House of Pra er Trust Financial Statements for the Year end 31 March 2024 CIO 1162259
House of Pr er Trust INDEX Page 3 ChArity information Page 4 -6 Trustees Report Page 7 Statement of Financial A¢tivitie5 Pag¢ 8 Balance Sheet Pages 9-12 Notes to accounts PAg¢ 13 Independent Examiner's Report
House of Pra er Trust CHARITY INFORMATION Trustees Mrs Josephine Aubrey Mr Adrian Hide - Resigned November 2023 MTS Helen Campbell Mr Fred Manu Mrs Catherine Delbridge Mr Richard Molli Charity Number 1162259 Charity Correspondence Address 8-1 O Duke Street Wellington Telford Shropshire TFI IBJ Independent Examiner Gary Peter Brookes FCA Bse 130 Wombourne Park Wombourne South Staffs WV5 OLY Bankers Barclays Bank The Telford centre Overdale Telford Shropshire TF3 4AD
Governing Document The organi5ation is a charitable incorporated trust registered in 2016, hereafter referred to as the Trust. Trustees The trustees as named on page I have served throughout the period, except those who have been appointed or ceased to act as trustees during the current year, as indicated. New Trustees are chosen by invitation in order that the Trust may have representation from a wide range of experience from within the body of the fellowship. We match our skill requirements with knowledge and experience and where there are gap5 we offer appropriate training. Trustee Induction and Tralning There are no specific policies and procedures for induction/tr3ining of trustees. However. they are inducted according to individLJal requirements. A copy of the Trust Deed is supplied, along with the Trust policies and procedures and copies of recent board meeting minute5 and accounts. Individual Trustees roleslresponsibilities are negotiated with all the trustees so that their roles complement each other. ObSectives and Activities The advancement of the Christian faith and the worship of God in ShTopshire and elsewhere by any mean5 whatsoever including (but not by way of limitation) The preaching and proclamation of the Christian gospel and the teaching of Christian dottrine and principles The pastoral care of Christian people The printing and distribution of the bible and Christian literature including video and audio recordings or electronically and by ariy other media which is or may become available To establish a Christian centre in Telford as a centre for Christian use and for other charitable projects as the trustees may from time to time deterrnine. The relief of persons who are In conditions of need, hardship or distress or who are aged or sick. The advancement of education on the basis of Christian principles and without prejudice to the generality of the foregoing ihe provision5 of such education in any educational establishment and if the trustees so decide the provision of one or more charitable educational establishments for the general education of children or adults on the basls of such Christian principle. Throughout the year the trustees have paid due regard to the Charities Commission's guidance on Public 8eneflt and, in particular. the Specific guidance provided to charities for the advancement of religion. Achievements and Performance Although numbers have decreased slightly in the present circumstances, HOP has still maintalned reasonable numbers in weekly service5 and limited events. It ha5 been successful in achieving its aims to reach out into the community through events and other activitles either in partnership with, or in support of other Christian projects. HOP Trust achieved its objective on pollcies and procedures and underthe period of consideration, have reviewed an(J updated all relevant policies and procedures. All Trustees and workers have undergone training in Safeguarding. HOP continues to partner wilh Oiher local churches in Tellord lor the furtherance of Christian education, outreach and support, however this has been adapted to account lor the social restrictions. The Church objective of reaching out into the community through the Gratitude Events Café projecl has been and continues to be a success. The recent addition of Bookends further enables HOP to reach the communilN.
Following Hop leavingthe Life Centre. efforts are now undemay to find a new location for the fellowship. The proposed evaluation ot 8-10 Duke Street has been suspended for now as it's a very long-term outlook of our future plans. Community activities including music tuilion, local art exhibitions and gallery, education and care support groups continue lo use the premises on a weekly basis. Pastoral care and church meetlngs also continues there. Future Plan5 The year ahead will be challenging. regarding the relocating of the main Sunday meetings, as the church currently meets at the Old Hall School. This arrangement is temporal and does present challenges whereverthe facility is required for use bythe school. The Trusl is in the process ot looking for a new location that has sufficient spaces to accommodate our services. We continue to make ellecilve use ol our current facility located at 8-10 Duke 51reet to support our spiritual and social objectives Financial Review The full results of the Trust for the year are set out in the attached financial statements. Income increased from £114K to £117K mainlyfrom increased income from Tithe and Offerings, and rental income on Duke Sireet premises. The total expenses decreased from £107Kto £106K. A residual surplus of £llk was achieved compared to the previous year of £7k. The Trust 15 s":ill a going concern despite the challenge of movingfrom the life centre ané the changes in the leadership. Reserves Pollcy At this stage of the Trust's life there Is little room to address a reserves policy in practice although an awareness of the need for one 15 monitored on an onBoing basis. Risk Policy The management team condurts an ongoing review of rnajor risks as part of its regular monitoring and reporting. Internal risks are minimised by the implementation of procedures in regard to Good Prartice Child Protection Policies, Fire Safely and Health and safety inspections where the Trust's activltles operate. Financial risk5 are minimised by the implementation of procedures for the authorisation of a15 trarsactions by the team and reviews on a regular basis. Tru5tee5' Responslbllities Charity Law requires the trustees to prepare financlal statemep.ts for each financlal year which give a true and fair view of the state of affalrs of the Trust and of its flnancial artivitie5 for that year together with its assets and liabilities at the end of the year, adequately distingulshlng any materlal, special trust or other restricted fund of the Tnjst. In preparing those financial statements, the dlrectors are required to: al Select suitable accounting policies and then apply them consistentlyi bl Make Judgements and estlmates that are reasonable and prudent; cl State whether the policies adopted are accordance with the approprSate SORP on accounting by Charities and the Accountlng Regulations and with applicable accounting standards subject to any material departures distlosed and explained in the finantSal staternents,. and
dl Prepare the financial statements on the going concern basls unless it Is inappropriate to assume that the Trust will continue in its actlvities. The trustees are responsible for keeping proper accounting recorLls which d55close wlth reasonable accuracy at any tirne the flnanclal position of the Trust and to enable them to ensure that the financial statements comply with the second editlon of Statements of Recommended Practlce 2019 and the regulations made under sectlon of the Charities Act 2011. They are also responsibjle for safe8uardlng the asset5 of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and Irregularitles. The trustees have the power to Invest In such a5setS as they see flt. This report was approved by the trustees on 0(-Tr3S Trustee NAMEofTRUSTEE.......
House of Pra er Trust Statement Of Financial Activities for the year to 31 March 2024 Total Funds 2024 Total Funds 2023 Notes Restated Income Incoming Resources from eharitable Activit1¢$ Tithes and offerings Gift Aid received Renl / Gran15 received 74,635 16.145 26,075 116,855 80,629 15.756 17,627 114,012 Total Expenditure Charitable Activities Direct Church Running Activities Other Expenses 105,568 98,271 9.009 Tot41 105,568 107,280 Net surplus 11,287 6,732 Reconciliation of Funds Unrestricted and Designated Fund Balance BIF 160,282 153,550 Total funds carrl¢d fonv4rd 171,568 160,282 There were no recognised gains or losses for 2023 or 2024 other than those included in the Statement of Financial Activities
House of Pra er Trust Balance Sheet as at 31 March 2024 2024 2023 Restated Notes Fixed Assets Tangible Fixed Assets Deposit Accounls 227,849 240,040 227,849 240,040 Current Assets Stock Debtors & Prepayments Cash at bank and in hand 36,209 57.140 33.375 43.877 93,349 77,252 Creditor: Amounts falling due within one year (1,995) (4,000) 73,252 91,353 Creditor.. Amounts falling due after one year (147,634) (153,010) Net Ass¢t5 171,568 160,282 Represented by Unrestricted And Designated funds io 171,568 160,282 171,568 160,282 The accompanying notes forni an integral part of these Financial Statements. The Balance Sheet set out for the year ended 31 March 2024 was approved by the church trustees on the 21 st January 2025 Signed... Trustee Name .
House of Pra er Trust Iyotes to the accounts for the year to 31 March 2024 ACCOUNTING POLICIES The charity constilutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with A¢counting and Reportiiig by Cliarities.. Stalement of Recommended Practice (SORP) applicable to cliarilies prepariiig il)eii' a¢¢ouiils in oc¢ordance with tl)e Financiol Reporting Standard applicable in tl)e UK and Republic of Ireland (FRS102) second edition published October 2019. the Cliarilies Act 2011 the and UK Generally Accepted Practice as il applies from l January 2015. A suminary of the principal accounting policies adopted is as follows.. Basis of prepAr&tion Tlie financial statements have been prepared in accordanee with Il)e appropriate SORP on accounting by Charities and the Accounting Regulations and with applicable accounting standards subject to any material departures disclosed and explained in Ilie finan¢ial stalem¢nls. The accounts are drawn up on the liisiorical Cost basis of a¢tounting, as modified by the revaluation of irtvesthnents. Going concern Having reviewed the funding available to the ¢harity together with th¢ expected future donalions by members and the ¢l)arity's future projecled cash flows, the IrLisle¢s have a reasonable ¢xpeclaiion Iliai the charity l)as adequate resources lo eoniinLie ils activities for the for¢5eeable futiire and l)ave faiih Iliere are no material uncertainties over 115 financial viability. Accordingly, the tru51¢es continue lo adopt tl)e 80ing conc¢m basis in preparing the financial slatemenls. Expenditure Expenditure is accounted for on an ac¢ru8ls basis wliere there is a legal and constructive obligation lo make a payment to a third party and the amount of the obligation Cun be measured reli8bly* expenditure is allocated to tlie appropriate headings rclevllnt lo the charitable aclivilies. Expenditure is r¢cognised a5 soon as the related liability is incurred artd has been classified under headings that aggregate all Costs relating 10 that ¢ategory. Liabilities are recognised as soon as there is a legal or ¢onstruc¢ive obligation committing ihe Cliarity lo the expenditure. Expenditure on charitable activities comprises personnel, hospitality, property, repairs and mainlenanee, rent. rates. light and heal. general supplies and services, depreciation, motor and travel, offic¢ overheads and insurancc. Irrecoverable V A T is charged a$ an expense against the activity for which expenditure aTOSe. Governanee Cos¢$ Governance costs comprise the costs of running the charity, includes independent examiners remuneration. certain legal costs and all costs of complying with constitutional and stalulory requiremertls, such as cosis of advising the trustees and examining the accounts and are slated in note 2. Tangible fixed asset8 Tangible fixed assets Are stsl¢d 8t eo81 less depreciation. D¢pre¢iation 15 provided at rates ¢al¢ulaled lo write off the cost of fixed assets. less their estimated residual value. over their expecled useful lives as in nole 4 Stock St(Kk represents goods for resale and is valued al the lower of cost and nel realisable value. Debtors and creditor$ Debiors and creditors are measured at the estimaled amounts receivable as gift aid, and or transaction price less any provision for impairment. Any losses arising from impairment are r¢¢ognis¢d as expenditure.
House of Pra er Trust Note5 to the accounts for the year to 31 March 2024 l. Direet Church Running Activities 2024 2023 Rent and rates Ministry and Admin Support Ministy and Outreach Multi media and equipment Hospitality and Travel expenses Outreach Ministry costs Utilities & Phone cosl Repair5 and maintenance Resource material Admin & Printing expenses Subscriptions Bank Interest & Charges Legal & Insurance fees Governance ( see 2. below ) Depreciation Training 4,178 40,002 6,017 1,559 520 3,925 5,702 4,680 10.376 21,350 13,044 2,394 1.779 1,666 6,661 5,842 175 995 1,161 132 13,522 2.021 1.650 19,444 1,055 10,361 2.559 I,soo 19.570 Total 105.568 98.271 2. Governance Ind¢peThdent examination 1,650 1,500 1,650 1.500 3. Reconciliation of Funds Total unrestricted cash and bank fund5 blf Net surplus Prior Year Adjustment to b/f net surplus 160,282 11,287 153.550 10,791 (4,059) 160,282 171,568 10
House of Pra er Trust Notes to the accounts cont'd for the year to 31 March 2024 4. Tangible fixed assets LeSeoId Medla Mathinery & Equlpment Buildings Acquisition Improvement Bulldliigs Furniture nd Fittingg TDtAI Cost At l April 2023 Additions ii) Ilie year 298,292 12,646 21.573 3.669 336.180 6,853 399 7,252 At 31 Marcli 2024 305,145 12,646 21.972 3,669 343,432 Depreci*tion At l April 2023 Charge for the year 61,611 18,378 9,286 987 21,S73 80 3.669 96,139 19,444 At 31 March 2024 79,988 10.273 21,653 3.669 115,583 Net Book V4lue At 31 March 2024 225,157 2,373 319 (0) 227,849 At 31 March 2023 236.681 3J60 (o) (0) 240,040 S. Staff Costs No full time stsff were employed with duties carried out by various members remunerated on a casual basis The senior leader ( also a Trustee) received no remuneration 6. Tru$¢ees' remuneration expenses No remuneration or expenses w¢re paid to th¢ Trustees for the y¢8r except for Mrs Josephine Aubrey who was paid for Life Centre Manager duties . 7. Debtors 2024 2023 Gift Aid Rec¢ivable 36,209 36.209 33,345 33.345
House of Pra er Trust Notes to th¢ accounts for the year to 31 Mgrch 2024 8. Creditors: amounts falling due within one ye4r Creditors Accrued expenses 2024 2023 345 1,650 1,995 1.500 1,500 9. Credltors: Amoun15 falling due after one yeAr Mortgage Members & Trustee Loans 147,634 149,260 3,750 153,010 147,634 Tl)e secured mortgage facility IS Wlth Kingdom Bank for the acquisition of th¢ premises. cuentlY ihe int¢resi rate is a fixed rate of 8.85Yo Wlth in¢erest of £12,981.99 bein8 ¢har8ed during the reported period. 10 Analy$ls of Net Assets between funds General and DcsignAted fund$ Restricted funds Total Fixed assets Net current assets Net Assets at 31$t M*r¢h 2024 227,849 156.281) 171,568 227,849 (56,281) 171,568 12
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