Charlty Reglstratlon No. 1090933 Company Re81stratlon No. 04343888 (En8land and Wale51 GODFIRST CHRIMCHURCH ANNUAL REPORT AND UNAUDrrED FINANCIAL5TATEMENTS FOR THE YEAR ENDED 31 DECEMBER ZOZ3 10 Brid8e Street Christchurch Dorset BH23 IEF GODFIRST CHRISTCHURCH CONTENTS Pa8e Company Infermatlon Trusteos, roport Independent examlner's report Statement of financial acli¥itie5 Statement of financial p051tion io-ii Statement of rash flows 12 Notes to the financial slatement5 GODFIRST CHRISTCHURCH LEGAL AND ADMINISTRATIVE INFORMATION Trustees K Hudson DRKÈmp A Chapman R Hatton-Blrd S Harden Secretarv Achapman Chalrman DRKemp Key managernpnt personnel Duncan Lee IPastgr and Lead Elderl Morne Smit IAs515tant Paslorl Justyn Pride IOperation5 Managerl Charity number 1090933 Company nurnber 04343888 Printlp41 #ddr•s$ The Runway 15 Airfield Poad Chrlstchurth Dorsel BH23 3TG Re8lstered offlce 15 Airfield Road Chrlstchurch Dorset BH23 3TG Independent examlner TC Group 10 Bridge Street Christchurch Dorset BH23 IEF Bankers Lloyds, 4 Castle Street, Christchurch, BH23 IDU GODFIRST CHRISTCHURCH TRU5TEES' REPORTIINCLUDING DIRE￿oR5, REPORf FOR 7HE YEAR ENDED 31 DECEM8ER 2023 The truste¢s present their fyport and financial statements for th¢ year ended 31 December 2023. Th& fillancial statements have been prepared in accordance with the accounting policies Set out in note I to the financlzl statements and comply with the charlty's gawerning document, the Companles Act 2D06 and"Accounting and Reporilng by Charltie5= Statement of Recommended Praciice appllc8ble io charltles preparln8 thelr accriunis in accordance with the Financial Reporting Standard applicable in the UK and Republic rif Ireland IFRS 1021. la5 amended for accounting pe￿OdS commertclng from l January 20161 Oblettlves aCtI￿lIes A 5ummJry of the object5 of the charlty as set out In Its %ovemln8 document. Th& principal artivilie5 Qf this charitablp company are the advanrempnt of the Chrislian faith in accgidaDce with the Statement of 8ellef5, In Christchurch and In such other parts of the UK or the world as the trustees Irorn time to time think flt, and such other purposes whlch are excluslvely charltable accordiThg to the law of England and Wales and are ¢ollnect8d with the work of the charity, The elders re8ularly revlew the oblectSves and actlvltSes In Ilne wlth strate8les desS8ned to achleve our vSsSon and communltatÈ this with thè irust2es and thé wldèr lèadèrship tèams at lèasr on an anlluèl basis. to I￿rth￿r these objects by providing meeting5 for corporate worship. fellowship and prayer. Further fellowship and sharing opportunltles come In the form of weekly home group meetings across the corurbatlon and there are speclfSc tralnln8 courses sponsored by the ¢hLJrch fr)r new Chrlstlans and lor various mlnlsiry sk1115 ￿Se1￿1 In the church. The charity's aims Includi￿ the chanBe5 or differences it seeks to make throu8h its attivitie5: l. Reaching the Local Comrnunity for the advan¢ement of the Chrlstlan falth This ha5 been achieved through our invglvement with different age-group5 and type5 of people. While ovr focu5 is the advancemènt of the Chrlstian falth, this Is seen through the lerns ol rèllèving povèrty and seeklrng greater communlty cohesion. We measure this partly by the Trumbers of people we regularly inleiact with as a church community and ultimately in the number5 of the5E people who see Ihem5elve5 8$ belongin8 lo GodFirst. We give liN8ncially to various local charities that 5h3re oui ethos including Christchurch Foodbank Plus, Faithwork5 CMA ID¥bt & MDn¥y Advic*l, The Water Lily Proj*ck loutr¥ach to women in crisisl and thi5 is back*d-up by our own people giving their time and slE br¢ad-ranging aclivitlg5 are 911 b4sed in gvr building called 'The Runway, at Airfield Ro4d which has ¥een substantial refurbishment in the last S years124,000 sq ft ovèr 2 floorsl. Thls year was all about operatlonalislng the building 50 as we e¥paThded our activities into tlie new spaces we adapted our opeiaiions to support them. Tlie next phase of the refuibishment is foEU5ed the first Ilgur and include5 the third 5taiwwayi fuithEI uffice and breakout spaces, and development of mare corridors to connect these areas together. Our Welfare Fund established in 2018 has continued to be used over the year where we have helped several people in financial reed or who needed iterns or service5 that they could ngt afford e.g. professional cuun5ellinB, rent dep051t, car repairs, emergency funding through illness etc. We regularly reviewthis fund and provide top-ups as necessary. Our full-time 05-185 Leader has been involved in local 5choo15 teaching and taking a55emblies, making an impact into the community, with farvilie5 arid childrev of all ages. In the last year we have demonstrated our Involvement globally through vlslts or financlal gifts to churches, indbvlduals nd charitles in U8anda, The 831kans, Braxll, Cambodla. and Myanm3r. We also help overseas leaders to come to the UK for relreshrnent and provide opportunities for them to attend rElevant conferences. GODFIRST CHRISTCHURCH TRU5TEES' REPORTIINCLUDING DIRE￿oR5, REPORf ICONTINUEDI FOR 7HE YEAR ENDED 31 DECEM8ER 2023 Flnanclal revlew Thè Trustees and Elders CDntlnue to be grareful for ihe sacrlflclal givlng of those belorbgSTh8 to GodFlrst Chrlstchurch. Our total income this ye3r con51StEd ol General Offering Income f445,135 12022 £418,211] aTrd restricled 8ifts to the Building Fund and Mission Fund of £190.66312022 £203.3561. The Trustees consider that the financial pertormance by the charity has been satlsfactory and achieved the target of delivering a Tret incorne for 2023 of É129,24712022 £134,3161. The Statement of Finar)cial Activitie5 show5 total incorne lor the year of E688,624 12022 £653,759] anL4 total expendltLJre of £559,3771?022 £519,443]. Part ol these resources, É7B,786 has beEn spent on the refurblshment of our bulldSr8. Cosis for ihe p￿rchaSe and relurblshment are beln8 tapltallsed and are shown a5 at 31st December 2023 as £2,399.686 12022 E2,394.3371, The original mort8a8e of £770,000 ha5 now been reduced to £588,625 by scale repayments. Additional interest has been paid in 2023 on the loan that Is basts-rate-llnked followiTh8 Intreases In the Bank of England base rate. The total ol fund5 at the end of 2023 5tand5 at £2,091,93812022 £1,962.6911. R•seDi•s Pollcy The trustees intend ta mairtain a Contingency Reserve in order to manage 5hort-term financial obligations af the charlty In the event of Income belng curtalled. The follDwlng factors govern the revlew ol what Is required by way of a reservÈ'. The current economlc climate and external factor5 affectlns flnance The level ol regular 8ivSn8 and assessrnernt of Its Colltinuaiion The requirement for working capital 8nd the ability to meet contractual obli8ation5 The ability to raise additional funds should the church face firancial difficultv. At the end of thv y¥ar thv charity holds toial unrestricted lund5 01 £1,972.712 of which .£SW,910 are nvgative free reserves. However the Trustees have 355es5ed the level of ReseNes lo be maintained at a level of three months, routine expenditure, approximately £90,000, The Contin8ency Reserve 5t8nd5 at £52,1318nd will be added to 35 surplus funds allow and is reLTrularly reviewed by Truslees as a standiiig ilem in Iheir meeliwigs. We have had to Use some ol the Cgvtingellcy Re5eive tQ 455i5t in the building wgik in 2021 thi5 wnay happen again. but the TIu5tEe5 ha¥E re5olvEd not to allow thls to fall below £27,1ThIO tèmporarily. Currentlyi all othèr reserves shown in other funds are allotated t the general operations of the chaiity a5 indicated by the lulld titles. Avallablllty and adequacy of assets In eath of the funds The TrusLecs arL SatisllLd ihai ihL charily's assets in each luftd are avallable and adequate t¢ fulfll its obligaiions in respect ol each fund includin8 contracts entered into. The charity does not currently have sufficient furtds tts complete the development of The Runway, 15 Airfield Road, Christchurch but becausv continually this project in plannèd pha5vs funded by additional gifts from individuals and grant-making trust5, we are Confident that we car) contirnue to completion in this way. The fund allocated for the relurbi5hment as at 31st De¢ernbÈr 2023 Stands at E89,276. GODFIRST CHRISTCHURCH TRU5TEES' REPORTIINCLUDING DIRE￿oR5, REPORf ICONTINUEDI FOR 7HE YEAR ENDED 31 DECEM8ER 2023 ThE major risk5 to which the charitable rompany is exposed and reviews and 5Y5tEmS to mitigate risks Th2 Trustees have a duty to idertify and review the risks to which the charitable comp3ny is exposed and to EllSLJre appropriate contro15 are in place to provide reasonable assurance 3gainst fraud and error. Generic iisks as set out by th8 charity Comrnis5ion covering risks of CDmpliance, Environtnental, Financial, Governance and Operational have just been YèviÈwèd and risk assessments r2drawn. It Is con5idpred that the major ri5k5 are those a550ciated with finance, employment, property, safeguarding and health and safety Issues. Each rlsk area Is allocated to Trustees wlthln the team and these rlsk areas are discussed as standlng Items at each Board meetlng. Financial risk is mitigated through careful budget planning and monthly monitoring of financial p9rformance by the Trustees and management teams, Flnancl)I resources are protected throu£h a 5V5teM of Internal controls. Employmènt rlsks are managed in accordarnce wlth lÈglslatlon and speclallst HR 2dvisers are cansulted as requlred. Appropriate insurance Is maintained on our property and equipment together with cover for public and employer's The risks surrounding safeguarding issues lor both children and vulnerable adults are minimised through our Safeguardin8 Procedure5 and Policv. It 15 considered that ther? ar? no hiBh risk5 tLI marige at pre5ert and the medium risk 455e55ment5 have been mitisated by robust strate8ies that are adequate. Hcswever, management of these risks Is an on6oirtg task and this subject Is not only covered as a standin8 Item at Board MÈetin85, but specific risk asspssmonts are drawn up in response to events as they arise e.g. trip abroad, advernture weekend for youn8 people, community events ètc. FLrture Plans Our maSn oblectlves for the comlng yeèi are.. Continue towards ccmpletion, the refurb15hmÉnt of 15 Airfield Road, Christchurch, Hold Iw0 5p¥cial Gift D4ys each y¢?r lo r*c¥ive funds from our individual dunor> to h¥lp fund this r¥fJrbishment. Develop partner5hiPS Wlth grant making trusts to augment the funds received from those belongin8 to the Church In respect ol the building relurbi5hment. Develop the outW3rd-lacing activities ot the Church 50 that the vision to See transformation in the area and petsple around us can be reali5ed. Continue and develop our partnership5 wlth Christchurch Foodbank Plu5, The Water Llly Project. Faithworks Wessex ènd other organisatlons all ot whlch share our ethos and visioTh. GODFIRST CHRISTCHURCH TRU5TEES' REPORTIINCLUDING DIRE￿oR5, REPORf ICONTINUEDI FOR 7HE YEAR ENDED 31 DECEM8ER 2023 structuré. governance and management The charlry Is controlled by Its governlng document. the Memorandum and Artlcles o114SSOCiatlon dated 20th December 2001, and constitutes a lirnit@d company, lirviled by guarantee, as defined by the Companies Act 21J)6. The trustees, who are 81s0 the director5 for the purpose of compan¥18w, who served durine the year and up to the date of Signature of the financial Statements were,. K Hudso P Kegg A Blick IResigned 12 December 20231 IResigned 17 May 20231 DRKemp A Chapman R H3tion-Bird S Harden Governance Arran8emenis The Elder5 of the Church appoint the Trustees, who remain in office for a p81iod of three years, after which time they can offer themselves lor re-election to serve for a further period reviewable every three years. The Trustees are drawn from the active attender5 of the Church with the appropriate skills for board membership. The Elders are the Spiritual leaders ol the charity and are the Members of the Charitable Company. Recruitment and selection of Trustees is undertaken when required to either replace those trustees who are retlriTrg or to add new skllls TO the Board. Nomlnees that are apprDached to corsiéer si3iidln8 wlll be subject to scrtstlny under the provision5 of the Article5 01 A55ociarion and a proce55 of induction 15 Put iv place together with an invitation to sit in on meetings. The Trustees focus on strategic and policy issues including key financial decisions. Operational matters are delegated to staff and the Straiegic Leadership Team. The Trustee5 weet regularly with the Lead Elder to ensure thai deiisions are cDn5iStent with the Spiritual aims of the Church and they Monitor the minutes of meetin85 conducted by the Strategic Leadership Team for the same purpose. The Elders of the Church. who are also Members. as ar the end ol the flnanc5al year were Duncan Lee. Morne Smit. Earl GoLider) and Ar)drew Blick who joinetl the team of Elder5 May 2023 having first vacated his Trusteeship. Duncan Lee ILead Elderl and Morne Smit IA55iStant Pa5torl are employed to oversee the day-to-day management of the Charity and are èssisted by thE Operations Manager, Justyn Pride, GODFIRST CHRISTCHURCH TRU5TEES' REPORTIINCLUDING DIRE￿oR5, REPORf ICONTINUEDI FOR 7HE YEAR ENDED 31 DECEM8ER 2023 The training of Elders. Trustees and StrateBi¢ Leadership Team memb¢rs is considered arbd revieweul ¥nd the Church budget include5 a provision for the cost5 of any required tr31ning to be rnet. A distinEtiDn is made in the Governing Document between the spiritual oversight of ihe Church and the Management of assets and legal compliance but the Trustees have the power tg dele6atp aspects tyf rnanag?menl of the rharity to other5 a5 appropriatp. These clflicers currently are.. Duncan Lee- Senior Pastor MoillE Srnit- A55tKiate Pastor Justyn Pride- Operations Manager Sam Pink- Children's and Youth Pastor Chris Gibbons- Acc¢>ur)ts Assistant/ Treasurer ClaiTe Watts- Personal Assistant Josie Pride- Office Administrator Sharon Hemmingfield- Community Pastor Volunteers Th? church is involved in a wide ran8e of Service to the loEal community and internationally. This would not be pu55ible without the voluntary Èffolts of a lar8È number of the mÈmbers of the church. With only 8 paid staff currently, the vtslunteer5 rnumbec more than IQJ tts a¢hieve this. The trustees, report was approved by the Board ol Trusiees. A Chapman Trustee Dated.. 14 May 2024 GODFIRST CHRISTCHURCH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GODFIRST CHRISTCHURCH I report to the trustees on my examinatiorn of the linan¢ial statements of Godfiist Christchurch Ithe charity) for the year ended 31 December 2023. Responsibllitie$ and basis of report As the trustees of the charlty land also Its dlrectors for the purposes of company lawl you are responslble for the prÈparatlr)n of the fSnancial statements in accordance wlth the requlrements of rhe Companles Act 20a6 Ithe 20C16 Actl. Havlng satSsfled myself that the ftnanclal statements ol the charity are not requlred ta be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect ol my examination of the charity's financial 5tutements carried out under seitign 145 L)f the CharitlES Act 2011 (the 2011 Act). In carrying out my examination I have followed all the appllcable Dlrettlons given by thè Charity Commlssioh under sèttlon 145ISllbl of the 2011 Att. Independènt examiner's statement Since the charity's gross income exceeded £2SO,C(O your examSner must be a member of a body Ilsted Sn sectSon 145 of the 2011 Att. I confirm that l am qualified to uDdeitake the eKamination because l am 8 mernbei of the A550ciation of Chartered Certified Accountant5. which is one of the listed bodies. I have completed my examination. I confirm that no mètters trave come ro my attention in connertion with tfve e%arnination giving rne cause to believe that in ary rnaterial respect.. accounting records were not kept in respect of the charity as required by sectian 386 of the 2006 Act,. or the financial statements do not 8ccord with ihose re¢or¢s,' or the financial statements do not comply with the accountin8 requirements of section 396 ol the 2006 Act other th3n any requirement that the accounts 8ive a true and fair view which is not a matter considered Js part ol an independent vxamin4tion,' or the fi'nancial 5tatemen15 have not been prepared in accordallce with the method5 and principles of the Statement of Recomm?nded Practice for accounting and r?porting by charities applicable to charities preparin8 their account5 in aicgrd4nce with the Financial Reporting Standard applicable in the UK Republic ol Ireland IFRS 1021. I have no concerns and have cume acr05S no other matters irb cunnettion with the examinatiun to wfvich attention should be drawn in this report in order to enable a proper urhderstanding ol the firbancial statements to be reached. lame5 Paget TC Group 10 Bridge Street Christchurch Dorset BH23 IEF Dated.. 14 May 2024 GODFIRST CHRISTCHURCH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT POR THE YEAR ENDED 31 DECEtW8ER 2023 Unresrrf¢ted funds Re51rl¢ied nds Total Unr251ricted funds 2022 Restricted Total funds 2022 2023 2023 2023 2022 Nutes Income from.. Donations And legacies Charitable actlvStles 445,135 45,773 6,513 540 190,663 635,798 45.773 6,513 540 418,211 30,033 2,132 27 203.356 621,567 3o,a33 2,132 27 Other trading activities Irve5tments Total Incomè 497.961 190,663 688,624 450,401 203,356 658.759 Ex endlture on,. Charitable actlvitle5 511,CKJ6 48,371 559.377 486,031 33,412 519,443 Net loutgoinElllncomlnE re50urce5 before tran5fer5 113,0451 142,292 129.247 135,6281 169,944 134,316 Gross transfers between funds 81,286 181,2861 236,744 1236,7441 Net income for the yearl Net movement In funds 68,241 61,CA)6 129,247 201,116 166,8001 134,316 Fund balances at I January 2023 1,904,471 58,220 1,962,691 1,703,355 125,020 1,828,375 Fund balance5 at 31 De¢ember 2023 1,972,712 119,226 2,091.938 1.904,471 58,220 1,962,691 The ststement of financial activities includes all gains and losses recognised in the year, All incomè and expenditure derive Irorn continuing 3rtiviti@s. The statement of fsnanclal actlvltles also complles wlth rhe reqU1￿MentS for an Income ard expendlture account under the Companies Act 2006. GODFIRST CHRISTCHURCH STATEMENT OF FINANCIAL POSITION AS A T31 DECEJW8ER 2023 2023 2022 Notes Fixed assets Tangible assets Current a55Et5 13 2,399,686 2,394,337 Debtors 14 8,604 289,904 8.589 185,50LI Cash at bank and in hand 298,508 194,OB9 Creditor5.' amounts falling due within one vear 16 138,0671 137,1101 Net turrent assèts 260,441 156,979 Total assets less Current Ilabllltles 2,660,127 2,551.316 Credltors.. amounts falllni due after more than one year 17 1568,1891 1588,6251 Net assets 2,091,938 1,962,691 10. GODFIRST CHRISTCHURCH STATEMENT OF FINANCIAL POSITION ICONTINUEDI AS A T31 DECEJW8ER 2023 2023 2022 No*e5 Income funds Restricted fund5 Unrestricted funds 18 119,226 58.220 eneral Desi8natÈd lunds General uThrestriued fund5 19 73,936 1,898,776 73,936 1,830,535 1,972,712 1,904,471 2,091,938 1,962.691 The company is èntitled to the exomption from the audit requirÈmeni contlined in section 477 af the Companies Art 2006, for the year ernded 31 December 2023. The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting record5 which comply with section 386 ot the Act and for preparing tinanclal statements whlch give a true and falr view of the state ol èffrairs of the ownpany as 3t the end of the linafjcial year and ul it5 incoming re50urce5 and application of re50urc25, including its iTrcome and expenditure, for the financial year in accordance with the requirements ol sections 394 and 395 and which otherwise complywith the reqLirements of the Companies Act 2006 relating to financial statements, so far as applicable to the cofflpanv, The members have not requlred the company to obtaln an audlt of Its flnanclal statements for the year in questlon I ateordante wlth secilon 476. Thèsè flnantlal statement5 have been preparèd In accordance with the provlslons appllcable to companles subject to the small companies re8lme. The finarnrial statements were approved by the Trustees on 14 May 2024 K Hud50n DAKemp Trustee Trustee Company Re8iStration No. 04343888 GODFIRST CHRISTCHURCH STATEMENT OF CASH FLOW5 FOR 7HE YEAR ENDED 31 DECEM8ER 2023 20Z3 2022 Notes Cash flow5 from operatin8 artivitie5 Cash genprated fwDm opeialian5 24 203.087 185,895 Investing artivities Purchase of tangible fixed assets Interest received 178,786 540 1236,7441 27 Net ¢ash used in investin8 activities 178,2461 1236,7171 FSnan¢ln8 a¢Uvltles Repayment al bank loans 120,4361 116,8151 Net cash used In flnanclng actlvltles 120,4371 116,8141 Net Incrèaselldecreasel In ¢ash and cash e4ulvalents 104,404 167,6361 Cish and cash equivalent5 at beginning of year 185,500 253,136 Cash and ¢a$h eouivalents ￿ end of year 289,904 185,5(N) 12. GODFIRST CHRISTCHURCH NOTES TO THE FINANCIAL STATEMENTS FOR 7HE YEAR ENDED 31 DECEM8ER 2023 Accountlng pollcles Charffy Informatlon Godfiist Christchurch is 3 private cownpany limited by guarantee illcorporatpd in England and Wales. The registered office 15 15 Airfield Road, Christchurch, Oor5et, BH23 3TG, 1.1 Accounting ¢on¥ention The financial 5tatement5 have been prepared in accordance with the charitv's EoverninE documernt, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Prartice applicable to charitie5 preparing their account5 in accordance with the Financial Reporting St3ndard applicable in the UK and Republic of Ireland IfRS 1021" las amended lor accounting periods commencing from l Jarbuary 20161. The charity 15 a Public Benefit Enticy as defined by FR5 102. The Ilnanclal statements are prepared In sterlln8, whlch is the functional currency of the charity. Monetary amounts In these finantlal statèments are rounded to ihè nèar@si pound. The linanclal statements have been prepared under the hlstorlcal cost conventlon, modlfled to include the revaluation of freeh¢ld propecties and to include investmellt propèrties and ¢ertain financial instruments at fair value. The principal accounlin8 policies adopted are s¥t out b&low. 1.2 Goin8 ¢oncern At the time of approvins the financial 5taternen15, the tru5tee5 have a rea5o)nable expectation that the charity ha5 deoujté resour¢ès tts contlnue In operational exlstence lor the foreseeable future. Thtss the trusteÉs ctsntlnue to adopt the 80in8 concvrn basis of accounting in pr¢paring Ihe finarncial statemenis. 1.3 Charitable funds Uniestrictèd funds arè avèilablÈ for usé at the discrétlon of the trusiees In furtherance of theSr tharStable oblèctlvés unless the funds have been de5iÈnated for other purposes. Designated funds are unrestricted funds which have been earrnarked for a particular purpose. within the obje(ts of the chJrltJble company, by the Trustees. Restrlcted funds can only be used lor particulhr re5trlcted purposes wlth5n the objects of the charltable company. Restrictions arise when specified by the donor or when lullds are raised for particular re5trirted purposes. Funher explènatlon of the nature and purpose of each fund Is Sncluded In the notes to the flrbancial staternents. 1.4 Incomin8 resources Income 15 recognised when the charity Is legally entitled to it after any performance condition5 have been met, the arnourbts be measured reliably, hnd it is probable that income will be received. Cash donatiolls are recognised on receipt. Other donations ale recognised once the charity has been notified of the donation, unle55 performance conditlQns r?quire deferral of the amounl. lllcome tam recDveiable I￿ relation lu donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 13. GODFIRST CHRISTCHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR 7HE YEAR ENDED 31 DECEM8ER 2023 Accounting policiès (Continuedl LeKaci¥s are recognised on receipt or otherwise if the charity ha5 been notified of an imp¥nding distribution, th amDunt is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. In¢ome fram grants, whèther'capital. grarnts or 'revenue' grants, is reto8nised when the tharity has entitlement to the fvnd5, ally performance conditions attached to ihe grants have been met, it 15 prob3ble thai the income will be received and the amount Can be measured reliably and 15 not deferred. 1.5 Resources expended Liabilitie.s are. rpco8nisÈd as expendrture as soon as the￿ is a legal or construrtivÈ obligation committing the charity to that expendilure, It Is probable that a transler of èconomic bevellts will be rèqulred in settlewnent ènd Ihe amount ol the obligation can be measured reliably. Expenditure is acEounled fgr an accrua15 basis and ha5 been classified under headings that aggregate all cast related to the category. where cost5 cannot he directly attributed to paiticular headings they have b8en allocaied to activities on a ba51s conslst@nt wSth the use ol r@sources. Irrecoverable VAT 15 rharEed a5 a c05t against the activity for which the expenditure wa5 incurred. Support costs are those functions that assist the wot* of the charity but do rbot directly undertake charitable activitie5. Support CL15t5 include back office costs, finance. personnel and payroll elE which 5UPFYQIt5 the church. attlvities. All Support C0515 are deemed to relate to the charitable activity of the church, Governance costs are those support Costs Incurred to meet the statutory and constitutioiial requlrements of the charitable compaiiy. The charity classifies the lease of property and photocopyin8 equiprnent as operating lea5es,' the title to the equlpment remalns with the lessor. Rental charges are charged on a stralght line basls over term ol the lease. Grants offered Subject to conditions which have not been met at the year end date are noted a5 a comrnitrnenl but not accrued as expenditure, 1.6 Tan6ible fixed assets Tangible fixed assets are irbitially measured at C051 and 5ubsequerntly measured at C05t or valualion, net ol dppreciation 4nd any irnpairment1055e5. DepreciatiDn is recognised so as ta write off the C05t or valuation of assets less their residual values over their useful lives on the following base5". Lpasehold land and buildinE5 Fixtures and fittings Between 5-50 years on cost Between 3-8 year5 On cost The gain or Ios5 arising oll the disposal of an asset is d￿t￿rmined 35 the difference betw￿en the sale proceeds amd the carrying value of the asset, and is reco8nised in net incomellexpenditurel for the year. Assets with a value of less than £500 are not capitalised. Freehold property is shown at cost less depreciation. No depreciation has been provided on leasehold property as it remains under construction. 14. GODFIRST CHRISTCHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR 7HE YEAR ENDED 31 DECEM8ER 2023 Accounting policiès (Continuedl 1.7 Impairrnent of rimed assets At each rèportlne dare, the charity revlews the ￿rryIng 3mtsunts of its ian8lble a55ers to determlne whethèr there 15 any irdication that those a55et5 have suffered an impairrrent loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent ol the impairment loss anvl. 1.8 Cash and (ash equivalen15 Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investment5 with original maturities ol three months or less, and bank overdrafts. Bank overdraft5 are shown within borrowings 1.9 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financlal Instyumènts Issuès, of FRS 102 to all ol Its linanclal Instfume*nts. 1.10 Taxation The charliy is exeinpt from corporatlon tax OTh It charitable activities. 1.11 Employee benefits The cost of any unused holiday entitlernent is recg8ni5ed in the period in which the employee'5 Services are recelved. Terminatiov benEfit5 are recognised immediately a5 an expense when the charitv 15 demonstrably corntnilted to termlnatè thè ÈmploymÈnt tsf art et))ployeè or to provldè tèrminatlon L)ÈnèfSts. 1.12 Retirement benefits Payments to deflned contrlbutlon retlrement beneflt schemes are char8ed as an expense as they fall due. The charitable company QPErate$ 3 Workplace Pension Scheme administered by National Empluyment Savings Trust IN.E.S.T.l. Contribution5 payablc to thc charitablc compaThy's pcnsion schcmc arc chargcd to thc Statcmcnt of Financial Activities in the period to which Ihey relate. Some staff opt-out ol the Workplace Pension scheme but the charilable tornpany still make5 COrttra¢tu81 employer. contributions to thesp Staff member5, private pension 5rhemes. 1.13 Donated servlces and facilltles Dor3red seThlces or tacllltles are re¢o8nlsed as Income when the chadty has control over rhe Item, any condltlons associated with the donated item have bEen met, the receipt of economiE benefit from the use by the charity of the Item is probable and that economlc benefit Can be measured reliabl¥. Orn recelpt. donated services and facllitles are recognised on the bas15 of the value of the glft to the charity whlch Is the amount the charity would have been willin8 lo pay to obtain 5ervicE5 or fa¢ilitieg of equivalent e¢ongmi¢ benefit on the opern market,. a corrE5ponding amount is then reco8ni5ed in expenditure in the period of receipt. The time of volunteer5 is not recognised, refer to the tru5tee5' annLJal report for more information about their contribution. 15. GODFIRST CHRISTCHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR 7HE YEAR ENDED 31 DECEM8ER 2023 Accounting policiès (Continuedl 1.14 Cash al bank and In hand Cash at bank and cash In hand includes cash and short term hlehly liquld Investments wlth a short maturity of four month5 or le55 from the date of acquisition or openin6 of the dep051t or similar account. 1.15 Debtr)rs bhd ¢redltors Debtors avd creditor5 Wlth nu stated interest rate and receivable Dr payable withiTr ane year are recordeé at trnnsactlon prlce. Critical a£countin8 estimates &nd judgements In the application of the ¢haritV'5 accounting Policies. the Iruslees ?ie required lo make judgements, estirnales and assumptions about the carrying amount of assets an(1 liabilities that are not readily apparent from other source5, The estimates and associated assumptions are based an historical experience and other factors that are considered to be relevant. Actual results may differ Irom these estlmates. The estlmates ard underlylng assumptSon5 are reviewed on an ongolng bas15. Revlslons to accounting e5tSrrates are recognised in the period in which the pstimate is revised where the revisitsn affects only that period, oi in the period ol the revi5iov and future period5 where ihe rev1510n affect5 both current and futuwe periods, Donatlons and legades Unrestricted Restricted Total Unrestricted Restricted fuTrds Total fund5 fund5 funds 8eneral ZOZ3 general 2022 2023 Z013 2022 2022 Donations and 8ifts General offering 5peci31 offerin8- &uildin6 Fund Gift Aid recovery Other 62,C(J6 62.006 390.579 40,691 40.691 362.290 390,579 362,290 112,131 13,534 2,￿2 112,131 68,090 2,992 143,340 17,925 1,400 143,340 73,846 1.4CK) 54,556 55,921 445,135 190,663 635.798 418,211 203,356 621.567 There were no donated goods andlor servi￿5 in the yeai. The church is involved in d wide range o15ervice to the lotal community and internationally. This would not be possible wlthout the voluntary efforts ol a large nL4mb2r of the members of the church, With only 8 paid staff at the balance sheet date, the volunteers number more than l(0 to achieve thi5. The monetary value ol the time of volunteers is not recognised. 16. GODFIRST CHRISTCHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR 7HE YEAR ENDED 31 DECEM8ER 2023 Charbtable attl¥ltles Church Work Church Work 2023 2022 Youth & Chlldren 12,157 15.543 18,073 2.352 17.827 g.854 Event5 Car park rental incorne 45,773 30.033 Charltable tradlns Incom• Church Work Other trarlin8 8rtivities un￿StrICted Unrestrlcted funds funds general 2Q23 general 2022 Letting and licensing arrangement5 6,513 2,132 Investrnent5 Unrestricted Unrestricted funds funds general general 2023 2022 Interest receivable 540 27 17. GODFIRST CHRISTCHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR 7HE YEAR ENDED 31 DECEM8ER 2023 Charbtable attl¥ltles 2023 2022 Children's work Youth work 2,439 13,899 35.493 46,900 855 15.829 24.315 31,597 Events Mission Fund 98,731 72,596 Grani fundlng of activltiés Isèè notÉ* 81 18,677 46,606 Share of support cost5 Isee note 91 Share of governance costs Isee note 91 438,729 3.240 398.801 1,440 559,377 519.443 Analysls byfund Urrestricled funds- general Restrlcted tunds 511,006 48,371 485.031 33.412 559,377 519.443 Grants payable 2023 2022 Gr3nls to institutions: Commission Apostolic Trust Lid IATL Chrlstchurch Food Bank 5.098 375 PACE Trust 250 INaterlily project Eclipse- Gambia Project An African Dream - Minlstry glft Apostollc Sphe 5CMI 500 1.000 i.O(M) 25.278 10,880 13.380 33.501 18. GODFIRST CHRISTCHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR 7HE YEAR ENDED 31 DECEM8ER 2023 Grants payable (Continuedl Granls lo individuals 5,297 13,105 18,677 46.606 Commlsslon ATL- 2022 we have ceased this affiliation Christchurch Food Bank- emergenry foud for individua15 and familie5 PACE salary support for a part time schools worker Water Lily Project 3 Christian chaiity 5upportin6 local wDmen in Christchurch An African Dream Christ13n based education and healthcare charity Apostoll¢ Sphere- Svpportitsg international ¢hur¢h planting Other- Small grant5 made in accordance with our staled object5 19. GODFIRST CHRISTCHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR 7HE YEAR ENDED 31 DECEM8ER 2023 Support costs Support tosts Governance costs 2023 Support costs Governance costs 2022 staff costs Depreciation Elder5, Staff & volunteers expenses Office expense5 Ground rent & hlre ol premises Lisht. hoat and water Insurance 228,225 73,438 228,225 73.438 212,593 70,110 212.593 70.110 18,593 6,132 18.593 6,132 4,907 5,866 4.907 5.866 34,500 23,212 3,809 664 3L1,500 23.212 3.809 664 34,500 19,501 2,930 201 34,500 Ig,501 2.930 201 Other expenses Repalrs and mhlntenance Computer and related costs 11,772 11,772 10,006 10.006 2,779 2,779 3,585 3.585 Llcernses, publlclty and prolesslonal fees Mortgage interest Independent examination fees 2,531 33,074 2,531 33,074 3,570 31,032 3,570 31.032 3,240 3,240 1,440 438,729 3,240 441.969 398,801 400.241 Anatysed between Charltable actlvitles 438,729 3,240 441.969 398,801 400.241 Support COSt5 relatin8 to non charitable activity cost5 and grant makin8 activities are deemed to be immaterial. Mortgage Interest and fees Df E33,07412022..£31.0321 were expensed In the year due to the cessatlon of tonstrutrion at 15 Airfleld Road, Chrigichurch. Last year the £0 inieresi was capitalisèd. Governance costs relate to the independent exarnlnatlon fees. ID Net movernent in fund5 2023 Z022 Net mtyvement in fund5 15 stated aft¥r ch3rBirnKllcreLlitingl Fees payable to the cornpany's independent examirner Depreciatiov of owned tangible fixed assets 3,240 73,438 1,440 70.110 .20. GODFIRST CHRISTCHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR 7HE YEAR ENDED 31 DECEM8ER 2023 li Trustees None ol the trustees lor any p2rsons connected with them) received any remuneration or benefits from the charity during the yèar. E¥penses of nil12022- Nill were reimbursed to Tiustees for other expenses. Iz Employeès Number of employees The averaBe monthly number of employees durln8 the year was.. 2023 2022 Nurnber Number Employment Costs 2023 2022 Wages and salarles Social sec(Jrity costs Othèr penAian tosts 202,996 14,589 10,640 189.621 13.490 9.482 228,225 212,593 No employee received beneflt5 of more than £60,000. Total rernuvera¢ion of key management persovnel during the year was £145,12912022'. £137,2821 and ervployer5 pensions £7,28912022.' £6,199>. Pension contributions were paid to 812022.. 71 staff under a defined contribution scheme. There were £4.03312022.. £3.293I of accrued penslon costs at ihe balance sheer date. 21 GODFIRST CHRISTCHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR 7HE YEAR ENDED 31 DECEM8ER 2023 13 Tan8lble flmed assets Leasehold land anlixiure5and filtm bulldlngs Total Cost At 113nuary 2023 Additio115 2.521,592 78,786 64.901 2,586.493 78,786 At 31 December 2023 2,600,378 64.901 2,665.279 Depreciation and Impalrment At I january 2023 Depreclatior charged In the year 127,435 73,257 64,720 181 192,155 73.438 At 310ecember 2023 20Q,692 64,901 265.593 carr￿n￿ amount Al 31 Decernber 2023 2,399,686 2,39g.686 Al 31 Decernber 2022 2,394,156 181 2,394,337 Capitalised leasehold purchase and improvement costs for 15 Airfield Road include mortgage interest and fees of £116,47112022: £116,411). Depreciation ha5 been included the completed buildin& work5. r0r15tiuction for thp pper floor Is paused at a stage of completion and depreclatlon wlll be provlded untll works recommence, 14 Debtors 2023 2022 AmDun15 fallini due within one year: Trade debtors Other debtors 6,652 6.023 645 Prepoyments and accrued income 1,952 1,921 8,604 B,589 .22. GODFIRST CHRISTCHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR 7HE YEAR ENDED 31 DECEM8ER 2023 15 Loan5 and overdrafts 2023 2022 Bank loans 588,625 609,061 Payable within one year Payable alter one Year 20,436 568,189 20.436 588.625 The charity completed on the purchase 0115 Airfield Road, Christchurch on 23 April 2018, al a cost of £l.Im plus fees, partly financed by two mortgage loans totalling £770,000 on an interest-only basis for the first 12 months to 23.04,2019 as follows.. 11 £385.000 over 25 year5 fixed for 12 years 6 month5 @5.42%, secured agalrst 15 Airfield Road Chrlstchurch. 1£343,512 ouistanding ai the balance Sheet datel, and 21 £385.000 ovèr 25 yèars at 3. 1% above the Bank of England base rate, secuied agalnst 15 Alrflèld Road.1£245,114 outstanding at the balance sheet datel. The loans are repayable by instalments. 16 Credltors: amounts falllni due wlthln one year 2023 2022 Nol•s Bank loans Other taxation and social securitv Trade ¢ieditors Accrua15 and deferred incom 15 20,436 5,047 624 20,436 4.469 1,795 lQ.410 11,960 38,067 37.110 17 Crediiors: amoulltsfo11ing due after more than one yeor 2023 2022 Notes Bank loans 15 568,189 588.625 .23. J L oc oc GODFIRST CHRISTCHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR 7HE YEAR ENDED 31 DECEM8ER 2023 iy Deslgnated funds The income funds of the charity Include the following designat?d funds which hawe been Set aside out of nrestricted funds by the trustees for specific purposes.. Movernent In funds Tran5fe15 8alancea1n￿￿I￿8 re50wrces l January 2025 llan￿1¥ Z021 JL DEtember2123 CDntingerncy reserves Staff sabbaiic31 reserve fund Welfare fund 52,131 6,0SS 3,465 52,131 6,056 4,647 11,102 52,131 6.056 4.647 11.102 1,182 11,102 Apostollc fund 61,652 12,284 73,936 73.936 Apostolir Fund Reserve cleated from retvainin8 funds 6llocated to future Aposlolic Input Welfare Fund - Le8acy supploed for wellare of needy In the local communlty. Contlngency Reserye Fund contingency reserve in line with gur Re5erve5 Policv, See Report to Accounts. Stsfl Sabbatical Fund to give pastoral stafl a sabbatical every 7 years. 2D Analysls of net ass•t5 between funds Unresirlcted Restrlcied Totalunrestricted Restrlcted Tatsl 2023 2023 2023 2022 2022 2022 Fund balances at 31 Detember 2023 are represented by.. Tangible a55cIs Current a55etsllliabllitlesl 2,399,686 2,399.686 2.394,337 2,394.337 141,215 1568,1891 119,226 260.441 1568,1891 98,759 1588,6251 58,220 156.979 1588,6251 Long term 1SabllltSes 1,972,712 119,226 2,091.938 1,904,471 58,220 1,962,691 .25. GODFIRST CHRISTCHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR 7HE YEAR ENDED 31 DECEM8ER 2023 21 opera￿￿1 lease commltments At the reportlng end date the charty had outstandln8 commltmenrs forfuture Mlnimum lease payments under nDn-caTrcellable oper3ring leases, which fall due as follows.. 2023 2022 WSthin one year 794 2.382 In additlon annual 8round rent of E34,500 is payable on 15 ASrfleld Road over its remainin8 85 year lease Ifrom 20181 term, reviewèd èvery S yèars. 22 Related party transa¢tions Dunations received frorn Trustees in the year totaled £41,80112022.. £40,139), of thi5 £8,825 wa5 specifically for the building fund. 23 Ultimate controllin8 party Thp Iharilable iornpany is contrglled by thp Trustee5, 24 Cash &en•rat•d from operations Z023 2022 Surplus for the year 129.247 134.316 Adjustments for.. Investmeht Income re¢ognised In statemerti of flnan¢ial attlvitles Depreciation and impairment of tèngible tixed assets 15401 73,438 1271 70,110 Movemerts in workiTr8 capital: Ilncreasel In debtors IncreaselldecrèasÈl in crèdltors 1151 957 11.2161 117,2881 Cash generated from operatlons 203.087 185.895 .26. GODFIRST CHRISTCHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR 7HE YEAR ENDED 31 DECEM8ER 2023 25 Analysls of changÈs In net Idebtllfunds Al l J&nuaryZOZ3 Cash flOw￿t JL ￿2￿MbEr Zoia Cash at bank and in hand 185.500 104.404 289.904 LDan5 fallin8 du@ wlthln ane year Loans falling due after more than c>ne year 120,4361 1588,6251 120.43SI 1568,1891 20.436 174.1140 1298,7? 11 .27. This documeiit Th'as delivered iising electronic commuiiications and aiitheiiticated iii accordance ivith the rcgistrar's rulcs rclating to clcctronic fomi, authcntication and manncr of dclivcry undcr section 1072 of tlic C,oinpaiiics Act 200CI.