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← The London Full Gospel Central Church

2024-12-31-accounts

Docusign Envelope ID: 04230D7F-9785-4215-BEA3-1B30164FD2C9

Charity registration number: 1031720

THE LONDON FULL GOSPEL CENTRAL CHURCH STRATEGIC REPORT, TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Mushambi & Associated Limited North London Business Park Oakleigh Road South London London

N11 1GN

Docusign Envelope ID: 04230D7F-9785-4215-BEA3-1B30164FD2C9

The London Full Gospel Central Church Contents

Page
Reference and Administrative Details 1
Trustees' Report 2—5
Independent Auditor's Report 6—8
Statement of Financial Activities 9
Comparative Statement of Financial Activities 10
Statement of Financial Position 11
Statement of Cash Flows 12
Notes to the Statement of Cash Flows 13
Notes to the Financial Statements 14—21

Docusign Envelope ID: 04230D7F-9785-4215-BEA3-1B30164FD2C9

The London Full Gospel Central Church Reference and Administrative Details For The Year Ended 31 December 2024

Trustees Mr UK JOO LEE Mr David Il Han Mr Hyun Kim Charity Number 1031720 Principal Address Solar House 37 West Barnes Lane London SW20 0BL Accountants Furuichoi & Co Chartered Accountants 69 Station Road Hampton TW12 2BT Auditors Mushambi & Associates Limited North London Business Park Oakleigh Road South London London N11 1GN

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The London Full Gospel Central Church Trustees' Report For The Year Ended 31 December 2024

The trustees present their report and the financial statements for the year ended 31 December 2024.

Objectives and Activities

Aims and Objectives

The objective of the Trustees is the advancement of Christian Faith and the extension of the Kingdom of God. The Charity is dedicated to inspiring and motivating God’s people to reach their full potential in and through our Lord Jesus Christ.

Significant Activities

The Church holds regular services and outside of the formal routine, the Charity undertakes numerous activities to attract and retain worshippers.

Public Benefit

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit.

The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.

Achievements and Performance

Investment Performance

The Charity retains funds in its bank account so that the funds are available to make the quarterly repayments to the bank in respect of the mortgage loan.

a. Review of activities

This has been a great year for the Charity and the Group during which the following major activities took place in God’s grace.

New Year’s Conference

Members of the congregation attended the New Year’s conference between 31 December 2023 and 1 January 2024.

Leadership Training

This was held on 28 January 2024. The main objectives for 2024 are the same as those for 2020, 2021, 2022 and 2023, as set out below:

  1. A Happy Church through love and service

  2. A Worshipping Church with all our heart

  3. A Training Church for raising Jesus’ disciples

  4. An Evangelising Church through the power of the Holy Spirit

  5. A Transforming Church for the next generation through the Word

Easter Conference in Geseke, Germany

The congregation spent 3 nights and 4 days in Geseke, Germany, between 1 April 2024 and 4 April 2024, together with other Full Gospel Church members from various European cities in advance of the Easter period during which all attendees fasted and prayed in unity for the revival of Europe. The main speaker was Rev. Yoo-Cheol Jin, of Los Angeles Full Gospel Church.

Departmental Summer Conferences

From the infant / nursery group to the youth group , each department had its own summer conference spread from the beginning of July to the end of August. This year, through God’s grace, we were able to hold all of the conferences offline.

Discipleship Training Programme Graduation Service

Following last year’s success, the third cohort participated in a 25-week intensive discipleship training programme designed to provide the participants with the opportunity to follow Jesus Christ in a more focused way as true disciples of Jesus Christ. The programme consisted of prayer and worship sessions, lectures, various homework-type assignments, debrief sessions and assessments. In May 2024, the participants attended the graduation service and were awarded certificates of completion of training.

...CONTINUED

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The London Full Gospel Central Church Trustees' Report (continued) For The Year Ended 31 December 2024

Short-Term Mission Trips to Slovakia

a. Review of activities - continued

In July 2024 and December 2024, respectively, around a dozen members of the congregation joined Rev. Sung-Hoon Woo for a 1- week short-term mission trip to Slovakia. This involved partnering with Bratislava Full Gospel Church and actively participating in the Romani ministry.

Autumn Conference

Members of the congregation attended the Autumn Conference on 27 September 2024 until 29 September 2024. The main speaker was Rev. Jae-Woo Chung.

Other notable activities included the following:

Financial Review

Reserves Policy

The Charity currently has £3,918,600 (2023: £3,701,153) in its reserves. These funds can only be realised on disposal of the Charity's freehold properties, which have a net book value of £3,252,615 (2023: £3,212,186) at the year end. Excluding the freehold properties, the reserves are in surplus of £696,179 (2023: surplus of £488,967). The Charity's reserves policy used to be that such funds were used towards servicing its mortgage loan repayments and from time to time, however, since 27 April 2023, the Church’s mortgage loan liabilities were fully repaid. Therefore the Charity’s reserve policy since then is to use the reserves in order to cover any shortfall in its operating expenses.

Going Concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue which focuses on spreading the gospel to adopt the going concern basis in preparing the financial statements.

Principal Risk and Uncertainties

A principal risk to the future of the Charity would be the loss of congregation, which in turn would affect the income of the Charity. The congregation level has remained above the sufficient level for a number of years, and whilst some members of the congregation left the Church to return to Korea or generally left the Church for various reasons, the number of Church’s congregation has continued to increase. Therefore the Trustees do not believe that this is currently a risk to the Charity. Regular services and numerous tasks undertaken by the Charity enable it to keep the required level of congregation.

Future Developments

The Charity intends to continue and build its congregation. Despite the set back the Church has experienced in 2020 and 2021, it has continued its efforts to expand its congregation through proactively spreading the Gospel. The Church also intends to continue to dedicate its resources and efforts on its mission on European revival of Christianity, as evidenced by the bi-annual mission trips to Slovakia.

Structure, Governance and Management

Governing Document

The principal object of the Charity and the Governing Group is to provide for the spiritual needs of those wishing to worship at the Church. Please refer to the Deed of Trust dated 25th October 1992 (as amended from time to time) for the Church's fundamental principles which govern the entity.

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The London Full Gospel Central Church Trustees' Report (continued) For The Year Ended 31 December 2024

Trustee Selection Methods

The management of the Charity and the Group is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed dated 25 October 1992 as amended on 2 April 2011 (and as further amended from time to time).

Induction and Training of Trustees

All new Trustees are provided with relevant materials from the Charity Commission and also attend an instructive session on the Charity and its operations.

Key Management Remuneration

The Church's principles are to pay our senior staff a fair salary which is realistic and proportionate to the demanding nature of each role and responsibility in line with our charitable objectives. From these principles we have defined our pay policy as follows:

Risk management

The Trustees have assessed the major risks to which the Charity and the Group, and are satisfied that systems and procedures are currently in place to mitigate such major risks.

Statement of Trustees' Responsibilities

The trustees 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).

The law applicable to charities in England and Wales 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements the trustees are required to:

The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustee’s report is approved has confirmed that:

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The London Full Gospel Central Church Trustees' Report (continued) For The Year Ended 31 December 2024

Auditors

The auditors Mushambi & Associates Limited were appointed as auditors during the year. Mushambi & Associates have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

The trustees' report was approved by the board of trustees on 24 October 2025 and signed on its behalf by:

1BC896991B3C46F ... 991D056313C9442... Mr UK JOO LEE Mr Hyun Kim Trustee Trustee

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Independent Auditor's Report to the Members of The London Full Gospel Central Church

Opinion

We have audited the financial statements of The London Full Gospel Central Church (the "charity") for the year ended 31 December 2024 which comprise the Statement of Financial Activities, Comparative Statement of Financial Activities, Statement of Financial Position, Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Charities SORP (FRS 102) applicable from October 2019.

In our opinion the financial statements:

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on Which We Are Required to Report by Exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement set out on page 2—5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees 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 trustees are responsible for assessing the charity'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 trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued) to the Members of The London Full Gospel Central Church

Auditor's Responsibilities for the Audit of the Financial Statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our 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 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charity and the sector as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of noncompliance with laws and regulations related to health and safety, anti-bribery and employment law. We

considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019), and other relevant charity legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated Trustees' and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related posting inappropriate journal entries to increase revenue or reduce expenditure. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions

reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

...CONTINUED

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Independent Auditor's Report (continued) to the Members of The London Full Gospel Central Church

Auditor's Responsibilities for the Audit of the Financial Statements - continued

We communicate with those charged 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 we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use Of Our Report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Tafadzwa George Mushambi BSc (Hons), FCCA (Senior Statutory Auditor) For and on behalf of Mushambi & Associates Limited Statutory Auditor

Date: 24 October 2025

Mushambi & Associates Limited Statutory Auditor North London Business Park Oakleigh Road South London London N11 1GN

Mushambi & Associates is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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Docusign Envelope ID: 04230D7F-9785-4215-BEA3-1B30164FD2C9Docusign Envelope ID: 04230D7F-9785-4215-BEA3-1B30164FD2C9

The London Full Gospel Central Church Statement of Financial Activities For The Year Ended 31 December 2024

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Other trading activities
4
Investments
5
EXPENDITURE ON:
Raising funds
6
Charitable activities:
6
Charitable activities
NET INCOME
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
16		 Unrestricted
funds
£
934,030
-
3,183
Restricted
funds
£

-
36,307

-		 2024
Total funds
£
934,030
36,307
3,183		 2023
Total funds
£
878,968
19,439
4,736
937,213
36,307
973,520
903,143
(30,608)
(689,158)		 -
(36,307)		 (30,608)
(725,465)		 -
(792,200)
(719,766) (36,307) (756,073) (792,200)
217,447
-		 217,447 110,943
217,447
3,701,153
-

-		 217,447
3,701,153		 110,943
3,590,210
3,918,600
-		 3,918,600 3,701,153

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

The notes on pages 13 to 21 form part of these financial statements.

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Docusign Envelope ID: 04230D7F-9785-4215-BEA3-1B30164FD2C9

The London Full Gospel Central Church Comparative Statement of Financial Activities For The Year Ended 31 December 2024

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Other trading activities
4
Investments
5
EXPENDITURE ON:
Charitable activities:
6
Charitable activities
NET INCOME
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
16		 Unrestricted
funds
£
878,968
-
4,736
Restricted
funds
£

-
19,439

-		 2023
Total funds
£
878,968
19,439
4,736
883,704
19,439
903,143
(772,761) (19,439) (792,200)
110,943
-		 110,943
110,943
3,590,210
-

-		 110,943
3,590,210
3,701,153
-		 3,701,153

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

The notes on pages 13 to 21 form part of these financial statements.

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Docusign Envelope ID: 04230D7F-9785-4215-BEA3-1B30164FD2C9

The London Full Gospel Central Church Statement of Financial Position As At 31 December 2024

2024 2023
Unrestricted
funds		 Restricted
funds		 Total funds Total funds
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 12 3,252,615 - 3,252,615 3,212,186
3,252,615 - 3,252,615 3,212,186
CURRENT ASSETS
Debtors 13 243,804 - 243,804 364,467
Cash at bank and in hand 436,901 - 436,901 143,330
680,705 - 680,705 507,797
Creditors: Amounts Falling Due Within One Year 14 (14,720) - (14,720 ) (18,830 )
NET CURRENT ASSETS (LIABILITIES) 665,985 - 665,985 488,967
TOTAL ASSETS LESS CURRENT LIABILITIES 3,918,600 - 3,918,600 3,701,153
NET ASSETS 3,918,600 - 3,918,600 3,701,153
FUNDS OF THE CHARITY
Unrestricted Funds 3,918,600 3,701,153
TOTAL FUNDS 16 3,918,600 3,701,153

The financial statements were approved and authorised by the board of trustees on 24 October 2025 and were signed on its behalf by:

1BC896991B3C46F... 991D056313C9442... Mr UK JOO LEE Mr Hyun Kim Trustee Trustee

The notes on pages 13 to 21 form part of these financial statements.

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Docusign Envelope ID: 04230D7F-9785-4215-BEA3-1B30164FD2C9

The London Full Gospel Central Church Statement of Cash Flows For The Year Ended 31 December 2024

Notes
Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
Repayments of bank loan
Interest paid
Net cash used in financing activities
Increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
2
Cash and cash equivalents at end of year
2		 2024
£
359,036
(68,648)
3,183
(65,465)
(888)
(888)
293,571
143,330
436,901		 2023
£
124,655
(142,869)
4,736
(138,133 )
(161,610)
(3,287)
(164,897)
(178,375)
321,705
143,330

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Docusign Envelope ID: 04230D7F-9785-4215-BEA3-1B30164FD2C9

The London Full Gospel Central Church Notes to the Statement of Cash Flows For The Year Ended 31 December 2024

1. Reconciliation of income to cash generated from/(used in) operations

. Reconciliation of income to cash generated from/(used in) operations
Net income
Adjustments for:
Interest expense
Interest income
Depreciation of tangible assets
Loss on disposal of tangible assets
Movements in working capital:
Decrease/(increase) in trade and other debtors
(Decrease)/increase in trade and other creditors
Net cash generated from/(used in) operations		 2024
£
217,447
888
(3,183)
27,669
550
120,663
(4,110)
359,924		 2023
£
110,943
3,287
(4,736)
27,951
1,222
(16,549)
2,537
124,655

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

2024
£
Cash at bank and in hand
436,901
3. Analysis of changes in net funds
As at 1
January
2024
Cash flows
£
£
Cash at bank and in hand
143,330
293,571		 2023
£
143,330
As at 31
December
2024
£

436,901

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The London Full Gospel Central Church Notes to the Financial Statements For The Year Ended 31 December 2024

1. General Information

The London Full Gospel Central Church is a charitable incorporated organisation registered with the Charity Commission, registered charity number 1031720. The principal address is Solar House, 37 West Barnes Lane, London, SW20 0BL.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "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)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The charity is a Public Benefit Entity as defined by FRS 102.

2.2. Going Concern

The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3. Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.4. Incoming Resources

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.5. 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 allocated on the portion of the asset’s use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

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The London Full Gospel Central Church Notes to the Financial Statements (continued) For The Year Ended 31 December 2024

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property 0.5% Reducing Balance Freehold land Not depreciated Office equipment 20% Reducing Balance Motor Vehicles 20% Reducing Balance Assets under construction Not depreciated

2.7. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other shortterm highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.8. Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.9. Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

2.10. Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11. Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.

3. Income from Donations and Legacies

Donations

2024
Unrestricted
funds
£		 2023
Total
funds
£
934,030
878,968

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The London Full Gospel Central Church Notes to the Financial Statements (continued) For The Year Ended 31 December 2024

4. Income from Other Trading Activities

5. Income from fundraising events

Purchase of building
Mission
Seconded staff
. Investment Income
Other interest income
. Analysis of Expenditure
Raising funds
Charitable expenditure
Church expenditure
. Direct Costs
Fundraising activities:
Services
Conferences and events
Multimedia equipment
Choir
Praise
Sunday school		 2024
2023
Restricted funds
Total funds
£
£
1,610
4,133
32,589
15,306
2,108
-
36,307
19,439
2024
2023
Unrestricted
Total
funds
funds
£
£
3,183
4,736
2024
Activities
undertaken
directly
(see note7)
Support
costs
(see note8)
Total
£
£
£
3,262
27,346
30,608
548,031
177,434
725,465
551,293
204,780
756,073
2023
Activities
undertaken
directly
(see note7)
Support
costs
(see note8)
Total
£
£
£
629,872
162,328
792,200
2024
Raising
funds
Charitable
activities
Total
£
£
£
-
38,520
38,520
4,603
44,754
49,357
-
3,766
3,766
-
3,420
3,420
-
6,139
6,139
(1,496)
90,976
89,480
...CONTINUED		 2024
2023
Restricted funds
Total funds
£
£
1,610
4,133
32,589
15,306
2,108
-
36,307
19,439
2024
2023
Unrestricted
Total
funds
funds
£
£
3,183
4,736
2024
Activities
undertaken
directly
(see note7)
Support
costs
(see note8)
Total
£
£
£
3,262
27,346
30,608
548,031
177,434
725,465
551,293
204,780
756,073
2023
Activities
undertaken
directly
(see note7)
Support
costs
(see note8)
Total
£
£
£
629,872
162,328
792,200
2024
Raising
funds
Charitable
activities
Total
£
£
£
-
38,520
38,520
4,603
44,754
49,357
-
3,766
3,766
-
3,420
3,420
-
6,139
6,139
(1,496)
90,976
89,480
...CONTINUED		 2024
2023
Restricted funds
Total funds
£
£
1,610
4,133
32,589
15,306
2,108
-
36,307
19,439
2024
2023
Unrestricted
Total
funds
funds
£
£
3,183
4,736
2024
Activities
undertaken
directly
(see note7)
Support
costs
(see note8)
Total
£
£
£
3,262
27,346
30,608
548,031
177,434
725,465
551,293
204,780
756,073
2023
Activities
undertaken
directly
(see note7)
Support
costs
(see note8)
Total
£
£
£
629,872
162,328
792,200
2024
Raising
funds
Charitable
activities
Total
£
£
£
-
38,520
38,520
4,603
44,754
49,357
-
3,766
3,766
-
3,420
3,420
-
6,139
6,139
(1,496)
90,976
89,480
...CONTINUED

551,293
204,780
Activities
undertaken
directly
(see note7)
£
629,872		 Support
costs
(see note8)
£

162,328
Raising
funds
£
-
4,603
-
-
-
(1,496)		 Charitable
activities
£
38,520

44,754
3,766
3,420
6,139
90,976

5. Investment Income

6. Analysis of Expenditure

7. Direct Costs

Page 16

Docusign Envelope ID: 04230D7F-9785-4215-BEA3-1B30164FD2C9

The London Full Gospel Central Church Notes to the Financial Statements (continued) For The Year Ended 31 December 2024

Youth
Relief
Missionary
Bible books
Cost of goods sold:
New comers
Employee costs:
Staff costs
General administration:
Vehicle parking costs
Interest payable:
Bank charges
Fundraising activities:
Services
Conferences and events
Mutlimedia equipment
Choir
Praise
Sunday school
Youth
Relief
Missionary
Bible books
Investment management costs:
Dep. English service
Cost of goods sold:
Administration expenses
New comers
Employee costs:
Staff costs
Interest payable:
Bank charges		 -
-
-
-
-
-
155
-		 12,093
879
62,765
1,424
362
279,345

2,700
888		 12,093
879
62,765
1,424
362
279,345

2,855
888
3,262
548,031
551,293
2023
Charitable
activities
£
24,822
71,674
701
4,117
3,336
94,601
5,317
28,304
58,276
4,116
14,064
2,545
1,108
316,239
652
629,872

Page 17

Docusign Envelope ID: 04230D7F-9785-4215-BEA3-1B30164FD2C9

The London Full Gospel Central Church Notes to the Financial Statements (continued) For The Year Ended 31 December 2024

8. Support Costs

Premises expenses:
Light and heat
General administration:
Trip expenses
Insurance
Consumables
Audit fees
Professional fees
Kitchenware
Repair and maintenance
Admin/building maintenance
Depreciation:
Depreciation of plant and machinery
Depreciation of motor vehicles
Depreciation of freehold land and property
Loss on disposal of tangible fixed assets
Premises expenses:
Light and heat
General administration:
Trip expenses
Insurance
Education cost
Consumables
Audit fees
Professional fees
Kitchenware
Repair and maintenance
Admin/building maintenance
Depreciation:
Depreciation of plant and machinery
Depreciation of motor vehicles
Depreciation of freehold land and property
Loss on disposal of tangible fixed assets
Interest payable:
Bank interest payable		 Raising
funds
£
-
2,524
71
(181)
9,000
(12,000)
-
449
(736)
6,811
4,735
16,123
550		 Charitable
activities
£
28,801

28,139

7,658
30,058

-
35,706
4,620

21,390
21,062

-

-

-

-		 2024
Total
£
28,801

30,663

7,729
29,877
9,000

23,706
4,620
21,839
20,326
6,811
4,735
16,123
550
27,346
177,434
204,780
2023
Charitable
activities
£
28,738
15,510
3,531
929
24,080
12,000
2,726
5,464
9,166
27,724
7,483
5,919
14,549
1,222
3,287
162,328

Page 18

Docusign Envelope ID: 04230D7F-9785-4215-BEA3-1B30164FD2C9

The London Full Gospel Central Church Notes to the Financial Statements (continued) For The Year Ended 31 December 2024

9. Auditor's Remuneration

Remuneration received by the charity's auditors and their associates during the year was as follows:

2024 2023
£ £
Audit Services
Audit of the company's financial statements 9,000 12,000
10. Staff Costs
Staff costs were as follows:
Wages and salaries
Social security cost
Contribution to defined contribution pension schemes		 2024
£
252,625
19,711
7,010
279,345		 2023
£
284,545
23,763
7,931
316,239

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.

The key management personnel of the charity are deemed to be the Trustees. See note 17 for details regarding Trustee remuneration.

11. Average Number of Employees

Average number of employees during the year was: 10 (2023: 11)

12. Tangible Assets

Cost
As at 1 January 2024
Additions
Disposals
Transfers
As at 31 December 2024
Depreciation
As at 1 January 2024
Provided during the period
Disposals
As at 31 December 2024
Net Book Value
As at 31 December 2024
As at 1 January 2024		 Land &
Property
Freehold
£
3,257,754
66,212
-
125,984		 Assets under
construction
£

125,984

-
-

(125,984 )
Office
equipment
£

124,986
2,436
(3,276 )
-		 Motor
Vehicles
£

36,991
-
-
-		 Total
£

3,545,715
68,648
(3,276 )
-
3,449,950
-		 124,146 36,991
3,611,087
227,393
16,123
-
-

-
-		 92,819
6,811
(2,726 )		 13,317
4,735
-
333,529

27,669
(2,726 )
243,516
-		 96,904 18,052
358,472
3,206,434
-		 27,242 18,939
3,252,615
3,030,361
125,984
32,167
23,674
3,212,186

Page 19

Docusign Envelope ID: 04230D7F-9785-4215-BEA3-1B30164FD2C9

The London Full Gospel Central Church Notes to the Financial Statements (continued) For The Year Ended 31 December 2024

13. Debtors

Due within one year
Prepayments and accrued income
Other debtors
Due after more than one year
Other debtors		 2024
£
6,778
118,026
124,804
119,000
243,804		 2023
£
13,278
233,163
246,441
118,026
364,467

Other debtors consist of gift aid claims for cash donations received under the Gift Aid Small Donations Scheme within 2 years of the end of the tax year that the donations were collected in.

14. Creditors: Amounts Falling Due Within One Year

2024 2023
£ £
Accruals and deferred income 14,720 18,830

15. Pension Commitments

The entity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amount to £7,009.50 (2023: £7,931). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the balance sheet date and are included in creditors.

16. Movement in Funds

6. Movement in Funds
Unrestricted funds
General:
General unrestricted fund
Restricted funds
Restricted funds
Total funds
Unrestricted funds
General:
General unrestricted fund
Restricted funds
Restricted funds
Total funds		 As at 1
January
2024
£
3,701,153
-		 Income
£
937,213
36,307		 Expenditure
£

(719,766)
(36,307)		 As at 31
December
2024
£
3,918,600
-
3,701,153 973,520
(756,073)		 3,918,600
As at 1
January
2023
£
3,590,210
-		 Income
£
883,704
19,439		 Expenditure
£

(772,761)
(19,439)		 As at 31
December
2023
£
3,701,153
-
3,590,210 903,143
(792,200)		 3,701,153

Page 20

Docusign Envelope ID: 04230D7F-9785-4215-BEA3-1B30164FD2C9

The London Full Gospel Central Church Notes to the Financial Statements (continued) For The Year Ended 31 December 2024

17. Transactions with Trustees

None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.

No trustee expenses have been incurred.

18. Related Party Disclosures

During the year there were no donations (2023: £2,000) made to the Heart Fire Church, an organisation that Hyun Cheol Kim, Trustee, is a Trustee of.

There were no other transactions with the trustees. There was no outstanding balance at year end (2023: £Nil).

19. Controlling Parties

There is no overall controlling party as the Church is run by its members.

Page 21