Charity registration number 1102481
HOPE CHURCH OSWESTRY
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
HOPE CHURCH OSWESTRY
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
J Price B Jenkins Mrs M E Smith Mr C W Shaw
(Appointed 16 May 2022)
Charity number 1102481 Independent examiner Azets Column House London Road Shrewsbury Shropshire United Kingdom SY2 6NN
HOPE CHURCH OSWESTRY
CONTENTS
| Page | |
|---|---|
| Trustee's report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 15 |
HOPE CHURCH OSWESTRY
TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their annual report and financial statements for the year ended 31 March 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The Charity's objects are the advancement of the Christian Faith, the provision of a place or places of Worship and the promotion and provision of activities to meet social need, in Oswestry, the surrounding areas and elsewhere.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Achievements and performance
In July of 2023, Hope Church celebrated the opening of its new church centre in the heart of Oswestry. The new premises will greatly advance the church in its life and mission, providing not only a larger and more accessible space for worship, but also facilities to support the church in its growing engagement with the local community. Alongside its existing rooms, the new premises are also available to hire to local individuals, businesses and community groups.
The Church has moved its office to a unit adjacent to the new church centre in order to be more visible and accessible during the week, and it continues to lease some of its units to local businesses.
Worship services continue weekly on Sunday mornings with increasing numbers of both adults and children in attendance and the church looks forward to welcoming new individuals and families into membership in the near future. The church held a baptism service in July 2023 at which 1 adult and 5 young people were baptised. The church continues to stream its services online through YouTube.
In addition:
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A number of House Groups meet each week at different times and places for friendship, encouragement and to support spiritual growth. This includes Prospects, a group for people with learning difficulties.
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The church runs a monthly prayer meeting
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The church continues its online presence through website, social media and YouTube.
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The church reaches out to the local community, building friendships, offering practical support, and sharing the Christian faith through a number of different activities: Rise, Dorcas, Lunch Club, Sticky Fingers, Alpha, Allsorts, CAP Money Course and more. The church is exploring additional ways of being a positive presence within the community, particularly following the opening of its new premises.
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The church has now closed its Compass project for homeless and vulnerably housed men. While very positive in its impact, it has demanded a high level of input that the church is not able to sustain.
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The church continues to support other organisations locally including CTOD, Foodbank, and the School’s Worker Christian Project.
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The church also continues to support (financially and in prayer) overseas mission organisations and church members involved in missions work in the UK and abroad.
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Many church members are involved personally and practically in serving the life and mission of the church through being part of a serving team, for example: preaching, worship, house groups, children’s and youth work, leadership, creative, admin, operations, welcome, finance, refreshments and hospitality.
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Church members continue to give generously and pray faithfully in support of the church’s mission
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A group of 20 adults and young people went away in Aug 2023 for the Dreaming The Impossible youth camp
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HOPE CHURCH OSWESTRY
TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
The Church currently employs:
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A senior pastor (full-time)
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A children’s and youth worker (full-time)
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A cleaner (part time)
The church’s part-time Community Outreach Facilitator stepped down from role in Sept 2023.
Financial review
The church has faced considerable expense in regard to the construction and completion of its new church centre. These costs have been met through the generosity of church members and grants from Trust Funds to whom the church has applied to for assistance.
Giving has remained at a strong level, and income is also received through Gift Aid claims, the leasing of the church’s units and the hiring out of rooms. Trustees have reintroduced cash giving during services to good effect (this had stopped during the COVID pandemic) and continues to encourage generosity from members in support of the Church’s mission.
The church reserves have been significantly drained as the church has met the costs of the new church centre. The trustees have agreed that an appropriate level of reserves for the Church to hold in its general fund should be £21,500 plus the value of any fixed assets held within the general fund and intend, when possible, for the reserve to be built back up to this amount.
The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
Hope Church Oswestry has converted from a Company Limited by Guarantee to a Charitable Incorporated Organisation (CIO).
The Trustees who served during the year and up to the date of signature of the financial statements were: J Price
B Jenkins Mrs M E Smith Mr C W Shaw (Appointed 16 May 2022)
New Trustees are appointed from the Membership following votes by the board and membership.
The Trustee's report was approved by the Board of Trustees.
..............................
B Jenkins
Date: .............................................
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HOPE CHURCH OSWESTRY
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HOPE CHURCH OSWESTRY
I report to the Trustees on my examination of the financial statements of Hope Church Oswestry (the Charity) for the year ended 31 March 2023.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 true 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 with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Azets
Column House London Road Shrewsbury Shropshire SY2 6NN United Kingdom
Dated: .........................
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HOPE CHURCH OSWESTRY
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted Unrestricted Restricted funds funds funds general designated 2023 2023 2023 Notes £ £ £ Income and endowments from: Donations and legacies 3 107,765 - 226,231 Other income 4 - - - Investments 5 20,607 - - Other income 6 83,093 - - Total income 211,465 - 226,231 Expenditure on: Raising funds 7 17,853 - - Charitable activities 8 94,481 - 67,459 Total resources expended 112,334 - 67,459 Net income for the year/ Net movement in funds 99,131 - 158,772 Fund balances at 1 April 2022 216,727 112,038 715,228 Fund balances at 31 March 2023 315,858 112,038 874,000 |
Total 2023 £ 333,996 - 20,607 83,093 437,696 17,853 161,940 179,793 257,903 1,043,993 1,301,896 |
Total 2022 £ 179,549 5,724 16,134 - |
|---|---|---|
| 201,407 | ||
| 15,267 | ||
| 128,435 | ||
| 143,702 | ||
| 57,705 986,287 |
||
| 1,043,992 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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HOPE CHURCH OSWESTRY
BALANCE SHEET
AS AT 31 MARCH 2023
| Notes Fixed assets Tangible assets 13 Investment properties 14 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 18 Net assets Income funds Restricted funds 19 Unrestricted funds - designated General unrestricted funds |
2023 £ £ 1,200,474 346,951 1,547,425 5,500 127,819 133,319 (105,443) 27,876 1,575,301 (273,405) 1,301,896 874,000 112,038 315,858 1,301,896 |
2022 £ £ 577,278 346,951 924,229 7,857 410,761 418,618 (28,837) 389,781 1,314,010 (270,018) 1,043,992 715,228 112,038 216,726 1,043,992 |
|---|---|---|
The financial statements were approved by the Trustees on .........................
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B Jenkins Trustee
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HOPE CHURCH OSWESTRY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Charity information
Hope Church Oswestry is a chairtable incorporated organisation registered with the Charity Commission of England and Wales.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
1.4 Income
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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HOPE CHURCH OSWESTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
1.5 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property 2% on cost Fixtures and fittings 25% on cost Computers 25% on cost
The gain or loss arising on the disposal of an asset 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.
1.6 Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.7 Impairment of fixed assets
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments 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 statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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HOPE CHURCH OSWESTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired 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 as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities 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 estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates 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 future periods.
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HOPE CHURCH OSWESTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
3 Donations and legacies
| Unrestricted Restricted funds funds general 2023 2023 £ £ Donations and gifts 107,765 170,231 Grants - 56,000 107,765 226,231 For the year ended 31 March 2022 92,407 87,142 |
Total 2023 £ 277,996 56,000 333,996 |
Total 2022 £ 179,549 - |
|---|---|---|
| 179,549 | ||
| 179,549 |
4 Charitable activities
| Other income | Other income | |
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Charitable activities income | - | 5,724 |
5 Investments
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2023 | 2022 | |
| £ | £ | |
| Rental income | 20,607 | 16,134 |
| Other income | ||
| Unrestricted | Total | |
| funds | ||
| general | ||
| 2023 | 2022 | |
| £ | £ | |
| Net gain on disposal of tangible fixed assets | 83,093 | - |
6 Other income
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HOPE CHURCH OSWESTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
7 Raising funds
| Unrestricted funds general 2023 £ Investment management 17,853 17,853 |
Total 2022 £ 15,267 |
|---|---|
| 15,267 |
8 Charitable activities
| Activities direct 2023 £ Staff costs 66,586 Depreciation and impairment - Church running costs 33,815 Mission - Property running costs 670 Telephone - Printing, postage and stationery - Subscriptions - Sundry expenses - Mortgage interest 15,599 116,670 116,670 Analysis by fund Unrestricted funds - general 70,144 Restricted funds 46,526 116,670 For the year ended 31 March 2022 Unrestricted funds - general 46,651 Restricted funds 41,662 88,313 |
Grant funding 2023 £ - - - 10,332 - - - - - - 10,332 10,332 10,332 - 10,332 12,027 - 12,027 |
Support costs 2023 £ - 20,647 - - 2,303 859 3,034 2,590 5,505 - 34,938 34,938 14,005 20,933 34,938 28,095 - 28,095 |
Total 2023 £ 66,586 20,647 33,815 10,332 2,973 859 3,034 2,590 5,505 15,599 161,940 161,940 94,481 67,459 161,940 |
Total 2022 £ 54,497 8,350 30,474 12,027 6,486 699 1,175 4,415 6,970 3,342 |
|---|---|---|---|---|
| 128,435 | ||||
| 128,435 | ||||
| 86,773 41,662 |
||||
| 128,435 | ||||
| 86,773 41,662 |
||||
| 128,435 |
9 Examination fee
The cost of the Indenpendent Examination for the year is £790
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HOPE CHURCH OSWESTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
10 Trustees
One trustee, Mr C Shaw was remunerated as pastor during the year and received salary of £31,579 (2022none). He received no remuneration for his role as trustee.
One trustee, Mr D Hughes, was remunerated as pastor during the previous year and received a salary of £21,908. He received no reimbursement of expenses for his role as trustee.
No other trustees were reimbursed for expenses during the year (2022 - none).
11 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Employees | 4 | 3 |
| Employment costs | 2023 | 2022 |
| £ | £ | |
| Wages and salaries | 63,393 | 51,037 |
| Social security costs | - | 61 |
| Other pension costs | 1,917 | 2,372 |
| 65,310 | 53,470 |
There were no employees whose annual remuneration was more than £60,000.
12 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
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HOPE CHURCH OSWESTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
| 13 Tangible fixed assets Cost At 1 April 2022 Additions Disposals At 31 March 2023 Depreciation and impairment At 1 April 2022 Depreciation charged in the year Eliminated in respect of disposals At 31 March 2023 Carrying amount At 31 March 2023 At 31 March 2022 14 Investment property Fair value At 1 April 2022 and 31 March 2023 |
Freehold property Fixtures and fittings £ £ 650,606 6,657 785,151 - (206,475) - 1,229,282 6,657 74,325 6,571 20,334 86 (65,168) - 29,491 6,657 1,199,791 - 576,281 86 |
Computers £ 29,199 - - 29,199 28,288 228 - 28,516 683 911 |
Total £ 686,462 785,151 (206,475) |
|---|---|---|---|
| 1,265,138 | |||
| 109,184 20,648 (65,168) |
|||
| 64,664 | |||
| 1,200,474 | |||
| 577,278 | |||
| 2023 £ 346,951 |
Investment property comprises commercial property known as Marketgates, Oswestry.
15 Debtors
| Debtors | ||
|---|---|---|
| Amounts falling due within one year: Other debtors Prepayments and accrued income |
2023 £ 4,734 766 5,500 |
2022 £ 6,767 1,090 |
| 7,857 |
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HOPE CHURCH OSWESTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
16 Loans and overdrafts
| Bank loans Other loans Payable within one year Payable after one year Creditors: amounts falling due within one year Notes Bank loans 16 Other borrowings Other creditors Accruals and deferred income Creditors: amounts falling due after more than one year Notes Bank loans 16 |
2023 £ 284,164 10,000 294,164 20,759 273,405 2023 £ 10,759 10,000 37,394 47,290 105,443 2023 £ 273,405 |
2022 £ 296,677 - |
|---|---|---|
| 296,677 | ||
| 26,659 270,018 |
||
| 2022 £ 26,659 - - 2,178 |
||
| 28,837 | ||
| 2022 £ 270,018 |
17 Creditors: amounts falling due within one year
18 Creditors: amounts falling due after more than one year
19 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds | Movement in funds | Movement in funds | Movement in funds | ||||
|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance at | Incoming | Resources | Balance at | |
| 1 April 2021 | resources | expended | 1 April 2022 | resources | expended 31 |
March 2023 | |
| £ | £ | £ | £ | £ | £ | £ | |
| Building Fund | 658,656 | 48,822 | (3,342) | 704,136 | 191,791 | (35,934) | 859,993 |
| Local | |||||||
| Outreach | 11,092 | 38,320 | (38,320) | 11,092 | 34,440 | (31,525) | 14,007 |
| 669,748 | 87,142 | (41,662) | 715,228 | 226,231 | (67,459) | 874,000 |
The Building Fund represents funds raised to purchase new premises.
Smaller funds represent those funds raised for ongoing projects run by the church.
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HOPE CHURCH OSWESTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
| 20 Analysis of net assets between funds Fund balances at 31 March 2023 are represented by: Tangible assets Investment properties Current assets/(liabilities) Long term liabilities |
General Designated Restricted 2023 2023 2023 £ £ £ 277,223 112,038 811,213 - - 346,951 38,635 - (10,759) - - (273,405) 315,858 112,038 874,000 |
Total 2023 £ 1,200,474 346,951 27,876 (273,405) 1,301,896 |
General Designated Restricted 2022 2022 2022 £ £ £ 996 112,038 464,244 - - 346,951 215,730 - 174,051 - - (270,018) 216,726 112,038 715,228 |
Total 2022 £ 577,278 346,951 389,781 (270,018) 1,043,992 |
|---|---|---|---|---|
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HOPE CHURCH OSWESTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
21 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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