REGIsfERED COMPANY NUMBER: 07496944 (England and Wales) REGIsfERED CHARITY NUMBER: 1139922 THE COWMISSION CHURCHES TRusr REPORT OF THE TRusfEES AND AUDrrED FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 THE CO-MISSION CHURCHES TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustses i to io Report of the Independent Auditors 11 to 13 ststement of Flnancial Actlvltles 14 Statement of Financlal Positlon 15 statement of Cash Flows 16 Notss to the Statsment of Cash Flowa 17 Notes to the Financial Statements 18 to 31 THE CO-MISSION CHURCHES TRusf (REGIsfERED NUMBER: 07496944) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also dlrettors of the charity ft)r the purposes of the cOmpa￿leS Att 2006, present their report with the flnancial statements of the charty for the year ended 31 March 2024. The Trustees have adopted the provlslon5 of A￿llnting and Reporting by Charlties: Ststement of Recommend&J practi￿ applicable to charfUe5 preparing their accounts in accordan￿ with the Hnandal Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effettfve l January 2D19). OBJEcfivES AND AcrIvtrIES Objectives and aims The Charity operates and resources elght churches In Southwest London, helps to facllltste further church planting and gospel growth, and supports Other individuals and organ15atlons with similar gospel obJectlves both in the U.K. and around the world. a. Hlstory Orlginally the tharlty was formed after a small group of people from an Anglican church In Wimbledon "planted" a new church called "Dundonald Church into a local prlmary school, meetlng each Sunday in the school hall. Over a number of yeats, that small church grew and became effectlve at sharlng the Christian falth wlth the local communlty and glven Its success, Dundonald Church then replicated Its church meetings in a varlety of other local venues around Wlmbledon and Raynes Park In South West London. Subsequentty, the Charfty then set up new church plants In Klng5ton and In Balham to enable the Charlty trJ advano its objectwes In those new local communlties and those new churches also grew and thrlved. Over the next ten years, the Charlty then planted further new churches into Earlsneld, Worcester Park, Walton, Sutton and Putney. Slnce summer 2020, the Charlty's church In Earlsfield has been worshlpplng at All Saints Church In Wandsworth and ha5 been serving that new local communlty. Whi15t each of these churches have thelr own staff and local leadershlp tsams, the churches are all resourced through, and are the responslblllty of, the Charity. The trustees pralse God for HIS kindness In growlng the Chartty In th15 way and for each of the local churches whlch serve their local communltles and advance the Charlty's objectNes. b. Our churthes The Charfty Current￿ ha5 legal ffsponsiblllty for the folkjwlng London churches and mln15tries,' - Boathou* Church, Putney - thrist Church at All Salnts WandswDrth - Christ thurch Balham - Comer5tone Church Klngston Dundonald Church - Gra￿ Church Worcester Park - Hope chU￿h Sutton Klngs Church Walton As well as belng unlted together by being part of the Charty, these churthes are a150 all members of the tsM1551on ne￿Ork of churche5. H15tortcallyi the Co-mlsslon ne￿Ork was also resour￿ through the Charity, but SIn￿ September 2017, the resourcing of this informal network and resFonsibility for Co-mlssion's staff, media, events and church planting was transferred to an Independent charity, The Co-mlssion Initiatwe TrusL G The spiritual thallenge In London London Is a city with few peers In terms of global influeft￿, one of the most cosmopolitan and powerful clties, and is the political, economlc and cultural centre of Britsin. However, London Is also an emerglng human tragedy: over 90Wo of the pOpUla￿On daim no saving faith In Christ and many of the major people gmups in London a￿ almost entirety unreached by the good news of our Lord Jesus ChrisL London Is therefore a sh3nificant mission fleld. We can only imaglne how Jesus must feel about London.. "When Je5U5 Saw the crowd5, he had compasston on them, becau* they were hardssed and helpless, like sheep without a shephend." (Matthew 9.'36). So, what Is London's greatest need? The gospel of Jesu5 Christl THE CO-MISSION CHURCHES TRusf (REGIsfERED NUMBER: 07496944) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 d. We are seeking to meet that need All of the (￿arIty5 churches are reaollng out to thelr commun]be5 Wlth the wspel of Je5U5 Christ and are united In thelr deslre to a(fvan￿ his Kingdom. In addition, they work together with Co-misslon and wlth other London churches to reach London for Christ, by plantlng and establishing ffingelistic gospel churches. Thls clty Is urgently In need of hundreds of diverse evangelistic churches proclaiming the gospel to all peoplel We are lsving in a mi55ion field with an Incredible ablllty to influence and reach societles around the world for Chrfst, starting rlght here In London. e. The financial challenges A5 these flnanclal statements show, gospel ministry in London Is Increasingly expenslve, and so all of the Charity's churches are only able to CDntlnue thelr ministrtes becau￿ of the generous, sacrificial and joyful gwlng of the indlvlduals and families who together make up those churches. Revlew of acttvlties The Charfty was established trj a(fvance the Chrlstlan falth in London and Ove￿aS. Inltlauyi the Charty achieved its obiect6ves through the minlstry of Dundonaw Church in Southwest London, but the Charttys operatlons have grown signlflcantly over the past 28 year5 and the Charity now advan￿ the Christlan falth through eèth of the eight churches referred to at*Jve. There have been no changes In the Chartys obJett￿eS slntr the last annual reporL The Charlty has pursued Its objects over the past year In the followlng ways.. l. Its churches have conJnued to organlse and run a weekty programme of Sunday and mld-w&k meetlngs for the proclamatlon of the Christsan faith, the study of the Bible and the mutual encouragement of those attendlng throughout London. Its churches held regular meetlng5 In Raynes Park, Balham, Kingston, Wand5WOrth, Worcester Park, Putneyi Walton and in Sutton; 2. By supplying flnanclal and other practical resource5 to the CtrMf55ion nthork of thurche5 (Includlng making grants to The Co-mlssion Initiatlve Trust); 3. By provldlng finandal support, tralning and mlnisty experlence to indfvlduals consklering a future career as a church pastor or other church ministry worker; 4. By supplylng flnanclal and other prattical resources to carefully selthj pathers carrying on gospel mlnlsty In other parts of the Unlted KIn￿orn and overseas; 5. By organising events and m￿ngS to promots gospel mlnlstry in the Unlted Klngdom and overseas; and 6. By provldlng practical and financial help to those In physical or emoUonal need. Public benefft How our activi￿e$ delfver public benefit We have referred to the guldantr contslned In the Charity ￿MmIssIOn,5 general gUIdan￿ on public benefit when reviewlng our alms and obJectNes. Through its eight h)cal churches, the Charlty runs regular Sunday and mid-week meetings throughout London, Induding at the locations listed above. These meetings provtde Instruction In the Chrlstian faith for those who a￿ already bellevers, but are also almed at servlng those who would not nett5sarlly call themselves Christians, but who are wllling to invest¢gate the Christlan faith. Our churches atso seek to show Jesus, love to their communitles and offer pastoral support and care for all who attend, whatever thelr faith background. In addltlon, we seek to provlde materlal a￿lstan0 to those who are part our churches or who may be connected to them and who are f￿fing eX￿ptIonal hardship. The Charity's churches also serve thelr tocal communities by wnning regular Kid's holiday clubs (usualty In either the Febnjary or May half-term week) which are open to chlldren from the surroundlng area5 whether their parents go to churrh or not. As well as providing blblical and moral teaching, these holiday dub5 provlde the children wlth conslderable fun, exercise and educational tEneFits through a range of attwiues and are of great help to their parents. The Charlty Is p￿aSed to provide those activities as a way of serving and getbng to know the local communities and charge on nominal booking fee5 to participant5 and offers subsldie5 to those for whom the cost is unaffordable. THE CO-MISSION CHURCHES TRUST (REGIsfERED NUMBER: 07496944) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACrnfrrIES The Charlty's staff and wonderful volunteers have cOn￿nUed to run a number of toddler groups and "Junior Jtver" Sess￿￿5 at a number of London locadons. These communty supporting groups tske pla￿ throughout the week so that bjcal parents and carers brlng their toddler children and enjoy coffee, cake and chat whilst their children p13y in our great venues wlth an extensive range of toys and play equipment and within a fun and safe envlronment, The Charity's thurches also run monthly Men Behavlng Dadly. groups where fathers andlor carers are encouraged to come with their children to enjoy a fun tlme of play together, to give the mums a break and to start their weekends in great company and with coffee and bacon sandwlches. The￿ toddler groups have conlnued to be greatly loved and appredated by our b)Gil communities and have helped our churches galn ex￿lIent reputations amongst local families, Through several of our churches, we also run evenlng youth dubs for local young peDple (aged 8 - 18 years) whkh are attended by a mlxture of children, some of whom are invofved in our churche5, but also many of whom simply come along from local schools. Given the pressures upon young people and the loneliness and Isolation suffered by so many durlng the pandemlc, we consider these events to ￿ an imp)rtant ￿rvitr to local famllles, a great opportunity to provlde friendshlp, care and 5UPPOrt and a very worthwhile use of our fadlltles and reSoUr￿s. We also partner wlth a nationally approved debt rellef organisation, Chrlstlans Agalnst Povety, to run money managernent course5 whlch are open to Ic(al people to help them better look after thelr money and avoid unmanageable debt. Through our churches and care teams, we also provlde adv1￿ and CDunselling to those who are already 5truggllng because of the burden of debt. As part of our regular calendar of church events, we a150 run semlnars and courses deslgned to strengthen marrfages and to support parents In the challenges of brlnglng up and caring for thelr chlldren. These events are open to the publlc at large and are often free of charge. We also provide a popular coffee house minlstry at Dundonald Church In Raynes Park whlch Is open to the public. The coffee house operates most weekday5 and, as well as offering eXCel￿nt, hlgh quallty drinks and cakes, provlde5 a warm space over the winter to those who May be struggllng with their home fuel bills and a welcomlng and friendly envlronment for all the Iccal communlty. The coffee house has been partlcularly appreciated by those who mlght otherwise feel Isolated and lone￿, suth as new parents, those who work from home and the elderty. The Charity has also been Increasing its work wlth senlor citizens and the elderly and over the past year, this has meant vlsltlng local ￿SIdentIal care homes to provide infomal church ServI￿S for those wlth limited moblllty; running regular afternoon teas whlch Include entertainment, a short tslk on the Chr15tlan faith, delicious food and much fun; and also running a hugely successful week of activltles In July or August called "Hollday at home" Through all of these attfvltles, and others, the Charfty ha5 been able to provlde h)vlng care, friendshlpi companlon5hip and communlty for many eldedy people and has been able to demonstrate that they are predous to and valued by our churches. Agaln, glven the Increased sense of Isolatlon which was caused by the pandemic, we have b￿n delighted to help to reconnect many wlth other local resldents and help them to enjoy friendship and fun and to exFerience the love and care of others. We also devote conslderable time and resources to Se￿Ing people In London who have jolned us from overseas. London is such a wonderfully diverse clty and we know that heaven wlll be tool Therefore, the Charlty Nns a varlety of blble study groups, Chrlstlanty Explored courses and welcome meals for Internationals and has helped to resour "International cafes whlch offer conversation In slmple English, friendshlp, communlty, fun and great food on a week basis to anybody who wlshes to attend. The charity has also provlded slgnlficant levels of flnanclal support to a number of relief and mlssSonary projetts overseas. Grantmaking The Charity's churches partSclpate In the Co-mission mlnlstsy tralnlng programme and help to provlde church mlnlsty tralnlng, church ministry experien￿, mentorlng and other support (elther on a full or port-tlrne basis) to a number of people each year with the hope that after graduation, many wlll thoose to undergo further training andlor pursue a career as a church minister or other mlnlstry worker and that some will even go Dn to lead churches either in thi5 country or around the world. To enable them to partKipate In this tralnlng and properly experience church life, the Charfty sometime5 make5 limited, rnean5-te5ted, discretk)nary grants to qualifying participants In need Df financlal support. The Charity also makes grants each year to The Co-Mr55ion Initiative Trust to support the work of the CTrMission nthork throughout London. Co-Mi5sion seek5 to evangelise London through the planting and strengthening of local churches and the Charity is delighted to be able to make funds available to the fte￿Ork to benefit the wider Chrisban church throughout London. In addition, the Charlty recognlses the relative affluen￿ of its London churches (compared our brothers and sisters in Christ in many other parts of the world) and del*Jhts in being generous wlth ￿$ resources by making grants to carefully Select￿ mission partners pursuing similar charftsble objectlves over5ea5 and in the UK. THE CO-MISSION CHURCHES TRUST (REGisfERED NUMBER: 07496944) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJEcfIvES AND AcrIvrTIES Volunteers The trustee5 a￿ enorrnDusly grateful to the multttude of volunteers withln our churches who expend very signifkant amounts of time on the Charity's artw[￿e5, time whlch is donated free of charge because Df their love for the Lord Jesu5 and thelr commitrnent to the Charity's objectives. None of our churches could function effettively in their local communitles without such support from volunteers and 50 we thank God for each one of them. It Is not POS51ble to quantify the amount of tlme given or ascrite a value to It and accordingly it is neither recorded as donated Income nor as an expense In the financlal ststements. ACHIEVEMENT AND PERFORMANCE Charitable activitles Review of the year.. l. The Trustees contTnued to be greatty encourdged to see G(Jl at work through the various programme5 run by the arlty and by the level of financlal support for and att￿e paruclpation in the Charity's artlvities over the past year. Desplte the aftemiath of COVID-19 and the recent backdrop of a natlonal "cost-Df-Ilving crfsis the Charlty's churches have conuniied to thrlve and the Charlty remains In such a strong financlal posltion. Over the past year, the Charty's income increased by almost £150k as compared to the previous financial year. 2. (Trer the past year most of the Charity's churches appear to have grown In slze and more people than ever have benefitted from our extensive programme of attivitles and have become Invofved In funding the Charity's work. In perlod In which many Eng115h churches are shrinking and d05ing, the trustees have been thrllled to see the Charity's churches growlng, Increaslng their Income beyond budgeted expettatlons and coverfng their own costs. In particular, at a time when many longer establlshed churches are struggllng to retsin young people, many of the Charlvs churches have thrivlng children's and youth groups wlth increaslng numbers attendlng and enjoylng the bible teachlng, frfendship and support. ProvidSng care and support to these young people is an urgent prlorlty and large responslblllty for the Charfty. 3. Wonderfullyi the Charfty's churches have welcomed many vlsltors and guests over the past year and some have become ¢Thrlstians. Regular courses explalning the basics of the Chrlstlan falth were held throughout the year and many outreach events took place, especlally at Chrlstmas and at Ea#er and as part of local church mls51ons. 4. The Chartty has employed a number of new staff over the past year In order to further advan￿ the Charlty's objectwes and to grow It5 churches and all of the Charlty's full and part-time staff have WOTked Immensely hard to further the Charity's objective5 and the Trustees are grateful to each of them. They are supported by hundreds of volunteers who work 5acrificlally and tlrelessly alongslde the staff to further the Charfty'5 objettlves. 5. The Charity's churches (often through trainej care tsams and c￿rdInatorS of Personal Care) have contlnued to provSde IDvlng Chrlst(an care to those indlvidua15 who, for whatever reason, have been In partlcular need. 6. The trustees are greatly aware of the Importan￿ of Safeguarding and have worked closely wlth the Charlty's part-tlme Safeguarding Coordinator and Deputy Safeguarding Coordinator to continue to implement & strengthen SaFeguardlng across the CharSty and to meet best Prattl￿ a5 per the adv&￿ of the Charlty's advisers, Christian Safeguardlng SerVI￿s. The Charity's Safeguardlng Coordinator made further Improvements to the Charity's Safeguardlng policy during the year and, together wlth other eXperIen￿d professlonals, continued to provide ￿gUlar tralnlng courses throughout the year on the Charity's Safeguarding pollcy and procedure5. 7. The trustees have been saddened by a number of re￿nt scandals affettlng third party churches and ministrles across the workl where leaders have been accused of bullying and manlpulation and have contlnued to explore what can be done wlthin the Charity's context to minimlse the risks of such damaging behaviour and to ensure any victlms are able both to speak out and also be properly supported and cared for. As a result, the trustee5 have tsken renewed effort5 to ensure that each of the Charftys churches have been making thelr members aware of the Charity's Complalnts Poltcy and that those who arE unhappy know where to find the help they need. In addltion, the trustees have recognlzed the need for additional HR support and are exploring ways to better traln line managers and ensu￿ that any upset amongst staff can be tackled appropriately and quickly befo￿ harm is caused. THE CO-MISSION CHURCHES TRusf (REGIsfERED NUMBER: 07496944) REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 8. The Charity has made grants totalling £362k to ministry tralnees, to the Co-mission network and to other mtssion partner5 In the UK and overseas, and a150 to support indlvlduals suffering povety or urgent need. The Trustees are delighted that the Charity has been able to provide such a high level of flnanclal assistan￿ to individuals and organisations involved in simllar gospel work around the wotld and to those who fa￿ severe hardship. 9. Havlng opened its new building in Raynes Park In early 2022, the Charity has continued to make extensive use of thls excellent new facility, As well as uslng It for the full rarHJe of existing mlnlstrles for Dundonald Church and as offi Spa￿ for many of ￿ staff, Dundonald Church has also used the buildlng to operate its cornmunity coffee house ministry and to *Ne the local community by allowing its use as a ￿llIng station and for local residents, meetlngs etc. Fundralslng actlvltles The Tharity ra15e5 the maJorlty of Its fundlng to SUPPOrt its day-to4ay actwities from those who conslder themselves to be members of one of the Charlty's churches. "Givlng presentations" are arranged Dn a regular basis throughout the year at each of our churches so that church members can be helped to get Involved. As part of those presentatlons, church members are tsught the Bibllcal prlnciples of giving and are encouraged to recDgnlse that supporting gospel work Is part of the 5plrltual response to the salvation which ksus provlde5 and should be a normal part of the Christian Ilfe. Rather than spJradic giving to a collectlon plate, the Charlty'5 churches encourage prayerful, planned, cheerful and sacrificial glvlng and therefore m05t of the Charftys Income comes from monthly standlng orders from Its church member5. From tlme to time, the Co-mlsslon nthork and some external supporters a150 generously provide funds spedfically to help our churches andlor to provlde tralning opportunStles and experien￿ to rnln15try trainees and we are very grateful to d for such external 5UPPQrt. Fundralslng actlvltles are monltored by the trustees and the Charity doe5 not employ proftsslonal fundraisers or other commercial participators to ra15e funds. The Charfty Is not bound by any voluntsry scheme or stsndard for fundralsing but ￿kS to ensure this is carded out in an ethlcal manner and in accordan￿ with Charity Commlssion guIdan￿. In partlcular the Charity seeks to protsct vulnerable people and other members of the publlc from the followlng.. unreasonable intrusion on prlvaryi unreasonabty perslstent approache5 Or placlng undue pressure on a person to glve money or other propety. No complalnts a￿ut its fundralslng actfvlties were recelved In the year. Intsrnal arKI external factors The trustees ￿COgnise that the Charlty Is largely dependent on those who conslder them5efves to be members of Its vadous churches for the fund5 It needs to sustain its actfvltles. However, in God's klndness, the Charlty's mlnistries have conunued to grow and God has provlded all the fundlng requlred to sustsln and develop its work. The Charity also depends on a large number of volunteers to run Its regular actlvltles under the directlon of employed staff. The trustees are dellghted to report a signlflcant wllllngness to volunteer amongst those who attend ￿gUlarty. External￿ the wlder economy has the potendal to Impart the resources the Charlty recelves. FINANCIAL REVIEW Flnancial position The ChariV5 unrestrftted net fund5 at 3110312024 were £8,875,663 (2023 £8,154,635). During the year, the Charfty reported a surplus of £844,751. Principal fundlng sources The trustees are mlndful that the majorlty of the Charivs Income comes from donations from those who regular partlclpate In Its actlvltles and are content that this income Is relative￿ stable and p￿dIctable. In God's klndrsess that continued to be the case throughout the cov1￿19 pandemic and despite the resultsnt economic downturn and "COSt￿f-y1vIng crisls" Investment policy and objeLtives Subjert to its reserves poliry the Charlty alm5 to disburse its income each year and does not make investments. THE CO-MISSION CHURCHES TRUST (REGISTERED NUMBER: 07496944) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Reserves policy The ChariV5 trustee5 have no￿1 the Charlty Comm1551on's gUklan￿ doojment entitled "Charity reserves.. bulldlThJ resilien￿, (January 2016) and have forniulated the following reserves p)Ilry which15 rojularly monltor&Y and reviewed. The truste&s believe that the Charty ne￿S reserves because: l. M05t of Its income comes from the sacrlftial gwlng of the members of Its churches. Many of these donors will be signlflcanty impatted by any Serious economic downturn or recesston and reserves may be needed to cover any resultlng Ioss of donatlon income. Z. It employs a lanJe number of staff, has mortgage commitments and, In addlth)n, has a slgniflcant number of lease commltments. 3. Of the rfsk of unforeseen emergency or other unexpetted need for funds. 4. Of the poten￿al need to fund short-temi deficits In Gish budgets. In settlng thls reserves pollcyi the trustees have expressly conslder&J the Impact of the unplanned shutdown of the Charlty, Its spending commitmentsi Potenttal liabllities and flnanclal forecasts. After careful analysls, the trustees have concluded that gwen the relatlve stsbility and contlnuity of the Charity's regular Income (￿￿1Ved through long-term monthly stsnding orders), it would be reasonable tcs exp&t at least 65010 of that income to continue even If the charlty fa￿d a flnanclal emergency. As a result, the trustees have decided to set a deslred reserve5 level based on three months, of average monthly expenditure, but dlscounted by 65 % of the Charity's forecast regular Income for that perfod. However, for the tlme belngi the trustees wlll malntsln a hlgher level of cash reserve5 because of the commitments the Charity has made to Its lenders, Rellan￿ Bank and Klngdom Bank. At the end of the financial year, the Charity's reseNes were higher than the amount requir&J under the trustee's agreed pollcy and the trustee5 have no cOn￿mS that the re*rves wlll prove inadequate at any siage over the comlng year. The past year The trustee5 have agaln been very encouraged by the hlgh level of annual Income re￿iVed and that the Charity contlnues to be so well supported by so many church members who give sacrffldally, generously and Joyfully. Hnanclally speaklng, It was another ￿tremelY encouraglng year for the Charlty. Durfng the past year, the Charlty sold one of Its propertie5 (In Raynes Park) and when the Sales profftd5 were ￿Cewed (In Aprll 2024), used those proceeds In order to repay a large proportion of the Chadty's bank borrowlng (varlable rate mortgages). By doing so, the trustees have been able to substantially reduce the Charity's futu￿ monthly spendlng especially a5 the Inte￿5t rates have risen so dramatlcally over the past couple of years and the cost of borrowing has tecome so hSgh. However, housing remains a core need for the Charlty, and the Charity a150 purchased a house (in Putney) for the sentor pastor of The Boathou* Church and hls family. That purcha*, fadlltated by new borrowlng wlth Klngdom BanK was alg) completed after year*nd. FUTURE PIANS The Charity is always on the lookout for new opportunitles to pursue its obj'ecis and will contr'nue to invest In growlng and strengthenlng Its exlsting churches and to support other min15tries In order to advants the klngdom of our Lord Jesus. The coming year will *e the Charity pursulng Its objects by a means of a programme substantially slmllar to Its attlvitles In the year under review. The CharSty Is also attSvely seeklng to purchase premises for some of Its Sunday minisbies and W￿kdaY programmes. THE CO-MISSION CHURCHES TRusf (REGIsfERED NUMBEIL. 07496944) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 srRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Co-mission Churches Trust (the Charity) is controlled by its govemlng document, the memorandum and articles of assoclatlon, and is constituted a5 a private company, Ilmlted by guarantse, as defined by the Companies Act 2006. Originalty, the Charity was unlncorporated and was named The Dundonald Church Charitable TN5t, being controlted by govemlng document, a Trust Deed dated 8th June 2001 (and revised on 21st November 2002), and being registered Wtth the Charlty Commission under charity number 1089323. On 1st April 2011, the unincorporated charity's assets and undertakings were transferred to The Dundonald Church Charitable Trus¢ a company limited by guarant￿, registered In England and Wales under number 07496944 and registered wth the Charity Commission under charlty number 1139922.The name of the Incorporated charity was sUb￿qUenty changed on 30th October 2014 to The Co-misslon Churthes Trust. At the date of the transfer, the unlncorporated charfty had knans secured agalnst the freehold properties held by It. As It had not been possible to renegotlats these on o)mparable term5 to allow the transfer of propertle5 and loans to the 11m￿ed company, the trustees had resolved to retsln these wlthln the unincorporated charlty untll such tlme as this could be resolved. Costs Incurred in relatlon to the continued operation of the unlncorporated charlty were recharged to the limited mmpany. In October 2019, the CharSty entered into a new Borrowlng Facillty wlth Reliance Bank and this enabled the pre-ex15tlng loans to be repald In full, for the securlty to be released and for the transfer of the freehold assets to be finally completed. As a resul¢ the unlncorF¥Jrated charity was dosed by its tru5tee5 and has been removed from the Charity Comm15slon's reg15ter of charltles. Organlsational structure The Charltys actlvltles are planned and run on a day-towday basls by the full-tfme staff employed by the Charlty whose work15 overseen by senlor members of the Charity's k)cal cong￿gations. These senior members and staff meet regularly wlth the trustees to review and monltor the dlfferent actrvltles and mlnistrie5. Declslon making Day-to-day charlty operatlonal decislons are delegated by the trustees to the Company Secretary and day-to-day church operational and mlnlsty declsions a￿ delegated by the trustees to the leadership teams (comprising of senlor staff and volunteer elders) of each Df the charlty's elght churche5. Key management, financlal and stsffing declslons are taken by the trustees after consultstion w￿h the local church leadershlp teams, For example, If Dne of the charlty's churches wants to reuult a new stsff member, Its leadershlp team will 11a1￿ wlth the Company Secretary and seek approval from the charlty's trust&s who wlll make the final decision as to whether that church may Increase it5 Staff tsam. Likewise, with the acqulsltlon and disposal of assets and buildings, the affected local church leadership teams w511 be heavily Involved throughou¢ but finèl declslDn5 will be taken by the trustees who wlll tske Into account not onty the wishes of that local church, but also the best Interests of the charty as a whole. Inductlon and tralnlng of new trustees New trustees are appointed as and when requlred and on app)Intment a￿ glven a baslc Introducuon to trustee responslbllltles, a copy of the Charlty Commlssion leaflet 'The Essentlal Trustee" and are encouraged to read the extensfve guidan￿ provlded to trustees by the Charlty Commlsslon on Its gov.uk webpages and to attend an external tralnSng course 50 that they get a ba51c grounding In charfty law and a rn0￿ detslled understandlng of trustee sponslblllues. Remuneratlon The trustees condutt regular staff remuneratknn revlews and will upjate the charlty's pay scales at least every tsvo year5. Benchmarklng for the clergy employed by the Charfty is relatwety simple as the trustees can refer to the Stipend leve15 set from time to tlme by the Church of England'5 London diocese and those set by other denominations. For other staff, benchmarking is less straightforward, but the trustees will refer to the LondDn teachers, pay scales and review recruitment 5ite5 and Christian publicatlons Sn order to s* what other charitie5 and churches are paying their Staff. Generally, the trust￿5 wlll Consu￿ with the leadership teams of each of the charlty's eight churche5 when proposlng changes to stsff remuneratlon and decisions relating to the pay and remuneration of the charity's key management p￿sOnnel will be reserved to the trustees. THE CO-MISSION CHURCHES TRUST (REGISTERED NUMBER: 07496944) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 srRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The thJstee5 have assessed the major rlsks to which the Charity Is ex￿*d, In partI￿lar tho* related to the operations and finan￿5 of the Chadty and are &3lJsfied that systems are in pla￿ trj mitigate exposure to these major risks. REFERENCE AND ADMINIsfRATIVE DEfAILS Ragistered Company number 07496944 (England and Wales) Reglstered Charty number 1139922 Registered offjce 577 Kingston Road London SW20 8SA Mr P D Cooper MsRPDunn Mr G J Ferguson Mrj C Marfand Mr R Turner Mr G W Reid (￿sIgned 24110123) Company SeiJetsry Mr S A Hatherall Auditors Hardey Fowler LLP Statutory Audltors Chartered Accountants 4th Aoor Tultlon Hou* 27-37 St George's Road Wlmbledon London SW19 4EU Bankers C4F Bank Umited 25 Kings Hlll Avenue Kings Hill West Malllng Kent ME19 4JQ THE CO-MISSION CHURCHES TRUST (REGISTERED NUMBER: 07496944) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINIsfRATIVE DEfAILS Addltlonal banking servi￿$ Barclays Bank Leicester LE87 2BB Kingdom Bank Medla House Padge Road B*ston NG9 2RS Relian￿ Bank Falth Hou*, 23 - 24 Lovat Lane, London, EC3R 8EB Aagstone Group Ltd 1st Floor, Clarevllle House 2&27 1)Aendon Street Lonth)n SWIY 4EL Solicltors Mcore Barfow LLP The Orfel Sydenham Road Guiklford GUI 35R Safeguarding support (￿rIStIan Safeguardlng serv1￿$ 6-8 Marsha15ea Road Lonthn SEI IHL Insurance Kingdom Bank Medla House Padge Road B*ston NG9 2RS THE CO-MISSION CHURCHES TRUST (REGISTERED NUMBER: 07496944) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 srATEMENf OF TRUSTEES, RESPONSIBILtTIES The trust*s (who are also the dlrector5 of The Co-mlssion Churche5 Trust for the purposes of company law) are 5ponslble for preparing the Report of the Trustees and the flnancial statements In accordan￿ with applicable law and Unlted Klngdom Accountlng Stsndard5 (United Kingdom Generally A￿pted Acmunttng practi￿). Company law requlres the trustees to prepare financial statements for each finandal year whkh give a true and fair view of the state of affairs of the charitsble company and of the incomlng resour￿ and appllcation of resources, Indudlng the Income and expendlture, of the charitable company for that perfod. In preparing tho* flnanclal statements, the trustee5 are required to selett sultable accountlng pollcles and then apply them conslstentty; observe the methods and princlple5 in the Charlty SORP,. make judgements and estimates that are reawnable and prudent. P￿pare the flnancial siatements on the golng con￿rn basls unle55 It is Inappropriate to presume that the charltable company will continue In business. The trustees are responsible for keeplng proper accounting records which dlsclose with reasonable accuracy at any time the financial position of the charltsble company and to enable them to ensure that the flnanclal Statements comply with the Companles Att 2006, They ère also responslble For safeguarding the assets of the charftable company and hence for tsking reasonable steps for the prevention and detectlon of fraud and other Irregularities. In so far as the trustees are aware.. there Is no relevant audit Informatlon of whlch the charltable company's audltors are unaware; and the trustee5 have tsken all steps that they ought to have tsken to make themselve5 aware of any relevant audit Infomiation and to establish that the audltors are aware of that information. AUDITORS The audltors, Hartley Fowler LLP, wlll te proposed for re-appolntment at the forthcomlng Annual General Meetlng. Thts report has been prepared In accordan￿ wlth the speclal provislons of Part 15 of the Companks Act 2006 relating to small companles. -io- REPORT OF THE INDEPENDENT AUDrroRS TO THE MEMBERSOF THE CfyMISSION CHURCHES TRUST Opinion We have audited the financial statements of The Co-mission Churches Trust (the 'charftable company,) for the year ended 31 March 2024 whlch comprise the Ststement of Financlal Attlvltles, the Statement of Financial Posltlon, the Statement of Cash Flow5 and nots5 to the financial statements, Includlng a Summary of Significant accountlng ￿lIcIes. The financial repo￿ng framework that has been applied in their prepafttion is appllcable law and United Kingdom Accounting Standards (Unlted Kingdom Generally Accepted Accounttng Pract1￿). In our opinion the flnanclal statements: give a true and fair vlew of the state of the charitable company's affairs as at 31 March 2024 and of Its incomlng resources and appllcatlon of resources, including its income and expendieure, for the year then ended,. have been properly prepared in accordano with United Klngdom Generally Accepted Acctsunting Prdtt1￿,. and have been prepared in accordan￿ wlth the requSrements of the Companles Att 2006. B¥ls for oplnlon We conducted our audlt In accordance with Internati)nal Stsndards on Audltlng (UK) (ISA5 (UK)) and applicable law. Our r￿ponSIbIlItIeS under those standards are further described in the Audltr)rs' responsibilities for the audit of the flnancial statements settlDn of our report, We are independent of the charitsble company in accordance with the ethlcal requlrements that are relevant to our audlt of the finaDclal 5tstements In the UK, Sncluding the FRC'S Ethlcal Stsndard, and we have fulfllled our other ethical re5pon5ibilitles In accordance with these requlrements. We beSleve that the audlt eVIden￿ we have obtained Is 5ufflclent and appropriate to provlde a basls for our opinlon. Condusions relating to golng con￿rn In audlting the financial statements, we have concluded that the trustees, use of the golng concern basls of accountlng in the preparation of the flnanclal statements is appropriate. Based on the work we have performed, we have not hjentlfied any materfal ￿n￿rtaIntleS relatlng to events or condltlons that, Indlvldually or collective￿, may cast slgnlflcant doubt on the charftsble company's abillty to continue as a golng COn￿M for a perlod of at least ￿e1ve months from when the financial ststements are authorised for Issue. Our resFonsibilities and the responslbllltles of the trustees wlth respett to golng con￿rn are described In the relevart sectknn5 of thls repjrt. Other inforn￿tion The trustees are responsible for the other Inforn)ation. The other Infomiation comprises the Informatty)n Included In the Annual Report, other than the financial statsments and our Report of the Independent Auditors thereon. r oplnlon on the financial statements does not cover the other Informatlon and, ex￿pt to the extent otherwlse expliatty stated in our report, we do not express any form of assuran￿ condusion thereon. In connertlon wlth our audit of the financlal ststements, our reswnslblllty Is to read the other Informatlon and, in dolng so, consider whether the other InfOrMa￿On Is materially Inconslstent wlth the financlal sLatements or our knowledge obtslned In the audlt or otherwlse appears trj be materlally misstated. If we Idenufy such matsrlal Snconsistencres or apparent materlal mlsststements, we are requlred to determlne whether thls glves rlse to a material mlsstatsment In the flnanclal statements themselves. If, based on the work we have performed, we conclude that there Is a materlal misststement of th15 Other Information, we are requlred to report that fatt. We have nothing to report In thls regard. Oplnlons on other matters prescribed by the Companles Act 2006 In our opinlon, based on the work undertaken In the course of the audit: the Infomiation glven Sn the Report of the Trustees for the financial year for whlch the financial stotsments are prepared Is cons15tent wfch the financial 5tatements,' and the ReFQrt of the Trustees has been prepared In accordan￿ with applicable legal requlrements. -li- REPORT OFTHE INDEPENDENT AUDrroRS TO THE MEMBERS OF THE CO-MISSION CHURCHES TRUST Matters on whith we are required to report by exception In the light of the knowledge and understsndlng of the charitsble company and Its environment Obtain￿ In the course of the audit, we have not idenUfi&J materfal missiatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companles Art 2006 requires us to ￿pOrt to you in our oplnlon: adequate accounung records have not b￿n kept or returns adequate for our audit have not been recelved from branthes not vlslted by us; or the financial statements are not In agreement with the accounting records and rebJms,' or certaln disdosures of trustees, remunerntion specified by law are not made. or we have not ￿CeIved all the information and explanations we require for our audlt. or the trustees were not enutled to take advantsge of the small companies exemption from the requirement to prepare Strategic Report or in preparfng the Report of the Trustses. Re5ponsibilitie5 of trustees As explained more fully in the Ststement of Trustees, Responslbilities, the tru5tee5 (who are also the directors of the charitable company ft)r the purposes of company law) a￿ responslble for the p￿paratIon of the flnanoal statements and for being satisfled that they glve a true and falr vlew, and for such Internal control as the trustees determine is neossary to enable the p￿paratIon of financlal ststements that are free from material mlssiatement, whether due to fraud or emr. In preparlng the flnancibl statements, the trustee5 are responsible for a55esslng the charltable company's abllity to continue as a golng concern, dlscloslng, as applScable, matters related to golng concern and uslng the 9)ing con￿r￿ basls of accountfng unless the trustees either intend to Ilquldate the chantsble company or to ￿ase operathjns, or have no realIs￿C alteMa￿Ve but to do so. Our responsibllitie5 for the audit of the finandal statements Our obJectives are to obtsin reasonable assurance about whether the financlal statements as a whole are free from materlal mlsstatement, whether due to fraud or error, and to issue a Report of the Independent Audltors that indudes our oplnlon. Reasonable assuran￿ Is a hlgh kvel of a￿uran￿, but Is not a guarantee that an audlt condutted In accordan￿ wlth ISAS (UK) will alway5 detect a material mls5tatement when it exlsts. M15Statements can arfse from fraud or error and are considered materlal ff, individually or In the aggregate, they coukl rea9Jnably be &XFetted to influen the economlc decisions of u*r5 tsken on the basls of these financial ststements. The P￿tent to which our procedures are capable of detectlng Irregularlties, Indudlng fraud Is detsiled below.. We identtfy and assess risks of materlal mlsstatement of the flnanclal ststements, whether due to fraud or error, and then deslgn and perform audlt procedures responsive trj those rlsks, Including obtslnlng audlt evldence that Is 5ufflclent and appropriate to provlde a basis for our opinlon. In Identlfylng and assesslng rlsks of materlal mlsstatement In respett of Irregularlttes, Includlng fraud and non-compllan wlth laws and regulations, we conldered the followlng: the nature of the Industry and sector, control envlronment and the Cha￿tieS aCtIv￿es. results of our enqulries of management at#)ut thelr own identlfiGIOon and assessment of the rfsks of irregularftles,. any Matte￿ we IdenUfled having obtslned and revlewed the charitable companvs documentsuon of thelr polides and procedures,. identifylng, evaluatlng and complylng wlth laws and regulations and whether they were aware of any Instan￿5 of nOn-CDmpllan￿. - detecting and responding to the risks of fraud and whether they have knowledge of any actual, susperted or al￿ged fraud; - the internal controls established to mitlgate rtsks of fraud or non-comp1jan￿ wlth laws and regulations; and the matters dlscussed among the audlt engagement team regarding how and where fraud might occur In the flnancial statements and any pjtential Indicators of frdud. As a result of these procedures, we considered the OPFortunltles and incentives that may exist wlthln the organlsation for fraud. In common with all audits we are a150 requlred to perform 5Feclfic proTrJures to respond to the rfsk of management override. -12- REPORTOF THE INDEPENDENT AUDrroRSTO THE MEMBERS OF THE CO-MISSION CHURCHES TRusr We also obtained an understanding of the legal and regulatory framework that the charltable company operates in. The key laws and regulation5 we considered In thls context included the Charities Att 2011, UK Companies Att and tsx legislatton. In addition we considered pmwsions of other laws and regulations that do not have a direct effett on the financlal ststements but compliance wlth whlch may be fundamental to the charitsble company'5 ability to operate or to avoid a material penalty. As a result of performing the above, we dld not identify any key matters related to the potentlal risk of frdud or nOn-￿mpl1an￿ with laws and regulatlons. Our procedures to respond to rlsks identified included the followlng: revlewing the flnancial ststement disclosLtres and testlng to supportlng documentstion to assess compliance with provision of relevant laws and regulaUon5 described as having a direct effect on the flnancial ststements,. enqulrtng of management COn￿mIng actual and ￿tentIal Iltkjatlon and ctaims, performlng analytlcal prO￿dureS to identify any unusual or unexpected relationships that may Indlcate rfsks of matsrial mlsststement due to fraud; revlewlng mlnutes of meetlngs of those charged with governan￿, revlewing Internal reports,. and In addre55lng the risk of fraud through management overrlde of controls, testlng the appropriateness of Journal entrfe5 and other adjustments, assessing whether the Judgements made In making accountlng estimates are Indlcative of a potentlal blas and evaluating the buslnes5 ratlonale for any slgnfflcant transattlon5 that are unusual or outslde the nomial course of bu51ness. We also communlcated relevant Identlfled laws and regulauons and potential froud rlsk5 to all engagement tsam members and remalned alert to any Indlcatlon of fraud or n0n-c0mpllan￿ with laws and regulations throughout the audlt. A further descrlptlon of our responsibilities for the audlt of the financlal ststements is located on the Financlal Reportlng Coundl's website at www.frc.org.uklaudltorsrespon51bllltles. Thls description forms part of our Report of the Independent Auditors. Use of our report This reFort Is made solely to the charltable company's members, as a body, in accordan￿ wlth Chapter 3 of Part 16 of the Companles Att 2006. Our audit work has been undertaken so that we might stste to the charitsble company's membets those matters we are required to stste to them in an audltors, report and for no other purpose. To the fullest extent pemltted by law, we do not a￿pt or assume responslblllty to anyone other than the charitable company and the charitable company's members as a body, for our audlt work, for thls rep)rt, or for the oplnlons we have formed. Jonathan Ask nior Stat for and on be alf of Hartley ststutory Audltors Chartered Accountsnts 4th Fk)or Tuition Hou 27-37 St George's Road Wlmbledon London SW19 4EU Auditor) ler LLP -13- THE CO-MISSION CHURCHES TRusr srATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDMIRE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Totsl funds as restated Unr*icted Restiicted funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3,043,351 133,141 3,176,492 3,087,311 Charitable actlvities Dirett Charitable Events and mlnisty 54,165 94,145 54,165 94,145 19,258 92,779 Investment Income 31,353 31,353 7,777 Total 3,223,014 133,141 3,356,155 3,207,125 EXPENDrnJRE ON Charitable activities Dlr* Charltable Grants Payable Events and mlnistry 2,485,710 356,836 480,804 11,502 5,250 2,497,212 362,086 480,804 2,361,991 344,037 461,610 Extrpljonal Items (note 11) (828,698) (828,698) Total 2,494,652 16,752 2,511,404 3,167,638 NEf INCOME Trnnsfers between funds 728,362 (7,334) 116,389 7,334 844,751 39,487 Net movement in funds 721,028 123,723 844,751 39,487 RECONCILIATION OF FUNDS Total funds brought forward As prevlousty rep)rted Prior year adJ"ustment 8,404,635 (250,000) 8,404,635 (250,000) 13 ,115,148 8,154,635 8,154,635 8,115,148 TOTAL FUNDS CARRIED FORWARD 8,875,663 123,723 8,999,386 8,154,635 The notss frjrm part of financial Statements -14- THE CO-MISSION CHURCHES TRUST (REGIsfERED NUMBER: 07496944) STATEMENT OF FINANCIAL posrrIoN 31 MARCH 2024 2024 2023 as restated Notes FIXED ASSErs Tangible a￿ts Investments 14 15 9,082,656 8,842,246 9,082,657 8,B42,247 CURRENT ASSErs Debtors Cash at bank 16 1,535,262 1,935,145 189,872 1,865,266 3,470,407 2,055,138 CREDrroRS Amounts falllng due wlthln one year 17 (1,056,165) (218,549) NEf CURRENT ASSErs 2,414,242 1,836,589 TOTAL ASSEfs LESS CURRENT LIABILrriES 11,496,B99 10,678,836 CREDrroRS Amounts falllng due after more than one year 18 (2,497,513) (2,524,201) NEf ASSETS 8,999,386 8,154,635 FUNDS Unrestrlcted funds Restricted funds 8,875,663 123,723 8,154,635 TOTAL FUNDS 8,999,386 B,154,635 These flnanclal statements have been prepared In accordano with the provlslons appllcable to charltable companies subject to the small companle5 reglme. The financlal ststements were approved by the Board of Trustees and auth0ri5ed fDr Issue on 26 September 2024 and signed on Its behalf by.. Mr P D CcKJper- Trustee The nots5 fo￿ part of these final￿al statements -15- THE CO-MISSION CHURCHES TRLIST srATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 as restated Notes Cash flows from operating activltles Cash generated from operatbjns Loan Interest pald 262,476 (157,295) 500,219 (99,246) Net cash provided by operating attlvlttes 105,181 400,973 Cash flows from Investing actlvities Purchase of tsngible frxed assets Purchase of soclal Investments Interest recelved (26,261) (63,055) (145,563) 7,777 33,823 Net cash provtded byl(used In) Investlng athltles 7,562 (200,841) Cash fl4)ws from flnancing aLtlvities New loans in year Loan repayments In year loo,000 (156,789) (42,864) Net cash used in financlng activltles (42,864) (56,789) Change In cash and cash equivalents In the reporting perlod Cash and cash equlvalents at the beglnning of the reportlng period 69,879 143,343 1,865,266 1,721,923 Cash and eash equlvalents at the end of the reportlng perlod 1,935,145 1,865,266 The note5 form part of these financial 5tstements -16- THE CO-MISSION CHURCHES TRUST NOTES TO THE sfATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NEf INCOME TO NEf CASH FLOW FROM OPERATING ACTivrrIES 2024 2023 as restated Net Income for the reportlng period (as per the Statement of Flnancial Activities) Adjustments for: Dep￿CIatIon charges Profit on dlsposal of flxed assets Interest re￿iVed Loan irtere5t Loan walver (Increase)Idecrea* In debtors Decrease In creditors DIfferen￿ between pension charge and cash contrlbutions 844,751 39,487 190,351 (828,698) (33,823) 157,295 187,594 (7,777) 99,246 (10,000) 196,215 (2,546) (2,000) (39,822) (27,578) Net cash provlded by operations 262,476 500,219 ANALYSIS OF CHANGES IN NET DEBT At 114123 Cash flow At 3113124 Net cash Cash at bank 1,865,266 69,879 1,935,145 1,865,266 69,879 1,935,145 Debt Debts falllng due wlthln l year Debts falllng due after l year (66,645) (2,524,201) 18,176 26,688 (48,469) (2,497,513) (2,590,846) 44,864 (2,545,982) Total (n5,580) 114,743 (610,837) MAJOR NON-CASH TRANSAcfIoNS During the year the charity sold a prDpety for £1,325,000 re5ultlng In an ex￿ptional galn of £82B,698. The Pr￿eedS of the sale were re￿IVed in Aprll 2024. The note5 fDTh part of these financial statements -17- THE CO-MISSION CHURCHES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial slBtements of the charitable company, whlch is a publlc benefit entity under FRS 102, have been prepared in accordan￿ wlth the Charitles SORP (FRS 102) 'Accountlng and Reportlng by Charfties: Ststement of RecoMm￿ded Practice applicable to charities preparlng their accounts In accordan￿ wlth the Financial Reporting Stsndard applicable In the UK and Republic of Ireland (FRS 102) (effertive l January 2019),, Finandal Reporting Stsndard 102 The Financlal Reporting Standard applicable in the UK and Republlc of Ireland, and the Companies Att 2006. The flnancial statements have been prepared under the historical cost convention, wlth the excepuon of Investments which are Included at market value. The financial ststements are prepared In accordance wlth applicable Unlted Klngdom Accountlng Stsndards (United King(*)m Generally A￿pted Accounting Prattl￿), which have been applied consistently a) Preparation of the financial ststements on a golng concern basis The flnanclal statements have been p￿pared on the assumption that the charfty is able to continue as a golng COn￿rn, which the trustees consider appropriate havlng regard to the current level of unrestsicted reserves. There are no material Un￿rtaIntieS about the charfty's ablllty to contlnue as a going Can￿rn. b) Critical aC￿untIng estimates and areas of judgement Preparation of the financial statsments requlres the trustees and management to make slgnlflcant Judgements and esdmatss. The Items In the financlal statements where Judgements and estlmates have b*n made Include: actuarlal assumptions used in the Calcula￿0Th of the defined benefit penslon Ilablllty. Preparatlon of consolidated flnanclal ststements The company has a subsidlary company whlch has not traded In the year. In accordan￿ wlth S399 and S405 of the Companie5 Att 2006, consolldated financial statements have not been prepared as In the oplnlon of the trustees the athvities of It's subsldlary are not materlal for the purpo* of glving a true and falr view. Income All Income Is ￿COgnised In the Ststement of Flnandal Athvitles On￿ the charity has entf(lement to the funds, ￿ Is probable that the Income wlll be re￿Ived and the amount can be measured reliably. Grants and donations are accounted for when receiv&1, or v4hen awarded, If an award ¢￿ats5 a blndlng Obl￿atIon. Income tsx recoverable in relation to donations re￿IVed under Glft Ald Is recognlsed at the tlme of donatlon. Income tax recoverable In relation to Investment Income is recognlsed at the tlme the Investment Income Is recelved. Experbditure Liabilitles are recognlsed as expendlture as soon as the￿ is a legal or construcdve obllgatton commitbng the charity to that expenditure, it Is probable that a trdnsfer of emnomlc benefits wlll be required in settlement and the amount of the obllgation can be measured reliably. Expenditure Is accounted for on an accruals basls and has been classlfled under headings that aggregate all cost related to the category, Where costs cannot be dlrettly attributed to particular headlngs they have b*n alkjcated to attfvittes on a basis consistent with the use of resources. Charitable expend1tll￿ comprises those costs Incurr￿ by the charity in the dellvery of its attivities and services for its beneflclarie5. It include5 both dlrett costs and those costs of an Indlrett nature ne￿sSary to support them. Governance costs include those costs assoclated with meeting the constitutional and statutory requlrements of the Charity and include the audit fee and costs lin￿ to the Stra￿lC management of the Charity. Grants payable are charged in the year when the offer Is made ex￿pt in those cases where the offer is conditlonal, such grants being recognised as expenditure when the conditions attached are fulfilled. -18- THE CO-MISSION CHURCHES TRUST NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - contlnued Expendlture Grants offered subject to condibons whlch have not been met at the year-end date are noted as a commitment but not accrued a5 expenditure. Tangible fixed assets Depreciation is provided at the followlng annual rates in order to write off each asset over its estlmated useful life. Freehold property Impmvements to property Flxbjres and fittlngs 2% on cost and at variabte rates on cost 2% on cost 25% on reducing balance All capltsl Item5 over £1,000 cost a￿ capitsllsed and a full yeals depreciation Is Charged on a monthly basis from the date of purchase. A revlew for Impalrment of fNed assets Is carrted out If events or changes in clrcumstantrs Indlcate that the carrylng value of any fixed a55et rnay not LE ￿0verable. Shortfalls btheen the carrylng value of fixed assets and thelr recoverable amounts are recognlsed as impairnents. Irnpairment losses are recogn15ed In the Statement of Rnanclal ActI￿tTe5. Taxation The charity Is exempt from corpordtlon tsx on Its charltable acbvities. Fund Jccountlng General funds are unrestrlcted funds whlch are avallable for use at the dlscretion of the tru5t&s Sn furtheran￿ of the general obJ'ectNes of the Charlty and whlch have not been deslgnated for other purposes. Designated funds comprlse unrestricted funds that have been set aslde by the trustees for parkncular purtM)ses. The alm and use of each designated fund 65 Set out in the notes to the financlal ststsments. Restritted funds are funds whlch are to be used In accordan￿ with spedflc restrictions Imposed by donors whlch have been ralsed by the charity for partlcuiar purposes. The cost of raising and admlnlstering such funds Is charged agalnst the speclflc fund. The alm and use of each restrlrtgj fund is set out in the notes to the financial statsments. Investment Incomei galns and ltssses are allocated to the approprlate fvnd. The Penslon ￿seNe represents the FRS 102 pen51on scheme deficit Ilabllty. Flnanclal Instruments The charity only has financlal assets and flnanclal Ilabllltles of a kind that quallfy as baslc flnanclal instruments. Ba51c financial Instruments are Inltially recognised at transattion value and subsequentty mea9Jred at thelr settlement value. Cash at bank Cash at bank Includes cash and short-term hlghly Ilquld Investments wlth a short maturity of three months or less from the date of acquisition or opening of the deposlt or slmllar account. Debtors Trade and other debtors are recognised at the setttement amount due. Prepayments are recognlsed at the InvoKed c05t prepaid. In relation to trade debtors, a provision for impairment Is made when there is obj*ive eVIden￿ that the charity wlll not be able to collert all the amounts due under the orSglnal tsrms of the invol￿. Creditors Creditor5 are recognlsed when the charity has a present obligation resulUng from a past event that will probably result In the transfer of fund5 to a third paty and the amount due to setde the obligation can be measured or estlmated reliably. Creditor5 are nomally recognlsed at the settlement amount. -19- THE CO-MISSION CHURCHES TRUST NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNnNG POLICIES- continued Finanaal instruments C•ncessional loans cOn￿SsiOnal loans conslst of contributlons From churth member5 whlch are a mlxture of equlty loans and ftRS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2024 2023 as restat&J Bank loans (see n¢)te 19) Other loans (*e note 19) 2,302,513 195,000 2,329,201 195,OCN) 2,497,513 2,524,201 19. LOANS An analysls of the maturlty of loans Is given below: 2024 2023 a5 restst&J Amounts falling due wlthln one year on demand: Bank loans 48,469 66,645 Amounts falllng betsveen one and yea[5: Bank loan5 - 1-2 years 52,001 73,139 -26- THE CO-MISSION CHURCHESTRusr NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 19. LOANS - continued 2024 2023 as restated Amounts falling due btheen and fve years: Bank loans- 2-5 years con￿SSiOnal loans 2-5 years 179,889 195,000 234,808 195,000 374,889 429,808 Amounts falllng due In more than fve year5: Repayable by instslments: Bank loans more 5 yr by Instal 2,070,623 2,021,254 COn￿sSIOnary loans consisted of a mkxture of equity loans and f￿ed rate loans, The flxed rate loans were provlded interest free and are unsecured. The concesslonary loans were provlded so the charlty could further Its publlc beneflt objecknves. Bank loans conslst of loans from Rellan￿ Bank and Klngdom Bank. The loans are secured by way of fixed and floadng chanJes over the properknes and certaln assets of the tharfty. Intr￿St is charged on the loans at varlable rates be￿een 2-3% plus base rate. 20. LEASING AGREEMENTS Mlnlmum lease payments under non-canTrllable operating leases fall due a5 follow5.. 2024 2023 as restated Wlthln one year 8theen one and flve years 83,508 5,000 164,849 67,533 88,508 232,382 21. ANALYSIS OF NEf ASSEfs BEfwEEN FUNDS 2024 2023 s restated Total funds Unrestrl(ted funds Restricted funds Total funds xed assets Investments Current assets Current liabilities Long term liabilitie5 9,082,656 9,082,656 8,842,246 3,346,684 (1,056,165) (2,497,513) 123,723 3,470,407 2,055,138 (1,056,165) (218,549) (2,497,513) (2,524,201) 8,875,663 123,723 8,999,386 8,154,635 In the prevlous year all funds were unrestricted. -27- THE CO-MISSION CHURCHESTRusr NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 2Z MOVEMENT IN FUNDS Prlor Net movement in funds Transfers bet￿een funds At 3113124 At 114123 adjustsnent Unrestrlcted funds General fund 8,404,635 (250,000) 728,362 (7,334) 8,875,663 Restricted funds Boathouse House Fund Boathouse Youth Worker Ngw SLdrr Other Rethcted Funds 50,526 (3,900) 73,197 (3,434) 50,526 3,900 73,197 3,434 116,389 7,334 123,723 TOTAL FUNDS 8,4D4,635 (250,000) 844,751 8,999,386 Net movement In funds, Included In the above are as follows: Inc£Jmlng resources Resour expended Movement In funds Unre5trfcted funds General fund 3,223,014 (2,494,652) 728,362 Restricted funds Boathouse House Fund Boathouse Youth Worker CCB New Staff Other Resthcted Funds 50,526 5,875 73,197 3,543 50,526 (3,900) 73,197 (3,434) (9,775) (6,977) 133,141 (16,752) 116,389 TOTAL FUNDS 3,356,155 (2,511,404) 844,751 Comparatlves for movement In funds Net movement In funds At 3113123 At 114122 UnrestriLtsd funds General fund 8,111,871 42,764 8,154,635 RestriLtsd funds Other Restricted Fuiids 3,277 (3,277) TOTAL FUNDS 8,115,148 39,487 B,154,635 THE CO-MISSION CHURCHES TRusr NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 22. MOVEMENT IN FUNDS - contlnued Comparatlve net movement in funds, included in the aty)ve are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds f&neral fund 3,181,369 (3,138,605) 42,764 Restricted funds Building For The Future Glving Fund (CCB House) Other Restrlcted Funds 10,000 15,000 756 (10,000) (15,000) (4,033) (3,277) 25,756 (29,033) (3,277) TOTAL FUNDS 3,207,125 (3,167,638) 39,487 Restrlcted Funds Boathouse HDuse Fund - to be used towards buylng and Improving a resldentlal propety In Putney to Serve as famlly home initially for the senlor pastor of The Boathou* Church to better serve h15 church fomlty. Boathouse Youth Worker Fund - To be used to support the costs of employlng a youth worker at the Boathouse Churth. Christ Church Balham Staffing Fund To be used to suptM)rt the cost of employing addltlonal staff members, Including an operatlons manager at Chrlst Church Balham. Giving Fund (CCB House) to be used towards buylng and Improving a resldential propety In Balham to Serve as family home Inltlally for the assistant pastor of Christ Church Balham to better serve his church famity. Bullding for the Future to be used to bulld, fumish and equlp new thurch premises for Dundonald Church andlor to rebuild or Improve the existing Factory. Other restrlcted funds - the charlty ha5 recelved a number of small restrlcted glfts for the purF05e of provldlng SkEdfic gifts. Thls Includes supporting a mlnlsty tralnee, Warwlck Christian Unlon, for equlpment purchases and camp suppJrt. Transfers between funds Transfers ￿p￿sent amounts contrlbuted to restrlcted funds from the charlty's unrestrlcted funds. EMPLOYEE BENEFrr OBLIGATIONS The Co-M1551on Churches Trust partlclpates in the Church of England Funded Pensions Scheme for stlFendtary dergy. Thls scheme Is administered by the Churth of England Pen5ion5 Board, which holds the assets of the sthemes separately frorn those of the Responslble Bodie5. Each participating employer in the scheme pays ntribution5 at a common contrfbutlon rdte applied to pensionable stlpends. Only one of the Charty's employees is a member of thls scheme a5 at 31 De￿rnber 2023 (2022 - 1). The scheme is considered to be a muld-empknyer stheme a5 described in Settlon 28 of FRS ID2. Th15 means It Is not possible to attrlbute the Scheme's assets and liabilities to spedfic employers and that contrfbutlon5 are accounted for as If the Scheme were a defined contrlbution scheme. The pensions costs charged to the SOFA in the year are contributions payable towards benefts and expenses accrued In that year, plus any impact of deftdt CDntributions. A valuation of the Scheme is carrfed out once every three year5.The most recent Scheme valuation completed was carried out at as 31 December 2021. The 2021 valuathn revealed a surplu5 of £560m, based on a￿ets of £2,720m and a fundlng target of £2,160m, assessed uslng the following a￿UmptiOnS.. -29- THE CO-MISSION CHURCHESTRUST NOTES TO THE FINANCIAL sfATEMENTS - o)ntlnued FOR THE YEAR ENDED 31 MARCH 2024 23. EMPLOYEE BENEFrr OBUGATIONS - continued - An average dlscount rate of 2.7% p.a.; RPI Inflation of 3.6% p.a, (and penslon increases consistent wlth thls); CPIH Inflation in Ilne with RPI less 0.8% pre 2030 moving to RPI with no adjustment from 2030 onwards; Increase In pensionable stipends In Ilne ￿th CPIH; Mortalty in accordan￿ with 900/0 of the S3NA tsbles, with allowan￿ for improvements In mortality rates in line wlth the CM12020 extended model with a long term annual rate of Improvement of 1.50/9, a 5r￿OthIng parameter of 7, an Initial additlon to mortality Improvements of O.SO/o pa and an allowano for 2020 dats of 0% (i.e. w2020 Ooh). Followlng the 31 December 2021 valuatlon, a deftclt contrlbutlons wsed with effert from l January 2023, sin the scheme was fully funded. The deficlt contrlbutions under the recovery plan In force at each 31 December were as follows., % of pensionable stipends 31 December 2021 31 De￿mber 2022 31 ￿e￿mber 2023 7.10/0 payable from January 2021 to December 2022 An interlm redurtlon to deflclt contributh)ns to 3.2% of penslonable stlpends was made with effect from l Aprll 2022 and remained in place untll Decemker 2022. For senlor Offi￿ holders, pensionable stipends are adjusted In the calculauons by a mul￿pIe, as set out In the Scheme's rules. Sectlon 28.IIA of FRS 102 requlres agreed deficlt recovery payments to be recognlsed as a liablllty. However, as there are no agreed deflcit recovery payments from l January 2023 onwards, the balance Sheet Ilabllty as at 31 De￿mber 2022 Is nll. The movement In the balan￿ sheet liablllty over 2022 and over 2023 Is set out In the table below. 2023 2022 Batance sheet Ilabillty at l January 42,000 Deficlt contrfbudon pald Interest C05t (recognised In SOFA) Remainlng charge to the balan￿ sheet liabllity (*) - recogntsed In SOFA Balan￿ sheet Ilabillty at 31 December (1,000) (1,000) * Comprises change in agreed deficlt recovery plan, and change In dismunt rate and Inflation assumptlons between year-ends. Thls liability represents the present value of the deficit contributions agreed as at the ar£ountlng date and has been valued uslng the following a￿Umptions. No a55umptlon5 are needed for December 2022 a5 there are no agr& deflcit recovery payments going forward. No pri￿ inflatlon assumption was needed for December 2021 Sin￿ pensionable stEper￿S for the remalnder of the recovery plan were already known, Dec 2023 Dec 2022 Dec 2021 Discount rate Prfj￿ inflation Increase to total pensionable payroll nla nla nla nla nla nla 0.20¥0 nla -1.65% -30- THE CO-MISSION CHURCHES TRUST NOTES TO THE FINANCIAL sfATEMEKfs - continued FOR THE YEAR ENDED 31 MARCH 2024 EMPLOYEE BENEFrf OBLIGATIONS - continued The legal struciure of the stheme is such that if another Responsible Body fails, the Co Mission thurches Trust Could become responsible for paying a share of that Respjnsible Bod¢s ￿nSIOn liabiliues. Defined tontrlbution scheme Eager to take care of the Charfty's stsff, the Charity, through its flnanclal advisers, establlshed the Co-mission workp￿￿ Penslon Scheme with Royal London and the trustees encourBge all staff to particlpate in this scheme. The Charity pays employer contributk)n5 at an average of IOO/o of basic salary for partklpating employees and employees are also able to make voluntsry employee contributions if they wish. The pension cost charge includes contribuuons by the Charlty payabte to the schemes amountlng to £171,503 (2023 - £166,055). coNrINGENT LTABILrrIES The charlty has still trj settle the flnal development costs for the development of the church premises. Management and the trustees conslder that the amount can not be estimated reliabty and 15 not Ilkety to be materoal to the financlal statements. 25. RELATED PARTY DISCLOSURES The wlfe of P D Cooper, a trustee, is employed by the Charity as a church mlnlstry worker and her rernuneratlon for the year wa5 £10,263 (2023 - £16,666). The Charity pald £22,803 (2023 £4,993) for servi￿5 provlded by Moore Barlow LLP Sollcltors durtng the year, an LLP in whlch G W Reld (who retired as a trustee on 24110123) Is a partner. Dudng the year the charity received donatlons wlthout condltlons totslling £41,052 (2023 £50,989) from trustses. Durfng the year ended 31 March 2021, the Charity pald £lOO,000 to a trust of whlch Phoebe Reld, wlfe of Gjrdon Reld (who rettred as a trustee on 24110123) Is a beneficlary. The sum concern&J represented payment In advance of rent for the perlod commenang on l Aprfl 2020 and ending on 31 March 2024 of a propety at 30 Klrkstall Gardens whkh Is owned by the trust. The property is telng used by the Charity to accommodate persons worklng for or on behalf of the Charity. The payment has been approved by the other trustees and Is consldered to represent less than the OFen market rental value of the property and thus provhdes good value for the Charfty. During the year ended 31 March 2020, the tharfty establlshed a trading subsldlary (BFfF Management Llmltej) as part of the Charfvs arrangements to redevelop one of Its freehold propertles. In dolng so, the Charity granted a lease trj BFfF Management Llmlted for 999 years for the conslderation of a peppercorn rent.Durfng the prev￿uS year development Costs Induded in BTFTManagement Limited We￿ transferred to the charlty's freehold propertles. -31-