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2022-08-31-accounts

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

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

FOR

THE CO-MISSION INITIATIVE TRUST

Brindley Millen Ltd Chartered Accountants and Statutory Auditors 167 Turners Hill Cheshunt Hertfordshire EN8 9BH

THE CO-MISSION INITIATIVE TRUST

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 August 2022

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 11
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16 to 24
Detailed Statement of Financial Activities 25 to 26

THE CO-MISSION INITIATIVE TRUST

REPORT OF THE TRUSTEES for the Year Ended 31 August 2022

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 2022. 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 continues to be facilitating the planting and revitalising of many churches across London. 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, the Pebble ministry consultancy and Co-Mission media.

a. The spiritual need in London

b. Co-Mission is seeking to meet that need

Page 1

THE CO-MISSION INITIATIVE TRUST

REPORT OF THE TRUSTEES for the Year Ended 31 August 2022

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 to strengthen local churches and by the grants it has provided to churches and church planters, 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 2022

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 2022

ACHIEVEMENT AND PERFORMANCE Activities and Achievements

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. 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.

Over the 2021-22 financial year, we were delighted to be able to provide financial support totalling £244,311 to a number of Co-Mission church plants and churches, including Slavic Christian Fellowship, Grace Church Beckenham, Inter Londres, Mosaic Multicultural Church, St Michael's Church, Fulwell, The Bridge Battersea, Longheath Baptist Church, The Boathouse Church Putney, Christ Church at All Saints Wandsworth, St Andrew's Church Wimbledon and Stockwell Baptist Church. Financial support is only one element of the multi-faceted support which Co-Mission provides to its church plants and churches, but given the cost of starting new ministries, the charity is delighted to have the funds available to provide these massively important grants.

The charity is 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.

IMPACT OF THE COVID-19 PANDEMIC

During the previous financial year, the pandemic had a very significant impact upon the local churches which form the Co-Mission network and slowed down a number of church planting plans. However, during the financial year to 31st August 2022, the situation had vastly improved.

Whilst the charity's staff continued to work from home initially, they were able to move into the charity's brand new offices in February 2022 and staff benefitted greatly from being able to meet together face to face on a more regular basis again. The lifting of COVID-19 restrictions also enabled the charity to proceed with the annual Co-Mission Staff Focus residential conference and with a full programme of events throughout the year, including the annual Revive Bible festival in June 2022.

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 was able to resume face to face training.

Page 4

THE CO-MISSION INITIATIVE TRUST

REPORT OF THE TRUSTEES for the Year Ended 31 August 2022

FINANCIAL REVIEW

IMPACT OF THE COVID-19 PANDEMIC

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 great care with the charity's planned events to ensure that, should cancellation be required, financial losses would be acceptable.

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 2022. In their latest budgets, the trustees have taken careful account of the ongoing situation and, once again, do not expect the lingering effects of COVID-19 to cause any serious reduction in income or to result in any significant additional costs.

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. We hope to employ a new part-time Director of Church Revitalisation to help the charity identify, and take, opportunities to invest in and revitalise churches throughout London in order to effectively reach those local communities.

  3. The Mission Director and Assistant Mission Director will be launching the new Co-Mission Pebble ministry consultancy and will be exploring opportunities to provide support and mentoring to pastors and church leadership teams to help them become more effective in their ministry.

  4. The Co-Mission Executive 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. The Co-Mission Resources Team will again seek to organise and run a full programme of events for the churches and staff of the Co-Mission churches and continue to provide excellent digital output to help resource and unite the churches.

  9. We plan to run the Revive Bible festival at the University of Canterbury in June 2023 and are exploring ways to help more people on lower incomes to attend so that the weekend festival truly unites all of the churches within the network.

Page 5

THE CO-MISSION INITIATIVE TRUST

REPORT OF THE TRUSTEES for the Year Ended 31 August 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. Company Secretary: Stephen Hatherall Mission Director: Richard Coekin Assistant Mission Director: Andy Harker Chief Operations Officer: Matthew Dalton Director of Church Planting: Richard Perkins Director of Church Strengthening: Andy Mason

At present, of the Key personnel, only Matthew Dalton and Andy Harker are 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, are asked to read the online version of the Charity Commission leaflet "The Essential Trustee" together with other Charity Commission online guidance for trustees 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 2022

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

08848067 (England and Wales)

Registered Charity number 1157383

Registered office

577 Kingston Road London SW20 8SA

Trustees

P D Cooper J C Marland C H Lee O O Balogun

Company Secretary

S Hatherall

Auditors

Brindley Millen Ltd Chartered Accountants and Statutory Auditors 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

Page 7

THE CO-MISSION INITIATIVE TRUST

REPORT OF THE TRUSTEES for the Year Ended 31 August 2022

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

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.

In so far as the trustees are aware:

AUDITORS

The auditors, Brindley Millen Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on ............................................. and signed on its behalf by: Jan 30, 2023

~~..........................~~ J C Marland (Jan 30, 2023 12:45 GMT) .................................................... J C Marland - Trustee

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE CO-MISSION INITIATIVE TRUST

Opinion

We have audited the financial statements of The Co-Mission Initiative Trust (the 'charitable company') for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is 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'.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 16 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE CO-MISSION INITIATIVE TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are those covered by the Statement of Recommended Practice for Charities (SORP 2019) and the Charities Act 2011. We assessed the risk of material misstatement in respect of fraud by making enquiries of management and trustees and by testing the implementation of accounting controls in place.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above by making enquiries with key personnel and reviewing relevant documentation such as minutes of Trustee meetings and correspondence with regulatory bodies. We considered the risk of fraud through management override by incorporation testing of journal entries. We also considered, and tested for, the possibility of unauthorised payments to related parties

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE CO-MISSION INITIATIVE TRUST

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

mwbrindley

mwbrindley (Feb 6, 2023 12:05 GMT)

Maurice Brindley BSc FCA (Senior Statutory Auditor) for and on behalf of Brindley Millen Ltd Chartered Accountants and Statutory Auditors 167 Turners Hill Cheshunt Hertfordshire EN8 9BH

Date: ............................................. Feb 6, 2023

Page 11

THE CO-MISSION INITIATIVE TRUST

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 31 August 2022

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
909,149
Charitable activities
4
Events
242,006
Supported church plants
-
Investment income
3
85
Other income
17,698
Total
1,168,938
EXPENDITURE ON
Charitable activities
5
Ministry costs
592,969
Events
334,678
Grants to churches and church planters
177,756
Supported church plants
-
Total
1,105,403
NET INCOME/(EXPENDITURE)
63,535
Transfers between funds
14
(8,915)
Net movement in funds
54,620
RECONCILIATION OF FUNDS
Total funds brought forward
319,264
TOTAL FUNDS CARRIED FORWARD
373,884		 31.8.22
Restricted
Total
funds
funds
£
£
73,674
982,823
-
242,006
-
-
-
85
26,781
44,479
100,455
1,269,393
40,940
633,909
-
334,678
66,555
244,311
-
-
107,495
1,212,898
(7,040)
56,495
8,915
-
1,875
56,495
2,578
321,842
4,453
378,337		 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

The notes form part of these financial statements

Page 12

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

BALANCE SHEET

31 August 2022

31.8.22 31.8.21
Unrestricted Restricted Total Total
funds funds funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 11 7,500 - 7,500 10,000
CURRENT ASSETS
Debtors 12 8,654 - 8,654 16,249
Cash at bank 377,677 4,453 382,130 298,593
386,331 4,453 390,784 314,842
CREDITORS
Amounts falling due within one year
13		 (19,947) - (19,947) (3,000)
NET CURRENT ASSETS 366,384 4,453 370,837 311,842
TOTAL ASSETS LESS CURRENT LIABILITIES 373,884 4,453 378,337 321,842
NET ASSETS 373,884 4,453 378,337 321,842
FUNDS 14
Unrestricted funds 373,884 319,264
Restricted funds 4,453 2,578
TOTAL FUNDS 378,337 321,842

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 ............................................. and were signed on its behalf by: Jan 30, 2023

J C Marland (Jan 30, 2023 12:45 GMT)

. ~~..........................~~ ..................

J C Marland - Trustee

The notes form part of these financial statements

Page 13

THE CO-MISSION INITIATIVE TRUST

CASH FLOW STATEMENT
for the Year Ended 31 August 2022
31.8.22 31.8.21
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 83,452 (143,202)
Net cash provided by/(used in) operating activities 83,452 (143,202)
Cash flows from investing activities
Purchase of tangible fixed assets - (10,000)
Interest received 85 40
Net cash provided by/(used in) investing activities 85 (9,960)
Change in cash and cash equivalents
in the reporting period 83,537 (153,162)
Cash and cash equivalents at the
beginning of the reporting period 298,593 451,755
Cash and cash equivalents at the end
of the reporting period 382,130 298,593

The notes form part of these financial statements

Page 14

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE CASH FLOW STATEMENT for the Year Ended 31 August 2022

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
31.8.22 31.8.21
£ £
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities) 56,495 (167,599)
Adjustments for:
Depreciation charges 2,500 -
Interest received (85) (40)
Decrease in debtors 7,595 25,937
Increase/(decrease) in creditors 16,947 (1,500)
Net cash provided by/(used in) operations 83,452 (143,202)
  1. ANALYSIS OF CHANGES IN NET FUNDS
At 1.9.21 Cash flow At 31.8.22
£ £ £
Net cash
Cash at bank 298,593 83,537 382,130
298,593 83,537 382,130
Total 298,593 83,537 382,130

The notes form part of these financial statements

Page 15

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 August 2022

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 16

continued...

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2022

1. ACCOUNTING POLICIES - continued

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 Fund accounting

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

DONATIONS AND LEGACIES
31.8.22 31.8.21
£ £
Gift Aid donations 61,301 83,610
Non Gift Aid donations 248,570 320,531
Reclaimed Gift Aid 15,325 20,903
Grants 500,000 44,900
Co-Mission membership contributions 157,627 132,319
982,823 602,263
Grants received, included in the above, are as follows:
31.8.22 31.8.21
£ £
Anonymous funders 500,000 44,900

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

continued...

Page 17

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS- continued
for the Year Ended 31 August 2022
3.
INVESTMENT INCOME
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Events income
Events
Events income
Supported church plants
5.
CHARITABLE ACTIVITIES COSTS
Direct
Costs
£
Ministry costs
596,953
Events
334,678
Grants to churches and church planters
244,311
1,175,942
6.
SUPPORT COSTS
Information
Office
Finance
technology
costs
£
£
£
Ministry costs
385
12,435
19,741
7.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Depreciation - owned assets
Independent examination		 31.8.22
31.8.21
£
£
85
40
31.8.22
31.8.21
£
£
242,006
5,232
-
137
242,006
5,369
Support
costs (see
note 6)
Totals
£
£
36,956
633,909
-
334,678
-
244,311
36,956
1,212,898
Governance
costs
Totals
£
£
4,395
36,956
31.8.22
31.8.21
£
£
4,200
-
2,500
-
-
3,000

continued...

Page 18

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2022

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2022 nor for the year ended 31 August 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2022 nor for the year ended 31 August 2021.

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 £287,469. (2021: £260,042).

9. STAFF COSTS

9. STAFF COSTS
31.8.22 31.8.21
£ £
Wages and salaries 441,671 408,130
Social security costs 46,897 39,772
Other pension costs 45,671 42,532
534,239 490,434
The average monthly number of employees during the year was as follows:
31.8.22 31.8.21
Average employees (including seconded) 13 17
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was:
31.8.22 31.8.21
£60,001 - £70,000 1 1
£70,001 - £80,000 1 -
2 1
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 497,100 105,163 602,263
Charitable activities
Events 5,232 - 5,232
Supported church plants - 137 137
Investment income 40 - 40
Other income 31,971 10,843 42,814
Total 534,343 116,143 650,486

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

continued...

Page 19

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2022

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

EXPENDITURE ON
Charitable activities
Ministry costs 483,026 102,649 585,675
Events 19,907 - 19,907
Grants to churches and church planters 192,298 922 193,220
Supported church plants - 19,283 19,283
Total 695,231 122,854 818,085
NET INCOME/(EXPENDITURE) (160,888) (6,711) (167,599)
Transfers between funds 1,350 (1,350) -
Net movement in funds (159,538) (8,061) (167,599)
RECONCILIATION OF FUNDS
Total funds brought forward 478,800 10,641 489,441
Unrestricted Restricted Total
funds funds funds
£ £ £
TOTAL FUNDS CARRIED FORWARD 319,262 2,580 321,842
11. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 September 2021 and 31 August 2022 10,000
DEPRECIATION
Charge for year 2,500
NET BOOK VALUE
At 31 August 2022 7,500
At 31 August 2021 10,000
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.22 31.8.21
£ £
Trade debtors 2,154 -
Other debtors 6,500 6,249
Loan - 10,000
8,654 16,249

continued...

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THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2022

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22 31.8.21
£ £
Social security and other taxes 12,430 -
Other creditors 3,317 -
Accrued expenses 4,200 3,000
19,947 3,000

14. MOVEMENT IN FUNDS

MOVEMENT IN FUNDS
Net Transfers
movement between At
At 1.9.21 in funds funds 31.8.22
£ £ £ £
Unrestricted funds
General fund 312,706 64,326 (8,915) 368,117
RC discretionary fund 6,558 (791) - 5,767
319,264 63,535 (8,915) 373,884
Restricted funds
LCPA - (1,860) 1,860 -
CCASW Ministry Trainee support 2,578 (8,564) 5,986 -
Hispanic Church Plant - (1,069) 1,069 -
Ministry Trainee Fund - 4,453 - 4,453
2,578 (7,040) 8,915 4,453
TOTAL FUNDS 321,842 56,495 - 378,337

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

Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
1,162,908
(1,098,582)
RC discretionary fund
6,030
(6,821)
1,168,938
(1,105,403)
Restricted funds
Supported church plants
18,604
(18,604)
LCPA
25,953
(27,813)
Pebble
11,646
(11,646)
CCASW Ministry Trainee support
2,500
(11,064)
Hispanic Church Plant
20,878
(21,947)
Slavic & Ukraine Support
16,421
(16,421)
Ministry Trainee Fund
4,453
-
100,455
(107,495)
TOTAL FUNDS
1,269,393
(1,212,898)		 Movement
in funds
£
64,326
(791)
63,535
-
(1,860)
-
(8,564)
(1,069)
-
4,453
(7,040)
56,495

continued...

Page 21

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2022

14. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net Transfers
movement between At
At 1.9.20 in funds funds 31.8.21
£ £ £ £
Unrestricted funds
General fund 474,450 (163,094) 1,350 312,706
RC discretionary fund 4,350 2,208 - 6,558
478,800 (160,886) 1,350 319,264
Restricted funds
Supported church plants 10,641 (10,806) 165 -
LCPA - 10,080 (10,080) -
Pebble - (1,592) 1,592 -
CCASW Ministry Trainee support - 2,578 - 2,578
Hispanic Church Plant - (6,973) 6,973 -
10,641 (6,713) (1,350) 2,578
TOTAL FUNDS 489,441 (167,599) - 321,842

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

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 529,579 (692,673) (163,094)
RC discretionary fund 4,764 (2,556) 2,208
534,343 (695,229) (160,886)
Restricted funds
Supported church plants 8,477 (19,283) (10,806)
Investment in training 5,433 (5,433) -
Resource team and lunchtime ministries 39,467 (39,467) -
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)
116,143 (122,856) (6,713)
TOTAL FUNDS 650,486 (818,085) (167,599)

continued...

Page 22

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2022

14. MOVEMENT IN FUNDS - continued

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

Net Transfers
movement between At
At 1.9.20 in funds funds 31.8.22
£ £ £ £
Unrestricted funds
General fund 474,450 (98,768) (7,565) 368,117
RC discretionary fund 4,350 1,417 - 5,767
478,800 (97,351) (7,565) 373,884
Restricted funds
Supported church plants 10,641 (10,806) 165 -
LCPA - 8,220 (8,220) -
Pebble - (1,592) 1,592 -
CCASW Ministry Trainee support - (5,986) 5,986 -
Hispanic Church Plant - (8,042) 8,042 -
Ministry Trainee Fund - 4,453 - 4,453
10,641 (13,753) 7,565 4,453
TOTAL FUNDS 489,441 (111,104) - 378,337

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

Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
1,692,487
(1,791,255)
RC discretionary fund
10,794
(9,377)
1,703,281
(1,800,632)
Restricted funds
Supported church plants
27,081
(37,887)
Investment in training
5,433
(5,433)
Resource team and lunchtime ministries
39,467
(39,467)
LCPA
66,783
(58,563)
Pebble
19,399
(20,991)
CCASW Ministry Trainee support
6,000
(11,986)
Hispanic Church Plant
31,561
(39,603)
Slavic & Ukraine Support
16,421
(16,421)
Ministry Trainee Fund
4,453
-
216,598
(230,351)
TOTAL FUNDS
1,919,879
(2,030,983)		 Movement
in funds
£
(98,768)
1,417
(97,351)
(10,806)
-
-
8,220
(1,592)
(5,986)
(8,042)
-
4,453
(13,753)
(111,104)

continued...

Page 23

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 August 2022

14. MOVEMENT IN FUNDS - continued

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

Supported Church Plants represents funding received from a church in the USA to provide support to three specific churches in the Co-Mission network.

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 setup 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.

Slavic and Ukraine Support represents funding received to support a church plant reaching Ukranians and Russians in London as well as supporting European Mission Fellowship and The Sanctuary Foundation.

Ministry Trainee Fund represents donations received towards the costs of supporting ministry trainees to learn and experience gospel ministry in churches across London.

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.

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 loan was fully repaid as at 31 August 2022.

16. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

Page 24