Charity number: 1089232 HOPE LONDON COMMUNITY CHURCH FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 LUBBOCK FINE LLP Chartered Accountants Patemoster House 65 St Paul's Churchyard London EC4M 8AB
HOPE LONDON COMMUNITY CHURCH CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Adviser5 Trustees, Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9-16
HOPE LONDON COMMUNITY CHURCH REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Sophina Tsang Hap Sing Chong Wivien Teo Charity registered number 1089232 Principal office 17D Oval Road London NW17EA Independent examiners Lubbock Fine LLP Chartered Accountants & Statutory Auditors Paternoster House 65 St 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 2024 The Trustees present the annual report together with the financial statements of Hope London Community Church (the charty) for the year from 1 January 2024 to 31 December 2024. The Trustees confirm 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 Statement of Recommended Practice {SORPI, applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure Hope London Community Church (HLCC), registered as a Charity in November 2001, is governed by its Trust Deed (or, the Constitution) which was adopted on 28 September 2001 and amended on 23 May 2020. The Charity is managed by the Board of Trustees who meet to 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 since the year end were". Andre Hitchman (resigned 12 September 2024) Jennifer Agyei Bemma (resigned 16 February 2025) Hap Sing Chong (appointed 1 January 2024) Sophina Tsang Vivien Teo (appointed 24 March 2025) Method of appointment or election of trustees Trustee appointments are governed by Clause F of the Constitution which states that Trustees shall be elected at the annual general meeting. Govemance and management The govemance 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 guidance to the Executive Committee and members. The Executive Committee, as defined by clause G of the Constitution, 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 duty of care. The management of the Charty is the responsibility of the Board of Trustees, working closely with the Executive Committee. The day to 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 to which the Charity is exposed and systems have been established to mitigate those risks. Internal risks are minimised by the implementstion of procedures for the authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the Charity. These prOdureS are periodically reviewed to ensure they still meet the needs of the Charity. Page 2
HOPE LONDON COMMUNITY CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 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 such other charitable purposes as shall, in the opinion of the executive committee, further the work of the Charity.. The trustees confimi that they have referred to the Charity Commission's guidance on public benefit when reviewng the Trust's aims and objectives, and in planning future activities for the year. HLCC activities are.. 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, but not exclusively, by means of broadcasting the Christian religion messages of an evangelistic and teaching 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 distribLrting literature on the Christian religion to enlighten others about the Christian religion. 5. The prevention or relief of poverty by providing items and services 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 to all enriches everyone through the sharing of our teachings, skills, aptitudes and life experience. Activities in relation to each of the above during the year= To achieve the object stated above. the charty had ran weekly Sunday worship seNices, Life Groups and organised conferences, retreats, and seminars and topical online bible study to 5UPPOrt members, spiritual growth. In March 2020, due to COVID-19 restrictions, all activities were moved online for the remainder of the year. St Margaret Lothbury waived venue hire fees during this period. In 2021, the building remained closed throughoLrt 2021. and all church activities Yre paused from 15 March 2021 to 31 March 2022 as part of a sabbatical year. In February 2022, Hope London ended its venue hire agreement wth St. Margaret Lothbury. Life groups, church services, and activities resumed in April 2022 with a small group of about 15 regular and visiting members. Sunday services were held weekly at Basil Jellicoe Hall. Euston occasional alternative locations when needed. By 2023, membership had grown, and despite some members retuming to home countries, the average attendance ranged beeen 20 and 30 members. In 2024, conference, summer retreat and online Bible study were conducted. Brief History.. Hope London Community Church started in 1998. as part of the Hope Intemational Ministries (HIM) movement, in order to provide an altemative community for diverse groups of people in London. It exists to advance the Christian belief through the education of Christian pnnciples and participation in the community work. HLCC registered as a charity wth the Charity Commission in November 2001 and became independent of HIM and its European connection, Hope West Europe (HWE), in 2019. ceasing to make financial contributions to the organisation. The church also supports other charitable organisations and other churches lch pursue similar objectives in UK, European Communty and other countries worldwide. Page 3
HOPE LONDON COMMUNITY CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE Meetings of the Council During the period to 31 December 2024 the trustees held fomial meets'ngs once a year. Meetings of the Executive Committee During the period to 31 December 2024, the Executive Committee met quarterly. Funding During this period, funds have been raised primarily through donations from regular and visiting members of the church congregation. During the sabbatical period donations reduced, but so did expenditure and there were sufficient reserves to cover ongoing operation costs. Membership of the Church At the time the majority of activities were paused, there were about 3040 people regularly 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 to serve in some capacity in Sunday services or weekly life groups, and wsh to be considered such are deemed to be members. FINANCIAL REVIEW The Church's income from donations for the year was £26,411 (2023.. £24,470), Gift Aid income of £8,198 (2023.. £4,737}, and bank interest amounted to £13,076 {2023'. £2,104). The Church's total income for the year was £48,915 (2023.. £33,224). Total expenditure during the year was £21,946 {2023'. £21,471). Funds carried forward at the balance sheet date (unrestricted) totalled £444.234 (2023.. £417,265). Investment policy and perfomiance The trustees invested the retained funds in a high interest fixed deposit account. Financial risk management objectives and policies The charity minimises its internal and external risks and improves intemal control by the implementation of procedures for authorisation of all financial transactions and projects. By this, rt is ensured that consistent quality for all operational aspects of the charity is delivered. As required by the Charity's SORP. Hope London Communty Church undertook a strategic risk analysis of its activities for the coming year. We recognise that it is our responsibility as charity's trustees to ensure that such analysis is done in order to identify strategic risks of our activities. to assess the impact of those risks and to take appropriate measures to 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 mitigate risks in temis of the govemance and management, there wll be a regular review and enforment of terms and procedures to authorize and approve expenses and payments by all the trustees, especially wth regards to individually incurred expenses. For the charity to fulfil its 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 propety fund policies and its account. In terms of financial risks, they are to be mitigated through a monthly review of budgeting and financial situation. In addition. in terms of other environmental risks i.e. regulatory environment, the charity will have a regular review of compliance procedure and allocate a specific staff for this task to cope more demands on regulatory reporting requirements. Page 4
HOPE LONDON COMMUNITY CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Reserves policy The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets should be maintained at a level equivalent to 3 to 6 months of the charity's expenditure. This range equates to £3,466 to £6,932 in general funds. The trustees believe that maintaining reserves at this level wll ensure the charity can continue its activities withoLrt disruption in the event of a significant drop in funding. Over the past few years, the charity's reserves have increased beyond this level due to operating surpluses. As reflected in the balance sheet, the charitys funds cUentlY exceed the established reserves policy. Additionally, the trustees had created a designated fund for property-related expenses, such as future property purchases and venue costs. However, in 2014, the Executive Committee decided to defer the propety purchase plan to prioritize mission trips in alignment wth the church's vision. Since the church does not intend to purchase propety in the near future, the trustees have invested 80°A of the funds into a fixed deposit. As of November 29. 2024. £372,141 has been placed in a one-year fixed deposit at an interest rate of 3.38 % per annum with Barclays. This investment is expected to yield a gross interest amount of £12,544 at maturity. Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustee5 to prepare financial statements for each financial year lch give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles of the Charities SORP., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements.. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity wll continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply Yth the Charities Act 2011, the Charily (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 beha by: Sophina Tsang (Trusteel Date: 27 October 2025 Page 5
HOPE LONDON COMMUNITY CHURCH INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent Examinerfs Report to the Trustees of Hope London Community Church ('the charity.) I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2024. 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 {'the 2011 Act,). I report in respect of my examination of the chariws accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Examinerfs Statement I have completed my examination. I confimi 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 wth those records., or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Yrue and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection wth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to 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 state to the charity's Trustees those matters l am required to state to them in an Independent Examinels Report and for no olher purpose. To the fullest extent pemiitted 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. Signed.. Hazra Patel ACA Dated.. 27 October 2025 Lubbock Fine LLP Chartered Accountants & StatLrtory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB Page 6
HOPE LONDON COMMUNITY CHURCH STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Investments 34,609 1.230 13,076 34,609 1,230 13,076 29,207 1,913 2,104 Total income 48.915 48,915 33,224 Expenditure on: Charitable activities 21.946 21,946 21,471 Totsl expenditure 21,946 21,946 21,471 Net movement in funds 26.969 26,969 11,753 Reconciliation of funds: Total funds brought forward Net movement in funds 417,265 26,969 417,265 26,969 405,512 11,753 Total funds carried fOard 444.234 444,234 417,265 The Statement of Financial Activities indudes all gains and losses recognised in the year. The notes on pages 9 to 16 fomi part of these financial statements. Page 7
HOPE LONDON COMMUNITY CHURCH BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Current assets Debtors 16,043 372.141 58,750 7,885 359,036 53,044 Investments Cash at bank and in hand 446,934 419,965 Current liabilities Creditors= amounts falling due vAthin one year 10 (2.700) (2,700) Net current assets 444,234 417,265 Total net assets 444.234 417,265 Charity funds Restricted funds Unrestricted funds 444,234 417,265 Total funds 444.234 417,265 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Sophina Tsang (Trusteel Date: 27 October 2025 The notes on pages 9 to 16 fomi part of these financial statements. Page 8
HOPE LONDON COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 1021 Accounting and Reporting by Charities= Statement of Recommended practi applicable to charities preparing their accounts in accordance the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charitie5 Act 2011. Hope London Communty Church meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 1.2 Going concem The charity is in the main reliant upon donations to raise revenue to meet future expenditure. The Trustees consider that it is appropriate to prepare the financial statements on a going concern basis. This is based on the current level of reserves and assumes the charity will be successful in its fundraising activities. The financial statements do not include any adjustments that would result if insufficient funds raised. 1.3 Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Tithes are recognised once they have been pledged to 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 to pay to obtain setvices or facilities of equivalent economic benefrt 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 to transfer economic benefit to a third party, it is probable that a transfer of economic benefits wll 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 attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to 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 time 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 2024 Accounting policies Icontinued 1.5 Interest receivable Interest on fvnds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 1.6 Tangible fixed assets and depreciation Tangible fixed assets costing £500 or more are capitalised and recognised en future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tsngible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the followng bases.. Equipment Fixtures and fittings 250h per annum on cost 250A per annum on cost 1.7 Investments Current asset investments are a fomi of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliabty in which case it is measured at cost less impairment. Investment gains and losses are presented as 'Unrealised gain on current asset investments, in the Statement of Financial Activities. 1.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-term 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. 1.10 Liabilities and provisions Liabilities are recognised en there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit wll be required in settlement, and the amount of the settlement can be ests'mated reliably. Liabilrties are recognised at the amount that the charty anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Trade and other creditors are recognised at the settlement amount after any trade discounts received. Accruals are based on the estimated amount to be paid. Page 10
HOPE LONDON COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontinued 1.11 Financial 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 at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.12 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance wth specific restrictions imposed by donors or which have been raised by the charty for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted 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 2024 Total funds 2024 Total funds 2023 Tithes and Offerings Gift aid 26.411 8,198 26,411 8,198 24,470 4,737 34,609 34,609 29,207 Total 2023 29,207 29,207 Page11
HOPE LONDON COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Hope Fest (Retreat & Conference) 1.230 1,230 1,913 Total 2023 1,913 1,913 Inveslment income Unrestricted funds 2024 Totsl funds 2024 Total funds 2023 Bank interest receivable 13.076 13,076 2,104 Total 2023 2,104 2,104 Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Advancement of Christian Faith 18.739 3.207 21,946 21,471 Total 2023 15.645 5,826 21,471 Page 12
HOPE LONDON COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities (continued) Analysis of direct costs Adv'ment of Christian Faith 2024 Totsl funds 2024 Total funds 2023 Special activities Sunday expenses 5.794 12,945 5,794 12,945 3,327 12,318 18,739 18,739 15,645 Total 2023 15,645 15,645 Analysis of support costs Adv'ment of Christian Faith 2024 Total funds 2024 Total funds 2023 Office administration expenses Accountancy fees Independent examination fees (govemance) Bank charges 968 968 2,904 600 2,100 139 2,100 139 2,200 122 3,207 3,207 5,826 Total 2023 5,826 5,826 The Charity had no employees in the cuent or prior year and therefore no individual with remuneration amounting to more than £60,000. Page 13
HOPE LONDON COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NILI. Tangible fixed assets Fixtures and fittings Equipment Total At 1 January 2024 Disposals 8,432 (8.432) 12,982 (12.9821 21,414 (21,414) At 31 December 2024 At 1 January 2024 On disposals 8,432 (8.432) 12,982 (12,982) 21,414 (21,414) At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 Debtors 2024 2023 Due within one year Other debtors 16,025 18 7,867 18 Prepayments and accrued income 16,043 7,885 Current asset investments 2024 2023 Fixed Term Deposit Account 372,141 359,036 Page 14
HOPE LONDON COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 2,700 2,700 11. Statement of funds statement of funds - current year Balance at 31 December 2024 Balance at 1 January 2024 Income Expenditure Unrestricted funds General Funds 417.265 48,915 (21,946) 444,234 Statement of funds - prior year Balance at 31 December 2023 Balance at 1 January 2023 Income Expenditure Unrestricted funds General Funds 405.512 33,224 (21,471} 417,265 Page 15
HOPE LONDON COMMUNITY CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Current assets Creditors due within one year 446,934 (2,700) 446,934 (2,700) Total 444,234 444,234 Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Current assets Creditors due within one year 419,966 (2,700) 419,966 (2,700) Total 417,265 417,265 13. Related party transactions Unrestricted donations made by Trustees during the year totalled £12.402 {2023 - £25,419}. Page 16