HOPE CHURCH LUTON TRUST
TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDING 31ST MARCH 2024
Company number: 07131310
Charity number: 1133954
HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2024
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 |
Page: 2
HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2024
The Trustees present their annual report and the financial statements of the church for the period ended 31st March 2024.
AIMS AND OBJECTIVES
The church’s purposes, as more fully set out in the objects which form part of its Memorandum of Association, are:
-
-to advance the Christian faith
-
-to provide relief for those who are in conditions of need, sickness or financial hardship and who may be aged and to relieve the distress caused thereby;
-to advance education
-to provide, or assist in providing, facilities in the interests of social welfare for individuals who have 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 2023 to March 2024
-
The most significant developments during 2023-24 were the changes in staff roles and staff structure agreed in our previous Trustee meeting. In August 2023 our Site manager retired, and was replaced with a new Assistant Pastor role split between managing Open House and the administration and finances of the church. Also from January 2024, Jonathan was appointed as Senior Leader, and Tony stepped down from being formally employed. To support the above changes we had a gift day in June 2023 which raised £14k (£17k including gift aid.)
-
Open House continues to run successfully and regularly hosts 30-35 clients at each session. There has been a successful transition to Dani as Open House manager and she is reviewing how she might wish to further develop Open House. Funding is reliant on grants, and currently we have funding until June 2024, with several further applications submitted.
-
Edible High Town (EHT) is our focussed work in the community run in conjunction with the council. It is fully funded through grants for at least 12 months. We are seeking to integrate the EHT manager further into the staffing team at Hope Church with regular meetings.
-
We are hosting a missionary from Brazil through Interserve, Filipe. Filipe is involved in several projects across Luton, with a focus on the Youth work and Refugee work at Hope Church. Filipe is running holistic Emotional Support Groups for those suffering trauma. We also continue with our English language lessons which serve an average of 35 refugees each week.
-
The revised planning application for the development of the Lansdowne Club next door was passed by Luton Borough Council. The revised plan is for 3 smaller residential blocks with a total of 50 2-3 bedroom apartments. Our concerns about parking, road degradation and noise complaints were taken into account. We will lose the Lansdown car park during 2024.
-
Following our previous Trustee meeting on 12/6/23, we have implemented the plan to transfer FACES employee relationships away from Hope Church and to being employed directly by FACES. This has taken place from 1st April 2024, with all outstanding invoices settled on 2/4/2024.
Page: 3
HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2024
-
Our income from building hire has reduced due to a number of cancelled bookings from the NHS. We are looking for new reliable long-term lettings agreements, and also reviewing how we can use the car-park in light of our new automated parking control system.
-
Our main Sunday service and 4pm congregation sizes have been stable through the year, with a number of new attendees and visitors, who we are seeking to welcome and integrate. Our 20th year celebrations were a great success, with a variety of special events and services.
-
Overall our expenditure for the General Church fund has been very close to budget. With regards to Income, the success of the gift day covered our anticipated shortfall for the year, meaning that we conclude the financial year with a balance which is comfortably above our minimum reserve level.
FINANCIAL REVIEW
Income generation
The church’s total income for the year was £232,976 ( 2023: £206,659). Donations of £142,988 have been received during the year (2023: £119,885). Activities for generating funds have decreased slightly to £18,207 (2023: £21,323). This is principally because of variations in lettings income due to cancellations and outstanding invoices.
Expenditures
Total Expenditures were £200,452 (2023: £201,240). Expenditure remained stable compared to prior year. Though there were increased expenses in areas such as catering and office supplies related to the 20th anniversary celebration, overall staff costs decreased.
Funds
Overall funds have increased by £32,524 throughout the year.
General funds have increased by £4,380 over the year as expenditure remained stable and giving increased through the Gift Day.
The Capital fund has increased by £18,457 due to cumulative mortgage payments being recognised. Restricted funds have increased by £9,687 due to the successful accumulation of grants of the Edible High Town project and refugee ministry.
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. We seek to hold a minimum of 1 month expenditure.
Trustees have reviewed the above policy in June 2023 to ensure clarity on minimum and maximum level of reserves required.
Page: 4
HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2024
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.
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: Jonathan Adams 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
Page: 5
HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2024
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:
-
Select suitable accounting policies and then apply them consistently
-
Make judgements and estimates that are reasonable and prudent
-
Comply with applicable accounting standards subject to any material departures disclosed and explained in the financial statements: and
-
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
Jonathan Adams 21/06/2024
Page: 6
HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2024
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF HOPE CHURCH LUTON
TRUST
on the accounts for the year to 31[st] March 2024 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:
-
examine the accounts under section 145 of the Charities Act,
-
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:
-
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
-
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: 05/06/2024
Page: 7
HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2024
STATEMENT OF FINANCIAL ACTIVITIES
| STATEMENT OF FINANCIAL ACTIVITIES |
||||||
|---|---|---|---|---|---|---|
| Note | ||||||
| At 31st. March 2024 | s | Unrestricted | Restricted | Endowment | Total Funds | Total Funds |
| Funds | Fund | Funds | 2023-2024 | 2022-2023 | ||
| £ | £ | £ | £ | £ | ||
| Incoming Resources | 3 | |||||
| Voluntary income | 160,203 | 14,919 | - | 175,122 | 146,756 | |
| Activities for generating funds | 17,387 | 820 | - | 18,207 | 21,323 | |
| Charitable activities - Grants | - | 39,647 | - | 39,647 | 38,580 | |
| Total Incoming Resources | 177,590 | 55,386 | - | 232,976 | 206,659 | |
| Resources Expended | 4 | |||||
| Raising funds | 140 | - | - | 140 | - | |
| Charitable activities | 148,936 | 45,699 | - | 194,635 | 201,240 | |
| Total Resources Expended | 149,076 | 45,699 | - | 194,775 | 201,240 | |
| Net income/(expenditure) | 28,514 | 9,687 | - | 38,201 | 5,419 | |
| Transfers between funds | (18,457) | 18,457 | - | - | ||
| Net movement in funds | 10,057 | 9,687 | 18,457 | 38,201 | 5,419 | |
| Reconciliation of funds: | ||||||
| Total funds brought forward | 15,134 | 24,370 | 417,484 | 456,988 | 451,569 | |
| Total funds carried forward | 25,191 | 34,057 | 435,941 | 495,189 | 456,988 |
(Continued)
Page: 8
HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2024
BALANCE SHEET
At 31st March 2024
| BALANCE SHEET At 31st March 2024 |
||||||
|---|---|---|---|---|---|---|
| Note | ||||||
| s | Unrestricted | Restricted | Endowment | Total Funds | Total Funds | |
| Funds | Fund | Funds | 2023-2024 | 2022-2023 | ||
| £ | £ | £ | £ | £ | ||
| Fixed assets | 5 | 598,712 | 598,712 | 596,948 | ||
| Current assets | ||||||
| Debtors (less than 1 year)) | 6 | 5,786 | 5,786 | 2,972 | ||
| Cash at bank and in hand | 24,778 | 23,006 | - | 47,784 | 36,533 | |
| Total current assets | 30,564 | 23,006 | - | 53,570 | 39,505 | |
| Short Term Liabilities | 7 | - | - | - | - | - |
| Long term liabilities - Mortgage | (157,094) | (157,094) | (179,465) | |||
| Total assets less liabilities | 30,564 | 23,006 | 441,618 | 495,188 | 456,988 | |
| Charity Funds | 8 | |||||
| Unrestricted funds | 25,191 | 25,191 | 15,134 | |||
| Restricted Funds | 34,057 | 34,057 | 24,370 | |||
| Endowment Fund | 435,941 | 435,941 | 417,484 | |||
| Total funds | 25,191 | 34,057 | 435,941 | 495,189 | 456,988 |
For the year ending 31st March 2024, 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: 21st June 2024
Page: 9
HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2024
The notes on pages 10 to 15 form part of these financial statements.
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
Page: 10
HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2024
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.
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 | 2024 | 2023 | |
| Voluntary Income | £ | £ | £ | £ |
| Donations | 129,863 | 13,125 | 142,988 | 119,885 |
| Gift Aid | 30,340 | 1,794 | 32,134 | 26,871 |
| Total Voluntary Income | 160,203 | 14,919 | 175,122 | 146,756 |
| Activities for generating funds | ||||
| Building Hire | 13,960 | 120 | 14,080 | 16,962 |
| Car Park | 2,040 | - | 2,040 | 2,390 |
| Sales (Books, Courses and Events) | 1,387 | 700 | 2,087 | 1,471 |
| Bank Compensation | 500 | |||
| Total Activities for generating Funds | 17,387 | 820 | 18,207 | 21,323 |
| Charitable Activities | - | |||
| Grants | - | 39,647 | 39,647 | 38,580 |
| Grand Total Incoming Resources | 177,590 | 55,386 | 232,976 | 206,659 |
Page: 11
HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2024
| 4 ANALYSIS OF EXPENDITURE | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | Total Funds | |
| Funds | Funds | 2024 | 2023 | |
| Expenditure on raising funds | £ | £ | £ | £ |
| Total expenditure on raising funds | 140 | - | 140 | |
| Expenditure on Charitable Activities | - | |||
| Employee Salaries | 72,810 | 23,409 | 96,219 | 105,187 |
| Employer's National Insurance | 27,933 | 1 | 27,934 | 24,012 |
| Pension Contributions | 10,039 | - | 10,039 | 10,360 |
| Sub Contractors | - | 2,340 | 2,340 | |
| Expenses | 264 | 1,059 | 1,323 | 3,749 |
| Visiting Speakers | 400 | 205 | 605 | 2,357 |
| Training | 280 | 30 | 310 | |
| Total Staff Costs | 111,726 | 27,044 | 138,770 | 145,665 |
| Utilities | 9,241 | - | 9,241 | 6,491 |
| Maintenance | 4,080 | - | 4,080 | 3,803 |
| Insurance | 2,616 | - | 2,616 | 2,314 |
| Office Services and Supplies | 2,607 | 2,199 | 4,806 | 5,039 |
| Subscriptions | 2,478 | 297 | 2,775 | 1,749 |
| Legal and professional | - | - | - | |
| Equipment | 362 | 77 | 439 | |
| Catering | 725 | - | 725 | 7,525 |
| Mortgage Interest | 7,526 | - | 7,526 | 8,511 |
| Governance | 220 | - | 220 | 305 |
| Bank Charges | 266 | - | 266 | 304 |
| Total Establishment Costs | 30,121 | 2,573 | 32,694 | 36,041 |
| Children | 94 | - | 94 | 26 |
| Youth | 542 | - | 542 | 812 |
| Conferences and Events | 1,248 | 2,556 | 3,804 | 2,471 |
| Resources | 67 | - | 67 | 285 |
| International | 3,100 | 10,623 | 13,723 | 11,658 |
| Direct Projects | 8 | 2,078 | 2,086 | |
| Local Donations | 2,030 | 825 | 2,855 | 4,282 |
| Total Ministry | 7,089 | 16,082 | 23,171 | 19,534 |
| TOTAL EXPENDITURES | 149,076 | 45,699 | 194,775 | 201,240 |
Page: 12
HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2024
4.4 Trustees Disclosures
Mr Tony Thompson received remuneration as Pastor of the Church until December 2023.. Mr Jonathan Adams receives remuneration as Pastor of the Church from January 2024. No trustee has received expenses in connection with trustee-related matters.
5 Tangible fixed assets
Cost or valuation
| Freehold land & | Equipment & |
Total | ||
|---|---|---|---|---|
| buildings | Fittings | |||
| £ | £ | £ | ||
| Brought Forward | 596,948 | 18,507 | 615,455 | |
| Disposals | - | - | - | |
| Additions in the year at cost | 1,764 | - | 1,764 | |
| Carried Forward | 598,712 | 18,507 | 617,219 | |
| Depreciation | ||||
| Brought Forward | - | 18,507 | 18,507 | |
| Disposals | - | - | - | |
| Additions in the year at cost | - | - | - | |
| Carried Forward | - | 18,507 | 18,507 | |
| Net Book Value | ||||
| Net Book Value at March 2023 | 596,948 | - | 596,948 | |
| Net Book Value at March 2024 | 598,712 | - | 598,712 | |
| 6 DEBTORS AND PREPAYMENTS | ||||
| Debtors less than 1 year | 2024 | 2023 | ||
| £ | £ | |||
| Gift Aid Receivable | 5,786 | 4,004 | ||
| Total | 5,786 | 4,004 | ||
| 7 CREDITORS AND ACCRUALS | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Short term creditors and accruals | - | 357 | ||
| Long term creditors - Mortgage loan | 157,094 | 221,185 | ||
| Total | 157,094 | 221,542 |
Page: 13
HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2024
8. CHARITY FUNDS
8.1 Details of all funds with movements during the current reporting period 2023-2024
| Opening | Closing | ||||
|---|---|---|---|---|---|
| Fund | Balance | Income | Expenditure | Transfers | Balance |
| General Church | 15,134 | 177,590 | (149,076) | (18,457) | 25,191 |
| Total Unrestricted | 15,134 | 177,590 | (149,076) | (18,457) | 25,191 |
| Children Project | 281 | - | (298) | - | (17) |
| Newday | 1,004 | 1,565 | (1,971) | - | 598 |
| Social Fund | 1,954 | 2,486 | (1,690) | - | 2,750 |
| Refugees | 6,400 | (55) | - | 6,345 | |
| Open House Lounge | 10,178 | 11,500 | (17,516) | - | 4,162 |
| High Town Community Projects | 10,474 | 22,248 | (13,546) | - | 19,176 |
| Toby & Heather Johnson | 479 | 10,646 | (10,623) | - | 502 |
| Springs | 501 | - | - | 501 | |
| Building Fund | 40 | - | - | 40 | |
| Total Restricted | 24,370 | 55,386 | (45,699) | - | 34,057 |
| Endowment | 417,484 | - | - | 18,457 | 435,941 |
| TOTAL FUNDS | 456,988 | 232,976 | (194,775) | - | 495,189 |
8.2 Details of all funds with movements during the previous 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 |
Page: 14
HOPE CHURCH LUTON TRUST TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2024
| 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 |
8.3 Transfers of funds in the current reporting period 2023-2024
The Transfer of £18,457 from the Unrestricted fund to the Endowment fund represents the reduction in the mortgage outstanding.
Page: 15