debtors		353	597
			`────`	`────`
			391	597
			`════`	`════`
14.	Creditors: amounts falling due within one year
			2025	2024
			£	£
	Accruals and deferred income		10,396	11,440
			`════════`	`════════`

HOPE UNWRAPPED

Notes to the Financial Statements (continued)

Year ended 31 May 2025

15. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
		At			At
	1	June 2024	Income	Expenditure	31 May 2025
		£	£	£	£
General funds		13,090 `════════`	131,236 `═════════`	(132,593) `═════════`	11,733 `════════`

16. Analysis of net assets between funds

	Unrestricted	Total Funds	Total Funds
	Funds	2025	2024
	£	£	£
Tangible fixed assets	7,981	7,981	10,822
Current assets	14,148	14,148	13,708
Creditors less than 1 year	(10,396)	(10,396)	(11,440)
	`────────`	`────────`	`────────`
Net assets	11,733	11,733	13,090
	`════════`	`════════`	`════════`