Charity Registration No. 1129257 Company Rogistration No. 06828228 (England and Walgs) HOPE CHURCH WORCESTER ANNUALREPORT AND UNAUDITED FINANCiAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021
HOPE CHURCH WORCESTER LEGAL AND ADMINISTRATIVE INFORMATION TruStS Mr D P Spiers Mrs H llagg5 Mr J David$on Mr G e Hazellon Mr R J Thomas Secrgtiry Mr D P Spiws Chlof ox•cutlv Mr R J Thomas Charity nurnber 1129257 Company numbgr 06828228 Registered office 5 Sheringham Road Wor¢esler WR5 3FiA Indendant aKamlnèr Kendall Wadley LLP Grant8 Lodge 71 Graham Rtrad maern Wor¢e$ler$hir¢ VVR14 2JS 8ankers HSBC Bank PLC 6 Bfoad Street Worcester WR12EJ
HOPE CHURCH WORCESTER CONTENTS Page Truste¢8' report ststement ol trustees, re5ponsibililies Independent examinerfs report ststemenl of f nanaal aclSvi1Ses Balance sheet 9-10 Notes lo thtr accounts
HOPE CHURCH WORCESTER TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 28 FEBRUARY 2021 The trustees present their report and accounts for the ye¥ ended 28 February 2021. The report felale5 to the charrtable company alone, it is not part ol a group. The financial slalements have been prepared in accordance wth the accounting policies set out in te 1 to the financial statements arkd comply Mith the charitable company's memorandum and articles ol association. the Companie5 Act 2006 and Accounting and Reporting by Charikn"es. Slalemenl of Recommended Pra¢lice applicable lo charitiès preparing their accounls in accordancè wth Ihe Financial Reporting Standard plicable in the UK and Republic ol Ireland IFRS 1021 (effective 1 January 20191 ObJ&¢tlVa8 and a¢tivltS8 The charitable company's objeGts are lo advance Christian faith in accordance wtth the Stalernenl of 8elfs sel out within the Articles of Asstsciatlon in such ways and in 5u¢h parts of the Un((ed Kingdom or world as lo fvlfil olhef charitable purposes that ar¢ Gonnected wlth lh8 charitable work of the Church. The pollcie8 adtspled In furthefance of these objects are the provision of public worship services with Christian tsaching and pastoral support for all ages, community based activities. cafe churth aclivilies. 5UPPOrt lo to those wilh h'le controS1ing Issues, provbsion of tfansport, intèrnational stjpport and other 5UPPOrt work lo those in need or strffering. There has been no change in these during the year. The Irusleeg have pa due regard lo guldance i$¥ued by the Charify CommI8on in de¢lding what acli¥ilies the charilabk ¢omp¥ny sh¢uld undertake_ and are $ali8litd that those described below provide public benefil. Structure. govornance and management The charitable company is a company limited by guarantee incc4porated in England & Wales on 24 February 2009. The Charitab company is govemed by its Memorandum & Articles ofAssorAation. The Iruslees. who are 3150 the dire¢tor$ fgr the purpose of company law. and th served durlng the year and up to the dale of signature of the financial statements bver¢'. Mr D P Spiefs Mr5 H Baggs Mr J David8ori Mr G B Hazelton Mr R J Thomas The trustees are drawn Iiom the Members ol the chafilable company. one of the trustees has any beneficial interest in Ihe chzritable company. All of the trustees are members of the company and guarantee lo contribute £1 in the event of a winding up v4hilst still a member within one year of ceasing lo be so.
HOPE CHURCH WORCESTER TRUSTEES. REPORT (CONTINUEDI(INCLUDING DIRECTORS, REPORT) FOR fHE YEAR ENDED 28 FEBRUARY2021 The trustees are responsibie for the management and adminislralion of the Chur¢h's property and fmd5 in accordance wlh the Memorandum and the Articles ol Association. Day lo day management of aCtiv.e5 15 dèlegated to Richard Thomas a¢ts as chlel exeeulive. Upon appoinlmenl appropriate training and guidance is given as lo the role and ce$pon$ibililies of a trustee ithin the organisalion. Meetings are required to b& held at least three limes a yeaf al whi¢h the ¢harrt8ble and financial aspecls of the organisation are considered and actions to be taken determined as necessary. This in¢lude5 the setting Df remuneration for those employed having due regar(J to legislative requirements and rates of remuneration paid by similar org8nisalions. Interests in transactions by virtue of related parties are deClad al meetings and repc•rted in the notes to Ihe financial slalemenls. The activitiès of the Church are managed lor the ¢harily by the following 51aff.. Mr R Thoma5 Mr J Harper Mr D Spiers Full b'me church wc*1(er and Chief Execth've Full Ilme chuTeh worker Part lime Admin The charitable company ha5 again functioned well with effective financial controls and caièful budgeting has achieved good resutts. An increased level of contribution5 has enabled it to achieve it's charitable objectives and end the year with a balance alve budget,
HOPE CHURCH WORCESTER TRUSTEES. REPORT (CONTINUEDI(INCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 28 FEBRUAR Y 2021 Achievements and performance With the onset of the Covid pandemic it ha5 been a challenging year for all charities bLrt with effective financial conliols, fiexibility and a Garefvl budget, have managed to athieve good results. Despite running 3 dwnandlng building proleGI lo develop our premises al The Granary, an increased level ol general fund contributions has enabled us lo achieve our charitable objectives and again end the year wlh a balance above budget. Throughout thfr p•rlod we have pro¥ided publlc ben•fit through the following... Whilst we have been unable lo travel or send trainers. lo the leadership Iraining schod tor leaders from Rwanda and Uganda, we have maintained financial support lor this work. We have also engaged further U,K. chuiches in the Ghatitable link lo Uganda and won gr8nt bids lo supply food aid and medical aid to assist during Uganda's own lockdowi and ecmomic crisis. Finance saved on flight5 and Iravel has been used in overseas aid. We have continued lo provKle F)ubltc worship SeIce3 via You Tube channel, and broadcasts cn Facebook. wilh Chrtslian leaching and pastoral 5UPPDrt. We have organised phone ¢are every week for the most physically andl or emotionally vulnerable in the church community. Our community group$ have continued to meet by Zoom regulady Wrth communtty Gentres closed for meetlngs Dur council eytate congregation ha5 continued to 8erve the community by means of providing craft packs and cOUring for young families, printing in sUPPOrt of home 5chocling, online games and quizzes lor children. plus shoppin9, practy.cal help and pastoral support. Although the Dines Green community café couldn't function as nomal wtr obtained grants for provision of emergency food for vulnerable families and distributed this via Ihe café premises. The commltnity café was open during ihe summer holidays and ran a ¢ombin8lion of distanced family meals and take away meals, in partnership with a local Anglican Church. The "walking r01 service" run by u$. in partnership wilh the Council, was well supported by the ¢ommunily, induding the local counsellor. Small Chrislmas presents were distftbuted. Our city ¢enlre congregation allendance reduced, and we liaised with the council lo Tedesignale it a SUPPOrt group to enable continued meeting, Support therefore continued to th03e suffering from ¥ddi¢lions of various kind$. mental he¥llh is$ues and homel¢s$ne$8 have ¢onllnued wllh long term volunteer mentoring type$ of relalionshlps wilhln Ihls Friday evening ¢ongregali¢n, parti¢tJlarly for those w71h life controlling issues. We have conlinuerj our partnership with The Good Soil Trusl in PfDviding 3UPPOrt for a number ol lon*lemi unemployed l) attend work experience, a8 C¢vid allowed, and have als¢ participated in Good Soil egg purchasing scheme, We have developed ouf health and 5afrty policy lo lake into account the forth¢orning use of thè ground flo?r of The Granary. Insurance ha5 been reviewed and exiended lo cover all aclivilie3 in the building as well a5 continued work on upper loors, Safely brielings, rlsk a$sessment8 and Covid safe ptsli¢ies have been adopted. Ilve were forced to defer plans lo run a camp specifically for those from similar social action projects as ourselves, facing Iife-controlling dthculti8s, Irom around the U.K. Th is now re-scheduled lor latsr in 2021. We have suGGes51ully raised finance and completed the ground floor resloratson ef The GranBry in tt)e city centre. which we 111 now use. We have raised funds for a lift to alW th8 differ8ndy able lo access upper fioors, including a Grant ol £10.000 from Ihe Beatrice Lain9 Trust. Flnance Saved on piemi5es renta15 ha5 been redirected lo pieml3es resloiation for the development ol our charitsble work. We have provided support and advice to other churches. during Covid partulartY to their l&adership teams, in the west Midlands. south Wales. Derbyshire and Manchester.
HOPE CHURCH WORCESTER TRUSTEES. REPORT (CONTINUED)IINCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 28 FEBRUARY 2021 Plans for tha future The charllable company proposes lo conlinue these acttvllies in the coming year and develop them further. Financial review We have again lunclioned well with effective financial corstrols achiewng good resu115. Continued prudent budgeting has enabled u5 to achieve our charitable objectives and maintain reasonable, though ¥llghlly reduced, free fe3etve¥ as detailed below. The net income for Ihe year is £155.082 12020- £130,192) of which £57.48812020 - £S,7571 is in connect ilh unrestricted activities and £97.594 12020 - £120:4351 in relation ID restricted acliwlies. Tot31 reserves al the reporting dale ale £1,192.07212020 - £1,036,990) of which £671,OSS 12020 £573.4621 is reslri¢led. Full details of the restricted fun4¥ can be frjund in the notes accompanying the finawal Slalements. Aller exiracling the endowed property and other fixed assets Ihss leaves £67,732 12020 - £32,752) available for unrestricled activities. 11 1$ the pol¢cy of the charitable company Ihal unreslri¢ted lunds whth hove no¢ been deslgnaled for a spedfic Use Should be maintained al a lèvel equivalenl lo between thre& ènd six month's expendiiure. The trLJSteÈs nsidefs that re$eNe$ al this level will ¢n$ure that, In the event of a sign4fi¢anl drop In funding. they wll be able lo ¢ontinue the charitable company's current aclwities while consideration is given lo ways in which additional fvnds may be raised. The trustees have assessed tlie major risks to which the charitable company is exposed, and are satisfied that systems afe in place to mrtigale exposure lo the major risks. The trnsl889' report was approved by the Boaré ol TrLJStè8s. Mr R J Thomas Trustee Dated.. 7 May 2021 Mr D P Splers Trustee
HOPE CHURCH WORCESTER TRUSTEES. RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 28 FEBRUARY2021 The Iru$lees, are also the directors ol Hope Church Worcester lor the PUTP05e of company law. are responsible for preparing the Trustees, Report and the financial slalemenls in accordance ithlh applicable law and UnLled lQngdom Accounling Siandards Iunitèd Kingdom Genèrally Accepled Accounling Piaclicel- C¢mpany Law requires the trustees lo prepare financial slalements for each financial year Kthich give a true and lair view of Ihe slate of affairs ol the charitable company and of the incoming re50ur¢es and application ol resources, including Ihe income 8nd expenditure. of thè Charitable company for Ihal yèar_ In preparing these financial stslemenls, the trustees are fecwired lo.. Sded suitable acGounllng po&e*8 and then apply them consigtenlly., - ob$erve the methods and winciples in the chare5 SORP., make judgements ènd estimates that afe re8son3ble and prudent., $lale whether applicable UK Accounlir)g Standards have been followEd. subject lo any material departLbre$ di$¢lo$ed and explained in the financial statements". and prepare the fFnan¢ial slatÈM@nls on the going CDnc8m basis unless ft is inappropriate lo prèsume that the ¢h2ritable company will continue in operation. The Iruslees are responsible Yor keeping adequate accounting records that disclose wlh reasonable accuraey 81 any time the financial position ol the charitable company and enable them lo ensure that the financial 5talements comply wilh the Companies Act 2006. They are also responsibEe lor SaIuardIng the as5e15 of the charitable company and hence tor taking reasonable steps foi the prevention and deledion of fvaud and other irregularities.
HOPE CHURCH WORCESTER INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HOPE CHURCH WORCESTER ieport lo Ihe trustees on my examinalion ol the financial statements of Hope Church WoTce$ler (the charitable company) for th& year ended 28 February 2021. RPonSIbl11t105 •nd basls of report As the trustees of the charitable company land also its diTeGtors for the purposes of company lawl you a responsible lor the pParatIOn ol the financial Slalemenls in acGordan¢e with the requirements of the Companies Alt 20Cf Ilhe 2006 Acll. Having satisfied myself Ih•l the financial slalemernl$ of Ihe charitable company are not requhred lo be audited under Part 16 01 the 2006 Act and ale eligible for independent examination, I rewrt in ¥èspect of my examination of the charitable comparhy's financial stalemenls Cafried out under seclton 145 01 Ihe Chanlies Ad 2011 {Ihe 2011 Acll. In carrying out my examination I have followed all the aPP.Cable Difections given by the Chthly Commibsion under section 14515llb} of the 2011 Act. Independent examin?r'$ $tstsment Since the charitable comp8ny""s gross income exceeded £250.000 your examlner musl be a member of a body listed in section 145 of the 2011 Act. l Eonfimi that l am qualifieil to undertake Ihe examinalic because l am a member of ICAEW, vthlch Is one of the listed bodies. I have ¢omplet8d my examination. I confirm that no rnatter$ have come to my attention in eonneclion wilh the examination giving me cause lo believe that in any material respect accounting records wer¢ not kept in re¥)ecl ol the charitable company as required by seclk)n 386 of the 2006 Act, or the financial slatemenl$ do not accord wth those records-, or the financlal slalemenls do nc>t comply with the ac¢tsunling requirements ol section 396 of the 20CE Act other than any requirement Ihal the accounts give a true and fair view thich 18 not a m8ller ¢onsldered as part ol an independent examination", OT the financi41 statements have nol been prepared in accordance with the method$ and principles of the Statement ol Recommended Practice foT accounting and reporting by ¢harilies applicablè to charilies preparing their accoltnts in acGordance wrth the Flnancial RerKJrting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concems and have come across no other matters in eonneGtion with the examinats.on to lCh sho¥Jld be drawn in thi$ report in order lo enable a prtsper understanding of the financial stalements ber El eth Needham ACA CTA IVATI Kendall Wadley LLP Gmnla Lodge 71 Graham Road Malvern Worcèstershire R14 2JS Dated. 7 May 2021
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HOPE CHURCH WORCESTER BALANCE SHEET AS AT 28 FEBRUARY2021 2021 2020 Notes Fixed assets Tangible assets 11 1.31D,699 59B,385 Curreiit assets Debtors Cash al bank and In hand 12 15,549 203,553 24.977 417,385 219,102 442,362 Cr•drtors: amounts falllng duo wlthln ona y•ar 13 17,9971 (3,75n Net current assets 211,105 438,605 Totsl a8s•t$ l•$$ curr•nt1Sabllltl•8 1,521.804 1,036.990 Credltors: amounts falllng due aftor mor• than ong yg•r 14 {329,7321 Net aS80ts 1,192.072 1.036.990 Clpltil lund8 Endovrnenlfvnds Income funds Reslricted funds Unrestricted funds 16 430.776 430,778 17 671.056 90.240 573,462 32,752 1.192.072 1.036,990
HOPE CHURCH WORCESTER BALANCE SHEET ICQNTINUEDI AS AT 28 FE8RUARY2021 The charitable company is entiiled lo the exèmpliDn from the audrt requirèment contained in sèction 477 of the Companies Act 2006, for the year ended 28 February 2021. No member of the ¢harilable company has eposited a notice, pursuant to Section 476, requiring an audit of these a¢¢ounl$. The directors acknowledge their responsibilili8s for ènsurtng that th8 charitable company keeps aecounb.ng record$ lch comply with section 386 of the Act and lor preparing accounts vthFch give a true 8nd lair view of the slate of affair5 of the charitable company as al the end ot the financial year and of ils incoming re$our¢es ond application of resources. including rts income and expenditure, lor the Iinancial year in accordance with the requirements of seclions 394 and 395 and which olhèrwse comply with the requirements of the Companies Act 2006 relating lo accounts. so far a5 applicable to the charitable company. These antS have been prepared in acGordance with the provi51ons applicable lo companies $Lbbje¢t to the small companie8. regime, The finanaal slalements were aFFroved by the board of directors and authorised for issue on 7 May 2021 and ère signed on 11$ behalf by.. Mr D P Spier$ Tru¥to• Mr R J Thomas Trustee Company Regl$tratlon No. 06828228 10-
HOPE CHURCH WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FE8RUARY2021 Accounllnu pollclg8 Company inforniation Hope Church Worcester Is a charitable company Ilmiled by guarantee incorporated in England and W8le8, The registered office is 5 Sheringham Road, Worcester. INR5 3FiA. 1.1 Accounting convention Thp financial statements have been prepared in accordance with the chariiable company's Igovernin9 documEnll, the Companies Act 2006 and 'Accounling and Reporting by Charities.. Statement ol Recommended Pia¢li¢e applicable lo Gharilies prepanng Iheii accounts in accord8nce wlh the Financial Reporting Standard applicable in the UK and Republic of Irèland IFRS 1021 leffecttve 1 January 20191" The charitable company is a Public Benefil Entity as defined by FRS 102. Th& charit8ble Gompany has takeTr advantage of the piovisK)ll5 in the SORP for charities applying FRS 102 Update Bulletin 1 not lo prepare a Statement of Cash Flows. The financial slalements have departed from the Charities IAccounts and Report51 Regulab'ons 2008 only lo the exlenl required lo provide a true and fair view. Thi5 departUTe has invofved IcAlowng the Statement of Recommended Practice for charitie& applying FRS 102 rather than the verSn of the Slalemenl ol Rttcornmended Practice which is referred to in the Regulations but which has ncE been withdrawn_ The finèntial slatements are prepared in Sterling. whh Is the functional curTency ol the (knrilable Company. Monelary amDunts In these financial $lalements are rounded to the nearest £. The financial slalements have been prepared under the hi$toric81 ¢osl ¢onvenllon. Thts principal 8ccountlt)g poliues adopted arè sel out below. 1.2 Going concern Al the bme of approving the linancHI statements, thè trLJslees have a reasonable expectalitsn that the charilable cc)mpany has adequate resources to continue in weralional exi3ien¢e for the foreseeabl8 future. Thu5 the trustee5 continue lo adopl the going concern basis of accounting in preparing the financial statements. 1.3 Charitabl• funds Unrestricted tunds ale available for use al the dlscrelion ol the Iru$lees in furtherance of tr?Ir tharllable objectives_ Restricted funds are subject to specffjc conditions by donors a$ to how they may be used. The purposes and uses of the reslrlcled funds are sel out in the notes to the finan¢ial slatetnenls, End0en1 funds represenl the buldHw gifted lo the ¢harity by the Baptist Unioin. the c¥ital musl be maintained by the charitable company. 1A In¢omSng r•8ourc•8 Inctsme is reGognised Ythen the chaiilable company is legally entitled lo il after any perfomiance ccJndiliS have tyeen mel. the amounts can be measured rellably, and11 is probable that income 11 be received. Cash donations are recognised on receipt. Olhef donalions are reeognised once tho charitable Company has been notified of the donation, unless pertormance conditions require deferral of the amount. Income tsx recoverable in ielation lo donations ieceived under Gift Aid or deeds of covenant Is recognised al the time Df the donation. No value is attributed lo services provided by volunteers wlhin these flnancial statements as suth services cannot be 'sold' and the use of fair value would overslale the value of donations lo the charlty. 11
HOPE CHURCH WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2021 Accountlng pollcl•8 (Contsnu) Debtors fepresenl amounls owed lo the charity for gift aid or amwnls paid in aVar for sèNices lo be receivod, measured al the recoverable amounl. 1.5 R•¥ourc8s gxpondgd Expenditure is recogni5ed on an accrual8 basis as a h'abAity is incurred. Expendrture include$ any VAT wl¥ch cart1 be recovered. Charitable expenditure comprise5 those costs incurred by the charity in the delivery of its activllies and 8ervi¢e$ foi 115 beneficiaTies. It includes both c0518 that cari be allocated directly lo such activrtie8 and those co$1$ gf an Indire¢l nature neGessary to 5UPPOrt them. Creditors represent the amounl Ihe charity anlicipales it WIN pay lo sellle a d&bl or a provision fgr goods and service3 il has received not yel invoiced. measured at settlement amount. 1.6 Tanglblg fix8d assèts Tangible fixed a$5els are Inth'al mea5L5reé al cost and subsequently measured at cost or valuation, nel of depreciation and any impalfmenl losses. Depreciotion 1$ re¢ogni$ed $0 as lo wrile off the cost o¥ valuation of assets less their residual ¥aluÈs over their usefvl INes on the lolh)vlng base$', Ffeehold land and building8 Fixtures and Iittlngs R&fLSrbi5hmenl project None until brought into use 25% straight line None until Ctsmpletsd The gain or los$ arising on the disposal of an asset is delemiined as the difterence b@een the sale proceeds and the carrying value of th? asset. and 1$ recognised in nel Incomellexpendilurel lor Ihe year, 1.7 Impalrniènt of fix•d assèts Al each reporting end dale, the charitable company review$ the carrying amounts of its tangible a3set$ lo delemiine whether there ts any indication that those assets have $uff¢red an Impaimienl1055. If any such indication exisis, the re¢overable amount ol the asset is estimated in order to determine the exlenl ol the impairment Ios5 (FI any). R¢wverable amount is the higher of fair value less costs lo sell and value In use. In a3$essing value in use. the estimated lulure cash flows are discounted lo their present value using a we-lax discount rale that reflects current market a5se5sments ol the b'me value ol money and the risks specific to the asset for which the eslimales offulure cash flows have n¢1 been adjusted. If the recoverable amount of an asset is e81im8led lo be less than 11$ carrying amount, the carryng amcrfjnl of the asset is reduced to its recoverable amount. An imp8irmenl loss is re¢Dgnised immediately in incomel (expenditure for the year, unless the relevant ¥$$el 15 carried al a revalued amount, in which case the Impaimienl loss is Irealed as a revaluation decrease, Recognised imp8imienl 10sse$ am revetsed If. and only if, the reasons for tho irnpaimienl loss have ceased lo apply. Vthere an impairmonl loss subsequently reverses, the carrying amount of the asset 1$ increased to the revised eslim8te ol ils recoverable amount, bul so that the incfeased Garrying amount doès not exceed the carrying amnI that would have been *Jetermlned had no impaimienl loss been recognised f¢r the asset in prior years. A reversal ol an impairment loss is recognised immediately. unless the relevant asset 1$ carried in al a rtrvalued amount. in which case the reversal of the impaicmenl loss is treated as a revaluation Increase. 12
HOPE CHURCH WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY202f A¢¢ountlng wlicig Icontinuedl 1.8 Cash and ¢a$h ?quivalents Cash and ¢ash equivalents include cash In hand, dep05ils held al Call with banks. and other short-term liquid investment$ wrth original malurilies of three months or le$$. 1.9 Flnanclal Sn¥trumt$ The ¢harilable company has ele¢led lo apply the wovisions of Seciion 11 'Basic FinancSal In51rumenls' and Section 12 '0th8r F$nUal Instruments l$sues' Of FRS 102 am of Ils fin¥nNal inslrumenls. Finanual in¥lrumenl3 are recognised in the charitable company's balance sheet when the EhaTilable compary becomes party lo the conlradual provisions of the instrument. Financ+al assets and liabilities are offset, with the nel amounts presented in the financial slalemenls, when Iheie is a legally enforceable right lo sel off the reeognised amgunls and there 1$ an inlenlitsn lo sellle on net bsl$ or tg reall$e the asset and sellle the liability Simultaouy. Basic linancial assets Basic financial assets. which include other receivables and cash and bank balances, are initially measur8d at transaction price including Iran5aclion costs ancs are subsequently carried al amort15ed cosl using the effective inleiesl method unless the ariangemenl con51ilules a finanGing transa, wheie the transaction Is measured al the present v01ue of the fulvfe receipts discounted al a market rale of inleresL 88$1¢ flnn¢ial liabillli•$ easic financial liabilities. including other payables, are initially recognised at transaction prv urles3 the arrangement constitutes a financing transaction, where the debl instrument is measured al the present value ol the luture receipts oliscounted al a market rate of inleie51. Accounts payable are dassified 89 current liabilities rf paymenl 15 du8 Within one year or less_ If nol, thèy are prèsenled as no¢TreI liabilities. Amounls payable are reCniSed initially al Iransaction price and subsequently measured al amortised cost using the effective inleiesl method. Derecognlllon of financlal liabllltles Finan¢ial liabililles are derecognised when the charitable company's conlradual obllgafjon8 expire cr are discharged or eancelled. 1.10 Employts nefits The ¢051 ol any unused holaY enlitlemenl 1$ recogni5ed in the Ptrrd in the employee'5 services are received. TerminalSon benefits are re¢ognl$ed immeclialety a5 an expense eTh the charitable company Is demonslrably committed lo lerminaie the employmenl of an employee or to provide termination benefits. 1.11 Retlrèmgnt bgngfit$ Payment$ lo define¢J ntrIbution retirement benefit schemes a charged a$ an expense as they fall due.
HOPE CHURCH WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2021 Crltl¢al a¢¢ounting e¥tknat•¥ •nd judgoments In the applrab'on of the Chantable company's a¢counling policies, the Iru51ees are required lo makè judgements, estimates and a55umplions about the carrytng amount of assets and liabilits.es that are not readily apparent from other 50urce5, The estimates and associated assumptions are based on historical e¥perienGe olhei faGlor5 that are Gonsideied lo be ielevanl. AclL¢al resuf(s rnay differ Irom these estimates. Thts eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions to accryjnting eslimale5 ale recognised the peiiod in whiGh the esbmale is revised where the revision affects only that perlod, or Sn the period of the revision and future pefiod5 where the revision affeGts both currer)t and future period$. Donations and tegacios Unre$lrfcted R•strl¢ted funds fund5 Total Unreslrlcted Restricted Tunds funds Total 2021 2021 2021 2020 2020 2020 Dtsnalions and gifts Govemment Grant Income 1B3,431 146,634 330.065 165,813 171.626 337,439 449 449 183,880 146,634 330,514 165,813 171.626 337,439 Invgstments Urff•8trl¢tsd UNeslricled Re$lricled funds nds nds Total 2021 2020 2020 2020 Interest recelvable 383 822 221 1,043 14-
HOPE CHURCH WORCESTER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2021 Charltable actlvlties 2021 2020 Staff eo$ls Depre¢ialiw and impaim)ent Communications Events Gifts Insurances Prefflise5 Buildin9 Fund Regional expendilure Sundry Supplies for charitable activitie5 Travel and conférences 119.635 1.229 3.880 20.148 3.840 1.485 2.727 11.251 4.027 1,649 2.084 2.091 117,111 714 3,415 33.945 4.599 1.128 14,744 8,388 9,734 2,175 6,318 4,699 Share of govemance costs (see note 6) 1,320 1,320 175,36S 208,290 Suprth Costs Suppct Gov•rnan¢o ¢o$ts ¢o¥ts 2021 Support Goveman Costs cost5 2020 A¢coLffitancy 1,320 1,320 1.320 1.320 1,320 1.320 1.320 1,320 Analysed b8ts%en Charitable activities 1,320 1.320 1.320 1.320 Govemance costs indudes payments lo the inllependent exaMer$ of £1.32Q lor aceounlancy lees. Trustees Two of the trLJslees lor any peTsons conneded th them} received remuneration during the year. being remunerats.on for the performancè of theif Pastoral and adminislralive duties within the churth. The amounts pa including pensiorb Contributions for R Thomas and D Spiefs were £53.59912020 - £51.9291 and £16.637 12020 . t16,4451 respectively. One of them was reimbursed a lolal of £791 travelling expenses 12020- One was relmbursed t2,4541 and the olhef was reimbursed a lolal of £324 Iravelling &xpenses12020- £3201. 15-
HOPE CHURCH WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021 Employees Numbèr of •mployo6$ The avèrage monthly number of employees during the yearwa$', 2021 Number 2020 14umb•r Eldèrship Adminislralion and support 2.00 0.40 2.00 0.40 2.40 2.40 Employm?nt ¢0st¥ 2021 2020 Wages and salarie5 Social security costs Other pension ¢osls 98,613 5,977 15.045 95.681 6.639 14,791 119.635 117,111 There re no omployee8 whose annual rnmuneralion was £60,000 Qr more, other Unrèstrleted nds Total 2021 2020 Financing 81$ 449 449 10 Transfers Transfers were made beeen untsslricted funds and re$lrf¢ted funds as shovln in the restrictecl fund nole. -16-
HOPE CHURCH WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2021 11 Tangibtg fixgd assets Frè#hold laNJR•lurttrlihmoni Flxiur#s and ond bulldSn9S proloct flttln96 Tot•1 Cost Al 1 March 2020 AdditnS 430.776 165.922 711.493 9.032 2.050 605.730 713,543 Al 28 Febnjary 2021 430,778 877,415 11.082 1.319.273 Depr¥¢iation and Impalrment Al 1 March 2020 Dtrpre¢ialiort chargtsd the year 7.34S 1,229 7,345 1,229 Al 28 February 2021 8.574 8,574 Carrylng amount Al 28 February 2021 430,776 8T7,415 2,508 1.310,699 At 29 February 2020 430.776 165,922 1,687 598,385 12 ogbtors 2021 2020 Amounts falllng due wlthln one year: Other debtors Prèpaymenis and ¢Tad income 10,406 5,143 14.910 10.067 15,549 24,977 13 Crfydltors.. amounts tslllng dug vAthln on• ygir 2021 2020 Not08 Bank ltsans Other laxalDn and social secLtrily A[u•l$ and deferre<l in¢ome 15 4,167 2,510 1,320 2,437 1.320 7.997 3,757 14 Crodilors: amounts falllng du• aftsr mor• th•n on• y•ar 2D21 2020 Note$ Bank loans 15 329.732 17-
HOPE CHURCH WORCESTER NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUAR Y 2021 15 Loan3 and overdrafts 2021 2020 Bank loan$ 333.899 Payable within one year Payable after one year 4,167 329.732 The long-lemi loans comprise a mortgage for the Tefurbishmenl of the property and a Bounce Back loan of £50,000 recewed through Coronovirus fundin9 guaranteed by the Govemrnenl. The remaining lemi of the mortgage as al 2810212021 15 29 years 4 months and the interest Tale is 5.50%. The Bounce Back loan 1$ for a period of 8 years and carr3 inleiesl al 2.5% per annum. 18
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HOPE CHURCH WORCESTER NOTES TO THE FINANCIAL STATEMENTS ICONTINUED} FOR THE YEAR ENDED 28 FEBRUARY 2021 19 Related party tran$actk• No guarantees have t*en given or recelved. G Flazellon has an interest In the insurance Provid lor Ihe charitable company. The insuranee Is provided through the insurance brokers Hazellon 8 Mountford where Mr Hazellon is the managing diredor. The in5uranGe provided 15 al a competitive r8te anoj was piocured through another member of the ¢ompany on an "at armB18ngth basis. The amount In¢urred was £6.09812020- £6.112). 22-