Charity roglstration number 1132384 Company registration numbor 06977077 (England and Wales) NOW BELIEVE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Caladine Chartered Certified Accountants
NOW BELIEVE LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrDLMuir Mr H P Wentworth de Pelet Mr D H Barday Mr R P Fothergill Mr O Vi¢kerman Mr J Wainwright Secretary MrDLMuir Charlty numbar 1132384 Company number 08977077 Prfnclpal addre8• Newleaze Farm Bowden Road Templ8comb8 Somerset BA8 OPG Roglsterad offlcg Chanty House 22 Upperton Road Eastbcurne East Sus3ex BN211 BF Independent oxamlner Colln Dadswell FCA FCCA DChA Caladine Limited Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF Bankers Lloyds Bank 55 Newerne Street Lydney Gloucestershire GL15 SRA
NOW BELIEVE CONTENTS Page Trustees, report Statement of trustees, responslbllltl88 Independent examSnels report statement of flnancial activitie8 statement of fin8nclal po8rtlon Note8 to the financlal Statements 7-15
NOW BELIEVE TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 5 APRIL 2024 The tru51ee5 presenl their annual r8POrt and financial statements for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting pollcies set out in note I ta the financial statements and comply with the tTUSt's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Stalement of Recommended Practice 8pplicable lo charitie5 preparing Ih8ir accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (eff8Ctive 1 January 2019)" ObJectlve5 and actlvltles The tnjst's objects are to advance the Christian faith in London and in such other parts of the United Kingdom and the world as the trustees thlnk fit. This is to be achlèved through the ministry of Christlan evangelist, Dominic Muir, together with Christian events and festivals. Public benefit The trustees have pald due regard to guidance issued by the Charity Commission In decid5ng what actlvities the trust should undertake and believe thè r81igious objects are for the public benefit. Achlevements and performanc• The year April 2023 to April 2024 saw our first year as a cafe church on the High Slreel in Yeovil. The Bread Cafe made a decent turnover and is maklng good progress. During the year we mlnistered lo and prayed for hundreds of locals as we served them excellent coffee 8nd quality toasted sandwiches. ststistics for Bread up to November 2023 8,301 cafe transactions £60.8K revenue 50+ written testimonies of people being positively impacted through prayer 39+ Google S star reviews 20 church members Our church actlvitie5 based at the Bread Cafe include prayer, bible Study, ¢hlldren's groups and men's meetlngs wlth view to growlng and building the community of faith in Yeovll. We also hosted conferences at the venue and were part of larye outreaches across the natlon includlng Trafaigar Square, London. Financlal revlew There was a surplus for the year in the general funds of £1,552 (2023.. Deficit of £21,507) Reserves policy It is the long term policy of the trust that unrestrlct8d funds which have not been designated for a specific use should be maintained at a level of 2 months expenditure. M8iorrisks The trLtstees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigat8 exposure to the major risks. Structure, governance and management The trust Is a company limited by guarantee and was incorporated on the 30 July 2009. It registered with the Charity Commission for England and Wales on 28 October 2009.
NOW BELIEVE TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 6 APRIL 2024 Th• tyu•t•u. v• alw th• dar•dorn lor lh• Purpo ol compary Iw. and WIKI dunng ts y•w •rMI up to th• d•te rf gnattw• ol th• finw)d•l 8t•hm•nl• Tf•' IDLMu H P lrth d• P•l•t D H 8wcl•y R P Fthrpl Th• ofTnth•i is by tho m*orty vote of th• ex18tlng offlca holdern. ty S1& aNI •xperl•rKè are aPpnted tru8i•es. Ih to of lh• Tfust 18 led by Domlnlc Muir and support IMM wth th• legal Th• wa• awoved by Board of Trustees.
NOW BELIEVE STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2024 The tru51ee5. who are a15Q the directors of Now Believe for the purpose of comp8ny law, are responsible for preparlng the Trustees, Report and the financial statements in accordance with applicab18 law and Unlted KSngdom Accounting Standards (United Kingdom Generally Accepted Accounts'ng Practice). Company Law require5 the truste8S to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trusl and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to= S818ct 8Uitable accounting policies and then appty them consistently., observe the methods and principles in the Charitles SORP,. make Judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures dlsclosed and explained In the financial statements,. and prepare the financial statement8 on the golng Concern basis unless It Is inappropriate to prèsume that the trust wlll contlnue In operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial posltlon of the trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for saf8guarding the assets of the trust and h8nce for taking reasonable Steps for the prevention and detection of fraud and other irregularitie5.
NOW BELIEVE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NOW BELIEVE I report to the trustees on my examination of the financial slatemenls of Now Believe (the trust) for Ihe year ended 5 April 2024. Responsibllltlas and basls of report As the trustees of the trust land also its diredors for the purposes of company lawl you are responsible for the preparation of the financial st8tements in accordance with the requirements of the Companie5 Act 20C6 (the 2006 Act). Having satisfied mysélf that the financial statements of the trust are not required lo bé audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the trust's financial ststements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrylng out rny examlnalion I have followed all the applicable Directions given by the Charity Commisslon under section 14515)Ib> of the 2011 Act. Independent examlner's statemont I have completed my examination. I confim that no matter8 have come to my attention in connectlon wlth the examinatlon giving me cause to bellave that In any material respect.. accounting records were not kept in respect of the trust as required by section 386 of the 2006 Act: or the financl81 statements do not accord with those records., or the finandal statements do not comply with Ihe accountlng requlrements of section 396 of the 2006 Act olher than any requirement th81 the accounts give a true and fair view {ch is not a matter consider8d as part of an independenl examination., or the financial statements have not been prepared In accordance with the methods and principles of the statement of Recomm8nded PractiGe for accounting and r8POrting by tharttlès applicable to charities preparing their accounts in accordance with th8 Financial Reporting Standard applicable in the UK an Republic of Ireland (FRS 102). I have no conc8rn8 and have come across no other rnatters In connection wth the examlnation to whlch attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Colln Dadswell FCA FCCA DChA Caladlne Limited Chantry House 22 Upperton Road Eastbourne East Sussex BN2118F Dated. .21+..1.) i)*l
NOW BELIEVE STATEMENT OF FINANCIAL ACTNITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unre$trlcted Restrlcted funds funds 2024 2024 Total Unrestrlcted Restrlcted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donats'ons and legacies Charitable acts'vities Other trading 8Ctlvlti88 39,519 85,390 3,768 74,869 114,388 85,390 3,768 46,740 3,943 3,034 78,286 125,026 3,943 3,034 Total Income 128,677 74,869 203,546 53,717 78,286 132,003 Expendlture on: Charitable activities 127,125 74,869 201,994 70,568 39,928 110,496 Total expendlturo 127,125 74,869 201,994 70,568 39,928 110,496 Net incomo 1,552 1,552 116,851) 38.358 21,507 Transfers befvRen funds 17 38,358 (38,358) Net movement In fund8 1,552 1,552 21,507 21,507 Reconclllatlon of funds: Fund balances at 6 April 2023 28,071 28,071 6,564 Fund balanc at 6 Aprll 2024 29,623 29,623 28.071 28,071 The statement of financial activities includes all gains and losses recognised in the year. All incom8 and expenditure derive from continuing activities.
NOW 8ELIEVE STATEPAENT OF FINANCIAL POSITION ASAT S APlbl 2024 2024 2023 IJ 23,002 32.849 14 19.511 8,951 3.319 28,482 12.319 117.097) 6.121 29.023 28,071 29,623 . X071 29.623 , 28,071 2NA. ** wthj 2024 apwty•d ty th• tru•*•i Ixi , 21¥.... OF[>( Iozil lloeejd HPW•thrythd•P Tn•l••
NOW BELIEVE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting pollclog Company Informatlon Now Belleve is a private company limited by guarantee incorporated in England and Wa18s. The registered office is Chantry House, 22 Upperton Road, Eastbourne, East Sussex, BN21 1BF. 1.1 Accountlng conventlon The financial statements have been prepared In accordance with the trust's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.- Slatèm8nt of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019)" The trust is a Public Benefit Entity as défin6d by FRS 102. The trust has taken advantage of the provisions in the SORP for diarities 8pplying FRS 102 Update Bulletin 1 not to preparé a Statement of Cash Flows. The ffinancial statements are prepared in sterling, which is the functs'onal currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £. The financial 5tat8ments hav8 been prepared under the historical cost ¢onv8ntion. The princlpal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financlal statements, the tnjstees have a reasonable expectation that the trust has adequate r8sources to continue in operational existence for the foreseeable futura. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are avallable for use at Ihe dlscretlon of the trustee$ In furtherance ol thelr charitable objects'ves. 1.4 Income Income Is recognis8d when the trust Is legally entitled to It after any performance conditlons have been met, the amounts can be measured reliably, and it is probable that incorne will be received. Cash donations are recognised on reGeipt. Other donation5 are recognised On the trust has been notified of the donation, unless performance condltions requir8 deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacles are recognlsed on receipt or olherw15e if the trust has been notified of an Impending dlstribution, the amount is known, and receipt is expected. If the amount is not known, the legacy Is treated as a contingent asset. 1.5 Expendfture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benéfit to third party, it is probable that a transfer of economic benefits will be required in settlement. and the amount of Ihe obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of di[t cost5 and shared costs, including support costs involved in undertaking each activity. Direct costs atlribulable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff Costs are allocated on the basis of time spent, and depreciation charges are allocated on the pO.0n of the asset's use.
NOW BELIEVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting pollcle3 Icontlnued) Resources are expended in the p8riod In which they are incurred and allocated to the partlcular cost centre to which they relate. 1.6 Property. plant and equlpmenl Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of deprèciation and any impaimiènt losses. Depreciation is recognised so as to WTite off the c08t or valuation of assets less their residual values over their useful lives on the following basis.. Leasehold improvements FiXtus, fittings & equipment Computers Motor vehicles Straight line over 5 years 25OA on a straight line basis 25tsA on a straight line basis 20% on a slraight line basis The gain or loss arising cn the disposal of an asset is determined as the difference been the sale pro¢e8d8 and the carrying value of the assel, and is recognised In the statement of financial activities. 1.7 Impalmient of non-current asset8 At each reportlng end date, the trust r8views the carrylng amounts of its tanglbl8 assets to detemiine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is èstimated in order to determine the extent of the impairment loss (if any). 1.8 Cash and cash equivalants Cash and cash equivalents Include cash in hand, deposits held at call with banks, other short-tem liquid Investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown withln borrowings in current liabilities. 1.9 Flnanclal Instrumonts The trust has elected to apply the provlsion8 of Section 11 '8aslc Financial Instrument8, and Section 12 '0ther Finan¢lBI Instruments15sues' of FRS 102 to 811 of Its financi81 Instruments. Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offBet, with the net amounts presented in the finanal statements. when there is a legally enforceable right to set off the recognlsed amounts and there is an intention to settle on a net basis or to rèalise the asset and settle the liability simultaneously. 1.10 Employee beneflts The cost of any unused holiday entitlement 15 recognised in the period in which the employee's services are reved. Termination benefits are recognised immediately as an expense when the trust is demonstrably commiited to terminate the employment of an employee or to provide termination benefits. 1.11 Retlrement benefits Payments to defined contribution retiremenl benefit schemes are charged as an expense a5 Ihey fall due. 1.12 Taxatlon The trustees consider that the charity is not liable to United Kingdom corporation tax on its charitable activities.
NOW BELIEVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 Critical aGGountlng estimates and Judgements In the application Of the trust's aGcounting policies, the trustees are required to make judgements, eslimates and assumptions about the carrying amount of assets and liabilit18S that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are consid8red to be relevant. Actual re5ulls may differ from thas8 eslimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates ar8 recognised in thé period In whith thé estimate is r8vised where th8 revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donatlons and 18gacles Unre8trlcted Restrfct•d funds funds 2024 2024 Total Unr8strlctèd Restrlcted funds funds 2023 2023 Total 2024 2023 Donations and glfts 39,519 74,869 114,388 46,740 78,288 125,026 Donatlons and glfts Donations and gifts Gift aid refunds 38,450 1,069 74,869 113,319 1,069 45,709 1,031 78,286 123,995 1,031 39,519 74,869 114,388 46,740 78,286 125,026 Income from charltable actlvltles Unrestrlcted Unrestrlcted fund5 funds 2024 2023 Evangellstlc activltles Sale af goods Bread Cafe sales 4,415 80,975 3,943 85,390 3,943 Income from other tradlng actlvltles Unrestricted Unrestricted funds funds 2024 2023 Letting and licensing arrangements 3,768 3,034
NOW BELIEVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Expendlture on Gharltable activities Evangellstic Bread Cafe aGtlvities Total Evangellstlc Bread Cafe activities Ti)tsl 2024 2024 2024 2023 2023 2023 Dlrect costs Staff costs Ministry expenses Travel, accomodatlon and subsidence Festival and conference costs Cafe sétup costs Direct costs Rent Adverts'sing and marketlng 21,377 8,820 55,556 76,933 8,620 7,888 7,888 7,711 7,711 3,504 3,504 3,121 3,121 3,102 3,102 3,378 30,771 32,076 6,127 1,822 1,822 16,883 5,484 15,301 5,258 3,378 30.771 32,078 8,127 16,883 5,484 15,301 S,258 36,603 127,908 164,511 12,854 50,814 63,468 Grant fundlng of 8Gtivltles (see note 7) 2,8TT 2,877 11,780 11,780 Sharè of support and governance costs (see note 8) Support 12,245 18,892 Govemance 2,173 1,296 31,137 3,469 22,943 2,580 9,725 32,668 2,580 53,898 148,096 201,994 49,957 60,539 110,496 Anatysls by fund Unrestricted funds Restn'cted fvnds 53,898 73,227 74,869 127,125 74,869 49,957 20,611 39,928 70,568 39,928 53,898 148,096 201,994 49,957 60,539 110.496 10-
NOW BELIEVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Grnnts payablo Evangellstlc Evangellstic activities activities 2023 2024 Grants to institutions.. Compasslon Child Sponsorship Jesus Image USA Jesus at the Door Other 2,044 818 8,680 400 200 15 2,877 9,280 Grants to individua18 2,500 2,877 11,780 Support costs allocated to actlvltl•s 2024 2023 Depreclation Fees Computer, webslte & IT Ught and heat Insurance Office rent Offce consumables Bank charges Sundry expen5e$ Govemance costs 9,347 10.582 8,780 3,005 701 2,482 5,250 1,555 89 224 2,580 2,454 11,248 2,085 1,875 3,439 689 3,489 34,606 35,248 d between.. Evangelistic activities Bread Cafe 14,418 20,188 25,523 9,725 34,606 35,248 11
NOW BELIEVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 Support costs allocated to aGtlvltles Icontlnued) 2024 2023 Governance costs comprlge: Legal and professional Independent examination Accountancy Payroll costs 73 480 1,320 1,596 480 2,100 3,469 2,580 Net movefflent In funds 2024 2023 The net movement in funds 18 Stated after charglngl(creditingl'. Depreclatlon of owned property, plant and equlpment 9,347 10,582 10 Truste88 The majority of the travel and ministry expenses relate to work undertaken by Dominic Muir, a trustee of Ihe charity, in hls role as a Christian evangelisl. A salary of £21,377 was pald to Mr Mulr (2023.. £8,780) In respect to this role. Mr Muir receiv8d no remuneration for his work as 8 trustee. The charity also rented an office in Mr Muir's home and rent of £1,87512023.' £5,250) was paid during the year. The authority for the payment to Trustees for servlc88 rendered to the Charity Is ¢ontalned withln the Memorandum and Articles ofAssoGiation. Mrs T Mulr, wlfe of Mr D Muir, recelved a salary of £1,500 for work In the Bread Cafe. Apart from the details above, none of the trustees {or any persons connectad with them) recelv8d any remuneratlon during the year or were reimbursed expenses. The tot81 aggregate donations made to the Charity by the trustees (and any person connected to them) during the year amount8d to £46,915 (2023.. £43,332). 11 Ernploy8•s The average monthly number of employees during the year was: 2024 Number 2023 Number Employment costs 2024 2023 Wages and salaries other pension cost5 76,658 277 7,888 76,933 7,888 12-
NOW BELIEVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 11 Employees Icontinued) There vRre no employ88s whose annual remuneration was more than £60,000. 12 Taxatlon The charity is exempt from taxation on its adivities because all its income is applied for charitable purposes. 13 Propety, plant and equlpment L•asehold Improvemenls Flxtures, fSttlng8 & qulrjment Cofflpute Motw vehlcles Total Cost At 6 April 2023 30,875 20,027 2,289 27,302 80,493 At 5 Aprll 2024 30,875 20,027 2,289 27,302 80,493 Depreclatlon and Impalrmant At 6 April 2023 Depreciation charged in the year 6,175 4,940 11,878 4,407 2,289 27,302 47,844 9,347 At 5 April 2024 11,115 16,285 2,289 27,302 58,991 Carrylng amount At 5 April 2024 19,760 3,742 23,502 Al 5 Aprll 2023 24.700 8,149 32,849 14 Trade and other recelvables 2024 2023 Amounts lalllng due wlthln one year. other receivables Prepayments and accrued income 10,511 9,000 9,000 19,511 9,000 16 Current Ilabllltles 2024 2023 other taxation and social security AccTua15 and deferd income 1,546 20,795 17,097 22,341 17.097 13-
NOW BELIEVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 16 Retlremenl bfrneflt schem9$ 2024 2023 Deflned contrlbutlon schemes Charge to profit or loss in respect of defined contrlbution schemes 277 The trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the trust in an Indep8ndently administered lund. 17 Restrlcted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to speclfic candilions by donors 85 to how they may be used. At 6 Aprll 2023 Incomlng R•sources rosources expended Tran•for• At S Aprll 2024 Bread Café Fund 74,869 (74,869) Prèvlous yoar: At 6 Aprll 2022 Incomlng Resources resources oxpended Transfern At 5 Aprll 2023 Bread Café Fund 78,286 (39,9281 (38,358) Bread Café Fund - Represents monles Initalty given to aid in establishing the Bread Café and subsequently to support its operation. Many items of equipment were purchased 8nd capitali5ed as fixed assets. A transfer equal to the amount capltalised has been included in the compar8tive period as the restrictions on these gifts has been satisfied. 18 Unrestrfcted funds The unrestricted funds of the charity comprise the unexpended balances of dcnations and grants which are not subject to SP8cific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestncted funds by the trustees for specific purposes. At 6 Aprll 2023 Incomlng resources Resources expended Transfèrs At 5 Aprll 2024 General funds 28,071 128,677 {127,1251 29,623 Previous year: At 6 Aprll 2022 Incomlng resources Resources expended Transfers At 5 Aprll 2023 General funds 6,564 53,717 (70,568) 38,358 28,071 14-
NOW BELIEVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 19 Related party transaction8 Except for those detailed In note 10, there were no disclosable related paty transactlons durfng the year (2023 - non8). 15-