REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
FRESH HOPE |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
FRESH HOPE |
FRESH HOPE |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Reference and Administrative Details | 1 |
Report of the Trustees | 2 | to | 5 |
Independent Examiner's Report | 6 |
Statement of Financial Activities | 7 |
Statement of Financial Position | 8 | to | 9 |
Notes to the Financial Statements | 10 | to | 17 |
FRESH HOPE |
REFERENCE AND ADMINISTRATIVE DETAILS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
TRUSTEES |
REGISTERED OFFICE |
REGISTERED COMPANY NUMBER |
REGISTERED CHARITY NUMBER |
INDEPENDENT EXAMINER | BK Plus Limited |
6 Manor Park Business Centre |
Mackenzie Way |
Cheltenham |
Gloucestershire |
GL51 9TX |
SOLICITORS | BPE Solicitors LLP |
St James House |
St James Square |
Cheltenham |
GL50 3PR |
BANKERS | Barclays Plc |
128 High Street |
Cheltenham |
GL50 1EG |
FRESH HOPE (REGISTERED NUMBER: 09904428) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
Our charity's purposes as set out in the objects contained in the company's articles of association are to: |
To improve and transform the lives of individual people and communities, in such communities as the trustees may from time to time think fit, with special emphasis on, but not exclusively, young people, vulnerable adults and disadvantaged families, by sponsoring, supporting and/or implementing community projects. To work with, encourage and provide opportunities for people in communities who have what they need, to work with those who do not, and so make the community a caring and healthy place to live for all. |
We will do this by sponsoring, promoting and supporting a variety of projects delivering benefits to the community. |
Public benefit |
How our activities deliver public benefit |
Currently, Fresh Hope has the following projects delivering benefit to the public: |
1. | The School House Café (SHC) Our aim in 2023 was to boost the levels of community activities in the SHC which had yet to recover to pre-pandemic levels. Over the year we held numerous events including: |
- | Pizza making |
- | Live music |
- | A children's Christmas party |
Many of these events were attended by over 100 people from our community. We have also made efforts to create regular events which include: |
- | A weekly #payasyoufeel lunch club. |
- | Weekly holiday activities in partnership with Make Lunch. |
- | Dungeons and Dragons on a Saturday morning |
- | Board Games |
- | Lego Club |
- | Tea and cake for older isolated people in the community. |
It has been a pleasure seeing all of the community use the space at the SHC under the same | roof. We have seen an increase in families use the cafe with the newly developed play room and increasing the events and activities on offer, more and more people are coming to benefit from the facilities. It is exciting to see the space used and the community viewing the cafe as a safe place to come and somewhere they want to be. The community lunch has allowed people who would not normally come into the cafe to benefit from the space with a healthy hot meal each week and the relationships that have been built here are a real highlight and a working example of the vision we want to achieve. |
These efforts are set against a backdrop of really difficult trading conditions. The cost of living | crisis and energy crisis, combined with high minimum wage increases has made it very difficult for the SHC to cover its costs. The long term viability of the SHC remains a concern. That said, we received a large grant in 2023 to allow us to refurbish the kitchen and also a grant to allow us to really focus on growing the use of the SHC. |
FRESH HOPE (REGISTERED NUMBER: 09904428) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
OBJECTIVES AND ACTIVITIES |
2. | The Cycle Project The project provides cycle repair, servicing and the sale of refurbished bikes. This project grew rapidly in 2023 with up to 6 volunteers helping. This has allowed us to repair, service, sell and give away far more bikes in 2023. |
3. | Jigsaw (outreach to vulnerable families) The Pantry opened in March 2023 and over the year has provided food to over 50 families in the community. For a £4 weekly membership fee, families are provided with 10 shelf items, two fridge or freezer items and free fresh fruit and vegetables. We have also added recipe bags to our offering. We have seen great collaboration as part of this project including working with the Rock who provide space and working with Cheltenham is Growing who provide very locally grown fruit and vegetables. We continue to run a toddler group on a Monday at the SHC and feeding "free school meal" families in the school holidays. |
4. | The Armoury (A community gym) 2023 saw the Armoury growing both Membership and Personal Training and saw a big increase in the sense of community reinforced by a number of large social events. We also supported other charities by providing classes and qualified staff to them, with a view to extending the geographical range of our services. Financial performance was ok but we will need to perhaps double the current membership to create a sustainable model that can be replicated. |
Delivering these public benefits would not be possible without: |
- | Our staff who continue to show real compassion for the communities they serve while delivering a professional service to our customers; |
- | The tireless efforts of the volunteers who run some of the projects and who manage and run the charity as a whole; |
- | The customers of both the School House Cafe and the Armoury gym, who have continued to support us with their custom. |
We are thankful for the continued financial support of the Life Development Fund of Gloucester Diocese. |
We have been delighted and humbled by the number of individuals who continue to support our work financially. It would be inappropriate to mention names here but our heartfelt thanks to each and every one of you. |
Our Values |
At Fresh Hope we aspire to live out our values: |
Community we are passionate about building inclusive and authentic communities, generating joy and a sense of belonging. |
Compassion we are kind, warm and generous to everyone we encounter. |
Integrity we act in an honest and open way, treating each other with dignity and respect. |
Teamwork we achieve more when we collaborate and all work together. |
FINANCIAL REVIEW |
Reserves policy |
Cash flow is good, but overall net reserves remain below 3 months operational costs |
FRESH HOPE (REGISTERED NUMBER: 09904428) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FUTURE PLANS |
We remain open to exploring opportunities to reproduce both the School House Cafe and The Armoury in other locations. We continue to discuss with Gloucester Diocese what a more formal partnership might look like. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The organisation is a charitable company limited by guarantee, incorporated on 7 December 2015 and registered as a charity on 3 May 2016. The company was established under a Memorandum of Association and is governed under its Articles of Association which established the objects and powers of the charitable company. In the event of the company being wound up members are required to contribute an amount not exceeding £10. |
Recruitment and appointment of new trustees |
The directors of the company are also charity trustees for the purposes of charity law and under the |
company’s Articles are known as members. |
Under the requirements of the Articles of Association, which established the objects and powers of the charitable company, one third of the directors must retire each year (longer serving since election first) but can be re-elected at the next Annual General Meeting. At the Annual General Meeting held on 13th July 2023, David Lynch and Tony Solomon resigned as directors and were re-elected. All member of the company give their time voluntarily and received no benefits from the charity. Any expenses reclaimed from the charity are set out in note 10 to the accounts. |
Trustee Induction and Training |
The trustees continue to work together to develop both the governing documents of the charity and also the purpose and vision of the charity. All are provided with links to material provided by both the Charity Commission and Companies House on the roles and responsibilities of a Trustee and Director. Most of the Trustees are already familiar with these due to other positions that they hold. |
Related parties |
Fresh Hope works collaboratively with a number of organisations not least St Paul's Church, Cheltenham, where the Café is based and Holy Trinity, Cheltenham where the Armoury is based. However, based upon the definition of a related party in IAS24, Fresh Hope has no related parties. |
Risk management |
The Directors consider risks as part of their monthly board meeting. Most risks are reviewed every month including operational, financial and safeguarding. The overall risk log is formally reviewed on an annual basis. |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of Fresh Hope for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". |
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
FRESH HOPE (REGISTERED NUMBER: 09904428) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
FRESH HOPE |
Independent examiner's report to the trustees of Fresh Hope ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the 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: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts 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 accounts 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 accounts to be reached. |
Cinzia Hensley FCA |
BK Plus Limited |
6 Manor Park Business Centre |
Mackenzie Way |
Cheltenham |
Gloucestershire |
GL51 9TX |
6 August 2024 |
FRESH HOPE |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 4 |
Other trading activities | 3 |
Total |
EXPENDITURE ON |
Charitable activities | 5 |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 20,639 |
FRESH HOPE (REGISTERED NUMBER: 09904428) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 15 |
Unrestricted funds | 18,539 |
Restricted funds | 2,100 |
TOTAL FUNDS | 20,639 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
FRESH HOPE (REGISTERED NUMBER: 09904428) |
STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2023 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
FRESH HOPE |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures and fittings | - |
Computer equipment | - |
Items costing less than £1,000 are not capitalised. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
As a recognised charity, the company is exempt from Corporation Tax so far as it relates to its charitable objects. It is not, however, exempt from VAT, and irrecoverable VAT is included in the cost of those items to which it relates. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
FRESH HOPE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | DONATIONS AND LEGACIES |
31.12.23 | 31.12.22 |
£ | £ |
Donations |
Gift aid |
3. | OTHER TRADING ACTIVITIES |
31.12.23 | 31.12.22 |
£ | £ |
Café and gym income |
Other income | 56 | - |
4. | INCOME FROM CHARITABLE ACTIVITIES |
31.12.23 | 31.12.22 |
Activity | £ | £ |
Grants | Charitable | 84,780 | - |
Grants received, included in the above, are as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Gloucestershire County Council | 50,000 | - |
Gloucestershire Diocesan Board | 33,500 | - |
Cheltenham Borough Council | 1,280 | - |
84,780 | - |
5. | CHARITABLE ACTIVITIES COSTS |
Direct | Support |
Costs (see | costs (see |
note 6) | note 7) | Totals |
£ | £ | £ |
Charitable | 179,363 | 752 | 180,115 |
FRESH HOPE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
31.12.23 | 31.12.22 |
£ | £ |
Staff costs | 109,317 | 106,241 |
Sundries | 2,143 | 1,618 |
Catering supplies | 52,337 | 44,030 |
Uniform and clothing | 1,623 | - |
Rent and rates | 4,400 | 2,400 |
Marketing, printing and stationery | 324 | 854 |
Charitable donations | 4,747 | 4,076 |
Insurance | 1,358 | 1,469 |
Bank charges | 55 | 208 |
Repairs and renewals | 1,313 | 1,068 |
Bad debts | - | (199 | ) |
Depreciation | 1,746 | 1,746 |
179,363 | 163,511 |
7. | SUPPORT COSTS |
Governance |
costs |
£ |
Charitable | 752 |
Support costs, included in the above, are as follows: |
31.12.23 | 31.12.22 |
Total |
Charitable | activities |
£ | £ |
Independent examiner fee | 752 | 745 |
8. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
£ | £ |
Depreciation - owned assets |
FRESH HOPE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
10. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
FRESH HOPE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | STOCKS |
31.12.23 | 31.12.22 |
£ | £ |
Stocks |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
VAT | 2,322 | 1,663 |
Other creditors |
Accrued expenses |
15. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.1.23 | in funds | 31.12.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 18,539 | (16,614 | ) | 1,925 |
Restricted funds |
Enhancement Fund | 2,100 | (420 | ) | 1,680 |
Special Project Diocese SHC Support | - | 33,500 | 33,500 |
Kitchen Project 2023 | - | 50,000 | 50,000 |
83,080 |
TOTAL FUNDS | 66,466 | 87,105 |
FRESH HOPE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
15. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 161,801 | (178,415 | ) | (16,614 | ) |
Restricted funds |
Enhancement Fund | - | (420 | ) | (420 | ) |
Special Project Diocese SHC Support | 33,500 | - | 33,500 |
Jigsaw summer activities | 1,280 | (1,280 | ) | - |
Kitchen Project 2023 | 50,000 | - | 50,000 |
( |
) | 83,080 |
TOTAL FUNDS | ( |
) | 66,466 |
Comparatives for movement in funds |
Net |
movement | At |
At 1.1.22 | in funds | 31.12.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 26,011 | (7,472 | ) | 18,539 |
Restricted funds |
Enhancement Fund | 2,520 | (420 | ) | 2,100 |
TOTAL FUNDS | 28,531 | (7,892 | ) | 20,639 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 156,364 | (163,836 | ) | (7,472 | ) |
Restricted funds |
Enhancement Fund | - | (420 | ) | (420 | ) |
TOTAL FUNDS | 156,364 | (164,256 | ) | (7,892 | ) |
FRESH HOPE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
15. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.1.22 | in funds | 31.12.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 26,011 | (24,086 | ) | 1,925 |
Restricted funds |
Enhancement Fund | 2,520 | (840 | ) | 1,680 |
Special Project Diocese SHC Support | - | 33,500 | 33,500 |
Kitchen Project 2023 | - | 50,000 | 50,000 |
2,520 | 82,660 | 85,180 |
TOTAL FUNDS | 28,531 | 58,574 | 87,105 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 318,165 | (342,251 | ) | (24,086 | ) |
Restricted funds |
Enhancement Fund | - | (840 | ) | (840 | ) |
Special Project Diocese SHC Support | 33,500 | - | 33,500 |
Jigsaw summer activities | 1,280 | (1,280 | ) | - |
Kitchen Project 2023 | 50,000 | - | 50,000 |
84,780 | (2,120 | ) | 82,660 |
TOTAL FUNDS | 402,945 | (344,371 | ) | 58,574 |
Transfers between funds |
Transfers are made between restricted and unrestricted funds at the end of every accounting period in cases where:- |
i) the activity of the restricted fund has come to an end and there is an unspent balance that is not repayable to the funder(s), when the surplus is transferred to unrestricted funds; or |
ii) the restricted fund is in deficit and has either come to an end or there is no prospect of a surplus in a later period, when the deficit is eliminated by transfer from unrestricted funds; or |
iii) income that is received in the restricted fund covers in part some of the costs in the unrestricted funds. |
Details of unrestricted funds: |
Kitchen Project 2023 |
FRESH HOPE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
15. | MOVEMENT IN FUNDS - continued |
Cheltenham Borough Council awarded us £50k to renovate the School House Cafe kitchen. |
Special Project - Diocese SHC Support Fund |
The Diocese of Gloucester awarded us £50k (£33.5k received so far). This was to allow us to employ two people for two years, whose job it is to grow the use of the Cafe and to help manage the Cafe in order for it to become financially sustainable |
16. | RELATED PARTY DISCLOSURES |
In a previous period, Mr D Lynch, a director loaned the charity £3,191. The amount due to the related party at the year end was £3,191 (2022: £3,191), this transaction took place on an arms-length basis and is repayable on demand. |