## God's Vision Church
Report and Accounts Year ended 31 December 2022
1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk
## **GOD'S VISION CHURCH**
## **CHARITY INFORMATION**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Trustees**
Dr Ji-Won Choi Mr Young Joo Lee (senior pastor) Mr Sihyun Yun (these trustees also act as custodian trustees for properties owned by the charity)
**Key staff** Mr Young Joo Lee (senior pastor) **Governing Document** Declaration of Trust dated October 2000 (as revised by supplementary deeds made in 2006 and 2007) **Charity Registration Number** 1084401 **Principal Address:** 11, Daybrook Road Wimbledon London SW19 3DJ **Independent Examiner** Ajay Rajani FCIE Stewardship 1 Lamb's Passage London EC1Y 8AB **Bankers** Lloyds Bank plc
## **CONTENTS**
||**Page**|
|---|---|
|Charity Information|1|
|Report of the Trustees|2-4|
|Independent Examiner's Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Accounts|8-13|
|Detailed Statement of Financial Activities with Comparatives|14|
Page 1
## **GOD'S VISION CHURCH**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
The trustees have pleasure in submitting the Report and Accounts for the year.
## **Objects of the charity**
The charity is a trust and is governed by its Trust Deed. The principal object of the charity, as set out in the governing document, is to advance the Christian faith to people from various ethnic backgrounds in London, in the United Kingdom and in other parts of the world.
## **Summary of the charity's main activities and achievements**
The charity, our church, started in 1985 as a bible study group of eight and its faith in Jesus Christ and the Gospel. Since then, with the mission to Complete the Great Commission in our Lifetime, the charity has over 400 members attending our Sunday and Wednesday services, and is actively engaging with our local communities and our partners in London and overseas to realise our mission. The charity rents the church building of the Welsh Baptist Church in 30 Eastcastle Street, W1W 8DJ, for services and this has greatly helped encourage new members, especially university students and young professionals as well as Londoners outside the Korean community, to worship in Central London. In April this year, a second worship location in Wimbledon, hired from a CoE primary school, opened its doors to the families living in the South London areas. London is one of the most multicultural cities with over 300 different languages spoken. We hope and pray that this charity will bring the love and salvation of Jesus Christ to the people living and visiting London from all over the world, and bring the Gospel to their nations to further the Great Commission.
## Our Services and Retreats
Our main services are held every Sunday and Wednesday. Additional services are held at major Christian events and festivals. We plan to continue our online broadcasts for Sunday and Wednesday services for members still suffering from Covid, but we strongly believe that the best way to recover from the Covid pandemic is to combat the spiritual sufferings in parallel by emphasising the importance of returning to our churches. Physically worshipping with the fellowship brothers and sisters in Christ together under one roof will bring the sense of unity and rebuild the congregation and their faith. The Wimbledon Church will focus on serving the families seeking a place to worship with their children, an area this charity has been investing in and is recognised for, without needing to travel into Central London. Prior to Covid the charity used to organise two retreats per year to strengthen our beliefs and fellowship within the church, and we used this opportunity to invite non-church friends and families. These had to pause during the pandemic but during the year we were able to hold our first post pandemic retreat in December 2022.
## Teams, Activities and Small Groups
The charity has over a hundred volunteers serving as part of over 20 teams from four departments (Worship, Mission, Operations and Education). Their contributions are vital to the running of the charity and its numerous activities, such as online services with live English translations, Saturday street missions, Friday prayers, monthly homeless work and church retreats. The strong faith of the congregation is nurtured not only from the weekly services but also through the bible studies and fellowship within the 30+ small groups, which meet at least once a week to share their lives and prayers. Dedicated English-speaking small groups welcome members that do not speak Korean or find Korean difficult to understand. The small group leaders are directly cared for by the charity's Senior Pastor and meet weekly for sharing and bible study, so that they can in turn take care of their small group members in Christ. The charity also encourages many events that bring the congregation together including annual barbeque, sport clubs, Christian book and bible reading clubs. Teaching the Gospel to our children has been one of the most important missions of this charity. With over 30 volunteers to this department alone, the charity is blessed with the love and dedication of our Sunday School teams that are serving over 60 children.
Page 2
## **GOD'S VISION CHURCH**
## **REPORT OF THE TRUSTEES continued**
## Missionary Work
The charity is involved in many missionary work to fulfil the Great Commission in London and overseas. The charity has continued to serve the local communities in which it operates to bring the love of Christ to them through the work of many committed volunteers who are 'salt and light' of the area. Every Saturday morning, 2030 volunteers gather in Leicester Square to sing praise, then walk the streets of Oxford Circus, Regent Street, Piccadilly Circus, Tottenham Court, Soho and nearby areas to give out brochures and talk to Londoners and visitors to introduce the Gospel into their lives and invite them to local churches including the charity. This year marks the return of this important mission since Covid. Also, the charity was able to once again join the Arise program, which involves serving participating local churches to support their community through its evangelical mission. Overseas, the charity continues to work with Christian missionary groups in India where more than half of the world’s unreached people live. This has been the charity's passion and we are blessed to be taking part in this great vision. Every fourth Sunday service is held as Missionary Week Service where all the missionary offerings are used for the India mission. During the year, the charity supported several Korean missionaries who work in the UK and overseas as well. The charity is also supporting some church members through a modest scholarship program so that they may be equipped to serve the church worldwide.
In planning activities the trustees have applied the guidance on public benefit issued by the Charity Commission.
## **Structure, Governance and Management**
Responsibility for setting policy and for determining the parameters within which the charity should operate rests with the trustees who meet regularly to monitor the activities of the charity. Responsibility for the day to day operation of the charity has been delegated to a team led by Rev Y J Lee. New trustees are recruited and appointed by the existing trustees, by a majority vote.
## **Financial review**
During the year income increased by £3,000 to £384,000, and expenditure increased by £110,000 to £324,000. As a result the surplus for the year was £60,000 (2021: £167,000) and the charity's net assets increased by £60,000 to £1,516,000. Net assets comprised tangible fixed assets of £633,000, cash of £863,000 (of which £7,000 is restricted) and other net current assets of £20,000.
Following the easing of pandemic restrictions the charity was able to recommence many of its in person activities and meetings (including its first post pandemic church retreat in December). This, together with the launch of a second worship location in Wimbledon in April, has given rise to a significant increase in expenditure this year.
## **Reserves policy**
The trustees have determined that the charity should aim to hold cash of no less than £50,000 in general funds so that the charity could continue to operate smoothly should income and / or expenditure vary unexpectedly. The charity ended the year with cash of £55,000 in general funds and the charity is complying with its reserves policy.
The longer term ambition is to purchase another building for the charity's activities because the rented venues currently being used by the charity are not available for use outside of hire periods. Over recent years the charity has been steadily accumulating reserves to help finance a property purchase and this year the funds being accumulated for this purpose have been recognised formally in these accounts by the creation of a designated building fund, which at the year end stood at £800,000. No suitable property has been identified yet and therefore, should the need arise, the resources held by this designated building fund could be used for other purposes.
Page 3
## **GOD'S VISION CHURCH**
## **REPORT OF THE TRUSTEES continued**
## **Key risks and uncertainties**
The charity is exposed to various risks - be they operational, financial or reputational. The trustees review the charity's activities regularly to identify significant risks and, where possible, they take appropriate measures to mitigate those risks.
## **Responsibilities of trustees under charity law**
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).
Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources for the financial year. In preparing these financial statements, the trustees are required to:
1. select suitable accounting policies and apply them consistently;
2. observe the methods and principles in the Charities SORP;
3. make judgements and estimates that are reasonable and prudent;
4. state whether the applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements; and
5. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the
charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. 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.
## **Approval**
This report was approved by the trustees and signed on their behalf by:
## Young-Joo Lee
---------------------------------------------------------------Rev Y J Lee
Date: 23 April 2024
Page 4
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF**
## **GOD'S VISION CHURCH**
## **('the Charity')**
I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 December 2022 on pages 6 to 14 following, which have been prepared on the basis of the accounting policies set out on pages 8 and 9.
## **Responsibilities and basis of report**
As the charity’s trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a Fellow of the Association of Charity Independent Examiners, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## Ajay Rajani
Ajay Rajani FCIE Fellow of the Association of Charity Independent Examiners Stewardship 1 Lamb's Passage London EC1Y 8AB
Date: 23 April 2024
Page 5
## **GOD'S VISION CHURCH**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
|Note
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
3
Charitable activities
4
Investments: bank interest
**Total income and endowments**
**EXPENDITURE ON:**
Charitable activities:
5
**Total expenditure**
**Net income/(expenditure)**
**Transfers between funds**
12
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
12|Unrestricted
Funds
£
332,262
26,280
346
358,888
275,452
275,452
83,435
(10,725)
72,711
1,429,931
1,502,642|Restricted
Funds
£
24,754
-
-
24,754
48,199
48,199
(23,445)
10,725
(12,721)
25,604
12,883|Total
Funds
2022
£
357,016
26,280
346
383,641
323,651
323,651
59,990
-
59,990
1,455,535
1,515,525|Total
Funds
2021
£
368,071
12,297
67|
|---|---|---|---|---|
|||||380,435|
|||||213,429|
|||||213,429|
||||||
|||||167,007
-|
|||||167,007
1,288,528|
|||||1,455,535|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing operations.
The notes on pages 8 to 14 form part of these accounts.
Page 6
## **GOD'S VISION CHURCH**
## **BALANCE SHEET**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
|||Unrestricted|Funds||Total||Unrestricted|Funds|||Total|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||General|Designated|Restricted|Funds||Unrestricted|Designated||Restricted|Funds|
|||Funds|Funds|Funds|2022||Funds|Funds||Funds|2021|
||Note|£|£|£|£||£||£|£|£|
|**FIXED ASSETS**||||||||||||
|Tangible assets|7|6,928|626,011|-|632,939||2,324|628,311||-|630,635|
|||6,928|626,011|-|632,939||2,324|628,311||-|630,635|
|**CURRENT ASSETS**||||||||||||
|Debtors|8|72,550|-|5,599|78,150||33,000||-|2,653|35,653|
|Cash at bank and in hand|9|55,404|800,000|7,284|862,688||806,721||-|22,951|829,672|
|||127,954|800,000|12,883|940,837||839,721||-|25,604|865,325|
|**CREDITORS: Amounts falling**||||||||||||
|**due within one year**|10|58,252|-|-|58,252||40,425||-|-|40,425|
|**Net current assets**||69,703|800,000|12,883|882,586||799,296||-|25,604|824,900|
|**TOTAL NET ASSETS**||76,631|1,426,011|12,883|1,515,525||801,620|628,311||25,604|1,455,535|
|**FUND BALANCES**|12|||||||||||
|Unrestricted Funds||||||||||||
|General funds||76,631|-|-|76,631||801,620||-|-|801,620|
|Designated funds||-|1,426,011|-|1,426,011||-|628,311||-|628,311|
|||76,631|1,426,011|-|1,502,642||801,620|628,311||-|1,429,931|
|Restricted Funds||-|-|12,883|12,883||-||-|25,604|25,604|
|||76,631|1,426,011|12,883|1,515,525||801,620|628,311||25,604|1,455,535|
|||||||||||||
The financial statements were approved by the Board of Trustees and were signed on its behalf by:
Young-Joo Lee 23 April 2024 ----------------------------------------------------------------------------Rev Y J Lee Date
The notes on pages 8 to 14 form part of these accounts.
Page 7
## **GOD'S VISION CHURCH**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1 Statutory Information**
The charity is a trust registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.
## **2 Accounting Policies**
These financial statements are prepared on a going concern basis, under the historical cost convention.
These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.
The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.
The principles adopted in the preparation of the financial statements are set out below.
## a) Going concern
The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
## b) Income
Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.
Income from donations and legacies includes recoverable gift aid. This is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.
The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.
Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from church retreats, other events and courses and from letting property for charitable purposes.
Investment income represents income generated by the charity's assets and comprises bank interest.
## c) Expenditure
Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.
The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.
Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.
## d) 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. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.
Page 8
## **GOD'S VISION CHURCH**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **2 Accounting Policies continued**
## e) Tangible fixed assets
Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £1,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:
|Freehold property|Freehold land is not depreciated; the freehold building is depreciated over 50 years after|
|---|---|
||taking account of its residual value.|
|Long leasehold property|The premium paid for long leasehold property is amortised over the term of the lease.|
|Equipment|Over 3 to 7 years|
|Motor vehicles|Over 5 years|
The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.
The trustees consider the residual value of the charity's freehold building to be very high and have determined that the annual charge for depreciation, and cumulative provision, is immaterial.
- f) Pension scheme arrangements The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.
- g) Taxation The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.
h) Financial instruments The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive).
## i) Exemption from preparing a cashflow statement
The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.
j) Critical accounting estimates and areas of judgement ln preparing financial statements certain judgements, estimates and assumptions have to be made that affect the amounts recognised in the financial statements. The trustees consider the following to be significant:
- i) The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimates for useful economic life and residual value. These estimates are reassessed annually and, when necessary, adjusted to reflect current circumstances.
- ii) The constructive obligation for grants payable is based upon an assessment of the obligation to continue making grants. Again this estimate is re-assessed annually and the obligation is adjusted to reflect current expectations.
## **3 Donations and legacies**
|**3**
**Donations and legacies**|||
|---|---|---|
|Donations of cash and similar
Income tax recoverable
**4**
**Income from charitable activities**
Letting church property for charitable purposes
Church retreats and events
Book sales|2022
£
314,519
42,497
357,016
2022
£
14,550
9,745
1,985
26,280|2021
£
318,343
49,728|
|||368,071|
|||2021
£
9,972
165
2,160|
|||12,297|
Page 9
## **GOD'S VISION CHURCH**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **5 Charitable expenditure**
|**5**
**Charitable expenditure**|||
|---|---|---|
|**a**
**Costs incurred directly on charitable activities**
Employment costs
Ministerial support costs
Church retreats and events
Ministry amongst the homeless
Other church activities
Hire of venues
Church property expenses
Motor and travelling
Grants payable (note 5c)
**b**
**Costs incurred on support & administration**
Governance costs
Independent examiner's fee for preparing
and examining the accounts
Professional fees
Office supplies and small equipment
Other expenses including insurance
Depreciation
**Total expenditure**|2022
£
98,396
7,807
36,062
6,655
49,976
45,289
13,999
1,100
44,300
303,585
3,700
-
7,981
2,040
6,346
20,067
323,651|2021
£
90,133
8,170
16,723
5,551
11,620
11,930
6,923
598
42,839|
|||194,487|
|||3,500
1,320
8,229
1,332
4,561|
|||18,942|
|||213,429|
In addition to the fees payable for the preparation and examination of the accounts, the charity paid £632 (2021: £608) to Stewardship for payroll bureau services.
## **c Grants payable**
|Grants for UK and overseas mission
Grants to help relieve hardship, including aid for those affected by war in Ukraine
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
Grants to help relieve hardship
The charity's principal grants to institutions comprised:
Global Assistance Partners
For mission
To help relieve hardship caused by COVID
Salvation Army: Regent Hall
Other small grants|Institutions
£
25,457
-
25,457
Institutions
£
15,600
13,038
28,638|Individuals
£
9,596
9,247
18,843
Individuals
£
8,914
5,287
14,201
2022
£
23,537
-
-
1,920
25,457|2022
£
35,053
9,247|
|---|---|---|---|
||||44,300|
||||2021
£
24,514
18,325|
||||42,839|
||||2021
£
15,600
10,263
2,775
-|
||||28,638|
Page 10
## **GOD'S VISION CHURCH**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **6 Analysis of staff costs, the cost of key management personnel and trustee remuneration**
The average monthly number of employees during the year was 2.25 (2021: 2). Most of the charity's activities are carried out by volunteers.
No staff received salaries at a rate of more than £60,000 per annum.
The charity's key management comprise the trustees and the key staff named on the Charity Information page. Total employment benefits payable to key management for the year were as follows:
|Pastor Y J Lee, who is a trustee
The following amounts were charged in the previous year:
Pastor Y J Lee, who is a trustee|Wages &
salaries
51,622
Wages &
salaries
47,775|Employer
pension
contributions
5,162
Employer
pension
contributions
4,552|Other
employment
benefits
1,440
Other
employment
benefits
1440|2022
£
56,784|
|---|---|---|---|---|
|||||2021
£
53,767|
Pastor Lee served as church leader and received the above payments for serving in that capacity, not for serving as a trustee; these payments are permitted by the charity's governing document.
In addition the charity incurred expenditure in respect of the customary provision of accommodation to the church's minister, Rev Y J Lee (who is also a trustee), so that he could better perform his duties.
## **7 Tangible fixed assets**
|Cost
At 1 January 2022
Additions
At 31 December 2022
Accumulated depreciation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021|Freehold
property
£
432,511
-
432,511
-
-
-
432,511
432,511|Long
leasehold
property
£
205,000
-
205,000
9,200
2,300
11,500
193,500
195,800|Fixtures,
fittings and
equipment
£
10,085
8,650
18,735
7,761
4,046
11,807
6,928
2,324|Vehicles
£
16,410
-
16,410
16,410
-
16,410
-
-|Total
2022
£
664,006
8,650|
|---|---|---|---|---|---|
||||||672,656|
||||||33,371
6,346|
||||||39,717|
||||||632,939|
||||||630,635|
The charity's freehold property and long leasehold property comprise two residential properties. The lease for the long leasehold property expires in 85 years.
## **8 Debtors**
|Tax recoverable
**h at Bank and in Hand**
Bank current account
Bank deposit account|2022
£
78,150
78,150
2022
£
168,498
694,190
862,688|2021
£
35,653|
|---|---|---|
|||35,653|
|||2021
£
219,828
609,844|
|||829,672|
- **9 Cash at Bank and in Hand**
Page 11
## **GOD'S VISION CHURCH**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **10 Creditors: liabilities falling due within one year**
|**itors: liabilities falling due within one year**|||
|---|---|---|
|Trade creditors
Other creditors
Accrued expenses
Grant obligations|2022
£
23,249
683
7,200
27,120
58,252|2021
£
5,801
645
9,260
24,720|
|||40,425|
## **11 Pension commitments**
During the year employer’s pension contributions totalling £8,079 (2021: £7,330) were payable to defined contribution pension schemes. At the balance sheet date pension contributions amounting to £683 (2021: £645) were owed.
## **12 Funds**
During the year the movements in the charity's funds were as follows:
|_Designated Funds_
Property fund
New building fund
_General Unrestricted Funds_
Total Unrestricted Funds
_Restricted Funds_
Building fund
Relief fund
Overseas Missions fund
Aggregate of funds|Opening
balance
2022
£
628,311
-
628,311
801,620
1,429,931
3,368
-
22,236
25,604
1,455,535|Incoming
resources
2022
£
-
-
-
358,888
358,888
-
4,866
19,887
24,754
383,641|Outgoing
resources
2022
£
(2,300)
-
(2,300)
(273,152)
(275,452)
-
(15,591)
(32,608)
(48,199)
(323,651)|Transfers
in the year
2022
£
-
800,000
800,000
(810,725)
(10,725)
-
10,725
-
10,725
-|Closing
balance
2022
£
626,011
800,000|
|---|---|---|---|---|---|
||||||1,426,011
76,631|
||||||1,502,642|
||||||3,368
-
9,515|
||||||12,883|
||||||1,515,525|
In the previous year the movements in the charity's funds were as follows:
|_Designated Funds_
Property fund
_General Unrestricted Funds_
Total Unrestricted Funds
_Restricted Funds_
Building fund
COVID 19 fund
Overseas Missions fund
Aggregate of funds|Opening
balance
2021
£
630,611
643,369
1,273,980
3,368
2,405
8,775
14,548
1,288,528|Incoming
resources
2021
£
-
357,374
357,374
-
-
23,061
23,061
380,435|Outgoing
resources
2021
£
(2,300)
(198,754)
(201,054)
-
(2,775)
(9,600)
(12,375)
(213,429)|Transfers
in the year
2021
£
-
(370)
(370)
-
370
-
370
-|Closing
balance
2021
£
628,311
801,620|
|---|---|---|---|---|---|
||||||1,429,931|
||||||3,368
-
22,236|
||||||25,604|
||||||1,455,535|
Page 12
## **GOD'S VISION CHURCH**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **12 Funds continued**
The charity's designated funds comprise:
- a) **Property fund:** represents resources invested in freehold property. Whilst these funds are unrestricted, they are not readily available for immediate use in the short term.
- b) **New building fund:** represents resources set aside by the trustees to help finance the future purchase of property for use by the charity in its activities.
The charity's restricted funds comprise:
- a) **Building fund:** represents donations received for future building projects.
- b) **Relief fund:** represents donations received to help relief poverty and other hardship **.**
- c) **COVID 19 fund** : represents donations received to help those affected by COVID.
- d) **Overseas Missions fund:** to support missionary activity overseas, particularly in India, and includes donations received to help alleviate the impact of COVID 19 in India.
## **13 Transactions with related parties**
During the year the charity:
- a) received donations totalling £16,570 (2021: £12,160) from related parties (which includes trustees, key management and anyone closely connected to them).
- b) except for the reimbursement of expenses incurred when (a) acting as agent for the charity or (b) incurred when undertaking employment duties, no expenses (2021: £nil) were paid to, or for, the trustees.
Except as disclosed in note 7 'Analysis of staff costs', there have been no other transactions with related parties during the year.
Page 13
## **GOD'S VISION CHURCH**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
|Note
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
3
Charitable activities
4
Investments: bank interest
**Total income and endowments**
**EXPENDITURE ON:**
Charitable activities:
5
**Total expenditure**
**Net income/(expenditure)**
**Transfers between funds**
12
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
12|General
2022
£
332,262
26,280
346
358,888
273,152
273,152
85,735
(810,725)
(724,989)
801,620
76,631
Unrestrict|Unrestrict|Designated
2022
£
-
-
-
-
2,300
2,300
(2,300)
800,000
797,700
628,311
1,426,011
ed Funds|Restricted
2022
£
24,754
-
-
24,754
48,199
48,199
(23,445)
10,725
(12,721)
25,604
12,883|Total
2022
£
357,016
26,280
346
383,641
323,651
323,651
59,990
-
59,990
1,455,535
1,515,525|General
2021
£
345,011
12,297
67
357,374
198,754
198,754
158,621
(370)
158,251
643,369
801,620
Unrestrict|Unrestrict|Designated
2021
£
-
-
-
-
2,300
2,300
(2,300)
-
(2,300)
630,611
628,311
ed Funds|Restricted
2021
£
23,061
-
-
23,061
12,375
12,375
10,686
370
11,056
14,548
25,604|Total
2021
£
368,071
12,297
67|
|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||380,435|
|||||||||||213,429|
|||||||||||213,429|
||||||||||||
|||||||||||167,007
-|
|||||||||||167,007
1,288,528|
|||||||||||1,455,535|
Page 14