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2021-08-31-accounts

REGISTERED COMPANY NUMBER: 08848067 (England and Wales) REGISTERED CHARITY NUMBER: 1157383

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

FOR

THE CO-MISSION INITIATIVE TRUST

Brindley Millen Ltd 167 Turners Hill Cheshunt Hertfordshire EN8 9BH

THE CO-MISSION INITIATIVE TRUST

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 August 2021

Page
Report of the Trustees 1 to 8
Independent Examiner's Report 9
Statement of Financial Activities 10
Balance Sheet 11
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14 to 23
Detailed Statement of Financial Activities 24 to 25

THE CO-MISSION INITIATIVE TRUST

REPORT OF THE TRUSTEES for the Year Ended 31 August 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2021. The trustees have adopted the provisions of 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).

THE CO-MISSION NETWORK

The Co-Mission Initiative Trust ("CMIT" and "the charity") is the charity vehicle behind the Co-Mission network. Through this charity, Co-Mission is seeking to evangelise London through church planting and church strengthening.

As well as providing support to Co-Mission churches through its Church Strengthening Team and its Resources Team, the charity's primary focus and challenge over the next few years, will be facilitating the planting and establishing of many new churches as part of the Co-Mission 10-year plan. The charity is the legal provider of Co-Mission events including the Revive Bible Festival, Staff Focus and church planting co-operatives and conferences; and is also the provider of The London Church Planting Academy and Co-Mission Media.

a. The spiritual need in London

Page 1

THE CO-MISSION INITIATIVE TRUST

REPORT OF THE TRUSTEES for the Year Ended 31 August 2021

c. The financial challenges

OBJECTIVES AND ACTIVITIES

Objectives and aims

The principal objects of the charity are to advance the Christian faith, to facilitate the establishment and renewal of Christian churches in London, and to provide support to the church planters engaged in the advancement of the gospel.

Public benefit

In planning the activities of the charity, the trustees have had due regard for the guidance published by the Charity Commission with regard to public benefit.

Through the charity's work and by the grants it has provided, the charity has provided significant public benefit.

It is well established that, in general, church-planting:

  1. Reaches more unbelievers with the gospel, especially unbelievers from younger generations and from unreached communities

  2. Stimulates the spiritual building-up and training of members involved in the church-plant

  3. Rejuvenates the churches involved in supporting the plants

  4. Stimulates evangelistic activity in other churches in the locality of the plant and in its denomination

  5. Has a positive social impact upon the community in which the church is planted

Co-Mission churches are characterised by a love for the Lord Jesus which is demonstrated by a love for their local communities.This love means that our churches will seek to serve Londoners regardless of race, colour, ethnicity, religious background, gender etc. The local churches that the charity supports, and/or helps to establish, love the people in their localities and will therefore work hard to:

With the charity's help, the churches in our network benefit their communities in many real and meaningful ways as they share the Christian gospel with them. In addition to regular Sunday church services (open to all), many Co-Mission churches run thriving parent and toddler groups, offer free English classes, provide kids', youth and senior citizens' groups and clubs and run international cafés to welcome those who have come to London from overseas and to help integrate them into London society. Many Co-Mission churches also seek to promote family values by providing courses on marriage, parenting, good money management and on handling stress and sickness. Whilst running such groups and activities, our churches teach the community to value people of all ages and to treat children and the elderly with care and respect.

The charity is committed to establishing more churches throughout London to provide increasing levels of public benefit - all for the glory of the Lord Jesus. In addition to planting new churches, the charity seeks to strengthen existing churches through the activities of the Co-Mission Church Strengthening Team and the media and events provided by the Co-Mission Resources Team. As a result, the recipient churches are helped to become more effective in their ministries for the benefit of the communities in which they serve.

Page 2

THE CO-MISSION INITIATIVE TRUST

REPORT OF THE TRUSTEES for the Year Ended 31 August 2021

OBJECTIVES AND ACTIVITIES

Grantmaking

The charity has committed to provide relief of poverty grants to a number of individuals engaged in planting new churches and gospel ministries in London. In addition, the charity provides grants to a number of young Co-Mission churches and plants and also to some more established churches throughout London which are, for various reasons, either unable to cover their own costs or require some financial support in order to maximise their local mission opportunities. Subject to budgetary limits agreed by the trustees, such grants are reviewed and approved by the Co-Mission Executive Team on behalf of the trustees.

Volunteers

A significant amount of time is expended on the charity's activities which is donated free of charge.

It is not possible to quantify the amount of time given or ascribe a value to it and accordingly it is neither recorded as donated income nor as an expense in the financial statements

ACHIEVEMENT AND PERFORMANCE Activities and Achievements

Page 3

THE CO-MISSION INITIATIVE TRUST

REPORT OF THE TRUSTEES for the Year Ended 31 August 2021

FINANCIAL REVIEW

Financial review

The trustees were greatly encouraged by the financial support received by the charity during the past financial year. Our major funders, who have supported Co-Mission so generously over many years, continued to do so and we delight in their joyful and sacrificial giving resulting from their own love for our Lord Jesus. For administrative reasons, some of that major funder income was delayed and was not received until after the financial year to which these accounts relate, but in God's kindness that high-level support is ongoing. In addition, a small number of other faithful individuals who are excited about Co-Mission's plans to advance the Gospel throughout London were pleased to share their hard-earned funds with the charity and we are grateful to God for each one of them. That "patron" income was slightly reduced as compared to previous years - largely because COVID-19 restrictions made it difficult for the charity's leadership to meet with them during the past year.

We also received the final tranches of grant income from a couple of international organisations and that support has been such an encouragement to us all. The costs of church planting in London are such that we will need to continue to grow the charity's income over the coming few years.

Over the 2020-21 financial year, we were delighted to be able to provide financial support totalling £134k to church planters and ministries located in Catford, Clayhall, Elephant & Castle, Fulwell, Haringay, Silvertown, Wandsworth and Wimbledon. In addition, we made grants totalling £46k to a number of Co-Mission churches including The Bridge Church in Battersea and Longheath Baptist Church, both of which are doing fantastic work, but which, for various reasons are currently unable to cover their own costs.

Over the year, we made an overall loss of £168k, but that was not a real financial loss as it primarily resulted from the late receipt of some major funder income which was received after the closure of the financial year's accounts. The charity therefore finished the year with reserves of £322k and we are very thankful to God for his continued financial provision which will enable the charity to continue its activities over the coming years. Indeed, it is our hope and expectation that the charity will be able to give even larger sums away over the coming year to new Co-Mission church plants and ministries.

Page 4

THE CO-MISSION INITIATIVE TRUST

REPORT OF THE TRUSTEES for the Year Ended 31 August 2021

FINANCIAL REVIEW

IMPACT OF THE COVID-19 PANDEMIC

During the financial year to 31st August 2021, the pandemic continued to have a significant impact upon the local churches which form the Co-Mission network, but less impact upon the charity itself. For much of the year, most of the charity's staff continued to work effectively from home and were able to continue to pursue the charity's purposes despite the restrictions. Initially, due to restrictions, many meetings took place electronically using Zoom or Google Meet, but as the year progressed, face to face gatherings resumed, though many took place outdoors (especially during the Spring and Summer). Greater use was also made of the charity's temporary offices in Wimbledon and the Co-Mission staff team enjoyed the opportunity to meet regularly once again.

In respect of Co-Mission's church planting, the pandemic may have slowed down some of the church planting plans, but did not dampen the spirits of the church planters and we were thrilled by the formal launches of the three new church plants in September 2021. The planters continued to benefit from weekly training and encouragement from the London Church Planting Academy which met online for most of the year. Whilst it was disappointing not being able to regularly meet face-to-face, the provision of the online training provided the opportunity for a number of overseas church planters to participate and they were enormously grateful for that support.

The main Co-Mission activities to be impacted by the pandemic were again the larger annual Co-Mission events. Whilst Staff Focus was provided as an online event in November 2020 and was greatly appreciated by staff from across the network and a number of church planters and ministry trainees, particular sadness surrounded the cancellation again of the annual Revive Bible festival. Other events were also moved online and the Co-Mission Resources Team showed wonderful flexibility, skill and imagination as they worked tirelessly to ensure that the events continued to encourage and strengthen the network.

During the pandemic, the trustees closely monitored the charity's finances and took other steps to protect the charity. In particular, the following actions were taken:

  1. We reviewed the charity's income streams to consider the likely impact of the combination of restrictions and a global recession.

  2. We took advantage of the government's job retention scheme and several staff were furloughed for varying periods in order to make cost-savings.

  3. We spoke with key funders to ensure their support would continue, committed to monitoring income extra closely and agreed to ensure that trustees are warned immediately of any significant reductions in expected income.

  4. We took urgent steps in respect of the planned Revive bible festival, aware both of the great importance of the event for the network, but also of the danger of making significant financial losses on the event if we did not cancel it in a timely manner before various payment commitments became binding. In addition, once the event was cancelled, we carefully negotiated with key suppliers seeking to minimise financial loss and also preserve key commercial relationships.

In God's kindness, despite the continued economic and social uncertainties resulting from the pandemic, no significant financial harm was suffered by the charity in the financial year to 31st August 2021. In their latest budgets, the trustees have taken careful account of the ongoing situation and, once again, do not expect the effects of COVID-19 to cause any serious reduction in income or to result in any significant additional costs.

Page 5

THE CO-MISSION INITIATIVE TRUST

REPORT OF THE TRUSTEES for the Year Ended 31 August 2021

PLANS FOR THE FUTURE

The charity plans to continue to fulfil its objectives to advance the Christian faith throughout London by planting and revitalising churches to reach new communities with the Gospel of the Lord Jesus Christ; and by strengthening our existing Co-Mission churches to them to maximise their ministry opportunities and Gospel effectiveness. Over the new financial year:

  1. A number of church planting opportunities are being actively explored and Co-Mission will make every effort to support these and other new gospel initiatives.

  2. The CEO of Co-Mission is currently engaging the trustees and senior pastors in a major strategic

    1. review to ensure clarity and unity going forward.

  4. The respective Co-Mission leadership teams will continue to focus efforts on three key initiatives:

  5. Pipeline : identifying and training leaders, planters and gospel workers;

  6. Diversity : welcoming and growing in cultural, class and ethnic diversity; and

  7. Culture : evolving our principles and values to promote healthy church ministry.

  8. Whilst COVID-19 continues to add to the challenges faced by our churches, we will provide as much additional support as we can to assist them in their ministries.

  9. The Co-Mission Resources Team will continue to increase its digital output and make its media and events even more relevant, engaging and effective.

  10. We plan to run the Revive Bible festival at the University of Canterbury in June 2022 .

  11. We plan to move into our new charity offices in Raynes Park in February 2022.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, the memorandum and articles of association and is constituted as a company limited by guarantee as defined by the Companies Act 2006.

Organisational structure

The board of trustees are responsible for managing the affairs of the charity. They meet 3 times a year and also invite key personnel to these meetings so that they can be kept fully informed as to the day to day running of the charity. The board may delegate any of its functions, such as administrative and ministry tasks (including: attending to the training and welfare of the church planters, developing the church plants, interviewing potential planters, and progressing the objectives of the charity) to a sub-committee of trustees or to other key personnel.

Key personnel

Trustees: Philip Cooper, John Marland, Catrin Lee and Olubunmi Balogun (from 06.10.20). Company Secretary & Director of Charity Services: Stephen Hatherall Chief Executive Officer: Richard Coekin Chief Operations Officer: Matthew Dalton Director of Church Planting: Richard Perkins

At present, of the Key personnel, only Matthew Dalton is employed directly by the charity, with the other Key personnel being seconded to the charity.

Induction and training of new trustees

New trustees are appointed as and when required and on appointment are given a basic introduction to trustee responsibilities, a copy of the Charity Commission leaflet "The Essential Trustee" and are encouraged to attend an external training course so that they get a basic grounding in charity law and a more detailed understanding of trustee responsibilities.

The Co-Mission Churches Trust

The Co-Mission Initiative Trust has a close working relationship with an independent charity, The Co-Mission Churches Trust (CMCT). Both charities have similar charitable objectives centred upon the advancement of the Christian faith through local church ministries in London and, currently, two of the charity's trustees are also trustees of CMCT. Until September 2017, the Co-Mission network's staff and activities were housed within CMCT, but were then transferred to the charity. With some shared history, shared objectives, some projects in common and some shared personnel, the trustees of both charities have agreed some mutual financial support and the CMCT trustees have agreed to allow the charity to utilise its payroll, workplace pension scheme and group insurance schemes.

Page 6

THE CO-MISSION INITIATIVE TRUST

REPORT OF THE TRUSTEES for the Year Ended 31 August 2021

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 08848067 (England and Wales)

Registered Charity number 1157383

Registered office

The Church Hall, St Andrew's Church Herbert Road Wimbledon London SW19 3SH

Trustees

P D Cooper J C Marland C H Lee O O Balogun (appointed 6.10.20)

Company Secretary

S Hatherall

Independent Examiner

Brindley Millen Ltd 167 Turners Hill Cheshunt Hertfordshire EN8 9BH

Bankers

Barclays Bank PLC Leicestershire LE87 2BB

CAF Bank Limited 25 Kings Hill Avenue Kings Hill, West Malling Kent, ME19 4JQ

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Co-Mission Initiative Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

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 those financial statements, the trustees are required to

Page 7

THE CO-MISSION INITIATIVE TRUST

REPORT OF THE TRUSTEES for the Year Ended 31 August 2021

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

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.

Approved by order of the board of trustees on .......7 February 2022.......... and signed on its behalf by:

J C Marland (Feb 10, 2022 10:13 GMT) .................................................................

J C Marland - Trustee

Page 8

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CO-MISSION INITIATIVE TRUST

Independent examiner's report to the trustees of The Co-Mission Initiative Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2021.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England & Wales 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:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts 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 accounts 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 accounts to be reached.

mwbrindley

mwbrindley (Feb 10, 2022 14:18 GMT)

Maurice Brindley BSc FCA Institute of Chartered Accountants in England & Wales Brindley Millen Ltd 167 Turners Hill Cheshunt Hertfordshire EN8 9BH

Feb 10, 2022 Date: .............................................

Page 9

THE CO-MISSION INITIATIVE TRUST

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 31 August 2021

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
497,100
Charitable activities
4
Events
5,232
Supported church plants
-
Investment income
3
40
Other income
31,971
Total
534,343
EXPENDITURE ON
Charitable activities
5
Ministry costs
483,026
Events
19,907
Grants to churches and church planters
192,298
Supported church plants
-
Total
695,231
NET INCOME/(EXPENDITURE)
(160,888)
Transfers between funds
14
1,350
Net movement in funds
(159,538)
RECONCILIATION OF FUNDS
Total funds brought forward
478,800
TOTAL FUNDS CARRIED FORWARD
319,262		 Restricted
funds
£
105,163
-
137
-
10,843
116,143
102,649
-
922
19,283
122,854
(6,711)
(1,350)
(8,061)
10,641
2,580		 31.8.21
Total
funds
£
602,263
5,232
137
40
42,814
650,486
585,675
19,907
193,220
19,283
818,085
(167,599)
-
(167,599)
489,441
321,842		 31.8.20
Total
funds
£
869,750
27,008
1,520
479
18,642
917,399
588,894
82,695
233,954
18,800
924,343
(6,944)
-
(6,944)
496,385
489,441

The notes form part of these financial statements

Page 10

THE CO-MISSION INITIATIVE TRUST (REGISTERED NUMBER: 08848067)

BALANCE SHEET

31 August 2021

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
11
10,000
CURRENT ASSETS
Debtors
12
16,249
Cash at bank
296,015
312,264
CREDITORS
Amounts falling due within one year
13
(3,000)
NET CURRENT ASSETS
309,264
TOTAL ASSETS LESS CURRENT
LIABILITIES
319,264
NET ASSETS
319,264
FUNDS
14
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
2,578
2,578
-
2,578
2,578
2,578		 31.8.21
Total
funds
£
10,000
16,249
298,593
314,842
(3,000)
311,842
321,842
321,842
319,264
2,578
321,842		 31.8.20
Total
funds
£
-
42,186
451,755
493,941
(4,500)
489,441
489,441
489,441
478,800
10,641
489,441

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ......7 February 2022....... and were signed on its behalf by:

............................................. J C Marland (Feb 10, 2022 10:13 GMT)

J C Marland - Trustee

The notes form part of these financial statements

Page 11

THE CO-MISSION INITIATIVE TRUST

CASH FLOW STATEMENT
for the Year Ended 31 August 2021
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 31.8.21
£
(143,202)
(143,202)
(10,000)
40
(9,960)
(153,162)
451,755
298,593		 31.8.20
£
3,458
3,458
-
479
479
3,937
447,818
451,755

The notes form part of these financial statements

Page 12

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE CASH FLOW STATEMENT for the Year Ended 31 August 2021

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net expenditure for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:
Interest received
Decrease in debtors
Decrease in creditors
Net cash (used in)/provided by operations		 31.8.21
£
(167,599)
(40)
25,937
(1,500)
(143,202)		 31.8.20
£
(6,944)
(479)
12,305
(1,424)
3,458

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.20 Cash flow At 31.8.21
£ £ £
Net cash
Cash at bank 451,755 (153,162) 298,593
451,755 (153,162) 298,593
Total 451,755 (153,162) 298,593

The notes form part of these financial statements

Page 13

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 August 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements and assessment of going concern

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 under the historical cost convention.

The financial statements are presented in sterling (£).

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Critical accounting judgements and key sources of estimation uncertainty

No significant judgements have been made during the course of preparing these financial statements. There are no sources of estimation uncertainty.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Income from donations or grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the donations or grants have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from contracts in respect of services provided is recognised when, and to the extent that, performance occurs and is measured at the fair value of the consideration receivable.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Allocation and apportionment of costs

Support costs include all those overhead costs of office, utility services and other services and costs, which are in support of the activity. They have been allocated to activity cost categories on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% on reducing balance

Net current assets

Cash at bank

Cash at bank includes bank deposit accounts and short term highly liquid investments with short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 14

continued...

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2021

1. ACCOUNTING POLICIES - continued

Net current assets

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Creditors

Creditors are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Taxation

The charity is exempt from corporation tax on its charitable activities.

2.

DONATIONS AND LEGACIES

Gift Aid donations
Non Gift Aid donations
Reclaimed Gift Aid
Grants
Co-Mission membership contributions
Grants received, included in the above, are as follows:
Anonymous funders		 31.8.21
£
83,610
320,531
20,903
44,900
132,319
602,263
31.8.21
£
44,900		 31.8.20
£
135,304
493,846
33,951
75,629
131,020		 31.8.20
£
135,304
493,846
33,951
75,629
131,020
869,750
31.8.20
£
75,629

Grants received, included in the above, are as follows:

Page 15

continued...

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2021

3.
INVESTMENT INCOME
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Events income
Events
Events income
Supported church plants
5.
CHARITABLE ACTIVITIES COSTS
Ministry costs
Events
Grants to churches and church
planters
Supported church plants
6.
SUPPORT COSTS
Information
Finance
technology
£
£
Ministry costs
185
12,176
Supported church plants
-
-
185
12,176
7.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Independent examination		 31.8.21
£
40
31.8.21
£
5,232
137
5,369
Support
Direct
costs (see
Costs
note 6)
£
£
558,531
27,144
19,907
-
193,220
-
18,982
301
790,640
27,445
Office
Governance
costs
costs
£
£
9,735
5,048
301
-
10,036
5,048

31.8.21
£
-
3,000		 31.8.20
£
479
31.8.20
£
27,008
1,520
28,528
Totals
£
585,675
19,907
193,220
19,283
818,085
Totals
£
27,144
301
27,445
31.8.20
£
4,500
-

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THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2021

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2021 nor for the year ended 31 August 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2021 nor for the year ended 31 August 2020.

Key management personnel

The charity consider its key management personnel to comprise the Trustees, Chief Executive Officer (Director of Co-Mission), Chief Operations Officer, Director of Charity Services, Director of Church Planting and Director of Church Strengthening. Total Key Personnel remuneration for the year was £260,042. (2020: £226,984)

9. STAFF COSTS

9. STAFF COSTS
31.8.21 31.8.20
£ £
Wages and salaries 408,130 358,451
Social security costs 39,772 31,983
Other pension costs 42,532 36,191
490,434 426,625
The average monthly number of employees during the year was as follows:
31.8.21 31.8.20
Average employees (including seconded) 17 12
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was:
31.8.21 31.8.20
£60,001 - £70,000 1 -
£70,001 - £80,000 - 1
1 1
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 781,091 88,659 869,750
Charitable activities
Events 27,008 - 27,008
Supported church plants - 1,520 1,520
Investment income 479 - 479
Other income 17,619 1,023 18,642
Total 826,197 91,202 917,399

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

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THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2021

10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
funds
funds
£
£
EXPENDITURE ON
Charitable activities
Ministry costs
513,265
75,629
Events
82,695
-
Grants to churches and church planters
233,954
-
Supported church plants
-
18,800
Total
829,914
94,429
NET INCOME/(EXPENDITURE)
(3,717)
(3,227)
Transfers between funds
1,440
(1,440)
Net movement in funds
(2,277)
(4,667)
RECONCILIATION OF FUNDS
Total funds brought forward
481,077
15,308
TOTAL FUNDS CARRIED FORWARD
478,800
10,641
11.
TANGIBLE FIXED ASSETS
COST
Additions
NET BOOK VALUE
At 31 August 2021
At 31 August 2020
12.
DEBTORS
31.8.21
£
Amounts falling due within one year:
Other debtors
6,249
Loan
10,000
16,249		 Total
funds
£
588,894
82,695
233,954
18,800
924,343
(6,944)
-
(6,944)
496,385
489,441
Fixtures
and
fittings
£
10,000
10,000
-
31.8.20
£
12,186
20,000
32,186

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THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2021

12.
DEBTORS - continued
Amounts falling due after more than one year:
Loan
Aggregate amounts
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued expenses
14.
MOVEMENT IN FUNDS
Net
movement
At 1.9.20
in funds
£
£
Unrestricted funds
General fund
474,450
(163,094)
RC discretionary fund
4,350
2,208
478,800
(160,886)
Restricted funds
Supported church plants
10,641
(10,806)
LCPA
-
10,080
Pebble
-
(1,592)
CCASW Ministry Trainee support
-
2,578
Hispanic Church Plant
-
(6,973)
10,641
(6,713)
TOTAL FUNDS
489,441
(167,599)		 31.8.21
£
-
16,249
31.8.21
£
3,000
Transfers
between
funds
£
1,350
-
1,350
165
(10,080)
1,592
-
6,973
(1,350)
-		 31.8.20
£
10,000
42,186
31.8.20
£
4,500
At
31.8.21
£
312,706
6,558
319,264
-
-
-
2,578
-
2,578
321,842

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THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2021

14. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
RC discretionary fund
Restricted funds
Supported church plants
Investment in training
Resource team and lunchtime
ministries
LCPA
Pebble
CCASW Ministry Trainee support
Hispanic Church Plant
TOTAL FUNDS		 Incoming
resources
£
529,579
4,764
534,343
8,477
5,433
39,467
40,830
7,753
3,500
10,683
116,143
650,486		 Resources
Movement
expended
in funds
£
£
(692,673)
(163,094)
(2,556)
2,208
(695,229)
(160,886)
(19,283)
(10,806)
(5,433)
-
(39,467)
-
(30,750)
10,080
(9,345)
(1,592)
(922)
2,578
(17,656)
(6,973)
(122,856)
(6,713)
(818,085)
(167,599)

Comparatives for movement in funds

Unrestricted funds
General fund
RC discretionary fund
Restricted funds
Supported church plants
TOTAL FUNDS		 At 1.9.19
£
474,597
6,480
481,077
15,308
496,385		 Net
movement
in funds
£
(1,587)
(2,130)
(3,717)
(3,227)
(6,944)		 Transfers
between
funds
£
1,440
-
1,440
(1,440)
-		 At
31.8.20
£
474,450
4,350
478,800
10,641
489,441

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THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2021

14. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
RC discretionary fund
Restricted funds
Supported church plants
Investment in training
Resource team and lunchtime
ministries
TOTAL FUNDS		 Incoming
resources
£
822,171
4,026
826,197
15,573
14,649
60,980
91,202
917,399		 Resources
Movement
expended
in funds
£
£
(823,758)
(1,587)
(6,156)
(2,130)
(829,914)
(3,717)
(18,800)
(3,227)
(14,649)
-
(60,980)
-
(94,429)
(3,227)
(924,343)
(6,944)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
RC discretionary fund
Restricted funds
Supported church plants
LCPA
Pebble
CCASW Ministry Trainee support
Hispanic Church Plant
TOTAL FUNDS		 At 1.9.19
£
474,597
6,480
481,077
15,308
-
-
-
-
15,308
496,385		 Net
movement
in funds
£
(164,681)
78
(164,603)
(14,033)
10,080
(1,592)
2,578
(6,973)
(9,940)
(174,543)		 Transfers
between
funds
£
2,790
-
2,790
(1,275)
(10,080)
1,592
-
6,973
(2,790)
-		 At
31.8.21
£
312,706
6,558
319,264
-
-
-
2,578
-
2,578
321,842

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THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2021

14. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming
Resources		 Movement
resources
expended		 in funds
£ £ £
Unrestricted funds
General fund 1,351,750 (1,516,431) (164,681)
RC discretionary fund 8,790 (8,712) 78
1,360,540 (1,525,143) (164,603)
Restricted funds
Supported church plants 24,050 (38,083) (14,033)
Investment in training 20,082 (20,082) -
Resource team and lunchtime
ministries 100,447 (100,447) -
LCPA 40,830 (30,750) 10,080
Pebble 7,753 (9,345) (1,592)
CCASW Ministry Trainee support 3,500 (922) 2,578
Hispanic Church Plant 10,683 (17,656) (6,973)
207,345 (217,285) (9,940)
TOTAL FUNDS 1,567,885 (1,742,428) (174,543)

RC discretionary fund represents monies set aside by the trustees to be used at the discretion of the CEO.

Supported church plants represents monies held on behalf of Roehampton Student Church ministry which was temporarily supported by the charity. That ministry has now been adopted by The Boathouse Church in Putney and the funds have been donated to that church to help them continue this student ministry.

LCPA represents funding received from a trust that wishes to remain anonymous to support the running of the London Church Planting Academy ("LCPA").

Pebble represents funding received from a trust that wishes to remain anonymous to support the set-up of a ministry consultancy known temporarily as the "Pebble" initiative.

CCASW Ministry Trainee support represents a couple of donations received towards the costs of supporting a short-term ministry trainee at Christ Church All Saints Wandsworth ("CCASW")

Hispanic Church Plant represents funds received to help Co-Mission establish a new church for Hispanic speakers in London.

Investment in training represents grant funding received from an Australian charity towards the costs of training church planters.

Resource team and lunchtime ministries represents grant funding received from the U.S. towards the costs of specific Co-Mission staff.

Transfers between funds

Transfers between funds during the year represent internal transactions relating to events and other items which do not represent actual income or expenditure to the charity.

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NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2021

15. RELATED PARTY DISCLOSURES

In 2019, the Charity made a loan to The Parochial Church Council of St Peter Fulham ("the PCC") of £40,000. At that time, one of the trustees of the charity, Mrs Catrin Lee, was also a member of the PCC (the borrower). However, Mrs Lee declared her interest in the proposed loan, abstained from all negotiations relating to the loan, was not involved in the Charity's decision-making process and has now retired from the PCC. The balance on the loan as at 31 August 2021 is £10,000.

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