Charity number: 1089232 HOPE LONDON COMMUNITY CHURCH FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 LUBBOCK FINE LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB
HOPE LONDON COMMUNITY CHURCH CONTENTS Page Reforencg and Administrativo Dotails of the Charity, its Trusteos and Advisgrs Trustees. Report Independent Examiner's Report ststement of Flnanclal Actlvltles Balance Sheet Notes to the Financial Statements 9-18
HOPE LONDON COMMUNITY CHURCH REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020 Trustees Nicholas Laval Law Pak Chong, Chair Sophina Tsang Andre Kieron Hitchman William Michael Van Der Byl Charty registered number 1089232 Prlnclpal offlce 17D Oval Road London NW1 7EA Accountants Lubbock Fine LLP Chartered Accountants & Statutory Auditors Paternoster House 65 Sl Paul's Churchyard London EC4M 8AB Bankers Barclays Bank PIC 1 North End Road Croydon Surrey CR9 1RN Page 1
HOPE LONDON COMMUNITY CHURCH TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The Trustees present the annual report together with the financial statements of Hope London Community Church Ilhe charityl for the period from 1 January 2020 10 31 December 2020. The Trustees confim that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Ststemenl of Recommended Practice ISORPI, applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. STRUCTURE. GOVERNANCE AND MANAGEMENT Oryanlsatlonal structure Hope London Community Church IHLCCI, registered as a Charity in November 2001, is governed by its Trust Deed lor, the Conslitulionl which was adopted on 28 September 2001 and amended on 23 May 2020. The Charity is managed by the Board of Trustees who meet lo consider the progress of the Charity and its future direction. The Trustees meet at least once a year. The trustees who served during the year and Sin the year end were.. Nicholas Laval Law Pak Chong (Chairl Sophina Tsang Jennifer Li (Resigned on 5th March 20201 William Michael Van der Byl Isecrelaryl Andre Kieron Hitchman {appoinled 8 May 2020, confirmed al AGM 25 October 20201 Method of appointment or election of trustees Trustee appointments are governed by Clause F of the Constitution which slates that Trustees shall be elected at the annual general meeting. Governance and management The governance structure of the Charity consists of the pastor, the Executive Committee and the Trustees. The pastor will be the overall spiritual overseer of the Charity and shall provide pastoral leadership and spiritual guidan to the Executive Committee and members. The Executive Committee, as defined by clause G of the Conslilulion, consists of some senior members and the pastor. They are responsible for providing pastoral and spiritual guidance and ensuring the continuous improvement of the systems and processes concerned and the overall direction, effectiveness, supervision and accountability of the Charity. The Trustees, as defined by clause F are responsible for the management and administration of matters related to legislative compliance, duty of prudence and duly of care.The management of the Charity is the responsibility of the Board of Trustees, working closely with the Executive Committee. The day lo day office and administrative functions are managed by the Church Pastor and volunteer administrative staff. Risk Management The Trustees conduct their own review of the major risks lo which the Charity is exposed and systems have been established to mitigate those risks. Internal risks are minimised by the implemenlalion of proTrdures for the aulhorisalion of all transactions and projects and lo ensure consislenl quality of delivery for all operational aspects of the Charity. These procedures are periodically reviewed to ensure they still meet the needs of the Charity. Page 2
HOPE LONDON COMMUNITY CHURCH TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 OBJECTIVES AND ACTIVITIES The objectives of the Charity, as defined by its Constitution, are "for the advancement of the Christian religion, for the advancement of education in the Christian religion and in related subjects and for the relief, in accordance with Christian principles, of poverty, sickness and distress. The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives, and in planning future activities for the year. HLCC activities are.. 1. To advance the Christian religion in England and Wales, mainly London. 2. To advance the education of the public in the Christian religion. 3. The advancement of the Christian religion mainly, bul not exclusively, by means of broadcasting the Christian religion messages of an evangelistic and leaching nature. 4. To advance the Christian religion for the benefit of the public through the holding of prayer meetings, lectures, public celebration of religious festivals, producing and or distributing literature on the Christian religion to enlighten others about the Christian religion. 5. The prevention or relief of poverty by providing items and seNices to individuals in need. 6. We welcome all age group and ethics regardless of personal background, faith, gender or personal circumstances and we believe this philosophy of openness lo all enriches everyone through the sharing of our teachings, skills, aptitudes and life experience. Activities in relation lo each of the above during the year.. To achieve the object slated above, the charity has run a weekly Sunday worship service and Life Groups all over London. Furthermore, the charity organises an annual conference, retreats and seminars, which help members lo understand Christian principles and develop a closer relationship with other Christians. Because of the COVID pandemic and subsequent restrictions, the annual conference and retreats were not held in 2020. Since 22 March 2020, Worship Services, Life Groups and other activities were held virtually using appropriate web-based plattorms. Brief History.. Hope London Community Church started in 1998, as part of the Hope International Ministries IHIMI movement, In order lo provide an alternative community for diverse groups of people in London. It exists to advance the Christian belief through the education of Christian principles and participation in the community work. HLCC registered as a charity with the Charity Commission in November 2001 and became independent of HIM and its European connection, Hope Wesl Europe IHWEI, in 2019, ceasing to make financial contributions to the organisalion. The church also supports other charitable organisalions and other churches which pursue similar objectives in UK, European Community and other countries worldwide. ACHIEVEMENTS AND PERFORMANCE Moetings of tho Council During the period to 31 Dember 2020 the trustees held formal meetings once a year. Meetings of the Executive Committeo During the period to 31 December 2020, the Executive Committee met quarterly. Funding During this period. funds have been raised primarily through donations from regular and visiting members of the hurch congregation as well as from special service held offerings for various occasions. Membership of the Church At 31 December 2020 there were about 40 people regularfy attending church events, i.e. Sunday services and weekly life group meetings. No formal membership process exists, however regular attendees who meet the criteria detailed in Clause E, commit lo serve in some capacity in Sunday services or weekly life groups. and wish to be considered such are deemed to be members. Page 3
HOPE LONDON COMMUNITY CHURCH TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 Other Activities In March 2020, the venue was closed due to the legally-imposed COVID-19 pandemic restrictions. For this and the safety of members and visitors, all activities were moved to an appropriate online plattorm for the remainder of the year, and venue hire has not been charged by Sl Margaret Lothbury since enforced closure. These restrictions also meant that visits to other Christian organisalions in Europe and Asia and mission work in the UK and abroad was not possible during 2020. During 2020 the charity made donations to other charities working with those groups heavily impacted by the effects of the pandemic and lockdowns. In December a collection was taken for The Trussell Trust, with the charity matching all donations from members. On 12 March 2021, the Trustees were informed that the Executive Committee had agreed lo the Pastor's request for a sabbatical year. As there wasn't currently, in the view of the Committee, sufficient appropriate persons within the leadership lo lake on all the Paslorfs responsibilities and the uncertainly caused by the pandemic, the majority of church activities would be paused for a period of lenlatively 12 months on the understanding that the charity continue lo operate within the scope of ils constitution and continue to fulfil all governance and legal requirements. FINANCIAL REVIEW The Church's income from donations for the year was £72,218 12019.. £69,274), including Gift Aid claims of £8,65812019'. £7,684), and bank interest amounted lo £8612019.. £5311. The Church's total income for the year was £72,864 12019.. £75,640) and il should be noted that the 2019 figures included some income and expenditure designated lo HWE that does not apply lo the 2020 figures. Total expenditure during the year was £25,43012019.' £64,220). The main components of this figure were.. Sunday service venue hire £5,57512019.' £28.5341 Special activities £3,3S912019.. £15,755) Wages and salaries £nil12019". £3,501) Seminar and mission expenses £8,27612019.' £7,986) Investment pollcy and performance The trustees invested the retained funds in a high interest savings account. Flnanclal rlsk management oblectlves and pollcles The charity minimises its intemal and external risks and improves inlemal control by the implementstion of procedures for authorisation of all fi'nancial transactions and projects. By this, it is ensured that consistent quality for all operational aspects of the charity is delivered. As required by the Charity's SORP, Hope London Community Church undertook a strategic risk analysis of its activities for the coming year. We recognise that il is our responsibility as charity's trustees lo ensure that such analysis is done in order lo identify strategic risks of our acts'vities, lo assess the impact of those risks and lo tske appropriate measures lo mitigate the risks involved. The charity has identified the risks into four main categories." governance and management, operational risk, financial risk and environmental factors. To miligale risks in terms of the governance and management, there will be a regular VIeW and enforcement of terms and procedures to aulhorize and approve expenses and payments by all the trustees, especially with regards to individually incurred expenses. For the charity lo fulfi'l ils objective, one of the key operational concerns is Sunday venue hire and ad hoc venue hire for special activities since they are the main operating cost. The charity plans to have a regular review of the property fund policies and its account. In terms of financial risks, they are lo be miligaled through a monthly review of budgeting and financial situation. In addition, in terms of other environmentsl risks i.e. regulatory environment, the charity will have a regular review of compliance produre and allocate a specific staff for this task to cope with more demands on regulatory reporting requirements. Page 4
HOPE LONDON COMMUNITY CHURCH TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 Reserves policy The trustees have established a policy whereby the unrestricted funds not committed or invested in tsngible fixed assets held by the charity should be between 3 and 6 months of the resources expended, which equates to £6,357 10 £12,715 in general funds. At this level, the trustees believe that the current activities of the charity would not be harmed in the event of a signifi'cant drop in funding. The charity's reseNes have been increasing over the past few years beyond the above mentioned level, as a result of operating surpluses. The Iruslees have set up a designated fund for the propety expenses i.e. future purchase of the propety, and other venue expenses. However, in 2014, the Executive Committee decided to withhold the propety purchase idea. Instead, the church focuses more on the mission trip which is the commitment to fulfil the church vision. statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the Trustees lo prepare financial statements for each financial which give a true and fair view of the stale of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial stalemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021", make judgments and accounting estimates that are reasonable and prudent", slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going conrn basis unless it is inappropriate lo presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. William Michael Van Der Byl Trustee Dale..05 october 2021 Sophina Tsang Trustee Page 5
HOPE LONDON COMMUNITY CHURCH INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Independent Examiner's Report to the Trustees of Hope London Community Church {Ihe charity'l I report lo the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2020. Responsibilities and Basis of Report As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe 2011 Acl'l- I report in respect of my examination of the charity's account5 carried out under section 145 of the 2011 Act and in carrying OLJt my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confirm that no material 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 130 of the 2011 Act., or the accounts do not accord with those records," or the accounts do not comply with the applicable requirements concerning the form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fairf view which is not a maller considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slate to the charity's Trustees those mallers l am required to stale to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for My work or for this report. Lfa4 Signed.. Lee FaY Dated.. 08 october 2021 Lubboek Fine LLP Chartered Accountants & Statutory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB Page 6
HOPE LONDON COMMUNITY CHURCH STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 Unrestricted funds 2020 Totsl funds 2020 Totsl funds 2019 Note Income from: Donations and legacies Charitable activities Investments 72,218 560 72,218 560 171 69,274 5,835 531 171 Total income Expenditure on: Charitable activities.. Other charitable activities 72,949 72,949 75,640 25,430 25,430 64,220 Total expendlture 25,430 25,430 64,220 Net income Transfer of HIM and HWE 47,519 47,519 11,420 147,2081 11 47,519 47,519 Net movement in funds Reeoneiliation of funds- Total funds brought forward Nel movement in funds 135,7881 328,555 47,519 328,555 47,519 364,343 135,7881 376,074 376,074 328,555 Total funds carried fonvard The Ststemenl of Financial Activities includes all gains and losses recognised in the year. The notes on pages 9 10 18 form part of these financial statements. Page 7
HOPE LONDON COMMUNITY CHURCH BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Note Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand 13,766 370,067 13,614 317,809 383,833 331,423 Creditors.. amounts falling due within one year 10 17,7591 12,8681 Net current assets 376,074 328,555 Total not assets 376,074 328,555 Charity funds Restricted funds Unreslricled funds 11 376,074 328,555 Total funds 376,074 328,555 The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by". UJAN DLY ty William Mlchael Van Der Byl Trustee Dale.. 05 october 2021 Sophlna Tsang Trustee The notes on pages 9 10 18 form part of these financial statements. Page 8
HOPE LONDON COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities." Statement of Recommended Practice applicable to charities pparIng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Hope London Community Church meets the definits'on of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olhetwise slated in the relevant accounting policy. 1.2 Going concern The charity is in the main reliant upon donations to raise revenue lo meet future expenditure. The Trustees consider that il is appropriate lo prepare the financial statements on a going concern basis. This is based on the current level of reserves and assumes the charity will be sucSsful in its fundraising aclivilies. The financial statements do not include any adjustments that would result if insufficient funds raised. In formulating this assessment the Trustees have taken into consideration the potential impact of the global COVID-19 pandemic. 1.3 Income All income is recognised once the charity has entitlement to the income, il is probable that the income will be received and the amount of income re1vable can be measured reliably. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. Tithes are recognised On they have been pledged lo the charity. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing lo pay to obtain ServIS or facilities of equivalent economic benefit on the open market,. a corresponding amount is then recognised in expenditure in the period of receipt. 1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs allribulable to a single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not allributable lo a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 9
HOPE LONDON COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting policies Icontinuedl 1.5 Interest receivable Interest on funds held on deposit is included when re1vable and the amount Can be measure reliably by the charity., this is normally upon notification of the interest paid or payable by the instilubon with whom the funds are deposited. 1.6 Tangible fixed assets and depreciation Tangible fixed assets are initially reeognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their SIdual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases.. Plant and machinery Fixtures and fittings 250/0 per annum on cost 250/0 per annum on cost 1.7 Debtors Trade and other debtors are recognised at the selllemenl amount after any tmde diseounl offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 1.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.9 Llabllltles and provlslons Liabilities are recognised when there is an obligation at the Balance Sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the charity anticipates it will pay to settle the debt or the amount il has received as advanced payments for the goods or ServIS it must provide. Trade and other creditors are recognised al the settlement amount after any trade discounts received. Accruals are based on the estimated amount lo be paid. 1.10 Flnanelal Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequendy measured al their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 10
HOPE LONDON COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting policies Icontinuedl 1.11 Pensions The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity lo the fund in respect of the year. 1.12 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each reslricled fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Income from donations and legacies Unrestricted funds 2020 Total funds 2020 Total funds 2019 Tithes and Offerings Gift aid 63,560 8.658 63,560 8,658 61,590 7,684 72,218 72,218 69,274 Total 2019 69,274 69,274 Income from charitable activities Unrestricted funds 2020 Total funds 2020 Total funds 2019 Hope Fest (Retreat & Conference) 560 560 5,835 Total 2019 5,835 5,835 Page11
HOPE LONDON COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Investment income Unrestricted funds 2020 Total funds 2020 Total funds 2019 Bank interest receivable - designated funds Bank interest receivable - general funds 171 171 528 171 171 531 Total 2019 531 531 Analysis of expenditure by activities Activities undertaken directly 2020 Support costs 2020 Total funds 2020 Total funds 2019 Advanment of Christian Faith 18,134 7,296 25,430 64,220 Total 2019 53,397 10,823 64,220 Analysis of direct costs Adv'ment of Christian Faith 2020 Total funds 2020 Total funds 2019 Seminar and Mission expenses Hall Hire Special activities Sunday expenses Grant payable 3,276 5,575 3,370 913 5,000 3,276 5,575 3,370 913 5,000 7,986 28,534 15,755 1,122 Total 2020 18.134 18,134 53.397 Total 2019 53,397 53,397 Page 12
HOPE LONDON COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Analysis of expenditure by activities Icontinuedl Analysis of support costs Adv'ment of Christian Faith 2020 Total funds 2020 Total funds 2019 Staff costs Legal and professional Musical supplies Office administration expenses Motor and travel expenses Depreciation Accountancy fees Independent examination fees Igovernancel Bank Charges Loss on disposal of fixed assets Communications and outreach contractor Other 3.501 1,370 291 83 83 1,714 1,714 8S3 1,158 213 720 2,100 290 200 840 2,100 2,100 134 2,304 121 2,304 121 117 7,296 7,296 10,823 Total 2019 10,823 10,823 Staff costs 2020 2019 Wages and salaries Social security costs Contribution to defined contribution pension schemes 3,128 310 63 3.501 The average number of persons employed by the charity during the current and prior year was nil. No employee received remuneration amounting to more than £60,000 in either year. Total remuneration paid to key management personnel during the year was £nil12019 - £nill Page 13
HOPE LONDON COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefits12019 - £NILI. During the year ended 31 December 2020, no Trustee expenses have been incurred12019- £NILI. Tangible fixed assets Plant and Fixtures and machinery fittings Total Cost or valuation At 1 January 2020 8,432 12,982 21,414 At 31 December2020 8,432 12,982 21,414 Depreciation At 1 January 2020 8,432 12,982 21,414 At 31 December2020 8,432 12,982 21,414 Net book value At 31 December 2020 At 31 December 2019 Page 14
HOPE LONDON COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Debtors 2020 2019 Due within one year Other debtors Prepayments and accrued income 13,766 13,390 224 13,766 13,614 10. Creditors: Amounts falling due within one year 2020 2019 other creditors Accruals and deferred income Grants accrued - institutional 239 2,520 5,000 348 2,520 7,759 2,868 Page 15
HOPE LONDON COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 11. ststement offunds Statement of funds - current year Balance at 31 December 2020 Balance at 1 January 2020 Income Expenditure Unrestricted funds Designated funds Propety fund 98,131 85 98,216 General funds General Funds 230,424 72,864 125,4301 277,858 Total Unrestrlcted funds 328,555 72,949 125,4301 376,074 Statement of funds - prior year Balance at 31 December 2019 Balance at l January 2019 Transfers inlout Income Expenditure Unrestricted funds Designated funds Propety fund Tangible fixed asset fund Hope West Europe IHWEI Contribution 98,131 413 98,131 14131 29,745 25 300 130,0701 Hope Europe IHIMI Contribution 41,678 13,8391 137,8391 169,967 25 13,9521 167,9091 98,131 General funds General Funds 194,376 75,615 160,2681 20,701 230,424 Total Unrestricted funds 364,343 164,2201 147,2081 328,555 Page 16
HOPE LONDON COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ststement of funds Icontinuedl The income funds of the charity Indude the following funds.. Designated funds The trustees have set up a designated fund for the property expense i.e. future purchase of the property, and other venue expenses. In 2014 the leadership team decided lo withhold the propety purchase idea in the short term however this remains a long term objective. The tsngible fixed asset fund represents the net book value of tangible assets, and has been designated by the trustees to refleel the fact these funds a not in liquid ft)rm and so are not expendable fLJnds. Funds received from HWE and HIM regional charities in the prior year to 28 February 2019, were spent on seminar missionary expenses and pastor salary in their specific regions. Transfer of HIM and HWE A decision was made in February 2019 for Hope London Community Church to become independent of Hope International Ministries IHIMI and ils European structure Hope West Europe IHWEI and ceased to make quarterly financial contributions lo these organisalions. The accounts associated with these organisations were closed during 2019 and as from 28 February 2019 they are seperate entities responsible for their own operation and POrting. This resulted in the transfer of balances relating lo HIM and HWE from the charity as at 28 February 2019 as follows". Bank balances £52,833 Creditors - £5,625 12. Analysls of net assets between funds Analysls of net assets between funds - current perlod Unrestrlcted funds 2020 Total funds 2020 Current assets Creditors due within one year 383,833 17,7591 383,833 17,7591 Total 376,074 376,074 Page 17
HOPE LONDON COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 12. Analysis of net assets between funds Icontinuedl Analysis of net assets between funds - prior period Unre¥tri¢ted funds 2019 Total funds 2019 Current assets Creditors due within one year 331,422 12,8671 331,422 12,8671 Total 328,555 328,555 13. Pension commitments The Charity operated a defined contribution pension scheme until 28 February 2019. The assets of the scheme were held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £nil 12019 - £631 for the year. The balance payable as at the year end was £nil12019 - £nill. 14. Related party transactions UnStrICted donations made by Trustees during the year lotalled £4,65012019 - £3,000). 15. Post balance sheet events The leadership of Hope London have decided lo pause the church setvices and activities for a sabatical year from 15 March 2021 to 31 March 2022. At the end of this sabbatical year, the leadership team, together with the trustees, will reconvene to decide the next chapter of Hope London. During this lime the charity will continue to operate within the scope of ils constitution and continue to fulfil all govemance and legal requirements. Page 18