HOPE FOR ALL CHURCH: AUDIT REPORT 2021

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June 11, 2022
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HOPE FOR ALL CHURCH LIMITED 

REPORTS AND FINANCIAL STATEMENTS 

FOR THE YEAR ENDED 31ST AUGUST 2021 

NG KA HONG

Certified Public Accountant

HOPE FOR ALL CHURCH LIMITED 

REPORTS AND FINANCIAL STATEMENTS 

FOR THE YEAR ENDED 31ST AUGUST 2021 

CONTENTS 

Pages

Church Councilors’ Report 
1 – 2 

Independent Auditor’s Report 
3 – 5 

Statement of income and expenditure  		6

Statement of financial position  		7-8

Statement of changes in reserves  		9

Accounting policies and explanatory notes to the financial statements 
10 – 15 

HOPE FOR ALL CHURCH LIMITED 

CHURCH COUNCILORS‘ REPORT 

The church councilors of Hope For All Church Limited (the “Councilors”) present their annual report and the audited financial statements for the year ended 31st August 2021. 

PRINCIPAL ACTIVITY 

Hope For All Church Limited (the “Company”) was established as a Corporation of a purely and exclusively religious, evangelical, educational, and charitable character. The principal activity of the Company during the year was the advancement of Christianity and education and relief of the needy. 

RESULTS 

The financial performance of the Company for the year ended 31st August 2021 and the Company’s financial position at that date are set out in the financial statements on pages 6 to 15. 

COUNCILORS 

The Councilors during the year and up to the date of this report are: 

SIMICK Ebson

WONG Yuk Ting Tina

WONG Ka Ho Alan (resigned on 1st January 2022)

PHIPON LEPCHA Tryfina

HUI Samuel Sing-kwong (resigned on 20th September 2021)

SHENI Emmanuel Seldul

RAI Adarsh

SINAGA Annie Elisabeth (resigned on 16th February 2021)

VITTACHI Nury Ana  (resigned on 16th May 2021)

THOMPSON Allison Jo  (appointed on 16th May 2021 and resigned on 20th February 2022)

RAI Amrita  (appointed on 16th May 2021)

In accordance with clause (24) of the Company’s Articles of Association, the term of office of Councilors shall be two years unless otherwise specified in the appointment and at the end of every term of office the Councilors shall retire from the office but shall be eligible for re-election up to 3 successive terms. 

BUSINESS REVIEW 

The Company ended the year with a reported surplus of HK$845,653. This result is in line with the original budget established in developing the church. Staff and administration expenses accounted for the bulk of expenditure. The Company was served by one full time pastor, one part time administrative staff, and one part time children’s minister during the year. Revenue sources were regular pledges from congregation members, Sunday offerings, ad hoc contributions including a grant from The Community Church of Hong Kong Limited. 

The Company accomplished activities planned for the year in meeting its objects for the advancement of Christianity and education for a multicultural congregation. These activities included: 

-1-

HOPE FOR ALL CHURCH LIMITED 

CHURCH COUNCILORS‘ REPORT 

BUSINESS REVIEW (continued) 

1) Two worship services every Sunday 2) Sunday school program for children, and youth 3) Sports program for children and parents/guardians 

Weekday homework help after school Christmas Outreach for school students and guardians Christmas Outreach with gifts, creative arts, and essentials to invitees and homeless 

Emergency Relief Programs for families affected by COVID-19 and political unrest 8) Leadership training for church members 9) Two Missional group meetings with bible study, discussion, prayer and fellowship 10) Women’s Bible Study every Wednesday 11) Men’s Rehab Outreach and Bible Study every other Tuesdays 12) Weekly prayer meetings 13) Outreach to the community through prayer walk, fellowship meals and resources sharing 14) Pastoral Counselling 15) Council Meetings for planning, reporting, and praying once every month 

Congregation size reached a relatively stable level at around 60 adults and 19 children after three years of operation. Revenue is showing a healthy trend of growth. Continuation of the above ministries with some growth is expected for the fourth year and beyond. Staffing personnel remains the same and continued recruitment of volunteers are important to carry out plans for the coming years. 

PERMITTED INDEMNITY PROVISION 

Article 30(1) of the Company’s Articles, provides that a Councilor or former Councilor of the Corporation may be indemnified out of the Corporation’s assets against any liability incurred by the Councilor to a person other than the Corporation or an associated company of the Corporation in connection with any negligence, default, breach of duty or breach of trust in relation to the Corporation or associated company. This Article only applies if the indemnity does not cover the liability set out in Article 30(2) of the Company’s Articles. This permitted indemnity provision is in force during the year and at the time of approval of this report. 

AUDITOR 

A resolution will be submitted to the forthcoming annual general meeting to re-appoint Ng Ka Hong, Certified Public Accountant (Practising) as auditor of the Company. 

-2-

NG KA HONG

Certified Public Accountant 

Room 501, 5/F., Beverley Commercial Centre, 87-105 Chatham Road South, Tsim Sha Tsui, Kowloon, Hong Kong 

INDEPENDENT AUDITOR‘S REPORT TO THE CHURCH COUNCILORS OF 

HOPE FOR ALL CHURCH LIMITED (Incorporated in Hong Kong and limited by guarantee) 

Opinion 

I have audited the financial statements of Hope For All Church Limited (the “Company’) set out on pages 6 to 15, which comprise the statement of financial position as at 31st August 2021, and the statement of income and expenditure and the statement of changes in funds for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. 

In my opinion, the financial statements of the Company are prepared, in all material respects, in accordance with the Hong Kong Small and Medium-sized Entity Financial Reporting Standard (“SME-FRS”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the Hong Kong Companies Ordinance. 

Basis of opinion 

I conducted my audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) and with reference to Practice Note 900 (Revised) “Audit of Financial Statements Prepared in Accordance with the Small and Medium-sized Entity Financial Reporting Standard” issued by the HKICPA. My responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of my report. I am independent of the Company in accordance with the HKICPA’s Code of Ethics for Professional Accountants (“the Code”), and I have fulfilled my other ethical responsibilities in accordance with the Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. 

Other information 

The Councilors are responsible for the other information. The other information comprises the information included in the Church Councilors’ report but does not include the financial statements and my auditor’s report thereon. 

My opinion on the financial statements does not cover the other information and I do not express any form of assurance conclusion thereon. 

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard. 

-3-

NG KA HONG

Certified Public Accountant

Room 501, 5/F., Beverley Commercial Centre, 87-105 Chatham Road South, Tsim Sha Tsui, Kowloon, Hong Kong 

INDEPENDENT AUDITOR‘S REPORT TO THE CHURCH COUNCILORS OF 

HOPE FOR ALL CHURCH LIMITED (Incorporated in Hong Kong and limited by guarantee) 

Responsibilities of the Councilors for the financial statements 

The Councilors are responsible for the preparation of the financial statements in accordance with SME-FRS issued by the HKICPA and the Hong Kong Companies Ordinance, and for such internal control as the Councilors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Councilors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Councilors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. 

The Councilors are responsible for overseeing the Company’s financial reporting process. 

Auditor‘s responsibilities for the audit of the financial statements 

It is my responsibility to form an independent opinion, based on my audit, on those financial statements and to report my opinion solely to you, as a body, in accordance with section 405 of the Hong Kong Companies Ordinance for no other purpose. I do not assume responsibility towards or accept liability to any other person for the contents of this report. My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion. 

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

As part of an audit in accordance with HKSAs, I exercise professional judgment and maintain professional skepticism throughout the audit. I also: 

  • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 
  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. 

-4-

NG KA HONG

Certified Public Accountant 

Room 501, 5/F., Beverley Commercial Centre, 87-105 Chatham Road South, Tsim Sha Tsui, Kowloon, Hong Kong 

INDEPENDENT AUDITOR‘S REPORT TO THE CHURCH COUNCILORS OF 

HOPE FOR ALL CHURCH LIMITED (Incorporated in Hong Kong and limited by guarantee) 

Auditor‘s responsibilities for the audit of the financial statements (continued) 

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Councilors. 

Conclude on the appropriateness of the Councilors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. 

I communicate with the Councilors in charge with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit. 

-5-

HOPE FOR ALL CHURCH LIMITED 

STATEMENT OF INCOME AND EXPENDITURE

FOR THE YEAR ENDED 31ST AUGUST 2021

(Amounts expressed in Hong Kong dollars) 

Notes
2021
HK$ 
2020
HK$ 
Revenue4
2,285,692 
1,645,222 

Gross Surplus


2,285,692 
1,645,222
Other Income5 85,138

14

Sunday services expenses  (12,622)
(23,390) 
Function expenses  (373,015)  (287,102) 
General and administrative expenses  (1,139,540)  (1,165,296) 
Surplus for the year  6 845,653  169,448 

The accompanying accounting policies and explanatory notes form an integral part of, and should be read in conjunction with, these financial statements. 

-6-

STATEMENT OF FINANCIAL POSITION

AS AT 31ST AUGUST 2021

(Amounts expressed in Hong Kong dollars) 


Notes 
2021 HK$ 
2020 HK$ 
Non-current Asset
Property, plant and equipment  96489998591
6489998591

Current Assets

2479781
Other receivables
104700
8700

Utility and rental deposit paid
889914
262137

994614
2750618

Current Liabilities

Other payables

127858
152295
Accrued charges
17847
14851
Amount due to a related party 
127309 		–
273014167146
Net Current Assets7216002583472
Total Assets less Current Liabilities7864992682063

-7-

HOPE FOR ALL CHURCH LIMITED 

STATEMENT OF FINANCIAL POSITION

AS AT 31ST AUGUST 2021

(Amounts expressed in Hong Kong dollars) 

Notes2021
HK$		2020
HK$
Representing
Non-current Liabilities10–2741217
Amount due to related party– 2741217
Contribution and Reserves
General Funds12390000
Income and expenditure account396499(59,154)
7864992,682.063

HOPE FOR ALL CHURCH LIMITED 

STATEMENT OF FINANCIAL POSITION AS AT 31ST AUGUST 2021 (Amounts expressed in Hong Kong dollars) 


Notes 
2021 HK$ 
2020 HK$
Representing


Non-current Liabilities 		10–2,741217

Amount due to related party  		–
2,741217

Contribution and Reserves

General funds  		12
390,000
–

Income and expenditure account 
396,499 		( 59,154)
786,4992,682,063

The accompanying accounting policies and explanatory notes form an integral part of, and should be read in conjunction with, these financial statements. 

Approved by the Church Council on 1st March 2022 and signed by: 

-8-

HOPE FOR ALL CHURCH LIMITED 

STATEMENT OF CHANGES IN RESERVES

FOR THE YEAR ENDED 31ST AUGUST 2021

(Amounts expressed in Hong Kong dollars) 


General funds
HK$ 
Income and expenditure account
HK$ 
Total HK$ 

Balance at 1st September 2019  		–(228,602)(228,602)

Surplus for the year  		–169,448169,448

Balance at 31st August 2020  		–(59,154)
(59,154)

Surplus for the year  		–845,653
845,653

Transfer to general funds  		390,000(390,000)–

Balance at 31st August 2021 
390,000 		396,499786,499

-9-

HOPE FOR ALL CHURCH LIMITED 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 (Amounts expressed in Hong Kong dollars) 

1. GENERAL 

Hope For All Church Limited (the “Company”) is a company limited by guarantee and is a non profit making organization incorporated in Hong Kong. The Company’s registered office is located at Ground Floor, 9 Cliff Road, Yau Ma Tei, Kowloon, Hong Kong. The Company was established as a Corporation of a purely and exclusively religious, evangelical, educational, and charitable character. The principal activity of the Company during the year was the advancement of Christianity and education and relief of the needy. 

2. BASIS OF PREPARATION OF FINANCIAL STATEMENTS 

The Company qualifies the reporting exemption as a small company limited by guarantee under section 359(1)(a) of the Hong Kong Companies Ordinance (Cap. 622) and is therefore entitled to prepare and present its financial statements in accordance with the Small and Medium-sized Entity Financial Reporting Standard (“SME-FRS”) issued by Hong Kong Institute of Certified Public Accountants. 

These financial statements comply with the SME-FRS and the Hong Kong Companies Ordinance. The financial statements have been prepared under the accrual basis of accounting and on the basis that the Company is a going concern. 

The measurement base adopted is the historical cost convention. 

-10-

HOPE FOR ALL CHURCH LIMITED 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2021

(Amounts expressed in Hong Kong dollars) 

3. PRINCIPAL ACCOUNTING POLICIES 

(a) Property, plant and equipment 

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. 

The depreciable amount of an item of property, plant and equipment is allocated on a systematic basis over its estimated useful life using the straight-line method. The principal annual rates used for depreciation are as follows: 

Leasehold improvement 33%

Computer equipment 20%

Equipment, furniture and fixtures  20%

A full year depreciation charge is provided in the year of acquisition and no depreciation is provided in the year of disposal. 

(b) Revenue 

Revenue is recognised when it is probable that the economic benefits will flow to the Company and when the revenue can be measured reliably, on the following bases: 

(i) Donations received 

Donations received are brought into accounts on a cash received basis. 

(ii) Interest income 

Interest income from deposits is accrued on a time proportion basis taking into account the principal outstanding and at the applicable interest rate. 

(c) Other receivables 

Other receivables are stated at estimated realisable value after each debt has been considered individually. Where the payment of a debt becomes doubtful a provision is made and charged to the income statement. 

-11-

HOPE FOR ALL CHURCH LIMITED 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2021

(Amounts expressed in Hong Kong dollars) 

3. PRINCIPAL ACCOUNTING POLICIES 

(d) Taxation 

Income tax expense represents current tax expense. The income tax payable represents the amounts expected to be paid to the taxation authority, using the tax rates (and tax laws) that have been enacted or substantively enacted by the end of each reporting period. 

Deferred tax is not provided for in the financial statements. 

(e) Retirement benefit cost 

Payments to the retirement benefit schemes are charged as an expense as they become payable in accordance with the respective rules of the schemes. 

(f) Leases 

Leases where substantially all the risks and rewards of ownership of assets are not transferred to the lessee are accounted for as operating leases. Annual rents applicable to such operating leases are recognised to the income statement on a straight-line basis over the lease term. 

4. REVENUE 

Revenue represents donations received by the Company during the year. 

5. OTHER INCOME 

2021
HK$  		2020
HK$ 
5814

Bank interest 		85,080–

Government employment subsidy  		85,13814

-12-

HOPE FOR ALL CHURCH LIMITED 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2021

(Amounts expressed in Hong Kong dollars) 

6. SURPLUS FOR THE YEAR 


Surplus for the year is arrived at after charging:  		2021
HK$		2020
HK$
Councilors’ emoluments 
Management remunerations (note i)
Other staff cost (note ii)
Total staff cost
Auditor’s remuneration
Depreciation of property, plant and equipment Rental in respect of land and buildings under 
operating leases 

Note: 

(i) The Councilors’ management remunerations include contributions to mandatory provident funds and Councilors’ quarter expenses amounted to HK$24,000 and HK$87,600 (2020: HK$24,000 and HK$87,600) respectively. (ii) The other staff costs include contributions to mandatory provident funds amounted to HK$4,777 (2020: HK$4,021). 

7. INFORMATION ABOUT BENEFITS TO COUNCILORS 

Details of the Councilors’ benefits disclosed are as follows: 

(a) Save as disclosed in note 6, no other payments for emoluments, retirement benefits, termination 

of office or services as Councilor were made to or receivable by the Councilors or any parties in respect of the year. 

(b) No loans, quasi-loans and other dealings in favour of the Councilors of the Company or entities 

connected with the Councilors were made or entered into by the Company during the year or subsisted at the end of the year. 

(c) The Company has not entered into any transactions, arrangement or contracts during the year, in 

which the Councilors of the Company have material interests. 

-13-

HOPE FOR ALL CHURCH LIMITED 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2021

(Amounts expressed in Hong Kong dollars) 

8. INCOME TAX EXPENSE 

No provision for Hong Kong profits tax has been made in the financial statements as the Company is exempt under section 88 of the Hong Kong Inland Revenue Ordinance. 

9. PROPERTY, PLANT AND EQUIPMEN

Computer Equipment
HK$  		Leasehold improvement
HK$  		Equipment, furniture and fixtures
HK$  		Total HK$ 
Cost
Balance at 1st September 2020 13,911
365,267  80,606459,784 
Additions during the year ––10,237 10,237
Balance at 31st August 2021 
13,911
365,267  		80,606 470,021 

Accumulated depreciation

Balance at 1st September 2020 		3,686318,591
38,916 		361,183

Charges for the year 		2,782 24,393
16,754 		43,929

Balance at 31st August 2021  		6,468 342,984
55,670  		405,122
Carrying amount
At 31.8.2021  7,44322,28324,93664,899

At 31.8.2020		10,22546,67641,69098,591

10. AMOUNT DUE TO A RELATED PARTY 

Amount due to a related party is unsecured, interest free and has no fixed repayment terms for the year. 

-14-

HOPE FOR ALL CHURCH LIMITED 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 (Amounts expressed in Hong Kong dollars) 

11. COMMITMENTS UNDER OPERATING LEASES 

The Company had the following total future minimum lease payments payable under non cancellable operating leases: 

2021
HK$  		2020
HK$
Within one year 384,000 384,000
After one year  384,000 768,000 
768,000 1,152,000 

12. LIMITED BY GUARANTEE 

Each member of the Company undertakes to contribute to the assets of the Company in the event of its being wound up while he is a member, or within one year afterwards, for the payment of the debts and liabilities of the Company contracted before he ceases to be a member, and the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, such amount as may be required not exceeding HK$100. 

13. APPROVAL OF FINANCIAL STATEMENTS 

The financial statements were authorised for issue by the Church Councilors on 1st March 2022. 

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