Charity Registration No. 1039457
Company Registration No. 02946010 (England and Wales)
PROJECT HOPE, UNITED KINGDOM
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2023
PROJECT HOPE, UNITED KINGDOM
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
LM Cannon
RG Evans
K Thomson
JD H Heath
Dame A Chilcott Fawcett
Secretary
Ms A Block-Schlesier
Charity number
1039457
Company number
02946010
Registered office
Concord
King's Ash
Great Missenden
HP16 9NP
Independent Examiners
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
Solicitors
Farrer & Co LLP
66 Lincoln's Inn Fields
London
WC2A 3LH
PROJECT HOPE, UNITED KINGDOM
CONTENTS
Page
Trustees' report
1 - 5
Independent examiner's report
6
Statement of financial activities
7
Balance sheet
8
Notes to the financial statements
9 - 17
PROJECT HOPE, UNITED KINGDOM
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 29 JUNE 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 29 June 2023. This report also includes the Directors Report as required by Company Law.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's memorandum and articles of association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice (amended for bulletin 1 & 2) 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 2019).

 

The charity website is located at www.projecthopeuk.org

Objectives and activities

The objectives of the Charity are the advancement of health education and the relief of sickness, affliction, and physical disability of the populations of developing and less favoured countries and communities, including communities within developed industrial countries. There have been no changes in these objectives since the last annual report.

When planning the activities for the year, the Directors have considered the Charity Commission’s guidance on public benefit and are satisfied that the Charity’s activities met the principles laid out in that guidance. The Charity aims to benefit the public in the communities with which it works by raising funds and donations for conducting health education, policy research and to support critical health programmes and pursue long term strategies leading to improvements in the health status of vulnerable children that can be sustained after Project HOPE UK’s work has been completed.

In the period to 29 June 2023, the Directors agreed that the Charity would devote its best efforts to the further development of its signature programme to transform the care and well-being of orphans and other vulnerable children in the township of Munsieville, South Africa; aiming to create an influential ‘model of excellence’ that can be adapted and replicated by impoverished communities worldwide.

In line with the Directors’ commitment to see Project HOPE UK become an organisation with a core specialism in the health and well-being of vulnerable children in less-developed countries, efforts have been made to build on the operational successes of recent years to develop a broad-based network of local groups and individuals who are being equipped and empowered to become agents of transformational change with the aim of affording all children in the community the opportunity to emerge into adulthood as healthy, productive citizens.

Grant making policy

Project HOPE UK voluntarily agrees to work with other organisations to deliver some activities on its behalf. It does not consider unsolicited funding requests. The Charity has, from time to time, provided gift in kind donations to external charitable organisations to undertake certain humanitarian activities that were pre-determined by the Board of Directors, and which were in line with the strategic objectives of Project HOPE UK. Whilst this is still in place, with the focus on the programme in Munsieville, such interventions are currently not taking place.

Achievements and performance

The Charity has continued to develop its established programme in South Africa, which is now into its 13th year of commitment. The purpose of the programme is to seek lasting and sustainable solutions to the drivers of poor health and child mortality in townships, based on strong community engagement and the support of existing services. The principal location for this work is the Munsieville township in Gauteng Province, South Africa.

PROJECT HOPE, UNITED KINGDOM
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 2 -

In the first two years of implementing the programme, the local Project Hope team identified six key priorities that would be addressed - to help transform Munsieville from a place of danger and hostility to vulnerable children to a sustainable and child-friendly community in which the interests of children are prioritised. Significant progress on these six themes will equip the community to continue to effect changes to negative behaviours affecting children, whilst honouring the rich and diverse cultures of the township. The six key priorities identified were developed under the framework of what we call the ‘Thoughtful Path’ and are as follows:

 

Priority 1.     Rejecting poor quality pre-school care and insisting on professional early childhood development for all infants.

Priority 2.     Householders accepting responsibility for the safety of children within the home, eradicating the risk of fire, poisoning, and other home-based hazards.

Priority 3.     Creating a culture of zero-tolerance towards child abuse, replacing acceptance of abuse with a culture of reporting and accountability.

Priority 4.    Parents and caregivers refusing to accept malnutrition in the children in their care and embracing their role as pro-active agents in food security.

Priority 5.    Parents and caregivers championing health and access to health services for the children in their care.

Priority 6.     Replacing dependency and a ‘hand-out’ culture with a new belief in personal, family and community wealth creation, based on the assets of the township.

 

In delivering the Thoughtful Path Programme, progress has been made on all these priorities, with continued support from the local South African business community. The established positive relationship with the Department of Health on a Provincial and District level has led to more services being offered, and high numbers of childhood vaccinations being achieved. Most of this programme is delivered through Project Hope’s Hope Park facilities – our specific Project Hope UK premises in Munsieville, South Africa. Hope Park consists of facilities which host established local stakeholders to address our identified priorities. These are Early Childhood Development (ECD), child health, healthy nutrition, facilitation of local government services, and community initiatives. In expansion of these services, and in line with the organisation’s objectives, more focus is being given to the cohort of 14–18-year-olds, especially pregnant girls, and their male counterparts. It has become evident that there is an increasing need for health education, family planning and skills development, as well as a safe space for teenage mothers. Hope Park is providing the space for the newly established DoH initiative AYFS (Adolescent and Youth Friendly Services) in close co-operation with other existing services in Hope Park.

 

The progress on our key priorities:

 

Priority 1:     The Early Childhood Development (ECD) centre in Hope Park, run by an individual from the local community, is well established. The ECD programme in Hope Park runs successfully, with increasing numbers of children attending. The children engaged in the Project HOPE ECD programme have the added benefit of the integrated health services in Hope Park. During this past financial year, this programme has employed three additional individuals from the local community (which also addresses point 6 of the priority list).

Priority 2:     Our shack safety initiatives are successful. With a range of simple, low- to no- cost, measures, even the poorest families can create safe homes. These initiatives range from establishing better ventilation in the shacks, removing fire hazards from kitchens, and safer lighting methods that reduce the risk of fires. These measures are welcomed by the community and are easy to understand and implement. Since the informal shack settlement is a community with very high fluctuations of residents, it is essential that these initiatives are being promoted to new arrivals. The shack density is very high; therefore, fires move from one shack to the next very quickly, making it a big risk to lives and belongings.

 

Priority 3:     Our expertise lies in finding individual solutions for children that fall through the net of social services and present complex needs. This challenge includes dealing with the impact of absence of parents and extended family, or their inability to care for children. Abuse or neglect may lead to children starving until they are severely malnourished. The absence of birth certificates after home births and parents having illegal immigration status, may mean children end up being stateless with no access to health and education services.

 

PROJECT HOPE, UNITED KINGDOM
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 3 -

Childhood abuse cases continue to be reported to the Project HOPE facility in Hope Park. No week goes by without several cases being reported. Our growing network of stakeholders ensures that all cases are attended to immediately and either resolved or referred to the relevant authorities. We are extremely proud of the change in culture in the community in terms of reporting and helping with follow-ups.

With state orphanages being full, we work together with the social workers in Hope Park to find individual solutions for the affected. The Project Hope Team stays with a child from the point of reporting until they are in a new safe situation, always with the best interest of the child in mind. Where possible, we work with immediate and extended family, although more flexible solutions are sometimes needed, such as taking these children in at Hope Park on a temporary basis until a permanent solution is found. This is being done through stakeholder support, their funding and co-operation.

Priority 4:     Through our dedicated Hope Park Child Nutrition Unit, child and parental nutrition education has been delivered since 2017. Educational and practical workshops are a key part of our work and have attracted local supermarket chains and other organisations to support us with significant gift in kind donations. Caregivers receive food support from us when they are not able to secure it themselves, including baby and infant food. This comes with support in building vegetable gardens or accessing the local Project HOPE vegetable farm. When children are severely malnourished, additional help is provided by a Clinical Dietician which may lead to hospital referral and care.

Priority 5:     Since February 2019 when the Department of Health started operating from one of the Project HOPE Health Units in Hope Park, parents and caregivers have built great trust to our organisation and bring their children for all childhood vaccinations, minor illnesses, and routine check-ups. They appreciate the quality of care and proximity of the facility to the informal settlement. By June 2023 more than 25,000 vaccinations were administered to children, most of them to under 5-year-olds.

Priority 6:     We encourage local community entrepreneurship where possible. Cultural factors such as patriarchal family structures are a competing challenge in the informal settlement. Most successful is the work with non-South African residents as they do not get any government support and depend on their own initiatives.

Working more closely with teenagers and young people, has shown how much education and skills development is required. Many of them have great difficulties in reading, writing and basic maths when they leave high school. Our expanding Adolescent- and Youth friendly programme will address all of these challenges.

Hope Park Children’s Sports and Performance Arena

The Project HOPE Children’s Sports and Performance Arena (part of our Hope Park facilities) serves as a key community centre for many activities and events. Children’s sports matches and games, artistic performances and drama rehearsals for young people are carried out as well as pageant contests. Holiday Clubs take place here twice a year, being delivered and supported by partner organisations and local churches. The arena is an important and safe place for children to play in the entire informal settlement.

Our quarterly health fairs are very popular, regularly attracting more than 1000 visitors from Munsieville. Stakeholders and government departments present their services and deliver them during the health fairs. External medical and health services come to Hope Park and set up specific health promotion day activities free of charge for children and caregivers. This makes access to all relevant services very easy for the community.

Fundraising

The charity has been sustained through the generous and committed support of several individuals and trustees and is undertaking strenuous efforts to raise increased levels of unrestricted funding as well as specific project funding to cover vital aspects of the charity’s operations in South Africa. The Trustees recognise the risks associated with operating services whilst having low levels of reserves and undertook regular Board-level discussions to ensure that all commitments were met in the short-term. Action was also taken to seek to secure necessary funding on a sustainable basis for the future. Throughout this reporting period, they continued to exercise close control of expenditure.

PROJECT HOPE, UNITED KINGDOM
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 4 -
Financial review

The Trustees recognise the risks associated with operating vital services to beneficiaries whilst having low levels of reserves and undertook regular Board-level discussions to ensure that all commitments were met in the short term, whilst action was taken to secure necessary funding on a sustainable basis for the future. Throughout this period, they continued to exercise close control of expenditure and where possible reduced the administrative costs of the Charity.

At the end of the year the charity held reserves of £14,007 of which £7,500 related to restricted funds. Unrestricted reserves are currently less than three months of operating costs and the trustees are looking to build the unrestricted funds of the charity to enable continued development of their charitable activities.

Voluntary help and donations in kind

All members of the Board gave their time freely and without charge. We acknowledge and greatly appreciated the support of GlaxoSmithKline PLC (GSK), for providing rent free office accommodation, IT services and many other services to help the charity keep running costs to a minimum. This support ended in April 2023 after GSK reorganised their office facilities in Brentford.

In South Africa we receive support in kind from Norton Rose Fulbright Sandton, Rotary, Food and Trees for Africa, Checkers, Shoprite,Ladles of Love and AFM Noordheuwel.

 

Reserves

 

Project HOPE UK uses its resources efficiently and effectively which is evidenced by:

 

1)    Very low frictional costs. Of every GBP raised, 94% has been spent on direct project activities in South Africa.

2)    Delivering what we promised. All projects commenced were completed and implemented, including those that required multiple years of implementation.

3)    Putting money raised to work. Project HOPE UK puts cash to work and runs with low reserves. This has been made possible by our low overhead and a low fixed cost structure that allows us to deliver a low burden of costs, as above. A higher level of reserves can be carried at any time if required by donors.

 

The Trustees recognise that the income of the charity is subject to fluctuation and is committed to endeavouring to build reserves in coming years to be able to ensure services to beneficiaries are maintained

 

Risk management

The Trustees operate a rolling risk assessment programme, with quarterly review, covering the major risks to which the Charity is exposed, including those relating to the operations, employees, volunteers, beneficiaries of the charity, the finances of the charity and the low levels of free reserves it carries. They are satisfied that systems are in place to mitigate exposure to major risks in the UK and in its activity in South Africa.

The COO is in regular contact through phone calls and personal meetings with the Co-Chair Lista Cannon to update the Board of Trustees on progress and discuss all aspects of the programme operation. This is to ensure full transparency of the progress on the ground as well as to authorise vital steps in the transition to sustainability.

Structure, governance and management

The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association. It is governed by a Board of Directors who are all volunteers who give their time without remuneration and required to be members of the charity. The Trustees, who are also the Directors for the purpose of company law, and who served during the year are as follows:

PROJECT HOPE, UNITED KINGDOM
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 5 -

The trustees, who are also the directors for the purpose of company law, and who served during the year are as follows;

LM Cannon
RG Evans
K Thomson
JD H Heath
Dame A Chilcott Fawcett

No paid employees, whether in full or part time employment, may be elected to the Board. The election of members to the Board, in place of those retiring, takes place at the Annual General Meeting. The Directors may appoint any member to the Board to fill a casual vacancy or as an additional Director. A Director so appointed shall hold office only until the next Annual General Meeting when he/she shall retire and be reappointed. When recruiting new Directors, the Board makes enquiries with its Patrons and advisors, and with relevant external bodies, in a bid to attract candidates with skills and experiences appropriate to the perceived needs of the charity at that time.

Training and mentoring are made available to Directors as appropriate, to equip them to fulfil their duties in accordance with voluntary sector best practice and external requirements. The staff team is accountable to the Board and is charged with the responsibility to execute the day-to-day operations of the charity in accordance with the policies, procedures and budgets approved by the Board. The Charity has no share capital or debentures.

Strategic plans for the future:

The focus of the charity over the coming year will remain to be strengthening the Thoughtful Path programme, in particular:

  1. Further development of the facilities and services offered from the Hope Park Children’s Health Campus through stakeholders and external partner organisations.

  2. Expanding the reach of the initiatives from the Hope Park nutrition centre, the vegetable keyhole garden project, and the vegetable farm to support food security in township households and work against childhood malnutrition.

  3. Further involvement of community members, mainly parents and caregivers, to volunteer in Hope Park activities and achieve a better life for their children and families.

  4. Work closely with the local clinic to increase the range of services being offered for children and caregivers in Hope Park.

The trustees' report was approved by the Board of Trustees.

K Thomson
Trustee
30 January 2024
PROJECT HOPE, UNITED KINGDOM
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF PROJECT HOPE, UNITED KINGDOM
- 6 -

I report to the trustees (who are also Directors for the purpose of company law) on my examination of the financial statements of Project Hope, United Kingdom (‘the charitable company’) for the year ended 29 June 2023 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

This report is made solely to the charity's trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work, for this report, or for the opinions I have formed.
Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

As the trustees of charitable company you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’) and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

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 true and fair view which is not a matter considered as part of an independent examination; or

4

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 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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 to enable a proper understanding of the financial statements to be reached.

Janine Mansfield FCA
Rickard Luckin Limited
Chartered Accountants
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
Dated: 5 February 2024
PROJECT HOPE, UNITED KINGDOM
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 29 JUNE 2023
- 7 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
126,041
7,500
133,541
112,318
9,824
122,142
Investments
4
32
-
32
4
-
4
Total income
126,073
7,500
133,573
112,322
9,824
122,146
Expenditure on:
Charitable activities
7
153,694
-
153,694
111,100
22,045
133,145
Net (outgoing)/incoming resources before transfers
(27,621)
7,500
(20,121)
1,222
(12,221)
(10,999)
Gross transfers between funds
16,334
(16,334)
-
(659)
659
-
Net expenditure for the year/
Net movement in funds
(11,287)
(8,834)
(20,121)
563
(11,562)
(10,999)
Fund balances at 30 June 2022
17,794
16,334
34,128
17,231
27,896
45,127
Fund balances at 29 June 2023
6,507
7,500
14,007
17,794
16,334
34,128

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
PROJECT HOPE, UNITED KINGDOM
BALANCE SHEET
AS AT 29 JUNE 2023
29 June 2023
- 8 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
9
1,835
2,683
Cash at bank and in hand
23,389
45,965
25,224
48,648
Creditors: amounts falling due within one year
10
(11,217)
(14,520)
Net current assets
14,007
34,128
Income funds
Restricted funds
12
7,500
16,334
Unrestricted funds
6,507
17,794
14,007
34,128

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 29 June 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 30 January 2024
K Thomson
Trustee
Company registration number 02946010
PROJECT HOPE, UNITED KINGDOM
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2023
- 9 -
1
Accounting policies
Charity information

Project Hope, United Kingdom is a private company limited by guarantee incorporated in England and Wales. The registered office is Concord, King's Ash, Great Missenden, HP16 9NP.

1.1
Accounting convention

The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice (amended for bulletin 1 & 2) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The charity is reliant upon the continued support of its donors to fund ongoing charitable work. As indicated in the trustees' report, the trustees are continuing to adjust expenditure and increase funding to ensure that the charity is able to continue as a going concern.

 

The trustees confirm that the charity is able to meet its liabilities as they fall due and have agreed to provide support to charity if necessary to ensure its continuation therefore believe that the charity will be able to continue as a going concern for the next 12 months.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Assets for distribution are recognised only when distributed. Assets given for use by the charity are recognised when receivable. Stocks of undistributed donated goods are not valued for balance sheet purposes.
PROJECT HOPE, UNITED KINGDOM
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
1
Accounting policies
(Continued)
- 10 -
1.5
Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

All expenditure is accounted for gross, and when incurred. Grants payable are accounted for when an obligation to pay has arisen; for project grants funded by restricted income this normally means when the Charity has been advised that the corresponding expenditure has been incurred or committed. Fundraising costs represent costs incurred in raising voluntary income.

 

Costs of generating funds are the costs associated with attracting voluntary income.

 

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are carried at cost unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

PROJECT HOPE, UNITED KINGDOM
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
1
Accounting policies
(Continued)
- 11 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.8
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

The Charity operates a defined contribution pension scheme and death in service scheme for its employees. Contributions are charged to the Statement of Financial Activities as they become payable.

1.10
Foreign exchange

Transactions in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rates at the balance sheet date and the exchange differences are included in the statement of financial activities.

1.11

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

PROJECT HOPE, UNITED KINGDOM
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 12 -
3
Donations and legacies
Unrestricted
Restricted
Total
Total
funds
funds
2023
2022
£
£
£
£
Donations and gifts
106,041
7,500
113,541
89,704

Coronavirus job retention scheme

-
-
-
8,438
Donated goods and services
20,000
-
20,000
24,000
126,041
7,500
133,541
122,142
For the year ended 29 June 2022
112,318
9,824
122,142
Donated goods and services

Unrestricted donated goods and services include the estimated value of office accommodation and related services provided by GSK. The charity also benefits from unpaid volunteers, including trustees, but no value is recognised for these.

4
Investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
32
4
5
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
6
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
2
2
PROJECT HOPE, UNITED KINGDOM
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
6
Employees
(Continued)
- 13 -
Employment costs
2023
2022
£
£
Wages and salaries
72,941
72,739
Social security costs
4,686
4,678
Other pension costs
1,086
1,086
78,713
78,503

 

There were no employees whose annual remuneration was more than £60,000.
7
Charitable activities
Munsieville- South Africa

Children's Sports Arena

Munsieville- South Africa
Total
2022
2023
2022
2022
£
£
£
£

Direct costs

30,265
1,457
12,786
14,243
Share of support costs (see note 8)
113,063
-
113,458
113,458
Share of governance costs (see note 8)
10,366
-
5,444
5,444
153,694
1,457
131,688
133,145
Analysis by fund
Unrestricted funds
153,694
-
111,100
111,100
Restricted funds
-
1,457
20,588
22,045
PROJECT HOPE, UNITED KINGDOM
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 14 -
8
Support costs
Support costs
Governance costs
2023
2022
£
£
£
£
Staff costs
78,713
-
78,713
78,503

Travelling expenses

10,114
-
10,114
15,063

Consultancy fees

-
-
-
(8,060)

Insurance

688
-
688
581

Printing, postage and stationery

509
-
509
56

Sundry expenses

1,231
-
1,231
1,098

Website and internet

-
-
-
333

Bank charges

1,808
-
1,808
1,884

Rent and related services

20,000
-
20,000
24,000
Accountancy fees
-
9,108
9,108
5,444

Website and internet

-
1,166
1,166
-

Subscriptions

-
92
92
-
113,063
10,366
123,429
118,902
Analysed between
Charitable activities
113,063
10,366
123,429
118,902

Governance costs of £10,366 including VAT paid to the Independent Examiners include the Independent Examiners fee of £6,600 (2022: £5,444) and other fees of £2,509 (2022: £890).

9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,368
2,229
Prepayments and accrued income
467
454
1,835
2,683
10
Creditors: amounts falling due within one year
2023
2022
£
£
Other taxation and social security
1,165
1,260
Trade creditors
-
5,384
Other creditors
3,452
3,016
Accruals and deferred income
6,600
4,860
11,217
14,520
PROJECT HOPE, UNITED KINGDOM
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 15 -
11
Analysis of net assets between funds
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Fund balances at 29 June 2023 are represented by:
Current assets/(liabilities)
6,507
7,500
14,007
17,794
16,334
34,128
6,507
7,500
14,007
17,794
16,334
34,128
PROJECT HOPE, UNITED KINGDOM
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 16 -
12
Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
Movement in funds
Movement in funds
Balance at
30 June 2021
Incoming resources
Resources expended
Transfer from unrestricted funds
Balance at
30 June 2022
Incoming resources
Transfer from unrestricted funds
Balance at
29 June 2023
£
£
£
£
£
£
£
£
Childrens Sports Arena
-
-
(1,214)
1,214
-
-
-
-
You Grow, They Grow
7,199
1,386
(4,221)
-
4,364
-
(4,364)
-
Thoughtful Path Project
16,514
-
(4,544)
-
11,970
-
(11,970)
-
Chesham Youth
3,628
-
(3,628)
-
-
-
-
-
Furlough
-
8,438
(8,438)
-
-
-
-
-
Root and Branch
555
-
-
(555)
-
-
-
-
Van replacement
-
-
-
-
-
7,500
-
7,500
27,896
9,824
(22,045)
659
16,334
7,500
(16,334)
7,500

Restricted funds are used for the following purposes:

Children's sports arena - To showcase the art and sports of the children in Munsieville

You Grow, They Grow - A project to promote the growth of vegetables by children and families in Munsieville, South Africa by UK families growing their own vegetables and donating money to enable families in Munsieville, South Africa to do the same.

Thoughtful Path Project - To develop the Thoughtful Path Project further in Munsieville, South Africa which enables its most vulnerable children to grow into healthy productive adults.

Chesham Youth - A project to enable a group of volunteers from Chesham Church to go out to Munsieville, South Africa to aid the charitable activities in the area.

Furlough Fund- monies received under the Coronavirus Job Retention Scheme to assist with wages payments during the Covid-19 global pandemic.

Root & Branch - A project to support Chesham Youth.

Van Replacement - To cover the costs of a replacement van. The replacement van was paid for in September 2023.

 

Transfers

The trustees confirmed that, from review of the restricted funds during the year it was noted that these funds are for the general purpose of the charity, it was deemed that these are unrestricted funds and therefore transferred.

PROJECT HOPE, UNITED KINGDOM
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 17 -
13
Related party transactions

During the year, the charity received donations totalling £50,000 from Lista Makimson Cannon (2022: £10,000), one of the trustees, via Southampton Row Trust Limited trading as CAF American Donor Fund.

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