Charfty r•glstratk*n number 1201348 ONE HOME CHURCH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 ONE HOME CHURCH LEGALANDADMINISTRATNE INFORMATION Trust C Papalh8nas Mr D J Pndeaux MrT W Mon(¥eaff Mr C P Saunders r M V4larren Mr B Ellis Mr B Knight {Appoinled 23 June 20231 IAppoinl8d 23 June 20231 (Appointed 23 Jun¢ 20231 (Appointed 23 June 20231 (Appointed 23 June 20231 IAppoinled 23 Jun& 20231 IApp)Inted 23 June 2023) Charlty numbor 1201348 ONE HOME CHURCH CONTENTS P•g• Trustees, report Independent •Xominw'8 report Statement of financial activities Balon￿ sh••t Statement of cash 10 Notes to tho finanu•l ii•temonts ONE HOME CHURCH TRUSTEES, REPORT FOR THE PERIOD ENDED 31 MARCH 2024 The Trustees present their annual report and financial statements for the Period ended 31 March 2024 The financial statements have been prepared in accordance ¥￿th the accounting polioes sel out in note 1 to the financial statements and mmply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities. Statement of Recommended Practice appluble lo thanlies prepanng their ac￿unIS in accordance wilh the Financial ReForting Stsndar¢J applicable in the UK and Republic of Ireland IFRS 1021" leffeclive 1 January 20191. Objectlves and actlvltles The chanlies objectives and principal adivth"e5 are.. The advancement of the Christ￿n faith in aecordance wth the basis of faith either in the United Kingdom or overseas. The furtheranee of re1￿lOuS or sewlar educab'on. The proviston ol facilities in the interests of social welfare for recreation or other leisure time occupation of Individuals who have need of such laulilies by reason of their youth. age. infirmity or disability, financial hardship or social circumstances wrth the object ol improwng Iheif conditions of Iile., provided that the 8dvancemenl of such purposes musl be undertaken In 8 manner that Is consistent with the d¢xtrinal d15tinctives and ethical Ststements a$ may be adopted and amended by the chuich from time lo time. The prevention and relief ol the p)or and needy. The help and comfort of the sick and aged. Generally. the advancement ol any rdlgious Of Other chantable oty.ecl not inconsistent wth the foregoing which may from lime lo lime commerKI rtself to Ihe Trustees. Who We Are We are 8 gr¢)wing, divefse community of people who over the last 47 years have helped to bring hope, goodness 8nd lailh lo our nelghbourhood The church exists lo lead peO￿e lo Jesus and for them to experience the Christian lifestyle. connect Ihrough fneryjship. gnjw tc4Jether discover ththr purpose In order lo reaeh and Influence society Our Mlsslon Our missK)n is to strengthen aThJ serve people both localty and afound the worfd thmugh our 5 key principles.. Compassionate in Service Missionary in Action and Spirit Alive in Worship Generational by Nature Gospel Cenlred Prlncipal rlsks and uncertainties The main risk is Ihal donats'ons decrease and the charity is Unab￿ lo meet rts On9￿n9 financial obligations. However to mitigate this risk. the trustees reserve al least 3 months. worth ol costs an unrestricted fund The trustees and senior leadership team weive monthly ￿pOrtS so they are able to monitor income and expenditure on a regulaf basis. We have indicattve costs for the building project. but these a￿ yet to be fimly agreed as well as the funding schemes. ONE HOME CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 Publlc Bon•fft The Trustee$ have referred to the Charty Commisgm's guidan￿ on reporting on pubJ*c bgnefit (section 17 of Charities Act 20111 when revièwng the Chanty's oty"ects"ves and aims. and %then p&nnin9 the Charity's aclivilies. The Trustees are Ihefefore ¢onfident th* the Charity meets its public benefit duty sel out in section 4 of Charitses Act20111 Us• of voluntsor• The church does *m￿0Y ￿rn• fvll and part-lim& ThTh*•rs. bJt the tsJlk olthe day to day OFéralK)ns are suFwrted by over 100 unpaid volunl••rs itrom the cl￿rth commmty. Thesa Peop￿ fraety give up their tsma to help others on regular basis. ONE HOME CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 Achlevefnents and performance The church's work Is focused around delivering quality projects and servrees which promote the Church's prineipal aims and obje¢lives and serve our t￿1 communty This past year was again fvll of good news 51ories of how staff and volunteers from the church met the needs of the community through mioknek life groups, youth 9roups. worship events, preaching of the word, and loving the comrnunity through pastoral care ￿ have seen grovth in our attendees and continue lo produce live online services, which started dunng the pandemic lo support those that cannol attend church In person The past year has seen gro1￿h with new Jndividuals and families joining ouf church in most mgnlhs The ehurth measures ils success through these goo(1 news slories and the Impacts that are fell in the local community The church also measures success through the number of partiupants in its outreath prcfvjrams aswell as the use of Ils foundatson. ONE FOUNDATION We continue to operate the One Foundatign, Pfeviously, 'Love Your Neighbour, ILYNI campaign foll¢)wing the outbreak ol Covid-19 and the national lockdown The 'One Foundation. exists lo provide food and essential items lo members of the local comrnunity that have round themselve$ In difficurt Circumstances caused by employment, uncertainties, poor health, refugee slalus, pastoral need. and finanoal hardship One Foundation has continued 19 be a vi181 resource lo the eommunty providing foc4 and care packages lo approx 50+ families or 200+ people per week, this has gone as high a$ 94 families or 315 people some weeks As a result of the cosl-of-living Criws there are increasing numbers of families reguinng support via food and care packages. We have supported refugees, victims ol domestic abuse. young ca￿ls and the Iravelling communty We have partnefed wth local councils, local support charities, schools and food banks and have received many fefeffals lor people who would benefit from this Initiative We have conlinued lo see In￿eaSe￿ school and counul relerTals as well as gfanl donations lo support the work The past year we have employed 1 stsff members part-time to support the opefa110ns of the One Foundation and made plans for FY23Q4 to employ a part limè member of staff as a Community Pastor lo continue developing our partnerships with the I￿al community in Emsworth and beyond Our suprort continues lo expand beyond the food parcel, delivenng life skills coaehing. oppoi1unilies for work experience for gTOUPS of adults with additional needs and leenagers and Pasloral care for those that requesl rt. SCHOOLS OUTREACH One Church is supporting the schools in the communily by delivering assemblies. RE lessons and PSHE sessions.The team regularty visits 4 local junior schools and 5 secondary g¢hools Including a swialist secondary education provi&on that support$ young people exFenenung Emobonally 8ase School Avoidance IEBSAI or Social, Emotional and Mental Health ISEMHI challenges On occasion ihis contact wth local schools encourages children, youth and there families lo attend the youth or church services and benefft from the wider support One church offers. This initiative not only Impaets 100's of children In Ihe community Ixrt also provides work expertence and readership development lor the college students wfio help deliver the sessions. YOUTH Youth work has always been al the eenler of One Churth. ￿,5 a communty for young people to belong lo and a space for them lo grow. Each week during lerm time we have aetion packed events. wlh Incredible music, high energy speakers. special events, and loc4 wth Connect Groups Youth work creates an incredible sense of belonging for young people- a key strategy for reduang the risk of young people being groomed into county lines and Criminal exploitation as well as prornobng FQSrtive mental health. Challengiro children and aspiratsorts among Gen Z. CARE HOME VISITSI HOSPITAL V]SITS One church continues to supFort the aging community in the area by visiting local nursing homes lo faeilitate worship services and pastoral care through beth'ending and offenng prayer ONE HOME CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 ONE COLLEGE We are (lelighted to partner with Moorlands College and be able to offer a loun¢Jational qualrficalion In Ap￿led Theology The Engaging with Applied Theology course Is a customised qualification accredrted by the NCFE and pfovides a fantastic stepping stone for further theological study. Students will spend appfoxlmately 5 hours per week supporting either one or multiple activitses within the church. This will support and empower sludenis lo enlarge their skillset and to gr¢)w in their potential. This year the college had 7 students gradual8 Ovor5ea$ M5nlstrles Our Leadership partners closely %wth chufches inlemalionally including 2 churches in Fran￿ ond one in s Senegal as well as having historic links lo churches In Spain and Ar9entina The leadership and support we have provided In rècent years. when taken toget￿r wlh their own funds. allowed this growing evangelical church lo pursue the purchase and development of ils building. Working with Compassion UK Icompassionuk org - Registered Charity 10772161, we have faeilrtated members ol the church lo provide monthly sponsorship of over 250 children in three projects in Ghana. This enables the sponsoied children lo obtain regular meals, heallhcare and lo attend schools and church. Church Mlnlstrl•• As well as our main Sunday Church SeNces lo ￿1th over SOO people attended weekly leTlher in person or onllnel. the Church operated an exten$ive calendar of programmes and S￿la1 Inilialives and activities in the following areas. KIDS CHURCH Once a month the Kids church run a "Super sunday" which is a moming of fvn and innovative activities Including bouncy castles, water fights. bring youi pets. magicians and reptiles. Th8 aim of Kids thurth Is to leach thildren loundations of faith through having the most fvn they have had all week. YOUTH BREAKFAST An open Invitation for young people lo enjoy breakfast tc*Jether wth the aim of Cfeating a home away from home environment, having lun, eating together and pro¥idin9 pastoral support. SUMMER CAMP We held our annval residential Youth Camp In the summer where over 150 youlh attended including a group of I(￿al Ukrainian youth that were sponsored lo attend. In 2023 we gave 34 gifts Included in that number are young people that we support through One Foundalion. Next year we would love lo be able lo supwt even more young people 8nd are aiming lor 300 young people to attend. CHRISTMAS PRODUCTION We staged a Christmas Spedacular produthon for Chnstmas which was well attended by hundreds of people from the local community We also hosled and partiupaled in many other events for church members and the local community Including gr0￿h track and the alpha ￿Urse5. many of whith were done online in the earfy part of the year. WOMEN'S CONFERENCE We held a women's Conferen￿ called Honey from the Rctk attended by 189 women with guest speakers Irom C3 Church Cambridge. MEN'S CONFERENCE We held a men's conference called run to the roar which saw over 100 men gather fof faith building tslks including ONE HOME CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 Flnanclal revlew The principal source ol funding continues to come from lrthes, offerings. donabons, grants and Grfl Aid receipts. a150 generate income from Iickel sales lo events. camps and conferences. The reserves policy of the Trust is lo ensure that sufficient unreslricted general reserves exist lo cover 3 months of un￿strIcted general expenditure. The unrestricted general reserves lexduding funds invested In tangible ftxed assetsl al 31 M8rth 2024 stood at a surplus of £664.548. 11 1$ the Oicy of the charrty that unreslricled funds which have not been designated for a specific use should be maintained al a level equivalent to betsveen three and six month's expenditure The Trustees consider that reserves at this level will ensure that. in the event of a significant drop in fvnding. they wll be able to continue the charity's currenl activities while conSiderat￿n is given lo ways In which addilional funds may be raised This level of reserves has t*en maintsined throughout the Period. Plan$ for future p8rl¢xls Ouring FY23124 we have continued our project to fundfaise and plan the upgrading of our faalilies on our current sile lo accommodate growth in church numbers and activities Planning permission was granted in FY23124 for new building lo be built and FY24125 wll be focused on fundraising and saving for this We plan lo employ a general manager in FY23124 to lead these efforts as well as promoting income generation through the One Church Campus. We hope by the end of FY24125 lo have ringfenr£d an amounl of £900k+ from our unre$lricled general rèserves lo over the build aclivilies. Structuro, govèmancè and rnanagement The nature of the ehanty being a church delem)Ines Its struciure. The thurth Is a "fellowship" whose priority is 'harmony' and "unty The thurch 1$ a 'YamilY' which operates on the basis ol "relationships" and a "body" which functions on the basis ol'spintual gffts" Al One Church. we have a simple structure so that we can maximise "ministy. and minimise "fflaintenance" In our slruclure, the peoFAe ale the 'minislers" orKI the pastors are Ihe"administers-. The organisational structure of the church during FY23124 w8s a Leadership Team consisting of a Senior Pastor, a 0-30s pastor, a Kid5 Church Pastor, a Youth Pastor, an Operations Manager. a Worship and Creative Pastor. also the serving Trustees. Secretary. Accounts Adminislralor. and other leadership team members. Responsibilities were spread throughout Team on the l(Alowng pnntspal activities ol th? church.. Finance and Aceounling induding GIft￿"d Sale9uarding Security Health & Safety First Risk A$St￿ment Site Mainlgnance Planning Youth Work Children's ￿￿rk Parents & Toddlefs Group Over Fifties and Nursing I Care Home minisln.es Olher areas of Public Benefii The existing Tfuslees have the responsbility lo appoint new Trustees, in actordance wth the Goveming Document. The Trustees cary out regular training vthere congdered necessary and regularly consult Stthvardship wherevèr they are un5UTe ol the tesl course of action to take matters. ONE HOME CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 The Trustoes who seryed during the Peri¢)d and up to the date of &gnature of the financial slalements were.. C Papathanas IAppointed 23 June 20231 Mr D J Pndeaux IAppointed 23 June 20231 MrT W Moncreaff {App￿nted 23 June 20231 Mr C P Saunders (Appointed 23 June 2023) Mr M Warren (Appoinled 23 June 20231 Mr B Ellis (Appointed 23 June 20231 Mr B Knight (Appointed 23 June 2023) The key managemenl personnel of the chanty as listed on page 4 are in charge of operating the charily lo meets lis objects on a day lo day basis. Two ol the Trustees received remunerabon In the year as disclosed in the notes lo the financial statements . Details ol Tfuslee5' expenses and related party transactions are di$clo$ed In Note 4 to the financial slalements Churcb AccounlsAdminislralor' Zoe Goodyer Bankers. Lloyds Bank plc and Ba￿lay3 Independent EKaminer' Mr R Hutchinson FCCA, A2ets. Camac Place. Cams Hall Estate, Forehom, P016 8UY Charity Registered offi￿.. IAfjnsley House. 134 Main Road. Emsworth. Hampshire P010 8HA. The pay of the Trustees Is reviewed trom time to bme based on inueased responsibilities and commitments, changes lo the cosl of living and other relevant laclors. Rlsk Asse$$mont Pollcy Risk Assessment Is the ￿SponsIbl11ty of the Risk and Seeurity learn. who meet from lime lo tim8. From these meetings appropriate recommen(Jalions are made to the Trustees and the Leatjership Team The church continues lo opefale a S*guardin9 Policy This Pdicy covers th8 Safeguarding of child￿n. Young People, and vulnerable adulls in the Church or sup(￿rted by the church. PJI children's workers. youth workers and security staff are DBS checked al enhanced ￿ve1. Health and Safely management and Risk Assessment afe overseen by the Events Management Team. First AKI training Is conducted and offered on a regular basbs In line wth HSE guidance In addition lo the General Insurants of the Church and properties. which is ￿Vered by Aviva Insurance Company. lo safeguard the Trustees, a Trustees, Indemnity Policy is in place The Trustees, report was approved by the Board of Trustees. Mr D J Pndeaux Trustee Date. ONE HOME CHURCH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ONE HOME CHURCH I report to the Trustees on my examination of the finanryal statement$ of One Home Church Ithe charity) for the Period ended 31 March 2024. Responslbllltjos and basls of report As the Trustees ol the charily you are responsible lor the preparalion of the financial statements in accordance with the requirements of the Chanties Act 2011 lthe 2011 Acti. I report in respect of my examination of the charty's finanoal slalement$ carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the awicable Oirection$ given by the Charity Commission under section 14515llbl of the 2011 Act. Independenl examlntrfs statement Since the eharity's gross income exceeded £250.000 your examiner musl be a member of a body listed in section 145 of the 2011 Act I c¢nfirrn that l am qualified lo undertake the examination because l am a member of ACCA, whith Is one of the Iisled bodies. Your attention Is drawn lo the fact that the chanty has pfepared finanaal Stalemenls in accordanee with Accounting and Reporting by Charities prep8nng their accounts In a¢￿T{lanCe wth the Financial Reporting Standard applicable In the UK and Republic ol Ireland IFRS 1021 In preference lo the Accounting and Reporting by Ch8rilies' Slalemenl ol Recommended PractKe issued on 1 Apnl 2005 Wtt￿￿ ￿ referred to in the extsnl re9ul8bons bul has now been withdrawn. l understand that this has been th)ne in order financial Swemenls to provide a true and fair view in accordance wlh Generally Accepted Accountin9 Practi￿ effective for reFKJrting penods beginning on of after 1 January 201 S. I have completed my examination. l confirm that no mattgrs have ccyne to my attentson in connection wrth the examinalion giving me cause lo believe that in any material ￿speCt.. acccunling records were not kepl In respe￿ of the chanty as required by seclion 130 01 the 2011 Act., or the finanual stalemenls do not accord wlh those records". or the finanual slalemenls do not comply ￿th the applicable requirements concerning the fomi and conlenl of accounts sel out In the Charities (Accounts and Reports) Regulat￿nS 2008 olhef than any requirement that the accoLtnls give a true and lair view whith is not a matter Considered as part of an Independent examination. I have no concems and have come across no other matters in connection wrth the examination to which attention should be drawn in Ihis report In order to enable a proper understsnding of the financial $talemen15 to be ￿aChed. Richard Hutchinson FCCA Azels Carnac Place Cams Hall Eslale Fareham Hampshire P016 8UY ONE HOME CHURCH BALANCE SHEET ASAT31 MARCH2024 2024 2023 Flx•d *•••ts Tangl￿e o$$ets 10 1.324.286 1,346,425 Currnnt aM•t• St¢xks Debtors Ca8h at bank and in h•nd 11 12 17.262 34,786 831,874 2,800 27,549 638.562 883.922 868.911 Cr•dftorn: amounts f•lllng du• wlthln on• y••r 13 (36.7801 117.7151 Nel current a•Jet• 847,142 651.196 Total u••ts l•M ¢urr•nt Il•bllltl 2.171.428 1.997,621 Incorn• lund• R•$lricted fundj Unre8lrlct•d lund$ 14 182.804 1.988.624 56.938 1.940,683 2.171,428 1,997,621 Tho financial sl•lemonts wwe approvoo by Trust••s on .. Mr D J Pridoaux Tru•t•• ONE HOME CHURCH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 MARCH 2024 Unrestrlcted Restrlcted funds funds 2024 2024 Total Unrestrlcted Restrlcted funds funds 2023 2023 Totsl 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activities Outreach aetivilies Investments Other Income 377,834 204,276 582.110 466.810 127.398 594,208 82.445 2.603 1.989 82.445 2.603 1.989 96,518 887 13.579 96,518 887 13,579 Total In¢om• 464,871 204,276 669.147 577.794 127.398 705,192 endlt Charitable actIV￿.e5 425.287 70.053 495.340 497.753 11 S,B93 613,646 Net Incomlng re¥ourc•s before transfers 39.584 134.223 173.807 80,041 11.505 91,546 Gross Iranslers between funds 8,357 {8.3571 136,720) 36,720 Net Income for the Perlodl Net movement In funds 47.941 125.866 173.807 43,321 48.225 91.546 Fund balances 81 l May 2023 1,940.683 56,938 1,997.621 1,897,362 8,713 1,9Cfj.075 Fund balances at 31 March 2024 1.988.624 182.804 2.171.428 1.940.683 56.938 1,997.621 The slalement of finanaal activitses includes all gains and losses reeognised in the PerH)d. All income and expenditure derive from continuing actiwlies. ONE HOME CHURCH STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2024 2024 2023 Nots• ¢a•h Ilow• from op•rntlftg actlvltl•s Cash generated from operalior 17 192.587 121.417 Investlng •¢tlvlti Purchase of tangible fixed assets Proceeds from disposal ol tangible fixed asso1$ Investmont income received (15,105) 138,2911 13,227 2,603 2,925 887 N•1 ca•h g•n•rat•d fromllu••d In) Inv••tlng •¢tlvltl 725 134.479) N•t ¢••h u••d In Iln•nclng •Ctlvlll•• N•t In¢r•a•• In ¢••h •nd ¢••h •qul¥•l•nts 193,312 86,938 Cash and cash equivalent$ at beginning ol P￿￿1 638.562 551.624 C••h and ¢Mh •qul¥•l•ftts It •nd of P•rlod 831.874 838,562 10- ONE HOME CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Accounting poll¢l•s Charlty Information One Home Chufch is a Charrtable Incorporaled OrganisalN)n registe￿ on 15 December 2022. 1.1 Reporting period The current period financial slalements cover a period of 11 monlhs Icompafalives 13 months) This is in line th the date that the chafity became a CIO and therefore the a￿o￿n￿'n9 periods refleet this change. 1.2 Accountlng convent5on The financial slalemenls have been prepared in accordance with the tharity'5 governing document, the Charities Act 2011, FRS 102 'The Financial Repo￿ng Standard applicable in the UK and Republic of Irèlond" I"FRS 102 1 and the Chanlies SORP 'Acwunting and Rewtrng by Chanties. Statement of Rec¢)mrnended Practice applicable lo chanties preparing their accounts In accordance wth the Financial Reporting Standard applicable in the UK and Republic of IrelarKI IFRS 1021" (effective 1 January 20191 The charity Is a Public Benefit Enlily as ¢Jefined by FRS 102. On 1 May 2023, the assets and li#bilitres of Emsworth Christian ChuTch Trust We￿ tranSfer￿d lo One Home Church on the completion of Its CIO registration The financial statements have been p￿Pared using merger accounling and the ec*responthng figures are those of Emsworth Chrislan Church Trust frrt the 13 momlh period lo 30 April 2023. The financi81 slalemenls have departed from the Charitsès (Aecounls and Reports} Regulations 2008 only lo the extent required to provide a true and fair view This departuie has Involved following the Slalemenl ol Recommended Practice for Charities applying FRS 102 rather than the version of the Statement ol Recommended Practice whieh is referred lo in the Regulations bul whith has since been withdrawn. The financial stalemenl5 are prepared in sleding. which Is the functional currency of the charity. Monetary amounts In these financial slatemenls are roun(Jed to the nearest £ The finaneial slalemenls have t)een prepared under the hisiorical cost convention. The pnncipal 8ccounlin9 policies adopted are set out below. 1.3 Golng concern Al the time of approving the financial slalemenls. the Trustees hove a reasonable expectation that the charity has adequate resources to continue In operational existence for the foreseeable future. Thu$ the Trustees conlinue to adopt the going concem baws ol acctyJntiThJ In preparing the financial statements. 1.4 Charltable funds Unreslncled funds are available for use al the discrets.on of Trustees in furtherance of their charrtable objective5. Restricted fvnds are subject to speofic condrtFons by donors as to how they may be used. The purposes and uses of the restricled funds afe set out In the notes to the fina￿la1 statements End¢)wment fvnds are subjecl to speo.fic condrti¢)n$ by donors Ihal the caprtal musl be maintained by the charity. 1.5 Incom Voluntary income and d￿ationS {indu¢Jing legacies) are acownted for once the chanty has entrtlemenl to the income, rt is probable the income ￿11 be received. and the amount of income receivable can be reliably measured. Where material a￿et$ a￿ donated to the charity for rts use. these are capitalised al the eslimaled market value at the dale ol Ihe gift and included under irwme 11 ONE HOME CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 Accountlng policies Icontlnuedl Gran15 are received by Ihe chanty for Ltse of supportjng the h)cal community. Grants arè reeognised in full In the accounts once all conditions are met under the performance model. 1.6 Expenditure Expenditure Is iecognised once there Is a legal or constructive obligation to transfer eeonofnic beneftt to a third paty, It is probable that a transfer of econcKni¢ benefits ￿11 be ￿UIred in Settlement, and the amount of the obligation can be measured reliably. Ex￿ndItUre is aecounted for on an xcruals bags arKI has been clas&fied under headings that aggregate all costs related to the category ￿ere costs cannot be directly attributed to particular headings they have been allocaled on o ba￿S consislenl Ihe use ol resources. 1.7 Tanglble fixed asse1¥ Tangible fixed assets are initially measured at cost and subsequèntly measured at eosl or valuation. nel of depreciation and any Impairment losses The chanty has a threshold lor fixed assets based on a purchase co¥1 01 £500, unless agreed otherwise by th8 Trustees on a ease by case basis. DepreaatI￿ is recognised so as to wnle off the cost or valuation of assets less their residual valuès over their useful lives on the followng bases.. Freehold land and buildings Plant and equipment Fixtures and fittings Computers Motor vehicles Not deweualeo Straighl line over 4 years Slraighl line over 4 years Slraighl line over 4 years Siraighl lir* over 4 years Freehold land is nol depreciated. Freehold property was restated lo fair value on transrt￿n to FRS102, and this value 1$ treated as deemed cost going fO￿ard Equipment and fittings are capitalise¢ al cost No depreciation is provided on the freehold buildings of Ihe Trust ¥there the estimaled residual value is considered to be the same as. or higher than the carrying value In the finanoal $ialemenls. These are being fully maintained to a high slandard which prolongs thwr useful lives and enhances th&ir res*dual values. Accordingly, the Trustees consider any depfecialion ansing lo be Insignificant and immaterral The gain or Ioss arising on the disposal of an asset is delermined as the differènee befvn the Sale proceeds and the carying value of the asset. aThJ is recognised in the slalemenl of finant4al activit*s. 1.8 Impalrment of flxed assets Al each reporting end dale, Ihe charity rewews the carrying amounts of rts lan9ible assets lo determine whether there is any indication that Ihose assets have SUffe￿d an impairment loss. If any such Indication exists, the recoverable amount of the asset is eslimaled in order to detemine the extent of the impairment loss Ill anyl. 1.9 Stocks Gifts in kind are donated food These have been valued ugng the average price that the charity would have had lo pay lo acquire the goods. Gift5 in kind a￿ recognised when recewed. The value of undistribuled goods 1$ valued at year end and included in the xcounts as slock. 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposrts held al call wrth banks. other short-tem liquid investments with original maturities of three months or less. and bank ovefdfafts. Bank ovefdrafts are shown within borrowiThJ$ in current liabilrties. 12- ONE HOME CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 Accountlng pollcles {Continuedl 1.11 Flnanclal Instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Inslrumgnts. and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of rts financial Instruments Finan￿al inslnjmenls are recognised in the chanty's balance sheet ￿en the ¢harty becomes paty to the contractual provisions of the instrument. Financial assets and liabili1￿$ are offset. %wth the net amcMJnts pfesenled in the financial stalemenls, when there is a legally enforeeable right lo set off the reeognised amounts and the￿ is an intention to settle on a nel basis of to realise the asset and settle the liability simultaneously. Baslc Ilnanelal assets 8asic financial assets. which Include deblots and cath and bank balances, are initially measured 81 Iransadion price Induding transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement con51itules a financing Iransa¢lion. where the transaction Is measured al the present value of the futu￿ reeeipts discounted al a market rale of interest Financial assets clas&fied as iecwvatAe wthin one year are not amortised. 8•slc Ilnanclal Ilabilities Basic financial liatslilies, including creditors and bank loans are Initially retognised al transaction price unless the 8rrangement constitutes a financirrfj Iransacb"on. where the debt Instrument is measured al the present value of the future payments discounted al a market rate of inleresl. Financial li8bililwes classifieJnised in the penLbJ in vthith the empbyee's services are received. Termination benefits are reccgnised imme(lialety as an expense the charity is demonstrably eommitted to leminate the employment of an employee or lo provide termination benefits. 1.13 Rellrement benoflts Payments lo defined contribution retirement benefit schernes are charged as an expènse as they fall due. 13- ONE HOME CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 ¢harltabl• 4¢tlvltl Outrea¢h actlvltl•8 2024 Outrfrach actlvltl•# 2023 Outreach ath.vity income Charitable rental income 60.120 22,325 81.434 15.084 82,445 96,518 InvMtm•nts UnMtrict•d Unr••trlct•d fund¥ fund• 2024 2023 Int•r•8t recelvabl• 2,803 887 Oth•r Incom• Unr••trfcted UnMtrlct•d fund• 2024 2023 N•t gain on di$posal of tangib10 fix•d asset• Insurnncé inc