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 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 grO1￿h 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 ci Icader for ¢acli deparlniciit is respoiisiblc, The Stalclneiit of fiiiaiicial Activitics slioivs a n¢i dccrcase in funds of £117,528 (2023: £309,655 decrease). Tlic cliurcli lias gieneral unrcslricted r¢sC￿eS of £696,524 excludiiig tlie revalualioii reservc, compllred willi £846.042 ilie prcvioLiS year. 'ri)e trustee.8 Iiavc idci)tified Ilicql tllc reserves cqre al a low Icvcl, repi'Lscnliii&7 80 % (iiiclLidiiig tlic rcv2c lualioii rcscrvc) of ai)iiual iicl resoLirccs cxpciidcd (2023: 84 % ). Tl)is pcrc¢iilagFe ]% sligliily lowcr tliaTI tlie prcvious year. Tlic Irccly avai lable ui)rislrictcd rLscivcs ivcre £172,726, Tlie Coi)80lidatcd Slaleinent of FiTiancial A¢livities sliows a nct decrease iii fuiids of £104,420 {2023: £306,718). Tlie giroup l)as gieiieral unrcstricted r¢serves or £1 ,380.012 ¢xcludiii& tl)c rcvaluatioi) reserve. coiiipared witli £1,514,134 ilic prcvious year. I"lic ti'u4t¢cs liave idciilificd iliat tliL r¢scrvcs arc at a low Icvel, rLprcs¢iiliiigi Tnorc il11< 11 62 % (iiicliidiiig ilic rcvaliiLilion rc.scrve) of aiiiiual nct rcsourccs expLiided (2023: 64 % ). Tlic frecly availablc uiirestrictcd rLscrves iVLrc £145,482. Trustees arc Iniiidful of inflatioiiary and ecoi)omic pressures whicli iiicvitably have ali impact oli the opcrlltioi)al costs of the or&?aiiisalioTI. Iiiter¢st ratcs liave Klrrecled niorlg?qc gyc ratcs, Ivhicl) lias a direct impact on C3 14ope. li) additioii. trustccs are iiiindful of tlic gpeiieral financial risks ivhich C3 'frusl UK COTiliiiues lo manage effectively at a time of ecoiioinic volatilily. The finaTicial results for ihe subsidiary eiitities arc sl)own in note 26 lo the accouiils. Reserves C3 Trust UK policy in general is lo continue to work toivards building three months, worth of cash reserves. Trustees are mindful of inflationary and economic pressures ivhich inevitably have an impact on the operational costs of the organisalion. Inlerest rates have continued to affect mortgage rates, which has a direct impact on C3 Hope. In additiOTI, trustees are mindful of the general financial risks which C3 Trust UK continues to manage effectively at a time of economic volatility. Trustees are cognisant of the fact that the continued move towards devolution and independence of the cliurclies, whilst serving a longer-temi goal, has short terni impact on the audited financial position of C3 Trnst UK. Divesting itself of fixed assets either by assignment of leases or by gifting of locally accumulated 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 aiiisalioii. Eacli cliui'cl) bcloiigijijgi lo C3 Trusi UK lias its own local idciitity. C3 Hope- (Slie￿ield) 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 conipal rcqiiirciiiciils. Matters on which we are required to report by exception 111 Ilie liglil of tlie k'iiowledglc aiid uiidcrst&l1)diiigi of ilic cli?L rity and 118 environmciit obtaiiicd in ihc course of tlie audil, we liave Tlot ideiililied material iiiisslateiiicii15 iii Ilie dircctors, rcport iiicludcd witliii) tlie truslLes' rcport. We l)ave Tioiliiiig to report in rcspccl of tlic followiiibj iiialters in relatioii lo wliicl) the Coinpanies Act 2006 rcquircs lis to report to you if, iii our opiiiioii: adequi1tc accouiiliiig) rccords l)ave noi bceii kcpt, or rcturiis adeqiiate for our audit have iioi been received froin braiicl)es iiot visiled by us; or tlic fiiiancial slatements not in agrcemciit Nvitli the accounting records and returns; or certain disclosures of truste¢s' reinuiieralioii specified by law are not niade; or Ive have not received all the infomiation and explanations Nve require for our audit , or the trustccs were Tlot entitled to prepare tlie fii)ancial statements in accordance wilh the small companies regiiiie aiid lake advantagye of tl)e sinall coinpanies, excinpiions in preparing the Irustees, report and from tl)e requirement to prepare a strategic report. 13 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 assurli Icvcl of assur£lllCC but is Iiol a giuaraiilcc tl)al ali audil coiidiictcd ii) uccordaTlCC Witll ISAS (UK) wil l always dclccl a inalcrial inisslateinciit ivlicii il exists. Misslatcinciils cali iirisc froin fraud or crror aiid are considcrcd inalcrial if. iiidividiially or iii Ili¢ a&ygTrcg?alL. tlicy coiild rerf2SOI)ably be expected to influencc tlie economic decision8 of. uscrs takcn 01) tlie basi% of. Ilicsc IiTiaTIcicil stiltcinci)ts. Irrcg¥iilarilie.q. including fraiid. arc iiislaiiccs of noli-coinpliaiice with laws and rcgiii latioiis. We dcsi&?11 procc'diire5 iii liiic ivitli our rcspoi)sibililicg. ouilii)cd abovc, lo dclect Inalcrial Inisstc11cinciils iii rcspccl of irrcgyiilrfirilies, iiicludiiig fraiid. Tlic cxlciit to wliicli our proccdures arc capablc of dclcctiiiby irrcgyiilarilies. iiicludiiibj fraud, is dclai lcd below. Bascd on our understaiidiiig) of tli¢ cliarity and tlie s¢clor ill whicli il opcrales. w¢ identificd tlie principal risks of iioii-compliancc ivilli laws and regiilulioiis rLlaled to tl)c acls by Ihc cliarity, Ivliich were contrary to applicable laivs aiid reg?ulatioiis iiicludiiigi fraiid. aiid ivc coiisidcrcd ilic ¢Nleiil lo ivl)ich iioii-coiiipl iaiicc inigiht h1( vc a mal¢rial clTccl 01) Ilic fiiiaiicial stalciiiciils. Wc also coiisidcrcd tliosc laivs and rcgiilalions Iliat liavc ll direct impact oli Ilic preparalion of tlic fiiiaiicilll slateinci)Is siicli as tlic Coinpic iiics Act 2006. Wc cvaluic led Iiianagcinent's iiiceiitivcs aiid opportuiiiti¢s for fraudulciil inaiiipu latioii of tlic fiiiaiicial stateinciils (iiicliidiiib tlie risk of ov¢rridc of controls). and dclcmiincd iliat Ihc principal risks were related to iiiflated rev¢nuc and thc cliarity's iict iiicomc for ihc year, Audit procedures perfomied included: review of the financial stateinent disclosures to undcrlying supporting documentation, revicw of correspoiidciice witli aiid reports lo the rc&iLilators, incliidiiibi corregpoiideiicc ivitli the Cliarity Coininission, review of correspondcnce witli legal advisors, enquiries of Tnaiiagleincnt in so far 11 S thcy related to the financial stalcmeTlts. and in lestin&y of journals aiid evaluating whether ihere was evidcnce of bias by the Irustees tliat repre5cnled a risk of material m isstatement due to fraud. 14 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 l0 fn tr-￿ fn rri KO li- I 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 litimatcs 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. ],160,7￿6 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'lic 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- I r4 I m ¢> (y i tse￿m rn en rn rry, fry I C* c fry in C I Pl Inco tr-QQ t>CO rn ery rn fn fri fry Xso c ￿ oz xa) 0£ ¢¢ O oDocO>XXZrog￿rn￿{ i op rn fn J e) > E 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-