Charity registration number 1148986 (England and Wales)
Company registration number 08147968
MESSIANIC TESTIMONY
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MESSIANIC TESTIMONY
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Rev J C Leyshon Mr M J Roberts Miss C L Rodgers Mr P E Toms (Appointed on 28 February 2025) Mrs H K Williams Mr P M Williams Director Emeritus Mr T S Mayr-Lori Hon. General Director Rev J C Leyshon Charity number 1148986 Company number 08147968 Principal address PO Box 7475 Hook RG27 8SP Registered office C/o Cansdales Business Advisors Ltd St Mary's Court The Broadway Amersham Bucks HP7 0UT Independent examiner Caroline Brazier ACA DChA Cansdales Business Advisers Limited Chartered Accountants St Mary’s Court The Broadway Old Amersham Bucks HP70UT Bankers Barclays Bank plc Business Direct Centre Leicester LE1 1WA Solicitors Lloyd Jones & Co 8/10 Southbourne Grove Westcliff-on-Sea SS0 9UR Investment advisors Charles Stanley & Co Ltd 2 Westover Road Bournemouth BH1 2BY
MESSIANIC TESTIMONY
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 - 8 |
| Notes to the financial statements | 9 - 18 |
MESSIANIC TESTIMONY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their report and financial statements for the year ended 31 December 2024.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and activities
The charity’s objects are:
-
The advancement of the Christian faith by the following means:
-
(a) through the evangelisation and discipleship of Jewish people in the UK and throughout the world; and
-
(b) by the teaching of Biblical truth with specific regard to the purposes of God for Israel and the Jewish people.
-
The relief of those in need, hardship and distress through acts of compassion and care in the UK and throughout the world.
MT staff based in various parts of the UK, together with associates of MT based in France, Germany, Israel, and South Africa carry out these aims and are supported financially and prayerfully by other staff, associates and supporters of MT. Moreover, a number of our workers are assisted by volunteers, who help with various aspects including background office work as well as refreshments and book tables at meetings.
In seeking to achieve these objects, the Trustees are confident that the results will be for the benefit of many: education for young people, harmony and reconciliation in families and communities as well as the spiritual blessing in individual lives resulting in inner peace and greater sense of purpose. As seen below, our staff and associates are normally involved in various activities in the community, including teaching English as a foreign language, sharing on British history and culture abroad, as well as teaching in the UK on the positive role of the church towards Jewish people, visiting the elderly and helping children with special needs. The Trustees will continue to conduct the affairs of the Charity having regard to the Charity Commission’s guidance on Public Benefit.
Achievements and performance
During 2024, the number of rallies held in UK increased, giving opportunities for supporters to meet for fellowship, ministry and to hear worker reports. Staff have had opportunities to preach and teach Jewish people, both individuals and in groups. There are still the opportunities to conduct funerals and to help by taking other kinds of meetings which bring our workers into contact with the right audiences. Also, our workers speak to people on the streets, offering tracts and books. Some workers use less direct means, like reading with individuals in Hebrew, or English as a foreign language. Others are able to use their art or singing skills as part of their outreach. However, setting up, maintaining and developing one-to-one relationships has always been a key element of our work.
Financial review
During 2024, the finances of MT were overseen by the Trustees, with day-to-day duties delegated to Treasurer, June M Marshall.
2024 has been a year in which many of our workers have continued their normal outreach roles.
Donations have increased a little during 2024, if no more than inflation. Also, during 2024, it has been possible to hold more rallies and make deputation visits. Workers’ expenses have changed very little since 2023.
We started the year with good reserves, and because legacy income was very good in 2024, we have finished the year with reserves of just over £503,437, and so we will continue to seek grant aid.
In 2024, after legacies received amounting to £118,151, outgoings exceeded income by £24,732. Net investment increases due to market increases accounted for £4,696 in 2024, increasing our deficit to £20,036. 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, without the legacies, outgoings would have exceeded income before capital gains by £142,883.
- 1 -
MESSIANIC TESTIMONY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)(CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The fact that, without unusually high legacy income, outgoings would have well exceeded income in 2024 accentuates the Trustees’ concern that the underlying trend is one of falling support, especially in larger one-off donations and, in particular, increased nursing costs for the elderly could lead to a reduction in legacies received.
The Trustees believe, by faith, that necessary funds will be forthcoming to meet the needs of the work, and this has been true since MT’s inception. However, as MT reserves had reduced to £503,000 at the end of 2024, the Trustees have implemented a plan at the beginning of 2025 to reduce their deficit and aim to end the year on a break even position.
As MT’s main sources of income, other than from investments, are generally from donations, legacies and tax refunds on gift-aided donations, the flow of income is irregular. However, MT has a regular stream of outgoings in salaries, grants and expenses. It is therefore MT’s policy to maintain sufficient reserves to be able to cope with any excess of outgoings over income in the short to medium term (say 1 to 5 years), thus minimising disruptions to the funds held by our stockbrokers and a forced sale of our property investment.
Currently we are heavily financially dependent on receiving legacies which are few, spasmodic, unknown and impossible to budget. However, we are seeking ways to increase our regular income in an attempt to minimise the uneven cash flows that we experience.
As outlined in Note 17, at 31 December 2024 MT’s designated reserves total £491,908 made up of the following items which are in keeping with our “Reserves Policy” :-
£72,386 which is invested in a property so it would be difficult to realise these funds without disrupting the use of the property
£107,000 being the reserve for regular budgeted outgoings without income over 6 months £311,611 Towards the budgeted losses in 2025-27 £911 Future Residential Conferences
£491,908
In addition we held £2,327 in Restricted funds leaving free reserves positive of approximately £8,636.
The Reserves Policy stated in the last four paragraphs above and amplified in Note 17 in the accounts on Designated Funds is reviewed annually, the last review being on 11 July 2025.
MT have delegated investment of certain general funds to Charles Stanley & Co Limited, with the portfolio managed on an ethical/best endeavours basis with medium/low risk. The total return on these investments during the last 12 months amounted to 5.8%, the rise in capital values of the investments being due to a general increase in values on the stock market. (2024: Income yield 3.8%, Capital return 2.0%)
The Investment Policy, including our instructions to Charles Stanley & Co Limited is reviewed annually, the last review being on 11 July 2025.
Structure, governance and management
Governing document
The names of the Trustees who served during the year were: Rev J C Leyshon Mr M J Roberts Miss C L Rodgers Mr P E Toms (Appointed 28.02.25) Mrs H K Williams Mr P M Williams
- 2 -
MESSIANIC TESTIMONY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)(CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The mission is being led by Rev Colin Leyshon, Chairman of the Trustees and Honorary General Director. Also, our Director Emeritus, Tom Mayr-Lori, is able to help with mentoring and pastoral support when needed.
The work is overseen by its Board of Trustees, which is made up of the Trustees listed above. During 2024, the Trustees met five times to conduct the business of MT. During 2024, the Trustees were assisted in their oversight by former Trustee Andrew F Benke, who meets with the Treasurer, June M Marshall, before each Trustee Meeting to discuss the financial situation and help prepare a succinct overview thereof for the Trustees.
The Trustees are conscious of the need to have trustees who are sympathetic and supportive of the aims and objectives of the charity and will, when deemed necessary, invite such individuals to join with them. Prospective trustees are interviewed and assessed as to their suitability before being appointed.
Following the recruitment of a new Trustee, he or she is pointed to the Charity Commission guidance entitled, ‘The Essential Trustee’. For anyone who is still unclear about their role as a Trustee after having read this, a suitable training course for them to attend will be sought. The new Trustee is inducted into the work of MT by means of a series of one-toone sessions with its Directors, Treasurer and at least one other Trustee.
Raluca Rusu was the administrator during 2024, and the office work has continued much as usual during 2024. Chrissy Rodgers has continued to edit MT’s magazine throughout 2024, and she has been able to organise several regional meetings during 2024. Also, workers have been able to continue their deputation work during 2024.
The Trustees have assessed the major risks to which the charity is exposed and are satisfied that adequate systems are in place to mitigate exposure to all such risks. The Trustees consider that the main risk MT faces is maintaining sufficient funds to meet its commitments. The Trustees seek to overcome this risk through addressing its many constituent parts covered by the Risk Management Policy alongside its Reserves Policy considered in the Financial Review above.
The Risk Management Policy is reviewed annually, the last review being on 11 July 2025.
- 3 -
MESSIANIC TESTIMONY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)(CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Statement of Trustees' responsibilities
The trustees (who are also directors of Messianic Testimony for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP 2015 (FRS 102)
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Independent Examiners
Cansdales were appointed Independent Examiners to the company for 2024 and a resolution proposing the appointment for 2025 was put to the Trustees on 11 July 2025.
Disclosure of Information to Independent Examiner
Each of the Trustees of MT has confirmed that there is no information of which they are aware which is relevant to the Independent Examination, but of which the Independent Examiner is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.
On behalf of the Trustees Rev J C Leyshon Trustee Dated: .........................
- 4 -
MESSIANIC TESTIMONY
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF MESSIANIC TESTIMONY
I report to the Trustees on my examination of the financial statements of Messianic Testimony (the charitable company) for the year ended 31 December 2024.
This report is made solely to the charity's trustees, as a body, in accordance with the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my Independent Examination, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the Trustees of the charitable company (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.
Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charitable company as required by section 386 of the Companies Act 2006.
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
-
4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Caroline Brazier ACA DChA Cansdales Business Advisers Limited Chartered Accountants St Mary’s Court The Broadway Old Amersham Dated: .........................11/07/2025 Bucks HP70UT
- 5 -
MESSIANIC TESTIMONY
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted Designated Restricted funds funds funds Notes £ £ £ Income from: Donations and legacies 2 180,170 118,151 - Other trading activities 3 3,238 - - Investments 4 14,371 - - Total income 197,779 118,151 - Expenditure on: Raising funds 5 3,168 - - Charitable activities 6 199,306 138,187 - Total expenditure 202,474 138,187 - Net gains on investments 8 4,695 - - Net movement in funds - (20,036) - Fund balances at 1 January 2024 17, 18 9,203 511,944 2,326 Fund balances at 31 December 2024 17, 18 9,203 491,908 2,326 |
Total Total 2024 2023 £ £ 298,321 169,864 3,238 1,394 14,371 16,185 315,930 187,443 3,168 3,255 337,493 319,955 340,661 323,210 4,695 (2,129) (20,036) (137,896) 523,473 661,369 503,437 523,473 |
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 6 -
MESSIANIC TESTIMONY
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes Fixed assets Tangible assets 10 Investment properties 11 Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Income funds Restricted funds 18 Designated funds 17 General unrestricted funds |
2024 £ 75,244 188,968 264,212 (5,856) |
£ 567 72,386 172,128 245,081 258,356 503,437 2,326 491,908 9,203 503,437 |
2023 £ 31,884 158,756 190,640 (6,652) |
£ - 72,386 267,099 |
|---|---|---|---|---|
| 339,485 183,988 |
||||
| 523,473 | ||||
| 2,326 511,944 9,203 |
||||
| 523,473 |
- 7 -
MESSIANIC TESTIMONY
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
11/07/2025
The financial statements will be approved by the Trustees at their meeting on .........................
.............................. Rev J C Leyshon
Trustee
Company Registration No. 08147968
- 8 -
MESSIANIC TESTIMONY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Company information
Messianic Testimony is a private company limited by guarantee incorporated in England and Wales. The registered office is shown on the legal and administrative information page.
1.1 Accounting convention
Messianic Testimony is a charitable company incorporated in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The address of the registered office is given on the legal and administrative information page. The nature of the charity's operations and principal activities are that of the advancement of the Christian faith, particularly amongst the Jewish people and relief of those in need.
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees' continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Designated Funds are funds set aside by the Board of Management out of unrestricted general funds for specific purposes or projects.
1.4 Income, including donations
Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 9 -
MESSIANIC TESTIMONY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business.
1.5 Expenditure
All expenditure which directly relates to the objects of the charity is treated as charitable expenditure. All other costs, including the costs of administration, are allocated to the various sources of activity as appropriate.
Support costs represent those administrative costs directly associated with the charitable activity of Evangelism and spreading the Gospel.
All expenditure includes non-recoverable VAT.
1.6 Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33% on Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Fixed asset investments are initially measured at cost and subsequently measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in net income/ (expenditure) for the year.
1.8 Impairment of fixed assets
At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
- 10 -
MESSIANIC TESTIMONY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/(expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Foreign currency translation
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Other transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction except for transactions in SAR, where we put the transactions through assuming 1SAR is worth £0.05, and then make the adjustment at the end of the year to the actual conversion rate. Exchange differences are taken into account in arriving at the operating result.
2 Donations and legacies
| Unrestricted Designated Restricted funds funds funds £ £ £ Donations and gifts 180,170 - - Legacies receivable - 118,151 - For the year ended 31 December 2023 180,170 118,151 - For the year ended 31 December 2022 140,112 29,452 300 |
Total 2024 £ 180,170 118,151 298,321 |
Total 2023 £ 140,412 29,452 |
|---|---|---|
| 169,864 | ||
| 169,864 |
- 11 -
MESSIANIC TESTIMONY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
| 3 4 5 |
Other trading activities Unrestricted Unrestricted funds funds 2024 2023 £ £ Trading activity income: other 3,238 1,394 Investments Unrestricted Unrestricted funds funds 2024 2023 £ £ Income from listed investments 14,371 16,185 Raising funds 2024 2023 £ £ Fundraising and publicity Other fundraising costs 3,168 3,255 3,168 3,255 |
Other trading activities Unrestricted Unrestricted funds funds 2024 2023 £ £ Trading activity income: other 3,238 1,394 Investments Unrestricted Unrestricted funds funds 2024 2023 £ £ Income from listed investments 14,371 16,185 Raising funds 2024 2023 £ £ Fundraising and publicity Other fundraising costs 3,168 3,255 3,168 3,255 |
|---|---|---|
| 2023 £ 3,255 |
||
| 3,255 |
- 12 -
MESSIANIC TESTIMONY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6 Expenditure on charitable activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Direct costs | ||
| Depreciation and impairment | 283 | - |
| Evangelism and spreading the Gospel | 337,210 | 319,955 |
| 337,493 | 319,955 | |
| Analysis by fund | ||
| Unrestricted funds | 199,306 | 151,602 |
| Endowment funds - Designated | 138,187 | 167,453 |
| Restricted funds | - | 900 |
| 337,493 | 319,955 |
7 Employees
The average monthly number of employees during the year was
| Employees Pensioners Employment costs Wages and salaries Social security costs Other pension costs |
2024 Number 7 4 11 2024 £ 166,630 6,297 17,022 189,949 |
2023 Number 7 4 |
|---|---|---|
| 11 | ||
| 2023 £ 147,532 11,135 16,907 |
||
| 175,574 |
Wages and salaries include gratuities paid direct from income to pensioners of £15,216 (2023: £15,703).
There were no employees in either year whose annual remuneration was £60,000 or more.
- 13 -
MESSIANIC TESTIMONY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8 Net gains/(losses) on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Revaluation of investments | 4,695 | (2,129) |
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
10 Tangible fixed assets
| 10 | Tangible fixed assets | |
|---|---|---|
| Computers | ||
| £ | ||
| Cost | ||
| Additions | 850 | |
| At 31 December 2024 | 850 | |
| Depreciation and impairment | ||
| Depreciation charged in the year | 283 | |
| At 31 December 2024 | 283 | |
| Carrying amount | ||
| At 31 December 2024 | 567 | |
| At 31 December 2023 | - | |
| 11 | Investment property | |
| 2024 | ||
| £ | ||
| Fair value | ||
| At 1 January 2024 and 31 December 2024 | 72,386 |
The charity holds a 21.9% interest in the property at 26 Pakes Way, Epping, Essex. The property is valued at the cost of purchase of the interest on 27 September 2007 and in the opinion of the trustees this is similar to its fair value at 31 December 2023.
- 14 -
MESSIANIC TESTIMONY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12 Fixed asset investments
| Cost or valuation At 1 January 2024 Additions Valuation changes Disposals At 31 December 2024 Carrying amount At 31 December 2024 At 31 December 2023 13 Debtors Amounts falling due within one year: Other debtors Prepayments 14 Creditors: amounts falling due within one year Accruals |
Listed investments £ 267,099 47,414 4,695 (147,080) 172,128 172,128 267,099 2024 2023 £ £ 72,651 27,969 2,593 3,915 75,244 31,884 2024 2023 £ £ 5,856 6,652 |
|---|---|
15 Trustees and Key Management
Chrissy Rodgers was paid as Mission Development Administrator salary of £20,749 (2023: £20,479).
None of the other trustees (or any persons connected with them) received any remuneration during the year, but trustees were reimbursed for expenses totalling £1,500 (2023: £2,877).
During the year the charity bought Trustee Liability Insurance at a cost of £1,099 (2023 : £1,184)
During the year Trustees made unrestricted donations to MT totalling £ (2023: 1,145).
- 15 -
MESSIANIC TESTIMONY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
16 Retirement benefit schemes
The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.
17 Designated funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 January | At 1 January | Incoming | Resources | Transfers At 31 December | Transfers At 31 December | |
|---|---|---|---|---|---|---|
| 2024 | resources | expended | 2024 | |||
| £ | £ | £ | £ | £ | ||
| Contingency for sustainability | 174,000 | - | - | (67,000) | 107,000 | |
| Contingency for budgeted deficits | 230,653 | 118,151 | (116,323) | 79,130 | 311,611 | |
| To grow salaries & grants | 24,525 | - | (21,864) | (2,661) | - | |
| Worker Projects | 1,000 | - | - | (1,000) | - | |
| Property investments | 72,386 | - | - | - | 72,386 | |
| Future Residential Conference | 9,380 | - | - | (8,469) | 911 | |
| 511,944 | 118,151 | (138,187) | - | 491,908 | ||
| Previous year: | At 1 January | Incoming | Resources | Transfers At 31 December | ||
| 2023 | resources | expended | 2023 | |||
| £ | £ | £ | £ | £ | ||
| Contingency for sustainability | 171,000 | - | - | 3,000 | 174,000 | |
| Contingency for budgeted deficits | 350,340 | 29,452 | (146,141) | (3,000) | 230,651 | |
| To grow salaries & grants | 45,837 | - | (21,312) | - | 24,525 | |
| Worker Projects | 1,000 | - | - | - | 1,000 | |
| Property investments | 72,386 | - | - | - | 72,386 | |
| Future Residential Conference | 9,380 | - | - | - | 9,380 | |
| 649,943 | 29,452 | (167,453) | - | 511,942 |
- 16 -
MESSIANIC TESTIMONY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
17 Designated funds
(Continued)
Total designated funds of £491,908 are made up of the following:
Contingency for sustainability - MT has regular outgoings on salaries and grants. However, as its income is mainly from supporter donations, trust grants and legacies, income is erratic and unpredictable. Thus the Trustees have agreed that it is appropriate to hold a reserve equal to 6 months’ budgeted outgoings amounting to £107,000 as at 31 December 2024.
Contingency for budgeted deficits - As it is not possible to budget for legacy income, MT generally budgets to spend a little more each year than it expects to receive in the form of supporter donations and Trust grants, but limits the budgeted deficit to an amount which is reasonably sustainable in the context of its reserves. However, in 2015 and 2016, legacy income was disproportionately large compared with other income. Moreover, MT is going through a period of change with regard to its leadership and support staff. Thus, MT is reserving as at 31 December 2024 for relatively large deficits over the next 3 years of £311,611. Indeed, the trustees made an effort at the end of 2024 to more nearly balance regular income and regular outgo. Assuming this succeeds, next year they may be better able to designate some of this contingency.
To grow salaries & grants - During 2015 and 2016, income from legacies was disproportionately high compared to income from donations and trust grants. The best way to put this money to use is to grow the number of evangelists we support. This fund is empty as at 31 December 2024, but the Trustees will reconsider it when they see the actual effect of cutting salaries and grants in 2025.
Worker projects - A second way to put this money to use is to ask existing workers if they have ideas for one-off projects to further the work of the mission. Thus, in spring 2017, the Trustees invited all workers to submit ideas for projects costing up to £5,000. The ideas that have come in have included funding for an event with a special speaker or musician, development of a new facility for use in outreach, etc. These have now been completed.
Property investments - This covers investments in property where it would be difficult to realise the funds without disrupting the use of the property.
Future Residential Conferences - This is to help fund future residential conferences for all workers. but this fund has been taken down to zero in 2024.
18 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| Movement | in funds | |||
|---|---|---|---|---|
| Balance at 1 | Income | Expenditure | Balance at 31 | |
| January 2024 | December 2024 | |||
| £ | £ | £ | £ | |
| BUD fund | 2,326 | - | - | 2,326 |
| 2,326 | - | - | 2,326 |
The BUD fund is to be used for ministry and outreach to Jewish people by MT staff and associates and, when appropriate, to help support new people and projects.
- 17 -
MESSIANIC TESTIMONY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
| 19 Analysis of net assets between funds Unrestricted Designated Restricted funds funds funds £ £ £ Fund balances at 31 December 2024 are represented by: Tangible assets 567 - - Investment properties - 72,386 - Investments - 172,128 - Current assets/(liabilities) 8,636 247,394 2,326 9,203 491,908 2,326 |
Total 2023 £ 567 72,386 172,128 258,356 |
|---|---|
| 503,437 |
20 Related Party Disclosures
During the year the charity has received £600 (2023: £600) from Bethesda Shalom Church in which one of trustee of charity, Mr Paul M Williams is a pastor.
- 18 -