| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| FOR |
| THE FAITH HOPE & ENTERPRISE COMPANY LTD |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| 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 |
| COMPANY SECRETARY | K D Gill |
| REGISTERED OFFICE |
| REGISTERED COMPANY NUMBER |
| REGISTERED CHARITY NUMBER |
| AUDITORS |
| 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 |
| 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. |
| for and on behalf of |
| Chartered Accountants and Statutory Auditor |
| 57 Ashbourne Road |
| Derby |
| Derbyshire |
| DE22 3FS |
| 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 | - |
| Charitable activities | 4 |
| 628,607 | - |
| Investment income | 3 | 3,709 | - |
| Total | 656,984 | - |
| EXPENDITURE ON |
| Charitable activities | 5 |
| 629,086 | - |
| NET INCOME | 27,898 | - |
| Transfers between funds | 19 | (13 | ) | - | 13 | - | - |
| Other recognised gains/(losses) |
| Gains on revaluation of fixed assets |
- |
- |
| Net movement in funds | 27,885 | - |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 370,585 | 124,477 |
| TOTAL FUNDS CARRIED FORWARD |
398,470 |
124,477 |
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 |
| Investments | 12 | 10 | - |
| 937,827 | 124,477 |
| CURRENT ASSETS |
| Debtors | 13 | 33,814 | - |
| Cash at bank | 143,473 | - |
| 177,287 | - |
| CREDITORS |
| Amounts falling due within one year |
14 |
(79,734 |
) |
- |
( |
) |
( |
) |
| NET CURRENT ASSETS | 97,553 | - |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
1,035,380 |
124,477 |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
(636,910 |
) |
- |
( |
) |
( |
) |
| NET ASSETS | 398,470 | 124,477 |
| FUNDS | 19 |
| Unrestricted funds: |
| General fund | 398,470 | 370,585 |
| Revaluation reserve | 124,477 | 124,477 |
| 495,062 |
| Restricted funds | 15,300 |
| TOTAL FUNDS | 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 |
| 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 |
| Grants |
| 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 |
| 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 |
| 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 |
| 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 |
| Social security costs |
| Other pension costs |
| 287,951 | 289,659 |
| The average monthly number of employees during the year was as follows: |
| 2025 | 2024 |
| Charitable activities |
| 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 | - |
| Charitable activities |
| 618,399 | - |
| Investment income | 1,393 | - |
| Total | 659,989 | - |
| EXPENDITURE ON |
| Charitable activities |
| 552,400 | - |
| NET INCOME | 107,589 | - |
| Other recognised gains/(losses) |
| Gains on revaluation of fixed assets | - | 124,477 |
| Net movement in funds | 107,589 | 124,477 |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 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 |
| Additions |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 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 |
| 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: |
| Registered office: UK |
| Nature of business: Dormant |
| % |
| Class of share: | holding |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the year | ( |
) | ( |
) |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Accrued income |
| Prepayments |
| 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) |
| Other loans (see note 16) |
| Hire purchase (see note 17) | 2,545 | 2,231 |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Wages and salaries control | 17,637 | 17,529 |
| Accruals and deferred income |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans (see note 16) |
| Other loans (see note 16) | 1,770 |
| Hire purchase (see note 17) | 1,545 | 4,090 |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due within one year on demand: |
| Bank loans |
| Other loans | 1,770 | 6,591 |
| Amounts falling between one and two years: |
| Bank loans - 1-2 years |
| Other loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| 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 |
| 18. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Bank loans |
| 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 |
| 27,898 | ( |
) |
| 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 |
| 518,088 |
| TOTAL FUNDS | 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 | ) | - |
| ( |
) | 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 | ) | - |
| ( |
) | 518,088 |
| TOTAL FUNDS | ( |
) | 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). |