Charity regislraiion number- 1088333 iililiiix u t'i'iiirv Jc)r rhi. 17iiiiiniiiiiii' (A Charitable Incorporated Organisation) Annuul Report llnd Financilll Statements for the Year End¢d 31 December 2023 New Hope Contents Reference and Administr&ive Detsils 2to5 JAdependent Examinevs Report RecLipts and Payments ststement of Assets and Liabilities Notes to the Financi￿ Statemeiits AppeDdice8 to th¢ Financial Statements 10 Referenee and Admlnljtrndve Detsils Trustees S Magee P E Mage¢ D Gippk (deceased August 2023) M Murtagb (reSi￿ed 14th June 2024) Rev J Fountain (appointed 13 June 2024) P Fountsin (appoint¢d 13 June 2024) G Turner (appointed 13 June 2024) Prtnclpal Office 95 York Road RGI 8DU Charfty Registration Number 1088333 Bankers The CMperative Bank plc PO Box 250, Delf House Skelmersdale WN8 6WT The Charity Bank Limited Fosse House 182 High Street Tonbridge TN9 IBE Pag¢ I Trnstees Report Structure, governanc￿ and management Nature of governing document New Hope wa5 Incorporated as a company Ilmlted by 8uarantee on 25 October 2000 and r*tered as a charlty on 5 September 2001. Further conslderatlon of the charlvs vlslon led to the development of a 'Charter Documenv for New Hope In 2011. The Charter Text Is Induded as an appendix to thi5 d¢xument. On 9 May 2019 at a meetlng of the members of the company New Hope was converted from a company Ilmlted by guarantee to a charltable incorporated organlsatlon (CE018514). Recniltment and appointment of Dtrectors The Trustees are appolnted at the annual meetlng and are subject to retlrement by rotstlon over a 3-year perlod. A retlrlng trustee wlll automatlcally be reappolnted unless: he/she has already acted for 8 year5,1s replaced orthe meetlng votes not to reappolnt. New Trustees may be appolnted If recommended by the exlstlng Trustees or If proposed In the approprlate way by a member. Members may be admitted as approved by the Trustses. The Ilablllty of members Is Ilmlted to a maxlmum of £10 per member. Inductlon and tralnlng of trustees New trustees are Indurted and tralned by the exlstlng trustees. An7ngements for setting key management personnel remuneratlon No Trustses (who served at any tlme durln8 the year) recelved remuneratlon or expenses. Objectlves and actlvltles Oblects and aim5 The charlty was founded out of the deslre to malntaln and bulld on the Chrfstlan wltness on the slte of a redundant URC church bulldlng In Readlng. New Hope was founded to redevelop the slte to provlde: A communlty centre A worshlp space for a local Chrlstlan congre8atlon Low cost rented houses for those wlshlng to forward the work of the Chrlstlan congregatlon and benefit the local communlty The Trustses contlnue to revlew the posslblllty of supportln8 new proJe¢ts In other parts of the country. The Trustees are also concerned to ensure that new trustees are recrulted when posslble, to strengthen the board. Pa8e 2 Actlvltles durlng the year It was wlth great sadness that the board heard of the death of Dan Glpple durfng the year. Hts funeral on Ilth September was very well attended, attestlng to the great role he played in his local mmunlty and churth as well as New Hope. He Is sorety mlssed. Tenancies The Communfty Mlssloner, Revd Davld Nylrongo, appolnted by Greyfrfars left the church at thè end of the year and vacatsd the house. As hls post was not golng to be filled by Greyfrlars, It was agreed to add the house to the portfollo of houses managed by New Hope. Three other tenancles also ended, for very sound reasons. toward the end of the year, resultlng In a slgnlflcant reductlon In rental Income. The costs Incurred by the refurblshment of the propertles between tenancles fell malnly In the early part of 2024. Tenanty rentsls were also adjusted durlng the year In Ilne wlth natlonal Increases. The a8reed pollcy ts that rentals should be set at approxlmately 50% of the local rate. Property Malntenance As descrlbed above, It was a8reed that Jon Rosl Mana8ement Ltd would undertake the management of malntenance of the terrace houses. Routlne malntenance of 93 York Road and the New Hope Centre Is the responslblllty of Greyfrlars under the lease arrangements. Equlpment repalrs and routlne malntenance was carrled out durln8 the year as nomial. Ex¢eptlonal Costs In thls year resulted from the refvrblshment of three of the terrace houses occasloned by the endlng of tenancles. Publlc beneflt The Trustees conflrm that they have complled wlth the requlrements of sectlon 4 of the Charltles Act 2011 to have due regard to the publ1¢ benefft 8uldance publlshed by the Charlty Commlsslon for England and Wales. Use of volunte•rs The contrlbutlons made by volunteers can be categorfsed in several areas: Trustees: The Trustses together provlde overslght of the tharlty as members of the governln8 board whlle certaln members have partlcular responslblllty for Ilalson and overs18ht of ongoln8 projects Iso called 'proJect boards'l as well as the malntenance of the propertles. Risks to New Hope vlablllty Changes to rental legislation strengthening Tenant Protections One new property law Is enhanced protectlon for tsnants. The govemment proposes to Introduce measures to Ilmlt rent Increases, rnaklng them more predlrtable and manageable. Annual rent increases are now capped at the rate of Inflation, preventlng rent hlkes for previously stralned tenants, finances. Page 3 SIn￿ the agreed pollcy is that rentsls should be set at approximately 50% of the local rate. thls may affect the rental Income for New Hope, deperKllng on the how the local property market reacts. Addltlonally, the not1￿ perfod for evlctlons has been extended from two months to slx months. Refonnlng Landlord Obligatlons Landlords wlll be required to meet more strlngent standards In malntslnlng thelr rental propertles. new leglslatlon mandates regular safety inspectlons and energy efflcSency upgrades, ensurlng that all rental homes are safe and environmentslly frlendly. New stsndards for energy efflclency In rental propertles wlll be introduced, though detalls on the minlmum requSrements and thelr Impact on Ilsted propertles remaln unclear. Fallure to comply wlth these regulatlons can result In hefty fines. encouraglng landlords to adhere to the new stsndards promptty. Th5s should not adversely affect New Hope as our pollcy ts to properly malntsln the propertles In conjunrtlon wlth Northwood / Jon Rosl the manaBln8 a8enL The new government Intends to introduce a ban on Sectlon 21 'no fault 'evlctlons early 2025 Change of Vlcar at Greyfrlars Greyfrlars Church Is 8oln8 through the process of selectlng a new Vlcar. Thls Is an unknown factor. and the new Vlcar may have dlfferent Ideas how to support the part of the parlsh contalnln8 New There Is a rlsk that Greyfrlars PCC may not wlsh to renew the Lease on the centre bulldln8, whlch explres on 30th Septsmber 2025. Or the PCC may wlsh to renew for a shorter perlod dependlng when a new Vlcar Is appolntsd orstarts. Age of propertles All houses and the centre are now some 25 years old, there are expenses whlch should be consldered In the near future e.& Replacement of bollers. replacement of wlndows and external doors. In the centre even though Greyfrlars have had a full repalr lease for 25 years thln8s Ilke the 1111 wlndows and doors and bollers wlll need replaclng In the future and numerous other Items If the lease was not renewed and a new tenant had to be found. Flnanclal revlew New Hope General Funds Rentsi Income from the propertles Is planned to cmr admlnlstratlve costs, any mlnor repalrs and l>ulkl reserves for future uses. Despfte the reductlon In rental Income, the excess of Income over expendlture returned to an acceptable level. Prlndpal fundlng SoUr￿S The princlpal fundlng souro Is new rertal Income. Policy on reserves The Trustees have consldered the level of reserves needed at thts tlme In the Ilfe of the charlty. Reserves wlll be requlred to provlde cover forvolds In rental Income and to redecorate and refurblsh propertles at the end of tenancles, an approxlmate >year o￿le, currently estimated at around £30,000. Avallable reserves currently total about £310,000. The balance wlll be carrled forward to cover major building repalrs in future to be expected by the age of the propertles. The trustees have reviewed the flnandal positlon of the charlty and conslder there to be sufflclent. reserves. Investsnent pollcy and objertives The Charity seeks to produce the bestflnanclal return wlthln an ac￿ptable level of r15k. As proportlon of the assets are expectsd to be spent over the next three years, capltsl presemtion Is of paramount importance. Flnanclal Instruments The Charfty seeks to hold suffldent cash balan￿ to meet planned expendlture. Approprfate Insuran￿ has been tsken out and other rlsks arfslng through the use of the bulldln85 by thlrd partles have been mltl8ated through dts￿sSI0n wlth those thlrd partle& Cash flow rlsk The Charlty holds Ilquld assets tofund planned expendlture over the next three years. Credlt rlsk The Charws cash balances are deposlted wlth a mojor UK bank wlth a satlsfartory credlt ratln8. Llquidity rtsk The Charfty wlll draw down cash In Ilne wlth planned expendfture. Maturltles of cash deposit5 match thls tlmetable. Page 5 Independent Examlner's Report to the trnstees of Iyew Hope I report on the accounts of the company for the year ended 31 December 2023 which are set out on pages 7 to 9. Re8pecdve responslbllldes of trustees and examlner The Tn￿CeS are responsible for the pr¢paTation of tbe accounts. The Tn￿e8 consider that an audit is not required for tbis year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent exan￿tiOn is neede