The trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
Our charity’s purposes as set out in the objects contained in the company’s articles of association are to:
To improve and transform the lives of individual people and communities, in such communities as the trustees may from time to time think fit, with special emphasis on, but not exclusively, young people, vulnerable adults and disadvantaged families, by sponsoring, supporting and/or implementing community projects. To work with, encourage and provide opportunities for people in communities who have what they need, to work with those who do not, and so make the community a caring and healthy place to live for all.
We will do this by sponsoring, promoting and supporting a variety of projects delivering benefits to the community.
How our activities deliver public benefit
Currently, Fresh Hope has the following projects delivering benefit to the public:
1. The School House Café (SHC): Our aim in 2024 was to improve the financial performance and community impact of the School House Cafe, largely through continuing to increase involvement in frequent events. In the end over 40 events were held in 2024 in the SHC, addressing needs from people right across the community. Example events include:
1. Children's events including crafts with Santa
2. Heart monitoring for young adults, looking to identify undiagnosed heart disease
3. A weekly community lunch for those less well off or socially isolated in our community
4. A weekly drop in for the elderly, hosted by district nurses
5. We continue to run a toddler group on a Monday.
The Cafe saw a £50,000 redevelopment of it's kitchen in 2024 with money from the Government's Leveling Up fund. This will make a long term difference to the SHC and the community for many years to come.
2. The Cycle Project. The project continues to provide cycle repair, servicing and the sale of refurbished bikes. This project continues to grow rapidly in 2024 with activity up around 250% over 2023. Combining the financial performance of the SHC and the Cycle Project reduced overall losses by around 90% in 2024 over 2023.
3. The Family Pantry has moved from strength to strength perhaps doubling the families it supports both on an overall and on a weekly basis. For a £4 weekly membership fee, families are provided with 8 shelf items, two fridge or freezer items and free fresh fruit and vegetables. We continue to offer recipe bags. We see continuing collaboration in this project including working with the Rock who provide space, working with Cheltenham is Growing, who provide very locally grown fruit and vegetables and a link with Dean Close school, who provide food at Harvest and Christmas, sending pupils over to experience what the Family Pantry has to offer.
4. The Armoury (A community gym). 2024 saw the Armoury growing by about 32% over 2023. The number of people impacted has greatly increased, but the growth is not yet sufficient to create financial stability. Nevertheless the community that we have created, of people from 18 to retirement age, which nurtures it's members and actively supports Physical, Mental, Emotional and Spiritual health, is something that the staff and trustees are rightly proud of. The community also takes responsibility for itself, participating in socials, fund raisers and in maintenance activities. It is clear that the Armoury is “owned” by it's members.
Delivering these public benefits would not be possible without:
Our staff who continue to show real compassion for the communities they serve while delivering a professional service to our customers
The tireless efforts of the volunteers who run some of the projects and who manage and run the charity as a whole
The customers of both the SHC and the Armoury gym, who have continued to support us with their custom.
We are thankful for the ongoing financial support of the Life development Fund of Gloucester Diocese.
We have been delighted and humbled by the number of individuals who continue to support our work financially. It would be inappropriate to mention names here but our heartfelt thanks to each and every one of you.
Our Values
At Fresh Hope we aspire to live out our values;
Community; we are passionate about building inclusive and authentic communities, generating joy and a sense of belonging.
Compassion; we are kind, warm and generous to everyone we encounter.
Integrity; we act in an honest and open way, treating each other with dignity and respect.
Teamwork; we achieve more when we collaborate and all work together.
Cash flow is good, but overall net reserves remain below 3 months operational costs.
We remain open to exploring opportunities to reproduce both the School House Cafe and The Armoury in other locations. We are also open to bring new or existing projects under the Fresh Hope umbrella.
The organisation is a charitable company limited by guarantee, incorporated on 7 December 2015 and registered as a charity on 3 May 2016. The company was established under a Memorandum of Association and is governed under its Articles of Association which established the objects and powers of the charitable company. In the event of the company being wound up members are required to contribute an amount not exceeding £10.
The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as members.
Under the requirements of the Articles of Association, which established the objects and powers of the charitable company, one third of the directors must retire each year (longer serving since election first) but can be re-elected at the next Annual General Meeting. At the Annual General Meeting held on 11h July 2024, Sue McLean resigned as a director and was re-elected.
All member of the company give their time voluntarily and received no benefits from the charity. Any expenses reclaimed from the charity are set out in note 7 to the accounts.
Trustee Induction and Training
The trustees continue to work together to develop both the governing documents of the charity and also the purpose and vision of the charity. All are provided with links to material provided by both the Charity Commission and Companies House on the roles and responsibilities of a Trustee and Director. Most of the Trustees are already familiar with these due to other positions that they hold.
Risk Management
The Directors consider risks as part of their monthly board meeting. Most risks are reviewed every month including operational, financial and safeguarding. The overall risk log is reviewed on an annual basis.
Related Parties
Fresh Hope works collaboratively with a number of organisations not least St Paul's Church, Cheltenham, where the Café is based and Holy Trinity, Cheltenham where the Armoury is based. However, based upon the definition of a related party in IAS24, Fresh Hope has no related parties.
The trustees (who are also the directors of Fresh Hope for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; | |
- | make judgements and estimates that are reasonable and prudent; | |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. | |
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.
Members of the Management Committee
Members of the Management Committee, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 3.
In accordance with company law, as the company’s directors, we certify that:
so far as we are aware, there is no relevant information of which the examiner of the accounts are unaware; and
as the directors of the company we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant information and to establish that the charity’s examiner is aware of that information.
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Fresh Hope (the charity) for the year ended 31 December 2024.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Fresh Hope is a private company limited by guarantee incorporated in England and Wales. The registered office is Trouville, Battledown Approach, Cheltenham, Gloucestershire, GL52 6RA, United Kingdom.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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.
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Items costing less than £1,000 are not capitalised.
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
Trustees' expenses
During the year trustees' expenses reimbursed totalled £1,604 (2022: £nil).
The average monthly number of employees during the year was:
As a recognised charity, the company is exempt from Corporation Tax so far as it relates to its charitable objects. It is not, however, exempt from VAT, and irrecoverable VAT is included in the cost of those items to which it relates.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
Transfers between funds
Transfers are made between restricted and unrestricted funds at the end of every accounting period in cases where:-
i) the activity of the restricted fund has come to an end and there is an unspent balance that is not repayable to the funder(s), when the surplus is transferred to unrestricted funds; or
ii) the restricted fund is in deficit and has either come to an end or there is no prospect of a surplus in a later period, when the deficit is eliminated by transfer from unrestricted funds; or
iii) income that is received in the restricted fund covers in part some of the costs in the unrestricted funds.
Details of unrestricted funds:
Kitchen Project 2023
Cheltenham Borough Council awarded us £50k to renovate the School House Cafe kitchen.
Special Project - Diocese SHC Support Fund
The Diocese of Gloucester awarded us £50k (£33.5k received so far). This was to allow us to employ two people for two years, whose job it is to grow the use of the Cafe and to help manage the Cafe in order for it to become financially sustainable
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
In a previous period, Mr D Lynch, a director loaned the charity £3,191. The amount due to the related party at the year end was £3,191 (2023: £3,191), this transaction took place on an arms-length basis and is repayable on demand.