**Registered Charity No: 1044068** ## **ERITREAN ORTHODOX CHRISTIAN** # **(ST. MICHAEL’S) COMMUNITY CHURCH** ## ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2024 Page 1 ## **CONTENTS** CHARITY INFORMATION ……………………………………………………………….………………………………….…. 3 TRUSTEES’ REPORT ..................................................................................................................... 4 Name and Objects ....................................................................................................................... 4 Appointment and induction of Trustees ..................................................................................... 4 Change in Governance and Trustee Leadership ......................................................................... 5 Organisation ................................................................................................................................ 5 2024 Activities and Finance ........................................................................................................ 5 Plans for 2024/2025 .................................................................................................................... 6 STATUTORY INFORMATION ........................................................................................................ 7 Members of the Board of Trustees ............................................................................................. 7 Statement of Financial Responsibilities ...................................................................................... 7 Statement of Financial Activities………………………………………………………………………………………. 8 - 9 Charity Balance Sheet…………………………………………………………………………………………………………. 10 Notes forming part of the Financial Statements……………………………………………………………….. 12-19 Page 2 ## **Members of the Board of Trustees as of 31 October 2024** Abrahaley Mebrahtu (Chairman) Dr Semereab Tewolde (Company Secretary) Solomon Russom (Treasurer) Futsum Kahsa Berhane Ghebrealfa Yacob Haile **Secretary** Dr Semereab Tewolde **Charity number** 1044068 Registered in England and Wales **Registered office** 78 Edmund Street London SE5 7NR **Bankers** HSBC Bank PLC Harry Weston Road, Binley Coventry CV3 2TQ LLOYDS BANK 1 Silver Street Enfield Middlesex EN1 3EE Page 3 **TRUSTEES’ REPORT** The Board of Trustees presents its report with the unaudited accounts of the Eritrean Orthodox Christian (St Michael’s) Community Church for the year ended 31 October 2024. The financial statements have been prepared in accordance with relevant accounting policies and in compliance with the charity’s governing document and applicable law – the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the latest Charities Statement of Recommended Practice (SORP) Financial Reporting Standard 102, as amended from 1 January 2019 ## **Name and Objects** The Eritrean Orthodox Christian (St. Michael’s) Community Church is a registered charity in England and Wales, number 1044068. The Trustees are responsible for the governance of the charity and serve as Trustees of the charity. The Trustees who were in place at year-end and all those who served during the year are set out on pages 7. The Objects of the charity, as set out in the constitution, are: - ❖ To advance the Christian religion and in particular the Orthodox faith by organising, providing, and developing church services and ancillary religious activities. - ❖ To advance public education along Orthodox Christian lines, particularly in respect of the Eritrean language and culture. - ❖ To relieve poverty and the distress arising from such poverty, sickness, bereavement, or imprisonment of a family member. ## **Public Benefit** In compliance with their duty under the Charities Act 2011, the Trustees have had due regard to guidance on public benefit published by the Charity Commission. In particular, the Act requires the Trustees to explain how the activities of the charity benefit the public or a section of it. The Trustees believe that the fundamental purpose of the Eritrean orthodox Christian (St. Michael’s) Community Church – to advance the Christian religion and relieve poverty and distress from family members – is, _per se_ , of benefit to society at large. Faith is important, not just for its intrinsic value to the individual, but because it is so often the motivating factor in enabling people to turn their lives around; and then equipping them to make effective and relevant contributions to society. More specific benefits to the public are demonstrated, either implicitly or explicitly, under the various sections of the report of activities. It is the Trustees’ aim constantly to seek ways of increasing the impact and effectiveness of the charity so that they can expand the benefits provided by the charity as widely as possible. ## **Appointment and induction of Trustees** Every three years the Management Committee may appoint new Trustees from amongst the membership of the charity. At the third of their term, Trustees must retire from office but may be re-elected by members of the charity. Any person who subscribes to the objects may become a member of the charity subject to set of criteria, their willingness and fitness for purpose. The Management Committee is responsible for identifying and proposing potential new Trustees, providing induction and training as appropriate to newly elected Trustees. The officers of the charity are responsible for assessing the skills offered by the Board and identifying areas that need strengthening Page 4 **TRUSTEES’ REPORT** ## **Changes in Governance and Trustee Leadership** The Trustees regret to report the death of Mr. Abrahaley Mebrahtu, Chairman of the Board of Trustees, who passed away on 8 July 2025, shortly after the financial year-end. As at 31 October 2024, he was still actively serving in his role as Chair. To ensure continuity, the Board appointed Mr. Solomon Russom as Acting Chairman. The Church’s formal trustee election process, including the appointment of a permanent Chair, is scheduled to take place before 31 October 2025. The Trustees record their deep gratitude for Mr. Mebrahtu’s leadership and many years of dedicated service to the Eritrean Orthodox Christian (St Michael’s) Community Church. ## **Organisation** The charity is based in the United Kingdom and has its Church in South London. Its congregation comes from all parts of London. The Board of Trustees meets at least quarterly. The day-to-day running of the charity is conducted by the Management Committee, which reports monthly to the Trustees on administration and activities. 2024 Activities and Finance ## **2024 Activities and Finance** ## **Church Services** The year marked a complete restoration of routine church services and activities following the COVID-19 pandemic. Members and attendants were able to freely gather, worship, and socialize. Consistent Sunday services were provided, including christenings, weddings, and other ceremonies. Monthly liturgy services for St Michael, St Abune Aregawi, and St Mary were conducted. Especially the Assumption of St Mary (Tsome Felseta) was celebrated over sixteen consecutive days in August 2024, with morning and afternoon services. These services were well attended and spiritually significant for the congregation, coinciding with the end of the Geez calendar year and the transition into the New Year on 12 September (St John’s Day). The Church also organized youth gatherings and outings—visited a seaside location across the UK. The events were well-received and helped strengthen fellowship, connection, and collaboration among youth members. ## **Changes in Management Committee Members** The previous Management Committee completed its three-year term on 31 October 2023. New members were elected in August 2023 by vote of the congregation, with a two-month transition period allowing effective handover. The process was conducted openly in line with the Church’s constitution and policies. Handover was, therefore, completed in a timely fashion and the new Management Committee took office on 1 November 2023 **.** ## **Staff and Volunteers** The Church employs both full-time and volunteer staff members but relies heavily on the volunteers to deliver the routine services and provide support. Volunteers assist with welcoming, helping the elderly and children during Sunday services, arranging mid-week meetings, and providing outreach and pastoral care to the elderly, disabled, and distressed **.** Page 5 ## **Training and Development** Structured deaconship training was delivered during the year. Out of twelve trainees, four were ordained as deacons with the blessing of a visiting bishop. Three of the ordained were UK-born members who had attended the Church since childhood. ## **Networks and Collaborations** The Church maintained strong links with Southwark Council, attending seminars and conferences, and contributing to community projects. It also continued ecumenical relationships with other Eritrean Orthodox churches in the UK and with the Oriental Orthodox Churches more widely. ## **Moving to a Dream Church** Progress was made towards the Church’s strategic goal of acquiring a permanent place of worship in South London. A potential site near Streatham Common was explored but purchase negotiations did not proceed. ## **Financial Performance** In 2024 the charity achieved a net operating income of £202,636 (2023: £176,553), an increase of 14.8%. This was mainly due to growth in membership, more regular attendance, and the introduction of card donation facilities. Net assets surpassed £2.2 million, representing 10% increase. The newly elected Management Committee has prioritized strengthening governance, expanding digital donation facilities, and enhancing fundraising programs. The Trustees are confident these measures will increase income by 15% or more in the coming year **.** ## **Plans for 2024/2025** The trustees and the Management Committee plan for the coming year include the following: - To find a large and suitable venue/church to accommodate the service and congregation requirements. - Reorganise teams for fund raising to help purchase the dream/ suitable church or property. - Working on the key Operational and strategic priorities of the church. - Recruiting skilled Trustees and Management committee support team to reinforce governance. - To increase total income by 15-20% whilst reasonably controlling the expenses. Page 6 ## **STATUTORY INFORMATION** ## **Members of the Board of Trustees** Members of the Board of Trustees who served as directors during 2024 were: Abrahaley Mebrahtu Dr. Semereab Tewolde Solomon Russom Yacob Haile Futsum Kahsa Berhane GhebreAlfa ## **Statement of Financial Responsibilities** Charity Law requires the members of the Board of Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of its incoming resources and application of resources for that year. It is also the Trustees’ responsibility to maintain adequate accounting records, safeguard the assets of the charity, and take reasonable steps in preventing and detecting fraud and other irregularities. ## **The Trustees are required to:** - Select suitable accounting policies and then apply them consistently. - Make judgements and estimates that are reasonable and prudent. - State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and - Prepare the accounts on a going concern basis. _By the order of the Board of Trustees_ Solomon Russom Acting Chairman of the Trustees 30 August 2025 Page 7 **ERITREAN ORTHODOX CHRISTIAN (ST MICHAEL'S) COMMUNITY CHURCH** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 OCTOBER 2024** |||**Notes**||**Unrestricted**
**Fund**
**£**|**Unrestricted**
**Fund**
**£**||**Designated**
**Fund**
**£**||**Restricted**
**Fund**
**£**|||**TOTAL**
**2024**
**£**|**TOTAL**
**2024**
**£**||**TOTAL**
**2023**
**£**|**TOTAL**
**2023**
**£**| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||**Income from:**|||||||||||||||| ||Donations|**3**|||261,583||-||-||||**261,583**|||**250,841**| ||_Other trading activities:_||||||||||||**-**|||**-**| ||Sale of books & merchandise||||8,330||-||-||||**8,330**|||**16,431**| ||Rental income||||20,731||-||-||||**20,731**|||**15,596**| ||Interest Income||||18,611||-||-||||**18,611**|||**8,179**| ||Other Income||||-||-||-||||**-**|||**639**| ||**Total income**||||**309,255**||**-**||**-**||||**309,255**|||**291,686**| |||||||||||||||||| ||**Expenditure on:**|||||||||||||||| ||_Charitable activities :_|||||||||||||||| ||Cost of charitable activities|**4**|||90,178||-||-||||**90,178**|||89,426| ||Tradingexpenses||||||-||-|||||||6,857| ||Governance and administration|**5**|||16,441||-||-||||**16,441**|||18,864| ||**Total expenditure**||||**106,619**||**- **||**- **||||**106,619**|||**115,147**| |||||||||||||||||| ||**Net income for theyear**||||**202,636**||**-**||**-**||||**202,636**|||**176,539**| |||||||||||||||||| ||**Reconciliation of funds:**|||||||||||||||| |||||||||||||||||| ||**Total funds brought forward**||||**157,222**||**1,619,899**||**241,820**|||**2,018,941**|||**1,842,402**|| ||**Net movement in funds**||||202,636||-||-|||**202,636**|||**176,539**|| ||**Transfer of funds**||||||||-|||**-**||||| ||**Total funds carried forward**||||**359,858**||**1,619,899**||**241,820**|||**2,221,577**|||**2,018,941**|| Page 8 ## **ERITREAN ORTHODOX CHRISTIAN (ST MICHAEL'S) COMMUNITY CHURCH** ## **STATEMENT OF FINANCIAL ACTIVITIES (Comparative)** ## **FOR THE YEAR ENDED 31 OCTOBER 2023** |||**Notes**|**Unrestricted**
**Fund**
**£**|**Designated**
**Fund**
**£**|**Restricted**
**Fund**
**£**||**TOTAL**
**2023**
**£**|**TOTAL**
**2022**
**£**| |---|---|---|---|---|---|---|---|---| ||**Income from:**|||||||| ||Donations|**3**|250,841|-|-||**250,841**|**264,145**| ||_Other trading activities:_||||||**-**|| ||Sale of books & merchandise||16,431|-|-||**16,431**|**8,005**| ||Rental income||15,596|-|-||**15,596**|**19,396**| ||Interest Income||8,179|-|-||**8,179**|**-**| ||Other Income||639|-|-||**639**|**201**| ||**Total income**||**291,686**|**-**|**-**||**291,686**|**291,747**| |||||||||| ||**Expenditure on:**|||||||| ||_Charitable activities :_|||||||| ||Cost of charitable activities|**4**|89,426|-|-||**89,426**|**63,537**| ||Tradingexpenses||6,857|-|-||**6,857**|**-**| ||Governance and administration|**5**|18,864|-|-||**18,864**|**20,382**| ||**Total expenditure**||**115,147**|**-**|**-**||**115,147**|**83,919**| |||||||||| ||**Net income for theyear**||**176,539**|**-**|**-**||**176,539**|**207,828**| |||||||||| ||**Reconciliation of funds:**|||||||| |||||||||| ||Total funds brought forward||580,683|1,019,899|241,820||**1,842,402**|**1,634,574**| ||Net movement in funds||176,539|-|-||**176,539**|**207,828**| ||Transfer of funds||(600,000)|600,000|-||**-**|| ||**Total funds carried forward**||**157,222**|**1,619,899**|**241,820**||**2,018,941**|**1,842,402**| Page 9 ## **BALANCE SHEET AS AT 31 OCTOBER 2024** |**BALANCE SHEET**
**AS AT 31 OCTOBER 2024**||||| |---|---|---|---|---| |**Notes**
**Fixed assets**
Tangible assets
**15**
**Current assets**
Debtors
**9**
Treasury deposit
Cash at bank and in hand
**16**
**Creditors: amounts falling due**
**within one year**
**10**
**Net current assets**
**Total assets less current liabilities**
**Funds**
Unrestricted funds:
**12**
Designated funds
**13**
Restricted funds
**11**|**2024**
**£**
**£**
398,673
398,673
124,812
1,485,000
217,012
1,826,804
(3,900)
1,822,904
**2,221,577**
359,858
1,619,899
241,820
**2,221,577**||**2023**|| ||**£**
124,812
1,485,000
217,012
1,826,804
(3,900)||**£**
31,500
460,151
1,126,195|**£**
402,956| |||||402,956| |||1,822,904
**2,221,577**
359,858
1,619,899
241,820
**2,221,577**||
1,615,985
**2,018,941**| ||||1,617,846
(1,861)|| |||||| |||||157,222
1,619,899
241,820| |||||**2,018,941**| Page 10 For the year ending 2024 the charity has taken advantage of the audit exemption conferred by section 477 of the Charity Act 2011. No member has required the charity to obtain an audit of its accounts for the year in question in accordance with section 476. The trustees acknowledge the responsibility for: (1) Ensuring the charity keeps accounting records which comply with the requirements of the Act; and (2) preparing accounts which give a true and fair view of the state of affairs of the charity as at the of this financial year in accordance with requirements of Companies Act and related Charity Acts so far as applicable to the charity. The accounts on page 10 to 17 were approved by the trustee on __August 2024 and signed on their behalf by: Solomon Russom (Treasurer) Date: 30 August 2024 Page 11 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ON 31 OCTOBER 2024 ## **1. Eritrean Orthodox Christian (St. Michael) Community Church** The Eritrean Orthodox Christian (St. Michael) Community Church is a registered charity with the number 1044068. The charity qualifies for exemption from the requirement to provide a cash flow statement for the year ended on 31 October 2024. The trustees neither received any remuneration and reimbursement nor had any related party transactions during the year. ## **2. Principal Accounting Policies** ## **a) Basis of preparation** The accounts have been prepared in accordance with “Accounting and Reporting by Charities: Statement of Recommended Practice” applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS 102) applicable in the UK and the Republic of Ireland as amended for accounting periods commencing from 1 January 2019. The charity is a Public Benefit Entity as defined by FRS102. The Accounts have been prepared under the historical cost convention and accrual basis. The principal accounting policies adopted are set out below. ## **b) Tangible assets - Building costs** Land and buildings are valued at cost. Please refer note 1 item i’ and 15 for details. ## **c) Incoming Resources** Income is recognised in the period in which the charity is entitled to the receipt, and is likely that economic benefits will flow to the charity and the amount can be measured with reasonable certainty. Income is deferred only when the charity has to fulfil conditions before it becomes entitled to it or where the donor has specified that the income is to be expended in a future period. Deferred income is released in the period in which the expenditure is incurred or in the year depreciation is charged to the Statement of Financial Activities. ## **d) Donations and similar incoming resources** Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when received. Donations are accounted for on cash receipt basis unless deferred. A substantial proportion of the income of the charity is derived from voluntary sources which cannot be controlled fully until entered in the accounting records. The accounting procedures are intended to ensure that income received is banked promptly. The value of services provided by volunteers has not been included as it is difficult to quantify. Page 12 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 ## **e) Grant received** Grants, including grants for the purchase of fixed assets are recognised in full in the Statement of Financial Activities in the year for which they are received. ## **f) Interest receivable** Interest income is included when received by the charity until end of Oct-2023. However, for the year-end to Oct-2024 and going forward, interest on Treasury account is accrued, as interest rate on the deposit is preapproved, agreed, and certain to be received. The accrued is checked against actual receipt and necessary adjustment made for the year-end. ## **g) Resources expended** All expenditures are recognised when there is a legal or constructive obligation to pay for it. All the costs have been directly attributed to one of the functional categories of resources expended in the Statement of Financial Activities. Direct charitable expenditure includes all expenditure incurred by the charity in a direct pursuit of its objectives. The charity is not registered for VAT and hence expenditures are shown gross, VAT inclusive. ## **h) Governance and administration costs** These represent costs incurred by finance, human resources, legal and professional fees attributable to the management of the Church’s assets and in compliance with constitutional and statutory requirements. Governance and administration costs include expenditure that are not directly attributable to the charitable activities and cannot be allocated to direct charitable expenditure with certainty. ## **i) Capitalisation and depreciation of tangible fixed assets** All tangible fixed assets costing more than five thousand pounds (£5,000) are capitalised. The charity owns outright the freehold land and building situated at 78 Edmund Street, London, SE5 7NR. The cost of other tangible fixed assets is written off/depreciated by equal instalments over the expected useful lives as follows: Furniture, fixture, and fittings 4 years Building 40 years Tangible fixed assets are depreciated in straight line depreciation method over their useful life. Except for the freehold land and building, the Charity did not own any other tangible assets on 31 October 2024. The SORP FRS102 recommends that all buildings should be depreciated for their economic life. For this reason, the charity has depreciated the building costs based on 2.5%. ## **j) Pension scheme** The Charity became a member of NEST for pension automatic-enrolment effective from 1 April 2016. All eligible employees are automatically enrolled to NEST unless they specifically request to opt-out from the scheme. Employee contributions are deducted at the appropriate rate from each employee and paid to NEST monthly together with the appropriate employer contribution. Page 13 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 ## **k) Operating leases** Operating lease rentals are accounted for over the term of the lease. ## **3. Donations** |Committed giving:
(Membership fees+Tithe)
Operating community church activities
(Wedding, Baptism, community projects)
Donations (including collections)|**2024**
**Total**
**Unrestricted**
**£**
62,737
14,392
184,454
**261,583**|2023
Total
Unrestricted
**£**
69,665
7,047
174,129|2023
Total
Unrestricted
**£**
69,665
7,047
174,129| |---|---|---|---| ||||**250,841**| ## **4. Expenditure on core charitable activities – community church** |Regular church services
(Sunday services and other special events)
Reconciliatory and outreach services
Sunday school for children
Educational support
Youth services
Total|**2024**
**Total**
**Unrestricted**
**£**
54,540
15,105
6,844
7,867
5,822
90,178|2023
Total
unrestricted
£
53,691
14,045
7,230
8,469
5,991| |---|---|---| |||89,426| Page 14 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 ## **5. Governance and administration costs** |**rnance and administration costs**||||||| |---|---|---|---|---|---|---| |Staff costs - administration
Church property cost for
administration
Legal and other professional fees
Other administration overheads
**costs and Numbers**
Gross salaries and wages
Social Security costs
Pension costs|**2024**
**Total**
**Unrestricted**
**£**
3,776
2,045
10,620
16,441
**2024**
**Total**
**Unrestricted**
**£**
73,008
621
1,898
75,527|**2024**
**Total**
**Unrestricted**
**£**
3,776
2,045
10,620||2023
Total
unrestricted
£
3,511
2,479
1,000
11,874
18,864
2023
Total
unrestricted
£
67,906
552
1,768
70,226|2023
Total
unrestricted
£
3,511
2,479
1,000
11,874|| ||||16,441|||18,864| ## **6. Staff costs and Numbers** |The average number of employees during the year are:
**2024**
Senior Church officers
2
Assistant Church administrators
2
4|2023
2
1.5| |---|---| ||3.5| Page 15 NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 ## **7. Trustees’ expenses and remuneration** During the year ended on 31 October 2024, the trustees do not receive any kind of payment from the Charity. ## **8. Depreciation** |**8. Depreciation**||| |---|---|---| ||**2024**|2023| ||**£**|£| |Depreciation charge|8,433|7,603| ## **9. Debtors** |Gift aid tax recoverable
Accrued interest income
PAYE balance
Pension (Er cost)
Other debtors (Loan to Debresina Mariyam)
Total debtors due within one year|**2024**
**£**
30,400

8,763
736
9,913
37,500
**87,312**|2023
£
31,500
-
-| |---|---|---| |||31,500| |Due after one year (Loan to Debresina)
Total debtors|37,500
**124,812**|-| |---|---|---| |||31,500| The £30,400 debtor balance was an estimated of the Gift aid tax recoverable from HMRC for the years 2024, (2023: balance was £31,500). Short term loan of £75,000 was advanced to Debresina Mariyam(Newcaslte) in Dec2023. They paid back £37,500 after the year-end ( i.e.£25,000 in Dec-2024 and £12,500 in Aug-2025). The balance £37,500 is expected to be paid back in 2026 and 2027. The accrued interest income is interest income earned and received after the year-end. Page 16 ## NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 ## **10. Creditors** |**reditors**||||| |---|---|---|---|---| |Trade creditors
Accruals
Net Wages
Total creditors due within one year||**2024**
£
1,400
1,500
1,000
**3,900**||**2023**
£
1,000
(749)
750
860
-| |||||1,861| ## **11. Restricted funds** There was no incoming and outgoing from the restricted fund. However, the balance is a capital grant received for property costs which is already expended in previous years. |Community Fund: Capital funding
**12. Unrestricted fund**
Opening balance November 1, 2023
Add: Net surplus for the year
Closing balance before transfers and adjustments
Less: Transfer to designated fund
Less: adjustment depreciation
Closing balance as at 31 Oct 2024|**2024**
**Balance**
**241,820**
**2024**
**Total**
**Unrestricted**
**£**
**157,222**
**202,636**
**359,858**
**-**
**-**
**359,858**|**2024**
**Balance**
**241,820**
**2024**
**Total**
**Unrestricted**
**£**
**157,222**
**202,636**
**359,858**
**-**
**-**
**359,858**||2023
Balance
£241,820
2023
Total
Unrestricted
**£**
580,683
176,539|2023
Balance
£241,820
2023
Total
Unrestricted
**£**
580,683
176,539| |---|---|---|---|---|---| ||||||| |||**359,858**
**-**
**-**|||757,222
(600,000)
-| |||**359,858**|||157,222| Page 17 The unrestricted fund in year 2024 is increased by £202,616 which is the net operating surplus (2023: increased by£176,539) ## **13. Designated fund** The designated fund for the year 2024 is the same as 2023, and it comprises part of the building cost and cash. |Designated fund|**Balance at**
**01-Nov-23**
£1,619,899|**Cash**
**surplus**
-|**Balance at**
**Additions**
**31-Oct-24**
0
1,619,899|**Balance at**
**Additions**
**31-Oct-24**
0
1,619,899| |---|---|---|---|---| ||£1,619,899|-|0|1,619,899| ## **14. Analysis of net assets between funds** |Restricted funds
Designated funds
Unrestricted funds|2024|| |---|---|---| ||**Tangible**
**Net current**
**assets**
**assets**
**Total**
£
£
£
241,820
-
**241,820**
156,853
1,463,046
**1,619,899**
-
359,858
**359,858**|| ||398,673
1,822,904
**2,221,577**|| |Restricted funds
Designated funds
Unrestricted funds|2023|| |---|---|---| ||**Tangible**
**Net current**
**assets**
**assets**
**Total**
£
£
£
241,820
-
241,820
161,136
1,458,763
1,619,899
157,222
157,222|| ||402,956
1,615,985
2,018,941|| Page 18 ## 15. **Tangible Fixed Assets** |**Tangible assets**
Opening balance Nov 1, 2023
Additions
Depreciation for the year
Cumulated depreciation adjusted
**Net book balance as at 31 October 2024**|**2024**
**Total**
**£**
456,177
4,150
(8,433)
(53,221)
**398,673**|2023
Total
£
456,177
-
(7,603)
(45,618)| |---|---|---| |||**402,956**| A depreciation charge for 2024 was £8,433 (2023: £7,603). ## **1. Cash on hand at bank** |||||||||||||**2024**|||2023| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |
Opening balance as of 1st November,
2023||**A/C**
**01388630**||**A/C**
**01370642**|||**A/C**
**21586572**||**A/C**
**21642383**|||**Total**|||Total| ||£1,019,299|||£94,526|||£8,989||£3,381||**£1,126,195**|||£1,415,751|| |Incomingcash|£272,981|||£3,111||£1,367,024|||£309,573||**_£1,952,689_**|||£279,406|| |Outgoingcash|(£1,192,305)|||-||(£184,567)|||||**_(£1,376,872)_**|||(£113,962)|| |Transfer treasurydeposit|-|||-||(1,185,000)|||(£300,000)||**_(1,485,000)_**|||(£455,000)|| |**Closing balance as of 31 October 2024**|**£99,975**|||**£97,637**||**£6,446**|||**£12,954**||**£217,012**|||**£1,126,195**|| ## **2. Allocation of property and staff costs to core activities** The property and the staff have contributed towards several activities of the charity. Hence it is important to allocate the costs to appropriate activities, and the following proportion has been made. The trustees believe that to the best of their knowledge the basis shown below is the best estimate they can come up given that it was impractical and costly to track the contribution of each cost categories to the activities. |||Staff
costs|Property
costs| |---|---|---|---| |**Activities:**|||| |Core church service||60%|45%| |Reconciliation and outreach||20%|-| |Sundayschool||5%|15%| |Education support||5%|20%| |Youth service||5%|10%| |Governance and administration||5%|10%| |||100%|100%| Page 19