charity reg5stratlon number 1148986 ompany reglstratlon number 08147968 (England and Walesl MESSIANIC TESTIMONY ANNUAL REPORT ATrID UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
MESSIANIC TESTIMONY LEGAL AND ADMINISTRATIVE INFORMATION Trustees Revj C ley5hon Mr M J RoLJerrs Mrs H K Williams Mr P M Williams Mi55 C L Rodgers Dliector Emeritus MrT S Mayr-Lori Hon. General D4rector Rev J C Leyshon Charity number 1148986 Company number 08147968 Principal address PO Box 7475 Hook RG27 8SP Registered office clo Can5dale5 Business Advisors Ltd st Marvs Cotsrt The Broadw3V Amersharn Bucks HP7 OUT Independent examiner Samir Shah FCA. ATII Ramon Lee Ltd Chartered Accountants 93 Tabernacle Street London EC2A 4BA Bankers Barclays Bank plc Business Direct Centre Leicester LEI IWA Solicltors Lloyd Jones & Co glio Southbourne Grove Westtl&ff-on-Sea SSO 9UR Investment advisors Charle5 Stallley & Co ltd 2 Westover Road Bournemouth BFII 2BY
MESSIANIC TESTIMONY CONTENTS Page Trustees, report Independent examiner's report Statement of linanci313ctivities Balance sheet Notes to the financial statements 9-16
MESSIANIC TESTIMONY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEIVIBER 2023 The Tw5tee5 present thelr report and financial statement5 lor the year ended 31 December 2023. The financial statements comply with the Charities A(t 2011, the Companies Act 2006. the Memorandum and Articles of A550ClZtion, and Accounting and Reporting by Charities.. Statement of RÈcommellded Practice applicable to charities PFeparinE their aciounts in accordance with the Financi31 Reporting St8ndard applicable in the UK and Republic ol Ireland IFRS 1021 (effective l January 2L1191. Obleclives and actSvltles The charity's objects are.. l. The advancement of the Christian faith by the followin& tne3ns', Cal through the ev3ngelisztion and discipleship of Jewish people in the UK and throvghout the world,. and Ibl by the teaihinE of Biblical rruth with specifiÉ regard to the PLJlP)ses of God for IsraÈl and the Jewish people. 2. The relief of those in need, hardship and dislress through act5 01 compasslon and care the UK and throughot the world. MT staff based in v3rious parts of the UK, together wlth associates of MT based in Fr3nce. GÈrm3ny, 15rael, and South Africa carry out these airns and are supported financially and prayerfully by other staff. associates and supporters of MT. MoroovÈr, a nurnber ol our worker5 are assisled by volunteers. who help with various aspect5 including backgTound ofllce work as well as refreshments and book tables at meetings. In sep.king to achieve these objects, the Trustees are confident that the results will be for the benefit of many.. eduiation for voung people. harmony and reconc41i2Litsn in fatnilies and cornmunitics as well as thÈ spiritual blessing in individudl lives resulting in inner peace and greater sense uf purpose. As seen below, our staff and a.E5nciates are normally invulved in v8r¢ous activities in the community, IllLluding teaching English as a Foreien languagp, sharing on British history and <ukLEre ahroad, as well as teaching in the UK un the posltive role ol the church towards Jewish people, visiting the Elderly and helping children with special needs. The T¥ustees wtll continue to conduct the affairs of the Charity having regard to the Charity Commission's guidance on Public Benefit. Achievements and perfomiance During 2023, the number ol rallies held in UK inr.reased. giving OPPLirtuTriti@s lor supporters to Meet for fellowship, ministry and to hear worker reports. Staff have had opportunities to preach and teach Jewish people. borh Individu31s and in groups. There are Siill the opportunities to conduct funerals and to help by taking Other klnd5 01 meerings which brtng our workers iiiio contact wlth the right audiences. Also, our workers h3VE again started speaking to people on the street5, and offering Iracts 2nd books. Some worker5 Use less direct means. likE leading with individuals in Hebrew, or English as a foreign 13nguaEe. Other5 are able to Use their art or singing skills as part ol their outreach. However, setting up, maintaining and developing one-to-one relationships has alw3ys been a key element ol our work. Also. it 15 once again possible ro vlslt in care homes On & lirnited basis. FIn2Cial review Durin8 2023, the finantes of MT were overseen by the Trustee5. Wlth day-to-day duties deleg3tÈd to Treasurer, June M Marshall. 2023 has beÈn a year in which many of our workers have continued their normal outreach roles. Donation5 have increased a liirle durin8 2023, if no more than inflation. Also, during 2023, it h35 been possible to hold more rallie5 and m3ke deputation wsit5. Workers. expense5 have changed very little since 2022. We started the year with 8ood reserves, but because legacy income was quite modest in 2023, we have finished the year with reserves of Fust under £524,000. and Iherefore need to start seeking grant aid. In 2023. after legacies received amounting io £29,452. outgoings exceeded income by £135,769. Net investment falls due to m3rket decreases accounted lor E2,129 in 2023. increasing our deficit to £137,896. Whilst we are immensely grateful to God for those whose foresight in making a will has been of considerable benefit to MT, we would note that, withour the legacies, outgoings would have xceeded Income before capital gains by £165,219.
MESSIANIC TESTIMONY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI{CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The fatt that outgoings exceeded income in 2D23 accentuate5 the Tru5tee5' concern that the underlying trend is one of f311ino support. especizlly I larger one-off donations and, in particular. increased nuising costs for rhe elderly could lead to a reduction in leg3cies received. The Trustees believe, by falth, that nece55ary fund5 will be forthcoming to rneet the needs of the work, and this has been true slnce MT'S inception. However. the Trustees are cOnlOuS that, once they have established good leadership, they need to 8ive priority to increasing support and balancing the budget, As MT'5 rnain 50urce5 of income, other than from investments, are generally from donations, lÈgacies and tax refund5 on gift-aided donations, the flow of income is irregular. However, MT has a regular stream of outgoing5 in salarie51 gr3nts and expenses. It is therefore MT'S wlicy to maintain sufficient reserves to be able to ctrpe with any eKie%s of outgoings over income in the short to medium term15ay I to S years). thus minimising di5ruptlOn5 to the funds held by our stockbrokers and a forced sale tsl our property investment. Currently we are heavily financially dependent on receiving legacies which ère few, spasmodic, unknown and impossible to budget. However, we are seeking ways to increase our regular incorne in èn attempt to minimise the uneven cash flows that we experience, As outlined in Note 15, at 31 December 2023 MT'5 designated reserves total £511,942 made up of the following itern5 whlch are in keeping w%th our"Reserve5 Policy" £72,386 which is inwested in a property so it would be difficultto realise these funds without disruptingthe use of the pioperty £174.000 £230.6Jl £1,000 £9,380 £24,525 being the reserve for regular budgeted outgoings without income over 6 rnonths Towards the budgeted Ios5 in 2024-25 Funds for workei piojects. Future Resident131 Conferences To be used for additional salaries and grants, and the introduction of new workers over the next 1-2 years 511,942 In addition we held £2,326 in Restricted funds leaving free reseTves of appraximately £9,202. The Reserves Policy stated in the last foLir paragraph5 3bove and amplified in Note 15 In tho 2tcounts on Designated Fund5 is reviewed annually, the last review being on S July 2024. MT have delegated investment of certain general lunds to Ch3rfes Stanley & Co Limlted, with the portfolio man3ged on an ethicallbest ende8vDurs basis with mediumlow risk. ThÈ total return on these investments during the last 12 months mounlod to 2.2%, the fzll in capital values Df the investments boing due to a general decrease Èn values on the stock markEt.12023.. Income yield 3.7%, Capital returTr-0.6%1 The Investrnent Policy, includine our instructions ro Charles Stanley & Co Limited 15 reviewed annually, the1o5t review bein8 on 5 July 2024.
MESSIANIC TESTIMONY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT){CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Plans for the Future For a number of years prior to 2012 outgoings exceeded Income. Then income first just Exceeded outBoing5 in 2012 and this coniinuod up to 2nd includtng 2017, thèn reverting to outgoings exceeded income for the period 2018-22. The Trustees are dlsappoinred to have to report that outgoings again exceeded income during 2023, with a loss of E137,896. Also, as MT'S reserves have now fallen to lust over £523,473, the Trvstees now feel justified in starting to apply for Trust Grants once again. Nevertheless, desplte the in-year delictt in 2023, the Trustees asked for a modest 4% inflationary increase in salaries & grznts to be p3id to workers in UK, France and S Africa in Jsnuary 2024. However, the Trustees have budgeted for outgoin£s to exceed income by a 5ubstant131 amount in 2024, thus using some of ou¥ recent legacy irTrcome lor the purpose for which it Wa5 given. The Twstees continue to actively address the mattÈr of steerirlg the rS8ht path between balancin8 their budget and making sure thar supporters, donations are put to Use as qulckly a5 P055ible. The Trustee5 are actively engaged in the process of establishing good leadership. However, the Baard is .looking to strengthen its capability in the areas of business and finance. In the meantime, RÉV Colin Ley5hon, Chèirman of the Trustees and Honorary Geer31 Director, is co-ordinating the work of the mission with help from the other Trustees and from our Dire£r¢kr Emerlrus, Tom Mayr-Lori. As the Lord has safely seen MT through 2023 with its challenges. MT s facing thÈ future with renewed confidence. We will continue to look for new opportunities to expand the work as funds allow. We step out into the coming months with a sense ol excitement as opportunities for outreach present themselves and, at the s8me time, with renewed dependence upon God and hls people to stand with us as we seek to rnaximise our potential a5 3 ministry to Jewish people. Structure. governance and management Governin6 docutnent The names of the TrusreÈs who served during the year were= Rev J C Leyshon Mi M J Robeit5 Miss C L RodKers Mrs Fl K Williams Mr P M Williams The mission is beinB led tjy Rev Colin Leyshon, chairm3n of the Trustees and Honorary General Dlrector. Also. our Director EmeritU5, fom Mayr-Lori, is able to help with mentoring and pastoral support when needed. The work 15 overseen by its Board cf Trustees, which is made up ol the Trustees listed above. During 2023, the Trustees met four time5 to conduct the t)U5ine55 of MT. During 2023, the TIu5tees wéxe assisted in thelr oversight by former Trustee Andrew F Benke, who meet5 WTth the Treasurer, Jurie M Mar5h311, before each Trustee Meeting to discuss the financial SlfU8tion and help prepare a succinct overview thereof lor the Trustees. The Triisiees are conscious of the need to have trustees who are sympathetic and supportive of the aims and objectives of the tharity and will, when deemed necessary, invite stch individuals to join with them. Prospective trustees are intervlewed and assessed as to their suitability before being appointed. Following the iecrustmeni of 8 new Trtjstee, he o¥ she Ss pointÈd to the charity Commission guidance entitled, 'The Essentlal TiusteÈ'. For anyone who is still unclear alx)tst thÈir role as a Trustee after having read this, a 5Ultable training course for them to attend will be soughi. rhe new Trustee is inducted into the work of MT by mean5 01 s serie5 of one-to- one se55ion5 wlth Its DirÈciors, Tie3surei and at least onÈ other Trustee.
Diaft Financial 5totements t 04July 2024 at 12'.58:09 MESSIANIC TESTIMONY TRUSTEES. REPORT {INCLUOING DIRECTORS, REPORnicoNTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Raluta RUSLJ was the admin15trdtor dufing 2023, Ènd the ofFitr work has Continued muth a5 Usual durin8 2023. Chrissv Rodger5 has contlnued to edit MT'S tnagÈzine throughout 2023, and she has beEn able to organ5se sevÈral regio1 meetlTrgs durlt)g 2023. Also, worker5 have been èble to continue theirdeputation work during 2023. The Trijsteos ha assossed the major flsks to whith the charity is exposed and are tisfied that adÉquate systèms are In platr tQ FDkT8ate exposure to such risks. The Truste2s CDn5i(Ser that thp main risk MT face5 15 maintaininÈ 5uffkient funds to meet its commitments. The Trustees seek to overtome th15 risk through 8ddressing irs constituenl p3rt5 ccwered by the Risk MatTagetnent Policy alongside its Reserve5 Policy cons¢dered in the Financial Review abovè. The Risk Maaagement Policy is reviewed annually. the last reviewbelng on 28 Jyne 2D24. statementof Tru5tÈÈs' responslbllr(les The tiustee5 Iwho are a150 direcEors ot Messianic Te5timory lor the purposes of cofflpany lawl are re5ponslble for prepèring the Trustees, Annwl Report and the finantial statements in aordance wth ¥pplirable law and United KingdDtn AccountlDg5tandaTds Iunitod Kingdom Generally Accepted A¢count•ng practicel. CDmpany law requires the rrustees to prepare financial statements for each fina#clal ye8r. which gwe a true and fair view of the state of affaiis of the charitrble company and of the incominÉ resource5 and application of rQU[s, including the Income 3nd expenditure, of the charitable comp3ny for that peric>d. prepaFlI)g these finanaal stateménts, the trustees are regulred tts.. selÈdsuitable atcountltsg pollcles thon apply thÈEn consistently- ob&eive ttie nielliotls principles io the Charlties SQRP 2015 IFRS 1021 makp. jiidEements and 25timateshatAre reasonable and prudent.. state whÈther applKablt UK Accounting Standards have bew followed, subject to any materlal departures dls£losed and explained in the inancial 5ktetneiits- prepare the fin3nci61 thteffteots ot) the 8OTng cuncerii basls unles5 It is 1n8pprgp8te to presurne that the hBritable totnpanywlll conttnue in operion. The trustees èrè responsible For keeping proper accounting reioTds which disc105e wlth roason3ble accu¥atV 8t any time the firTrancial position ol the charitsbte company 3nd io enable them to ensuie that Uie f¢TiancSal ststernents IOEnpty With the Companies 2m6. They arÉ 31so responsible for safeguèrding the J55ets of the chHrit4ble Company Ènd hence fur taking reasonaLile Steps for the prevention and detÈttion of fraud and other irrÈgularities. Ind2pendRnExaminÈrs Samir Shah of SKS RamoD Leewas appointed as IndÈpÈndent Examlner ¥0 the companyfor2023. isclosure of Inforfflation to IndEpendent Examiner Each of the frustees of Mr h?5 confirmed that there Is no Inform8rloft of whtch they are aware whlch 15 relevant to the IndÈpendeni Ex3minion, but of which the Iiidtspeftdent Examiner is untwa. They have further confirmed that they have tiken 3ppropriate steps tD Ideatify 5uih releY3nt inlDrmation and *0 establish that the independent Exam¥ner is aware of such information. On behalf of theTrvstees Rev J C Ley5ho Trustee D8ted.. r.1.7..Iztr
MESSIANIC TESTIMONY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MESSIANIC TESTIMONY I report to the Trustees on my examination ol the financial statements of Messianic Testimony (the charitable companyl for the year ended 31 December 2023. This report 15 made 501ely to the charity's trustees, as a body, in accordance vjlrh the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustoes those mairer5 1 am required to stste to them In an independent oxaminer's report 3nd for other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone orher than Ihe charifv and the charity's trustees as a body, for my Independent Examination, for this report, or for the opinions I have lormed. ResponsibilFties and basis of report As thr Trustees of the charitable companylsnd 3150 its directors for the purposes of cornp3ny lawl you 3re responsible for the prepèration ol the financial statements in ac£ordance with the requi¥ements of the Companies Act 2006 IthÈ 2006 Act). satisfied myself that the financial statements of the charitable comp3ny are not required 10 be audited under Part 16 01 the 2006 Act and are eligible for independent eKamin3tion. I report in respect of my examinat(on of the charitable comp3ny's financl31 statetnent5 carried out under Section 145 of the Charities Act 2011 (the 2011 Act). In c3fTwng out my exatnlnation I have fi)Ilowed all the applicable Oirertions given by the Charity Commission under sett40n 14515llbl of the 2011 Act. Independent examiner's statement I have completed my eKaminatioll. I confirm that no matters have come to my attention in cOnntIon with the examination giving me cause to believe that in any m3teri31 respect.. accounting records were not kept In respect of the chèritable company as required by sectlon 386 of the 2006 Act,. or the rtnancial statements do not accord with those re(ords,' or the f4n3nci31 statements do not comply with the accounting requirement5 01 section 396 01 the 2006 Act othei rh2n any requirement that the 3ccounts give a true and fair vlew which 15 not a rnatter considered as part of an independent examination,. or the financial statements have not been prepared in accordance witli the method5 3nd principles ol the Statempnt ol Recommended Practice for 3ccounting and reporting by chariiies èpplic3ble to charities preparing their atcounrs in 3ccordance with the Financial Repo¥ting Standard applicable in the UK and Republic of Ireland IFRS 1021. I hwe tio concerns and have come across no other matters in connertion with the examinatton to whith attentlon should be drawn in this report in order to enable 3 proper understanding of the financial st3tement5 tD be reached. Samir Sh3h FCA, ATII R3mon Lee Ltd ch3rtered Accountants 93 Tabertlacle Street London EC2A 4BA Date(J.. 5 July 2024
MESSIANIC TESTIMONY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 UnrestrStted funds Designated funds Restricted lunds Total 2023 Total 2022 Ntsies Income from.. Donations and legacles Other trading activitie5 Investments 140.112 1.394 16,185 29,452 300 169,8G4 1.394 16,185 289,111 4,736 13.204 Total 5n£ome 157,691 29,452 300 187.443 307,051 enditurè on.. Raising funds Ch3ritable activitie5 3,255 151,602 3,255 319,955 5,674 309,967 167,453 900 TotHI expewHliture 154,857 167,453 goo 323,210 315,641 Net gains on investments 12,1291 12,1291 143,2171 Net mavement in fund5 705 1138,0011 1137.8961 151.8071 Fund b31ances at l January 2023 16, 17 8,498 649,945 2.926 661,369 713,176 Fund balan¢es at 31 December 2023 16, 17 9,203 511.944 2.326 523,473 661,369 The statement of lin2nci21 èctlvitiÈs includes all gains and losses reCogfised Èn the yea¥. The statement ol fin3ncial activitie5 includes all gèins and losses reco8nised tn the yeai. All incotne and expenditure derive from continuing 3Ctivitie%. The statement of financial 3Ctivitie5 3150 complies with the requirements for èn intome and expenditure account under the Companies Act 2006. The 2022 figure5 all relate to urire5tricted funds with the exception of £148,412 designated donations 2nd legacies
MESSIANIC TESTIMONY BALANCE SHEET ASAT31 DECEMBER 2023 2023 2022 Notes Fixed assets Invesiment properties Inveslrnents 72,386 267,099 72,386 308,761 io 339,485 381.147 Current assets Debtors Cash at bank and in hand li 31.884 158,756 20,785 265.313 190,640 286,098 Credltors.. ?mouDts falling due within one yÈ&r 16,6521 15,8761 Net current assets 183,988 280.222 Total assets less curient liabllltles 523.473 661,369 Income ftJnd$ Restricted funds DesiEnared funds Generdl unrpstricted funds 16 2.326 511,944 9.203 2,926 649,945 8,498 17 523,473 661,369
Draft FinanciBI Statements at 04Juty 2024 at 12-589 MESSIANIC TESTIMONY BALANCE SHEET (CONTINUED) ASAf31 DECEMBER 2023 The ¢harltèble cottspaTry 15 eDtitled to exernption from audit underSErtion 477 of the Companie5 Act 2006 forthe year ended 31 De¢eFnber 2022. The membets have not required thè cornpèny to obtEln an &udit of its financial statetnents forthe ye3r efjded 31 Detember 2022 In accordance with Section 476 of the CompaniesAct 2006. The trustees 2tknowled8e thElr re5pon5ibilitiesfor (al ensuring that thE tharilable company keeps ètcountlng rÈcords that tornply with sections 386 and a87 of the Companies Act 2006 and Ibl preparing financi31 ststements which give a true ènd lalr VIÈW of the srate nf affai¥s of ihe charitsble toinp&ny as at the en4 of each financial yeaf of its surplus or def1t for each fin8nc*al year In accordance with the Yequlrements of Secth)ns 394 and 395 and which othermose comply with the requirements ofthe compani Act 2006 relating to financial stiternents, so far a5 applicable to the tharitsble Company. ThEse financi31 ststements have been prepared In accordancÈ with the provi51QD5 applicable to charitable companie5 sublett to thèsmall Companies regtFne. The fin3rKlzlststements" will be approved bythÈ Tiustee5 attheirmeetlngon. 201 Revj C Leyshon Trustee CompÈny RÈglslratton No. 08147968
MESSIANIC TESTIMONY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policles Company information Messianic Tesrimony Is a privat@ company lirnited by guarantee incorporated in England and Wales, The regi5teied office 15 shown on the leg31 and admtrnistrative information PaBe. 1.1 Accounting conventio Messianic Testimony is a charitable iornpany incorporated in Eng13nd and W31es. In the event of the charity belng wound up, the li3bility in respect of the guarantee is lirnited to £ID PEr member ol the chèrity. The address of the re£i5tered office is given on the legal and 3dministrative information page. The nature of the charity's operaiions and princip81 activities are that of the advancemenr of the Christian faith particularly an)ongst the Jewish people and relief of those in need. The linanciBI statements of the charitable comp3ny, which is a publi£ benefit entity under FRS 102, h2ve been prepared in accordance with the Ch3rities 50RP IFRS 1021 'Accounting and Reporting by Charities.. Statemeni of Recommended Practice applicable to charities preparing their accounts In ac(ordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffetiivÈ l Jènuary 20191., Financial Reporting Standard 102 'The Financial Reporting Standa¥d applitable It) the UK and Republic of Ireland, and the Companies Act 2006. The linancsal Statements have t)een prepared on a going concern basis under the historical cost cDnvenrion. modified to include ihe revaluation of freehold properties 3nd tts 1nc.lude investment properties and cerlain financial instruments at lair volue. The fInaclaI statement5 are presented in sterling which is the lunctlon31 curreniy ol tlie charity and rounded to the nearest £. The significant 3ccountinE pollcies applied in the preparation ol these financial statements are set out below. These policles have beÈn ¢onsSstently applied to all year5 piesented unless otherwise stated. 1.2 Golng con£er At the time ol approving the finala1 statements, the Trustees have a re3s0hable expe(tation that the charitable COrnP3ny has adequate reSOUFce5 ¢0 continue in operatlonBI existence for the foreseeable future. Thu5 the Trustees, continue to adopt the going concern basi5 01 accounting in preparing Ihe fin2n£i)I statements, 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Tru5tÈÈs in furthorance of their charitable objectives unless the funds have been deslgnated for other purposes. Restricted fund5 ate Subject to specific condition5 by donors or graniors 35 to howthey may be used. The purposes arjd Uses Df the restricted funds are set out in the notts5 to the financial statements. Designated Funds are lur>ds set aside by the Board of Management out ol vnre5tricted general funds for Specific purposes or projects. 1.4 Income, intluding donations Income is recognised when the charitable company is legally entitled to it aftef any performance conditions have been met, the amounts can bÈ mÈasured reliably. 8nd it is probable th3t income will be received. Cash donations are recogni5ed on receipt. Other donations are recognised onc& the tharitable company has been norified ol the donation, unless performance conditions Tequire deferr31 of the am04Jnl. Income tax recoverable in relation to donations received under Gift Aid or deed5 of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise il the charitable company has been notified of an impending distribution, the amount ts known, and receipt is expected. If the amount 15 not knowll. the legacy is tieated as a coTrtin6ent asset.
MESSIANIC TESTIMONY NOTES TO ThE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) Turnover 15 me35ured al the fair va14Je af the consideration received OT receivable 2nd represents amounts receivable for goods 2nd services pravided in the noim31 course of busine5S. 1.5 Expenditure All expenditure which directly relates to the objects ol the charity is treated as chèritable expendirure. All other costs, including rhe costs ol èdmini5tration. 3re allocated to the various sources ol actlvity a5 appropriate. Support costs represent those administrative costs dlrectly associated with Ihe £h3rit3ble activity of Evangelism and spreading the Gospel. All expenditure includes non-rÉcoverablÈ VAT. 1.6 Imiettmènt propertie5 Investment property is shown at mosi recent Loluation. Any aggregate surplus or deficit arising from chan6e5 in latr lue 15 recogni5ed in the Siatement of Flndncidl Aitivities. Fixed asset inve5tmÈtitS dre initially tnea5ured at cost and subsequently measured using the la(r value. mrjdel and stated at its fdif Wdlue at the repurtinE elld date. The Surplus or deficit on revaluatiori is recoEni5ed in net income/lexpenditvrel for rhe year. 1.7 Cash and cash equlvafents Cash and cash equivalents include cash in hand. dep051t5 held at call wilh banks, Other short-term liquid investments with origin31 m3turitie5 01 three rnthS or less, and bank overdrafts. Bank overdrafts are shown within borrowings in 1.8 Foreign currency translation Assets and liabilities in loreigll currencies are translated into sterlin8 at the ratÈs of Èxchange ruling at the st3tement of financiil posltion date. Other tran53Ctions in foreign currencie5 are translated into Sterling at the rate ol exchange ruling Bt the dare cl tr3n5action except for Iran58ctions in SAR, where WÈ put the transactions through 35surring ISAR is worth £0.05, and then make the adjustment at the end of the year to ihp actual ionver5ion rate. Exchange differences are taken into account in arriving at the operating result. 10-
MESSIANIC TESTIMONY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Donatlons and legacie5 Unrestricted DeslKnated Restricted funds funds funds Total Total 2022 2023 Donation5 and gifts Le8acie5 reieivable 140.112 300 140,412 29,452 140,699 148,412 29.452 For the war ended 31 DÈcÈmbÈr 2023 140.112 29,452 300 169,864 289,111 For the year ended 31 December 2022 139.773 148.412 926 289.111 Other tradlng activities Unrestricted Unrestiirted funds funds 2023 2022 Trading activity income.. other 1,394 4,736 Investments Unrestricted Unrestrl£ted funds lunds 20Z3 2022 Income from listed investments 16,185 13.204
MESSIANIC TESTIMONY NOTES TO THE FINANCIAL STATEMENT5 ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 EMpenditLire Dn charitable activities Unrestilcted funds 2023 Unrestricted funds 2022 Direct costs Evangelism and spreadlng ¢he Gospel 319,955 309,967 Analysis by fund Unrestricted funds Endowment lund5- Designated Restricted funds 151,602 167.453 gIKI 243,160 66.807 319,955 309.967 Included within unrestricted cha¥itable artivitles 15 independent examiner's remuneration of £4,00012022'. £2.6041 and £1.00012022.. E2,4161 relating to other 5ervice5. Employees The 8verage rnonthly number of employees during the year was 2023 Number 2022 Number Employees Pensioners li li Employment Costs 2023 2022 Wage5 and sala¥ies Soclal security costs Other pension costs 147,532 11,135 16,907 139,966 9,567 15,071 175,574 164,604 Wages and salaries include gratuities paid direct from income to pensioner5 of f 15,70312022- £15.8701. There were no employees in either year whose annual remuneration was £60,000 or more. 12.
MESSIANIC TESTIMONY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Net galnsll1055e51 on investments UnYestTl£ted Unrpstricted ftsnds funds 2023 2022 Revaluation of investments 12,1291 143,2171 Taxatlon The charity 15 exempt from tax3tion on its activities betause all it5 income is applied lor charitable purposes. Investment properly 2023 Fair value At l January 2023 and 31 De£ember 2023 72,386 The charity holds a 21.9% interest in the property at 26 Pake5 Way. Eppin& Essex, The property is valued at the cost of purchase of the interest on 27 September 2007 and ia the opinion of the trustees thls is simi12r to its fair value at 31 Decembe¥ 2023. io Fixed asset investments Llsted Investments Cost orvaluation At l January 2023 Additions Valuation ch3n8es Disposals 308,761 64,862 12,1291 1104,3951 At 31 December 2023 267,099 C?Trying amovnt At 31 Oecember 2023 267.099 At 31 December 2022 30É,761 13-
MESSIANIC TESTIMONY NOTES TO THE FINANCIALSTATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 li Debtors 2023 2022 Amounts talllng due within one year.. other debrors Prepayments 27,969 3,915 17.513 3.272 31,884 20,785 12 Creditors.. amounts falling due within one year 2023 2021 Accruals 6,652 5,876 13 TrLtstees and Key Management Chrissy Rodgers was paid as Mission Dewelopment Adrninistr8tor salary of £20,47912022'. £19,134). NDne of the other trustees lor any persons conne£ted with theml leceived any remuneration during the yÈar, but trustees We rEimbuT5ed for expenses totalling £2,87712022.. £ 1,8801. During the year the charity bought Trustee Liability Insurance at a cost of £1.18412022 ., £1,005> During the yeaT Trustees rnade unrestricted donations to DKrtotalling £1,14512022.. Nil). 14 Retirement beneflt schemes The charitable comp2ny oper2tes a defined contribution pension scheme for 211 quallfying employees. The assets of the scheme are held separately from those ol the charitable company in an independently adrnini5tered fund. 14-
MESSIANIC TESTIMONY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 Designated funds The unrestricted funds of the charity comprise the unexpended balancÈs of doatIOnS and grants which are not subje£t to specific conditions by donors and grantors as to how th@y may be used, These include designated funds which have been set aside out ol unrestricied funds by the trustÈos for Specific purposes. Movement in funds Ihtome Expenditure Balance at I January 2023 Tran5feTS Balance at 31 December 2023 Contingency for sUSt3in3bilitv Contingeniy lor budgeted deficits To grow salaries & 8rant5 Worker Projects Property iMve5tments Futu Residential Conference i?I,000 350,340 45.837 1,000 72,386 9,380 174,000 230.651 24.525 1,000 72.386 9,380 29,452 1146,1411 121,3121 13.0001 649,943 29,452 1167.4531 511,942 Total designated funds ol E511.942 3re made up of the following: Contingency for sustaSnalJllity- MT has regular outguing5 on salaries and Erants. However, as its income is mainly from supporter donalions, trust grants and legdiies, income 15 eriati£ and unpredictable. Thus the Trustees hav agreed thal it is appropriate to hold a reservo equ31 to 6 month5, budgeted outgoings amountin8 to £174.000 as at 31 December 2023. Contingency for budgeted deficits A5 It (s not Possible to bud8et for legacy income, MT generally budgets to spend a liltl2 mare Each year th?n it expect5 to receive in the form of supporteF donations and Trusi grants, but limits the budgeted deficit to an amount which is reasonably sustainable in the context of its reserves. klowever. in 201S and 2016, leg3cy income wa5 disproportionately large comp3red with other income. MoreovÈr, MT Is Eoing through a period of change with regard to its leadership and supporl stall. Thus, MT is reserving 8$ at 31 Oecember 2023 lor relatively large deficits over the neyt 3 year5 of £230,651. However, the Trustees are aware that, alter sorting their le8dersh%p issues, the next challenge is to seek to balance regular income and regular outgoings. To grow salarlÈs & Èrants- During 2015 and 2016, income from legacies was disproportionately high compared to income fmm donatlQn5 and trust grant5. The best way to put this monÈy to use is to grow the number ol evan8eli5ts we sUPPO¥t. The TIu5tees have therefore 38ieod to reserve £24.525 as at 31 December 2023 to cover new salarie5 and Eiant5 for such evangeli5t5 over a period of 3-5 years. 15-
MESSIANIC TESTIMONY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 Designated Ivnds (Continued) Worker projects - A second way to put this money to use is to 8sk exisring workers if they have idea5 for one-off projects to further the work of the mission. Thus, in spring 2017. the Trustees invited all workers to submit idea5 for pr(bjects costing up to £5,000. The ideas thar have corne in have included funding for an event with a special speaker or musician, development of 3 new facility for use in outreach. etc. Most ol these have now been completed but one 15 Still ongoing, WTth £l.LK)O still committed as at 31 December 2023. Property investments This covers investments in property where it would be difficult to rEali5e the funds without disrupting the use of the property. Future Residential Conference5 Thi5 15 to help fund future fe5ident?al conference5 for all workers. The next is pIBnned for.Se.ptp.mber 2024 in UK. 16 Restricted funds The restricted funds of the charity cornprise the unexpended balances of donations and granrs held on trust subject to specific conditions by donors as to howthey may be used. Movement In fvnds Income Expenditure Balanie )t I January 2023 Balance at 31 December 2023 BUD fund 2,926 300 19001 2,326 2,926 300 19001 2,326 The BUD fund is to be used for ministry and outreach to Jewish people by MT staff 8nd assoclates and, when appropriate. to help support new people and prtsjects. 17 Analysis ol net assets between funds Unrestricted fund5 DesiEnated funds Restricted funds Total 2023 Fund b8lènces at 31 0É(ÈmbeT 2023 are represented by.. Investment properties Investments 72,386 267,099 1330,2821 72,386 267,099 183,988 511,944 2.326 9,203 511.944 2.326 523,473 18 Related Party Disclosures During the year the charity has received E60012022'. E61XJl from Bethesda Shalom Church in which one of trustee of charity, Mr Paul M Willi3ms is a pastor. 16-