The trustees present their annual report and financial statements for the year ended 5 April 2025.
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 trust'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)".
The trust's objects are to advance the Christian faith in London and in such other parts of the United Kingdom and the world as the trustees think fit. This is to be achieved through the ministry of Christian evangelist, Dominic Muir, together with Christian events and festivals.
This has been a significant and encouraging year for Now Believe, marked by growth, deepening partnerships, and expanding gospel impact across the UK.
Expansion of Now Believe Ministries
Throughout the year we have seen the Now Believe ministries grow in strength, reach, and confidence. There has been a clear sense of momentum, with increasing engagement from individuals, churches, and partner organisations who share our heart to see lives transformed by the gospel of Jesus Christ.
Bread Cafe and Community, Yeovil
Bread has gone from strength to strength as both a welcoming coffee shop in Yeovil town centre and a vibrant hub for mission and community life. We have continued to provide excellent hospitality, high quality coffee, and a warm, inclusive space that invites conversation and connection.
Bread has hosted a wide range of gatherings, including evangelistic outreaches, church fellowship events, worship and praise gatherings, big lunches around the long table, film nights, children’s story time, bread making sessions, and more. These activities have helped establish Bread as a trusted and well loved presence in the town.
The church has been encouraged by the visible fruit of this work and the testimonies emerging from it.
Outreach and Training Across the UK
Alongside the growth of Bread, many outreaches have taken place across the country. A particular highlight has been the new partnership with King’s Army and Jesus at the Door. Through this partnership, we have trained many people to share the gospel simply, confidently, and effectively in everyday settings.
We also hosted a large King’s Army Training Academy in London, equipping believers from across the nation for evangelism and mission.
London Events and Festivals
In partnership with National Day of Prayer and Worship, we hosted a launch event in London with many in attendance. This partnership played a key role in the early part of 2025, which saw two large festivals in London that we organised. Both events led to large scale street outreaches, with teams taking the gospel into the surrounding areas.
We also hosted a major outreach in Trafalgar Square in partnership with Walking Like Jesus Ministries. This was a powerful public witness, marked by bold proclamation, prayer, and compassionate engagement with those passing through the square.
Bread Conference
Our annual Bread Conference was a highlight of the year. People attended from all over the country for a time of excellent teaching, practical equipping, rich fellowship, and street outreach. The conference strengthened relationships, refreshed vision, and released many back into their local contexts with renewed faith and courage.
Looking Ahead
Overall, this has been a year of growth, fruitfulness, and encouragement for Now Believe. We are grateful for all those who have supported, partnered, prayed, and served alongside us. We look forward with faith and expectation to continuing to grow from strength to strength in the year ahead.
There was a deficit for the year in the general funds of £18,330 (2024: Surplus of £1,552)
It is the long term policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level of 2 months expenditure.
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:
The trustees' report was approved by the Board of Trustees.
The trustees, who are also the directors of Now Believe 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).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
I report to the trustees on my examination of the financial statements of Now Believe (the trust) for the year ended 5 April 2025.
Having satisfied myself that the financial statements of the trust 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 trust’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.
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:
accounting records were not kept in respect of the trust as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
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
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.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Now Believe is a private company limited by guarantee incorporated in England and Wales. The registered office is Chantry House, 22 Upperton Road, Eastbourne, East Sussex, BN21 1BF.
The financial statements have been prepared in accordance with the trust'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)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the trust. 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.
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust 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.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Cash donations are recognised on receipt. Other donations are recognised once the trust 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.
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.
Property, plant and equipment 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 basis:
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.
At each reporting end date, the trust 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).
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The trust 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 trust's balance sheet when the trust 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.
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 trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The trustees consider that the charity is not liable to United Kingdom corporation tax on its charitable activities.
In the application of the trust’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.
The majority of the travel and ministry expenses relate to work undertaken by Dominic Muir, a trustee of the charity, in his role as a Christian evangelist. A salary of £28,442 was paid to Mr Muir (2024: £21,377) in respect to this role. Mr Muir received no remuneration for his work as a trustee. The charity also rented an office in Mr Muir's home and rent of £650 (2024: £1,875) was paid during the year. The authority for the payment to Trustees for services rendered to the Charity is contained within the Memorandum and Articles of Association.
Mrs T Muir, wife of Mr D Muir, received a salary of £3,600 for work in the Bread Cafe.
Apart from the details above, none of the trustees (or any persons connected with them) received any remuneration during the year or were reimbursed expenses.
The total aggregate donations made to the charity by the trustees (and any person connected to them) during the year amounted to £2,916 (2024: £46,915).
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the trust in an independently administered fund.
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.
Bread Café Fund - Represents monies initally given to aid in establishing the Bread Café and subsequently to support its operation. Many items of equipment were purchased and capitalised as fixed assets. A transfer equal to the amount capitalised has been included in the comparative period as the restrictions on these gifts has been satisfied.
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.
During the year the Charity purchased merchandise for sale in the Bread café from I Am So Many Things Ltd, a company controlled by Trustee Mr Muir. Payments for goods amounted to £5,476.
Except for this transaction and those detailed in note 11, there were no other disclosable related party transactions during the year (2024 - none).