REGISTERED CHARITY NUMBER: 1161926 I'IIUSl"LI LS. REPUIiI AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCII 2024 FREEDOM CHURCH HEREFORD CJO WildfirL' l.lereford Liniited or orJtTn FREEDOM CUURCH HEREFORD CIO TENTS OF THE FINANCIAL STATEMEYT FOR THE YEAR ENDE I MARCH Page Trustees, Report Ito6 Statcment of Trustecs Rcspon5ibililies Report of the Indcpcnd¢nt Auditors 8tolO ConsDlidatcd Staternent of Financial Activities ConsolidB¢cd and Charity Balance Sheet 12 Con591idated Cash Flow Staleinen¢ 13 NotCS to thc Casli Flow St&¢¢ment 14 Notes to the Financial Stalcm¢nts 15 to 31 FREEDOM CHURCH HERF,FORD CIO TRUSTEES. REPORT FOR THE YEAR ENDEI D 31 MARCH 2024 The tnjstees are pleased 10 present thcir annual report togcilieT With th¢ con501idal¢d finonGial 5th1cments of the charity and ils subsidiary for the year ending 31 Mareh 2024. Thc financial 5talcm¢nt5 comply with thr Charities Act 2022 and dje GliaritEcs Stalemetjl ot. Recoinmcdded PrRcticc (applicable ta charitie5 pr¢p4ring their aGcounts in accordance with the FindDtial Reporting Standard applicable iii the UK and RepubliB cf Ireland. FRS 102) rffKtiv¢ l January 2019. OBJECTIVES AI4ID ACTIVITIES Objectives and aims The core objecliv¢s ofFretdem Church H￿¢fOrd CIO {Freedoin Church) aTC surnrnaris¢d 0$ follows.. The advancement of thr Chri5ti&n rGligion maillly> but not cx¢lusively, by Ineans of.. broAdcasling Chri5tiHn tnc55ag¢s of a evangelistic and 1￿ching naturc,. holding ineelings. And producing or dismblliing literature sbout Chri51i&nity. The pr¢vciition or relief of poverty or financial hardship an￿her0 in the world by providin8 or assisting through all th¢ ncc¢ssory support to help individuals be 8clf-sufficienl. To advance in lif¢ and help young people through a¢iiviii¢5, Irgining ond support. Th¢ r¢lief of persons who are in ¢ondiliDllS of n¢¢d, Iiardship Dr distrcss, or who are aged or sick. Our Lnission stalcment. which captUTe8 the essence of these aiins is'connecting an￿n¢ anywh¢r¢ 10 a life-chan8ltl8 relationship with Jcsus,. Our main long t¢m) obj¢¢iiv¢a io.. Gruw our currLnl and bG¥in Ehcw GhurGhL's, dcvclvpin8 ￿nd diversifyiiig 0￿r apprnach. WL. want Io stru￿￿1¢41)Y develop our slull. 4iid vvlunlclr l¥&ms lo suppuri ¥ruwih, ¥sp¢¢ially in ¢r¥*lins greater autononiy in local churchcs to scrvc ond cngag¢ loial coinrnunily mor¢. As has b￿1) OUT 4iin iii recent ycars, we desiTC lo continue to inLrLese di¥illll ininistri&% and bNi&dcqst ¢apabiliti¢s, and increase ¢ngagiiicni, finally, especially 8fter the instability of COVID, we continue 10 increase fin#nciil stability and 51rcn¥il)vn financial planning. W¢ ¢on¢inu¢ 10 fost¢r Strong r¢laiiotb$liips with ¢hurch¢s artsund the world. During the reporting period w¢ w¢re main18ining ¢los¢ links with sister chur¢h Gominunili¢s in EUTOPC. North Americo, Easi Africa, South Africa, India gnd South E8St Asis. We benefit gr¢atly from these close partnerships, aTyd offer lielp in 8 varaety of ways. where beneficial. Freedoin Cliurch relie$ he8vily on Ilie contribution of wolunl¢er$. Volunteers ire involved in almo&l ￿Vcry E5PCCt of the running of Fr¢edoni Church and the d¢livery of our service5, oiher events and prosrbmme¥. At leu81 hair of all cliurch membEIS volunlccr at our ovcnlg, or to 5UPPOrt our slaff tcarn, alld wc llrc vcry gvdi¢ful for Ih¢ir time, passion, und ykills. Core to our approach as a CIO is the Obl￿tIVe of 8eneiEtin8 a public benefit. We continue to do this iii all of the areas Df Dur activity. The trustees confinn that they haye coiiiplied with the requireinenis of s￿lI0n 4 of the Charilics Act 2011 lo h&ve due re8ard to the public bellefil 8uidantt publi$hcd by the Charity Comtnission for England and W81e5. Th¢ CJO roillplics wiifr Ihc Codc of Fundraising Pr4¢1icc. It dors n¢1 ￿gage the $ervices of professional fundr8i5crs or omincrrial partiGipators. 4nd it has nut rcGciwcd any ¢tsmplainlS rclaiing to fundrai$itt8. The objective of our wholly-owned trading subsidiary, Wildfire (Hereford) Limitel 15 to genernte Ihe majority of the CIO'5 norL- dollation ittcome (see Financial RevÉew below). The income from this subsidiary is then used to support ih¢ CIO irl fulfilling it5 owii objcciives and aiins. FREEDOM CHURCH HERE￿ORD CIO TRUSTEES, REPORT R THEVEARENDED31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE The 2023-24 yearha5 bccn exciliThg year which u5hcrd in u new ETa in Ftcojom Cljurclj. At th¢ Cave 2023, wc launchEd our vision 72127, namely to dDublc our exis1inE church locatlolls worldwide to a iotsl nuinber of 72 by Ilie y¢ar 2027. In ord¢r to achi¢v¢ Iliis vision, %v¢ also started partn¢riiig with a chur¢h plunling moveni¢nl. Ili¢ A550ciation of Rclllt￿ CIiLtrclie51"ARC"I. ARC ts a ¢oop¢rniive of indcpendeni ¢liuT¢lies from different d¢noniinations, networks, and bockgTound5 who sirniegi¢ally resuuTcE churLh plunlLrb dtKi puslot> tu hLlp thetn rLmLh PLY)plb with thviii¢ssug¢ ufJ¢sus. W¢ are opliIrtisti¢ Iliat ¢lJrouglJ our telalieiiship willi ARC as wcll as Ilirougli adopiing Ilieir cliurcji planting principles, we will be able to acl)ieve our arnbitious 72127 vision, ultimately seeing more lives th2nged Ilian ever b¢for¢. Thi5 QPtimisTn wa5 m¢ntcd with Fr¢edorn Lhur¢h RalM the Forge. We %aw healihy income from thi% miTrnih on monili and tliis a55isicd with the amount that Wildfire sertt in dividends. We liave conlinucd to renl part of the For8¢ to non-&cad¢iny t¢nants while 1¢ is not running, seeing a healthy £28,331 in this year (prior year: £33,871). Thc rcsidcntial tcn8ritS 51artcd vacatin8 tho For8c from thc bc8inning of 2024 in Ol'der lo prepare for Ihc rcturn rjf the Academy ¥tudenl¥ in September 2024. The vBlue of tlie CIO'S irtvestmerti iii Mentor Group Lid, which 15 an unlisted compAny, was agreed and sold during 22-23. The fvnd$ of £23,377 froin this divestment wcr¢ rc¢¢ivrd in April 2023, howcv¢r the gain on divestment was re¢ord¢d in 22- 23. Tht tru51ccs apply thc fund5 of Frccdoin Church Hcreford Kl their discretion bnd in accord8nce wit]i thc charjtablc purposcs and objectives of the CIO. 'I'otal si)eiiding on charitable aelivilie5 wa5 £1.067,212. Our granl-lnaking policy outlines l)ow grants may be inade and the priorities foi support. The rurrent PliOTitif5 for funding aTe the advan¢¢m¢nt of the Christian faitli wilhiri local cominuJiitiC5 and across tlic world, and Ihe rclicf of poverty within local cojnmunities and ainong tlic world'$ deprived and needy peoples. Re¢kpi¢nls of grant futkding in thE5 fjnancial year were a ¢hurch in Nortli Aineii¢a. a church in South Africa, and a Firestarter in Kampala. Ovi UK ¢hurch lts¢ations ¢stabli51i¢d individual ¢haritÉes in Deceinber 2023. In order to support these churclies with Iheir sel up costs, we provided grants to cach of thc5c ihrcc new charitLCS. FREEDOM CIIURCII HEREFORD CIO TRli.STF.F.S' RF.PORT roR TIIK YEAR KNDKDJI MARCII M24 Rosorvts Poliey The trusttts of Freedoin Church I.lereford recognise the iinpor(anec of ll iuervLY policy io demonstrate goDd Stewa￿S111p Dnd financial Ill2nagcmi'nt. Oui- p(Trlicy is lo rrL7ill fc5LTVQ% ID cnsuri. IliJl thc chaiily lias sulli¢i¢nl fund3 to Inccl ils finanGiyl cDnuwtincnts, 10 demonsirdle that the cliaiity is s￿￿tA￿able uiio ilie r￿lu￿ io ensurc thai the chariiy is oblc io IKafiaBc futUlE unforeseen fmaiKiJl dI￿ItU1t1U. and io thsurn tiiat CKCL¥sivc fund¥ nol hL.Id wilhuul any IdL￿lif1￿blr Tca5F)n. i)utin¥ 2023-24, ttit rostrvc policy call5idered that 6-12 i￿onthS of siaffjng and leasee05ts1£220,000- £440,000) is a 5ufficiL)It Tcserve level. £220.OOD is approxiiTkilEIy six InDntlts Df 5Lqff and letse EXPEn￿ltu￿..1]iC ¥wlus oF520,487 12D23.. dcficit £16Y.1151 that dic frtt rnserV2% arc £376,476. Sth¥eqU￿% to Ihe financial y¢ar end, die trustees IEvi¢wed tlie re&ervES policy uweed ihT¢t I￿￿￿kS of ¢0$18 is a morc appropriaic ￿￿e[We IcvcI. Prlntlpal riik% f*elnE th¢ ¢llli¢y Thu C'IUS ￿Ll1VIlle& upogE il tv ? of fiDanEiJl risks ￿clUdIn8 ErEtlil risk and liquidity risk CIO dDts not any derivlltive fmanciul In￿rning￿ts. Thc CIOS pri￿1p31 fina￿la1 a5se¢s are bonk buknnces ¢ash, #nd trade odier ￿e1¥a￿l¢s. The CIO'S ¢r¢dii risk is priiKarily altiibuthble 10 ils tradD r￿cl￿able1. The amounts pr￿cnI￿ in Uic bulancc sh¢cl arc nci of allowanccs for doubtful rrrcivables. An allowance for itnpoinnent is mAdcwhcre therc is id¢niificd loss cv¢ni whi¢h, based on pr¢viow experience, iq evidence of ￿T￿￿¢tiOn in therKovuability of th¢r43h tlows. The Cr￿1( risk liquid fulld$ is limii¢d b¢¢0￿￿¢ di¢ ¢ounierpartI￿ 4r0 bgnk$ iyiili hi811 ¢r¢dii-r&tingi R5518ned by inlem11 lim>ol ciTdil. mtini Asencivs. 7]￿ CIO IIBS Iio ¥iyiflL￿nl cunccntsatiun ofcrdil ribk. witli eXPDSurc 8wad over tt larBe niiiiiberof touiiioipnriics and ¢Usiemers. tn ord¢r 10 molnwin liquidity 10 ehsur¢ Uiai wfA¢ttTht funds ov&ilible for ¢nwin% optrntSons ond fuwr¢ dv¢l¢pmenls, dio CIO uies mixlurc of long.lenn und shori4cnn debi fmanea fwLILer dctoi15 re8Brdins Ilquidiiy rijk can bc found in ￿1C staleinrnl of accounlin lic1￿ in tlie finHncinl %1AtemL￿tS. GolngtDnccrn AS frum April 2024, the ch8ftty lios ¢J¢¢¢ntrallx¢d DPtr41ion5 ond d¢merBd row choAile81 rep￿e￿IlnI ¢a¢h ¢huJrh ￿ die UtL BD8cd on currcni forLYasts for IliL' s14ndalonc clinrily. wo uro confidonl Iliui ilio CIO is D goini cmceiii. WL. reco8nisL' Ihc onuoing Lhullyiiyin ¢ondiiions in Ili¢ UK ¢conoiny whi¢li Ar¢ I'¢prt8STilcd in di¢¢osi-of-ljvuill ci'i%is on(1 w¢ re¢ogiii8e thaidoniilityn$ y$￿211Y diyy #% ¢(kSL of liviny inLTC4¥¢U. Iluw¢vcr, d￿pIte iIIL%c LiiKuill51iillcL%, Ilic CIO liay ooluilly SL'cn donalions inLrn*¢ duc Ii) an incirtss¢ iii di¢ nyiNb¢r or iiicndittg tsur ¢lilltu'h, ¢liariiy Ilts 5011ihi 10 bu￿1￿ in pJ$t fl￿wits1 y¢#r4, in prtrt 10 ptt)tth'L any dmp in inc4>mY Iu Luyliion in the g¢ri8is on our DT8nnisatitrn. Willi errec¢ fryill Apiil 2024, lh¢ chunly will dwenlrnlisc Inlo fDUT UK cliurches, Hwcford, W0Jr￿t2r. clie]￿17￿￿ and Paidiff. fra¢li cknch will be Ln independeni Lhdriiy with thL'ir own bllnk occvuni. Swlff and W￿l¢4%, Tliis thJt L'liurL'h will be able $0 focus IT￿¢￿n ¢JiEu'own14¢41 needs. where43 PTviouily ther¢ ¥lEalEr focw on lI￿needS ofthe¢Elltml freethin Chur¢li orROlll¥ttllOn. We #rt excited abtsui the tspportuwty tD focus sp￿lfICul1Y diE church in Heieford gTelltEr Way it See l]tpW wo can liavo & grcaley impact on Ihe local community. Ilowevei., we will continue to look for OPPONUNties lo have nn impact Bcf055 btsth ￿le UK and othor ationsas we tD advllnEe tiieChT]St￿n faith boili in Herefo￿ and bwnd. likvebeen rJDoiILersignifiuhi events in di# PD&tbxlath¢¢slieel peritrj. FREEDOM CHURCH HEREFORD CIO TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCI12024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document FT¢edorn Church Hcrefoi'd, a Charitable lThcorporated Organisatiot] (CIO), 15 the registered vehicle foi the movement of ¢hur¢hes known as Freedom Chur¢li. On l July 2015, Freedom Church transferred its operations from the Freedom Cliurch HerefoTd Charitable Tr115t110084591 to the Freedom Church Hereford CIO {11619261. Th6 CIO has adopled a foundation model constitution. This is the seveiitli annual report of the CIO. Trusi¢es of Freedom Church Hcreford are recruitcd and appointed from wiiliin tli¢ organi8a¢ioiJ's In¢mb¢rship. The board of trustea% i.s focu5sed on ￿suri17g that Frccdom C.hur¢h merls Lts aims in an appropriate, legal and accounlablc manner, and lo this end the (ruslees provide governance oversight lo the church's directional le&der5hip tefim and dircGtOTS who in turn work wilh leaders aGross our locations and deparfrnenls to meet our objectives. Trttsiees are recruited from the churdi's memb¢rsiiip for an initial t¢rin of three y¢ars by R r¢solution passed at a properly convened meeting of tlie ¢harily truslecs. In Selecting individua15 for appointment, Ilie tnjstees must liave reg8Td to the Skills, kngwl¥dgr #nd ¢xp¢rienb¥ needed for the effe¢tiv¢ administration of the CIO. All n¢w Iru5tees are provÈded with the Charily Cornmi5sion's guidance on th¢ duties of a trust¢¢, and Ih¢ CIO lias r¢¢enily adopi¢d ihe trust¢e r¢￿ul1mCnt process set out LTh the Trustee Recruitment Cyclc fronJ Reach Volunleeriii8. A large number of the d¢cisions relating to the C,10 are rnade by the dire¢ihonal lead¢i'ship team aDd directors, bul are Subject lo Ihc 8c¢ountability, appiovgj and oversight af the board ol. trust¢¢s. Th¢ board of trustee¥ Inak&% all dccibions r¢laiing i() rcmuneration of our staff team and havc bencliinarkcd salaries agaii)si equivalent roles in otlier sectors. On r¢comm¢Thdalion of th¢ tr￿ste¢S, th¢ CIO able lo implcmrnl sulory in¢reases for all slalT levels durin8 Jajiuary 2024 and April 2024 in ord¢r to align th¢ 50larie8 with indu$lry h¢nchmark$. Wliil¢ iDany risks are ¢aT¢fvlly Inana¥¢d, th¢ Irusl¢¢s Te¢0￿1$¢ ¢lie need for R cnmprel)ensive risk management slralegy. B&scd on the Charity Cornmi%%i()n's guidance a% well as re%()urLes from Stewardsliii), the truste&% hiv¥ we¥d that the CIO'.¥ risk management policy sliould be upd&l¥d, llnd a deiailed risk r¢gisl¢r should be prepared for *Lnnual review. This risk regi,%l¢r is inl¢nd¢d to ,4uinmJri.Ec ¢UTr¢nl known and managcd ri5k5, and r¢v¢al are￿ that rcquirc addiiional attention. I'he project is still ongoiiig, and the tiwstees aniicii)at¢ that the full risk register, r¢cording re$idunl risk, actions, owiicr5 and timeframe$, will be re8dy in 2025. Thc safcty and wcllbcii)g of our cl)urch illCLnbcrs and Staff rcrnains a key priDrity for us and Iherefore we Iiave conlinued our inve¥lment in $8feguarding trainin¥ for Hll our stRff and voluiiteevi. Our leam workcd with a iJrofc5SLonal organi511tlDn to coinplete an extensive review of our safe8uai'din8 policies, Procedure5 and training. We have souBlit to increa%e the pmfile of safcguarding acr055 our location& and as a result l)ave seen un in¢re#sed numbu of referrals, most of which wern Telated to extemal events. Recruitment and Rppointnient ofnew tru51ee Truslce% are reeniitcd fmm the chiirch's mtmb¢rship, wilh ¢on8ideration being made of thcir rrltvant prof¢ssional cxperience. Induction And trAiNKng of neiv trustee5 All new Iru5tee5 ait provided with the Charity Col￿miSsIon,￿ guLdartc¢ on the duties of a ttustee. Kty n)an4gement remyn¢ratio Thc board of tru5trc5 ￿akeS all dEGi5iDll5 Tclating to rcmuncration of our staff team and hav¢ benchmarked salaries against equivalent roles in other sector$. FREEDOM CHURCH HEREFORD CIO 'rRIJSTf(.F.SI RF.pnRT FOR THE YEAR K￿DED 31 MARCH 2024 REFERENCE AND ADMINIsfRATIVE DETAIL5 Registered Charity nu]Mber 1161926 Principal Address The Forge 161 Holme Lacy Road H¢¥eford Herefordshire FIR2 6DG REFERENCE AND ADMINISTRATIVE DETAIIS Trustees Mr5 M A Cooke- reyigiied 1110112024 Mr R Salli5- resigned 2710512024 Mr J S Dyson Mr G Sibanda Mr J A Cook¢- appoint¢d 1110112024 Auditori Sumer Auditco Limited 30 Gay Street Both BAI 2PA SÈnlor M&n#gÈment Team Mr Gary Sntsw/ell, Stniur Pa8lor Mr5 Heather Snowzell, Senior Pastor Mr Kris Coppock, Lxecuiive Pastor (resigned 3010412023) Mr David Thomas, Pastor Mr losliua Snowzell, Pastor EVEIYTS SINCE THE Ef4D OF THE YEAR InforniAtion relating lo cvcnts since the end of the year 15 given in the note5 to the fJn2ncial statcincnts. FREEDOhl CHETriCH HEREFORD CIO STATKNIENL OF TRUSTEES, RLSPONSIBILITIES ND Thctn]stoos arcresponsib]c tor preparing i1￿T￿slots. Rcpoft wid Lkn financial Staten￿nts in accordarttr wslh app]icabic law alld Unitrd Kingdo]n A¢wniing ShiTKihrOs Iunilcd KingdDJnGrrtctally Arccpicd AccwniingPi4clieel. Tlie law Jppllrabl¢ 10 Clwlil￿ lo England untl Walcs. th¢ Clwriilrs ACL 2011. Clitiriiy IA¢¢othnts and Repoll51 Regullliions 2fM)8 and Ihe provi&ions of the (rusi deed requires Ilie Irusicc5 to PlEP41re fi￿dncldl &IJIen￿lS lor euch fiiianLiuI year wluLh give a i¥u¢ and fair VICW of ilitssmic ofaffairs of thc ch8fiiy¥Thth of ilic incoimng rtsourccs and apDliCaliath ofrcsourccs, including the illciJm¢ and expendi1￿re, orih¢¢hariiy foriliii perityj. In prepArin8 Ihose fLnonci*l $itstemen￿ Ihe INst¢¢5 ar¢ r¢qulrtd 10 scILcl 3vilJbli' UCcyunlinB pvlirir5 4nd ihcn Apply IhYniLyn315lcThily.- observe (he rnelhody priiiciples li) IhB Cliuriiy SORP., mok¥ Jnd i%liThalcs Ihal rL'U5unabltyu￿d pwdeni: &i&iÈ wlieilicr Jppllcablu accouNiin8 havc b2on followod, subjcci io any maleriai dcpdAure5 disclv%cd ¢xptsln¢d In Ili¢ r1nynil￿ %talL'tncDL¥." prepare lh¢ financid sthiements on Ihe 8Olll8 concern basis unless ii is inapproprifi￿ ￿ Dff5um¢ IhBI Ihe olwity will C(￿lInue in bu81￿C&s. The Lrusiecs arn rcsponsiblo for koepin8 propcr a¢covniinB rccord$ which disclosc witli rcAsonllblc llccufllcy lli any lim¢ Il rinancial pth8ltion of ihe clioriiy and ID enable ilieni lo en%ure Ihi ilie finAncinl ith*meni* ￿MplY wlili Ilie Ch&tiii¢$ A¢i2011. 11 CIJBriLy IAL'L'OUlJl% und Reports) ReBuluiionx 2M8 lliid ihe provisions of il* in￿l deed. Thcy llre ul%0 r￿ponsiblE lor ¥xlcbiiiiwdinB I1￿ Bsscts of chariiyhnd h¢ncc lortakinB r¢osonabk sicps forth¢ prev¢nLiQn Andd¢￿e[lOrt or rraud and051i¢rlrr¢£ulAriiiCS. Dlsclosuro of InfDrin&tlon to oudltor Eoch Irusiec 1th5 iaken *icp% 11iW lI￿Y ouglii to hllvc iDkcn a iru5(cc Iii ordcr 10 makc thcT[L%elV￿ &war¢ of any rel¢vani A￿dI¢ Inform￿lon and lo estllblisli ihal lh¢ CIO'S audlior 18 4war¢ of IbM Informailon. Tlw IrDslw confiTm thjl Ehere is no ielcvanl Reappolnlment of*udswr Sun￿￿r AudiiLO l.inllied oxprn$s￿ il¥ IVilliMsn¢s$ io LoniliiDe uudliory. A rL'$vluilon for ihe rethuppoinimBnL ol SumBr AudilLO Lin￿led as tsudiitrrs of the CIO 1$ to bc pmiith%¢d ai I1￿ fOrt1￿￿11￿118 irnsiec meeiinB. ADwthved by otdcr ori1* boDrd Dfm51CCI Q 24 Janyary 2025 nd %i4ncd on Its b¢hBifby', 3.A.CaoA, MrJ A Cooke. TN51 MrJ Dy50n- Tru%icc REPORT OF THE INDEPENDENT AUDITORS TO THE1¥IEMBERS OF HURCH HEREFORD io HE PARENT ORGANISATION A￿DITs EEDO Opiiiio We liaveaudited ihE financiJl stsiements of Firedoin Chuirh Herefoid CIO Ithc'charilll forllK Y￿ cndcd 31 h4￿￿11 2024 wliicli comptisc lh¢ Consolidaied Swi¢m¢ni of Finan¢ial A¢iiviii¢s. lh¢ Consolidated and CIIDllty Bakince Slieel, thc CDn501idalcd Cash Flow Sttttcmenl ond noies lo Ihe finoncial sthieinenLS, includiJLB a suilunary ofsignificant uccoullling po]icics. Tli¢ fiNaD¢i)I rep¢rtiDg fromework tlwt I￿5 been applied in ditirprcparaiion is applicable law and Uniicd knnBdoin Accollnling Standards (United Kingdotn Generally AccLwi¢d A¢¢ounting PrdGticEI. In OUT OPIWDJJ llic fU￿nal&l siolcmcttls.. ivc a ITue 3nd fair vjrw ol Ilie stsle of thc 8roup'5 IhB parent ¢liwiiy% *ffts1￿ as at 31 Mosrli 2024 •Dd of ihe grDDP'S inwining Jt¥outtos lpplicailon tsf Itsou￿t$, foi'llieytt)r Ilieth entsj., liovebeen p￿pCrIY prep&iEd in accordance willi Unilcd ttingdom Grncrally Acrq)tcd AGroU￿11￿5 Plpttice. a￿1 liovo been p￿pared inaeeDrd&nccwilli reqllireinents ofiliccharilics Act 2011. Bllsls fDr ¢JPifLiQ Wc CDnducL￿L Dur audit in accordRnc£ with Inicrnalional Sthndard5 on Audiiins IUKI IISAs IUKII and appliuuble lttw. Oui. responsibiliii undcr IhDscsMndard5 aTC furthcrdLxribcd in Ilic Audiiot5' responsibiliti￿ for Uic audit ofihr rints￿l#l sthieinents sc¢i¢on ofour ￿port. W¢ are indcpciidciil of Ihc charity in accordAiice with ihc ctliicAI rcqiiircmcnls iliAI ure Tclevanl lo our uudii of thc financial siai¢in¢nts iii il?e UK. including Ihc FRCS Ellucal Standard. and we liave fuifjlled OilT ollier ethical respN8ibiliiies in u¢¢ordtsn¢e willi Ihes¢ Nw¥¢inents. Wa belicvc IhaE IlJeaudiL evldence we118veoblainal is sufficient a￿1 llpproprialB lo p￿VidcO bJs15 for ouropinion. Conclusloni rolAtliiJt lo concern In fyudliing tliB finartial st￿t￿llenL5, we huve ¢Dncludcd Ilthi Ihe trustees. use of th¢ BolnB eon¢cm basis of accou￿1n8 in tlie prepllTrilon ol Ihc finDnciDI 5L4IBinenls is llppropriDIe. BthwJ on Ilic work wc have perfoniiEd. we IiRve noi identified niiy mfilerial unrertuinliEa iclating evcnL$ thr condiiions that, individually or ¢ollcGlively, Inay ¢tssi %i8nificunl dnubt on Ili¢ ¢liiiriLys o611ily 10 ¢tsnLinue Ds & Roing ¢on¢cm for * period of oi twelva Jnonths froin whrn Ihc finunciol slalcmcn15 Dr¢ authortscd for i5SUe. 0￿r rBspunsibililiu and Ihc re4pon51biliti￿ of ihc IruslcBJ wilh r&specl to pin8 co￿ern dacribed in ilie rel¢vontsc¢lion5 ofihi$ r¢port Tlie 1rUst￿ #r¢ r4sponbibl¢ for Il)e oilier infonKaiion. Tli¢ oilier infoiinai¢on comprise5 the imfonnaLiOn inelllded in iho AnnuDI Rc5￿, ollKr Ilijn IIIL, finoneiol sioiomenL% our Ropoji oftlie InJtpondcni A￿1110￿¥ lI￿reOn. Our opinion on die finaiKlul $lnlrnitnlS drt8 nut Guvcr Ilie r>ilier infuniiuiltsn ond. tx¢epi 10 lh¢ exieni LNhcrwi5¢ ¢xpli¢illy Biakd Our iepoN. we do not exprc5s any rtsr￿ Df DSSUPJllCE conclu¥ioll I1￿c￿n. In CDnrbEolion willi our uudil Df Ilic finDllciuI stDloinonLS, nur rc6pnnsibilily Is lo rcad thc ollKr infonnuliDn and. in do1￿￿ SD, con8id¢rwh￿Jj¢r Ilic ollier i￿roll￿all0￿ is Inllleridlly incnn5i¥tcnl willi Ilio fJnDnciDI stai¢menL4 or our knowlL'd¥L' ubluind in Ilie uudil or OLlietWi8c opp¢at¥ 10 be iiia¢eriDlly int5¥￿1&￿1. Ir w¢ idcnlify 5ucli in8l¢iiul Ir￿￿1￿151¢n¢l¢s VT appDrttTII mHt¢Thal llli5$th1cllients. we Are rlyu1r￿ 10 d¢i¢nnin¢ wlicthcrlhuy is u in?i¢iial mi5slol¢m¢nl in Ihc fin4￿#￿1 ora Lnairriul Ini551ai¢Jn¢nl ￿r￿tI￿r inlvnnaiion. Ir, buscd on Ihc wotk we liovc pcrf¢)mi¢d, w¥ ¢oncliid¢ that Ihcre 1$ 4 mai¢rial Ini$sialwn¢llt ofthis other informAiion, w? reqvtr¢d 10 rerth Ihal focl. Wc liavc noihinBln re￿rt ITh ihis rc8ord. MAtlers ¢Jn wljlcli we urc r(q￿1r0d to ropDrl by oxcopllDll W¢ h&v¢ noilung 14) f¢pL)rt in rLSPCCI of rh¢ followin8 wheiE Ihe Chuiities IA¢¢ounLS and R¢poMsI R¢¥ulalion¥ 2C4)8 requites us 10 r¢pvrt to you if, in ouropinion., Iho inlomatiott givcn kn Ih¢Tru$i<%' R¢port i¥ inttL)n¥￿t¢nt in any m#i¢ri#l re¥p¢¢i willi t1￿ financial slDLeinonts' or styrrKicni #¢¢ouniibg records liav¢ not b¢¢n k¢pt; or Ihr finart¢ialsiai¢m¢nts&re not in wiiliijic o¢eountinB Yctords and ttlurns,. or we liavc not 1￿C1ved ull Illu infonnDlion ond cxplornlion5 we require forouruudii. Rosport%ibililic5 Trf IrllstCe5 AE ¢xpltsin*l Inor¢ folly Ik Ihe 51aiemcni ol T￿SIee$, R￿ponSibIlitieS. Ilie Iw81ees Hre re6Ptsrt8Sble for Ilie prepatJiion of Ihc finDn¢ial S￿l¢MEnts wliich give and fair view, Dnd for sucli illlLllllal conliyil as the IN51ees detaTrine ts n¢ce8sllry ￿ enoble lh¢ pryration vf rjnancial sl&leiiicnts thai llre free froni IDDierial in￿5￿1¢1￿¢ll1. wlietli¢rdu¢ io frllud ormyr. In prcparing th¢ finan¢ial stal¢m¢nts, IliEtIU51r¢5 ar¢ rcsponsiblc foras5a%5i￿8 Ihc ¢liarily'S abililyto ¢OMinuo4s a goillK ¢on¢em, diselosin a5 applicable, Inttitets Teltsied ID gTrin8 coN¢¢rn and using Ilie going conccm ba5[5 of accounlin8 ury1¢55 IhE tsuslees ejtlier Intend to liquidate di¢¢hari¢yoFtQ¢Ease operatio1￿. Dr huvE no r¢alisliG altr4nalive bul lo do 5 PORT OFTHE INDEPENDEINT AUDITORSTO THE MEMBERS OF FREEDOM CHURCH H&REFORD CJO Our respoknsibilltle5 for the alldlt of the rtnaiicial sthteni¢nt5 W¢ Iiave been appointed as auditors under Setlioij 144 of the Ch2ritie5 Act 2011 and iEport in )ccordaDV With th¢ Act and rclcv2n( ￿gulatIonS inade or having effect thereunder. Our objectives are lo obtain reasonable a55urance about whether th¢ fin&noia] 5ta¢ErtlEtIt5 as a wliole are free from material misstaieincnl. whether due to fraud or r￿or, and to issue a Report of the Independent Auditors tl)at ii)¢ludes our opinion. Reasonable a*suranGc 15 a liigli level of assurance, but is not a guaranire tl)at an audit conducted in accordancc witli ISAS (UK) will always detect a maierial mi55tatemeTht when it exists. Misslat¥Jnwts dTi&¥ frDtn fraud OT B￿￿T and are considered material if. individually or in th¢ 8ggr¢¥al¢, they could reasonably be expected to influence the economic decisions of us¢rs lak¢n un th¥ basi& of these financial slalem¢nts. The extent to whi¢h our procedures are ¢apabl¢ ofd¢te¢tin¥ irrBgulariti¢s, including fraud is detailed below.. Extent to whi¢h th¢ audit considered cgp&ble of det¢¢tlng irregularities, including frAud Irregularities, including fraud, aT¢ inslanccs of non-compliance with laws and regulations. We d¢sign procedures in line with OUT Tr&TonsibilitlC5, Outlined above, to d¢te¢t Inaierial rni&stal¢ments in re5pccI of irr¢gulariti¢$, including fraud. * The extent to which our procedur¢s are Gapablo of dBlcclin8 Irrc8ularities, includin8 fraud, is detliled below. * We consid¢r¢d the nature of the Cliarity and its Control environment and reviewed the C.harily's docuinentalion of Ilicir policies aiid PTo¢¢durts% r¢laiing to frnud aiid compliaiice will) law.s and regulations. W¢ ar# cn4ULrcd of managcmcnt about their awn identification and 88sessir¢nt of lh¢ risks of irre8ulaTiti¢5. We obtained an under%tdndirt8 of tl)e le8al And re8ulatory fram¢work Ihot (he Charity operates in and identified the key lows artd rcBulation8 thal.. had a (lircct eff￿1 oh tho d¢tcmination OF Ihc inalerial Amounts and disclosures in the fjnancial statements. These incliidcd IJK Cl)aritiC5 Act, pen%ion4 Icuislations, tax le¥islations, Cliarities SORP,. and do nul have i direct effed Dn Il)e finanLial sl¥tLJncnt¥. but compli8nce with which may be fundamentAI to the Charit￿$ ability lo operatc or ID avoid a malerixl penalty. * Wtr discussed amon￿ tlie au(lil ¢ngagemcnl tcam rcsarding Ihc opportunitie% und inc¢ntives ¢liat may ex1￿ witliin the OT%ani¥aiion for frdud, and liow and wlicre fruud mig])t occur in Ilie finanLial &lalemenl5. • In comtnon wilh all audits under the ISAS (UKI, we aro also required to perforin spe¢ifi¢ procedur¢s lo respond to the risk orM￿n￿￿ement override. In addrcssiiig tli¢ ri%k of fraud through managemcnt override of ¢ontrols. wr tesled the apprcpriatencs5 of journal cntri¢s and other adju5trnenis.' a58es$ed whether thejudgem¢n15 madc in rnaking accounting &%limates are indicative of J potential bias.. und evalulted the businc55 rationalc of any.signiFicant transactions Ihai arc Linusual or outside the normal course of busines5. * In a(Iditiott 10 the abovc, Our proccdurLs It) rttspond lo the risks identified included the following.. vicwing financial statement disclosures by Icsting to supporting documenltttion Its a55ess ¢ompli&nce with provisions of relevant laws and regulation5 described as having direct rffecl on Ihe fiiiancial slal¢menl5.' Perfomiing analytical procedures to idrntify Any unusual or unexpected r¢lationships that may indirAl¢ risks of material miss¢at¢Jnent du¢ to fraud-, * Enquiring of mat)ageiment, concerning a¢tual and pot¢ntial litigation and claim4 and inslanLes ofnon-complianee¥ witli laws and regulètions.. and * Reading minutes of Meetin￿ of tlios¢ ¢harg¢d with governance. A further d¢scription of OUT re5PQn5ibilities for the audit of the financial 5tatcrnents is IocBtcd oil thc Financial Rcporting CounGil'5 website at www.frc.org.uklauditor5rcspon5ibilLtiCs. This description forms part of our Report of the Independent Auditors. REPORT OF THE INDEPEN'DENT AUDITORS TO THE MEMBERS OF REED RCHH FORD Use of our report This repoit is mad¢ sol¢ly ¢0 thc ¢harity5 tru51¢¢s, as a hady, in arGoTdancr with Part 4 of th¢ Chariti¢s (Accounts and Reports) Regulations 2008. Our audit work lias beeli uod¢rtaken so tl)at we might state to the charity's trustees tl)ose Inatlers we arc required to state to them in an auditors, repart and for no other purpost. To the fullest ¢xt¢nt permitted by law, we do not acccpl or assuin¢ r¢spoiisibility to aoyon¢ other than tlie charity and the ¢liaritls trustees a5 a body, for our audit work, for this report, Dr for the opinions we have fonned. Sumer Auditco Liinit¢d Churlrrcd AGcountant5 and Statutory A￿ditor 30 Gay Street Bath BAI 2PA Dale.. A•LS io RFf£ DOM CIIIJRC.FI IIFRFFORI) CIO CONSOLIDATED STATEMENT OF FENANCIAL ACTIVITIES INCORPORATJNG AN I DIT RF ACCOUNT IOR TFIE YEAR ENDED 31 MARCH 2024 ND 31.03.24 Total funds 31.03.23 Total fund5 Unrc5trict¢d fund Restricted fund NoteE INCOME AND ENDOWMENTS FROM As re5tatcd 880,454 41,829 47,542 89.553 14.133 1,073,511 Donittions and IcgHcics Chariiablr artivili¢ Oihcr trading eclivilies Inv¢slment income Other ineoine TotAI 856,678 14,150 53,147 127,485 43,558 I,U95,01 2,681 859,359 14,150 53,147 127,485 43.558 1,097,69Y 2,681 EXPENDI'I'Ullb ON Raisillg funds 523 l.U58.U28 1,058.028 9.184 9,184 .067.212 ,067,212 1,174.513 1,175,036 Total N¢1 gain$lllossesl on ir1ve￿ille￿ts Nei g&in51llossc51 on freehold property revaluelion NET INCOMLI{EXPENDITVRE) 18 16 16,6441 13.3561 26,990 16,6441 13,3561 20,487 {4901 167,1(J(Ji {169,1151 16,503) TrAnsf¢r5 b¢twtcn funds Net movement In funds 11.5061 25,484 1,506 14,997) 211,417 (169,1151 RKCONCLLIATIOIY OF FUP4DS Total funds brought forwlrd 1.177,382 33.336 ,210,718 1,379,833 TOTAL FUNDS CARRIED FORWARD 1,202,866 28,339 ,231,205 1,210,718 li FHELVDU CH RD IIY BALAN AT 31 MAitCH 2024 HEETS Group Cliorityonly 31.03.24 Jl.Q3.23 Th￿1 runth Tu￿1 lun￿5. UThK51ticicd Ruirict fu tulldx Nii FIX]IDA&8ETS Tongibl¢ In￿lIM¢￿ Inv￿lm¢￿1 PrnDmy 624,783 103 %?7.￿rI I.103.442 624,783 xr)3 fAI,195 03 X4.-5(X) 624.687 903 77.%5fi 624,fJX7 rAI.o75 903 1713 877.%5fi 1..%01,446 1.126.471T CURPLINT ASSETS ¢biiTrrs Cash aibDThkand in Iiand 403 374,D23 420,480 40.476 402,749 448,815 75.279 711,641 70.fi54 345.4 28.J2 28.320 28.339 291,774 361.846 41(K231 3¥7,719 CREDI'rolls Amouni fullinkp duewilliin onBycur 11011.9fi%l 27B,754 NET CURREKrAss￿rS 21.339 325.IAI(J 297.11 2Y.3 3¢)7,n93 TtYIALASSE'I'SLILSS CVRRfN'I' LIABILI'r 1,828,302 1.1113,616 1.7¥12 1,789.945 CREDITORS Arn(M)ni fulllnB du¢ un¢rmDfQ th4 oncycir. (5Y7,2Y7) {5Y7.IY?I (61? 8Y¥} NE.rASS￿1.&1ILIAB1Ll.1'lFS) J,2U2,¥66 28,JJY I.IX4.9a3 28.339 1,213,242 1.177,047 FUNDS 25 Unrc¥iriclcJ fun R¢vUlu￿lLUI rc*V¥¢ I.U62,2U5 I,D2&721 I,U44,242 14ts,fj61 24,JJ9 151661 2A,33Y 33,33fi 1,231,2U5 1,177.047 Thr flnihEi41 wgf¢4ppitsY￿ hyil* 24 thiuary 2Q26 Hnd wgrvtslBnvJ hEhilfhy'. MrJ A CwkE- fFUSiC¢ Mrj Dysvn-'I'ru51¢¢ 12 FREED HUR H HEREFORD CIO ENT FOR THE YEAR ENDED 31 MI ARCH 2024 31.03.24 31.03.23 Notes Cash flows from operatlllg activitles: Cash g¢n¢rated froin operations Int¢rest paid 151.881 {53.096) 115,897) 130J261 Net ¢a5h provided by (Nsed in) operating activities 98,785 146,223) CA5h floiY$ from inv¢5ting a¢tiviti¢5: Purchase of tan￿ble assets Sale of tan￿ble fixed assets Disposal of invcstments Interest received (17.421) {45,308) 708 23,577 520 1,614 N¢t Cash provided by (used In) illvutirtg Attiviti (15,807) (20,437) Cash flows from flnanelng aetlvltles: New Loans in y￿r Loan repayrnenls in year 154,300 (47,967) (15,601} Net casb provlded by (used SD) flnaDdng Bctlvltle5 (15,6011 IOG,333 Cballge ID ¢Ash aDd ¢#sh equlv#lents ID the reportlng perlod Cash ea$h equlvnlents at the bEgiuDiug of the reportlllg period 67,377 39,673 334,972 295,299 c￿h equivalent5 #t the end of tho reportlng perlod 402,349 334,972 The notes forni parl of these financial statem¢nls 13 FREEDOM CHURCH HEREFORD CIO NOTES TO THE CONSOLIDATED CASH FLOW STATEMEIYT FOR THE YEAR ENDED 31 MARCH 2024 I. RECONCILIATION OF NET INCOMEI{EXPENDITUR£) TO Nrf CASH FLOW FROM OPERATING ACTIVITIFS 31.03.24 31.03.23 Net Inc0￿e1(eXpelld[tUrel for the reportlng perlod {AY per $tottment of finuncial a¢tivitie5) Adjustments for: Depre¢iatioD chargc5 Loss on ittvesimenis disposslg IProfiillL055 on disposal of flxed as5els Interest received Jnlerest paid Dccrcasclllncre88e) in debto {D￿rEa￿lI1ntir￿￿lS¢ in Lr¢ditQTS Revaluation of Fixed asscis Revaluation of li1v￿lIne111 property f4et cash provldod by {used In ) operotln8 #¢tlvltle8 20.487 30.477 21,265 490 14601 15261 30,326 45,132 (10,109) 67,1(K> (1.614) 53,096 28,803 10.632 3,356 6,644 115,897) 2. ANALYSIS OF CASH AND CASH KQUIVALENTS 31.03.24 31,03.23 Cash in haud Notice deposits (less than 3 months) 42 402,307 402,349 967 334,005 334.972 14 FREEDOM CHVRCII HE NOTES TO INANCI TAT IE AR I CEIARiTY STATUS Th¢chariiy is o Chorithblelneorrwaied Orguni￿li0n. Thepreseniltiort currencyfor Iht reprKLing¢nLiiy Is Gte&t BritLfhPounds IOBPI. 2 ACCOUliTING POLICIES Ba515 ofprtparlni the finAncthl stAt¢nionts The finJn¢jul of thE ¢hwiiy. whlch 15 4 public bcnefit entiiy undEr FRS 102. bDve prep¥cd ￿ aCr￿d￿￿te l¥lih tho Chfjriti￿ SORP IFR5 1021'A¢¢ounlinB ynd Rttporiingby Chatiilc5'. ofRccoinrncndcd Praclicc uppllcabl#lD rhutlilrb pi¢potiThs Ili¢irncccunis in owordance wlih the FlnAn¢lal Reportlng Siandord applic&ble ifj the UK ond Rcpubli¢ of Irclhnd IFRS 1021 leff¢ciiYc l Jonuary 20191,, Fi￿￿¢141 R￿ortIn SIBndord 102 The financi41 Rewrtlng Standard applicabl¢ iii ihc UK Kepublic of Ireland, ond lh¢ Chariiies A¢1 2011. Thc finllnciDI 51ts*mtsnt$ have been pre￿red uiid¢r Ihe hi5toricol cosi convention iyiili tlic exception of iThvcsimcnis ivhich Drc m8rkcl v&lue. ￿ rnudified by the rcvllluolionofcertllio usseti. Fre05es. Accordingly? Ihe chority is potentittlly cx¢inpt from taxation in re5P¢Ct ol'incom¢ or capitRI gain5 rcccived wiiliiii c&le81)ries cevered by Chllpter 3 I l of Ihc Colporalion Tux Act 2010 or Section 256 of the Taxation ol. Chargcable Gains Act I gy2, tn Ihc extent th¥LI 5tJch incom¢ or 8dins arc applicd cxcIu5ivcly lo choritabl¢ PUTPOS¢S. Fund $tru¢tur¢ Unr¢stri¢t¢d funds ¢ttn be us¢d in o¢¢ordun¢¢ with ihe ¢httritubl¢ objectives at the discretion of the ttw51Eos, Re5tri¢r¢d fund5 CRli only be used foi. particular restricted purp(k%ES ivithin the object* of the charity. Rcstriclions arise whcn spccified by thc doDoror whcn fund5 are Tai5cd for particular rcstricted pllrposes. Hire pur¢liase lèll*ing comniltment¥ Rcntu15 paid uDdEr opBr4ting l¢ll5f5 orc Ghorg¢d lo the Statetnenl of FittonGiJI Activities on a strnight line bu515 over the period of thc lease. Penslon eosts And other po8t-retlrement benefits Th¢ charity op¢rat¢5 9 definEd contributloll PQn5ion scherno. Contribution$ Pa￿ble to the ¢harity5 pension scheme are chLrged to the Statement of Financial Activitses in the period to which they relate. 16 FREEDOM CHURCH HEREFORD CIO NOTES TO THE FINANCIAI.,ST FOR THE YEAR ENDED 31 MARCH 2024 2 ACCOUNTING POLICIES- contEtLued TrAde debtor% Trode debiors are amwnts due fwmcu51om￿s fgrmerclwndis¢ 501d orServic￿ performed ITh thBOtdinary coumofbusiness. Trod2 debtors are recogni5ed inililllly al thc tranwlion PriGQ They aro subsequently t￿￿$ll￿d ai amortised ¢05t using th¢ ¢tYxlive inlerest mellwd. les5 pnivision foT Impai￿ne￿I. A ptovisiun fuT Ilic iinpaim)eni of Irade doblors is ￿tablI5]ied ivhen Il*re is objeciiveeviden¢¢ ihai Ili¢ chariiy will noi b¢ able￿ coll￿1 all 4moun15 due according lo Ilieoriginal lenns Df Ihereceivables. CH5h and cosh tqlllvalEnt5 Cash and ¢asli equival&)ts comptase e95h on hond call d￿(￿sit$, 8nd oili¢r 51iort-IEnn highly liquid in¥￿¢[￿Cnts ihol atereadily convertibla ￿ 8 known amount of cash llnd arc subjecl lo Insignifi¢arti Ask of changein value. Trade tredltors Tr￿10 crwJilor5 urc obli8u¢ions to poy for 8oods or Ihtst liave b￿n acquiied in ili¢ ordinary couw of busin055 frni supplicr& Accounts payable are clus5ified 3$ Guircnl liabiliiies if Ilie cliariiy docs ttoi liave an uncoiidilionDI riglil, llt Ilio end ofilie rcporting perityj, ￿ d¢fer s¢tdeineni ofihe cruiiior for ai leost Iwelvo month5 aft¢r Il)¢ r¢porting dtsie. If Iherc is in uncondiiioDal li￿1 10 defersciil¢m¢iit forat l¢asi twelve n￿)Ill17S Dfterlhe rcporting dalo. IhBy urc prcscnied non-cuntni liHbiliiies. Trnde crcdiiars are re¢ognis¢d iniliolly at tho irnniaclion pri¢¢ and subsequenily M￿￿￿td Bi amortised cost uslng Ilw ¢(ferliv inleresl melhod. Borrowlngs In￿r¢s1-benrjnB bnTrowin&% inilijlly r￿orded al fair v4luc, nei of Irartsacilon eosis. ln1¢r￿(-b￿nllg borrowing5 arc ubwuL'nily cswri¢J tsi amortisd tosi, with Ili¢ diffemce beiween Ilie prncc¢d%, nei of ITHnwlion rosts, rtNd Ihe #mouni duL O redempiion. Iniere* expens¢ is reco￿1$ed on thobHsis oftho eFf￿lIve in1cr￿1 metlK)d ond18 In¢ludtyJ in iniere51 payabl¢ and similnr¢liarg8s. Bojrowlngs are¢lossifivJ ns curMI li4biliiics unless Ilic cliaTity has un¢ondElionAI L4%lit io dcfer &eiilcThKnt ofihe Ilablliiy for al leosi twelve months 4fter the reportingdale, Flnallcill Iu81rumenti Cla Finanrial a¥seis 4nd financial liThbiliilN are rc¢0￿7$￿ whon llie cliarity bLxomc8 & PaTty 10 Ike ¢oni¢acluol provisions of Ill in4n¢ial li8biliii¢s and LNUILY in$rrumcnls Brc clDs5ificd Dccording lo thE $ubsianGE of Ihe ¢oniTaciuBI mn¥Lincnts ¢ii¢U￿ inio. An ¢quiiy i11slru￿elll 15 oiiy coiiliucl IhDI cvidences o rBSidual inlErESt in Ilic assets Dlihc Cl￿nIY Jfterdeduciin8 HJI of its liabilities. All financial ￿ti$ tsnLI liabiliii¢s are iiiiii4lly In¢asuT¢d ai iransaciion pri¢¢ {including iTh[￿tion costs), cxcepl for Ihose financt81 115sel$ Cla￿lf1￿ as ui fair valuF Ilirougji profit or lo$$, wlii¢h are iniliolly mcasurcd Jt fail valuB Iwhi¢h is nonnally Ilie IrBnsaclioii price excluding irnnsaciion cosiyl, unles8 Ilie &rrangement ConstiiuLs u financing Irdnbacll￿1. Jr an arrnngemenl conslilutC5 rinllncin8 irnn.saclion, die financial a*sel or financial liability 14 mcDsllred at tlie pKscnt value of Ilie future poym¢n15 dis¢ounied ai a markni raloof inlutosl fora similar a￿1 inslTull￿nl. Finfittctal assets Qnd litsbiliiies only oifs¢t in the sthi¢mu)i of fLn4n¢ial posiiion wh¢n. und only whcn Ilicrc exists a legolly ettforceahle riglit ta sel otythe T￿gnIs￿ Rmoun15 Hnd ili¢ cliarity iiitrnds eiiher ty sdile ort o net basis. or IB realis¢ Ili¢ ass¢t and settle Ilie liability 8imulthnwusly. 17 FREKDOM CHURCH HEREFORD CIO NOTES TO TIIE FINANCIAL STATEMEiYTS. CONTINUED FOR THÉ YEAR ENDID 31 MARCH 2024 ACCOUNTING POLICIES- Cfyntinved Finanoial asseL% ar¢ der￿gniSed wh¢n and onjy wh¢n al Ili¢¢onira¢iual rigliL% ￿ Ih¢ush nows fmiii tlie financial asscl cxpireorare 5r111c￿ bl Ilir cliatity 1[a￿5r¢[S lo ￿￿th¢rpU[iY 5ub51anlially all ofdic risk? ownership ofihe rllMnc￿I 2sseL orcl ￿le eli&rity, dt8Pite having retuined Some, b￿¢ Jll. Slgnificanl Tisks rewards ofowrtershipj li￿ Gonlrol of Ilie asset to uniAheTparty. Financiol liabililits are drnoErri$ed only wh¢n theobligDlion 5pecifJed inthe conlrncl is disc1￿0£￿ canc¢llthl or expir￿. Debt inslrninenls Dcbt insltuM¢nts whith MEEI thu fullowinK CDndilion¥ are subswu¢nily inra5u￿1 at amortistA ¢usi using the effccliyc intere&* tnElhiwJ.. lal Theconlrnclual Tetum iothe holderis lil a fixed amounl,. (ill a positive fixed raleora po$iliYevAriuble orliill & combillaiion of a p05iiiv¢ ora negativ¢ fix¢d Tr1¢ and a PDsiliv¢vaiiabl¢ rnl Ibl11be ¢onknttin&ypiovidv fuTTcpAyrn¢nl¥ DI'IIIO PrinLip41 orlhc rcturn th the Iivldrrlbut nDi bolhl ID bo linked lo a sinsle Yelevn observable indeA ofg¢nt4pI price influtitrn ofihc cunYn¢y in whirli th¢ debt ith$￿VIT￿l is denomina￿d￿ provid￿ Such IiDk5 are Jiut l¢v¢rd%ed. 1¢) llir ¢oJ]tTr¢l Inoy piDvid¢ fora dctcnninablc Yarialion ol'lhc [¢￿￿> ￿ Ihe IiDld¢r durin8 di¢ lif¢ ofihe in51Nm¢nl* pwvid¢d Iliut lil the ncw soiisfias ¢omdiiion IA) and Ili¢ v&rriaiion is not ¢Olllith8¢nt on fuium events rth¢r Ihjn 111 a ¢hange of a conirDcwuI varioblo raie. 12110 Pmte¢i the Iw)Idcr igslnsi cr￿JIt dthornitDn of Ili¢ is8uer,' 131 ¢liangu in l¢vies appli¢d by ll cenErnI bank or anslttg from c11btti￿ In ￿1¢Yant thxBilon or lllw. orllil th¢ new Mt¢ is a markei rni¢of and sa¢￿tIeS ¢ondiiionlal. Idl Their 1$ no ¢onlnGwal pravi5ion Iliai could. by its tr￿$, r¢sull in LIIF hold¥ 105ing Ilie pr1rK1￿I amouni OT any ini¢rtst llitribuiable lo ihc current PBriod orpTiorperiod5. Icl ContTaciual provisiL)ns thai pcrniii dic ￿￿￿er ￿ prepay a dcbt instt￿ment or pernui Ili¢ hold¢r 10 pul it bJck io IhB 15S￿rr bEfore maiuyity ur¢ not ¢oniinieni on ￿t￿rl, cvenLq, oilicr than w pn)Ic¢i Ihe hfrlLler againtsi Ih¢¢rtdii deieriomiion of ilio i5sucr or a cliJnsc in ¢L)nirol ofili¢ i¥8u¢r, UTIO prol¢¢tih¢ Iiuldei'or l￿D¢r￿gUin¥l Lh4n8* iii levi*s ￿pplI41 by a conirnl bank or Drising from chungu in l¢vanl taxailon orlBw. IQ ConlTr¢iual pYovi$l¢lls iuay p¢nilll Ili¢ ¢xlcnsiun Dfihe IL'nll ofili¥ dehi insbum¢DI. pwvidod tliot ilie rciurn to lh¢ hv]drr Ind oUJerconirnciuol pmvi8ions app1kabl¢d￿rlIig Il* ¢xi¢n¢J¢d iemi sai15fy Ihc ¢ondiilon8 of paragiuph5 lal ￿ 1¢). Llcbl insirumu15 Ihai ¢la¥Bifid Js p4yabl¢ or rc¢¢ivobk wiihin onB on inilial rcco¥ailiL>n Dlld wliirh mett Ilie obove condiiivns #r¢ Incasurtd ai lh¢ und1stt0uThi￿ #mvunl ol. lh¥ ush or otliu. con¥Kl¢r41ion cxpccLe(l th bo pllid or Tccciycd. nEI Df impaimiEn¢, Wilh thL ¢x¢eplion of some hd8ing in5￿M¢nIS, oihcr dcbt Irtslrum¢n15 not mgcimx ¢ondiiions $re measured ul fllit vlll ithuxh profil or1055. Commilttl¢nts 10 mAkc ond rLxclve loarts which ineei di¢ condliions mentioncd obov¢ Af¢ ￿￿ured ai Cost Iivliirli m4y be nil) los5 Lnipoirmcnt. InvL%lm￿ts nOn￿D￿v¢[l1bl￿ pr¢ferencc 5harc5 ￿n-pull￿bIc Drdinory or pi¢fcrenrc 5harrs Iwh¢r¢shuT¢S are publiEly traded or their f&ir vuluE IS JEli&bly InEDSUfublEI HtE Jlleosuied al fail vnluE Ihtoiish PlTJfil oi Ios5. Where fttii vllluE cSinnnt tsc incogured JdiBbly. invalinEnts n￿sUrelY at Gosl less iinpainnent Invtsim¢nts in sybsidiarits and assu¢i4ics ar¢ In¢asuttd ai cost loss impaim¢ni. For invtsiin¢nts in s¥bsidi8rics #cquircd for consideTrlion in¢luding tliy issvq of qvalifying for InEr8er Teliqf. ros¢ 15 tri¢a5u￿d by referEnG¢ 10 tlit ttoinijjol value of Ihe sharts i5wd plus fAir vJlve Df olliErEon5ldEr￿lIQll. Any PlE￿illM is ignuMI. FIIEEDOM CHURCH HEREFORD CIO NOTES TO THE FINANCIAL STA'fLMENTS- CONTINUED FOR THE YEAR ENDED31 MARCH 2024 3 DONATIONS AND LEGACIES 31.03.24 Total 31.03.23 Gcneral Reslricl¢d Donations Gift Aid 736,325 120,353 856,678 2,515 106 2,681 738,840 120,519 859,359 752,447 128.007 880.454 4 OTHER TRADING ACTIVITILS 31.03.24 31.03.23 A5 r¢siAied 3.776 3,024 4U,742 47,542 Café incoine General Sales Eveni$ & ¢onf¢r¢ncing 1.675 2.61U 48.8(?2 53,147 Prlor yeAr reitatement During thc y¢ar, the dccision was mode 10 re¢l858ify rcntal incoint from other troding Qclivities (Nc4e 41 to inv¢stTncnt iiieoinc {Nole 5) to bcllrr rcfle¢t tli¢ nature of ¢h¥ trnts$a¢lion. As Ihc rL'L,1￿¥S1tiC￿Ii0n WAS iiiat¢rial. lh¢ prior y¢ar ainouni of £53,550 lios also been r¢¢lossifed to m8in(aitL consistency. S INVESTMENT INCOME 31.03.24 31.03.23 As Rsi#t¢d 89,027 526 Rcni$ rectived Interest receivable-tTadin8 125,871 1,614 127,485 89,553 6 INCOME FROM CHARTTABLE AcfIvITIES 31.03.24 31.03.23 Attivlty Acadcmy Acadcmy income Acadctny rcnlal income Ac¥dcmy incomc 14,150 22,926 12,063 6,840 41,829 Fireslarlcr 14,150 7 OTHER INCOME 31.03.24 31.03.23 Othcr income Small equipment sales Coaqhing incorne ReiTtLbuT5tnEnts 43,558 .071 5,370 7,692 14,133 43,558 The notes form part of thEse financial slatcmenls 19 FREEDOM CHURCH HEREFORD CIO NOTES TO THE FINAN IAL STATEMENTS-CONTI FOR THEYEARENDED 31 MARCH 202 RAISING FUNDS Othcr trAding At*ivltlcs 31.03.24 31.03.23 Purch￿5 523 CHARITABLE ACTIVITIES COSTS Grant ￿ndIng of attivi (See note 101 (see notc I l} Support costs DIr￿t ¢051$ 31.03.24 Totals 31.03.23 Totsls Media lThtemalional SUPPOTI Wurship H¢ruc¥ Ark Evcn15 Gu¢5t Servi¢¢s 57,190 748 57.938 68.706 686 5,8(14 6,910 18.092 3,768 5,583 47.133 380 436,994 140.957 88,377 79 51.918 16,685 335,566 75,947 138,557 613 7,697 14,336 34,146 136,625 605 2,720 1,140 2,799 53,058 16,685 337.955 75,950 159,720 2,389 Dircclional Leadership T¢om Financc Huinun Rc50UTCeS Academy IT Kids IA)¢alionl51 Ncxi sleps Officc Production Zeal Momentum Fircstartcr Sllltwirhds She Tribe Barbarians Other 21,163 948 309 1,706 95 1,575 %,U06 16,042 34,241 189,300 605 3,644 23,923 9,109 945 17,618 2,804 20.230 1.155 12.654 14,360 .067,212 25.838 29.713 31,904 140.287 215 4,716 17,929 15,052 286 44,562 3.228 15,536 2,429 11,275 18,991 51,100 22,181 8,967 903 17,194 2,766 19,821 1,742 542 42 400 24 38 409 466 1,580 38.345 12,780 977,367 FRF.&DOM HF.REFORD TESTOTHI FINANCIAL STATKMENTS-CONTINUED FOR THE YEAR FNDED 31 MARCH 2Q24 10 GRANT5 PAYABLE 31.03.24 31.03.23 840 Financc Localionls) Fi￿¢0￿¢r 51,100 400 51,500 7,50D 2,0 Grdnts are paid to ¢liurGhes that Ihe Clwriiy have lielped 10 csiablish Ai Ihedi5¢rciion of dic truste￿. 1.hc funds paid are us¢d 10 furtliet thoehatilJblo objec11v￿ of thc Charily. D￿c to their nalur4 lI￿re are cM¢eria for repayment. 11 SUPPORT COSTS Infonnalion l£rhnvlu Qovcrnan¢e cosL% 31.03.24 T￿aL$ 31.03.23 Tot*l$ FlnHnce 568 748 In￿rnatiOn￿l Sup Aclldomy Worshsp H¢Tots Ark Events Gu041 S¢ryi¢¢s 686 719 1,243 3.768 5,584 2.561 .106 37 594 2,683 546 2.720 213 2,176 2,389 DirL'biionthl Leadership T¢Din Finpn¢¢ luttian R￿OUrCeS 3,481 19,801 1,5Z2 1,426 948 156 1,705 65 533 1,742 14,621 21.163 948 309 1,706 95 1.575 ,742 142 42 24 38 409 L¢ad¢rsliip A¢adginy IT Klds LocD¢ion($l Prryill¢ii¢)n Zeul Monienium FirasiariLr Saliwlnds She Trlbe BarhariBns Orlicr 2,198 82 960 1,072 1,642 142 36 24 58 409 1,7Z7 407 32 281 466 259 466 1,580 3¥. 290 18,788 4¥, 21 FklEDOM CHURCH HEREFORD CIO TES Tl Fl IAL srATE￿I￿N.fs- CONTINUED R I'llb YLAK LNDED 31 MAMCH 12 AUDITORS, REMUNERATION 31.OJ.24 12,3QO 31.03.23 9.750 Ftts payabkwthe ch8ti1y¥ audiwr¥ 13 TRUSTEES. RKMVliERATION AND BINEFITS No remuneraiion otb¢nefil$Wl¥¢ paid ioirus*t8 dwinB th¢ y¢or12023.. £Nill, 14 sfAFF COSTS 31.03.24 31.0323 WaB¢¥ slllari S¢¢iul ￿¢V￿lY c¢51$ Other￿n￿lDlll￿ts 275293 16,358 6,974 298.625 369,460 l9,977 10.067 399,504 ThE uvcr&B¢ JnDnthly ￿￿)￿b¢r of cinplvyw durinsth¢year follows: 31.0324 31.03.23 Slofl A¢4dci DLT Ftnun¢¢ Kid5 IAIL'Dlion Mcdio F￿¢stort N¢xi Sicps 24 30 No omp(oyecs r¢g¢iw¢d gmolumghis ih ¢x¢ts3of£60.IY)O. Tolal rcmuncroliDll puid lolhc 3 12023.. 4lk¢y rnonag¢ill¢nl pcrSDnnel £67.12112023'. %120,747X ¢r￿ludIng oinplDy¢rs Nl pcNsion conlribuiions. NobEnefits ￿ kuid wrte ￿ld loany el￿p10y￿4. 22 FREEDOM CHURCH HEREFORD CIO THE FINANCIAL STATEMENTS- CONTINUED R THE YEAR ENDED 31 MARCH 2024 15 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES R¢sth¢i¢d runo Tolal fund5 nd INCOME AND ENDOWMENTS FROM Donation5 and I¢Ea¢ies Charitable i¢iiwiios Ollierlradifig aclivili Inv￿MIent income Other income 868.6é6 41,829 102,872 34,223 11.788 880.454 41,829 102,872 34.223 14,133 Tottsl 1,061.723 I1.78¥ EXPENDITURF. ON Rttisitl8 funds Charitable p¢tivilies 523 523 2,631 12,631 ,162,405 .175,03 zains1llo￿￿j on invesimentj Ncl gain￿(10￿￿e5j on frL'cIN)Id ptQPErty rBvalualio 14901 14901 167,1001 NET INCOMEI{EXPENDITURBI 1168,2721 {643) Tr•ngfori bolwcen 17,4681 1175.7401 7.468 6,625 Net mDvomuiit In fund¥ RECONCILIATION OF FUNDS TotAI f￿￿dI brTru8lLt forwttrd 1,353,122 1.379,833 TOTAL FUNDS CARRIED FORWARD 33,336 23 FREEDOM HUkCH HERETrnEiD Jo NOTE5 TO TIIE FIYANCIAL sfATETrIEN75- CO RTH TINUED 16 GROUPTANGIIILE FIXKD ASSKTS Frc¢hold property InJprovETncn15 ioproMy ptllnt machiDcry COSTIFAIR VALU At l April 2023 MdTIioDs Disptsmls RevDluations 565,5DI 280,286 4,250 1.269 Al 31 M¥ch2024 DEPftECIATIQN Ai l Apnl 2Q23 Charyc forycar Eliminulcd on dis￿&01 280,286 422 At 31 Murch 2Q24 3,473 NET IIOOKVAI.UF. Al JI Morth 20Z4 31 Much 2023 562,145 2,046 FIxiu￿5￿nd rilli Moior VchlGI Compuicrll)A quipnKnl COST At l Apri12023 82,461 2,564 234,$41 16.IS2 R¢vAIuiiioni At 31 Mllrch2024 82,461 2,56 244,582 DEfRYC￿'llON At l April 2023 ChHry¢ IbrycDr Elimimted on diS￿s￿l Al 31 Ma￿h2o24 J7,479 5,058 528,4D8 30,477 24,824 62.537 2,fA4 204,434 429.298 Nrf DOOKVALVK Al 31 MJr¢h 2024 19,934 24,982 52Q 624.783 Ai 31 March 2023 693 4¥,820 The Freehum pruwy iyuecounied foru5 ai ￿rY#l￿¢. The lattsi foymfjl Yaluuilon forthtt property WQSM 3113124 by indcpendeni wJluer4 Sundcrfand5 LLP. ThcTwslic5 hJv ol5vr￿sS¢s5cO Ihc u5H&fB ofihc frrchold pmpertyuspryrt oflhc rcvnluation ￿￿e￿ISEdUc io ihe Property known Forgdhalqllbl D lor8rprfccrttLgcofrenitsl Usc UndcrFRS102, IhG proportlon Dfihr uca ufa WPGrty u3cd forrcnthl Should bc I￿￿riEd ￿an inv￿rn¢nt pwpErty. Arrordingly, 61%Qflh¢wDPErtyv￿VEh￿5 b￿n rEil&Fslf￿j io invuim¢ntPTQp¢rtyl￿not¢l8l. YEARE L7 FtXEibAssgYJpNfsThiENTS Un%5 NIAfrX£TVALUE At l April20 103 Atjl Ma￿h2o￿ NETgODKVhLUÈ Aijl MJwli1024 A¢31 M4tth29]3 103 It INVfsfNI£NfpRoRRTY WAJRVALUE 16ffi441 Ai31 M4rth?024 NzrBOOKVALUE Aiji 1014 19 DKUTOJLS..Mioupirs FALUNGllUÈWIYIIINONIV&IK 31,0)24 31.03,23 51.0&13 1,2 4tsJ76 ,é54 Z• CP￿lT0P& MIOVNISVh4Lif4¢pw4wrtllINof4EYEAR Clith¢yONfy 31W.7J 21.70) P*bJiOnwythle ¢roJit¢wd 2.101 2.104 47.21 1,2AO 4S,6I6 VAY 1.076 IL CrtEtyJTQPS.. ANiovfirs**LL1tr4GtsV£hFfKRfvIOB¢Tllh240NEYUR GM*p Cbullyollly a*Lk10wui￿fflOi¢?I) JP7,297 597.197 l¢ri#rn FREEDOM CHURCH HEREFORD CJO 'HL TrINANCIAL S'I'A'I'LMLNTS- CO FOR THE YEAR ENDED 31 MARCH 2024 TK ED 22 LOANS An &n&ly5is of the maturity ofioans is gI￿n below.. 31.03.24 31.03.23 Amount8 falling due within ort ycarott demand.. Btsttk loans 16,313 16.313 ATnounts f4lliTrg b¢lw¢¢n on¢ und two Y￿r5.. loans- 1.2 ycar5 17,653 17.653 Ainounts falling due bctwcen two llnd five Y￿r5.. B&nk loans. 2.5 yeaT5 62.143 62,143 Ainounl$ falliiig due ITh tnore Ihon fivc yc&rn'. Bank108ns. more ¢h)n 5 years 517.501 533,102 23 LEASING AGREEMENTS Minirnum IEUSE payments undor non-cgncellublo OPETllting loasos fall due us follow& 31.03.24 31.03.23 WithiTh one ye&r Between one and flve ycftrs 31,016 30,677 61.693 39,453 99,453 24 SECURED DEBTS The following Secured debts aTe Éncluded within creditors.. 31.03.24 31.03.23 Bank I￿NS 613.610 613,61Q 629,211 62£),211 All bllnk Iithns are securcd Bgain5t ThE Forgr, 161 HolmG La￿ Roud, Hcr¢ford, HR2 6DG. 26 FREEDOM fllllRCH HF roRD C IVOTf.s TO THF FINANCIAI. STATLfMIGNTS~ C OR THE YEAR ENDED 31 MARCH 2024 25 MOVEMENT IN FUNDS Gruup Nei Inov¢ment in fvnds Tran5fer5 between ti]nds At 01.04.23 At 31.03.24 Unrestricted funds General fund TJi¢ Forg¢ Revaluation R¢5erve 356,593 670,128 150,661 1.177382 36.990 (17,1071 15,601 376,476 685,729 140661 1.202.866 10,000 Restrleted funds Ark SAltwind$ Other (1.5061 (1,8261 1,5(hS 30,165 28.339 33,336 0.503 1.506 28,339 TOTAL FUNDS 1.210.718 20,487 1.231.205 Nct mov¢m¢n¢ in funds, in¢ludcd in Ihc abov¢ are as follows.. Ineoming resources Resour¢es expcndcd Gains and loMes Movernent in fijnds UnrE5trlct¢d funds Gcner41 fund The Forge Revuluation Re5crv¢ 1,095,018 {1,058,028) 36.990 1,095 018 1058 028 Rt$trlct¢d funds Ark Saliwinds Other 1,293 978 410 2,(181 12,7991 {2,804) 3,581 9,184 (1,506) (1,826) TOTAL FUNDS 1.097,6yI) .067212 20.487 Charlty N¢t mDvEm¢nt in funds TronsFers between funds At 01.04.23 At 31.03.24 Unr¢$tritted funds G¢n¢iHI The foTg Revklu81ion Reserve 322,922 670,128 150,661 52,698 117,1071 15.601 358,513 685,729 140661 1,184.9Q3 10,000 1,506 Restrlcted thnds Ark SaliwitLd5 other 11,5061 11.8261 3.171 6.503 1,506 30,16S 3,171 33,336 28,339 1.506 TOTAL FUNDS 1177047 36,195 1,213,242 27 EDOM CHUR H HEREFORD CIO S I'O I'HL FINANCIAL STATE TS-CON R TIIE VEAR ENDED 31 MAR 25 MOVEMENT IN FUNDS- oontittuod Chllrlty Nei Inovenieni in funds, included in ihcuboveare os follows.. Gallis Mov¢mcMt in rutrds Expendcd Unrutricted Oener81 fvnd Tb¢ Forgc RevaluAEion Res￿ve 1,097.489 11.044,7911 52.é98 10.ooL> .097.489 1.044.791 10.uoo Rt51rlctod 1293 978 410 2.681 12,799 12,8041 SThlLWiTh Other 6.503 TOTAL FUNDS 1.053 975 36,195 CDmptsrffjiive$ for Mkoytmtnt Group Nel InoveiJi4nl Transfersbelweon funds Al 01.04.22 Al 31.03.23 Unresirll. I7 OTIILRFINANCJALCOMMIThlENT5 Al¢l￿Bith￿S￿￿ld￿¢. thotowue ThDcipliil Conu￿t￿￿nIl1J1liFrttdD1nchurckh￿dtn1I￿￿ ￿lD ￿l￿roY￿r. 28 POSTfsALANCZSIIEZTEVENTS WilliGffrrl frgin IN April I￿1￿1¢¢]1￿1Y kn dt¢Cnlt￿l1￿ row IIK ¢liwlw. Il¢Yo(wQ. wowostti.cI￿jI0nkn￿ofidcw41If. &￿i¢ll￿￿11 vryll be clwily willi LILew 1ccn￿nt, 11o(fArl inulu¢i. ThEre llCih>bHI l¢Thn fur1￿ pr￿11¥111t& Df Ill T1ieipllithfDNsEiJwi11 be IhE fonnEd rlwlitcE. Fr¢doinCI￿￿Cll Flcrrlwd ￿11 uprNlq •llndhknno ￿l￿rfty. As or tht thii*iuei. ¥M¢¢rnofFr¢odomaNr¢h H¢r¢f¢rf IljKb¢￿ N6K&%od wvlulo ir¢ dill Frccthmchurrli Ilcr¢fDrd rpt¢powiOhli¥iillippto￿￿1¢. FREEDOM CHURCH HEREFORD CIO P40TES TO THE FINANCIAL STATEMENTS- CONTINUED R THE YKAR ENDKD 31 MARCH 2024 29 RELATED PARTY DISCLOSURES During thc ycar th¢ Gh4TÈty tlladc ihr following ￿lTr1¢d party tr4nsaclions'. Jo$h Cook¢ Husband Df former ttvsiee, MeEatt Cooke. Became trustee in January 2024. J05h Cook¢ was paid £25112023.. £2151 f(IT $¢rvi¢es provid¢d during the financial year. Al the balance sheBt date. the atnount ow¢d to Josli Cook¢ wu$ £Nil12023'. £Nill StEreh- Robert Snowzell &th￿Qf I'aslor Gary SnowzG]I. Surch w&5 paEd £2,400 (2023.. £2,400) for serviG¢s provided during the financial year. A¢ the bolance sheet date, the amount of £20012023.._£2001 was owed to Surdi GBry Snowzejl Mwnb¢r of the Directional Leadership Teajn. Gary Snowzell wa5 paid £884 12023.. £3271 for the reimbursemEnt of expenses and £3,37112023.. £Nil ) for rayaltics. At the bulancc shect dat4 the llmount of £14 (2023= £Nill wa5 Qwcd to Gary Snowzell. Steel SAlnts Industrlal Furlllture Owned by Bwih¢r-in-law of Key M&n&gemeDt Personllel, Meg Cooke. Siecl Saints llldu5knial Furnitur¢ wa5 paid £3.18V12023.. £4251 foi. %Erviccs provid¢d during thr fin4n¢i&l y¢ar. At the bolon¢¢ 3h¢¢t dul¢, the amount ol-£Nil (2023.. £Nil) w93 oiv¢d lo St¢¢1 Salnts IndusiL'iuI FurnitUTe. Wlldflre {Ilorefordl Llmlt¢d -rradin&p sub%idiary. Al Ilic bal£iice Sheet date, the amount of £25,75612023,. £Nil} was owed by Wildfire (Hereford) Limited. Tronsactions of £lOO.011 (2023.. £49,528) look place duriiig the year. CNeoffrey VermAut Broili¢r-in-l¥w of truslee, J05h Cooke. Geoffrey Vcnniui wo$ paid exp¢nscs of £12812023.. £425) during th¢ finan¢ial Y￿r. Al th¢ b818ncc sheet date, the n?ount of£612023.' £Nill IVJS owed to Geoffrey V¢rmaut. Slan Vermuul Si#n Vermaut wos paid ¢xp¢nses of £44812023,, £68) during ¢h¢ finlln¢ial year. At lh¢ balnn¢e sh¢¢i dale, the alnounl of £34 {2023: £Nil) was oivEd 10 S V¢rinoU¢. 30 FREEDOM CHURCH HEREFORD CIO r40TES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 30 TAXATIOFI Th¢ charity is a registered charity and 1$ tlierefore exetnpt frotn taxation. 31 DETAILS OF SUBSIDIARY UNDERTAKINGS D¢tails of the inv¢slments are as follows.. Proportlon of votID¥ rlghts d 5h#res held Country of itkcibrpor8tign Prluclpal cdvlty Undertaking lloldRng Wildfire (Hereford) Ltd Company no.. 10371625 Englartd Ordinary IOIY/o Rettl estate 31.03.2024 31.03.2023 Tolal assets Total liabilitie5 Capilal & rescrvcs 58,695 140,632} 18.063 48,663 (14,894) 33,769 Sub%idlAr ofit & Loj niAr 31.03.2024 31.03.2023 Turnover Pr()fit for the finanical ytAr 97,540 83,288 55,330 50,043 32 RKSTIUCTED FUND INCOME BREAKDOWN 31.03.2024 31.03.2023 Donation$ 2,515 166 10,912 876 Gift Aid 31