OFFICIAL nese Church in London IA compony limited by guaranteel Charity number 1107568 Company number 05285135 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
OFFICIAL CHINESE CHURCH IN LONDON FINANCIAL STATEMENTS FOR THE YEAR ENDED I DECEMBER 202 INDEX Page Report of the Trustees Independent Auditors, Report 13- 15 statement of Financial Activities 16 Balance Sheet 17 statement of Cash Flows 18-19 Notes to the Financial Statements 20-31
OFFICIAL Poge I CHINESE CHURCH IN LONDON REPORT OF THE TRUSTEES The Board Ithe trustees and direclors of the charitable companyl presents the combined directors, report and trustees, annual report. os required by compony low. together with the oudiled financiol stotements of Chinese Church in London for the year ended 31 December 2020. The linoncial statements have been prepared in accordance with the accounting policies set out in Note l and comply with the chority's trust deed, applicable low, relevont accounting standard5 including the requirements of the Statement of Recommended Practice. Finonciol Reporting Standard applicable in the UK ond Republic of Irelond IFRS 1021, "Accovnling ond Reporting by Chorities" I. REFERENCE AND ADMINISTRATIVE DETAILS BOARD MEMBERS DIRECTORS AND TRUSTEES The following held office os directo Itrusteesl from l Jonuory 2020 to 31 December 2020- Choirmon: Company Secretary: Treasurer.. Other Board Members: Elder Peng Chiew Wong Wing Tsee Alice Szeto Vincent Joo Keng Lim Revd. Teck Sin Lau Elder Oliver Hing Yee Tong Deacon Che Sheung Wong Ichoirmon from 19 Moy 20211 Susona Tung Chu Chung Wong (to 26 Sep 20201 SENIOR STAFF MEMBERS Senior Pastor (Acling)- Pastor.. Elder Olivei Hing Yee Tong Revd. Teck Sin Lau BOARD mEING ATtENDEES Dlreclcff of Admlnlstration & Flnance: Linda Lim Chun Foi Polric Mok (from lJonuory 20211 REGISTERED CHURCH ADDRESS: 69-71 Brook Green London W6 7BE AUDITORS- Knox Cropper LLP 65 Leadenholl Street London EC3A 2AD BANKERS: Borcloys Bank PLC Kingston 2 Leicestershire LE87 2BB Virgin Money Jubilee House, Gosforth. Newca511e Upon Tyne NE3 4PL
OFFICIAL Page 2 CHINESE CHURCH IN LONDON REPORT OF THE TRUSTEES CONTINUED STRUCTURE. GOVERNANCE AND MANAGEMENT Governin Document The Church is o choritoble compony limited by guoronlee, incorporoted on 12 November 2W4 and registered as o charity on I l Jonuary 2005. The compony's Articles of Association wos updoted in 2019 occording lo the Componies Act 2006 ond the Choritie5 Acl 2011 with the help of the solicitors of Lawson Lewqs Blakers Ltd. The updated Articles of A5sociothon120191 were approved by Church members by voting at the 2019 AGM on 21st September 2019. filed wth Companies House on 9 Oclober 2019 ond regi51ered with the Chority Commission. In the event of the compony being wound up members ore required to contribute an amount not exceeding £1. The Chinese Church in London Bye Laws120121 have also been updated according to the Articles ol Association ol Chinese Church in London120191. reflecting the current structure ond proctices of the Church. The updated Bye Law5 were circuloted to Church members for information and presented al the 2020 AGM on 26 September 2020. Governln Bod The directors of the compony ore olso chority trustees for the purposes of chorify low and under the company's Articles ore known os members of the Boord. The Boord is the governing body of the Church. It has overall responsibility for strotegy and deci5iorFmoking, directing the affairs of the Church, and for the efficient running ol its operations. The Boord mee15 every 2 monlhs. The Board consists of the following spirilvolly motvred leoders: Elected Postor Board members- Senior Pcstor lex-officiol o Pa5torl51 Elected officers- Secretory lex-olficiol Treasurer lex-officiol Additional elecled members Board meeling attendees The Director ol Administration & Finonce has been invited lo attend all Board meetings to 05S15t the Board in all administrative and finonciol matter5. Allendeelsl invited to ollend Board meetings from time lo lime do not have voting rights in the Boord's decision moknng process.
OFFICIAL Page 3 STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED) The Boord is supported by the followng committees: Senior Postor's Office ISPOI A full time manogement body con5iSting of the Senior Pastor ISPI. Director of Administration & Finance and selected members to assist the sp to execute decisions mode by the Boord Ichurch Boordl- 11 0150 hos the responsibility of looking after the pastoral stafl in Ihe area of deployment and responsibililies. Ministries and Congregation Committee IMaCI consisting of heads of oll Church wide minislries and representativesfrom all Congregotion Councils. The Moc had not been meeting due lo proctical lime difficulties. and communication with the ministries ond congregolions hos been perfomed vio the slofl team. The Boord is considering holding Mac meelings in a different format to facililate more direct communication wlh congregalion leaders. Church-wide ministries heods and pastoral staft. Administration & Finance Committee IA&FI A&F consisls of members who are experienced in at leost one or more administrolion or finance functions. Tru51ee A ointment Induclion and Trainin All new Iru51ees of the Church shall be nominaled by the existing Boord ond their appointments shall be approved by a General Meeting. All new Irustees will be given inlormotion about the responsibililies of being o tTuslee when they first join the Boord. New trustees ore provided wqth a copy ol the Church's Articles ol Association a copy ol the Church's Bye Laws. guidance on the responsibilities of trustees. The Church has ongoing training programme for the Trustees to enhance govemance skills. anlsational Slructure The Church has I I Sunday Services across 5 locations= Hammersmith, Soho. Colindale, Croydon and Hounslow. These services ore run by 6 Congregation Councils. Eoch Congregation Council consists of a postor andlor postoral worker, Elders, Deacons, Congregation officers (Secretary. Treasurer. Carelinks Representative and Mission Representothvel ond heods of voriou5 deportments. A Working Committee moy be formed in each congregalion to lead various departments and fellowships. Each congregation is given the responsibility lo decide the best strategy and methodology lo outreoch, ond lo provide pastoral care. leaching ond Iraining lo their members and worshippers. The Administration and Finance Committee meet5 every 3 months. It consists of members who are competent in one or more of the following disciplines.. finonce. legol. human resources, infornotion technology IITI. ovdio vi5uoI IAVI. building monagement and communications. Tre committee is given the responsibility lor supporting the Church ministries with the obove functions. It also sets up policies to monitor and opprove expenses for the Church.
OFFICIAL Poge 4 Or anisotional Slruclure CONTINUE The Carelinks Committee ond the Mission Concem Team IMCTI are headed by the Carelink5 Secretary and Mission Secretary respectively. Each teom consists of representatives from vorious congregations and normally supported by a pastoral gtaff as on ex-officio. The Corelinks Committee helps the Church to focus on the 50cioI concerns in our society, initiates ond recommends social projecls and financial support. The MCT helps the Church to raise awareness of wotld mission. to send and support missionories in dilferenl parls of the wodd. The Church employ5 20 full or part time staff comprising the pastoral and administrative staff. The staff teom is headed by the Senior Pastor and assisted by the Centre Pastors. Elders ond the Director of Adminislrotion ond Finonce. In the absence of o Senior Postor, the role is fulfilled by Ihe Acting Senior Paslor (Church Elderl, appointed by the Board and supported by other Church Elderlsl- The Senior Poslor's Office ISPOI. which consists of pastorl51, the Director of Administrotion ond Finonce, ond mature spiritual leaders appointed by the Senior Postor or the Boord. supports the Senior Pastor in ministry reloted motters ond stoffcore. The postorol stoff supportthe wellbeing of voriou5 congregotions by providing pastorol care. visitation. preoching. teoching ond training to the members. The Director of Administrolion ond Finonce ond hei teom ore responsible for the doy lo doy running of the Church Office. building management and provision of 5UPPOrt to the ministries of the Church. Rlsk Mona ement Being aware ol their responsibilities lor risk assessment. trustees periodically review the procedures for evaluating the risks 0sSOCiOted wlh the Church'g operoting octivilies, ond also review onnuolly all insurances lincluding ollice. fire and general safety). as well as the terms ond condition5 of employment of stoff. The intention is to develop o comprehensive risk 05ses5ment manual which will identify oll the significanl risks which the chority foces and the measures in ploce to miligale Ihese risks. Two of which are the impact ol Brexit. and the Covid-19 pondemic in 202012021 which has been a major risk thot Ihe church needs to manage. As a charity. we are committed to maintain the level of services in ourcommunity but at the some time we monitor our expenditLJre ond humon resources in order to lulfil our vision and objectives. PUBLIC BENEFIT The Church provides o spirilvol home lo Chri5tions close to home ond from obrood. The Church preoches the Gospel ofJesus Christ and teaches the Doctrines of the Christion faith in three different longuoges but not exclusive to Chinese in ond oround London. Locol communities can benefit from the Church oclivilies such as the octivilies mentioned above and education conferences. The Church provides core. friendship ond a community life to Students, families and those who are in need. The Boord confirms Ihot it hos token into occount the Charity Commission's general guidonce on public benefit when reviewing Ihe Church's objectives and in porliculor considers how planned octivities contribute to Ihe achievement of these objective5.
OFFICIAL Page 5 CHINESE CHURCH IN LONDON REPORT OF THE TRUSTEES CONTINUED OBJECTIVES AND ACTivifiES The Chinese Church in London was founded os an unincorporated chority in 1951 by the late Pastor Stephen Y. T. Wang. Chinese Church in London. an incorporated charity presumed the octivities and net Q55ets ofthi5 unincorporaled chority on l Jonuory 2011. The mission of the Church is to become an 'lntenlional DcIple-MakIng Church" Therefore in 2017 we set our Church vision 05.. We exist to moke disciples of Jesus to trarnsfom London and the wodd. The objects of Ihe Church are: lo preach the Gospel ol Jesus Christ ond to leach the Doctrines of the Chrislion Faith. primarily, but not exclusively to the Chinese in and around London-, to provide 0 5pirituol home for primorily Chinese Chri5tion5 in ond around London.. to cooperate with Christian churches and Christian organisation5 who share the some doctrine of failh.. to further the cause of Christ on the mission field worfdwide-, to provide facililies for Ihe use of the Chinese and English languages in worship and the work of the Church.. to promole the welfare primorily. though not exclusively. of Chinese in ond oround London, in recognilion of the Gospel of Jesus Christ. In supporting the obove objeclives. Ihe long lem objectives of the Church ore to.. build up the believers in foilh ond send them ovl Io serve the community ond other believers at home and abroad. equip the believer5 50 they would multiply Iheir foith wherever they moy go. adopt and implement the Intentional Disciple Making Church IIDMCI model in all congregolions. In the short and medium term. the objectives of the Church are lo.. increose regular Sundoy worshipper5 to 1.4(KJ including odults ond children increase the number ol believers being boptised in the Church lo 60. In achieving these objectives. the Church encourages volunleers to seNe. participate and lead in the various ministries including pastoral team. fellowship. worship. Bible studies. teaching and training, etc. They also provide leadership in committees such as the Board, Congregation Council. Working Committee. Administration & Finance. Carelinks. Mission Concen Teom. Oulreoch Aclion Teom ond The Next Generolion Ministry. Serding in the Church is part ol Christian life ond il is one ol the woys lo show our love for God. The volunteers ore on essentiol force for the development of the Church's ministries. The Church offers grants from Theological Education Fund and Mission Fund to certain people or orgonisolion5 to contribule to the 5ucce55 ol our objectives. We have set procedures and policies to ensure gront receivers ore committed to the work of Christ and in line wilh our objectives. Moreover. mentoring ond/or proyer gupport are olso given to these individuals or organisations.
OFFICIAL Poge 6 OBJECTIVES AND ACTIVITIES (CONTINUE) To support the activities organised during the year. the Chvrch employs pastorol and administrative stoff lo provide core. oulreach yogromme. community projects. conduct services and manage Ihe Churchs properties and finances. Thisyearwe have spent a tolal of £1.216.922 on slafl. aclivilies. maintenance and events. ACHIEVEMENTS, PERFORMANCE AND HOWTHE CHARifY HAS DEUVERED PUBLIC BENEFIT The Church celebrated the 69th anniversary on 12 January 2020. The speoker of the ornniversory service. Revd Kim Lau from Monchegter Chinese Chrigtion Church. preoched o powerful sermon that encouroged CCIL lo become a proying church to toke the gospel to the unreached. During nolionol lockdown due lo the Covid pondemic. our Church centres were closed lo visitors from 22 Morch 2020. All Sundoy services and church octivities continued to run online. The pastoral and admin slaff leam worked from home os much 05 possible and most of our minislries continued. The English Congregatiorn in Hommersmith resumed their on-sile Sunday Service at Hammersmilh from 13 Septemberto 13 December 2020, and had to close down ogain becouse of the second lockdown in England due to increosing Covid cases. Strict sociol dlancIng ond safety meosures were proctised when the Worship and Ministry Centre in Hammersmilh wos open for Sunday service. Average weekly Sunday Service attendonce 5Jan-151A Belor• lockdown 2019 2018 2017 Adult Kids Teens 780 61 84 1.013 174 94 1.017 127 69 1,010 63 129 Tot( 1.281 1213 1.202 Total number ol new comers/ visitors 127 1.384 1.168 ,136 Avèragè wèèkly IOnlinÈl Sunday Service attendance vla YOUTU & Zoom Average in 13 weeks 12213 - 1416120201 Av•rag• In 28 we•k$ 12116 27112120201 Average in 16 weeks 12116- 27112120201 Average in 8 weeks 12116- 27112120201 Cantonese Sep4ice Mandarin English Service Thè Nèxt Generation TNG Physical attendees Total 596 214 1,116 312 142 62 62 33 The 2 lable5 above record the amendonce of physical Sunday services before lockdown in March 2020-, and the average atlendance of Ihe online services in 3 languages during
OFFICIAL Poge 7 ACHIEVEMENTS. PERFORMANCE AND HOW THE CHARITY HAS DELIVERED PUBLIC BENEFIT (CONTINUE) lockdown. Our online Sunday Services have attracted attendee5 from other churche5 and mony views during the week when the recorded video remains online (English-. up to 400 views.. Cantonese= up to I C(K) viewsl- It is our intenthon to continue broadcasting our Sundoy services online for a period after we have resumed physical gathering in order to serve those who. lor any reason. ole unable lo oltend church physically. In 2020. with strict hygiene meosures. the Church held 2 Baptism Services on the 19th & 20th December. A total of 9 candidates were bopti5ed during the yeor12019.' 741. During the Covid pondemic. the Church hog orgonised procticol support to fellow Christians and the local communities ol our church centres by delivering focemasks, sanitation products and grocery to people in need. and through providing advice and supporl over the phone. In response to the high numberof new immigrants from Hong Kong in 2020 ond Ihe first holf 012021. the Church hos held many online events lo welcome. provide information and offer procticol ossistonce lo Ihese new immigrants ond their fomilies to odjust to life in the UK, ond, if they wish, to make the Church their spiritual home. Mi$5ion Secretory Mission Con¢efn Team Report Mission Fund Isaioh 43.16 This is what Ihe LORD says - he who mode o woy through the sea. a path through the mighty wateT5, Due to pondemic5 in 2020 ond wth no phy5icoI services, MCT hos mue opportunities to share ourmi10rnQry'S news across all congregations via online plafform. MCThas hosted 15 Zoom prayer sessions with our missionaries ond congregantg. MCT olso hosted three different languages workshops with our mi55ionories and mission portner. Due to pandemic5 MCT musl organi5e the Mission Conference in hybrid model. such on honour to have Rev Brian Lam from Fort Bend Chinese Church to be our Keynote speaker for oll Ihree longuoge5. Fun ond leorning time ot the Friday Quiz ond After Church Fellowship with our keynote speaker Rev Brian. Due to pandemics, there ore no physicol services ond offertory to Mission Fund. We were still short for the first eight months-. God answered our prayers lo have enough lo support our missionaries ond mission orgonisolions. Bul God provides more thon whol we budget in the last quarter. Dr Peter Chow Memorfal Mlsslon Educallon Fund 2 fimonthy 3-16-17 All Scripture is God-breathed and is useful for teoching, rebuking, correcting ond troining in righteousne. so Ihal the servont ol God may be thoroughly equipped for every good work.
OFFICIAL Page 8 ACHIEVEMENTS. PERFORMANCE AND HOW THE CHARITY HAS DELIVERED PUBLIC BENEFIT (CONTINUE) Proise our Lord MCT hos provided finonciol suprx)rt for four mi%sionories to equip them in different areas for Grace Chan in Hong Kong. May Wong in New Zealand, Denise and stephen Wong in UK. Three of them will complete their courses in early 2021. Corellnks mlnlstry and Corellnks Fund The Carelinks Ministry financially supported TearFund. CEDAR Fund. Chrigtian Centre for Gombling Rehobilitalion ICCGRI. Chinese Associotion for Concer Core ICACACAI and Tomor os port of it5 50cioI concem aclivitie5. In 2020, the church donated £ 39,873 to the above orgonisations12019.' £ 41.4971 upon collection into the Carelinks Fund. Our larget in 2021 is £ 42.(XK>. Other social projects undertoken included the Operotion Christmas Child from Samorilon's Purse and Ihe &derly & Vulneroble People Caring Group organised by CACACA. Postor CK Cheung, David Chou locting secretaryl ond the Corelinks teom appreciate the support ond donation from the church family. May we continue lo oct justly ond lo love mercy. He has shown you. O mortal, whot 15 good. And whot does the LORD require ol you? To act juslly and to love mercy and to walk humbly with your God. Micah 6=8 The Next Generation Mlnistry We proise God lor the 21Y2(k21 ministry yeor for our Kids Church and Youth Ministry groups. We continue to encouroge familie5 and the whole church community for inter- generational discipleship. Last June, the whole church family wos invited to join together in proying for The Next Generation over Zoom. Besides sharing about the cutTent needs and future ol our ministry. we had breakout rooms for people to pray in their own languoge.. Cantonese, Mandarin, or English. Thiswos part ofour Intergenerational Church Weekend which included a special sermon messoge on family discipleship for Falher'5 Doy. Our TNG lomilies were 0150 gifted with a small booklet "Dear Child.. WTitten by Professor Paul Chung. to help families build a closer relotionship with God our Heovenly Fother. While our big calendorevents such os Youth Easler Comp and Youlh STM hove either been cancelled or postponed again this yeor, we continued wth our colloborotive TNG Sundoy seNice. Bible study groups. fellowships. ond prayer time wth parents online. Our TNG Postorol teom took in feedback from leoder5 and youth and odopted the monthly format this year lo include a 0-week leaching session. a ponel session. and o fellowship/games session. Our 2021 monlhly series included themes like "When the Unexpected Hits." When the World Needs YourAltenlion." When You're Questioning Failh," When You Feel Stuck," ornd "When Relalionshipg Gel Complicoled."
OFFICIAL Poge 9 ACHIEVEMENTS, PERFORMANCE AND HOW THE CHARITY HAS DELIVERED PUBLIC BENEFIT (CONTINUE) With the graduol ease ol govemmenl re5triction5. our youth rninislry has been able to hold a couple ol our onnuol event5 in-per50n such os our end ol yeor Yovth Cekbrotion where we recogni5ed three youth graduotes os well as leoders tronsilioning out of youlh ministry. and more recenlly. our Sixlh Foimet5 Hiking Trip. Two ol our CCIL ¢entie5 Icofindole ond CToydonl hove re-opened during the summer. with youth ar)d kids ministries there resumir)g phicallY. and other congregotions, re- opening dotes will follow in August ond September. Colindok wll be hoving o Kids Comp in August. outreoching to both kids and parents. We'd like to thank the church family for partnering with us in our vision to see a generation rise up lo live OLJI o losling lailh in Jesus Christ. Please continue lo proy lor our Kids Church ond YoLJlh Ministry groups. especially as we seek the Lord'5 leoding for a tre5h approach - nol just in our ministry bul in how we disciple oll generotion$ 0$ o whole church. Proy thot God would send willing helpers lo seNe in the next generation. particularfy as we See thi5 ministry growng in every congregation. And proy Ihol the next generolion would be eoger to gother ond connect- with God ond with each olherl PLANS FOR FUTURE PERIODS The Bo(Yd has idenliffed and endorsed Ihe lollowng 3 PRK)RmES: GOVERNANCE". Strengthening the ¢urrent govemon¢e os heoded by the 8oord $0 thot the whole ChLJrch with ils vorious centres and congregotior15 moy serwe the Church community wilh greater alignmer)t lo ovr vision and priorities and wrth a 51ror)ger sense of corporate identity. The Board has produced the ordination poficy which has been used lor the ordinalion ol Paslor Oliver Knight. The Board is putting in place slaff supervision and line-management to improve sloff welfare and accounlabilily. Invest in Future.. We anticipate the consequences of the Covid-19 outbreak in February 2020 ond the events leoding to the lockdown ol London City will hove o long term impoct on the Charity in the coming yea. We will adjust and adapt to contingency measure5 and new WOy5 01 operoting to lullil our objectives_ The Church currently rneet5 in centie5 over five geographic locatior)s. Each centre is PToviding services in three languages.. Mandarin. English & Contone5e. The nexl generotion is increogngfy tnvlti-¢ulturol ond their friends reflect the diversity of London. This hos presented chollenges in that eoch centie-based leadership now hos lo serve the locol church community in o diverse monner. The next generation is also very adoptable to new technology ond online gatherings. The Church hired a professional Medio Worker in ?020 during the Covid-19 lockdown to hondle the surge in clemond in streaming and AV recording. The church is investing in a recording studio. upgrading the AV equipment in all cenlres and in the process ol building up on e-librory ol leaching materials to SVPPOrt our disciple-making proce55. Launching of the CCIL YouTube channel also helps the Church connect lo new oudiences. We will review our deployment and recruilmenl ol P05torol slolf. including voluntory worker5 $0 thot the centie5 iemoin 'open' to communitie5 online or in smaller groups. The Church will idenlily. train ond mentor capable staff members and volunteers to rise up to the challervJe5 and take on leadership role in each centre.
OFFICIAL Page 10 6. PLANS FOR FUTURE PERIODS {CONTINUED) Mlnlstrles.. As a church we believe thot the spiritual wellbeing is of importance to all the charity work and ski115 we perform. In the coming yeor, we will promote regular corporate and individuol prayer groups in each centre. We will also improve and consolidate the biblicol teaching Ihot our members would receive the spiritual nourishment they need, and we also make effective use of the available resources. This is in-line with our growth 09 on Intentional Disciple-moking Church IIDMCI. The focus is to help every believer to become o disciple of Christ. In the coming year, the Church will empowereach congregotion lo implement Iheirdisciple-making process in are05 of Mentoring, Teaching & Training, Smoll Group5, Worship and Next Generation. As a Charity we are also aware of the needs in ourcommunities. In the coming yeor we will work wilh community projects to provide support Icoring ond financiall to people affecled by Ihe economic downlum, illness and losses, such as counselling services. elderfy fellowships. English classes and collaboroting with para- church organisations to deliver the services. We continue to hove o Memorandum of Understanding with Chinese Overseos Christion Mission ICOCMI for sharing of informalion ond resources. FINANCIAL REVIEW There was no significant change in church operation and number of staff. The Church report5 a net deficit of £71,204 for the financial year compared to the previou5 year's £260.165 reported surplus. Donations and rental income are essential to assist the church to achieve its objectives. As a result ol oll choritoble octivilies in cutrent ond previous years. the accumuloled Unrestricted Fund reserve to-dote is £864,909. On this bolonce, £1,736 is the net unrestricted income from Ihe currenl financiol year. The Irustee5 hove estoblished o policy which oims to ensure Ihat Unreslricted Funds are in a breakeven situation each yeor. The reserrfes in the Unreslricled Fund will be used where necessary lo fund ony deficit arising in lulure operotion5. The trustees are comfortoble with this level of Unrestricted Fund5 ond ore confident that this level ol funding can be sustained in the foreseeable future. Restricted Funds reserves is £5.344.291. In Ihis reserve. £72.940 relales to net deficit of all restricted funds in the current rinanciol yeor. The board hos reviewed the impact of Covid-19. Based on the infomiation available to June 2021, olthough Covid-19 hos offected the income of the church, the impoct 15 not significant. In oddition. we hove sufficient reserve in all funds. Iherefore it is not necessary to revise the budget for 2021. The Church contributed to defined contribulion pension schemes for oll employees. The ossets of Ihe scheme are held separately from those of the charity in on independently administered fund. The Articles ol Association empower the Board to invesl cash which is not immediolely required. We hove decided lo invest into o sovings occounl ond oim to gernerote interest income.
OFFICIAL Pagell STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees Iwho are olso the Directors of Chinese Church in London) are responsible for preparing the Annual Report and financial statements in accordance with applicable low and United Kingdom Accounting Stondord5 (United Kingdom Generally Accepted Accounting Praclicel. including Financiol Reporting Slandord 102 "The Financial Reporting standard applicable in the UK ond Republic of Irelond" Company law ond the low applicable to charilies in England and Wales require the Trustees lo prepare financial statements lor each linonciol year which give o true and foir view ol the state ol afloirs of the Choritable Company ond of its incoming resources and application of resources, including its income ond expenditure. for thal period. In preporing these financial stotements, the Truslee5 are required to- Select suitoble occounting Fx>licies ond opply them consiSteny.' Observe the methods and principles ol the Charities SORP.. Make judgements and estimates thot are reasonable and prudent.. State whether applicable accounting standards have been followed, subject to any moterial departures disclosed ond exploined in the financiol stotements.. and Prepore Ihe finonciol statements on a going concem bo5is unles5 it is inappropriate to presume thal the Charilable Company will continue to operate. The Trustees are responsible for keeping proper accounting records which disclose with re050noble occurocy ot ony time the finonciol position of the Charity ond enoble them to ensure thot the linoncial statements comply with the Companie5 Acl 2006, the Charity IAccounts and Reportsl Regulotions 2W8 ond the provisions ol the trust deed. They are also responsible for safeguarding the osset5 of the Chority and hence for toking reosonoble steps for the prevention and detection of fraud and other irregularities. Under Company Law the Trustees must not approve Ihe finonciol 5totements unle55 they ore 5ati5fied that they give o true and fair view of the state of affairs of the charitable company and of the result of the company for thot period. The Trustees confirm thol. in the case of each of the persons who are Trustees at the dote of this report, Ihe followng applies= So for os each Trvslee (Director) 15 aware Ihere no relevanl oudit information linlormation needed by the Company's auditors in connection with preparing their report) of which Ihe Compony s ouditor5 ore unowore: ond Eoch Trustee IDirectorl hos token oll the steps necessary lo moke herselflhimself oware of any relevant oudit information and to estobli5h thot the Company's oudilors ore awore of thot inlormolion.
OFFICIAL Poge 12 AUDITORS A resolulion to re-oppoint Knox Cropper as ouditors of Chinese Church in London will be pul to members ot the forthcoming Annual Generol Meeting. This report hos been prepared in accordonce wtt) the special provisions of port 15 of the Companies Act 2W6 relating lo small companies. Approved by the trustees and signed on Iheir behall by. Chalmian Elder Peng Chiew. Wong 15 August 2021
OFFICIAL Poge 13 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CHINESE CHURCH IN LONDON Opinion We have audited the financial statements of Chinese Church in LorKlon (the 'charitable company I for the year ended 31 December 2020 vthich comprise the Statement of Finanaal Activilies, the Balance Sheet, Statement of Cash Fkjws and noles to the financial statements, inclLJding a summary of significant accounting policies. Thefinancial reporting framework that has been applied in their preparation is 8pplicable law and United Kingdorn Accounting Stsndards. IlUding Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. Iunited Kingdom Generally Accepted A¢¢¢xJnting Pra¢ti¢el. In our opinion Ihe financial statements-. give a true and fair view ol Ihe state of the charitable companrfs affairs as at 31 December 2020 and of its inrne and expenditure for the year then ended., have been properly prepared in accordance United Kingdom Generally Accepted Accounting Practice.. and have been prepared in acc(xd8nce vthh the requirements oflhe Companies Act 2006. Basis of opinion W8 conducted OLJr audit in accordance with Int8mational Standards on Auditing IUKI IISAS IUKII 8nd applicable law. Our responsibilibes under those standards arefurtherdescribed in the Auditor's responsibilities for the audit ol the financial statements section of our reFN)rt. We are independent of the charitable company in accordance wth the ethical requirements that are levant to our audit of the financial statements in the UK. including the FRC'S Ethiral Stsndard. and we have fulfilled our other ethical responsibilitie5 in accordanc8 with these requirements. We bdieve that the audit evidence we have obtained is suffiaent and appropriate to provide a basis for our opinion. Coneluslons r•laUng to golng concèm In auditing the financial statements, we have th)cluded that the trustees, use of the going concem basis of accounting in the pparatIOn of the financial statements is appropriate. Based on the work we have perforn, we have nol identified any material uncertainties reL3ting to events or conditions that, individually or collectively, may cast signtficant doubt on the charitable company's ability to continue as a going concern for a peri(xl of at ast twelve rIMth5 from when th8 financial statements ar8 authorised for issue. Our responsibilities and the responsibilities of the trustees with respect tr) going concern are described in the relevant secti5 of this rewxt. other infomiation The other inforniation comprises the infrnatn induded in the annual report, olher than the financial statements and our auditor's report therwn. The Irustees a respK)nsible for the oiher infomiation. Our opinion on the financial statem8nts does rK>t (X)V8r th8 other informab.on and we do not 8xpr85s any fortn of assurance wnclusK>n thereon. Our iesponsibilty is to lead the other information and, in doing so, (x)nsider whether the other infortnation is materially In¢¢SiStent with the financial statemenls or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identrfy such material inconsistencies or apparent material misstatements, we are required lo detem)ine whether Ihis gives rise to a material misstatement in the financial statements themselves. M. based on the work we have perforrned, we conclLJde that there is a material misstatemenl of this other infomiatiw. we are required to repxyi that fact. We have nothing to report in this regard.
OFFICIAL Poge 14 Opinion on other matters prescribed by the CrpanieS Act 21J06 In our opinion, based on the work undertaken in the course of the audit.. the infomation gwen in the Report ol the Twstees, which includes the directors, report prepared for the purposes of company law, for the financial year for which the finanual statements are prepared, is consistent with the financial ststements- arKI the directors, report induded within the Report of the TnJstees has been prepared in accordance with applicable legal reqU1Ments. Matter5 on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identthed material mi5Statement5 in the dI[torS. report included wthin the trustees. report. Wé havè nothing tr) rewt in respect of thè folkng matters wherè thè Companies Act 2006 requirés us to report to you rf, in our opinion.. adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us". or the financial statements are nol in agreement with the accounting records and retums., or certain disclosures of trust. remuneration specified by law are not made- or we have not recewed all the infomation and explanations we require for our audit. the trustees were not entitled to prepare the financial ststernents in accordance with the small companies regime and take advantage of the small companies. exemption from the requirement to prepare a Strategic Report or in rKepariThJ the Repk)ri of the Directors. R8sponslbllltles of Trustses As explained more fully in the Statement of Truslees. Responsibilities set out on page 11, the Trustees Iwho are also the directors of the charttable company for the purposes of company lawl ar8 responsible for the preparation of the financial statements and for being satisfied that they gwe a true and f8ir view. and for such internal control as the trustees delermine is nSSary to enab the weparalion ol financial statements that are freè from matenal misstatement, whether due to fraud or errol. In preparing the financjal statements. the Irustees are Tesp)nsible for assessing the charitable companys ability to continue as a going concern, disdosing, as applicable, matters related to going concern and using the going concem basis of accounb.ng unless the trustees erther intend to liquidate the charitable cotllpany 01 to cease operations. or have no realistic atternative bLrt to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance atout whether the financial staternents as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditor s port that includes our opinion. Reasonable assurance is a high level of a&gurance, but is not a gLJarantee that an audit conducted in accordance wth ISAS IUKI will always detect a material misstatement when rt exists. Misstaternents can arise from fraud or error and are considered material if. indwidually or in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on ihe basis of these financial statements. Irregularities, Including fraud, are instances of non-C(xnpliance with kws and regulations. We design procedures in line with our reswnsibilities. OUtned above. to detect material misstatements in respect of irregularities, Incl1 fraud. The extent to which our w(edureS are capable of detecting irregularities, including fraud is detaId below". The Charitable Company is required to complywith both company law and chartty law and, based on our knowledge of its actwities. we identrfied that the kgal requirement to accurately account for restricted funds was of key Signifnce. We gained an understsnding of how the charitsble wrnpany wrnplied with tts leg81 and regulatory framework. including the requirernent to prO[rIY acc(xJnt for restricted funds. through diwussions with management and a review of Ihe dctumenled p)licies, ProdureS and controls.
OFFICIAL Poge 15 The audit tearn, which is experienced in the audrt of charities, considered the charitable company's susceptibility to rnatenal misstatement and how fraLJd may 01r. Our wnsiderations included the risk of management override. Our approach was to check that all r8Stricted Ir0[evdS property identrf18d 8nd separately accounted for and to ensure that only valid and 8ppropriate expenditure wa5 charged to restricted funds. This included reviewing joumal adjustments and unusual transactions. A further description of our reswnsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.o .uklaudilorsres nsibilities.This description fomis part of our auditor's report. Us• of thè audit rèport This report is made SOlY to the charitable company's Th*mber in accordance th Chapter 3 of Part 16 of the Companies Act 2006. Our audtt work has been undertaken soth8t W8 might state to the charitable cotnpanys members those matters we are requir1 to state to them in an auditor's repK)rt and for no other purpK)se. To the fullest extent pemitted by law we do not accept u assume reskX)nsibility to anyone other than the chaiitable company and the tharitable company's tnemberfor our audit work. lorthis report 01 lorthe opinions we have formed. Richard Billinghurst FCA Senior Statutory Auditor for and on behalf of Knox CroppeT LLP Chartered AccoLJntants and Registered Audrtors 65 Le8denhall Street London. EC3A 2AD Date.. 1610812021
OFFICIAL Poge16 CHINESE CHURCH IN LONDON •#%* TATEMENT OF FINANCIAL ACTIVITIES INCLUDING THE INCOME AND EXPENDITURE A FOR THE YEAR ENDED 31 DECEMBER 2020-¥-¥-E=+- A COUN NOTE UNestricted Reslricted Total Fund5 Total Funds INCOAIE FROM Fund5 Funds 2020 2019 ** Dondions and L0£1$ 801.487 265.175 l.1)66,662 1,451.086 Other Trading A¢tivilies 75,307 75,307 70,298 Investments 3.749 3.749 5.287 TOTAL INCOME 265.175 1.145.718 1,526.471 EXPENDITURE ON Roislng Funds X Charlloble Acthvltles 21.962 878.807 338.115 1.216,922 1,244,544 TOTAL EXPENDITURE 878.807 338.115 1.216,922 1,266,506 NET INCOME/IEXPENDITURE) AND NEr MOVEMENT IN FUNDS FOR THE YEAR 1.736 (72.940) (71,204) 260,165 RECONCILIATION OF FUNDS: Balance b/f (rt 1st January 2020 863.171 5.417.233 6,280,404 6,020,239 Balance clf ot 31st December 2020 ** £864.907 £5.344.293 £6.209.200 £6,280,404 All oclivities reported obove ore conlinuing activities.
OFFICIAL Page17 CHINESE CHURCH IN LONDON tI•z•* BALANCE SHEEr=¥=¥=A-t- H XEAfflT£ AS AT 31 DECEMBER 21r20 FIXED ASSETS Tongible Fixed Assets Lond ond buildings Building irnprovement5 Fixtures & Fillings Office Fumiture and Equiprnent 3.134,242 1.921.998 3.189.953 1.990.716 21,717 19.076 825 5.076.141 5,203.630 CURRENf ASSErs Debtors RlgA Cosh al 8ank and in Hand Is 77.263 106,057 1.330.591 1.436.648 16 1.395.223 1.472.486 CREDITORS- Amoun15 rolling due wthin one yeor £AgiwA 339.42 359.875 NET CURRENT ASSETS 1.133.OSg 1,076,774 TOTAL ASSEfs IESS CURRENT LIABILMES 0.209.Th1 6.280.404 TOTAL NET ASSETS Ila311 £6209.2CQ £6.280.404 FUNDS 8 Unrestricted Iz* 864.907 863.171 Restricted 18 5.344.293 5,417,233 TOTAL FUNDS a# £6.209.2LXI £6.280.404 The Finunciol Statements have been prepared in occordonce with the special provisions ol Port 15 01 the Companies Act 2006 reloling lo small charilable companies. The Financial Statements were approved by the Trustees on 13 August 2021. Choirrnan (Eld Pen9 Chiew, Wong) Church Tre05Vter (Vlneenl. ilm) Company No. 05285135
OFFICIAL Poge 18 CHINESE CHURCH IN LONDON STATEMENT OF CASH FLOWS=¥=¥t=R--s AS AT 31 DECEMBER 21720 2020 2019 NET CASH PROVIDED BYI(USED IN) OPERATING ACTIVITIES 67.239 223,608 CASH FLOWS FROM INVESTING ACTIVITIES AÉIIIRÈr, Investment Income Purchose ol Property. Plonl & Equipment 3.749 5.287 ' , NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES 46.951 (2.608) (41,664) CASH FLOWS FROM FINANCING AcnvrnES Repayments ol Borromqng NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR 64.631 181,944 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1.330.591 1,148.647 CASH AND CASH EQUIVALENTS AT END OF YEAR tR3R¥ffl#J £1.39S.222 £1.330.591 ANALYSIS OF CHANGES IN NET Loans converted to dDnations Asat oiloi/z020 Cash flows Asat 3Viz/zozo Cash at bank IRt Building Fund Interest-free loans 1,330,591 64.631 1,395,222 1282.(KK)I 1232,0001 TOTAL 1.048,591 114.631 1,163,222
OFFICIAL Page19 CHINESE CHURCH IN LONDON STATEMENT OF CASH FLOWS CONTINUED AS AT 31 DECEMBER 2020 RECONCILIATION OF NET INCOME EXPENDITURE TO NET CASH FLOW FROM OPERAnoNS 2020 2019 Net Income/(expendlture) for the yecx 171.2041 260.165 AdJvslments lor Investment income 13.7491 133.846 15.2871 139.342 Depreciation lfr IlncreosellDecreose in Debtor51 i / XJ)l Increose in Creditors I i 28.794 16,9741 163.638 £223.608 20.448 £67.239 Investment Income 3,749 5,287 Purchase of Property. Planl & Equipment 16,3571 146,9511 CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR 64,631 181,944
OFFICIAL Page 20 CHINESE CHLIRCH IN LONDON 1S1•¥•11• NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER2020==t=fi=+-o I.ACCOUNTING POLICIE5 lol Bo$0 ol A¢¢ounting These account5 have bn prepared derthe historical c05t convention. in accoidance with the Financial Rep(xling Stondord 102. the Componie5 Act 2(N16 ond the requirement5 of the Statement of Recommended Practice. Accounting and Rep(xling by Charities IFRS lff21. rhe company is o public benefit entity. The trustees con5Kler thaF there ore rK) fTKJleri(J uncvFointie5 ab(xJt the Chority'5 ability to continue os o going concern_ Ag detoli ed in nole 22. in f(ing this ormnion. they hove considered the irllpact of the CoMd-19 pondemic on t)oth it5 incoTne ond expenditure for ot a51 a period of twelve ryK)nths from the dole ol opprovol of Ihese finonciol stotements. The presentotionol currency of the finoncid sttslements is Pound Sterfing 1£). Ibl Fixed Assets Fixed ossets are disck)sed al cost net of depreoation to date. Assets transferred from Ihe predece550r chority hove been recorded ot cost equivolent to their net book volve in the predecessor charity ot the date of transfer. Depreeltition Depreciotion of fmed a55els 15 calcukjted on cosl (Jl rates estirted to wTrte off the a55et5. by equal instolments. over theirexpected wcrting Ives. Fixfures ond fittings on4 office equipment ore written off on 0 5troight line tXJYs over 5 yeor5 ond 3 yeot5 respectively. Buildings ond building improvements hove been deprecioted over the life ol the yoperty which hos been estimated ot 50 ye0. o result of o review of the depreciotion polcy. the in5tolled lrft 15 being written off over itg remoining ugelvl life of 7 yeors_ Ihe cosl of improvements ol the United Reform Church ore deprecioted over 20 ye0. Depreciation charges on assets transfeed from the predecessor chority continue lo be opplied on the bosis of cost lo the predecessor chorify ond the predecessor chority'5 e51imale of econorrmc life. Idl Income All income is recogrysed in the Stotement of Finonciol Activities once the chcritoble compony hos entitl&menl to the funds. ony performnce condilions otloched to the items of income hove been mel. il is proboble that the incorTE wll be received and the ornount can be measured reliably. Donahons. covenan15 ond leg(Jcies ore credited to the accoun15 in the yeor in which they are receivobk. grossed up lor tox recov0b where aprOlo1e. Interegl is credited to the occovnts in Ihe yeor in wlich if is receiv0e. lel Vulue Added Tux ffte Charity is not reglstered for VAT and occordiryty. where appIate. oll costs ond expenditure incurred ore shown inclusive of VAT. Funds Unrestricted fund5 are those fund5. which con be used at the Truste. discretion. Restricted Funds are lunds wh¢)se purposes hove been restricted by Ihe éonor.
OFFICIAL Page 21 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020 --¥+-A=+- I . ACCOUNTING POLICIES (CONTINUED) Igl Expendllure Choritoble expenditure comprises direct expenditure ottributoble to the choritoble objectives or activities and support cosls. Where costs cannot be altribuled. they have been opportioned to choriloble objectives or oclivities occording lo the time or resources spent on each. Support costs ore those functions that QSSiSt the work ol the choritoble compony but do nol directly undertoke fundroi5ing or ¢horitoble octivities. Support costs include general overheods ond governance costs (those costs incurred in the govemonce ol the choritoble company ond ils ossels ond ore primorily associated wlh conslitutional ond statutory requirements). Ihl Grants Grants poyable are charged in the year when the oller is conveyed lo the recipient. Penslons The Chority contributes to defined contribution pension schemes ond the pension chorge represents the amount payable by the charity lo the schemes in respect ol the year. til Key Judgements and Esllmales lil Finonciol in5trurnent clossilicotion The clossificolion ol finonciol inslrumenls. both ossels ond liabilities. os 'bosic' or 'olher' iequiies judgement Q5 to whether oll opplicoble conditions os bosic ole met. Thi5 include5 the type ol inveslmenl or loon ond ils return. The Charity only has financial assets and liabilitie5 01 o kind thol quolify os b05ic finoncial inslrument5. These ore initially recognised al transaction volue and subsequently volued ol their selllement value. lill Useful life of functional properties The remoining useful life ol deprecioble properties is reviewed by monogemenl at each reporting dale and. if r)ecessary. the depreciation charge adjusted accordingly. Ikl short.term debtors and cred5tors Debtor5 ore recogni5ed when the Chority 15 legolly entimed to the income olter ony performance conditions have been mel. the amour)t con be measured reliably ond it is proboble Ihot the income wll be received. Creditors ore recognised when the chorily h05 o present legol or constructive obfigotion re5ulling from o post event to make poyment to o third porty. it 15 piobobÈ thot settlement will be required ond the omount due to 5etlle the obfigation can be measured or estimated reliably. 111 Cash and Cash Equi¥alents Cash and Cosh Equivolents in the Stolemenl ol Finonciol Position comprise cosh ol bonk ond in hond ond short tetm dep051t5 Wlth on originol maturity of three months or less. For the purpose ol the Slolemenl ol Cosh Flows cosh ond cosh equivalents are as defined above nel of oulstanding bank overdrafts if they exist.
OFFICIAL Page 22 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020 -?-?+==+- DONATIONS AND LEGACIES Unre$tricled fund Rethicled Fund 2020 Tolol 2019 Toto x Combined Seryice5 ¥. Conlone5e l(V.827 42952 152.779 184.588 Mondorin SIE Engllsh New Soho • Hounslow •m> Croydon Collndale tyx 91.464 15.759 107.223 209.056 82.545 33.572 122.320 219.624 106.558 320.182 399.418 14.984 4.432 19.416 24.638 I2.443 42.764 I.207 182.073 58.776 11.632 70.408 121.824 £Pnl.487 7.%)6 129.330 £1.066.662 213.679 £265.175 £1,451.086 3. OTHER TRADING ACTIVNIES 2020 2019 Book sales 549 1.261 Rental 50.786 21.696 Sundry Income Lunch mlnSstry Income Education Conlerence Income #*ll•it 23.972 10,152 25.622 11.567 £70.298 £75.307 4. CHARITABLE EXPENDITURE Dkecl Costs JX 2020 Told 2019 Total Note 6 Note Po5torol Outreach ISM Welfare fa?J Bulldlng Total 279.312 116.426 395.738 422.553 269.515 52607 322.122 307.013 174.740 50,129 91.104 224,869 274.193 208.515 183.089 306.463 906.656 310.266 1,216.922 £1.244.544
OFFICIAL Page 23 CHINESE CHURCH IN LONDON IA•Z•# NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020 -%--fi=- 5101.EMPLOYEE COSTS r]iBJ 2020 2019 Stsl¢ries ond wtsgès Soclal Security Pens5on ll¢t Total Head Offlce Solarfes 577.621 551.828 55.851 52.703 28.898 27.708 £662.370 £632.240 The average number ol empk)yees during the yeorwas 2012019-. 211. The Key management pewnnel of the Church ore those persons having aulhority and responsibility lor plonning. directing ond controlling the octivities of the Church. directly or indirectly, including ony trustee ol the Church. In addition lo the trustees. they comprise of the senior slafl members detoiled in the Administrotive Deloils. The totol employee benelils including employer pension contributions ol the key manogement personnel amounled to £47.264.12019: £44.4711. No employee earned more than £60.(KX) during the year. 51bl. TRUSTEE'S REMUNERATION AND EXPENSES fr5*EX& During the year. one 12019.. one) ol the trustees received remunerotion and expenses. However. these payments relate to their copacity os paslus or spiritual aders. ralher Ihan os Iruslees ol the Church. It is on occepted proctice in religious orgorusotions lor the Ministe to take on o¢tive role in the Church Council to guide the Church in its oftoir5. Remuneiation paid in the yeaT= 7 2019 Pastor TS Lau 38.427 £38,427 £40.8(M) One trustee wos reimbursed o lolol 01 £25312019= one Iruslees £4521 lor minislry Irovelling cost.
Poge 24 11111 Iiiiwiiiii 11 111111111111111111 11111111111111111 11111 1111
OFFICIAL Page 25 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAI STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020 --%-% =- TAXATION Chinese Church in London is o regi5teied chority and is polentiolly exempt from toxotion in respect of income and capital gains received wilhin the colegories covered by Part I l of the Corporation Tox Act 2011 to the extent thot such income or goins is opplied exclusively lo charitoble purposes. CARELINKS DONATIONS Iibiil1l4AX Christian Cèntre for Gombling Rehtsbililtition Xf Tear Fvnd 2X Cedor Fund Itix Chlne$e Assockthon for Cancer Care New Led Counselling Centre Carelinks expenses 14.690 10.073 9.234 5.876 15.306 10.495 9.621 6.122 2.581 1,5 £43.954 5.614 163 £47.321 10. GRANTS FOR MISSION WORK The Charity made inslitulional grants lo Christian organisalions. to support mission work in the UK ond overseos. 0$ follows- 2020 2019 Overseas Missionary Fellowship Operallon motls00n Jlan Hua Foundatlon {Hong Kong) Home of Loving Forlhfulne55 (Hong Kon911 Chlnese Overseas Chrlstlan Mlsslon 10,868 10,360 17,420 15,4CK) 10.236 9.720 684 9.996 6.5 WEC Inlemotionol 11.736 11.660 Chrlst Tronscendlng Poverly Church aRa• Plonèers YWAM 1.368 10.568 7,920 15.360 10.420 5,720 Chr]stmus Glft to mlsslonorle$ 368 360 £81.164 £85.980 The Chorily olso mode individuol gronts to 6 Chrishon professiono1512019= 61 working in Chino and Albonia. In the current yeor. these lolaled £47.94412019= £21.61. I I. STUDENT GRANTS ¥XPJJ* The Chority gove student gionts totolling £23.24712019- £10.6351 to 3 individuol$12019: 3 individuolsl in the UK to support them in their theological studies.
OFFICIAL Page 26 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020 ---A=- R AI 12. DONATIONS AND GRANTS %%]A&) 2020 2019 Olher Don(rtlons (<£SOO) 13. PENSION COMMifMENTSiRIt The Choiity contributed to o defined contribution pension scheme foi severol employees. The assets of the scheme are held seporolew from those of the chority in an independently odmini5teied fund. Al the bolonce Sheet dote unpaid contributions due to the fund were £zeio 12019.. £zerol. Tolal premiums poyable in the year wete £28.89812019.' £27.7081. 14. TANGIBLE FIXED ASSETS Land & Fre & oirKe Fvrnilure C051 Bulld5ngs Improvements Fmlngs and Equlpment Total At Ist Januory 2020 3.856.344 2.952.432 263.017 52.795 7,124,588 6,357 Additions i• At 31 st December 2020 6.357 £3.856.344 £2.952.432 £269.374 £52.795 £7,130,945 A¢¢umulated Depreclatlon At 1st January 2020 666.391 55.711 961.716 68.718 241.3(KJ 8.998 51.551 419 1,920,958 133,846 Chargè lor Yèar At 31 sl December 2020 £722.102 £1.030.434 £250.298 £51.970 £2,054,804 Net Book Vtslue Al 31 sl December 2020 3.134.242 1.921.998 £19.076 £825 £5.076,141 At 31 st December 2019 £3.189.953 £1.990.716 £21.717 £1.244 £5,203,630
OFFICIAL Page 27 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020 --t-fi=- 15. DEBTORS 2020 2019 Prepayments and accrued income lfftÈtJRxtA HM Revenue and Cvslom5 43.525 35.865 33.240 56.479 Accounts recelvable IKP 498 £77.263 13,713 £106.057 16. CASH AT BANK AND IN HAND 2019 Current Accounts llPQ Deposlt Accounts PE] Treasury Deposlts Co5hil 19.030 15.687 873.325 811.366 SCO.0 2.868 £1.395.223 3.539 £1.330.591 17. LIABILITIES . AMOUNTS FALLING DUE WITHIN ONE YEAR 2019 'Bvlldlng fund Interest free loans #lm¥*A• Trode Creditors 232.OCK) 282,000 44.390 10.523 Accruals and DefeThed Income 58.333 48.859 HM Revenue and Customs 13.097 Careltnks support 4.704 £339.427 5.396 £359.875 These ore short term unsecured loons from members of Chinese Church in London.
OFFICIAL Page 28 CHINESE CHURCH IN LONDON ¥I•• NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020 -¥-?+-A=+- g A 18. RESTRICTED FUNDS The income fund5 of the Church include restricted fund5 comprising the fdlowing unexpended bolonces ol donotions and gronls held on tru5110 be opplied lor Specific purp05es'. Balance Income Received Expendlhjre Poid Balance clf 2020 bn Building Fund aW¥JX 5.047.954 48.259 124.430 4.971.783 Mlsslon Fund 84.434 139.526 126.878 97.081 Dr Peter Chow Memorlol Mission Education Fund 143.070 143.070 Theological Educolion Fund 63.761 15.266 23.247 55.780 Communion Fund *O¥iI 56.194 18.307 19.606 54.894 Careltnks Fvnds 22.464 43.817 43.954 22,327 Educalion and Conference Fund 644 5.417.233 644 S,344,291 265.175 338.115 Year ended 31 Decenther 2019 Baloncè Incomè Received Expenditure Poid Btslance clf 2019 Bulldlng Fund Mlsslon Fund Dr Peter Chow Memorfol Mission Education Fund 5.QXJ8.673 178.371 139.090 5.047.954 40.824 151.938 108.328 143.070 143.070 Theological Educolion Fund 57.696 16.71X) 10.635 63,761 56,194 22,464 Communion Fund 41.267 26.177 11.250 Carelinks Funds Educolion and Conference Fund 21.709 48.076 47.321 736 £5.312.503 11.507 £432.829 11.475 328.099 644 £5.417.233
OFFICIAL Poge 29 CHINESE CHURCH IN LONDON Ik¢r¥4 NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020 ==%=fi =- a 18. RESTRICTED FUNDS •JZ (CONnNUED) The purposes ol the restricted fund5 ore as fdlows= Building Fund- Rewesenls svms already expended on the purchase and refurbishment ol property and sums commilled to meet future major refurbishment costs. Mlsslon Fvnd - lor support of Church's missionories and mission orgonisolions. both locally and overseos.. lo fund ony Church octivities ossocioted with the lurtheronce of the couse of Christ in mission field in the UK ond obrood. Dr Peter Chow Memoriol Mission Edvcolion Fund- Ivnd trom Dr Peter Chow's legocy lor Ihe troining and educotion ol mi55ion educotor5 ond prole55ionots. Theologicol Educalion Fund - to fund scholarships for 5tudent5 pursuing theologicol studies with o view to full-time ministry-, students ole not expected lo Tepoy the Church, upon completion ol their studie5. Communlon Fund to fund monetary gifts for any brothers and sisters in Chri51 who are in unexpected financial difficulties. in the UK and abroad. Carennks Funds These comprise the proceeds ol onnvol coleclions lor Tear Fund and Cedor Fund, other Chrislion sociol orgonisotions ond other special oppeoLq mode wherever o need may orise. Edu¢otion Conferen¢e Fvnd - to re5tri¢t ony svrplus orise in edvcotion conferences or events. Any reserves would be used lo support deficits ol other education conferences.
OFFICIAL Page 30 CHINESE CHURCH IN LONDON ¥4U NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020 -¥-?¥+-A=+- g A 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS d Assets Net Currenl Assets 2020 2019 Restrlcled Fund5 Ra¥* Unre51rfcted Funds S.3442 s.6.240 288.053 5.417233 64.907 19901 B45.m6 B63.171 6.209.2 5.076.141 1.133.059 6.280.404 20. CONTINGENT LIABILITIES There were no contingent liobililies ol the bolonce sheet dole. 21. RELATED PARTY TRANSACTIONS There were no related porty Ironsoctions in the yeor. wtFh the exception of those disclosed in note 5 Ibl relating to Iruslees, remuneralion and expenses. 22. IMPACT OF Covid-19 The Trustees onticipote thot the Covid-19 outbreok in Februory 20W ond the event5 leoding to the lockdown ol the Cily of London wll hove a k)ng-lemi impacl on the Charily's incoming resources ond resources expended in the coming yeors. They hove considered the likely impoct on its incomir)g resources and how the charity can reacl lo thol impacl and are confident that il has sufficient reserves ond enough flexibility to ensvie thot it con continue to exist lor the loreseeoble future. Since the beginning ol lockdown. the charity has been promoting donation vio ils website. 11 hos token odvontoge ol Job Retention Scheme to minimise stoff cost. It should not hove moteriol impact on the charity's balance Sheet Position.
OFFICIAL Page 31 CHINESE CHURCH IN LONDON I¥I•#• NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020 -¥-¥+-fi=+- g A 23. COMPARAllvE FIGURES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricted Restricted Tolal Funds INCOME FROM Funds Fvnds 2019 Donollons and Legocles 1,029.824 421,262 1,451,086 other Trading Activrhes 4A 58.731 11.567 70,298 Inveslmenls J8 5.287 5.287 TOTAL INCOME 1.093.842 432.829 ,526,671 EXPENDITURE ON Ralslng Funds Charilable ActilIeS 21.962 21,962 916.445 328.099 1244.544 TOTAL EXPENDITURE 938.407 328.099 1266.506 NE[ INCOME/(EXPENDITURE) AND NE[ MOVEMENT IN FUNDS FOR THE YEAR 155.435 104.730 260,165 RECONCILIATION OF FUNDS". Balance b/f at 1st January 707.736 5.312.503 6.020,239 Balance c11 ot 31st December 2019 S £863.171 £5.417.233 £4.280,404