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 exIS￿ng 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 ac￿ptable 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 Si￿ed on their behalf by:
Truste¢
Page 8

Notes to the Aeeounts.
l. Basls
The financial statements have been prepar¢d on the Receipts and pa￿llents 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