REGISTeReD CHARITY NUMBER.. 244669 Rert of thg Trust••s and Fin*nclal Statements forth& Yr End•d 31¥t Ilarch 2024 for The Hopmarknt Charlty Thg Rlchards San(ty P8rtneTship Thorneloe House 25 Baibourne Road Worcsster Worce6tershi WRI 1RU
Tho HoFxnark•t Charfty Contsnts of the Financl818tat•monts tor tho Year Ended 31¥t March 2024 Pau$ R•port ofthe Ttte5 Independent EMInerf8 Rgport statem•nt ol Flnancial Actlvltle Balancg Shoet Nots$ to the Flnanclal Ststements 8 to 14 Detailed Ststement of Flnanelal Athitie8 15
The Hopmarketcharity R•portof th• Tru8tee• for thè Year Endod 31gt March 2024 The trustee5 present thelr report with the financlal 8t8teThnts of the charlly for lh• year ended 31st March 2024. Thè Irustees have adopted tho provlsions ol Accounting BNI Reporting by Charities.. St8t8rnent of Recomrnended Praclic* applicable lo charits prepariTra their ¥¢tounts In accordance wrfh the Flnancl81 Reportlng Slandard opiCable In th8 UK and Republic of Ireland IFRS 102) leffectlve 1 January 20191. OBJECTIVES ANDACTIVITIES ObJgCt5v•8 and alrns The tharty has been set up to bengfrt'needy persons" In Ihe cty ofWQrf9r. Needy pn5' means p8rson$ vjho r•a8on of poverty, 8l¢knoss or Inffirmily whethèr young or okl ara in need of fin8nclal a$sigtance, care or ott¢ntlon.'Neety persons In the dty ofWoKeslel' are persons wh08e ne8d ar6 In the dty, whother or not they P8rmanently res&Je the. In accord$n¢¢ wlth Charlty Ccffirnis8lon guidance. the tN8tee$ ragard people suffèring from povgrty as includlng per80r who do not have the re$ourc&8 lo provide for themselves, eitheron a short ot 8 iong-tsrm basls, wlth the fiomial Ihlngs of lrftwhleh M¢ people take for gr8nlèd. The trusteé$ glm to addsS bolh thè causes and ihe ¢onsequences ol poverty by all119 grants to assi6twith both the preventlon and religf of povety. In yiew of Ihe1Smiled resour¢o$ of the charity, the trustees take the viow that the object8 of th& charty bg8t bè luifilled by supportirrfJ other organisatlons byhSch have b88n &stablished for purposes wlthln the charity's objects. rather than dgvotlng the iesour¢e8 of lh8 charity lo the support of a limhed number of Sndlvldu81¥. SlgnSftcant acflvltle6 The Charlty owns a building known as the Hopmarkel complex Iformorfy The Hop Math•t Hold) In Foregats Street. Worce8ter, together with annexed pfftmisÉs at 13, 14, 16 and 18 The Foregate, Worcester. The compl•x ¢tr)se$ a number ol retail ¥wth reshJential accornTnodalion thve, Th& Income from18aslng th8 pr8mls8s of the Charity 1$ on trust lo applylh• samg for th8 benerrt of eV per8on¥ In the iity. Neèdy persons are defined in the Act as person$ who by reOn of po¥8rty, slckne8s or infimity WhetT youTha or old are In nged of financlal ass18tance. atienuon. flats abov& the reiall unlts ar8 leased to Platlorm Houslng Group. Ahhtsugh no rent IJ payable. Platfomi Hou81ng Group bears 75% ofthe cost ofthe 8nd maintenarKe tg tho bulldSng. Publlc benefit The ttu¥le9s ThfirM Ihal they hav• coMped with th8 duty In section 17151 ofthe 2011 Charili05 A¢t to have due regord lo guidance Iss1 by Ihe Charity CommlssSon on PLi)lic bgngfftwhen dec4din9 on Ihe charitls attMlle$. ACHIEVEMENT AND PERFORMANCE Property Managom•nt In January 2023 the Trustees appointed GJS Dlllon to succeed Fisher German LLP for an inibai temi of 3 ye8T8 wilh the pli¢n lo roll on. The contrad wmmenced with 8ffadfrom 1stApril 2023. The Truste85 receThfed regular reports fiotn GJS Dillon Ènd their repTesenlativ85 atlend meetings of Ihg TNstees Board to prasent thetr rwrt artd anSr questions. The reportB includè Inf0M)aOn on188sès. maintenance. servl¢e d)arge8 and 9eneral man8gem9nl bsuss. The Trustees have agreed that the comm8r(481 units should bg gbte tts open on Sundays. A thmprehenslve co[10n $urvey ofthe Hopmarkgl building ¥va6 complstad by GDS Dillon and presented tolhg TS Board In March 2024. Platfomi Housing Group Following reip10f Ihedetailed Bullding Rèporlfrtsm GJS Dillon, a numberof online meating5were held befvTrenTnTrslees. Officers and senhJT staff from Plalfomi Houslng Group durfng the year to di5wss varfous m8tt8rs. In March 2024 a report wa$ presellted to the Twstees 8oard by thtr Chair, together with one by Plafform Houslng Group. This ¥et out the posllbn regaTding the condltion of the Hopmsrkol building. Thls logglh8r wilh potential cost of repairs and addiUonÈl work was evaluate(l. In short, il Is a huge PToje¢¢, which wlll require significant Investment. This m8lterwll be a key priorbty for bolh tho Clty Councll and ts Trugtees over Ihe nexl 12 months. Legal 1$6U•• The Trustees recelve Bthice from Clty Councll Offlcers on 8 range ofoovernc9 and legal188ue8. The Trustees were asked to eonstder Ih818sue of bad debts and the 8xl•nt to whith t#& arè purnued. One ¢ommerdal unit w85 vacated during thé yèar wlth 6ignifiGant Tènt arrears. The Trust868 were advlsed Ih?I thet• vras no Te8sonab18 wospect of Very and regreltBbty conduded that these arrears should net pursued. Pagg 1
Tho Hoprnark•t Charity R•port of the Trustees for the Ygar Ended 318t Mar¢h 2024 ACHIEVEMEwf AND PERFORMANCE Icontlnugdl Hopmarket Promovon and Income Generation The TNslee8 re1ve regular reports on v8rlous mattels illL4udedv15ual apprance, ernpty unlts, marketing and pro11 and advltles. The Twslee5 werè advised In November 2023 Ihal follo%ng a slafl dgparture, 11 vill not be feaS1b for Ihe Coundf$ Economk Development team to continue supporting the Hopmarket Charlty- The Trustees consldered a proposal to haml Ihe majority of work to Kabble Langford. to manage PR Ipublidly thTOUgh social media and the pSts. The Twstees agrged the proposed tssks io btr trans(erred io K8bbie Langford. There an addilltsnal cost lo the Cherlty. A lormal 8greemvnlwilh KBbble LangfoTd ha8 been stgnod bulls an athllllonal co8t to the Chtrily Appll¢Atlon8 for Grant Ald The fin8naal frJre¢a&l Show an Imwoved rJ)sllion (x)mpared to prgvious year5. The Ir&4ing surplus (exdudSng bss on rovaluatlon of Inv6stmenl property) shgwed a significant improvement from 2cr22123. However the Charily Is fa[ wilh IArge propety repalr bills In the rlexl fN8 years, tte Trea$urtr recommend9d that no gran15 are ld oul in 2024125 and the surplus is Instead r?tain•d to CL)ver the repair costs. Consideratlon will be glven to resuming grafit payments once the f1 cost of the r8pair8 b8 known. The Trusta8s read Ihal no grants should be madg lor 2024r25 for Ihe reaso outlined above. FINANCIAL REVIEW Financlal position The Flnandal rethiwas carr(èd Fobwary 2024 lor2023124 and w88 based on Ih8cuFrent y8ar-Io-dale actuals and the foTecaJts of Itrfure cos16 8nd IOme. The level tsf In¢0 was forecast to b8 slighlty morè than budgeted due to mo occupied urdts. The management and admlnlstralK•n rosl$ were foreGa811o be less than budgeted, nwinly due less managomeni fees, The ltsrecasl did indude a ¢onlingerKy of £5L Th• premises expendllure was foTec8stlo be more than budgeted due to higherthsn twdgeted premise8 vold Luts and addhlonal rnalor rep8k8 costs. The overall surphJ6at31 Mrth2024wa6 £8. (excluding reval(Mtlon lossos}. The Finana81 forècastshowedan Improved poslllon comparo4 to prevlous year8 howevèr the Charity Is fA¢ed with a large property repair b7. It w86 TOrM9nd&d Ih8l no gran16 are paid out In 2024r25 and Ihg surplus Is Instead rgtained to cover repaircosts. Th8 Repairs Fund at 31 Marth 2024 VAS loreca611o than trrtJdgat8d due to additional maior repaws eosts to be covered by the Chath during 2023124. There was a balanc4 of £q3.2K on Ihe Dwetopment Fund reserv& brought forward from 2022r23. A budget of £9k was required for 2024125. Reserves pollcy The Charty hosds genorol unrestrtcied funds Iwhid) exdudes amgunts held in de8•Jn8ted funds) of £80.92812023 - £49,436) to ongotng èxpendfture If there is 8 fulure drop in rental income r1Ved by the Charlty. Deta118 regardlng d8stgnated fvnds by th& Charfty can bg found In note 13 of Ihe I$ to the financial ststemnts. Golng eoncem See note I regarding an exk8ting urK&tslnly swtoundlng the golng concern of the charlly. P8ge 2
The HOprna Ch•rlty Report of th& Trust•e$ for the Year End¢d 31st March 2024 STRUCTURE, GOVERNANCE AND MANAGE1NT Governlng dtxument The Hopmathet Ss a Charfty eslablishgd urKl&r Act of ParflamenL Its ojrrnnt Goveining Aet is the Worcester Cty CoutKII Ad 19B5. Rècrttitmènt and appolntment of n8w trustees The Chafily is govèrned by a Board of Tru81o9s. The Board ha$ al le8Èt 6. but not mor8 than 7 Worcester Cty Counclllors and at lea812, but no more than 3 IndependenlTrusl88s. The Clly CowKllorTwst8es ere appointed annualWln May. The Independent Tru61ees are appointed fora period of up to four years. The followro Worcester Cty Councilbrs were Truitèss Appointed by the Councll forthe period red by r8POrt: (was an independent Irustse between 23 May 2023 and 21 May 20241 (apPoted 6 February 2024 & r98igned 21 May 2024) (appowrted 23 May 20231 {iesigned 23 May 20231 (reBlgned 23 May 20231 (beGame an indep8ndent tnJslee on 21 M8y 2024) {signad 21 May 2024) {res1gned 23 May 20231 (appoknled 23 May 2023 a resigned 21 May 20241 {8ppoknted 23 May 2023 & resigned 21 May 20241 The fdlowing IndependentTru8tees were Twstees app05nt by th8 Council forte perlod ¢o¥•rad by Ihis pOrt. Iwas a Coundllor trustae Èefore 23 May 2023 and after 21 May 20241 Iwa8 a Counc411or trustso 21 May 2024) Counullor Jenny Bames Coundllor Katqe Collier Coundllor Lynn Denh8m CounLyllor Allah Dltta Counc411or Nidg Ha$6Bn Coundllor Stephen Hodgson Coundllor Karen Lewing Councillor Chris Mitch811 Coun¢illor Elena Round CounclltorJames Stsnl Jenny Bame8 Jo Hodges stephen Hodgson Bill Sirnp$on The Chair tsfthe Twslees forthe peiiod was Mr Bll Slryon with Jenny Bame6 88 Wce.Chair. The Trustees Board tthleS duriNJthe perbd ¢ovorad by thls report, In S¢plgmtr and Novernber2023 and Marth 2024. Oryanlsatlonal 8truciur• The Charty is adrnlnl8lergd by rceSter Clly Coun¢ll from th8 Guldhall, Hkgh StrEa( wOrSter. The CourKII'g Head of Finance acts as the TreaSUr of the Chaiity and legal support is provfded by the Council's Legal Ser¥Kes team. Trle remunoratlon The Trustee8 re¢eiv$d no remuneratlon dudng 2023r24 and Ihere were rn r¥lated party transaction8. REFERENCE AND ADMINISTRATIVE DETLs R•gistered Charlty numbor 244569 Prlnclpal addr• GuilLlhall Wtsrcester Worcestershwe WR12EY Tru¥teeg Currènt Clty Ccun¢illorTnffjt•o5 Counc411or Jenny Barnes Counc411or Lynn Denham Counclllor Karen Hol5 Coundllor Jessie Jagg8T CouncillorAdam Sts)11 Counullor Louls Stephon VKe-Chaimia) IndepÈndént trustee between 23 May 2023 and 21 May 2024 Appolnted 23 May 2023 Appolnted 21 May 2024 Appointed 21 May 2024 Appointed 21 May 2024 Appolnted 30 Juty 2024 Page 3
Th¢ Hopmart(et Gh#rNy Reportofthe Trustees for tho Year Ended 31st Wknrch 2024 REFERENCE AMD AOMINISTRATIVE DETAILS Icontinuèdl Fomer Clty Gounclllor Truststss Councillor Katia Colller Coun¢illorAlzh Ditta Councillor Nlda H8$$8n Councillor Slephen Hodgson cOurlI10r Karan Lng Cournillor ChTi8 Mllthell Coumllor Elena Round Coumllor Jam$ SleY R85igned 21 Klay 2024 Resigned 23 M8y 20tJ Resigned 23 May 2023 Independent Imste& after 21 May 2024 Resigned 21 May 2024 Resigngd 23 May 2023 Appointed 23 May 2023 8nd r&8Sgned 21 May 2024 AppoInl 23 May 2023 and Tesigned 21 May 2024 Current IndependentTn Joseph& Hodg8S Stephen Hodg80n Blll Sirr¢)son CouneAllor trvslee until 21 May 2024 Cheirman Formor Independent TrtHtse# Jenny Bames Vic&Chalmwn Cotsndllor tfU5tee b¢f¢re 23 May 2023 and after21 May 2024 Ind•pond•nt Examln•r Th¢ Rlehards SBndy PartrShIp ThornekJÉ HtYJS8 25 8arlxwme Road Worcesle¥ Worctrstershlre WRI 1RU Tr•agurer Cathy Davles Interirn Head of Flnance Worwter Cily Councll The Gldha High Street Woroster WoTce$t¢rshlrn 12EY Administratorg WOrT Clty Col1 The Gulldhall Hkjh Street rcester Worcg51grshlra R12EY Inve6th)ent propgrty managgrs GJS LXlk)n Limhed 7 Roman Way Buskng5$ ¢antt• Drtsilwlch Worcost8rshke WR9 9AJ Approved by 0er oftho br of Iruslees on. .. ..A<8TrJ 8lgned on its behall by. n.Tm Page 4
Indepèndènt Examlntrf8 R9POrtto th• Trust of The Hopm?rket Char Indewndont¢xamlnBrfs report to thg tfustees ofThe Hopmarket Charlty I report to the ¢hèrftylru8tees on my examinalon of thg aiuunl¥ ofTh& Hopmarket Charity Uhe Tru81) for th8 yearended 31$1 March 2024. Rg$ponBlblllll8s and bas5$ of roport As the charity tru8tees of the Tru8t you are respon5ts1& for the preparath)n of tho a¢cjnts In accordance with the requirèmènts of the Charities Acl 2011 Ohe Acn. I report in r8sFect of my exarninallon of Ihe TrU8t aciyJunts caf¥led Dut under Section 145 of the Act and in ¢8rying C my 8x&mlnalkn I have fdltrded all applicablt Dir•ctions gwen tythe Chaiity Comm188lon under Secli)n 14515)Ibl ollha Act. IndependentfjX4mlnees gt&tement I havo cornpleted my examlftatlon. I confirrn that no material matt¢rs have corng to my attention In conneclion wlth the examinati 9Ing me (au88 to believe that In any malarial r6spect'. aocountlrsg records were ml kept #i r¢$p¢ct of the Trust as required by Secllon 130 of the Act.. or IhÈ acci)unts do not accord with those records., or the accotsnts do not comply with lh8 appliGable r8quiraments conc8rning the forrn and conlent of accounts set out in the Charikn'e5 IALtounts and Reports) Regulations 2008 tstherthan any requirnenttha1 th6 aUnts a true and fa[reW which i¥ n¢A o matier ¢on$lderad as part of on Independent 8xamlnAflon. I have ¢)0 concerns and have CO 8cross no other rnattÈTS in connection wrth the examinalon to whlch altsnlion shoukl be drnwn in thi& TerKrt h orderlo enable a prowr understsndlrtg ollhE accounts to be reached. Mdissa Jean Go(kn ACAACCA The RIGhards Sandy Portnarshlp Thom910è House 25 BarbDurne Road Worcester Worceslershlrg WRI 1RU 3L...ai...a............. P8go 5
Thg Hopmarket Charfty Stat•m•nt of Flnanclal Actlvitlos for thp Y8ar Ended 31st March 20 2024 2023 D&vebpment deslgnated fund Rqxl deslgnBted fund Unrestricted fullds Total funds Toial lunds Not8S INCOME AND ENDOWMENTS FROM Inv85trmnl Income 196 186 198 186 EXPENDITURE ON Raising funds 125,593 125,593 91.857 Charftable actlvitiO$ Grants issue Support cos15 42.279 42,279 59,605 Total 187 187 180 168 NetISee5 on investments 870 000 NET INCOMEIIEXPENDITUREI (861,081) 1861,0811 131.S85) Tran61ern btriween furtds 13 N•t movement In I8 {85810) 14,2391 1,668 1861,061} 131,6851 RECONCILIATION OF FUNDS Totgl funds broughtfoNaYd 1,219.438 13,239 92.567 1,325.242 1,35fj.807 TOTAL FUNDS CARRIED FORWARD 360 926 9 000 235 464 161 42 The noles fom) part ofthese finanaal stslements Pbge 8
The Hopmarket Chirlty Balance Shoot 318t r¥iar¢h 2024 2024 223 Devekjpment deslgnated fijnd Repalrs d85ignated fund Unrastricted funds Total fundo Total lunds Nolos FIXED ASSETS Investment property 300,000 300.000 1,170,000 CURRENT ASSETS Debtors Cash at bank 10 33.608 144.115 33,606 103.%4 177.721 9,000 94235 280.9156 280202 CREDITORS knounls falllng due wlthin onè y8ar 11 1116.7961 {116.795} 1103,9111 NET CURRENT ASSETS 156291 TOTAL ASSETS LESS CURRENT LIABIUTIES 360,926 9,000 94,235 484.161 1.326,291 CREDITORS Amgunts f8lllng due after rn Ihan 000 yw 12 {1,0491 NET ASSETS 464 161 1,325 242 FUNDS Unrestricted fund¥'. Gera1 unrestrtdèd fund$ Capital reserve fund Oevelopm8nt fund Repalrs fund 13 60.926 300,000 9,000 94 49,436 1,170.000 13,239 TOTAL FUNDS 1325 242 Thefinanclal st4témÈnts weTe approved by the Board ofTrusle¥¥ and authodBed for i85U8 on...-il&l....Trnw.(y..11.,...... and w8Y8 slgned on its behalf by.. The nofes fom) part ol Ihe8e fin8nd81 statement8 Page 7
Thè HopmArk•t ChArity No•s to the FingncTral 5tstements for tho Y¢4r Ended 31st March 2024 ACCOUNTING POLICIES ASIS OF PREPARING THE FINANCIAL STATEMENTS The financial ststèmeAts of Ihe charfly, which is 8 publlc beneffl entity under FRS 12, have been prepared in aceordancfj wlth Ihe Charitie$ SORP IFRS 1021 'AccounNThJ and Reporting by Charities.. Statement of Recommended Practlce appIable lo charitles preparlng Ihgiraccounts In accordance with the Flnanckgl Rèportlng Stsndard applTrcabk in the UK and Republic of Ireland (FRS 1021 l¢ffeGMve 1 JBnuary 20191,. Flnanclal Reporting StAndard 102 The Finandal Reportlng Standard applicablo in the UK 8nd Republic of Iland, and the Gh&rit Act 2011. Th& finanr481 ststemerttA havé been prepared under th8 hl8tDrical cost nVenon, as modffj8d by the revaluatlon of ctrrtain ossets. Thtr fin¥nclsl stalements are prepaTed In stsrllng. whlch is Ihe fun¢tional currency of Ihtrcharfty. Monelary amunts in these ffinan(x81 statements are rounded to the neare81 £1. GOING CONCERN Durlng the yearthe trusta&s have become awarg ofsub8tantl81 TrovatIon woyk nBEded lo be don810 the wjpety, forwhich the charity may not be able toffinance out of thg current levél oflree reseNes. IIVhil8tthe trustees 8rè stlll eonsiderlng thelr IWlon3, there is 8 rlsk thal the trus1985 may dec4de to Bell the some or all of the propyrty if they are un8b18 to find an altemative nxlhod ol ffinanclng the rw£&sary lonovalion work. and fhe impact lo the S&Nes olthe charity 85 a re5LFM Is cUentlY unkn¢)wn. The current 8im of Ihelrttstees18 to retain H hg011ty reserve 0$ a resukof enydeca81on6 gardIng the propety, and Iflhg property Is sold Iher& rnay b& sufficienth generated from th s#1• to acquire allemalNe investff*nts, the inrne Irom whith will then fiAKI fulure grant paymèntg. However until 8 dèdston regardlng the fvlure of thg property Is reached and th8 Impact on the reseNes is known, th8r• 18 some uncertainty as to the charity's 81ylty Ip ¢ontlnue 8s a gokng eoncom. INCOME All Income18 rwnLsed in th& Siaternenl of FIA8ndal ActfvMie$ orLCè tht eharty has enlitlernent lo the funds. li 1$ probable that the income wlll be Ye¢eIv and the amount n be me8STJf8d r6lWiy. Rental IncYJffle18 recelved on 8 8tr•ghl bas18 over the ria to whlch It re1818s. Grnnt Income rs rwised when there Is e¥er ofgnlitlement lo the 9rant. reG•lpt is probabk8 Ks amount an be measur8d reliaNy. EAtMement usually arise8 Imrnedlately on its recelpt, un1¢6$ thore 8Te le$ orcondition$ which nvjsl be mel before Ihg tharity 15 8TrtiUed lo the income. Inieresl iicomg18 meo11$ed lor all kn18re81-bè&1ng Instrurnents using thè eftectiv6 Interesl ratg thLy1. EXPENDITURE Lkgbllilles gre recognk8eil as gXP9nditurè as soon as there is a18gal orconstbucbveoblig8tlon comnNtting Ihe¢harity lolhat éxpèndlturts. It is probable th818 tr8nthf of economic ben8rrt8 will be qUred In setllemenl and amount of the obligation can be asured reliabty. Expendilure Is accounted for on 8n acxruals basis and has been classified under h88dingS that aggregate all c051 r81ated to the category. Wherg vjsts cannot be direcmy altributad lo pgrtrcular headlng5 Ihey have b88n allocated lo activiti85 on a basts CLJnsist8nlth the use of resources. ants payat48 are charged lo expendittjre whan Ihe offer Is convoyed to th& redent, Ihe offer Is Condilical in whl¢h case swh grants are chargBd lo 8XPtndfturewhen the conditions attachlng a fuifilad. Grdnts offer•d Subject lo condltlon$ whlch have not been met at the yearend are nol¢d as a commilment. but not ?rUed 35 8xpendliuro. INVESTMENT PROPERTY Inveslrnent propèrty Is shown at mst recent valuabon. Any aggregat8 surp1 or defich arf61 from Cheng In fair value is recogni88d in the Statement of FinHnct81 Actnittles. TAXAMON Th¢ Gharily is exernpt from lax ils ch81itable FUND ACCOUNTING Unroslricted fund3 w be ed In 8c¢LYd8nce th the chariiablè obledves al the dIsclIn of trustees. Resbkied lund8 can only b8 used lor parular restftctèd withln Ihe objects of the thrty. Restrictions arfse when 8pecffie(I by Ihe or%then fund$ 8r& rA166d for partlcular re8lN¢t9d pu0$8$. Furtherexplanatlon otlhe n8lure and purpose of e8¢h fundlg Includod In the notss to Iho fina)dal statements. Page 8 conlinue(I,..
Thè Hopmark•t Charity Notos to thg Flnanelal Statern•nt . continued fortho Yèar Ended 318t Maroh 2024 ACCOUNTING POLICIES . contlnued FINANCIAL INSTRUMENTS The charfty has elerted tts apY the provislons of Section 11. B&81c Flnandal Instruments, and Secllon 12'0th8T Financial Instrument6 Issues, of FRS 102 to al of its ffinanclal instwments. FinanclBI Instruments arè recognlsed whgn the charity bscorn05 party to eontraclu81 prov161ons of Ihe In8trument. Financlal a889ts ar8 off881, wilh Iho net amounls pr•s8nted in the accounts wh¥¢ there Is a le9alty enlorceablè rfght to off th8 recognlsed arnounis and thewe is an tnl8tblon to 8elUe on a nel bast5 or to malise the asset and sgltle the liability wmull8ngou$Sy. BaslG Financlal Atytsets Basic financial as8el8. whlch Indude Ifade and otheT Tetlv8bles and ¢8sh and bank balances, are initially measured al Iransaction price irKluding transa¢l(on costs and are subsequenlty c81ried at amorti8¢d cosl using thg efftIVe interest method unles5 th8 8rrangemenl con$tUteS a financing transaction. where the trans•don MsUred at Ihe pr88ènt vakte ol Ihe fijlure rts %Unted 8t a math8t r81ts of Inter981. Ba81¢ Flnanclal Llabilitl88 B8slc financial Il&bilitig$. Includlng trad¥ and iher payauas, are inilially recognl&ed at Iran?ctton ce unk8S¥
rran9ement cork4titute5 0 ffinancing tran8actlon, where the debt instrumonl 1$ measured 81 the preEenl value of
future 18(lpts. dlscounled al a market Tale of Inlerest. Dgtl instruments are 8ub$equenlty carri8d t amortlsed cost, using the effeGtNe inlernsl rate method. Trada payable8 aTe obligallons to pay for goods or servlces Ih?I have been ar4ulred in the ordlnary course of the operations from suppllers. Accounts payable are classified as cuffent Ilabillles If payfflentlg due within one year le8s. If not, they are presented as non4urrenl118bllilies. Tr¥de p3yab18È ar& recognised inltihlly atlran8actson c08L SERVICE CHARGE MONIES Ser¥ke charga monies co118CtÈd and managed bythe inveslmenl proporty manager of Ihe charfly are manag8d on Irust on b8half of th6 tenants ol fhe investment property. Service tharge monies not ry)nsideTed lo balong to Ihe Charity and the flnandal aclNiOes (IncliJlng Incom$. axpeThYllure, assets and Ilabilitiasl r8lating to Sorvi¢¢ chargè monl&s have been exdudEd from these h)anrAal 8talements. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY Arxounting estimates 8rKI ludgemenl ar8 ¢onUnualty evalual•d and are based h181orfcal 8xperignc8 and other factors. Includlng expectatn$ of future entS Ihal ar8 belp¥ed to ba 18èsonalAe underthe cArcurnstsncs. Slgnlflcant 6ourt•¥ of oslknatton uncerlainty The Investment property Is valued to m8rket value based on a valuation rfornied by an independenl professlonal qualifled valuer at a dale 60me mDnltts after the ffinanelal yaar end. The trustees are of th8 opinion that the valuatton of the investm8nl proPee5 have not sIgn¢an1 changed beiweeTh ffinancial year end And the dale of tha vgluation. The valuè of inve61ment property is induded in note tr of the $t8tements. INVESTMENT INCOME 2024 2023 Rents reCeed 196186 148 603 Page 9 continued...
Tho Hopmarkèt Charity Notss to th• Flnancl?I Statsments. eontlny8d for the Year Ended 31¥t March 2024 RAISING FUNDS INVESTMETrif NAGEMENT COSTS 2024 2023 Investment prop•rty managgrfees Propety Insuran¢9 Advertising and markettng Electricity, w&tsr And bu8ine58 tal88 Bad d&bt provision ProE*rty repalr8 and rn&1nt8nae 29,114 58,128 13,61B 5,525 283 18,925 14,9 50,627 1,84fj 7,808 12S,593 GRANTS PAYABLE 2024 2023 Gfvnts Iss(ted The lotal gmnl8 pald lo Institutions dufing the yearwa8 as follrhvs: 2024 2023 All Sorts of Performlng ArthaIr Blln¢J Veterans UK Disabled S8lkJrs AsBoryal•?n Footstép$ Happy Days H•adway WorcestsrTrust Mago8 Day Centre 8Alor Llnk 08818 WarrKJon Reacl Rolate wor81ershlr0 St. stephen's ClTch The MyTiad C8ntro worSter Crtvien5 Ad¥lce Bureau 8 WHA8AC Worcester Comrnunlty Trust 2.000 3,500 3,000 1.000 3,500 5,000 1.020 8,300 8,QlY) 1,079 7.000 3.700 3.000 4,685 1,Y)O 2,300 3.000 5.000 7,000 6,(N)O 42 SUPPORT COSTS 2024 2023 Admlnlstrotion charg¢s Indgp&nd&nt examination f8$ Trustee indemnlty In$ance Legal fee8 Sundri 16,300 1,800 700 380 215 16,300 2,190 682 9,294 Pag9 10 conllnued...
Thè Hopmarket Charity Notss to the Flnanci¢l Statements- contlnued for th? Ygar End¢d 31¥t March 2024 TRusfEES' REMUNERATION AND BENEFITS There were no twstse8' rgmuneration or other b&neffts for Ihg year eniled 31st March 2Wd4 nLYforthe year8nded 31st March 2023. TrUSTEES' EXPENSES Th8r8 wet8 no tru$lees' 6xpensg6 paid for Ihe year 8ndad 31st Marth 2024 nor tr thè year ended 31st March 21)23. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVlnES Developmrtt designated lurtd Repairs dosignated fvnd UnrestrKled funds Tot81 INCOME AND ENDOWMENTS FROM InvB$tm¢nt Income EXPENDITURE ON Ralsing fund$ 91,851 91,857 Charltablg a¢tlv1I9$ Grènts issu Support¢osts 59.605 Totsl 180.16B 180 188 NET INCOMEIIEXPENDITUREI Tran$ferg bet&veen fund8 131,5651 (31.565) 32 movem•nt In fundB 142.4971 932 10.ODJ 131,5851 RECONCILIATION OF FUNDS Total funds brought fotwgrd 1.261.933 12,307 82,587 1,356,807 TOTAL FUNDS CARRIED FORWARD 1219A36 1325 242 INVESTMENT PROPERTY FAIR VALUE Al 151 April 2023 Rev81uation 1,170,000 At 3161 March 2024 300 000 NET 8OOKVALUE At 31st IAarch 2024 AI 31Bt March 2023 1 170000 The Investment propety was revalued by an indep6ndenl yof6ssw)nal qualifiéd v81uer on 22 January 2025. Thi8 wa8 undertaken by Annèka Wllks Bsc (Hon3) MRICS on behalfof GJS Dlllon Llmlled. The trusteès are of the opinlon that Ihe velualKJn of the Investrnenl prgportss have ncl si9n¥ficontly charoed between 31 Match 2024 and 22 January 2025. Pag8 11 conlinued...
Tho H0pmat Charity Nots? to tho Flnonclal Slatsm¢nts- contlN¢d for the Year Ended 31gt Mah 2Q24 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtor8 S Dilloft l Fisher Gean LLP Prepayments and aGw8d income 4.049 28.251 1,888 43,696 58.580 103.954 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 T•nanl deposits Worce9ter Clly Counc41 Accrued gXP8nsè8 Deferred incvTr (see 141 2.204 .198 4,461 103,368 10,003 116796 103911 11 CREDITORS: AMOUNT8 FALLING DUE AFTER )RE THAN ONE YEAR 2024 223 D&f&rr8d inojme {see note 14} 13. MOVEMENT IN FUNDS N81 moveThnt In lund8 Tiensfer8 Al 1.4.23 lunds 31.3.24 Unr0$trlctod fund# General unre8trfcted fuThJ6 Capitsl reserve fttnd Dev8lopmBnllLnd Rapaws fund 49.436 1,170,000 13,239 8,919 1870.0001 2,871 60,928 300,OOD 9,000 94 315 14,2391 25 861.081 TOTAL FUNDS 1325 242 8610811 Net rnovemenl in lunds. inclth in the above are as folbws: In¢omirrfJ re8ource8 R&sourcg5 Éxpended G8in5 8nd )Bseg MoveTMnl In fvnd8 Unrastrlcted fund GonBral unrtrstrioted funds Capitsl r858rva fttnd 196,186 1187,2871 6.919 870 0001 187267 TOTAL FUNDS 187 2871 870 0001 8610811 Page 12 continued...
Th• Hopmark•t Charity Notes to the Flnanclal Statemonts . contlnued for the Year Ended 31st March 2024 13. MOVEMENT IN FUNDS - contlnued Comparatlvu for movement in funds Net mvèmenl In bJnd8 Transfers balween Jnd5 Al 31.3.23 Al 1.4.22 Unrestrlcted funds Genèral unrestricted funds Capital ie5eThe fund Dev&lopment fund Repalrs fund 91.933 1,170,000 12.3Ct7 82 587 131,5651 110,9321 49.436 1.170,IX)O 13,239 92.567 932 10.0 1356 807 1325,242 TOTAL FUNDS 1,3S8,807 1585 1.325.242 Comparaiwe n81 n)vement in funds, included in Ihe above are 83 follows.. Ineomir rosouf¢es Resource8 expended th)vernent fLmds Unrtstrlcted funds Genergl unre51ct84 funds 148,603 (180.168) 131,se51 TOTAL FUNDS 180188 Tho Repairs Fund18 hFld lo provlde funding for major rgpalrs and a8 8 ts)ningenGy unforesegn repah. Thi¥ Is part18Y Important for8 building of thi3 agè, type arnl ¢on$lwclI. The Ch8thtls prop& agent is ¢onsulted 10 6nsur8 Ihe adequacy of the reservg. Dov¢l ent Fun The Dev&lopn7ent Fund Is held for fijlure irNestmnl In That1J aclfvity lo prorrKt¢ and dovelop th8 Hownarket and thernty attract m¢r¢ 1gttlng6. Th& Capital Reservès Fund represents the Charits hoidlng In the Invgstmgnt prerty. P8g813 cCttnue{I...
Tho HopmArk•t Charity Notes to the Flnanclal Ststement8- contlnutd for thg Ygar Ended 31st Moreh 2024 14. DEFERRED INCOME Oelerrgd Inwme relate5 to £1.04812023- £2,09n 10 year lease payrnt recdvèd In adva aThJ other r•ntsl income weiv8d in advance totslling £2,375 {223- £nlll. 15. RELATED PARTY DISCLOSURES Woreester Clty Council provlde6 kay management porscMg1 s¢f¥ices lo charlty. Wor¢esler Clty Coundl received W management per8onnel remuneration forthe8e seTViC8S of É16.300 (2023- £16.3001. During the year Worcester Cty Coundl made payments ta INrd parties as ent ofthe (tharity toialling £87,067 {2023- £79,898}. At the yearend the tharity owed Worcester City Coundl £103,36712023- £90,19n. There WgTe no OtheT related party tr8wwcbpns th the year. 16. OPERATING LEASE INCOME COMMITMENTS Mlnlnwm leaw Income due to the charily undw nonvcan¢•lIae operabno leases fall due as folbw8'. 2024 2023 thSn one year Bel**en one and five r8 After yBars 94387 277,609 133473 84,469 214,Y97 128 339 427 e05 Page 14
The Hopmarket Charity Dets118d Ststsment of Financlal Actlvltte8 for tho Yr End•d 31¥t Mr¢h 2024 2024 2023 INCOME AND ENDOWMENTS Inv•stm•nt Income Rent& rwfved 196 1B6 Total Incomlng resour 196.1B6 14B.603 EXPENDITURE Inve8tr)ent management cts Investment property manager fee8 Property insurnThce Adverbsing and marketlnu Electriclty. water and bJslnesB Tal88 Bad debt provision Property ryglrs and mainlenanog 29.114 58,128 13.618 525 283 14,990 50,627 5,568 1,e46 7,808 12S,693 91,857 Charftabl• a¢tlvlY9$ Granis lo instiiution$ 42,27 59.e05 Support ¢ts Atlministr2tion charges Independent ex8minalion fo9 Trnstee Indemnity in5UTanee LtgAI fegs Sundries 16,800 1,800 700 380 215 16.300 2.190 9.294 240 Tol81 rnsouK6s expen¢8d 180 168 Nèt incomellexpendltuMI Thls page doe¥ nol form part oftho statutory ffinancldl stsleftnts Page 15