CHARITY REGISTRATION NUMBER 1119791 COMPANY REGISTRATION NUMBER 5999100
## **C3 TRUST UK**
## **GROUP ACCOUNTS**
**FOR THE YEAR ENDED 31 MARCH 2025**
## **C3 TRUST UK**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|O Olarinde||
|---|---|---|
||M Muthiah||
||J Hemmingfield||
||L Davies|(Appointed 8 May 2024)|
||N Anumba||
||J Willis||
||D Anumba|(Appointed 1 January 2026)|
|**Secretary**|S M Sherwin||
|**Charity number**|1119791||
|**Company number**|5999100||
|**Principal address**|The Hope Centre||
||Bernard Road||
||Sheffield||
||South Yorkshire||
||S2 5BQ||
|**Registered office**|The Hope Centre||
||Bernard Road||
||Sheffield||
||South Yorkshire||
||S2 5BQ||
|**Auditors**|UHY Hacker Young||
||6 Broadfield Court||
||Broadfield Way||
||Sheffield||
||South Yorkshire||
||S8 0XF||
|**Bankers**|Barclays Bank plc||
||City Office||
||Sheffield||
||S1 1NG||
|**Solicitors**|Geldards||
||Number One Pride Place||
||Pride Park||
||Derby||
||DE24 8QR||
## **C3 TRUST UK**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees’ report|1 – 10|
|Statement of trustees’ responsibilities|11|
|Independent auditors’ report|12 – 15|
|Consolidated statement of financial activities|16 – 17|
|Statement of financial activities|18 – 19|
|Consolidated balance sheet|20|
|Balance sheet|21|
|Statement of cash flows|22|
|Notes to the accounts|23 – 47|
## **C3 TRUST UK**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2025**
The Trustees present their report and consolidated accounts for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s Memorandum and Articles of Association, the Companies Act 2006 “Accounting and Reporting by Charities: Statement of Recommended Practice Applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)”.
## **Objectives and Activities**
The Articles of Association restrict the objectives of the Church to:
- a) advance the Christian faith in accordance with the Statement in such way and in such parts of the United Kingdom or the world as the directors from time to time may think fit;
- b) to relieve sickness and financial hardship and to promote and preserve good health by the provision of funds, goods or services of any kind including through the provision of counselling and support in such parts of the United Kingdom or the world as the directors from time to time may think fit; and
- c) to advance education in such parts of the United Kingdom or the world as the directors from time to time may think fit.
Under the broad objects of the charity, each church connected to C3 Trust UK has been granted the autonomy, under a formal and agreed ‘Scheme of Delegation’, to define a vision for their local church which reflects their aspirations for their location and their church community. C3 Liverpool was the final church to sit under the C3 Trust UK umbrella until 1 April 2025 and continued to operate under the terms of the scheme of delegation and work within the wider structure of the Board of Trustees through the Interim Chief Executive. From January 2025 the role of Interim Chief Executive ceased to exist with the Lead Pastor of C3 Hope being the most senior officer of the charity.
All other charitable activities undertaken by the C3 Trust UK and its churches are to further the attainment of the above objectives.
The trustees have paid due regard to the guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **C3 Trust UK Churches**
Over the past year, we have continued to see an aggregated net growth in in-person attendance at church services, with C3 Hope (Sheffield) seeing an encouraging continuation in increase in membership over the period largely due to the launch of a second Sunday service in September 2024. The overall number of those attending in-person has decreased across the Trust by 9% from 907 to 824 attendees based on the previosy year, taking into account the release of C3 Life from the trust. In Sheffield alone, in-person attendance has increased by over 12% over the past 12 months. As membership numbers have grown and we are seeing a confident return to in-person church attendance, online services are continuing to be streamed and are still well attended.
At local church level the charity no longer houses the remaining churches upon completion of the transition to independence.
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**C3 TRUST UK**
## **TRUSTEES’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
Across all churches our current estimate is that we remain at approximately 1,740 members as of 31 March 2025, again factoring in the release of C3 Life in March 2024. By the end of November 2025 this has risen slightly to approximately 1,915. Figures for C3 Hope are approximated based on a proportion of the current size of the database which is due to be purged in 2026.
## **Church Membership (as per database)**
|**Church**||||
|---|---|---|---|
|**Name**|**31/03/25**|**30/11/25**|**Average attendance in person**|
|C3 Hope (Sheffield)|1650|1800|769|
|C3 Liverpool|90|115|55|
|**TOTALS**|**1740**|**1915**|**824**|
Across both of our churches there are more than 370 volunteers involved in serving and leading. This level is up on the previous year despite C3 Life no longer being part of the wider charity and reflects very positive levels of engagement amongst church members and a healthy culture of volunteerism. In the coming months, the charity intends to place a greater focus on building capacity through volunteering and is continuing the process of rolling out a leadership pipeline to encourage personal growth and leadership.
Both churches, albeit not universally, operate numerous Sunday and midweek ministries including, service teams, small groups, youth and children’s ministries, student and young adult ministries, men’s and women’s ministries, and missions and marketplace ministries, each focusing on teaching, equipping and releasing gifts and talents in others. Each is underpinned by the focus on prayer as a key foundational and intentional aspect of church design.
## **Movement Towards Independence**
On 1 April 2025 C3 Liverpool became independent from C3 Trust UK in line with the planned changes to the overall structure of the charity. Despite extensive delays in being awarded charitable status, C3 Liverpool was successfully registered as a CIO on 19 September 2024. This marks the end of a period of transition which began in 2020 which has been successfully led by the Interim Chief Executive with the support and guidance of trustees and the local leadership and cooperation of Lead Pastors. Lead Pastors have expressed their thanks to the Interim Chief Executive and trustees for their support throughout what has been a time of turbulence since 2020 recognising that despite considerable progress being made over this time, the journey has not been without the significant challenges associated with organisational change.
All churches and their Lead Pastors have focused on rebuilding a strong and renewed sense of trust, a new culture and vision for the future, assembling and growing new teams, engaging new church members, enabling a greater level of transparency, managing financial risk, and creating a fresh 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 whilst maintaining a mostly static membership, 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.
Trustees continue to review their role, focus and involvement to be able to revert to the place of strategic oversight, having confidence in appointed leadership and in the strength of governance which has been built in recent years. This has meant the appointment of new trustees, and a new chair of Trustess in Louise Davies in May 2024, with an intention to further strengthen the board of trustees in the coming year as C3 Trust UK has now reverted to being wholly Sheffield focused.
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## **C3 TRUST UK**
## **TRUSTEES’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **Organisational Development**
Managing transition and change has been a priority for C3 Liverpool and they have successfully achieved this whilst retaining overall church membership. This has not only seen structural and governance change but also been met with the opportunity and challenge of moving away from the past and setting their sights on the future, through vision casting, teaching, leadership development and team building and a continued determination to create and maintain an honest, open and transparent culture; a key component to facilitating healthy churches.
C3 Hope has placed a significant amount of effort in managing the growth of the church, which comes with its own unique challenges. Strategic goals include its investment in people and in the development of a leadership pipeline, strengthening discipleship and pastoral care as well as building volunteerism and strengthening a staff team which individually and collectively have carried a significant weight of work and responsibility. Managing the pace of change and growth has presented challenges, but they are challenges associated with the health and growth of the church and the impact of its work.
There continues to be a clear recognition that good strategy, planning, communication, management and learning and development are all integral and essential elements which underpin the vision and values of the local church. This has led to stronger teams, greater empathy, more informed decision-making, more robust dialogue, moderation of pace and greater clarity around priorities and focus.
Trustees are greatly encouraged by the clear signs of health in terms of numeric growth, growth in generosity and engagement in the mission and work of the church.
## **C3 Trust UK Property and Premises**
C3 Trust UK’s property portfolio has changed in line with wider changes in the organisation.
C3 Trust UK currently holds a lease for 85 City Road, Newcastle, NE1 2AQ. The building is sublet by agreement with the landlord to C3 Newcastle (formerly part of C3 Trust UK). C3 Newcastle provide regular management accounts to C3 Trust UK allowing their financial strength to be monitored. The church is strong and continues to meet the terms of the sublease. At the upcoming break clause, C3 Trust UK intend to explore whether the lease can be wholly assigned to C3 Newcastle.
C3 Liverpool vacated their premises at 79-81 Kempston Street in agreement with trustees, and we were successfully in obtaining a new sub-tenant for the premises, Hillsong Church in Liverpool. Hillsong church moved into the premises in early 2024 under a simple tenancy at will, whilst working towards a full assignment of the lease to Hillsong Church. The successful assignment was completed on 12 December 2024. Trustees are encouraged that the significant investment in the premises to create a purpose built facility to house a church, has been passed on to another church, who are by all accounts thriving in their new venue. 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.
The Sheffield based Hope Centre, is a 54,000 ft[2] building which is the home of C3 Hope and comprises a large auditorium and overflow facility (‘The Forge’ with seating capacity for over 130 people) as well as varied and extensive conferencing and training rooms, lettable and dedicated office space, a community hub and café. In the financial year to which these accounts relate, the use of the building for conferencing continued to perform better than expected and a development plan is currently being revised to capitalise on this opportunity to fundraise for the charity using the physical asset. The recent appointment of a Development Manager is a strategic move to strengthen the team and to drive forward a strategy to maximise social value and financial
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## **C3 TRUST UK**
## **TRUSTEES’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
yield from the building which is on the local authority’s register of community assets, and has been a successful role thus far.
Trustees will continue to focus on housing a mixture of church, community and business or social enterprise activities designed to deliver church health and growth, social value and longer-term financial sustainability for the building and the church in Sheffield.
Hope Centre Limited (a subsidiary of Hope Community Foundation) manages conferencing and room hire and licensed offices for local small businesses. The income from licensed offices has helped to replace income generated from a former charity linked to C3 Trust UK which vacated the premises in 2020.
With support from capital reserves, we have been able to continue capital works in the building to improve visitor experience and upgrade key building infrastructure.
Our fundraising strategy is currently being revisited to enable us to fund a further phase of works to be undertaken over the next 3 years in order to provide further space for the growing church, additional accommodation for local businesses and new social projects targeted at local needs.
Funds previously raised for the Waverley project in Sheffield have now been successfully repurposed as part of a Special Scheme which was approved by Charity Commission in 2022. These funds have now been committed or invested into maintenance, refurbishment and efficiency of the Hope Centre.
## **Outreach, Social Action and Missions**
The continued commitment to serving communities has been encouraging to see, with the churches continuing, where they can, to undertake outreach and social action projects commensurate with their capacity to undertake these activities. C3 Hope and C3 Liverpool have continued to operate a range of social action and outreach projects including partnering with the college C3 Liverpool use as a venue on Sundays to provide 50 hampers to those most in need amongst other opportunities.
C3 Hope operates Hope Community Foundation (Charity No 1102542), part of the C3 Trust UK group which houses an early year setting and other regular community projects and groups, impacting the lives of thousands of local people each year including a community grocery, created in partnership with The Message Trust (Charity No 1081467), which as of April 2025, at the four-year anniversary, has currently amassed over 2600 members, almost 1000 of which are active on a regular basis.
65% of beneficiaries were in our immediate disadvantaged communities of S2 and S9 postcodes. Almost 7800 individual shopping visits have been completed in the previous year alone, with almost 20,000 shops completed since the project started, providing an estimated 400,000 meals over this time to local families, as well as 172 tonnes of food being rescued from landfill since 2021.
In recent months it has been agreed with The Message Trust that Hope Community Foundation will take on the running of the grocery in a social franchise model from 1 January 2025, whilst still receiving key support from the team at The Message Trust. This has been fully embraced by the team and trustees are hopeful that this will enable the grocery to reach more and more people in the area in need of the support the grocery offers.
In the next 2 years the charity aims to grow the grocery membership to 3,250 members, specifically targeting those disadvantaged communities close to the Hope Centre where deprivation is amongst the top 10% in the UK.
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## **C3 TRUST UK**
## **TRUSTEES’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
Hope Community Foundation has continued to deliver much needed services to the local community in Sheffield, including through its community nursery (Little Ark Nursery & Pre-School) and through a growing number of community projects which have overall continued to gain momentum in the last year.
All initiatives have added significantly to the social impact delivered under Hope Community Foundation. Community projects such as Polka Dots Play Group and Jigsaw Café have helped the charity to build its support for young families and the elderly respectively. The donation-based Foundation Café provides a vital and vibrant connection point from which the social value created through each project can be compounded for beneficiaries. These vital projects have been accompanied by the more recent addition of the Café Connect project which focuses on delivering conversational English tuition mainly to immigrants coming into Sheffield from Hong Kong and the implementation of short-term projects such as a school uniform project and a series of weekly drop-ins have also been introduced to provide targeted support working in partnership with organisations such as Reed, Manor & Castle Development Trust, Sparkle Sheffield, and Citadel Business Academy. These drop-ins have provided support around employability, the cost-of-living crisis, enterprise coaching and support for families with autistic children. In addition, Hope Community Foundation has developed a signposting and support service called Pathways which aims to help people access practical support available across the city of Sheffield. Having gained initial funding for the project from Benefact Trust, the charity has been able to employ a part time coordinator for the project.
C3 Hope has developed a chaplaincy service which aims to provide pastoral support and listening services to the local community, including those who visit the Hope Centre during the week.
Hope Community Foundation has continued to extend its scope and reach and retains over 90 regular volunteers supporting and enabling the work of the charity, mostly working as part of the community grocery.
C3 Hope also hosted the Global Leadership Summit for the third time in November 2024. The Global Leadership Summit was established in the USA and the Hope Centre 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 Hope 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, volunteers and local and 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 has had a significant impact on students and young adults and aims to establish the model in the UK and Europe.
## **Annual Giving**
From April 2021, both churches have continued to supplement regular giving with an additional annual oneoff offering in the form of a ‘Vision Builders’ or ‘Heart for the House’ appeal. This separate offering varies with each church, but continues to mostly cover building and venue costs, local missions, and ministries as well as funding other usual and general local church activities. The funds raised from these campaigns is unrestricted but designated to operational running costs for the most part and at present forms part of the income required to cover the operating costs of the respective church.
For each annual campaign the giving consists of one-off donations, standing orders and financial pledges which are redeemed during the months following the initial commitment.
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## **C3 TRUST UK**
## **TRUSTEES’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **Staffing**
Salary bands brought into effect in 2020-21 financial year are continuing to provide a framework and guidance for recruitment and selection and salary reviews and trustees continue to consider making every effort to manage pressure on real time salaries arising from recent the cost-of-living crisis. Final adjustments have been made in 2024-25 to bring the salary bands into line with medium term commitments. Trustees have also made several improvements to staff terms and conditions including additional leave and sickness entitlement.
Moving forward, Trustees are keen to ensure that salaries reflect those of similar positions in the faith and voluntary sectors. The continued uplift in national living wage has, however, placed pressure on the lower end of salary bands; something which is not unique to C3 Trust UK.
As the shape of the organisation continues to change, so too do staffing requirements. The HR function has been a vital part of ensuring that we manage recruitment, role changes and redundancy processes in line with good practice. In the past year through the HR function, we have been able to design and deliver an increased amount of staff and volunteer training and development and will continue to do this under the advice and guidance of the Executive Team, with the aim in March 2026 to employ a People and Practice Manager to oversee HR and training, both for staff and volunteers.
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## **C3 TRUST UK**
## **TRUSTEES’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **Subsidiary and other controlled companies**
The achievements and performance of the church’s subsidiaries and other controlled companies for the year ended 31 March 2025 were as follows:
- Hope Centre Limited through its trading activities made a profit of £2,013 (2024: loss of £17,061). Closing shareholders' funds were in deficit at £623,054 (2024: £625,067). Hope Centre Limited is a limited company incorporated in England and Wales and from 1 April 2024 Hope Community Foundation owns 100% of the share capital. The share capital was previously held by C3 Trust UK. The nature of its business is the provision of conference facilities.
- Hope Community Foundation, made a deficit of £4,632 (2024: surplus of £11,581). Closing funds were £667 (2024: £5,299) of which £27,022 (2024: £27,112) were restricted and £(26,355) (2024: £(21,813)) were unrestricted. Hope Community Foundation is a charitable company registered in England and Wales. C3 Trust UK are able to appoint and remove the trustees of this charitable company and the nature of its business is the provision of nursery education and care and community based activities.
## **Financial review**
The trustees make strategic decisions based on the financial position of the church by reference to the financial information (i.e. budgets, cash flows) provided to them. They do not however carry out the routine day to management of the church, for which the budget leader for each department is responsible.
The Statement of Financial Activities shows a net decrease in funds of £277,534 (2024: £117,528). The church has general unrestricted reserves of £450,980 excluding the revaluation reserve, compared with £696,524 the previous year. The trustees have identified that the reserves are at a low level, representing 67% (including the revaluation reserve) of annual net resources expended (2024: 80%). This percentage is much lower than the previous year. The freely available unrestricted reserves were £(47,788).
The Consolidated Statement of Financial Activities shows a net decrease in funds of £271,566 (2024: £104,420). The group has general unrestricted reserves of £1,138,514 excluding the revaluation reserve, compared with £1,380,012 the previous year. The trustees have identified that the reserves are at a low level, representing more than 67% (including the revaluation reserve) of annual net resources expended (2024: 62%). The freely available unrestricted reserves were £(79,719).
The financial results for the subsidiary entities are shown in note 26 to the accounts.
## **Reserves**
C3 Trust UK policy in general is to continue to work towards building three months’ worth of cash reserves.
Trustees are mindful of inflationary and economic pressures which inevitably have an impact on the operational costs of the organisation. Interest rates have continued to affect mortgage rates, which has a direct impact on C3 Hope. In addition, 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 churches, whilst serving a longer-term goal, has short term impact on the audited financial position of C3 Trust UK. Divesting itself of fixed assets either by assignment of leases or by gifting of locally accumulated assets and cash reserves will impact on both the Balance Sheet and Depreciation. This should not detract from the underlying operational financial health of C3 Trust UK which continues to outwork a medium to long-term plan to operate with adequate financial margin and build unrestricted cash reserves.
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## **C3 TRUST UK**
## **TRUSTEES’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **Recent investments**
Given the more recent history and learning which has taken place across the Charity, significant attention and investment has been devoted to health and wellbeing and towards strengthening organisational infrastructure and cultural change. As well as supporting church leaders and many of their teams through their own journey the Charity has continued to invest in building and strengthening policy and procedure particularly as it relates to the safeguarding of staff, volunteers, and the wider congregations.
Trustees remain committed to investing in change and improvement which will manage risk, promote shared values and healthy culture, and provide a sound basis for the future for everyone who has found their home in our churches irrespective of the future structure of the Charity itself.
This is reflected specifically in an intentional and coordinated approach to role-related training and development with learning needs being identified systematically and a programme of training interventions being developed to meet those needs, as well as our continued strengthening of the Human Resources function by appointing Croner as our HR Advisers.
## **Goals and Developments**
The goals stated in the Trustees’ Annual report 2023-24 have either been fully met or are well underway and Trustees are pleased with this progress.
The key goals of C3 Trust UK for the forthcoming 12-18 months are:
1. To continue with the remedial works required to The Hope Centre by beginning to design the next phase of works.
2. To continue to build staff and volunteering capacity and capability by scaling up, designing and implementing targeted, blended learning and development under the auspices of the leadership development pipeline.
3. To continue to establish and strengthen healthy church culture in every aspect of church life.
4. To further strengthen engagement in the quality and number of groups across the church and to cultivate community, discipleship, leadership development and mission.
5. To continue to effectively manage risk and build the underlying solutions which will strengthen financial sustainability over the long term, including trading income generation, fundraising and cost control.
6. 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 on 15 November 2006 and commenced activities on 1 April 2007 when it took over the assets, liabilities and running of the Church. C3 Trust UK was formerly Hope City Church until its change of name was approved by Charity Commission on 23 September 2021.
The Trustees, who are also directors for the purpose of company law, and who served during the period are:
C Davies (Resigned 2 May 2025) O Olarinde M Muthiah J Hemmingfield
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## **C3 TRUST UK**
## **TRUSTEES’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
L Davies (Appointed 8 May 2024) N Anumba J Willis D Anumba (Appointed 1 January 2026) Secretary: A E Ibbotson (Resigned 31 July 2024) S M Sherwin (Appointed 31 July 2024)
Trustees would like to extend their sincere thanks and appreciation to C Davies who has served the charity and the group faithfully for many years, successfully helping to steer the charity through challenging seasons.
C3 Trust UK is a registered charity which governs C3 Hope now exclusively. C3 hope has been affiliated with C3 Church Global since 2013 and seeks spiritual oversight from C3 whilst being accountable in charity and company terms to the trustees and directors of C3 Trust UK as an independent and autonomous organisation.
- C3 Hope – located in Sheffield serving the South Yorkshire Region
- C3 Liverpool – located in Liverpool and serving this city and the surrounding areas
The release of C3 Liverpool to become their own independent charity (No 1210127) from 1 April 2025 has makes C3 Hope at this stage the only congregation of C3 Trust UK until any future plans for church planting are enacted.
The former affiliated churches under C3 trust are now independent across the UK and internationally have now been operating autonomously for some time within the wider C3 movement Globally. C3 Global is a worldwide community of over 620 Christian churches that come together as one movement under the spiritual direction and leadership of C3 Church Global Directors and their Team.
In accordance with both the charity’s governing 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 interest in the company. All the Trustees are also the Members of the company and guarantee to contribute £1 in the event of a dissolution or winding up. Following recent recommendations, when a Trustee vacancy occurs, potential candidates with the relevant experience, skill set, and expertise will be identified and discussed at Board meetings. Once this 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 is a registered charity (number 1119791), and a company limited by guarantee (number 05999100).
Hope Centre Limited is now a wholly owned trading subsidiary of Hope Community Foundation (as of 1 April 2024). Hope Centre Limited operates under licence from C3 Trust UK to fundraise through secondary purpose trading activities for the benefit, and long-term sustainability of, Hope Community Foundation and the operation of the Hope Centre. Both Hope Community Foundation and Hope Centre Limited form part of the consolidated financial accounts and are part of the group of companies.
Hope Community Foundation, is a company limited by guarantee with separate charitable objects and status relates to C3 Trust UK with C3 Trust UK being a Corporate Member, effectively making Hope Community Foundation the community arm of C3 Trust UK. With its primary focus of operation and area of benefit in Sheffield at the time of this report, it operates an Ofsted Registered Early Years Day Nursery on the Sheffield
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## **C3 TRUST UK**
## **TRUSTEES’ REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
church premises (The Hope Centre), and several community projects intended to deliver the social mission of C3 Trust UK and more specifically its church in Sheffield, C3 Hope.
The Trustees have continued to identify and assess and manage the major risks to which C3 Trust UK is exposed and are satisfied that the mitigation and systems are in place to limit exposure to these risks.
## **Disclosure of Information to Auditors**
Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.
On behalf of the Board of Trustees
**J Willis** Trustee
Dated: 29 January 2026
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## **C3 TRUST UK**
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
## **FOR THE YEAR ENDED 31 MARCH 2025**
The trustees, who are also the directors of C3 Trust UK for the purpose of company law, are responsible for preparing the Trustees’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that year.
In preparing these accounts, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
-
-
-
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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6 Broadfield Court Broadfield Way Sheffield S8 0XF
## **INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF C3 TRUST UK**
## **Opinion**
We have audited the financial statements of C3 Trust UK (the ‘charitable company) for the year ended 31 March 2025 which comprise the consolidated Statement of Financial Activities, the parent Statement of Financial Activities, the consolidated Balance Sheet, the parent Balance Sheet, the consolidated Statement of Cash Flows, the parent Statement of Cash Flows and the notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the accounts:
- give a true and fair view of the state of the group and the parent charitable company’s affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
- have been properly prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of accounts section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusion relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern 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 are described in the relevant sections of this report.
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## **INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF C3 TRUST UK (CONTINUED)**
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of our audit:
- the information given in the Trustees’ Report, which includes the Directors’ Report prepared for the purposes of company law, for the financial year of which the accounts are prepared is consistent with the financial statements; and
- the Directors’ Report included within the Trustees’ Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit , or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.
- 13 -
## **INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF C3 TRUST UK (CONTINUED)**
## **Responsibilities of the trustees**
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the charity and the sector in which it operates, we identified the principal risks of non-compliance with laws and regulations related to the acts by the charity, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and the charity's net income for the year.
Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, review of correspondence with and reports to the regulators, including correspondence with the Charity Commission, review of correspondence with legal advisors, enquiries of management in so far as they related to the financial statements, and in testing of journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.
- 14 -
## **INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF C3 TRUST UK (CONTINUED)**
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Use of our report**
This report is made solely to the charitable company’s members, as a body, in accordance with section 391 of Companies Act 2014. Our audit work has been undertaken, so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purposes. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
**Michael Mealing (Senior Statutory Auditor) for and on behalf of UHY Hacker Young**
**29 January 2026**
## **Chartered Accountants Statutory Auditor**
- 15 -
## **C3 TRUST UK**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 31 MARCH 2025**
|**Unrestricted Restricted**
**funds funds**
**Notes** **£** **£**
**Income from:**
Donations and gifts
**3**
925,932
28,279
Grants
**3**
-
34,107
Charitable activities
**4**
372,468
-
Other trading activities
**5**
143,692
-
Investments
**6**
246
231
Other income
**7**
-
-
**Total income**
1,442,338
62,617
**Expenditure on:**
Raising funds
**8**
103,667
-
Charitable activities
**9**
1,572,928
99,926
Other
**14**
-
-
**Total expenditure**
1,676,595
99,926
**Net incoming/(outgoing) resources before**
**associated undertakings and transfers**
(234,257)
(37,309)
Gross transfers between funds
(5,228)
5,228
**Net incoming/(outgoing) resources**
(239,485)
(32,081)
**Other recognised gains and losses**
Revaluation of tangible fixed assets
-
-
|**Total Unrestricted Restricted**
**2025 funds funds**
**£** **£ £**
954,211
1,161,692
58,099
34,107
-
55,897
372,468
371,497
-
143,692
69,556
-
477
989
-
-
4,954
-
1,504,955
1,608,688
113,996
103,667
118,756
1,279
1,672,854
1,645,590
61,479
-
-
-
1,776,521
1,764,346
62,758
(271,566)
(155,658)
51,238
-
4,475
(4,475)
(271,566)
(151,183)
46,763
-
-
-|**Total**
**2024**
**£**
1,219,791
55,897
371,497
69,556
989
4,954
1,722,684
120,035
1,707,069
-
1,827,104
(104,420)
-
(104,420)
-|
|---|---|---|
- 16 -
## **C3 TRUST UK**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 31 MARCH 2025**
|**Unrestricted Restricted**
**funds funds**
**Notes** **£** **£**
**Net movement in funds**
(239,485)
(32,081)
Fund balances at 31 March 2024
1,070,801
59,102
**Fund balances at 31 March 2025**
831,316
27,021|**Total Unrestricted Restricted**
**2025 funds funds**
**£** **£ £**
(271,566)
(151,183)
46,763
1,129,903
1,221,984
12,339
858,337
1,070,801
59,102|**Total**
**2024**
**£**
(104,420)
1,234,323
1,129,903|
|---|---|---|
||||
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 17 -
## **C3 TRUST UK**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 31 MARCH 2025**
|**Unrestricted Restricted**
**funds funds**
**Notes** **£** **£**
**Income from:**
Donations and gifts
**3**
923,732
34,107
Charitable activities
**4**
72,774
-
Other trading activities
**5**
-
-
Investments
**6**
234
-
Other income
**7**
-
-
**Total income**
996,740
34,107
**Expenditure on:**
Raising funds
**8**
7,176
-
Charitable activities
**9**
1,217,302
80,103
Other
**14**
3,800
-
**Total expenditure**
1,228,278
80,103
**Net incoming/(outgoing) resources before**
**associated undertakings and transfers**
(231,538)
(45,996)
Gross transfers between funds
(14,006)
14,006
**Net incoming/(outgoing) resources**
(245,544)
(31,990)
**Other recognised gains and losses**
Revaluation of tangible fixed assets
-
-
**Net movement in funds**
(245,544)
(31,990)|**Total Unrestricted Restricted**
**2025 funds funds**
**£** **£ £**
957,839
1,145,900
55,897
72,774
102,671
-
-
-
-
234
971
-
-
4,954
-
1,030,847
1,254,496
55,897
7,176
28,154
-
1,297,405
1,363,260
23,907
3,800
12,600
-
1,308,381
1,404,014
23,907
(277,534)
(149,518)
31,990
-
-
-
(277,534)
(149,518)
31,990
-
-
-
(277,534)
(149,518)
31,990|**Total**
**2024**
**£**
1,201,797
102,671
-
971
4,954
1,310,393
28,154
1,387,167
12,600
1,427,921
(117,528)
-
(117,528)
-
(117,528)|
|---|---|---|
||||
- 18 -
## **C3 TRUST UK**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 31 MARCH 2025**
|**Unrestricted Restricted**
**funds funds**
**Notes** **£** **£**
Fund balances at 1 April 2024
1,116,488
31,990
**Fund balances at 31 March 2025**
870,944 -|**Total Unrestricted**
**2025 funds**
**£** **£**
1,148,478
1,266,006
870,944
1,116,488|**Restricted**
**funds**
**£**
-
31,990|**Total**
**2024**
**£**
1,266,006
1,148,478|
|---|---|---|---|
|||||
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 19 -
## **C3 TRUST UK**
## **CONSOLIDATED BALANCE SHEET**
## **AS AT 31 MARCH 2025**
|**Notes**
**Fixed assets**
Tangible assets
**15**
**Current assets**
Stocks
**16**
Debtors
**17**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**18**
Net current assets
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**one year**
**19**
**Net assets**
**Income funds**
Restricted funds
**22**
Unrestricted funds:
Retained within the charity
Revaluation reserve
Non-charitable trading funds|**2025**
**£**
**£**
1,463,805
-
62,461
72,737
135,198
(187,896)
(52,698)
1,411,107
(552,770)
858,337
27,021
1,138,514
315,956
1,454,470
(623,154)
858,337|**2024**
**£**
**£**
1,549,001
100
52,236
288,614
340,950
(136,366)
204,584
1,753,585
(623,682)
1,129,903
59,102
1,380,012
315,956
1,695,968
(625,167)
1,129,903|
|---|---|---|
The financial statements were approved by the board of directors and authorised for issue on 29 January 2026 and are signed on its behalf by:
J Willis **Trustee**
## **Company Registration No. 5999100**
- 20 -
## **C3 TRUST UK**
## **BALANCE SHEET**
## **AS AT 31 MARCH 2025**
|**Notes**
**Fixed assets**
Tangible assets
**15**
**Current assets**
Stocks
**16**
Debtors
**17**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**18**
Net current assets
**Total assets less current liabilities**
**Creditors: amounts falling due in more**
**than one year**
**19**
**Net assets**
**Income funds**
Restricted funds
**22**
Unrestricted funds:
General unrestricted funds
Revaluation reserve|**2025**
**£**
-
55,027
40,465
95,492
(143,280)
450,980
419,964|
**£**
1,460,759
(47,788)
1,412,971
(542,027)
870,944
-
870,944
870,944|**2024**
**£**
100
53,975
254,711
308,786
(104,070)
696,524
419,964|
**£**
1,545,763
204,716
1,750,479
(602,001)
1,148,478
31,990
1,116,488
1,148,478|
|---|---|---|---|---|
||||||
||||||
The financial statements were approved by the board of directors and authorised for issue on 29 January 2026 and are signed on its behalf by:
J Willis **Trustee**
**Company Registration No. 5999100**
- 21 -
## **C3 TRUST UK**
## **STATEMENT OF CASH FLOWS**
## **FOR THE YEAR ENDED 31 MARCH 2025**
|**Notes**
**Cash flow from operating activities**
Cash generated from operations
**28**
**Investing activities**
Purchase of tangible fixed assets
Interest received
**Net cash (used in)/ generated from**
**investing activities**
**Financing activities**
Repayment of bank loans
Payment of obligations under finance lease
**Net cash (used in)/generated from**
**financing activities**
**Net (decrease)/increase in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**
**Cash flows from operating activities**
Cash generated from operations
**28**
**Investing activities**
Purchase of tangible fixed assets
Interest received
**Net cash (used in)/ generated from**
**investing activities**
**Financing activities**
Repayment of bank loans
Payment of obligations under finance lease
**Net cash used in financing activities**
**Net (decrease)/increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**Group**
**2025**
**2024**
**£**
**£**
**£**
**£**
(144,067)
78,238
(4,421)
(66,111)
477
989
(3,944)
(65,122)
(61,617)
(51,011)
(6,250)
(6,250)
(67,866)
(57,261)
(215,877)
(44,145)
288,614
332,759
72,737
288,614
**Charity**
**2025**
**2024**
**£**
**£**
**£**
**£**
(154,238)
65,591
(3,626)
(63,062)
234
971
(3,392)
(62,091)
(50,366)
(39,478)
(6,250)
(6,250)
(56,616)
(45,728)
(214,246)
(42,228)
254,711
296,939
40,465
254,711|
|---|---|
- 22 -
**C3 TRUST UK**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **1 Accounting policies**
## **Company information**
C3 Trust UK is a private company limited by guarantee incorporated in England and Wales. The registered office is The Hope Centre, Bernard Road, Sheffield, S2 5BQ.
## **1.1 Accounting convention**
The accounts have been prepared in accordance with the charity’s Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)”. The charity is a Public Benefit Entity as defined by FRS 102.
The accounts are prepared in sterling, which is the main functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and leasehold properties. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future whilst recognising the issues raised in respect of going concern.
Since 2020 the charity has undergone significant internal restructure including the ongoing release of all satellite churches into independence. This has been an intentional decision made by trustees whilst recognising that this strategy would inevitably impact on the short to medium term position of the charity’s net worth. The incremental impact of this devolutionary transition has been evidenced in the successive annual accounts since this time and will be reflected further in the projected position for Financial Year 2025/26 resulting from the finalisation of the transition process, through the planned release of C3 Liverpool.
Whilst the release of churches has had an impact, it has also served to divest the charity of the risks associated with a multi-site model of church, and the need to offer additional support for churches who have been unable to support themselves through local giving.
From April 2025, the intention is that the charity will comprise C3 Hope (Sheffield) only, on a reduced operating cost basis with further cost reductions being made from restructure and no requirement to provide support to other churches. Whilst our financial performance in 2025 shows a significant deficit, this is largely down to the impact of the final stages of transition, combined with capital expenditure, which was funded in the previous financial year. The remaining Sheffield location has continued to grow numerically, and we expect this to be reflected in the medium to long term by an increasing ongoing surplus beyond 2025. The charity continues to work closely to ensure tight monitoring, review and controls are in place to ensure the season of transition is concluded well and the medium to long term financial strength of the charity is established and strengthened.
All these things considered, the Trustees are confident that the charity can continue as a going concern both throughout the next twelve months and the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.
- 23 -
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **C3 TRUST UK**
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.
## **1.4 Incoming resources**
Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable except insofar as they are incapable of financial measurement. Gifts donated for resale are included as income when they are sold. Donated assets are included at the value to the charity where this can be quantified and a third party is bearing the cost. The value of services provided by volunteers has not been included.
Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year in which they are receivable.
Rental income, income from the sale of resources, investment income and income from charitable activities is included in the year in which it is receivable.
Turnover from Hope Centre Limited activities represents amounts receivable for goods and services net of VAT.
## **1.5 Resources expended**
Resources expended are recognised in the year in which they are incurred.
Charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes grants made to projects, costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Costs of generating funds relate to costs incurred by trading subsidiaries.
Grant expenditure is included based on the date that individual projects’ expenditure has been incurred, rather than the date that the grants are defrayed to the projects.
Governance costs included those costs associated with meeting constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource, and include irrecoverable VAT.
Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.
## **1.6 Tangible fixed assets and depreciation**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment 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 lives on the following basis:
- 24 -
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **C3 TRUST UK**
Freehold property - 2% straight line Leasehold property - 2%/10%/33% straight line and over the period of lease Fixtures, fittings and equipment - 20% straight line
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
Fixed assets costing less than £500 are not capitalised.
## **1.7 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/ (expenditure) for the year. Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
## **1.8 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/(expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
## **1.9 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured at cost.
## **1.10 Leasing and hire purchase commitments**
Rentals payable under operating leases are charged against income on a straight line basis over the period of the lease.
- 25 -
**C3 TRUST UK**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **1.11 Pensions**
The charity operates a defined contribution pension scheme. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme.
## **1.12 Basis of consolidation**
The financial statements consolidate the accounts of C3 Trust UK and all of its subsidiary undertakings (‘subsidiaries’).
## **1.13 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowing in current liabilities.
## **1.14 Financial instruments**
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument.
Financial assets are offset, with the net amounts presented in the accounts when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
## _**Impairment of financial assets**_
Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.
## _**Derecognition of financial assets**_
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are
- 26 -
**C3 TRUST UK**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
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.
## _**Basic financial liabilities**_
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortisation cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
## **1.15 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **Critical judgements**
## **Valuation of land and buildings**
The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are as follows.
The charity has revalued its land and buildings and depreciated from each revaluation. The trustees will ensure that valuations will be made regularly and will review the values of the land and buildings shown in the accounts each year to make a judgement as to whether any evidence exists that their values are materially different to the values in the financial statements. This may take into account the state of the fabric of the buildings and the conditions in the market for the types of property owned.
- 27 -
## **C3 TRUST UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **3 Donations and gifts**
|**3**
**Donations and gifts**||
|---|---|
|**Group**
**Unrestricted Restricted Total Unrestricted Restricted**
**funds funds 2025 funds funds**
**£** **£** **£** **£ £**
Donations and gifts
925,932
28,279
954,211
1,161,692
58,099
Grants
-
34,107 34,107
-
55,897
925,932
62,386
988,318
1,161,692
113,996
**Charity**
**Unrestricted Restricted Total Unrestricted Restricted**
**funds funds 2025 funds funds**
**£** **£** **£** **£ £**
Donations and gifts
923,732
-
923,732
1,145,900
-
Grants
-
34,107
34,107
-
55,897
923,732
34,107
957,839
1,145,900
55,897|**Total**
**2024**
**£**
1,219,791
55,897
1,275,688|
||
**Total**
**2024**
**£**
1,145,900
55,897|
||
1,201,797|
## **4 Charitable activities**
|Sales within charitable activities
Charitable rental income, recharges
and other income|**Group**
**2025**
**£**
300,153
72,315
372,468|
**2024**
**£**
277,454
94,043
371,497
|**Charity**
**2025**
**2024**
**£ £**
-
811
72,774
101,860
72,774
102,671|
|---|---|---|---|
- 28 -
## **C3 TRUST UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **5 Other trading activities**
|**Other trading activities**||
|---|---|
|
Hope Centre Limited
Sales of books and resources
Sales of books and resources|**Group**
**2025 2024**
**£ £**
143,692
69,556
-
-
143,692
69,556
**Charity**
**2025 2024**
**£**
**£**
-
-|
||
|
|**6**|**Investments**||||||
|---|---|---|---|---|---|---|
|||||**Group**|||
|||**Unrestricted**|**Restricted**|**Total Unrestricted Restricted Total**|||
|||**funds**|**funds**|**2025**|**funds funds**|**2024**|
|||**£**|**£**|**£**|**£ £**|**£**|
||Interest receivable|246|231|477|989
-|989|
|||||**Charity**|||
|||**Unrestricted**|**Restricted**|**Total Unrestricted Restricted Total**|||
|||**funds**|**funds**|**2025**|**funds funds**|**2024**|
|||**£**|**£**|**£**|**£ £**|**£**|
||Interest receivable|234|-|234|971
-|971|
|**7**|**Other income**||||||
|||||**Group Charity**|||
|||||**2025**|**2024 2025**|**2024**|
|||||**£**|**£ £**|**£**|
||Sundry income|||-
|4,954
-|4,954|
|||||-
|4,954
-|4,954|
- 29 -
## **C3 TRUST UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
|**8**
|**Raising funds**
**Unrestricted Restricted**
**funds funds**
**£** **£**
Fundraising and publicity
Staging fundraising events
6,795
-
6,795
-
Trading costs
Other trading activities
96,872
-
103,667
-
**Unrestricted Restricted**
**funds funds**
**£** **£**
Fundraising and publicity
Staging fundraising events
6,795
-
6,795
-
Trading costs
Other trading activities
381
-
7,176
-|**Group**
**Total Unrestricted Restricted**
**2025 funds funds**
**£** **£ £**
6,795
27,967
-
6,795
27,967
-
96,872
90,789
1,279
103,667
118,756
1,279
**Charity**
**Total Unrestricted Restricted**
**2025 funds funds**
**£** **£ £**
6,795
27,967
-
6,795
27,967
-
381
187
-
7,176
28,154
-|**Total**
**2024**
**£**
27,967
27,967
92,068
120,035
**Total**
**2024**
**£**
27,967
27,967
187
28,154|
|---|---|---|---|
|||
||
|||||
- 30 -
## **C3 TRUST UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
|**9**
**Charitable activities**
Staff costs
Depreciation and impairment
Church departments and events
Hospitality and gifts
Rent, rates, and service charges
Insurance and utilities
Repairs and cleaning
Hire of office equipment
Subscriptions
Postage, stationery and adverts
Telephone and fax
Motor and travel expenses
Bad and doubtful debts
Legal, professional and consultancy fees
Staff recruitment and training
General expenses
Bank interest and charges
Loss on disposal of tangible fixed assets
Grant funding of activities (see note 10)
Share of governance costs (see note 11)
**Analysis by fund**
Unrestricted funds
Restricted funds|**Group**
**2025**
**2024**
**£ £**
692,634
752,949
85,181
85,930
56,897
17,511
33,141
36,066
110,404
165,260
83,997
89,240
229,156
98,311
7,166
13,121
35,096
39,244
8,309
6,889
520
2,630
11,448
38,312
7,661
(2,550)
68,724
90,364
1,035
-
34,721
55,235
43,503
48,923
4,436
119,294
1,514,029
1,656,729
152,525
44,340
6,300
6,000
1,672,854
1,707,069
1,572,928
1,645,590
99,926
61,479
1,672,854
1,707,069|**Charity**
**2025**
**2024**
**£** **£**
392,464
492,565
84,193
85,121
27,360
17,511
33,141
36,066
96,223
154,913
80,709
86,607
208,449
88,204
6,362
11,568
34,447
38,925
6,168
5,359
520
2,586
11,448
38,312
-
-
58,757
80,544
-
-
15,405
34,713
40,008
44,539
4,436
119,294
1,100,090
1,336,827
191,015
44,340
6,300
6,000
1,297,405 1,387,167
1,217,302
1,363,260
80,103
23,907
1,297,405
1,387,167|
|---|---|---|
- 31 -
## **C3 TRUST UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **10 Grants payable**
|
Grants to institutions:
C3 Sunderland
C3 Newcastle
C3 Life
C3 Liverpool
C3 Leeds
Fountain of Life
Hillsong Church
Hope Community Foundation
Message Trust
Hope Centre Limited
Together for Sheffield
Other|**Group**
**2025**
**2024**
**£ £**
-
7,933
2,454
16,407
-
20,000
15,277
-
109,389
-
1,000
-
15,000
-
-
-
7,040
-
-
-
1,200
-
1,165
-
152,525
44,340|
|**Charity**
**2025**
**2024**
**£** **£**
-
7,933
2,454
16,407
-
20,000
15,277
-
109,389
-
1,000
-
15,000
-
38,375
-
7,040
-
115
-
1,200
-
1,165
-
191,015
44,340|
|---|---|---|---|
|||||
Grants were paid to individual C3 churches on leaving the C3 Trust UK group during the year.
## **11 Support costs**
|
Audit fees
Analysed between
Charitable activities|**Group and Charity**
**Support Governance 2025 Support Governance**
**costs costs costs costs**
**£** **£** **£** **£ £**
-
6,300
6,300
-
6,000
-
6,300
6,300
-
6,000
-
6,300
6,300
-
6,000|**2024**
**£**
6,000
6,000
6,000|
|---|---|---|
## **Group**
Governance costs includes payments to the auditors of £6,300 (2024: £6,000) for audit fees. Charitable activities costs includes payments of £10,415 (2024: £9,450) to the auditors for other services.
## **Charity**
Governance costs includes payments to the auditors of £6,300 (2024: £6,000) for audit fees. Charitable activities costs includes payments of £6,090 (2024: £6,450) to the auditors for other services.
- 32 -
## **C3 TRUST UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **12 Trustees**
C Davies received emoluments of £48,574 (2024: £48,325) and pension contributions of £2,550 (2024: £2,550) during the year. A company owned and controlled by C Davies and his wife received £nil (2024: £676) for providing payroll and consultancy services to the charity. They received £nil (2024: £1,947) for providing payroll and consultancy services to the group.
J Willis received emoluments of £39,347 (2024: £8,479) and pension contributions of £1,180 (2024: £254) during the year.
None of the other trustees received emoluments or benefits during the year (2024: £nil).
The church’s constitution expressly permits trustees to be remunerated provided certain conditions are met.
Donations received from five (2024: one) trustees during the year amounted to £74,079 (2024: £11,405).
## **13 Employees**
## **Number of employees**
The average number of employees during the year was:
|||**Group**|**Charity**|**Charity**|
|---|---|---|---|---|
||**2025**|**2024**|**2025**|**2024**|
||**Number**|**Number**|**Number**|**Number**|
|Trustees of C3 Trust UK|6|6|6|6|
|Trustees / directors of subsidiaries|6|6|-|-|
|Employees|48|52|15|19|
||60|64|21|25|
- 33 -
**C3 TRUST UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **13 Employees (continued)**
## **Employment costs**
|
**Raising Charitable**
**funds activities**
**£ £**
Wages and salaries
78,482
643,543
Social security costs
4,206
31,845
Other pension costs
1,577
17,247
84,265
692,634
Wages and salaries
Social security costs
Other pension costs|**Group**
**Raising Charitable**
**2025 funds activities 2024**
**£ £ £ £**
722,025
56,528
679,877
736,405
36,051
2,951
49,800
52,751
18,824
1,274
23,272
24,546
776,899
60,753
752,949
813,702
**Charity**
**2025 2024**
**£ £**
362,324
439,681
19,522
35,856
10,618
17,028
392,464
492,565|
|---|---|
||**Group and**|**Charity**||
|---|---|---|---|
||**2025**|**2024**||
|||||
||-||-|
The number of employees whose annual remuneration was £60,000 or more were;
## **14 Other**
|Bad debts|**Group**
**2025** **2024**
**£**
**£**
-
-
-
-|**Charity**
**2025**
**2024**
**£**
**£**
3,800
12,600
3,800
12,600|
|---|---|---|
- 34 -
## **C3 TRUST UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **15 Tangible fixed assets**
|**Group**
**Long Fixtures**
**leasehold fittings &**
**property equipment**
**£ £**
**Cost**
At 1 April 2024
1,596,974
929,461
Additions at cost
-
4,421
Disposals
-
(202,166)
At 31 March 2025
1,596,974
731,716
**Depreciation and impairment**
At 1 April 2024
161,995
815,439
Charge for the year
55,656
29,525
Eliminated on disposals
-
(197,730)
At 31 March 2025
217,651
647,234
**Carrying amount**
At 31 March 2025
1,379,323
84,482
At 31 March 2024
1,434,979
114,022
**Charity**
**Long Fixtures**
**leasehold fittings &**
**property equipment**
**£ £**
**Cost**
At 1 April 2024
1,596,974
864,724
Additions at cost
-
3,626
Disposals
-
(190,975)
At 31 March 2025
1,596,974
677,375
**Depreciation and impairment**
At 1 April 2024
161,995
753,940
Charge for the year
55,656
28,537
Eliminated on disposals
-
(186,539)
At 31 March 2025
217,651
595,939
**Carrying amount**
At 31 March 2025
1,379,323
81,436
At 31 March 2024
1,434,979
110,784|**Total**
**£**
2,526,435
4,421
(202,166)|
|---|---|
||
2,328,690
977,434
85,181
(197,730)|
||
864,885
1,463,805
1,549,001
**Total**
**£**
2,461,698
3,626
(190,975)|
||
2,274,349
915,935
84,193
(186,539)
813,590
1,460,759
1,545,763|
- 35 -
**C3 TRUST UK**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **15 Tangible fixed assets (continued)**
Some of the church’s leasehold land and buildings were externally revalued at £1,300,000 at their open market value in March 2023 by White & Co, Chartered Surveyors. Improvements to leasehold premises with a net book value of £9,883 are included within the fixed assets of Hope Community Foundation (a charitable company controlled by C3 Trust UK) which has a sublease on part of the premises. The trustees are of the opinion that the value at 31 March 2025 would not differ significantly from this valuation.
## **Group**
Some of the charity’s leasehold and freehold land and buildings are subject to a mortgage with the balance owed at 31 March 2025 amounting to 47% (2024: 50%) of their net book value as stated in these accounts.
## **Charity**
Some of the charity’s leasehold and freehold land and buildings are subject to a mortgage with the balance owed at 31 March 2025 amounting to 46% (2024: 50%) of their net book value as stated in these accounts.
## **Comparable historical cost for the land and buildings included at valuation:**
||**Group**|**Group**|**Charity**|**Charity**|
|---|---|---|---|---|
||**2025**|**2024**|**2025**|**2024**|
||**£**|**£**|**£**
|**£**|
|Cost|1,517,030|1,517,030|1,401,120|1,401,120|
|Accumulated depreciation|752,756|719,959|646,729|618,720|
|At 31 March 2025|764,274|797,071|754,391|782,400|
All other tangible fixed assets are stated at historical cost.
## **16 Stocks**
|
Goods for resale|**Group**
**Charity**
**2025 2024**
**2025**
**£ £ £**
-
100
-|**2024**
**£**
100|
|---|---|---|
- 36 -
## **C3 TRUST UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
|**17**
**Debtors**
Trade debtors
Amounts due from subsidiary undertakings
Other debtors
Prepayments and accrued income|**Group**
**2025 2024**
**£**
**£**
34,841
29,385
-
-
23,460
14,630
4,160
8,221
62,461
52,236|**Charity**
**2025 2024**
**£ £**
7,074
9,624
21,500
21,500
23,459
14,630
_2,994
8,221
55,027
53,975|
|---|---|---|
|**18**
**Creditors: amounts falling due within one year**
Bank loans and overdrafts
Obligations under finance leases
Trade creditors
Taxation and social security
Other creditors
Accruals|**Group**
**2025 2024**
**£**
**£**
68,777
69,627
6,250
6,250
60,235
2,979
12,245
10,757
16,995
23,982
23,394
22,771
187,896
136,366|**Charity**
**2025 2024**
**£ £**
54,495
51,137
6,250
6,250
50,330
2,139
4,793
8,8576
10,333
16,814
17,079
19,154
143,280
104,070|
|---|---|---|
- 37 -
## **C3 TRUST UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **19 Creditors: amounts falling due after more than one year**
|
Mortgage and hire purchase
**Analysis of mortgage and loan**
Not wholly repayable within five years by instalments
Wholly repayable within five years
Included in current liabilities
**Loan maturity analysis**
Debt due in one year or less
In more than one year but not more than two years
In more than two years but not more than five years
In more than five years|**Group**
**2025 2024**
**£ £**
552,770
623,682
283,611
293,487
341,664
393,404
625,275
686,891
(72,505)
(63,209)
552,770
623,682
72,505
69,458
73,286
89,302
195,873
234,644
283,611
293,487
625,275
686,891|
|---|---|
The mortgages are secured by first legal charges over the group’s freehold and leasehold land and buildings.
|Mortgage and hire purchase
**Analysis of loans**
Not wholly repayable within five years by instalments
Wholly repayable within five years
Included in current liabilities
**Loan maturity analysis,**
Debt due in one year or less
In more than one year but not more than two years
In more than two years but not more than five years
In more than five years|**Charity**
**2025**
**2024**
**£**
**£**
542,027
602,001
283,612
293,487
319,160
365,900
602,772
659,387
(60,745)
(57,386)
542,027
602,001
60,745
57,386
62,543
77,230
195,872
231,284
283,612
293,487
602,772
659,387|
|---|---|
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 2025**
|**20**
**Finance lease commitments**
Payable within one year
Payable after one year
**21**
**Pension and other post-retirement benefit commitments**
**Defined contribution**
**Group**
**2025 2024**
**£ £**
Contributions payable by the group
and charity for the year
18,824
24,546|**Group and Charity**
**2025**
**2024**
**£ £**
6,250
6,250
4,687
10,937
10,937
17,187
**Charity**
**2025**
**2024**
**£**
**£**
10,618
12,798|
|---|---|
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in independently administered funds. The pension cost charge represents contributions payable by the group to the fund.
- 39 -
## **C3 TRUST UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **22 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|
**Balance at**
**1 April 2023**
Benefact Trust
-
Veolia
-
Sheffield City Council
-
Henry Smith Charity
6,110
Hope Hampers
2,808
Neon Schools Programme
13
Befriending/ Jigsaw Services
296
Poka Dot Playgroup
-
Share the Light
2,839
Pathways
273
National Lottery
-
Postcode Funds
-
12,339|**Group**
**Movement in funds**
**Incoming Resources**
**Balance at Incoming Resources**
**Balance at**
**resources expended Transfers 31 March 2024 resources expended Transfers**
**31 March 2025**
**£** **£** **£** **£ £ £ £**
7,200
(7,200)
-
-
-
-
-
-
48,697 (16,707)
- 31,990
-
(31,834)
(156)
-
-
-
-
-
34,107
(48,269)
14,162
-
17,000
(28,249)
5,139
-
-
-
-
-
-
-
(2,808)
-
-
-
-
-
-
(7)
-
6
-
-
(6)
-
10,044
(1,568)
-
8,772
-
-
(8,772)
-
600
(1,713)
1,113
-
-
-
-
-
5,265
(185) (7,919)
-
-
-
-
-
190
(271)
-
192
8,479
(2,836)
-
5,835
-
-
-
-
19,800
(2,475)
-
17,325
25,000 (6,858)
-
18,142
231 (14,512)
-
3,861
113,996
(62,758)
(4,475)
59,102
62,617
(99,926)
5,228
27,021|
|---|---|
- 40 -
## **C3 TRUST UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **22 Restricted funds (continued)**
**Charity Movement in funds**
|**Balance at**
**1 April 2023**
Benefact Trust
-
Sheffield City Council
-
Veolia
-
-|**Incoming**
**resources**
£
7,200
-
48,697
55,897|**Resources**
**Balance at Incoming Resources**
**Balance at**
**expended Transfers 31 March 2024 resources expended Transfers**
**31 March 2025**
**£** **£** **£** **£ £ £ £**
(7,200)
-
-
-
-
-
-
-
-
-
34,107
(48,269)
14,162
-
(16,707)
-
31,990
-
(31,834)
(156)
-
(23,907)
- 31,990
34,107
(80,103)
14,006
-|
|---|---|---|
|||
|
- 41 -
## **C3 TRUST UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **22 Restricted funds (continued)**
Funds received from Benefact Trust and Veolia during the year are all towards significant capital work, specifically reception and café area refurbishments along with solar panels and new signage on the Hope Centre.
Funds received from Sheffield City Council during the year were all towards the costs of new boilers, radiators and insulation in the property.
Pathways is a listening and signposting process designed to enable us to meet the multiple needs of our service users. It recognises that people connect with us often and mostly at a single point of need but meeting that need doesn’t necessarily provide that person with the full support they need to help them to move forward in life. The signposting process helps to identify other needs and connect people with other services which they may find useful as well as providing them with an opportunity to connect with one of our chaplaincy team form the church if they so wish who can provide them with pastoral support.
Postcode Funds have been received in order to carry out necessary capital upgrades.
National Lottery funds have been received to fund staff working in the Community Grocery.
- 42 -
## **C3 TRUST UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **23 Analysis of net assets between funds**
|**23**
**Analysis of net assets between funds**|||
|---|---|---|
|
**Unrestricted Restricted**
**funds funds**
**2025 2025**
**£ £**
Fund balances at
31 March 2025 are
represented by:
Tangible assets
1,463,805
-
Current assets/(liabilities)
(79,719)
27,021
Long term liabilities
(552,770)
-
831,316
27,021
**Unrestricted Restricted**
**funds funds**
**2025 2025**
**£ £**
Unrealised gains
included above:
On tangible fixed assets
315,956
-
315,956
-
Reconciliation of movements
in unrealised gains:
Unrealised gains at
1 April 2024
315,956
-
Revalued element of fixed
assets sold during period
-
-
Revaluation of tangible
fixed asset
-
-
Unrealised gains at
31 March 2025
315,956
-|**Group**
**Unrestricted Restricted**
**Total funds funds**
**2025 2024 2024**
**£ £ £**
1,463,805
1,549,001
-
(52,698)
145,482
59,102
(552,770) (623,682)
-
858,337
1,070,801
59,102
**Unrestricted Restricted**
**Total funds funds**
**2025 2024 2024**
**£ £ £**
315,956
315,956
-
315,956
315,956
-
315,956
315,956
-
-
-
-
-
-
-
315,956
315,956
-|
**Total**
**2024**
**£**
1,549,001
204,584
(623,682)
1,129,903
**Total**
**2024**
**£**
315,956
315,956
315,956
-
-
315,956|
||
||
|||
|
- 43 -
## **C3 TRUST UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
|**23**
**Analysis of net assets between funds (continued)**
**Unrestricted Restricted**
**funds funds**
**2025 2025**
**£ £**
Fund balances at
31 March 2024 are
represented by:
Tangible assets
1,460,759
-
Current assets/(liabilities)
(47,788)
-
Long term liabilities
(542,027)
-
870,944
-
**Unrestricted Restricted**
**funds funds**
**2025 2025**
**£ £**
Unrealised gains
included above:
On tangible fixed assets
419,964
-
419,964
-
Reconciliation of movements
in unrealised gains:
Unrealised gains at
1 April 2024
419,964
-
Revalued element of fixed
assets sold during period
-
-
Revaluation of tangible
fixed asset
-
-
Unrealised gains at
31 March 2025
419,964
-|**Charity**
**Unrestricted Restricted**
**Total funds funds**
**2025 2024 2024**
**£ £ £**
1,460,759
1,545,763
-
(47,788)
172,726
31,990
(542,027) (602,001)
-
870,944 1,116,488
31,990
**Unrestricted Restricted**
**Total funds funds**
**2025 2024 2024**
**£ £ £**
419,964
419,964
-
419,964
419,964
-
419,964
419,964
-
-
-
-
-
-
-
419,964
419,964
-|
**Total**
**2024**
**£**
1,545,763
204,716
(602,001)
1,148,478
**Total**
**2024**
**£**
419,964
419,964
419,964
-
-
419,964|
|---|---|---|
||
||
|||
|
- 44 -
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **C3 TRUST UK**
## **24 Operating lease commitments**
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
|Within one year
Between two and five years
In over five years|
|**Group**
**2025**
**£**
57,365
4,226
-
61,591|
**2024**
**£**
77,750
-
-
77,750||**Charity**
**2025**
**£**
57,365
4,226
-
61,591|
**2024**
**£**
77,750
-
-
77,750|
|---|---|---|---|---|---|---|
||||||||
## **Capital commitments**
The group and charity had no capital commitments at 31 March 2025.
## **25 Related party transactions**
Mrs L Willis, the wife of a trustee, was employed by C3 Trust UK during the year and received emoluments of £29,575 (2024: £6,542) and pension contributions of £905 (2024: £196).
## **Remuneration of key management personnel**
The remuneration of key management personnel is as follows.
|Aggregate compensation
|**Group**
**2025**
**2024**
**£**
**£**
150,124
107,321|**Charity**
**2025**
**2024**
**£**
**£**
136,991
107,321|
|---|---|---|
The trustees review payments made to employees in similar managerial positions in other churches and similar organisations when considering the levels of pay for key managers. The trustees also take into consideration the ability of the charitable company to be able to pay such salaries.
## **26 Subsidiaries**
These financial statements are separate company financial statements for C3 Trust UK.
As of 1 April 2024 the shares in Hope Centre Limited were transferred from C3 Trust UK to Hope Community Foundation. Due to its control over Hope Community Foundation, C3 Trust UK remains the ultimate controlling party of Hope Centre Limited.
The charity has control of 100% of the assets and trade of **Hope Community Foundation** a charitable company limited by guarantee. The company operates as a children’s nursery on church premises utilising assets purchased by the charity and carries out other community based activities. Hope Community Foundation became a registered charity in March 2004 (charity number 1102542). At the year-end Hope Community Foundation had net assets of £667 (2024: £5,299). During the year ended 31 March 2025 its total incoming resources were £398,190 (2024: £350,534) and its total resources expended were £402,822 (2024: £338,953) leaving a net decrease in funds of £4,632 (2024: £11,581 increase).
- 45 -
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **C3 TRUST UK**
## **26 Subsidiaries (continued)**
Hope Community Foundation owns 100% of the ordinary share capital of **Hope Centre Limited** a trading company which generates funds for the church. Hope Centre Limited began trading on 1 April 2003, it operates from church premises and its principal activity is the letting of conference facilities and running a children’s play area and café. At 31 March 2025 the net liabilities of Hope Centre were £623,054 (2024: £625,067). Its turnover for the year ended 31 March 2024 was £144,333 (2024: £75,145) and its total resources expended were £142,320 (2024: £92,206) leaving a profit for the year of £2,013 (2024: £17,061 loss).
## **27 Events after the reporting date**
The Nursery which is currently operated by Hope Community Foundation is due to be sold in February 2026 to another charity for a nominal £1. They will take over the running activities of the Nursery along with the staff and will rent the premises from C3 Trust UK.
Hope Community Foundation’s main activities will then become running the café and community grocery.
- 46 -
## **C3 TRUST UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025**
## **28 Cash generated from operations**
|Deficit for the year
Adjustments for:
Investment income recognised in statement
of financial activities
Loss/(gain) on disposal of tangible fixed assets
Depreciation and impairment of tangible
fixed assets
Movements in working capital:
Decrease/(increase) in stock
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Increase/(decrease) in deferred income
**Cash generated from/(absorbed by)**
**operations**
**29**
**Analysis of changes in net (debt)/funds**
Cash at bank and in hand
Loans falling due within one year
Loans falling due after more than one year
Obligations under finance leases
Cash at bank and in hand
Loans falling due within one year
Loans falling due after more than one year
Obligations under finance leases|**Group**
**Charity**
**2025**
**2024**
**2025**
**2024**
**£**
**£**
**£**
**£**
(271,566)
(104,420)
(277,534)
(117,528)
(477)
(989)
(234)
(971)
4,436
119,294
4,436
119,294
85,181
85,930
84,193
85,121
100
50
100
-
(10,225)
15,107
(1,052)
11,164
48,484
(36,734)
35,853
(31,489)
-
-
-
-
(144,067)
78,238
(154,238)
65,591
**Group**
**At 1 April Cash At 31 March**
**2024 flows 2025**
**£**
**£**
288,614
(215,877)
72,737
(63,209)
(3,046)
(66,255)
(623,682)
70,912
(552,770)
(17,187)
6,250
(10,937)
(415,464)
(141,761)
(557,225)
**Charity**
**At 1 April Cash At 31 March**
**2024 flows 2025**
**£**
**£**
**£**
254,711
(214,246)
40,465
(51,137)
(3,358)
(54,495)
(591,064)
53,724
(537,340)
(17,187)
6,250
(10,937)
(404,677)
(157,630)
(562,307)|
|---|---|
- 47 -