REGISTERED COMPANY NUMBER: 06614898 (England and Wales)

REGISTERED CHARITY NUMBER: 1126487

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

FOR

HOPE 4 (RUGBY) LTD

Page

Report of the Trustees

1

to

5

Independent Examiner's Report

6

Statement of Financial Activities

7

Balance Sheet

8

to

9

Notes to the Financial Statements

10

to

18

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 31st 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

We seek to relieve the plight of homeless and temporarily housed people in Rugby and those who are experiencing food poverty. We operate a number of services to achieve this aim including The Hope Centre and the Rugby Foodbank.

Activities

The Trustees have met at least once every two months over the course of the year. These meetings review progress, inform and take decisions concerning the charity's present and future strategy, review our finances and fundraising activities.

Highlights from the year include:

*

Providing 450 Christmas book tokens to children

*

Running a Trussell funded project with Citizens Advice, whereby clients referred to Rugby foodbank can self-refer to a designated Citizens Advice advisor to receive advice on financial management

*

Employing a Trussell funded Support Worker to work with foodbank clients on non-financially regulated activities

*

Providing three courses of six lessons supporting 14 clients for English for Speakers of Other Languages

*

Continuing to have support of both a physical health and a mental health nurse for our clients

*

Providing a National Lottery funded service in the Hope Centre whereby clients can see a clinical psychologist

*

Hosting a bi-monthly visit from University Hospital Coventry and Warwickshire for Hepatitis C screening

*

The commencement of a Trussell funded the Organising and Mobilising Project to understand the need for and dependency on foodbanks in Warwickshire

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

In November we were awarded the King's Award for Voluntary Services. This recognises the role that Hope4 plays in the town and the contribution made to it by our volunteers as well as our staff, who often volunteer with us outside of their working week. The presentation ceremony was held in late May 2025 by the Lord Lieutenant of Warwickshire, with the High Sheriff of Warwickshire, Rugby's MP, the leader of Warwickshire County Council and the Mayor of Rugby attending.

Charitable activities (figures in brackets refer to the 2023/24 for comparison)

All functions of Hope 4 continued to be used extensively by those in need from across Rugby demonstrating the continued need for the services provided.

We have continued with our operating model where our clients hold regular face-to-face meetings with their Key Worker; as well as clients accessing the Centre to use the facilities such as showers, laundry and computers. Over the course of the year:

*

We supported 161 (2024 - 190) clients including 77 (2024 - 100) newly referred clients and 29 (2024 - 30) clients returning to our services

*

Clients visited the Hope Centre on 4814 (2024- 3096) occasions and our support to them included 296 for personal laundry, 119 for clothing, 248 for the nurse, 101 clients supported by the clinical psychologist, 1,418 meals, 366 for showers and 637 for use of computers

As at March 2025, 52 (2024 - 60) clients were being supported by the Hope Centre.

The Rugby Winter Shelter

We did not operate a night shelter in 2024-25.

Fundraising

The majority of the funding for Hope4 in 2024/25 was provided through a grant from the National Lottery Communities Fund. This is the second year of a four year grant which covers the salaries of our Service Delivery Manager, two Key Workers, utilities costs and a Mental Health professional to work with clients. The funding covered around 60% of our running costs, but will reduce over the next two years. Whilst this brings financial stability, it also necessitates the need for the Board to seek other funding streams and, in particular, promoting the Hope4000 initiative.

Sleep Out to Help Out is now a firm favourite in our calendar and takes place on the last Friday of February. This year we had 48 people participate raising just under £13,000. The event was sponsored this year by Ellis Brooke Estate Agents which covered the costs of banners and the breakfast on the Saturday morning with Fish Plus sponsoring the Friday evening meal for all participants and support staff.

On the back of the success of taking part in the London Landmarks Half Marathon in 2024 we secured 15 places for the 2025 event. We initially filled all 15 places with 13 taking part on the day raising raised just over £9,000.

Hope4000 - we continue to promote our short video showcasing a client's story and our work along with how to be part of the Hope4000 family donating £4 a month. The video has been extensively shared on social media, in local churches and at awareness and fundraising events. By the end of the year we had just under 2,000 Hope4000 donors. We continue to see this as a major fundraising strategy working towards sustainability.

We are also grateful to the support that we have received from:

*

Inside Homes who have made a donation for every home they list in the Rugby area. Additionally, in December 2024 they held a collection with their customers which they donated towards the cost of the Christmas Lunch meal for our clients

*

The Coventry Building Society who chose Hope4 as their charity partner for the fourth year running raising funds through their book sales and raffles; with their donation basket bringing in items of clothing and toiletries

*

Reach IT, a local IT solutions company, for providing IT support solutions and mobile phones.

*

Stepnells who provided their resources to refurbish one of our shower cubicles used by our clients

*

Fish Plus who have supported both the Hope Centre and Foodbank throughout the year through their 'Sharing is Caring' pay it forward programme

*

Local churches, schools, community groups, businesses and individuals have also undertaken fundraising activities to raise funds for Hope4

RUGBY FOODBANK

Rugby Foodbank is a core service provided by the charity. During the year we supplied 6150 (2024 - 7089) three-day emergency food supplies to people in crisis. This was a 7% decrease on 2023/24. We received 87,435 kgs (98,269 kgs) of donated food from Rugby and the surrounding area and distributed 87,544kgs, (100,998 kgs).

We are grateful to Rugby Borough Council for providing us with the ground floor of The Lawn and Retreat building for use as the foodbank. This is ideally situated in the middle of Rugby and close to the Hope Centre. Whilst we continue to use this building, this remains a short-term arrangement and we continue to seek longer term premises in a suitable location.

We retain a 'Rent Fund' of £100,000 to help cover the anticipated cost of renting a unit on commercial terms.

We received a grant of £8,536 from Rugby Borough Council which was received in April 2025 towards the costs of running the foodbank van; and £6,000 from Warwickshire County Council Hardship Fund for food purchases which are needed when there is shortage of donations of essential items or items which are not donated.

The Foodbank continues to work with Bedworth Rugby and Nuneaton Citizens Advice Bureau (BRANCAB) to provide two financial inclusion workers to work directly with foodbank clients. This is funded by a Trussell grant. Clients needed assistance in areas including benefit and tax credits, housing issues, debt, utilities. In the year 410 (2024 - 459) foodbank clients were referred to BRANCAB for assistance. BRANCAB anticipated that the income gain to these clients could be in the order of £848k if it was realised. Alongside income gains the project also suggests £321k in debt relief if also realised. We have also received funding from Trussell to employ two Support Workers to work with foodbank clients who need extra support that is not of the financially regulated kind, such as PIP applications, attending meetings with clients and being their advocate.

Organising and Mobilising (OLM) Project

During the year we were awarded a grant from Trussell to undertake throughout Warwickshire the Organising and Mobilising (OLM) Project. The aim of this project was to gain a better understanding of the need for foodbanks across Warwickshire and reduce the dependency upon them.

The project undertook research, surveys, and conversations with foodbank users, to identify the major contributing factors which included council tax debt, and homelessness. We also established a group of foodbank users to share their views and inform our work within the foodbank and with our wider campaigns.

The project also supported our partner Warwickshire foodbanks to engage with their respective MPs on the Essentials Guarantee, helping to amplify the voices of those most affected by poverty across the region.

The Rugby Foodbank

People

The Hope Centre's three Key Workers and administration support along with the Foodbank's Engagement Officer and Support Worker all play a vital role in the detailed daily work assisting clients on their journey out of homelessness and food poverty. Their growing skills sets and links with the wider community work well to ensure clients are helped in the most tailored way possible. Client testimonies bear witness to this.

One of our Key Workers left us during the year to follow her passion for supporting women and families which had grown over her time working with the women at the Hope Centre. Following a recruitment campaign we appointed a replacement who she recommended to us. He brings with him both lived experience and experience of working with individuals who face crisis around substance misuse as one of the leads at the local Narcotics Anonymous group.

We also recruited a new Engagement Officer for the Foodbank. During the period up to an appointment being made, staff and volunteers covered the role.

During the year we recruited a retired accountant to the role of Treasurer. He is also the Treasurer for one of our partner agencies, Futures Unlocked, which is co located at the Hope Centre. He is supported by a part time bookkeeper.

Whilst we continue to recruit for a new company secretary, the remaining Board Members have agreed to undertake the duties of this role between them.

During the year our local Church of England Vicar who was a Board Member with the specific remit for wellbeing and fulfilling the role of chaplain to the Board, staff, volunteers and clients resigned from the Board. He still continues to provide support to the Board, staff, volunteers and clients at the Hope Centre every other week.

FINANCIAL REVIEW

Financial position

Over 2024/2025 the income of Hope 4 (Rugby) Ltd was £470,195. Its expenditure was £373,524. This is split between our different activities as follows:

Income

Expenditure

Net Surplus

Hope Centre

147,092

88,424

58,668

The Communities Lottery Fund Grant

122,444

118,587

3,857

Foodbank

79,232

70,334

8,898

Trussell Financial Inclusion Project

73,834

60,577

13,257

Trussell Organising and Mobiling Project

47,593

35,602

11,991

As at the end of March 2025 the charity had £1,032,241 in reserves and assets including the Hope Centre. Of these £49,016 restricted funds. The amount outstanding on our mortgage to purchase the Hope Centre was £40,970. Full accounts are included with this report.

During the year, we repaid £50,000 off our mortgage on the Hope Centre reducing the balance to £40,970. We entered into a mortgage at a fixed rate of 8.16% in July 2024. We are continuing to pay the mortgage at the previous rate which will reduce the balance considerably during the term of the mortgage and should enable us to clear the outstanding balance at the end of the term.

The continued generosity of people across Rugby, supporting churches, other faith communities, schools, organisations, charities and companies allows us to continue our work. This support continues to be incredibly encouraging and is being augmented by a growing number of individuals who make regular donations through the Hope4000 appeal.

Reserves policy

The unrestricted funds of £ 983,225 are represented by fixed assets, including the freehold property which is ascribed a value of £350,000 less the associated mortgage of £40,970, together with liquid assets of £672,139.

The trustees are conservative from a financial point of view and so maintain a level of liquid reserves in excess of £118,000 to ensure that sufficient resources are available to cover six months running costs and mortgage repayments.

FUTURE DEVELOPMENTS

The need for the services provided by Hope 4 remains clear and vital to those who are in temporary housing or who experience food poverty in the Rugby area. The charity remains absolutely dependent upon the incredible volunteer support and financial generosity of many to be able to maintain these services.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, the Memorandum and Articles of Association and constitutes a limited company.

The company is limited by guarantee, as defined by the Companies Act 2006. All members guarantee an amount not to exceed £10 payable in the event of the company being wound up with a deficiency of net assets. A member's guarantee of £10 continues for twelve months after membership ceases. At 31st March 2025, there were 6 members (2024 - 6).

Recruitment and appointment of new trustees

Trustees may be recommended for appointment by the trustees in consultation with the other Rugby Churches and the Friends and Supporters of Hope 4, or a member and then voted for by the members at a General Meeting.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

06614898 (England and Wales)

Registered Charity number

1126487

Registered office

8 Newbold Road

Rugby

Warwickshire

CV21 2LJ

Trustees

D L P Mansell

(Chairperson)

E N Calow

- resigned 9th July 2024

J Woodings

P D Clucas

D Proctor

(Treasurer)

- appointed 14th May 2024

Rev P J Morton

- resigned 14th May 2024

Independent Examiner

S G Bolton FCA

Atkinson Finch & Co

Chartered Accountants

Central Chambers

45-47 Albert Street

Rugby

Warwickshire

CV21 2SG

Bankers

Lloyds Bank Plc

14 Church Street

Rugby

Warwickshire

CV21 3PL

Website

http://www.hope4.org.uk/

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

Approved by order of the board of trustees on 20th October 2025 and signed on its behalf by:

D L P Mansell - Trustee

Independent examiner's report to the trustees of Hope 4 (Rugby) Ltd ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

S G Bolton FCA

Atkinson Finch & Co

Chartered Accountants

Central Chambers

45-47 Albert Street

Rugby

Warwickshire

CV21 2SG

31st October 2025

2025

2024

Unrestricted

Revaluation

Restricted

Total

Total

funds

reserve

funds

funds

funds

Notes

£

£

£

£

£

INCOME AND

ENDOWMENTS FROM

Donations and legacies

2

208,141

-

252,764

460,905

390,228

Investment income

3

9,290

-

-

9,290

5,298

Total

217,431

-

252,764

470,195

395,526

EXPENDITURE ON

Charitable activities

4

Providing care and support for the homeless

93,339

-

113,861

207,200

183,547

Providing a foodbank for those in need

57,982

-

108,342

166,324

118,822

Providing winter shelter for the homeless

-

-

-

-

480

Total

151,321

-

222,203

373,524

302,849

NET INCOME

66,110

-

30,561

96,671

92,677

Transfers between funds

16

(2,084

)

-

2,084

-

-

Net movement in funds

64,026

-

32,645

96,671

92,677

RECONCILIATION OF

FUNDS

Total funds brought forward

856,667

65,532

13,371

935,570

842,893

TOTAL FUNDS CARRIED FORWARD

920,693

65,532

46,016

1,032,241

935,570

2025

2024

Unrestricted

Revaluation

Restricted

Total

Total

funds

reserve

funds

funds

funds

Notes

£

£

£

£

£

FIXED ASSETS

Tangible assets

10

286,524

65,532

1,457

353,513

353,929

CURRENT ASSETS

Debtors

11

6,395

-

475

6,870

2,698

Cash at bank and in hand

675,194

-

44,254

719,448

682,418

681,589

-

44,729

726,318

685,116

CREDITORS

Amounts falling due within one year

12

(10,230

)

-

(170

)

(10,400

)

(16,832

)

NET CURRENT ASSETS

671,359

-

44,559

715,918

668,284

TOTAL ASSETS LESS CURRENT LIABILITIES

957,883

65,532

46,016

1,069,431

1,022,213

CREDITORS

Amounts falling due after more than one year

13

(37,190

)

-

-

(37,190

)

(86,643

)

NET ASSETS

920,693

65,532

46,016

1,032,241

935,570

FUNDS

16

Unrestricted funds

986,225

922,199

Restricted funds

46,016

13,371

TOTAL FUNDS

1,032,241

935,570

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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 20th October 2025 and were signed on its behalf by:

D L P Mansell - Trustee

D Proctor - Trustee

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, as modified by the revaluation of certain assets.

Income

All income is included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Taxation

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

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds are unrestricted funds that have been set aside by the charity for a specific purpose.

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 purposes.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

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.

Significant judgements and estimates

There are no significant judgements that have a material effect on the accounts nor any accounting estimates that have a high risk of causing a material adjustment in a future period.

2.	DONATIONS AND LEGACIES

2025

2024

£

£

Donations

203,034

203,395

Grants

257,871

186,833

460,905

390,228

The following donations in excess of £3,000 have been received :

2025

2024

£

£

Geoffrey Philip Martindale Estate

-

4,000

Bilton Evangelical Church

-

3,000

Winwick Wind Farm

8,000

8,000

Trussell Trust Top-Up

6,314

9,281

Anonymous

3,000

-

H&M Hennes and M B HM

13,355

-

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

2025

2024

£

£

29th May 1961 Charitable Trust

6,000

6,000

Rugby Borough Council

-

8,000

Warwickshire County Council

6,000

5,733

Big Lottery

122,444

115,350

Amazon Covid Grant

2,000

-

Trussell

121,427

51,750

257,871

186,833

3.	INVESTMENT INCOME

2025

2024

£

£

Deposit account interest

9,290

5,298

4.	CHARITABLE ACTIVITIES COSTS

Direct costs

2025

2024

£

£

Providing care and support for the homeless

207,200

183,547

Providing a foodbank for those in need

166,324

118,822

Providing winter shelter for the homeless

-

480

373,524

302,849

5.	DIRECT COSTS OF CHARITABLE ACTIVITIES

2025

2024

£

£

Staff costs

239,642

186,488

Foodbank donation to the Hope Centre towards running costs

1,800

1,800

Rates and water

1,375

755

Insurance

5,483

3,464

Light and heat

14,699

13,703

Telephone

676

494

Postage and stationery

2,013

1,066

Repairs and renewals

5,072

3,408

Sundries

8,461

9,217

Food costs

6,904

13,700

Travelling

1,524

289

Advertising

-

1,544

Training

77

1,417

Subscriptions

2,769

2,543

Computer costs

6,470

8,045

Bank charges

286

175

Events and promotions costs

9,832

10,024

Professional fees

1,716

1,417

Accountancy

2,856

2,736

Citizens Advice Project

41,684

28,158

Foodbank expenses

1,556

2,056

Motor expenses

2,075

2,045

Book keeping

3,300

3,200

Mental health service staff

8,837

-

Depreciation

1,170

1,310

Loss on sale of assets

-

480

Interest payable and similar charges

3,247

3,315

373,524

302,849

6.	NET INCOME/(EXPENDITURE)

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

2025

2024

£

£

Depreciation - owned assets

1,170

1,310

7.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2025 nor for the year ended 31st March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st March 2025 nor for the year ended 31st March 2024.

8.	STAFF COSTS

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

2025

2024

Support staff

7

7

Administrative staff

1

1

8

8

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

2025

2024

£

£

Wages

217,424

170,842

Employers national insurance

13,850

8,691

Pension costs

8,368

6,955

239,642

186,488

9.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Revaluation

Restricted

Total

funds

reserve

funds

funds

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

213,395

-

176,833

390,228

Investment income

5,298

-

-

5,298

Total

218,693

-

176,833

395,526

EXPENDITURE ON

Charitable activities

Providing care and support for the homeless

68,314

-

115,233

183,547

Providing a foodbank for those in need

61,326

-

57,496

118,822

Providing winter shelter for the homeless

480

-

-

480

Total

130,120

-

172,729

302,849

NET INCOME

88,573

-

4,104

92,677

Transfers between funds

(1,382

)

-

1,382

-

Net movement in funds

87,191

-

5,486

92,677

RECONCILIATION OF FUNDS

Total funds brought forward

769,476

65,532

7,885

842,893

TOTAL FUNDS CARRIED FORWARD

856,667

65,532

13,371

935,570

10.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1st April 2024

350,000

27,027

7,800

384,827

Additions

-

754

-

754

At 31st March 2025

350,000

27,781

7,800

385,581

DEPRECIATION

At 1st April 2024

-

23,346

7,552

30,898

Charge for year

-

1,108

62

1,170

At 31st March 2025

-

24,454

7,614

32,068

NET BOOK VALUE

At 31st March 2025

350,000

3,327

186

353,513

At 31st March 2024

350,000

3,681

248

353,929

The property was revalued by Howkins and Harrison on 26th March 2019. The original cost of the building is £284,468.

11.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Gift aid tax recoverable

5,823

1,868

Prepayments and accrued income

1,047

830

6,870

2,698

12.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 14)

3,780

8,218

Trade creditors

1,598

835

Social security and other taxes

-

3,207

Accrued expenses

5,022

4,572

10,400

16,832