Charlty Reglstratlon No. 11292S7 Company Regf•tratlon No. 06828228 (England and IAIAlo¥} HOPE CHURCH WORCESTER ANNUAL REPORT AND UNAUDITED FItIANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 HOPE CHURCH WORCESTER LEGAL AND ADMINISTRATIVE INFORMATION Trusts Mr D P StiOT8 Mr J Davidson Mr G B Hazellon Mr R J Thomas Mrs R 11 Blow MrP M Ettrfth3 Socr•t4ry Mr D Pspiern Chlof •x•cuilv• MrR JThoma8 Chartty numb•r 1129257 CoD¥Mny number L%628228 Règl8torfrd offlce The Granary Sl ma￿n3 Qu Worce8tsr 4R12DA Ind•pBndont examlnor Kgndan Wadley LLP Grdnla Lodg8 71 Graham Road WR14 2JS Bank•r¥ HSBC Bank PLC 6 Broad Stroel Worceslgr Vbfi12EJ HOPE CHURCH WORCESTER CONTENTS Pa Trustees, rgport Statement of trustees. rospon$lblllNe8 Indepèndent examlneffs rewrt stat&menl of flnandal &tivitl6s Balance shggt 9-10 Notes lo the acwunls 11-22 HOPE CHURCH WORCESTER TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 29 FEBRUARY2024 The tru8tee8 present thelr report and a¢¢ounl8 ts the year ended 29 February 2024. The report relates to thè rjwrltable company alon&, It Is not parl of a group. The financial statements have l)w prepared In wllh the sttounting pol￿85 set out In note 110 the financjal slalements atKI wilh tho chwilable (￿1panIS mernoTrndum And artides of as80daUon. thè Companies Acl 2(K)8 and "Accounting and Re￿t￿￿ by Ch8fities". Statement of Recommondod Praclice op￿Ical￿e to charl1￿8 prepariThJ thelr aecwnls In arLordanc8 wSth thè Rnand8J Rowung Stsndord apWtsble in the UK and Republic of Ireland {FRS 1021 leffadve 1 January 2019).. 0bleet1v￿ and a¢tlvlti The chAritatAe company$ Qts￿￿ are to a(fvance Chd8tlan fatth In acrA*danc8 Statement of Bel￿ts set tNrt whhln lh8 AfiKles ol Asso￿alK)n In Suth ways and in Bu(* parts of the Unlied ￿ngthm or wo￿1 os to frjlffl other d)aritable purposes that are r•Jnnected wlh the tharftable work of the Church. The pollcles adopted In furtharance of Ihoso oblects ar& the pwslon of publlc wor8hlp 8eNlee8 Wrth chr1st￿n leaching and pastorol support for all aggs. communlty based actjvttles, cafe chufch aclmlies, 8UPW)rt lo lo those wlth Ufe ¢ontrolling Issues, provisk)n of tran8POrt, inlemallonal 8UPPOrt and other 8upport wort to th988 In need or Suffgrlng. Thefa has b￿Tr no thang8 in thèse during the year. The trustees have pakl due regard to guld9nce18sued by the Charity Commt88lon In decxding *thal acti¥ibe8 the chaTltable company Bhould undertake, and 8ati3fied Ihat those described bèlow p￿de put￿￿ b8nefiL structhr•¥ gov¢m•n￿ •nd managwn•nt The tharilable company 1$ a o)mp8ny Ilmlted by guarnnlee knfJ)rporalod kn EngLgnd & Wa￿$ on 24 Febrwy 2(JX. Tho charitable cc4npany is govemod by its Memorandum & Artides olA83¢(yatron. The twslee5, Ar8 also the directors for th9 PUIPOS8 of ClKnpany law, and who 8eNed dudng the year and up 10 the dBle of slgnature ol the finandal BIAl&menls ￿re., MrDPSp Mr J Davids Mr G B Hazgllon Mr R J Thoma$ Mr8 R M Blow Mr P M Ettrldgo Nonè of the trusleej hA$ any bgnefjrjal Intorgsl In tho c4wllablg iThipany. of the INSte￿ are member8 of the ompany and guarante& lo contsibule £1 In the evenl ofa ¥Andkng up wN18t 8111 a maM￿r NvAthln one year of Cg98ts)g lo b6 80. HOPE CHURCH WORCESTER TRUSTEES. REPORT (CONTINUED){INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 29 FEBRUARY2024 Th& I￿￿199S aro rg$wins*)le for th• management and adn￿￿tratIon of Ihe Ctwrch'8 pror*rty end fuThJs in accordanc* with the Mem(Yandum and the Artide3 of Assodatlon. Day lo day management of o¢tSwlies 58 de￿ated lo Réchard Thom88 who acts &8 chlef execU￿Ve. Remuneralknn is set by the Board of Iruslaes ha￿ng du8 regard lo Ihe aCtivi￿S undertaken and remunaration of 8lm1191 P081s In tho ohurch communty. Upon appolnlmenl 8pproprlale Iralnlng and guldanoe18 glyan a8 to th& rol8 8nd ie8pon81bllltie8 ol a trustee wilhln organ18allon. M88tlngs are required to be held at ￿a￿l ihre8 tlmes a year gt wN¢h the rtharbt3b￿ and lknanclal ospeds of the orgonbsallon are considered and actlons to ￿ taken detemihwd as nwssary. Thlg Ind[￿8 thè 8etting of remunernllon for ihose • h￿ng due ro9ard to legislakn rnquhments *KI rnte8 of (enyjneration pald by similar olganlsat￿& Inlare5t8 In transaction5 by ￿rIu8 of related partles ar8 d9dArnd 91 moellngs and repNtsd In the notes to thè flnandgl statomanls. The actlvltl96 of the Church ar8 managed for the charfty by the fomowlng 81aff'. MrR Thom88 Mr J Harper Mr D Spiers Mr8 J Harp - Full Ilme ¢hurth worker and Chlef Exgcutlve - Full Iome thurc* worker Part Ume Admln - Parl ttme mwr Ythlst the (*#ritabfe 8ec*or ha8 conlIn￿l lo face chalw over Ihe lost yo8r. vAth effgCtlv8 flnandal controls d a c4reknl budget. we have managed lo achieve good resutts. Contlnugd 9￿Ing towards our Granary ￿lIding ha8 enob￿d ￿ to 9)M￿&t9 iho prole¢l and enabled u8 to achleve our dlaritable oilecllv88. HOPE CHURCH WORCESTER TRUSTEES, REPORT ICONTINUED)(INCLUDING DIRECTORS, REPORT} FOR THE YEAR ENDED 29 FEBRUARY 2024 Aehbovemonts and p•rftsmiance Throughoutthe perlod we hav• provld•d publk b•n•fit through tho foUowln9.. . We have again mainiained ￿anC4￿ support for a tr811￿ for lfyadars from Rwanda and Uganda. Wo havo helped w(Ih flood r8U8f8ffort$ In Malawi We have also engaged U.K. d)urch88 In the thailtable Ilnk lo Uganda ro$uWng In lurther glfts from other charibes towaid8 medlcal ald. We have travelled lo Uganda lo partldpate kn senlor leadershfy) forum8 8h8pSng fulurg dovolopment. We ha￿ run Zoom meetings for the encouragement ol chur(* lead8rs around the UK. . We have conllnuod lo prowde publlc Worsh￿ seNlcfrs by means of 3 Congregati¢￿ m88llNJ kn Th8 Granary. wlth Christian lead)ti)g a￿1 p8Storal supwl. AN three congregaliorss have grown numerkaHy. Our communNy groups have conllnued lo meet regula￿. We run Dine8 Green youth group In the communlly eenlre. Support conllnues lo Ihose suffering from aditi¢Alons of varlou8 klnd8, ment81 hg8Mh 18$ues and homel&ssn&ss. . We have conllftued wtth b)ng lemi vofunleer mentOTiThJ relalionship8 wlthln th8 S￿daY evthtvj congregation. parti¢ulaty lor those with lifè contromlng Issues. We have conllnued our partn8r8hlp vthh The Good Sol Trust In providlng SUPPOFI for a number of lor lemi unemployed to allend work oxperience and have also p8rtitipated Sn o Good Soll egg purchasi $chem&. We have conUnu8d the review And develop of our h8allh and 8afely poficy lo t8k& Into g¢count the now (x>mpleled buudlng proj . We have conilnued lo tr81n volunlaors in fo)J hygkne and have planned a ses&on on Evac 3ledge training from upper fl¢x)rs of th6 building. Our bulldlng18 bdng used by many comwnunity groups and Wg havg run a community art8 engagement week. We have run lemity children 8 craft ad(￿lY mornlngs for the comrnunily. Wa have 8g81n partnered wllh tho counctl in running tha severe weather èmargew nlghl 8helter for the homeless during the wlnler month8, U8Sng Ouf bulldlng. Insurance has been revi8wed and exlond8d to cover both the in¢rea8gd value of tho bulklkn9 and all actiwties kn the ￿Ik￿lng. . We ran g Camp spethty for from adlon proie(as as ow8el¥*8, fac4wd controlllng dNlleullle8, from around tho U.K. We have provlded support, coachlng 8nd advke lo olh&r ¢hurche& partkulgrfy to Ihelr leadership le￿￿8. in ihe wesl Midlands. south Wales, Derby81)Ir8 and Manchester. We have p8rtn8red wrth ihe lollowlng charitable group5 to prO￿￿e low ckn81 event I Iralnlng venues. Emèrglng Futuro$ - worklng p￿pIe Off￿ad by homelesBn888. drug and akohol proEAems and phys￿1 and ment81 hèafth needs. ChlJdren'8 Soclety . provl(Nng w?athst 8Wrt that ￿p￿T3 young pe￿￿0 to make ¢hang8s and radiseover Iheir hopo. CCP ISWEPI - PreventlNJ Iho cau8es and rodudng the effects of 1￿Me1#￿Sn088, famlly breakdown and exdu81on slnce 1989 Worcester Mola - using dlfferenl fwllure8, col¢)ur8 and ￿eatIV￿Y lo bdng unlty In the dty. Danc•lo8t - ￿atTr19 op[thunll￿ for peopie In OUT corn￿￿nity to take part In dance classos arnl. If they want lo. perf￿m. Akohollc• Anonym Plan• for the future The d)aritablo company prowjses lo Conun￿ these adfvlles ljs the comlnu year and develop them further. HOPE CHURCH WORCESTER TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORD FOR THE YEAR ENDED 29 FEBRUARY 2024 FlnanclAI rwlow We have a9aln functIoned wèll with effeclivg financl81 conlroL8 ¥hlevlng gwd ro8￿ts. Contlnued prudént 1￿lJge￿ng h89 en8blgd us to achleve cw th&rftalA& objecUv08 and m8intsin reasonabl8, ih(yJuh sllghty reduced, froa reseryBB 88 detailed balow. The n&t Incom• for thg ygar 18 £20,573 12023 - £125,463) of whlch a surplu8 of £21,411 {2023 - deficll of £25.511118 In connedon wllh unreslrfctsd ac0v51￿ t4KI a defyjl of £838 (2023 - £150,974) In r6Lq14on to restrict8d aclmllgs. T¢)tal r8seTvos at Iha roporflng dot0 OTO £1,477,75812023 - £1,457,185) of whlch £945.491 {2023 - £946,329) Is rostrlctod. Full detolb of the 1oslrf¢ted funds can be found In the notes acumpanylng thg fina￿al statements. After exlrading Iha endowed property ond Qthor fixed 888ets thls 1gav0$ freg r08fft8 01 £101,49112023- £80.08Ql availablè for Un￿8￿1¢tod acdvlttes. It18 thg poHoy of the charlt8blo ¢omp8ny that urbrestrtctsd fvnds whlth have not b8gn doslgnated for 8 8pBthc use should b6 maln181n8d at a 18v81 gqulvaient to between threa arKI 8lx month's exptrndllure. Thè trustge$ considèrs that rBsgtves al Ihlslavel wlll ensur8 that, In the event of a Sbnlflcanl drop In tundlng. Ihgy vlll be able to conttnu8 th& charitabb company's ¢urrenl acllvM16s wNle tX*nslderaVon Is glvon lo vrays In vA)Ich addibon fvnds may b8 ralsed. The tru8ts08 have 88Sg888d the major rl8k8 to whlch th8 ￿￿￿table company ts oxpr)sed. and are 8atlsffied that Sy8tams aro In place to mlttgate to ri8kJ. Th18 report has been prepa￿1 In a¢)>)rdm wlth thè ￿0¥18￿￿ 8PFlcth to cc*iyth to the ￿al companle8' wlme. Mr R J ThonM• TTuslee Dated: 30Awd 2024 Mr D P Spior• HOPE CHURCH WORCESTER TRUSTEES, RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 29 FEBRUAR Y2024 The Irustses. 4th0 are *so th8 dkecaors of Hopo Churth ￿xC£S￿r fof Ihe wrp03e of compary kw. we I94￿nSIbl0 fof weparkng the Truslaes. Report and the llnanaal Slaton￿l$ in ar￿[dance wth appScaNa law 8TrJ Unitwl tfjngdomA(*x)unliw¥J St8ThJards (United Kl)gdom G&ner8lyA¢cepted A￿n[In￿l4￿cttts). Company ljw requlres the Irusl888 to prepare ￿ancIal slalements for each financaal year which ￿ve a true and laif vl&w of tho $lata of aff8lrs of the cliarltablB company and ol tha Incoming resovrces and appfullon of re8ources, Sndudlng the ex￿n￿lu￿0, (Jf tho Charltablg ci4npany for Ih8t yw. . suhable aLXa)unthw pdkJ08 and lh￿ ap￿￿ Ihem ciMsIst￿., - obBeNe Ihg methods and windF4a8 In th6 Charthes SORP., . mak&ludgemenl$ and esthnales that ore rnfisonable and . slate whethw UK Standards been (Dhy*•d. 84rt4ed io afty mAt8rfal dep￿￿ thsdosed and explalned in the ffflandal 8tatsments'. aThJ prepare the fln4nci816t*mgn18 on the gt)h)g concom ba8ls ￿11098 tt 18 Inapprowlale to prosum¥ that Ihe eh8rltable ￿MpanY w￿1 c(thllnue In opera￿On. The trustees aro rosponsible for keeplng adequate accounllng reojrds I￿ dtsch)se wilh rea8onable at any ttme tho fin8no81 positson of th8 charilabl& company 8nd enab￿ t￿ Ict ensu￿ that the firbarthl ststements conwy wrth (he Companles Ad 2(K6. They 8ro a180 Tg$ponstJlo for 89fgguat(lirrfJ th9 8$801s of thg tharttab company and hencè for laklng fea80nabl8 slep8 for th& preventbn and del8clk)n of fraud and other Irregularille8. HOPE CHURCH WORCESTER INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HOPE CHURCH WORCESTER I report lo the twstèè8 on my examination of the fmonclal ststemenls of Hope ChuTch Worcest8r (tho thaiM8ble company} for th8 year ended 29 February 2024. Rfj$pon8lbllltle$ and bayl8 of report As the trustees of the th8rllabl8 ￿MpanY {and also its dlractors for the wrposes of company law) you are Te$ponslble for ihe prepsralion of the finandal slalements in accordance wSth thè requlremenls of the Cornpanies Act 2008 Ilhe 2006 Act}. Havlng $81isfigd myselfthat lh8 flnanc4818tatements of the charft8ble company aro ncjl requlred lo be authled Lmd Part 16 01 the 2006 Act and are eligible for independent ¢xamSnallon, I report in respect of my examlnallon of the charltable comp81ty'8 ffinancial statements carried out under $e¢tlon 145 of Ihe Chariues Act 2011 (tho 2011 Act). In carrying out my examlnallon I have followed all the applleablè Dlredons glven by the Chaiity Commlsslon under section 14515)(b} ot th9 2011 Acl. Indepondfrnt oxamIne￿8 statemgnt Slnce th8 chadlabla ¢ompany'8 gross Incorne exceeded f250,(KJO your 8xamlner mu8t bo a member of a body li8led In secllon 145 of the 2011 Act. I confimi that l am quallfled lo undertake thè examinallon bacause 18m a MeM￿r of ICAEW, which is onè of the Ilsled bodles. I have ￿MPleted my exarninalion. l ¢x)nfirrn that no matters have come to my attenilon *) LX*nrfbn wlth Ihe examlnatlon glving me Cause lo believe Ihat In any mBleri81 respe¢t: 8ccK)unUng recorils were not kept In rè8pe¢t of the charitab16 oompany as requlrod by sedkjn 386 of tho 2006 Act., or thg flnandal slalements do not accord wkh those reojrds: OT Ihe financAal statements do not comply with the a¢counling requirements of section of 2(th Act other Ihan any requlr8m8nt that the acc4)unts glv& a true and falr viow whirth is not a matter ￿nSIdered as part of an Indopandenl &xamlnallon; or the financial slatomenls have not been prepared In a¢¢ordance wllh tho methods and prlnctlles of th8 Slalemenl of Recommended Practice for accounting and r&portlng by (*a¥lUes 8ppllcable lo charit￿8 prèparing Ihalr ac(y)unts In accordance wtth th8 Flnandal R6Wrtlng Stsndard appIl￿bEe In Iho UK and Republic of Ireland (FRS 102). o conc8ms and hav& come across no other matter8 In wnnectlon wllh Ihe examlnallon lo which attenllon drawn in this report in ord8r to enable a proper under8tanding of the financial slalements to bo reached. ou Ellzabath N amACA CTA WAT) Kendall Wadley LLP Granta Lodge 71 Graham Road Malvem MbrcasteTshlTe WR1411S Dated: 30 ApTiI 2024 I i- I ¢0 ¢0 Iii" ¢yJ r4 *)* HOPE CHURCH WORCESTER BALANCE SHEET AS AT29 FEBRUARY2024 2024 2023 Flx•d ••••ts Tanglbl& assets 13 1,723,118 1.879.523 Cuvv•nt •s•gts 14 19,219 82,855 18,254 Co8h ot ￿ arKI kn hend 82.074 114,520 CrodltoY*: amount• falllng due withln ono year 16 (1Q.365) (22.8481 Net ￿rro￿ assets 82,709 91,672 Totsl A¥•ots 10$8 ¢wront Il•bMltles 1,785.827 1.771.195 Cr•dltorn: •mounts fllllng duè aftor morn yMr 17 1308.(*91 (314,010) N•t a8•0ts 1,477,758 1.457.185 Capftal fundg Endumnent fiMul8 Incom• funds Restricled funds Unr861rfcted funds 18 4￿.776 430,778 945.491 101.491 1,477,758 1,457,185 HOPE CHURCH WORCESTER BALANCE SHEET (CONTINUED) ASAT 29 FEBRUARY2024 The charll8b18 company Is gnllllod lo thg 8xemptlon fr¢)m thg audll Trqulremenl conlalnod In 8ecUon 477 of the Companles Act 2006, for the ye8r endod 29 February 2024. No Inombgr of the th8TStst4e company has dep0811ed noiloo, purw8nl to sectson 478. raqulrfng an audit of Ih88e account8. Thg dlrgctor8 acknowledge thotr ra&p￿sIbIl￿a8 for onsurlng that th8 ¢harltabl6 ¢(anp8ny keop8 Acc4Juntlw r8¢¢J whl¢h ¢ompty wlth gfjdon 386 ￿ the Act and for pr8parlrvJ accounts whl¢h gfv8 a and falr th of the stBte crf affolfs of Ihg c*arflable cwny as al the en(1 of tho fin￿da1 year ond of ils Sncoming resour￿ an(1 aptAk¥llon c< ouic*s, IndudlrvJ hs ￿￿orn9 and 9xp8rKlltur8, lor the fknandal y8ar In wllh the rèqulrtmerrts of ge(kn8 394 and 395 whkh oth8ThAs8 c4)mF4y wilh the requtremont8 of tha Companles Act 2006 ralaltng to unts. 80 far a8 ap￿{¢th to ts th8rltsble (x)mpony. Th8sa have keen pr8P8red In arA¥)thnc8 wlth tho p￿e[on& oppllcable to COm￿nI68 8ublèct to th8 8fftell comp8nl08' reglmo. The fin8ndAI 8tstsmanls wero wovad by Ihe board of dtro(tss aThJ aulhod*S for18we on 30Awll 2024 and are slgned on tt8 bohdf ty. Mr D P Splgrn Mr R J Thoma6 Trustee Company Roql$tratlon No. 06B28228 10- HOPE CHURCH WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY2024 Accountlng pollG108 Company inft>rnwtlon H¢)pe Churth Worc68tsr1s a chatitab18 0)mpany linited by guarantee iw)rporated in En￿and 8Th1 I￿les. The regi51eTed offKe Is The Granary, Sl M8rNns Quarter, W¥)r￿Ster. WR12DA. 1.1 Accountlng ¢onvonllon Tho financial slalem8nts have beèn prepared in atLordance wilh thg th8rftatsle r￿mpan￿9 govemlng do￿￿ent, the Companies Act 2(1)S. FRS 102 The Flnandal Reporting Sland8rd 8ppllcablg In thè UK and Reput4ic of Irelanrf fFRS 11Y2l and the Cha￿108 SORP"Afxounting and ReportirvJ by CharllieB'. Stalemenl of Rec￿nded Practts a￿￿&￿￿8 lo c4wiiies w•pathg th￿r a0))￿ts In accordan￿ with ￿ Ftnandal Reporllng Standard App￿Cable kn th8 UK and Republ￿ of Ireland (FRS 102>" {&ffo¢tpm l Ja￿￿ 2019). The ch8rllabl8 company Is a Publlc B8n8tll Enllty as defined by FRS 102. Tho ¢hwitabl6 c¥)mpany has tsken advantagè of th6 p￿810n8 In the SORP for chartU8s not lo pfopare a Statement ofC88h Fkn￿. The finanLyal slotements ha￿ departed from the Charlth (A￿￿ts al￿ RaF*xts) Regthatkjns 2(#)8 only to the oxtent r8qulrod to pro￿je a Injè and falr ￿0W. INS departLrn has Involvgd follo*ing the Stoiem8nt of Recommended Practtce for charflle8 applying FRS 1¢y2 rather than the versK)n ol th8 Statement of Retr)mmend6d Praeuce which Is relorred to In the Rogulatlons butwhlch ha8 81nc8 been wllhdmm. Tho IlnwK4al Otal￿)￿lS are prepared tn stertirwJ. Is the funraton81 curgnry of thg d)arllable (x)nwany. Tho finanGtal slaloments hav8 been pwared uThJ8r I￿ hlBtork41 ￿)￿t C#M￿N)n. The prlncw pol￿9$ adoptod are 8Ot out below. 12 Golng concwn At the Ilme of o&yothg the 11n￿cIal stalemenls, th8 Inrntee5 havo a reasonabl8 expeetatlon that thg ¢h8ritablg company has 8d8qual8 rè5ryJrces to Djnlirth in operallonat 0x1sten￿ for Iho fw8008b18 fvlure. Thus the Iru8tee8 tsjntinuè to odopt the l)a81s ol accounlrvj the f4MtvJal 61atemenl8. IJ Charftsblo fund• Unrestridgd lund$ ore avalablo loru8e at the dl8ttetlon of the trustee& In fttherance rfthelr ¢hadlab Restricted fimd8 ￿ subi9cI lo spgJfic condthns by donorn {* granlors a8 to how thay may be utad. Tho PLrposes 8nd use$ ofthe rgslrfthd fund8 are 881 c4Jl kn ihè notes to Ihe finart￿ Stat￿￿￿15. Endowmènt funds represent the buldlw glfted to tho charfty by th8 Bap1181 Unloln. the capltal must bè maintaknad by tho (*aritablg ¢￿1p0￿y. IA In¢omlng rn•our¢ets In¢om& is recogn189d when th8 ch8ittable COrnPBny Is legaty entllled lo It aft8r any performance condlllon6 have be6n m81, thè arnounls c8n bo moasur6d rellalAy, and11 Is probabte that incomè wll bt received. Cash drjnallons recogn18ed on recept. Other donatlons we recognl¥ed ontx the oharlt8bl8 conwany lias been r￿fied ofthe donation, unless perfomi8rKo condttK)ns r6qulr8 del8fTal ol the amount. In¢ome tsx verable In rolatifm to tJonatlon8 rgc8i¥tid smder GiftANJ ord88d8 ol covenant is reDwlsed at ol th& donallon. No va￿81¥ alldbuled to 60rylce8 pro￿￿$d by volunleor8 wlihln th8s8 flnanclal statements as wch servlces cannot b8"sold' and tha u68 of falr value would overstate the valuo of donations lo the charlly. HOPE CHURCH WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUAR Y 2024 Accoundng pofi¢lo• (Cothuod Deblors ropresent amounts owed to the charfly for glft ald or amount8 pald In advance lor se￿¢8$ lo b8 recelwJ, m6asur6d al the recovèrablo amount. Its RMour¢o8 oxpgDd Expwdllure i8 reLX)gnlsed once there18 a lègal oi Constru¢￿v¢ obllgallon lo transfer economlc benellt lo a thltd party, K Is probable that a Iran8fer of economic beneffts be requlrod in seWem8nl, and Ihe amount of the oblluallon can be M￿S￿red rellably. Expgndrtute IB dasslfted by The (¥¥Bts of eo¢h are made w) ofthe totsl ofdire(I Ix)sts and sh8rnd ￿$ts, Incbjding costs invc4ved In umlertaklng admty. Dlred c¥)918 atlrftrArtable lo a a(Ai¥lty are allocatgd dlre(aty lo that actNIty. Shared ￿)¥18 whlch contslbu19 to more than one activity and support ¢0618 whlch are nol gttributsble to a slngle actI￿ty are apportloned beknn Iho¥e acliviti65 on a bgsIB conslslenl ￿th the use of r8sour¢es. Cgnlral staff cosi8 are allocated on lh8 ba81s of Ilme Spent, and dgproclgllon charge8 818 allLKaled ￿ the pOrt￿n of thg asset's use. Expgrth is re(x)gnl8ed on an wx7ual8 basls as a Ilpblmy IB Inomd. E>¥*ndlure ItKlude8 ￿ VAT ￿ld) cannot be recovered. Charltablè expend4ture ¢omprisos those COBl8 IfKurfed by the charfty In the dglfvery of tt8 actfvllles and seNc88 for Ms benelkJ8de8.11 includes both costs that bè 8llocaled dlredty to $uth a¢*￿1•$ ond tho8fr costs ofan indired naturo necessary lo $upwt Ihem. redttof8 r8we8ent the amount the anticipate$11 wlll pay lo settlè a debt LY a provl8lon for 9￿18 and servloe$11 has recefved not yel Involc8d. mg8Bured at 8etllgnwnt amount. IA Tanglbh Ilx8d •&Bets Tangl￿e Ilxed assets ¥re httialy mèasur￿1 at cost m8a8uvgd at ry)st or voluati(￿. no101 dgprodadon Tdxl any Impalmant Ios886. Depreclallon IB recognised so as lo write off th8 ￿st orvaluauon of asset8 le88 ihelr re81dual values overthe L¢s8ful lfve6 on the followlng bases.. Freehokj land and bulidkngs Flxtures and fittings Refurb18hm8nl project None until bwughl Into u80 25% str8lghl11 None untll completed The galn or 1058 arising the olsp08al ol an a$68t 18 detgm*ngd •# the dfferenca btheen th8 aal8 1.7 Impainngnt of Ilx¢d a•sots At each repo￿n9 ond dale, the charitabl8 company ¥8wl@W8 Iho forrySng arnounts of tt8 18nulble assets lo determlne wh8thor Ihere Is any indicalion that those a558ts havo suffered an Impaifment loss. If any suth indKatlon extsts, the recov8ratAe amounl ol the asset Is estimated in 0￿er to d8torm¥w fv ￿ent of th8 inwwnwnt1088 lil any). 12- HOPE CHURCH WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 AG¢ountlng pollcl• {Conthiwdl Rocoverabye arMint18 the highor ol falr vglue less cost8 to Sell and value In use. In ass8sslng VAIuo In use, lh8 e81imaled lulure <¥sh llows are dlscountgd to thaSr pre8ant Yalue using a pre-lax di5￿￿nI rate that refie¢ts lyJ￿enI ma(kol a85e5sments of the tlme vakje of money and thè risks stwjftc to the a888t for vA)IL* the osllmales of fulLK8 cash Ilows havè not been adlusled. If Ihe recoverable amount of an asBel Is 8stknaled to b81888 than it8 earylng amount. the carylThJ wrLount of th8 asset Ss reduced lo its recov&rablg amount. An Impolmi¢nt k)s8 Is recognised irnmedtaloty in In¢omel lexpendilure for the year, unte88 the relovanl 8ss¢I Is CArySed at a revalued amount, th whld) ¢a8e tho Impalrment treated as a rev8luatlon decre8$0. Rexsuntanoy fee8. Two of th8 trustees lor any pei8ons ￿nneCted wKh Ih&m} rgcglved remuneration durlng tho year, bekng rgmun8ratk)n for the perfomianeo of thelr pastoral and admlnlslraUv8 dutigs Withkn th8 thur¢h. Tho amounts pald Indudlng pension contribuUon8 for R Thomas and D Splern were £61,761 12023- £￿,415) and £19,172 <2023 - £17.8631 respedv8ty. They were also T￿MbUr8ed travel exp￿￿8& of £4,482 (2tr23 - £4,997), for R Thomas, and £350 {2023- £548). ts D Spiers. One of the Trt￿lee$ was repakl a furlher £2,(n) of tho Inl8r98t free lo￿ of £8.IKKI he had mad8 towards the bulbjlng work. leaviu a bdanc6 dLte of£6.(W (2023- £8,W)). In 2023. D Splers was relmburned £5,460 tlywgh his ¢x4npany forwwk done on Thg Granary. 16- HOPE CHURCH WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 ￿BRUARy2024 Employees Hum￿r ofempknyg9• Th8 average nwnlhty number of empW8 durng th8 year wa8: 2024 Mumber 2023 Mumbor Eldorship Adminislralijn and $4>port 2.00 1.00 2.00 0.50 2.50 Emplojrynent ￿•t• 2024 2023 W4g8s and salarl&s So¢fg1 security costs Other ￿n8b)n oJ8ts 127,fA)3 115,679 15.715 15.4C 150,223 137,723 The number of èmployees whose annual remuwallon was £80.000 Of more 2024 Numb•r 2023 NuM￿r £80.(XIO- £70,fA)) contribut1￿8 lotslllng £14.288 12023 - £14.089} wore madè lo dellned Contribu￿On pan￿on 8ehem88 on behalf of lh8 rgmunefaled trusloe8. 10 Othor Uftrestrlctsd Rostrfcted fund8 funds Tolal Unrestricted funds 2024 2024 2024 2023 24273 25,3&3 1214 24,273 1,214 11 Taxallo Th8 charfty16 exenN)t frcttn t8yath)n ils 8(Xfvitle3 be￿￿8 al Its Income18 aFvUed fi)r wrpo888. 17- HOPE CHURCH WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY2024 12 Trnn8f•rn Tra￿forS were madg botW09n unrostrkntgd fvrnls and re¥ldded funds 88 8h(swn In Ihg ra8tTthd fund note. 13 Tanglblo llxed a68ets Frnghold londRelutb]8hm•rt MxtUW•8 and C￿t Al l Marth 2023 Addl1￿1$ 430,778 1244.730 39.050 16,557 7,813 1,6￿2.1￿3 46,863 Al 29 Febwary 2024 430,776 1.283.780 24.370 1,738,928 Dopreclatlon and Impalmi•nt Al 1 March 2023 oepreciqUc￿ thafggd In Ihe y8or 12,540 12.540 At 29 2024 15. 15.808 Canylng •mount Al 29 FabnHry 2024 430,770 1,283,780 8,562 1,r23,118 Al 28 Feb[￿ry 2023 430,776 1,244,730 4,017 1.679.523 In¢K￿ed In the cost of ad(Iltton$ for the fe•jrbLshn￿ woleLI Is £nM (2023. £18.565} kn rwcl ol C£18ts I￿lITed In eA)nnedlon wllh Iw)8 taken wt lo f￿ance the Ixthl. 14 D•btor• 2024 2023 Amoun1• talllng due wlthln om ￿r. Trade doblor6 Other debtors Prgp8yynenl8 and acuued Inc￿ 9,732 13.740 4.514 19219 18.254 18- HOPE CHURCH WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUAR Y 2024 16 Loan8 and ovordrafts 2024 2023 B￿k 316.749 324.704 PAyable wlhin one year Payable aft￿ one year 8,680 308,￿9 10,694 314,010 Anmwnts in￿ded above wbk* fal dug afterfvo years: P8y8ble by Instalmènts 258.048 270,888 temi loans ¢omwis6 a m￿9￿ge for the fefurtAshment of the pnjperty aTrJ a 8ounco Bad( loan ol £50,000 plus inleregl re<*wed Ihrough coron0￿r￿S fund1￿ guarantoad by Ihg Govemmenl. The remalning lemi of the mortuage a8 at 29102r202418 28 yew8 4 mnlh8 and the Interest rat& IS 8.85%. The Bounce Back loan was for a Pe￿0d of 10 y8arB from October 2020 and carries Intere8t at 2.5% per annum. 16 Cveditorn: *munts falllng duo wmhln on• y•ar 2024 2023 Not•• 88nk loans Other tax8don sodal S8(￿rfty Other (*edllorn A¢cwals arxl defgNed 18 8,880 10.894 2.754 19,366 22.848 17 Crndilorn.. •MOu￿ falllng du• ahr mor• than ono yoar 2024 2023 Not•• Bank ￿8ft6 15 308,069 314,010 19- HOPE CHURCH WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 29 FEBRUARY2024 18 End0￿￿￿tIundS End(A¥ment f￿d5 repre8enl a88et8 whlch mu81 be held p8mianenlly by the ¢h8rf1able company. Income arfslng on th8 enllowmenl funds can be used in accordance with Ihe objects ol the charflable company and18 Induded unrestslGl8d Ino)me. Any capttal galn5 or108w athlng on the asset$ form part of the lund. At 1 M•r¢h At29 2023 Fobruary 2024 430.776 430.776 Pr•vlou• year: Al 1 M•v¢h A128 2O22F•br￿ry 2023 P•mthnent •ndo¥ffl* Churth bulldlNJ 430,776 430.77e Durfng 2017 th6 BapI8t Unbn aequlred pr8ml8es In Kknrce8tér to be converted into utse a8 a Churth by th9 Hope Church Community. Th8Be pr8m188s have beèn gndwd lo the charity for th18 PU¥POSe and 8 rafU￿1$hM8n1 project has commencad. 19 Rmtrlctsd fvnds The roslrlotgd funds of tho thorty corr￿￿39 the ￿eXpended of donau￿ ond grants hekl on tn*t 8utyect to specik widiU￿$ by donorn as lo howthey may be u8•d. At l March 2023 Incomlng rn$our¢ Resources oxpgnd•d Trnnof•r• At29 Fthary 2024 BulkllryJ Fut)d Entx)unler Togelher {fomierty Hop8 ProE8d) Exp)rkno H 924,841 18.968 (24.273) 919.538 21.223 (19.622) <29.059) 11,107) 11,530) 11,280 9.4 10.516 5.013 7,116 94e.329 63.473 (74,0611 9,750 945.491 HOPE CHURCH WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR fHE YEAR ENDED 29 FEBRUARY 2024 t9 RMtrl¢tod fund• IC¢ntlnu•dl Prnvloub year: At l March 2022 hKomlng Resourceb fe8ourc08 xp&ndod TransfgrB At28 February 2023 Bulldin9 FLHKI Hope Project Exporting Hopé Dlnes Gre81) 775243 7,948 1,110 11,054 103.526 23.694 16.128 46.072 (5.595) 10.999 924,841 116.6881 123,2241 {4,3381 5.013 7,116 795.355 143,748 144250) 51,476 948,329 Bulkllng Fund- donattons glv8n wmh the Inlenl of 8orvkKig a loan. Ents)unter Together (forrneFly Hopa Propd)- don8lon8 rec8fved to ho￿ p90pl8 wllh Xfe ¢ontrolllng18SUOS. ExporUrwJ Hopg. donafjons to HO￿ ChuTth Iv be used 08 hilemaliwl donakn8. In 2019, the Reglonal FtM)d and tha Richaftl Tiavel Fund were r￿mbined with the Exporllng Hcoe Fund. The Dwies Gr￿ fund is a fund for funnlng a ry)ngregatlon aThJ 60Niry thg conNnunity of Di￿9 Graen. 20 Unrn•tFl¢t￿ fund• The unr&8trfct8d funds oftho Charfty comprisg Ihg ungxponded bglan(¥s of donalon8 and gran18 whl¢h are not sublaat to Spgdfic condition8 by donors gnd gr8nlors as lo how they may be u68d. These Indude de¥ignal8d ftjnds vthk41 have been 881 ask18 out of unrostFiCted funds by the ttustees for spec4fic purposes. At l March 2023 Incomlng Resourc8• Tr￿￿for% resoure exp•nd•d At29 Fd)I￿ry 2024 Gen&rnl 80.080 243,692 1212,531) 19.750) 101.491 Prnvlous yoar. At 1 Mar¢h comlng Resour￿1 2022 expMd•d TYan8l•n At28 Fol)Nary 2023 General funds 105.591 198.511 (170,5461 151.4761 80.080 -21 HOPE CHURCH WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 21 An•tysh of n•t •88•ts b•ttte￿ fund8 Unre•trl¢tsd funds 2024 R•stri¢tsd Endowment fund$ lund• 2024 2024 Total 2024 Fund b•lanco$ at 29 F•bru*ry 2024 *rn represented by: Tanglblo assets 40,865 Curr&nt asseWQiabUIUe8) 60,628 tfym) liabillies 1.251.477 2,083 (308.IM) 430.776 1.723.118 62,709 <308,(691 101.491 945.491 430.776 1,477,758 Unr8strlct•d fund• 2023 Rostrlctod Endowm•nt fund¥ fund• 2023 202J Totsi 2023 Fund balanc￿ at 28 Fknry 2023 •rn vepresentsd by: Tanolble assets 4,017 Current a8sew1￿ablllts08) 115,584 LWJ l&nn liablit%8S 139,5011 1.244,730 {23,892> 1274,509} 430.776 1.679.523 91.672 {314,010) 80,080 946.329 430,776 1.457,185 22 R•lAt•d party tran￿¢140￿ G Haz8tton has an Interè81 In th6 In8ur8nea prowded for the c*afilable company. The insuran¢e 16 proMd8d through th8 Insurance t￿kerS Hazerton & Mountford whare Mr Hazelton is the managln9 dlrector. Th& Insurance provlded Is at a comp8tltlv& rate and was pro¢ur6d through anoth9r mgmb8r of the company on an "al amis18ngth"basl& Th6 amount Incurred was £4,671 (2023- £4,531}. -22-