REGISTERED CHARITY NUMBER: 244569 Raport of the Trusts*s and Financlal Ststements forthe Year Ended 31st Mor¢h 2025 for Th• Hopmarkèt Charity The Rlthmds Sandy Partner8hip TIe10& House 25 Barboume Road Wor(E8ter Worce318rshir8 WRI IRU
Thg Hopmarkèt Ch¥rfty Contents of tha Financial Statem8nt8 forthe YearEnded 31st MarGh 2025 Page Report of the Trnste8S 1 to 4 Inthpondent Examlnetrs Report Statement of Flnanclal Actlvltle$ Balanca Sheet Nots¥ to the Hn4n¢l81 Statements 8 to 14 DEtoiled StatementFIan£l ActtvEtles 15
Tho Hopmark•t Ch•rSty Report of the Tru8t¢8É for tho YoarEndod 31st March 2025 Th8 tru6teas pre58nl their r8POrt with Ih8 financial statements of the charmy for the year 8ndad 3151 Mar¢h 2025. The tru81ees have adoptsd tho provlslons of Accounllng and Ropotting by Charities.. SlaletnETrt ol Re¢ommended Pracllc8 arplic8ble to chaTlties preparing Ihar a¢oJunls In accorttanca ¥rfth the Financial Reporbng Stsndwd appll¢abb In th6 UK and Repul of Ird8nd IFRS 1tr21 leffeGtfve l J8nu8ry 20191. OBJECTIVES AND ACTivmES Obje¢tive$ 8nd alm8 Th8 charity has been sel up lo benefit 'needy persons" kn the clty of W(wst8r. 'N p8r8ons" anS persons w) by reasm ol poverty, slcknes& or Infinnity whether srIg or old are in need of finandal asslslan¢o, car8 or attentkJrL e8dy perso$ kn the cty cl Worostef are Fers¢)ns wl¥)se n88d 1588 In the tsty. vthèthw or they pem18n8ndy rosido there. In accordan with Ch8rfty C(mml8slon guidance. the INstea8 iegwd p80ple 8thAno frc¢n poverty Indud5 persons do nol have Ihe resour¢es to provid8 (or Ih8ms6lvas, eitheron a short or a long-temi b8818, th lh8 normal tNngs of life m051 people take for granted. The Irus108s alm to addr IM)th th& causes and the consequences of poverty by altoGating grants to assist whh both the pr&ventlon and relief of povèrty. In Mew of the limiled resourc8s of th8 charily. Ihe Iwstees take the eW that the objects ol the ch8rfty caTr best be fu11d by 5UPP(rting olher ganlsallons hav8 been 8staNlshed for purposes yrithin the d)adtls {eCts. rather than d8tIng the re$ouT$ of lh8 tharity to the support of a limited nymber of indfvlduaL%. Slgnlflcant activities The Ch8rlty owns a building know) as the Hopmet ¢(Anplex IforThrty Th8 Fkjp Mark81 Hot61) In Foregats Str88( Wortsstèr. 8th8r wlth ann8x8d pr8mi8e8 8t 13. 14. 15 an¢J 16 Tl)e For8gat< Wor¢estgr. Th8 complex ct¥ntYIsos numberof retall unils whh resldenll818ccommod&trw above. inmme frL¥n 8$1 Ihe yemlses of the Chwlly18 h814 on Irust to Ihe same for the benafft of needy Fersons the cty. Needy persc$ are defined In the 8$ P8rsork8 who by reason of poverty, dckness or Inf¥mlty whelh8r ung or dd 8re in ed of financial assistance, carts and attention. The aLx)ve ihe relall uniL8 t l&ased lo Pktfomi Houslng Group. Alth¢wgh no rent is P3YdtAe, Flatform HousirvJ Crow t818 75% ofthe cost olthe rep&ir5 and mnan¢ to th8 buiktiry. Publi¢ ben¢fit Th8 trust88S c4)nffirm that they have compl th the thty In se¢llon 17151 of the 2011 Charities Act to ha due regard lo gthd8n¢k Issued by Ihe Char5ty Commlsslon on putrAlc beneffltwhen deddryJ the aclmuos. ACHIEVEMENTS AND PERFORMANCE Property Management In January 2023 the TrLBtees apPnIell GJS Dllknn lo su¢¢eed Fish8r German LLP for a 013 ar$ As Ihe Charfiy operty manager. %ilh the opuun (o roll I. The Gonirad ¢omm8nced wllh effect from 1st A12023. Tre fru$ie85 Iva property m8nao8ment rewJrt8 from GJS Dillon AThJ thoir ropresentallves att8Th1 meetings of the Trnsttsès Bo8rd to wesent their rep)rts and answer ques110. The rew)tts IndudÈ infom18tlon on lèases. maintenance, swvlc8 ch8ra88 and gonfjral manag8manl18suas. A wmpr¢hbnslv8 condltk)n surtey of Ihe Hopmarket buHdng wa8 Mplted by GJS $rtl prwntfjd to th8 Tnjstees Board Sn Mare 2024. In r88pons8 10 8dvlc8 from Iho CharK6 Audttors, a ifrvaluatlon of th8 wwrty was undtakon by GJS DIUon durlThg 2024125. the la3t valuallon h8Mng b88n dr6 by F18her German LLP In 2021. The PTcyerty h88 boen valu8(5 81 £8(),0 as a guide for 8ccounting puwwsos. Platform Hov8lng Group Under Ihe terms of the leasè beVe the Ch8rity and Platfom) Houslno Grthjp. th8 Charfty 18 respcsble for th8 r8P8ir and rnalntenanc8 01 th8 exteffl f•brio and structur8 of the thole building and 75% 01 Ihe total Mst of the 1$ refy)ver8d from Plalfomi. The TTUStees iVe0 8 presenlalknn Irom Dir8clor8 of Platform Houslno at thelr meeting In July 2024 on tha (xjndltlon of Ihe bulldlng. There regular rneetirys with th& Chalmian. Vic*£hairnian, City Cojnulknr Officers and Hatlom) Houglw ¥ewesentaUves dvrfng the y88r Ih55 L0 rernaiJLS thè chief pAorlly forth8 CharKy. Pagè 1
The Hcymthrket Charlty Report of tho Tw$to0s for th8 Yoar Ended 31st March 2025 ACHIErfEMEKfs AND PERFORPIANCE Legal 18sues The Trustees reriv¢ 0dvke from Cily Coundl Offi¢er8 on a rary8 ofgov8manc8 and legal issue5. The were rKJ onoolng governanoe legd Issues at Ihg year ond. Hopmarket Bulldtho Taking account of lh8 Colon of the property. r8Feirs h8ve been Identtfied and the Gharftys flnanthS tM)sllbn. the Trustè8s took a major decision durlng Ihe year to consider fulure OPt£ons for the site. The Trustees agreed lo Ibcatg up lo £20k of tha charity's fvnds. rnalchwj by Platrorm Hcu5ing. to piocurg independent exlernal adCe and ¢fleIaI markg11gsfjng. JLL. a nallonal prop8rty consultsncy. re 8pw>Sn18d Ihrough a compelit¢V8 prooJrement wocess aThY JLL proj8r leam hJs met on $everal o¢caslfmS wlth 8 Trustees Steedng group. SUrorted by OfficÉr8 frcrfn Ihe Council and Platform Housing repre88nlatives. In FebDJary, the Trustees reIved a rep)rt from JLL on the first stage ol their w)rk and it wa$ aw88d that lurth8r considwation should b8 given to refLthtiishm8nt and redevdopment optiOAS. Ai the time ol WTiling. Ihis ptece of th r8FnpAn5 ongoing on a confidential bas5. The TnJ5teès a mlndfvl of any Implcath)ns for Hownark8t re8ldents. Hoprnarket Pmmotion and Income Generation Ttr Trust68s re¢elv8 regular raports on various mattets dUde Msual peaCe, etryty unlts, markeung and promotion and 8clivilles. Truste95 hgve enoage¢J KAtJbla LAnoford to manag& Fll IputrAKaty through 8OL4al medla and Ihe pr8ss. A forn1 agr88mènt wtlh Kabb L8ngford hos been 6igned filch 18 an add¢honal ¢ost to the Charkty Applteallon$ for GrantAld TakSng Into conslderatlon th8 Ch8ril515 fin8nu81 posS1ion. Ihe far[al implicatk)n$ of the mal(w ropalrs [ch ar8 rewired to Ihe bu1n and the raW whlth has boon cortwnkdon8d. the TDJStees agr88d not to fft8ke any grant awards f£ 2025r26. FINANCIAL REVIEIV Flnanclol posltlon Th8 Flnanc181 r8Vi6w was carlied out in February 2024 lor 2024125 and wes baseil on lh& cuNant year-ttrdat& 8CtU818 and lh$ forewts of future costs and sncom8. The lev810l incom8 was fL¥eca5t to be slvJhlty more than budgeted due lo more occupled unlts. The Investmeni management cx>st5 2024125 were fu8casl to be less Ihan budgetad. The man r8ason for this b8lTrJ lower g8n8r81 rep8Jr8. property m8nag8ment & vold (x>5ts. The major reIrS $ts rg lorewt ¢0 be S[htlY I)w. The wpport costs loreGasl was for808St to be mue than budgeted due to property revaluaOn loe JLL report. The ovw811 wrpkjs 81 31 March 2025 Icw8t to be £04.4k £9.1k th8n budgeted. Itwas pr0sty agreed with Trustees that no grts wwe lo l pad ujt In 2025126, 8nd is ins18ad r81ain8d to (x)r jId9 rdated costs. Thè Repairs Fund al 31 M8reh 2025 was for6c88t to ba £85.7K. Th8re wds a balanca of £9K on Ihe D•vd(4vn8nt Fund res&n loThvard fvom 2023r24. Tha fLrecasl Spend for 24125 was £7.3k. A LAg8t of £1(K< was requ1rj for2025126. R•s•rw$ polky Th8 Charfty h(4d5 generdl unreslrfctod funds (l¢h ex¢lude$ arrKJunls held In d88ignated fvnd81 of £59.134 12024 £608261 to fund ongoing 8xp8ndtture Ifth8r8 Lq 8 fthure drop In rental Incorne Tecetved by the caly. D81ans r8gardlng d85ignal8d lund5 hotd by Ch8ritycan be f¢)und In noi8 12 of Ihe notes to th8 finawd 5taiernents. Golng concern S88 note 1 regardg an 85¢in9 uncortalnly sutround*wJ the goln9 concarn oftha charity. STRUCTURE. GOVERNANCE AND MANAGEMENT Govemlng doGumÈnf The Hwrnarket Is a Chority e51ablbhed Act ol Pa1ent. Ils current Gov8mlrvJ Act IS th8 W¢Star Clly nal Arl 1985. Pag8 2
Tho H0pmath Charlty Report of the Tru5téo¥ forth• Yoar End•d 31$t March 2025 STRUCTURE, GOVERNANCE AND AIANAGEMENT Tru5tee$ and Méetings Yh8 Charily 5s g0Med by a Bcérd ol Trustees. The Board hB5 8t leas16. but not than 7 Worco$ter City Coundllors and al loasl 2. bul IKJ than 3 Independont Trustees. The City CoundlloT Trustee5 are 8ppolnled annually in May. The Indepgndent Ttee5 are Bppolnted for a pèrtod olyp lo four y8ar5. Dalalls of the Trvslees durfng the Peri tVer8d bythis report art 8et ou¢ below. The Chalmian of Ih6 Trustees forthe pwl)d waB Mr Blll SlmpKm wmh Jenny Bgmes a8 VIc£-Ch8irm8n. The Tru8t88s Board met thr&è times dufing lh6 pertod covered by report. In Jujy Snd November 2024 and February 2025. Meetings are held face-to-face with the opt ofjolnlng onllne. Organlsatlonal 5tru¢ture Th8 Charity 15 adminlstered by WLYC8Ster C¥ty Coundl fr<m tho Gullth81I, HvJh Street. Wcrc4ster. The cj¢I* Head of Finance acts88 th8 Treasuror of Ihe Chadly and legd suprI Is prov¥Jqd by Ihe Councils Lwl SeTrices team. Tru8tso r•muner8tlon The Trustsas re¢8fved rn remuneradon dudng 2024125 thgrawer8 no related party tran8aGtKth& REFERENCE AND ADMINISTRATIVE DETAILS Regl$ler8d Charlty number 244569 Prlnelp81 addr•88 Gulklhall WOrt•r Wor¢terShT WR12EY Trust9 Curront Clty GounelllorTru8tees CLwnGillor Jenny 8ames Counclllor Lynn tlenham CncIl10r Karen HaltllOS CnCilr Tor Plngrse Ctyjncilbr Ad8m StA)11 CtyJn¢lllor Louls Slophen ¢urr•nt Independenl Tru6ts•8 Blll Slmpson Jo Hodg88 stephen Hodgson -Ch8irman Re-8ppoint8d 20 May 2025 IEx-Ind8P8ndant Twste81 Re-appolnled 20 fvlay 2025 Re-8ppoinled 20 May 2025 Fltst Appolnted 20 May 2025 Re-appointed 20 May 2025 R8-8pp)inted 20 May 2025 Chalmwn Re-appointed 23 May 2023 Re-appointed 24 May 2022 Firsl Appointed 21 May 2024 IEx-Cily Ctyjwlor Trustsg) Fornier Clty CounclllorTru8tOe5 Counclllor Kalle Collier Councillor Stephen Hodgsc Coufttlllor Kar8n Ling Councillor Elena Round Councillor James Stsnloy Couftclllor Jese J8gger R8signed 21 May 2024 Indepandent Trustee after 21 May 2024 R8signed 21 May 2024 Reslgned 21 May 2024 R8swJned 21 May 2024 Reslqned 21 2025 Fomier Independent Trustees Dwlng Poilod Cov¢Md by Thls Report Jonny Barnes City Countsllor Trustee 8fter 21 May 2024 IndÈpondent Examiner Tha Rlcknd8 S8ndy Parfnership TrAl0@ Hou88 25 BarLvume Road Worcester Worcèslershlre WR1 1RU Page 3
The Hopmarkgt Charity Rèport ol tho Tru$t&O8 for tha Yaar Endad 31st March 2025 REFERENCE AND ADMINISTRATIVE DETAILS Tr¢8$urer Cathy Davies Head of FingDC8 Worcastèr City cour[1 Yhe Guiklhall Hwjh Svè8t Worc8Ster WorrEstershire WR12EY Admlnhtrato Wor(xsler Clty Counal The Gulldhall HvJh Str88l WortEsler Worcestershir8 WR12EY Invgslment property managers GJS Dilkjn Llmlted 7 Roman Way BusSness Centre DrCh W¢]rcoS1ehtre WR99AJ 19 November 2025 Apwov811 by ordorof th& ix)ard of trust8e8 on............................................. and slgned on Its behall ty: W J Simpso - Tru51e Page 4
Ind•pend&nt E¥amlneV$ Rèport to tha Trustees of The Hopmarktrt Charlty Iwthpendorit wmlner's raport to the trusteos of Th A Hopmarket Chadty I report to Ihè charily trustees on my examlnatlon ol the aCGounts of Tho Hopmarkgl Charity1th8 Tvustl lor the ye ended 31st Marth 2025. R¢sponslbllltle8 and basis of raport As the tharily trustaes of thè Tntst YOU 8re re8ponslbl8 for the prgparat(on of the gccounts In 8¢cordance vAlh Ihe r4urements ol Ihe char5tS Acl2011 Ilhe Ad'l. I rèport In re5P8¢1 ol my exarnlnalkjn ol the Trust's 8ccounls carrl8d out under S¢¢llon 145 of the Act 8nd In Garrylng out my eXnInation I have followed all applSc4bl8 Dlrecllons glv8n by the Charlty GOm[Th5on under Se¢Yon 14515llbl ol Indèpendent emIne8 Statsment I hav8 LX)mpleted my examlnabon. I Confi that no mat11 matters have (ome to my atl8nlion in o)nnedion wlth th8 8Y8mlnallon githng me cause to believe that in any malerlal r8SP8cL- accounung recorLls re not kept In reyct of th8 Trustas required by SOn 130 01 the Art Ihe accounts do nol 8ccord wllh those reeords.. or the accounls do >t cOmY Mrilh the ap1¢able wuir8m8nts conwning the fom and ttl of 8ccounts set out in th& Chartties IAccounts Reports) R0gulaVons 2008 oth8r Ih8n any requlrefflenl thal Ihe a¢counts give a tNe and fall$W wthich Is not 8 m81ter consrd8r8d a5 part ofan hdepwd$nt examknalton. I hava no ¢trnS ha¥8 come across no other matter5 in conned(m I1h the examinatK)n to vthlch alkntion 8k¢ b8drawn In thls rèFK¥l In order to onabkg a proper dar81a[ng of thè ècceunts kn bo roa¢hed. dlssa Jean GOdn ACA ACCA The Flth8rd8 Sandy Pawlnew51Np Thorn&b& House 25 Barb)ume Road worster Worce51er5hire WR1 1RU Date.....l.l.:.i.L. .zQ.............. Pag8 5
The Hopm8t*et Charlly Statsment of Financial Activities lorth8 Y••r Endod 31$t Mar¢h 2025 2025 2024 Devolopmanl designated fund Rowrs d&8hJnat8d lund Unre8lricted funds Total funds Total frjnds Notas INCOME AND ENDOWMENTS FROM Invgstrnent In¢om8 211,739 211.739 Ig6.186 EXPENDITURE ON Rai8bl9 funds 93,254 193,254 125,593 Chadtablq actlvlita8 Gtants Issued SwpDrt 518 42,279 19.395 22,873 22,873 Total 216,127 218,127 187.267 Nel 9#lnsllk)$8es) on tswestm8nis I870.0> NET INCE1{ExpEN0lTuREl 14,38BI 2.596 (4.3881 1861,0811 Transférs b8twe8n funds 12 2,760 15,356) Net movement in 11,792) 2,760 15,3561 14,38B) 1861.0811 RE¢ON¢ILIATION OF FUNDS Total lunds broughtfotward 360,926 9,000 94335 464,161 1.325.242 TOTAL FUNDS CARRIED FORWARD 359,134 11,760 88.879 459,773 464,161 Thg t$S form p8rtof th finandal 9tat6ments Pag8 6
The Hopmarket Clmrfty Balance Sheet 31st Aqarch 2025 2025 2024 D8¥*lopment oskJnatad rund Repairs daslgngt fund Unr8slrfciad funds Total fun¢ts Tol fvnd8 No5 FIXEO ASSETS Invaslment property 300.000 300.000 300.0 CURRENT ASSETS 08blors &8h 91 bÉnk 10 35,770 218,639 35,rro 319,278 33.806 247.350 11.760 88.879 254.409 11,760 88,879 355,048 280,956 CREDtYORS Amounts falllng due thIn on8 year 1195,2751 1195,2751 {118.7951 NET CURRENT ASSETS 59.134 11.760 88,879 159.773 164.161 TOTAL ASSETS LESS CLIRRENT UABILrriES 3,134 11,780 88.879 459,773 464,161 NET ASSErs 359.134 11.760 88.879 459,773 464,161 FUNDS Unre5MGte(S frJr¥J5: G8Jeral UNOstri¢t8d Sunds C8Pltal r8S8rva fund Development lund Repaws fund 12 59.134 300.000 11.760 88,879 .926 3&).0 g.000 Y4,235 459,773 464,161 TOTAL FUNDS 459,773 464.181 Th8 financial $1818m8nis 8pproved ty the Board ol Trustee8 and authori8ed 1.a.NovEmbEr.2025., and r& gkjnèd on11s behdf by.. WJ The nol8$ fomi partof Ihe8$ fin8ndal statements Pagg 7
The Hopmarknt Ch•rfty Not•$ to Fkn8ndal Statements for tha YearEnded 31st March 2025 ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financlal Slatemenls of the charity, whiGh is a nefIt entity under FRS 102. havè boen prepared accordance wlth the Charfties SORP (FRS 1021 'Accounlknu and Raptsrhno by Charitie5= Statement of R8cornrnendgd PraG11 appli¢atle to oharitles pr8parlng Ih81r acunt8 in acwrdatKe wlh the Flnan(xal Repottr"ng Slaidard appli&8ble in th8 UK and Republic of Irelalld IFRS 1021 leffeCVe 1 January 20191., Flnand81 Repothno Slandard 102'Tha Financial Reporting Slandard apFlicable in the UK and RepvNl¢ ol Ireland, and the Charilios Aci 2011. Th8 fin8ndal ststemanls have piepared under the hlsloric21 cost ttbnv&ntlon, a8 modlfied by the rèvalualh)n ol certaln ass91& The finaneAal st8tem8nts are pr8parl in Ste1. whith Ls Ihe funthnal eUrD¢Y0f the ¢h8rity. Monaly amounts in these fiftancial Statements are rounded to lh¢ nearoBI £1. GOING CONCERN During Ihe prlor lh8 tswsts8s b8eam8 awar8 of 5ubstantlal remvauon that n89d9d lo b8 done to Ihg FWPWty. forwhlch Iha charity may not b8 8ble lo finance oirt of the ch8rlty8 current level of frae ras8rv88. A8 st the date of slgning th8 financlal statem811ts, no 15[0 has been r8ach8d 8nd th6 Irus188S 8r8 SUII Cc1)Vj thelr opUoThs, Thore Is a rtsk that the Ivu8t8es may deci(Je to sell sorne or all of the property If Ihay are unable tu find an alternave tnellKxJ of finanong tho necss8ary renovabon work. and the impact to the ros¢rves of the drtlY a8 8 r88uII $8 eurrtntly unknown. Tho current aim of th¢ Irusle8S is to retain a healthy re8wve as a result cl any decisions reoardlng Ihe property, and il the propety 15 sold ¢here rnay be 5uffi(xent ¢8$h generated fru Ihe sae to acqulre 4llem8tlve Investments, the Inccm8 ff(Mn vthlch 111 then fund futuie grant p8ymenl8. Howover. until 8 decl8ion regardlrtg the futur8 of th8 proparty ts rhd and thg Pact on the r6seNaS Is kn. Ihere rernwns uneert8lnly as to the thatltV8 abilityto continue 8$ è gthNJ th)nm. INCOME All Inco ts reccgnlsed in the Slat•m8n¢ of Fin¢181 tho charty has entmen1 io the funds. It 1$ probab18 that the income will received and the amount can b8 me8sured rehbly. Rental Income Is recélved on 8 $traloht Ilne b8ds overth8 p0 to whlth R rektes. Grant in¢ome is ¢09n1&ed vthen Iher8 Is edenc6 olentillernent to the grant. re¢elpt Is Kthabte and rts arnount can be moasur¢d rellatdy_ EnllUem8nt usually arfses lrnmedlal8ly on it5 ceIpt, lesS ther8 are terms ¢ Lxmdltkns wh must be nt b8fwe thè charty Is ènltted to the Income. In18r851 inwrn815 rwnlsed for all IDtereslJearfry Instruments using Ihe effeGlive interest rate molhod. EXPENDITURE Lkqb115Ues ore recognised as expèndilurtr as soon as there is a legal or 0)n¥in$ oWroAtlon u>mmllllng the ch8ri¢y lo Ihat expenditure. il Is probable thal a transfer of econornrc b8nefits wll bo reqUIr In satU8m&nt and the amount ol Ihe obllgallon c8n ba maa8ur8d rellably. Ewendilure i% a¢countsd lor on an a¢015 basis and h8s been deSrIed under headlngs that aggragale 811 rt related to the category. Where costs cAnNJt b diredy altrfbuted io parfcuJ8r h88dings they have t%en allo¢aled to a¢bwli&s o# a basis wnsistent with Ihe use of iesources. Grants payable are charged to expenditwe Iho offor 1$ conv8yed to the recpient, unless the oifer 18 conditwal in whith Gase such gr8ntS are th8rg8d to 8xpendlture ¥then the ¢ondilion$ attaching are fulfilled. Grants offerad sublecl to conditioTrs which have not b88n m8t al Ih8 y8ar 8nd are not1 as a IXbTnmilment. bul )1 as exp8ndliur8. INVEsfMENT PROPERTY IDvBslm&nt propety is showll al fflosi reGenl valuollon. Any aggr8gat8 surplus or arising (M change8 In faw va0 is r8cegnised m the Stalemenl i)f Flnandal ActitIO& TAXATION Th8 ch8ri1y fis exemptfrom tex C Its ch8rft8Uo a¢bt8. FUND ACCOUNTING UnT8slrirted fund¥ can be usèd In g¢¢ordan¢e Ihe cth8rflab oblocveS at the dlsaetion of the truste85. Reslricted lunds Can be for particular restrict8d putposes within the oble¢ts of the Charity. Rèstrfds ari$6 wh8Th 8PBdfi8d by the donor or when ltsn¢Js arè ra(sod for partlcularrestricted purp05e5. Futherexpl8nadon ol the nature and purposè of èach lund Is ItKluded In the note8 to the finandal statements. Page 8 ¢ontlnu8d...
Tho Hopmarket Ch8rity Not88 lo the Flhan¢lal Statements- contlnu8d forlh• Y82r Ended 31st March 2025 ACCOUNTING POLICIES- continued FINANCIAL INSTRUMENTS Th8 charity has elected lo apply the provffjlons of Sectlon 11, Bas Finanaal Instruments. and Seclan 12 '0th8r Ftn8n¢lal Instruments Issues. of FRS 102 to all oftt8 financwl in51rumonls. Finan¢lal Instruments are recogni8ed than th8 ch8rityb8comes party to eonlraclual provisK)n8 of instrument. Finaa¢io1 assets are offset. wlth amtsjnts yo$6ntod In th8 accounts where there Is 8 legalty enfCeètsk right to sel off the recoonlsed am(NJntS 8nd there Is an Inlentlon to sEtt on a net basls w to reall8è thè assat and Settle the liability sirnultaneousty. B#slG Flnan¢lal A88ets Baslc financial assels, which includa trade and other reGefvabbs Bnd c8sh 8nd bank balances. inFtldly rnaasured at transaction pric0 indu(Ing transacllon costs and Bre subsequently at 8mortised cost uslrwJ thg gffg(1fv8 Int8r8St m81hod un1885 the ar[gement con$Ulute8 a flnancing 1r8ns8cll. vh8r8 thÈ t¥an8acbon 18 easUd ai I Nesent Val of the futvrs receipts dlscounfed at a rnarkel rate of Interest. Baslc Flnanclal LSabllltlo8 Basic financlal Uablllties. Incjuding trad8 and oth8r payab, are inlti811y recoortsed at transactlon price unless th8 8rrang8m8nt consututes 8 fin8nclng transaction. wher$ the debt instrument Is measured a¢ lh8 we8ent value of future reIpts. dls¢rAtnled at a m8rk8l rate of inlete5t. Debt inslnJmenl$ are 8ubsequtrnUy carried at amDrfL88d ci>st. U51ng the effeclve Inlor¢sl ra18 method. Trade paydlAe5 are obllWk)n$ to pay for gocxls or slS Ihat have been acquired in the ordkn8ry ¢Vr$8 of the operallons from suppli8rs. ACcnts payable are classffied 88 ¢7Jrr8nl liabilities if payment ts due 1h1Th or y88r or 16$$. 11 not, Ihay ar8 pr8s8nled as rKJn-Burrent Ilabllllles. Tiade payabl8s are r8cogniwJ Inlldly al Irdnsaclion c05L SERVICE CHARGE MONIES ser£0 chargo rnonies (x)118cl8d and m8n8g8d by the Invment woporty manager of th8 charily marwged on trust on behabf of Ihe tenants of the hvestmenl prq)erly. Servlce charge wnonle5 8re not GoTrsid8r8d to b8k)ng to Ih6 charfiy and th& financlal actiwties linc4jIng income, expendltrjre, assets and liabililiesl relatKig to 8eThlc8 th8rga mon18$ ha bèén •xcJudod from tha&e fin8ncSal statemenls. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIAIATION UNCERTAii¥rY AunI1n 8Stlmat8s and judgement gre continually evaluated 8nO are basèd on hi$torf(41 experlence and other factOTS. Indudlng ey4ctaUon$ ofluture evenls Ihat are be116ved to b8 roa8onatrJ9 undgr the druJwnstaTrGes. Slgnlfl¢art stsurc•$ of estlmatlon uncortalnty Th& Investment propetly is revalued lo rnarket value b89ed a lUaOn performed by an kn4Jependenl prof8ssion81 qualif*d v81uÈr a litue ovw a mnth before the finAn&al year end. The twste8s 8re of the oplnlon that the v8luallon of the Snv8slm8nl pr(pert$85 have not signlficanlly ch8ng8d I&n Iha date of the valuatlon aThJ the financlal year WMI. Th& valug of hvaslm8nl woperty is included In nole 9 01 Ihe financi81 stslements. INVESTMENT INCOME 2025 2024 R8nts recawed 211,739 196,186 Page 9 continued...
The Hopmarket Charlty Notes to the Flnan¢lo1 $ts1grnènts- ntInUed forth Yt8r Ended 31st Mar¢h 2025 RAISING FUNDS INVESTMENT MANAGEMENT COSTS 2025 2024 Investment prop8rty m8nagerf88S Property Insuranc• Advert18irvJ marketing Elgctririty, Wdier and busin88s fdte8 Bad debt provislon Propety repalrs snd Mntenartl 56,996 52,146 7.040 1,794 29.114 58,128 13.618 5,525 283 18.925 74278 193354 125,593 GRANTS PAYABLE 2025 2024 Gr8nts Issued 42.279 The tolal gr8n18 P8id lo instslutions duriThJ Ihg w8s as 2025 2024 I Sorts ol Performir Amchalr Hgppy Da Maggs DaYctr& Mentor Link Oasis W?rndon ReLgte Wor¢e8ter8hire Th8 Myriad C8ntre Wor¢ter lzenS Ad(¥ Bur88u & WHABAC Worceslercommunity Trtjsl 2.(K)O 3,500 1,079 7.000 3.700 3.000 3.0 7.000 7,000 42,278 SUPPORT COSTS meageMent Supp(41 rJ)St8 22.873 Support Costs, induded ifb tho above, aro as folows". 2025 Support 2024 To181 aCtIe$ Admini8tr81ion th8rge8 Indendent examlnalion foe Twstee indemnlty insufance Lea81 fees Sundrfes 16,300 2,640 720 2,955 258 16,300 1.800 700 380 215 22,873 19.39S Page 10 conllnued,..
The Hopm8rk•t Charlly Notes to the Flnanclal Stat•m•nts. ¢ontlnued forthe Yo•r Ended 31st March 2025 TRUSTEES. REMUNERATION AND BENEFITS Th8re were no InJstees' remuneration or oth8r benefts for the year èndad 31st Mgrth 2025 nor frf the year ended 31st March 2024. TRUSTEES. EXPENSES Th&r6 wer& no trustees, expense5 paid fv the year ended 318t March 2025 n(* for the year eThl8d 318¢ March 2024. COMPARATIVES FOR THE STATEMENT OF FINANGIAL ACTIVITIES Developrftent destgnated lund Repblrg de5ignat8d fuTh Unre51ricted funds Total funds INCOME AND ENDOWMENTS FROII Inv8slmeTht incorne 196,186 196,186 EXpENDVRE ON R81SN lunds 125,593 125.593 Charitable activitles Gr8nls is8ued Sukwort costs 42279 19.395 42,279 19.395 Total 1B7267 187.267 Net galn8111g55851 on investrrwts 1870.0001 (870,0001 NET INCOMEIIEXPENDITUREI Tran$f¢rn betwoeTh funds 1861,OB11 2,571 {881,081} (4,239) 1.668 Nèl M0m•t Irb fd9 1858.5101 14.239) 1.608 {861.081} RECONCILIAnON OF FUNDS Tolal funds brouohl forward 1.219.436 13,239 92567 1.325242 TOTAL FUNDS CARRIEO FORWARD 360.926 g.oc 94235 464.161 INVESTAIENT PROPERTY FAIR VALUE At 1st Aprfl 2024 and 31st M8r¢h 2025 30000 NET BOOKVALUE At 31st Klarth 2025 300,000 Al 31st March 2024 300,000 Th8 Investment propertywas rev8hJad by w independent professlonal quallfled valuer on 22 January 2025. ThSs wa$ unrf8rtaken by Anneka Wuks BS¢ IHmsl MRICS on behallol GJS Dlllon Llmlled. The Irustees ar8 of th8 oplnlon that the valuation ol the iftvestmont propertles havo not slgnfficanlly ¢hangod botW80n 31 March 2025 and 22 Janu2025. P8ge11 conlnu8d...
Th• Hopmark•t Chaklty Notes to the FIMn¢lal Statèm&nl$- continued forth8 YearEnd8d 31st March 2025 10. DEBTORS.. Akioukifs FALLING DUE WITHIN ONE YEAR 2025 2024 Trade debtor8 GJS Dillor¥ Prepayments and accrued Incomo 4,110 22,004 9,656 4.049 26,251 3,308 35,770 33.606 11. CREDITORS. AMOUNTS FALUNG DUE VATHIM ONE YEAR 2025 2024 Worcesier Clty CouThcH Accrued e¥penses Def8rr8d Income198e nola 131 135,914 58,659 702 103,368 10.003 3,424 195.275 116.795 1Z MOVEMENT W FUNDS Transfe belween funds mV8menl In lunds At 31.3.25 At 1.4.24 Unr•strl¢ted lund8 General unr8slrict8d fijnds C8pILql ieserve Iwd Developmentfund Repairs lund 60,926 30Q,OQ 9,000 94.235 14,3881 2,596 59,134 300.000 11,760 88,879 1760 IS3561 464.161 (4.3881 450.773 TOTAL FUNDS 464,181 (4.3881 459,773 Nel movement in lunds, in¢ded in the above ale as folk.. Jnc(thlng resources R8sourcas expended Movement in funds Unrestricled funds Generdl EJnte5trlGted funds 211,739 1216,1271 TOTAL FUNDS 211.73 1218,127) 14.3881 Paae 12 continued...
Th6 Hopmark8t Charfty Note5 to the Financial Statements- conttnued for the YearEnd•d 315t March 2025 12. MOVEIIENT IN FUNDS. Continued Comparatlvgs for movement In fu]Tds Net movement In fur3 Transfars b&hvean fund$ At 1.4.23 31.3.24 Unrestricted funds Genoral unre8lrk18d funds Capit81 res8tv8 fund Develownenl fund Rep&rs fund 4a.436 1.170.000 13,239 92.$67 8.919 I870.10) 2,571 60.9 300.000 9,000 94.235 {4,2391 1,668 1.325,242 1861.0811 464,161 TOTAL FUNDS 1.325.242 1861.0811 464,161 C¢Jmp8raliv8 n81 movemw)I In funds, included in th8 abov£ af8 as follows: Incomlng r850urc8S Resourc8s 8xpended G8ins 8nd losses Iov8menl In lunds Unre8tslct&d funds Gener81 unrestricted Iwds Capltal reserve fund 196.186 1187,2671 8,919 1870,0001 1870.0001 196.186 1187.2671 1870,0001 (861,0811 TOTAL FUNDS 196.186 1187,207) I870,0) 1861.0811 alrÈ Fund The Repai Fund is h8kl lo rnwde fundlng frir maj(x repair5 and a5 a contingerY for unfor8s88n r8p8irs. This ts P8rticularfy important for a bUildg ol this age. typ8 and construcon. The Charitys W0rtY agont Is OXtsLdied lo ertswe Ihe adoquaey of th8 r988r¥e. Develo ment Fund The Deve4(pment FuTrd is held for futur8 Inveslm8nl In m8rkellnu acllthy to pINte and develop the Hoprnarket and thevebyatlract more lellings. sFun The cap81 Re5erv¢s FuThJ represerts the Ch8rflrfs hcldlng in the inveslrnt property. 13. DEFERRED INCOME Deferr itwm8 of £1(2024 - £1.0491 rdal88 10 10 ar lease payment Meej In advance and other rwtsl Income rec&ved In Bdvan¢* lolalllng £702 (2024- £2.875}. Page 13 ccfitlnued...
Th8 Hopmarket Charity Notes to the Flnancl81 Stat8ments. contlnu8d forthe Y•ar Ended 315t March 2025 14. RELATED PARTY DISCLOSURES Worcester Cliy Council provKles key management pèrsonn81 to the tharfty. Worcestsr Clty Coun¢ll recelved key managemant personnel remun&rallon for th888 set¢&8 of £16.300 12024 - £1fj.30(bl. Durlng the year Worcester Cily Council made payments lo Ihird parties 85 agent of Ihe thartly tolalling £119.613 12024 £87.71. Al the year end the ch8ri1y owed Worc88ier Clty Coundl £135.91312024- £103,367). There wgro no other ra¢4ted party transacbons Kn the yew. 15. OPERATING LEASE INCOME COMMITMENTS m5mum lease Income due to Iha ¢harltyundèr non-c8n¢8llatAe oporatlThg le88es fal due as foMcthE'. 202S 2024 Wllhln ong y8ar Bettn one and years Aftw fiv8 years 101.362 212,374 115.275 94,467 277.609 1.473 429.011 505,549 Pagg 14
The Hopmark•t Charity Dotallod Statement of Flnanclal Actlvltl•8 for the Year Ended 31st March 2025 2025 2024 INCOPIE AND ENDOWMENTS Investment InGom• Rents received 211,739 1.186 Total In¢omlng r•sourc05 211,739 196,186 EXPENDITURE Investfflant manag8ment costs Investm8Trl prop8ty managerfee$ Prop6rty insurance Adv8rt16ing and m8rkellng Elo¢lrtdty. waler3nd bJslnes5 rale5 8ad debl prov151on Properly repairs and malnt8n8nr .996 52,146 7.040 1.794 29,114 58,128 13,618 5,525 283 18.925 75.278 193.254 125,593 Charftabl¢ a¢tlvlth5 to institutions 42.279 Support costs Management AdmSnlslraUon ¢harges INlep6ndent examination fee Trustee Inderllnlty Insurance L8gal fg9S Sundrie$ 11300 2.640 720 2,955 258 16.3CK) 1.800 7¢JO 215 22,873 19.395 Total resoue8 8XPond8d 216,127 167.267 N•t lexpanditurelhncom8 14,3881 8,919 Thls pag& does not form part of tho Blatutory financl81 stat8m8nt8 Pogo 15