Company I'egistration number.. 07106567 Chai'ity iegisti'ation number.. 1135892 The Chinese Overseas Christian Mission (A company limited by guaianteel Annuaj Report and Financial St8teinellts for the Year Bnded 31 Decefflbei. 2023 Michael J Emery & Co Limited 22 St John Strect Newpoil Pagnell BuckinghamsliiiE MIC168HJ
The Cliine.8¢ Overseas Chri5tÉAn Missioii Contents Rcfeien¢e and Adiiiinistrative Details I to2 Tiwstee5' Report 3 10 8 St21ement of'l'rustees, ReSnSibilItieS Independent Auditors, Report Ioto 13 Statetnent of Financial Activitie5 14 J3alancc Sheet 15 Stattmtnt of C8sh Flows L6 Notes lo the Financi21 Statements 17to30 Detailed Statement of Financial Activities 31 to33
The Chinese Overseas Chi'iytian Mission Refei'ence and Adn]ini8tJ'ative Details TriisteeslJ)ii'ettors Lievd Slew Huat Ong Dr Wesley Lai James Lo Council Revd Siew Huat On8, Chfjirman of coucil Di. Wesley Lai, Viee-chairinan of council Jaines Lo, Treesurerof council Rcvd Johllny Chan, Council member (deceased May 20231 Jin l.i, Council member Cai'men N& Council Jneinber Keith tau, Council member Ra¢hel Li, Courjcil meirtber Mailin Choi, Council member Yeng Shiong Ang, Collncil memba. Prtllcipal Office 2 Padstow Avertue Fishei'niead Milton K¢yne% BUckIn]amShire NfjL(6 2ES CompaY Regisli'ation Nllmbei. 07106567 Cbai'ity Registratiots Number I 135892 Page I
Tlie Chinese Overseas Christiaii Mission Referenee and Admini&ti'ative Details Elli5-FeM0l. & Negus Limited 2 DevonshiiE Avenue Btcsion Nottinghani Nottinghamshiie NG9 IBS Banktis CAF Bank 25 Kings Hill Avenue Kings Hill Wcst Malling Kenl E194JQ Milion Keynes Midsutnintr Place BTartch idsuminer Place 19 Midsummer Boulevard Milton Kcynes Buckinghainsliire MK9 3GB HSBC Ealing Bix)adway Jjranch 46 The Bioadway LONDON W5 5JR Flagstone GKoup Limited Cl81'eville House, 26-27 Oxtndon Stitet Londo SW IY 4F.I. Setlior ManAgtmeMt Team Henry Tsz Fung Lu, Gtneral dire¢tor Revd Kam Hung Ho, DiiEctor of adminisliztion Rebecca Mao. Dii'e¢lor of illember CE Connie Yu (Jrsigned March 2023) Candy 7hang (appointedNovember 20231 Atsditoy Michael J Lmery & Co Limited 22 St John Sti'eet NewpoTt Pa¢11 Buckingham5hire MK16 8FIJ Page 2
The Cliinese Overseas Cbristian Mi5SIOlk T)'ustees' Repoi't 'L"he Irustecs. who 'e directors for Ihe purposes of coiiipany law, pre8ent the annual report together with the financial statements and auditois, report of th¢ ¢haritablc tompany foi. the yedr ended 31 Deeemt¢i' 2023. Obj¢ctSves and Activiti Objects lliidftiFIis The Mission's objcctives are as follows:_ To preach tlie Gospel of Jesus Christ pi'iinarily to people of Chinese etlinic origin in Europe. To establish and foster self-supportittg groups of Chinese CbJSIIsnS in LiUlUPe. To eJ]courage Jnutual fellowships and co.operation amongst the Chinese Christian5 in Europe. To encourage mutual felloivships alld eOpe1311ort with the local Evangelical Churches, societies and agencies in ministei'ing to the needs of ihe Chinese people. To encourage mutual fcllomhIps and co-operation in the task of world evangelisatioll and building up the unival Cliuirh. To prepa and equip Chinese Christians to serve God in theii. eounlries of residtnce. Objeclives. sirulegies aci?vi/téS The prinGipal activity of thc Mission is dial of spreading the Chri.slian Gospel, through evangelism, priinayily to people ol Chinese eihnic origin, especially in Gi'cat Britain and Ew'ope. The Mission has a spe¢ifit role in pjoviding 'aining and liteatre for this wojk. niblic beiiefll TIJC obje¢tivo% of preaching the gospel of Jesus CIy'i5t and teachiiig the do¢tYines of the Christian reliEion are rntt in the evangelistic. leaching and trainiiig ministry of the 8taff team. The teain is UK based, bul one Louple 15 based in Fi'anG¢ and one couple is b*t in ihe NTethcrlands. Many LoDfeKences at training cvenls ait held at the Imission Centre in Milton Iccyiies 8% well in local churches, and the Mi%sion a150 proinotes C.hi'istian ¢onferences in cortjunction witli gi.oups dizwn from Chinese churGhes. I'hc M&ssion hrts a book room lacces5ible onlille ttsol to make available Bibles 8nd Chi'istian litcratuie, and publishes onlin¢ magazines for the Cliinese ¢oiMmunity- Addilionally, Ihe Mission wol'ks with local Fxoups of Chinese Chrisiians in the esiablishiiient and developti)ent of self- supporting churchcs. The ste¢S eojitii'rn that Ihey liavc complied with the i-equii'emenls of se¢tion 17 of the Charitie% Act 2011 to Iiave due regard to Ilie public benefit guidance publis]ied by the Chaiity CoJnini&%ion for Fngland and Wales. Use oJvoliiFileelY I'he chai'ity bencfils substantially trom unpaid volunttci's who ¢ontYtbute to its objeciives. Tlie valt of theii. htlp cannot be qualltified by the tru51ees. PaEe 3
The Cliinese Overseas Chiistian Missioll Ti'ustees, Repoi't Acli]eveIellts aDd performatjce The Mission seeks lo athievt its objectives by pi'iinaiily focussing its work OD the areas defined by ils Vision Mission and Sii'ategi¢ Plan. 'fhe curi'ent plall was adopted and bit into effect eaTr'ly in 2020. 'fhe Mi55ion continuts to have the Ihrecfold purposes of evangelism, equipping, and encouiagement. The plan sets out in bToad tei'ms thc obj¢etives curretstly envisaged. Growtli....aii¢l F&JopegiowllJ The most ssgnifi¢ant featuits of 2023 Te.. The itlflow of iinmigrants with RNO stattEs to the UK from Hong Kong coniinued for another yeai.. Matly of these immigianls are C.hristi&ns who attended cliuirhes back in Hong Kong. Jn response to this grcat missiun we have continued to rccruit more mi5bionary staff 10 cope with the thallenge. Many af thc staff iEcruited were the1n1Ve$ recent immigrants frotn Hong KonE. knound tlie UK almost evci'y lo¢al Chinese chuich has been mpacted by iht new arrivals. In some Iocdiions thcre were a significani number of iminigrants Iltendtng local English speaking churches. On top of that, theiEwere many new ¢hurches eslablished especially foi. the Cantonese speaking group. The i'esurnption of Mandarin spcaking 5tudertt ai'rivals from China as Covid restrictions eased. These still form Ihc largest llllernatianal student gi'oup in tlie UK. The d¢veSopm¢nt of COCM'S u'oss-cultural teain working among othEr migrdnt giUp5 in the UL especially those who are not yel Christians. Tlie continued ministry among the next geneTation of Chinese who w&'e born and raised in the UK, in lille with COCM'8 long term vision of"Reaching the Chinese to reach Eui'ope Tlie conlinued effort to dcvelop the COCM Trainillg Cenii'e facilily and pJx)moting theolog¢al training i pailneiyhip with the Canadian Chinese School of Theology. Some Inalei'ial8 and ¢our8es were being developed locally. Wc have seen an inuease in Christians who are interested in ¢rtyolling on the theolog&Gal Iraining coursc& . The gyowth of the COCM staff teain.. at the yeai. end the Mission had 70 staff 2nd 30 volunteer associate& Youth ministry opportutiiiies- with rnoie young people coming from Hong Kong, and the continued oppoi'tunity lo support the existing £nglish speaking youth work, Ihere is the neeA to relhink support for churehes in youth ministry. Choi'¢h planlillg.. during the year COCM helpcd co-ordinate thc planlTn£ of new Chinese chuithes in York and Manchester, aT)d through parlncr8hips and placcrnents is supporting the growili and irvitalisalion of otheT local Chinese fellowships and churches. COCMpnJ'Éiierships 4 With IIK Chinesc ¢hurches- supporting the chuithes through sending statTto seyve in their Inidst. For Theological li'aining.. wilh tlie CJnadian Chinese School of Theology. Page 4
The Cliinese Overseas Chi'istian Mission Ti'ustee.%' Report The COCM CeiitrÉ Since 2003, COCKI has operated fiY)m the Mission Centrc in Milton Keynes. Tlie development of this ceiitiE 112$ been a sir2tegic suGcess and it Gonlinuos to underpin much of our wuj'k. The Cenlre enables low. cost evangelisllc camps for youllg pcoplc and students to supplement ihe woik in the i"e8ions cai'ried out by COCMI 8taff and others. Confeirnce and ti'aitmng minists'y woik continue5. The Centi'e is also used by Chinese churches and oth. organi5ations foi. conferenLes and i'eli'eats. Tr4lniiig llJidvoliiiileÉis . The Mission contillues to look for recent Bible College rdRt¢S that aTe suitsble to serve on the Mission leajn. The Mission Centre volunteer piogramtne {sinee 2011) bi'ings in voluiilceis to the Mi88ion CentlE to SUPPOrt the Centi'e siaff in pTactical woi'k as well as experiencing peisonal and spiritual foiTh&tion thiDugh being p#it of the community ther& For some this lia5 been a fjfst step lo applying fol fvither ti?inin8 to join the COCM Staff team. The Missionary in Preparation s¢heme {staited in 2013} tontinue5. Tliis enable% promising swdents to receive spon501.shtp and help. Thes¢ are Bible and Theological College studenL8 who may in the neai. fvlure join the slaff teain. They spend placeinenl and vacation peiiods wilh COCM staff gs their 5upeYvisors I nientors dui'ing thcii. year3 of study. Most of iliose on Iht MIP %cheme Bo on te beeome a COCM missionary upon completion of their %tudie5. Coipiplioiice uiidRegsilttlory inaiigr The Council and leadei¥hip teaix bear in mind Goinpliance with regulatoi'y requii'ements. The safeguarding policy is fully operative and there were no sei'ious tncidenl repoits in 2023. 1-here 1$ safeguai'ding ti'aining for all staff. Page 5
I'he Chinese Overseas Chi'istian Mi,ssion Tiwstees, Report Financial rtview Ineomtng Itsourccs sn¢Teased by moir th1 a ihiTd fix)2n 2022, llp to £2.742,763 fiDm £2,052,324. This has contributed toivard8 an annual sui'plus of £214,958. In¢¢me frojn Hong Kong has substantially due to an increase IR support incomes for missionary staff who are related to Hong Kong. At 31 Denber 2023 total funds %lood at £5.660,060, of which £87.103 are i'estricled funds.Detai15 of 8eparate resti'icttd fvnds aTC given it] note 20 to the tinancial statements. The tru5tee5 Jre mindful ihat £3,676,235 of unrestricted fvnds i5 r¢pi'esented by the Mission's freehold pj'opeitits in Milton Keynes. These art rtot liquid fuhds and are central to the Mission's a¢tivities - piDviding an opei'aiing base and outre2ch centre. Pollcy oil Je$Érves 'rhe Mission continues to have a requiremenl of a minimum cash re%ei'vc of £500,000, in 2ddition to the fixed asscts of thc Mission. The current miniinum VaS tstablished ID 2013 and is IEgulai-ly reviewed by Ihe Irustee5 and Council. Key fèLioi-s are11) the fact that a5 8 Pl-opoition of ihe mi55ion's budget it is smallei. IElative to the siz¢ of the rni5sion than il was orsginally and (2) the fact that a significant portion of the Mission's income is from overseas, and Ihis has some ittherent rtsk. PriiT¢lPrtlliiiidiiig SOEiYce Primarily fvnding comes fiY)m individuals and churches in many counli'ies who aiE lin syiiipatby ivith the #iThs of the Mission. Only small ainounts of funding come from Ilje sale of books and inveslinent in¢tsme derived fron) the rcservc deposit accounts. No fundraisijg aclivilies from the genEral public are undertaken. IiivesltriiÉiiÉpoli¢N ftfrirfobjediv¢s Th¢ policy of Ihe MissÉon 15 genei?Ily to take a conservative view of i'isk, and accordingly investment of the Mission's re%ervcs aiid any surplus income acciijing from time to liine is inittsally made in depasit acCot8 with banks offerirtg accounts to the chai'iV4ble seGtor. Mure ircentlyj a sum lia5 been placed in a chai'iiy investsnent account with Flagst(Jne io facilitiit¢ intrSt beai'ing deposits au'o%s a 18nge of b8t&s. lrt¢ome from such accounts j5 then used for the thar&lable purposes of the Missiott. Plalls for future periods Aiiiu uiidkey objeclivesfoi'fiiiiiiÉperiods i.'rhe continued opeartion of the sts?tegic plan itferi'ed to above. 2. BNO Chinese imjnigi'aiion from l.long Kong is 5ubsianiially d]anging the resident Chinese community in the UK. The Council and Leadeiship team5 watching fi]ture developinents which may pi'ovide new oppoitt]nitics for COL,M. J. The refreshment of cou2)cil JDemberthip - Iwo new members joincd in 2023 and moiE will need to be reciuited in 2024 and 2025 a5 long-seiving Inembers step down. P2ge 6
Tbe Cliiiie5e Overseas c.hristian Missioii Ti'usteesl Repoj Slrllctui'e, govei'ii¥nce 2iJd mHn%geineut Nniiii'e olgoveriiiFJg dociiiiieiit The Mission is controlled by a Council whsch opei'ates undei. the Catver method of govtrnance, and is cstablished as a company limited by 8uaYaiitee, as defiiied by the Companies Act 2006. Retruiliiieiil wtdftppolpiiifrieiil oftJ'iisÉees R¢¢iiJitinent and appointhjcnt are dealt with in accordance with the Articlc5 of Association. Jiirfiieiioji ftNdirAliiEiig oflrlislee Somc incoming trustees already have experience as charity trnstees, but all aye i"eminded of thcii. duties in their mejnbei'ship of the company and council. Ai'rrtiigei?iÉiilsloi' seiiEiig key nilliioggiiieFltpersoiiriel rÉiiiiiiieTtsIIo The chai'ity beiiefits fiom liaving a stable senioi. staff team, the Tntmbei3 of which work tiiElessly to advaiice the Dbjectives of LOCM. ThEii' reinuneraiion is by refei'ence to the rcmun¢rdtion policy lor all sLiff m¢inbers. -fhat policy is based on the national teaGher's pay scale for England, with incremental inci'eases for length of %ti'vice, and annual reviebts inllation. Thi8 policy seeks to make fail. provision for the charity's staff, but itmuneixtion is not set w&th a view to matching the 'M.ket iaie" for blafl. in conipai'able positions in other chai'itics. The charity does not rcgaid itself as coJnpetin£ lor the stiwices of such JKople, and the scales adopted do tiot piY)vidc a large diffei'entiaj beiw¢ert senior and junior staff. org111$011FIll1 sitiicnire The Mission is based and registei'ed in the UK. Ils Council lof which tlie company diiEctoYs are ex officio Ineinbersl sets the policics and approves the broad strategy of the Miss&on. -I'he Coun¢il adopted the Carver iiitihod of goveinance some years aEo, and wider this sets limitation policies to guide llie Genei'al Director and %latt team as they implement Ilie agrted strategy. The Gerteral Director thell iEporls to Council in line i¥itli the strategy and the policies set by Council. These policies were last revietved and ametided in 2015 and are k¢pi widei. iyview in the liglit af opational nceds. The Trusiees i.e. C113irm2n, Vice Chaii'man. Se't1ry and Ti'tasurei., are tlie direcloi'.s of the ¢ompanyi dealing with irgulalory matte1%, operating as a leam between Council meetings. and providing a ful"Ih. link beiweeji the Geticral Dircctor and senior staft on die one hand and the c.ouncil on th¢ other. The Gharity has for msny y¢8rs benefirted immenstly frorn having representation in other ¢ounli'ie5. This lakes the foill1 of locally J'egi51ered and %elf-govcrning cOmnieS in HonE Kong, Malaysia and thc USA which are ac¢ounlable to the I'e8ulaloiy authoi'itics in those Cou11.&es. In otheK counti'ies such us Singapoit and Canada there 2IE individual %uppoi'iei's who volutttarily encoui'age people to suppoi't the work ol-COCM. hFone of tl)e msssionary woi'k of COCM is cari'ied out in those locatioiis. 'fhe pUrIse of the local boards is to a¢1 as paitner% to COCM through their provision of support and encoui'agement for Ihe work of COCM and to assist in the reciuitinent and suppoi't of suilable stxtT. l-hrough these pal-e1'shthps, Clu'istian5 in Ihese other countries air enabled to express tlieii. Commitment to thc vt.8ion of COCM foi. meeling the spir&tual needs of the C.liinese people in the UK and Europe. 'l-he Council has a duty io identify and i'eview the risks whTcli may affect the Mission and to piit in place controls to miniiiiise risk and to PTovide reasonable #ssur8ncc that fiaud 1.01. ai"e miiiimised and to note and itnplement advice received fron) thc auditors. Pagc 7
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I'hi. C'hlnest Oi'c'rsL'MJ Chr15tlAn llYlurt Th. Iru%l¢¢S (wlx7 lilso Ilic dir4lor$ of'i"hc c".hiiiL 0¢[al Lhrillin Nlis%iwi fthr IhL purTr)hc5 of rompwiy I,> urc. TLYPUYi%iblr fui PT4Viirinb Ihi IwxIL¢N' rLsN>n arid IIIL fintsnLioI sthIL1'nLx in thiLuvJaniL 14'iilI IIIL UlliiLII ¢r¥¢ IIK. m¢ihTh45 (Ind prlnciplcs 115 lh¢ Chtsriiir¥ SORP.. pripJrc Ilie liiioiicinl %iiitiii¢iii% (In lh¢ Boin8 Covcern hn%i> iinli'%% 11 t% Inlippropnuie In pre.winc iliRI ihc IT11%[ee i1re ir%Trin%ililr liir kceiisng. .iile4iiol¢ QLcIMiiili11bT rw)ryl Ihnl lire 41)n4¢ieDI lib hs)w Niiil riplniii Ik TIK'> lll¥ nlio ic4poiihiblc lor 5gl£biithrdinb Ili¢ Illi chnriinblè rompnthy lliid hLnrL Ii)r illkirib rcllsiinnhl proi"¢d iiiid Sibiied uii 115 b¢h&lfby.' R¢*J Sic Pll¥L'
The Chillese Ovei'seas Cliri5tian Mission Indepeiident Auditor's Report to the MembeTrs of The Chine,se Ovei'seas Christian Mission Opinion We have audited the fin8ncial 5tatcnicnts of The Chinese Overseas Christian Mission (the '¢hariiy'l foi. the yeai. ended 31 Decejnber 2023, whi¢h coiiiprise the Siutement of Financial A¢tivitie%, 13alancc Sheet, Staten]ent of Cash Flows. and Notas to the Fill8rcial stalents, including a svminary of significant accouniiDU policies. Tht ftnancial rcpoi"lit)g framewoi'k that has been applted in their piepai2tion is United Kingdom Accounting Standard8, compi'ising Charities SORP I",RS 102 The Financial Repoiting Srdndai'd applicable in the UK and Rcpublic of Ireland. aiid applicable law (United Kingdom Genei-ally Accepted Accounting Pi'actitt). In ouy opsnion the fjnancial slaiements.. give a tiut and fair view of the state of the cljarity's zffairs as at 31 D¢¢ember 2023 and of its results foi. the yeai. then cjded. have bcen properly prepared in a¢¢ordance WiLh United Kingdoni Generally Accepted Accounting Practice. and have been pi'epared in attoi'dance with the requirements of the Companies Act 26. B8sis for Op510]) We conducied our audit in accardancc with International Standw'ds on Auditing lUt<) IISAs lUtC)18nd applicable law. Our responsibililics undei. those standards are fuiiher desci-ibed in the Auditor's IEsponsibilities for Ihe audit of the financial statements se¢tioll of our report. We are indcpendent ot the charity ii) atcordance wÉth the etliical requiremen¢S that aiE IElevant to our audit of the fjnancial si8tements in the UK, including the FRC'S Fthical Standard, artd we have fulfilled our othei ethical r&%ponsibilities in accordance with thL8e i'equiremcnts. We believe Ihal the audit evidence wc have obtained is sufficient aiid appropi'iale to provide a b18 foi. our opinion. Conelu5iolls rela¢iiJg to goiThg eonccr We have notliing to repoi1 in respect of ilie following matter5 in i'tlation to which the ISA5 (UK) require us to report to you wh¢Ke'. the Ii'ustees use of tlie going concern basss of accounlin8 in tlie pi'eparation of the financial statemellls is not appropriate., oi. Ihe ti'ustees liave not disclosed in the financial statements any identified material unc.137tIes that may cast significant doubt about the chai'ity's ability to cuntinue to adopt the going Gollcern basis of accounting for a period ot at least Nclve months fLDm the date when the tinancial statemcnts aTe authorised for issue. Other iiifoi'm2ti0 The Irustecs aiE responsible foi. the other inforiiMlion. Tlic other informatTon comprises Ilie informalion included in the annual I'eporl, oilier It]all the finaiicial slalemcnts artd our auditor's repwt thereon. Oui. opinion on the financial stalemttnts doe5 not cover the other informatiot] and, except ¢0 the extertt otheThvise cxplicitly 8taicd iEPOrt. we do llot tXPlE55 atsy foiin of assuitnce conclusion Ihereon. Pagc 10
The Chinese Ovej-seas Cliristian Missioii IndependeDt Aiiditoi s Repoi to the membe of The Chinese Overseas Christiaii Missio In connectioji wEth our audit of the financial statejnents. oui. IEsponsibility is to l'ead Ihe otheK infoi'mation and, in doing so, Lonsidei wheihei. the olhei. information is materially inconslstent with the financial SLqiementS Ol. OUI. knoivledge obiained in tlie audit or otherwise appears to be materially Inisstated. If we idenlthfy such inaterial inconsi%t¢ncies or appaiEnt Inaierial Inisstate]nenrs, we are i¢qUilEd lo detMine w,hethei' their 15 a matcrial misstatement in the tinancial statemen15 or a material mi5slattinenl of the other iiifoimation. If, ba.%ed on the work Ive have pei'lormed, we conclude thaL thert is a matei'i81 misslatemellt of this othey infoi'mation, we 8iE IEqujI'ed to Epoit that fact. We have noihing to Jeport in Ihss iegard. Opinioll other tterS pi'escribed by the Companies Att 20U6 In oui. opinion, based on the work undeitaken in Ilie course of Ilje aiidit.. the inloimgtion given in dje Trustees, Repoit foi. the financial year lor which the financial statements are prepaiEd 15 ¢OngiStent with the finan¢ial ststements. and the Trustees, Rtport has been prepaitd in accoi'dance ivith applicable legal iequii'etnents. M#lttits on whif h we #it reqvtred to i'cport by excoptioll In the light of oui. knowledgt and undcr5tanding of the company and its envitot]tneJ]i obtained in the cow'se of the adIt, we have not identificd material misstatements in ihe Truslees. Report. We have noihing to report in IE5PeCt of the folloThryng matters where the Companies Act 2006 Tequires us to repoit io you if. in Qui. opinion.. adequate accounting i'eLords have not bE¢n kept, or retuiTrs adequate foy our audit h&ve noi been received fi'om bTanclies iiot visited by us., or the fillaiicial siatanents air nol agreement with the a¢counting records retuims. or certain dis¢losures of trustees iemuneration specified by law al'e iiot Jnade. or we have not IEttived all the information and explanations we require lor ow audit. RespoDsibilitlC5 of trustees As explained more fully in the Statemcnt of Twstees, Responsibilities (set out on paEt 9), the trustees Jre rcsponsible for the prepaT8tion of the fjnancial siatenienls aYJd foi. being satisfied that they give a tiue and fair view, and for sucli ini'nal conti'ol as the Irtee$ deteimine 15 ne¢essary to cllable the preparatOn of financi statements Ihat al'e free frotn materi81 masstatemenl, whethci. due to fraud or erir. Jn prepIllg the financial stateiiienis, Ihe liwstees are responsible fol. assessi8 the chity's ability to continue a5 a going LonceTn, disclosing, as applicable, mattcr5 l'elattd to going concern and using the going concern basis of accoTr]Iiling unless the tTuslee8 either intend to liquidate tlTre charity oi. to cease opej'ations, or liave Do reali8tic iei'native but to do so. Page 11
The Chinese over.seas Christian Missioii Indepeiidettt Auditoi s Repoi't to tlie Membei'$ of The Chinese Overseas Chi'istian Mission Audxtor's responslbilitie$ (or tlLe audi¢ of tlie fJnan£ial statemcnt$ Oui. objectives are to obtaiii i'easorMble assuranee about phe(lIer the financial siatements as a whole aiE free fron) marIal illisstaiement, wlielhei. due to fraud or ei'roi., and to issue art audiior's i'eport tliai includes oui- opinion. Reasonable assuyaiice 1.% a hi£h Icvel of Lssurdnce, but is not a gllai'antee Ihat dn audit conducted in a¢GtsTdance ivith ISA8 {UKI will always detect a rnateiial tnisytaiement when it exists. Misstatements can ai'isc from fraud or ejror and are ¢onsidcred material if, indkvidually oi. in Ihe aL'egat¢, they ¢ould IE8sonably be expected lo ij)fluence the econotnic decisions of users taken on the basis of these f)nartcial statements. Matei'ial In3SStalements arising froin iiTegulaiities, including fi?ud, can bc difticuli to dele¢t by their very natuir. As part of the audit planning process the engagement tearn specifically discussed tlie risk of material mi55tatemettt ai'ising fi'om iii'egularities. in¢luding fraud. Thi% involved A revieiv of the social and £togi'aphi¢al tcrritories in which the chai'ity oiiei2tC5, as well as diUSSiOnS with the charily's ti'usltts, in Ol'der to gain an undei'standin8 of ihe laws 8nd IEgulations that aiE relevant the entity. Work was carried out to idenlify evidence of any non-compliance with laws and ttgulations in¢luding discussions i¥ith tru8tees, a revieM' of ¢orresponden¢e and invoices ti'om Ihe charity's soli¢itors, 3nd general internei searches for any ncws articles whi¢h include the chai'ity's rjatnt. No cvidence of non-compliaiice was identified. Written representatioJ)s we also obidined fi'om thc twstte8 Collfjrming that tliey have no knowledge of any non-compliance with applicable laws and re8ul8tions. Thc engagement team have also undtitaken a deLiiled review of the chariry's Internal conts'ol enviioFllncnl to &sse8S it's over&ll susceplibilily to fJud. The overall risk of misstatemellt due to fi'aud was asstssed as low. Our sub5tatttive audit proceduies wtre lailoi'ed to specifically tai'get any identified areas of incirased Yisk. The engagMent team eomprises individuals with considei'able alt experience. They are considertd to have the requisite tec111 skills and Entity specific knowledge to rilit81C detection of material Jnisstatemcnts arising dlle to As part of an audit in accordance with ISAS {UKI. we exeitise professional judgeinent and maintain professional SLeptlCj5m dii'oughout Ihc aiidiL W¢ 8lso'. Idenlily and assess Ilie i'isks of malci'ial Jnis51atemeni of the financial ststements., wheiher due to fraud or e01., design and perfoKm audit pvocedure5 responsivc to those risks, 2nd obtsin audit evidence that is sufficient and appropriate to pi'ovide a basis for oui- opinion. The risk of not detecting a nTraterial misstatement rebuliin£ fiDm fi'aud is highci. Éh8n foy one resulling fi'om eill'or, as fi?ud may involve ¢ollusion, forgery, inlentional oin110s, mipresentatiOns, or the override of internal conti1. Obtain an understandillg of internal conti.0 JEltvant to Iht audit ill ordei. to design audit PTo¢edures Ihat are fippropriate in the circumstances, but not for tlje pui'Jx)se of expressing an OPiDiOn on the elftctiven&%s of (he thai'ily'8 intei'tsal conti'ol. F.valuate the appropriaieness of accouniinE policies used and the Ycasonablenes8 of (l¢¢OUrtting e51imates and Telated disclosures made by the li"usttts. Page 12
The Cliinese Over.seg$ Chi'istian Missioii Iiidependeiit Auditoi s Repoi't to the Mtmbei's of The Chinese Overseas Chi'istian Miss1011 Conclude on iht appi'opriateneks of Éh¢ trusiees ube of the going cuncum b95is of accounting and, bd on the audit cvidet)ce obiain¢d, wheiher a lTrat.iI un¢ei'lainty ex15ts related to ¢venL% or condiiions thal may cast signifi¢ant doubt on the cliar&ly'S ability lo continue as a going ¢on¢em. If wt tonclude Ihal a material unLertaiiily exists, we are requiitd to draw attentloll in our auditoi s repoit lo the ielated disclosures in the financ&al statements or, it 5uLh disclosuiu are inadequate, to tnodily oui. opinion. Oui. eonclusions are based on the audit evidencc obtained up to the dale of our auditor'5 repoit. 14owever, future events oi. conditions may cause th¢ challty to cease to contiiiue ts a going concei'n. Evaluate the ove1?11 pi"esentation, swcmre and tonlent of ihe financial st#iemenls, inGluding the dis¢losuiE4 and wheihei. Ihe f)nancial statements IEpresent the underlying tYansEctiobs and events in a manner thal achieve5 fair presentation. Obtsin sufficieiil appiDpi'ia audit evid¢nce lEgalIng the financial infonnatitsn of the entities oi. business activities M'ithin the ch31.iry to express aft opinion on thc financial statejnents. We are iesponsible foi. the dÈrection, supei'vision and pei'formance of ihe charity audiL We iEmain solely responsible for our audit opinion. We communic&te with those chai'ged wilh goveynapce Kcgai'din& among other matters, the planned scope and liming of the audii and SilfIcallt audit findiiigs, inGludin8 any sigttific8nt defi¢iencies ill inieiJal control iltst we identify duiing 0r audit. Use of our repoi't This J'epoi is Inade solely to the chai"itable company's tiustees, as a body. in accordance with Ch8Pter.l of Part 16 of the Companies Aci 2006. Our audit woi'k has been uiidertaktn so that we miglit state to thc ¢hai"ity's liuste¢s Iliose rnattet"s we al'e requiiEd to stale to them in an auditor's report aud loy no other purpose. To Ihe Cullest extent p¢i'milled by law, we do iiot accept or 3me responsibility to anyone oth¢i' than the charitdble company and it5 li'ustee5 as a body, for our audit work, foi. t18 repoTI, or for the opinions we have formed. Michael Ei For and en yACA{ ialf of lor Siatutoi'y AuditOK) a¢1 J Fmery & Co Limited. Stawtory Auditoi. 22 St John Street Ncwpurl Pagnell Bu¢kingham&hii MK16 8HJ P8ge 13
Tho Chinese Overseas Chi'istian Mission Stateineiit of Finaneial ActivitiL4 foi- the Year Ended 31 December 2023 (Including Inconie and fi xpenditui'e Accoiint and Statement ot fotal Recogiiised CyAinS and Loss'es) Uni-esti'ictcd funds Rtstt'icttd funds Total 2023 TotHI 2022 Note Incolne #Ad FJnd(biViiitJJts fYoui- Donat10115 and legacie% Chai'itable aetiviiies Investment income 1240,192 454,875 40,316 7,380 2,247.572 454,875 40,316 1,729,003 317,173 6,148 Total Income 2,735.J83 7,380 2,742.763 2,052,324 Exptnditurc on: Charitable a¢iivities 2,517.812 9,993 2,527,805 1,917.712 rotal ExndItUre Net incotnellexpcnditui't) Net movcment in funds 2,5 17,812 9,993 2,527.805 1,917.712 217,57L 214,958 134,612 217,571 12,613) 214,958 134,612 Rtconciliatlon of fndS Total fwids brought forwaixl Total tund5 Carried fonvard 5,355,J86 5,572,957 89,716 5,445,102 5,310,490 5,445,102 20 87.103 5,660,060 All of the clilty's &Ctivibes del'ive from continuing operdtions during the abDve two PEiiods. The fimds breakdown for 2022 is Show in Jiote 20. Page 14
'Iii. Clilnisl. 1)i'c'rSL'll% Cliri%liuii %1 Il%¥lon Biil'ii)Ll, SIICLI JI .11 1)i('ltIll1l'r 2112.1 2U22 l.urrriil I1K.Y %.1,574 .7¥7,??I 2.1111¥.4 Ni'l ¢urrc'nl ¥ssrt8 1.7bN.?77 Ni'l #isels S.44$ IV! 87.In3 14Y,711 Ilrtf4'51Tlttrd Incomt fwiiils Tvl)I fiiiid I'rii%iL 15
The Chinese Overseas Chi'istian Mission Statement of CAsh Flows f()i' the Yeai. Ended 31 Decenibei. 2023 2023 2022 Note Ca5kn floiv5 from operating xetlvities Net cash income 214,958 134,612 Adjusttnents to c*sli llows fy'om ijoii-tasli itcms Depre¢i2tio Investment income 13,624 40,316 13,991 16,148) 142.455 188,266 WoJ'kirJg capit•l adjuslments {In¢reaseydeertase ID Stocks IIncreaselldecre)se in debtors Increaselldecieasel in creditors Net cash flows from operating a¢livitie5 {1,791) {219,l561 171,1431 18,L701 92,856 159,204 (103,8241 386,345 CA5h lloivs fi'ottL investing Aetivities Interest re¢eiv8ble and sirnilar income Purcjiase of tangible fixed asscls Net cash tlows fix)m investing &ctivities 40,316 136,506 6,148 3,810 6,148 Net Idetreaseyincrcase in cash and cash equivalents Cash and ca511 equivalents at l Januaiy Cash and cash equivalents at 31 Dtceiiibcr {LOO,014) 1,787,223 1,687209 392,493 1,394,730 1,787,223 All of the cash flows are derived fi.om contirtuing op¢ratlOllS dursng the above two periods. Pag¢ 16
The Chinese Overseay Chi'istiaIi Mission Notes to tbe Financial Statements foi. the Yeaj. Ended 31 DÈceinbei' 2023 I Charity stAtU5 The chariry is a clia¥ity limited by guartntec and consequently does not have share capital. Ea¢h of the ti'ustee5 is liable to contribute an amount not exceeding £10 toivards ihe asse of the chaiity Ihe event of liquidalion. lthc address of its i'egi5tered office is.. 2 Padslow Avenue Fis11mea Milton Keyne% Buckingliamshire MK6 2ES Z Attounting policies Ctsneral information Thc Ghariry is established gs a company Itmited by guaTantee and was incorpoixted in England and Wales. Sbmmaiy of slgDificallt accolllltlllg policies And Iity accounting e¥titnate5 rhc priJ]ciwal accounting policies applied in the prepaiatiotl of these fin3nc&al slateinents are set oot below. These policie5 have been Gortsistcntly applied to all the years pi'esented, unless Otherwi slated. Stattmellt of COp1¥te Th¢ ffinancial statements. have been pPared in accordallce with AcGourtling and Reporting by Charities-. Statement of Recoiiimended Pi'acti¢e applÈc&ble to ch.1(LeS prepai'ing thtiy account8 in a¢cordance witli tlie Financial Repoiting Standard applicable ill the UK and Repiiblic of Ii'elalld (FRS 102) {efft¢tive l January 2015)- {Ch8rities SORP (FRS 102)), the Companies Act 2006 and the Ch21'itics A¢t 2011. Bgsi5 of preparation 'I'he Chinese Ovei'beas Christian Mission rneet5 die definiiion of a pl11¢ beDetit enlity und. FRS 102. Assets and li8bililies al'e initially I'ecogwsed at historical cost or li'ansaciion value unless otherwise slated in the relevant a¢¢ounling policy notes. Goillg euncern The fJnanc&al staternents have becn PTepared on agoing ¢oncern basi$. In the ass65sment of the trusiees there are no Inaterial unGertainties about the chÈrity's abilily to continue as A going eoncerll. The ii'uslees make this ass&ssment in itspect of a pej'iod of one yeai. from the date of approval of the rjnancial stateineiits. Illcojlle eiiiloiimellt% All income is Lrcogniscd once the cliarity has entitlement to the incoill4 it is pi"obable that the income will be received and the amount of the income iE¢Bivable can bc mcasuyed reliably. Page 17
The Chiiiese Oveiseas Chi'istiAn Mission Notes to tlie FinAnci#l Statements foR' the Year Elided 31 December 2023 Doiinliuiis rtFid legrtcie Donations W'e recoEnised ¥vhen the Ghttrity has been notified in lting of both the amount and s¢itlemeiil dale. In Ihe event that a donation is subject to conditions that requiie a level of perfoimiance by the char&ly befoi'e the charity is entitled to the fvnd5. the thncome is deferred and not i'ectsgniscd until either ihose COndtiOnS are hlly irtet, or the fulfilment ot those condition5 is wholly within the conti'ol of tlie charity and it is plbabIe that thcse conditions will be tslfilled in the Tepoi'ling peviod. Gtfts iii kiitd Gifis in kind aiE Yecogni%ed as income when the chaTily has conti'ol over the iiem, any ¢OrtditiDj associated with the doiiated itcm have been met, and the JEc¢ipt of ec(JnomiG benefit from tjie use of the item by the chai'ity is prob&ble nd Can bt measui'e(I eliably. Oo i'eceipt, 8ift5 in kind are recognised et the amounl that the chai'ity would have been willing to pay to obtain tquivalent services or facilities in an 'at arms, lengih ti3nsaction' on tlie open mai'ket. A coi'responding amount is then recogTJised in expenditure oi. fixcdl¢uTrent a&sets 1vith the pei'iod of itceipt. Gifis in kind are allocated tt) tlie appropi'iaie fund in aceordanw with any conditions stipulated by the donor. Chrtrilftble uc¢iviile.f Income froin chaiilable activities including ix)ok sales and iDcome from conferences, Is Tecogllised when tht goods oi. sei'vices air physically provided, it is probable that the income will be received, and it cali be measuiEd wsih reasonable a¢cuY&cy. Exp¢iiditure All expenditure ss recognised on¢e theiE is a legal oy cthnstructive obligaiion to Ilial txpendilui'e, il is pyobable settlement is requiiEd aiid the ainount can be mcasuiEd ieliably. All costs art allocated to the applicble expenditure hcading thJl 8Egregate siintlai. costs to that categoiy. Where costs cannot be diirctly atti'ibuted to pW1Clar lieadings they have bcen allocated on a b8sis Consistent with the use of i'esources. All rcsoui'ces tspended aiE inclusive of iire¢ovci3bl¢ VAT. Chnrilttble uctivilles Chaiitable expenditui'e cotnpi'ises those costs incui'red by the charity in the delivei'y of its activities and services for its benefieiai'ie5. It includes both cosis that can be allocated diiEctly to such ueiivitie5 artd Ihose costs of an indirect atui'e necessaTy io support thejn. Suppoi costs Support costs I¢]de centixl fun¢tiorts &nd112v8 been allocated to A¢iivity ¢OSt categories on a basis consisknt with the use of re&)llrces. Govei'iillnce ctssts These include the costs attributable to the chaillry's Cornplian with Gonstilutional and statlltoiy requiiEment$, illcluding audit, strategic management alid tiustees, Ineetings and reinibursed expenses. Page 18
Tlie Chineye Ovei-seas Clii'istiall Missioll Notes to tlie Finaiicial Statements for the Yeai. Elided 31 Deceml)ei' 2023 Taxation The Gharity 15 considered LO pass the tests sel out irl Paragraph I Schedule 6 of the Finan¢e Act 2010 and Iherefore it meets the definiiion of a ch&i'thtable company foi- UK coipoiation lax purposes. Accoi'dingly, the charity is potentially exempt from iaxation in rtspc¢t Df illcome oi. capital g&iDs received thpithin ¢ategorie8 covered by Cliapter 3 Pari I I or the Corporation TJX Act 2010 01. Seelion 256 of the Taxation of ChaiEeable Gains Act 1992, to tht extcnt that such it)come oi. gains aiE applied exclusively to chai'itable puiposes. Tangible fixed assets Individiial fixed assets fjre initially recoidtd at cost, less any subsequent ac¢umulated dcpi'eGiation and proipision5 for impaitThent. Depi'tetAtioll amortisation Depreciation piovided on laiigiblt fixed assets so as to write off the cost or valuation. less ally estimated I'esidual value, over ilieii. expected usefvl economic lifc as follows.. Asset cl8SS L.and and buildillgs Moior vthicles FuinituiE, fittings and equipment Depreciation ]hd Ite In accordance with the propeity 250/0 on cosl At varying l'ates on cost Stock Stock is va]ued ai the loiver of eost and cstimated seS1iAE price legs cests to complete alld sell. aftei. due irgard for obsolete and slow moving str)cks. Cosi is deiermincd using the weighted aVee method. Tx'ade debtOX'5 Trade debtOTS air amounts due from ¢u$toiners for meTch&ndise sold oi. seTviees pwfoi'med irt the oidinary COUTse of busine5S. Tizde debtors are reco8n&8ed illirially at thc transaction price. They air subscquentjy tnea5ured at amonised cost ustng the efycclive iniertst method, l&%s provÉsion for in]pairnienl. A pi'ovision for the inJpairmtnl ot 112de dcbtor.q is c8tabli5hed when their 15 objective evideiice that the tl)arity will not be able to collect Bll amounts due according to the origrinal teiibs of th¢ receivables. Cash and eash equivalellts Cash and ¢8sh equivalents coinp115c cash on hand and ¢all deposils, arnd othei. sliorl-tei'm highly liquid investsiients that are readily convej'tible to a known amount of Lash and are subject to an insignificant risk of change in valut. Page 19
Tlie Chinese Overseas Ch)'i5tiaD Mission Notes to tlie Ilillancial StaÉtinents foi. the Yeai. Elided 31 December 2023 I'i'Adt er¢dltors l-rade creditoi's are obligalsons to pay for goods or servic£s that have becn acquircd in the oi'dinary coui'se of busine55 from 5upplitJ3. Accounts payable are clabsifled as cui'rent liabilitics if the ¢haYity does noi have an unconditional l'ight, at th¢ end of the repoi'iing period, to defer stttlernent of the uEditor for al leasl twelve months after the rtporting date. If thei'e is an uncunditioiial right to defer settlemeni for at least twelve Inonths after the I'eportinE dat¢. they piEsented as non-curi'ent liabilities. Ti'ade ciydilors ai'c recognised initially at the tl2nsaLtion price and subseqllenily measured at atnortised cost using the efte¢uve interest method. Foi'eigii txth2nge ri'ansaclion.% irt foyeign currencies ait Yecorded at the rate of exchange at the date of the ts7n5aclion. Mox)etary asset5 and liabilities denoniinated in foreigti CUlTencies at the balance sheet dale are reported at ihe i?tes of ex¢hange pvalling at that date. Pensions ¥nd otkner post rctii'enjeiit obligations The Chariiy opei¥ies d defined contriLiution pension 5ch¢ine for tht betiefit of it's einployees. Conts'ibutions paydble to the charitable company's pension h¢me charged to Iht Statement of Financial Activiiies in tlie pei'iod to which thcy relate. FinancÉal instruments clll.s.fificftlioii Financial assets 8nd financial liabilities are recognised when the charity becomes a party to the conti?ctual provisions of the instruiiient Recugiiiiioii iiieasiii'efrfrteiiÉ All fsnancial assets and liabilities initially measui'ed at liwisaclion PKice (including transaction c05ts), except for those finan¢ial asse15 classified a% at fail. value illl'oLTruh profit or loss, which are initially measwed at f8ir valuc (which is normally the transaction price excluding Iran%action c()sis), unlu$ the arKangement constitutcs a financing transaction. Tf an aiyangement conslitutes a financing trans8Ction, the financial Èssel or financial liability is measured at the pi'escntv4lue of the fulure pdyment5 discounted at a market rate of illteKst for & similai. debt instsument. Fizjattcial asstts and liabilities aiE only offset in the statement of financial position when, and only when there exists a Icgally enforceable ritht io set otrthe recagnised ainounts and the charity intends eitlier lo settle on a net basts, or to realise the asset and sedlc the liability simultaneously. Finarttial assels arc derecoFJiised when and only when a) Ihc coniractual l'ights to the cash nows fiy)m Ilie finan¢i81 asset expire or are settled, bl the chai'ity trinsfers to another party substantially all of Ihc risks and i'ewards of owJ]ership of the financial asset, or ol the eliai'ity, despite having i-elaitied $omc, but not all, significant risks And rewai'ds ol'ownership, has tr8nsfctTed conlrol of ilie assel lo another party. Finan¢ial liabilities are dEcognised only when the obligation specified in the conti*cl is discharged. ¢ancelled or expii'es. Page 20
The Cliinese Oversea$ Chi'i8ti8n Missioii Notes to Ilie FillanciAI Statements for tlie Year Ended 31 Deceinbei. 2023 Debt lJislriiiiieMIs Debt instrumen¢S which meet Ihe folloivin8 conditions are subsequently measwrd at amoitised c05t llsittg the cffe¢tive intei'est melliod.. lal-I'hE contT8Ctual retuill to the liolder is {1) a fL%ed amount,. lill a positive fixed Taw or a positive variable rate- or (iiil a Gombit)ation of a pill¢ oi. x negative fixed rate and a positive variable late. Ibl Tlje contraci may provide for repayments of tlit principal oi" the retui"n to the linldei. (but not both) to be lirthed to a single I'elcvant observ8ble index of general plte inflation of the curitn¢y ill which the debt instiurnent is denominated, PTovided su¢li links are not leveraged. {cl The contYaGI inay providc for a detetininable variation of the i.ctum to the holder during Ihe life of the thnstiUTnent, pi'ovided that lil the t)ew te satisfies eondition la) tnd the variaiion is rtot conlinEent on fvluir eveiits otlier thtn (l) a change of a coniiaetual vwiable l'ate. (2) to pi'otect thc holdei. against eirdit delerioi'atiun of the issuer,. (3) changes in levies applied by a centi21 b8nk or arising from changes in relevant tsxalion or law. oi. lill the new i?te is a market l'ate of iiiltirst and satisfi¢s condition {al. {d) There is no contractual provision tliat could. by its terms, result in the holder losillg prin¢ipal amounl oi. ally inteiEsi anributable to the CUiTent p¢riod or prior periods. (el Contractual pJi)visions that perjnit Ihe issuei. to pitpay a debi instrument OT perinit the holder to put it back to thc issuer before rnatui'ily are not contingent on htt]re event% other Ihan to protect the holder against the ci'edil deterioration of ilie issuer or a change in control ot the issuer, or to prottct tlic holder oi. issuey against challges in levies applied by a central bat]k or '151g fKoni changes in I'elevant taxation oi. l#w. lfj ConU?Ctual piDvisions may peTtnit the extension of the terin of Lhe debt insts'ument, pi'ovided tliat the rett]m to the huldw. and any other eontit¢iu&l piN)visions applitable dIng the extended term satisfy the ¢onditiot15 of paiagraphs (a) to (c). Debt inst¥uments thal arc c12ssifsed as payable or receivable within one year on initial recognition and which meet the above conditions ale meaSUTed at the undiscounted atnount of the c&sh or other ¢onsiderAtion expected to be paid or received, net of impaim)ent. 3 Income from donatiotjs alld Itg&ties Ullr¢strieted fund$ Restrlcted Total I'otal 2022 Gtntral Donation$ 8n(I legacies. Donations from individwdls and cliuithes 2,240,192 2.240,192 7,380 2,247.572 2,247,572 1,729,003 1,729,003 7,380 Page21
The Chinese OverseAs Christian Missiuii Notes to the Fillxncial Statements for the Year Ended 31 Deeembei. 2023 4 Illcume fi'om chAI'itabl¢ attivitie5 Unrfstrleted fullds Total 2023 Total 2022 Gentr21 Camps and confeiEn¢es Missions and honoraiium Book sales Education and ti'ainiiig 358,186 39,285 57,394 10 358,186 39,285 57,394 io 230,359 32,453 54,331 30 454,875 454,875 317,173 S Inve5*ment ineome Unrestricted funds TotRI 2023 Total 2022 General lllterest receivable and similar income. Intc1't receivable on bank deposits 40,3 16 40,316 6 Expellditui'e ehgy'ltable activities Unresti'ieted funds Rcstricted ds Total 2023 Total 2022 Desigmated General Mi85ion8 and honoi'aiium Camps and confei'en¢es Book sales Lducatien and training 11,476 478 272 62 2349.182 97,879 55,5 18 2,945 2,360,658 98J57 .55,790 13,000 2,527,8Q5 1,769,695 79,983 45.521 22,513 9,993 12,288 2,505,524 9,993 1.917,712 Page 22
The Chiliese Overseas C"hristiAll Mission P4otes to the Financial Statements foi. the Year Elided 31 Deceinber 2023 Aetivity undei'talcen Gi'2nt funding of activlty Aetivity sllpyoi't costs To¢AI 2023 Total 2022 Camps and conf¢Lences NIi85ions and honoi'aiium Book sales Education and tTaining 75,609 22,748 98,357 79,983 1.814,665 42,886 5,911 1,939,071 545,993 12,904 3,007 584,652 1360,658 55,790 1,769.695 45,521 22,513 4,082 4,082 2,527,805 1.917,712 The expenditure analysed above include5 8oveman¢e snd support ¢ost$ of £584,65212022- £441,940) which relate dircctly to charitable activities. See note 7 for fuNher details. Page 23
The Cbinese Ovei-seas Chrisliall Missio Notes to the FiiiaiieiAI Sttemeiits foi. tlie Year Ended 31 December 2023 7 Aiialy5is of governance and suppoyt costs GovtYnaneÈ and support C05tS Allocated to ¢b&iitablt attivilits Pi'¢mises sts itttliidiug epr¢eiation GoverTr211ee FiiiAnce costs costs Stafr costs Admin tosts TotAI 2023 Total 2021 Missions and honorarium Camps atjd conftiEnces Book 8ales Education and ti'aining 9.902 15,2741 165,560 (220) 6,898 {125) 3,913 129) 912 5,648) 10,603 Z 177,283 218,740 9,L13 5,170 1,205 157,065 6,544 3,712 865 545,993 22,748 12,904 3,007 407,830 18,432 10.490 5.188 234 54 2J4,228 168,186 584,652 441,940 GovtrnaD¢e 2nd support costs ptr fund UiiYestrict¢d fud5 Totsl 2023 Total 2022 Designated Ceneral Staff costs Wag&% and sal81ies Social secui'ity costs Pension costs Other siaff costs Audit fee Audit of Ihe financi315tatement5 l.egal and pi'ofcssinnal fees Depi'eciation, 8mortisatTron and oiher similar costs (roveTnance and support costs 145,160 11,719 10,068 10,336 145,160 11,719 10,068 10,336 127,059 10,925 8.818 21,082 8,566 2.037 8,566 2,037 7,776 2,771 12,288 1,336 383,142 572,3C)4 13.624 383,142 584,652 13,991 249,518 441,940 12,288 8 Net Èncomittgloutgolng rDl'Ce5 Net incoming reMui'ees for the yeaL' include: 2023 1022 Dcpreciation of fixed asset5 13,624 13.991 Page 24
'rhe Chinese OverseAs Cliristian Mission Notes tu the Financial Statejnents foi. tlie Year Ended 31 Decembei, 2023 9 Trustees reillunei'ation and expeiiscs No trustees, nor any persons coiinected with Iliejll, liave t'eceivcd any IEmuneiation from the charity during the yeai.. No trustees have received ally reimbursed expenses oj. any oiher benefits fram the chai'ity dui'ing tlie yeai.. Donations made by the ii'llstees witliout any conditions attached iotalled £5,000 foi. the year12022- £Nill. 10 Staff eost5 rhe aggre£&te payroll costs were as follows: 2023 2022 Staff tosts durlllg the year ivere- Wages and salarie% Social security costs Pension costs 1,213,450 1 18,772 104,250 940,644 91,897 80,636 L,436,472 1.113,177 The monthly average numbei. of pei3ons (itL¢luding settioi. management team) employed by the charity during the year was as follows.. 2022 2023 63 54 All depaientS 61 {2022. 521 of thc above employees parliGipaltd in the Defined Conts'ibulion PensioD Schemcs. No tmployee re¢¢ived emoluments of mort than £60,000 during the year. The total i'emuneralTron of the key iDanagement peiEonntl ot the Charity was £89,105 {2022.. £107,819). 11 AudiÉoi's' remuneration 2023 2022 Audit of the fnancial statements 8,566 7,776 12 Tax&tTOll The chai'ity is a registeitd charity and is Iherefoi'e exenipt lyom taxatien. Page 25
The Chiiie5e Overseas Chi'istiaii Missioii Notes to Éhe Finaiicial Statements foi. the Yeai. Ended 31 Deceinber 2023 13 Tangible fixed xsset5 And Iiuildillgs Fvrniture equipinellt Motor Total Cost At l Janiiary 2023 Addition% 3,790,656 33,034 50,354 3,472 15,566 3,856,576 36,506 At 31 December 2023 3,823,690 53,826 15,566 3,893.082 Deprecl&tion At l January 2023 Charge foi. the year At 31 December 2023 135,167 12,288 49,618 736 14,966 600 199.7fj1 13,624 147,455 50,354 15.566 213,375 N*t booli value Ai 31 Decetnber 2023 3,676,235 3,472 3.679,707 At 31 Decembei. 2022 3.655,489 736 600 3,656,825 Included within the llet book Value of land and buildings above is £3,676.235 {2022.. £3,655,489) in respect of freehold land #nd buildings aiid £Nil (2022- £Nil) in respect of leaseholds. A4 Stoek 2023 2022 53,574 Stocks 15 Dtbtor5 2023 2022 Trade debtors Pi'epaymenls Other debtors 3.51Q 33,415 349,963 386 888 29,248 138,484 167.732 Fage 26
rhe Chine4e Ovel'seas Cl)ristian Mission Notes to the fi inancial Stateinents for the Year Ended 31 Decembei. 2023 16 Creditors: ainount5 fRlllng due ivithill one yeai. 2023 2022 Tizde ¢reditors Other taxalien and social se¢urity Oiher creditoi Accruals 6,656 27,412 9,806 95,235 10,609 21,168 160,393 28,082 220,252 149,109 17 Obligations lludei. leAses hire purehast contr4ets Optra(ittg lease tnnimitments Total fvturc miniinum lease paymtnts ullder non-nCellabIt operating leases aye as follows.. 2023 2022 SJAnd aJ]d buildings Within one yeai. Between one and five years 106,825 19.000 64.002 125,825 64,IK>2 lkne total of operating lease p&yJnenls )"eco£nised as an expense within the SOFA totalled £112,965 {2022.. £77,047). 18 Pellsioll 2nd other schtJne5 Defiued contriblltioll pejjsiou stlJeJn¢ The thai'ity optite$ a defined contyibution pension scheme. The pension ¢ost charge foi. the ye8r iepyesents contributions payable by the chaiity to the scheme and amounted 10 £104,24912022- £80,636). 19 Committnellts Petision tojnmitjnetits The fthnancial 51atcmenl8 include provision foi. employey's pension ¢oDtributions ac¢i'utJig in the period which have yet to be paid ovey to the scheine providei". Commitment5 provided for in Ihe accounts amounied to £19,80612022- £6,906). Commitments not provided foi. in tlie accounts amounled lo £Nil (2022- £Nil). Page 27
The Chinese Overseas Cliristian Missioii Notes to tbe Finaiicial Statements foi. tlie Yeai. fi nded 31 Deeeniber 2023 2Q Funds Balgijce at 31 Detemhtr Balance #t I JanuAry 2023 Incomiijg iysoui'ees Resoui'ce5 expended 2023 Unrestrieted funds Ggiiérftl Genci?I fund 1,699.897 2,735,383 {2,505,524) 1,929,756 Desigiioled Designated fiind Total Uurestricl¢d funds 3,655,489 12,288) 3,643,201 5,355,386 2,735,383 {2,S17,8121 5,572,957 Rt$trlcted fuKds Restricted fund 89,716 7,380 (9,993) 87,103 2,742,763 12,527,805 5.660,060 Total funds 5,445,102 Balartce at 31 December Rt80ure¢s expellded Januai'y 2022 '¢50urtC5 2022 Unrestx'5eted fllnd5 Cyeiierol General ftd 1,564,131 2,023,865 11,888,099) 1,699,897 Desigiiuted Designated fund TotAI unrestricted futsds 3.667,777 (12,288) 3.655,489 5,231,908 2,023,865 (1.900,3871 5,355,386 Restritted funds Restricted fund 78,582 28,459 17,325) 89,716 5,445,102 Total fuDd% 5,310,490 2,052,324 1,917,712 Page 28
The Chinese Overyeas Chi-istian Mission Notes to the Financial Stateinents foi. the YeaL' Ei nded 31 Decembei. 2023 The specific pwyoses for which the funds are to be applied as fullows.. Utiresti"icled general fund.. Unre511'icted geiieral funds can be Used in a¢¢ordanc¢ with Ihc chai'itable objectives ai the discretion of the tiwstees. Restricted thnd.. Re811'&cted funds ¢omprises follr di8tin¢t fimds- 11 The hOla1'Sh1p fimd which exists to help gifted and dedicated aiillese Chrlstians to IEceivc theological and bible traininE at a ¢ollege with which thc mi55ion is in syillpathy. 211.he missionary in pieparation fund for the Ii'aining and melltorsnE of students that w&ll potenlizlly join the COCM staff team 3) A fimd to suppoit thc development of a ministry based in Bath, England. 4) A filnd comprising donation8 and legacies itccived specifically to fund the Costs of renovating the chsrity's headqua1t. premises Milton Keynes lJnrestri¢ted designated fund.. The designated fund CODiaiiis the f)tchold land and buildings owned by the Missioji. Moveinents on the fi]nd during 2023 and 2022 fePiE5enls the arLllual depi'e¢iation charged on said properties. 21 All2ly5is of net assEts betw¢eJJ fullds Unr¢stri£ted funds Rtslri¢t¢d [lld8 Gelleral Designgted TotAI fuuds Tangible fixed assets CuiTent 8%8ets 36.506 2,041,103 1147,8531 1,929,756 3,643,201 3,679,707 2,129,462 {149.109 5,660,060 88,359 {1,2561 87,103 -l-otal net assets 3,643,201 UTJi'estricted funds Total *¢in(18 At 31 Dctember 2022 Restricted funds Geeral DtsRgoxted Tagb]e ftxed assets Cun'ent assets 1,336 1,918,813 (220,252) 1,699,897 3,655,489 3,656,825 2,008.529 1220,252 89,716 Total nct assets 3,655,489 89.716 5,445,102 Page 29
The Chillese Overseas Chrisliall Mis.4ion Notes to tlie Fiin2nci#l ,St2tcments foi. tlie Year bnded 31 December 2023 22 Related pxity tralls%ctiolls Dui'ing the year the chai'ity made the following ielated party transactions: The ClJiiit*t Ovei's¢#s Chi'ists#n Mis51Dn (Ti'iist) (The ¢hai'iiable Irust I.OUgh which the chaity'% operations were piYviou8ly condttcledl In 2013 all of the cliai'ity'.% as%ets attd opcrttions wei'e li'ansteri'ed lo tliis IncoOrsted chayity fiy)ID a trust. A sinall nuinbtr of bank accounts iet)iait] in the name of the oiigiiial ¢haTltable Irusl. The money held in these account% belong5 to the Limitrd Company and Iratisferred by Ineans of a gift in 2013. The nei balartee of these accounts at 31 Deeembei. 2023 is £2,475 12022.. £8,952). These w'e included withiii the balante slieet of the Limited Company. At the balance sheet date the amouiii due tolfrom The Chinese Ov¢i'seas Christi8n fvIission rrrust) was £Nil {2022- £Nil). Pa2¢ 30
The Chinese Overseas Chriytian MissiUJi Detailed Statejneiit of Finaucial Activities foi. tlie Yeal. Elided 31 Deeeinbei. 2023 2023 2023 Uiirestritted Restrietcd fullds TtstAI 2022 Gelkcral Totxl Doiioli011s uiiillegttcies Appeals &nd dollations Appetils and donations 7,380 7.380 2,240,192 2 247,5n 28,459 1,700,544 2,240,192 2,240,192 7,380 1.729,003 2023 Ullrtstrieted funds 2023 TotAI 2022 G¢lleral Total CliurEtttblé rtclivilies Book salcs Camp5 and Lonfeirnces Edueaiion and trainin Missions aiid hortorat'ium 57,394 358,186 LO 39,285 57,394 358,186 io 39,285 54,331 230,359 30 454,875 454,875 317.173 2023 Unrc5tritted ruuds 2023 Tot*1 2022 Gelleyal Totsl IpivesiiKeFII iiicoitrie Interest ort cash dep051ts 40,316 40,316 40,316 40,316 6,148 6,148 P£ge31
Tlie Chinese Overseas ChristiaIi Mission Detailed Stateinent of Financial Activities for the Year Ended 31 December 2023 2023 Uni'estrfcÉed funds 2023 Re5trieted Total 2022 Designated General Total Cliftrliftble ucliviliÈ Wages and Salaries (Inissionary) Staff NIC lrni55ionary) Mi$sion&ry staff pensions (defjned contr&bulittn Other missionary sta costs Book purchases Ti'ainitlg and scholarship 1,068,290 107,053 1,068,290 107,053 813.585 80,972 94,182 94,182 71,818 117,292 41886 117,292 42,886 82,984 35,030 9,993 9,993 965 17,325 2,025 Catering Work and li'avel expen.qes Imissionaryl Staff housing allowance and accotnniodation C'onftrences Publication5 and magaziJie5 Overseas boai'd- Hong Kung Wage.% and salaries l.%uppoi'l slaty) StafFNIC (support 5tafQ Support staff pensions (defjned coolribulion Other sopport stsff ¢osis HQ esiab12slun¢ni costs Otfice &1pee$ Otlier cos 'ri?vel expense5 Isupwrt staft) The audit of Iht charity's annual ccounts Legal aiid plfe&S1oal fee5 905 85,3 17 85,317 55,790 312,.329 312,329 74,643 224,775 59,525 5,793 5,793 6.953 24,410 24,410 24,990 145,160 145,160 11,719 127.059 10,925 10,068 10,336 153,212 51,432 170,407 10.068 10,336 153,212 51,432 170.407 8,818 21,082 175,481 42,877 126,662 13,739 13,739 9,238 8,566 8,566 7,776 2,037 2,037 2,771 Page 32
The ChiJ)ese Overseas C.hi'istffi4in Mission Detailed 8t#tement ofFinancial AttÉvities foi. tlie Ycar Elided 31 Deeeinbei. 2023 2023 2023 Uni'e5ti'itttd fuiids e51ricted fullds Total 2022 Dtsigllattd General Total Foreign currency {gains)Ilos%es Depreciation of tangible lixed assets Depreciation of tangible rixed assets 15,6481 15,6481 {104,740) 12,288 12,288 12,288 1,336 2,505,524 1,336 1,703 1,917,712 12,288 9.993 2,527,805 Page 33