Company Registration No. 06040760 (England and Wales) Charity Registration No. l 119653 HOPE (PORTSMoufH) known as The Kings Church Portsmouth (A Company limited by guarantee) TRUSTEES. REPORT AND UNAUDrrED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
Hope (Portsmouth) known as The Kings Church Portsmouth Contents of the Financial Statements For the year ended 31 March 2024 tharity Information Trustees, Report Independent Examiner's Rewrt ststement of Financial Activities Balan Sheet Notes to the Financial Statements 8-16
Hope (Portsmouth) known as The Kings Church Portsmouth Charity Infomiation For the year ended 31 March 2024 WORKING NAMES OF CHARrrY: The Kings Church TRusfEES: Catherine Gray Paul Hutchings Emma Brough Martin Back Alastair Jones (appolnted 24 January 2024) James MacPherson COMPANY SECRETARY: Emma Brough REGIsfERED OFFICE: The Kings Church Somers Road Southsea Hampshlre P05 4QA REGIsfERED NUMBER: 06040760 (England & Wales) REGIsfERED CHARITY NUMBER: 1119653 INDEPENDENf EXAMINER: Marcus Cridland BA(Hons) FC4 Scott Vevers Ltd Chartered Accountants & Registered Auditors 65 East street Bridport Dorset DT6 3LB PRINCIPAL BANKERS: CAF Bank Ltd 25 Kings Hill Avenue Kings Hlll West Malling Kent ME19 4JQ
Hope (Portsmouth) known as The Klngs Church Portsmouth Trustees, Report For the year ended 31 March 2024 The trustees who are a150 directors of the charity for the purposes of the Companies Att present their report together with the financial statements of the charity for the year ended 31 March 2024. They are also prepared to meet the requirements for a directo, report and accounts for Companies Act purposes. The accounts have been prepared in accordan with the accounting policies set out in the notes to the accounts and comply with the charlty's governing document, appllcable law and the requlrements of Accounting and Reporting by Charities: Statement of Recommended Practi applicable to charities preparlng their accounts in accordan with the Financial Repjrting Standard applicable in the UK and Republic of Ireland (FRS 102). Objectives and Activities and achievements for Public Benefit The Church adopted the model Memorandum and Articles of Association for local Assemblies of God churches. Its objectives are: the advanment of the Christian Faith the relief of sickness and financial hardshlp the advanment of education These are achieved by running a church, based In the Somerstown area of Portsmouth. The Kings Church continues its unwavering commltment to serve both its congregation and the wider community. Over the past year, the churth has not only maintained its regular activities-such as Sunday servi, Life Groups, and prayer weeks - but has also undertaken signifiGint initiatives that reflect its ongoing mission to transforTn lives through faith, community, and outreach. As part of our ongoing strategy for growth and mlsslon, we IntrodUd a Mslon framework focuslng on Presen, Transformation, and Mission. This vision has been the foundation of our ministry, particular through initiatives such as relaunching Alpha and the "Resilient Faith" series, which Is equipping us for mission. Additionally, significant structural changes have supported us this year, induding leadership transitions and a focus on staff development, such as the hiring of new roles like an Executive Assistant and a HOPE Administrator. Community Outreach and Support: Outreach efforts remain focused on addressing critical needs within Portsmouth, particularly through the Portsmouth Foodbank. This year, we have seen continued growth in demand for food parcels due to the rising cost-of4iving crisis, distributing 18,200 parcels-an increase from the previous year. The 'Cirde of Support, initiative has now integrated into an emerging broader 'HOPE Hub., and continues to support individuals in crisis with a holistic approach, working alongside organizations such as Citizens Advitr to provide finanoal advice and mental health support. This year, we secured additional fijnding from the Trussell Trust, alongside grdnts from the National Lottery s Community Organizations Cost of VIng Fund, which has enabled fijrther developing a HOPE Hub model with Foodbank; to be a key community resour, focusing not just on food distribution, but also providing life skllls tralning, mentoring, and spiritual growth opportunities. Our ROC {Redeeming Our Communitie5) mentoring program continues to thrive, with all mentors actively supporting their mentees in areas ranging from health and wellbeing to financial stsbility and spiritual growth. This has been complemented by the integration of ROC mentoring into our Fwdbank *ssions, providing more focused sUPPOrt for th)se in need. Children, Youth, and Family Mlnistrles: Our commitment to local children and youth remains a priority. Weekly program5 have continued to flourish, with a Youth Band and Eden (our Friday night youth group) growing in numbers and Impact. The restructured youth program provide5 a holistic discipleship joumey, and our young people are Increasingly stepping into leadership roles, particularly in worship and seryice.
Hope (Portsmouth) known as The Kings Church Portsmouth Trustees. Report For the year ended 31 March 2024 Groundbreakers and Kings Kids programs have also continued to grow, along wlth an Increase in participation at Tiny Treasure, where local chlldren and their families are finding a wpJcoming and faith-filled spa. Loong Ahead: Our focu5 remains on deepening our impact through dlscipleshlp, outreach, and leadership development. We are excited to see the continued growth of the HOPE Hub, fijrther integration of our cornmunity ministries, new opportunities to serve our congregation and city, as we seek to see lives transformed by the love of Jesus. Financial Review The statement of financial activities shows net incoming resources of £147,445 (2023 £45,660). Total resetves at 31 March 2024 stid at £1,050,489 (2023 - £903,044), including £701,445 (2023 - £560,837) restritted funds. ReseNes The trustees have estsbllshed a policy whereby the unrestricted funds not committed or invested in tangible fixed assets Cthe free reserves) held by the charity should be I month of the reSoUrS expended, which equates to approximately £25,000 in general funds. At this level, the trustees feel that they would be able to continue the current activities of the charity in the event of a significant drop in funding. The current level of free reserves is £79,261 (2023 - £45,071). Structure, Governan and Management Kings Church Portsmouth is a tharitable company limited by guarantee, incorpjrated on 3rd January 2007 and registered as a charity on 14th June 2007. The organisation was formerly a charitable trust by the same name and the company took responsibility of its activib'es on 1st April 2008. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is govemed under its Articles of Association. In the event of the company being wound up members are requlred to contribute an amount not exceeding £10. Trustees The trustees (members of the church counal) who served durlng the year are listed on page l. New members are appointed from the membership of the church by the existing churth counal. Tru ee induction and trainin New trustee directors are introduced trj the operations of the organlsation and are given information on the responsibilities of being a trustee and director as well as copies of the charitable company's Memorandum and Articles of Assoaation. Training is provided to trustee directors when required. ure The trustees delegate the day to day running of the church to a senior leadership team consisting of the lead pastor, who acts as chalrman and other church leaders. ststement of Trustees, Responsibilities Company law requires the trustees to prepare finanaal 5tstements for each financial year which give a true and fair view of the state of affairs of the charity and of the financial actiwtie5 of the charity for that period. In preparing those financial statements, the trustees are required to:
Hope (Portsmouth) known as The Kings Church Portsmouth Trustees. Report For the year ended 31 March 2024 select suitable accounting pollcaes and then apply them conslstently; observe the methods and princlples In the Charities SORP. make judgements and estimates that are reasonable and prudent. state whether applicable accounting stsndards have been followed, subject to any material departures dlsclosed and explalned in the financlal statements; and prepare the financial ststements on the going cOnM basis unless it is inappropriate to presume that the company will continue in business. The trustees are responsible for keeping proper accounting records which disdose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the flnancial statements comply with the Companies Act 2006. They are also responsible for ensuring that the company maintsins an adequate system of internal control designed to provide reasonable assurance that assets are safeguarded against loss or unauthorised U and to prevent and detect fraud and other irregularities. Inde endent Examiner Marcus Cridland, of Scott Vevers Ltd has expressed hls wllllngness to continue In Offl and a prokX)sal for his re-appointment will be made at the Annual General Meeting. This re[rt has been prepared in accordan with the small companies regime under the Companies Act 2006. On Behalf of The Board Paul Hutchings Trustee Date:
Hope (Portsmouth) known as The Kings Church Portsmouth Independent Examiner's Report to the Trustees of Hope (Portsmouth) For the year ended 31 March 2024 I report on the accounts of the company for the year ended 31 March 2024, which are set out on pages 6 to 16. Responsibilities and basis of report As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts In accordan with the requirements of the Companies Act 2006 Cthe 2006 Act?. Havlng satlsfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Att and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Aci 2011 ('the 20 11 ACV). In carrying out my examination I have followed the Directions given by the Charity Commission under settion 145(5) (b) of the 2011 Act. Independent examiner's statement 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 respeci: Accounting records were not kept In respett of the compary as required by section 386 of the 2006 Act; or The accounts do not accord with those records; or 3. The accounts do not comply with the accounting requirements of section 396 of the 2006 Att 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. or The accounts have not been prepared In accordan with the methods and principles of the statement of Recommended Practice for accounting and reporting by charities [appllcable to charities preparing their accounts in accordan with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no COnrnS and have come across no other matter5 in connection with the examination to which attention should be drawn In this report in order to enable a proper understanding of the accounts to be reached. Marcus Cridland BA (Hors) FCA Scott Vevers Ltd Chartered Accountants & Registered Auditors 65 East Street Bridport Dorset DT6 3LB Date: 2s..Iii.l+.
Hope (Portsmouth) known as The Kings Church Portsmouth Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 March 2024 Total Funds 2024 Total Funds 2023 Unrestricted Restricted Funds Funds Note Income Income and endowments from: Donations and legacies Charitable activities Other trading activities Investment income Total income Expenditure on: Charitable activities Total expenditure Net income before transfers Transfers Gross transfers between funds Net movements in funds Reconciliation of funds Total funds brought forward Total funds carried forward 131,399 2,049 119,153 2,934 255,535 363,027 33,461 494,426 35,510 119,153 6,674 655,763 360,165 29,843 92,586 1,175 483,769 3,740 400,228 248,698 248,698 6,837 259,620 259,620 140,608 508,318 508,318 147,445 438,109 438,109 45,660 6,837 140,608 147,445 45,660 342,207 560,837 903,044 857,384 349,044 701,445 1,050,489 903,044 All incoming resources and resour5 expended derive from continuing activities. The church has no recognised gains or losses for the year other than the results above. The notes on pages 8 to 16 form an integral part of these financial statements.
Company No. 06040760 Hope (Portsmouth) known as The Kings Church Portsmouth Balance Sheet at 31 March 2024 2024 2023 Note Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand 15 1,235,040 1,237,797 16 19,983 471,400 491,383 11,167 337,374 348,541 Creditors: Amounts falling due within one year Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year Net assets 17 (26,991) (22,022) 464,392 1,699,432 326,519 1,564,316 18 (648,943) (661,272) 1,050,489 903,044 The funds of the charity: Restricted funds 20 701,445 349,044 560,837 Unrestricted funds 20 342,207 Total charity funds 1,050,489 903,044 For the financial year ended 31 March 2024, the charity was entitled to exemption from audit under *ction 477(1) of the Companies Act 2006; and no notice has been deposited under sertion 476(1) requesting an audit. The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with settion 386 of the Act and preparing accounts which give a true and fair view of the state of affairs of the charity as at the end of the year and of its income and expenditure for the financial year in accordan with the requirements of section 394 and which otherwise comply with the Companies Act 2006, so far as applicable to the charity. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime under the Companies Act 2006. Approved b the Board on ... and signed on its behalf by: Paul Hutchings Trustee Emma Broug Trustee The notes on pages 8 to 16 form an integral part of these financial statements.
Hope (Portsmouth) known as The Kings Church Portsmouth Notes to the Financial Statements For the year ended 31 March 2024 l General information HoFe (Portsmouth) is a company, limited by guarantee, incorporated in England and Wales under the Companies Act 2006 and Charities Act 2011. The address of the registered office is provided in Reference and Administrative Details. Details of the charlty s operatlons are provided in the Report of the Trustee5. 2 Accounting policies The prinapal accounting policies adopted, judgements and key sources of estimation UnrtaInty in the preparation of the financial statements are as follows: Basis of preparation The charity constitutes a public benefit entity as defined by FRS 102. The finanaal statements have been ppared on a going concern basis under the historical cost convention and in accordance with Accounting and ReFrf)rting by Charities: Ststement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), (Charities SORP 2019 (FRS 102)), the Companies Att 2006 and the Charities Att 2011. Accounting convention The finanaal statements have been prepared on a going concern basi5 as the trustees believe that no material unrtaIntieS exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reseNes for the charity to be able to continue as a going concern. Fund accounting policy Unrestritted income funds are general fijnds that are available for use at the trustees, discretion in furtherance of the objectives of the charity. Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Income Voluntary income including donations and grants that provide core funding or are of a general nature is recognised where there is entitlement, certainty of receipt and the amount can be quantified with reasonable accuracy. Income from tax reclaims are included in the Statement of financial activities at the same time as the gift to which they relate. Income derived from events is recognised as earned (that Is, as the related gofyjs or servi$ are provided). Investment income is recognised on a receivable basis. Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract or where entitlement to grant funding is subject to specific performance conditions. Grant income included in thls category provides funding to support programme activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Expenditure Liabilities are recognised as soon as there is a legal or constnjctive obligation committing the charity to the expenditure. All expenditure is accounted for on an accwals basis and has been classified under headings that aggregate all costs related to the category. Charitable expenditure comprises those costs incurred by the charity in the delivery of its attivities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs indude central functions and have been allocated to activity cost categories on a basis consistent with the use of reSoUrs. G0veMan costs include costs of the preparation and examination of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters.
Hope (Portsmouth) known as The Kings Church Portsmouth Notes to the Financial Statements For the year ended 31 March 2024 2 Accounting policies (continued) Fixed assets Individual fixed assets costing £500 or more are initially recorded at cost. Depreciation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Furniture and equipment 20 % straight line basis Building Improvements over 25 years Pensions The charity operates a defined contribution pension scheme. Contributions are charged to the Ststement of Financial Activities as they become payable in accordan with the rules of the scheme. Operating leases Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. Financial instruments Classification Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the Substan of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Recognition and measurement All financial assets and liabilities are initially measured at tftnsaction pri (including transaction costs), expt for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price exduding transaction costs), unless the arrangement constitutes a financing transactions. If an arrangement constitutes a finanang transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for similar debt instruments. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to ttle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and reward5 of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Hope (Portsmouth) known as The Kings Church Portsmouth Notes to the Financial Statements For the year ended 31 March 2024 3 Donations and legacio Unrestricted Funds 2024 2023 Restricted Funds 2024 2023 Total Funds 2024 2023 Committed giving Gift Aid tax reclaimed Trussell Trust B&Q HIWCF Julia & Hans Rausing Trust 104,978 26,421 32,301 19,226 139,432 16,926 124,594 219,020 20,177 27,244 5,000 244,410 43,347 124,594 251,321 39,403 27,244 5,000 3,000 3,000 5,400 5,400 Portsmouth City Council National Lottery Communty Fund Southern Coop Communty Fund Other grants 17,000 27,000 17,000 27,000 58,500 58,500 1,900 1,900 2,297 53,824 1,675 363 027 2,500 306,341 1,675 494,426 4,797 360,165 131,399 4 Income from charitable activities Unrestricted Funds 2024 2023 Restricted Funds 2024 2023 Total Funds 2024 2023 Community projects rcle of support Food bank 32,606 855 33,461 27,500 1,800 29,300 32,606 855 33,461 27,500 1,800 29,300 Church running Income from projects and events 2,049 543 543 2,049 2,049 543 33,461 29,300 29,843 5 Other trading activities Unrestricted Funds 2024 2023 Restricted Funds 2024 2023 Total Funds 2024 2023 Rental income Renewable Heat Incentive income 109,519 83,108 109,519 83,108 9,634 9,478 9,634 9,478 119,153 92,586 119,153 92,586 6 Investment income Unrestricted Funds 2024 2023 Restricted Funds 2024 2023 Total Funds 2024 2023 Interest on cash deFX)sits 2,934 902 3,740 273 6,674 1,175 io
Hope (Portsmouth) known as The Kings Church PortsTnouth Notes to the Financial Statements For the year ended 31 March 2024 7 Expenditure on charitable activities Unrestricted Funds 2024 2023 Restricted Funds 2024 2023 Total Funds 2024 2023 Staff costs (Note 13) Direct costs (Note 8) Support costs (Note 9) 112,196 28,063 95,478 21,329 96,010 109,927 88,509 80,291 208,206 137,990 183,987 101,620 90,236 90,305 53,683 48,421 143,919 138,726 Gifts and donations (Note 10) 18,203 13,776 18,203 13,776 248,698 220,888 259,620 217,221 508,318 438, 109 8 Dirert costs Unrestricted Funds 2024 2023 Restricted Funds 2024 2023 Total Funds 2024 2023 Activities undertaken directly Funding costs incurred Youth and children 23,497 16,252 100,462 70,820 123,959 87,072 9,465 9,471 9,465 9,471 5,077 101,620 21,329 109,927 80,291 137 990 9 Support costs Unrestricted Funds 2024 2023 Restricted Funds 2024 2023 Total Funds 2024 2023 Estsblishment costs Equipment Office expenses Motor and travel expenses Interest payable Depreciation Govemance costs Independent examiners fees 42,467 1,217 7,189 47,949 749 7,655 4,102 3,428 6,226 5,024 1,937 1,670 46,569 4,645 13,415 52,973 2,686 9,325 670 270 2,522 2,385 3,192 2,655 16,971 19,106 11,544 20,3+1 26,400 11,005 26,400 11,005 43,371 30,111 37,944 31,349 2,616 1,794 2,616 1,794 90,236 90,305 143,919 138 726 li
Hope (Portsmouth) known as The Kings Church Portsmouth Notes to the Financial Statements For the year ended 31 March 2024 10 Gifts and donations 2024 2023 Recipient Activity AOG Asociacion Christiana Mr & Mrs Butler Church Mission Society EPIC 192 Faith In Football Family Church Freedom Church Fusion Oasis of Hope Poland Shake The Nations stewardship - P & A Frizelle street Pastors Women Without Roofs Other Gifts Overseas and Home Mission Overseas and Home Mission Overseas and Home Mission Overseas and Home Mission Overseas and Home Mission Overseas and Home Mission Overseas and Home Mission Overseas and Home Mission Overseas and Home Mission Overseas and Home Mission Overseas and Home Mission Overseas and Home Mission Overseas and Home Mission Overseas and Home Mission Overseas and Home Mission 200 3,000 3,000 1,500 2,560 400 2,300 1,325 600 480 120 480 240 1,400 420 770 400 1,200 1,625 360 1,325 311 1,200 3,600 360 1,500 1,303 18,203 11 Trustees, remuneration and expenses The following amounts were paid tt) Trustees and their close families for ministerial and administrative duties in accordan with the Articles of Association: Hospitality & travel £0 Salary £11,123 No trustee or person related or connected to them received any remuneration in respect of their services as a trustee from the charity during the year. One trustee received expenses of £1,156 during the year. Other related paty transattions are detailed in Note 24. James MacPherson 12 Net income Net income is stated after charging: 2024 2023 Depreciation of tangible fixed aets Independent examiner's fees 30,111 2,616 31,349 12
Hope (Portsmouth) known as The Kings Church Portsmouth Notes to the Financial Ststements For the year ended 31 March 2024 13 Employees. remuneration The average number of persons employed by the charity (including trustees) during the year was as follows: 2024 No 5.29 2023 No 5.29 Charitable activities The average number of staff employed (Headcount) 12 li The aggregate payroll costs of these persons were as follows: 2024 2023 Wages and salaries Social security Pension contributions 193,607 11,707 2,892 208,206 173,069 7,186 3,732 183,987 No employee received emoluments of more than £60,000 during the year (2023 - None). 14 Taxation As a registered charity, the company is exempt from income and corporation tax as all of its income has been applied for charitable purposes. 15 Fixed Assets Fixtures, Freehold fittings land and and buildings equipment Motor vehicles Total Cost At l April 2023 Additions As at 31 March 2024 Depreciation At l April 2023 Charge for the year As at 31 March 2024 Net book value As at 31 March 2024 As at 31 March 2023 1,380,075 38,969 38,584 1,457,628 27,354 1,484,982 1407,429 38,969 158,5H 25,964 184,508 37,556 433 37,989 23,731 3,714 219,831 30,111 249,942 1,222,921 1,221,531 980 1,413 11,139 14,853 1,235,040 1,237,797 16 Debtors 2024 2023 Operational debtors Other debtors 5,915 14,068 19,983 11,167 13
Hope (Portsmouth) known as The Kings Church Portsmouth Notes to the Financial Statements For the year ended 31 March 2024 17 Creditors: Amounts falling due within one year 2024 2023 Bank loans and overdrafts Taxation and social security Other creditors Kingdom Bank Ltd Mortgage 18,006 3,400 5,585 26,991 17,234 2,135 2,653 22,022 18 Creditors: Amounts falling due after more than one year 2024 2023 Other creditors Kingdom Bank Ltd Mortgage 648,943 661272 Included in creditors are the following amounts due after more than 5 years: 2024 2023 After more than five years by instalments 565 547 582,802 The mortgage is secured on the freehold property owned by the charity, representing 73% of net book value. The advance is repayable over 30 years from 2019 and interest is being charged at 3.5 % above bank base rate. 19 Members. liability The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exedIng £10 towards the assets of the charity in the event of liquidation. 20 Analysis of funds At31 March 2024 At l April Incoming Resources 2023 resources expended Transfers Unrestricted Funds Designated Funds Renewables fund Covid recovery fund General Funds Unrestricted income fvnd 249,336 47,800 (27,353) 221,983 47,800 45,071 342,207 255,535 255,535 (248,698) 248,698 27,353 79,261 349,044 Restricted Funds Food bank You Tnjst Refurbishments - Somers Rd Refurbishments - Elm Grove 376,203 15,279 156,944 12,411 560,837 367,622 32,606 (220,430) (28,185) (9,232) (1,773) 259,620 523,395 19,700 147,712 10,638 701,H5 400 228 Total Funds 903,044 655,763 508,318 1,050,489 14
Hope (Portsmouth) known as The Kings Church Portsmouth Notes to the Financial Statements For the year ended 31 March 2024 20 Analysis of funds (continued) At31 March 2023 At l Apnl Incoming Resources 2022 resources expended Transfers DesignatedFunds Renewables fijnd Covid recovery fund General Funds Unrestricted income fvnd 279,384 74,300 (30,048) (26,500) 249,336 47,800 49,906 403,590 147,855 147,855 (220,888) [220,888) 45,071 542 207 11,650 RestnctedFunds Foodbank You Tnist Refurbishments - Somers Rd Refurbishments - Elm Grove 257,289 308,414 27,500 (177,850) (28 366) (9,232) (11,650) 376203 166 176 14,184 12,411 560 837 335 914 217,221 Total Funds 857,384 483,769 438,109 903,044 The church runs a foodbank which is part of a nationwide network of foodbanks, in partnership with The Trussell Trust. It provides three days, nutritionally balanced emergency food and support to local people in crisis who are referred by agencies and other organisations. Monies are given for various speafic church projects during the year both locally and overseas. The refurbishments funds represent specific grants and donations reiVed to fund expenditure which are being matched against depreciation charged. 21 Net assets by fund Unrestricted Funds 2024 2023 Restricted Funds 2024 2023 Total Funds 2024 2023 Tangible assets Current assets Creditors: Amounts falling due within one year Creditors: Amounts falling due after more than one year Net assets 553,295 471,683 692,239 333,262 681,745 19,700 545,558 15,279 1,235,040 491,383 1,237,797 348,541 (26,991) (22,022) (26,991) (22,022) (648,943) (661,272) (648,943) (661,272) 349,OH 342,207 701,445 560,837 1,050,489 903,044 15
Hope (Portsmouth) known as The Kings Church Portsmouth Notes to the Financial Statements For the year ended 31 March 2024 22 Financial instruments Categorisation of financial instruments 2024 2023 Financial assets that are debt instrument measured at amortised cost 482,255 339,601 Financial liabilities measured at amortised cost 675,934 683,294 Items of income, expensei gains or losses The total interest income for financial assets not measured at fair value through profit or loss is £6,674 (2023 - £1,175). 23 Gross obligations under operating leasing agreements At the year end the church had future minimum lease commitments as follows: 2024 2023 Not later than l year Later than l year and not later than 5 years 1,077 2,155 1,077 1,077 24 Related party transactions t)onations totalling £24,799 were made to the charity by 6 trustees during the year. During the year Alastair Jones (trustee) rented office space from the charity for £214. These transactions were at open market value. James MacPherson's (trustee) wife Abigail MacPherson was employed during the year and her salary is included in Note 13. James MacPherson abstained from any decisions related to her employment. During the year, Chris Brough (husband of trustee Emma Brough) was paid £973 (2023 - £4,160) for plumbing work and expenses. 16