CHARITY REGISTRATION NUMBER 1119791 COMPANY REGISTRATION NUMBER 5999100 C3 TRUST UK GROUP ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Hackeryoung Chartered Accountan15
C3 TRUST UK LEGAL AND ADMINISTRATIVE INFORMATION Trustees C Davies O Olariiide M Mutliiah J Hcmmii)gficld L Davies N Aiiuniba J Willis (Appoiiited 8 May 2024) (Appoiiiled I l Jaiiii¢2ry 2024) (Appoiiited I l Jaiiuary 2024) Secretary S M Sherivin Charity number 1119791 Company number 5999100 Principal address 'riie Hope Cei)Irc SlILfficld Soiiili Yorksliirc Rcgistered office Tlie l-lopc Cciitre Bcrnnrd Iload Slicfl icld SoLltI) Yorksl)ire S2 513Q Auditors UHY Hacker YOUTI 6 Broadficld Courl BroadfiLld Way Slicfiicld Soutli Yorksliire Bankcrs BarclL?ys Ejaiik plc C'iiy Office Sherricld SI ING Solicitors Geldards Nunibcr One Pride Place Pride Park Derby DE24 8QR
C3 TRUST UK CONTENTS Page Trustees, report i- 10 Stalcmenl of trusle¢s' respoiisibilitics Iiidependeiil auditors, report 12- 15 Consolidated siatement of financial activities Statement of fiiiancial activities 18- 19 Consolidatcd balancc slieet 20 Balancc shcct 21 Statcnient of cas11 flows 22 Notes to the accounts 23-46
C3 TRUST UK TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present ilieir report and consolidated accounts for the year ended 31 March 2024. The fiiiancial stalemcnts liave been prepared in accordance with the accounling policies sel out in note I to the riiian¢ial slatements ai)d comply ivitli Ilie charity's Meinoraiidum and Articles of Association, the Companics Act 2006 'Accountingi and Reporting by Cliarities: Statement of Recommended Practice Applicable to Cliarities prcparingi their accouiils iii accordaiice witl) tlie Financial Reporting Siandard applicable in ihe UK aiid Republic of Ireland (FRS 102) (elTective l January 2019)" Objectives and Activities Tlic Articles of As40¢icqlion rcslrici il)e objectives of the Church to: a) advaiicc tlie Cliristiai) faiili iii accordc211CC Ivitli Ilic Stalciiieiil li) sucl) way aiid iii sucli parts of the lJi)iled Kiiigydoin or ilie ivoi'ld as Ilic dircctorq froln liinc lo tiinc may tl)iiik. fil: b) to rclicvc sickiic8S <lTid lii)aiicial l)¢ird.sliip cqiid to proinolL lid prcservc b7ood liealth by Ilic provision of fiiiids. good.4 or .4ciYices of clliy ki lid iiicliidiiig7 11)roug?Ii tl)c provisioli of COUTiselliiigi aiid support iii sucli Pcqrts of tlie Ui)it¢d Kiiigidoin or tlic ivorld as tlic directors from time lo tinie iiiay iliilik fil; and c) to advaiice ediic2I lioii in such parts of tlic United Kiii&?dom or tlic world as ihe directors froin tiii)e to liinc Tnay tliii)k fil. Uiider ilie broad objccts of tlie cliarily, cacli cliiirch coiibyrcgialioii coiinccted io C3 Trusi UK lias beei) &)rantcd Ilic aiitOllOllly. Liiider a forinal aiid it gireed 'Sclieiiic of Dclcgialioii, to dcfiiie a vision for tl)eir Ioc26 I cliurch Ivliicli reflecls 11)eir aspiratioiis for Ilicir Iatio[l aiid tlieir cliurcli comniuiiily. Iii tl)is year al I cliurclieq liave coiitii)ued io operate iiiidcr thc tcrins of tl)e .%cl)LillC of dclcgi<iOl1 1)d ivork 'It1]ll7 the widLr striiclurc of tlie BoLlrd of I"riistccg tliroiigyli the Ii)tcrim Cliicf fxcciitivc. I,roin J£qiiiiary 2025 111¢ rolc of liiteriiii Cl)icf Exccutivc ivi11 ccasc lo Lxisl witli ilic Lcad Pdslor of C3 I-lope bcii)gi Ilic iiiost seiiior oificer of tlic cli¢irity. All otlicr cl)aritablc activities ulidertakcii by tlic C3 Trusi U K ai)d its cl)urclies are to furtlicr tlic atlaiiiment of thc above objectives. Thc Irii8lces 111£ ve paid due regard lo tli¢ gluidaiice issued by tlie Cliarity Commission in deciding wliat aclivities tlic cl)arity sliould iiiideriake. C3 Trust UK Churches Over tlic past ycar, Ive liave coiitiiiucd to scc ali agg7regatcd net growth in in-person attcnd¢ince at churcli scrviLes, Iviili C'3 I-lopc (Shcl"field) seeii)gi ali eiicour¢1bl iii&i iiicreasc ITI Iiiciiibership over ilic pcriod leadiiigi lo Ilic 141uncli of a second Suiiday service iii Sepleiiibcr 2024. Tlie overall nuinber of those alteiidiiig in-person has iiicreased by 30% based oil il)e previous year lo 907 attendees, meaning tliat in-person alteiidaiice has ii)creased by over 600/0 over the past two years. Despitc nienibership iiunibcrs secing moderate groivth ive are clearly now seeinby a confident return to iii-person church atteiidance despile online services being streamed and well atteiided. At local church level tlie cliarity currently houses the remaining churches pending completion of ihe transition to independence. The work of the local churches is led by each of the Lead Pastors for each church. Each church then has its oivn local leadership wliich acts primarily to ensure that the local vision of the church is advanced. whilst recogiiising the connection and inlerdependence that remains across all the churches which forn] part of C3 Trust UK.
C3 TRUST UK TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Across all churches our current estimate is thal wc remain at approximately 1,855 members as of 31 March 2024. By the end of November 2024 this has risen slightly to approximately 1,942, although from April 2023, C3 Neivcastle and C3 Sunderland bccamc indcpcndcnt and are ilo loiiger iiicluded in these stalistics. Figyurcs for C3 Hope are approxiinated based oil a proportion of the current size of the databasc whicli is due to be purged iii 2025. Church Membership (as per database) Church Name C3 14ope (Slieffield) C3 YRKS (Lccds & York) C3 Liverpool TOTALS 31103124 1500 285 70 1855 30111124 1600 247 95 1942 Average A(lenilance in person 757 95 55 907 Across all oiir cliiirchc8 Ihcrc are morc Ih4lTI 360 voliintcers ilivolvcd in scrvinby and leadiiig. Tliis Icvcl of coiiipares wcll willi 11)e previous ycar aiid rcflccls posilivc Icvcls of ciigJa&Tciiiciit aiiioiiglsl cliurcli inciiibers arid a healthy culiurc of voluntcerism. In comiiig Inoiiilis, ilie cliarily iiitciids to placc a &yrcatcr focus 011 build iii capacily through volunleerii)b) and is cmbarkingy on a proccss desigiicd to creale a Icadcrsliip pipelii)e lo encourage personal growili and leadcrship. Thc churchcs, albeil nol universally. opcratc niimcrou% Suiiday and midw'cck mini.stries including, scrvicc teaiiis, 51nall g)roups. youili aiid cl)ildrei)'s In iiiislrics. studciit aiid youiiby adult niinislrics, Incn's aiid ivoiiicii's Iniiiislrics, and m issions ai)d Inarkclplacc mini%lri¢.%. eacli focusiiigv oli Icacliiligi, cquippiiigj (iiid rclc2c siiig glifts aiid taleiits in oilicrs. Each is uiiderpinTied by th¢ focus on prayer as a kcy foiiiidatioiial aiid inteiilioiial iispecl of churcl) dcsig¥n. Movemcnt Towards Indcpcndencc Oli l April 2024 C3 LIFE became indcpcndeiil from C3 Trust UK iii linc willi tli¢ planncd chanbles to th¢ overall slruclur¢ of the charily. Dcspitc exleiisivc dclays iii bciiibi awarded charilable stalus. C3 Liverpool was siicccssfiilly rcgiistered as a CIO oli 19 Sepieinber 2024 and ivi11 traiisitioi) iio later tliaii 31 Marcli 2025. This vill mark Ilic cnd of a pcriod of traii%itioii ivliicli begiai) 111 2020 ivliicli lias bccii succcssfully lcd by Ilic liiteriiii Cliief Executive witli tlic support aiid g?Iiidaiicc of iruslccs aiid ilic local Icadersliip aiid coopcrcqtion of Lcad Paslors. Lead Pastors liavc cxprcsscd tlicir tlianks lo tlic Intcrim Chict. Executive aiid Iriislccs for tlicir supporl Ihroiighout what has becn a lime of turbulence sincc 2020 rcco&711isin&? Ihilt dcspitc coiigidcrablc progress bciii made over this time, the journey has not been wiiliout the sigiiificanl challenges associatcd ivith org?anisational change. All churches and their Lead Pastors have focused on rebuilding a strong and reiielved sense of trust, a Iiew culture and vision for ihe fulurc, asscmbling and growing new teams, engagiiig new church Ineinbers, cliabling a greater level of transparency, managii)g finaiicial risk, and creating a fresli momentum. Churches and their pastors remain connected relationally through the C3 Global movement. During this period C3 Liverpool has experienced a successful change of leadership and a change of venue wliilst maiIilaining a mostly static iiiembership, seeing new commitments to Christ and believers being baptised. The transition in leadership has been led well and John and Amelia Clark are now established as Lead Pastors, able to bring their own style, values and culture to the church in Liverpool.
C3 TRUST UK TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 C3 LIFE has iiot only successfully sct up a new charity in this period but also rebranded the church itself in both Leeds and York. moviiigy aivay froin tlic previous aiid temporary brand of C3 YRKS to make tlie commenceineiit of a new start for tlie church in Leeds and York. Trustees coiitiilue lo review tlieir role, focus aiid iTivolveinei)t to be ablc to revert lo the place of strategic oversigl)t, havii)g coiifidcnce in appoiiited leadcr%liip and ii) tlie streiigtli of gyoveri)ance whicli lias beeii biiilt in recci)t ycars. Tliis lias Tneaiit tlie appoiiitmeiit of iicw Irustee8 ai)d ali iiitentioii to further slreiigJtl)ei) tlie board of trustees in Ilie coiiiii)g year as C3 Trust UK rcvcrts to boii)g ivliolly Stic]cId focused, Or2xnis#tional Development Mic li¢igiilig Iraiisitioii and cliaiibic Iiavc becii a priority for C3 Liverpool aiid C3 LifE and havc sii¢ce%sfully acliicvcd tliis wl)i18t rclaiiiiiibi overall cliiircli ii)ciiibcrsliip. I"Iiis liii S Ilot oiily seen qtriiclural alid goveri)anLe cliaiig>c bul rfl140 becii iiict with tl)c opportiiiiity aiid clial lei)sic of Tnovii)g¥ IV£2y froin ilie past aiid s¢tliiig Ilicir sig?l)ts 011 tlic futiirc, tliroiiglli visioii casliiig, tcacl)iii&, lecqdcrsliip developinei)t aiid leain buildiiig aiid a coiitiiiued d¢l¢riii iiiation to create aiid Inaiiltaiii ai) lioiiest, opeii aiid iran8parciil culiure. a key compoiiciit to faci l italiiig Iiealtlly cliurches. C3 I-lope IiL1S pliiccd n 8igi)ificant cimoiiiit of effort in Inaiiagingy ihe grO1h of the churcli, wliicli comes with its OIVII IIIIiqLie cliiilleiibieg. Stralcg)ic goL?Is iiicludL itq iiivcstlnciil iii people aiid in Ilic dcvclopinei)t of a leadL'rsliip pipel ilic. streiigitlieiiiiig disciplesliip aiid pastoi'nl carc as well as buildii)gi volulitcerisin aiid strciigJiliei)iiigi a staff tcani ivliicli ii)dividiially aiid collectively Iiave carriLd a sigiiificaiil weig7lit of work aiid rcspoiisibi lity. Maiia&J iiiby Ilic pace of cliaiigje aiid gyroivlli lias prcseiilcd cliallei)ges, but they are challen&)es associated witli tlie liealtli ai)d &)rowili of tlie cliurcli aiid tl)c iinpact of its work. Tlicre coiitinucs to be a clear rccogiiition tliat &yood strategy, plaiining, cominunicatioii, manageTnenl ai)d Ici1riiii)gJ ai)d developinci)t arc all iiilegjral aiid Ls4eiitial Clciiieiits wl)icli uiidcrpiii ilic visioii ai)d valucs of Ihe local cliiirch. This lias led to slroiigcr teams, greater enipailiy, mor¢ infonned decision-lnakiiigi, more robust dialogiue, modcralioii of pacc and grealer clarity aroiind prioritie% and focus. Triisleeg arc greatly cncoiirag?ed by the clear qigyns of liealili in terins of numeric &Jrowth, gyroivili in g?¢ncrosily aiid ¢i)g7agiciiiciit iii tlic iii ission aiid ivork of tlic cliurcli. C3 Trust UK Property #nd Premises C3 Trusl UK'S property portfolio Ilas changled in liiie witli wider chang?es in the orgaTiisation. C3 Trust UK currently holds a lease for 85 City Road, Newcastle, NEI 2AQ. The building is sublet by agyreement witli tlie laiidlord to C3 Newcastle (forinerly parl of C3 'frust UK). C3 Newcastle provide regyiilar Inai)agemeiit accoiinls to C3 Trust UK alloiving their finailcial strengTrth io be monitored. The church is stroiig and coilliiiues to meet tlie terms of Ihc sublcase. At tlie iipconiing break clause, C3 Trust UK intend to explore wlietlier ilie lease can bc wholly assi&yiied io C3 Ncivcastle, C3 Liverpool vacated their premises at 79-81 Kenipston Street in agreement with truslees, and we were successfully in obtaining a new sub-ten1c nt for ihc premises, Hillson Church in Liverpool. Flillsong church moved into the premises in early 2024 under a simple tenancy at ivill, whilst working loivards a full assigiiment of the lea.%e to Hillsong Churcl). The successful assignment was completed on 12 December 2024. Trustees are encouraged that tlie qignificant investment in the premises to creale a purpose buili facility to liouse a church, has been passed on to another church, i¥ho are by all accounts thriviiig in their new veiiue. As a result. C3 Trust UK'S fixed assets will reduce, but so too will the risks associated with retaining a long lease of this nature.
C3 TRUST UK TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Sheffield based Hope Centre. is a 54,000 ft2 building which is the Iiome of C3 Hope and coinprises a large auditorium and overflow facility ('The Forge, witli seating capacity for over 130 people) as well as varied aTid extensive conferencing and training rooms, leltable and dedicated office space, a communiiy hub and cafe. Iii the finaiicial year lo wliich these accounts relale, th¢ usc of tlic building¥ for conferencing contiiiued to perfonn bcttcr thai) expccted and a dcvclopinent plan is currcntly being? rcvi8ed io capilalis¢ on this opportunity to fundraisc for ili¢ charity usiiig tl)c pliysical ¥1sset. Tl)¢ reccnl appoiiitinciil of a Dcvelopincnt Maiia&)cr is a stralegic inove to streIibytlien tlic leain aiid to drive fonvclrd a slratc&y to inaxiinise social valuc alid fiiiancial yield from the building ivl)icl) is on the local authority's r¢gyister ofcommuiiily asscts. Truslces wil I continue to focus oli liousii)bi a in ixlurc of church, coiiiniuniiy and business or social ciilerprisc aclivilies dcsigiiicd io dclivcr cliiircli Iiciqlili ai)d gyrowili, social valuc aild longier.tenn fiiiancial suslaii)ability for Ilic build ingi alid ihc cl)urcli iii Shcfficld. Hope Centre Liiniled (a subsidiary of Flope Commuiiily Fouiidation) nianages coiifcrcilciiig? and room hire and liccnscd offices for local sinall busiiies4e8. Tlic iiicoine from licensed offices has lielpcd to rcplacc iiicome ieiieraled from a fonner cliarily linked to C3 Triisl UK wliich vacalcd the preiiiises in 2020. Witli support from capilal reserves and cxlcriial funders such as Bciiefact Trusl and Veolia and tlie Poslcodc Ncig)l)bourliood Trust we liave bcen able to coiitiiiue capital ivorks ii) tlie buildiiig to iniprove visitor cxpcricnce ai)d upg7rade key biiildiiigy jiifraslruclure. A recciit Loiv Carboii graiit has also ei)c2bled us lo iiitrodiice cost saviiigi and &)reen solutions to ilic buildiilg to reduce ils carbon foolpriiil aiid improvc its eiivironmeiilal ¢IcIency. Our fundraisiTig slratc&y is currciitly being rcvisiled io enable us to fuiid a further phasc of works to bc undertakcii over tlic ncxt 3 ycars iii ordcr to providc furtlier spacc for Ilie groiviiigy churcli, additioiial accominodation for local businesses and nciv social projects targictcd at local necds. Funds prcviously raiscd for Ihc Wavcrlcy projcct in Slicfficld Iillvc iiow bcen suc¢c.gsfully rcpiirposcd <2S part of a Spccial Scl)cinc ivliicli was approvcd by Cliarity Coiniiiissioii iii 2022. '1"licsc I'uiids liave now bccii cominitt¢d or iiivcsled inlo mainlcn¢111CC, rcfiirbisliinciit and cfficiciicy of ilic 14ope C¢Iitrc. Outreach, Social Aetion and Missions The continued commitmeiit to serving commiinities has bccn cncoiiragiiig to se¢, Iviih the churclies coiitiiiuiiig. Ivhcre tlicy cali. lo uiiderlakc outrcacl) aiid social action projccts commcnsur<2lc ivilli tlicir C21 P¢lCity to underiake thcsc activities. C3 Hop¢ and C3 LIFE have continued io operate a raiig?e of social aclioii aiid oulreach projects ivhilst C3 Liverpool lias focused 011 Iransitioniiig and slren&ytheiiing Ili¢ church in a period of cliaiige. C3 YRKS. as a Christian coinmunity, operales a separatc and indcpcndcnt charity called Projccl Hope (Charity No 1146856) whicli lias continued io invest iii social aclion projccls in disadvanlqc ged arcas of Leeds, including a food hamper project providing 600 hampers for local faTnilics, and community faniily fun days. lii York the church is partnering with York City Football club and the Lead Pastor of C3 Life in York has recently been appointed as Chaplain for the football club. C3 Hope operates Hope Community Foundation (Charity No 1102542), part of the C3 Trust UK group ivhich houses an ¢arly year setting and other regular community projects and gTOUPS, impacting tlie lives of thousands of local people each year including a community grocery, created in partnership ivilh Tlie Message Trust (Charity No 1081467), which has currently amassed over 2300 members.
C3 TRUST UK TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Iii April 2021 the Foundation Community Grocery laiinched. working ivith The Message Trust, a partner cliarity. At the three-year anniversciry iii April 2024. Ive reported that tlie grocery liad 2095 Ineinbers, of ivhich 1400 were active. 650/0 of beJ)eficiaries ivere in our iinmediate disadvantaged commuiiities of S2 and S9 postcodes. Almosi 7800 iiidividiial sliopping visits have beei) completed in Ilie previous year alone, with almost 20,000 sliops completed siiice ilie project started, providing an estimated 400,000 meals over ihis time to local families, as well as 172 toiin¢s of food bciiig rescued from landfill since 2021. Iii receiit Inoiitlis it lia£ bccn <?grccd with Thc Me4s1c ge Trust thai Hope Community Foundation will take on tlie rui)Iiiiig) of tlic g)rocery iii a social Iraiicliisc Inodcl froin l Jaiiuary 2025. Ivhilsl sli11 rccciving? key support froiii ilie tcaiii at Tl)c Mcssagc TrLlSt. "I'liis lias becii fully cinbraccd by ilie team and irustees are liopeful tliat tliis ivill ¢nablc ilic g)roc¢ry to reacl) Inore and more people in ilic area in need of tlie support the glrocery offers. In tlie next 2 ycars thc ch2L rity ainis lo groiv the gyrocery membersliip to 3,250 niembers, specifically largelinb Iliosc disadvantag?cd coiiiiiiuiiities closc to tl)c l-lopc Cciilrc ivl)LrL deprivation 18 aiiioiigsl tl)c top l O % ii) tlic UK. Flope Coinniiiliity fioiiiidalioii lias coiitiiiiicd to dclivLr iiiucli iiccdcd scrvices to tlie local coininuiiity ITI Slicflield, iTiclLidiiigi tlirou&vli its coiiilniiiiiiy iiiirsery (Liiilc Ark N Iirsery & Prc-Scl)ool) <lTid tl)roug)li a growiiib iiiiiiib¥r of coiiiiiiuiiiiy projects wliicli liavc ovLrall coiiliiiucd to gyaiii iiioinentum iii tlic last ycar. All iniliatives liave added significantly io tlie social iiiipaci dclivcred uilder Hope Cominuiiity Fouiidation. Coniinuiiity projccls such as Polka Dols Play Group and Jigsaw Café liavc helped ilic charity to build its siipport for youiigi faiiiilics alid ilie cldcrly re%pcLlivcly. Tlie doiialioii-based Foiiiidalioii Carc providc4 a vital aiid vibraiil coiii)eclioii poii)t froiii ivhicli tIIc %OCici I lue crcaled Ilirougil) cach project cali be compouiidcd for bci)eficiarics. Tlicse vilal projects liavc bceii accoiiipLlnicd by thic Tnorc recei)t iidditioii of tlic Cafc Loiiiicct projcct ivliicl) fociiscs oil delivcriiig? COTivcrsnlioi)al r.Tl&i li%li luitiOTi niaii)ly to iinmigyraiils comiiigj ji)to sheield froin kloiig Koilbi aiid tli¢ iniplelnciilatioii ot. sliorl-lerm projccls such as a school uniform project aiid a series of iveckly dropins l)av¢ also beei) ilitroduccd io provide tar&)ctcd support ivorking in partiiership willi orgiaTiisalioi)s siicli as Rccd, Maiior & Caqtl¢ Developmciit Trust. 8parklc Sherricld, aiid Ci11& dcl BIisiTies AcL1dcmy. Tlicsl drop-iiis Iiavc providcd support iifouTid ciiiployabilily. tlie cost-of-l iviiigi crisis. ci)l¥rprise coacliiiigi aiid support for fainil ic% ivitli 11 Iltislic clii Idrcii. Iii additioii, l-lopc Coinmuiiity I".oundalion lias dcvclopcd a sig?IlP051iiibi aiid support service called Pailiwc2yS which aims lo help peoplc access practical support available across tlic city of Slicrricld. Flaving recently giained initial fundiiig for ille project from Beiicfact Triist, Ihe charity has beeTi able to cmploy a part tiine coordinator for thc projecl. C3 I-lope Ilas dcvelopcd a cliaplaincy scrvice ivliich Liiins to provide pa8toral support and l istenii)g? services to tlie local coinInui)ity, iiicludiiib? tlios¢ who visit tli¢ Hopc Ccnlre duriiigi ilie week. Hope CoTnmuTlity Foundation lias continued to exteiid its scope 2Knd reach and retains over 90 regyular voIuTlteers supporting and enabling the work of the cliarity, mostly working as part of ihe community grocery. C3 Hope also hosted the Global I.eadership Summit for the second time in November 2023 and for the third time in Noveiiiber 2024. The Global l.cadersliip SuTnmit was established in the USA and ihe Hope Ceiitre is one of several UK host venues for the event. This successful event attracted leaders from around the region to focus on leading people and organisations well. C3 Hopc is committed to continuing to embed this leadership resource both externally and internally as part of its strategy to develop leadership capacity and capability. amongst staff, volunleers and local aiid regional partner organisations. C3 Hope has also continued its commitment to international missions related work including a Missions trip to Romania and the continued strengthening of its partnership with Red Frogs. Founded in Australia, Red Frogs
C3 TRUST UK TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 has had a significant impact on sludents and young adults and aims to establish the model in the UK and Europe. Although C3 Liverpool has now exilcd their fonncr premiscs at Kempston Street, Liverpool, Ihe churcli coiitiiiued io provide a home for a conimunity groccry wliilst iii tlic building. Siiicc the biiildiiigF is now occupied by Fli I Ison&y Churcl), Ihc cliurch Iiave iiislal lcd a Coiiiinuiiily Groccry wh ich tliey run iii partiicrsl)ip witli The Messag7e Trust so the social impact bcii)&y delivcrcd in this space will conliiiu¢ for soinc tiinc to come. Annual Givlng "' roiii April 2021. most chiirchcs liave coiiliiiued to supplcmciit regular giving iviili an addilioiial aiiiiual 01)c- off. offeriiig) iii tlic forin of a 'Visioii Builders, or '1 Iciirt for tlic E.louse' appeal. Tliis scparalc olTcrii)gi varics Ivitli cach church. but coiiliTlUCS to Inosily covcr buildiii&y ai)d vciiue costs, local Inissioiis, alid Iniiiistrics as Ivell as fuiidiii&) otl)cr usual and gcneral local cliurcli activities. Thc fuiids raiscd from tlicse caTnpaig?iis is unrcstricted but dcsigiiialcd to opcralional riii)Tllll&T Costs for ilie most part and al prcseni fonns part of ilie iiiconic requircd to cover tlie opcraliiig? costs of tlic respcclive churcli. ror each aiinual campaign the gyiving consists of one-off donalions, slaiiding) orders and finaiicial pledg¥es Ivli icli are redeemcd during7 ilic moi)tlis followii)gi tlic iiiitial coinniillnciit. Staffing Salary bands brought into effecl in 2020-21 finiincial vear are conlinuing lo providc a frnmework aiid giiidaiice for rccruilii)eiit and sclcction and salary rcvicws aiid iruslccs conliiiiie to coiisidcr inakiiibi every Lft"orl lo maiiagie pr¢ssure on rcal tiine salarics arising from recciil thc cost-of-liviiibj crisis. I'"ii)al adjuslTneiils liave bccn made iii 2024 to briiig the salary baiids iiito liiic iviili mcdiuin term coiiimitiiicnts. Truslccs liave also niade sevcral iiiiprov¢mei)ts lo staff tcmis and coiidilioTiS includiilg additioiial Icavc aiid sickn¢ss cntiilcmciit. Moviiig forward, Trustc¢s are kecn to ciisurc that salarics rcflect ihosc of siinilar positions in tlic faith and voluiilary sectors. 'fiic coiitiiiucd uplift iii natioiial liviiigl iva&ic lias, l)oivevcr, placcd prcssurc oil Ilic loivcr ciid of salary bands. soincthing which is not unique to C3 Trust UK. As ilie shapc of tlie orgEUI isalioii contiiiues lo ¢l)ai)bie, so too do slaffing rcquiremcnts. Tlic HR fuiiction has becii a vital part of ci)suring Ihal wc inanilglc rccruilincnl, rolc cliangics aiid rediiiidaiicy processcs li) l iiic ivitli good praclicc. In th¢ past ycar tlirou&)h ilic 14R funclioii, we havc bccii ablc to dcsig?ii aiid dcl iver an iiicrcased amouiil of staff aiid volunteer Irainiiig? and dcvclopmciit and ivill conliiiuc to do tliis uiider tlie advice aiid guidance of a neiv HR subgroup.
C3 TRUST UK
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Subsidiary and other controlled companie5
The acliievLiiiei)Is and perforniaiice of tlie church's subsidiaries and other controlled companies for tlie year
eiidcd 31 March 2024 were as folloivs:
Hope Centre Liiniled through its tradiijg activities ii)adc a loss of £17,061 (2023.. profil of £6,169). Closin
sli<2reliolders' funds were iii deficit ai £625.067 (2023.. £608.006). Hope Ccntre Limited is a liinited company
iiicorporated iii Eiigland and Wales aiid C3 Triist LJK oivns l 00 % of thc sliarc capital. Tlie i)ature of ils
busiiiess is ilie provisioii of confereiice facililies, ruTlI)ingy a cafe and a cliildreTI'S play area.
l-lope Cominuiiity fouiidatioii. Inade a surplus of £11,581 (2023: dcficit of £14,327). Closingi fui)ds were
£5.299 (2023: £(6,282)) of ivliich £27,112 (2023: £12,339) wcrc reslricted and £(21,813) (2023: £(18.621))
wcr¢ uiircstricled. Hope Comniuiiily fouiidic tioii is a cliaritable compaiiy reg) i8lered iii Eii&7laiid alid Wale%.
C3 "l'riisl UK clrc able lo appoint ai)d rcmovc tlic Iruslccs of this cliarilablc coinpaijy ai)d the iiature of ils
busiiiess is tlie provisioii of iiurscry cducalioii aiid car¢ aiid coiiiniuiiiiy based aL'tivitics.
Financial review
I'lic trustecs Inake slr2L tcgic decisioiis based oli tlie fiiiaiicial positioii of thc cliurcli by rcfcreiicc lo tl)c fiiiai)cial
iiifoi'in21 tioii (i.c. budglcls, casli floivs) providcd to Iliciii. I'liey do iiot liow¢vcr carry oul tlie rouliiie day to
Ill
C3 TRUST UK TRUSTEES, REPORT (COIYTINUED) FOR THE YEAR ENDED 31 MARCH 2024 assets and cash rcscrvcs ivill impact on both the Balance Sheet and Depreciation. This should not detract from the underlying operational financial hcalih of C3 Trust UK which continues to outwork a mediuiii lo long-tenn plan to operat¢ with adequate financial margin and build unrestricted cash reserves. Recent investmcnts G ivcn ihc Tnore rcccnl history and learniiig wliich lias taken place across the Charily, sigiiificant alteillioii and investinent has becii devoted to health and wellbeing and iowards slreiigiiliciiing orgJai)isalional iiifrastriicture aiid cultural chan&7e. As well as supportingi church leaders and many of their tcaii)s tlirough ihcir own jouriicy tlic Cl)ariiy l)as coi)tiiiued io iiivcsl ii) buildii)g) and slrciigilici)iiib policy aiid procedurc particularly as il relatcs to tlie safeguardiiigi of slaff, voluntc¢rs, and Ilic wid¢r congregalions. Trust¢¢s reinain commttled io investiiig in cliaiigvc aiid improvcinenl wliich will InaTiagc risk, proinote shared values and hcaliliy culture, and provide a souiid basis for ilic fulurc for everyoi)c wlio lias fouiid tliLir l)omc in our churclics irrespcclive of ili¢ future structure of tlie Charity itsclf. This is reflectcd specifically in an tntcntioniLI and coordiiic1tcd approacli to rolc-rclcil¢d Iraiiiiiigy uiid dcvclopmciit will) Icarniiig iiccd.4 bciiig idciilificd syslcin(Ilically aiid ¥1 progirainiiic of traiiiiiig intervciitioiis bciiig developcd to meet Iliosc iiccds, as wcl l as our coiiliijucd strciigytliciiiiig of Ilic Huiiiaii Rcsourccs fuiictioii by appointing Croncr as our HR Advisers. Goals and Devclopmcnts The gioals staled in the Trustees, Aniiual report 2022-23 11ave eiiher bcei) fully niet or are well iindernvay and Trust¢¢s are plcascd with il)is progirc55. Tliis coin iiib year conliiiucs lo bc a pivotal tiiiic ivl)icl) Ivil I ciilin iiiatc iii thc final slag7es of iiidcpendeiicc for our churcl)cs ivitll, Ilic fouiidiiig church, C3 14opc, bciiig tlic one remainii)g componci)t of C3 Trust UK from l April 2025. Th¢ kcy goals of C3 Trust UK for Ihc forthcoming 12-18 montlis arc.. l . To coiiclude tlie successful iraiisilion to iiidepcndciicc of c3 Livcrpool. 2. To consolidatc all remainiii&i operations iiito C3 Flopc. Slierricld aiid rcoricnl tlic C3 Trust UK'S harity and spiritual goveriiaiicc coinmensuralc ivilh ihal chaiigc. 3. To conlinuc with th¢ remcdial works required to Tlic Hope Ccntre by beginning? to desigyn the next phase of works. 4. To continuc to build staff aiid voluiitccring capacity and capability by scaliiigy up. desigiiing and iinpleinciilin&v targcted, blended learniiig) aiid developnient under the auspices of tlic leadersliip devclopmcijt pipeliiie. 5. To coiiliiiue to cslablisli and strei)gthen healthy church ciilture in cvery aspect of cliurch l ife. 6. To furtlicr strcngiheii eiibiagcinciil in tlic qualily aiid iiuinbcr of groups across the church and to cultivate cominunily, disciplesl)ip. Icadersli ip development and in ission. 7. To coiitiiluc to etyeclively manage risk and build tlie uiiderlying solutions ivhicli will strengthen rinancial sustainabil ity over tlie long terni, including trading income generatioi), fundraisiiig and cost control. 8. To continue to establish a missional and outward-focused church bringing the good news of Jesus Christ to the world around us. The goals represent clear intentionality around continuing to further the core objects of the charity. Structure, Governance and Management C3 Trust UK is a company limited by guarantee and a registered charity. The Company was incorporated oli 15 November 2006 and commenced activities on l April 2007 when it took over the assets, liabilities and
C3 TRUST UK TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 riiiining of ilie Churcli. C3 Trust UK ivas fomierly Hope City Church until its cliange of name was approved by Cliarity Commission 011 23 Septemb¢r 2021. The Trustees, who are also directors for the purpose of company law, and who served during the period are: C Davies C W Davies O Olc2riiide M Miitl)iali J Flemiiiii)gJ field L Davies N Aiiiiinba J Willis (Resigi)ed I l January 2024) (Appoiiltcd 8 May 2024) (Appoiiitcd I l Jaiiiiary 2024) (Appoiiilcd I l Jaliuaiy 2024) Secretary: A E Ibbolson S M Slieriviii (Rcsibiiied 31 July 2024) (Appoiiited 31 Jiily 2024) Ti'u%tccs ivoiild like to exteiid Ilicir sii)ccrc tliaiiks iL nd appreciatioi) to C W Davie% and A E Ibbolson wlio Iiave scived ilic cliariiy aiid tlic giroup faitlifully for Iiiaiiy yLars, siicccssfully lielpiii&) to steer tlie cl)Lirity tliroubyh cliallei)g)illg) SLasoiis. C3 Trust UK is a regiislered cli2L rily wl)icli govcriis a giroup of cl)urcl)Ls iiow exclusively iii tl)e Norili of EiigYli21id. Eacli chiircl) lias beci) arrilialcd ivitl) C3 Cliiircli (ilobal siiice 2013 aiid all seek spii'iliial overgibllit froni C3 wlii18t bciiigi <iccouiil<1blc iii cl)arity &11)d CoiiiP¢ll)y tcriiis to Ilic Iriistces aiid dircclors of C3 '1'rust U K a% an iiidcpL'iideTIt aiid auloiioiiious org>aiiisalioii. Eacli cliui'cl) bcloiigijijgi lo C3 Trusi UK lias its own local idciitity. C3 Hope- (Slieield) serviiig7 the Sliefficld City Region C3 LifE- fornicrly C3 YRKS, (Leed5 aiid York) ai)d bccame iiidepcndcnt on I, April 2024 C3 Liverpool - located iii Livcrpool aTid scrviiig7 ili1% city and ihe surrounding areas Tlie releasc of c3 Ll fE lo becoinc ilieir owi) ilidepeiidenl cliarity (No 1206272) froin I. April 2024 has ineant tl)at oiily C3 Liverpool is yet to transilioii lo iiid¢pendci)ce. C3 Liverpool's charity registration was delayed aiid lias iioiv be¢ii coniplctcd (No 1210127), iiieaiiii)&i tl)ai C3 Livcrpool wil I bccoTne iiidepciidciit no ILltcr tliaii l April 2025. At tliis slage C3 Hope will bc tlie oiily coiib?reg)atioii of C3 Twst U K uiilil any fulurc plalis for hurcli plaiiling) are enaclcd. 'riiose cliurclies wliicl) are now independent across the UK and inlernatioiially have now been operatiiig autoiiomously for some time ivilhin the ivider C3 moveinent Globally. C3 Global is a worldwide coinmunity of over 620 Christian cliurches that come togctlier a% one movement undcr the spirilual direclion aiid leadership of C3 Cl)urch Global Direclors and their I'eam. In accordance with both the charity's governiiig documents and C3's recommendations, there are at least three Managing Trustees at any one time and Trustees who are not on the charity's payroll should be in the majority. None of the Trustees have any beneficial iiiterest in the compaily. All the Trustees are also the Members of tlie company and guarantee to coiitribule £1 in tlie event of a dissolution or windiiig up. Folloiving recent recommendations, when a Trustee vacancy occurs, potential candidates with the relevant experience, skill set, aiid expertise Nvill be identified and discussed at Board meetings. Once ihis process has taken place, one of the Trustees will then approach the prospective candidate, with further due diligence taking place before any official appointment is made.
C3 TRUST UK TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 C3 Trust UK is a registered charity (numbcr 1119791), and a company limited by guaraiitee (number 05999100). Hope Centre Limited is iiow a wholly owned Iradilig subsidiary of Hope Community Foundation (as of I Apri12024). Hopc Ceiitrc Limited operales uiidcr liceiic¢ froiii C3 Trusl UK to fuiidraise tlirougli sccoiidary purpose tradiiig activities for the benefit. aiid loiig?-Icrm suslainabilily of, Hope Coininunity Foui)dation aiid the operatioii of the Hope Cenlre. Botli Hope Coinmuiiity Foundation aiid Hope Ccntre Liinited forni part of tl)e coiisol idatcd linancial accoiiiits £ind arc part of the giroiip of compaiiies. Hope Commiii)ity foiiiidatiol). IS coinpflliy liinited by gyuaraiitcc ivith scparale cliarilable objects cind status rclales to C3 Trust UK ivith C3 Trust UK bcin&i a Corporal¢ Mciiiber, cffcctivcly inakiiig l-lopc Coiiiiniiiiily Fouiidation tlic coinmuiiity arm of C3 Trusl UK. Witl) ils priiiiary focus of opcralioii aiid arca of bci)clit iii Shcffield al tl)e tiine of tliis report, il operatcs ai) Ofstcd Regiistcred Early Years Day Nurscry 01) the Slicffield cliurch prcin isc4 (Tl)c Hope Ccntrc), ai)d scvcrnl coiniiiuility projccls inleiidcd to del ivcr tlic social missioii or C3 '1'rust UK aiid Inore spccifically ils churcl) iii Slierricld, C3 Hope. The Trustees Iiave continued to idcnlify and asscss and managyc ilie major risks to wliich C3 Trust UK is exposed and are satisfied Ihal the niiligalioii and syslcms arc iii place to liinil cxposure to Ilicsc risks. Disclosure of Information to Auditors acli of ilic I'rustccs lias coiifiriiicd iliat thcr¢ is no information of which iliey arc aware ivhich is relevanl lo the audit, bul of whicli Ilie auditor is unaware. I'licy liavc fiirllicr COTifirnicd Iliai Iliey liavc takcii appropriatL' steps to identify sucli relevaiil iiifonnalioi) alid lo cslablish tliat the auditors are awarc of 5ucli inforination. Oli behalf of ilic Board of Trustccs C Davies Trustce Daled.. 19 Deccmbcr 2024 10-
C3 TRUST UK STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The trustees. wl)o are also the directors of C3 Trust UK for tlie purpose of compai)y law. are respoiisible for prepariiig the Trustees, Report and the accouiits in accordaiice with applicablc law and UTllted Kii)gdom Accouiitingy Standards (United Kingydom Generally Accepted Accounting Practice). Coinpai)y law rcqiiires ilie truslces to prepare i& CCOLlllts for cach finaiicial year ivhich give a Iruc and fair view of tlie Stale of affc2irs of tlle charitable coinpaiiy ai)d Ilie g)roLiP aild of tlic incomingi resourccs aiid appl icaiioii of r¢sources, iiiclLidii)g) tlie iiicome aild cxpLiidiliirL, of tlic cliarilablc group for Iliai year. Iii prepariligy these accouiils, tli¢ trustees arc rcquired to: select suilablc accounti1)& policics and tlieii apply them COTlSiStcntly; obse¢ the methods aiid principles iii tlie Cliarilies SORP; iiiake jiidgemciits aiid cstimales tl)at arc reasoiiable and priideiit; .8late wlietlicr applicable U K Accouiilii)g7 Siandards liavc beeTi fol lowed, subject to any material dcparturcs discloscd aiid cxplaiiied ili thc accouiit%: aiid prepare Ilie accoui)Is on ihe &)oiiig conccri) basis unlcss it is inappropriate to presume tl)at Ilie cliaritable coiiipaiiy will coiitiiiiie ii) opLratioi). Tlic Iruslce8 are rcspoilsiblc for kccpiiig pi'opcr accoiiiiliiig? rccords tl)at disclose willi reasoiiablc 2¢ CCLiracy at aiiy tiiiic tIiL fii)c211cial positioii of Ilic clic2ritablc conip<Qlly LITid en¢iblc Ilicni to CTISLire tS)at tlie accouiils coiiiply witli tlie Coiiipaiiies Acl 2006. 1'IIcy ¢2fc Iso respoii5iblc for safcbiuarding ilic assel.s of il)e cl)IL ritable coinpaiiy iqiid tlie bFroiip aiid lieiice lor lakiiib) reasoii&1blL SILPS for Ilic preveiition ai)d dctcclioTi of fraiid aiid otlier ii'i'Lgiilaritics.
Hackeryoung Chartered Accountants 6 Broadfield Court Broadfield Way Shefficld S8 OXF INDEPENDENT AUDITORS? REPORT TO THE MEMBERS OF C3 TRUST UK Opinion We liave audiled tlie fiiiancial slatcinents of C3 Trust UK (Il)e 'charilable company) for thc ycar elided 31 March 2024 which comprise tlie consolidated Stalcineiit of Finai)cial Aclivitics. Ilic parciil Sialcinciit of riiiaiicial Activitics. tlie coi)solidatcd Balaiicc Shccl, tlie parciil Balai)cc Shcct, tlie coiisolidcltcd Sialciiieiit of Casli flows, Ihc parent Sialenicnt of Casli flows ai)d tlic nol¢s to ili¢ accouiils, ilicludiiig a suininary of sigii)if Icant accouiitiiig policics. I"lic finaT)cial rcporliiigy fraincivork th1( I lias bccn appl lcd iii tlieir prcparatioii is applicablc laiv aiid Uiiited Kiiigdoiii Accountiiigi Staiidards. iiicluding fiiiaiiciqi l Rcporliii&y Stalidard 102 TliL' riiiiiii¢icil RLI)orliiiAF Si<iiidurd <ii)i)licul)Ic' iii iliL, ljk upid Rc)iJiibliL of li'L,lupicl (Ui) itcd Kiiigidoiii Gciicrally Acccpted Accounliiigy Practice). In our opinioii tlic ac¢oui)Is', giive a true and fair view of tlie slate of thc &?roiip and tlie P¢ircnt ch<irit2& blc coinpi211y'S arrairs as at 31 March 2024 aiid of ils iiicoin iiig? rLsourccs ai)d applicalioii of. rcsourccs, for IIIC yLclr Ilicn Liidcd. liave beeii properly prepared in accordance willi Uiiiled Kingdom Geiicrally Acccpled Accoiiiitiii Practicc: and Iiave beeii properly preparcd in accordaiice ivitli the requirein¢nls of ilic Coinpai)ies Act 2006, Ba.¥ls for opinion We conduclcd our audit in accordance wilh Iiilcriiational Staiidards 011 Auditii)g (UK) (ISAS (UK)) aiid applicablc law. Our rcspoiisibilities linder those slandards are fiirlhcr dcscribcd in tlic Auditor's rc.spoiisibi litics for thc aiidil of accoulils scclion of our rcporl. Wc are iiidcpeiidciit of Ilic cl)aritable compaiiy iii accordaiicc ivitli tlic ctliical rcqii ircinciits tliat arc rclcvant to our aiidit of tlic accouiils ill tlic U K, iiicliidiiig tlic fRC's Etliical Staiidard. and ivc liclvc fuifillcd our ollicr etliical rcspoiisibilitics iii accordaiicc ivitli tlILse requircineiits. We bclicve that thc c2udil cvidciicc ivc liavc obtaiiicd is sufiiciciit aiid appropriat¢ to provide a basis for our opiiiion. Conclusion rel#tinR to going concern Iii aiidiliiig tl)c IiiiL1Ticial slalciiiciils, wc hi1VC coiicludcd tliat tlic trLlSt¢es' use of the gyoing conccrii basis of accounlingi ji) Ili¢ prcpi2ralioii of ilie fiiiaiicial stalein¢i)Is is appropriat¢. Based on the work we have perfornied, we have Iiot idei)tified any material uncertainlies relaling? to events or Coiiditioiis tliat, individually or collectivcly, Inay cast significaiit doubt 011 the charity's ability io contiiiue as a going concerii for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern arc described in the relevant sections of this report.
Hackeryoung
Chariered Accountants
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF C3TRUST UK
(CONTINUED)
Other information
Tlic other iiifornjalion comprises the infonnatioi) iiicluded iii the aiinual report other than the financial
statemciils and our auditor's report thereon. The truslees ar¢ respoi)sible for the othcr inforniatioii conlained
Ivitliiii the annual report, Oiir opiiiioii on the fiiiancial staleiiients does nol cover the otlicr infomiatioii and,
excepl lo tlic extci)t oilieiwisc eiplicitly stated ITI our rcport, Ivc do iiot cxpre.ss aiiy forin of assuraiice
coiicIusioTI Ilicreoii. Our responsibility is to read the otlier iiit'onnatioii and, in doingy so, consider wl)eiher Ilie
otl)cr iiifoniiatioi) is iiialcrially ilicoiisislciii willi Ilic fiiiaiicial .4lalLinL'I)ts or our knowledg?e obiained ii) the
coiirse of tllc aiidit, or otl)crnvise appears lo be materially iiiisstated. If we identify such material
ii)coiisisleiicies or appi2renl malcrial mis.staleineiils. Ive arc required io d¢tenniii¢ wliciher thi% b) iv¢s risc to a
iiialerial iiiisslaleineiil iii tlie finaiicial .8tilteinci)t% tlicinselvcs. Ir, bascd 01) the work we l)ave performed, we
coiiclude iliat tlicre is a inaterial In isslatcmei)t of tliis oilier informatlOTI, we are requircd to report tliai fact.
We liavc notliinsi to report iii Ili is reb)Thrd.
Opinions on othcr matlers prescribed by the Coinp#nies Act 2006
Iii oiir opiiiioii, based on the ivork uiidertakeii in ilic coiirs¢ of our audit..
tlic iTiforiii2c lioii given iii ilic Triislecs, Rcport, Ivhicli include% tl)e Directors, Report prepared for the
piirpogeg of coii)paiiy12< Iv. for Ilie fiiiaiiLi
Hackeryoung
Chartered Accounirlni
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF C3TRUST UK
(CONTINUED)
Responsibilities of the trustces
As cxplaiiicd Inore fully in Ili¢ slatemenl of trustccs, respoiisibililies, tlic Irustces. Ivlio are also the directors of
Ihc cliaritablc company for tlie purpose of coinpaiiy law, arc rcspolisible for thc preparation of thc fiiiancial
statcnicnts and for beiiig satisfied Iliai ihcy gyivc a truc and fair vieiv, and for sucli inleri)al control as tlic
trustecs del¢rniine is necessary to enablc tlie preparation of fiiiancial slatcineiils that arc free fi'oin Inaterial
m isstalement, whether due to fraud or error. In preparing tlie fincincial statcinei)Is, Ihc trLislecs are rcspoiisiblc
for asse.4singy Ihc cliarity's abil ity lo continiic as a &7oiiigy coiiccri), disclosiiigy, as applicable, mattcrs relatcd to
yoiiigy conccni aiid USillgT the g)oingy coiiccni bq< ,4is of accouiiliiigi iiiilcss tlic trustees citlier intciid io liquidatc Ilic
cliarilablc coinpaiiy or to ccasc opcratioiis, or liavc iio realistic alicriiative but to do so.
Auditor's responsibilities for the Mudit of the financial statements
Our objeclivcs arc to obtain reasonable assurancc about wlicther the financial slatcmcnls as a whole are free
froTlI Inaterial misslatcinciit, wlieiher duc to fri2ud or crror, and lo issuc an auditor's report tl)at iiicludes our
opiiiion. Reasonciblc assur
Hackeryoung ChartÈred Accountants INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF C3TRUST UK (CONTINUED) There are inherent limitations in ihe audit procedures described above and the further removed noii- coinpliaiice willi laws rfind rebFulatioiis is froin the events aiid iraiisactions reflecled iii the fii)ancial statemenls. tlie less likely ive would become aware of it. Also. Ihe risk of not delectiiig a material misstatemeiit due to fraud is higl)¢r ilian the risk of not dclecting oiie resultiiig from error. as fraud may involve deliberate concealment by, for example. for&)ery or iiitentioilal Inisrepresentalions, or ilirougli collusion. A fiirtlier descriplioii of our responsibilities 18 availablc on tlie Fiiiancial Reportingv Couilcil's website at: litips.'/liviviv.frc.orby,Iik/auditorsrcspoiisibi litics. This descriptioi) forms parl of our audito¢s report. Use of our report Tl)i.q r¢port is Inad¢ solely to tlic cl11( riti1blc complL Ily'£ IIICTiiber.q. lis a body, in Iiccordance ivith seclion 391 of Coiiipaiiics Acl 2014. OLir audit ivork lias bccii iii)derlak'ci), so tliat ive iiiiglit stale to tlie chcqril?L ble coinpany's niciiibers tlio%c mi2tlcrs ive arc rcquired lo sliitc lo tlieiii iii ali auditor's report ai)d for no otl)er purpoqes. To tlie fiillesl exlciit pennitted by l<lW, Ive do iiol acccpt or assuine respoiigibilily to anyone other thai) tlie cliarilc2ble coinpaiiy aiid Ihc cllaritablc coinpaiiy's iiienibers as a body, for our audil ivork, for this report, or for tlie opiiiioi)s ivc Iiave fonned. Michllcl MeAlinR (Senior Stfilutory Auditor) for and on behalf of UHY Hacker Young 19 December 2024 Chartered Accountants &itatulory Auditor
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C3 TRUST UK CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Taiigiiblc assets 15 1,549,001 1,688,112 Current assets Stocks Debtors Casli at bank and in hand 16 17 100 52.236 288614 150 67,343 332 759 340.950 400,252 Creditors: amounts falling due within one year 18 136 366) 172 222) Net currciit assets 204 584 228 030 Total assets less eurrenl liabilities 1,753,585 1.916.142 Creditors: amounts falling due After one ycar 19 623 682) 681819) Net assels 1.129,9_0.3. 1,234,323 Income funds Rcslrictcd luiids 22 59.102 12.339 Unrcstrictcd fuiids.. Rclaiiied Nviiliin Ilic cliarily Revalualioii rcserve 1,380,012 315956 1,514,134 315956 1.695.968 625 167) 1.830,090 608 106) Non-charitable trading fuiids -1_.129 903 The financial statcmcnls were approved by the board of directors and autliorised for issue on 19 December 2024 ai)d arc signed on its bclialt. by.. C Davies Trustee Company RegistratlOD No. 5999100 -20-
C3 TRUST UK BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tai)gible asscts 15 1,545,763 1,687.113 Current assels Stocks Debtors Casli at bank aiid iii l)and 16 17 100 53.975 254711 100 65.139 296 939 308,786 362,178 Credilors: amounts falling due within one year 18 104 070) (138 138) Nct current assets 204716 224 040 Total assets less current liabilities 1,750,479 1,911,153 Creditors: amounts falling due in more thAn one year 19 602001) 645 147) Net lls%els 1,148,478 1,266.006 Income funds Rcslricted fuiids 22 31,990 lJiirc%trictcd fiiiids.. Geijcral uiircslricted fuiids Rcvaluatioii reserve 696,524 419964 846.042 419964 1 116488 1266 006 1_ 148,478 The financial statements were approved by tlie board of dircctors and auihorised for issue on 19 December 2024 and are signcd on its behalf by: C Davies Trustee Company Registration No. 5999100 21
C3 TRUST UK STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 Group 2024 2023 Notes Cash flow from operating activities Cash gieiieralcd from operations 27 78,238 (219,992) Investing activities Purchase oftanglible fixed assets Tongible fixed assets funded by l)ire purchase Interest reccivcd (66,111) (59,858) 24,999 989 Net eash (used in)1 generated from investing aetivi(ies (65,122) (33,248) Financing activities Repayinenl of balik loaiis Payniciit ol. oblibjatioiis uiider finance Icase (51,011) (50.780) Nct cash (used in)IgenerAted from rinancing activities 57261) Net ((Iccrease)lincrease In cash and cash equivalents {44.145) (305,582) Casli aiid cash equivalciits at be&Triniiiiig of year 332 759 638341 Cash and cash equivalents At end of year 288,614 -332,7.59 Charity 2024 2023 Cash flows from opcruting activities Cash &?encratcd from operations 27 65,591 (222.086) Investlng activities Purchase of tan&)ible fixed assets Tangible fixed assets funded by hire purcliasc Iiitcrcst rec¢ivcd Net cash (used in)/ generated from invc5ting aclivilies (63,062) (59.858) 24,999 971 (62,091) (33,248) Financing activities Repayment of bank loans Payment of obligations under fiiiance lease Net cash used in financing activities (39,478) (45,784) 45 728) 47 345) Net (decrease)lincrease in cash and cash equivalents (42,228) (302,679) Cash and cash equivalents at beginning ofyear 296 939 599618 Cash and cash equivalents at end of year -22-
C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Company informalion C3 Triist UK is a private coinpany limited by guarantee incorporated in England and Wales. The reg?istered office is Tlie Hope Centre. Beniard Road, Shcffield. S2 SBQ. 1.1 Accounting convention Tlie accouiits liave bL'cn prepq¢red iii accordaiice with the charity's Memoraiidum and Articles of Associatioii. tlie Conipaiiics Aci 2006 aiid 'Accouiilinb) and Rcporting by Charities: Stat¢meiit of RecoTniiicTided Praclicc applicablc to cliarities prcparingy tl)cir accounts in accordaiice witl) Ilie Fiilancial Reportiiig Siandard applicable ITI thc UK and Republic of Ircland (FRS 102) (effective l January 2019)" I"he cliarity is a Piiblic B¢iicfit Eiiliiy a% d¢fii)ed by fRS 102. Tlic accoiiiitq are prepared iii slerling, wliich is tlie iiiaiii fiiilclional currency of the company. Moii¢tary aniouiils ii) Ilicsc liiiaiicial slalLinciils i21'L roiiiided to ilic iiearesl £. Tlie accouiits liave been preparcd iindcr Ilie liistorical co.8t coi)veiitioii, Inodified to iiicludc ilie revaliiation of freel)old propcrtic8 aiid leaseliold propcrties. 'fhe prii)cipal accouiiliiig policies adopted arc set out bclow. 1.2 Goin% concern Al tlic time of approving tlie accouiits, tlie Irustccs l)ave a rc1¢ soiiable cxpeciatioii tliat the charily lias adeqiillte rcsources to coiiliiiiie iii operational cxisteiicc for tlie foresccable future ivhilsl recogliiisinb) ilie issues raised iii respect of &Foing coiicerii. Sii)cc 2020 Ihc chllrity lias uiidergyoiie sigjiiilicaiit iiilenial restruclure ii)cludinby tli¢ 01)goiiig release of cliiirclicg iiito iiidLpLiideiicL. Tl)i4 lias bccii ali iiitLiilioi)al dccisioii Inade by trustees ivliilsl rccobii)isiiig that iliis stratcgy ivoiild iiievitably iinp<2Ct on Ihc sl)ort to Incdiuni temi position of tlic charity's net Ivortli. Tlic ii)crenieiilal inipact of tliis dcvolutioiiary traiisitioi) 111lS bccii cvidciiccd iii tlic successive aiiiiiial accoiint8 since tliig liiiic aiid ivill bc I'cflcclcd fLirilicr iii Ilie projecled positioi) for fiiiaiicial Ycar 2024125 resultii)g from tlie fiiialisalioii of tlic Ii'aiisilioii procLss, tliroub>li il)c plaiii)cd relcusc of C3 Livcrpool. Wliilst the release of chiirclies lias l)ad ai) iii)pacl, it lias also scrved to divest tlie cl)arity of tlie risks associalcd witli a iiiulti-site inodel of chiircli, aiid thc nccd to offcr additional support for ¢hurcli¢s wlio have been uiiable to support ili¢iiisclves througih local g? iViTIg. rrom April 2025. the inleiitioii is that tlie cliarity ivill comprise C3 Hope (Sheffield) only, on a reduced operatilig cost ba8iS Ivitll fiirther cost reduclion8 beiiig made froin restructure and no requirement to provide siipport to otlicr churclies. C3 Hope Ilas seei) encouragiiig financial resiilts iii the past year wliich are projecled io contiiiuc beyond April 2025, iinproviilg tlie cash position of tlie charity as a re4ult. Tlie charity coiiliiiues to ivork closely lo eiisurc libiht moiiitoriiig, review and controls are iii plc2ce to ensure the seasoli of traiisitioii is coiicluded well aiid tlie medium to long terni finaTicial strei)gith of the cliarity is establislied c2nd streiigthened. All these tl)ings considered. the Truslees are confident that the charity cai) contiiiue as a going concern both throughout the i)exl twelve moiiths ai)d the foreseeable future. Thus the trustees contiiiue to adopt the going conceni basis of accounting in preparing the accounts. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless ihe funds have been designated for oiher purposes. 23-
C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Restricted funds are subject to specific conditions by donors as to how they may be uscd. The purposcs and uses of the restricted funds ar¢ set out in the noles to the accounts. 1.4 Incoming resources Voluntary incoine is reccived by way of donations and gifts and is incliided in full in the Siatcmcnt of Financial Activities wheTi reccivable cxcepi insofar as they arc incapablc of fiiiancial Incasuremeiit. Gifts donated for resale are includcd as ilicome when il)ey are sold. Donated assets arc iiicludcd at thc value lo the cliarily where Iliis cai) bc quanlificd and a third party is bearing ihe cost. The valuc of services provided by voluntcers lias not beeii included. Granls, including grants for the purcliase of fixed 1lSSCts, arc rccogiiiscd in full in the Stalcmcnt of Financial Activities iii tlie year in ivhicli Ihcy arc rcccivablL'. R¢nlal income. ii)come froin tlie salc of rcsourccs, investment income and income from cliarilabl¢ activities is included iii the year in wliich it is rcc¢ivablc. Turnover from Hope Centrc Limited activities rcprcsci)ts amounts receivable for goods and services Iiet ofVAT. 1.5 Resources expended Resources expeiidcd are recogn iscd in the year in whicli iliey are iiiciirred. Cliaritable activities comprises those costs iiicurrcd by ihc charity iii the delivery of its aciivitlcs nd services for its bciicficiarics. It includes girai)Is Inadc lo projccts, costs tl)at can bc allocatcd dircctly lo sucli activilics and iliosc costs of an indircct naturc iiccessary to support tl)ein. Costs of generating funds relalc lo costs incurred by Iradingj sub8idiaries. Granl expenditure is included bascd on Ihc date that individual projccts, expciidilurc has becn iiicurred, rather thali tlie datc Ilial Ihc &)raiits are dcfriL ycd lo ihc projccts. Govcriiaiice costs iiicludcd tliosc costs associatcd with mceling COTlStitutioiial and slaliitory rcqiiireiiieiits of the charity and includc thc audit fces and costs liiiked to ihe stratcgic maiiagemei)t of tlic cliarily. Al I costs are allocated between ihc expenditure calcgories of the Statcincnt of Financial Activities on a basis desigiied to reflect thc use of tlic rcsourcc, aiid iiicludc irrecovcrablc V A T. Where costs cannot bc directly atlribuled to particular Iieadings they havc been allocated to activities on a basis coiisislcnt ivitli the use of ilie resourccs. 1.6 Tangible fixed assets and depreeiation Tangible fixed assets are inilially mcasured at cost and subsequently measured at C05t or valuation, net of depreciation and any impairnicnt losses. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful l ives on the following basis: Freehold property Leaseliold property Fixtures, fittings and equipment 2 % straight line 2/01100/9/33 /0 slraight line and over the period of lease 20 /0 Straight line -24-
C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Freehold land is not depreciated. The gaiii or loss arising oli the disposal of an asset is deterniined as the difference between ihe sale proceeds aiid tlie caryiilg value of tlie asset, 2£ nd is r¢cognised in net incomel(expei)dilure) for tlie year. Fixed assets costing less than £500 are iiot capitaliscd. 1.7 Fixed asset investments rixed asset iiivestinciit8 are initially merfqsured at transaction price excluding traiisaction costs, and are subseqiieiitly iiicasured at frfqir valuc ai cacli rL'portiiigi dale. Cllaiigyes iii fair valuc are recogiiised iii net incoiiiel (cxpeiiditurc) for tlic year. I'ransaclioii costs arc expcnsed as incurred. A subsidiary is an eiitiiy controlled by tlic coinpai)y, Coi)trol is ilie power to govern ilie fiiiancial and operating policies of ilie entily so as to obiaiii benefils from ils aclivities. 1.8 ImpAirmeMt of fixed assets At cacli rcpoi'liiigy end dale, Il)e charity rcvieivs tlic carryiiig aiiiouilts of its taiigyible and intanbyible assets to detei'iiiiiic ivliethcr there is aiiy iiidicalioii tllat tliosc assels liave suffered ali inipairiiieiit loss. I f aiiy sucli iiidicatioii exists, tlie rccoverablc ainouiit of Ili¢ asset is esliinaled iii order to delerni ine the exleiil of ilie iiiipairineiii loss, if any. Recovcrable amount is the l)i&ylier of fair value less costs to 8ell and value in use. In assessiiigy value ii) uqe, Ilic csliTniL led fulurc cagli floivs arc discouTlted lo il)eir preseiit value usiiig a pre-tax discoui)t rate tliat reflccls curr¢iit Inarkcl assessineiils of ilie liine valu¢ of Inoiiey and the risks specific lo the assci for Ivliicli tl)e estimates of future casli floivs Iiavc iiot bcen adjusted. If Ihe rccovcrablc amount of an assel is cstiinatcd to be Icss tlian its carryiii&v amount, Ihe caryin aii)ount of tlic as%ct is rLduced to ils rccoverablc an)oiiiil. An impairniei)t loss is recogiiised imniediatcly ii) iiiconie/(Lxpeiiditiirc) for tlie ycar, uiilLss tl)e relevai)t asset is Carried at a revalued an)ount, iTi wl)ich case tlic iinpainnei)I loss is trcaled as a revaluatioi) d¢crease. Rccoginiscd iinpairincnt losscs arc rcverqcd if. ai)d only if, the reasons for the iinpairment 108s liave ceascd to apply. Wlicrc an iliiP2c irinLiil los% subscquciiily revcrscs, tlic carryiiig ainount of tlie ass¢t is iiicrcascd lo tlie revised cstilllI1lc of its recovcrablc ainounl, bul so iliat tlie iiicreased carryiiig amount does Tiot exceed tl)¢ carryiiigi aiiiount ilial would liavc bcen dctemiined had no impairineiii loss bceii recogi)ised for the asset ill prior years, A rcvLrsal of ali impairmeiit loss is recogjiiised iinlncdiatcly, uiiless Ihe relcvaiit asscl is carried in at a revalu¢d ainount, in wliicli case the reversal of ihc impairin¢nt loss is Ireated as a revaluatioii incr¢ase. 1.9 Stocks Stockg are slated al the lower of cost aiid csliinclted selling price Ics8 cosls to Complete aiid %ell. Cost comprises direct materials and, Ivhere applicable. direct labour costs and tliose overljcads ihat have been incurred in bringing the slocks to their preseiii location aiid conditioii. liems held for distributioii at no or i)ominal consideration are measured at cost. 1.10 Leasing and hire purchase commilments Rentals payable under operating leases are charged against income on a straight line basis over ihe period of the lease. 1.11 Pensions Tlie charity operates a defined contribution pension scheme. Contributions are charged in the accounts as they become payable in accordance ivith the rules of the scheme. -25-
C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 1.12 Basis of con501idation 'l)c finaiicial statements Consolidate the accounts of C3 Trust UK and all of its subsidiary undertakiiigs ('subsidiarics'). 1.13 Cash and cash equivalcnts Casli aiid casli equivalents iiiclude cash in hand. dcposits held al call willi baiiks, otl)cr sliort-lcnii liqu id invcstmeiits wilh orig¥inal maturities of ihrec montlis or l¢ss, aiid baiik overdrafts, Bank overdrafts are slioivii withiii borroiviiigi iii currcni li<lbi lilics. .14 Financial instruments Thc coinpaiiy has clectcd to apply th¢ provisioiis of Scctioii I I 'Basic fiiiaiicial Iiistrumeiits, Iliid Sectioii 12 '0thcr Financial Inslruin¢nls Issues, of FRS 102 to al l of ils fiiiancial iiislrumciils. riiiancial iiistruments arc reco&ynised wlien Ihc charity becomes party lo tlie contractual provisions of ilic iiistruincnt. Financial asscls are offset, with tl)e ilct ainouiits pr¢sciited in thc accouiils when tl)erc is a legally enforcc&ible rigihi io set off tlic rccogiiii.%cd aiiiouiils and i11c is an iiilcnlioi) to scltlc on a iici basi8 or to rcal ise the asset aiid settle ihc liabil ity simultaneously. Bu.IlcJ7iiaiiclal a.s,sel.s Basic fiii¢ll)cial asscts, which include trade aiid oilier rcccivables and casli aiid bank balaiices, arc initially measurcd at transaction pricc iiicluding traiisaclioii costs and arc subscqueiitly carried at aniorliscd cost usin&? tlie encclivc iiilerest mctliod uiilcss tlie arrangcment constitutes a finaiiciii transaction, wlicrc Ilie Iraiisactioii is m¢asured al tlic prcscnt valuc of Ilie fulurc receipts discountcd at a Inark'cl ralc of iiiteresl. Inipairiiiepil offiii(INclal u,iJel,s rinancial assels. otlicr thall thosc hcld at fair value through incomc and expeiiditure, are asscsscd for indicalors of impairinciil at each rcportiiig dalc. Fiiiaiicial assets arc iinpaired whcrc tlicrc is objcctivc evid¢iicc tliat, as a rcsuli of onc or iiiorc cvciils Iliat occiirr¢d after tlie initial rccogjiiition of ilie finaiicial assct, Ihc cstiinaled futurc cash flows liavc beeii alfcctcd. If an asset is impaircd, tlie impainncnt loss is tlie differenc¢ belween tlic carying amouiit and tlie present value of ihc estimated casli flows discoui)Icd al tlie assct's origiinal cffectivc intcrcst rale. Tl)e iiiipairment loss is recognised in iiet incoine/(cxpcnditure) for the year. If ihere is a decrease iii the iTnpairment loss arising from an event ocCU1ng after the impairment ivas rccognised, the impaimieiil is reversed, Tlic reversal is sucll iliat tlie currciil caryiiig amouiit docs iiot exceed what the carryiiig amount would Iiave been, had the impainneiit iiot previoiisly beeli recognised, The impairnient reversal is recognised iIi net income/(expenditure) for the year. Derecogiiilion offinancial assels l.-inancial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or ivhen the charity transfers the fiiiancial asset and subslanlially all tlie risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. -26-
C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Basicfiiiaiicial liftbililie. Basic fii)an¢i2£1 l labilities. including trade and other payables, are initially recognised at Iransaction price uiiless tl)e arrangeinent coiistilules a fiiiaTicing traiisaclion. where the debt iiislrumenl is measured at the preseiit value of the fuiure reLeipts discoiinled at a market rate of interest. Debt instruments are subseqiicnily carried at amortisatioii cost. usiiig the effcctive iiiterest rate method. Tradc payables arc obligatioiis to pay for g?ood8 or services that liave been acquircd in the ordinary coursc of operatioi)s froin suppliers, Accoiints payablc arc clc2ssified as curreTii liabil ities if payineiit is due wiihiii oiie year or less. If iiot, they are presented as IiOTI-curreiil liabililies. Trade payables are recogiiii%cd ii)itially at transaction pricc aiid subscqueiitly mcasiired at aniorlised cost using the efT¢clive inlcr¢sl nietliod. DerL•CCJAiiilij()ii i)ffiiiaiicial licihililie.s Fiiiaiicial liabil itiL's are dcrccobiiiised wlien tli¢ coiiipaiiy's coiitractual obliblalions expire or are discl)arbicd or caiicclled. 1.15 Employec bencfits I'hc cosl of ai)y unused liolidqrf y ei)titleni¢iil is reco&)iiised iii ihe pcriod iii wliich the en)ployee's services are received. Teriniiialion beiiefits are recogi)iscd iiilmedialely as ali expeiise ivlicn the compaiiy is demoiistrably coiiiiii illed to term inale ilic einployinciit of ¢ryn eiiiployec or lo providc lenniiialion bei)efits. Critical iiccountinR ei>timatcs and jud2cmenls Iii tlic api)IiciL lioii of Ilic clicqrily's accoiiijtiiig policies. tlic directors are reqiiired to make judgemeiils, esliin£2tcs aiid assiiiiiptlOTlS abolit tlic carryii)b¥ uiiiouiil of nss¢ls llnd liabilities that arc iiol rcadily apparciii froln otlicr sources. TIIC c8tiiii&tcs aiid associated assumptions are based on l)istori¢al expcricii¢e and olhcr factors tliat are coiisidered to be relcvaiit. Actual resulis Inay differ from these estiinatcs. The estimalcs aiid underlyiiigv asquinpiions arc rcvielvcd on an onbloiiig basis. Revisioi)s to accoui)lii)g estinicltcs arc rccogiiiiscd iii tlic pcriod iii ivliicli tlic csliii)atL is reviscd ivhere the rcvisioii aff¢cls oiily that pcriod, or iii tlic pcriod of ili¢ revisioii and fulurc periods ivl)er¢ the revision affecls both current and future periods. Crilicyl judgements Valuation of land and buildings Tlie estimale.% aiid assunipiions wliicl) liavc a sib)iiificant risk of causiiigi material adjuslment lo the caryiiig amount of assets aiid l labilities are as follows. The charity has rcvalued its land and buildingys and depreciated from each revaluation. The trustees will ensure that valuations ivill be madc regjularly and ivill rcview the values of ihe land and buildings slioivn in tlie accounts eacli year to make a judbiemeiit as to whether any evidence exists that their values are materially differeiit to the values in the fiiiancial stateinents. This may take into account the state of the fabric of the buildings and the conditions in tlie market for tlie types of property owned. 27-
C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donations and gifts Group Unrestricted Rcstricted Total Unrestricted Restricted Total funds funds 2024 funds funds 2023 Donations and gifts Graiils 1,161,692 58.099 1,219.791 1,158,185 43,567 1,201,752 .1,161.692 113,996 1,27_5,688 .l.L5.8,185 73.5_67 1,23.1.752 Charity Unrestricted Re&tricte(l TolAI Unrestrletcd Restricted Tolal funds funds 2024 funds funds 2023 Doncltions and gifts Graiits 1,145.900 1.145.900 1.130.796 1.130.796 J,.L45,900 -55.,897 1,20 L,197. .1,130,79_6 30,000. ],160,76 Ch&ritAble activities Group ChArity 2024 2023 2024 2024 Salc.4 witliin cliarilable aclivitics Cl)K2rilablc rcnlal iiicoinc, rccl)argies aiid oilicr iiicoiiic 277.454 320,647 811 1.608 101860 371,49_7. 329,99.6. .102,671 28-
C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other trading aclivities Group 2023 2024 Hope Centre Liinited Sales of books and resources 69,556 65.584 69 55.6 67,090 Charity 2024 2023 Sales of books and resources 1,506 Investnients Cwroup Unrciitricted Rcgtricted Total Unrestricted Rostrleted Total funds fun(Is 2024 funds funds 2023 Iiitcrcst receivablc 989 989 1.61 L Charity Unreytricteil Restricted Tolal Unrestricted Restricted Total 2024 funds funds 2023 liilerest receivabl¢ 971 971 Othcr incomc Group 2024 2023 Charity 2024 2023 Suiidry ii)coiiie -29-
C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Raising funds Group Unreslricled Rcstricted Tolal Unrestricted Rcslricled Total funds funds 2024 funds funds 2023 Fundraisin and ublici SiagiTig fiindraisii)gi evcnts Tradii) 7 costs oil)cr trLidingi activities JL8.a5ffj W IlQ_Ql5. Charity Unreslrictcd Rcstrictcil TolAI Unrestriclcd Rcslricted Tot#1 fun(Is funds 2024 funds funds 2023 Fiindraisin nd iibl icil SiaLiiiig7 fuiidraisiiigp cv¢iits Trlidiii costs oilicr tradiiigi activities 187 187 349 349 30-
C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charilable activities Group Charity 2023 2024 2023 2024 Staff costs Deprcciatioii aiid impairment Churcli dcpartnieiils and evenls Hospilalily aiid gifts Relit, rale.g. aiid service cliarges Iiisiiraiicc ¢111d utilitics Rcpaii's and cleaTiiiig Hirc of office equipmeTIt Sub.scriptioiis Pogtagic. 8lalioiicry and adverts Tel¢plioiic aiid fax Motor iliid Iravel expenses Bad aiid doiibtful dcbis Lcg7lll. profcssioi)al aiid coi)siiliaiicy fees StalT rccni itineTiI aiid Iraiiiii) Geiieral cNpeiiscs Baiik itilercst ?( rid cliarges Loss oil di%posrfql of taiigi ible fixed assels 752.949 85,930 17.511 36,066 165,260 89,240 98,311 13.121 39,244 6,889 2.630 38.312 (2.550) 90,364 803.087 72.896 14.392 32.157 180,429 73,918 312,421 15.791 39,212 9,480 3.642 23.688 4.466 116,219 2.161 96.257 30,040 492,565 85,121 17,511 36,066 154,913 86.607 88.204 11.568 38,925 5.359 2,586 38.312 506,937 72.087 14,392 32.157 168,676 71,698 308.017 15.533 39,090 6,408 2,522 23,688 80.544 101.702 55,235 48,923 1192()4 34,713 34,713 119294 87,903 25,139 1,656.729 1,830.256 1,336,827 1,475,949 Gralii fuiidiiigi of activilics (%ee note l O) Sl)arc ol" giovLniaiic¢ cosls (slc iiote I l ) 44,340 44,340 1,707,069 1,835,806 1,387,167 1.480,949 Analy2iiS by fund Uiircstricted funds Rcstricted fuiids 1,645,590 1,692,075 143 731 1,363,260 1,381,195 1.707,069 1,835 806 1,387,167 1,480,949
C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Grants payable Group 2023 2024 Grants to institutions Grants to iiidividuals 44,340 Grai)t5 of £7.933 (2023: £nil) Ivas paid to C3 Suiidci'l<liid. £16,407 (2023: £iiil) to C3 Newcasilc ai)d £20,000 (2023: £nil) to C3 Lifc oli l¢aviii&y Ilie C3 '1"rust U K g7roup duriiigy ihe year. Charity 2023 2023 Graiits to iiistilutioi)s Graiits to iiidividuals 44,340 .44,340 I I Support costs Group And ChArity Support Governance 2024 Support Governance 2023 cosls costs Audit f¢cs 5,55_Q Aiialyscd bctwe¢n Charilablc aclivities oo_o .0 Group Goveriiaiice costs includes payments to the auditors of £6,000 (2023.. £5,550) for audit fces. Charitablc aclivitics costs includes payments of £9.450 (2023: £8.130) to tl)e auditors for other services. Charity Goveriiaiice costs includes paymeiits to the auditors of £6,000 (2023: £5.000) for audit fees. Charitablc activities costs includes payincnts of £6,450 {2023: £5,800) to ihe aiiditors for otl)er serviccs. 32-
C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS {CONTIIYUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Trustees C Davieg received emoluments of £48.325 (2023: £39,859) and pension contributions of £2.550 (2023: £2,550) diirii)g the year. A coinpaiiy oivned aTid controlled by C Davies and liis ivife received £676 (2023: £7.387) for providing payroll and consullaiicy services to the charity. They received £1.947 (2023.. £8,751) for providing payroll and consultaijcy services to the group. C Davies and his wife made doiialioiis totalii)g £11,405 (2023: £12,555) to ili¢ cl)urch with donalioiis being made personally by botli of il)em and also niaking doiiatioiis froni Ilieir busiiless. Noiie of ilie otlier truste¢s rcceivcd emoliiiiieiits or beliefils durin&) the year (2023: £iiil), Tl)e cliurcli's constitution cxprcssly pcrin its Irustces to bc remuiierated provided ccrtaiii conditioiis are Inet. 13 Employocs Numbcr of employces I'he avera&ye numbcr of eiiiployees duriiigv ilie year ivas: Group Charity 2024 Number 2023 Number 2024 Number 2023 Number Triislces of C3 Trusi UK Triistee% / directors of subsidiaries Eiiiployees 52 53 65. 19 24 30 33
C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Employees (continued) Employment costs Group Raising ChAritable funds ac¢ivRlies Raising ChAritAble funds gctivilics 2024 2023 Wagcs aiid salaries Social sccurity costs Otlier pciisioii costs 56,528 2,951 679,877 49,800 736,405 52,751 42,215 2,265 961 723,955 52.156 783,102 54,421 Charity 2024 2023 Wages and salaries Social .8ecurity costs other peiision costs 439,681 35.856 450,649 35,603 492 565 506,93.7_ Group and Charity 2024 2023 Tl)e nuinber of eTnployces whosc annual rcinuneration was £60,000 or morc were; Conlributioiis totallin&y £iijl (2023.. £nil) Ivcr¢ madc to dcfii)cd conlributioii pciision schcmes oli belialf of employees whosc cmoluments excccd £60.000. 14 Other Group Charity 2024 2023 2024 2023 Bad debts -34-
C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Tangible fixed assets Group Long leasehold property Fixtures riltings & equipment Tolal Cost Al l April 2023 Additions at cost Disposals At 31 Marcl) 2024 1.778,180 863,349 2,641,529 66,111 66,111 181206 181206 1,59_6,974 929,461 2.52.6.435 DepreciAlion #nd impairment At l April 2023 Chargle for Ilie year riiii) iiiated 01) disposals At 31 Marcli 2024 168,252 55.656 785.165 30,274 953,417 85,930 16.1,995. 815,439 977 434 Carrying amounl At 31 Marcli 2024 1.4_3_4,979 J.1.4,022 1.549,001 .1,609,9.18 J_8,184 1,688,112 At 31 Marcli 2023 Charity Long Fixlures le#sehold riltings & properly equipment Total Cost At l April 2023 Addilioiis at cost 1,778,180 801,661 2,579,841 63,062 63,062 181206 181206 Ai 31 Marcli 2024 J,596,97.4 864,724 2,461,698 DepreciAtion Mnd impairment Al l Ai)ril 2023 Cliarge for Ilie year Elim iiiated oli disposals At 31 Marcli 2024 168,252 55.656 724,476 29,465 892,728 85,121 75.3 940 -9_15 935. Carrying amount At 31 Mai'cli 2024 1.43.4 0J_s4 1,545 7_63. 1,609 928 77 185 1687,113 At 31 March 2023 35-
C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Tangible fixed assets (continued) Some of ihe church's leasehold land and buildings werc cxternally revalued at £1,300,000 al their opeii Inarkel value in March 2023 by White & Co, Chartered Surveyors. Improvcmenls to leaseliold premises Iviih a nct book valiic of £14,671 are includcd witliiii tlic fixLd assels of Hopc Conimunity foundatioii (a charitable coinpaiiy controlled by C3 '1'rust UK) wliicli lias a siibleasc oli part of the preniiscs. 1.he truslees are of thc opinioii iliat tlie value at 31 March 2024 would iiot diffcr si&yi]ificaiitly from tliis valuation. Group Soiiic of tlic cliarity'8 Icclscliold ai)d frccliold laiid lid buildiiisis arc subjecl lo a Inortbya&Jc ivitli tl)c balai)c¢ oivcd at 31 Marcli 2024 aiiiouiitiiigi lo 500/0 (2023.. 520/0) of tlicir nct book value as stalcd iii tlicsc accounts. CharRty Soinc of tlic cliarily's leasehold aiid frecliold laiid aiid buildiiibis arc subject to a morl&¥abie willi Ilie balaiice owcd al 31 Marcli 2024 amountiiig to 50% (2023: 52 % ) of tlicir iiet book. valuc as staled in Ilics¢ accouiils. CompArllblc historical cost for the land and buildings included at valuation: Group Charily 2024 2023 2024 2023 Cost Accumulated depreciation 1,517,030 719959 1,517.030 687 1()2 1,401,120 ()18720 1.401.120 590711 At 31 Marcli 2024 .797.071 ..829,868 -782,400 8.1_0,409 All other tangiiblc fixed assets arc slatcd at l)istorical cost. 16 Stocks Group 2024 2023 Charity 2024 2023 Goods for resale 100 -150 i_oo. 36-
C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Debtors Group 2023 Charity 2023 2024 2024 Tradc dcbtors Amouiils duL' from subsidiary uiidertakiiigs Other debtors Prcpayinciils and accrued iiicoine 29,385 15,398 9.624 21,500 14,630 2,716 10,478 49,085 14.630 49,085 52,236 18 Creditors: amounls falling due within one year Group 2023 ChArity 2024 2024 2023 Baiik loaiis aiid overdi'afts Obl ig>ic lioiis iiiidcr l iiiaTlCC leases Tr&qdc creditor Taxalion aiid social securily Oilicr crcdilors Accruals 69,627 6,250 2.979 10.757 23,982 68,749 6,250 34,815 11,133 26,540 51,137 6,250 2,139 8,576 16,814 53,716 6,250 31,068 8,365 18.034 .136,366 172,222 104,0.7.0 13_8.13_8 37-
C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Creditors: amounts falling due after more than one year Group 2024 2023 Mortbiage and hir¢ purchase .623 682 Analysis of mortgage and loan Not wliolly repayable within five years by ii)slalmeiits Wholly repayable witliin five years 293,487 393 404 395,454 354 663 686,891 63 209) 750.117 68 298) Included in curreni liabilitics 623,682 6_81,819 Loan maturity anlllysis Dcbt due iii oi)e ycar or less ITI iiiorc Iliaii oiic year bul iiot inore Il)an Iwo years In iiiorc Iliaii Iwo years but iiot more Iliaii fivc year% Iii more ihaii five years 69.458 89.302 234.644 293 487 68.298 69,985 216,380 395 454 68.6,89J 750,11_7_ Tlie iiiortgagycs arc secured by firsi Icgyal cliarges over Ilie group's frccliold and leaseliold land aiid buildiiigys. Charity 2024 2023 Mortgiagic and hirc purclia5e 602 001 645 147 Analysis of loans Not wholly rcpayablc witliiii fivc years by iiistalinents Wholly repayablc iviiliin five years 293,487 365 900 395,454 309 658 659,387 57 386) 705.112 59 965) Included iii curreiit liabilitie5 602 OOJ. 4.5. 1_47. Loan maturity analysis, Debi due in oiie year or Icss In more than one ycar but not more than two years In more than two years but not more than five years In more than five years 57,386 77.230 231.284 293 487 59,965 61,652 188,041 395 454 659 387 705 112 The mortgage is secured by a first legal charge over the charity's freehold land and buildings. 38-
C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Finance Icase commitments Group and Charity 2024 2023 Payable withiii one year Payable after 01)e year 6,250 6,250 17,187. .23.,431 21 Pension and other post-retirement benefit commitmcnts Defined contribution Group 2023 Charity 2024 2024 2023 CoTltributioi)s payable by Il)e g?roup and cliarily for thc ycar 27,937 Tlie blroiip operales <2 dcfiiicd coi)tribiitioTI peiisioii sclieiiie. Tlie a8sets of the sclieme are lield separately froiii iliosc of ilie giroup ii) iiidepend¥iitly adlniiiistered fuiid%. The pcnsioii cost charge represents coiilribLltioiis payable by Ilie group to Ilic fiind. -39-
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C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Analysis of net assets between funds Group Unrestricted Restricted funds funds 2023 2023 Unrestricted Restrictcd funds funds 2024 2024 Total 2024 Total 2023 Fuiid balaiices at 31 Mai'ch 2024 are represciitcd by; Tang7iblc assets 1,549.001 Curreiil asscis/(liabililies) 145,482 Loiigi tern] liabilities 623 682) 1,549.001 1,688,112 204.584 215,691 623 682) 681819) 1,688,112 228,030 681819) 59,102 12,339 Unrestrieted Re.%tricted funds funds 2023 2023 Unrestricted Restricted funds funds 2023 2023 Total 2023 Total 2023 Ui)reali%ed g?aiiis iiicludcd above: Oli taiiglible fixed asscls 315956 315956 315956 315956 315,956 315,956 315956 315,956 Recoiicilialioii of movcinciils in uiireal iscd gyajiis.. Unrealised &)aiiis at l April 2023 Rcvaliicd clciiieiit of fixed asscts gold diiriiig period Revc2liialioii of laiibiiblc fixed ass¢l 315.956 31 S.956 315,106 315,106 850 850 Unrealised giain5 at 31 March 2024 315,956 315,956 315.956 315956 43
C3 TRUST UK NOTES TO THE FTNANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 I[RcH 2024 23 Analysis of net assets between funds (continued) Charity Unrestricted Restricted funds funds 2023 2023 Unrestricted Restricted funds funds 2024 2024 Total 2024 Total 2023 Fuiid balances at 31 March 2024 are represeiited by: I'aiig)iblc asscts 1.545.763 Currciit L1sscis/(l iabilitics) 172,726 Loiigi terii) liabi lilics 602001) 1,545,763 1,687,113 204,716 224.040 602 001) 645 147) 1.687,113 224,040 645 147) 31.990 Unrestricted Restricted funils fund 2024 2024 Unrestricted Restrictcd fun(Is funds 2023 2023 Total 2024 Total 2023 Unrealised gyains iiicludcd iibove: Oil taTigiible fixed assets 419964 419964 419964 419964 4_19,964 419,964_ 419,9.6.4 419,964 RcconciliLItiOTi of movemeiits iii uiircal i%cd bY¢ljllS: Unrcaliscd gjaiiis at l April 2023 Rcvalucd clcmcnt of fixed assets sold during pcriod Rcvaluatioi) of tangible rixed ass¢t 419,964 419,964 419,114 419,114 850 850 Uiirealised g?aiiis al 31 March 2024 419,964 419,964 419,964 419,964 -44-
C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 24 Operating lease commitments At the reportiiig end date the company had outstanding commitments for future minimum lease payments under non-cancel lable operalii)g¥ leases, wliicli fall duc as follows: Group Charity 2024 2023 2024 2023 Within one year Belwecii Iwo aiid five years In over five years 77,750 107,856 238,767 77,750 107.856 2238.767 402,123 77,750 402,123 CApital commilments The giroup ai)d charity liad iio capital conimilinciils 31 March 2024. 25 Related party transAelions Remuneration of key manaRcment personnel The reniuiieratioii of key inanrfibycinei)I p¢rsoTii)el is as fol lows. Group Charlty 2024 2023 2024 2023 Abgjregiate coii)pensatioii 107,321 66,340 10.7,321 66,340 The trLlSt¢cs rcviciv payniciits niadc to cinployccs ii) siiiii lar nianic gycrial posilions in other chiirches clnd sini ilar orbiai)isatioiis ivlieii coiisideriiig Ilic IcvL'ls ol. Pc1y for kcy Inaiiagicrs. "I'lic trusl¢Ls also lak'c iiilo coi)sideralioii Ilie abilily of Ilic cliarilablc coinpaiiy to bc 21 ble to pay sucli salarics. 26 Subsidi#ries Thcsc fiiiaiicial slalements are sepii rale Company finalicial statements for C3 Trust UK. The charity lias control of l OOO/o of ihe assets and trade of Hope Community Foundation a cliarilable coinpany limited by g)uarai)tee. Tlie coinpaiiy operales as a cl)ildreii's nursery oil church premises utilisii)gy assets purcl)as¢d by tlie cliarity aiid carri¢£ oul oilicr commuiiity based aclivitics. Flope Coimniiiiiity Fouiidalioii becainc a rcgistercd cliarity iii March 2004 (chariiy iiuiiiber 1102542). At tlie year-ciid Hope Comniiiiiity Foui)datioJi Iiad iiet assets of £5,299 (2023: £6,282 net liabil ilies). Duriiig tlie year eTided 31 March 2024 ils total iiicoiii iTig resoiirces were £350,534 (2023: £389,996) and its lotal resources expeiided wcrc £338,953 (2023.. £404,323) Icaviiig a nel increase in funds of £11,581 (2023: £14,327 nei decrease). C3 Trust UK oivn8 1 00% of the ordii)ary share capital of Hope Centre Limited a trading company Ivhich geiierates funds for the church. Hope Centre Limited began trading on l April 2003, it operates from church premises and ils principal aclivity is the letting of conference facilities and running a children's play area and café. At 31 March 2024 the net liabilities of Hope Centre were £625,067 (2023- £608,006). Its tuniover for tlie year ended 31 March 2023 was £75,145 (2023: £70,627) aiid its tolal resources expended were £92,206 (2023- £64,458) leaving a loss for the year of £17,061 (2023.. profit £6,169). 45-
C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Cash generated from operations Group 2023 Charity 2024 2024 2023 Deficit for the year Adjuslineiils for: Investmeiit incomc recognised ili slalcmcnt of fiiiancial activilics (989) Loss/(&vaiii) oli disposal of lai)giible fixed asscls 119,294 Dcprccialioii and iinpaimicnt ot'laiig?iblc fixcd asscls (104,420) (307,568) (117.528) (310,505) (1.611) (971) 119,294 (1,611) 85,930 72,896 85.121 72,087 Movements in workiiig capital: Dccreasc/(iiicrease) iii stock DecreLisc/(iiicrecise) iii debtors (Dccrcaso)liTicreasc in crcdilors Incrcasc/(decrcasc) iii dcfcrrcd iiicoinc 50 15,107 (36.734) (13,936) 30.227 1,164 (31,489) (14,786) 32,729 Cash generAled from/(absorbed by) operations 1219. 992) 222 086 27 AnAIysis of ehange.4 in net (debt)Ifunds Group Cash New finance flow.¥ Icases At l April 2023 At 31 March 2024 Cash ai bank and iii Iiand 332,759 (44,145) 288,614 Loaiis fall iiigy due wiihiii oiie year Loans fall ilig duc aftcr morc tliaTI oiic ycar Obl igiations under fiTianc¢ Icascs (62,049) (681.819) (1.160) 58,137 (63,209) (623.682) (43_4,546) .lg,0.82 (415,464) Charity Cush New finance tlows leases At l April 2023 At 31 Mllrch 2024 Cash at bank and li) liand 296,938 (42,227) 254,711 Loans falling due within one year Loans falling due after more ilian one year Obligations under finance leases (53,716) (627.961) 2,579 36.897 (51,137) (591,064) -46-