HOPE IS CIC

Company limited by guarantee

Company Registration Number:
14486461 (England and Wales)

Unaudited statutory accounts for the year ended 30 November 2023

Period of accounts

Start date: 15 November 2022

End date: 30 November 2023

HOPE IS CIC

Contents of the Financial Statements

for the Period Ended 30 November 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

HOPE IS CIC

Directors' report period ended 30 November 2023

The directors present their report with the financial statements of the company for the period ended 30 November 2023

Principal activities of the company

The company's principal activity during the year was that of a community supermarket, run for the benefit of those in need in the community.

Additional information

This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



Directors

The director shown below has held office during the period of
13 February 2023 to 30 November 2023

John Martin Hailes


The director shown below has held office during the period of
13 February 2023 to 3 October 2023

Alison Louise Lodoiska


The director shown below has held office during the period of
15 November 2022 to 3 October 2023

Phillip Matthew Norton


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
15 August 2024

And signed on behalf of the board by:
Name: John Martin Hailes
Status: Director

HOPE IS CIC

Profit And Loss Account

for the Period Ended 30 November 2023

13 months to 30 November 2023


£
Turnover: 31,163
Cost of sales: ( 24,737 )
Gross profit(or loss): 6,426
Administrative expenses: ( 29,076 )
Other operating income: 41,489
Operating profit(or loss): 18,839
Interest receivable and similar income: 343
Profit(or loss) before tax: 19,182
Profit(or loss) for the financial year: 19,182

HOPE IS CIC

Balance sheet

As at 30 November 2023

Notes 13 months to 30 November 2023


£
Fixed assets
Tangible assets: 3 19,182
Total fixed assets: 19,182
Current assets
Stocks: 4 1,250
Cash at bank and in hand: 82,843
Total current assets: 84,093
Creditors: amounts falling due within one year: 5 ( 84,093 )
Net current assets (liabilities): 0
Total assets less current liabilities: 19,182
Total net assets (liabilities): 19,182
Members' funds
Profit and loss account: 19,182
Total members' funds: 19,182

The notes form part of these financial statements

HOPE IS CIC

Balance sheet statements

For the year ending 30 November 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 15 August 2024
and signed on behalf of the board by:

Name: John Martin Hailes
Status: Director

The notes form part of these financial statements

HOPE IS CIC

Notes to the Financial Statements

for the Period Ended 30 November 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:Equipment 20% reducing balanceMotor vehicles 20% reducing balance

    Other accounting policies

    StocksStocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.CreditorsShort term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.TaxationA current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Unrelieved tax losses are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Current tax assets and liabilities are not discounted.

HOPE IS CIC

Notes to the Financial Statements

for the Period Ended 30 November 2023

  • 2. Employees

    13 months to 30 November 2023
    Average number of employees during the period 2

HOPE IS CIC

Notes to the Financial Statements

for the Period Ended 30 November 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
Additions 1,452 18,000 19,452
Disposals
Revaluations
Transfers
At 30 November 2023 1,452 18,000 19,452
Depreciation
Charge for year 120 150 270
On disposals
Other adjustments
At 30 November 2023 120 150 270
Net book value
At 30 November 2023 1,332 17,850 19,182

HOPE IS CIC

Notes to the Financial Statements

for the Period Ended 30 November 2023

4. Stocks

13 months to 30 November 2023
£
Stocks 1,250
Total 1,250

HOPE IS CIC

Notes to the Financial Statements

for the Period Ended 30 November 2023

5. Creditors: amounts falling due within one year note

13 months to 30 November 2023
£
Trade creditors 17,750
Accruals and deferred income 66,343
Total 84,093

COMMUNITY INTEREST ANNUAL REPORT

HOPE IS CIC

Company Number: 14486461 (England and Wales)

Year Ending: 30 November 2023

Company activities and impact

HOPE IS initially launched a pop-up supermarket in Laindon, Basildon to sell everyday products at very reduced & affordable prices to the surrounding community. Started in Nov22 & funded by Essex County Council, this came at a time following covid when many people were struggling to afford their weekly shop.Customers were encouraged to join our membership for £3.50 per year, which allowed us to record repeat visitors. As a result, by Aug23 we had over 250 memberships & were able to open a second supermarket in Vange, Basildon. By the end of Nov23 we had over 400 memberships – providing food for 560 adults & 380 children.

Consultation with stakeholders

Our stakeholders are the customers who attend the supermarket, and as well as chatting to these members over a cuppa whilst at the supermarket, we have also received additional crucial feedback via ‘feedback-forms’, which we leave out to be filled in anonymously.We also have a team of volunteers who run the supermarket from purchasing & pricing up the goods, to heavy lifting and setting up on the day. We regularly check in with the volunteers for feedback & suggestions to ‘fine-tune’ the operational side of things.Ultimately, we aim to provide the products requested by our customers as well as making access better for those with disabilities, following the feedback we receive.

Directors' remuneration

As part of the initial set up grant from Essex County Council, a wage was included for someone to run the supermarket. From 1st Oct22, an annual salary of £9,360 was paid to one of the directors to fulfil this position and was increased to £14,040 on 1st May23.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
15 August 2024

And signed on behalf of the board by:
Name: John Martin Hailes
Status: Director