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← The Co-Mission Initiative Trust

2024-08-31-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 2024

FOR

THE CO-MISSION INITIATIVE TRUST

Brindley Millen Limited 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 2024

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 25
Detailed Statement of Financial Activities 26 to 27

THE CO-MISSION INITIATIVE TRUST

REPORT OF THE TRUSTEES for the Year Ended 31 AUGUST 2024

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 2024. 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 committed to "plant churches to reach London".

As well as providing support to Co-Mission churches through its Leadership Team and its Resources Team, the charity's primary focus and challenge continues to be driving and facilitating the planting and revitalising of many churches across London. The charity is the legal provider of Co-Mission events including the annual 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

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 2024

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 by providing or arranging training and fellowship for pastors, staff and other church leaders and through 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 2024

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 Leadership 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

Page 3

THE CO-MISSION INITIATIVE TRUST

REPORT OF THE TRUSTEES

for the Year Ended 31 AUGUST 2024

ACHIEVEMENT AND PERFORMANCE Activities and Achievements

Page 4

THE CO-MISSION INITIATIVE TRUST

REPORT OF THE TRUSTEES

for the Year Ended 31 AUGUST 2024

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. Another important income stream continues to be the giving the charity receives from the churches of Co-Mission, many of whom view this giving as a key part of their church's external "mission" giving.

Over the 2023-24 financial year, we were delighted to be able to provide financial support totalling £173k to a number of Co-Mission church plants and churches, including All Nations, Barkingside, The Boathouse Church, Putney, Grace Church Beckenham, Hope Church Vauxhall, Inter Londres Church, Mosaic Multicultural church, Slavic Christian Fellowship, St Augustine's Church Wembley Park, St Cuthberts Church, St Paul's Harringay and The Bridge Church, Battersea. 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.

PLANS FOR THE FUTURE

The charity plans to continue to fulfil its objectives to advance the Christian faith by planting churches to reach London . 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. In September 2024, the Co-Mission Senior Pastors' Counsel approved the Leadership Team's objective to plant 10 new churches by 2028 and Co-Mission will endeavour to progress that objective over the coming year.

  2. In order to encourage and facilitate church planting, we have budgeted to give away (in the form of charitable grants and/or loans ) up to £199k. Church planters and churches will again be required to submit detailed grant requests and, where successful, will be required to submit regular reports and meet other conditions set by the Trustees and the Co-Mission Leadership Team.

  3. We will also make concerted efforts to grow our social and ethnic diversity.

  4. We are also committed to developing and training future spiritual leaders and aim to develop at least two people into pastor/church planting training over the coming year.

  5. We will explore how we might develop an effective evangelistic impact within the most unreached communities across our city.

  6. We will strive to make our network more financially self-sustaining . Over the coming year, we plan to review our current Patron's scheme and explore ways to involve larger numbers of families and individuals from across our churches in both praying for, and financially supporting, our shared mission to London.

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

  8. We plan to run the Revive Bible festival at the University of Canterbury in June 2025 and given the success of the subsidy scheme offered in 2024, we will again provide 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 2024

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, to the Co-Mission Leadership Team or to other key personnel.

Key personnel

Trustees: Philip Cooper, Catrin Lee and Olubunmi Balogun Company Secretary: Stephen Hatherall Mission Director (part-time): Andy Mason Chief Operations Officer: Matthew Dalton

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, 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, one of the charity's trustees is also a trustee 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 2024

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 (resigned 11.10.24) C H Lee O O Balogun

Company Secretary

S Hatherall

Senior Statutory Auditor

Maurice Brindley BSc FCA

Auditors

Brindley Millen Limited 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 2024

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 Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 13 February 2025 and signed on its behalf by:

Catrin Lee (Feb 18, 2025 18:08 GMT)

C H Lee - 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 2024 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'.

In our opinion the financial statements:

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.

Page 9

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

Opinions on other matters prescribed by the Companies Act 2006

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

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.

Maurice Brindley

Maurice Brindley (Feb 19, 2025 11:08 GMT)

Maurice Brindley BSc FCA (Senior Statutory Auditor) for and on behalf of Brindley Millen Limited Statutory Auditors 167 Turners Hill Cheshunt Hertfordshire EN8 9BH 02/19/2025 Date: .............................................

Page 11

THE CO-MISSION INITIATIVE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 31 AUGUST 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Ministry costs
Events
Investment income
3
Other income
Total
EXPENDITURE ON
Charitable activities
5
Ministry costs
Events
Grants to churches and church planters
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
14
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
799,854
-
285,743
392
20,374
1,106,363
452,874
384,671
148,299
985,844
120,519
(53,006)
67,513
235,818
303,331		 Restricted
funds
£
39,382
-
10,011
-
56,884
106,277
128,422
3,859
24,764
157,045
(50,768)
53,006
2,238
7,731
9,969		 31.8.24
Total
funds
£
839,236
-
295,754
392
77,258
1,212,640
581,296
388,530
173,063
1,142,889
69,751
-
69,751
243,549
313,300		 31.8.23
Total
funds
£
763,944
-
258,666
1,281
56,248
1,080,139
655,360
348,888
210,679
1,214,927
(134,788)
-
(134,788)
378,337
243,549

The notes form part of these financial statements

Page 12

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

BALANCE SHEET

31 AUGUST 2024

Unrestricted
Restricted
funds
funds
Notes
£
£
FIXED ASSETS
Tangible assets
11
4,219
-
CURRENT ASSETS
Debtors
12
113,167
-
Cash at bank
199,747
9,971
312,914
9,971
CREDITORS
Amounts falling due within one year
13
(13,804)
-
NET CURRENT ASSETS
299,110
9,971
TOTAL ASSETS LESS CURRENT
LIABILITIES
303,329
9,971
NET ASSETS
303,329
9,971
FUNDS
14
Unrestricted funds
Restricted funds
TOTAL FUNDS		 31.8.24
Total
funds
£
4,219
113,167
209,718
322,885
(13,804)
309,081
313,300
313,300
303,329
9,971
313,300		 31.8.23
Total
funds
£
5,625
4,550
253,184
257,734
(19,810)
237,924
243,549
243,549
235,818
7,731
243,549

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 13 February 2025 and were signed on its behalf by:

Catrin Lee (Feb 18, 2025 18:08 GMT)

C H Lee - 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 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Interest received
Net cash 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		 31.8.24
31.8.23
£
£
(43,858)
(130,227)
(43,858)
(130,227)
392
1,281
392
1,281
(43,466)
(128,946)
253,184
382,130
209,718
253,184

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 2024

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

ACTIVITIES
31.8.24 31.8.23
£ £
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities) 69,751 (134,788)
Adjustments for:
Depreciation charges 1,406 1,875
Interest received (392) (1,281)
(Increase)/decrease in debtors (108,617) 4,104
Decrease in creditors (6,006) (137)
Net cash used in operations (43,858) (130,227)
ANALYSIS OF CHANGES IN NET FUNDS
At 1.9.23 Cash flow At 31.8.24
£ £ £
Net cash
Cash at bank 253,184 (43,466) 209,718
253,184 (43,466) 209,718
Total 253,184 (43,466) 209,718

2. ANALYSIS OF CHANGES IN NET FUNDS

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 2024

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

Page 16

continued...

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 AUGUST 2024

1. ACCOUNTING POLICIES - continued

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.

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		 31.8.24
£
128,099
169,760
32,025
326,000
183,352
839,236		 31.8.23
£
25,632
202,370
6,408
363,646
165,888
763,944

continued...

Page 17

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 AUGUST 2024

2. DONATIONS AND LEGACIES - continued

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

Anonymous funders
3.
INVESTMENT INCOME
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Events income
Events
5.
CHARITABLE ACTIVITIES COSTS
Ministry costs
Events
Grants to churches and church planters
6.
SUPPORT COSTS
Information
Finance
technology
£
£
Ministry costs
198
12,975		 Direct
Costs
£
553,202
388,530
173,063
1,114,795
Office
costs
£
10,553		 31.8.24
£
326,000
326,000
31.8.24
£
392
31.8.24
£
295,754
Support
costs (see
note 6)
£
28,094
-
-
28,094
Governance
costs
£
4,368

continued...

Page 18

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 AUGUST 2024

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.8.24 31.8.23
£ £
Auditors' remuneration 4,333 6,613
Depreciation - owned assets 1,406 1,875

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.

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 £212,713 (2023: £294,828)

9. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Average employees (including seconded)		 31.8.24
£
470,601
28,450
37,540
536,591
31.8.24
13		 31.8.23
£
468,857
42,094
40,138
551,089
31.8.23
14

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

31.8.24 31.8.23
£60,001 - £70,000 - 2
£70,001 - £80,000 1 1
1 3

continued...

Page 19

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 AUGUST 2024

10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
670,327
Charitable activities
Ministry costs
(1,874)
Events
258,666
Investment income
1,281
Other income
20,406
Total
948,806
EXPENDITURE ON
Charitable activities
Ministry costs
480,105
Events
348,559
Grants to churches and church planters
210,679
Total
1,039,343
NET INCOME/(EXPENDITURE)
(90,537)
Transfers between funds
(47,530)
Net movement in funds
(138,067)
RECONCILIATION OF FUNDS
Total funds brought forward
373,884
TOTAL FUNDS CARRIED FORWARD
235,817		 Restricted
funds
£
93,617
1,874
-
-
35,842
131,333
175,255
329
-
175,584
(44,251)
47,530
3,279
4,453
7,732		 Total
funds
£
763,944
-
258,666
1,281
56,248
1,080,139
655,360
348,888
210,679
1,214,927
(134,788)
-
(134,788)
378,337
243,549

continued...

Page 20

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 AUGUST 2024

11.
TANGIBLE FIXED ASSETS
COST
At 1 September 2023 and 31 August 2024
DEPRECIATION
At 1 September 2023
Charge for year
At 31 August 2024
NET BOOK VALUE
At 31 August 2024
At 31 August 2023
12.
DEBTORS
Amounts falling due within one year:
Trade debtors
Other debtors
Amounts falling due after more than one year:
Other debtors
Aggregate amounts		 31.8.24
£
87,642
13,525
101,167
12,000
113,167		 Fixtures
and
fittings
£
10,000
4,375
1,406
5,781
4,219
5,625
31.8.23
£
3,050
1,500
4,550
-
4,550

continued...

Page 21

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 AUGUST 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.24 31.8.23
£ £
Social security and other taxes 9,604 13,547
Other creditors - 2,063
Accrued expenses 4,200 4,200
13,804 19,810
14. MOVEMENT IN FUNDS
Unrestricted funds
General fund
RC discretionary fund
Restricted funds
LCPA
Pebble
Hispanic Church Plant
Ministry Trainee Fund
Ministry Workers Fund
TOTAL FUNDS		 Net
movement
At 1.9.23
in funds
£
£
231,993
123,339
3,825
(2,822)
235,818
120,517
-
(15,974)
-
(26,934)
-
1,679
7,731
2,240
-
(11,777)
7,731
(50,766)
243,549
69,751		 Transfers
between
funds
£
(52,003)
(1,003)
(53,006)
15,974
26,934
(1,679)
-
11,777
53,006
-		 At
31.8.24
£
303,329
-
303,329
-
-
-
9,971
-
9,971
313,300

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

Unrestricted funds
General fund
RC discretionary fund
Restricted funds
LCPA
Pebble
Hispanic Church Plant
Ministry Trainee Fund
Ministry Workers Fund
TOTAL FUNDS		 Incoming
resources
£
1,103,885
2,478
1,106,363
12,457
31,377
23,558
13,128
25,757
106,277
1,212,640
 Resources
expended
£
(980,546)
(5,300)
(985,846)
(28,431)
(58,311)
(21,879)
(10,888)
(37,534)
(157,043)
(1,142,889)		 Movement
in funds
£
123,339
(2,822)
120,517
(15,974)
(26,934)
1,679
2,240
(11,777)
(50,766)
69,751

continued...

Page 22

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 AUGUST 2024

14. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
Transfers
movement
between
At 1.9.22
in funds
funds
£
£
£
Unrestricted funds
General fund
368,117
(88,594)
(47,530)
RC discretionary fund
5,767
(1,942)
-
373,884
(90,536)
(47,530)
Restricted funds
LCPA
-
(35,458)
35,458
Pebble
-
(16,594)
16,594
Hispanic Church Plant
-
4,522
(4,522)
Ministry Trainee Fund
4,453
3,278
-
4,453
(44,252)
47,530
TOTAL FUNDS
378,337
(134,788)
-
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
944,348
(1,032,942)
RC discretionary fund
4,458
(6,400)
948,806
(1,039,342)
Restricted funds
Supported church plants
16,091
(16,091)
LCPA
32,705
(68,163)
Pebble
41,671
(58,265)
Hispanic Church Plant
26,588
(22,066)
Ministry Trainee Fund
14,278
(11,000)
131,333
(175,585)
TOTAL FUNDS
1,080,139
(1,214,927)		 At
31.8.23
£
231,993
3,825
235,818
-
-
-
7,731
7,731
243,549
Movement
in funds
£
(88,594)
(1,942)
(90,536)
-
(35,458)
(16,594)
4,522
3,278
(44,252)
(134,788)

continued...

Page 23

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 AUGUST 2024

14. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
RC discretionary fund
Restricted funds
LCPA
Pebble
Hispanic Church Plant
Ministry Trainee Fund
Ministry Workers Fund
TOTAL FUNDS		 Net
Transfers
movement
between
At 1.9.22
in funds
funds
£
£
£
368,117
34,745
(99,533)
5,767
(4,764)
(1,003)
373,884
29,981
(100,536)
-
(51,432)
51,432
-
(43,528)
43,528
-
6,201
(6,201)
4,453
5,518
-
-
(11,777)
11,777
4,453
(95,018)
100,536
378,337
(65,037)
-		 At
31.8.24
£
303,329
-
303,329
-
-
-
9,971
-
9,971
313,300

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

Unrestricted funds
General fund
RC discretionary fund
Restricted funds
Supported church plants
LCPA
Pebble
Hispanic Church Plant
Ministry Trainee Fund
Ministry Workers Fund
TOTAL FUNDS		 Incoming
Resources
resources
expended
£
£
2,048,233
(2,013,488)
6,936
(11,700)
2,055,169
(2,025,188)
16,091
(16,091)
45,162
(96,594)
73,048
(116,576)
50,146
(43,945)
27,406
(21,888)
25,757
(37,534)
237,610
(332,628)
2,292,779
(2,357,816)		 Movement
in funds
£
34,745
(4,764)
29,981
-
(51,432)
(43,528)
6,201
5,518
(11,777)
(95,018)
(65,037)

continued...

Page 24

THE CO-MISSION INITIATIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 AUGUST 2024

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 set-up of a ministry consultancy known temporarily as the "Pebble" initiative.

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

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

Ministry Workers Fund represents donations received towards the costs of supporting ministry workers at certain Co-Mission network churches.

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

There were no related party transactions for the year ended 31 August 2024.

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 25

THE CO-MISSION INITIATIVE TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

for the Year Ended 31 AUGUST 2024

INCOME AND ENDOWMENTS
Donations and legacies
Gift Aid donations
Non Gift Aid donations
Reclaimed Gift Aid
Grants
Co-Mission membership contributions
Investment income
Deposit account interest
Charitable activities
Events income
Other income
Other income
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Social security
Pensions
Premises costs
Advertising
Sundries
Training
Travel and subsistence
Staff cost contributions
Equipment
Events costs
Grants to churches and church planters		 31.8.24
£
128,099
169,760
32,025
326,000
183,352
839,236
392
295,754
77,258
1,212,640
470,601
28,450
37,540
248
767
1,778
10,521
2,060
-
1,237
388,530
173,063
1,114,795		 31.8.23
£
25,632
202,370
6,408
363,646
165,888
763,944
1,281
258,666
56,248
1,080,139
468,857
42,094
40,138
5,417
2,764
4,431
14,532
3,983
38,661
2,332
348,888
210,679
1,182,776

This page does not form part of the statutory financial statements

Page 26

THE CO-MISSION INITIATIVE TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

for the Year Ended 31 AUGUST 2024
Support costs
Finance
Bank charges
Information technology
Computer and internet
Office costs
Insurance
Office running costs
Depreciation of tangible fixed assets
Governance costs
Auditors' remuneration
Legal fees
Total resources expended
Net income/(expenditure)		 31.8.24
£
198
12,975
4,980
4,167
1,406
10,553
4,333
35
4,368
1,142,889
69,751		 31.8.23
£
220
12,632
3,587
7,079
1,875
12,541
6,613
145
6,758
1,214,927
(134,788)

This page does not form part of the statutory financial statements

Page 27