Charity reglstrallon number 1102396 (England and Wale8) cOmnY reglstratlon numbor 4824843 HOUSE ON THE ROCK ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
HOUSE ON THE ROCK LEGAL AND ADMINISTRATIVE INFORMATION Tru8tee$ Mr PAAd8farasin MrA Oyewumi Dr C Ujam Charlty numbèr (England and Wale•) 1102396 Company number 4824843 Prlnclpal addre88 The Rock Tower 49 Tufnell Park Road London N7 OPS Regl•tsred offlce The Rock Towar 49 Tufnell Park Road London N7 OPS Audltor DLee&Co 2nd Floor, Premler House 309 BallardB Lane London N12 8LY Bank•rn Barday8 Bank PLC 131 Flnchléy Road London NW3 6HY Soll¢ltor8 Stone King 39 Cloth Fair London EC1A 7JQ
HOUSE ON THE ROCK CONTENTS Page Tru8tees' report Statement of trustees, re8pon8ibilitle8 Independent auditols report Statement of financial actlvllle8 10 Balance sheet 11 statement of cash fflow8 12 Note8 to the financial 8lalements 13-24
HOUSE ON THE ROCK TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT} FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for the year ended 31 December 2024, The financial slalemenls have been prepad in accordanc% with the accounting policies sel out in note 1 to the finanaal slalemenls and comply with the ¢harity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to 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" Objecllves and actlvltles The charity's objeols a the worship of God and the furtherance of the gospel of Lord Jesus Christ and general advancement of the Christian faith and lo relieve persons who are in conditions of need or hardship or who are aged or sick and lo relieve distress caused thereby in London and in such other parts of the United Kingdom or the worfd as the Tru81ees may from lime lo tim8 think fil. Wilhin these objects, the eharily also maintains restricted funds held for special purposes in connection with the continued Maintenan and renovation ol the freehold property silualéd al 49 Tufn811 Park Road, London N7 ops. There has been no changes in the charity's objects or policies dunng the year. The main objective8 of the charity for Ihe year were.. {11 The continuous spread of the Christian faith, 121 The ongoing m8intenance of the Church building al Tufnell Path, known as "The Rock Towerf, ITRTI. 131 Development of allernalive revenue generation sources for the church like hiring out the Churth buildlng at Tufnell Park "The Rock Tower lo external users, church members, other Charities and the general public. {41 Dévelopment of multiple incorne streams like Rock Cafe, media resource outlet, letting out rooms. 151 Active engagement with the community and our surrounding boroughs. {61 Significant growth in attendance of all our services. 171 Building and developing relationships with other charities in the United Kingdom and afound the wodd and showing our support through various means. (8) Review and reproduce a8pe¢ls of the HOTR brand and making Changes lo our online presence. 191 Review all events in line wllh oui strategic goals and then agree events based on relevance lo HOTR, 1101 Appoinlmenl, training and development of new volunteers in in various key rolès to improve processes for handling departments and request.
HOUSE ON THE ROCK TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The strategies employed to achieve these objectives were.. 111 Ongoing monthly strategy meetings with the Senior Management Team on ways to improve operations and Commitment. 121 Networking with key locals groups within the Borough of Islington and beyond. 131 Continuous relationship building through positive influences within the community and partnering with local leaders such as Member of Parliament and the Mayor of London. (41 Continuous development of revenue sources. hiring out the venue as a business for weddings, concerts, meetings and making continuous improvements lo thè media resources and Rock Cafe. 151 Secudng regular clients for ongoing use of The Rock Tower, i.e hiring premises. 161 Monthly prayer and Inspirational meetings and inler8Ctive sesslons held by the Residènt Pastor. 171 Improving the HOTR brand, online rèsources and websSte. 18} Having more business proce38 improvements a¢r085 the organisation. 191 Continuous development of our youth club and missions projects. The trustees have paid due regard lo guidance on public benefit issued by the Charity Commi88ion in deciding what activities the charity should undertake. Mlnl8try and outreach departments House On The Rock benefits the public by curn11Y providing seNices through our various ministrres which are available to members of the church and our community are.. Pre-marital counselling and classes Bereavement counselling Welfare and benevolence support Career counselling Drop-in counselling Hospital visits Career advice Telephone counselling by one of the dedicatèd pastors for prayers or general support Women's and Men's ministries and events Youth and young adults ministries and events Singles, ministries and events Promoting religious books and CD'S and other matérial through our In house Media Resource Centre. The truslee5 are very gralefvl lo the many volunteers who helped by staffing our prayer sessions and ligiOuS conference and events. The charity relies on volunteers in providing a significant human resource in the activities that are run through the year. During the year, activities Carried out solely by volunteer resource included.. weekly mullimedia production and projection activrties. protocol aclivilies, welfare and benevolence support, outreach and evangelism, hospitality Icalering for guest lo services), children's and leenage church volunteers. We have approximately 100 volunteers who work in various departments for an average of 5 hours per week.
HOUSE ON THE ROCK TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Achlevements and perfonnance House On The Rock Carried out a 5 week Food for the Communrty Project from 1st lo the 31st of March 2024 with a grant support from the National Lottery Community Fund. The aim was lo provide a food bank. emergency supplies and financial advice initiative. 11 involved distributing nulrilious food items, including fresh produce, canned foods, essential household supplies to low income households and individuals who are faced with the cost of living crisis in communities in Islinglon North, namely Tufnell Park, Kentish Town and Holloway. Eoster acllvltle8 The charity embarked on its annu81 tsventy one days fasting period whlch mèmber8 are encouraged to participate In from 12th of March 2024 to Easter Sunday on the 1st ofApril 2024. Couples Rgtreat The couples had a wonderful relreat Irom 20th to the 22nd of September 2024 al the De Vèrè Hotel at Wokefield. It was a wonderful lime of vow renewal and relationship. Famlly Fun Day During the summer. the entire church had a Family Fun Day Out on Sunday, 18th August 2024 al St. George's Play Park. Other actlvltle8 We ¢ontinue to hold our family services every Sunday and mid-week lunch hour prayer meeting every Wednesday. The Sunday Services were held in person while the Wednesday services continues lo be online. We have a volunteer's meeting and prayer session on zoom on Tuesday. Thursday, Saturday and Sunday mornings before the Sunday service. Youth club A weekly youth Club was held with diffent activilies such as games, cookery, drama, talk8 and workshops for young people in the communily. An annual summer youth club project which ran in August for month sees youth from the community behveen the ages of 8-17 years old displaying their talent through various projecl-ba8ed and outdoor activities and tours. The EDGE ministry. which is the singles ministry of the Church. was regularly active throughout the year with regular monthly meetings. which moved online since the lockdown. Online cell groups called Life Groups arè held weekly and these serwe to help keep the congregation connected and lively. The men, women. singles, and youth minislfies were very acllve Ihroughoul the year, hostlng règular meetings online lo cater lo their specifi¢ demographics, Flnanelal revlew The donations received from members for this year remained slfrady compared lo 2023 bul the Income was enhanced by the grant received from Nalional Lollery Communily Fund . The attendan9 number have held steady bul the purchasing power of new atlendees are less than those that Iransilioned out. The cost of governance of the charily equate5 to 9.2 % of Ihe total resource5 expended for the year. The net rnovemenl in funds shows a deficit of £41,664. 11 is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained al a level equivalent to between three and six month's expenditure. The trustees Conside Ihal resee5 al this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional fvnds may be raised. This level of reserves has not been maintained due lo the current commitment to service existing debt in order lo bring our debts levels to an acceptable level.
HOUSE ON THE ROCK TRUSTEES, REPORT (CONTINUED){INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The level of reseNes available lo the charity as al 31 Dember 2024 was £30,194. These reserves were considered inadequate by the Trustees and Ihe need to continually accumulate additional reserves lo ensure that target amount is reached. It is noted that these funds will be requir8d in order lo continue lo run the charity, Servi our debt and diversify our income streams. The charily had no funds in deficit during the year. The principal funding source for the charity is donations made from members who attended the serv$ of the church and rental income. The charity also received lo a smaller extent income from sales of various inspirational and Christian materials which include books, CDS and DVDS. There are no significant events that will have a financial effect. The Iruslees have assessed the maior risks lo which the charity is exposed. and are satisfied that systems are in place to miligale exposure to the major risks. A risk register has been established and is updated a8 and when néw risks are identified. There were no new major risks idenlihed during thè year. Plans for th• future To achieve significant Increase in church allendance through introducing evangelism and outreach programmes. Planting new 'home based, and online cell groups now called Life Groups" Having more lundraising projects for the charity. Increasing awareness and community involvement in Islinglon and surrounding areas. Continued partnership and support of local and Inlernalional charities and partnerships with other charities and churches. The charity plans lo continue reaching out lo the immediate community In the Tufnell Parf< and the wider Islingion borough. Community initialSvès are being dev&lop&d with the intention of rolling them out In thè following year. The charity will provide activities and services to our Community that reflect the charity's statement of belief. Structure, governance and management The charity was originally registered under a Deed of Trust in 1996. The Trustees were advised lo incorporate the Trust as a charity and with effect from 8 July 2003, House On The Rock was registered as a charity and a company limited by guarantee with charitable objects. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial slalements were: Mr PAAdefarasin MrA Oyewumi Dr C Ujam None of the trusteesldirectors has any beneficial interest in the company. All of the Irusteesldirectors are members of the company and guarantee to contribute £1 in the event of a winding up. The trustees are appointed by way of a vole and recommendalion. It is then approved by the board of trustees through 8 simple majority. The Trustees are eligible to appoint additional trustees under the lemis of the Article$ of Association of the company.
HOUSE ON THE ROCK TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 A chief executive was appointed by the trustees to manage the day-104ay operation of the charity induding decisions making on behalf of the charity. All day-lo-day management is then delegated via the chief executive to senior management team who, be6en them manage the following departrnent8'. Worship Ministry Special Minislry Fellowship Ministry The Rock Tower Office Operations Protocol and Church R8lation8 Leadership & Organisational Development Outreach & Communities Ministry The senior management team consi8ts of.. Chief executive - T T Odejide Senior manager- E Abebe Tr8asurer- A Oyewumi Members of the senior management team report lo the board regularly and are charged with re8ponsibility for particular areas of operation. The diredor8 consider the board of dlrectors, who are also the Iru¥lee8, and the 8ènior managemem te8m comprise the key management personnel of the charity in charge of directing and controlling, runnino and operating the charity on a day to day basis. All directors give their lime freely and no director received remuneration in the year. The pay of Senior staff is reviewed annually by the director8. There 18 no specific restrictions imposed by the governing docum8nl concerning the w8y the charlly can operate. In 8ceordance with the memorandum and arti¢le$ of assoclation, the trusteesldlrector8 have the power lo make any investment which they 88e fit. There weffj no connected Charities other than House On The Rock in Lag08, Nigeria. There ha8 been no commitments or guarantee8 given by the charity. The tru8tees' report was approved by the Board of Trustees. MrA Oyewuml Trustee Dated.. 16 September 2025
HOUSE ON THE ROCK STATEMENT OF TRUSTEES, RESPONS181LITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees. who are also the dlreetors of House On The Rock for the purpose of company law, are sponSible for preparing the Trustees, Report 8nd the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Aepted Accounting practi). Company law requires the tTU8tees to prepare financial slalem8nts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resourc85 and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to.. select suitable accounting policie8 and then apply them consi8tently'. - observe the mèthods and princAples in the Charities SORP-, - make judgements and estimates that are reasonable and prudent., and prepare the financi81 statement8 on Ihe going concern basi8 unle8S It is inappropriate to presume Ih8t the chanty will conlinue in operation. The Iru8tees a respon8ible for keeping adequate accounting records that disclose with asOnable 8ccuracy at any lime th8 financial position of the charity and enable them lo ensure that the financial slatemenl8 comply with the Companies A¢1 2006. They are also responsible for safeguarding the asselg of thè charity and hence for taking rea$onable steps for the preventlon and detection of fraud and other Irregularities.
HOUSE ON THE ROCK INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF HOUSE ON THE ROCK Oplnlon We have audited the financial statements of Hous8 On The Rock (the 'charily'l for the year ended 31 December 2024 which Comprise the statement of financial activities, the balance Sheet. the statement of cash flows and notes to the fi'nancial slatemenls, including signifi¢anl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Fin8ncial Reporting Slandard applicable in the UK and Republic of Ir&land Iuniled Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the slate of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended,, have been properly p pared in accordance with United Kingdom Generally Accepleé Accounling Practic8,' and have been ppafftd in accordance with the requirements of the Companies Act 2006, 81818 for oplnlon We conducted our audit in accordance wilh International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilit18$ under those standards are further described in the A(Idilor's r8sponsibilities for Ihe audit ol the finanoial slalem&nts section of our report. We are independent of the charity in accordance with the elhical requ1mentS that are relevant lo our audit ol the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilitses in accordance with these requirements. We believe that the audit eviden we have obtained ig sufficient and appropriate lo provide a basis for our opinion. Conclu81on8 relatlng to golng concern In auditing the financial slalements, we have concluded that the Iru$tees' use of the going concem basis of accounting in the preparation of the linancial slalemen18 18 appropriate. Based on the work we have performed. we have not identified any material uncertainties relaling lo event8 or conditions that, individually or collectively, may cast significant doubl on the charity's ability lo continue as a going concern for a period of al least e1ve months Irom when the financial statements are aulhori88d for issuè. Our responsibilities and the responsibilities of the trustees wllh respect lo going ¢oncern are d88cribed in the relevant sections of this report, Other Inlormallon The other infomialion comprises the information included Sn the annual report other than the financial slalemenls and our auditor's report thereon. The Iru51ees are re8ponsible for the other information contained within the annual report. Our opinion on the financial slalements does not cover the other information and we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial slalemenls or our knowledge obtained in the course of the audit, or olhemise appears lo be materially misslaled. If we identify such material inconsislencies or apparent material misslalemenls, we are required lo determine whether this gives rise to a malerwl misslalement in the financial slalemenls themselves, If, based on the work we have performed, we conclude that there is a material misstalemenl of this other infonnalion, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing lo report in respect ol the following matlers in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinlon.. the infomiation given in the financial statement5 is inconsistent in any material SpeCt wilh the trustees, report,. or sufficient accounting records have nol been kept., or Ihe financial slalemenls are not in agreement with the accounts'ng records.. or we have not received all the information and explanations we require for our audit.
HOUSE ON THE ROCK INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF HOUSE ON THE ROCK Responslbllttles of trustees As explained more fully in the statement of trustees, responsibilities, the trustees. who are also the directors of the charity for the purpose of company law, are responsible for the preparalion of the financial statements and for being satisfied Ihat they give 8 true and fair view, and for such inlemal control as the Iruslees determine 1$ necessary to enable the preparation of financial slatemenls that are free Irom material misstatement, whether due to fraud or error. In preparing the financial slatemenls, Ihe Iruslees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concern and using Ihe going concern basis of a¢¢ounling unless the trustees 81ther intend to liquidate the charitable company or to cease operations, or have no re81isti¢ allernalive bul lo do so. Audttorfs re8ponslbllllle8 for the audlt of the flnanclal 8tatements We have been appointed a8 auditor under section 144 of the Charities Act 2011 and report in accordance wrth the Act and relevant wulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the fin8ncial slalemenls as a whob are freè from malerial misslatemenl. whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assuranr£ is a high level of assurance bul is not a guarantee that an audit conducted in accoidan with ISAS IUKI will always detect a material mis8lalement when il exists. Misslatemenls can arise from fraud or effor and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is delailed below. Based on our understanding of the company and industry in which it operates. we identified the risk of non- compliance with key laws and gUlationS which included Companies Act 2006 and lax le9islalion and we considered the extent lo which non-mplianee might have a material effect in the financial slalemenls. We also addssed the risk of fraud through management override of controls. We lesled the approprlallon of journal entries and other adjustments 8nd evaluate whether there was evidence of potential bias. The risk of not delecling a material misslalemenl due to Iraud is higher than the risk ol not deleding one resulting from error, a8 fraud may involve deliberate concealmént by, for example, forgery or inlenlional misrepre$entstion$, or Ihrou9h collusion. In addition lo the abovè, our procedures lo respond to the risks identified included Ihe followlng.. Reviewing financial statements disclosures by testing lo supporting documentation lo assess compliance with applicable laws and regulation,. Enquiry of management. those charged with governance around actual and potential liligalions and claims.. Enquiry of entity staff lo identrfy any instan$ of non compliance with laws and regulations and fraud., Perfoming analytical procedures to identify any unusual or unexpected relationships that indicate risk of material misstatements due to fraud. There are inherent limitations in the audit procedures described above. We are legs likely lo b&come aware of non- compliance with laws and regulations that are not closely related to events and transaction8 reflected in the financial statements. We communicate with those charged with govemance regarding, among other matters, the planned scope and timing of the audit and Significant audit findings, including any signifi'cant deficiencies in intemal control that we identify during our audit. A further description of our responsibilities is available on the Financial Reporting Council's website at". https.'Il www.frc.org.uklauditorsresponsibililies. This description fonms part of our audilorfs report.
HOUSE ON THE ROCK INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF HOUSE ON THE ROCK 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. Our audit worf( has been undertaken so that we mighl state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit worf(, for this report, or for the opinions we have formed. (Senior Statutory Audltor) For and on behalf of D Lee & Co, Statutory Auditor Chartered Certified Accountanls 2nd Floor. Prernier House 309 Ballards Lane London N12 8LY Date.. 11.IOy.Ivy-. D Lèe & Co Is eligible for appointment as auditor of the charity by vlrtue of its eligibility for appointment as auditor of company under Section 1212 of the Companies Act 2006.
HOUSE ON THE ROCK STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Ro$lrfcted funds funds 2024 2024 Totsl Unr98tricted Regtrlcted funds funds 2023 2023 Totsl 2024 2023 Not08 Income and endowment• from: Donations and legacies Other trading activities Investments Other income 527,501 693 106,269 86.291 613,792 693 106,269 522,329 204 130,767 4,270 20,875 543.204 204 130,767 4,270 Total Incomo 634,463 86,291 720,754 657.570 20,875 678,445 EXp0ndlre on: Raising funds Charftable activities 31,840 633,703 3,836 93.039 35,676 726,742 27,664 665,707 27,664 702.227 36,520 Total •xpendltur• 665.543 96,875 762.418 693,371 36,520 729.891 Net expendlture and movement In fund$ 131,080) 110,584) 141,6641 135,8011 115,6451 151,4461 Reconclllatlon of fund8: Fund balance8 811 January 2024 2,120,557 510,636 2,631,193 2,156,358 526,281 2,682,639 Fund balanc•8 at 31 0è¢gmber 2024 2,089,477 500,052 2.Jf89.529 2.120,557 510,636 2,631.193 The statement of financial activities Includes all gain8 and108ses recognlsed In the yèar, All incomè and expendlture derive from continuing activities. 10-
HOUSE ON THE ROCK BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note• Flxed a880ts Tangible assets 14 5,076,394 5,223,320 Current a88ets Debtor8 Cash at bank and in hand 16 5,979 31,085 12,522 31,802 37,064 44,324 Credltor8: omount• falllng due wlthln on• y•ar 18 {782,9191 {777,2101 N•t current Ilabllltles (745,8551 1732,8861 Totsl •••ots 1088 currnnt Ilabllltlo8 4,330,539 4,490,434 Crèdltorn: amount8 f•lllng due 4ft•r mor• thin one year 19 {1,741,0101 11,859,241 } Not a880ts 2,589,529 2,631,193 The lund• of tho ch•rlty Re81ricted income funds Unr88tricted funds 21 22 500,052 2,089,477 510,636 2.120,557 2,589,529 2,631.193 The company is entitled to the exemption from the audlt requlremenl ¢ontained in 8e¢lSon 477 of thè Companies Act 2006, for the year ended 31 December 2024. The dlreclors acknowledge their responsibilitie8 for complying with the requiremenls of the Comp8ni85 Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company lo obtain an audil of its financial slalements under the requlrements of the Companies Act 2006, for the year in questlon in accordance with section 476. These financi81 slalemenls have been preparéd in accordance with the provision5 applicable to companies subject to the small companies règime. The finanaal 8tatements were approved by thè trustees on 16 September 2025 MrA Oyewumi Trn8ts0 Company regi8lralion number 4824843 {England and Wales) 11
HOUSE ON THE ROCK STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Ca8h flows from operatlng acllvltles Cash generated fromllab$orbed by) operations 27 14,032 {24,7261 Investlng a¢llvlllo8 Purchase of tangible fixed assets Invesfment income received 17,4301 106,269 130.767 Net ca8h generated from Inve8llng acthihl&• 98,839 130,767 Flnan¢lng acllvltl•8 Repayment of bank loans 1113,588) 1108,9571 Nel ¢a8h usod In flnanclng actlvllle8 (113,588) {108,9571 Net d8¢r•••e In cash and cash eqtslval•nts (717) (2,9161 Ca8h and cash equivalents at beginning of year 31,802 34,718 Cash •nd cash equlvalents at end of year 31,085 31,802 12-
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Charlty Inforfflatlon House On The Rock is a private company limited by guarantee incorporated in England and Wales. The registered office 15 The Rock Tower. 49 Tufnell Park Road, London. N7 OPS. 1.1 A¢¢ountlng conventlon The h'nan¢ial statements have been prepad in accordance with the charity's Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo chanlies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ire18nd IFRS 102} leffeclive 1 January 20191" The charity is a Public Benefit Entrty as defined by FRS 102. The financial slalemenls are prepared in Sterling, which is the functional currency of Ihe charity. Monetary amounts in these financial 81alements are rounded to the nearest £. The financial statemen15 have been prepared under the hi8loncal cost convèntion. The princlpal aLxounling policies adopted ar8 sèl out below. 1.2 Golng Concorn Al the lirne of approving the financial stalemenls, the Iruslee5 have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial slatemenls, Thege accounts have been prepared on the going concem basis a8 the trustees will arrange for a bank overdraft facility to cover for Short term cash flow requirement. if required. 1.3 Charltablè funds Unreslricled funds are available for use al the discretion of the Ini8tee8 in furtherance of Ih&lr charitable objectives. Reslricled fund$ are subject lo specific condrtions by donors as lo how they may be used. Thè purple8 and uses of the reslriclèd funds are sel out in the notes to the accounts. Endowment lunds are subject to specilic conditions by donors that the ¢apilal musl be maintained by the charity, 1A In¢omlng resources Income is recognised when the charily is legally entitled to it after any performance conditions have been met, the amounts can be Measu d reliably, and it is probable that income will be CeIved. Cash donations are recognised on receipt. Other donations aR recognised once the charity has been notified of the donation, unless perfornian conditions require deferral of the amount. Income lax CoVerable in relation lo donaliong received under GiftAid or deeds of covenant is recognised at the lime ol the donation. Donations, gift and similar incoming resources are included in the year in which they a receivable. which is when the Charity becomes entitled to the resource. 1.6 Resourc&8 expanded All expenditure Is accounted foi on an accruals basis and has been classified under headings thal aggregate 811 costs related lo the category. Expenditure is recognised where there is a legal or constructive obligation to make payments lo third parties, il is probable that the selllemenl will be required and the amount ol the obligation can be measured reliably. 13-
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollclei {Contlnued) Resources expended are allocated to the charitable company's principal activity as direct costs where the costs can be identified as being diredly related lo that aclivily. All costs that cannot be identified as relating dI¢11Y lo the charitable company's principal activity are calegorised as either support costs or governance costs. Any costs that cannot be specifically categorised are allocated in proportions based upon a suitable ratio applicable lo the nature of the cost involved. Support Costs are those that assist the work of the charity but do not directly represenl charitable activities and include office costs, finance, governance costs and 818ff cost. Governan co818 are those inGurr8d in connection with adminislralion of the charity and Complian of conslilulional and Statutory requirements. 1.6 Tanglbl• flxed assets Tangible fixed asset8 are initially measured al cost and subsequently megsured al cosl or valuation, nel of depreciation and any impairment losses. Depre¢ialion is recognised so a8 to write off the cost or valuation of a86ets less their residual values over their useful lives on the following bases., Freehold land and buildings Fixtures, fillings & equiprnenl 2Vo on straight Ilne 25 /0 on reduang balance The gain or loss arising on the disposal of an agsel is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impalmient of flxed a88ets Al each porting end date, the charity reviews the carrylng amounts of ils tangible assets lo determine whether the is any indication that those assets have suffered an Impairment loss, If 8ny such IndallOn exists. the recoverable amount of the agsel is eslSmalèd in order lo delemine the extent of the impaim)ent loss (if any). 1.8 Cagh and cash equlvalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-lerm liquid investments with original maturitie5 of three months or less, and bank overdrafts. Bank overdrafts are Shown within borrowings in current liabilities. 1.9 Flnan¢lal In8truments The charity has elected to apply the provisions of Section 11 'Basi¢ Financial Inslrumenls, and Section 12 'Other Financial Instruments Issu&s' of FRS 102 10 all of its financial inslrumenls. Financial inglrurnenls are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial slalements, when there is a legally enforable right lo sel off the recognised amounts and the is an intention to Settle on nel basis or lo realise the as5el and Sett the liability simultaneously. Baslc flnanclal assets Basic financial assets, which include debtors and cash and bank balances. are initially measured transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing Iransaclion, where the transaction is measured al the present value ol the future receipts discounted at a market rale of interest. Financial assets classified as reiVable within one year are not amortised. 14-
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollclos {Continued} Baslc flnan¢lal Ilabilities Basic financial liabilities, including ciedrtors and bank loans are initially reco9nised al transaction price unless the arrangement constitutes 8 fin8ncing Iransaclion, where the debt instrument is measured al the present value of the future payments discounted al a market rale of inteSt. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequèntly carried at amortised cost, using the effe¢tive inter851 ratè mèthod. Trade creditors ar8 obligations lo pay for goods or servlces that have been acqulred in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not. they are presented 85 non-currenl liabilities. Trade oredilors are recognised initially at transaction price and subsequently measured al amortl8ed cost using the effective interest method. Derecognltlon of Ilnenclal Ilabllltles Financial liabilities are derecognised when the charity'8 contractual obligations expire or are discharg&d or cancelled. 1.10 Employeo beneflts The cost of any unused holiday enlillemenl is recognised in the period in which the employee'5 services are received. Termination benefits are recogrnised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits, 1.11 Ratlrement beneflts Payments lo defined contribution retirement benefit Schemes are charged as an expense as they fall due. 1.12 Fund accountlng lilThe Charity's unrestricted general fund consists of funds which can be u8ed in ac¢ordanc8 with the charitable objec18 at the discretion of the trustees. liilThe Charity's restricted funds are funds that can be used for partlcular restricted purposes withln the objects of the charity, Restriction arise when Specified by the donor or when funds are raised for particular restricted purposes, 1.13 Value added lax Value added lax incurred for the cost and expendilure of the freehold property has been claimed al fifty seven per¢enl of th8 residual costs of the property costs. Crltlcal a¢¢ountlng e8tlmat•8 and Judgernent8 In the application of the ¢harity'5 accounting policies, the trustees are required lo make judgements, estimates and assumption5 about the carrying amount of assets and liabilitie5 that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and fulure periods. 15-
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from don4tlon• and legacl•8 Unr08trlcted Re8trl¢ted fund8 funds 2024 2024 Totsl Unre8trlctsd Re•trlctsd fund8 funds 2023 2023 Total 2024 2023 Oonalion8 and gifts Gran18 527,501 16,130 70,161 543,631 70,161 522,329 20,875 543,204 527,501 86,291 813,792 522.329 20,875 543,204 Incom• from other tradlng •ctlvltlo• Unr•$trlctod Unro8trlcled funds fund8 2024 2023 Non-charitable trading 8ctlvllle8 693 204 Income Irom Invostments Unrn8trl¢ted Unr08trlcted fund8 fund8 2024 2023 Rental income Interest receivable 105,976 293 130,585 182 106,269 130.767 Other Income 2024 2023 Insurance proceeds 4,270 16-
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expènditure on ralalng funds Unrèstricted Restrlcted funds fund• 2024 2024 Totsl Unrestrlct8d Re8trl¢led fund8 fund8 2023 2023 Totsl 2024 2023 Fund ral8lng and publlclty cost Advérti$ing 31.840 3,836 35,676 27,664 27,664 8 Charltablo •ctlvltl•• Rellgloug Food bank actlvltles 2024 Total Rallglou• 2024 •cllvltlo• 2023 2024 Slaff c08tS Depreciation and impairrnenl Religiou8 aclivilie8 63,378 147,595 133,368 5,247 1,756 28,125 88,625 149,351 161,493 58,692 147.595 149,151 344,341 35,128 379,469 355,438 Share of 8UPPOrt CO8ls (see note 10} Share of governance c0818 (see note 10) 261,590 60,132 15,496 10,055 277,086 70,187 293,059 53.730 666,063 60,679 726,742 702,227 Analy818 by fund Unrèstricted funds Restricted funds 633,703 32,360 633,703 93,039 665,707 36,520 60,679 666,063 80,679 726,742 702.227 For the yaar •nd•d 31 D•comb•r 2023 Unrestricted funds Reslricled fvnds 665,707 36,520 702,227 Charllable actlvlty The charitable activity continued lo be that of religious activities and also carried out a one off food bank project. 17-
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Support costs allocatsd to actlvltlos 2024 2023 staff costs Depreciation Rates and utilities CO8t8 Oiher direct cost Bank charges and b8nk loan interest Travelling Telephone Insurance Cleaning costs Computer expenses Govemance co818 92,089 5,005 41.526 1,075 104,116 6.537 50,329 868 li 83.010 9,360 3,059 11,256 21,234 9,472 70,187 88,227 3,849 4,258 8,503 18,830 7,542 53,730 347.273 346.789 Analy8ed botween.. Chanlabl8 activitie8 Food bank 321,722 25,551 348,789 347,273 346.789 2024 2023 Governance costs comprlso: Slaff c08ts Audit fee6 Accountancy Legal and profe88ional 44.117 4.000 6,350 15.720 39,318 4,000 6.775 3,637 70,187 53,730 11 Net movomènt In funds 2024 2023 The net movemenl in funds is stated after charging/{creditingl'. Fees payable for the audit of the charity'8 financial stalements Depreciation of owned tangible fixed assets 4,000 154,356 4,000 154,132 12 Trustses None of the trustees lor any persons connected with them) received any remuneration during the year (2023: £nill. None of the Iruslees had any expense8 reimbursed or paid for by the charity during the year (2023.. £nill. 18-
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Religious Administration Total Employment costs 2024 2023 Wages and salarles Social security costs other pension costs 181.198 18,084 5,549 182,876 13,961 5,289 204,831 202,126 The numbar of employea$ whose annual remuneration wa8 MO than £60,000 is a8 lollows.. 2024 Number 2023 Number £80,00110 £70,0 Conlribulion8 totalling £1,194 {2023'. £- I were made lo defined contribution penslon schemes on behalf of employees wh08e emoluments exceed £60.000. Remunèratlon of key managemént pernonnel The remuneration of key management personnel wa8 a8 follows= 2024 2023 Aggregate compensation 61,715 60,330 19-
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Tangibl• fixed a88ets Freehold land and bulldlng8 Flxtvr••, litting• & •qulpm8nt Total Cost At 1 January 2024 Additions 7,379,754 661,374 8,041.128 7,430 7,430 At 31 December 2024 7,379.754 868,804 8,048,558 Depreclallon and Impllrment Al 1 January 2024 Depreciatlon charged in the year 2,176.048 147,595 641,762 2,817,808 6,761 154,356 At 31 December 2024 2.323,641 648,523 2,972.164 Carrylng amount Al 31 OerAmber 2024 5,056,113 20.281 5,076,394 At 31 08mber 2023 5,203,708 19,612 5,223,320 16 Flnanclal Instruments 2024 2023 Carrylng omount of flnanclal a88ets Debt instruments measured at amortis8d cost 5,328 10,564 Carrylng amount of flnanclal Ilabllltle8 Measured al 8mort18ed cost 2,513,786 2,625.062 18 Debtor8 2024 2023 Amounts falllng duo wlthln ono y••r: Trade debtor8 Other deblorg Prepayment5 and 8¢crued income 5,813 4,751 1,958 5,328 651 5,979 12.522 -20-
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Loan8 and ov•rdrafts 2024 2023 Bank loans 1,854.605 1,968.193 P8y8ble within one year Payable after one year 113,595 1,741,010 108.952 1,859,241 Amounts included above which fall dua after five year8.. Payable by inslalmenls 1.127,168 1,240,756 The bank loan 18 8ecured by a first legal mortgage over the freehold property known as Sl Gèorge's Theatre, 49 Tufnell Park Road, London, London N7 OPS The loan is repayable by equal instalmenl over 20 years and It15 renewable every 5 years. The rale of interest is 2.10 above the base rate 18 Crodltorn." amount• falllng duo wlthln one year 2024 2023 NoteB Bank loan8 Other taxation and social security Trade creditors Other creditors Accruals and deferred income 17 113,595 10.143 645,936 9,335 3,910 108,952 11,389 649,569 3,390 3,910 782,919 777,210 19 Crodltor8: amounts falllng duo after more than onè ye•r 2024 2023 Notss Bank loans 17 1,741,010 1,859,241 20 Retlremenl beneflt 8chome8 2024 2023 Deflned Contrlbution schemes Charge to profit or108s in respect of defined contribution schemes 5.549 5,289 The charity operates a d8fined contribution pension scheme for all qualifying employees. The assels of the Scheme are held separately from those of the charity in an independently adminislered fund. 21
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Restrleted fvnd8 The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject lo specific conditions by donors as to how they may be used. At 1 January 2024 Incomlng resource8 Re80urces oxpondod At31 December 2024 Land and building Foodbank 510,636 16,130 70,161 132.3601 164.5151 494,406 510,636 86.291 196,8751 500.052 Provlou8 year.. Al 1 January 2023 Incomlng ro8ource• Ro•ourco8 8xp•nd•d At31 December 2023 Land and building 526,281 20,875 136,5201 510,638 The above reslricled funds comprises of £493,000 tangible assets in relation to the purchase of property in Tufnell Park Road, London N7 OPS and current 8588ts amounting to £891. The available fund8 will be used predominantly for the novalion of the above property. The reslricled fund also include £5,272 of tangible asse18 related to food bank and net currenl 8sse18 amounting to £374, 22 Unrgotrlcted fund8 The unreslricted funds of the eharily comprise the unexpended balance8 of donations and grants whlch are not subject to Specific conditions by donor8 and grantors as ID how they may be used. These include designated funds which have been sel aside out of unrestricted fvnds by the trust8es for specific purposes. At 1 January 2024 Incomlng resourc•8 Resources expgnded A131 December 2024 General funds 2,120.557 634.463 1665,543) 2,089,477 Prèvlou8 year: At 1 January 2023 Incomlng re$ource8 Resouree8 Oxpended At31 December 2023 General funds 2,156,358 657,570 1693,371) 2,120,557
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Analysis of net as8et8 between fund8 Unre8trlcted funds 2024 Rostrlct•d funds 2024 Total 2024 At 31 Docombor 2024: Tangible as8ets Current a55et511liabililiesl Long term liabilities 4.577.607 1747.120} 11,741,010) 498,787 1,265 5.076,394 1745,855) 11,741,010> 2,089,477 500.052 2,589,529 Unre8trSct•d fund8 2023 Re•trl¢ted funds 2023 Total 2023 At 31 Decembor 2023.. Tangible assets Current asset81lliabililiesl Long term liabilities 4,715,320 {735,5221 11,859,241) 508.000 2,636 5.223,320 1732,886} 11,859,241) 2,120,557 510,636 2,631.193 24 FlnAnclo1 commllmonts, guaranteos and contlngent Ilabllltle• There were no financial commilmenls, guarantees or contingent liabilitieB at the year end, 25 Capltal commltm•nt• Amounts contracted for but not provid&d in the financial $latements'. There no capital commitments eithèr aulhori8ed by the board or contracted for al the balance sheet date. 26 Related party trin¥•ctlon8 There were no disclosable related party transaction$ during the year12023 - none). -23-
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 27 Cash generated froml{ab8orbed by) operatlon8 2024 2023 Deficit for the year 141,6641 {51,4481 AdJu8tments for. Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed a88els {106,269) 154,356 1130,7671 154,132 Movements In worklng capltal: D8creasel{increa8el in debtor8 Increase in cr8dito 6,543 1,066 15.302} 8.657 Ca8h generated fromllab$orb•d by} operallons 14,032 (24,7261 28 Anoly818 of ¢hange8 In not Idebtyfund• At 1 J•nu&ry 2024 C••h flow• At 31 D*C•mr 2024 C88h at bank and in hand 31,802 {717) 31,085 Loans falling due within one year L08n8 falling due after more than one year 1108,9521 11,859,241) (4,6431 118,231 1113,595) 11,741,010) {1,936,3911 112.871 11,823,520) 24-