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REGISTERED COMPANY NUMBER: 03916937 (England and Wales)
REGISTERED CHARITY NUMBER: 1167974














REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

THE FAITH HOPE & ENTERPRISE COMPANY LTD

THE FAITH HOPE & ENTERPRISE COMPANY LTD

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025










Page

Reference and Administrative Details 1 to 2

Report of the Trustees 3 to 7

Report of the Independent Auditors 8 to 11

Statement of Financial Activities 12

Balance Sheet 13 to 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 17 to 28

THE FAITH HOPE & ENTERPRISE COMPANY LTD

REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 MARCH 2025



TRUSTEES N T Gregory (resigned 23.7.25)
D M Haworth
I Johnson (resigned 23.7.25)
J Khan (resigned 11.7.24)
D S Palterman
A N Rimell (appointed 11.7.24)


COMPANY SECRETARY K D Gill


REGISTERED OFFICE Office 47, Eurocom House
Derby West Business Centre
Ashbourne Road
Derby
DE22 4NB


REGISTERED COMPANY NUMBER 03916937 (England and Wales)


REGISTERED CHARITY NUMBER 1167974


AUDITORS Sibbalds Limited
Chartered Accountants and Statutory Auditor
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS


SOLICITORS Flint Bishop Ltd
Pinnacle Building
2 Prospect Place
Pride Park
Derby
DE24 8HG

Rollits LLP
Citadel House
58 High Street
Hull
HU1 1QE

THE FAITH HOPE & ENTERPRISE COMPANY LTD

REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 MARCH 2025



BANKERS Unity Trust Bank plc
PO Box 7193
Planetary Road
Willenhall
WV1 9DG

The Charity Bank Limited
Fosse House
182 High Street
Tonbridge
TN9 1BE

THE FAITH HOPE & ENTERPRISE COMPANY LTD (REGISTERED NUMBER: 03916937)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025



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 March 2025. 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
Faith Hope and Enterprise exists to provide housing to people in Derby and Derbyshire who currently need support living in the community, sometimes as a result of drug and alcohol related needs, mental health needs, learning disability or a combination of these factors. Our long-term goal is to help all our residents move towards living in more independent accommodation as part of our mission to help end homelessness and social exclusion in the UK.


THE FAITH HOPE & ENTERPRISE COMPANY LTD (REGISTERED NUMBER: 03916937)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025


ACHIEVEMENTS AND PERFORMANCE
Charitable activities
This year, we have continued to make progress with our goal of providing high quality supported accommodation. Our four full time support workers all have lived experience of homelessness, substance misuse and/or mental health challenges. We are very grateful to the National Lottery Community Fund for a grant of £210,581 over three years, which pays the salary of two of our support workers for that period of time.

We have purchased another property in Derby - bringing to 5 the number of shared houses in our portfolio which we own - and we have agreed the purchase of 3 self-contained flats in Ashbourne, which will complete next financial year. We are very grateful to Derbyshire Dales District Council for a grant of £320,000 to make this possible. The DDDC Housing Operations Manager recently stated that:

"Derbyshire Dales District Council have worked collaboratively with Faith Hope and Enterprise over the last fifteen years and continue to support them to develop and grow their excellent service by investing in building and renovation work to achieve excellent quality supported accommodation."

We have begun a program of capital improvements on all the properties where we own the freehold, improving bathrooms and kitchens and upgrading the energy efficiency of the houses. We believe that this speaks to our residents about their value in our eyes.

We have further strengthened the board of trustees, appointing Dr Andrew Rimell in May 2024. We hope to continue appointing trustees with specialised knowledge and skills in the coming year.

With our support, 10 people moved on into independent living this year and 3 of those people moved on having found employment. In addition, 3 further residents moved on to live with family members. The restoration of family relationships is one of the most important and rewarding outcomes of our support.

Staff Team
The staff team has also continued to develop. We have been able to provide additional training opportunities to support staff, our office manager and maintenance team.

Our Senior Support Worker achieved CIH Level 3 Certificate in Providing Homelessness Services (the first such qualification for support workers). Our Office Manager achieved AAT Level 2 bookkeeping (with distinction) and our Estates Manager attained competency as an HHSRS (Housing Health and Safety Rating System) Practitioner.

I am very proud of the value that our employees place on learning and development and of the corresponding impact that this has on the quality of our work.

Our management team continues to support the work of the Chief Executive. In turn, he has been able to play an important role in the implementation of the Supported Accommodation (Regulatory Oversight) Act 2023 by partnering with Local Authorities as a member of their working groups and Supported Housing Improvement Programmes.

We have helped to pilot protocols and shape charters for supported accommodation throughout the county.

Faith Hope and Enterprise remains a valued provider and key partner for Local Authorities in Derby and Derbyshire.


THE FAITH HOPE & ENTERPRISE COMPANY LTD (REGISTERED NUMBER: 03916937)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025


FINANCIAL REVIEW
Financial position
The Charity received income from charitable activities (housing benefits and resident contributions) totalling £628,607 during the year compared to £618,399 in the previous year. The charity received income from donations and legacies of £587,530 during the year compared to £136,983 in the previous year (see note 2 for breakdown). The charity received investment income of £3,709 during the year compared to £1,393 in the previous year.

There was a surplus of £545,986 for the year compared to a surplus of £247,366 in the previous year (of which £124,477 related to the revaluation of the property).

We sustained a high level of grant and charitable income this year, securing a three-year grant from the National Lottery Reaching Communities fund, that has enabled us to continue to employ 4 full time support workers. Due to accounting requirements, this has all been recognised in the current financial year.

This funding has had several significant impacts. Our level of staff absence due to sickness reduced from 64 days in 2024 to 19 days in 2025. Much of the absence in 2024 was stress related illness and the improved working environment has clearly benefitted our team. This has inevitably, benefitted residents in turn.

Our Housing Benefit income, which covers the costs of managing and maintaining our accommodation, remained at a good level. Our levels of empty rooms (or voids), the number of evictions and the cost of repairs were all lower than for the previous year. This is also attributable to the increased number of staff hours.

Total funds of £1,056,348 include restricted funds of £533,401 and revaluation reserve of £124,477 leaving unrestricted general funds of £398,470.

Reserves policy
We operate a reserves policy to ensure that:

1. Our beneficiaries are adequately protected from changes to the financial landscape in which we operate, from unexpected events and from variations in cashflow
2. We are able to take opportunities to grow and to improve our service whenever they arise
3. Beneficiaries, property owners, staff and volunteers are adequately provided for in the event of the unplanned closure of the charity.

We aim to hold unrestricted reserves equivalent to four months running costs, to grow designated reserves to cover redundancy and legal costs, undertake future projects such as buying property for additional accommodation with a target of £50,000 and a sinking fund equivalent to 2% of rental income each year for major building maintenance projects.

The reserves policy has been adhered to during the year.


THE FAITH HOPE & ENTERPRISE COMPANY LTD (REGISTERED NUMBER: 03916937)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025


STRATEGIC PLANS FOR 2025-2027
We aim to progress each element of our business plan with a degree of flexibility as we recognise that Local Authorities are also developing their own strategies for supported and general needs accommodation currently. Our broad approach is to:

- Purchase the properties we currently lease at a sustainable rate and in partnership with existing landlords and financial institutions. We anticipate buying one property every 18 - 24 months. Where landlords do not wish to sell, we will seek to buy suitable alternative accommodation.
- To purchase one additional shared house in Derby, to bring the number of supported accommodation places towards 50.
- In partnership with Local Authorities, begin to purchase step-down accommodation. We already have provisional agreements in place for new accommodation to be in place during 2025/2026. Where grants and demand allow, we will grow this provision accordingly.
- We hope to complete the process of becoming Registered Providers of Social Housing. The process takes up to two years and should therefore be completed by 2027.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements are detailed in page 1.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Resident feedback
Feedback from our residents is very important to us. One resident said this year that, "Whenever I have needed help or advice, they have always been sympathetic, understanding and supportive mentally and emotionally."

I remain very proud to chair the board of this charity.

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of The Faith Hope & Enterprise Company Ltd 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).

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.

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.


THE FAITH HOPE & ENTERPRISE COMPANY LTD (REGISTERED NUMBER: 03916937)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025


STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
In so far as the trustees are aware:

-there is no relevant audit information of which the charitable company's auditors are unaware; and
-the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS
The auditors, Sibbalds Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 1 August 2025 and signed on its behalf by:





D M Haworth - Trustee

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE FAITH HOPE & ENTERPRISE COMPANY LTD


Opinion
We have audited the financial statements of The Faith Hope & Enterprise Company Ltd (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE FAITH HOPE & ENTERPRISE COMPANY LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE FAITH HOPE & ENTERPRISE COMPANY LTD


Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, Charities Act 2011, GDPR and Employment Law.
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
- Reviewing board meeting minutes throughout the period and subsequent to the year end for discussions of irregularities including fraud.
- Reviewing sensitive expense accounts for evidence of irregularities including fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Other matters which we are required to address
As the charity's income did not exceed the £1m threshold last year, the charity took exemption from a statutory audit. As the prior year financial statements were not audited, we express no opinion on them.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE FAITH HOPE & ENTERPRISE COMPANY LTD


Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Hari Vasdev MEng FCA (Senior Statutory Auditor)
for and on behalf of Sibbalds Limited
Chartered Accountants and Statutory Auditor
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

13 August 2025

THE FAITH HOPE & ENTERPRISE COMPANY LTD

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
Unrestricted Revaluation Restricted Total Total
funds reserve funds funds funds
Notes £    £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 24,668 - 562,861 587,529 136,983

Charitable activities 4
Supported housing 628,607 - - 628,607 618,399

Investment income 3 3,709 - - 3,709 1,393
Total 656,984 - 562,861 1,219,845 756,775

EXPENDITURE ON
Charitable activities 5
Supported housing 629,086 - 44,773 673,859 633,886

NET INCOME 27,898 - 518,088 545,986 122,889
Transfers between funds 19 (13 ) - 13 - -
Other recognised gains/(losses)
Gains on revaluation of fixed
assets

-

-

-

-

124,477
Net movement in funds 27,885 - 518,101 545,986 247,366

RECONCILIATION OF FUNDS
Total funds brought forward 370,585 124,477 15,300 510,362 262,996

TOTAL FUNDS CARRIED
FORWARD

398,470

124,477

533,401

1,056,348

510,362

THE FAITH HOPE & ENTERPRISE COMPANY LTD (REGISTERED NUMBER: 03916937)

BALANCE SHEET
31 MARCH 2025

2025 2024
Unrestricted Revaluation Restricted Total Total
funds reserve funds funds funds
Notes £    £    £    £    £   
FIXED ASSETS
Tangible assets 11 937,817 124,477 323,862 1,386,156 894,970
Investments 12 10 - - 10 10
937,827 124,477 323,862 1,386,166 894,980

CURRENT ASSETS
Debtors 13 33,814 - 176,531 210,345 35,145
Cash at bank 143,473 - 33,008 176,481 130,567
177,287 - 209,539 386,826 165,712

CREDITORS
Amounts falling due within one
year

14

(79,734

)

-

-

(79,734

)

(57,213

)

NET CURRENT ASSETS 97,553 - 209,539 307,092 108,499

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,035,380

124,477

533,401

1,693,258

1,003,479

CREDITORS
Amounts falling due after more
than one year

15

(636,910

)

-

-

(636,910

)

(493,117

)

NET ASSETS 398,470 124,477 533,401 1,056,348 510,362
FUNDS 19
Unrestricted funds:
General fund 398,470 370,585
Revaluation reserve 124,477 124,477
522,947 495,062
Restricted funds 533,401 15,300
TOTAL FUNDS 1,056,348 510,362


THE FAITH HOPE & ENTERPRISE COMPANY LTD (REGISTERED NUMBER: 03916937)

BALANCE SHEET - continued
31 MARCH 2025

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 1 August 2025 and were signed on its behalf by:





D M Haworth - Trustee

THE FAITH HOPE & ENTERPRISE COMPANY LTD

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 462,640 188,923
Interest paid (44,062 ) (42,303 )
Net cash provided by operating activities 418,578 146,620

Cash flows from investing activities
Purchase of tangible fixed assets (518,813 ) (12,255 )
Sale of tangible fixed assets - 2,335
Interest received 3,709 1,393
Net cash used in investing activities (515,104 ) (8,527 )

Cash flows from financing activities
New loans in year 160,000 -
Loan repayments in year (15,329 ) (43,331 )
Capital repayments in year (2,231 ) (2,042 )
Net cash provided by/(used in) financing activities 142,440 (45,373 )

Change in cash and cash equivalents in the
reporting period

45,914

92,720
Cash and cash equivalents at the beginning
of the reporting period

130,567

37,847
Cash and cash equivalents at the end of
the reporting period

176,481

130,567

THE FAITH HOPE & ENTERPRISE COMPANY LTD

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025


1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2025 2024
£    £   
Net income for the reporting period (as per the Statement of Financial
Activities)

545,986

122,889
Adjustments for:
Depreciation charges 27,627 21,722
Interest received (3,709 ) (1,393 )
Interest paid 44,062 42,303
Increase in debtors (175,200 ) (29,110 )
Increase in creditors 23,874 32,512
Net cash provided by operations 462,640 188,923


2. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24 Cash flow At 31.3.25
£    £    £   
Net cash
Cash at bank 130,567 45,914 176,481
130,567 45,914 176,481

Debt
Finance leases (6,321 ) 2,231 (4,090 )
Debts falling due within 1 year (14,423 ) 1,665 (12,758 )
Debts falling due after 1 year (489,027 ) (146,338 ) (635,365 )
(509,771 ) (142,442 ) (652,213 )
Total (379,204 ) (96,528 ) (475,732 )

THE FAITH HOPE & ENTERPRISE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025


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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

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 £.

Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Preparation of consolidated financial statements
The financial statements contain information about The Faith Hope & Enterprise Company Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Critical accounting judgements and key sources of estimation uncertainty
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.

Freehold property:
Freehold properties are measured using the revaluation model under Section 17 of FRS 102. Determining fair value involves significant estimation, including judgements about market conditions, comparable sales, rental yields, and discount rates. Independent professional valuations are obtained periodically, and management reviews key assumptions for reasonableness. Changes in these estimates could materially impact the carrying amount of the properties and revaluation reserves.

Changes in accounting policies
During the year it was decided to reclassify the properties from investment property to freehold property as this more accurately represents their function within the charity.

Due to this, the comparatives have been restated and this has resulted in the following:

Balance sheet
Increase to freehold property of £883,829
Decrease to investment property of £861,346
Decrease to general funds brought forward of £26,113


THE FAITH HOPE & ENTERPRISE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


1. ACCOUNTING POLICIES - continued

Changes in accounting policies
Statement of financial activities
Increase to gains on revaluation of fixed assets of £124,477
Decrease to net gains on investments of £60,000
Increase to depreciation of freehold property of £15,881

As well as the above, various presentational improvements have been made, including more accurate reporting of charitable funds/activities, allocation between restricted/unrestricted funds, reallocation of creditors, analysis of grants and disclosure of operating lease commitments.

Income
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.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Expenditure
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.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property- 2% on cost
Plant and machinery- 25% on cost
Fixtures and fittings- 25% on cost
Motor vehicles- 25% on cost

Details regarding the valuation of the property are given in note 11.

Taxation
The charity is exempt from corporation tax on its charitable activities.


THE FAITH HOPE & ENTERPRISE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


1. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Investments in subsidiaries
Investments in subsidiaries are recognised at cost less impairment.

2. DONATIONS AND LEGACIES
2025 2024
£    £   
Donations 19,166 25,198
Grants 568,363 111,785
587,529 136,983

Grants received, included in the above, are as follows:

2025 2024
£    £   
National Lottery Community Fund 210,581 79,544
Union Street Grant (DDDC) 320,000 -
Other grants 37,782 32,241
568,363 111,785

Included in income during the period is £210,581 from The National Lottery which is receivable in instalments over three years. As at 31 March 2025, the charity had entitlement to the income, the amount could be measured reliably and it was probable that the income would be received, therefore, the income has been recognised in full in the current period.


THE FAITH HOPE & ENTERPRISE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


3. INVESTMENT INCOME
2025 2024
£    £   
Deposit account interest 3,709 1,393

4. INCOME FROM CHARITABLE ACTIVITIES
2025 2024
Activity £    £   
Rental income Supported housing 628,607 618,399

5. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 6) Totals
£    £    £   
Supported housing 652,494 21,365 673,859

6. SUPPORT COSTS
Governance
costs
£   
Supported housing 21,365

7. NET INCOME/(EXPENDITURE)

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

2025 2024
£    £   
Auditors' remuneration 16,300 -
Auditors' remuneration for non audit work 3,993 -
Depreciation - owned assets 27,627 21,723

8. TRUSTEES' REMUNERATION AND BENEFITS

There was no trustees' remuneration for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Details on transactions with trustees are given in the related party disclosures note.

Trustees' expenses
2025 2024
£    £   
Trustees' expenses 1,072 450


THE FAITH HOPE & ENTERPRISE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


9. STAFF COSTS
2025 2024
£    £   
Wages and salaries 254,839 260,809
Social security costs 24,069 20,091
Other pension costs 9,043 8,759
287,951 289,659

The average monthly number of employees during the year was as follows:

2025 2024
Charitable activities 9 10

No employees received emoluments in excess of £60,000.

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Revaluation Restricted Total
funds reserve funds funds
£    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 40,197 - 96,786 136,983

Charitable activities
Supported housing 618,399 - - 618,399

Investment income 1,393 - - 1,393
Total 659,989 - 96,786 756,775

EXPENDITURE ON
Charitable activities
Supported housing 552,400 - 81,486 633,886

NET INCOME 107,589 - 15,300 122,889
Other recognised gains/(losses)
Gains on revaluation of fixed assets - 124,477 - 124,477
Net movement in funds 107,589 124,477 15,300 247,366

RECONCILIATION OF FUNDS
Total funds brought forward 262,996 - - 262,996

TOTAL FUNDS CARRIED FORWARD 370,585 124,477 15,300 510,362


THE FAITH HOPE & ENTERPRISE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


11. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2024 925,823 898 4,536 16,154 947,411
Additions 506,150 - 2,290 10,373 518,813
At 31 March 2025 1,431,973 898 6,826 26,527 1,466,224
DEPRECIATION
At 1 April 2024 41,994 287 1,578 8,582 52,441
Charge for year 19,062 225 1,708 6,632 27,627
At 31 March 2025 61,056 512 3,286 15,214 80,068
NET BOOK VALUE
At 31 March 2025 1,370,917 386 3,540 11,313 1,386,156
At 31 March 2024 883,829 611 2,958 7,572 894,970

Cost or valuation at 31 March 2025 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2024 124,477 - - - 124,477
Cost 1,307,496 898 6,826 26,527 1,341,747
1,431,973 898 6,826 26,527 1,466,224

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2025 2024
£    £   
Cost 1,307,496 801,346
Aggregate depreciation 58,567 41,994


THE FAITH HOPE & ENTERPRISE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST LESS IMPAIRMENT
At 1 April 2024 and 31 March 2025 10
NET BOOK VALUE
At 31 March 2025 10
At 31 March 2024 10

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

Taylor Made Housing Ltd
Registered office: UK
Nature of business: Dormant
%
Class of share: holding
Ordinary 100
31.7.24 31.7.23
£    £   
Aggregate capital and reserves (1,156 ) (579 )
Loss for the year (577 ) (318 )

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 22,300 33,051
Amounts owed by group undertakings 1,020 1,020
Accrued income 185,771 -
Prepayments 1,254 1,074
210,345 35,145


THE FAITH HOPE & ENTERPRISE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts (see note 16) 10,988 7,832
Other loans (see note 16) 1,770 6,591
Hire purchase (see note 17) 2,545 2,231
Trade creditors 3,843 1,220
Social security and other taxes 16,397 9,899
Other creditors 3,452 3,096
Wages and salaries control 17,637 17,529
Accruals and deferred income 23,102 8,815
79,734 57,213

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025 2024
£    £   
Bank loans (see note 16) 635,365 487,257
Other loans (see note 16) - 1,770
Hire purchase (see note 17) 1,545 4,090
636,910 493,117

16. LOANS

An analysis of the maturity of loans is given below:

2025 2024
£    £   
Amounts falling due within one year on demand:
Bank loans 10,988 7,832
Other loans 1,770 6,591
12,758 14,423
Amounts falling between one and two years:
Bank loans - 1-2 years 11,852 12,714
Other loans - 1-2 years - 1,770
11,852 14,484
Amounts falling due between two and five years:
Bank loans - 2-5 years 41,305 44,366
Amounts falling due in more than five years:

Repayable by instalments:
Bank loans more 5 yr by instal 582,208 430,177


THE FAITH HOPE & ENTERPRISE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2025 2024
£    £   
Net obligations repayable:
Within one year 2,545 2,231
Between one and five years 1,545 4,090
4,090 6,321
Non-cancellable operating leases
2025 2024
£    £   
Within one year 37,057 38,553

18. SECURED DEBTS

The following secured debts are included within creditors:

2025 2024
£    £   
Bank loans 646,353 495,089
Hire purchase contracts 4,090 6,321
650,443 501,410

Bank loans are secured against the charity's freehold properties.

Hire purchase liabilities are secured against the assets to which they relate.


THE FAITH HOPE & ENTERPRISE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


19. MOVEMENT IN FUNDS
Net Transfers
movement between At
At 1.4.24 in funds funds 31.3.25
£    £    £    £   
Unrestricted funds
General fund 370,585 27,898 (13 ) 398,470
Revaluation reserve 124,477 - - 124,477
495,062 27,898 (13 ) 522,947
Restricted funds
Union Street Property Fund (DDDC) - 323,862 - 323,862
National Lottery Community Fund 15,300 178,256 - 193,556
Evan Cornish Foundation - 833 - 833
Garfield Weston Foundation - 7,500 - 7,500
National Grid Grant - (13 ) 13 -
Morrisons Foundation - 6,250 - 6,250
Albert Hunt SP - 1,400 - 1,400
15,300 518,088 13 533,401
TOTAL FUNDS 510,362 545,986 - 1,056,348

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 651,484 (623,586 ) 27,898
Hedley Foundation Grant 3,500 (3,500 ) -
The Grace Trust 2,000 (2,000 ) -
656,984 (629,086 ) 27,898
Restricted funds
Union Street Property Fund (DDDC) 320,000 3,862 323,862
National Lottery Community Fund 210,581 (32,325 ) 178,256
Groundwork UK 1,000 (1,000 ) -
Evan Cornish Foundation 2,000 (1,167 ) 833
Garfield Weston Foundation 10,000 (2,500 ) 7,500
National Grid Grant 4,950 (4,963 ) (13 )
Morrisons Foundation 6,250 - 6,250
Albert Hunt SP 7,000 (5,600 ) 1,400
Derbyshire Dales District Council Grant 1,080 (1,080 ) -
562,861 (44,773 ) 518,088
TOTAL FUNDS 1,219,845 (673,859 ) 545,986


THE FAITH HOPE & ENTERPRISE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


19. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement At
At 1.4.23 in funds 31.3.24
£    £    £   
Unrestricted funds
General fund 262,996 107,589 370,585
Revaluation reserve - 124,477 124,477
262,996 232,066 495,062
Restricted funds
National Lottery Community Fund - 15,300 15,300

TOTAL FUNDS 262,996 247,366 510,362

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 659,989 (552,400 ) - 107,589
Revaluation reserve - - 124,477 124,477
659,989 (552,400 ) 124,477 232,066
Restricted funds
National Lottery Community Fund 79,544 (64,244 ) - 15,300
National Grid Grant 7,500 (7,500 ) - -
Derbyshire Dales District Council Grant 9,742 (9,742 ) - -
96,786 (81,486 ) - 15,300
TOTAL FUNDS 756,775 (633,886 ) 124,477 247,366

National Lottery Community Fund
This grant covers the cost of two full time support workers for three years.

Evan Cornish Foundation
This was a grant towards support worker salaries.

Garfield Weston Foundation
A grant to cover core costs.

National Grid Grant
A grant to improve energy efficiency of accommodation, including staff time with residents to help them be more aware of how to manage their energy use and bills.

Morrisons Foundation
A grant to provide garden furniture and improve the garden spaces in our properties.

THE FAITH HOPE & ENTERPRISE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


19. MOVEMENT IN FUNDS - continued


Albert Hunt SP
A grant to cover core costs.

20. RELATED PARTY DISCLOSURES

During the year, the charity made payments of £18,720 (2024: £18,000) to Nicholas Gregory (Trustee) and his wife for rentals of two properties which were used for housing residents.

During the year, the charity made payments of £10,800 (2024: £10,800) to Oakwood Lettings Limited, a company in which Dominic Palterman (Trustee) is a majority shareholder, for rentals of a property which was used for housing residents.

At the year end, there was an amount owed to Nicholas Gregory and his wife by way of a loan of £525 (2024: £1,572). Loan repayments during the year totalled £1,080 (2024: £1,080) and interest was charged of £33 (2024: £64).

During the year, a donation of £500 was received from Spectrum Housing CIC, a company in which Dominic Palterman is a director.

The key management personnel of the charity comprises of the trustees and the Chief Executive Officer. The total employment benefits of the CEO were £60,694 (2024: £57,333). In addition to this, the wife of the Chief Executive Officer received total employment benefits of £15,899 (2024: £14,891).