Gharfty Trglstratlon number 1155293 GLORIACHURCH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Caladine Chorlered Cerlified Accountants GLORIACHURCH LEGAL AND ADMINISTRATIVE INFORMATION Tru$t••s Sung Young Cho Myung Hee Oh Sun Moon Jung Charfty numb•r 1155293 Prlnclp*l addr••s 2A Sussex Road New Malden Surr8y KT3 4BP Ind•p•nd•nt •xamln•r John Caladlno FCCA CTA FCIE Caladln& Llmitod Chanty Hous& 22 Upperton Road E8slbourne East Sussax BN21 1BF GLORIACHURCH CONTENTS Pag0 Truste88 roport Statomènt of trust888 responslbll Independent ex8mln8rfs report StaleJnenl of flnanclal act1￿￿88 Stat8m8nt of )Inandal po8lUon Notes to the flnanclal Stalemgnts 9-15 GLORIA CHURCH TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees pr8s8nt their annual r•wrt and financial statemènts for Ihe year ended 31 Decembgr 2023. Th8 ffinancial slat8m8nts hav8 bean pr8pared In aco)rdanca with tho accoUn￿ng pollci8$ sel out In not8 1 to thè financial stat8mantS and comply with th8 charity's trust deed. the Charilies Act 2011 and 'Accounting and Reportlng by Charllles.. S18tsmenl of Recommended Pr8clic8 applicable lo charllles preparing their accoun15 in accordance with the Financlal Reportlng Slandard applicable In the UK 8nd Republlc of Irel8nd IFRS 1021" leffective 1 January 20191. Oblectlvos and actlvltlgs Th& charity's objècts ar8 to advanc• th8 Chrfsllan falth for the b8nafll of the publlc by such means as th& trustees 6hall from time to tlme demand. Public b8n8flt The Irusle85 have pald dua regard lo guidancA8 issued by tha Charity ComTnlsBSon In dècldlng what actlvltia8 tho charlty should undertake. Achlov•m•nts and performance Significant 8¢llwties and a¢hiev6menls 89&insl obfftctlve$ Last year, we had some good acllviues for splrilual growth and lo help other people. Through Ihe$e a¢llvlllg8, m8rnb8fg of our church was able lo grow 8tTongly In fallh and bulld morg c1089 rèl8tSonship8 ￿￿th outsldè people and helpgd $oma paopla who wera in n&8d. For example, we had actlvS1Ses as below, Actlvltl•8 and P•rfomianc•• Sunday Sorvl¢0 Sunday Worship is our most important weekly gathering and 8eN&8 ag th$ cornèrstone ol our oCtivltl88, uafted lo cater to the dlv8TSe noeds of our congregauon and a¢¢ommodale all 49& groups. M88tings takè place both in the church and VIB Zoom. Many members participate actively by preparing refrtsshments, 8ttèndlng to lallow worshippgrs, and man8glng Ihg PA system. Aftgr Ihg servlce, we have 8 fellow5hlp pgrS0(S whoro church membgrs 8nd vl8ltor8 conneGt and •njo)y refreshm8nls, •nh8ncing our sense of community. We offar fivo dl8t6nci 8arvlce8 oach Sunday lo support dlffer8nl groups. The flrsl 6ervlce, at 5..30 AM, focuses primarlly on pr8yor. The $o¢ond strrvi¢e Is d¢slgnod for youth who speak English fluently and includes multimed18 presantslong. This service allows for onewon-one Interactions lo stay updatgd on &ach 8ttgndeg'$ 1118 and concludes with a fellowshlp period for expressing emollons and fomiing friendships. For those who cannot 8ttend In porson, a simultaneous Zoom 8&rvic& is available. The third seNice, at I PM, 1$ for adults and focusas on the serrnon and fellowship. This service features many songs and prayers. wllh the sermon being 8 slgn1fl¢8nt component. Church rnembers ensure smooth oporations by 88tting up the PA system, preparing the muslc team. and arranging r8freshments lo create a weleoming environment. The fourlh service, held 817 PM, caters lo young adults who work during the day and L8 conducted b)Ih in the centre and via Zoom, providing a conveni8nl option lor busy Indbvlduals. Tha finol servicè. hald at 10 PM VIB Zoom, is for those who wish to pray for specffl¢ reosons such as 6mots.onal and physKal h&aling. GLORIA CHURCH TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Early Morning Prnygr Mèèting Evory day at 5..30 AM. wa gather vSa Zoom to pray for the day end for oth8rs. Thls Ilme is d8dicat8d sol&ly to prayer. Early Mtynlng Worshlp PA••tlng Our earfy moming worship meetsng is held onlinè at 8 AM from Monday to Fr*Jay. This one.hour Bervu includ88 prayers, sermons, conversations, and intercessory prayer. It is espeaÈlly beneficial for those with busy schedules or who liva far from the ¢hur¢h. providing 8plrllual Support to slart Ihalr day. Blbl• study Blbla study M￿ting8 occur on Tu89d8y èv8nin99 to fostèr splritual growth And undèrstandlng, especlally for new mambers and thosè 88&kino lo strengthen their falth. Llght dlnners are provld9d for alt8nde6s comlng dlrectly from work, allowing them to focus on the 8tu(ty. Th98e sassions build confld8nc8 lailh and encourage th& dolly appllcation of bibllcal principlos. Blbl• Study •nd Pray•r Al••tlng tor MlddhAyd Woman Thls inlofm81 gatherlng Is desbned for rniddle-aged wornen. Involvlng 8haring life experfenceg. readlng the BSble. an(J praylrvJ lor each other. It offer8 a supportlve erbvironmenl fer splrSlual groYAh and mu¢ual gncouragemgnl, fosledng a sens& of community and supporl among the participants. Famlly S¢rvl¢• Held at the end of each month. the Famlty Service Is a Communal celebration foaluring drama performances, speclol songg, and engaging g8mg8. Th58 ev&nl warmly w?Iwmes newcomers. offerfng glfts and relreshments lo ensure o delightful 8xperlenc8. It provides an opportunlly to $h8fe God's love with 8 broader audienc8. exlendlng our outre8ch and fo8¢¥rlng communlty bonds. YoLrth Group M•otlng Ev8ry Frfday av8nlng, the Youth Group Maollng focuses on Blble study and prayor, provldlng a space lor Y￿1th lo strenglhan thglr falth and relleve str9$$. Hèld In tho church. somatimes in the contre, and always onlinè, these mgollngs are d8slgned lo accommodate various 8¢hedules. Refre8hrnenls are provlded to enhancg enloyment and foster p06itive development. Summer Semlnar During tho summer, we hold an inl8nsive Beminar spanning severBI day815 to 7 days) lor adutts and youth. offorlng 8Xtènsive biblScal Instruction and splrilual rellectlon. ParNclpanls engage In sesslons from momlng lo O￿nIng. wSlh rneals provlded. onsuring nouflshmgnt both physically and 5plrilually. Happy Day We host 'Happy Days, for th8 youth. featuring short Bible studies, prayer, and activities designed to foster faith and friendships. These events attract newcomers who experience the Joy and love of God. slr8nglhoning our communtty and encouraglng conUnued partlclpatlon. GLORIA CHURCH TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Church R•tr•at The church retreats were held n•ar Cornwall and Cambridgo during tho summ8r and winler. respectively, with schedules of 3 days ond 4 nights And 2 days and 3 nights. Through 8 program that included worship, prayer, oames. sports, fellow8hlp. and rest. the youth, parucular, ￿CeiVed much encouragemgnl, rest, and challenges. After the retreat, we witnessed posltive changes in the youth. It became one of the church's most beloved progrgms, provlding joy and benefit lo 8v&ryone Involved. Spo¢i41 Day of Pray•r Held durlng the summer, autumn. and wint•r terms. thls five-day event focuses on prayer, uniting adults and youth for mutual encouragement and spiritual growth. These special days provide a profound opportunty lor collectlv8 8pSrllual devek)pment and communSty bondlng. 8•rvlng •nd H•lplng P•opl• Th18 year, we 8Xtended substanllal support to members and the broader community fadng flnanclal dmculfjes, heatth issues, job loss, and bereavement. We provided prayers. practscal aid, and linanu81 support, demonstrating our commltm8nt to hollsllc car8. W& 8sslst&d thosé movlng to n&w homas, provSdad food and n8cossllles to th8 111, and supportad famS1iés in dlslress. Aso we support a MS$slonary who lost her husband. W8 also provldè m8als for th8 elderly in the center and contlnue our charita￿6 efforts to support chlldren through Compasslon, èn8urlng thosè In neod rac&lve Iho Car• and support they rgqulre. Exlr• M••tlngs The Leadership ltram moets ragularly lo dlscu88 and evaluate Church actSvltie$ and vlsit tho80 In dlstr88s, ansurlng our outreach efforts are effecllve. Tru•t•• M••tlng• TrusteeB meet every Sunday after the 1 PM service, for about hour. Additionally, they mggt Iwicg a month on SBturday mornings from 8 AM lo 9 AM to ddiberate on church aclivities 8nd 8KI tho88 in nègd. Al the gnd ol 88ch month, Iru8tees revw the churth'5 actlvilles and fingnclal slalus, en8urlng tr8n8P8ran¢y end acwuntablllty In all operal'ons, and making 51ralegic decAsions to support our mission and members effgctivoly. Fln8n¢lal revlew Ther$ w88 8 deficll of £3,028 durfng the year12022: d8fl¢bt 01 £38,836). Total fvnds al the year end amunted to £118.28012022'. lunds of £121,308). Res6Nes pollcy It is tha pollcy of tho charlty that unr8strlct8d fijnds whlch hav8 not bean deslgnated for a sPe￿riC use should be rnalntalnad 3181gvél 8qulval8nt lo batwè&n thr88 and slx month's èxp8nditure. Tha trustees considers that res8rves ¥1 this level will ensure tr81. in the event of 8 signifioant drop in lunding, Ihay will b& able to continue the charity's current activities while con81deralion is given to Ways in whlch 8ddllional fund8 m8y b6 raised. Thls1gV81 of reserves has been malntained throughout the year, Major risks The trustees have as38868d the m8lor rf8k8 to which thè eharfty 18 èXPDs8d. and arè salisfled that systems are In place lo rnitigale exposure to the rnajor risks. Structurg, governance and management Th8 charity was establishèd by a charilablo ¢onstiludon on 22 Dgcembar 2013 and rgglstered wtth the charity commission on the 10 January 2024. GLORIACHURCH TRUSTEES REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The tru81•88 who $gNed during the year and up to lh8 date of signature of the flnawal ststsments were.. Sung YOUNJ Cho Myung H88 Oh Sun Moon Jung ReGnJitm8nt and appointment oltwsle8S Apart Irom tho first charity twstges, evèry trustao rnusl b8 appointad for a leTTn of Ihrgè years by a resolutlon P888èd at a properfy convened meeting of the charity trustees. In sele¢tlng Individuals for 8ppolnlm&nt as charity Injslees, the d)arity trustees must have regard to tha S￿lIs. knowledge and èxpar18nco needed lor the effective admlnistralion of (he CIO. Ofryanlsallonal stwclure The Church 18 managed on a day to day b8818 by the pastor Sung Young Cho subject to thg ovar8lght of the trustees. Th8 tru8t80s port was approvod by the Board of Trustg8s. SUNJ Young Cho TN•t•• Dats.. 8. ....7.. 2.024 GLORIA CHURCH STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Iruslee8 are responsible for preparing the Trustees Report and the financial stslements in accordance with applicable law and United Kingdom Accountln9 Standards {Unit6d Klngdom G8neraJly Acc8Pted Accounting Practical. The appllcoble to oharitie$ In England and Wales requlres the trustees to pr&poro financial 8tat8ment$ for each flnancial yèar which glvé a tru8 and fair view of the stst• of affalrs of the charlty and of tha incoming r8sourc8s and 8pplicatlon of resourc8$ of the charity for that year. In Preparing th8sa financlal stat•m8nts. thè trustaas ar8 requirad to.. s818ct sultabla aceounung pollcles and thèn apply them conslslènuy., ob8eNè the methods 8nd prlnclpth In the Charftles SORP.. mak6 judgement3 and 881irnale& that are reasonable and prudent.. stale whether appllcable accounting 8tandard8 have been followed, Su￿.8Ct to any materiBI departures dS8c108ed and expl8lned In the financlal 8ta18m8nts'. and proparo th6 finBnclBI 8talam8nts on the golng concgm ba818 unl9$$ It IS Inapproprlato to prosurng that thg charity VAII conllnue in operallon. The tru8t88S Br8 r•spDn8ibl8 for k88ping 8uffic19nt accounting r8cord8 that di8cIo88 wlth r8è80nable accuracy al any Ilma th& finandal posillon of thg charity and gnablo Ihgm to ¥n8ur& that the lin8n¢Sal statem&nt8 comply with the Charilios Act 2011, the Ch8rity IAccoun15 and Report81 Fiegul81itsns 2008 and the provi$ion$ ol Ihg trust ¢Jeod. Thoy ar& 8180 r&sponsible for safeguardlng the ayBels of the charity Bnd hence for taking ￿8$On9￿10 steps for the preventbn and detectlon of fraud and oth8r Irregularltl8s. GLORIA CHURCH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GLORIA CHURCH I report to the trsjstees on my examinabon of the financAal statements of Gloria Church {the charityl for th8 year ended 31 Do¢ember 2023. Responsibilities and bagij of report As the trustees of the charity you are f8sponSi￿8 for the prepafalion of the financial ytslernents in accordanc& wllh the requirements of the Ch0riti8s Act 2011 Ith& 2011 Act). I report In rèsptcl of my examination of the charity's financial stal8rn8nts cathed out under ￿el￿On 145 ol th8 2011 Act. In carrying out my examlnation I hov8 followed all the applicabl8 05ractlons given by the Charity Comm188ion under section 14515llbl of the 2011 Act. Independent •xamlnorfs staternont Your attenllon Is dr8wn to Ihg lacl Ihal the ch8rlty has pwp8r8d finan¢lal slal8ments In Bccordanco wlth ACCOUn￿ng and R8portlng by Charltias préparing Ihgir #ecournts in 8ccord8neè with thè Flnanclal Reporting Standard applicable In the UK 8nd Republi¢ ol Ireland IFRS 1021 In preference lo the Accounllng and Roporting by Charities.. Statement of R•comm8nd8d Practlca i88U8d on 1 Aprll 2005 which Is referred to In the Èxt8nt regulallons bul has now been wllhdrawn. l understand Ihal this has been done in order for finan¢ial stalernenls lo provide a true aThJ falr viaw in accordgnca th Generally Accepted Accounting Practice 8ffediv6 lor reporting periods beginning on or aft8r 1 Jgnuary 201 S. I havg completed my ex8minalion. I confirm that no m8tt$r3 h8ve come lo my attontion In connection th8 examSn81ion giving me cau8e lo belleve thal in any mat8rial respect- accounting reccfdB were not kept In respect of the ¢harty a8 required by seellon 130 of thè 2011 Aci., or the financbal 8tstemon18 do not acctsrd wfjlh those ￿COrd8.. or th8 flnanclal stBtem8nts do not comply wlth thè appllcablè 18qulrèmants concemlng ihe form and conlenl of accounts sol out In the Ch8rSlles IA¢¢ount8 8nd Raportsl Rtrgulallons 2008 olhar than any requirement thal the ac¢ounts give a true and fair view which is not a mattor ¢on81dered as part ol an Ind&pandènt &xamlnation. I have no concems and have come across no other matters in connection wilh the ex8minalion lo which att&ntion Shoukl be drawn In this rèwt In order to enable a proper underst8ndlng of thtr financ1818tstemonts to bg r&a¢h&d. John C•ladln• FCCA CTA FCIE Caladlne Llmlled Chantry House 22 Upperton Road E88lbourne East Sussex BN21 18F Datéd.. GLORIA CHURCH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unro8trlct•d fund¥ 2023 Unr•8trlctsd funds 2022 Not•$ In¢om• from: Donatlons And legacSes 96.012 63.967 Total Incom• 96,012 63.967 Exp•ndttur• on: Charftsbl8 a¢tlvMe8 99.040 102,803 Total •xp•ndlturn 99,040 102,803 N•t •xp•ndltur• and mov•m•nt In fund• 13,0281 138,8361 R•conclllatlon ol fi•nd•: Fund balances al 1 January 2023 121.308 160,144 Fund balan¢•• at 31 D•c•mb•r 2023 118,280 121,308 The 8talemenl of flnancial ac15vll88 indudas all galns and los$e8 recognSs8d In th& year. Al Sncome and expendlturo d8riv8 from c0ntlnul￿ advitias. GLORIACHURCH STATEMENT OF FINANCIAL POSITION ASAT31 DECEMBER 2023 2023 Notès Flxgd a$$•ts Propgrty, plant and gqulpment 4,11S 1.859 Currnnt assets Trade and other receivables Cash al bank and in hand 10 $3,008 75,598 11.085 114.448 128.606 114.4411 125,533 16,0841 Curr•nt Ilabllltl•$ 11 Net curr•nt a••etg 114,165 119,449 N•t a*••ts 118,280 121.308 Th• fund• of th• charlty UnTe8tdcted furmts 118,280 121,308 118,280 121.308 The flnanclal 81atsment8 were approved by the ITu$le88 on ......................... Sung Young Cho TruJt•• Myung Hae Oh Tru$to• GLORIA CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollchs ChaTIty Infomiatlon Glorfa Church is a charitable incorporated organisation. 1.1 AccountSng conv•ntlon Tho financial statements h8v8 bèÈn prèp8r8d in acttordanc8 with th8 charity's constitulSon, the Ch8rltiès Act 2011 and 'Accounting and Reportlng by Charitles.. Statement of Recommended Practlce appllcable lo charities preparing their accounts in accordanca wrth th& Finanaal R8porting Slandard applicable in tho UK ond RepU￿le of Ireland IFRS 1021 leff&ctiv$ 1 January 20191" The ¢harity1s 8 Public Beneh'l Ents'ly as defined by FRS 102. The charity has tsken advantage of the provisions in the SORP for chorities applying FRS 102 Update 8ulletin 1 not to prepar8 8 Statem8nt ol Cash Frow8. The flnanclal 8tslèmènls have d8P8rt8d from the Ch8rllla8 IA¢¢ounl8 8nd R8portsl Ragul8tlons 2008 only to thè axtenl requlr¢d to provldiy a irua and fair vlew. Thls d•parturo has Invdved lollowlng th• Sla¢em¢nl of Recommended Practice for ¢h8ri1ie3 8pplying FRS 102 r8lh8r than the verslon of the Statement of Rfy¢omm•nn tax. 10- GLORIACHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 crftlcal y¢counting g•tlmatgi and Judgom¥nt• In the applicauon oflhè tharity's a¢coundng polkles, Ihe Iruslaès are réqu11￿ to mak8 judgernents, eBUrnates And assumptions Èbtsut thè tarrying amount ol assets and li8billles Ihat are not readily apparent from other 80urces. The estim8les and assodaled assumplkjns are b8S8tJ on hlslorl¢al exparfence and other factors Ihat are consldered lo be relevant. Actual resutts may differ from thale eslimales. Thg asllmaies and und•rlySng B$sumpllons ara r8vl8wed on an ongoing basis. Re￿SlOn$ lo acCoun￿ng estimates are rectsgnised in the P8Tiod in which thè èstimatè is rèvisèd whèrè the rewsion affects only thal p8riod. or in the period of Ihe revlsion and futufe periods where th8 revision affects both currgnl and fvlure perlc¥Js. In¢omo from donotlon8 and legacl•s Unr•strfct•d Unr•8trlcl•d fundi fund¥ 2023 2022 Donallons and 91ft8 96.012 63,967 Expondltur• on ¢harltabl• AetlYltl•• Ch•rltabl• actlvlt1•8 Ch8d18ble acllvlt5es 2023 2022 Dlr•ct costs Staff co818 M8n88 rant SpeclBI occaslons Bible 8tuty re80ur¢08 Glfts 8nd don8tlons Church and youth eventslrelreats Hira of venue Small Oqulpmgnt and actlvity costs Refreshrnents and food for church and youth acllvlll8s 45,193 2,750 600 43,601 3.382 428 16.741 3,129 6,352 278 8.882 14.095 7,783 3,816 1,320 1.889 77,446 80,793 Shure of wpport governance l•e• note Sl Support Govgmanog 19,218 2,376 18,759 3,251 99,040 102,803 Analy318 by fvnd Unrestricted funds 99,040 102.803 GLORIA CHURCH NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs allout•d to actlvltl•s Charltablfj actlvltl•s 2023 Totsl 2022 Depredallon Office r8nt Office uti1St1&8 and In8uronca Printing. postage and stationary Advert58ing Computsr costs Office equlpmenl Subscrlpilons Governanc& 1,027 10,875 1,185 338 150 383 4,651 150 3,251 14,500 1,145 335 200 1,145 295 2,376 21,594 22,010 2023 2022 Gov•rnanc• colts comprl••". Legal and profes8lonal Accountsn Independ•nl ex8mlnatlon Payroll 1,211 1,200 360 4eo 1,380 420 576 2,378 3.251 TruBte•• Sung Young Cho re￿[v•d pay of £43,234 12022.. £42,331> and èmployèrs penslon contrlbutions of £1.297 12022.. £1,270> by way of r8mun8rallon for servle8s provldèd In h5s rdè 88 P8slor of th8 church. At the ènd of November 2023 the church also st¥rttrd lo rtsnl 8 manse for Sung Young Cho in hls rolè gs pastor at g ¢ost ol E2.750 pcrn. Employe•B Tho av8rag8 monthly nUm￿r of employees during the year was: 2023 Numbgr 2022 Numbar Pastoral 12- GLORIA CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Employ•es {Continuedl Employment casts 2023 2022 Wages and 3alarie8 Soc581 $8¢urtty Olhor pension costs 43,234 662 1,297 42,331 1,270 45,193 43,601 Thore were no empbyee3 whose annual remuneratlon wa8 more than £60,000. R•munoratlon ol k•y m•n•g•m•nt p•rwnn•l Th• remunera￿on of k&y manag8m8nt ￿rsOnnel was as follows.. 2023 2022 Aggregate cornpen88Jon 45.193 43,601 TaxatSon Tha charty18 8x8mpt from taxatlon on Its 8ctivlties because all Its Incomè18 8ppll8d lor ch8rit8blg purpo$gs. Prop•rty. plant and •qulpment Flxturm, flttlng• & •qulpm*nt Cost Al 1 January 2023 Additions 6,852 3,556 At 31 December 2023 10,408 D•prnclatlon and Impalrnient At 1 January 2023 Depreciation charged in the year 4.993 1,300 At 31 De¢emb&r 2023 6.293 Carrylng amount At 31 December 2023 4,11S At 31 December 2022 1.859 13- GLORIA CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Trad• and other rec•lvablo8 2023 2022 Amounts falllng due wtthln ono yoar: Olh8r rgceiv8bles Prepayments and Bccruèd Income 15,358 37,650 9,685 1,400 53,008 11,085 Olhgr r8c91vabl88 Include rantal deposttB. Prepayments in 2023 include 11 months of m8n8e rental whlch was prepaid. 11 Curr•nt Il*blllllo1 2023 2022 Oth8r taxatlon and 80cOal 8ecurfty Other Paya￿89 IR•ntl Accwg18 8nd defeff8d Income 4,355 742 9.344 2,784 1,500 1,800 14.441 6.084 12 R•tlr•m•nt b•n•llt •¢h•m•• 2023 2022 D•fln•d ¢onlrfbutlon •ch•m•g Ch8r8e lo profil or in respect ol d8fln8d conlrftyjllon 8chgmo8 1,297 1,270 The chBTIty op6rates a d&flnad contrlbulion p6nslon scheme for 811 qualI￿ng employees. The assets of th 8cheme are hèld sep8ratèly from thoBe of the charity in Sn independently administered fund. 13 Unr•8trfctsd fund• The unreslricled funds of the tharlly compri58 the unexpended balancès of dorratlons and grants which are r￿1 subloct to 8Pgcific conditlons by donors and grantors as to IK)W they may bo u88d. Thèse indude dgsignatsd funds whkh have been sel asld8 out of unr8strlct8d funds by th& Iru81888 8Pgdhc purp08e8. At 1 January 2023 Incomlng r•sources Resources •xp•nded At31 D•comber 2023 Youth g8lhgring and office General funds 29,057 92,251 119.044) 179,9961 10.013 108,267 96.012 121,308 96.012 199,0401 118.280 14- GLORIA CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Unrestrict•d funds (Continued) Prnvlou$ y•Jr. At 1 January 2022 Inc•mlng r•gourc•s R•Bolir￿lI expended At31 DKomber 2022 Youth 98thering and offkg General funds 48,LX)O 112.144 118.9431 183,8601 29.057 92,251 83,967 160.144 83,967 1102.8031 121,308 Not•• The charlty ha8 88138ld6 general funds that were don8t8d to the Church, for youth g8th&rlngs and offl¢e rental costs. 14 Op•ratlng loam commltm?nt• L••••• Al the reporting end date the charty had outstsndlng commltmgnls for lulure mlnlmum1888t payments under nonrycancellable operaung laases, whlch fall due as follows.. 2023 2022 Wllhln one year B8hve&n Iwo and live years 47.5CO 59.250 14.500 43.500 108.7SO 58,000 16 R•l•tsd party tr•n*8ctlon• There were no dlsclosabl8 relatod party transactions during the year12022- nonel. 15-