Chority ieglslrallon number 1140411 Company reglstrallon nvmbw 07274491 {England and Wales) THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION LEGAL AND ADMINISTRATIVE INFORMATION Trv$tee$ Reverend M8gon Long Reverend Angelo hAarsholl Reverend Coroline Cowan Reverend hlorgorel Bellomy Down bAiddleton (Appointed l August 20241 Secrelury Rev C M E Cowan Chartty number 1140411 Company nvmb•r 07274491 Reglslered oFfic >5 Conwoy Street London WIT68J Independenl examlner Perrys Audit timiled 4th Floor 399401 Strond London United Kingdom WC2R OLT THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION CONTENTS Pog• Trv51ee5 report Independent exominer's report Slalement of fin￿Cial activities Bolance sheet Notes to the finoncial statements 7- 16 THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Truslees Fyegenl their onnual report and financiol statements lor the ye¢Jr ended 31 December 2023. The financial statements hove been prepared in accordance with the accounting policie5 set out in note I to the financial slolemenls and comply with the Chority's governing document. the Companies Act 2006 ond 'Accounting ond Reporhng by Chorilies.. Stotement ol Recommended Practice applicable to charities preporfng their accounts in accordance Nvith the Financial Reporting Standord opplicable in the UK ond Republic of Ireland IFRS 1021" leflective l January 20191. Oblecllves and ¢JclMlles M15slon statement To spreqd in oll directions the tiuth ol survival aft8r dsqlh. o15Pllit communlon. ol healing by the power ol Hdy Spirit ond to di55ominole the teachings received from highly evolved spirit mes5ongets. Charltable octlvllles The owned churches of The Greater Worfd wgre closod during the COVID pandemic. The Affiliated Churche5 were also closed. No troining or services could take ￿0Ce. In 2022 it was possible lo hold services and cory on with the Iroining. Congregotions were less in number but the supporl ol our workers. who rallied round to thè needs ol the congregotion w05 OS Strong as 8v8r. Many of the ANilioled Churches were closed permcJnenMy due to the circumstances ol the lime. In 2023 the churehe5 remoined open. Publlc beneflt The trustees confirm that they have referyed to the guldance contained In the Charify Commission's general guidance on public benefit when reviewng the Associotion's aims and objectives ond in planning futu￿ activities. Achievements and performan¢è Inyostmonl pollcy ond obJectlve5 Medin Associotes ore mondoted by the Trustèes to monoge the investment portfolio ond the structure ol the portFolio 15 05 recommended by them in order to minimise r15k to the value ol the portfolio. ReseNes polley The current Sevel ol reserve5 hos been built up over the years moinly from legocies received trom benefoclors and copitol goin5 from the sole ol properties in Hollond Pork. The investments held are used 501ely lor income generation and lor carying out the Misgion Slalemenl by the churche5 ond ol headquarters. The properties in Chalhom, Leeds and Middlesbrough are used os churches. The Greater Wodd does not occvmulote reservès Ithese have lollen congiderobly in the recent post and indeed hos now 51abilised its expenditure to motch more closely ils ongoing commitments to 5UPPOrt the directly moricsged churches and I S other churche5 in Greot Brftalnl. THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) POR THE YEAR ENDED 31 DECEMBER 2023 Anttnel¢Jl rÈvl•w Resvlts ¢3nd revlew of flnanclgl poslrfgn The investment busine55 of The Greater World is manoged by Medin A550ciates. Th8 market value al the beginning of January 2023 was £2.826.371 ond at the 31 December 2023 the market value was £3.351.*27 showing a overoll increose of £S24.856. This represenls funds introducèd of £400.000. wthdrowu15 of £60.OJO. portfolio monogoment charge5 £25.191 ond voluation changes £210.047. The income ol the chority decreased to £23.957 from £558,731 in 2022. Th￿ is due to lost yeors income including signilicont legocy income. The chority continues to receive income from donations and its chortioble activities. Thg lego¢y income of £518.926 which was mode ovoiloble to Th6 Greot6r Wodd in 2C)22 wll bg used f¢x charita￿e purpose5. e5peciolly The Greoter World. There ore nc> other restrictions ottoched lo the legocy income. £400.WO hos been transfeffed to Monenti Purtners Ltd. the Investment brokers used by The Greoler Wortd. The remaining funds are held lor use by the Charity. Expenditure irncrecssed from £204.903 in 2(r22 to £231.976 in 2023. Slrvctvre. govemance and management The charity is controlled by it5 governing document. a deed of trust, ond conslilutes a limited comwny, limited by ouoronlee. as defined by the Companies Act 2CQ6. The charity Is governed by o Tw5t Deed 05 revisgd in 1997, with lurthor omendmenls in 2W7 and registered with the Charity Commission under charity number 1140411. The charity was incorporated on 4th June 2010. The Trustees. who ore 0150 the directors lor the purpose ol ctsmpony low, ond who Served during th8 year ond up to the dote ol signature of the financiol statemen15 were.. Reverend Megen Long Reverend Angelo Marshall Reverend Caroline Cowon Reverend Margaret Bellomy Dawn Middleton IAppointed l August 20241 ent and a ointment ol ttuslees Peo are recommended to the Board al Trustee5 or they might valunleer: letters are then sent to them whih roquires them to write to the Board deseriblng thelr variou5 qualifications which will be ol volue to The Greoter Wodd and their dedicolion and loyolty lo the work ol the Association. These ore examined by the Boord ond those who afe found to be satisfactory are requested to attend lor interview. After which. those who are found occeptable wl1 be given o letter of iJppointm8nt, th8y sign o cgnfidenliolity document and receive a copy ol the Trust Deed. The term of appointment is lor Ihree years from the date ol the Annual Meeting *then they ore oppointed. THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 DLJe to a change in the Trust Deed , we no longer have 'member5' but 'hiends' The Greater Wodd has approximately 142 friends ond 15 Affflioled churches. In oddition it has 3 owned churches in Lèeds. Chothom and Middlesbrovgh. The trustee5 report wos approved by the Boord of TFust8es. Reverend Megon Long Irv5tèè 6 November 2024 THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION I report to the Trustees on my exomination ol the finonciol statements of The GTeolei Worfd Chrislion Spiritualist Association Ithe Chorityl for the yeor ended 31 December 2023. Responslbllllles and ba51$ of r•port As the Trustees of Ihe Charity land also its direc10￿ lor the purposes of compony lowl you are responsible for the preporolion ol the finonciol stotemenls in accordonce with the requirements ol the Componies Act 2006 (the 2006 Act). Hoving sotisfied myself thot the Iinancial 5totements of the Charity are not required to be audited under Part 16 01 the 2006 Act ond are eligible lor independent examination, report in respect of my examinalion ol the Charity'5 financial stolemen15 carried out under seclion 145 01 the Charilies Act 2011 (the 201 1 Act). In corrying out my examination 1 hove followèd oll the applicable Dir8Ctaons given by the Charity Commi55ion under section 14515llbl ol the 2011 Act. Independent exomlneY'$ statem•nt- matter of ¢un¢em Identlfied I hove completed my exominotion. I have identified a molter ol concern in my report becou59 I have concerns that accounting rocord5 were not ovoiloble to support the cos1 of froehold property recorded on the balance sheet lolalling £1,102.932 al ot 31 December 2023. Consequently, I wo5 una￿e to verrfy the cost ol the freehold properties which are motwial lo the financial 5tolements. I confirm thot no olher motters have come lo my ollention in connection with the examinolion gi￿ng me cause to believe Ihot in ony moteriaS re5pecl.. tsccounting records were not kept in respect ol the Chority os required by section 386 01 the 2006 Act.. or the finonciol stotements do not OCCOTd vAth Ih05e records.. or the linanciql statements do not comply with the accounting requirements of section 396 of the ?W6 Act other thon any reqviremenl Ihot the occounls give o true und foir View which is not a matter considered 05 Part ol an independent exominolion,. or the finonciol statemen15 have not been prepared in accordance with the methods ond principle5 01 the Statement of Recommended Proctice for occounting ond reporting by charities applicablè lo charitie5 prepofing their occounts in occ￿￿Onte with the Financial Reporting Stondord op￿Icable in the UK and Repvblic of Ireland (FR5 1tr21. I confirm Ihot there ore no other motters in connection with the exominotion lo which otlention should be drcrNn in this report in order lo en(Jble a proper under5tancling ol the financial Statements to be reached. Scott Jiggins FCCA Perrys Audit Limited 4th Floor 399-401 strand London WC2R OLT United Kingdom Doted.. THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted fvnd5 2023 Unreslrlcted lunds 2022 Notes Income and endowments from: Donations and legacies Chariloble activities Investments Other income 15.914 7.015 2.918 173 550.191 6.931 1.609 lotd Income 26.020 558.731 Expendlture on: Raising funds Charitable activities other expenditure 33.5 198,454 26,432 171.738 6.733 12 Total expenditvre 231,976 204,903 Nel goiris on investments 13 210,047 269 Nèt incom• 4,091 354.097 OlhoT recognlsed gqSns and1055eS: Revaluation of tongib16 fixed assets 36,531 Nel movement In fvnds 4,091 390,628 R¢¢onelllallon of funds: Fund balonces al l January 2023 4,491.949 4.101.321 Fund bulances al 31 December 2023 4,496,040 4,491.949 The statement ol linoncial octimties include5 011 gain5 C7nd105ses recogr)I5ed In the yeor. All income and expendiluie derive from conlSnuing activities. THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Noles Fbxed asset$ Tangible osset5 Invtsslments 15 16 1.104.994 3.351.227 1.105,452 2,826.371 4.456.221 3.931.823 Current assets stock5 Debtor5 Cash ot bank and in hond 17 18 10,171 22,160 29,309 10.364 18,72? 544.550 61,640 573.643 Credltors.. amount> lalllng due wilhln one year 19 21.821 13,517 Net current ossets 39.819 S60.126 lolol 135sets lem cun*nt Ilublities 4.496.040 4,491.949 The funds of th• Chorfty Unrestricted fund5 4,496,040 4.491.949 4.496,040 4,491.949 The company is enlilled to the exemption from the audit requirement contained In section 477 01 the Componies Act 2C()6. lor the year ended 31 December 2023. The directors acthowledge their responsibirrtie5 for complying with tho requirements ol the Companies Act 2(K)6 with respect to accounting records ond the preparation ol financiol stotemenls. The members have not required the company to obtain on oudit ol its finoncial slotements lor the year Sn question in accordon¢e with section 476. These financiol statements hove been prepared in accordance with Ihe prOV￿lOnS appliccjble to companies subject to the small companies regime. The finonclal slalemenls were approved by the Trustees on 6 November 2024 Reverend Megon Long Truslee Company reglstralion number 07274491 (England ond Walesl THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ac¢ovnMng pollcles Charfty Inlomiamon The Greoler Worfd Christian Spiriluolisl Association is a prlvole company limlled by guorontee incorporoled in England ond Wale5. Tre registered office is &5 Conwoy Slreel. London, WIT 6BJ. l.l Aecovnting tonvenllon The f1nancial stotements hove been prepared in occordance with the Chorivs Igovemino documenll. the Componies Act 2CQ6. FRS 102 "The Financial Repothng Standard applicable In the UK ond Republic ol Irelond" I'FRS 102.1 and the Charities SORP Accounting and Reporting by Charities.. Slotement ol Recommended Proctice opplicobl8 to charitie5 pr8paiing their accounts in occordance with the Financiol R8porting Stondord applic0￿8 in the UK ond Republic ol Ire5ond (FR5 1021" lelleclive l Januory 20191. The Chority is a Public Benefit Enlily os defined by FRS 102. The Charity hos taken odvonlage ol the yovisions in the SORP for charities not to prepare a 5totement of C05h Mow5. The finoneiol statem8nls are prepared in steding. which is thè functional currency ol the Charity. Monetary amounts in Ihese finoncial stotements ore rounded to the neorest £1. The financial stolements hove been prepored under the hisloiicul cost convention, wllh the exception of investments which are included at market vdue. The principal accountino policies odopted ore set out bèS0w. 1.2 Golng ¢oncem At the lime of approving the finenclol slotement5. the Trustees have a re050noble expectatlon that the Chority hos adeqvate resources to conlinue in operalional e￿$tence lor the foieseeable lulure. Ihu5 the Trusteès continue to odopt the going concern basis ol occounting in preporing the linonciol statements. 1.3 Charltable lund$ Unrestricted funds ore ovoilable for use at the discretion ol the Trustee5 in furtherance of their charitoble objective5. Restricted funds ore subject to specific conditions by donors or grantor5 og to how they may be Used. The purpose5 ond uses of Ihe restricted funds ore set out in the notes to the fin(sncial stolement5. Endowment funds are 5ublecl to spec￿r￿ condition5 by donor5 Ihot the capital musl be maintain8d by the Charity. 1.4 Income Income is iecognised when the Charity is legally entl￿ed lo it aller any performance condition5 have been met. the amounts con be measured reliably. and tt 15 piobable that income thyll be recèived. Cosh donations are rocoonised on receipt. Other donotions are recognised once the Charity hos been notified ol the donotion, unles5 perf(monce conditions reqvire delerial of the amount. Income tox recoveioble in fel(Jtion lo dOn0t￿n$ received under Giff Ad or deeds of covernant is recognised at the time ol the dtsnalion. THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accovntlng pollcl•s (Contlnu•d) Legocies are recogn￿ed on re¢eipl or otherwise il the Chority hos been nolilied ol an impending distfjbution, the omovnt is known. and receipt 15 expected. If the amount is not known. the legacy is treated 05 a conlingenl ogsel. 1.5 Exptndllure Expenditure is recogni5ed once there is a legol or constructive obligolion lo tronsler economic benefit to a third party. 11 is probable that o transfer ol economic benefits will be required in set118ment. ond Ihe amount ol the obligatitsn con be measured reliobly. Expenditure is classified by octivity. The costs ol each activity ore rnod8 up ol th& total ol direct C0515 and shored costs. including support cos15 involved in undertoking each octivity. Direct cosls ottributoble to a single activity ore allocated direcmy to thot octivity. Shared costs which conlribute to mole than one activity ond svpport costs which ore not ottributoblo to a single oclivify ore opportioned between th05& Octivilies on a bosi5 consistent with th& us8 of re50urce5. Central stofl costs are ollocated on the bosis ol lime spent, and dtrpreciotion chorges are allocoled on the portion ol the osset's use. 1.6 Tanglbl• Ilx•d as$els Tangible Itxed asgets (ye initially me05ured ot cost and subsequentw meo5UTed ot cost or valuallon. net ol depreciation und any impoirment Ios5¢S. Depreciatiol) is recognised so 0$ to off the cost or voluolion of 0s5ets le55 thew residual values over their useful Ilve5 on the following b05es'. Freehold property Freehold property i% recognised Under the cost model. The residual value of the property is greoter than Iho book value rgcorded on the bolonce sheel, and therefore no depreciation h05 been chorggd on freehold property. 25% on reducing balonce 15% on reducing balonce 25% on cost Plont and equipment Fixture5 ond fillings Computers The goin or loss orising on Ihe disposol of on osset is determined os the difference between the sale proceeds ond the corrying volue ol the osset. ond 15 recognised in the stotement ol linonciol activltles. 1.7 Flxed o$sel Investments Fixed osset investments ore inilic4ly measured at transaction ptice excluding transaction costs. and are subsequently measured ot lair volue al each reporting date. Ch(Jnges in loir value ore iècognised in net incorne/lexpenditurel lor the yeoi. TrorL50Ction costs are expensed a5 incu￿ed. 1.8 lrnpglrmgnl of Ilx•d assets At each rèporting end date. the Chorily reviews the carrying arnounls ol its tangible ossels lo determine whether there is any indicalion that those osse15 hove svffered on impairrnernl loss. 11 ony such indication exists, the recoveroble amount of the osset ￿ estimoted in ordei lo delermine the exlenl ol the imptsiment loss lil any). THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accovntlng polcles (Conllnuedl 1.9 Stocks stoc￿ are sloted ol the lower ol cost ond estirnoled selling price less costs to complete end sell. Cost comprises direcl malefials ond, where applicable. direct lobovr costs ond those ovetheods thot hove been incurred in bringing Ihe stocks lo their present localion and condition. Items held lor dlslribulion al no or nominal con5ideralion are meosured the lower of replacement C05t and cost. Nel realisable volu8 is the estimated selling price le55 oll eslimoted costs of completion and costs to be incuired in morketing, selling and distribution. 1.10 Cosh and eosh equlvolents Cash and cosh eqvivalents include cash in hond. dep051ts held at ca11 wth banks. other short-tem liquid investménts original maturities of three monlhs or less, ond bank overdrafts. Bank overdrolls ore shown within borrowing5 in CUTTent liobilities. 1.1 l Flnanclal instruments The Chorify has elected lo apply the provisions of Sectlon I I 'Boslc Financial Instrumentg, and Section 12 '0ther Financiol Instruments Issues. of FRS 102 to oll ol its linonciol instruments. Finonciol insttumenls ore iecogni5ed in the Charity's bolonce sheet when the Chority become5 Porty to the conlractuol provisions of the instrvmenl. ¥inonciol ossels and liobililies ore ollset, with the net omtsunls presented in the financial stotemenls, when there is o legolly enforceable N9hl to set off the recognised amounts and there 15 an intention to setlle on a nel ba515 or lo reollse the 05set and setme the liability simultaneou51y. aaslc finunciul o$sets &osic linonciol ossets, which inclvde debtors ond cosh ond bank balances. ore initiolly measured ot tran50Ction price in¢luding trongoction costs ond or& subsequenfly carried at omortised cost using the ellective interest method unle55 the arrongement constitutes a finoncing Iron50Ction. where the transaction is meosured at thè present value ol the future receipts discounted al a matkel rale ol interest. Finoncial asse1% classified 05 receivoble within one year are not omort15ed. Bosic flnonclol llabl1￿1e5 Basic finoncial liobilities, including creditors ond bank loons ore initiolly recognised ot tronsaction price unle55 the otTongement conslitules o financing transoclion. where the debt instrument is measured ol the present value of the future poymenls discounted ot a Market rate of interest. noncial liobilities clossified os pcjyoble wthin one y8or ore not amortised. Debt instruments are 5ubsequenlly conied ot cjmortised cost. using effective interest rote method. Trade creditors are obligolions to poy IC￿ goods or services that have been ocqvir8d in the ordinary course ol operotion5 from 5vp ￿le1$. Amounts poyoble ore clo55ified as current liobilities il payment is due within one yeor or less. If not. they are presented as nonook value recorded on the baltsnce sheet. The Chorily has hod exlernol third party vo1uolion5 undertoken by o firm tsl Chortered Surveyors during 2024. The lolal lair value ol the properhes valued wos £3.497.￿￿. 16 Plxed asset Investmenls Usted Invastm•nts Cost or valuation Al l Janvory 2023 Additions Voluation chonges Ithdrowa15 Portfolio lees 2.826,371 4CQ,OCM) 210.047 160.0001 125.1911 Al 31 December 2023 3.351,227 Corylng omounl Al 31 December 2023 3.351.227 At 31 December 2022 2.826.371 17 51ocks 2023 2022 Finished goods and good5 for resa5e 10.171 10.36d 18 D•btors 2022 Amount$ lalllng duè wllhln onè year: Trade debtors other debto Prepayments and accrued income 463 5,026 16.671 3,980 14.749 22,160 18,729 15 THE GREATER WORLD CHRISTIAN SPIRITUALIST ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 CredltOF$: amounts lulllng due wlthln one year 2023 2022 Other taxation and 50cioI security Trade creditor5 Accwols ond deferred income 659 17.142 4.020 618 2.710 10.189 21.821 13.517 20 UnFe51rlGted funds The unrestricted funds of the charity comprise the unexpended bolonces of donations and gronls which ore not subject to spocilic conditions by donors ond grantors os to how they moy be Used. These include designated funds whi¢h have been Sel aside out of unre5iriCted funds by the trustees lor specific purposes. Al l Jonvary 2023 Incomlng rèsources Resowce5 eX￿nded Galns and lossès At31 D•cember 2023 Generol funds 4.491,949 26,020 1231.9761 210.047 4.496.040 Piovlovs year At l Janvory 2022 Incomln9 rèsourc•s Rèsovrc•s expended Galns ond losses At31 D•c•mber 2022 Generol funds 4.101.321 558.731 1204.9031 36.800 4,491.949 21 Relaled party transuction5 There were no di5elosable relatÈd porty transactions during the year12022- nonel. 16-