Charily registration number: 1088333 liiiil(liii.¥ d <'i'iiire J¢)r ilts. iiiiiiiniiiiiri. (A Charil¢ibl¢ Incorporuted OrbFiilliiLilion) Annual R¢port nnd Financial S116 tLnients for the Year Ended 31 DeLember 2024
New Hope Contents Reference and Administrative Details Trustees Report 2to5 Independent Examinees Report Receipts and Payments Statement of A&sets and Liabilities Notes to the Financial Ststements Appendices to the Financial Ststements 10
Reference and Admlnlstrative Detslls Trnstees S Magee P E Magee D Gee (resigned 14 Nov¢mb¢r 2024) Rev J Fountain (appointed 13 Jun¢ 2024) P Fountain (appointed 13 June 2024) G Turner (appointed 13 June 2024) Principal Office 95 York Road Reading RG18DU Charity Registration Nwnber 1088333 Bankers The Co-operative Bank plc PO Box 250. Delf House Skelmersdale WN8 6WT The Charity Bank Limited Fosse House l 82 High Street Tonbridge TN9 IBE Page I
Trustees Report Structure• governance. and management Nature of governing document New Hope was incorporated as a company limited by guarantee on 25 October 2000 and th reglstered as a charlty on 5 September 2001. Eh Further consideration of the charlty's vislon led to the development of a 'Charter Document, for New Hope in 2011. The CharterText is included as an appendix to this document. On 9 May 2019 at a meeting of the members ofthe company New Hope was converted from a company Ilmlted by guarantee to a charitable incorporated organisation (CE018514}, Recruitment and appolntment of Directors The Trustees are appointed at the annual meeting and are subject to retirement by rotation over a 3-year period. A retiring trustee will automatically be reappointed unless: he/she has already acted for 8 years, is replaced or the meeting votes not to reappoint. New Trustees may be appointed if recommended by the exlsting Trustees or if proposed In the appropriate way by a member. Members may be admitted as approved by the Trustees. The liability of members is limited to a maximum of £10 per member. Induction and training of trustees New trustees are indurted and tralned by the exISng trustees. Arrangements for setting key management personnel remuneration No Trustees (who served at any time during the year) received remuneration or expenses. Objectlves and activities Objects and aims The charity was founded out of the desire to malntain and build on the Chrlstlan wltness on the slte of a redundant URC church building in Readin8. New Hope was founded to redevelop the site to provide.. A community centre A worshlp space for a local Christian congregation Low cost rented houses for those wishing to fonNard the work of the Christlan congregatlon and benefit the local community The Trustees contlnue to revlew the possibility of supportlng new projects In other parts of the country. The Trustees are a150 concerned to ensure that new trustees are recruited when possible, to strengthen the board. Page 2
Activities during the year At the AGM, Derek Gee announced that he would not stand for re-election. The trustees expressed very grateful thanks forthe great support that he had provided over many years In ensurlng the regular maintenance of the properties, the relationship with Greyfriars Church and brlnging prayerful wlsdom to the leadership of the charity. Derek contlnued in a voluntary capacity to oversee the completion of the repair of the water damage in the centre. Tenancies Although Revd Davld Nylrongo left Greyfriars Church at the end of 2023, for personal reasons it was agreed that he could stay on in 93 York Road until the end of February. The house was then refurblshed and let to new tenants at the beginnlng of March 2024. The rental charge of £900 was higher than that of the other properties because the house is larger. Number4 New Hope Terrace became vacant In November 2024. At the time Gillian and John Turner were in the process of moving house and requested that they could occupy the house on a short temi basis. This was agreed although, as Gillian Turner is a trustee, It was agreed that the Turners should pay the market rate for the house rather than the nomal 50% of market rate. They occupied the house untll March 2025. Jon Rosl Management changed in the year to become Northwood Reading, part of the Northwood group, with no change of terms of the relatlonshlp with New Hope. Northwood Reading therefore continues to manage the maintenance of the New Hope housing stock. The Company also manages the tenancy agreements for each property whlle the responslbility for tenant selection continues to resSde with New Hope. Thls reduces the administrative load on New Hope, including the management of tenancy deposits. Property Maintenance Equipment repalr and routine malntenance was Carried out during the year as normal. Exceptional Costs in the year resulted from the refurbishment of four of the houses, whlch Is consldered unusual. Publlc beneflt The Trustees confirm that they have complied with the requirements of 5ectlon 4 of the Charftles Act 2011 to have due regard to the publlc benefit guidance published by the Charity Commission for England and Wales. Use of volunteers The contributions made byvolunteers can be categorised In several areas: Trustees: The Trustees together provide oversight of the charlty as members of the governlng board whlle certaln members have particular responsibility for liaison and oversight of ongolng projects (so called 'proJect boards,) as well as the maintenance of the properties. Page 3
Risks to New Hope viabllity Changes to rental leglslatlon Strengthenlng Tenant Protertlons One new property law 15 enhanced protection for tenants. The government proposes to introdu measures to Ilmlt rent Increases. making them more predictable and manageable. Annual rent increases are now capped at the rate of inflation. preventlng rent hikes for previousty stralned tenants, flnance. Slnce the agreed pollcy Is that rentals should be set at approximately 50% of the local rate. thls may affect the rentsl income for New Hope, dependlng on the how the local property market reacts. Addltlonally, the notlce perlod for evlctlons has been extended from two months to slx months. Refornilng Landlord Obllgatlons Landlord5 wlll be requlred to meet more strfngent standards In malntalnlng thelr rental propertles. The new leglslatlon mandates regular safety Inspectlons and energy efficlency upgrades, ensurln8 that all rental homes are safe and envlronmentslly frlendly. New standards for energy efflclency In rentsl properties wlll be Introduced, though details on the mlnlmum requirements and the5r Impact on Ilsted properties rernaln unclear. Failure to comply with these re8ulatlons can result In hefty flnes, encoura8irbg landlords to adhere to the new standards promptly. Thls should not adversely affect New Hope as our pollty Is to properly malntaln the properties In conjunctlon wlth Northwood / Jon Rosl the mana8lng agent. The new government Intends to Introduce a ban on Sectlon 21 'no fault 'evlrtlon5 earty 2025 Change of Vlcar at Greyfrlars Revd Davld Walker left Greyfrlars In the mlddle of the year. This left the churth In 'vacanrf and dimlnlshed the pastoral overslght of the New Hope worshlpplng congregatlon. Revd Walker was not replaced durln8 the year. Age ofpropertles All houses and the centre are now some 25 years old, there are expenses whlch should be consldered in the near future e.g. Replacement of bollers. replacement of wlndows and extemal doors. In the centre even though Greyfriars have had a full repair lease for 25 years things like the Ilft, wlndows and doors and bollers will need replaclng in the fvture and numerous other Items If the lease was not renewed and a new tenant had to be found. Flnanclal revlew New Hope General Funds Rental income from the properties is planned to cover administrative costs, any minor repairs and build reserves for future uses. Page 4
Despite the reduction In rentsl income, the excess of income over expendlture returned to an acceptable level. Principal funding sources The prlnclpal funding source is new rental income. Policy on reserves The Trustees have considered the level of reserves needed at this tirne in the life of the charity. Reserves will be required to provide cover for voids in rental income and to redecorate and refurblsh properties at the end of tenancies, an approxlmate 3-year cyde, currently estimated at around £30,000. Available reseNes currently total about £336,000. The balance will be carried forward to cover major building repairs in future to be expected by the age of the properties. The trustees have revtewed the financial position of the charity and consider there to be sufflclent reserves. Investment policy and objectfives The Charity seeks to produce the best financial return within an acptable level of risk. As a proportion of the assets are expected to be spent over the next three years. capital preservation is of paramount importance. Financial instruments The Charity seeks to hold sufficient cash balaft to meet planned expendfture. Appropriate insurance has been taken out and other risks arising through the U of the buildings by third parties have been mitigated through discussion with those third parties. Cash flow risk The Charity holds liquid assets to fvnd planned expenditure over the next three years. Credit risk The Charity's cash balances are deposited with a major UK bank wlth a satlsfactory credit rating. Liquidity risk The Charity will draw down cash in line with planned expenditure. Maturitles of cash deposits match this tlmetable. Page 5
Independent Examlner's Report to the trustees of New Hope I report on the accounts of the company for the year ended 31 December 2024 which are set out on pages 7 to 9. Respeetlve responsibllltles of trustees and examlner The Trustees are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144(2) of the Cljarities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: examine the accounts under section 145 of the 2011 Act: to follow the procedures laid down in the general Directions given by the Charity Commission under section l45(5)(b) of the 201 l Act. and to state whether particular matters have come to my attention. Ba8ls of Independent examlner's report My examination was carried out in accordance with the g¢neral Directions given by the Charity Comrnission. An examination includes a review of the accounting records kept by the Charlty and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidenc¢ that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view,, and the report is limited to those matters set out in the statement below. Independent examlner's statement In connection with my examination, Tho matter has come to my attention: (l) which gives me a reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with s.130 of the 20 I l ACL or to prepare accounts which accord with the accounting records have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of tbe accounts to be reached. C D Wood FCA 22 Derby Street W¢st, Orn]skirL Lancashire. L39 3NH Page 6
Recelpts and Payments for the Year Ended 31 December 2024 Unrestrleted funds Total 2024 Total 2023 Recelpts Rental Income Interest 78,458 78.458 73,682 Total Recelpts 86,075 86,075 78,858 Payments Governance and administration 900 900 900 Project running costs Total Payments 63,274 63,274 19,934 Asset and Investment purchases Fixed Assets Net of recelptsl(payments) 22,801 22.801 58,924 Cagh funds last year end CA8h funds thls year 313 313 284 254 60 336 085 336 085 313 284 All of the Charity's activities derive from continuing operations. Page 7
Statement of assets and llabllltles as at 31 December 2024 Unrestricted funds 2024 2023 Casb FuDds Bank Deposit Account Bank Current Account 295,801 40,284 295,801 40,284 248,184 65,100 Totsl Cash Funds 336,085 336,085 313284 Other Monetary Assets Deposit Protection Scherne 2.580 Investment Assets Land and Buildings (at cost) 2.487,348 2,487,348 2,487.348 Tota] Assets 2023 433 2 823 433 12 Liabilities Tenants Deposits Held Totsl Liabfilities 2,580 Net Assets 2 823 433 2 800 632 The financial statements on pages 7 to 9 were approved by the Trustees, and authorised for issue on and Sied on their behalf by: Truste¢ Page 8
Notes to the Aeeounts. l. Basls The financial statements have been prepar¢d on the Receipts and pallents basis. 2. Flxed Assets The fixed assets represent the freehold land and buildings at 95 York Road in Reading. The trustees believe the rnadcet value of the asset to be £3,900.000. Pase 9
Appendix A- New Hope Charter T,,N,.H T C OPE RUST HARTER Marth The New Hope Ltd. is a UK charitable company• led by a love of Christ to be dedicated to partnering with Chrisvs churches.... . to establish, support and grow self-supporting UK communities where Christian living and beliefs are ever-increasingly fostered and demonstrated via the growth of mutually supporting and dependent relationships, service and worshipping in each community. We will achieve this vision by l. Possessing the Land.. Seeking, identifying and "biblically possessin( community areas where the love of Christ has faded or is not evident. 2. Building a Pla for Christian hearts to root: Establishing physical "tenf infrastructures necessary to support successful Christian-led community development {such as community centres and housing) 3. Plonting committed Christions who seek to serve.. Recrulting and supporting Chrlstians, especially couples and families who are called to reside, serve and demonstrate the love and gospel of Christ to others in the communlty 4. Providing people-basedfoundotionsfvrsplrftual and Church growth.. Fostering a community environment that naturally progresses to worship and church growth We will encourage the growth of New Hope Supported Communities by: Infrastructure plannin& development, securing of financial resources and ongoing maintenance The development of close church partner relationships that have clear. mutually supporting roles and ongoing shared goals and agreed paths Economic incentives Emotionallspiritual support Ivla wardens) to servlng Christian residents We will be able to see the fruit of our service via evidence of housing communities and churches that: Are culturally and community relevant Are open and attractive.... attratting new members Have members active and Involved Are comlng together on a regular basis Have the right mix and breadth of skills Are growing in terms of members. community involvement, Christian Ilvlng and worship Page io