Charity reglstration number 1072038 {England and Wales} Company registration number 03589593 HOPE NOW LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
HOPE NOW LIMITED LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr S Sweeney Mr M Scoti Mrs J Hon DrBRRead {Appointed 10 July 20241 Se¢retary Mr M Scoti Chief executive officer Mr J Barnes Charity number 1072038 Company number 03589593 Registered office Malvem Centre Malvem Road Southampton Hampshire S016 6PY Independent examiner Darnells Chartered Accountants Quay House Quay Road Newton Abbot Devon TQ12 2BU Bankers Lloyds Bank plc 19-21 High Street Southampton Hampshire S014 2SE CCLA Investment Managemenl Limited COIF Charity Funds 80 Cheapside London EC2V 6DZ Solicitor5 MacDonald Oates LLP Knockhundred Row Midhurst Wesl Sussex GU29 9DQ
HOPE NOW LIMITED CONTENTS Page Trustees, report Independent examiner's report Statement of financial activities Balance sheet Statement of cash flows Notes lo the financial slalements
HOPE NOW LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees are pleased lo psent their annual directors. report together with the financial statements of the charity for the year ended 31 December 2024 which are also prepared to meet the requirements for a directors. report and accounts for Companies Act purposes. The financial stslements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association. and Accounting and Reporting by Charities= Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland {FRS 102) (effective 1 January 2019). Objectlves and activities To apply the charity's funds for the promotion and advancement of The Evangelical Christian Faith, both in the UK and abroad, through making grants lo and supporting projects of inslilulions with similar objects. In pursuance of these objects the charily- Presents and disseminates the teachings OF Jesus Christ. promoting understanding of the Evangelical Christian Faith and viewpoint and fostering Evangelical spirit.. Establishes information and research centre5 devoted to the study and presentation of Evangelical Christian thought and catering for the religious and educational needs of Evangelical Chrisliet4 Communities in the UK and abroad.. Promotes, supports and organises scholarships, conferences. seminars, study tours and similar projects.. Eslablishes and supports the establishment of charitable organisations for voluntary service. based on evangelistic cnjsades and personal visilalions for the promotion of the Gospel of Jesus Christ., Publishes and promotes books, journals, periodicals. magazine5. newspapers and other literature- Provides, endows and furnishes and fits out buildings with all necessary fumilure and other equipment required for the above objects_ The charity carries out these objects by= Preaching in churches, schoo15, colleges. prisons. on radiov and to other organisalions to which invit21ions are received.. Funding and equipping Churches. orphanages, Bible Study cenlres.. Partial funding of Kompas Park.. Funding pre-irsdependence homes for disadvantaged teenagers.. Funding and developing foster homes for homeless, orphaned or abused children. Funding of healthcare inilialives. The charity has established ils grant making policy lo achieve ils objects for the public benefil lo promote and advance the Evangelical Christian Faith in the UK and abroad by fundraising in the UK for projects such as orphanages. pre-independence and foster homes, Bible Study cenlres, etc. The beneficiaries of the grant making programme are ullimalely orphaned, homeless or abused children and teenagers. and disadvantaged familie5. In addition the charity funds outreach projects for prison ministry in counlries such as Ukraine where under the communist regime Christians were senl to prison for their faith. The charily helps to build churches and chapels in the prisons. The charily h35 links wilh institutions in Ukraine and Sri-Lanka with sirnilar objecis. as well as links with other Hope Now charilies through which grants are made. The charity'5 main activities and those who it tries to help are described below. The focus of the charity's activities therefore Continued to be advancing the Evangelical Christian faiih both in the UK arid abroad, by raising fund5 for local OTganisalions providing welfare. education and Christian ministy- Projects funded included funding orphanages, undertaking prison ministry, providing funds for education and Sponsoring both individuals and families of limited means In Ukraine and Sri Lanka. Supporting summer camps and breaks for disadvantaged children and widows and widowers has been reinslaled following the Russian invasion of Ukraine and support lo refugees continues lo be made as well. Who used and benefited from the charity's services? The charity's objects and funding limit the aclivities lo projects in a few countries, predominantly UkraSne and to a lesser extent Sri-Lanka. The number of people helped by the charity is estimated al 20.000.
HOPE NOW LIMITED TRUSTEES. REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The charity has no specific criteria to measure success although funds raised and grants paid are reviewed by the Iruslees to ensure that the charity is meeting it's objectives. The trustees have paid due regard lo the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning the future activities the charity should undertake. Achlevemonts and performance Ukralne The work in Ukraine has continued in Ihe following areas: Health In lerms of healthcare. we helped various categories of people (displaced, disabled, pensioners) pay for treatment, purchase medicines, and undergo examinations and operations. Many materials were transferied to hospitals through volunteers. Children Orphans - Hope Now supports 5 cottage homes with 9 children, many of whom have been rescued from dire circumstances of abuse and homelessness. The total number of children in these families, Swindon House and Flat 33. and a few individual children is 15. Donors in the UK sponsor these. The parents meel once a month to support cne another as they share their particular challenge5. Each child receives a toy and book and the Christmas programme al Alpha House was for 40 children (of refugees staying there. of staff and others}. One refugee girl is supported in allending a local Christian school. Pre-lndependence homes 4 girls enjoy living at one ffal. where they are given three years higher education in trade schools or universities. All have benefited from the professional help of our child care offir, Mrs Larissa Vovk, who also teaches homemaking and finance managernenl. The second flat is being Lrsed for refugees. Orphanages Hope Now continues to provide financial and practical help to several orphanages in the Cherkassy Region. along with supporting the Cherkassy RescLte Shelter. Handicapped - Hope Now sUPPOrts the work of the 2nd Baptist Church reaching out lo the deaf and disabled. Ludtnila Sidenko arranges Camps and minislers to the deaf and the daughter and late wife of Valery Pelrochenko are running the ministry. In the year a wheelchair lift was provided lo the 1st Baptist Church. Pnsons Sasha Tarasenko meets with ex-prisoners and Iheir families regularly to help them learn the law, to provide support, and help with aid. medicine, and food. Evangelism Due lo the war. the form of evangelistic work changed. Every Wednesday we held a service outside Alpha House for the internally displaced. We support the outreach work of Anastasia Vovk and about a dozen churche5 in the Cherkasy region. A special prayer group for the military has been created, where new names are added to the prayer list every week. Kompas Park Miss Svieta Kravchenko is now in her seventh year of leadership. We were able to support more camps in 2024 for churches. refvgees and the disabled. Bible School In 2024. 20 students took advantage of the expert tulllon provided by local ministers and the group finished their course in May 2024. A new cohort of 30 students started in September 2024. The training now takes place in local churches as Alpha House has refugees staying. Students Hope Now has provided financial assistance lo over 200 students over the past 21 years, who otherwise would not have been able to attend university. Each year a new intake means new sponsors have to be found but. thankfully, there are still Ihose who are prepared to take on sometimes commitments of thousands of pounds lo ensure that these young people have a future. 15 students are currently supported. Others have rnoved abroad because of the war.
HOPE NOW LIMITED TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Schools We continue to support School Number 20 and their Zozulenka as able bul it is not currently p055ible lo be there lo leach English. The School is keen for us lo resume our collaboration as soon as the war is finished. Aid boxes The charity organises sending donated items of clothing and essentials lo the Ukraine for use by those in need and in particular refugees and is grateful lo the volunteer5 who assisted with this. The items sent have been donations from individuals and church organisalions. Initially changes to Ukrainian regulations made the work more onerous for both the UK and Ukraine Office. However, the increased transparency gives greater comfort lo our donors and new donors that aid is being properly accounted for. The Chief Executive Officer in usual circumstances visits the Ukraine on a regular basis to evaluate and appraise the errecliveness of the use of funds and to build and maintain closer working relationships. During the COVID-19 pandemic this was not possible and 15 now prohibited by the war. Contact, however, continue5 via Zoorn and email. Financial review The Charity is reliant on voluntary income, donalions and legacies, which lolalled £612.294 {2023 - £511,363). The principal funding sources of the charity are individuals and church groups. Grants arnounling lo £515,963 12023 - £465,519) were paid to charities with similar objects from the available realised income of £646,121 {2023 - £544.431). The lolal value of the charity's unrestricted funds has increased from £741,715 81 31 December 2023 10 £752.980 at 31 December 2024. The amount of the restriclod funds was £187,660 at 31 December 2024 which was a decrease from £228,310 al 31 December 2023. The lotal funds have decreased from £970.025 at 31 December 2023 10 £940.640 al 31 December 2024. The trustees consider the charity's overall p051tion lo be satisfactory. 11 is the policy of the ¢harity that unreslricled funds which have not been designated for a specrfic use of £60,000 should be mainlained. The trustees consider that reserves al this level will ensure that. in the event of a significant drop in fvnding, they will be able to continue Ihe charity's current aclivilies while consideration is given to ways in which additional fijnds may be raised. This level of reserves has been exceeded throughout the year and the fund5 have been ring fenced in a high interest earning bank account. The additional reserves held at the start of the year reflect funds being accumulated to fund capital projects such as the rebuilding of orphanages once fighting in the Ukraine ceases. Al 31 December 2024 the amount of the Free Reserves al the charilws disposal was £574.47712023 - £560.882) see note 16 to the financial 5talemenl5. Aslde from retaining an arnounl in reserves as per the Reserves policy above. the charily's funds are historically to be spent in the short term with few funds available for long term inveslmenl. Fund5 being retained for capital projects lo be carried out once fights'ng has ended in the Ukraine are currently invested in a high interest earning bank account. Risk managemenl.. Critical Incident Planning has been undertaken and is reviewed annually al the Board's January Planning day. The trustees have assessed the major risks to which the Gharily is exposed, and are satisfied that systems are in place lo miligale exposure lo Ihe major risks.
HOPE NOW LIMITED TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for the future The charity plans lo continue the activities outlined above in the forthcoming years. subjecl lo satisfactory fvndraising and a resolution to the Russian invasion of Ukraine. When hoslililies end, assistance for the rebuilding of orphanages, hospitals and other buildings compatible with the charity's aims will be offered. Kompas Park camps continue lo be an important part of OUT SUPPOrt and provide respite for those in need so that children. the elderly, refugees. the disabled have a safe and calm space. There will be conlinued monitoring lo ensure Ihat funds reach the intended destinations and if necessary assistance will be sought from the British Embassy. The invasion has made it very difficult for the charily to operate as previously, and has substantially hornpered it's charitable work in Ukraine. struGturey governan¢e and management Governing document.. The charity's objects and regulations are regulated by the Memorandum of Association dated 29 June 1998. Under that mernorandum the charity is consliluled as a company limited by guarantee, having no Sha capital. The trustees. who are also the directors for the purpose of Company law, and who served during the year and up lo the dale of signature of the financial statements were: MrJ Barnes (Resigned 25 March 20241 Mr S Sweeney Mr M Scott Mrs J Hon DrBRRead (Appointed 10 July 20241 Recruitment and appointment of trustees= Under the requirements of the Articles of A5SOClOtion. trustees are elected for a period of three years after which they must be re-elected al the nextAnnual General Meeting. Trustees annually review the period of service and the Chair and Vice Chair hold the period of office for one year only. follong which the Board decide on re- election. The board of trustees regularly discusses the recruitment of new trustees for their experience. empathy and knowledge of the charity. and to keep the skills and composilion of the trustee bi)dy as a whole and succession planning uncier review. Trustee induction and training-. Most trustees are already familiar with the work of the charity. having been erbcouraged to read lileralu prepared regularfy by the charity and attend events Ihroughout the year. New trustees are invited and encouraged to allend these events and are placed on a probationary period to familiarise themselves with the charity and the context in which il operates. The induclion process consists of an initial meeting wlh the trustees. followed by a series of Short meetings with the CEO and other executives to discuss Ihe grant making process and the powers and responsibilities of the Iruslee board. Additionally copies of the mosl recent newsletter are distributed to all new trustees along with the Memorandum and Articles of Association and a copy of the latest financial stalemenls. All trustees give their lime voluntarily and receive no benefits from the charity. Any expenses reclaimed by the trustee5 from the charity are set out in note 8 lo the financial statements. The trustees. usual practice of reviewing the previous year's achlevemenls against the objectives sel for that year was undertaken in January and a new sel of objeclives for 2024 was established maintaining Hope Now's core values and encouraging all involved at every level in a team effort for all activitie5. The Critical Incidenl Planning document was rewewed and updated with several action points established or created. The Charity Commissions, guide to Good Governance was reviewed and practice benchmarked against those guidelines.
HOPE NOW LIMITED TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Organisalional slruclure.. The charity is administered by a board of directors who a also trustees. The day to day running of the charity is delegated to a Chief Executive Officer who reports lo the Trustees. The trustees aim to meet at least bi-monthly and met eight times in the year. Relationship with wider network.. The charity has close links with local Hope Now charities in Ukraine and the USA and Kompas Park, a Ukrainian non-governmental organisation. The Chief Executive Officer is invited lo sil on the Ukrainian board as a non- voting member. Hope Now Limited has no executive control over the running of the other Hope Now charities. they share a common chartlable purpose with the UK charity raising funds for projec15 overseen by the other Hope Now charities. Hope Now Limited lakes an active role in ensuring that fijnds raised are used for the purpose5 for which they were raised in order to fijlfil an expectation of due diligence on the 8ppropriats use of funds sent overseas. The charity has also developed link5 and has provided fijnds lo Christian charilies operating in Sri Lanka. In South Africa Transformation Pollsmoor has previously taken over the ministry, previously funded by the charily. al Pollsmoor Prison. e trustees. report was approved by the Board of Trustees. Mr S Sweeney Trustee Dated.. .IiJ91¢......
HOPE NOW LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HOPE NOW LIMITED I report lo the trustees on my examinatSon of the financial statements of Hope Now Limited (the charity) for the year ended 31 December 2024. Responsibilities and basis of report As the trustees of the charity (and also ils directors for the purposes of company lawl. you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. 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 examinatlon. I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011. In carying out my examination I have followed the Directions given by the Charity Commission under section 14515llb} crf the Charities Act 2011. Independent examiner's statement Since the charity's gross income exceeded £250,000 your 8xaminer must be a member of a body listed i section 145 of the 2011 Act. I confimi that l am qualified to undertake the examination because l am a member of the Ihe Association of Chartered Certified Accountants. 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 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 ComFonies Act 2006 other than any requirement that the financial slalements give a true and fair view, which is not a matter considered as part of an independent exarninalion-. 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 eharilies preparing their financial statements in acrdanCe with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. 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 slalemenls lo be reached. MrJ Milden FCCA Darnells Chartered Accounlanls Quay House Quay Road Newton Abbot Devon TQ12 28U
HOPE NOW LIMITED STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from.. Donations and legacies Investments 290,679 33,827 321,615 612.294 33,827 281,722 33.068 229.641 511,363 33,068 Total incomè 324,506 321,615 646,121 314,790 229,641 544,431 Expenditure on: Raising funds Charitable activities 48,074 265,167 48,074 627,432 36,258 235,408 36,258 561.030 362.265 325.622 Total expenditure 313.241 362,265 675.506 271.666 325,622 597,288 Net incomel(expenditurel 11.265 140.650) 129.3851 43,124 195,981) 152,857) Transfers beeen funds 12 16001 600 Net movement in fund5 11.265 140,6501 (29,385) 42,524 195,3811 (52.8571 Reconciliation of funds: Fund balances al 1 January 2024 741,715 228.310 970,025 699,191 323.691 1,022,882 Fund balances at 31 December 2024 752,980 187.660 940.640 741,715 228,310 970,025 The slalement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies.
HOPE NOW LIMITED BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets 13 178,503 180,833 Current assets Debtors Cash al bank and in hand 14 42,610 727,097 8,553 785.371 769.707 Creditors: amounts falling due within one year 793,924 15 (7,570) 14,7321 Net current assets 762,137 789,192 Total assets less current liabilities 940.640 970,025 The funds of the charlty Restricted income funds Unrestricted fund5 17 187.660 752,980 228.310 741,715 940.640 970.025 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006. for the year ended 31 December 2024. The trustees, acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resourGes and application of resources. in¢luding ils income and expenditure. for the financial year in accordance with the requirements of sections 394 and 395 and which olherwise Comply with the requirements of the Companies Act 2006 relating lo accounts, so far as applicable to the company. The members have not required the company to obtsin an audit of its financlal statements for the year in queslion in accordance with sedion 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject lo the small companies regime. The financial statements were approved by the Iruslees on yj.xj.g....... Mr S Sweeney Trustee Company registration number 03589593 {England and Wales)
HOPE NOW LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating activities Cash absorbed by operations 19 {90.853) 148,4121 Investing activitles Purchase of tangible fixed assets Investment in¢Dme received 11.248) 33,827 1688) 33.068 Net cash generated from investing attivltles 32,579 32,380 Net cash generated from financing activities Net decrease in cash and cash equivalents (58,2741 116.0321 Cash and Cash equivalents al beginning of year 785.371 801,403 Cash and cash equivalents at end of year 727.097 785,371
HOPE NOW LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity information Hope Now Limited is a piivale company limited by guarantee incorporated in England and Wales. The registered office is Malvern Centre, Malvern Road, Southampton, Hampshire. S016 6PY. 1.1 Accounting convention These accounts have been prepared in accordance with FRS 102 "The Financial Reporting Standard appli¢able in the UK and Republic of Ireland" I'FRS 102,1. 'Accounling and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019. The Charity is a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterling, which is the fvnctional currency of the charity. Monetsry amounts in these financial statements are rounded to the nearest £1. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern Al the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thu5 the trustees continue to adopt the going concern basis of accounting in preparing the accounts. 1.3 Charitable funds Unrestricted funds are available for use at Ihe discretion of the trustees in furtherance of their charitable objectives. Reslrrcted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted fijnds are sel out in the notes to the financial statements. Endowment fLSnds are subject to specific conditions by donors that the capital must be maintained by the charity- 1.4 Income Income is recognised when the charity is legally enlilled lo il after any performance eondilions have been met. the amount5 can be measured reliably, and it is probable that Income will be received. Cash donations are recognised on receipt. Other donations are recognlsed once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations ceiVed under GiftAid or deeds of covenant is recognised at the lime of the donation. Income from donations and grants. including capital grants, is included in incoming resources when these are receivable, except as follow5.. when donors specify that donations and grants given to the charity must be used in future accounting periods, the income is deferred until those periods. and when donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income. the income is deferred and not included in incoming resources until the pre-conditions for use have been mel. Interest receivable: Interest receivable is included in investment income when it is receivable by the charitable company. 10-
HOPE NOW LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounling policies (Continued) Rental income: Rent is received on a monthly basis and is recognised when due. Intangible income. comprising donated services. is included in incoming resources al a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised when there is no financial cosl borne by a third party. 1.5 Expenditure Liabilities are recognised as resources expended as soon as there is a legal or conslruclive obligation committing the charity lo the expenditure. All expenditure is accounted for on the accruals basis and includes iffecoverable VAT. Expenditure is allocated lo categories eilher on a direct or a usage basis. Expendilure that is directly atlribulable to raising funds is included in the costs of generating funds. This includes production of the new51etler and ministry. Expenditure allribulable lo meeting Ihe aims and objectives. including the support costs, is included in charitable aclivilies. 1.6 Tanglble fixed assets Tangible fixed assets are initially measured al cost and subsequently measured al cost or valuation, nel of depreciation and any impairment losses. Depreciation is recognised so as to write off Ihe cost or valuation of assets less their residual values over their useful lives on the following bases-. Land and buildings Fixtures. fittings & equipment None 25Yo Straight line The gain or loss arising on the disposal of an asset is delermined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial aclivilies. There is no depreciation on land and buildings as, in the opinion of the tnjslees, the residual value is such Ihal any provision for depreciation in the period and over Ihe life of the asset is believed to be immaterial. Furthemiore, it is Ihe charity's policy lo maintain the offices in such condition that the value is not impaired by the passage of lime. Such expenditure is charged to Ihe income and expenditure account in the year in which il is commilled. Impairment reviews are carried out perlodically and whenever there is evidence thal the value of a tangible asset. or class of a55els may be impaired. 1.7 Impairment of fixed assets At each reporting end date, the charity reviews the carrying arnounls of ils tangible assets to determine whether there is any indication that those 85sels have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment 105s1sr any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposiis held al call with banks. other short-lerm liquid investments with original malurilies of three months or less. and bank overdrafts. Bank overdrafts are 5howrs wilhin borrowings in current liabilities. 11
HOPE NOW LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.9 Financlal Instruments The charity has elected to apply the provisions of Section 11 'Basi¢ Financial Instruments. and Section 12 'Olher Financial Instruments Issues. of FRS 102 to 811 of its financial instruments. Financial instruments are recognised in the ¢harity's balance sheet when the charity becomes paty lo the contractual provisions of Ihe instrument. Financial assets and liabilities are offset, with the net amounts presentsd in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and there Is an intention lo settle on a net basis or to realise the asset and settle the liability simultsneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances. are initially measured al transaction price including transaction costs and are subsequently carried at amortised cost usiri9 the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts di5Gounted at a market rale of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the psent value of the future payments discounted at a market rale of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not. they are presented as non-currenl liabilities. Trade credilots are recognised initially at transaction price and subsequently me8sured at amortised Cost using the effective interest rale method. Derecognltion of financial liabllltles Financial liabilities are dereco9nised when Ihe charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period In which the employee's sejmces are received. Termination benefits are recognlsed immediately as an expense when the charity is demonstrably commllled to terminate the ernployment of an employee or to provide termination benefits. 1.11 Retlrement benefits Payments to defined contribution retirement benefit schemes are charged as an expense a5 they fall due. 1.12 Debtors and creditors recelvable I payable wlthln one year Debtors and creditors with no slated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arlsing from impairment are recogni5ed in expenditure. 1.13 Loans and borrowings Loans and borrowings are initially recogni5ed at the transaction price including transaction costs. Subsequently. they are measured al amortised cost using the effective interest rate method. less impairment. If an arrangement constitutes a finance Iransaclion it is measured at present value. 12-
HOPE NOW LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Incorne frorn donations and legacles Unrestricted Restrlcted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Donations and gifts Le9acies 255,379 35.300 321,615 576.994 35,300 256.394 25,328 229.641 486,035 25,328 290.679 321,615 612,294 281.722 229,641 511.363 Donations and gifts Ukraine South Africa Sri Lanka Other 263.350 3,257 55,008 263.350 3.257 55,008 255.379 155,676 3,165 70,800 155,676 3.165 70.800 256.394 255.379 256,394 255,379 321,615 576.994 256,394 229.641 486,035 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Rental income Interest receivable 150 33.677 5,300 27,768 33.827 33,068 Expenditure on raising funds Unrgstricted Unrestricted fund5 funds 2024 2023 Newslelter production and ministry Newsletter production and ministry Other fundraising costs Staff costs 17,417 397 30,260 13,721 22.537 48,074 36.258 13-
HOPE NOW LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charltable activlties Charitable .Charitable Expenditure Expenditure 2024 2023 staff Costs Aid box costs 30.260 4.494 22.537 12,405 34.754 34.942 Grant funding of activities (see note 6) 515,963 465,519 Share of support costs (see note 9) Share of governance costs (see note 9) 71,483 5.232 56.939 3,630 627,432 561.030 Analysis by fund UnStriCted funds Restricted funds 265,167 362.265 235.408 325,622 627.432 561.030 The charity undertakes its charitable activities through grant making and awarded grants lo a number of institutions and individuals in furtherance of its charitable aclivilies. Staff costs are apportioned on the estimated time spent by each individual during the year. Other ¢(sls are allocated based on their nature. fundraising costs are deemed to be the production of the monthly newsletter and associated costs relating to ils distribution. rants payable 2024 2023 Grants to institutions: Ukraine South Africa Sri Lanka 415,580 5,810 61.488 362.818 5,931 71,055 482,878 439.804 Grants to indlviduals 33.085 25,715 515,963 465.519 14-
HOPE NOW LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THEYEAR ENDED 31 DECEMBER2024 Grants payable (Contlnuedl Grants paid lo institutions in Ukraine are made via Hope Now (Ukrainel. Hope Now {Ukraine} as5151s in the distribution of monies lo the correcl individuals and organisalions. In South Africa, the main recipients of grants paid to institutions are Transformation Pollsmoor (who took over the Prison Ministry, fvnded by the charity) and 1st Care South Africa (who look over the running of Rainbow House). funded by the charity. In Sri Lanka. the reciplenl of the grants is Farms Lanka. Net movement in funds 2024 2023 The nel movement in funds is slated after chargingllcreditingl: Fees payable to the charity's independent examiner.. for the independent examination of the charity's financial slalemenls for other financial services Depreciation of owned tangible fixed assets 3,000 630 3.578 3.000 630 3.267 Trustees None of the trustees lor any persons connected wlh them) received any remuneration during the year. and none of them were reimbursed expenses12023- £none)- 15-
HOPE NOW LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs Support Governance costs .costs 2024 2023 Basis of allocation staff costs Depreciation Rates Insurance Light and heat Repairs & mainlenan¢e Post, slal'ery & printing Telephone and fax Motor. vehidelgase and travelling Computer costs Hire of equipmenl Sundry costs Examiners fees Meeting and conference costs 30,014 3.578 3,870 2.851 6,072 5.443 5,996 852 30,014 3,578 3,870 2.851 6,072 5,443 5,996 852 20,797 Time spent 3.267 Direct 2,163 Direct 2.526 Direct 4.044 Direct 6,610 Direct 3.815 Direct 975 Direct 8.892 2,955 858 102 8,892 2,955 858 102 3.630 8,711 Direct 2,647 Direct 1,290 Direct 94 Direct 3.630 Governance Governance 3.630 1.602 1,602 71.483 5,232 76,715 60.569 Analysed beeen Charitable activities 71.483 5,232 76,715 60.569 Governance costs include payments to the accountant of £3,000 {2023- £3,000) for examiners fees and £630 (2023.. £630 for other services}. 10 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Chief Executive Officer A¢counls Manager Administrative Assistant5 Total 16
HOPE NOW LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Employees {Continued} Employment costs 2024 2023 Wages and salaries Social securily costs Other pension costs 86,899 2,514 1.121 65,065 806 90.534 65,871 Key management personnel include the Chief Executive and designate Chief Executive The total employee benefits of the charity's key management personnel were £57.31312023.' £40,281). There were no ernployees whose annual remuneration was more than £60,000. 11 Taxation As a charily, Hope Now Limited is exempl from tax on income and capital gains falling within section 505 of the Taxes Acl 1988 or section 256 of the Taxation of Chargeable Gains Act lo the exlenl that these are applied to its charitable objects. No tax charges have arisen in the charity in the y2ar12023- £nonel. 12 Transfers The transfers from the unreslricled fund totalling £nil {2023 £6001 represent overspends on the restricled funds, where additional funds have been made available from the unrestricted fund lo make good any deficits. Whilsl these are technically amounts granled from unrestricted funds. the trustees want lo make il clear what level of funds were required from unrestricted funds lo make good commitments. Where transfers occur beeen reslricled funds, this is usually due to income received available for more than one PUTKM)se and would usually be required to be spenl in a certain geographical area. 17-
HOPE NOW LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Tangible fixed assets Land and buildings Fixtures. fittings & equlpment Total Cost Al 1 January 2024 Additions 174.339 25.502 1,248 199,841 1,248 At 31 December 2024 174,339 26.750 201,089 Depreciation and impairment At 1 January 2024 Depreciation charged in the year 19.008 3,578 19,008 3.578 Al 31 December 2024 22,586 22.586 Carrying amount At 310ecember 2024 174.339 4.164 178,503 At 31 December 2023 174.339 6,494 180.633 In the opinion of the trustees. the charity's land and buildings have a Current market value of approximately £275,000. 14 Debtors 2024 2023 Amounts falling due within one year: other debtors Prepayments and accrued income 27,412 15.198 7,439 1,114 42,610 8,553 15 Creditors: amounts falling due within one year 2024 2023 Other taxation and social security Accruals and deferred income 4,510 3,060 1.672 3,060 7.570 4.732 18-
HOPE NOW LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 31 DECEMBER 2024 16 Analysis of net as$Èts between funds Unrestricted funds ..2024 RestTiGted funds 2024 Total 2024 At 31 Decembèr 2024: Tangible assets Current assetsl(liabililies) 178,503 574.477 178,503 762,137 187,660 752.980 187,660 940.640 Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 December 2023- Tangible assets Current assetsl(liabililies1 180.833 560.882 180,833 789,192 228,310 741,715 228.310 970,025 At 31 December 2024 the amount of the Free Reserves al the charity's disposal was £574,477 (2023 £560,882). 19-
HOPE NOW LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on Irusl for specific purposes. Details of the policy on transfers between funds is shown in note 12 to the financial statements. Movement in funds Incoming Resources resources expended Balance at 1 January Transfers Balance at 31 December 2024 2024 South Africa Sri Lanka Ukraine - General Ukraine - Kompas Park Ukraine- Orphanages Ukraine Education Ukraine - Relief of poverty Ukraine - Evangelismlchurches Ukraine - Medical Ukraine - Prisons Ukraine - Refugee relief fund 2.970 3,257 61,488 55,008 60.441 59.903 23,115 18,820 17,449 2,087 15.8101 {61,4881 (55.008) (62,0001 (63.184) (22.095) {10.9891 (18,343) 11,8081 417 1,809 62,507 59.380 27.119 8,753 4.426 3,550 57.796 250 59.350 60,376 35,575 7.134 4,705 3,550 16.303 124 {241 625 17251 20.047 (61,5401 228.310 321,615 (362.265) 787,660 South Africa: This represents prison ministry and related projects carried out in South Africa, funds are paid to Transfomalion Pollsmoor who operate this 2¢1ivity. Sri Lanka - Farms Lanka: This represents support to 'Farms Lanka.. an independent mission organisation. Ukraine General Fund". This represents donations and sponsorship received specifically for expenditure in Ukraine, bul not reslticled lo any one individual or family. Payments are made to Hope Now Ukraine who aid in the distribution of the funds and operate Kompas Park. Ukraine - Kompas Park- Kompas Park is a ¢enlre funded by the charity used for summer camps. giving holiday breaks lo disadvantaged ¢hildren and widows and widowers. Ukraine- Orphanages.. This represents financial and practical help given by the charity to orphanages in the Cherkassy Oblast. Ukraine - Education: This represents programmes of education sponsored by the Ukrainian Department of Education. Ukraine - Relief of Povety: This represents grants made by the charity to disadvantaged families who are struggling with poverty. Ukraine - Evangelismlchurches.. This represents help provided to churches, including grants to build Sunday Schools. grant5 for Structural repairs and the setting up and running of programmes promoting and advancing the Christian faith. -20-
HOPE NOW LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Restricted funds {Continued} Ukraine - Medical and prisons: This represents prison ministry and related projects carried out in Ukraine. together with the funding of mobile medicalldental unit in the Kirovagrad region. Ukraine - Refugee relief fund= This represents aid to support refugees in Cherkassy enabling the 4>urchase of food, bedding, mallresses, hygiene sets and other day lo day necessitie5. 18 Related party transactions During the year the trustees made donations to the charity lolalling E2,58912023.' £3,683). 2024 19 Cash absorbed by operations 2023 Deficit for the year 129,3851 {52.8571 Adjustrnents for". Investment income recognised in statement of financial 8¢1ivities Depreciation and impaimienl of tangible fixed assets {33,827) 3,578 133.0681 3,267 Movements in working capital: {Increase}Idecrease in debtors Increase in creditors 134.0571 2.838 34.084 162 Cash absorbed by operations 190,853) (48,412} 20 Analysis of ¢hanges net funds The charity had no malerial debt during the year. 21