Coii)paiiy I'egisli'atioii numbei.: 07106567 Chai-ity I'egistialion iiuiiibei.: I13i892 The Chinese Overseas Christian Mission (A company limited by giiai'anlee) Annual Report and financial Staleiiients toi. the Year Ended 31 Deceii)ber 2024 Micliael J Emei'y & Co Liiniled 22 St. Johi) Sii'eet NeNvpoi'l Pagnell Buckingliainsliii'e MK16 8HJ
Tlie Cliinese Ovei'seas Clii'istian Missioii Coiiteiits Retei'ence and Adiiiinisti'alive Details I to2 Ti'ustees, Report 3108 Stateinenl ot Ti'uslees, Responsibilities Independent Auditoi's, Repoi'l Ioto 13 Staleinenl of Financi81 Activities 14 Balance Sheet 15 Staleinent of Casli flows 16 Notes to tlie Financial Siateiiienls 17 10 31
Tlie Chiilese Ovel'seas CRJi'istiAn Mission Refei'ence and Adiniiiisti'ative Details Ti'usteeslDii'eetors Revd Slew 14uat Oi)g {resigned 31 Decenibei. 2024) Di. Wesley Lai Janies Lo (I'esigned 31 Decembei. 2024) l<eith Lau {appoinled 7 Mai'cli 2025) Dr Yeng Slioing Ang (appointed 7 Mai'cl) 2025) Couiicil Revd Sieiv Hiial Ong.. Chaii'man of COLiciI {I'esigned 31 Deeeinbei. 2024) Di. Wesley Lai, Vice-cliairinan ot council Jaiiies Lo, Ti-easui'ei. of council (I'esigned 31 Deceinbei. 2024) Jin Li, Council iiieinbei. Cai-liiei) Ng. Council Ineinber Keith Lau, Couiicil Ineiiibei. Rachel Li, Council iiiei)Ibei' Mai'lin Choi, Council n)enibei' Di. Yeng Shiong Ang, Coui)cil niember Pi'iiicipal Office 2 Padstow Avenue Fi51iei'inead Milton Ke}ynes Buckingliamsliire MK6 2ES Conipany Registi'ation Nuiiiber 07106567 Chai'ity Registi'ation Nun)ber 1135892 Page I
Tl)e Cliinese Ovej'seas Cl)i'istian Mission Reference aiid Admii)istt'ative Details Solieitoi's Ellis-Fei'moi' L Negus Liniited 2 Devonshii'e A veiJuc Bccstoi) Noltinghain Notliiigliamsliii'e NG9 IBS Banliei's CAF Bank 25 Kings Hill Avenue Kings Hill Wesl Malling Kent ME19 4JQ HSBC Milton Keynes Midsunimer Place Bi'ancli Midsuminei. Place 19 Midsiiinniei. BoLilevai'd Milton lQeynes BucLinghaiiishii'e M1<9 3GB HSBC Ealing Bi'oadway Bl'anch 46 Tl)e Broadivay LONDON W5 5JR Flagstone Gioup Liinited Clai'eville House, 26-27 Oxendon Sti'eet London SWIY4EL Seiiior Maiiageiiient Team Heniy Tsz Fung Lu, Genei'al dii'eeLOI' Revd Kaiii Hung Flo, Dii'e¢loi' of adininislration Rebecca Mao, Dii-ectoi. of meiiibei. ¢are Candy Zliang Auditoi. Micl)ael J Emery & Co Liiniled 22 Si. John Street Neivpoi'l Pagi)ell Buckinghaiiisliii'e MK16 8HJ Page 2
Tlie Chiiiese Ovei'seas Christian Mission Ti"ustees' Rei)oi't Tl)e Ii'ustees, Ivl)o al'e dii'ectoi's foi. Ilie pui'poses of coiiipany law, pi'esent tl)e ai)nual I'epoi'l logeiliei. il'iil) the financial slalenients and aiidilois, I'epoi't of the chai'itable coiiipany loi. tlie yeai. ended 31 Deceii)bei- 2024. Objectives ayid etIvItieS ObjÉcls ttliiis Tlie Mission's objectives al'e as folloivs'.- To pi'eacli Ilie Gospel ofJesus Chi'ist i)I'iinai-ily to people of Cliinese eilii)ic oi'igiii in Gi'eat Bi'ilaii) ai)d Eui'ope. To establish and tostei. sell-_supporting groLlPS of Cliinese Clii'istians in Gi'eal Britain and Eiii-ope. To encourage Inutual fello¥vships and co-opei'alion ainongst the Chinese Cl)I'istians in Great Bi'itain and Eui'ope. To encoui'age mutual felloivships and eo-operalion with the local Evangelical churches, societies and agencies in ministei'ing lo the needs ot Ihc Cl)inese people. To encoui?ge Inutual fellowsl)ips and co-opei'ation in the task of woi-ld evangelisation aiid bliilding up (he Unive13al Cliui'ch. To pi'epai'e and equip Cl)inese Clirislians to sei've God in theii. counti'ies ofi'esidence. Objeclives, slrulegies lliiil nelivlties The pi'incipal activity ol the Mission is that of spreading tlie Clirislian Gospel, thi'ougl) evangelisin, pi-iinarily to people ol'cliinese ethnic oi'igin, especially in Gi'eal Bi'ilain and Euiope. The Mission lias a specific I'ole in pi-oviding ti'aining and litei?tui-e toi. this ivoi'k. Piiblie beiiefil Tlie objectives ot pi'eacliing tl)e gospel of Jesus Clirist ai)d leacl)ing the doeti'ines of the Clii'istian religion al'e mel in the evangelistic, teaching and ti'aining minisliy of the slaft. teain. Tlie team is UK based, bul one couple is based in Fi'ance and one couple is based in Ilie Ii'eland. Man)1 contei'ences and tl-<iinii)g events al'e lield at the Mission Centre in Milton Keynes as well as in local chur¢lies, and the Mission also pioi)iotes Chi'islian confei'ences in conjui)etion viih gi'oups di'awn fi'om Cliinese chui'ches. Tl)e Mission lias a book I'ooin (accessible online too) to niake available Bibles ai)d Cl)risliaii lilei-ature, and publisl)es online 11)agazines foi. tlie Chii)ese con)iiiunity. Additionally, Ilie Mission woi'ks with local gioups ot" Chinese Chi'istians iii the eslablishnient and developiiient of sell-. suppoi'ling cliui'clies. Tl)e ti-ustees contiriii that they l)ave con)plied iviili the I'equii'en)enls ol. sectioii 17 ot- Il)e Cliai'ilies Act 201 I to have due I'egai'd lo the public benetit guidance published by the Cl)ai'it)' Comiiiission foi. England Miid Wales. Use of110114111eers Tlie cliai'ity bci)efils subslanlially troin unpaid volunleei's ivlio eonti'ibule to its objectives. Tl)e valiie ot theii. help caniiot be quantified by the Ii'uslees. Page 3
The Cliinese Ovei'seas Cliristiaii Mission Ti'ustees, RepoR't Aehieveineiits and perforinaiice Tl)e Mission seeks to aeliieve ils objectives by pi'imai'il), tocussing its woi'k 01) tl)e ai'eas defined by its Visioi) Mission and Sti'ategic Plan. Tl)e cui'rent plan ivas adopted and biought into ellecl eai'ly in 2020. Tlie Mission continues to liaiye tlie tlii'eefold purposes of evai)gelisin, equipping, and encoui'agemenl. Tlie plan sets out in bi'oad leriiis tlie objectiiies ciii'i'enily envisaged. Groivili....iiiiil iiiore gioivili Tl)e most sigi)iti¢ant teatures ot-2024 ii'ei'e-. Tlie infloiv of iininigrnnts iviih BNO status lo Ilie UK fi'oni 14ong Kong continued tor anotliei. yeai., altliougl) Ilie nun)bei' miglil not be as many as pi'evioiis yeai's. Many ot tliese iniinigi'anls al-e Clii'islians iwho attended ¢l)ui'ches back in Hong Kong. In I'espoiise to this gi'eat Inission we l)ave continued lo I'e¢i'uil Inoi-e Inissionai'y staff to cope Ivitli tl)e challei)ge. Many of tlie staff i'eci'uited ivei'c Iheniseliies i-ecent iiiimig17nts fiom Hong Kong. Ai'ound the UK aliiiost evel'y local Cliinese cliui'ch lias been iiiipa¢ted by Il)e new ai'i'ivals. In soiiie locations Ihei'e ivei'e a significant nunibei- of imniigi'anls attending local English speaking cliui'ches. On top of that, Il)ei'e ivei'e niany neiv cliui'chcs eslablislied especially toi. Il)e Cantonese speaking gi-oup. The niimber of Mandai'in speaking sludent ai'rivals from China was slightly less than in previous yeai's, bul still foi'nied one of Ilie majoi. iiilei'nalional student groups in UK uiiivei'silies. Tl)e developn)ent ot COCM'S ci'oss-cultui'al teain woi'Ling amoiig othei. n)igi'ant gi'oups li) tl)e UK, espe¢ially Iliose Ivho al'e not yel Chi'istians. Tl)e eoi)tinued ministiy among Ilie next genei'alion of Cliii)ese wlio ivei'e boi'n and raised in the UK, in line iviih COCM'S long tci'm vision of "Reacl)ing the Chinese to reach Europe" The coi)tinued effo11 to develop the COCM Ti'aining Cenli'e facility and promoting theological training in P<ll'lnei'ship ¥viih tl)e Canadian Chinese School of Theology. Soine 11)atei'ials and coui'ses ivei'e being developed locally. We have seen an inci'ease in Clii-istians ivlio al'e intei-ested in eni'olliiig on Ilie theological training coui'ses. At tlie year eiid the Mission liad 70 statl and 30 voliinteeis (inelLiding associates). Youth Ininisti'y oppoi'lunilies - Ivith Inoi'e young people coming fi-on) Hong Kong, and the conlinued oppoi'lunity lo suppoi't Ilie existing Eiiglisli speakii)g yout]i woi'k, Il)ei'e is tl)e iieed to i-etliink suppoit for el)urches in youth Ininisti'y. Chui'¢li planting-. diiring Ilie yeai. COCM lielped co-ordinate Il)e planting of iieiv Cliinese chui'cl)es in Glasgow, Bi'istol, Nottinghain and London, and Il)I'ough pai'tnerships and placeinenls is suppoi'ting tlie gi.0¢11 and revilalisation of other local Cl)inese felloivsliips and chui'ches. COCMpnrCiiersliip& With UIC Cliinese churclie5 - suppoiling the el)ui'ches thi'ough sending stall to seive in Iheii. tnidst. Foi. Tlieological ti'aining: Th'ill) Ihe Canadian Cl)inese Sel)ool of Theology. Witli Alliaiice Bible Sen)iiiaiy in providing financial suppoi'l lo the Cl)inese Cliurclies in tlie UK. Page 4
Tlle Cliinese Overseas Clii'istian Mission Trustees, RepoR't Tli£ COCM Ceiilre Sii)ce 2003, COCM l)as opei'aled Ii'oiii Ilie Missioii Ccnli'e in Milton Ke}Ine5. Tlie developiiieiit of tliis ceiili'e has been a sti'ategic 511ccess and it continues lo underpin Inucl) of oiii. woi-k. 'fhe Cenli'e enables low- cost evangelistic cainps loi. young people ai)d sludeiils lo suppleinenl tlie ivoi'k in tlie regioiis cai'i'ied out by COCM stalt and otliers. Contei-cnce and Ii'aining Ininisti'y work continues. Tlie Ceiili'e is also used by Chii)ese ¢l)ui'ches aiid oilier oi'ganisations toi. coiifei'enees and I'eti'eats. Truiiiiiig iiiid iioliiiileers Tlie Mission eontiniies to look toi. I'ecent Bible Colleoe gi'adu8tes Il)at air suitable to serve on the Mission teaiii. Tl)e Mission Cei)Ire volunteei. pi-ogi'ainme (since 2011) bi'ings in volunteei's lo tlie Mission Cenli'e lo support tlie Centre slalT in pi?ctical uroi'k as well as expei'iencing pei'sonal and spii'itual foi'inatioii thi'ough beii)g pai'l ot tlie Conimunity thei'e. Foi. some Il)is has been a lirsl slep lo applying toi. fui'ilier Ii'aining to join Ilie COCM slaft teani. The Missioi)ary in Pi'epai'atioi) scheme (slai'led in 2013) continues. This enables pi'omising students to I'eeeive sponsoi'sliip and lielp. 'I'hese are Bible and Theological College students H'ho Inay in tlie neai. fului'e joiii Il)e stall teaiii. They spend placeineiit and vacation pei'iods 11th COCM staff as Ilieii- siipci'visoi's / meiiloi's diii'ing their yeai's of study. Most of tliose on Ilie MIP .8cheine go on lo become a COCM missionai'y iipon coiiiplelion of their sliidies. Coiiipliiiiice aiid Regiilulorji iiiiillers Tlie Council ai)d leade13hip teaii) bear in i))ind coiiipliancc with I'egulaloi'y I'equii-eiiiei)Is. The sateguai'ding policy is lully 01)ei'alive and Iliere wei'e no sei'ioLlS incident repoi'ls in 2024. Tliei'e is safegiiai'ding ti'aining t"oi' all staff. Page 5
Tlie Chinese Overseas Clii'istian Mission Ti'ustees, Repoi. i inaiicial i'evieiv Incon)ing resources inci'eased to £2,950,056 fi'om £2,742,763, di'iven iiiainly by an inci'ease in inlei'esl I'eceived on bank deposits and incoiiie genei'ated Ii'oii) caini)s and confei'ences. This l)as conti-ibuted toivai'ds an aniiual sui'plus of £142,752. Al 31 Decembei. 2024 lolal funds stood at £5,802,812, of which £81,456 al'e I'esli'i¢led tLinds.Delails of separate I'esti'icted fiinds al'e given in note 22 to tlie financial statenients. Tl)e Ii'uslees ait i))iiidful that £3,663,947 of uni'esti'ieted lui)ds is I'epi'eseiited by Ilie Mission's ti'eeliold propei'lies in Milton Keynes. These al'e iiol liquid fuiids and al'e centi'al to tlie Mission's actiiiities - piovidii)g an opei-ating base and oiiti'each centi'e. Policji oil i'eserves Tl)e Mission conliniies lo liaiie a I'eqiiii'einent of a Ininimuin casli I'esei've of £500,000, in addition to tlie fixed assets o( the Mission. The curi'enl miiiiii)un) Ivas eslablisl)ed in 2013 and is regLilarly I'evieived by Ilie Ii'uslees and Council. Key factoi's are { i ) Ilie tact thal as a pi'opoilion of the iiiission's budget it is sinallei. I'elative to tlie size of thc mission than it M'as originally and (2) tlie t.acl Iliat a significant portion of Ilie Mission's inconie is froin oveiseas, and tl)is has soiiie inliei'eiil I'isk. Priiieipnlfiiiiiliiig soiirees Pi'iinai'ily tiindiiig Conies ti'oin ii)dividiials and el)ui'clies ii) Inany couiili'ies ivho al'e lin synipaih)J iviili the aims of tl)e Mission. Only small ainounts of funding coiiie fiom the sale of books and inveslmeiit iiicome derived fioin Il)e resei've deposit accounts. No fundraising activities fi'om Il)e general public al'e undei'laken. Iiivesliiieiitpolicy iiiid objectives The i)oli¢y of the Mission is oenei'ally to take a conservaliiie view ot I'isk, and accordingly investi))ent of tlie Mission's I'esei'ves and any sui-plus incoii)e acci'uing fi'oin titne lo tiiiie 15 initially Inade in deposil accounts thiiih banks otlei'ing a¢¢ounls lo Ilie cl)ai'ilable sector. More re¢ei)Ily, a suiii lias been placed in a cliai-ity iiiveslinent account with Flagstone to facilitate interest beai'ing deposits across a range ot. bai)ks. Incoine ti'oin such accounts is then used foi. Ilie charitable piirposes of the Mission. Plaiis foi. future periods Aiiiis Iiiiil key obJeelive&forfiiliii'e perloils l. The continued opei'ation of the sti'ateoic plan refei'red to above. 2. BNO Cliinese iniiiiigi'ation fi'oin Hong Kong is substantially clianging tl)e I'csident Cl)inese eomi))ui)ily ii) Il)e UK. Tlie Council and Leadership teams al'e watching fviui'e developments which iiiay pi'ovide nem, opportunities foi. COCM in UK. 3. Tl)e I'etreshi))enl of eouncil men)bership meiiibei's step down. n)oi'e ivill need lo be I'eci'uiled in 2025 and 2026 as long-sei'ving Page 6
Tlie Cliinese Overseas Cllristian MKSSIOII Ti'ustees, RepoR't Sti'uetui'e> govei'iiftiice Aiid iiiaiiAgeiiieiit Nnliii'e ofgov£riiiiig élociiiiieiil Tlie Mission is conli'olled by a Council whicli opei'ales undei. the Carvel- iiieiliod of govei'nance, and is eslablisl)ed as a coi)Ipai)y limited by guai'aiilee, as detined by Ilie Conipaiiics Act 2006. Recriiiliiieiil ciii(l iiljpoiiilipteiil of Iriiscees Reci'uiliiient and appoinlinenl al'e deali with in accoi'dance iiiiih Ilie Ai'tieles ol'Associalion. Jiicliielioii niicl irfiiiiiiig of li'iisiÉes Soine incon)ing ti'ustees already have eypei'ience as chai'ity ti'uslees, bul all al'e reminded ot Iheii. duties iii their iiiembei'ship of the coinpllny and council. A Tiaiigeiiieiilsfoi. selliiig key ijilliiiigeiiieiilpeisoiiiiel i'eiiiiiiieiiilioii Tl)e cl)arily benefits fi-oni havii)g a stable senioi. staff team, the Inenibei's of ivhich iiiork tii'elessly lo advance Il)e objectives of COCM. Theii- i-eniuneilltion is by I'efei'eiiee lo the I'emunei'alion policy foi. all staff Ineinbei's. That policy is based on the nalioi)al teacl)er's pay scale toi. Englaiid, Ivitli inci'emenlal inci'eases for lengili ot seivice, and aiinual I'eviews foi- inflation. This policy seeks to niake fail. pi'ovision foi. the charity's statf, bul I'cmunei'ation is not set iiiitl) a view lo Inalching the 'markel l'ate" foi. staft in con)pai'able positions in oiliei. chai'ilies. The cliai'ity does not I'egai'd itself as coinpeting foi- tl)e sei'vices of such people, and Il)e scales adopted do nol piDvide a laige diflei'ential betThieen senioi. and junioi. staff. Oiguiiisiilioiicil sli'iieiiire The Mission is based and I'egistei'ed in the UK. Its Council {of which the comi)any dii'ectoi's al'e ex officio Inenibei's) sets the policies and appi'oves the bi'oad strategy of Ilie Mission. The Council adopted the Cai'ver i)ieiliod of goveri)an¢e sonie yeai-s ago, and undei. this sets liinilalion policies lo guide tlie Genei'al Direcloi. and stall team as they iii)pleinent the agreed strategy. The Genei'al Dii-ectoi. tl)en I'epoi'ls lo Council in line iviili the sti'ateg)w and the policies sel b), Coiincil. Tliese policies wei'e last I'evieived and an)ended in 2015 and al'e kept iindei. I'eview in the ligl)t of opei'alioi)al needs. The Ti'uslees i.e. Cliaii'man, Vice Cliaii'mai), Secretary and Treasui'ei., al'e tlie dii'eetoi's of the Company, dealing ivith I'egulatory Iiiattei's, operating as a team betiveen Council Ineelii)gs, and pi'oviding a fui'il)er link beliveen the Genei'al Dii'ecloi. and seiiioi. statl". The cliai'ity lias for Inany yeai's benefitted iinmensely from having repi'esentation in otl)ei' coui)Ii-ies. This lakes the foi-ii) of loeally I'egislered and self-goiieriiiiig coiiipanies iii Hong Kong. Malaysia and Il)e USA wliicli al'e a¢couiilable lo the I'egulatoi'y authoi-ilies in those counli'ies. In oiliei. counti'ies sucli as Singapoi'e and Canada there al'e individual suppoi'lei's ii'lio iyolunlarily encoiii'age people to suppoi'l the H'oi'k ot COCM. None ot tlie Inissionaiy Ivoi'k of COCM is cai'i-ied out in tl)ose locations. I'l)e purpose of the local boai'ds is to act as pai'li)ei's to COCM tlii'ough Il)eii' pi'oiiision of suppoil and encoiii'aueiiient foi. tiie ivork ot- COCM and lo assist in the i'eci'uitsi)enl and suppoit ot suitable staff. Thi'ough Il)ese parlnei'sl)ips, Cl)I'istians in these oihei. counti'ies al'e enabled lo expi'ess tlieir coini)iitn)ent lo the vision of COCM foi. Ineeting the spii'ilual needs of Il)e Chinese people in tl)e UK and Eui'ope. Risk iiiiiiiiigei?iepil Tl)e Council lias a duly lo identify and I'eview tlie I'isks ¥vhich Iiiay affect the Mission and lo piit in place conti'ols to Iiiinii)iise i-isL and to piovide I'easonable assui'ance Iliat fi2ud and ei'i'or al'e tlliiiimised and to i)ote and iniplement advice I'eceived froiii the auditoi's. Page 7
lTht (Thlnt.It ()1 erneai (.'li rlill,In li I11111)n l-niileei, 11 epnrl FfinAndil Inilrnmtnl.I IPhJeeiliY¥ onApnllelrA The Chtrrity's icli%iiie8 il 10 a number of fin2n¢iAI iisks including ¢redil iiik, eiili floiv riyk nnd Iiiiiiidity Cniliflniv rilk A signifi¢anl prorrt)rtion of Ihe ¢harity's intome ts derived from ONeiseas and 1$ r¢¢eived in for¢iLn ctiricn¢i¢s. exposing the charity's cash lo the risk of exchange rale flu¢lualions and any oversells economic andlor political inslability. Th¢ ch8rity a conseTr8tive policy oil reseTr'es and at the ba]2nce sheet dale Iield £1.757.806 in liquid cosli TcseTv¢5 Ihal can be acceed lo meet lh¢ iTnmedial¢ ¢&sh tlow requirements of the charity. Credli rhk Tht ¢harity's prin¢ipal fin&n¢ial ets are bank balances and wli. and trode and other ieceivabl¢s. The charity's credit risk is prinwily attributsble 10 its trade receivabl. The amounts presented in th¢ balance sheet are net of olloWan for doublful Teccivables. An allOnCe for impairment is made there there is an identified loss event thich, b&sed on previous experience, is ¢viden¢¢ of a reduction in the recoverability of the wh flow The ¢redi¢ risk on liquid funds and d¢rivauve financial inslrum¢nls is limxted beCae the counlerpanies ore b2nks Mryth high cTedil.ratings assigned by inlemational credil-rating ogen¢ies. Th¢ charity lias Jio significant con¢entration of credit risk. with exposure spr¢ad over a large number of counterparties and customers. Liqiiiilify risk The diwity lldequate fwids available to cover ongoing opeiations and any tUre activities and does not eurTenlly require any overdraft, loan fa¢ilities or debt finan¢¢ to maintiin Ikquidity. Disclosure of information lo auditor Eadj trustee has taken steps ihat they oiioJt lo have taken as a twslee in order to make themselves avpare of any relevant oudit infonnation and to establish thai le Charity's audilor is Ie of that infomiation. The truslees confirni that tliere is no Id¢vant infomiation diat they know of and of thicli leY kno, the auditor is unawJTe. 21 The ojmual report was approved by the Iruslees of Ilie charity un ....... .. . . and signed on its behalf by.. Dr Yeng Shoin TTUStee Pase 8
.qIAtttfttt of T rniit¢' R¢ipdniihilifi¢1 .,1 A¢¢¢.I'.I;-,I,,I fr.i jli Allil ariilii.?hl¢ liiv.lnil riJinpJiii ltyH' Ipgiiiyr IriV< itp r", Trt..: iiiir.I Iilrt MIlFvrr.': I f.Y tAkh fiAfiKj.Il )e.Ir I lrtill'f ¢iini51.qiiy lili Ill --I,g rewirco .iftd arpli¢aiion v.f re<viiriei irteliiilinbi Il) ryen',s. lh• IntsttLS ore r¢fjiiifthl li) ihC.Irrw pnd cr.p¢nJiltJp• r.nlyl $uil?blp Ècryjtrlin In3L"e 8nd erfirroifvs ft*C112ble and pf1nt. sfjle ?ppliubl: UK A(ColIng S13ndar&s h3%'e ken follotd. -wbject kn any m.Iliiriil dep.irfiii¢s div£lniTrd #nd explain•d in th. fin2n¢ial stitèrMts, and prcpare Ihe financial ternnts on the going concern b15 unless il is inappropriaie K) prcsumi Iliii die charilable company will Contin in business The 1rn51ees are regponsible for ketping adequ21e gec(Junting re(OTds thJl are sufficiei)I lo shoiv and explain Ilie chaiililble compan$ IranvddftotLS and disclose Mith reasonable accuTa¢y At Dny lime tlie fin2ncio1 posilion of the chnriiHblc company Rnd enable them to ensure that the financial statements comply i%ith Ihe Comprynif5 A¢1 2006. Thry ore also reqporllible for Safeguarding the 855¢ts of th¢ Charitable company ond henc¢ for lllking rei%onable sl¢PS for lh¢ prevenlion and dete¢tton of fraud 2nd other irresularities. AppTov¢d bythc lrngleesof the charity on....... . and signd on ils behalf by.. Dr Yeng Shoin8 Ang Trusltt Page 9
The Cliinese Ovei'seas Clii'lstiaii Mission Iiidependeiit Auditoi s Repoj't to tlie Meinbei's of Tlie Clliiiese Ovei'seas Clii'istiaii Missioii Oi)iiiioii We liave audited tl)e financial slaleiiieiits of Tlie Cliinese Ovei'seas Clii'istiaii Mission (tlie 'cliai'ity') toi. tlie yeai. ended 31 Deceiiibei. 2024, M,liich LOtI)prise Il)e Slaleii)ent ol. Finaiicial Activities, Balaiiee Sheet, Stateiiient of Casli Floivs, and Notes to the financial Statcinei)Is, incliiding a suininaiy of .signifieanl accounting policies. Tlie tinancial I'epoiting fi'ainelljoi'k tliat lias been applied in Iheii. pi'epai'atioii is United Kingdoi)) Accountiiig Siandai'ds, conipi'ising Cliai'ities SORP - FRS 102 'Tlie Financial Rcpoi'ling Siandai'd applicable in tl)e UK and Repiiblic of Ireland, and applicable laiv {United Kingdom Geiiei'ally Accepted Accounliiig Pi?ctice). In out. opii)ion Il)e fiiiancial statenieiils.. give a ti'ue and tail. vieiv of tl)e slate ol. Ilie chai'it> s affaiis as at 31 Deccmbei. 2024 and of its results foi. the yeai. then ended. liave been pi'opei'ly prepai'ed in accoi'dancc iviili Uiiiled Kingdoi)i Generally Accepted Accounting Pi'aclice; ai)d liave beei) pi'epared in accordai)ce iviih tlie requii'enients of tlie Cun)paiiies Act 2006. Basis foi. opinioii We condiicted oiii. audit in accordance iviih Intei'national Siandai'ds on Auditing (UK) (ISAS (UK)) and applieable law. Oui. I'esponsibililies under those slandai'ds are fui'il)ei' descl'ibed in tl)e Auditoi s I'esponsibilities foi. the audil of the finai)cial statements section ol. oui. repoi't. We are ii)dependeiil ol- the ¢liai'ily in aecordai)¢e witli Ilie ethical I'equii'eiiients that al'e I'elevanl lo oui. audit ot tlie financial slaleiiient5 ill the UK, iiicluding Il)e FRC'S Etliical Standai'd, and Ive have tiilfilled oiii. oil)ei' etliical responsibilities in accordance with these I'eqiiii'eii)ents. We belieije Il)at the audit evideiice The liave obtaii)ed is sufficient and appi'opi'iale to pi'ovide a basis foi- oui. opinion. Conelusioiis relatiiig to going coneerii We have notliing to I'epoi'l in I'espect of Il)e folloiving iiiatters in I'elalion to wliieh Ilie ISAS (UK) requii'e us to repoi't to )'ou ivliei-e.. the ti'ustees use of Ilie going concei'n basis of accounting in tl)e pi'epai'ation of ihe financial statenienls is not appi'opi'iale; 01- the trustees liave not disclosed in tlie finan¢ial slateineiils ai)y identified malei'ial uncei'tainties Il)al niay cast signiticant doubt about the cliai'ity's ability to coiitii)ue lo adopt the going concei'n basis ot accounting t-or a period ot.al least twelve monilis ti'om tlie dale ivlien the lii)ai)cial stateineiits are auilioi'ised tor issue. Otliei. ii)foi'iiiatioii Tlie ti'ustees al'e respoiisible foi- Il)e oil)ei' iiitoi-ii)ation. Tlie otliei. ii)foriiialion coinpi'ises Il)e infoi'inalion ii)cluded in the annual I'epoi'l, ot]iei' than the financial slaleinents and oiii. audiloi s i-epoi'l Ihereoii. Oui. opinion on Ilie financial statetnenls does not covei. Ilie oil)ei' inloi'malion aiid, except to the extent otliei'ivisc eipliciily stated in oui. I'ei)oi'l, Ive do not expi'ess any toi'ni of assurance conclusion tliereon. Page 10
Tlie Chinese Overseas Clii'istiaii Mission liidependeiit Auditoj s Repoi't to tlie Mejiibers of Tlie Cliijiese Ovei'seas Cliristiaii Missioii In connection willi oiii. audil of the financial .slateiiieiils, oui. I'espoiisibilily is lu l'ead ilie oiliei- infoi'iiiation and, in doing so, considei. wlieihei. Il)e oihei. infoi'n]ation is Inalei'ially inconsislenl iviili the tinancidl slaleii)enls oi. oiii. Lnoivledge obiaiiied in tlie audit oi. oiliei'ivise appcai's lo be n)alei'ially iiiisslated. It ive ideiitify SULI) i))alei'ial iiiconsislencies oi. appai'ent iiiatei'ial 11)isslatei))enls, li'e al'e I'equii'ed lo delei'niine ,1]ethe1. there is a iiiatei'ial Inisslateinenl in tlie linaiicial slaleinenls oi. a illatei'ial Inisslaleiiient of tlie oihei. inloi'ination. It, based 01) the ivoi'k ve liavc pei'foi'med, we concludc Ihdl ihere is a i))atei'ial iiiisslatei))enl of tl)is otliei- infoi'tllation, we al'e I'equii'ed lo I'eporl that fact. We liave noil)ing lo I'epoi'L in Iliis I'egard. Opinion oil otliei. InAttei's pi-esti'ibed by Ilie Coiiipaiiies Aet 2006 In OLlI- opiiiion, based on tlie woi'k Lindei'laken in tlie coui-se of Ilie audil: tlie infoi'malioii given iii tlie Ti-ustees, Repoi'l toi. tlie tinancial year foi. wliich the financial slalements are pi'epai'ed is Consistent witli the fii)ancial slateinenls. and the Truslees, Repoi'l has been pi'epai'ed in accoi'dance iviil) applicable legal I'equii'einents. Mattels on ivhielh we al'e I'equii'ed to i-epoi't by exeeptioii In Il)e liglit of oui. knowledge and undei'standing of tl)e company and ils enviionnient obtained in tlie ¢ouise of tl)e audit, we liave not idcnlilied ii)alei'ial Inisstatcinenls in the Trustees, Repoi'l. We l)aiie nothing to I'eport li) respect ol'tl)e following mallei's wliere tlie Compai)ies Act 2006 l'cquii'es us to I'epoi't to you if, in our opinion.. deqiiate aecounling I'ecoi'ds have not been kept, oi. I'etui'ns adequate foi. our audit liave iiot been I'eceived froin bi'ancl)es not visited by us; oi. the fii)aiicial slalenients are not it) agi'eenient with the accoui)ling I'ecoi'ds and relui'ns. or cei'taiii disclosui'es of ti'ustees I'eii)unei'alion specified by law are not iiiade- oi. ve have not I'eeeived all Ilie intoi'nialion and explanations ive I'equii'e foi. our audit. Respoiisibilities of ti'ustee5 As explained more fiilly ii) tlie Sialeinent ol. Ti'ustees, Responsibilities {sel out on page 9), Ilie Iruslees al'e I'esponsiblc foi. the pi'ei)ai-ation of the tinan¢ial slatei))ents and loi. being satisfied that tliey give a Ii'ue and fail. vieiv, and foi. siich intei'nal coiili'ol as the ti'ustees delei'mine is necessai'y lo enable Ilie pi'epai-ation or financial staleiiienls tlillt al'e free troni Inatei'ial iiiisslaiemeiil, whetl)ei' diie to li'aud oi. eii'oi.. Jn pi'epai-iiig Il)e financial stateiiients. the Ii'uslees al'e I'esponsible foi. assessino the cliai'ilji's ability lo continue as a going concei'n, disclosing, as applicable, niattei's I'elated to going concei'n and using the going eoncei'n basis of accounting ui)less tlie ti'usLec5 either intend lo liquidate ilie cliai'ity 01- to cease opeialioi)s, oi. have no I'ealislic aliei'native but lo do so. Page 11
Tlie Cliinese Ovei'seas Clii'istiaji Mission Independent Auditoi s Rei)oi't to tlie Meinbei's of Tlje Cliiiiese Ovei'seas ChR'iStiaii Missioii Auditoi's responsibilities for tlie Auilit of tlie finAiieiAI stateiiients Oui- objectives al'e lo obtain I'easonable assui'ance abouL ivlietliei. tlie financial statements as a whole are fl'ee fi'oi)I Inalerial ii)isstatenienl, wlieihci. due lo fi'aud oi. ei'roi., and lo issue an auditor's I'ei)oi'l tlial iiicludes our opinion. Reasonable assurance is a liigli level ot assurance, but is not a guai'antee Iliat an audit conducted iii accoi'dance iviili ISAS {UK) will always detect a malei'ial Inisstateiiieiit wl)eii it exisls. Misslatemeiils can ai'ise fi'oiii fi'aud oi. ei-l'oi. and al'e coiisidei'cd Inaterial it, individually oi. in the aggi'egate, they ¢oiild I'easonably be expected to intluence the econoinic decisions of usei's taken on Ilie basis of these financial stateinenls. Material misstaleinei)Is ai'ising fi'oni iii'eglilai-ilies, including Ii'aiid, can be ditticult to dctccl by Iheii. iieiy natui'e. As pai-l of the aiidit planning pioeess tlie engagenient team specitically disciissed the i-isk of matei'ial niisst<1tement ai-isiiig fi'om ii'i'egulai'ities, including fraud. Tliis involved a I'evieiv ot tlie social and geooi'apliical tei-i'itories iii whicli tlie chai'ity opei'ates, as well as discussions Hiith the chai'ity's ti'uslees, in oi'dei. to gail) ai) undei'standing ot Ilie lalvs and i'egLilalions that are relevant to the entity. Work thias cai'ried out lo identify eiiidence of any non-complianee with laws and I'egulations inclLiding discussions Ivitli ti'ustees, a I'eview ot coi'i-espondence ai)d iniioices tioii) tl)e cl)ai'ily's solicitoi's, and general intei-nel seai'ches for aiiy iiews articles which include Ilie cliai'ity's naine. No evideiice of iion-¢onipliance Mras identified. Wi-itten I'epi'esenlalioi)s were Lllso obtaincd froin tlie tt'iislees coiifirii)ing Iliat Iliey have no Lnomiledge of an)1 non-con)pliance viili applicable laws and regulations. Tlie engageinenl team have also undertaken a detailed I'evieiv ol- the charity's iiilei'nal conli'ol eniiii'oninenl to assess it's ovei'all susceptibility lo li'aud. Tlie overall I'isk of tnisslateinent due lo fi'aud ivas assessed as loiv. Our substantive audit piocedui-es wei'e tailoi'ed to 5pecifieally lai'get any identified ai'eas of inci'ea5ed risk. The engagei))ent team conipi'ises individuals ivith coi)sidei'able audit eNpei'iei)ce. They are considei'ed to l)ave the I'equisile lecl)nieal skills and entity specific ki)owledge lo tacililate detection ot niatei'ial misstatements ai-isii)g due lo ii-l'egulai'ilies including Ii'aud. As pai'l ot- an audit in accoi'daiiee with ISAS (UK), we exei'cise pi-ot"essional judgenienl and maintain pi'olessional scepticism Ihiouglioiil tlie audit. We also.. Identity and asses5 tl)e risks of matei'ial Inisslalemenl ot Il)e Iiiiai)eial slalements, wlictliei. due to Ii'aud or ei'roi., design and pei'foi-iiJ audit proeedui'es I'esponsive to those I'isks, and obtain audit evideiice that is sulticienl and appiopriate to pi'ovide a basis toi. our opinion. The I'isk of not delecling a Inatei'ial misslateinent I'esiilting fi'oin fraud is l)iglier tlian foi. 01)e I'esuliing fi'om ei'i-oi., as fi'aud may involve collusion, loigei'y, intentional oii)issions, misi'epi'esentatioi)s, oi. tlie ovei-l'ide of ii)tei'nal conti'ol. Obtain an iindei'slanding of intei'nal conti'ol relevant lo the audit in order lo design aLidit pi'ocediii'es that al'e appi'opi'iale in the cii'cumstances, bul not foi. tlie pui'pose of expi'essing an opinion on the effectiveness of Ilie chai'ity's intei'nal coilti'ol. EvalLiale Ilie ai)pi'opi'iatcness of accounting policies used and the I'easonableness of accounting eslimales and I'elaled disclosui'es Inade by Il)e Ii'uslees. Page 12
Tlie Cliiiiese Ovei'seas Clii-isliaii Mission Iildependeiit Auditoi s Repoi't to tlie Melnbei's of Tlie Cliinese Ovei'seas Chi'istian Mission Conclude on tlie aijpi'opi'ialeness of tl)e ti'ustees use of the going coiicei'ii basis of accoiinting aiid, based oli tlie audit evidenLC obiained, ii,lietliei' ¢7 InatLrial iincei'lainty exists I'ell< ted to events 01- condilions that Inay casl sigiiificanl doubt 011 tlie cliai'ily's ability to coi)lii)ue as a goiiig concei'n. Ir we conclude Il)at a Inatei'ial uncei'tainly exists, Ive al'e I'equii'ed lo di'aw attention in oui. auditoi s I'epoi't to tl)c I'elaled disclosui-es in the linancial statemeiits oi., il- such disclosiii'es <11-e inadequate, lo modity oui. opinioi). Oiii- coiicliisions al'e based oil the audit evideiice obtained ui) lo the dale of oiii- auditoi s I'ei)oi'l. Hoivevei., futui'e events 01- conditions Inay caiise the chai'ity to cease to conliniie as a going concei'n. Evaluate Ilie ovei'all pi'esenlalion, sli'uclui'e and eoiilent of the tinancial slalemenls, ii)cludiiig ilie disclosures, and rlictliei. Il)e tinancial statements Itpi'esenl the underlying Iransactioiis and events in a niai)nei' that ael)ieves fair pi'esenlalion. Obtain sutficient appi'opi'iate aiidil evidence I'eglll'ding the financial iiifoi'ii)alion of Ilie entitie5 or business activities M'ithin the ¢S)ai'ity to eYpi'e5s an opinion on the financial slalements. We are I'esponsible foi. tl)e direction, supeivision and pert-oi'mance of the chai'ity audit. We i-eiiiain solel), I'esponsible foi. oui. audit opinion. We cominunicate ivitli those chai-ged Nviili govei'nance i-egai'ding, aiiiong otliei. tnatters, the planned scope and timing of Ilie audit and sigi)ificanl audit Iindii)gs, including any significaiit deficiencies in intei'iial coiili'ol Il)at ive identify dui'ing oui. audit. Use of oui. i'eport Tliis I'eporl is iiiade solel), to the ehai'itsble coinpany's ti'uslees, as a body, iii accordance iviili Chaptei- 3 of Parl 16 of the Companies Act 2006. Oui. audit iiroi'k lias beeii undei'laLeii so il)al H'e miglit state lo Il)e ¢liarily's tl'ustees Iljose Inattei's we al'e reqiiii'ed to state lo Iheiii in an audiloi s repoi'l and foi. no other pui'pose. To the lullest extent pei-milted by lam,, we do not accept or assume responsibility lo anyone othei. tlian the chai'ilable company and ils trustees as a body, foi. oui. audit work, foi. IIIIS I'epoi't, oi. foi. Ilie opinions ive l)ave fornied. Michael Foi. aiid ACA r Sialutory ALiditoi') el J Emeiy & Co Liiniled, StatLltoiy Audiloi. ?2 Si. Jol)n Sii'eet Newpoi'l Pagnell Buckingl)ainsliii'e MK16 8HJ Date.. Page 13
Tlie Cljiiiese Ovei'seas Chi'istian Missioii Statement of Fiiiaiicial Activities foi" tlie Ye%i' [4 nded 31 Deeembei. 2024 (Inclu(liiig Income and E4 xpendiliire Account aii(I Statement of Total Recogiiised Gaiiis aiid Losses) Uiii'esti'ieted funds Re5ti'icte(I fuiids TotAI 2024 Total 2023 Iyote liicome a)Id Eiidoiviiients fi'oiii: Donations ai)d legacies Clicll'ltable acliiiilies Ii)vesliiient incoii)e 2,286,203 587,747 72,359 3,747 2,289,950 587,747 72,359 2,247,572 454,875 40,316 Total Income 2,946,309 3,747 2,950,056 2,742,763 Expenditui'e on: Chai'itable activities 2,797,910 9,394 2,807,304 2,527,80i Total Exi)enditui'e 2,797,910 9,394 2,807,304 2,527,805 Net incomel(expenditui'e) 148,399 (5,647) 142,752 214,958 Net Iiiovement in funds 148,399 (5,647) 142,752 214,958 Recoiiciliatioii of funds Total fui)ds brouglil foi'wai'd 5,572,957 87,103 5,660,060 5,445,102 Total tunds cai'i'ied forward 22 5,721,356 81,456 5,802,812 5,660,060 All of the chai'ity's activities dei'ive fi'om continLiing opei'ations dui'ing the above two pei'iods. The funds breakdown for 2023 is shoivn in note 22. Page 14
lht (Thlniyt ni trntJ.i ('l?rlillan li Iliilnn (IIryF.ItrAiinn niiml?er: O I l Ofi467) TIAIAnce.Siheet ai 21 31 Dtctmber 2n24 2n24 202J riitd •vel¥ TRftb4ble Lt5tts Cvrrrnl hjseli 14 3.682.(i18 3.679,707 15 16 17 47,465 388,570 .839.262 55,365 386,888 .6¥7.209 Dcbior% Cash al banL' and in hand 2.275,297 2.129.162 Credilon: Amoiinls filline diie wiihin one year 18 (154.533 149,109 Ntl ciirrenl assels 2.190.764 1.980.353 Ntl ¥Jsel3 5.802.812 5.660.060 Funds ct(Ihe chArity: Rtstricled funds 81.456 87.103 Unrestri¢led inctsme funds Unrestricted fdS 5,721.356 5.572.957 Totsl funds 22 5.802.812 5,660.060 The finwiei21 stements on pages 14 31 wete approved by the tTU5teu. and ah0n$¢d for issue on ....... and sisned on their behalf by: Dr Yeng Shoing kng TnJsl¢e PAge 15
The Chiiiese Overseas Clii'istiaii Missioii Stateiiieiil of Casli Flows foi. tlie Yeai. Ei nded 31 Deceinbei. 2024 2024 2023 Note Casli floivs fi'oiii 01)ei'xliiig activities Net casli incoi))e 142,752 214,958 Adjustiiieiits to casli floivs fi'oyii iioyi-casli iteiiis Depi'ecialion Iiiveslmenl inconie IPiofil)Iloss 011 disposal ot tangible tixed assets lield foi. tlie chai'ity's own use 16,048 (72,359) 13,624 (40,316) li,356) 81,085 188,266 Woi'kiiig cApital 2djustiiients (Inci-easelldeci'ease in stocks (Ii)ei'ease)Ideci'ease ii) debtors Snci'easel(deci'ease) iii eredilors 7,900 (1,682) 5,424 (1,791) {219,156) 171 143 Nel casl) tloivs from opei'aling activities 92,727 (103,824) Casli floivs fi'oni investing activities Intei'est I'eceivable and siniilar income Pui'chase of tangible fixed assets Disposal of tangible tixed assets 72,359 {18,389) i,356 40,316 (36,506) 14 Nel casli tloivs fi'otn investing acliiiilies 59,326 3,810 Nel inci'ease/{decreasel in cash and casl) eqiiivalents 152,053 {100,014) Casl) and casli equivaleiits al l JanLiary Casl) and casli equivalents at 31 DeceiJ)bei' 1,687,209 1,787,223 1,839,262 1,687,209 All of tl)e cash flows al'e dei-ived fi'oin continuing opei'alions dui'iiig the above two pei'iods. Page 16
The CIAinese Overseas Clii'istian Missioii Notes to tlie Finaiicial Stateineilts foi. tlie Yeai. Ended 31 Decembei. 2024 I Cliai'ity statu5 The cl)ai'ity is a eliai'ity liniiled by guai'anlee and conscquenily does not l)ave sliai'e eapilal. Eacli ot- the Ii'ustees is liable lo conti'ibule an aniouiit iiot cxeeeding £ l O toivai'ds the as5e15 of the charity in the event ot liquidation. The addi-css of ils I'egistei'ed otfice is.. 2 Padstoiv Avenue Fisliei'inead Milton Keynes Buekingl)amshire MK6 2ES 2 Accounting policies Geiiei'al iiifoi'iiiAtioii Tlie cl)ai'ity is established as a coiiipany liniited b), guarantee and was iiicoi'poi'ated in England and Wales. Suinmai'y of sigliificant Accounting policies And key accounting estiiiiates I'he princii)al accouiitiiig policies applied in the pi'epai'alion of these financial stateinents al'e set out below. Tliese policies liave been consistently applied to all Ilie years pi'esenled, unless otliei'ivise slated. Statement of compliance The financial stateinenls liave been pi'epared in accoi'dance with Accoiinling and Reporting by Chai'ilies.. Stateinenl ol- Recoinmended Pi-actice applicable to cliai-ities preparing Iheii. accounts iii aeeoi'dai)ce witl) tlie Financial Repoitiiig Siai)dard applicable in the UK and Republic of Ii'eland {FRS 102) {elleclive l Januaiy 2015) - (Chai'ilies SORP (FRS 1021), tlie Coiiipai)ies Act 2006 and the Cliai'ities Act 2011. Basis of i)rei)arAtioii Tlie Cliinese OveiEeas Chi-istian Mission meets the definition of a PLiblic benefit entity undei. FRS 102. Assets and liabilities ai'c initially I'ecogi)ised at histoi'ical cost oi. transaction value unless othei'wise slated in t]ie I'elevant accounting polic)w notes. Goijig concerti Tlie financial slaleii)ents have beei) pi'epai'ed on a going concei'n basis. In tl)e assessnienl of tlie ti'ustees Ihei'e are no iiialei'ial uncertainties about tl)e ¢hai'ity's ability to continue as a going concei'n. Tlie Ii-lislees Inake Iliis assessment in I'cspeel of a pei'iod of one yeai. fi'oin the date of appi'oval of Ilie rsnancial Stateiiients. Iiicoine kii)d eiidoiynients All iiicome is I'ecogiiised once the cl)ai'ity lias entitlei))enl lo the incoiiie, it is piobable Il)at the incoiiie will be I'ecciiied and the aniouiil ot the incoii)c receiiiable can be Ineasiii'ed I'eliably. Page 17
Tlie Cliiiiese Overseas Clii'istian Mission Notes to tlie fiinancial Statements foR' tlie Yeaj. li nded 31 Deceinbei. 2024 Doiiiilioiis niiij legiicies Donations al'e Ircognised ivlien tl)c cliai'ily has been nolilied in ivi'iliiig of botli Ilie 11mount dnd seiileii)enl date. In tlie event that a doiialion is subject to conditioiis tlial requii'e a level ol. pei.foi-11)aiice by Ilie cliai'ity befoi'c Il)e ehai'ily 15 entitled lo Il)e funds, tlie incoiiie is deferi'ed and not I'ecognised until eiiliei. tl)ose conditioi)s al'e fully niet, oi. tl)e lulfiliiient ot those ¢onditions is 14,liolly iviiliii) Ilie coiili'ol of tlie cliarity and il is piobable tliat these coi)dilions ivill be tultilled in the I'epoi'tii)g pei'iod. Gifls iii kiiid Gilts in Liiid al'e recognised as incoiiie ivhei) Ilie cliai'ity lias conti'ol oiiei. Il)e item, any eonditions associated iviili tlie donated iteii) have been iiiet, and thc I'eceipt ot-econoinic benefit fi'oin Il)e use of tlie iteiii b), the eliai'ily is probable and can be measLlI'ed i-eliably. On I'eceipl, gifts in kind al'e recognised at tlie amount Ihal the chai'ity ivould l)ave been ivilling to pay lo obtain equivalenl services oi. tacilities in an 'at ai'nis, lengtl) ti'aiisaction, on Il)e open mai'ket. A eoi'responding ainount is then i-ecognistd ii) expendilui'e 01- fixedlcui'i-ci)t assets iviihiii Ilie pei'iod of I'eceipl. Gifts in kiiid are allocated lo the appi-opi-iale lund in accordance ivith any conditions stipulated by Il)e donor. Cliaiiliible rtclivilies Income fioin charitable activities includii)g book sales and in¢oiiie froiii confei'ences. is recognised TI)ell tlie goods oi. sei'vices al'e i)1)s'sicall)' pi'ovided. il is pi'obable that the income will be I'eceived, and it can be measui'ed ivith I'easonable accui-acy. Expeiiditut'e All expendilui-e is I'ecognised once Ihei'e is a legal oi. conslruclive obligation 10 Ilial expeiidilui'e, it is pi'obable seltlemeiil is requii'ed aiid the anioui)I cai) be i)ieasui'ed i-eliably. All costs al'e allocated to Ilie applicable expenditiii-e lieading tl)al aggi'egale similar costs to tliat categoi'y. Whei'e costs cannot be dii-ecily atlribuled to pai'liculai. headii)gs they liave been allocated on a basis coi)sistenl iviili tlie use ol. I'esources. All resoui'ces expended al'e inclusive of iri'ecoverable V AT. Cjiuriliible iiclivilies Chai'itable expenditui-e con)pi'ises those costs incui'i'ed b), Ilie cl)ai'ily in Ilie delivciy of its activities and sei'vices for its beneficiai'ics. 11 incliides both costs tlial can be allocated dii'ectly to sucl) activities and tl)ose costs of ali indii'ect iiatui'e necessai'y lo suppoi'l Il)ei)). Sui)i)ort costs Suppoi'l costs include ceiiti'al fLinctions and liave been allocated lo a¢livityT Cost categories on a basis consistent witli the use of resources. Covei'iiaiice eosts Tliese include the costs alli'ibut<ible lo the chai'it) s coii)pliance lith constitutional and 51alutoiy requireinenls, including audit, sti'ategic i))anageii)enl and ti'ustees, meelii)gs and I'eiiiibui'sed expenses. Page18
Tlie Chiiiese Ovei'seas Christian Mission Notes to tlie FiiianciAI Stateineijts foi. tlie Yeai. Ended 31 Deceinbei, 2024 TAxatioii The cliarity is considei'ed to pass the tests set out iii Pai'agrapli I Scliedulc 6 of the Finaiice Act 2010 aiid Iliei'efoi'e it nieels Il)e delinition of a cliai'ilable company foi- UK corpoi'ation tax pui'poses. Accoi'dingly, the ¢hai'ily is polenlially exenipt troii) laxalion in I'especl of ii)coine or capital gains I'e¢eived ivitl)in calegoi'ies covei'ed by Cliaplei. 3 P<l1-1 5 1 of Il)e Corpoi'atioi) Tax Act 2010 01- Section 256 of Ilie Taialion of Chargeable Gains Act 1992, to the cxleiil tlial siicl) inconie oi. gains al'e apijlied excliisiiiely to cliai-ilable purposes. Taiigible fjxed assets Individiial fixed assets al'e initially recorded al Cost, less any subsequent accumulated dei)I'eciatioii and pi'ovisions for iinpaii'inent. Depi'eeixtioii %iid ainoi'tisation Depi'eeialion is pioiiided on tangible fixed assets so as lo Iw'ile oft tl)e cost or iyaliiation, less any estiniated I'esidual value, oi'ei. tlieii- expected useful econoinic lit-e as folloii's.. Asset class Land and buildings Motoi. vehicles Fui'nitiii'e, fitlii)gs and eqliipmeiil Depi'eci8tioi) niethod an(1 rate In accoi'dance Kvitl) the propei'ty 25010 on Cost Al vaiying lates on cost Stoek Stock is valued at Il)e loiver ot cost and estiinaled selling pi'ice less costs to coii)plele and sell, allei. due I'egai'd foi. obsolete and slow iiioving stocks. Cost is delei'iiiined usiiig the weighted avei'age method. Ti'ade debtoi's Ti'ade debtors al'e amounts due fi'om custonieis foi. Inei'cliandise sold or sei'vices perfoi'1))ed in the oi'dinaiy couiBe of business. Tiade debioi's are I'eeognised initially at the transaction price. They are subsequently measured at amoitised cost using Il)e efte¢live intei'est n)eihod, less pi'ovision foi. in)paii'ment. A pi'ovision toi. the inipaii'inenl ot Ii'ade debtoi's is established wl)en Ihei'e is objective evidence Ihal the cliarily will iiot be able to collect all aii)ounls due accoi'ding to the oi'iginal tei'ins of the receivables. Casli and cAsli equivAleiits Casli and C<ish equivalents coii)pi'ise casli on liand and call deposits, and otl)ei' shoi1-teriii liighly liquid investiiients that al'e ieadily convei'lible lo a knoivn aniounl of cash and are subject lo an insigniticant risk of cliange in iialue. Page 19
Tlie Chiiiese Ovei'seas Cliristiaii Mission Notes to tlie Fiiiai)ciAI Statenients foi. tlie Yeai" Eilded 31 Deceinbej" 2024 Ti'aile cR'editoi's Ti'ade ci'editoi's are obligations to pay for good.s 01. sei'vices that liave been aequii'ed in tlie ordii)aiy coui'se of busiiiess fi'oiii suppliei's. Aecounls payable al'e classified as cui'i-ei)I liabilities it" the chai'ily does not haiie an ui)conditional I'igl)I, al Ilie end of tlie I'epoi'ting pei-iod, to deter seiileinent ol. Ilie erediloi. loi. at least livelve Inontl)s aftei. the repoi'ling date. If thei'e is an uncondilioi)al l'ight to defei. seiileinenl foi. at least Iwelve iiioi)ths aftei. Il)e I'epoi'ling date, they al'e presented as non-curi'enl liabilities. Ti'ade ci'edilors al'e i-ecognised initially al the ti'ansaclion pi'ice and subscquently Ineasured at amoi'lised cost using tl)e efteclive inlei'est n)eihod. Foi'eigii excliange Ti'ansaclioiis in foi'eigii cui'i'encies al'e I'ecoi'ded ai Ihe I'ale ot excliaiige al the date ot the Ii'ansaclion. Monelai'y assets and liabilities denoi)iinaled iii forcign cui'i'encies at the balance sheet date al'e repoi'led at the l'ates of excl)ange pi'evailii)g al that date. Peiisions an(1 otliei. post i'etii'eIiient obligations Tl)e Chai'ily opei7les a defined contribiition pension scheine foi. the benefit of it's einployees. Conti'ibutions payable to Ilie cliai'ilable coinpany's pension scheine al-e cliai'ged to Il)e Sialement ot Financial Activities in the pei-iod to Ivhich they i-elate. Financial instruinents Clnssificiilioii Fiiiancial assets and financial liabilities al'e I'ecognised ivlien the charity becomes a pai'ly to tl)e conli'aclual pi'ovisions of the insti'uiiient Recogiiilioii Iiiiil iiieéisiireiiieiil All financial assets and liabilities al'e initially nieasLlI'ed at ti'ansaction pi'ice (including Iiansaclion costs), except for tl)ose fiiiancial assets classified as at tail. iialue Ihi-ou(Fh profil oi. loss, whicli al'e initially nieasui'ed al fair value (Ivl)i¢h is norn)ally tlie ti'ansaclion i)rice excluding Ii'ansaction costs), Iinless the ai'i<ingeniei)I constitutes a fii)aneing ti'ansaction. If an arrangeinent conslilules a tinancing ti'ansa¢lion, Ilie tiiiancial asset oi. tinancial liability is Ineasui'ed at tlie present valiie of tlie tLltui'e paynients discounted al a mai'ket l'ate of intei'est foi- a siii)ilai' debi insti'ument. Fii)ancial assets and liabilities al-e only offset in the stateinent of financial position ii'.lien, and only iiihen there exists a legally enforceable riol)t to set oft- the I'ecognised ainounls and the chai'ily intends eithei. to settle on a net basis, oi. lo I'ealise tlie asset and settle tl)e liability simultaneously. Financial <l.8sets are derecognised ivhen aiid only ivhen a) tlie coiilraclual rights to the cash floivs tiom the financial asset expire oi. al'e settlcd, b) Il)e cliai'ity ti'ansfeis lo anotliei- pai-ty subslanlially all of tl)e I'isks and I'eivai'ds of oivnei-511ip ot- the fiiiancial asset, oi. ¢) the chai'ity.. despite hailing I'elaiiied soine, but not all, significant I'isk5 and rewards ot oiw)eisliip, has ti'anstei'i-ed eonlrol ol'ilie asset to aiioiliei. pai'ty. Financi<il liabilities are dei'ecogniscd only when the obligalion specified in Il)e conli'act is discharged, Cancelled oi. expii'es. Page 20
Tlie Cliinese OveR'seas Clii"istian Mission Notes to tlie Finaiicial Stateinejits for the YeAR' Ei iided 31 Deceinbei. 2024 Debi iyislriiipieiils Debi insli'unienls ivhicli meet the folloiiiing conditions al'e subseqLieiitly measiired al aiiioixised cost 11sing Ilie effective inlei'esl meil)od'. {a) The conli'aclual I'etui'n to tlie l)oldei' is (i) a lixed ainounl- {ii) a positiiie tixed l'ate or a positive vai'iable l'ate,. or (iii) a coiiibinlllion of a posiliiie or a negative fixed I'ale and a positive vai'iable rate. Ib) Tlie conti'a¢t i))ay pi'oiiide foi. I'epaymenls oftlie principal or tlie I'etui-n lo Ilie l)oldei' (but not boil)) lo be linked lo a single I'eleiianl obseivable iiidex of genei'lLI pi'ice inflation ol- Il)e cui'i'ency ii) Nvhich the debi insti'uinent is denominated, provided sucli links al'e not levei'aged. (c) The conli'acl may i)iovide foi. a delei'minable vai'iation of the i-etLlI'n to the holdei. dLlI'ing the life of Ilie insli'iiinent, provided Iliat {]) the Iiew rale satisfies coiidition (a} at)d the iiai'ialion is not coi)lii)gent on fului'e events otliei. Il)an { l ) a change of a conti'aclual vai'iable l'ate,. {2) to pi'olecl the holdei. againsl credit delei-ioi'ation of the issuer. (3) changes iii leiyies applied by a cenli'al bank oi. ai'isiiig ti'oiii cl)ai)ges in I'elevant taxation or laiv; oi. (li) tlie neiii I'ale is a Inai'ket l'ate of ii)lei'est and satisfies condilioi) {a). Id) Tliei'e is no conti'actual piovision tlial could, by 115 terins, result in tlie lioldcr losing Il)e principal amount oi. ai)y inlei'est attributable to tl)e cui'i'ent pei'iod oi. prioi. periods. (e) Contractual pi'ovisions tliat pei'inil the issuer lo pi'epay a debt iiislrumenl oi. pei'niil ilie holdei. lo pul il back to the issuei. betoi-e Iiiatui'ily al'e not contiiigenl 01) fului'e events, otliei. tl)an lo protect tl)e liolder against tlie ¢i'edil detei'ioi'ation ol. tlie issuei. oi. a cl)ange in conti'ol ot the issuei., or to pi'otect the lioldei. oi. issuei. against cliai)ges in levies applied by a centi?1 bank oi. ai'isii)g fi'om clianges in I'elevant taxation or law. (fj Conti'actual pi'ovisioiis iiiay pei'mit Ilie extension of tlie tei'iii of the debt insli'uinent, pi-ovided tl)al Il)e I'elui'n to the holdei. and any otlier conli'aclual piovisions applicable during the exteiided tei'in satisfy tlie conditions ol- pai'agi'apl)s (a) lo (c). Debi insli'iitllenls that al'e classified as p&)'able oi. I'eceivable ivithin one yeai. on initial I'ecognition and ivhich Iiieet the aboiie condilioi)s al'e measui'ed at the undiscounled amount of the eash or oil)er Considei'atioi) expected to be paid 01- received, nel of iinpairmenl. 3 1Tieoine froni doiiatioils aiid legacies Uni-esti'icteil funds Resti'ieted fuiids Total 2024 Total 2023 Geiiei'al Donations and legacies. Doi)atioi)s fi'oin individuals ai)d cl)ui'ches 2,286,203 3,747 2,289,950 2,289,9iO .2,247,572 2,286,203 3,747 2,247,572 Page21
The Chiiiese Ovei'seas Chi'isliaii Mission Notes to tlie Fijjancial Statements foi" tlie Yeai. Elided 31 Deceinbei. 2024 4 Incoiiie froin cliai-itAble Activities Uiii'esti'icted funds Total 2024 Total 2023 Genei'al Camps and cont-ei'ence5 Missions aiid l)onoi?I'iuin Book sales Education aiid Ii'aining 478,489 44,067 6),191 478,489 44,067 6),191 358,186 39,285 10 587,747 587,747 454,875 5 Investnieiit income Unresti-icted fuii(Is TotAI 2024 Total 2023 Genei-Al Inlei'esl I'eceivable and similar income,. Intei'est i'eceivable on bank deposits 72,359 72,359 40,316 6 Expenditui'e on charitable Activities Unresti'icted fund5 Resti'icted fuiids TotAI 2024 Total 2023 Desigiiated Geiieral Missions and honoi'ai'iun) Camps and confei'ence5 Book sales Education aiid ii-ainiiig 11,512 480 242 54 2,618,483 109,204 54,956 2,979 2.629,995 109,684 55,198 12,427 2,360,658 98,357 55,790 13,000 9,394 12,288 2,785,622 9,394 2,807,304 2,527,80i Page 22
The Cliiiiese Ovei'seas Clii'istian Mission Notes to tlie Fiiiaiicial Stateinents foR' tlie Yeai. Ended 31 Deceinber 2024 Activity uiidei'talieii direetly Graiit fundiii of aetivity Aetivity support costs TotRI 2024 Total 2023 Caii)p.8 and confei'ences Missions and l)onoi'ai'iiim Book sales Education aiid training 82,909 26,775 109,684 98,357 1,987,996 41,724 641,999 13,474 2,629,995 55,198 12,427 2,360,658 55.790 13,000 9,394 2,112,629 9,394 685,281 2,807,304 2,527,805 The expenditiii'e analysed above includes govei'nance and siipport cost5 of £685,281 (2023 - £584,652) ¥vhich relate dii'ecily lo cl)ai'ilable activilics. See note 7 foi. fuitliei. details. Page 23
Tl)e Cljiiiese Ovel'seas Clii'istiaii Missioii Notes to tlie Fiijaiicial Statejneiits foi, tlie Yeai. Ei iided 31 DeceinbeR' 2024 7 Analysis of govei'iiAiiee an(1 suppoi't cost5 Govei'iiaiic¢ Aiid supi)oi't tosts allotted to cliai-itable activiti¢s Pi'eiiiises costs includiiig depreeiAtioIi Govei'nance fi inaiice costs eosts Staff Costs Adniiii eosts Total 2024 Total 2023 Missions and lionorai'iuin Cainps and conferences BOOL sales Education <ind ti'aining 9,076 378 190 43 {9,677) 193,289 {403) 8,061 {203) 4.057 (46) 913 255,582 10,659 5,364 1,208 193,729 8,080 4,066 915 641.999 26,77) 13,474 3,033 545,993 22,748 12,904 3,007 9,687 (10,329) 206:J20 272,813 206,790 68i,281 584,652 Govei'nai)ce Aiid support costs i)ei' fund Uiii'esti'icted funds TotAI 2024 TotAI 2023 DesigiiAted General Staff costs Wages and s8lai.ies Social secLlI'lty costs Pension costs Other slalT costs Audit fees Audit of tlie financial stateiiienls Legal and pi'ot-essional fee5 Depi'eciation, ainorlisalion and otliei. siinilar costs oiliei. govei'nance and support costs 173,538 12,968 12,310 7,504 173,538 12,968 12,310 7,504 145,160 11,719 10,068 10,336 8,500 1,188 8,500 1,188 8,566 2,037 12,288 11,597) 4i8,582 10,691 4)8,582 13,624 383,142 12,288 672,993 685,281 584,65? Page 24
Tlie Chinese Ovei'seas Clii'istian Missioii Notes to tlie Fiiiaijcial Statemeiits fol" tlie Yeai. Ended 31 DeceinbeR' 2024 8 Gi'ant-lllaliing Aiialysis of gi'aiits Gi'ants to iiidividuals 2024 2023 Aiialysis Education and trainii)g 9,394 4,082 The suppoi't costs associated with grant-iiiakiiig al'e £3,033 (2023.. £1,228). The gi'ants recognised in the period I'epi'esent disti'ibutions fi'oiii tlie Stephen Wang Schlai'sl)ip fund (included in resli'icted funds), suppoi'ling individuals ivitl) theological and bible study al college. 9 Net iiieoiiiiiigloutgoiiig i'esoui'tes Net iiicoming resoui'ces foi. the year include.. 2024 2023 {Profit)/loss on disposal of filed assets held foi- tlie eharily's own use Depi'ecialion ot'fixed assets Foi'eigii curi'ency gains {i,356) 16,047 (10,330) 13,624 15,648 Page 25
The Cliinese Overseas Clii'istiaii Missioii Notes to tlie Finaiicial Statemetits foi. tlie YeaR' Ended 31 Dccembei. 2024 10 Ti'u5tees I'enluiiei'atioii an(1 expeiises No ti'ustees, noi. any persons coiinected ivitli Il)ein, liave I'e¢eived any I'eiiiiineratioi) Iioiii the ¢liai'ity during tlie year. No ti'ustees liave received any reimbursed expei)ses oi. any oilier benefils fi'oiii tS)e cl)ai'ily diiring Ilie yeai-. Donations ii)ade b){ the Ii'ustees wiiliout any conditioiis altaclied lolalled £18,100 foi. the yeai. {2023 £5,000). I I StAff costs Tl)e aggi'egate payi'oll costs ivei'e as tollows: 2024 2023 Staff eosts dui'iiig tlie yeAr ivei'e: Wages and salaries Social secui'ity costs Pension costs 1,368,778 135,989 108,821 1,213,450 118,772 104,250 1,613,588 1,436,472 Tlie montlily avei'age numbei. of peisons (including senior Inanagemenl teain) eii)ployed by tlie chai'ity dui'ing tlie yeai. il'as as follows.. 2024 2023 All depai'tmenls 68 63 67 {2023 - 61) of tlie above employees pai'ticipaled in Il)e Delined Conti'ibution Pension Schemes. No employee I'eceiiied emolunienls of mol-e tlian £60,000 dui'ing Ilie yeai.. The total i-ei))unei'alion of tlie key manageinent pei'soiinel ot Ilic Cl)ai'ity was £112,870 {2023= £89,105). 12 Auditors, I'eiiiunei'Ation 2024 2023 Audit of Ilie financial slateinenls 8,500 8,566 13 TaxAtion Tlie Charity is a registered charity and is tlierel-oi'e exenipl ti'om taNation. Page 26
TRie Cliinese Overseas Cllristian Mission Notes to tlie Fiiiaijcial Stateinents foi. tlie Year El iided 31 Decembei. 2024 14 Tangible fiyed assets Land aiid biiildiiigs i ui'iiitui'e aiid equipiiient Motoi. veliicles Tot81 Cost At l JanLiai)' 2024 Additions Disposals 3,823,690 53,826 15,566 18,389 {11,966) 3,893,082 18,389 (11,966) At 31 Deceinbei. 2024 3,82),690 53,826 21,989 3,899,50i Depi'eeiation At l Januaiy 2024 Chai'ge foi. the year Eliminated on disposals 147,455 12,288 50,354 695 15,566 3,065 (11,966) 213,375 16,048 (11,966) At 3 5 Deeeinbei. 2024 159,743 51,049 6,665 217,457 Net book vAlue At 31 Decembei. 2024 3,663,947 2,777 15,324 3,682,048 At 31 Deceinbei. 2023 3,676,235 3,472 3,679,707 Included within the net book value of land and buildings above is £3,663,947 (2023: £3,676,235) in re5peet of ti'eehold land and buildings and £Nil {2023 £Nil) in I'espect ot leaseliolds. 15 Stock 2024 2023 Booki'ooni stocks 47,465 55,365 16 Debtoi's 2024 2023 Ti?de debtors Pi'epaymenls Other debtors 3,750 40,201 344,619 3,510 33,415 349,963 388,570 386,888 Page 27
The Chiiiese Ovej'seas Clii'istiaii Mission Notes to tlie Finaiicial Staten)ents foR' tlie Yeai. Ei ilded 31 Decembei. 2024 17 Cash and cAsli eqvivaleiit5 2024 2023 Casl) on haiid Cash al bank 1,784 1,837,478 1,410 1,685,799 1,687,209 1,839,262 18 Ci'editOl'5: amouiits falliiig due ivitliiii one yeai. 2024 2023 Ti'ade creditors Otliei- taxation and Social seciii'ity Othei- credilois Acci'uals 39,349 28,961 9,945 76,278 6,656 27,412 19,806 95,235 154,533 149,109 19 Obligatlons under le4ses aiid hiTr'e purcliase coiitl'ACts Opei'ating lease comiiiitmeiits Total fuluir n)iniiiiuiii lease payiiienls undei. non-eancellable operating leases air as folloivs.. 2024 2023 Land aii(I buildings Within one year Betiveen one and tiiie yeai's 61,57) 106,825 19,000 61,575 125,825 The lolal ot opei'aling lease payinenls recognised as an expense witl)in the SOFA lolalled £188,745 (2023: £112,96i). 20 Peiisioii and otlier schemes Defiiied eontribulioii Iieiision sclieme The chai'it), opei-atcs a defined conli'ibulion pension scl)eiiie. The pension cost ehai'ge toi. the year I'epi'esenls contribiilions payable by the chil1.ity to tl)e scheme and amoLinled to £108,822 (2023 £104,249). Page 28
Tlie Chiijese Overseas Cliristiaii Mission Notes to tlle Fiiiancial Stateineiits foi. tlie Year Ei iided 31 Deceinbei. 2024 21 Coiniiiitiiieiits Peiisioii coiniiiitnieiits The financial stateinents incliide pi'oiiision for einployei's pension conli'ibulions acci'Liing in the pei'iod wliich liaiie yet to be paid ovei. lo Ilie scl)eme pi'ovidei.. Cominilii)ents pi'ovided foi. in tlie accounts aniounled to £9,949 (2023 £19,806}. Coinmiti))enls Iiot pioiyided toi. in tlie accounts an)ounted to £Nil {2023 £Nil). 22 Funds BA12llee at 31 Deeeinbej. 2024 Balaiice at I JaiiuAI'y 2024 Rosourees expeiided Tr'esoui'ces Uni'esti'icted funds Geiierftl Genei'al fund 1,929,756 2,946,309 (2,785,622) 2,090,443 Desigiiiileél Designated tui)d 3,643,201 (12,288) 3,630,913 Total Uni'esli'ieted funds 5,572,957 2,946,309 (2,797,910) 5,721,356 Resti'ieted funds Resti'icted fund 87,103 3,747 (9,394) 81,456 Total funds 5,660,060 2,950,056 (2,807,304) 5,802,812 Balaiiee At 31 Deeember BalAnee at i Januai'y 2023 Incoiiiiiig i'esoui'ees Resoui'ces e¥peiided 2023 UnR'esti'i¢teil funds Geiieriil Genei'al fund 1,699,897 2,735,383 (2,i05,5241 1,929,756 Desigiiaiefl Designated fund 3,655,489 (12,288) J,643,201 Total iiiii'esti'icted funds 5,355,J86 2,735,383 (2,517,812) 5,572,957 Resti'ictecl funds Restricted tund 89,716 7,380 {9,993) 87,103 Total fuiids 5,445,102 2,742,763 (2,527,805) 5,660,060 Page 29
The Cliiiiese Ovei'seas Clii'istiaii Mission
Notes to tlie Fiiiancial Statemeiits foi. tlie Ye21. Ended 31 Decembei. 2024
The specific pui'poses loi. which tl)e funds are to be applied al'e as tolloivs..
Uni'eslricted genei'al tiind-
Uiii'esli'icted gcnei'al funds can be used in ac¢oi'dance with the el)ai'ilable objectives al Il)e discl'etion of Ilie
trLislees.Tl)is includes tlie sti'ategic developiiieiil fLllId.
Resti'icted fund..
Reslricled fijiids coinprises tour distlllct t.unds
l ) Tl)e scholarship fund whicli exists to lielp gified and dedicated Chinese Clii'islians lo I'eceive theological and bible
ti'aining at a college willi whiel) tlie Inission is in syinpail)y.
2) Tl)e Inissionaiy in prepai'alion tund foi. Ilie ti7iniiig and mtnloi'ing of students Ilial will potentially join Ilie COCM
staff teani
3) A fiind lo suppoi't the developinent of a miiiisliy based in Batli, England.
4) A fiind coinpi'ising donations and legacies I'eceiiied specific¢111y to fund the costs of I'enoiiating the chai'ity's
headquai'lei. pi'einises in Milton l
The Cliinese Ovei'seas Clii'istiaii Missioii Notes to tlie Fiiiancial Stateinents foi. tlie Yeai" Ended 31 DeceinbeR' 2024 24 Related pai'ly ti'ansactions Dui'ing tlie yeai. Il)e cliai'ity made ilie tolloiving I'elated party Ii'aiisactions.. Tlie Cliiiiese Ovei'seas Clii'istiaii Missioii (Ti'ust) {The chai'itable ti'ust Ilii'ough M'hich the chait>r's opei'alions ivei'e previously conducted) In 2013 all of Ilie cliai'il} s assets and opei'ations ivei'e Ii'anslei'i'ed lo iliis iiicoi-poi'aled cliarily ti'oni a Ii'usl. A small nuiiibei. ot baiik aceoLinls reinain in tlie iiai)ie ol- the oi'iginal cliai'it&l)le trust. The nioney held in these accounts belongs lo the Liii)ited Coii)pany and il'as tl<lnsferi'ed by n)eans of a gift in 2013. 'fiie nel b<i11< nce of these accounts at 31 DceeI))ber 2024 is £2,47) (2023.. £2,475). Tliesc al'e included uiitliin the balance slieel ot. the Liniiled Company. At the balance sheet date the amount due tolfrom The Chinese Ovei'seas Chi'istian Missioi) (Ti-usl) was £Nil (2023 - £Nil). Page31