AGM 2025- 7.5 EIC 06 September 2025 (A company limited by guarantee) Charity number Company number 5tt 1107568 51 05285135 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CHINESE CHURCH IN LONDON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 12 31 INDEX Page Report of the Trustees 3-22 Independent Auditors, Report 23-28 statement of Financial Activities .Ba%%* 29 Balance Sheet 30-31 Statement of Cash Flows 32-33 Notes to the Financial Ststements 34-48
CHINESE CHURCH IN LONDON REPORT OF THE TRUSTEES The Board (the trustees and directors of the charitable company) presents the combined directors, report and trustees, annual report, as required by company law, togetherwith the audited financial statements of Chinese Church in London for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 and comply with the charity's trust deed, applicable law, relevant accounting standards including the requirements of the Statement of Recommended Practice, Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), 'Accounting and Reporting by Charities.. (¥JK. &tk"% 2024 * 12 R 31 1 14-¥ (FRS102) [¥ 1. REFERENCE AND ADMINISTRATIVE DETAILS BOARD MEMBERS DIRECTORS AND TRUSTEES The following held office as directors (trustees) from 1 January 2024 to 31 December 2024.. LAFAAF20241 R 1 B202412A 31 . yral&¥ (%A) Chairman K: Elder Peng Chiew Wong October2024) Deacon Che Sheung Wong September 2024) Keith Lau IJS¥ (from 1st October2024) Chun Fai Patric Mak ¥IETh (Until 30 September 2024) Kieran Bik Nga Kvnk SIS October 2024) Yufan Chen (Until 30 September 2024) Elder Oliver Hing Yee Tang Deaconess Ly m Yu r&t (from 1st .iti44¥{Until 30 Company Secretary Treasurer (from 1st Other Board Members XlW¥ (from 1st October2024) SENIOR STAFF MEMBERS- Non-Elected Board Members Kieran Bik Nga Kwok eyÈ (Until 301h September 2024)
REGISTERED CHURCH ADDRESS 69-71 Brook Grn London W6 7BE AUDITORS Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD BANKERS Barclays Bank PLC Kingston 2 Leicestershire LE87 2BB Virgin Money Jubilee House, Gosforth Newcastle Upon Tyne NE3 4PL STRUCTURE, GOVERNANCE AND MANAGEMENT Governin Document . The Church is a charitable company limited by guarantee, incorporated on 12 November 2004 and registered as a charity on 11 January 2005. The company's Articles of Association was updated in 2019 according to the Companies Act 2006 and the Charities Act 2011 with the help of the solicitors of Lawson Lewis Blakers Ltd. i fiktr:200411R 12 a. Itr:20051 fi 11 IA. E Lawson Lewis Blakers Ltd. 4ffjaguEJJF. /£,4 1ST: 2019 KI <2011 ' 2006 / The updated Articles of Association {2019) were approved by Church members by voting at the 2019 AGM on 21st September 2019, filed with Companies House on 9 October 2019 and registered with the Charity Commission. 20199fi21 B, * &tt2019r 20191 , It,f 2019 10 R 9 In the event of the company being wound up members are required to contribute an amount not exceeding £1. The Chinese Church in London Bye Laws {2012) have also bn updated according to the Articles of Association of Chinese Church in London (2019), reflecting the structure and praCtIS of the Church. The updated Bye Laws were circulated to Church members for information and presented at the 2020 AGM on 26 September 2020. ¥TrIRg) (2012) f,elR ISJI . (2019)QIF, LA *, It,ts2020¢9R 26 2020
Governin Bod The directors of the company are also charity trUStS for the purposes of charity law and under the company's Articles are known as members of the Board. The Board is the governing body of the Church. It has overall responsibility for strategy and decision-making, directing the affairs ofthe Church, and for the efficient running of its operations. The Board meets every 2 months. The Board consists of the following spiritually matured leaders: Elected Pastor Board members - Senior Pastor (Ex-officio) (?k.A) Pastor(s) Èffj Elected officers - Secretary (Ex-officio) ltI£A) Treasurer (Ex-officio) 1ffi(Xlk.R) Additional elected members Board meeting attendees The Head of Operations provides an Operations report and the Finance officer assists the Treasurer to provide the Financial update to inform the Board at each Board meeting. Both heads may be invited to attend the Board meeting where required. They do not have voting rights in the Board's decision-making prosS. other attendee(s} invtted to attend Board meetings from time to time do not have voting rights in the Board's decision-making process. The Board is supported by the following committees.. Senior Pastorfs Office (SPO) £ls- A full time pastoral and ministry management body consisting of the Senior Pastor (SP) and selected members to assist the SP, together with the staff team. to execute the mission and decisions made by the
Board {Church Board). It also has the responsibility of looking after the pastoral staff in the areas of deployment, church activities and ministry responsibilities. Ministries and Congregation Committee (Mac) consisting of heads of all Church-wide ministries and representatives from all Congregation Councils. The Mac had not been meeting due to practical, time-related difficulties getting everyone involved attending a single, large meeting. Communication with the ministries and congregations has been performed via the staff team. In addition, the Board had organised a Gathering of Leaders in 2024 to provide opportunity for communication and relationship building and the Board had sent representatives to attend the Ordinary Congregation Meeting (OCM) being held at each local congregation. In the future, the Board will be considering holding Mac meetings in a different format to facilitate more effective and direct communications with congregation leaders, Church-wide ministry heads and pastoral staff. iÈIT. tr 2024 F., R. E IJ7EIRiÈ n. Ll Administration & Finance Committee (A&F) A&F consists of members who are experienced in at least one or more administration or finan functions. Trustee A ointment Induction and Trainin All new trustees of the Church shall be nominated by the existing Board and their appointments shall be approved by a General Meeting. All new trustees will be given information about the responsibilities of being a trustee when they first join the Board. New trustees are provided with
a copy of the Church's Articles of Association a copy of the Church's Bye Laws. guidan on the responsibilities of trUSts. The Church has ongoing training programme for the Trustees to enhance governance skills. JJ[]A anisational Structure As of the end of 2024, the Church has 17 Sunday Services across 8 locations.. Hammersmith, Soho and Seven-Dials Club (in Soho). Bromley, Colindale. Croydon, Hounslow, Kingston and Stratford. These ServIS are run by 8 Congregation Councils, each Congregation Council consists of at least a pastor andlor pastoral worker, Elders, Deacons, Congregation officers (Secretary, Treasurer, Carelinks Representative and Mission Representative) and heads of various departments. A Working Committee may be formed in each congregation to lead various departments and fellowships. Each congregation is given the responsibility to decide the best strategy and methodology to outreach, and to provide pastoral care, teaching and training to their members and worshippers. 2024 fLE, & 8 Seven-Dials (rtst Soho) 17 Hammersmith, Soho lu Bromley. Colindale. Croydon. Hounslow. Kingston 4xr]I. &t. WL¥. (IV. lffi. *IL' The Administration and Finance Committee meets every 3 months. It consists of members who are competent in one or more ofthe following disciplines: finan, legal, human reSoUrs, information technology (IT), audio visual (AV), building management and communications. The committee is given the responsibility for supporting the Church ministries with the above functions. It also sets UP F)olicies to monitor and approve expenses for the Church.
- 'È4•. AYJ%Jfr,. (IT) . (AV) . The Carelinks Committee and the Mission Conrn Team (MCTI are headed by the Carelinks Secretary and Mission Secretary respectively. Each team consists of representatives from various congregations and is normally supported by a pastoral staff as an ex-officio. The Carelinks, Committee helps the Church focus on social concems, initiates and recommends social projects, and determines the level of financial support for supported organizations. The MCT helps the Church raise awareness of worfd mission, send, and support missionaries in different parts of the world. As of the end of 2024, the Church employed 28 fv11 time, and 7 part time staff comprising of 25 pastoral and 10 administrative stsff. The staff team is led by the Senior Pastor and assisted by other Pastors, Elders and the Head of Operations. In the absen of a Senior Pastor, this role is covered by the Acting Senior Pastor (in the case of 2022, a Church Elder}, appointed by the Board. The Senior Pastor's Office (SPO) - A full time management body consisting of the Senior Pastor (SP) and selected members to assist the SP, together with the staff team, to execute decisions made by the Board (Church Board). It also has the responsibility of looking after the pastoral staff in the areas of deployment and responsibilities. The Senior Pastorfs Office team introduced a rotating system of chairs with half-year terms back in November 2024. The pastoral staff support the wellbeing of the congregations by providing pastoral care, visitation, preaching, teaching and training to the members and attendees. The Head of Operations and the administration and finance teams are responsible for the day-tO- day running of the Church Office. for building management and for supporting the ministries of the Church. 2024 f&E, 7288 Rffj&kKH, IEppWgltEiaiffj (F 2022 &tPlE) , ÈlXÉffjVAK (spo).thÈE8ffjStIÈ" A, tkDJJtEkffjQFJ 2024 * 11 A7*¥4%1Jfft, 1£
Risk Mana ement Being aware of their responsibilities for risk assessment. trustees periodically review the prOdureS for evaluating the risks associated with the Church's operating activities, review annually all insUranS (including offi, fire and general safety), as well as the terms and conditions ofthe employment ofstaff. A comprehensive review of the Risk Management policy and practice was conducted and approved by the Church Board in January 2022. The intention is to develop a comprehensive risk assessment manual which will identify all the significant risks which the charity faS and the measures in place to mitigate these risks. As a charity, we are committed to maintsin the level of services in our community but at the same time monitor expenditure and human resources in orderto fulfil the Church's vision and objectives. (t#£,&&. , LJ 20221R, , trY£VJfiEA&x7hT. JJA"Jfi, LJ PUBLIC BENEFITS • The Church provides a spiritual home to Christians in London, from other parts of the U.K., and from abroad. The Church preaches the Gospel of Jesus Christ and teaches the Doctrines of the Christian faith in three different languages. though not exclusively to the Chinese in and around London. Local communities can benefit from the Church's activities, such as the activities mentioned above, as well as education conferences and efforts for social concerns. The Church also provides care, friendship and community lives to students, families and those who are in need. xK]It ]ItE%. The Board confirms that it has taken into account the Charity Commission's general guidance on public benefit when reviewing the Church's objeclives and has considered how the planned activities contribute to the achievement of these objectives.
10 OBJECTIVES AND ACTIVITIES The Chinese Church in London was founded as an unincorporated charity in 1951 by the late Pastor Stephen Y. T. Wang. Chinese Church in London, an incorporated charity presumed the activities and net assets of this unincorporated charity on 1 January 2011. The mission of the Church is to become an Intentional Disciple-making Church.. Therefore Sin 2017 we set our Church vision as: "We exist to make disciples of Jesus to transfomi London and theworld." The objects of the Church are as follows" 1951 20111fi1 J . &JtL. 2017 kfYIG#IJ . J . sr.It]F to preach the Gospel of Jesus Christ and to teach the Doctrines of the Christian Faith as set forth in the Holy Scriptures, primarily but not exclusively, to the Chinese in and around London., {{RTFW-) niFFE*VJ' to provide spiritual homes primarily but not exclusively for Chinese Christians in and around London" to cooperate (when appropriate) wth Christian churches and Christian who share the same doctrines of faith; organisations to further the cause of Christ on the mission field worldwide- to provide facilities for the use of the Chinese and English languages in worship and in the work of the Church: to promote the welfare primarily though not exdusively of Chinese in and around London, recognizing that the Gospel of Jesus Christ ministers to the whole person. In supporting the above objectives, the longer-temi objecb.ves of the Church are as follows.. to build up the believers in faith and send them out to serve the local communities and others at home and abroad., iritthriL,,
to equip the believers so they would multiply by making disciples of Jesus wherever they may go; to adopt the focus of disciples making in all congregations. In the short term, the objectives of the Church are as follows: to increase regular Sunday worshippers to 2,000 including adults and children., JJt]%lJ 2.000 A: to increase the number of believers being baptised in the Church to 150- J]nsJ 150 A.. to plant churches in Kingston and Bromley. & Kingston fu Bromley fiJIÈE In achieving these objectives, the Church encourages volunteers to serve, participate and lead in the various ministries including fellowship, worship, Bible studies. teaching and to support the activities organised, training, etc. They also provide leadership in committees such as the Board, Congregation Councils, Working Committees, in the areas ofAdministration & Finance, Carelinks, Mission Concem Team, The Next Generation Ministry as well as being volunteers in the pastoral team. Serving in the Church is part of Christian life and is one of the ways to demonstrate our love for God. The volUntrS are essential and are integral to the development of the Church's ministries. tt]¥, fQkJll. The Church offers grants from the Theological Education Fund and the Mission Fund to rtain individuals or organisations to contribute to the SucsS of our objectives. We have set procedures and policies to ensure that grant reiVerS are committed to the work of Christ and in line with the Church objectives. Moreover, mentoring andlor prayer support are also given to these individuals or organisations. JIIF. JÈ¥4- The Church employs full- and part-time pastoral and administrative staff to provide care, to outreach, to serve in community projects. to conduct ServIS and manage the Church's
12 properties and finances. This year we have spent a total of £2,015,225 on staff, activities, maintenance and events. 2,015,225 M. ACHIEVEMENTS, PERFORMANCE AND HOW THE CHARITY HAS DELIVERED PUBLIC BENEFITS X. In 2024, the Church held 6 Baptism servi$, 67 candidates were baptised. This does not include a couple of baptisms carried out in hospital or at home due to exceptional circumstances. Besides connecting with newcomers, the Church has also organised Street Cafés and evangelistic acts-vities and events at various locations throughout the year and some neighbours began to attend church activities and services as a result. In 2024, over 400 guests have taken part in the Alpha sessions with about 200 non-believers, some 30 of them have since come to faith. We continued to cooperate and support local and international evangelistic organisations in furthering our goals and benefits. In addition, the Church supported 24 missionaries in 2024 and organised several Short-Temi Mission (STM) to various places including Thailand, Croatia, Romania, Tanzania, Toulouse and a few local missions in London, Edinburgh and another part of the country. 2024, 7 6 TrASi ÈV, ¥ 67 orÉ"k (Alpha Course). 200 È4FfiÈ, ts 30ttSJJotr7t. ktry -tE, Ljit-r1&1È1PyJp.. 2024 17 24 fts¥A, IL*5 (STM) 2IJS.
13 Mission Concern Team t IJ Mission Fund In 2024 we received £169k ft)r Mission Fund (against budgeted £143K), of which £101k was allocated to our 26 Missionaries and 7 Mission Organizations. GO-2024 we have 10 Short Term Mission available for congregations to join locally in UK or in Europe, Asia, South America, and Africa. We have the highest record of participants (60 adults and 18 children & youth) who are coming out of their comfort zone and to serve alongside with our supported missionaries. In November, MCT organised a 2-weeks Mission Semion Series and ended wth the Mission Weekend on 22 to 24 November. "Missional Discipleship - unleashing a diverse and innovative generation of disciples. was the Mission Conferen'S theme. For the second week Rev Dr David Doong was our Mandarin and English keynote speaker. We had 12 different missionary speakers for the weeks sharing the pulpit messages (Cantonese - 6, Mandarin - 4, English 2). Friday Night's theme was -The opportunity to be missional disciples in your Workpla.. keynote speaker short talk followed by Five missionaries on Home Assignment sharing. Saturday Mission afternoon theme was "The opportunity to be missional disciples in the UK and beyond.. We had 17 workshops led by 14 Mission Organisations {CCCOWE, OM, Mercy Ships, Pioneers, Chosen People, COCM, IMB, OMF, LCM, Teach Beyond, SAT-7, WEC, YWAM and Open Doors). There were also 13 Mission Organizations having booth stands at the PSW Hall to provide interactive infomiation to all participants. Global Monthly Mission Spots continued in 2024 with MCT news on Short Term Missions, Education workshopslevents. missionaries, news. and prayer videos, which were all produced with the help from volunteer video editors. 2024 , fYÈlj £169,000 {Iq•k £143.000) £101,000 IQ? &IPYkQg 26 GO-2024 RVE7 10 $ltb ( 60 18 £fi . k1P5}$¥j -JA&. 11fi, (MCT) . [r¥iÈ-BklS3tl1J1JV¥(ÈItJ . -] 12 ttAtSJ'¥fk (L•S 6 ri, 4tt, V2tt). lak"IF&PYitWJ fFA*PYrt
14 ¥., ÈIIK: (CCCOWE) (OM) (Mercy Ships) $6É¥ (Pioneers) ¥I (Chosen People) Z¥4ft16 (COCM) (IMB) . FZ.¥I (OMF) . (LCM) . Teach Beyond. SAT-7. (VVEC) (YWAM) Jfy (Open Doors) YJ%13ffl &pswti& 2024 , MCT Dr Peter Chow Memorial Mission Education Fund In 2024 we supported £5k for Simon & Janet Edgecombe in their studies in Melbourne School of Theology (total of £10k for the part-time course) to continue the course in 2025. E 2024 , fY * £5,000 } Simon R Janet Edgecombe School of Theology) a £10,000) JQl¥f 2025 ,, (Melbourne Carelinks ministry and Carelinks Fund The Carelinks Ministry financially supp)rted TearFund, CEDAR Fund, Christian Centre for Gambling Rehabilitation {CCGR). Chinese Association for Cancer Care (CACACA} and Tamar as part of its social conrn activities. In 2024, the church donated £ 84,755 to the above organisations (2023.. £43,611) upon collection into the Carelinks Fund. Our target in 2025 is £ 50,000. The more the Carelinks fund is blessed. the more we are able to bless those in great need. ¥IAWJ'RZÉ(TearFund). btsÈ¥ L, ICCGR). . ICACACA) Tamar tEk•it -ÉllJWJ-F. 2024 . L, T 84.755 $ (2023 : 43.611 *10) IPS& 2025 *wsr.- 50,000 Carelinks also support New Leaf Counselling Service and the Operation Christmas Child from Samaritan's Purse. This year's highlight is the Carelinks Sunday took place in May that we have had representatives of our partner organisation to preach. The Carelinks team appreciate the support and donation from the church family. May we continue to act justly and to love mercy. He has shown you, O mortal, what is good. And what does the LORD require of you? To act justly and to love mercy and to vRlk humbly with your God (Micah 6.'8).
15 IL, •Jg8M8(Samaritan's PurSe)J&5a#{ t6.8 ( * 6.8) The Next Generation Ministry Tr-ft¥I The Next Generation (TNG) is the core ministry for primary school aged children (Kids Church) and secondary school aged youths (Youth Ministry) comprising of ministry groups attached to each congregation across the Chinese Church in London. Our full-time pastoral staff team indudes: Pastor Ollie Knight, who continues to oversee The Next Generation Ministry as part of the wder English Ministry of CCIL,. Pastoral Worker Gladys Ng, our Children's Minister,. Pastoral Worker Charis Hung, our Youth Minister who is currently on sabbatical until summer 2025,. Pastoral Worker John Ho, our Students Minister., Pastoral Intem Phoebe Leung attached to the Youth Ministry in Colindale Congregation,. and Haynam Sham our TNG Ministry Coordinator, appointed following the end of her internship in September 2024. With the introduction of new church plants by CCIL, the TNG team is in the prOs$ of providing support to the congregation leaders wth a view to estsblish new ministry groups in the near fijture. Throughout the year, our Children's Ministry pastoral worker, Gladys Ng, continued to visit each Kids Church group and spent time delivering training to the ministry volunteers as well as beginning team- building activities for each Kids Church team. In the Spring Term, we held our annual Youth Easter Camp {YECI on 28 March - 1 April 2024, attended by 110 young people and leaders. on the theme of 'Wake Up,. In response to the work of the Holy Spirit atYEC, we held our first Youth Praise & Prayer Night in May half term. We are blessed and thankful that Charis ran the London Marathon as CCIL'S candidate and raised over £20k for TNG, with the support of the whole church. The funds will be used to support our ministry and training up our volunteers. In the Summer, the TNG team conb.nued to partner with the Chinese Overseas Christian Mission (COCM) for Next Gen Leaders training, and the annual youth summer camp, Praise Him All Together (PHAT) in July 2024. Pastor Ollie and Charis had the opportunity to join the Generations Pastors Conference hosted by Heart of God Church in Singapore. This was a valuable and inspirational time of training which has contributed to our upcoming plans for deeper discipleship to our young people. We held a church-wide Youth & English Ministry Baptism Celebration on 22nd September 2024, in which 14 people were baptised from our English-speaking youth groups and congregations. Also in the Autumn Term of 2024, we began a new initiative of a new Friday night youth group with the purpose of enabling older youths from across our youth groups to come together more frequently
16
than our church-wide youth ministry events, to go dper in discipleship and be equipped to serve
the younger youths in their local congregation youth groups.
We have recently completed a recruitment prOsS for a new TNG Pastoral Worf
PLANS FOR FUTURE PERIODS ** The Board has identified and endorsed the foll0vng Priorities: Governance.. The Board continues to seek improvement to strengthen the current governance as headed by the Board so that the whole Church wth its various centres and growing congregations may serve the church community with greater alignment to our vision and priorities and with a stronger sense of corporate identity. .3ets, LJJJt]g&sBiJ&E¥ giL, The Board has produced an ordination policy which has been used for the ordination of Pastor Oliver Knight in 2021 and for Pastor Pui Yin Ho in 2023. The Church will continue to plan for the ordination for other suitable members of pastoral staff. 2021¥ ,... Jkffjlll 2023 ¥1{1; Effj. The Board has put in pla staff supervision and line-management structure to improve staff welfare and accountability, and will continue to monitor our staff s well-being. LJekAIL TiJK]rgYRtiJ, It, Invest in Future.. The Church currently meets in ntreS over eight geographic locations (not including Seven Dials Sin it is under the administration of Soho). Each centre aims to provide services in three languages= Mandarin, English and Cantonese (although in some locations not all three languages are offered). Since COVID, online live-stream Sunday Services have been running in parallel with physical Sunday Service in most of our centres. *: II&firnBiJ Seven Dials, E) . 1ttFfi<=II-} . COVID LI. The next generation is increasingly multi-cultural and their friends reflect the diversity of London. This has presented challenges in that each ntre-baSed leadership now has to serve the local church community in a diverse manner. The next generation is also very adaptable to new technology and online gatherings.
-Ag$KI. Jg•T¥È ', The church plant in Stratford is getting established and stabilised with its own staff and serving team. There is a steady but slowed down number of immigrants coming to the United Kingdom. We will continue to develop church plants to reach out to those already here or due to come. With an increase in families with youths and children, the church is actively recruiting to build the English speaking pastoral team to serve the future generation. The Board continues to review the deployment and recruitment of pastoral staff, including voluntary workers, as well as proposals for church plants, second services, and the rental of additional space for Sunday services and other activities. The Church will continue to identify, train and mentor capable staff members and volunteers to attend to the challenges and take on leadership role in each centre. ltr: Stratford A£¥. F4t. LJA&I . kJiiTrkk" The Church held a staff retreat in July 2023 to discuss and plan for church growth. The theme of the retreat was "Transfonnational Churth.. Learning Jesus. way from the inside our. The purpose of the retreat was to enable the staff team to share and reach a common understanding and agreement on the transformation. As a result, the preaching series for 2024 was created and used to take the church foward in this transformation journey. The church has continued to building up an e-library of teaching materials to support our preaching preparation. r202347 J -itA*IJ9F+ It,55t#• A.2-, 2j7 2024 '05.SlJ, Also, the church has connections wllth a few seminaries and evangelistic organisations in Hong Kong to explore ways to support the new immigrants with training programs and organised some musical evangelistic events to reach out to them.
19 ITS. Ministries: As a church we believe that the spiritual wellbeing is of Importan to all the charity work. In the coming year, we will continue to promote regular corporate and individual prayer groups at each centre. We will also aim to improve and consolidate biblical teachings so that our members would re1ve the spiritual nourishment they need, and make effective use of the available church resources. This is in-line with our growth plan as an Intentional Disciple-making Church. The focus is to help every believer become a disciple of Jesus Christ. ¥I: kfYtar . , &fYI¥, -iJia. - $6Jts%lJffi. As a Charity we are also aware of the needs in our communities. In the coming year, we will seek to work with various community projects to provide support to people affected by the economic downturn, illness and losses. such as counselling servIs, social economic projects such as foodbanks, elderly fellowships, English classes, and will collaborate with para-church organisations to deliver the servIs. "7siR. Elg. It FINANCIAL REVIEW R The church reported a surplus of £46,356 for the year 2024, which is a significant improvement compared to the deficit of £23,369 reported in the previous year. 2024 At-ag 46,356 , iot-Pl¥J 23,369 MW,f.-F*£k The most significant expenditure for the church was payroll, with £1,145,746 allocated for staff salaries and pensions. The board V11 continue to review the ministy needs of growng congregations and how to mobilise the serving spirit of the congregations. 1.145.746
20 Donations and rental income play a vital role in supporting the church's objectives. In 2024 the accumulated Unrestricted Fund reserve currently stands at£766,405. Within this balan, a net unrestricted surplus of £39,668 was achieved during the 2024 financial year. a9rF. 2024 , , 2024 PIV. 39,668 . k14%É$ Bijk 766,405 M. &- As of the end of 2024, the Restricted Funds reserve amounts to £5,256,025, with a net profit of £6,688 attributed to all restricted funds in the 2024 financial year. "% 2024 fkE, 6,688 #11. ÈM 5,256,025 10. 2024 The Articles of Association emp0vr the Board to invest cash which is not immediately required. We have decided to invest into a savings account and aim to generate interest income. -WJ4. LJ STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also the Directors of the Chinese Church in London) are responsible for preparing the Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland.. Company law and the law applicable to charities in England and Wales require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Company and of its incoming resources and application of resources. including its income and expenditure, for that peric(l. "È 102K litr9e. -fRJ) , ÈJ x*E-¥. J1 In preparing these financial statements. the Trustees are required to'.- Select suitable accounting policies and apply them consistently- Observe the methods and principles of the Charities SORP"
21 Make judgements and esb'mates that are reasonable and prudent" State whether applicable accounting standards have bn followed, subject to any material departures disclosed and explained in the financial statements., and Prepare the financial statements on a going concem basis unless it is inappropriate to presume that the Charitable Company will continue to operate. The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy the financial position of the Charity at any time, and to ensure that the financial statements comply with the Companies Act 2006. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Under Company Law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the result of the company for that period. 2006 2008 (%gK]4-) 11SJi The Trustees confim that, in the case of each of the persons who are Trustees at the date of this report, the following applies.. So far as each Trustee (Director) is aware there is no relevant audit infomiation (information needed by the Company's auditors in connection with preparing their report) of which the Company's auditors are unaware" and J -*thr.&) , LA Each Trustee (Director) has taken all the steps necessary to make herselflhimself aware of and disclose any relevant audit information, and to establish that the Company's auditors are aware of that information.
22 AUDITORS Yt The Trustees have consented to treating the appointment of Knox Cropper as extending to Knox Cropper LLP. Knox Cropper A resolution to re-appoint Knox Cropper as auditors of the Chinese Church in London will be put to members at the forthcoming Annual General Meeting. p Knox Cropper klFFB? This report has been prepared in accordan with the special provisions of part 15 of the Companies Act 2006 relating to small companies. 2006 '1> * 15yIts, Approved by the trustees and signed on their behalf by: kAlÈuAftxK. Chaimian Elder Peng Chiew Wong Date: 11 August 2025 .2025*8R 11
23 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CHINESE CHURCH IN LONDON FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2024 12 31 Opinion We have audited the financial statements of Chinese Church in London (the 'charitable company,) for the year ended 31 December 2024 which comprise the Statement of Financial Activities (including the Income and Expenditure Account), the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.. ff5 • ( [¥/XlJ ) IEZ 2024 * 12 R 31 Aji J In our opinion the financial statements: Give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming reSoUrS and application of resources for the period then ended., AA£'¥SttttbfiBATL 2024 * 12 fi 31 Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,; and -¥, p.ij 4A¥I%K-¢.4JI J LAA Have been prepared in accordance with the requirements of the Companies Act 2006. &Pq 2006 J. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audito¢s responsibilities for the audit of the financial statements section of our report. We are
24 independent of the charitable company in accordan with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. %kipyo4 IJFfiffiPQIAff&fYSR- AtA ) (ISAS (UK)) K]Lffi"È#iÈ4Taty. llPY IklY¥ Conclusions relating to going concern In auditing the financial statements, we have concluded thatthe trustees, use of the going cOnM basis of accounting in the preparation of the financial statements is appropriate. gHH3E, Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. -41tE, Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. RpfJÉTklFSIu%Atsl¥4 Other information The other information comprises the infomiation included in the Report of Ihe Trusts', other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information. ltlkfg Our opinion on the financial statements dS not cover the other information and, except to the extent otheiSe explicitly stated in our report. we do not express any fomi of assurance conclusion thereon. In connection wth our audit of the financial statements, our responsibility is to read the other infomation and, in doing so, consider whether the other information is materially inconsistent with
25 the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. fy& Opinion on other matters prescribed by the Companies Act 2006 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements- and RIJ) 114-; LJ the directors, report, included within the Report of the Trustees, has been prepared in accordance wth applicable legal requirements. Matters 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. vrfe have not identified material misstatements in the Report of the Trustees,. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. ¥ttr <2006 IKI"£ -WJFSIJ¥Ifi, Adequate accounting records have not been kept, or returns adequate for our audit have not been reiVed from branches not visited by us" or The financial statements are not in agreement with the accounting records and retums,. or Certain disclosures of Trustees, remuneration specified by law are not made., or We have not received all the information and explanations we require for our audit., or
26 The trustees were not entitled to prepare the financial statements 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 preparing the Trustees, Report. UkgJRLJl#kfS }kfYi%wlj JWX, tu J Responsibilities of Trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. AR%IJRlX*, Jt In preparing the financial statements, the trustees are responsible for assessing the company's ability to continue as a going cOnrn, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the governors either intend to liquidate the company or to cease operats'ons, or have no realistic alternative but to do so. ISJI Auditor's responsibilities for the audit of the financial statements .#AYAE Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) wll always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
27 t¢p.iJ Irregularities, including fraud, are InStanS of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below= l£lPYt£ The Charitable Company is required to comply with both company law and charity law and, based on our knowledge of its activities, we identified that the legal requirement to accurately account for restricted funds was of key significan. We gained an understanding of how the charitsble company complied with its legal and regulatory framework, including the requirement to propedy account for restricted funds, through discussions with management and a review of the documented policies, prOdureS and controls. The audit team, which is experienced in the audit of charities, considered the charitable company's susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override. Our approach was to check that all restricted income was properly identified and separately accounted for and to ensure that only valid and appropriate expenditure was charged to restricted funds. This included reviewing joumal adjustments and unusual transactions. È41¥"È, 4 , lfY&P4¥ A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. htt s"Ilwww.frc.or -uklauditorsres onsibilities. This description forms part of our auditorfs report.
28 ..JfpYHI%- htt s'.Ilwww.frc.or .uklauditorsres nsibiltties. k%kfS Use of our report4PAgfft This report is made solely to the company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has b&n undertaken so that we might state to the charitable company's members those matterswe are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. 2006 2,¥ P , 16 X- kfYPI PJ, Richard Billinghurst FCA Senior Statutory Auditor ej-t for and on behalf of Knox Cropper LLP Knox Cropper LLP Chartered Accountants and registered Auditors 4* 65 Leadenhall Street London EC3A 2AD Date.. 2110812025
29 CHINESE CHURCH IN LONDON STATEMENT OF FINANCIAL ACTIVITIES INCLUDING THE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 YJ¥X aL=Pg**=A=-k-B unstricte NOTE Restricted Total Funds Total Funds INCOME FROM Funds Funds 2024 2023 Donations and Legacies 1.587.703 360,031 1,947,734 1,692,269 Other Trading Activities 95,730 18.117 95,730 18,117 82,420 6.101 Investments li¥J TOTAL INCOME ** 1701.550 360 031 2 061581 1 780 790 EXPENDITURE ON Raising Funds Charitable Activities 1.661,882 353.343 2,015,225 1,804,158 TOTAL EXPENDITURE ** 1.661.882 353.343 2,015.225 1.804.158 NET INCOMEI(EXPENDITUREI AND NET MOVEMENT IN FUNDS FOR THE YEAR 39.668 6,688 46,356 123.368) RECONCILIATION OF FUNDS= Balance blf at 1st January 726.737 5.249.336 5.976.073 5.999A42 Balance CM at 31st December 2024#ts 766,405 5,256,024 6,022,429 £5,976,073 All activities reported above are continuing activities. For last yearfs figure please see Note 19. -FnB#RFfrfts 19.
30 CHINESE CHURCH IN LONDON BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 FIXED ASss Tangible Fixed Assets Land and buildings Building improvements Fixtures & Fittings offi Furniture and Equipment 2.911.396 1.639.768 2.967.108 1.712.261 6.514 11.506 6.134 5.907 13 4.568.804 4.691.790 CURRENT ASSETS Debtors ffl%A Cash at Bank and in Hand 14 80.817 1.552.201 119.953 1.309.306 15 1,633,018 1,429,259 CREDITORS: Amounts falling due within one yearwArA 16 179,393 144,975 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 1 A53.625 1.284.284 6.022.429 5.976.074 TOTAL NET ASSETS 6.022,429 £5.976.074 FUNDS Unfftslricted 766.405 5.256.024 762.737 5,249,337 Restricted 17 TOTAL FUNDS 6.022.429 £ 5,976.074 The Financial Statements have been ppared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies. (2006 */k-
31 The Financial Statements were approved by the Trustees on 11 August 2025. Ix$&*tr= 2025 * 8 fi 11 Chairnian (Elder Peng Chiew Wong) a, ..-16,,IL Chur¢h Treasurer (Kieran Kwokl Date: 11 August 2025 2025¢811 Company No. 05285135
32 CHINESE CHURCH IN LONDON STATEMENT OF CASH FLOWS AS AT 31 DECEMBER 2024 2024 2023 NET CASH PROVIDED BYI{USED IN) OPERATING ACTIVITIES 238.018 96,006 CASH FLOWS FROM INVESTING ACTIVITIES Invesbnent Income12al Purchase of Property, Plant & Equipment 18.117 6.101 ¥JX, NET CASH PROVIDED BYI{USED IN) INVESTING ACTIVITIES k#Y (be) 13.240 13.575 4,8 (7,4741 CASH FLOWS FROM FINANCING ACTIVITIES Repayments of Borrowing V.- NET CASH PROVIDED BYI{USED IN) FINANCING ACTIVITIES k#v (tr) CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR 242.895 88.532 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1.309.306 1,220,774 CASH AND CASH EQUIVALENTS AT END OF YEAR 1,552,201 £1,309,306
33 CHINESE CHURCH IN LONDON STATEMENT OF CASH FLOWS CONTINUED AS AT 31 DECEMBER 2024 YAtyJ# ANALYSIS OF CHANGES IN NET DEBT. Cash As at fiows IA 0110112024 Loans converted to donations Asat 3111212024 Cash at bank 1.309,306 242,895 1,552,201 Building Fund Interest-free loans 182,000) 146,000) {36,0001 TOTAL £1.227,306 £196.8 £1,516,201 RECONCILIATION OF NET INCOMEI EXPENDITURE TO NET CASH FLOW FROM OPERATIONS 2024 2023 Net incomellexpenditure) for the year (} 46,356 123,368) Adjustments for: Investment income 118,117) 136,226 16,101) 139,776 116,370} 2,069 96,008 Depreciation lff {IncreasellDecrease in Debtors [)Ja) I Increase in Creditors 39,136 34,417 238.018 Invesbnent Income 18,117 6,101 Purchase of Property, Plant & Equipment 113.2401 113,5751 CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR 242,895 88,532
34 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. ACCOUNTING POLICIES {a) Basis of Accounting •¥ These accounts have been prepared under the historical cost convention, in accordan with the Financial Reporting Standard 102, the Companies Act 2006 and the requirements of the Statement of Recommended Practi, Accounting and Reporb'ng by Charities (FRS 1021. The company is a public benefil enlity. 102. 2006 'thl;"ÈLIRf& BE IFRS 1021 AIQ The trustees consider that the are no material UnrtaIntieS about the Charity's ability to continue as a going COnrn. The presentational currency of the financial statements is Pound Sterling 1£). 1£) . {b) Fixed Assets Fixed assels are disdosed al cost net of depwation to date. The cost of minor additions or those costing below £ 500are not capitalised and are written off in the year of purchase. Assets transferred from the predeSsOr chanty have been recorded at cost equivalent to their net book value in the predeSsOr charity at the date of transfer. Jtrm. ¥ÈEiJffX_ {c) Depreciation Depreciation of fixed assets is calculated on cost at rates estimated to write off the assets, by equal instalments, over their expected working lives. Fixtures and fitbngs and Offi equipment are written off on a straight line basis over 5 years and 3 years respectively. Buildings and building improvements have been depreciated over the life of the property which has been estimated at 50 years. As a result of a review of the depreciation policy, the installed lift is being written off over its remaining useful life. The c05t of improvements at the United Refomi Church are depreciated over 20 years. Depreuation charges on assets transferred from the predecEssor charity continue to be applied on the basis of cost to the predecessor charity and the predecessor charity's estimate of economic life. P4¥¥.Sj".XI%ttjl4+ . 1 51[13 (ts4a 50 *) F¥41dfrS. IR 20 ¢t4lFS. 6ÈB Ji IE#._
35 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 {dl Income All income is recognised in the Statement of Finanaal Acbvibes On the charitable company has entilement to the funds, any perfomiance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably. Donations, covenants and legacies are credited to the accounts in the year in which they are receivable, grossed up for tax recoverable where appropriate. Interest is credited to the accounts in the year in which it is re1Vable. ,aÈtr {e) Value Added Tax The Charity is not registered for VAT and accordingly, where applicable. all costs and expenditure incurred are shown inclusive of VAT. Unrestricted ftjnds are those funds, which can be used at the Trustees, discretion. Restricted Funds are funds whose purposes have been restricted by the donor. {g) Expenditure Charitable expenditure comprises direct expenditure attributable to the charitable objectives or activities and support costs. Where costs cannot be attributed, they have been apporb.oned to charitable objectives or activities according to the ts.me or resources spent on each. Support costs are those functions thal assist the work of the charitable company but do not directly undertake fvndraising or charitable activities. Support costs indude general overheads and governan costs {th05e costs incurred in the g0Vewan of the charitable company and its assets and are primarily assoaated wth consts"tutional and statutory requirements).
36 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 {hl Grants IIBlJ Grants payable are charg&J in the year when the offer is conveyed to the recipient. Pensions a¥ The Charity contributes to defined contTibution pension schemes and the pension charge represents the amount payable by the charity to the schemes in respect of the year. It¥ttKtt*r]X-tgJitJ& ti) Key Judgements and Estimates Financial instrument dassifi(3tion RIAIAO¥. The classification of financial instruments, both assels and liabilities, as 'basic' or 'otherf requires judgement as to whether all applicable conditions as basic are met. This indudes the type of investment or loan and its retum. The Charty only has financial assets and liabilities of a kind that qualify as basic financial instruments. These are initially recognised at transath.on value and subsequently valued at their settlement value. Useful life of functional properties The remaining useful life of depreciable properties is reviewed by management at each reporting date and. if necessary, the depreciation charge adjusted accordingly. 4i¥ti, 4, {k) Short-term debtors and creditors Debtors are recognised when the Charity is legally entitled to the income after any perfom)ance conditions have been met, the amount can be measured reliably and it is probable that the income will be reived. Creditors are recognised when the charity has a present legal or constructive obligats.on resulb.ng from a past event lo make payment to a third party, rt is probable thal setuement will be required and the amounl due lo settle the obligalion can be measured or estsmated reliably.
37 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (l) Cash and Cash Equivalents Cash and Cash Equivalents in the Statement of Financial Position comprise cash at bank and in hand and short lem) deposits with an original maturity of the months or less. For the purpose of the Ststement of Cash Flows cash and cash equivalents are as defined above net of outstanding bank overdrafts if they exist. DONATIONS AND LEGACIES Unrestrbcted Fund Restricted Fund 2024 Total 2023 Total 4* Cantonese 343,489 121,859 85.894 428188 112.663 19,775 20,837 122,628 8,490 21,357 24,637 15,677 495 456,152 141,634 106,731 550,816 45,135 151,494 211,594 137,541 30,652 378,209 138,182 121,621 470,146 44,420 166,040 176,036 115,010 Mandarin Truth and Grace New Soho Hounslow 36.647 130,137 186,957 121.864 30.157 Croydon Colindale Stratford Bromley Kingston 10.188 92.322 1,795 11,677 11,983 103,999 82,604 1,587,703 360.031 1,947,734 1,692,269
38 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 OTHER TRADING ACTIVITIES 2024 2023 Book sales 481 400 Rental 74,200 18,402 2,647 76,887 1,679 3,454 Sundry Income Lunch ministry income X¥IINA £95,730 £ 82,420 4. CHARITABLE EXPENDITURE DI¢t Costs ort Costs J# 2024 Total 2023 Total Note 6 Note 7 Pastoral ¥J oUta¢h Its Welfare knJ Building 710,874 383,1( 312,443 260,083 123.541 60,213 56,703 108,262 834,415 443,319 369,146 368,345 729,904 427,253 294,968 352,034 1,666,506 348.719 2,015,225 £ 1,804,159 5(al. EMPLOYEE COSTS FJI 2024 2023 Salaries and wages Social Security It•&w Pension 997,473 98,516 49,757 927,352 89,455 45,011 Total Head Office Salaries 1,145,746 £ 1,061,818 The average number of employees during the year wa5 33 {2023.' 30). h33A 12023*'. 30A) The Key management personnel of the Church are those persons having authority and responsibility for planning, directing and controlling the activities of the Church, direcdy or indirectly, including any trustee of the Church. In addition to the trustees, they comprise of the senior staff members detsiled in the Administrative Details. No employee earned more than £60,000 during the year. i& 60,000
39 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 5(b). TRUSTEE'S REMUNERATION AND EXPENSES nEAJNRK During the year, one {2023'. tsvol of the trustees reiVed remuneration and expenses. However, these payments relate to their capacity as pastors or spiritual leaders, rather than as trustees of the Church. It is an accepted pracb'ce in religious organisabons for the ministers to take an active role in the Church Council to guide the Church in its affairs. Remuneration paid in the year.. 2024 2023 Trustee 1 Trustee 2 6,667 47,088 £53,755 48,069 48,069 6. DIRECT COSTS staM Costs stoff and aTrc&ary costs Congreoolionol Costs Licences ond subsCriptn5 TNG l.A1n1ryT-ltI Speokw5 Fe85 m Outreach Homo fvIs%Dnories E# other KAI CardMk5 SJL.41 oepleciatfj fvIis5ion C05t5 Aission Gronls l#AJ Or PeteT Chovi IA195 Edvc0lw Love Gtit IllllJ4Jl Stud1 Gront5 Cornbingd ChLFrch 1È*;gll PrtrrTUS$S SJl.379 23.71-, 168.18) 2.341! 108.126 i i. 84.093 168.126 3.933 28.031 840.631 39.5 744.169 .569 219.199 3.235 1.487 3.915 10.499 3.IXJ 976 1.218 T3.864 074 Y25 87.915 1247 87.915 128.3)4 7.777 I1137 4.723 46.190 T.204 11.6 114,485 128.2)4 ' 7.777 102.737 472 T2.Tr8 9.687 9.687 .)10 131.879 114.&31 1,666.9)6 1.4Y.664 131.879 2e4).C63 710.874 312.443
40 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 e=Eg =R=B.¥x SUPPORT COSTS IWJ% stoff C051sFiIs PoslogelStationerylBank chcyoes T•&xA1 Avdll Fee5 IIYI? LegallProfessional chid AccothTrl¢hicy Depreciolion Office Costs 02.490 10.5 il.24 iT.245 1.755 317.649 16.W5 6.960 1.224 17.548 73 3,37B 2407 731 I.213 734 56.703 123.541 TOB.262 348 719 369 495 TAXATION1$1 Chinese Church in London is a registered charity and is potentially exempt from taxation in respect of income and capital gains reiVed within the categories covered by Part 11 of the Cotporation Tax Acl 2011 to the extent that such income or gains is applied exclusively to charitable purposes. CARELINKS DONATIONS 2024 2023 Tamar IAII Souls Churchl •I Christian Centre for Gambling Rehabilitation Tear Fund 10,706 5,509 10,559 11,018 7,345 9,180 480 20,520 21,412 Cedar Fund 14,274 17,843 650 Chinese Association for Cancer Care Carelinks expenses New Leaf Counselling Centre 2,510 2,099 87,915 £46,190
41 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 e=Eg =R=B.¥x 10. GRANTS FOR MISSION WORKt The Charity made institutional grants to Christian organisations. to support mission work in the UK and overseas, as follows". ABJJ 2024 2023 Overseas Mi$$ionary FellohIp Operation Mobilisation rj• Jian Hua Foundation (Hong Kong) Chinese Overseas Christian Mission 6,180 13,010 16,360 13,010 3,360 1,000 14,360 10,500 WEC International 500 9,360 9,900 375 9,840 9,340 9,350 375 Pioneer5 YWAM Global Connection Christmas Gift to rnissionaries 260 6,360 7,540 5,180 6,000 2,860 5,000 7,720 101,135 500 Hong Kong Alliance Mission Brodremenighedens Danske Mission Friends Intemational Mercy Ships International China Concern Latreia p$$ Other individual support £66,925 In 2023, the Charity also made individual grants to 13 Christian professional worf(ing in China, Thailand, Algeria and Albania, these totalled £47,560 . The Charity made grants to 25 Christian professional working in various countries in the world in 2024. 2023 * J&_ a 47,560 $ 11. STUDENT GRANTS * The Charity gave student grants totalling £9,68712023= £6.408) to 2 individuals (2023.. 2 individuall in the UK to support them in their theological studies. AI 2A 12023¢: 2A) W.7 APJJt 9.687 (2023: 6,408 WJAWJA*, LI
42 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 e=Eg =R=B.¥x 12. PENSION COMMITMENTS iPIÈ The Charity contributed to a defined contribution pension scherne for several employees. The assets of the scheme are held separately from those of the charity in an independenuy administered fvnd. Al the balance sheet date unpaid contributions due to the fund were £nil {2023'. £nill- Total premiums payable in the year were £49,757.4212023.' £45,010.68). 12023¢: } . ** 49,757.42 (2023 45.010.68 13. TANGIBLE FIXED ASSETS Land & Fixture & Office Furniture Cost Buildings Improvements Fittings and Equipment Total At 1st January 2024 3,856.344 2.955,067 278,655 66,762 7,156,828 Additions At 31st December 2024 9,288 3,952 £3,856,344 £2.955.067 £287,943 £70,714 £7.170,068 A¢¢umulated Depreciation At 1st January 2024 Ba 889,236 55,711 1,242,807 72,493 272,141 4,297 60,855 3,725 2,465,039 136.226 Charge for Year At 31st December 2024 £944,947 £1.315,3(K) £276,438 £64,580 £2.601.265 Net Book Value At 31st December 2024 Eg¢=A--P- At 31st December 2023 +-A=+- £2,911,397 £1,639.767 £11,505 £6,134 £4.568.803 £2,967,108 £1.712,261 £6,514 £5,907 £4,691,790
43 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 14. DEBTORS IAXA 2024 2023 Prepayments and ac¢rued income HM Revenue and Customs 46,371 93,501 24,828 1,624 £ 119,953 33,006 Accounts receivable 1,440 £80,817 15. CASH AT BANK AND IN HAND 2024 2023 Current Accounts 670,989 242,954 Paypal Accounts PEIX Deposit Accounts #KPEI Treasury Deposits Cash 18.884 18,661 554,783 306,795 546,561 500,000 750 1,130 £ 1,309,306 £1,552,201 16. LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR MIA: 4rA 2024 2023 'Building fund interest free loans Trade Creditors 36,000 82,000 ia51A 3,138 3,948 Accruals and Def¢rr¢d Income 41,029 58,995 23,548 10,500 14,846 Croydon Chinese School HM Revenue and Customs IAXR Carelinks support Net Pay Control Income Received in Advance 30,619 12,752 810 6,183 £179,393 £ 144,976
44 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 ' These are short term unsecured loans from members of Chinese Church in London. The balance for Croydon Chinese School was the surplus income held to support the school to teaoh Chinese language and bible studies in the coming years. The Croydon Chinese School operates independently of the Chinese Church in London and will cease to operate in the near future. al which time a decision will be made on how the remaining funds will be utilised. IÈ, 17. RESTRICTED FUNDS The income funds of the Church include restricted funds comprising the followng unexpended balances of donations and grants held on trust lo be applied for specific purposes." Year ended 31 December 2024 Balance blf Income Expenditure Paid Balance clf Received 2024 Building Fund I1% Mission Fund * Dr Peter Chow Memorial Mission Education Fund 4,687,789 59,141 {128,2041 {110,5151 14.7231 4,618,726 167,090 168,965 225,540 122,576 117,853 Theological Education Fund 88,604 22,140 19,6871 101,057 Communion Fund 129,931 56,435 {12.2981 {87,9151 174,068 Carelinks Funds 53,347 53.351 18,783 £5,249,337 360.031 {353,3431 5,256,025
45 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Year ended 31 De¢emb¢r 2023 Balan¢e blf Income Received Expenditure Paid Balance clf 2023 Building Fund IllXg Mission Fund 4,749,282 66,711 {128,2041 (123,0611 13,0891 4,687,788 139,756 150,394 167,090 Dr Peter Chow Memorial Mission Education Fund 125,665 122,576 Theological Education Fund 78.928 16,084 {6.4081 88,604 Communion Fund 90,530 47,202 17,8001 {46,1901 129,931 Carelinks Funds 52,686 46,851 53,347 £5,236,847 £327.242 £{314,7521 £5,249,336 17. RESTRICTED FUNDS (CONTINUED) (a) The purposes of the restricted funds are as follows.. Building Fund Represents sums already exFended on the purchase and refurbishment of proFerty and surns committed to meet future major refurbishment costs. There is currently a shortfall in fvnding for the Building Fund which has been funded from general fvnds as indicated by the analysis of net assets in note 17. . 17 Mission Fund For support of Church's missionaries and mission organisations, both localty and overseas., to fiJnd any Church activities associated with the fvrtherance of the cause of Christ in mission field in the UK and abroad.
46 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Dr Peter Chow Memorial Mission Education Fund Fund from Dr Peter Chow's legacy for the training and education of mission educators and professionals. Theological Education Fund l• To fund scholarships for students pursuing theological studies with a view to full-time ministy,. students are not expected to repay the Church, upon completion of their studies. Communion Fund O•AII To fund monetary gifts for any brother5 and sister5 in Christ who are in unexCled financial difficulb'es, in the UK and abroad. Carelinks Funds These comprise the proceeds of annual collections for Tear Fund and Cedar Fund, other christ.an soaal organisations and other special appeals made wherever a need may arise. llF' Education Conference Fund ¥AW<•¥ To restrict any surplus arise in educabon conferences or events. Any reserves would be used lo support deficits of other education COnferenS. 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS ¥tAs1 Net curt Assets Fixed Assets 2024 2023 Restricted Funds 704.860 4.551.164 5.256.024 5,249,337 726.737 Unrestricted Funds 748.765 17.640 766,405 6,022,429 1A53.625 4.568.804 £5.976,074
47 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 e=Eg =R=B.¥x 19. COMPARATIVE FIGURES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Year ended 31 December 2023 Unrestricted Restricted Total Funds INCOME FROM Funds Funds 2023 ** J* Donations and Legacies 1.365,027 327,242 1.692.269 Other Trading Activities 82,420 6.101 82,420 6,101 Investments TOTAL INCOME 1,453,548 327,242 1,780,790 EXPENDITURE ON Raising Funds Charitsble Activities 1,489.406 314,752 1,804,158 TOTAL EXPENDITURE 1,489.406 314,752 1,804,158 NET INCOMEIIEXPENDITUREI AND NET MOVEMENT IN FUNDS FOR THE YEAR (35.858) 12.490 (23.3681 RECONCILIATION OF FUNDS: Balance blf at 1st January 2023 762,595 5,236,847 5,999.442 Balance CM at 31st December 2023 ¢ £726,737 £5,249,336 £5,976,073
48 CHINESE CHURCH IN LONDON NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 20. RELATED PARTIES TRANSACTIONS 1. COCM The Church received a donation from a Hong Kong organisation via COCM, totalled to £24,000 to support staff cost in order to promde supports for new immigrants and their families from Hong Kong. {COCM) 4fi16ioa (COCM) Jk, £24,000, 2. VWV The Church engaged the finn for legal advice during the year, totslled to £3,540. 4U £3.540.