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HOPE CHURCH LUTON TRUST
TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDING 31ST MARCH 2023
Company number: 07131310
Charity number: 1133954
HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2023
Contents
Page number
| 1 – 6 | Trustees’ Annual Report |
|---|---|
| 7 | Independent Examiner’s Report |
| 8 | Statement of Financial Activities |
| 9 | Balance Sheet |
| 10 – 14 | Notes to the Financial Statements |
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HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2023
The Trustees present their annual report and the financial statements of the church for the period ended 31st March 2023.
AIMS AND OBJECTIVES
The church’s purposes, as more fully set out in the objects which form part of its Memorandum of Association, are:
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to advance the Christian faith
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to provide relief for those who are in conditions of need, sickness or financial hardship and who may
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be aged and to relieve the distress caused thereby;
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to advance education
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to assist in providing, facilities in the interests of social welfare for recreation of individuals who have
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need of such facilities by reason of youth, age, infirmity or disability, financial hardship or social circumstances, with the object of improving their conditions of life.
REVIEW OF ACTIVITIES
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Church’s aims and objectives and in planning future activities.
The Church operates in association with the Catalyst Sphere of Newfrontiers. All are welcome to attend our Sunday services when activities and groups are provided for children and youth, with a crèche for babies.
Major Developments April 2022 to March 2023
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The planning application appeal for the development of the Lansdowne Club next door were rejected by the secretary of state. We are unaware of what the plans are for the building. We continue to use their car park on a Sunday.
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Our special projects, Edible Hightown and FACES, continue. Both are fully funded through grants for at least the next twelve months. FACES has become its own charity with staff being on our payroll subcontracted to the new charity. Open House continues with funding in place for a further year.
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Lettings have still not recovered to pre-pandemic levels; we have increased how much we charge due to increases in energy costs.
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We still provide an online feed to our main Sunday service however those who avail themselves of that facility has reduced considerably. Congregation size has increased through the year, however, are still down from pre-pandemic levels. We have seen a significant increase in asylum seekers attending. Our 4pm service continues in person.
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Tony and Linda continue to minister outside of Hope Church involved in town wide activities and some national activities. Tony is on the executive of Churches Together in Luton; Linda is chair of the Feast project. They are both are part of an initiative working seeking to bring racial reconciliation to the town.
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Jonathan Adams continues in his staff role as assistant pastor seeking to oversee the day to day running of the church. He continues to take over responsibilities from Tony who is now employed on a new contract working 60%. It is anticipated that in January 2024 Tony will cease to be salaried and will serve the church as a volunteer, with Jon taking over the senior leaders role within the church.
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We have started providing English language lessons to refugees who are in Luton. This began in Summer 2022 and has grown to include 1 large beginner class, and several smaller classes at elementary and intermediate level. We have registered a total of 200 refugees throughout the year, and expect an average of 35 to attend each week.
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HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2023
- The finances for the year are very similar to budget, with both income and expenditure down a little from budget meaning that our bank balance is as expected.
FINANCIAL REVIEW
Income
generation
The church’s total income for the year was £206,659 ( 2022: £196,619). Donations of £119,885 have been received during the year (2022: £121,479). Activities for generating funds have increased significantly to £21,323 (2022: £8,382). Lettings income is recovering towards historical figures following the impact of COVID, although we are still slightly short of our budgeted level of £22,000 for 2022/23.
Expenditures
Total Expenditures were £201,240 (2022: £196,021). The increase is due to increased expenditure on a variety of budget areas, particularly our office services and catering budget lines. This is due to an increased number of events following the end of COVID restrictions and the re-introduction of Membership courses, Baptisms, church lunches Welcome evenings. We are also now providing international support to missionaries sent out from Hope Church.
Funds
Overall funds have increased by £5,419 throughout the year. General funds have decreased by £17,331 over the year as income decreases exceeded expenditure decreases. This is also part of our budgeted plan to employ a new assistant pastor in expectation of a change in church leadership from 2024.
The Capital fund has increased by £21,466 due to cumulative mortgage payments being recognised. Restricted funds have increased by £1,364 due to the successful accumulation of grants of the Edible High Town project. FACES funds are now removed from HCL finances, although the Church is still managing the FACES staff function by secondment.
Reserves policy
The church holds unrestricted and restricted funds. Transfers are made from unrestricted to restricted funds in order to prevent restricted funds from going into deficit. Our overall policy for unrestricted funds is only to increase reserves above a minimum threshold necessary to operate the organisation (not more than 3 months expenditure) or where specific projects are being planned for subsequent years.
Trustees anticipate a review of this policy, providing more clarity on minimum and maximum level of reserves required for both restricted and unrestricted funds.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Hope Church Luton Trust is a company limited by guarantee, incorporated on 20th January 2010 and registered as a charity on 1st February 2010. The church previously operated as an unincorporated charity. The company was established by a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
Appointment of responsible individuals and elders
The Church is governed by its responsible individuals, who are appointed according to the Articles of Association.
The responsible individuals and elders, who are Directors for the purpose of company law and Trustees for the purpose of charity law, who served during the period up to the date of this report are set out on page 5. Responsible Individuals and Elders are closely involved in the church’s operations prior to appointment and are appointed according to their ability to lead the church and the skills they bring to the post. Existing Responsible Individuals, Elders and new appointees have a good knowledge of the operation of the Church prior to appointment.
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HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2023
Responsible Individuals and Elders are aware of the legal requirements in connection with the charitable company. New appointees are supported in their posts by existing appointees. New appointees are also provided with copies of the Memorandum and Articles of Association, latest financial statements and guidance from the Charity Commission, including the Charity Commission guide ‘The Essential Trustee’.
Risk management
The Trustees have assessed the major risks to which the church is exposed, in particular those relating to the operations and finances of the church. The Trustees are satisfied that systems are in place to mitigate their exposure to major risk.
REFERENCE AND ADMINISTRATIVE INFORMATION
Company Registration No: 07131310 Charity Registration No: 1133954 MANAGING TRUSTEES/DIRECTORS Trustees/Directors: Tony Thompson John Telford Michael Reynolds REGISTERED ADDRESS Hope Church Luton Villa Road Off Old Bedford Road Luton Bedfordshire. LU2 7NT England INDEPENDENT EXAMINER Mervyn Thomas (Coopted to attend Board meetings) 128 Putnoe Lane Bedford, MK41 8LS PRINCIPAL BANKERS NatWest Bank 501 Silbury Boulevard Milton Keynes. MK9 3ER
TRUSTEES’ RESPONSIBILITIES
The Trustees/Directors are responsible for preparing the Trustees’ Annual Report and financial statements in accordance with applicable laws and regulations.
Company law requires the Trustees/Directors to prepare financial statements for each financial year. Under that law, the Trustees/Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:
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Select suitable accounting policies and then apply them consistently
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Make judgements and estimates that are reasonable and prudent
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HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2023
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Comply with applicable accounting standards subject to any material departures disclosed and explained in the financial statements: and
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Prepare the financial statements on a going concern basis unless it is inappropriate to presume the church will continue its activities.
The Trustees/Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011 and in accordance with the small companies regime under the Companies Act 2006.
ON BEHALF OF THE TRUSTEES
his mark !!!
Dated: 6th June 2023
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HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2023
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF HOPE CHURCH LUTON
TRUST
on the accounts for the year to 31[st] March 2023 as set out on pages 8 – 14 in this document.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
Independent examiner's statement
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and to state whether particular matters have come to my attention.
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently, no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that in, any material respect, the requirements:
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1) to keep accounting records in accordance with section 130 of the Charities Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act that have not been met; or
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2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed:
Mervyn Thomas 128 Putnoe Lane Bedford MK41 8LS
Dated: 24/05/2023
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HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2023
STATEMENT OF FINANCIAL ACTIVITIES
At 31st March 2023
| At 31st March 2023 | ||||||
|---|---|---|---|---|---|---|
| Notes | Unrestricted | Restricted | Endowment | Total Funds | Total Funds | |
| Funds | Fund | Funds | 2023 | 2022 | ||
| £ | £ | £ | £ | £ | ||
| Incoming Resources | ||||||
| Voluntary income | 132,765 | 13,991 | - | 146,756 | 149,348 | |
| Activities for generating funds | 19,963 | 1,360 | - | 21,323 | 8,382 | |
| Charitable activities - Grants | 1,000 | 37,580 | - | 38,580 | 38,889 | |
| Total Incoming Resources | 3 | 153,728 | 52,931 | - | 206,659 | 196,619 |
| Resources Expended | ||||||
| Raising funds | - | - | - | - | 225 | |
| Charitable activities | 149,593 | 51,647 | - | 201,240 | 195,796 | |
| Total Resources Expended | 4 | 149,593 | 51,647 | - | 201,240 | 196,021 |
| Net income/(expenditure) | 4,135 | 1,284 | - | 5,419 | 598 | |
| Transfers between funds | (21,466) | 80 | 21,386 | - | - | |
| Net movement in funds | (17,331) | 1,364 | 21,386 | 5,419 | 598 | |
| Reconciliation of funds: | ||||||
| Total funds brought forward | 32,465 | 23,006 | 396,098 | 451,569 | 450,971 | |
| Total funds carried forward | 15,134 | 24,370 | 417,484 | 456,988 | 451,569 |
(Continued)
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HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2023
BALANCE SHEET
At 31st March 2023
| BALANCE SHEET At 31st March 2023 |
||||||
|---|---|---|---|---|---|---|
| Notes | Unrestricted | Restricted | Endowment | Total Funds | Total Funds | |
| Funds | Fund | Funds | 2023 | 2022 | ||
| £ | £ | £ | £ | £ | ||
| Fixed assets | 5 | 596,948 | 596,948 | 596,948 | ||
| Current assets | ||||||
| Debtors (less than 1 year) | 6 | 2,972 | - | - | 2,972 | 4,219 |
| Cash at bank and in hand | 12,162 | 24,370 | - | 36,533 | 51,609 | |
| Total current assets | 15,134 | 24,370 | - | 39,505 | 55,828 | |
| Short Term Liabilities | 7 | - | - | - | - | (357) |
| Long term liabilities - | ||||||
| Mortgage | (179,465) | (179,465) | (200,850) | |||
| Total assets less liabilities | 15,134 | 24,370 | 417,483 | 456,988 | 451,569 | |
| Charity Funds | 8 | |||||
| Unrestricted funds | 15,134 | 15,134 | 32,465 | |||
| Restricted Funds | 24,370 | 24,370 | 23,006 | |||
| Endowment Fund | 417,484 | 417,484 | 396,098 | |||
| Total funds | 15,134 | 24,370 | 417,484 | 456,988 | 451,569 |
For the year ending 31st March 2023, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime under the Companies Act 2006 and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011.
ON BEHALF OF THE TRUSTEES
Dated:
Trustee/Director
The notes on pages 10 to 14 form part of these financial statements.
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HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2023
NOTES TO THE FINANCIAL STATEMENTS
1 BASIS OF PREPARATION
1.1 Basis of accounting
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The accounts have been prepared in accordance with:
the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable
and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
1.2 Going concern
The Charity is a going concern. Income generation through members’ donations is maintaining adequate reserves
1.3 Change of accounting policy
The accounts present a true and fair view and the accounting policies adopted are those outlined in note 2.
1.4 Changes to accounting estimates
No changes to accounting estimates have occurred in the reporting period
2. ACCOUNTING POLICIES
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the period.
2.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. and in accordance with the Companies Act 2006 and the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) and with the Charities Act 2011.
2.2 Fund accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the church. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal. Transfers are made from unrestricted to restricted funds as necessary to prevent restricted funds from going into deficit. The Endowment or Capital fund is to hold the Church Property.
2.3 Incoming resources
All incoming resources are included in the Statement of Financial Activities (SoFA) when the church becomes entitled to the income, it is more likely than not that it will receive the resources and the amount can be quantified with reasonable accuracy. Voluntary income is received by way of donations and gifts and is included in full in the SoFA when receivable. Grants are included in the SoFA when the general income recognition criteria above are met and in the case of performance-related grants income is recognised to the extent that the specified goods or services have been provided. Donated services and facilities are included at the value to the church where this can be measured reliably. The value of services provided by volunteers has not been included in these accounts. Investment income is included when received.
2.4 Resources Expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT that cannot be fully recovered, which is reported as part of the expenditure to which it relates. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2023
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the church (as a charitable company) and include the audit fees and costs linked to the church’s legal constitution.
2.5 Fixed assets
No depreciation is provided on freehold land or buildings, following a change in accounting policy implemented in the Accounts for the period ended 31st March 2018.
2.6 Pension costs
Employees of the church are entitled to join a defined contribution pension scheme. The church contribution is limited to the contributions disclosed in note 3.
2.7 Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amounts advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
2.8 Creditors
Creditors (including accruals) are recognised when due at the balance sheet date.
3. ANALYSIS OF INCOME
| Unrestricted Restricted Total Funds Total Funds Funds Funds 2023 2022 Voluntary Income £ £ £ £ |
Unrestricted Restricted Total Funds Total Funds Funds Funds 2023 2022 Voluntary Income £ £ £ £ |
Unrestricted Restricted Total Funds Total Funds Funds Funds 2023 2022 Voluntary Income £ £ £ £ |
Unrestricted Restricted Total Funds Total Funds Funds Funds 2023 2022 Voluntary Income £ £ £ £ |
Unrestricted Restricted Total Funds Total Funds Funds Funds 2023 2022 Voluntary Income £ £ £ £ |
|---|---|---|---|---|
| Donations | 107,853 | 12,032 | 119,885 | 121,479 |
| Gift Aid | 24,912 | 1,959 | 26,871 | 27,869 |
| Total Voluntary Income | 132,765 | 13,991 | 146,756 | 149,348 |
| Activities for generating funds | ||||
| Building Hire | 16,962 | - | 16,962 | 5,417 |
| Car Park | 2,390 | - | 2,390 | 1,410 |
| Sales (Books, Courses and Events) | 111 | 1,360 | 1,471 | 1,555 |
| Bank Compensation | 500 | - | 500 | |
| Total Activities for generating Funds | 19,963 | 1,360 | 21,323 | 8,382 |
| Charitable Activities | ||||
| Grants | 1,000 | 37,580 | 38,580 | 38,889 |
| Grand Total Incoming Resources | 153,728 | 52,931 | 206,659 | 196,619 |
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HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2023
4.1 ANALYSIS OF EXPENDITURE
| Unrestricted Restricted Total Funds Total Funds Funds Funds 2023 2022 Expenditure on raising funds £ £ £ £ |
Unrestricted Restricted Total Funds Total Funds Funds Funds 2023 2022 Expenditure on raising funds £ £ £ £ |
Unrestricted Restricted Total Funds Total Funds Funds Funds 2023 2022 Expenditure on raising funds £ £ £ £ |
Unrestricted Restricted Total Funds Total Funds Funds Funds 2023 2022 Expenditure on raising funds £ £ £ £ |
Unrestricted Restricted Total Funds Total Funds Funds Funds 2023 2022 Expenditure on raising funds £ £ £ £ |
|---|---|---|---|---|
| Total expenditure on raising funds | - | - | - | 225 |
| Expenditure on Charitable Activities | ||||
| Employee Salaries | 83,091 | 22,096 | 105,187 | 103,707 |
| Employer's National Insurance | 24,012 | - | 24,012 | 23,619 |
| Pension Contributions | 10,360 | - | 10,360 | 9,608 |
| Sub Contractors | - | - | - | 300 |
| Expenses | 350 | 3,399 | 3,749 | 10,068 |
| Visiting Speakers | 170 | 2,187 | 2,357 | 250 |
| Training | - | - | - | 495 |
| Total Staff Costs | 117,983 | 27,682 | 145,665 | 148,047 |
| Utilities | 6,491 | - | 6,491 | 5,536 |
| Maintenance | 3,803 | - | 3,803 | 6,586 |
| Insurance | 2,314 | - | 2,314 | 2,051 |
| Office Services and Supplies | 2,895 | 2,144 | 5,039 | 2,551 |
| Subscriptions | 1,749 | - | 1,749 | 2,582 |
| Legal and professional | - | - | - | 724 |
| Equipment | - | - | - | 824 |
| Catering | 762 | 6,763 | 7,525 | 4,126 |
| Mortgage Interest | 8,511 | - | 8,511 | 9,494 |
| Governance | 305 | - | 305 | |
| Bank Charges | 304 | - | 304 | 273 |
| Total Establishment Costs | 27,134 | 8,907 | 36,041 | 34,747 |
| Children | 26 | - | 26 | - |
| Youth | 517 | 295 | 812 | 189 |
| Conferences and Events | 651 | 1,820 | 2,471 | 164 |
| Resources | (34) | 319 | 285 | 28 |
| Total Ministry Costs | 1,160 | 2,434 | 3,594 | 381 |
| International | 2,134 | 9,524 | 11,658 | 6,816 |
| Faces Charity | - | - | - | 5,408 |
| Local Donations | 1,182 | 3,100 | 4,282 | 397 |
| Total Donations TOTAL EXPENDITURES |
3,316 149,593 |
12,624 51,647 |
15,940 201,240 |
12,621 196,021 |
4.2 Remuneration
No employees received salaries or employee benefits (excluding employer pension costs) for the reporting period of more than £60,000
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HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2023
| 4.3 Average headcount in the year | 2023 2022 |
|---|---|
| Functional Department Charitable Activities Governance Total |
6 6 - - |
| 6 6 6 |
4.4 Trustees Disclosures
Mr Tony Thompson receives remuneration as Pastor of the Church. Mr Jonathan Adams receives remuneration as Pastor of the Church. No trustee has received expenses in connection with trustee-related matters.
5.
Tangible
fixed assets
The Church holds freehold land and buildings valued at £596,948 at the historic purchased value plus £18,507 of fully depreciated equipment and fittings used in the conversion of the building to its present use.
| 6 DEBTORS AND PREPAYMENTS | ||
|---|---|---|
| Debtors less than 1 year | 2023 | 2022 |
| £ | £ | |
| Gift Aid Receivable | 2,972 | 4,219 |
| Total | 2,972 | 4,219 |
| 7 CREDITORS AND ACCRUALS | ||
| 2023 | 2022 | |
| £ | £ | |
| Short term creditors and accruals | - | 357 |
| Long term creditors - Mortgage loan | 179,465 | 200,850 |
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HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2023
8. CHARITY FUNDS
8.1 Details of all funds with movements during the current reporting period 2022-2023
| Opening | Gains/ | Closing | ||||
|---|---|---|---|---|---|---|
| Fund | Balance | Income | Expenditure | Transfers | Losses | Balance |
| General Church | 32,465 | 153,728 | (149,593) | (21,466) | 15,134 | |
| Total Unrestricted | 32,465 | 153,728 | (149,593) | (21,466) | 15,134 | |
| Debt Advice | 3 | - | (3) | - | - | |
| Understanding Islam | 595 | 250 | (925) | 80 | - | |
| Children Project | 1,224 | - | (943) | - | 281 | |
| Newday | 2,277 | 3,430 | (4,703) | - | 1,004 | |
| Social Fund | 1,971 | 3,857 | (3,874) | - | 1,954 | |
| Open House Lounge | 12,931 | 17,492 | (20,245) | - | 10,178 | |
| The FEAST | - | - | - | - | - | |
| High Town Community Projects | 3,820 | 17,768 | (11,114) | - | 10,474 | |
| FACES | 316 | - | (316) | - | ||
| Toby & Heather Johnson | (131) | 10,134 | (9,524) | - | 479 | |
| Total Restricted | 23,006 | 52,931 | (51,647) | 80 | - | 24,370 |
| Endowment | 396,098 | - | - | 21,386 | 417,484 | |
| TOTAL FUNDS | 451,569 | 206,659 | (201,240) | - | - | 456,988 |
8.2 Details of all funds with movements during the previous reporting period 2021-2022
| Fund | Opening Balance |
Income | Expenditure | Transfers | Closing Balance |
|---|---|---|---|---|---|
| General Church | 41,579 | 149,680 | (138,458) | (20,335) | 32,466 |
| 41,579 | 149,680 | (138,458) | (20,335) | 32,466 | |
| Debt Advice | 3 | - | - | - | 3 |
| Understanding Islam | - | 695 | (100) | - | 595 |
| Children Project | 1,224 | - | - | - | 1,224 |
| Newday | 1,467 | 810 | - | - | 2,277 |
| Social Fund | 2,033 | - | (62) | - | 1,971 |
| Open House Lounge | 7,965 | 33,398 | (28,432) | - | 12,931 |
| The FEAST | - | - | - | - | - |
| High Town Community Projects | 10,686 | 5,630 | (12,496) | - | 3,820 |
| FACES | 10,251 | 1,321 | (11,256) | 316 | |
| Toby & Heather Johnson | - | 5,085 | (5,216) | - | (131) |
| Total Restricted | 33,629 | 46,939 | (57,562) | - | 23,006 |
| Endowment | 375,763 | - | - | 20,335 | 396,098 |
| TOTAL FUNDS | 450,970 | 196,619 | (196,020) | - | 451,569 |
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HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2023
8.3 Transfers of funds in the current reporting perion 2022-2023
The Transfer of £21,386 from the Unrestricted fund to the Endowment fund represents the reduction in the mortgage outstanding
A transfer of £80 was made from the General Fund to the ‘Understanding Islam Fund’ to prevent this project to be in arrears.
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