Chinese Church in London {A company limtted by guarantee) Charlty numberMMN Company number 05285135 1107568 REPORT AND FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2023
CHINESE CHURCH IN LONDON FINANCIAL STATEMEMTS THE YEAR ENDED 31 DECEMBER 2023 2023 12 31 INDEX Pago Jllt ReF)Ort of the Trustees Independent Auditors, Report11]Y¥trM- 21-26 Statemenl of Financial Acliwtses RlaÉ•b 27 Balance Sheet ASAffl 28-29 Statemnt of Cash FIM 30-31 Noles to the Financial Statements 32-44
CHINESE CHURCH IN LONDON REPORT OF THE TRUSTEES Th8 Board (the truste88 and direths ol the charitable company) w8sents the combined direclor6' report and Iru$lees' annu81 report, 8s required by comp8ny18W. together Nwlh the audited financial statements of Chinese Church in London for the year ended 31 Deceffthr 2023. The financlal statements have been prepared in accordance with the accounting poIleS set out in Note 1 and comply with the charws trust deed. applicable law, relevant accounlSng standards Includlng the requirements of the Statement of Recommended Practice, Fin8ncial Reporting Standard applUb in the UK and Republic of Ireland IFRS 102), "Accounting and ReFQrting by Charitses". ¥) ';£Iy¥>, 2023 * 12 A 31 LA y¥AIJ, (FRS102} [KW4ÈI•FIW.J a¢M. AgRIIIM-¥AJI 1. REFERENCE AND ADMINISTRATIVE DETAILS ••XHlll7a• BOARD MEMBERS DIRECTORS AND TRUSTEES The folljwing held office as directors {Iruslees} from 1 January 2023 to 31 December 2023.. LJFAAe2023 1 R 1 2023¥ 12R 31 (1 . Chalrman U: Company Secretary Treasurer Deacon Che sUng Wor¥J AttJ44W Chun Fai Patric Mak Yufan Chen Other Board lknbor• MYaw•AA: Ekler Oliver Hing Yee TaNJ Revd Joseph Yuk Yan Siu SENIOR STAFF MEMBERS S•nlor Pastor IActlngl: EkJer Oliver Hwig Yee Tar¥J Revd Pul Yin Ho11.hfW Egffj (IW) . Non-EIKted B rd 4FXU Kran Bik Nga Kwok REGISTERED CHURCH ADDRESS 6718 Green LK5)n W6 7BE
AUDITORS Knox crOpr LLP 65 Leadenhall Street London EC3A 2AD BANKERS •ts: Barclays Bank PLC Kingston 2 Lestersh1re LE87 2BB Virgin Money Jubilee House. Gosforth Newcas up Tyne NE3 4PL STRUCTURE, GOVERNANCE AND MANAGEMENT1111. itilllHPI Governln Document" The Church is a charitable company limited by gu8r8ntee. incOrpted on 12 November 2004 and regSstered as a charity on 11 January 2005. The company's ArtiCS of Associalton was updated in 2019 according to the Companies Act 2006 and tm Charities kt 2011 1th the help ofthe 601icitor6 of Lawson Lews Blakers Ltd. AF#Wm£'44. 2004 11 12 E. W: 2CM)5 1 11 I4".> IQ . e Lawson Lewis Blakers Ltd. iatJMWJF. W= 2019 IW (2006 /K The updated Artic8 of Association12019) were approved by Church members by voting at the 2019 AGM on 21 st September 2019, filed ¥th Companles House on 9 October 2019 and registered with the Charty Commission. ¢ 2019 10 R 9 aE'4'lltfi In the event of the company being VUnd up memlxrs are requed to contribute an aK)Unt not exceeding £1. The Chinese Church in London Bye Lav46 {2012) have alw been updated according lo the Articles of Association of Chinese Church in London 120191, reflecting the structure and practices of the Church. The upjaled Bye Law8 were circulaled lo Church members for informalion and presented at the 2020 AGM on 26 September 2020. {YA•alA2) 120121 {2019IM. LA&*$ 2020 * 9 R 28 2020 *
Governin The directors of the company are also charity trustees for the Pufposes of charity k7w and under the Company's Articles are known as members of the Board. The Board is the goveming of Ihe Church. 11 has overall responsibillty for strategy and deckSh?n-making. dirlIng the affairs of the Church, and for the efftienl njnning ol its OFeratiorts. The Board meets every 2 months. The Board consists of the lolkn¥ing spiritualy malvd leaders.. ••tsLJFX-. Elected Pastor Boerd ffmbers . o Sènioi P88tor IEx-Ofkio) IXM&A) Paslorlsl * Elected officers- o Secretary IEx.Officio) l•(WX<A) o Treasurer (Ex-officio) (WA£A) Addith)nal elected members Board meeting attend8eS The Head of Operalic¥)s provides an 0ratn$ report arKI the Head of Finance assists the Treasurer to prt)VKle Ihe financial update lo inforn the Board at each Board meeling. Both Ws may be imiited to attend the Board meellng where T8quired. They do not have voting rights in the Board's deciSn-makin9 pr98. Other attendeelsl invtied to atterml Board meetings from time lo time do not have voting righls in the Board's deCiS)n-Making process. The Board is supwted by the folknwwig cornmfft'. Senior Pastor's Offe ISPO} IIVAW£K42- A full lime man&3effent l)C¥ consisting of the Senior Paslor ISP) and selected members to assist the SP. iogether wth the stsff team, to execute decisions rrode by Ihe Board (Church Board). It also has the responsibility of oking after the pastoral staff in the areas of deplonI and responsibilrties.
Ministries and Congregation Committee {MaCI ¥lal••A•- consisting of heads of all Church-wide ministries and reSentIVe5 from all COngregatn Councils. The Mac had not been meeting due to practical, time-relaled drfficufties getting everyone involved attending a sirva, large meetir¥J. and comMunli0n with the ministries and congregations has been perfornd via the staff team. The Board had organised a Gathering of leaders ting in 2023 to provide oppUn for ccfflmunication and relationship building and will be considering hdding Mac rrts'ng5 in a different formal lo facililale more direct communlcal)ns wilh ¢ongreg8tion leaders. Church-wide ministry heads and pastoral staff. Administralion & Finance CornnNttee IA&F) ITtyRIA• - A&F consisls of Tremb3 tho are experienced in at least one or more administration or finance functions. Tr18• A Intmont Inductlon and Trnlnln All new trustees of the Church sh811 be rminated ty Ihe existing Board and th8ir appoinlmerrts sh811 be approved by a General Meeting. All r*w trustees wll be given infofmation about the responsitx'lities of belng a trustee when they first pin the Board. New tTuslees are provlded wllh a copy of the Church's Articles of AssLYl81ion copy of the Church's Bye Laws, guidance on the responsibilrknes of trustees. The Church has ongoing trainlng wcrfJramme for the Trustees to enhance govemance skills. • IA]$
anlsational Structure As ofthe end of 2023. the Church has 14 Sunday Services across 7 locatns. Hamrrtrsmith, Soho and Seven-Dials Club lin Sohol, Colindale, Croydon, Hounslow and Stratford. In addition, Colindale has started carying trial Nns on a monthty Cantonese serv on Sunday moming since September 2023. These seNces are run by 6 Congregation Councils. Each Congregats'on Council consists of at least a pastor arKVor pastoral worker. Ehjers. Deac($. Congregath)n officers (Secretary, Treasurer, Carelinks Representative arKI Mission Representative) and heads of various departments. A Workn"ng Commrttee may be formed in each congregation to lead various departments and fell¢)wships. Each coThJregation is given the respjnsibilty to decide the test strategy and methodok¥3y to outr&Kh, and to provide pastoral care, leaching and training to Iheir members and worshippeTS. 2023 ft, 14 iaE*K: HarnmersmTrth. Soho 1] Sevon. Dials Soho) , Colindale. Croydon. Hounskwil Strafford. tt>F, Collndal8 tts 2023 ¥9 6 The Adminigtration and Finance Committee meets every 3 months. It ¢CsIsts of members vèho are competent in one or more of the follovring disciplines.. finance. legal, human resources, Information technology {ITI, aud wsual IAV). buikllng management and ConUniCatM$. The committ88 is glven the responsitrylty for suppcrting the Church ministries With the above functions. It also 8ets up policies to monitor and approve exFenses fty the Church. I. AYJAfa. pmiTh (IT) . (AV) . The Carellnk$ Convnittee and th8 mi8sKJn CcCern Team IMCTI are headed by the CarelSnks Secretary and Mission Secretary respectivety. Each leam consists of representatives from variou8 congregations and is rK)mialty Supported by a pastoral staff as an ex-officio. The CalInkS Committee helps the Churth focu$ on sccial Goncems. intiiales and recommends sockql projects, and determIrS the level of financ1 support for supported organriations. The MCT helps the Church raise awareness of world ffissk)n. Send. and support ftNssionaries in different parts of the world.
As of the end of 2023, the Church empk)yed 24 full time. 6 part sL3ff corrprising 21 pastoral and 9 administrative staff. The staff team is headed by the SenK)r Pastor and assisled by olher Pastors. Elders and the Head of OFerations and the Head of Finance. In the absence of a Senior P8Stor, the ro is fulfilled by the ActiThJ Senicrf Past {in the case of 2022. a Church Elder). appointed by the Board and supported by olher Church Elderfs). SenKryr Pastc¢s off ISPOI, which consists of pastor{sl and mature spiritual leaders appointed by the Senior Pastor or the Board, SUFPOrts the Senr Pastor, tc¥Jether with the staff team, in mintstry-relaled matters and staff care. The pastoral staff support the wellbeing of the congregatn$ by providing pastoral care, visitation. preaching, teaching and training lo the mernbers and atterKlees. The Di¢tOr of Operations and the Director of Finance, and the administration and finance teams are responsib for the day-tc day running of the Church Office. for buik4ing rnanagenl arKI SUPFQrting the ministries of the Church. 2023 ik, 24 6 8HAI. 21 YAAA. 9 fytyAA. fj ¥Eti¥tUÈEkT Its 2022 WRF, PA17I- •&ttI•. ISPO) Rlsk Mana ement Belng aware of their resFnbIlltl88 for ri8k assessment, trustees periodicalty review the procedures for evaluating the risks associaled wlth the Church's operaliThJ aclivrti85, review annualty all Insurances (including office. fire and general safety), as V11 as the lemis and conditions of the èmployment of staff. A comprehensive review of the Rtsk Management pollcy and praclke was conducted and approved by the Church Board in January 2022. The intention is lo develop 8 comprehensive risk assessment manual whth will Klentify all the slgnrficanl risks whlch the charty faces 8nd the measures in fv to mith3ate these ri¥k$. As a chanty, we are commrtted to maintain the level of serve5 in our ¢ommunty tjut al the Sa tiff Th)nitor eXperrtUre and human resources in order to fuifd the Church's wsion and objeclNes. ¥Ftsfi8, PUBLIC BENEFITS The Church provides a spiritual home to Christians in Lonn. from other parts oflhe U.K, and from 8bro8d. The Church preaches the Gospel of Jesus Christ and teaches the ttclrines of the Christian
f8ilh in three different languages, ttrthigh not exclusively to the Chinese in and around London.
Local communities can Lefit from the Chvr¢h'$ activities, such as the activities nEntioned above,
as well as education conferences and efforts social concems. The Church 81$0 prcMd85 care,
frndShiP and community Itves to students. familie$ and those ¥tho ar8 in need.
The Board confirms that it hag taken into CoUnt the Ch8rty Commi83K)n'8 gener81 guid8nce on
public benefit %then revi8wing the Church's obiectNes and has considered how the planned actrvities
¢ontrfbLrte lo the achievement of these obpctives.
OBJECTIVES AND ACTIVITIE8
The Chinese Church in London vms fourKled as an unincorwrated charity in 1951 ty the late Pastor
Stephen Y. T. Wang. Chinese Church in London, an in¢orpor8led charity presu Ihe activiti8S
and net as8el8 of this unincoTporated charity on 1 January 2011. The mISsn of th8 Church 18 to
become an "Inlenlional Disciple-making Church-. Therefore Sin 2017 we 8et our Church vlsion
as.. 'We exist lo make disciple8 of Jesus to Iranslom London 8fKI the world.. The object5 of the
Church are as follows..
1951 2011 * 1 1 B,
. itt, È 2017 &.
$AthISIF&9PYlt, J . YA•È¥QI5F.
to preach the G¢)spel of Jesus Christ and to teach the Doctsines of the Christian Farth as sel
forth in the Hoty Scriptures, primarily but not exclusivety, lo the Chinese in and around
London,.
i@Tw) n
11. to provide spkr
10 to provide facilities for the use of the Chinese arKI English langu•Jes In VrshIp ar in the work of Ihe Church.. vi. to promote the wEWare primarity though not exclusively of Chinese in and around London, reco3nizing that the GosFoI of Jesus Chrlsl ministets to the whole person. In supporting the above objectP4es, Ihe longer-lern objective8 of the Church are as follows: lo build up the believers in faith and send them out to serve the k)cal communltles and others at home and abroa.. pJ)wJXItsA, to equip the believers $0 they would muliipty by nwkiw disciples ofJesus vknerever they may to adopt the f¢XUS of d5scips making in all congregatK)n$. In Ihe short tenn. the oblectk¥e8 of the Church we 8$ folbthB: to increase wular Sunday shIpperS to 2,CM)O including 8dulls and children,. IÈts&UfQ5aXI J#JJogJ 2,000 A; to increase the number of believers b.n9 baptised in the Church to 150,. IG¥A•**£AtyfatÈAwts]¥J 150 A: to plant churches in Kingston and Brom. Kingston IQ BrOrn 111# In achieving these obiectNe8. the Church encourages volunteers to serve. participate and lead in the vanous mSnlslries including felkAYship. worship. Bible studies. teaching and to support the activities organised. training. elc. They also provide le&J8rship in committees such as the Board, Congregation Councils. Working Commrttees, in the aa$ of Adminislratw)n & Finance, Carelinks, Mission Concem Team, The Next Generalion Ministry as well as being volunteers in the pastoral team. Serving in the Church is part of Christian lrfe and is one of the ways lo demonstr8te our love for God. The volunteers are 955enlK?l and are integral to the development of the Church's mlnlslrfes. , VA¥J¥è]A•14J •. . Jt,
The Church offers grants from the Thedogical Educalion Fund and the Mission Fund to certain individuals or ganiSatIOnS to contribute lo the $CeSS of our objectives. We have set pr¢xedures and poli¢ie$ to ensure that grant fecewers are committed to the of Christ and in line wrth the Church objectNes. Moreover. rnentoring andlor tTryer SUPF¥Xt are also given to these individuals or organisations. t)j&)AYjfxVJI1f. JtsF. Wjtga The Church employs fulk and part-time pasloral and administratrve staff to provide care, to outreach, to serve in communty project3, to conduct 8eNices and m8n8ge the Church's properties and finances. This yearwe have spent a total of £1.804.158 on staff. activit5, maintenance and events. *, wsi£AI. 1,804,158 ACHIEVEMENT8, PERFORMANCE AND HOW THE CHARITY HA8 DELIVERED PUBLIC BENEFITS In 2023, the Church hehj 5 Baptism Ser¥ices, and a total of 92 candidates were bapb'sed. Thls irKludes a couple of baplisnkq rried out in hospital or at hTh due to special circumstances. 8esKles connecting with neYKomers. the Church has also organised Street Cafés and varlous evangelistic activities and events al different lOCatanS Ihrowhout tha year and some neighbours began lo attend church acbvitie$ and services. In 2023, over 300 guesls have participated in the pha sessions. Oul of atout 150 non-believefs, some 33 of them have since come lo faith. We continued to cooperate and support Ial and internatnal evangelistic organisations In furthering our oblecllves and benefrts In additw. the Church suppt)rted 24 mlssKJnaries in 2023, and organised several Short-Term Mission (STM) lo varh)us places including: Thalland, Croatl8, Roman18, Tanzanio, Twlouse and a few kxal M$50n8 in London, Edinburgh and arK>ther part of the country. t 2023 , #•¥tT7 5 92
IX•QY%IJJwA 2023 , 4 300 $IThXM7& (Alpha Course). 1£
J 150 £4prtt, * 33 tt¥IW7È. WJII IR*klY&p. 2023 1è7 24 tt#YA*, ISTMI gJIE
12 Ml8$ion Concern Team Mllwj Mbssion Fund In 2023 we received £150k f¢X Mission FuThg lagainst budgeted £142K). of which £114k was allocated to our 24 Missionaries and 7 MiSsn Organvzations. GO-2023 we have 11 Short Temi Mission available for cororegations to pin localty in UK in Europe, Asia. South America. and Africa. We have the highest record of participanls {66 adu5 and 2 childron) who are coffing out of their comfort zone and lo see alongsTrde wrth our supported mis$ionarie$. 2023 15 14 ), X 11.4 XmJ'JE7%ITJkty 24 All 7 Ity8. GO.2023 11 In November, MCT organised a 4vekS Mission Sermon ser and ended with the Mission Weekend on 24 10 26 November. 'Subversive MISSn.. Discov8r a New Way lo do Miss)ns" was the MissSon Conference's theme. For the second week Raymond KWc9 and Pete Dawson from Tearfund was our Cantonese and English keynote speake. For the final week Dr Tom Hatvey from Oxford Centre Mission Studies byas this yearfs keynole speaker for English and Mandarin and Cheuk Chung Lau from Operation Mobili$ation for Canlon8se. We had 11 dlfferent missionary speakers for the four ve#S shafing the pulpit me$wes (C8nlonese - 6. Mandarfn - 4, English - 4). 11 R MCTW7aAg 4iWJlty%>lJMil. tr 11 R 24 26 %RZ Tearfund &J RayrrKJnd Kwong ftl Pete Dawson allm•151WaA. UtFiq, Tom H8rvey to%*oyx1oeiAIXA, OIA IW4, Y%4, 4) . Frlday Nighl's theme was"Hearts Fire. Feet the rrw)ve° ... four Short Temi Misslon teams shared their expeiiences and IhTee missionaries on Home Assignment sharing. Saturday MiSsn afterni)on theme was Yhe 21s1 Century-" A Gaffe charvJerf Era for World Mission.. We had five workshops ran by various Mission Organon5. 'Mercy Ship - Save lives amongst forgotten poor in Afr8. 'OMF- Whal's calling? Detrwjnking rrryths and finding freedom" Teach Beyond - Excellenl education, no matter the circumstances", Pioneers- Business as Mission '. WEC-"Digital Mission Relhink.. There hre also 9 MissK)n organizatn5 haviNJ bwth slands al the PSW Hall to prowde interactive infcffllatlon to all part1panIS from Pneers, Teh Beyond, Mercy Ships. OMF, WEC, OM, Jian Hua Foundation. COCM and London Clty Mission.
13 IOMF . fTeach Beyond-IKttOTr, llf]J , . tWEC . itt, , nÈM. Teach Beyond. CK. OMF. WEC. OM. X•X•, X W6i#• COCM Global Monlhty Mission Spots Crynued in 2023 vlith MCT nS on Short Tem MissK)ns, Education workshopslevenls, misSnarIes. nevfi. and prayer vldeos, which were all prCdud with the 1P from external freela video editor. 2023. MCT VAwIfFJts. XVAtnilli Dr Petsr Chow Memorfal Mlsslon Edvcatlon Fund In 2023 sw)ported £3k for Sirnn & Jet Edgecombe in their studies in Melboume School of Theolcay (total of £10k for the wl-tiff u(Se) to fini6h the course in 2024. 2023 , Sirnon Itl Jart Edgecoffth (4F JJxtI>P-W) , LA(IE 2024 Carellnks mlnhtry and Car•llnk8 Fund The Carelinks MinSslry financlalty supwted TearFund, CEDAR Fund, Chrisliw) Centra forGambling Rehabilitation ICCGRI, Chinese Asxci81ion for Cancer Care ICACACA) and Tamar as part of its social concern activit8. In 2023. the church donated £43,6111o the atove organIsatnS (2022.. £ 35,941) upon collection into the Carelinks Fund. Our target in 2024 is £ 50,000. The re the Carelinks fund is blessed. the Tr)re we are able to bless th¢)se In great need. ILI IAWJAJÈ(fearFundl. IEIIÈ•. {CCGRI. • {CACACAI IQ TamarfFaffjlt•lltrElbH. 2023 . 7 43,611 (2022 4: 35,941 X) . 2024 50,000 . ¥É Carelinks also support New Leaf Counselling Serrfice arKI Ihe Operation Christmas Child from Samarrt8n's Purse. This year's highlwht is Ihe Carelinks Sunday Icok place in May that we have had representatives of partner an1&10n to preach. The Carelinks team appreciate the support and donation from the church famity. May we continue lo t justty and lo love mercy. He has shown you, O rn81, what is gcx)d. ArKI whal does the LORD requiR of you? To act just a1 to love mefcy and lowalk humbty wrth your God {Mtsh 6.'81. ILIllX3QlXIM, Im•JgSAttfJ{Samaritsn' s Purse)AIXRRVITSb. WJ J . M7%rFttl¥tltlHAQxill. mirJiT. 6.8 (11 6".8)
14 Th• Next Generation Ministy T-tt•I The Nexl Generation ITNG) is the core ministry for prinwry-school-aged children (Kids Church) and secondary-school•Jed y$ (Youth Ministy} compIr of ministy groups attached to e congregation across the Chinese Church in Lonth)n. Fqt¥l ITNGI (5& ) a,L The ministry year fcAlCyS the ac&lerric year and therefore began with the Autumn Term in September 2022. In January 2023. Ihe Spring Tenn commenced. and the youth groups across TNG Ministry collatoraled wilh video tehIng prepared by the youth leaders, with a series on 'Bold B81iever5' and a series called 'REAL-atKJnships', overseen by our pastoral interns Haynam Sham and John Ho. We held our annual Youth Easter Camp in April 2023. attended by 110 young peop and le8ders, on the theme of'Lrfe lo the Full,. In the Sumwr Term, Ihe youth groups continued to collaborate with a serK88 called 'Holy Habits. kokiro al spiritual grov•th, and then 'MiThJ Matters, looking bibllc81ty at mental health. ¥$&¥-tt, 20229 2023 1 R, S¥•XgPUla, TNG • -fF, È11& [yaotJfiÈJ %sJiill IAXlYMffiJ %51J, 2023 * 4 . 11174- iJIUIAalÈ, [alAj È¢JsyiJa, 14tJAk&ar4ll. fiL>fflYJ J, Throughout the year. our children's minw pastoral Wofker, Glatys Ng, continued to visit each Kids Church group and spent tirm delivering training to the ministry volunteers as well as Winning lea buildlng adivliies for each Kids Church team. Pastor Ollie Knight conlinued to lead the TNG Pastoral Team and partner with the Chinese Overseas Christi8n Mission ICOCMI for Next Gen Leaders Iraining PTogramme on 4th March 2023, and then the annual youth sumnr camp, Praise Him All Tc#3ether {PHATI in Juty 2023. wi Lal. TNG , (COCM) YF. frè 2023 3 R 4 EWF-ItWrJllAIQ, 2023 X¢--kÈ¢JliJllal [FJIL*J (PHAT) .
ÈLYII,
During the sunvw bmk. we held a Stxth Forwws Tri) for older youths wtyll be going to unlvefsity. Then the Autumn Tern began in Seplember 2023. and we held a church-wide Youth & English Ministry Baptism Cekbrats'¢)n on 17th September, in which 16 young people were baptised along with some 8dutts fn)m our English-SFeaking congregatnS. , 2023 * 9 R, IklnE 9 A 17
15 Whilst Pastor Ollie Knighl corrtinues to 0see The Next Generaln Mintstry as part of the wider English Ministry of CCIL. pasttral worker Charis HuThJ re-joined the TNG Pastoral Team in September and has been gtving direcli)n to t Youlh Ministry vthilsl based in Hammersmith. working with Haynam Sharn based in Croydon, Tthose intemship was extended to cover Ihe needs Ihere. Following John Ho's intemship, he becaffe a pastoral rker in October 2023 8nd I(uSe8 on the university student ffmnistry lSed in Soho. {Pastor Oll KnKJht) MAAF-tt¥I, JRa•XWIIJ-IB5>. (Charis) AIJLL1ffiJJQTF-lIAth, ¥£ Hammersmiih154l1 Wl. Jt, (Haynam) YF. , 2023 10 RthIAf]I, (John) In ¢onSUhic with the leaders of Colindale Congregation. a need ha8 been identff for a Youth Ministry pastoral worker there. Therelcxe a recnjitment prrtess is underw8y to further expand the TNG Pastoral Team in re8ponse to th8 griming number of familie8 With young people attendlThJ the Church. Xlm•K-8l¥iJMityfJi. LIX TNG IA¥1 PLANS FOR FLrruRE PERIODS XXIIJ Th• Board h•• Id•nttfi•d and •ndorn•d the followlng Prl¢)rltS08: Govemanu.. The Bowd continues to seek improveffnt to strengthen the current governance as headed ty the Board so that the Ole Church with rts various cenlres and growing congregations may serve the church communty with greater alh3nment to our vision and prioritie5 and wrth a slronger sense of corporate Klentty. The Board has prc4Juced an ordiatbn poly which has been used for the ordinatb)n of Pastor Oltver Knight in 2021 and for Pastor Pui Yin Ho in 2023. The Church VAII continue to plan for the ordination for ots suitable members of p86tcTrl staff. •tETL*, 2021 2023 The Board has put in pL%e staff supervtsion and linethrTranagerrent structure to improve staff weware and accountstslty. and will continue to nnItOr our staffs wdl-being.
16 LJa•AIiJ•J4ipJJAJ, Invest in Future.. The Church currentty meets in centres over six geographic locatK)ns {nc including Seven Dials since il is under the administration of Sohol. Each cenlre aims to provide services in three languages.. Mandarin. English and Cantonese lamhough in some kxations not all three langLjeS are offered). Since COVID, online live-stream Sunday Services have been running in paramel wth physical Sunday Ser¥bce in nKJst of our ontres. IE: Seven Dials. COVID LI, The next generation 18 increasingty multi-cultural arKI their friends reflect the diversity of London. This has presented challenges in that each centre-based dership now has lo serve the local church communty in a diverse manner. The nexl generation Is also very adaplable to new tochrJY and online gatherirKJs. F-ftxy J$tXIS. )A•7YÈIE, The church plant in Strafford is gettsng estsblished and stabl1j with it8 own 8taff and seNing team, There is a steady but sk1 do1 number of IMmrants coming lo the United Kingdom. We wll continue lo develop church plants to reach out10 those already he or due to come. With an increase in families with youths and chiklren, the church is tety rlU$llng to build the EnglK8h speaking pastoral team to seNe the future generation. The Board continue8 to review the deployment and recruitmenl of pasloral staff, including voluntary workers. as V•pII as prop)s81s for church plants. second services, and the rentsl of additional space for Sunday Serv8 and other aclivrtEs. The Church wlll continue lo identfy. train and mentor capable staff rr*mbers arKI volunteers to attend to the challenges and t8ke on leadership role In eh centre. Slratford The Church held a staff retreat in Juty 2023 to discuss and plan for church grh. The theme ofthe relreal was"Transfoatnal Churth.. Learning Jesus, way from the inside out.. The purpose of the retreat was to enable the staff team to share and reach a comm
17 understanding and agreement on the tranSfMatIon. As a re11, the pre&hing series for 2024 Nwds created and used lo take tho church forward in this trartsf0rnl1on ioumey. •r; 2023 * 7 Rkn7-YxifjIi&#•. trJ#¥IYX•aYUR. i mJll7 2024 ffit%l¥Aa&llZlffl The church has contin1 to buikling up an e-library of teaching materÈ31s to support our Kweaching preparatN)n. Also, the church has CneCtIonS vlth a few seminaries and evangelistic organisations in Hong Kong lo explore ways to support the ne1 immigran1$ with training projrams and ganised scffle mu$ic81 ev8ThJelistic events to reach out to them. LJMld Mlnl$trles.' As a church we bele that the spiiitual wellbelng is of importance to all th8 charrty work. In the coming year, we wlll ntInUe lo promote regular corporate and individual prayer groups al ea¢h cenlre. We will also aim to improv8 and consolidate biblical teachings 80 th81 our mernbeT5 vKuld recerve the spiritual nourishment they need, and make effective use of the available church resources. This is in-line th our growth plan as an Intenlbnal Dixiple-making Church. The fc¢u$ Is to help every bellever b8corr* 8 dlsciple of Jesu8 Christ. As a Charity we are also aware of needs in our convnunltS. In the coming year. we will seek to work various communty proiecls lo provide supwt to people affected by the economt downturn. illness and losses. such as counsdling services, social economic projects such as fo¢)dbanks, ellerly felk)wships. English classes, and Mll cOlborate viith Para-church organisations to deliver the services.
FINANCIAL REVIEW IIIIIFt The church reporled a net deficlt of £23,369 for the year 2023. which is a signrfunt improvement compared to the deficit of £161.458 reported in weVS year. AdditDnally, the deficit for 2023 is far below the £324.7(KJ estimated in our t(Je1. ¥Atr 2023 23,369 IR9Ye5. 2023 , 161.458 324,700 M. The most signrficant expendrtufe fo( the church was the payroll. with £1.061,818 allttated for staff salaries and pensions. Moving forward, the bcord will continue lo diligentty review and monitor payroll expenses. Donations and renLIl income play a vital role in supporting the church's objectives. In 2023 the accumulated Unffjstricted Fund reserve CUfTenty stands at £726.737. Wrthin this balance, a nel unrestricted loss of £35.858 was incurred during the 2023 financial year. I•¥111&jfFffi. 2023 , XIt•jt#ffl , 2023 wJ5151 35,858 M. lJa 726,737 A8 of th8 end of 2023, Ihe Restricted Funds reserve amounts to £5,249,336, with a net profrt of £12,489 attributed to all restricted fund5 in the 2023 financt81 year. 2023 4r, 5,249,336 M, 20223 12,489 . The Articles of Association empower the Board lo invest cash which is not immedkglety required. We have decided to invest into a savings a(xounl and aim to generate interest income. F. Ll>Jl8flJ 8TATEMENT OF TRUSTEES. RESPONSIBILITIES ThAAE Thè Trustee5 Iwfio are also the Directors of the Chinese Church in London) are sponsible for preparing the Annual Report and financial Etalery*nl$ in accordance with applicable law and United Kingdom Accounting Standards Iunited Kirodorn Generally Accepted Accounting Practte), including Financial Rewrting Standard 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland.. Company law and the applicable to ch8rrties in Engkqnd and Wales require the Trustees to prepare financial statements for each financial year which give a Irue and fair vwi of the state of affairs of the Charilable Company and of its incoming Tesources arKJ application of resources. including its income and expendrture, for that period.
19 A (FJPttsXM#l#•È¢JE¥) <¥1J) (# ' otJR¥XFtyHIJJ In preparing these financkql statemenls. the Trustees are required to:. Select suitable 8ccountin9 [X)IleS arml 8ppty them consistently: Observe the methods and princip of the Charli8 SORP; Make judgements and estimales that are reasonable 8nd PrJen1', State whether applicable accounting starKlards have been follovKd, subject to any material departures disclosed and explained in the financial Stalen1$,. and prepa the financial slatemenls on a going concern basis unless it r& inapwopriate lo presume that the Charitsble Company will continue to operate. The Truslees are responsible for keeyng proper accountiry records. disclose wrth reasonabl8 a¢curacy the financial posi1n of the Charty at any time. and to ensure thal the financial statements comply with the Companies Ad 2Crt)6, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deod. They are also responsible for safeguarding the a558ts of the Charity and hence for taking reasonable sleps the preventi)n and detection of fraud and other Irregularities. Under Compary Lahf the Trustees musl not approve the financial statern&nls unless they are satisfied that they gNe a true and fair view of the stale of affairs of the charitable company and of the re8uM of the company for that P8tiod. (20C6 / ') . 12008 {MSlU} IWJ) LARriE)lJ. ltsni The Trustees conflrm that, In the case of tsch of the persons who are Trustees at the date of this report, the followng applies=_ EA[f, LAFltrRj. .
20 So far as each Trustee (Director) is avrare there ts no reknnt aLKIit information linf¢xmalDn needed by Ihe Compary's a110[S in connect)n with preparing their report) of which the Company's auditors are unaware; and Each Trustee (Directcy) has taken all the steps necessary to ma(e faselflhlmseif aware of and disclose any relevant audit Infomallon, and to estsblish that the CoMpY'S auditors are aware of that Infoatn. ) ¥EW-¥JthaK, Jt,nip AUDITORS •ItrII The Trustees have consenled lo treating the appointrrnnt of1trX Cropper 86 eXtejIng to Knox Cropper LLP. IEAf]K Knox Cropper Knox Cropper #MIPthKa. A resolutlon to re-apwint Knox Cropper as audrtor8 01 the Chlnese Church In London vlll be pul to members al the f(wlh¢orring Annual General Trleeling. mklM&I-JI, KnoxCropFra Thls report has been prepared in accdance Y4iih the $al provisions of part 15 ofthe Companies Act 2006 relating to smal companles. Approved by the trte¢S and slgned on their h•ll by: Chairman£A Deacon Che Sheung Wcry #VJA D•ts: 08 August 2024 EII. 2024 * 8 fi 8
21 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CHINESE CHURCH FOR THE YEAR ENDED 31 DECEMBE J 2023 023 2023 12 31 Opinion We have audited the financlal slaterrents of Chinese Church in London {the 'charrtable Company) for the year ended 31 Decemter 2023 whith comprise the St81emenl of Financial Activrties lincluding the Inco and ExperKlilure Accounll, Ihe Balance Sheet. the Statement of Cash Fkms and the notes to the financial st8tements. induding 8 summary of $KJnffj8n1 accounting policw. The financial reporting frarrrk that has been appl in their preparation is applicable law and United Kingdom Accounting Standards Iunrted Kingdom Generalty Accepted Accounting Praclicel. including Financial Reporting Standard 102 'The Financial Reports"ng Standard applicable in the UK and Repul of lffjland.. IPYE•trHW¥I*YA• I J ) 2022 * 12 31 tl a¢Jk ¢RJI J In our opinion the fina141 stal•merrt•: Glve a tru8 and fair view ofthe state ofthe charitsble company's affairs as at 31 December 2023 and of Its Incomlng resources and appllcation of resources for the lod then ended., 2023 ¢ 12 fi 31 AIR¥I4%4R, LJR Have been proF¢r¥ prepared In accdanCe wlh Unlted Kingdom General Accepted Accounting Prath"ce, including Fin8na81 Report5ng Slandard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland.; and -¥FJ) 102 atJRaiM&-IlRJI J J. L Have been prred in accordance vthh the requirements of the CompanEs Act 20C6. Basis for opinion We conducted our audit in accordance vthh Intemational Standards on Auditing (UK) IISAS {UK}I and applicable law. Our responsibilrties under those stsndards are further dewribed in the Auditols POnSIbl1111es for the audit of the financHI staterynIS tiOn of our report. We are indeFendent of the charrtable company in a¢cordance the elhKal requirements that are levant to our audii of the financial 5taternents in the UK, including th8 FRC'S Ethul Standard,
22 and we have fuKIlW OUT Other ethical responsibiliti88 in xcordance with these requirements. We believe that the audit evidence have obtained is SU[flent and appropriate lo provide a basis for our OFynion. >k¥RIJ) ( ) (ISAS {UK)) 51fF7ts-XW. , t1
72S>IQA*ÈY
Concluslons relallng to going concern Ill# In audtting the financial statements, we have concluded Ihat the trustees, u88 of the goiry concern basls of accounling in the preparation of the financial statements is appropnale. Based on the th we have perford, hav8 not 1dentrfd Y material uncertainties lattn9 to events or conditions that. indivmjualty or cdleclively. may cast signrficant doubt on the charitable company's abillty lo continue as a goiro concem for a Per ol at least tsyelve months frcm when the financial statements are authorised for issue. Our responsibilities and the resFrf)nwtslities of the trustees With respect to gng concem are described in the relevant S8Ctions of Ihis report. Othw Information XItsMAI The other information comprises the 1nfcmia1n included in the Report of the Trustees,, other than the financial stslements and our audrtor's reFQrt thereon. The trustees are responsible for the other Infomiati)n. (IEA AAA. Our opInn on the financial statements does cover the other infotrnation and, except to the exlent olheTh¥i6e explicitty slated in our report, ¥ <k) not express any forn of assurance conclusion thereon. In conne¢iion Vth our audit of the financial stslements. our responsibil.ty is to read the other infMatn and, in doing so, Consider whether the other informaln is malerialty inconsistent wlth the financial stalenEnts or our knowledge obtained in the 8udit or otherwise appears to be materially mi5slaled. If we idenlfy such maleri81 Inconsisten85 or app8rent mateiial
23 misstatemenls. we are required to detemiine whelher there is 8 material misstatement in the financial stslements or 8 material misststement of the other inf0Mtion. If. based on the work have performed, we conclude Ihal there is a material misstatem8nl of this other Infomialion. we are wuired lo report that fact. We have nothiThJ to rerKA1 in this regard.
IYFffl&&JieF, fYl8&IVwthxttfr5m#.
Oplnlon on other mattern Fwescrlbod by the Companlo8 Act 2006 Iltr 2006 MEWJXf&WAIYXJI In our opinion, based on the work undertaken in the course of the audtt.. the infOrMan given in the R8POrt of the Tnlee. Ythh includes th8 directors. port prepared for the purposes of company law, for the financk91 year for which th8 financial statements are prepared 18 consistent with the financial statements., and the direclors. report. iluded within the Report of Ihè Tru8te88. ha8 been prepared In accordance with apble legal requiremenls. Mattorn on whl¢h w• arn Roqulr8d to Report by Exception In the light of the knovAedge and understanding of the Charrtab comp8ny and its envlronment obtained in the course of the audil, ¥ have not idenlified material misstatements in the Report of the Trustees,. We have nothlrKJ to rewt in respect of the follcthing matters n relation lo Vthh t Companie8 A¢t 2008 requires us lo report to you rf, in our Opinn.. Ittsè (200e *) 5%. Adequate accounting records have not been keix, or retums adtyuate for our audit have not been re¢eNed from branches not visited by us; or The financial statements are not in agreement wilh the accounting records and returns,. or Certain disclosu of Trustee$. remuneraticffl specthed by18W s not mwje,. or We have nol received all the infornation and explanations we require for our audit, or The trustees YRre not entitled to prepa the financial stateEntS In OrdanCe wtth the small companies regim8 and take advantage of the Small companies exempth)n from the requirement lo prepare a Strategic ReFM)rt or in preparing the Trustees. Report.
24 R•$ponslbllltles of Trustees AIEAAE As explained more fulty in the Steffent of Trustees, ReswnsibilrtEs, the trustees (Wt are 8180 the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial staterrenls and for being Satisf that they give 8 true and fair viwi, and for such intern81 control as the governors detemine is necessary lo enabk8 the prepar8lion of financial statements that are free from merial misstatement, whether due lo fraud or error. a, In preparing the financial statements, the trustees are respxjnsibbe for 8sse$$ing the company's ability lo continue as a going ¢oncem. disdosing. as 8ppIKable. matters related lo going concem and using the going concem basis of accounting unl8SS the governors either intend to Ilquhjate the company or to cea69 operati¢)n$. or have no realistic altemalive but lo do 80. •ttx, r64E¥$J1L%411k1l1È1I11. aESJI Audltor'8 rosponslbllilim for tho audlt of Iho financlal •tstwn•nt• Our objectives are lo obtsin reasonatde assurance about whether the financial slalemenls as a whole are free from material misstslerrenl, whether due to fraud or eOr. and to issue an auditor'$ report that includes our opinion. Reasonable assurance is a high level of a88urance but is not guarar)tee that an audrt conducted in accordance wilh ISAS (UK) will always delecl a material misststement when it exists. Misstatements can ad$e fr¢Jn fraud or error and are consNJered material if. indmdualty or in the aggregate. tw could reasonabty be expected to Influence the economK de¢isions of ur)ers taken on the basis of these fmancial statements. (
25 Irr&3ularities. includirvJ fraud. are instances of non-comp11ae th and regulations. We dewgn procedures in line virth our respMsibilities, outlined above, to delect mterial misstatements in respect of irregurt11eS. irtluding fraud. The extent to our procedures are capable of detecting irregularities, including fraud is detailed t¢low'. The Charitable Company Is required lo compty wrth both company law 8nd Charity law and, b88ed on our knowledge of rt8 a¢livttEs. we Klenlifd Ihal the legal requIrerr1 to accuralety account for restrkt&J fvnds was of key sKJnMlcance. We gained an understanding of hcym the Charitab company complied with tis legal and regulatory frafflevrk. Including the requirement to property account restrtied funds, thrOh discussKJns wrth man4ement and a review of the document6d Polic8. procedures and contrds. The audil team, whh is experienced in the audit of chorilbes, considered the Charitable companys su8cepts'bility to malerial misstaterr£nt and how fraud may occur. Our consider8tions included the ri8k ol manapement CNaje. 0urappr0h was tocheLk that all restricted incorm was proFety identifd and separatety accounted for and lo ensu that onP* valid and appropriate expenditure was charged lo rest[ted funds. Thi8 included revivwing joumal adju8tments and unusual transactions. A further d88cription of r re8pon8ibilili8s for the audh of the fincial statements 1$ located on the Financi81 Reporting Counul's wEbsite at.. htt .'IlwMY.frc. .uklaudrtorsre$ nsibil. Thls descriptn fomis part of our auditorfs report. .uklauditors U¥0 of our report This report is made solety to the cornpanys nlbers. as a body. in accordance wlth Chapter 3 of Part 16 oflhe Companies A¢1 2006. Our audit work has been undertaken so that we rn1 stsle to the charitable cornpany's rrmbers those matterswe are required to state to them in an Auditors, ReF()rt and for no olher purpM)se. To the fijllesl extent pennitted by lthv, we do not accept ¢y
26 assume responsibilty to anyone other than the Charitab company and the charitalle company's members as a body, for our audrt work, for this rt, cff for the opinions have fomd. (2006 '1> *) * 16 5 PJ, EAk1P3&tIfF. WJAE. '1fiEAbJ>Fj Richard Billinghurst FCA Senior Statutory Auditor for and on tehalf of Knox crOpr Il• LLP Knox Cropper LLP Chartered Accountants and registered Audrth ml•lFM]ItfFB•ItI 65 Leadenhall Street London EC3A 2AD Date:
27 CHINESE CHURCH IN LONDON F FINANCIAL ACTIV TIES INCLUDI ACC NT R THE YEAR ENDED 31 DECEMBER 2023 TATEMENT COME AND EXPENDIT RE L¥---B=B INCOME FROM Donatlom and Log•cl 1.365.027 3tr.242 1,891289 1,301.673 Oth•r Trndlng Aetlvltl•s 82.420 81420 113,46S InvMtrn•nts IlllyPJAI 825 TOTAL INCOME RE Ral8lng Fund8 ChArftsbl• Aetlvltl•• 1377 321 TOTAL EXPENDrruRE IU 314 752 1577 321 NET INCOMEIIEXPENDITUREI AND NET MOVEMENT IN FUNDS FOR THÈ YEAR 136,8601 12A90 123,3881 1161NS81 RECONCILIATICAY OF FUIIDS". B•l•nce bff t 1•1 Jnu•ry 2023 762,$96 6,236,847 S,999,442 6,160,900 Ballnce clf al 31•t D•¢•mb•r 2023 £5 249 336 £6 976 073 £5 999 442 All actiwti85 f8F4Yted al)0¥o are Continuing adivities. FrKe bst year's frJure pase see Note 19. 19.
28 CHINESE CHURCH IN LONDON BALANCE SHEET AS AT 31 DECEMBER 2022 FixeD ASSETS Tnolbh Flx•d A•••ts 3,022,819 Land ond byiWing8 2.967,100 1,781119 Bulk11ng irrpro¥ements 1,712361 10,J11 Fixlures & Fith'ng$ Offic8 FUrThrtu 8nd Equpftxrt 814 5,907 2,741 13 4.fj91,79Q 4.8q7.991 CURREPIT A86ET8 DebturnffllJJA 14 119.903 103,UJ Caih ¥t Bank in Ha AÈRHK< IS 1 220.774 IA29259 1,324,367 CRELfft)R8.. Amounts fallirKJ due withln one year WIIIA 144.975 142.906 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENf uUTIES 6,976M4 6,999M42 TOTAL NET ASSETS £5 999 442 FUNDS Unrestricted 726.737 782,696 17 6 238 847 TOTAL FUNDS t5.976 074 E 6 999.442 Th& Flnanclol Ststennts hal en wepared in ar£18n¢e 7Arfth Ihe spedal provisions of Part 15 of the Companies Act 2006 laIrj to snwll chariiable cornpanies.
29 The Finarri81 Ststeffents were approved by Tfusttss on Q8 ALb3USt 2024. 2024 * 8 A 08 8xi8ouiItx. Ch•lrnMn ID•acon Ch• Sh•ung Wong) Chw¢h Twpasur•r Iyulan, Cl) D•l•: 08 Augwl 2024 211: 2024¢ 8118 Company No. 05285135
30 CHINES HURCH I CASH FLOWS A NT AT CE NET CASH PROVIDED BYIIUSED INI OPERATING ACTV4ITIES ft#y ( 96,006 143,1061 CASH FLOWS FROM INVESTING ACTIVITIES Inveslrnenl Income Purchase of Propety. Plant & EquiwTWrt R#J. NET CASH PROVIDED BYIIUSED INI INVESTING ACTPrfITIES iKXln li#li { 6.101 825 17A741 12,669) CASH FLOWS FROM FINANCIIIG ACTMTIE8 Repoyrnents ol Boirowin9 fO12l NET CASH PROVIDED Byiiuseo INI FINANCING ACTIMTIES CHANGE IN CASH AND CASH EQUIVALENT8 IN THE YEAR 146,775) CASH AND CA8H EQUIVALENTS AT BEGINNING OF YEAR ¢¥JSnt&wt•Jffl 1,220,774 1.266,549 CASH AND CASH EQUWALENTS AT END OF YEAR £1220 774
31 CHINESE CHURCH IN LONDON NT F CASH FL NTIN AT 1 DECEMBER 202 ED Cash flow4 Loans eonvtrted to donatlon• A••¢ 0110112023 A••ta¥ 31112r2023 1.220.774 88.532 1,309,308 Bulldlng Fund Int•re•t4r•e lo•n• 182.IXKJ} 182.0001 TOTAL £1.138,774 £88.532 £1.227,306 TIMC 2023 2022 N•t Incom•ll•xp•ndltuY•) for th• ye•r ( I& ) (23,3681 1161,4561 Adjtrn•ntr for. Investment income 16,101) 139,776 118.370} 2.Ck89 16251 137,351 2S,470 Dwed8lon 15 Iln¢reai•llD•u•a8• In Debtor8 ( I I Incrna8e In Creditors Ilm I I ) IIRA 143.1081 Investrnenl Incon 6.101 825 Purchase of ProFety, Plant & Equymenl IlJl#J . 113.575) 3,4931 CHANGE IN CASH AND CASH EQUIVALEp¥fs IN THE YEAR 08.532 {45.7751
32 CHINESE CHURCH IN LONDON TO THE FINANCIAL STATEMENTS FOR THE NDE 1DE BER 1. ACCOUNTING POUCIES •II lal B••h ol Aeeountbno •lt These acc£)unts have been prepared undtrrthtr hisltsital convenbon, In accordan whh the Flnandal Reporting Standard 102. tho C¢Mnpanies Act and the fequffements ol the Stskment of Reeommènded Pradce. Accounting and Reportlro ty Charth"es IFRS 1021. The corwny IB a public bonefit enllty. 1¢Y2. 2(NX IFRS The Iru6t••8 ¢on$id•r tht therg are no material UrrtaIntles aboul the Charit¥ ability to Conlin •• ¥ goirvd The prentatal Curren of the financial stst•mnt8 18 sten0 1£). {£) . Ibl Flx•d A••4t• Fixed 8$8ets ar• dlsclosed at cost net of depreuatbn to d8te. Th• eosi of Nne8dd[llons or those $lIng be £ 500ar9 nol Capall9ed and are Itten off in the year tsf purchasè. Ass8ts transl•rr8d Irorn the predecessor chanty hAve been reoxded 8t c1 equP4gkqnt to thelr net book value In pr0decor chaity at the date of iranslor, JA$1 Icl D•pr•elatlon Depreciation of fixed assets is ¢oknAoi¥d on ¢o$l ot rate8 eslmated lo wrlte off the assets. by equal in5talment8, over their exp¢¢led WOrj INes. Flxtures and ffittlng5 and eoulpmenl are wrltten off on a strolght Ilne basls over 5 years and 3 years SpeCtiVe. 8ulkI95 on<1 building inwrovements have been deprecLaled over ihe Ime ol the property vthich ho5 ¢$tim8ted at 50 y6ars. As a resurt of a rewew ol the depreck9tK)n polKy, Ihe in5t8lled lrft 1$ being written off over rts remaining uselul lrfe. The cosl ol improvernents gt thtr United Refomi Church deprg¢lated over 20 years. Depreryation cafges on 8ssots tranif•fred from th• prodac8ssor chanty continue lo be apled on the basis of rJ)sl to Iht prndeeessor charty and the wedecessor charity'8 esllmate of economic Ie. 5 3 *1ty. {tiita 50 ¢1 Idl In¢om• J AJI income is Tecwnised In the Slalement of FinanciBI "ttes once the charitae coryjany has enIrt1ernt to the lunds. 8ny pwfom78n ¢onditb)ns attgche(I to the items of income have been rnpl, it is ptobable thal Ihe incomè 11 b8 ralVad and the anUnI can be rreasured rpliably. Oonation6, covenants and are uedlled tolhe jnts kn the year Ihty •re feceNable. grossed up fortax r8o)verat4e appropriate. Inleresl is (xeflited to Its w)unts In the aT in whth bt is receNable.
33 lel Value Added Tax IIIAIA The Charity Is nol re9iStwe(I for VAT and alzordiryty. Ithere applk¥t4e. all co8tB and axp8ndluTe Incurred are shown in¢lu$fve of VAT. ID Funds Unreslrt¢t&d fvnds 8T0 lho fvrth. whth b8 u••d at thg Trust•es' dlsuoth)n. RtrItid Fund8 Are funds whose purposes have been restrkd by the donor. gl Expendlturn Ch8ntable expendlture compres dlred expendrture 9ttnbUtab to the chAthable Obc¥t3 or activrbas and 8upporl costs. Where costs cannol be attributed. tw have been apportbned lo tharttablè objtetivg5 or vifr'98 according to It+e tin or T•sc4Jr¢es nI on frath. sup costs are Ihose lunctions Ihal 88sL81 th9 work of the d)arrtable company bul do nol directy untlertake fundraisi or ch8ri18bk alVe$. Support costs Indude general overheads and governance c081s (those costs Incurred in the govemane• ol Ihg ¢h4rttab ¢omp8ny and Its 8s$ets 8nd art primarfty a$socKqied with con$iiiutti)818nJ slalutory qUirennts}. Ihl Grant8 Ilmj Grants payable are charged In Ihe yearwIn the offer IB n¥eYed to thB redWent. 111 P•MloM The Charty contrlb¢Jtes lo defird contth pen8)n $drnes and the pensknn chgrg9 prnts the lrnount payable by the to thts In respect of the year. Ul Key JudBement• and E•Umote• wiiiiiiatt Financial instrument dassification RJIAIA5Y41 The classbficatw offThnrAal instruffMt8, both assets and liabrfitEs, as'bast. or'olhef requi3 judgernenl a¥ lo ell all awicable ¢CrfKIth)ns a5 basic are rt This ncludes the typg of Inveslnwnl or ben and 6ts retum. The Charlty only h8$ fln8ncfjBI gssets 8nd 118bI16Ie$ ol 8 knnd that qualty as ba51c naL41 instruments. These are initkglty Tecognised al transaclion value aTrJ subsaquently valued al the setderr*nt vdue.
34 uSeft IK¢ oflun¢Uonal propertles The MaInIN4 u8&1ul Kfe of deprec68t4e rwoFwlles is rwiewed by management * each reporting date and, rf n8c•ssary, the depciat charge adjusted accordingty. (kl Short.t•m) d•bthrn and erndlior• Debtors a recognised when the Chaiity is legally enbled to th8 irtoff after ary pOrf¢? condrtlons have been mel. the arrrf)unl cen be rr•8sured relb ond it 15 prObae ihal the income 11 be recaived. Creditors are recogni8e<l when the chorlty hos 9 sen1 leg81 or construdNe obligation resulting from a past event to make paymnl to a tlmrd party. It Is w0bats that Settle wlll be r•quirnd alrn1 lo s•ttle thts oblig•tion can be m8asured or estimated rel18Y 11) and Cash Equlvahnts C•$h 8nd Cash Equivalents in the statennI of Flnancial Position coffyriBe c•sh 81 b8nk ar in hand and ¥hort term depoBrts wbth an Or1n81 rna¥1ty of three nkn)nths or1¢s5. Fry th• purpo ol lh* Slat8mgnl of Cash Flows ash and cash equwalents as defined above of tyJt5taThJin9 barnk overdrnfts rf Ihey exisl.
35 CHINESE CHURCH IN LONDON Fl NCIAL STATEM NT NTIN FOR THE YEAR ENDED 31 DECEMBER 2023 DONATIONS AND LEGACIES IPXR trlct•d Fund 2023 2022 rAntonM• 4 2.675 87.$34 378.209 249.409 Mand•rln 116.071 22.111 22,578 111,$80 11.199 27,838 20.119 18.295 138.182 121.621 470.146 44.420 186,040 176,036 115,010 82,804 140.120 130.774 TNth nd GrA¢• XX N•w Soho IHEM Hounslow IlllX Croydon Collnd•l• Str•fford JI OffK• 99,043 358.568 33,221 138,202 155,917 33.212 125.812 150.658 98.718 76,616 5.988 104.942 É 1,365,027 £ 327,242 £ 1,692.2e8 £ 1.301,573 3. OTHER TRADING ACTIVITIES Book 1410• 780 Rontsl 76,887 1.679 73.523 15.180 Sundry Incom• AIIIIA Lun¢h mlnlslry Inc¢Jm• E•tIOn C¢)nf•rnnu In¢om• •III•*A 24,002 £ 113,465 £ 82.420 4. CHARITABLE EXPENDITURE MXIII ort Cog WJX 2023 Total 2022 Totsl Pastoral 594.730 135,174 729.904 597,117 404.669 228,644 346,691 £ 1.577.321 Outrnach 362. 233,936 243,038 £ 1.434.664 64.292 61,031 108.997 £ 369.494 427,254 294.987 352,033 £ 1,804,158 Welfare Bulldlng11 Total 8#
36 CHINESE CHURCH IN LONDON TO THE FINANCIAL STATEMENTS CONTINUED FOR R ENDED 31 DECEMBER 2023 TE Sla).EMPLOYEE COSTS PJIJI Salats and wag•• Soclil S•curfty P•n•lon a¢t Total H•d Offlc• S•l•ll É# 927,352 69.455 45.011 79J.439 78.209 39.563 £ gY)6,211 £ 1,C61,818 Thg gwragg number oferyloyees durfrg Ihe yew wa¥ 3012022.. 29). AASsFMIAIIk 30 A 12022 4.. 29 A) . The Key monagement p•rsonn•l of Church a thosè persons havlng authTty and responsibilty for pl8nning. diwecb'ng •ThJ ¢ontrolling th• activilhfjs of lh8 Church. directy or Indlrecty, Indud9 Bny trustee of lh• Chureh. In a¢J(Jition lo Ihe trustees. they COTrpw ol Ihe Senpy Staff detailed in the Administr8b've Detalls. No employee eamed rMr• than £60.Cth during th8 ye8f. eo,cKJo . 51bl. TrUSTEE'S REMUNERATION AND EXPENSES IIIEAWIII Durfng the year, 12022.. PaslcK T S Laul of th& trust recelv8d Muneralon 8TrJ expenses. However, these payrrnts ate to th( capacty as past c sw'ritual knaders. ralher th8n 88 trustees of the Churth 11 is an 8ccepted practic In r•liwus organisa15 for the ministers to lake an 8Cb rc4• In the Church 8o8rd lo guSdé the Church In rt5 affoir5. 2 £ 12022 ¢.. 181 Iffi, JL4WYWthRffjyEMII R•mun•ra140rn paid in the year P88lor PIM Ho fJ;IIAè Pastor Y Y Slu 6,e67 £53.755 £40.150
37 CHINESE CHURCH IN LONDON NTIN ED FOR THE YEAR ENDED 31 DECEMBER 202 6. DIRECT COSTS 8i•ff 446.501 148.834 148.834 744,169 587.881 12,341 6,171 20. stff 4n¢llknry co•ts 31,510 ¢onqr•g•UoMI C4•1X•IH 131.519 1.941 65.7 970 21.W20 219.193 3.234 135,687 2,166 Lk•Tr¢w •nd Suts¢rfptlM• 323 TNQ Mlnl•ty F-lrwi 8p••k•r4 F• Outr•¢h ml 149 1.487 1,414 935 1,650 42,347 145 H•m• 13,864 13,864 Oth•rXIJ Clrnllrbkn ¢ Prop•rty D•pr•¢l•llo•MH MIMlon Co•ts 2S4 4,C66 19.070 46.19) 46.1? 128.204 128,204 11.665 128,072 3,828 121,146 11,685 Ml••lon Grnnts 114.485 114.485 7.8Q) 9,531 121,2341 ' Stud•tht Qrtnts I••# Comblmd Church 6,4C 1,2? 513 170 1,710 13.0181 Pr•ml•K latywd Conf•r•nr• Fu 114.832 114.832 109,335 23,358 •xp•nw Totsi # £694,no £362,£fj2 £233.936 £ 243.036 £1,434,664 £1,197,889 'StJen1 In 2021 ulIkWV bttk In 2022. ewxlY¥J wants •wtsJ In 2022. 2021 2022 . aif 2CQ2 f Xfptrj.•t
38 CHINESE CHURCH IN LONDON TES TO THE FINANCIAL STATEMENTS CONTIN ENDED I DECEMBER 2023 ED SUPPORT COSTS ttWJA 109. 9,784 54.8 4,891 98,439 317,649 16,305 318,330 14,990 Po•thg•lSllloTh•ryfft•Dk 1,630 Fw• L•yl and ProlM•loh•l 1,740 1,740 122 1.740 122 1,740 612 9.gjo 1,224 1.224 D•prncbtttltsn oinc• Colts IW&'l Tot•1 # 1.157 1.579 1.157 1,579 3.472 4,734 11.S72 15,784 9.279 25,709 7.8¥2 £135.174 £64.292 E61.031 E108,997 £369.494 £379.432 TAXATION IR ChineBe Church in Lon¢S)n16 8 oglslernd ¢hath and 18 pot•nllalty •x•rryt laxth'on In rgspgd of In¢omo bnd c8pIt81 galns receNed within the ¢ategoiies covered by Part 11 of CorporalKJn Tax Acl 2011 to tho extent thal such lrtonx or g0ln6 is •xelus6¥ety lo charl18b purp)8es. (2011 1 lit) ¥ 11 CARELINKS DONATIONS t11111 22 T•mar IAII Souls Chyr¢hl 11l1¥1 Chrl¥llan Celltre for MblIj R•bIlitlIon IlfX#tyO 4,540 9,458 9,080 4,540 8,323 117 1,837 18,825 £19070 10,559 11,018 7,345 9,180 460 2,099 Cfjdlr Fund Chinese Ats$o¢iation lor Canc•r Carn W•AmlI Car•llnks expen1 New Leal Coun••lllng C•ntr• ffiIE64114• Unpald donatlon8 wrltt•n ck%lI81A £48,19)
39 10. GRAfrTfs FOR MISSION WORK Th8 Charity mad8 instituts.onal grants to Chrislwi oiganisations. to 8UPPOrt in tho UK and overseas, as follows.. Overseas Mis6ionary Felkyw5hip Operalbn MciIisaln Jian Hua FOundatn IHoThJ KoThJl X••t• Home ol Loving Fallhfukne95 (Horg Kongl I%X2Z Chinwi 0[$4$ Chri$ti4n Miss#)n XX¥IIIts• CTch Misshn Scthty WIIR4'•• WEC International IIYII • ch$1 Tranxendlng Poverty Chw¢h %IIIA• PKJneer8 Ywhm Gbbal Conneth'on Chri8lma$ Grft lo mi$$lMaries Il?IIK Oxford Centre For M153ion Slthlles 13,010 13,010 9,095 12,415 2,235 180 10,X 10,C 320 9,595 320 9,320 375 £86,925 £63,780 The Charity also mgd• 1ndfr¥klU grants to 13 ChrL41kn wofesn8l thinp In Chln•, Thaiiand, A&eria and Jbania. In the currenl year, Ihese totalled £47.56012022.' £45,540). a 47.560 M. (2022 .' 45.540) . 11. STUDENT GRANTS I••Mtt The Charity 08v• slud¥nt grants totalling £8.40812022.' £4.045 } to 2 lThJMdual8 (2022.. 1 Indk[Ull In thè UK to 8UPPOrt them in their theological stuthes. Ir]#&tyJ 2 A (2022 : 1 AI thtt710t 6.408 XVJ 12022 : 4.045 ) ¥Jty4)•, LA 12. PENSION COMMITMENTS I1# Charity contribul8d to a defined contn"bution pension scheme for 5ever81 employe•s. Th8 assets ol the scheme are hdd separatety from th068 of the charity an indtrpendontty 8dminislered fund. At the bal8nr Sheet dBte unpaid contributic$ to lh• fund %btre £nl12022'. £niQl. Totsl prerriums p8ypbk in Ihe year wore £45.010.8812022.' £39,563). Z. 12022 f '. ¥MI . 45,010.88 12022 *.' 39.M3 Ml .
CHINESE CHURCH IN LONDON THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DE EMBER 2023 13. TANGIBLE FIXED ASSETS •IY&IIM L•nd & Flxturn & omc• Fwnbtur• C1 IIqI: 8ulldlng¥ Impro¥•m•fits Flllln and Equlpm•nt Total At 1•t JAnuary 2023 3,856,344 2.952.433 275,535 3,120 58.941 7.143,253 Addltl¢n• Ila At 31•t D•cemb•r 202) £278 655 £86 782 £7 156 828 Ac¢umul•t•d 0•proclaon Al lit Janu•ry 2023 833.525 1,170,313 265,224 56.199 2,326,261 Ch•ry• for Yr At 318t D•¢•mb•r 2023 £889 236 £1242 807 £80 855 £2 468 Q39 Book V•lu• Al 318t D•¢•mbor 2023 £1 712 261 £6.514 At 31•1 D•¢•mb•r 2022 £3 022.819 £1,782,119 £10311 £4,817 991
41 CHINESE CHU CH IN LONDO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR 1 DECEMBER 2 14. DEBTORS 2023 2022 PYop4ym•nts and K¢nd In¢om• HM ReV•n and Cu•tom• A¢¢ounts r•c•lvabk A¥A 93.501 24.82 1.F24 £ 119953 34,204 68,299 £ 103583 15. CASH AT BANK AND IN HAND 2023 2022 Curr•nt Accounts MPQIAI Paypal Ac¢ounts papit DOplt Accounts MPQ Tr•a•ury Depo•l¢8 Ca•h 242,954 18,681 546.561 87,952 10,488 841,426 500,CQO 910 1.130 £1220774 16. UABILITIES . AMOUNTS FALLING DUE MTHIN ONE YEAR 20ZJ 2022 "8ulldlng fund Intère#tfm lo•rn Trade Credltor* JlllfflRA A¢¢rual8 and D•l•rr•d Incom• HM Re¥•nuo #nd Cu•wm8 82,ory) 3.948 14.846 30.619 12.752 810 82,C 3,937 29,841 18,022 9,106 C4r•llnk• •upport N•t Pw Control i•IXI&# £ 144 978 £ 1429C6 ' These are short lem unSecud loans from mgmbers of CIMnos• Chw¢h In Londm.
42 CHINESE CHURCH IN LONDON NOTES TO TH ANCIAL TATEMENTS CONTINUED R THE YEAR ENDED 31 D BER 17. RESTRICTEQ FUNDS WA Th6 incon funds ol the Church include restrided fimds ujmprfslng the frAI(Ming unexpended balances of ¢Jonation8 and gr8nts hold on trust lo be app16ed for speofic purposes.. Year•nded 31 D•c•mb•r 2023 Balanc• Incom• Rtr¢•lv•d Expgndllurn Pald lneÈ elf 2023 8ulldlng Fund Ml•ilon Fund IltM Dr Peter Ch¢yw M•morf•l Mli•lon Eduutlon Fund 4.749,283 86,711 150,394 1128.2041 1123.cfjl 13.089 4.687.790 139,758 167.090 125,665 122,576 Theologlc41 Educatlon Fund 78.928 16,1)84 18,4081 Communlon Fund I111 C•rgllnki Fund Educatlon •nd Conf•ren¢• Fund 90.529 47,202 48.851 I7.8Cl 146,19)) 129,931 53,347 £5236,847 £327.242 £1314,7521 £5,249,337 Y••r•n<l•d 31 D•¢•mb•r 2022 Bal•nc• Incom• EXp•noUr Pild Tr•n•l•rn Inl lout) WJ (•tMI 8al•nc• ¢ft 2022 Bulldlng Fund Il%llll•YlSt Ml••lon Fund Dr P•tsr Chow Momorfal Ml••lon Educatlon Fund 4,853,900 43.455 1148,0731 {114.9741 110,OCQI 4.749.282 125.916 121.409 7,405 139.756 143,070 17.4051 125.665 Theologlcal Educatlon Fund 44.618 13.076 21,234 78.928 Communlon Fund R6¥11 71,3TT 28,f 19,5311 {19,0701 (238) ),530 Car•llnk• Fund• Education and Conf•r•nc• Fund 32,530 39.226 52,688 1644 24.(K)2 £S.270,787 £289.852 £1303,7721 £5.236.847
43 CHINESE CHURCH IN LONOON NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 17. RESTRICTED FUNDS ICONTIMUED} 111) The puSe of Ihe resiricaed fiJnd6 are as fol¢MB: Bulldlng Fund IIXff4Jiirff rJi Rapres•nts surns alrea(ty exFended on the wrchase and refurtMshm•nl of woperty and sums commltted 10 meet rfutu major refurbishment cosls. Thefe ts currenty a shortfall in funding Igr the Bullding Fund which ha8 been fvnded from general funds as Induted by the analysis of net assets in nots 17. Ml8•kn Fnd Il•J For support of Churth's mi$8bn•iits and mOs8Km oryaniths, bcth blty and over8eao", to fund any Church actmtles 4580dated wKh the furtherance ol the caLt8e ol Chrtst in mission field In the VK and abroad. Dr P•tsr Chow mgm01 E[•11¢)n Fund14AIX•W•IWK•L Fund from Dr Peter Chow'$ legacy for Ihe IrginSn9 and educa16on of mls8lon edu¢&lors and profeonls. Th901oglc•l Educaflon Fund To lund 8¢h¢4ar¥hlp$ for $tudgnts IheologJl Studkns wlth • ¥lf lo full-thY nlnl¥try', student8 are not expecled to repay the Church. UP Compkryt of thw'r siudies. Conwnynlon Fund lIrtlI To fund tTKn8tary glfts lor any broth8r8 sl8tws In ar• in Unple fin8nwl di111118$, kn the UK and abroad. C•r•llnk• Fund• llitllllX These mpn.Se the proceeds ol annual cn$ ts Tear Fund and Cedar Fund, other Chrlstign eotsal org8n1881ion$ and other sped818ppe81$ m8dÈ ereVer a need m•rf Arbe. Educ•11on Confer•n¢• Fund •111•25 To resirict any surplus arise in educatKJn confeffjne4s c events. 4ffj1 o8erve5 ¥UkI be used to support defidls of other edu¢ation rJ)nferonce$.
44 CHINESE CHURCH IN LONDON NOTES TO ThE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2 23 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tottits# 2022 2023 lrfctsd Fund¥ IW UnwMivl¢t•d FuTrd• W•J• 5,249.337 728.737 0.236,847 762,S•6 714.31• 12N21 .204,284 É4.191,789 £LS.971.074 ,M.442 19. COMPARATIVE FIGURES FOR THE STATEMENT OF FINANCIAL ACTIVITIES nr Fund Fu DonaWon¥ and L•B•¢l•• 1.055,723 245,8 1.301.573 Olher Trathng A¢11 89.463 24.C02 113,465 825 InVtmènts 825 TOTAL INCOME IMIA 1 146.011 1416883 EXPENDITURE ON Ralslng Funds Charltsbl• Acllvld 1,273 549 1577,321 TOTAL EXPENDrruRE • NET IN¢OMEIIEXPENDITUREI AND NET MOVEMENT IN FUNOS FOR THE YEAR 1273 549 1577 321 1127.538) 133,9201 1161N581 RECONCILIATION OF FU14DS.' ealanc• bm •t 1•t J•nwry 2022 8KJ,133 5.270,767 6.160.900 Balance ¢M at 31t D•e•mb•r 2022 £762,595 £5 236 847 £5 999.442