Charity Registration No. 1129257
Company Registration No. 06828228 (England and Wales)
HOPE CHURCH WORCESTER
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
HOPE CHURCH WORCESTER
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr D P Spiers
Mr J Davidson
Mr G B Hazelton
Mr R J Thomas
Mrs R M Blow
Mr P M Ettridge
Secretary
Mr D P Spiers
Chief executive
Mr R J Thomas
Charity number
1129257
Company number
06828228
Registered office
The Granary
St Martins Quarter
Worcester
WR1 2DA
Independent examiner
Kendall Wadley LLP
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2JS
Bankers
HSBC Bank PLC
6 Broad Street
Worcester
WR1 2EJ
HOPE CHURCH WORCESTER
CONTENTS
Page
Trustees' report
1 - 4
Statement of trustees' responsibilities
5
Independent examiner's report
6
Statement of financial activities
7 - 8
Balance sheet
9 - 10
Notes to the accounts
11 - 22
HOPE CHURCH WORCESTER
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -

The trustees present their report and accounts for the year ended 28 February 2025. The report relates to the charitable company alone, it is not part of a group.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's memorandum and articles of association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The charitable company's objects are to advance Christian faith in accordance with the Statement of Beliefs set out within the Articles of Association in such ways and in such parts of the United Kingdom or world as to fulfil other charitable purposes that are connected with the charitable work of the Church.

 

The policies adopted in furtherance of these objects are the provision of public worship services with Christian teaching and pastoral support for all ages, community based activities, cafe church activities, support to to those with life controlling issues, provision of transport, international support and other support work to those in need or suffering. There has been no change in these during the year.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake, and are satisfied that those described below provide public benefit.

Structure, governance and management

The charitable company is a company limited by guarantee incorporated in England & Wales on 24 February 2009. The charitable company is governed by its Memorandum & Articles of Association.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr D P Spiers
Mr J Davidson
Mr G B Hazelton
Mr R J Thomas
Mrs R M Blow
Mr P M Ettridge

The trustees are drawn from the Members of the charitable company.

 

None of the trustees has any beneficial interest in the charitable company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up whilst still a member or within one year of ceasing to be so.

HOPE CHURCH WORCESTER
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 2 -

The trustees are responsible for the management and administration of the Church's property and funds in accordance with the Memorandum and the Articles of Association. Day to day management of activities is delegated to Richard Thomas who acts as chief executive. Remuneration is set by the Board of trustees having due regard to the activities undertaken and remuneration of similar posts in the church community.

 

Upon appointment appropriate training and guidance is given as to the role and responsibilities of a trustee within the organisation.

 

Meetings are required to be held at least three times a year at which the charitable and financial aspects of the organisation are considered and actions to be taken determined as necessary. This includes the setting of remuneration for those employed having due regard to legislative requirements and rates of remuneration paid by similar organisations.

 

Interests in transactions by virtue of related parties are declared at meetings and reported in the notes to the financial statements.

 

The activities of the Church are managed for the charity by the following staff:

 

Mr R Thomas         – Full time church worker and Chief Executive

Mr J Harper         – Full time church worker

Mr D Spiers         – Part time Admin

Mrs J Harper        – Part time building manager

Mr D Dowse        – Part time caretaker/cleaner

Whilst the charitable sector has continued to face challenges over the last year, with effective financial controls and a careful budget, we have managed to achieve good results. Continued giving towards our Granary building project has enabled us to complete the project and enabled us to achieve our charitable objectives.
HOPE CHURCH WORCESTER
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
Achievements and performance

 

Throughout the period we have provided public benefit through the following...

 

Emerging Futures  - working with people affected by homelessness, drug and alcohol problems and physical and mental health needs.

Children's Society  - providing specialist support that empowers young people to make positive changes and rediscover their hope. 

CCP (SWEP) - Preventing the causes and reducing the effects of homelessness, family breakdown and exclusion since 1989.

Worcester Mela  - using different cultures, colours and creativity to bring unity in the city.

Dancefest  - creating opportunities for people in our community to take part in dance classes and, if they want to, perform.

Alcoholics Anonymous

Cranstoun, working with those 18+ struggling with alcohol or drug intake.

Maggs day centre.

CCP - dedicated to prev3nting the causes of homelessness.

Hereford and Worcester Recovery and Wellbeing College

Mela – a group working to unite the city through culture and creativity.

Worcester Community Gardens

Everybody Dance – a company aiming to bring together able bodied and disabled through dance.

Yellow Scarf – support groups to help overcome challenges of isolation and displacement.

Aspeera Suporting migrants with cultural issues.

Diabetes UK

HOPE CHURCH WORCESTER
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 4 -
Plans for the future

The charitable company proposes to continue these activities in the coming year and develop them further.

Financial review

We have again functioned well with effective financial controls achieving good results. Continued prudent budgeting has enabled us to achieve our charitable objectives and maintain reasonable free reserves as detailed below.

 

The net expenditure for the year is £9,343 (2024 - £20,573 income) of which a surplus of £35,498 (2024 -£21,411) is in connection with unrestricted activities and a deficit of £44,841 (2024 - £838) in relation to restricted activities. Total reserves at the reporting date are £1,468,415 (2024 - £1,477,758) of which £900,650 (2024 - £945,491) is restricted. Full details of the restricted funds can be found in the notes accompanying the financial statements. After extracting the endowed property and other fixed assets this leaves free reserves of £136,989

(2024 - £101,491) available for unrestricted activities.

It is the policy of the charitable company that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charitable company’s current activities while consideration is given to ways in which additional funds may be raised.

The trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

This report has been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

 

The trustees' report was approved by the Board of Trustees.

Mr R J Thomas
Mr D P Spiers
Trustee
Trustee
Dated: 12 May 2025
HOPE CHURCH WORCESTER
TRUSTEES' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 5 -

The trustees, who are also the directors of Hope Church Worcester for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

HOPE CHURCH WORCESTER
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF HOPE CHURCH WORCESTER
- 6 -

I report to the trustees on my examination of the financial statements of Hope Church Worcester (the charitable company) for the year ended 28 February 2025.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charitable company’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charitable company as required by section 386 of the Companies Act 2006.

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Elizabeth Needham ACA CTA (VAT)
Kendall Wadley LLP
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2JS
Dated: 12 May 2025
HOPE CHURCH WORCESTER
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
Unrestricted
Restricted
Endowment
Total
Unrestricted
Restricted
Endowment
Total
funds
funds
funds
funds
funds
funds
2025
2025
2025
2025
2024
2024
2024
2024
Notes
£
£
£
£
£
£
£
£
Income from:
Donations and legacies
3
234,657
89,682
-
324,339
211,608
63,473
-
275,081
Charitable activities
4
35,892
-
-
35,892
31,822
-
-
31,822

Investments

5
769
-
-
769
262
-
-
262
Total income
271,318
89,682
-
361,000
243,692
63,473
-
307,165
Expenditure on:
Charitable activities
6
241,170
103,780
-
344,950
211,441
49,788
-
261,229
Other
11
953
24,440
-
25,393
1,090
24,273
-
25,363
Total resources expended
242,123
128,220
-
370,343
212,531
74,061
-
286,592
HOPE CHURCH WORCESTER
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 8 -
Net incoming/(outgoing) resources before transfers
29,195
(38,538)
-
(9,343)
31,161
(10,588)
-
20,573
Gross transfers between funds
13
6,303
(6,303)
-
-
(9,750)
9,750
-
-
Net income/(expenditure) for the year/
Net movement in funds
35,498
(44,841)
-
(9,343)
21,411
(838)
-
20,573
Fund balances at 1 March 2024
101,491
945,491
430,776
1,477,758
80,080
946,329
430,776
1,457,185
Fund balances at 28 February 2025
136,989
900,650
430,776
1,468,415
101,491
945,491
430,776
1,477,758

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
HOPE CHURCH WORCESTER
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
14
1,687,110
1,723,118
Current assets
Debtors
15
21,951
19,219
Cash at bank and in hand
74,545
62,855
96,496
82,074
Creditors: amounts falling due within one year
17
(16,089)
(19,365)
Net current assets
80,407
62,709
Total assets less current liabilities
1,767,517
1,785,827
Creditors: amounts falling due after more than one year
18
(299,102)
(308,069)
Net assets
1,468,415
1,477,758
Capital funds
Endowment funds
20
430,776
430,776
Income funds
Restricted funds
21
900,650
945,491
Unrestricted funds
136,989
101,491
1,468,415
1,477,758
HOPE CHURCH WORCESTER
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2025
28 February 2025
- 10 -

The charitable company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 28 February 2025. No member of the charitable company has deposited a notice, pursuant to section 476, requiring an audit of these accounts.

The directors acknowledge their responsibilities for ensuring that the charitable company keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the charitable company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on
12 May 2025
12 May 2025
and are signed on its behalf by:
Mr D P Spiers
Mr R J Thomas
Trustee
Trustee
Company Registration No. 06828228
HOPE CHURCH WORCESTER
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 11 -
1
Accounting policies
Company information

Hope Church Worcester is a charitable company limited by guarantee incorporated in England and Wales. The registered office is The Granary, St Martins Quarter, Worcester, WR1 2DA.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charitable company's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102.

 

The charitable company has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds represent the building gifted to the charity by the Baptist Unioin, the capital must be maintained by the charitable company.

1.4
Incoming resources

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

No value is attributed to services provided by volunteers within these financial statements as such services cannot be "sold" and the use of fair value would overstate the value of donations to the charity.

HOPE CHURCH WORCESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 12 -

Debtors represent amounts owed to the charity for gift aid or amounts paid in advance for services to be received, measured at the recoverable amount.

1.5
Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered.

 

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Creditors represent the amount the charity anticipates it will pay to settle a debt or a provision for goods and services it has received not yet invoiced, measured at settlement amount.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Fixtures and fittings
25% straight line
Refurbishment project
None until completed

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

HOPE CHURCH WORCESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 13 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/(expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.

1.9
Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Amounts payable are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

HOPE CHURCH WORCESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 14 -
1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Donations and gifts
234,657
89,682
324,339
211,608
63,473
275,081
4
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£

Room hire

35,892
31,822
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Interest receivable
769
262
HOPE CHURCH WORCESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 15 -
6
Charitable activities
2025
2024
£
£
Staff costs
176,201
150,223
Depreciation and impairment
38,116
3,268
Communications
3,241
4,176
Events
61,729
49,409
Gifts
11,131
1,200
Insurances
5,216
4,297
Premises
19,639
28,791
Building Fund
8,710
-
Regional expenditure
-
1,107
Sundry
5,208
3,070
Supplies for charitable activities
10,422
9,663
Travel and conferences
2,261
2,364
Share of support costs (see note 7)
76
81
Share of governance costs (see note 7)
3,000
3,580
344,950
261,229
Analysis by fund
Unrestricted funds
241,170
Restricted funds
103,780
344,950
For the year ended 29 February 2024
Unrestricted funds
211,441
Restricted funds
49,788
261,229
7
Support costs allocated to activities
2025
2024
£
£
Bank charges
76
81
Governance costs
3,000
3,580
3,076
3,661
Analysed between:
Charitable activities
3,076
3,661
HOPE CHURCH WORCESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
7
Support costs allocated to activities
(Continued)
- 16 -
2025
2024
Governance costs comprise:
£
£
Accountancy
3,000
3,580
3,000
3,580

Governance costs include payments to the independent examiners of £3,000 (2004 - £3,580) for accountancy fees.

8
Net movement in funds
2025
2024
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
38,116
3,268
9
Trustees

Two of the trustees (or any persons connected with them) received remuneration during the year, being remuneration for the performance of their pastoral and administrative duties within the church. The amounts paid including pension contributions for R Thomas and D Spiers were £61,761 (2024 - £61,761) and £19,752 (2024 - £19,172) respectively. They were also reimbursed travel expenses of £9,799 (2024 - £4,482), for R Thomas, and £172 (2024 - £350), for D Spiers.

One of the Trustees was repaid a further £2,000 of the interest free loan of £10,000 he had made towards the building work, leaving a balance due of £4,000 (2024 - £6,000).

HOPE CHURCH WORCESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 17 -
10
Employees
Number of employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
Eldership
2.00
2.00
Administration and support
3.00
1.00
5.00
3.00
Employment costs
2025
2024
£
£
Wages and salaries
150,380
127,003
Social security costs
9,578
7,505
Other pension costs
16,243
15,715
176,201
150,223

 

The number of employees whose annual remuneration was £60,000 or more were:
2025
2024
Number
Number
£60,000 - £70,000
1
1

Contributions totalling £14,284 (2024 - £14,268) were made to defined contribution pension schemes on behalf of the remunerated trustees.

11
Other
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
£
£
2025
2025
2025
2024
2024
2024
Financing costs
953
24,440
25,393
1,090
24,273
25,363
953
24,440
25,393
1,090
24,273
25,363
12
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

HOPE CHURCH WORCESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 18 -
13
Transfers

Transfers were made between unrestricted funds and restricted funds as shown in the restricted fund note.

 

14
Tangible fixed assets
Freehold land and buildings
Refurbishment project
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 March 2024
430,776
1,283,780
24,370
1,738,926
Additions
-
-
2,108
2,108
Transfer
1,283,780
(1,283,780)
-
-
At 28 February 2025
1,714,556
-
26,478
1,741,034
Depreciation and impairment
At 1 March 2024
-
-
15,808
15,808
Depreciation charged in the year
34,291
-
3,825
38,116
At 28 February 2025
34,291
-
19,633
53,924
Carrying amount
At 28 February 2025
1,680,265
-
6,845
1,687,110
At 29 February 2024
430,776
1,283,780
8,562
1,723,118
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
440
788
Other debtors
8,526
9,732
Prepayments and accrued income
12,985
8,699
21,951
19,219
HOPE CHURCH WORCESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 19 -
16
Loans and overdrafts
2025
2024
£
£
Bank loans
308,191
316,749
Payable within one year
9,089
8,680
Payable after one year
299,102
308,069
Amounts included above which fall due after five years:
Payable by instalments
257,924
258,048

The long-term loans comprise a mortgage for the refurbishment of the property and a Bounce Back loan of £50,000 plus interest received through Coronovirus funding guaranteed by the Government.

The remaining term of the mortgage as at 28/02/2025 is 25 years 4 months and the interest rate is 8.85%.

The Bounce Back loan was for a period of 10 years from October 2020 and carries interest at 2.5% per annum.

17
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
16
9,089
8,680
Other creditors
4,000
6,000
Accruals and deferred income
3,000
4,685
16,089
19,365
18
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans
16
299,102
308,069
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
16,243
15,715

The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

HOPE CHURCH WORCESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 20 -
20
Endowment funds

Endowment funds represent assets which must be held permanently by the charitable company. Income arising on the endowment funds can be used in accordance with the objects of the charitable company and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

At 1 March 2024
At 28 February 2025
£
£
Permanent endowments
430,776
430,776
Previous year:
At 1 March 2023
At 29 February 2024
£
£
Permanent endowments
430,776
430,776

During 2017 the Baptist Union acquired premises in Worcester to be converted into use as a Church by the Hope Church Community. These premises have been endowed to the charity for this purpose and a refurbishment project has commenced.

21
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 March 2024
Incoming resources
Resources expended
Transfers
At 28 February 2025
£
£
£
£
£
Building Fund
919,536
4,780
(67,440)
(858)
856,018
Encounter Together (formerly Hope Project)
9,430
37,259
(19,136)
(1,430)
26,123
Exporting Hope
10,516
47,643
(41,644)
(1,515)
15,000
Dines Green
6,009
-
-
(2,500)
3,509
945,491
89,682
(128,220)
(6,303)
900,650
HOPE CHURCH WORCESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
21
Restricted funds
(Continued)
- 21 -
Previous year:
At 1 March 2023
Incoming resources
Resources expended
Transfers
At 29 February 2024
£
£
£
£
£
Building Fund
924,841
18,968
(24,273)
-
919,536
Encounter Together (formerly Hope Project)
9,359
21,223
(19,622)
(1,530)
9,430
Exporting Hope
5,013
23,282
(29,059)
11,280
10,516
Dines Green
7,116
-
(1,107)
-
6,009
946,329
63,473
(74,061)
9,750
945,491

Building Fund - donations given with the intent of servicing a loan.

 

Encounter Together (formerly Hope Project) - donations received to help people with life controlling issues.

 

Exporting Hope - donations given to Hope Church to be used as international donations.

 

In 2019, the Regional Fund and the Richard Travel Fund were combined with the Exporting Hope Fund.

 

The Dines Green fund is a fund used for running a congregation and serving the community of Dines Green.

22
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 March 2024
Incoming resources
Resources expended
Transfers
At 28 February 2025
£
£
£
£
£
General funds
101,491
271,318
(242,123)
6,303
136,989
Previous year:
At 1 March 2023
Incoming resources
Resources expended
Transfers
At 29 February 2024
£
£
£
£
£
General funds
80,080
243,692
(212,531)
(9,750)
101,491
HOPE CHURCH WORCESTER
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 22 -
23
Analysis of net assets between funds
Unrestricted
Restricted
Endowment
Total
funds
funds
funds
2025
2025
2025
2025
£
£
£
£
At 28 February 2025:
Tangible assets
39,148
1,217,186
430,776
1,687,110
Current assets/(liabilities)
97,841
(17,434)
-
80,407
Long term liabilities
-
(299,102)
-
(299,102)
136,989
900,650
430,776
1,468,415
Unrestricted
Restricted
Endowment
Total
funds
funds
funds
2024
2024
2024
2024
£
£
£
£
At 29 February 2024:
Tangible assets
40,865
1,251,477
430,776
1,723,118
Current assets/(liabilities)
60,626
2,083
-
62,709
Long term liabilities
-
(308,069)
-
(308,069)
101,491
945,491
430,776
1,477,758
24
Related party transactions

No guarantees have been given or received.

G Hazelton has an interest in the insurance provided for the charitable company. The insurance is provided through the insurance brokers Hazelton & Mountford where Mr Hazelton is the managing director. The insurance provided is at a competitive rate and was procured through another member of the company on an "at arms length" basis. The amount incurred was £6,703 (2024 - £4,671).

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