Company registration number.. 06845131 Charity registration iiumber.. 1129711 Gochurch Global Ltd {A company liiniied by guaranleel Annual Report and Financial Siatemenis for the Year Ended 31 December 2024 Paul Roper McKellens Ltd I l Riverview The Embankment Business Park Vale Road Heaton Mersey Siockprot SK4 JGN
Gochurch Global Ltd Contents Reference and Administrative Details Trustees, Report 2106 Independent Examiner's Report Statement of Financial Activities 8109 Balance Sheel Statement of Cash Flows Notes to the Financial Statements 12to?3
Gochurch Global Ltd Reference and Administrative Details Trustees M Beemer FJ Leteney ANT Morton T Mutambasere Secretary M Walker Chxrity Registration Number 1129711 Company Registration Number 06845131 The charity is incorporated in England & Wales. Studio 4 Unit 4 Dallas Court Salford M50 2GF Registered Office Independent Examiner Paul Roper McKellens Lid I l RiveThwieiv The Einbankinent Business Park Vale Road Heaton Mersey Stockprot SK4 3GN Page I
Gochurch Global Ltd Trustees, Report The trustee5, who are directors for the purposes of company law, present (lie annual report together with the financial slatements of the charitable company for the year ended 31 December 2024. Objeetives And Aetivities ObjeLI.s and uims Gochiirch's Iprewiously Illorld Harvest Bible Church) charitable PL¢rposes as set out in the company's Meinoranduin of Association are io.. Advance the Christian faith anywhere in the world Advance education anywhere in the world Relieve siLkness and financial hardship and lo promote and preserve good health Pursue otlier charitable purposes as the Trustees think fil These objects are being worked out in three main areas= • Churches - Local Churches with a stron&J citjwide. regional. national and inlemalional vision that continually seek lo reflecl the cit}, or region in which the), are based Training - Bible Colleges. Conferences and Teaching Materials that provide training for real-life practical Christian ministry Missions Teams of people dedicated to taking the Christian message to other regions and countries, with a special focus on the least reached people groups These objectives provide benefits to the public as folloi%'s'. Thc Churches - Providin¥ environments for regular Christian services open lo the public, focusing on worship, leaching and rel igious instruction The Buildings Providin(N regular youth and children's clubs during the week that provide reereatioiial activities involving craft. media and games lo children and youth froin tlie local coinmunities as well as Care facilities for both adults and children The Care Providing pastoral assistance and advice lo anyone who approaches the church with tar¥eted specific care in ihe following areas: CAP Mone), Money Inanaoement course that teaches people budgeting skills and a simple cash_based systein that really works CAP Debi - Debt relief adi'ice and helping clients establish realistic budgets as well as dealing with creditors to obtain affordable repayinent plans FoodBank- Emergency food parcels and support lo people e.xperiencing crisis Objec'live.s, .IlraleRie.i and aL'tivitie5 Gochurch has always sought lo be innovative and adaptable. constantly striving for excellence. learning new metliods to present and demonslrkite elemal truths. This is a continual and excitin¥ challenge presenting the life of Christ in a relevant way in our communities & around the world. It is part of the adventure that is Christianity. working trom relationship rather than religion. The Gochurch's global vision is 'a family of churches ivorking tooether lo reach the world" with global values 'love. grow, go, whicli are worked OLIt in each church with a iinique local expression. This alloii's for diversity and enables the churches lo reflect tlie commuiiities that the). are based in. The Gochurch vision is to see ?5 churches established by ?035. Page 2
Gochurch Global Ltd Trustees, Report The Church Gochurch is now 5 churches in 5 cities across the UK and also an established church in Beruit, Lebanon. In January 2024 Pastors Alan & Claire Imorton transitioned out of their local church role in Manchester to an oversight role across the UK. The aim of this move being to train, mentor and resource church plantingy across ihe UK, Europe & beyond. Gochurch Manchester led by Paslors Mark & Simone W'alker. A new leadership team was established in ?0?2 , posl-pandemic lo enable the transition to a group of younger leaders. In January 2024 Pastors Mark & Simone Ivalker took on the Lead Pastor role for the Manchester Church. This has allowed gJreater freedom for Pastors Alan & Claire lo stren¥then the ties with Rhen)a UK and Ireland. As part of this strengtliening, they also became 'Masler Traiiiei's, lor DCPI (Dynan)ic Church Planting Internationall working across Gochurch. Rhema & DCPI. In 2023, the year running up to the transition, and 2024 the first year of Pastors Mark & Simone. the church grew by 250/0 numerically with greater stability in finances and aciivilies. Gochurch Bradford led by Pastors Rob & Julia Post. ?0?4 was a year of strengthening the Bradford chureli followingJ the trai)sition of paslors. However, at the end of. 2024 Pastors Rob & Julia Post resigned Irom their position and the search for a new pastor began. A pasloral team of Pastors Alan & Claire Morton and Kenny & Jenn MacKay are working to gether to provide the leadership needed. • WOL London led by Pastor Jourdel Lord The London church Continues working in conjunction with Pastors Alan & Claire and the UK Board of Trustees. Delays in the fomialion of a new charity for the work has prevented ihe daily operaiions and fui)ds of this church from being traiisferred to the new charity. This transfer will be implemented with effect from 311121?095. Gochurch Liverpool led by Pastors Barney & Becci Linscott. GoChur¢h Liverpool continued the Go Pla). project beyond the inilial planned period until the Hub stopped being used as a base for the church. The church is now in a Iransilion period from being a Sundays meetingJ_based chureh to becoining a groups-based church with a monthly 'Big Sunday" The full relaunch of the church is expected in 2025. Gochurch Beirut, Lebanon led by Pastors Matt & Julie Hattab8ugh Gochurch continues to thrive in Beiriit and the teain have benun the launch of RHEMA Lebanon. providing Bible College training. These two activities operate separately but with much of the same team. The financial actlvllies for the Beirut church do nol form part of these annual accounls and reports. Inslead, reports are filed as appropriate in Lebanon and USA. Restoration Church, Middlesbrough led b! Pastor Samuel & Sarah Ireton Thig is a new church plant, currently in the pre-launch phase operating under the Gochurch charity with Pastors Alan & Claire Morton providing oversight as part of the vision of seeing churches planted across the UK. Page 3
Gochurch C.lobal Ltd Trustees, Report The 'fraining Centres The Rhema bases in Nigeria and Egypt continue to flourish and grow M'ith over 9.000 students attending the various courses and aiti'acting considerable support from local churches in those countries. A new Rhema base started in Lebafton in September 2023. These centres operate through national based charities and Irusls. All training centres in the UK & Ireland now operate under the new Rhema UK & Ireland trust. The Missions We have continued to siipport Inissionaries and works abroad duringF tliis vear. with a particular focus on unreached people groups. In addition to this ive have continued to support Pastors Matt & Julie Beemer as they transitioned the I,ebanese Church leadership. Bex Morton, the daughter of Pastors Alan & Claire Morton, is a Inissionary, in Brazil working with Life Impact International. a charity caring for children at risk of sexual exploitation. The Trustees and Pastors continue to be very ihankful for the ongoing support of the partners and staff of Gochurch as the), have remained faithful lo the niinislry in their sacrificial support. both financially and in volunteering time and skills. Without this help. Gochurch would not be able lo fulfil its Inandate. PuhliL' benefit The Iruslees confimi that they have complied i¥ith Ihe requiremenls of section 17 of the Charities Act 201 I to have due regard to the public benefit guidance published by the Charity Coinmission for England and Wales. FinAncial review The accounts for the year 2024 show a financial surplus of £32,987 (2023.. £13.755 surplus}. Policp. on referi'e.% The Trustees of Gochurch Global Ltd aim to ¢reale and maiiiiain a general reserve of unrestricted funds equivalent to i months operating expenses as beingy sufficient to Imeet ils financial. legal and moral obligFations to its service users, einployees and volunteers and to all relevant authorities. Structure* goi'ernance and manAgement FinanciAI instruments Objeclive.s andpolieies The charity's activities expose it to a number of financial risks including credit risk: cash flow risk and liquidity risk. Ca.fhfliiw risk The cliaritj's activities expose il primarily lo ihe financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreion exchaiige forward contracts and interest rate swap contracts to hed(Je these exposures. Interest bearing? assels and liabilities are held at fixed rate lo ensure certainty of cash flows. Page 4
Gochurch GRobal Ltd Trustees, Report Credil risk The charity's principal fiiiancial assets are bank balances and cash. trade and oiher receivables, and investments. The charity's credit risk is primarily altribulable to ils trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impaimienl is made ivhere there is an identified loss event M,hich, based on previous experience, is evidence of a reduction in tlie reeoverability of the cash flows. Liquiditj, risk In order to maintain liquidity to ensure that sufficient funds are available for ongoing operalions and future developmenis. the charity uses a mixture of long-lerni and short-temi debi finance. Further details regarding liquidity risk can be found in the Statement of accoltnting policies in the financial stalemenls. Plans for fusu re periods Aim3 kei, rfJhjecliiye.Fforfutureperirfid.s Our plans for 2025 and beyond continue to be the development of new churches that reflect the communities they are based in. The Gochurch vision lo plant 25 churches by 2035 has ststrted and our focus will be to ensure that these churches beconie healihy dynamic churches. Exciting liines aheadl The operations, incomes & expenditure, assets &. liabilities ol- Word Of Life, London will be transferred to a new charity. Word of Life Miiiistries Europe Icharit}' nuinber 11903751 on 31112 1?5 as this is Ihe next Step in the growth of this partnership ministry. that has seen l ? churches established across Europe. In ?0?5 we anticipate the launching of ? new church plants, the training up of + l 00 leaders with a view lo go establish new M'orks in the future. It's time (o gel busy. Statement of trustees, respottsibilities The trustees {who are also the directors of Gochurch Global Ltd for the purposes of compaiiy lawl are responsible for preparing the trustees, report and ihe financial statements in accordance ivith applicable law and United Kingdom Accounting Standards (United Kingdoin Generally Accepted Accouiiting Practice}. including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies. Company law requires the trustees io prepare financial slatements for each financial year. Under coinpany law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the ¢harilable company and of ihe incoming resources and appl ication of resources, includinn its incoine and expenditure, of Ihe ¢harilabl¢ coinpany for that period. In preparing these financial statemeiits, the trustees are reouired to= select suitable accounting policies and apply them consistently; observe the meihods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent. stale whether applicable accounting standards. coniprising FRS 102 have been followed, subject to any material departures disclosed and explained in Ehe financial slalements; and prepare the financial stalements on the going concern basis unless it is inappropriate lo presume that the charitable company will conlinue in business. Page 5
Gochurch Global Ltd Trustees, Report The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy al any lime the tinancial position of the charit<1ble compan J and enable them lo ensure that the financial stateinenls comply with the Coinpanies Act ?006. Thej are also responsible for safeftuardinLY the assets of the charitable company and henLe for lakinTr reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial infonnation incliided on the charitable coinpany's website. Leftislation governing the preparation and disseminalion of financial statements may differ from legislation in other jurisdictions. Small compAnies proTr'ision statement This report has been prepared in 8¢¢ordance with the small companies regime under the Companies Act 2006. annlial report was approved by the tn]stees of the charity on 24 September )0?5 and signed on IES behalf by- orton Trustee Page 6
Gochurch Global Ltd Independent Examiner's Report to the trustees of Gochurch Global Ltd ('the Company,) report to the charity trustees on my examination of the accounts of the Company for the year ended J I Deceinber 2024. Responsibilities and basis of report As the charit s trustees of the Company land also its directors for the putposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied my'self that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligJible for independeiit e¥aininatioi). I report ii) respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'l. In carrying out m}, examination I have followed the Directions given by the Charity Commission under section 145{5)(bl of the 2011 Act. Independent examiner's statement Since the C.ompany's gross income exceeded £250,000 your examiner musl be a member of a body listed i section 145 of ihe 201 l Act. I confirni that l am qualified to undertake the examination because l am a member of , w'hich is one of ihe listed bodies. I have coinpleted niy examination. I confimi that no matters have Come io my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of Gochurch Global Ltd as required by section 386 of the 2006 Act; or 2. the accounts do not accord with ihose reeords; or 3. the accounts do not comply with Ihe accounting requirements of section .396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent exainination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Siatement of Recommended Practice for accountiiig aiid reporting by charities lapplicable to charities preparing their accounts in accordance with the FiRaneial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}1. I have no concerns and have come across no other matters in connection with the examination to which artention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Paul Roper McKellei)s Ltd I l Riverview The Embankment Business Park Vale Road Heaton Mersey Stockprot SK4 .3GN Dale.. Page 7
Gochurch Global Ltd Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) [Inrestricted funds Re5trieted funds TotAI 2024 Note Income and Endowments from: Donations and legacies Investment income 26.514 19.3 542,667 131.159 130.966 Total income 647.119 26.707 67J,826 Expenditure on: Charitable activities 1619.8751 (20.965) 1640.8401 Total expenditure 1619,875} {20,965) 1640,8401 Net income Transfers between funds 27.244 {5,064} 5,742 5.065 Net movement in funds ?2.180 10.807 32,987 Reconciliation of funds Total funds brought fon¥ard 4JJ.769 14.618 448,J87 Total funds carried forward 455.949 25,425 481.J74 The funds breakdown for 202J is shown in note 17. The notes on pages 12 to 23 fomi an integral part of Éhese financial statements. Page 8
Gochurch Global Ltd Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Ilnrestricted funds Restricted funds Total 2023 2023 Note Income and Endowments from: Donations and legacies Investment income 484.673 125.076 15,278 27 499.951 195.10) Total income 609,749 625,054 Expenditure on: Charitable activities 1580.193) (31,1031 1611.2961 Total expenditure 1580.193) (31,1031 (611.2961 Net income/{expenditure) Transfets between funds 115,7981 19,400 {19:403) {.31 Net moveinent in funds 10.153 3,602 Reconciliation of funds Total funds brought forward 423,615 11.017 434,6.32 Total funds carried forward 17 4Ji.768 14,619 448.J87 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 202) is shown in note 17. The notes on pages 12 to 23 fom) an integral part of ihese financial statements. Page 9
Gochurch Global Ltd (Registration number: 06845131) Balance Sheet as at 31 December 2024 2024 2023 Note Fixed #ssets Tangible assets 1,166,844 1,211.141 Current assets Stocks Debtors Cash at bank and in hand 12 13 14 200 57,147 121.160 44,i54 146.570 191.124 178.507 Creditors: Amounts falling due within one year (140.80:, 1226.47.)) Net current a55et51(liAbilities) 147,9661 Total assets less current liabilities 1,217,165 1,16.3,175 C."reditors: Amounts falling due after more thAn one year 16 {735.791) (714,788} Ilel assets 481.374 448.i87 Funds of the charity: Restrirted income funds Restricted funds 25.425 14,619 Unrestricted income funds Unrestricied funds 455.949 43.).768 Total funds 17 481,i74 448.J87 For the financial year ending .3 l December 2024 the charity. was entitled to exeinption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities= The members have not required the charity lo obtain an audii of its accounts for the year in question in acLordance with section 476- and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the prepara(ion of accounts. These financial statements have been prepared in accordance with the special provisions relating lo companies subjeci to the small ¢oinpanies reginie within Part 15 of the Companies Act ?006. Th fiiiancial statemei)ts on paeS 8 10 ?3 were approved by the trustees, and authorised for issue on 24 ei er ?0?5 and sigined on their behalf by.. orton Trustee The notes on pages l ? to 23 fomi an integral part of Ihese financial statements. Page 10
Gochurch Global Ltd Statement of Cash Flows for the Year Ended 31 December 2024 2024 2023 Note Cash flows from operating activities Nel cash income 32,987 13,755 Adjustments to cash flows from non-cash items Depreciation Investment income 44,297 {131 159) 44,075 (125,103} 153,8751 (67,273) Working capital adjustments Decrease in debtors (Decrease)/increase in creditors Decrease in deferred income 13 15 16 10,677 21,943 {.3,7751 {14,575) (11.0251 Nel cash flows from operating activities 166,68?) (.18.4281 Cash flows from investing Activities Interest receivable and similar income Purchase of tangible fixed assets 131,159 125.103 {9.200} Net eash flows from investing activities lil 159 115,903 Cash flow5 from financing activitie5 Repayn)ent of loans and borrowings 15 139.067} {28,301) Net increase in cash and cash equivalenls 25,410 49,174 Cash and cash equivalents at l January 121 160 71.986 Cash and cash equivalents at i l December 146,570 121.160 All of ihe cash flows are derived from continuing operations during the above iwo periods. The notes on pages 12 to 23 fom an integral part of these financial statements. Page 11
Gochurch Global Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 Charity status The charity is limited by guarantee. incorporated in England & Wales, and consequently does not have share capital. Each of the trustees is liable to contribuie an amount not exceedingF £1 towards the assets of the charity in the event of liquidation. The address of its registered office is.. %tudio 4 L'nit 4 Dal las Court Salford M.50 2GF These financial statements were authorised for issue by the trustees on 24 Septeinber 2025. 2 Accountin% policies SummAry of significant accounting polities And key accounting estimales The principal accounting policies applied in the preparation of these financial statements are sel out below. These policies have been consisleni5y applied to all the years presented, unless otherwise slated. StAtement of compliance The finaiicial stateinents have been prepared in aecordance with Accounling and Reporling by Charities.. Statement of Recominended Practice (applicable to charities preparing theii. accounts in accordance wilh the Financial Reporting Standard applicable in the U K and Republic of Ireland IFRS 10211 (issued in October 2019) (Charities SORP IFRS 10211. the Financial Reporting Siandai'd applicable in the Uli and Republi¢ of Ireland IFRS 102) and ihe Companies Act ?006. Basis of preparation Gochurch Global Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are iniliallv reeognised ai historical cost or transaciion value unless otherwise stated in the relevant accounting policy notes. Going concern The Iruslees consider that there are no material uncertainiies about the charity's abilitv to continue as a going concern llor any significant areas of uncertainty that affect the carrving value of assets held by the charity. Income and endowments All incoiiie is recognised once the charitv has enliilemenl to the income, it is probable thai the income will be received and the amount of the incoine receivable can be measured reliably. Page 12
Gochurch Global Ltd otes to the Financial Statements for the Year Ended 31 December 2024 Donulions and legacie5 Donations are recognised when the charity has been notified in ]lIng of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of perforniance by the charity before the Charity is entitled to the funds, the income is deferred and not recog?nised until either those conditions are fullN' met, or the fulfilment of those coiiditions is wholly within the ¢ontrol of the charity and it is probable that these conditions will be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis following the grant of probaie when the adminislraloriexecuior for the estate has communicated in wriling both the amount and settlement date. In the event that the gift is in the fonn of an asset oiher than cash or a financial asset traded on a recognised stock exchange. recognition is subjecl to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. Deferred inc(Jme Deferred income represents amounts received for future periods and is released lo incoming resources in the period for which, it has been received. Such income is only deferred when: The donor specifies that the grant or donation must only be used in future accounting periods. or The donor has imposed conditions which musl be met before the charity has unconditional entitlement. Inve.stmeni inci)me Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or construciive oblination to that expenditure. il is probable settleineni is required and the amount can be measured I'eliably. All cosls are allocated lo the applicable expenditure heading that aggregate similar costs to that eategory. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resouwes, with centr&l staff costs allocated on the basis of time spent. and depreciation charges allocaEed on the portion of the asset's use. Other support costs are allocaied based on the spread of staff costs. Chariiable actii'ilies c.haritable expenditure comprises those costs incurred by the chariiy in ihe deliver). of its activities and services for its beneficiaries. It ineludes both eosts that can be allocated directly to such activities and ihose eosis ol. an indirect nature necessary to support thein. Governance costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit. strdtegic management and trustees meetings and reimbursed expenses. Taxation The el)arity is considered to pass the tests set oul in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets Ehe definilion of a charitable company for UK eorporalion l&x purposes. Accordingly, the charity is potentially exempl from taxatioii in respect of income or capital gains received within categories Covered by Chapter 3 Part I l of the Corporation Tax Act 201 O or Section 256 of the Taxation of Chargeable Gains Aci 199? io the extent that such income or gains are applied exclusively lo charitable purposes. Page 13
Gochurch Global Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 I'Angible fixed assets Individual fixed assets costing £500.00 or more are initially recorded at cost. Depreciation DepreLiatiun is provided on tangyible fixed assets so as to write off the cost or valuation, less any estimated residiial value. over their expected useful economic life as follows.. Asset clAss Land and buildings Furniture and equipinent Depreciation method and rate ?O/o per annum on a straiuht line basis ?50/o per annum on a slraight line basis Stock Siock is valued al the lower of ¢ost and estimated selling price less costs lo complete and sell, after due regard for obsolete and slow moving stocks. Cost is detennined usiiig the first-in, first-out (FIFO)- Trade debtors Trade debtors are amounts due from customers for merchandise sold or services perforined in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They. are subsequently measured at amortised cost usiiig the effective inlerest method. less provision for impairnienl. A provision for the impaitThent of trade debtors is esiabl ished when there is objective evidence that the Charity will noi be able lo colleci all amounts due according lo the original tenms of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-term highly liquid inveslinents that are readily convertible to a known amount of cash and are subject lo an insigr)ifi¢ant risk of hai)ge in value. Trade credilors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditionxl right. al the end of the reporting, period. to defer settlenient of the creditor for at least twelve months after the reporting dale. If there is an ui)conditional risJht to defer settlement for al least twelve months after the reporting date. they are presented as non-current liabilities. Trade creditors are re¢ogni£ed inilially at the transaction price and subsequently measured at amortised cost using rhe effec1ive interest method. Page 14
Gochurch Global Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 Borroivings Interesi_bearing borrowin(*s are initiall). recorded at fair value. of transaction costs. Interest_bearin(F borrowings are subsequentl). carried al amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effeciive interest niethod and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for al least twelve months after the reporting date. Fund structure Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. Restricted income funds are those donated for use in a particular area or for specific purposes. the use of which is restricted to that area or purpose. Financial instruments Clas.sifiLalion Financial assets and finai)cial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrumeiit. Financial liabilities and equity instrumenls are classified a¢¢ording 10 the substance of ihe contractual arrangyemenls entered into. An equity instrumenl is any contract that evidences a residual interest in the assets of the charity after deducting all of ils liabilities. Recognition and mea.suremenl All financial assets and liabilities are initially measured at iransaction price (including transaction costs), except for Il)ose financial assets classified as ai fair value through profil or loss, whi¢h are initially measured al fair value Iwhieh is normall )' the transaction price excluding transaction costs). unless the arrangement consiilules a financing iransaction. If an arrangenient constitutes a financingT transaction, the financial asset or financial liability is measured at the present value of the future paymenls discounted at a market rate of inlerest for a similar debt instrument. Financial assets and liabilities are only offset in the siatement of financial position when, and only when there exists a le(yally enforceable right to set off the recognised aniounts and the charity inlends either to settle on a nel basis, or to realise the asset and settle the liabilit). simultaneously. Financial assets are derecognised when and only when a} the Contractal rights lo the cash flows from the financial asset expire or are settled. bl Ihe charity transfers to another part). substantially all of ihe risks and reivards of ownership of the financial assei. or c} the charity, despite having retained soine. bul nol all. significant risks and rewards of ownership, has transferred control of the asset to ano(her pany. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Page 15
Gochurch Global Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 3 Income from donations And legacies [Inrestricted funds Designated Restricted funds Total funds 2024 Tithes and offerings Special Offeringys Events Club1040 Fund Church Planlino Fund Other income Special projects Mission Fund tic L,K Fund WidLr Plantin&J Vision 411 176 25,826 6.209 4,545 415,721 25.826 6.209 12.093 828 60,880 1,452 12.093 828 54.076 1.452 6.804 3,072 3.396 3,396 li,190 Total for 2024 516,15J 26.514 54? 667 2023 Tithes and offerings Special Offerings Events Club1040 Fund Church Planting Fund Other ineome Special projecls Mission Fund GC UK Fund Wider Plaiiting Vision )87.019 387.019 8.269 8.269 12.651 1.239 1.239 221 221 2,627 2.627 1.859 1.859 Total for 2023 484.673 15.278 499.951 4 Investment income linrestricted Restricted funds Total funds Designated Interest receivable and similar income. Interest receivable on bank deposits Income from renls 1,416 129,550 193 1.609 129,550 Total for 2024 130.966 193 131.159 Total for 2023 125,076 125,103 Page 16
Gochurch Global Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 Expenditure on eharitable aclivities Unrestricted funds Designated Restrieted funds Total funds Note Giving Events Ministry costs Wider Planting cosis Administralion e.¥penses Staff Costs Premises c.lub 1040 Church planting GCUK Fund Mission Fund 31,967 19,440 70.016 7,609 47,441 140,395 227.144 1,100 1,650 25,697 31,967 ?0,611 1,019 7,609 48,094 141,089 227,144 11,616 1,650 25,697 6,912 694 10,516 6,912 Depreciation. amortisation and other similar costs Governance costs 44,?96 3,120 44,296 Total for 2024 619.875 90,965 640.840 2023 Giving Eveiits Ministiy costs Wider Planting cosls Adminislralion expenses Staff Costs Premises Club 1040 Church planting GC.UK Fund Mission Fund Depreciatioi), amortisation and oiher similar costs Governance costs 38,354 17,130 68.295 38,354 17.130 68.295 931 34,405 1 ?0.272 228.71 J 20,172 6,559 17.877 10,931 34,405 120.272 ?28,713 20,172 6,559 17,877 10,931 44,076 3,581 44.076 3,581 Total for 2023 580,193 611.296 Page 17
Gochurch Global Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 6 Analysis of governRnce costs Govern#nce costs Ilnrestricted funds DesignAted Total funds Independent exan)iner fees Examination of the fin7Ancial statements 3,1?0 TotAI for 2024 3,120 Total for 2023 -3,581 3,581 7 Net incomingloutgoing resources Net incoining resources for the year include.. 2024 2023 Depreeialion of fixed assets 44.296 44,076 8 Trustees remunerAtion And expenses The founding PastorlTrustee. Rev M Beemer, received mission gifts amounting lo £3.323 {?02.3: £7,900) Rev A Morton, the Senior Pastor and also a Trustee and his wife are boih reiiilineraled by the church. Their salary costs. including pension benefits and National Insurance costs, amounted to £24.941 (?02.3- £?2.8951 and £22,99312023.' £22,114) respectively. Rev A Morton also mdde a short term loan lo the charity to fund the purchase of a nem, boiler. Interest, at a cominercial rate. of £692 {2023'. £6261 ivas paid to him in the year. The loan was repaid in full at the end of the year. The onlv other payments made (o Trustees, or an). person coiinected with them, consisted of reimbursement of expenditure incurred on behalf of the charity in furtheringJ the charity's objects. Page 18
Gochurch Global Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 9 Staff costs The aggregale payroll costs were as follows.. 2024 2023 Staff eosts during the year were: Wages and salaries Social security costs Pension costs 139.856 2,044 8.259 114,826 1.287 6.621 150.159 12? 734 The monihly average number of persons (including senior managemeni / leadership team) employed by the charity during the year expressed as full time equivalents was as follows- 2024 2023 No Employees No employee received emoluments of more than £60,000 during ihe year. 10 Taxation The charity is a registered charity and is therefore exempl from taxation. I l Tangible fixed assets LAnd and buildings Furnilure and equipment Total Cost At l January 2024 1,844.249 62.978 1,907,227 At 31 December 2024 1,844,249 62.978 1,907.)?7 Depreciation At l January 2024 Charge for the year 651.889 37,185 44,197 7,112 696,086 44,297 Ai 31 December 2024 689,074 740.J8.3 Net book value Ai 31 December 2024 ,155.175 11,669 1,166.844 Ai J l December 2023 1.192,J60 18.781 Page 19
Gochurch Global Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 12 Stock 2024 2023 Stocks ?00 200 13 Debtors 2024 2023 Trade debtors 21,590 19,311 3,453 31,623 90,940 4,584 Prepayments Other debiors 44,354 14 Cash And eAsh equiTr'alents 2024 2023 Cash on hand Cash al bank Short_lei'in deposits Other cash and cash eqLtivalenls 17 60 104.994 41,473 86 89,949 31,065 86 146.570 121,160 IS Creditors: amounts falling due within one vear 2024 2023 Bank loans Trade credi(ors Other loans Othcr taxation and social security Other creditors Pension scheme creditor Accruals Deferred income 58.506 47.848 95.175 57,401 23.522 2.301 1410) 1.856 5.588 762 13,697 27.825 16.800 140.80.) ?26,473 Bank borrowings The Mortgage with Kingdom Bank is repayable over 30 years and the carrying amount at year end is £794,297 1?023 - £809,963). The bank has a first charge on the properties. Page 20
Gochurch Global Ltd INotes to the Financial Statements for the Year Ended 31 December 2024 16 Creditors: amounts falling due after one year 2024 2023 Bank loans 735,791 714,788 17 Funds Balance at 31 December 2024 B#lAnce at I JAnuAry Ineoming resources Resources expended 2024 Transfers Llnrestricted funds Unreslrieled designaledfunds Bradford London 15.404 58.467 11,463 540,771 828 (lJ,969 (77.513) (1.1.599) (45J,J04} (1,650} (J3.773) (26.067) (1.442} 10,-358 33,18.3 524 362,9?9 46.652 {3.6231 5.996 52,229 Liverpool Manchester Church Plani GC UK Fund Wider planting vision (1,12?} (55.395) 12,747 24,747 15.400 iiO.857 881 928 4,5?? 15.665 Total Designaled Funds 4JJ.769 647.1 ?0 1619.875) {5,065) 455.949 Total unrestricted funds 433,769 647,120 {619,875) 15,065) 455,949 Reslricledfunds CLUB1040 Mission Fund MiddlesborougFh Fund 6.?16 8,402 19,074 3,072 4,561 (11 ?701 {6,9121 ?.7831 14,020 9,627 1.778 5,065 Total Restrieted funds 14,618 {20.9651 5,065 25,425 Total funds 448.-187 67.3.827 1640.8401 481.J74 Page21
Gochurch Global Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 Bal&nce At 31 December BalAnce At I January Incoming resources Resources expended 2023 Transfers 2023 Ilnrestricted funds Unreslricled de5ignafedfund.I Bradford London Liverpool Manchester Church Plant GC Uk Fund Wider planting vision 3,406 58.477 3,035 340,744 ?0.646 12,69J I 19,801 70.547 {9.8921 {76,791} {13,984} {444.6051 16,5591 {21.458) (2.952} 10,363 {? ?05} (59,04.)} 19.400 19,400 3,774 ).)0.86? 34,796 882 928 493.766 1.239 1.859 Total Designated Funds 42J.615 609.773 1574,2201 125.400) 4Ji.768 Total un restricted funds 4?_).615 609.773 (574,2201 (25,400) 4.3.3.768 Re.slric'ledfund3 CLUB1040 Mission Fund 7,710 3,307 12.678 2.627 (20,172} {16.931) 6,000 19,400 6,216 Restrieted funds 11.017 15.305 {37.103) 25,400 14.619 Total funds 434.632 625.078 1611.3231 448.387 18 AnAlysis of net assets between funds L'nrestricted funds Designated Total funds at 31 December 2024 Restricted funds Tangible fixed assets c.urrent assets Current liabilities Creditors over l year 1,166.844 165,699 1140,80.11 17.35,7911 1,166.844 191.124 1140,80.3) 1735,7911 25.425 Total net assets 455,949 25,425 481.374 Page 22
Gochurch Global Ltd Notes to the Financial Statements for the Year Ended 31 December 2024 Unrestricted funds DesignAted TotAI funds at 31 December 2023 Restricted funds Tangible fixed assets Current assets Curreni liabilities Creditors over l year 16.3,888 (?)6.47_)) (714.788) 14,619 178.507 {226.47.il {714.7881 Total nel assets 43.3,768 14.619 448.387 19 Related party transactions During the year the Charity made the following related party transactions.. Bex Morton (Bex Morton is the dau(Jhter of Alan Morton who is a Trustee) The church received gifts of £11 ?89 12022.. £6,71511 which were passed on to her and eonlribuled a further £1,800 {?022: £1 ?001) to support her in her work in Brazil. At the balance sheet dale the amount due ioifrom Bex Morton was £Nil 12023 - £Nil). Page 23