REGISTERED COMPANY NUMBER: 06287732 (England and Wales) REGISTERED CHARITY NUMBER: 1120696 Report of the Trustees and Financial Statements for the Year Ended 31 March 2024 for Hope Church (Newtown) Morgan Griffiths LLP Chartered Accountants Statutory Auditor Cross Chambers 9 High Street Newtown Powys SY16 2NY Hope Church (Newitywn) Contents of the Financlal Statements for the Year Ended 31 hlarch 2024 Page Reference and Administrntlve Detslls Report of the Truste 2 to 7 Report of the Independent Audltorn 8 to 11 Statement of Flnanclal Actlvltlos 12 Balance Sheet 13 Cash Flow Statement 14 Not88 to the Cash Flow Statement 15 Note8 to the Flnanclal Stat•ments 16 to 27 Hope Church {Newtown) Reference and Administrative Details for the Year Ended 31 March 2024 TRUSTEES Rev A L Hewitt Rev D H Curgenven Rev S R CuTgenven L Allen M R Allport D M Allport COMPANY SECRETARY Mrs A Morgan REGISTERED OFFICE Dolfor Road Newtown Powys SY16 1JD REGISTERED COMPANY NUMBER 06287732 (England and Wales) REGISTERED CHARITY NUM8ER 1120696 AUDITORS Morgan Griffiths LLP Chartered Accounlants Statutory Auditor Cross Chambers 9 High Street Newtown Powys SY16 2NY BANKERS Barclays Bank PIC Page 1 Hope Church (Newtown) (Registsred numbor. 06287732) Report of the Trustees for the Year Ended 31 March 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of I￿land {FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTivrriES Objectives and aims The objectives of the charity as stated in the trust deed are as follt)WS: To advance the Christian faith in accordance with the Statement in such ways arbd in such parts of the United Kingdom or world as the trusiees from time to time may think fit: To relieve sickness and financbal 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 trustees from lime to time think fit; To advance education in such ways and in such parts of the United Kingdom or the world as the trustees from time to time May think fit. The charity's aims. including the changes or dIfferen￿S it seeks to make, are govemed by the Mission Statement and the Core Values, which are stated on the Church web site: www.ho enewtown.or The Church is seriousty Gommitted to working outside of its buildings and irnpacts the lives of hundred5 of people each week through its variety of strategic programmes. When planning the activities for the year. the Church Leadership Tearn has considered the Charity Commission's guidance on public benefit and, in particular the specific guidance on charities for the advancement of religion. (Seclion 4 Charities Act 2006). Page 2 Hope Church {Nevrtown) (Registered number: 06287732) Report of the Trustees for the Year Ended 31 March 2024 ACHIEVEMENT AND PERFORMANCE Charitable activities We believe that we are Transfomied people, vJniting transformatDn in others,. We see this principle being working out through the areas of discipleship, and making a marked difference in our cotnmunity. Hope Church focused its energies on our primary functkm of meeting on Sundays and Tuesday nights. On Sunday we meet for our morning 'Experience', where on average of over 300 meet for worship and the ministry of God's word. In nearly every Service during this past year, we have had new people attending for the first timel We have positioned iwo volunteers who will focus their attention on new international visitors. Many attenders also volunteer serving somewhere in or around the building each week. On Tuesdays, we meet in homes for Life Groups, or the Church for our Ignite Prayer meeting. We celebrated Remembrance Sunday, Christmas, Mothers. Day, Easter, and Fatherfs Day as usual this year, as these events have meaning to people in our cornmunity. Hope Church continues to look to fill Staff vacancies for our growing Church. as we ty to resource and expand our existing team and volunteers through our Leadership Lab. One of our Senior Leaders graduated from Chester University (Through Missio Dei Bible College) wilh a Master's Degree in Biblical Studies, in March. Hope engaged in a varTety of events this year. the details of these are included bel￿. We worked in partnership with the Hub of Hope and engaged in the following activities: The Retreat, which was aimed at deepening the connection belween 13 fathers and their child￿n. We held it at .the Red Ridge Activity Centre, and it involved high-ropes. a zipSine, paddleboarding, spiritual and relational input and some practical parenting wisdom. A free event in the summer holidays was Family Fun-Tastlc at Maesyrhandir School. 90 Hope volunteers did this in partnership with the Rapid Response Unrt from the Brethren Church. This involved inflatables, games, a live band, face painting, and other activities. The Fire Brigade also brought a vehicle to look around, and 320 people turned up and enjoyed a free day out in their communty. Happy Holidays. For the third year running we provided hot meals and actNilies for Primary School children during the month of AugusL Ably helped by 60volunteers, we provided activities, games, one-on-one help and a loving environment for 45 children many of whom have special or social needs. At the end of the month, a 'Gradualion Service, was held where each child was celebrated and championed in front of family and friends. This year Project Backpack. gave out a rucksxk with Sch(K￿ supplies to children moving up to High School who were recommended by their Primary Schools. This year we donated 53, and families came to the church to collect them. Coats4Kids. Donations from Hopers, Vtsion Offering enabled us to give a wami winter coat to 120 children. A number of these coats went to Ysgol Cedewain (Special Needs) School. Turkey Fest Once again.we continued to provide free Christmas Hampers. containing all the raw ingredients for a home-cooked Christmas meal, to under-resourced families. Working in conjunction with Social Ser¥ices and local schools, Ihis year we donated food to 60 families in the Newtown area. Many of them would not be able to create a mernorable family meal with all the trirnmings without thi5 initiative. Communlty Christmas Thank5 to the Sandwich and Salad Bar who provided us with the turkey again this year. Volunteers started preparing food very earty on Christmas Day, and we were able this year to both send out meals to our communty. and invite guests to come and spend the aftemoon with us in our Coffee Lounge. The 80 recipients at home were very grateful, some saying that a Hoper was the onty person they saw that day. The 50 people who joined us for food and activities were fed, enlertaine(J. sang to and lovedl This would not have been possible ex￿pt for a great team of volunteers who sacrificed their famiEy Christmas to serve others. Page 3 Hope Church (Newtown) (Registsred number: 06287n2) Report of the Trustees for the Year Ended 31 March 2024 In April, Hope Church Kids went On the Road again this year and did a session of activities, singing. games and quizzes on a local housing estate. It was attended by 52 kids and 30 adults, who were given an inspiring and affirming Message of God's love for them. Feed The Hungry Twice in 2023. Hope Church teamed up with Feed The Hungry UK, who supplied us with pallels of raw food-based material ft)r us lo dNide into family-sized portions of rice. grains, llour, pulses, etc. Dozen5 of Hopers helped convert enough food, and weigh. package, and label it. This was enough to feed 10,000 people in an under-resourced town or village. In March 2024 we stretched ourselves even further by doing a full 20,000 portion job in one morning, nearly 80 Hopers, plus friends who don't come to Hope. turned up and worked so efficiently that we did it In record time. There was such an atmosphere of fun and engagement as they worked. A Vlslon Offarlng was taken In September raislng funds for our Outreach activitles. Our people gave over £50,000 that will be used in funding Community Outreach activities, poverty rellef initiatives, mission and enabling people to take steps in developing and growing their faith. Our Chrlstmas Productlon, 'King of Kings, attracted neaty 700 people to our multkmedia presentation. Completely created and run by Hope Partners, it involved creative arts, musicians, and a Choir. Offerings Taken during the producb'on and on Christmas Day were donated in their entirety to two local Charities.. Bethshan Nursing Home and the Safvation Army Food Bank. Alpha We ran two 12-week Alpha Courses this year, run by a capable team of volunteers. Attendance was Consistently high throughout, and attendees particularly enjoyed the Holy Spirit day away at Cefn Lea. The majority of people who attended the course made a personal decision to become a Christian, and many are attending Sunday Services regularly. I Sald Ye8 Course As a follow-up from each Alpha Course, Hope ran a 6-week set of rneetings that allowed people new to faith to study the basics of the Bible, gave an introducts'on to sorne Christian doctrine, and Church life. Engagement was high and the attendees really benefitted from the study and the experiences of the Pastors. By course-end. some attendees had already expressed Inte￿St in joining a Life Group and serving in opportunities that were coming up. Wlntor WarmerlHopo Hangout. For the second winter running, and in diff￿u￿ circumstances for some, Ihe Church opened its doors to anyone who wanted to meet some people and eat some food in a wann space over the winter months. Taking place every Wednesday lunchtirne, this attracted a great crowd (sometimes over 60) of mostly elderly people. and was the highlight of their week. When this programme finished at the end of March, we invlted them to join our Hope Church Hangout group. This group will continue throughout Ihe Sumrner, and become Winler Warmer again at the end of Autumn. Thi5 year the Newtown Street Pastors recommenced their weekly service to the town and the nighttime economy. Every Saturday night a team of volunteers patrol the town centre, offering help to vulnerable people, being a source of encouragement and a listening ear. They provide flip-flops to barefoot ladies lo prevent injury. arrange taxi's and liaise with the local Police force. Connect Meeting For new people to Hope, we held our annual Connect Course in February. This is an informative and interactive evening with the Senior Pastors to advertise and grve insight into Church life and Hope Church history. This evening is the rneans that a person can apply for Church Partnership. Some people sent their applications in the next moming and a date will be set to welcome them into the Church. Page 4 Hope Church (Newtown) {Registered number. 06287732) Report of the Trustees for the Year Ended 31 Mareh 2024 Glvlng We carried on supporting the new Church that has been planted in Aberystwyth this year, helping to finance the Pastors, and also sending preachers and visitors to encourage and support them as they launched into having weekly Services. We continued the practise of giving to 'Christian Solidarity Worldwide, to help them in theSr advocacy efforts, this was given through Life Group donations. External Hlros Our Business, Finance & Facilits'es Manager has headed up the business side of Hope, by using our facility to gain extra income hiring it out to local and national businesses, charities and community groups. Every client has been impressed by the quality of the venue and the service they have received. We already have bookings for next year, and recommendations are spreading rapid￿ about the facility. Hope Day Nursery, now in its 17th year, continues to provide high-qualty childcare to clients in our community. Special thanks must be grven to the Manager, Deputy Manager, and their staff who do an outstanding job. The nursery continues to be held in high regard in the town wilh many sessions belng full, and having a waiting list. The Community Interest Company (CIC) directors continue to oversee and manage the leadership of the Day Nursery. The ethos of the Nursery operation is a practical outworking of the Charity's aims and objectives. Our Senior Leader commenced a secorKI temi of leading at a national level with Assemblla8 of God GB, and Hope hosted several National events for Pastors and Leaders in Wales. Our volunteers ser4ed Pastors with excellence and kindness, and we had some wonderful comments about how well they were treated, and how Inspired they were to go back to their ¢Mn churches and implement some of the things they had seen at Hope. 8aptlsms On Easter Sunday, we baptised 13 people, many of who had worked through the Alpha and .1 Said Y8S courses." It was incredibly stirring to hear their life stories and how much transfomiation had gone on the few months they had been a Christl8n. FINANCIAL REVIEW Flnan¢lal posltlon The statement of Financial Activities show a deficit for the year of £45,343 (2023: £19.441), and reserves now stand at £4,926.745 (2023.. £4,972,088>. Prlnclpal fundlng 8ourc•s The activities of the church are funded primarity by the voluntary gifts frorn those who attend the church and see it as their spiritual home. A significant amount is also received in tax reclaimed under the Gift Ald scheme. All departments raise money from weekly fees & tuck shops. The subsidiary community interest business also contributes to the income by way of donatlons and 8S expected venue hire, resulting from the ra-building program is also Sta￿'n9 to contribute to the income. which is expected grow further. All expenditu￿ Is undertaken in line with the charity's objectives. Inv•8tment pollcy and objectlvos The Trustees take seriousty their responsibility to ensure that funds are not put at risk. but also seek to achieve the highest interest possible where surplus funds are in hand. Funds have been spread across wider financial instrtutions in order to take advantage of Government guarantees. In the next financial year. we anticipate a return to a more regular use of Charity income for the Continuation of our Aims in the Church and the community. A long terrn goal s to acquire longer tem assets which could provide a stronger capital base for the charity's C4)erations. Page 5 Hope Church (Newtown) (Reglstered number: 06287732) Report of the Trustees for the Year Ended 31 March 2024 Reserves policy The church keeps sufficient funds in its current account to cover at least 3 months of normal outgoings wages, utility bills elc. Surplus funds as discussed under Investments are kept in interest-bearing accounts with Barclays and Kingdom Bank. We will look lo utilise higher interest rate accounts where possible and balance this with the need to access funds quickly if needed. Free reserves which equate to net Current assets (excluding restricted funds) amount to £283,592 {2023: £323,771). FUTURE PLANS Talks are ongoing with the Assemblies of God as to how Hope Church can be further involved In International Mission trips into Europe. We are researching how we can capitalise on the Missional Outreach we do to our communlty, with the aims of Gospel presentation and alleviation of poverty. STRUCTURE, GOVERNANCE AND MANAGEMENT Govarnlng document The charity is a charitsble company, limited by guarantee. incorporated on the 20th June 2007 and governed by its Memorandum and Articles of Association. The subscribing members of the company undertake to contribute £1 each in the event of its winding up. Hope Community Church (Newtown) acquired its assets under a transfer agreement from the unincorporated charty Hope Community Church on the 27th February 2008, and subsequently changed its name to Hope Church {Newtown) on 16th February 2012. Recruitmont and appolntment of new trustees New trustees are appointed by the Church Councll following consultation and prayer. No other individual or body És entitled to appoint trustees. Trustees are appointed at the Annual General Meeting in accordance with the Trust Deed. Organisational structure The leadership of the organisation is in the hands of the Board of Trustees who ensure that the charlty operates legally. morally and with financial integrity. The salaries of paid twstees are detemiined by non-paid trustees and other able independent advisors. The trustees meet monthly to undertake necessary business. Induction and trainlng of new trustees Any new trustees would be appointed from within the Church and would already be very familiar with the aims and objectives of the charity. Should any new trustees be appointed. their role and responsibilities would be made clear. With regard to the Church Council, members meet together regularly for training as regards their role within the Church and also attend conferences run by outside bodies. In their regular management meetings. the Chairman keeps all members aware of any current legislation or other requirements that are relevant to the activities of the charity - for example statutory compliance and child protection issues. Relatad partles There are two connected charities Bethshan Sheltered Houslng Association & The Hub of Hope Foundation. Bethshan was set up to provide a nursing home for the elderly and was the vision of Hope Community Church but was constituted as an independent charity in 1996. Five of the Church Council also serve as trustees of Bethshan. The Hub is a separate charity and 3 of the church trustees serve on the trustees for the Hub. Hope Day Nursery is a Community Interest Company sel up by the Church to streamline the interests and accounts separately from the main Church ministry. The results are consolidated within these accounts. Risk management All the aspects of risk, including the fields of Health & Safety, Environmental Health, Fire, etc, are constantly revtewed and, where necessary. actlon and latest recommendations are implemented. One of the trustees has specific responsibility for managing risk assessment throughout the various church departments. The Church also operates a vigorous Child Protection Policy led by designated officers. Page 6 Hope Church (N￿OWn) (Reg18tered number. 06287732) Report of the Tru8tseB forthe Year End¢d 31 March 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the dlrectors of Hope Church (Newtown) for the purposes of company law) are responsible for preparlng the Report of the Trustees and the financSal statements In accordance wilh appllcable law and Unlted lfjngdom Accounting Standards (United lfjngdom Generally Accepted Accounting Practice) including Financlal Reporting Standard 102 'The Financlal Reportlng Standard applicable In the UK and Republic of Ireland.. Company law requlres the trustees to prepare financl81 statements for each financlal year whlch glve a true and falr vlew of the state of affaSr3 of Ihe charitable company and of the Incomlng resources and appllcation of resources, including the income and expendltur8, of the charltable company for that period. In preparing those financSal statements, the trustees are requlred to select sultable accountlng pollcles and then apply them conslstantly; obsepie the methods and prlnclples In Ihe Charfty SORP; make Judgements and estSm8tes that are reasonable and prudent; prepare the financSal statements on the golng concem basss unless It Is Inapproprlate to ￿esuMe that the charltable company w511 continue In buslness. The trustees are responslble for keepSng proper accountlng records whlch dlsclose reasonable accuracy at any tlme the financSal posltlon of the charltable company and io enable ihem to ensure Ihat the flnanclal statements comply wth the Companles Act 2006. They are also responsible for safeguardlng the assets of the charltable company and hence for taklng rea80nable 8tsps for the prev￿tIOn and detectlon of fraud and other Irregularltles. In so far as the truste88 are aw*re: there Is no relevant audlt Infomiatlon of whlch the charltable company'8 audltors are unaware; 8nd the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audlt Infomiallon and to establlsh Ihat the audltor8 are aware of that Infomiatlon. AUDITOR8 The audltors, Morgan Grlffith8 LLP, wlll be proposed for re4ppolntrnent at the forthcomlng Annual General Meellng. Approved by order of the b08 f trustees on 17 December 2024 and slgned on Its behalf by: Rev D H Curgenven - Trustee Page 7 Report of the Indepgndent Audltors to the Mombor8 of Hopg Church {Nowtown) Oplnlon We have audited the financlal statements of Hope Church (NeVrt￿) (the '¢haritatAe companv) for the year ended 31 March 2024 whlch comprfse the Statement of FlnancSal Activities, the Balance SheeL th8 Cash Flow Ststement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applled in their preparation is appllcable law and United Kingdom Accounting Standards {United Klngdom Generally Accepted Accounting Practice). including Financial Reportlng Stsndard 102 The Flnanclal Reporting Stsndard 8pplieAble In the UK and Republlc of Ireland,. In our opinion the financial statements: give a true and falr view of the state of the charitable companrfs affairs as at 31 March 2024 and of its incoming resource5 and application of resources, including its income and expenditure, for the year then ended; have been properly prepared In accordance with United Kingdom Generally Accepted Accountlng Practice, includlng Financlal Reporting Stsndard 102 Yhe Fir￿nCIal Reporting Stsndard applicable in th8 UK and Republic of Ireland,: and have been prepared In accordance with the requirements of the Companies Act 2006. Basls for opinlon We conducted our audlt In accordance with International Standards on Audillng (UK) (ISAS (UK)) and appllcabb law. Our responsibilitles under those standards are further descrlbed In the Audltors, responsibilities for the audit of the financial stalements section of our report. We are independent of the charitable company in accordance wlth the ethlcal requlrements that are relevant to our audit of the financial ststements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responslblllties In accordance with Ihese requirements. We believe that the audit evldenGe we have obtained is sufficient and appropriate to provide a basis for our oplnlon. Conclu8lon8 r•latlng to golng concern In audltlng the financial statements, we have conciuded that the trustees, use of th& going concem basis of accounting in the preparatlon of the finanGial statements is appropriate. Based on the work we have perfomied. we have not Identlfied any material uncertalntles relatlng to events or conditions that, Indivtdually or collectively. may cast significant doubt on the charitable company's abllity to continue as a going concem for a period of at least twelve months from when the financlal statements are authorised for issue. Our responsibilitles and the responsibilities of the trustees with respect to golng concem are described in the relevant sections of this report. Other Infomiatlon Tha twstees are responslble for the other infomiation. The other wiforniation comprfses the Infom)ation included In the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our oplnlon on the financial statements does not cover the other infomiation and, except to Ihe extent otherwise explidtly staled Sn our report. we do not express any form of assurance conclusion thereon. In connectlon with our audit of the financial statements, our responsibility is to read the other Infomiatlon and. In doing so, consider wthether the other Infomiation is materially inconsistent ￿th the financial ststements or our knowledge obtsined in the audit or otherwise appears to be materially misststed. If we Identify such material inconsistencies or apparent matertal misstatements, we are required to detemilne whether thls gives rise to a materlal mlsstatement In the financial statements themselves. If, based on the work we hav8 perfomied, we conclude that there is a material mSsstalement of this other Infonnation, we are required to report Ihat facL We have nothSng to report in this regard. Opinions on other matters prnscrlbed by the Companies Act 2006 In our opinion, based on the work undertaken In the course of the audit: the infomiation given in the Report of the Trustees for the financlal year for ￿lch the financial slatements are prepared Is consistent with the financial statements: and the Report of the Trustees has been prepared In accordance with appllcable legal requirements. Paga 8 Report of the Independent Audltors to the Members of Hope Church (Newtown) Matters on which we are raqulrnd to report by exception In the light of the knowledge and understanding of the charitable company and its envSronment obtained in the course of the audlt, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where 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 Ihe trustees were not entitled lo take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparlng the Report of the Trustees. Responslbllltle8 of trustee8 As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the dlrectors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and falr view, and for such Internal control as the trustees detemiine is necessary to enable the preparation of financlal statements that are free from material misstatement, whether due to fraud or error. Sn preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the golng concern basis of accounting unless the trustees either Intend to liquldate the charltable cornpany or to Cease operations, or h8ve no realistic alternative but to do so. Page g Report of the Independent Auditors to the Members of Hope Church (Newtown) Our rasponslbllltles for th• audit of the flnanclal stataments 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 a Report of the Independent Auditors 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. The extent to which our procedures a￿ capable of detecting irregularities, including fraud is detailed bel¢)w'. Our approach to identifying and assesslng the risks of material misstatement in rospect of Irregularltles, including fraud and non-compliance with laws and regulations, was as follows: -the engagement partner ensured thal the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; -we identified the laws and regulations applicable to the charitable company through discusslons wlth management, and from our knowledge and experience of the charity sector., -we focused on specific laws and regulations which we considered may have a dlrect rnaterfal effect on the financial statements or the operations of the charitable company, including relevant legislation such as the Companies Act 2006, taxation legislation, employmenl, environmental and health and safety leglslation; -we assessed the extent of compliance with the laws and regulations Identified above through maklng enquirles of management and inspecting re￿vant correspondence. We assessed the susceptlbility of Ihe charitable company's financial statements to materfal misststement, including obtaining an understanding of how fraud might occur, by.. -making enquiries of management as to where they considered there was susceptSbility to fraud, their knowledge of actual, suspected and alleged fraud., .considering the internal controls in place to mitigate risks of fraud and non-cornpliance wlth laws and regulalions. To address the risk of fraud through management blas and override of contro18, we: -performed analytical procedures to identify any unusual or unexpected relationships; -reviewed nomlnal ledgers and tested joumal entries reports to identify unusual transactions; -assessed whether judgements and assumptions made In determlning the accounting estlmates were Indicatsve of potential bias, In response to the risk of Irregularitles and non-compliance with laws and regulations, we deslgned procedures whlch Included, but were not limited to: -agreeing financial statement disclosures to underlylng supportlng documentation; -reading the mlnutes of meetings of those charged with governance; -reviewing coirespondence with HMRC, There are inherent limitations In our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it 15 that we would become aware of non-compliance. Auditlng standards also limit the audit procedures requlred to identify non-compliance with laws and regulatlons to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, If any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or colluslon. A further description of our responsibilities for the audlt of the financlal statements is located on the Financlal Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 10 Report of the Independent Audltors to the Members of Hope Church (Newtown) Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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 audstors, report and for no other purpose. 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 fonned. Thomas Landers BA FCA (Senior Statutory Auditor) for and on behalf of Morgan Griffiths LLP Chartered Accountants ststutory Auditor Cross Chambers 9 High Street Newtown Powys SY16 2NY 17 December 2024 Page11 Hope Church (Newtown) Consolldated Statemant of Flnancial Actlvltles (Incorporatlng an Income and Expenditure Account) for the Year Ended 31 March 2024 31.3.24 Total funds 31.3.23 Tolal funds Unrestrfcted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 499,381 499,381 442,857 Charltable activitles Ministry 14,228 14.228 13,972 Other trading activltles Investment income 512,159 512,159 492,948 192 Total 1028 884 1028 884 949 969 EXPENDITURE ON Raising funds 427,261 427,261 400,188 Charltable actlvltles Ministry 646 966 646 966 569 222 Total 1074 227 1074 227 969410 NET INCOMEIIEXPENDITURE) (45,343) (45,343) (19,441) RECONCILIATION OF FUNDS Total funds brought foDNard 4,972,088 4,972,088 4,991,529 TOTAL FUNDS CARRIED FORWARD 4 926 745 4 926 745 4 972 088 The notes fomi part of these financial statements Page 12 Hope Church (Newtown) {Reg16terod number. 08287732) Balance Sheet 31 March 2024 Notes Group 31J.24 Group 31.3.23 Charlty 31.3.24 Charity 31.3.23 FIXED ASSErs Tangible assets Investments 14 15 5,863,502 5,999,183 5,853.126 5,999,183 5,863,502 5,999,183 5053.126 5,999,184 CURRENT ASSErs Debtors Cash at bank and In hand 16 7,538 6,487 421485 427.972 42.861 89,924 315033 384,957 374.648 346N97 CREDITORS Amounts falling due wrthin one year 17 (91.056) (104,201) (60,406) (61,187) NET CURRENT ASSETS TOTAL ASSEfs LESS CURRENT LIABILITIES 6,147.094 6,322,954 6,139,217 6,322,954 CREDITORS Amounts falllng due after rn0￿ than one year 18 (1320.349) (1,350.866) {1,215.348) (1,350,886) NET ASSETS 4 926 745 4.972 088 4 923 869 4 972 088 FUNDS Unrestrlcted funds 4,926.745 4.972,088 4923,869 4,972,088 TOTAL FUNDS 926 745 4,972 088 4,923.869 4 972 088 These financial statements have been prepared in accordance with the provisions appllcable to charitable companles subject to the small Gompanles regime. The financial ststements were approved by ts Board of Trustees and authorised for Issue on 17 December 2024 and were slgned on Its behalf by: D H Curgenven - Trustee Tha notes fomi part of these financial statem￿ts Pago 13 Hop chU￿h {3,116) (192) {3,115) 106,673 71.343 106,673 (1,051) (209) (1,051) (7,482) (1,812) (2,618) (192) 71,343 (995) 2,917 Net cash provided by operating activities 200722 204785 201524 208728 ANALYSIS OF CHANGES IN NET DEBT At 1.4,23 Cash flow At 31.3.24 Group Net cash Cash at bank 421,485 (54,375) 367,110 Debt Debts falling due within 1 year Debts falling due after 1 year {51,692) 1350 866 1402 558 {1,839) 135 518 133 679 (53,531) 1215 348 1268 879 981073 901769 Al 1.4.23 Cash flow At 31.3.24 Charity Net cash Cash at bank 315,033 (11,397) 303,636 Debt Debts falling due within 1 year Debts falling due after 1 year (51,692) 1,350 866 1402 558 (1,839) 135,518 133679 {53,531) 1215,348 1268 879 1087,525 122,282 965 243 Page 15 Hope Church (Newtown) Notes to the Flnancial Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basls of preparing the financial statements The financial statements of the charitable company. which is a publ￿ benefil entity under FRS 102. have been prepared in accordance with the Charsties SORP (FRS 102) 'Accounting and Reporling by Charities.. Ststement 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),. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. with the exception of investments which are included at market value. Ba618 of consolldatlon The consolidated accounts incorporate the results of Hope Church {Newtown) and its Subsidiary undertakings on a line by line basis. The consolidated entity is referred to as 'the group,. No separate company Statement of Financial Acb"vities (SOFA) has been prepared for the charity as permitted by section 408 of the Cornpanies Act 2006. Income All incoming resources are recognised once the charity has entitlement to the resources. any perfomance conditions attached to the item(s) of income have been met, it is probable Ihat the income will be received and the amount can be measured ￿lIablY. Gifts, legacles, church offerings, income tax recovered and income of a similar nature is recognised where there is entitlement, probable of receipt and can be measured reliably Income direct from charitable activitses is recognised as earned a8 the servtces provided and the amount can be measured reliabty. Expendlture Liabilitles are recognised as expendituro as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be direct￿ allributed to particular headings they have been allocated to actNilies on a basis consistent with the use of resources. Allocatlon and apportlonment of costs Support costs have been allocated to the charitable actNities based on staff costs. Tanglble flxed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property 2% on cost or valuation Fixtures and fittings 15% on reducing balance Taxation The charity is exempt from corporats'on tax on its charilable activities. Fund accounting General funds are unrestricted funds which afe available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have Dot been designated for other purposes. Designated funds comprise unrestricled funds set aside at the direction of the Irustees for particular propose. The aim and the use of each fund is sel out in the notes to the financial statements. Restricted funds are to be used in accordan￿ with the specifK ￿strIctl0nS with the donors wishes or which have been raised by Ihe charity for particular purpose. Page 16 Hope Church {Ne*town) Notss to the Flnancial Statements - continued for the Y•ar Ended 31 March 2024 ACCOUNTING POLICIES - continued Ponslon costs and other post-rntirement benefits The charitable company operates a defined contrtbution pension scheme. Contributions payabEe to the charitable Gompany's pension scheme are charged lo the Statement of Financlal Activities in the period to which they relate. Finan¢lal Instruments The charity has a bank loan that is being measured at amorttsed cost using the effective interest method. DONATIONS AND LEGACIES 31.3.24 31.3.23 Tithes offerings and gifts Mission income Gift aid Building fund Giants 420.788 2.404 73,164 3,025 354,461 3,678 72,029 5,805 Grants received, included in the above, are as follows.. 31.3.24 31.3.23 Activate Other grants 1,954 OTHER TRADING ACTIVITIES 31.3.24 31.3.23 Coffee shop income Nursery fees Room hire 6,868 471,590 33.701 512 159 6,132 476,436 10.380 492 948 INVESTMENT INCOME 31.3.24 31.3.23 Deposit account Interest 192 Page 17 ntinued... Hope Church (Newtown) Notes to the Financlal Statements - continued for the Year Ended 31 March 2024 INCOME FROM CHARITABLE ACTIVITIES 1.3.24 1.3.23 Activty Mintstry Ministry Minislry Ministry Departmental income Life Group income Other income ChaplainGy services 12,048 11,616 1,307 14,228 1,710 13,972 RAISING FUNDS Other tradlng actlvlt108 31.3.24 31.3.23 Purchases Nursery expenditure 19.879 407 163 427,042 219 3,798 390,568 Property repairs Aggregate amounts 427 261 400 188 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 8) Support cosls (se8 note 9) Totals Ministy 640,034 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.3.24 31.3.23 Trustees, remuneration etc staff costs Repairs & cleaning & water Insurance Light and heat Telephone Postage and stationery Advertising Sundries Gifts, flowers and hospitality Books and lilerature Travel Missions Ministy Gifts and outreach 108.728 94,741 47,559 8,884 32,228 4,901 3,522 879 1,488 11,719 2,891 8,366 4,550 101,461 94,739 29,253 8,956 25,103 6,206 3,508 36 3,922 9,115 857 6,584 3,500 Carried forward 355,636 306,921 Page 18 continued... Hope Church (Newtown) Notes to the Financlal Statements - continued for tha Year Ended 31 March 2024 DIRECT COSTS OF CHARITABLE ACTIVITIES - contlnued 31.3.24 31.3.23 Brought fO￿ard Department accounts Life group accounts Donation Training and conferences Depreciation Interest payable and similar charges 355,636 16,568 306.921 14,541 500 8,376 2,927 150,854 105 673 10,246 155,096 558 647 SUPPORT COSTS Govemance costs Minlstry 10. NET INCOMEI(EXPENDITURE) Net incomel{expenditure) is stated after charglngl{credltlng): 31.3.24 31.3.23 Auditor8, remuneration Audltors, remuneration for non audit work Depreclation - owned assets 3,600 996 150 854 3,000 743 155 095 11. TRUSTEES. REMUNERATION AND BENEFITS 31.3.24 31.3.23 Trustees, salaries Trustees, social security Trustees, pension contributions to money purchase scheme8 95,297 9,385 88,680 8,910 108 728 101461 The charity considers its key management personnel comprise the Board of Trustees. Trustees, remuneration is made up as follows: Rev A L Hewitt £26,115 (2023 £22,606), Rev D H Curgenven £42,707 (2023 £40,703), Rev S R Curgenven £26,475 (2023 £25,371). The remuneration is paid for services provided in furtherance of the charities activities. Employers, Contribution to pensions were are as follows: Rev A L Hewitt £nil (2023 £nil), Rev D H Curgenven £2,528 (2023 £2,405), Rev S R Curgenven £1,520 (2023 £1,466). The payment of trustees remuneration was approved by the Charity Commission. The number of trustees to whom retirement benefits are accruing under money purchase schemes is 2 (2023: 2). Page 19 continued... Hope Church {Newtown) Notes to the Flnancial Statements - continued for the Year Ended 31 March 2024 11. TRUSTEES, REMUNERATION AND BENEFITS - continued Trustees, expenses Retmbursernents in respecl of telephone, travel and other expenses incurred in the performance of their duties amounting to £6.809 (2023 £4,865) were made to three (2023 three) trustees. 12. STAFF COSTS 31.3.24 31.3.23 Wages and salaries Social security costs other pension costs 514.309 28,370 14,149 491,499 27,675 13.225 532 399 The average monthty number of employees during the year was as follows: 31.3.24 31.3.23 Trustees Ministry Nursery 27 29 35 37 No employees receNed emoluments in excess of £60.000. 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTivrriES Unrestricted funds Restricted funds Totsl funds INCOME AND ENDOWMENTS FROPA Donations and legacies 442,857 442.857 Charftable activities Ministry 13,972 13,972 Other trading activities Investment income 492,348 192 492.348 192 Total 949.969 EXPENDITURE ON Raising funds 400,188 400.188 Charftable actlvltles Ministry 569,222 569.222 Total 969 410 949 410 NET INCOMEI{EXPENDITURE) Transfers between funds (19,441) 15.574 (19,441) 15,574) Net movement in funds {3.867) (15,574) (19,441) Page 20 continued... Hope Church (Newtown) Notes to the Financial Ststernents - ¢ontlnued for the Year Ended 31 March 2024 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued UnrestriGted Restricted funds funds Total funds RECONCILIATION OF FUNDS Total funds brought forward 4,975,955 15,574 4,991,529 TOTAL FUNDS CARRIED FORWARD 4 972.088 4 972 088 14. TANGIBLE FIXED ASSETS Group Freehold Flxtures and property flttlngs Totals COST At 1 April 2023 Additions 6,352,691 529,529 6,882,220 At 31 March 2024 6 352.691 548,389 6 901080 DEPRECIATION At 1 April 2023 Charge for year 540,970 122.023 342,067 883,037 154.541 At 31 March 2024 1037 578 NET 800K VALUE At 31 March 2024 5,689,698 5.863.502 At 31 March 2023 5,811.721 187,462 5.999.183 Fixtures and fittings Charfty Freehold propety Totsls COST At 1 April 2023 Additions 6,352.691 529.529 6,882,220 At 31 March 2024 6,352,691 534,325 6 887 016 DEPRECIATION At 1 April 2023 Charge for year 540,970 122 023 342,067 28.831 883,037 150,854 At 31 March 2024 662,993 370,898 1,033,891 Page 21 continued... Hope Chur¢h (Newtown) Notes to the Flnan¢ial Statements - contlnued for the Year Ended 31 March 2024 14. TANGIBLE FIXED ASSETS - contlnued NET BOOK VALUE At 31 March 2024 5,689 698 163427 5 853 125 At 31 March 2023 5,811721 187462 5 999 183 Included in cost or valuation of land and buildings is freehold land of £72,506 (2023- £72,506) which is not depreciated. 15. FIXED ASSET INVESTMENTS Group Shares in group undertakings Charbty Shares in group undertakings COST LESS IMPAIRMENT At 1 April 2023 and 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 Page 22 contEnued... Hope Church {Newtownl Notes to the Financlal Statements - contlnued for the Year Ended 31 March 2024 Is. FIXED ASSET INVESTMENTS - contlnued Hopa Day Nursery CIC Registered office: Hope Church Nursery, Dolfor Road. Newtown, Powys, SY16 1JD Nature of business: Nursery Class of share: Ordinary holding 100 31.3.24 31.3.23 Aggregate capital and reserves The trading position for the subsidiary is as follows: 31.3.24 31.3.23 Turnover Other income Expenditure Donations 469,090 2,500 407,132 61,552 433,455 42,980 386,769 89,666 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 31.3,24 Group 31.3.23 Charity 31.3.24 Charity 31.3.23 Trade debtors 1,323 1,060 1,323 1,060 Amounts owed by group undertakings 35,323 63,437 Prepayments and accrued income 5.427 5.427 7,538 42,861 69.924 17. CREDITORS; AMOUNTS FALLING DUE WITHIN ONE YEAR Group 31.3.24 Group 31.3.23 Charlty 31.3.24 Charity 31.3.23 Bank loans and overdrafts 53,531 51,692 53,531 51,692 Trade creditors 898 414 Amounts owed by participating interest 2,956 2,956 Taxation and social security 5.728 9,128 3,409 3.540 Other creditors 91,056 104,201 Page 23 conllnued.. Hope Church (Newtown) Notes to the Flnanclal Statements - continued for the Year Ended 31 Paarch 2024 18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group 31.3.24 Group 31.3.23 Charlty 31.3.24 Charlty 31.3.23 8ank loans Other creditors 1.215,348 1,350,866 1,215,348 1,350.866 1220 349 1350 866 1215 348 1350 866 19. LOANS An anatysis of the maturity of loans is gNen below: 31.3.24 31.3.23 Amounts falling due within one year on demand: Bank loans Amounts falling between one and two years: 8ank loans - 1-2 years Amounts falling due be￿een two and five years: Bank loans- 2-5 years 176 302 172 288 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 983.611 1,125,048 The loan is repayable over 25 Ye￿ and the rate of interest is 2.75% above base rate. 20. SECURED DEBTS The following secured debts are included within creditors: Group 31.3.24 Group 31.3.23 Charlty 31.3.24 Charfty 31.3.23 Bank loans 1,215,348 1350 866 1215 348 1350 866 1,215.348 1350,866 1,215 348 1,350,866 CAF Bank Limited hold a legal charge registered on the 14th October 2014 over the Freehold Property of the Charity. Welsh Govemrnent have a kgal charge over the freehold land dated the 8th October 2019. Page 24 continued... Hope Church (Newtown) Notes to the Financlal Ststements - contlnued for the Year Ended 31 March 2024 ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.3.24 Tolal fvnds 31.3.23 Total funds Unrestricted funds Restricted funds Fixed assets Investments Current assets Current liabilities Long temi liabilities 5,863.502 5,853,502 5.999,183 374,648 (91.056) 1.220.349) 374,648 (91,056) 1220 349) 427.972 {104,201) 1350,866) 4 926 745 4 926 745 4 972,088 Page 25 condnued... Hope Church (Newtown) Notes to the Flnancial Statements - Continued for the Year Ended 31 March 2024 MOVEMENT IN FUNDS Nel movement in funds At 31.3.24 At 1.4.23 Unrestrlcted funds General fund 4.972,088 (45,343) 4.926,745 TOTAL FUNDS 4 926,745 Net movement in funds. included in the above are as follows: Incoming reSou￿e$ Resources expended Movement in funds Unrestricted funds General fund 1.028.884 (1.074,227) (45,343) TOTAL FUNDS 1.028.884 (1.074 22n Comparatives for movement in funds Net Movement in funds Transfers between funds At 31.3.23 At 1.4.22 Unrestrlcted funds General fund 4,975.955 (19,441) 15,574 4,972,088 Restrlcted funds Church Planting Activate 13.387 2.187 (13,387) 15.574) TOTAL FUNDS 4,991529 19,441 4 972.088 Comparatbve net movement in funds. included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 949,969 (969.410) (19,441) TOTAL FUNDS 949.969 969,410) 19.441) Page 26 continued... Hope Church (Newtown) Notes to the Financlal Ststements - conlinued for the Year Ended 31 March 2024 EMPLOYEE BENEFIT 08LIGATIONS During the year the charity made pension contributions amounting to £14,149 (2023 £13,225). There were no amounts outstanding at the year end. 24. RELATED PARTY DISCLOSURES During the year the charity provided chaplaincy services to Bethshan Sheltered Housing Association amounting to £1,307 (2023 £1.710) and this amount was paid in full during the year. Bethshan Sheltered Housing Association has trustees in common. During the year the Church donated £8,376 (2023 nil) to the Hub of Hope Foundation. At the year end no amounts were due to or from the organisation (2023 £2956 was owed by the Church). The Church has some trustees in common with this charity. During the year the trustees made donations to the church under gift aid amounting to £26,110 (2023 £27,415). 25. ULTIMATE CONTROLLING PARTY The trustees of the charity are considered to be the ultimate controlling party. Page 27