REGISTERED CHARITY NUMBER: 1159493 Report of the Trustees aDd Unaudited Fingnrial StatenJ¢nt5 for the Year Ended 31 DecetDber 2023 for Euston Church Garside and Co. Limited Suite 631, Linen Hall 162-168 Regent Street London WIB 5TG EustDTh Church Contents of the Financial Statements for the Year E￿ded 31 December 2023 Page Reference &nd Administrative De(ails Report of the Trus¢ees Independent ExamiDer'$ Report StAtement of Finan¢iAI Activities Balante Sheet Cash Flow st￿teMent Notes to the C*sh Flow S¢#¢e￿ent Notes to the Financial St&ten)ents 10 to 16 Detalled Statement of Flnanci41 Activities 17 to 18 Euston Churfh Reference and AdmintsstrAlive Details for the Ye9r Ended 31 Dtcemb¢r 21123 TRUSTE&S C Watts {resigned 21.7.2023) Reverend K Murdoch A Geers B Lund M C Clokey LRRosa R Nyam ERHill Kxu P Mokuol A Stnart GHZhen KTan T Irvine PRINCIPAL ADDRESS The Cloisrers Gordon Square London WCIHOAG REGIsfERED CHARITY NUMBER 1159493 INDEPENDENT EXAMINER Garside and Co. Limited Stsiie 631. Linen Hall 162-168 Regent Street London WIB5TG BANKERS Reliance Bank Faiih House 23-24 LOV￿ Lane London EC3R SEB Page I Eu3ton Church Report of the Trustees (or the Yegr Ended 31 Dectmber 20Z3 The tNstees present their Teport with the financial Statev￿￿ts of the chariry for the year ended 31 December 2023. The trustees have adopted the Provisions of Accounting and ReportÉng by Chariti&8.' Siaiemeni of Recommended Practice applicable to chariiies PTeparing thcir atcounis in accordance with the Financial Re￿llIng Standard applicable in the UK and Republic of Iteland (FRS 102) (effective l January 2019). OWECTIVES AND ACTIVITIES Objectlyes The objects of Eu5ton Church are 10 advance r¢ligion in accoidance with the t¢n¢ts Bnd prnctices of the Church of England, iT]¢luding (without lirnitation)-. holding servi¢es of worship promoting study of the Bible . missionary and oulre3¢h work ancillary or incid¢ntal educalional activities ' other associated activities for the benefii of the community. Activities During the financial review period, Eustot] Chur¢h has conducted the following PTincipal activities= * Books of the bible preached thtough at Sutmlay services included Matthew. the Psalms, Jonah, Roman5, John, 2 Peter, &$ well as a series entitled The Church,. Eusion Church held carol services for Christtnas and specia] service5 for las1¢r. Several one-off events were also held. * Eusion Church ran ihree principal Sunday service5 duritlg th¢ period at I l a.m., 3 p.m. and 5 p.m. A children's service also ran from time its time ai 10 a.nL . Over 25 small groups tnet througboui the y¢ar. The two stre4nL8 of small groups respectively studied Mark's gospel and an Old Testament oveTriew Comprising I Samuel, Ecclesiastes and Micah for the academie year to June 2023. From the start ofthe academic year that Commenced in octob￿ 2023. the groups siudied Romans. . Several church ileekends and days away were held. • The MI￿darin tninistry thas expanded. Its parinership wth London City Nlission continued and expanded. focussing in particular on homeless ministy (with a men)ber of now responsible for that rninisiry) and work on the Bemerton E5taie. • A nu]nber of people aiiended the Life Exploied coutse ¢0 invesiigate faith and the elaims of Jesus. • A significant number ofpeople participaied in one-104>ne Bible swdies. Lunchtime talks were run ai Eusion for local workers. A number of people panicipai¢d in EustOD Churchs ministry tyainee %h¢me, studying God's word in detail, perforrning administraiive iasks and leatning frorn those already in minis￿. • Euslon Church p3ni¢ipaied in student mission weeks 3¢105s London_ Viirivus iraining courses wer¢ held including s￿￿1] trainin8 s￿upS on undcrstandirt8 Djllc patssa8rs (Tools for Ministry), preaching groups and after church seminar slots. . Members of Euston Church attendtd an evening exploring Yocation in the Church of England. . Eusion Church has 5UPPQrted a number of missÉon partners overseas includhng MLxime and D¢w¢lza Soumangas in France. Alex and Sara Manlow in Belgium. RobyD Drake in New Zealand. Elizabeth Butg¢ner in the Atab world, Rachel Paul in South Asia, Alkesh and Katie Woods in Kenya, Dr. Nathan IAwrence in Madagascar, Jonathan 2nd Jess Forster in Belgium and Caitlin Ng in Thailand. Safeguarding The Trusiees have complied wilh the dury under Section 5 of the Safeguarding and Clergy Discipline Measure 2016 in relation 10 having due regard io the House of BislK)p's guidance on safeguarding children and vulnerable adults. Public benefit Th¢ Trusie¢s have considered the Charity COM￿1%%10[]e[s. Guidance on Public Benefit and, in particular, thc spccific guidancc on Charities for the Advancement of Religion and are satisfied that the activities of Euston Church fall ￿rythIn such guidance. Page 2 Euston Church Report of the Trustee$ for the Year Ended 31 December 2023 ACllEEVEMENT AND PERFORMANCE The Tru5t¢cs considcr that th¢ main afjh1¢v¢￿ts of E￿$tOn Chut¢h in the f￿ancial period have been: public proclamaiion of ihc gos￿1 at Sunday scr¥ices. midweek scrvicc5 and gu¢5t cv¢nts, bibl¢ studic5 dnd vne40-one ministy, which h&s led to increased ut]deistanding of the gospel of Jesus Chn"si for n￿nber$ of Euston Church. the wider local community and contacts of Tnembers of Euston Church. . a continued focus on safeguarding and appropriate stsuctures in the ¢hurch. . financial and ptayer support for mI￿10naries- and * engagement in Ihe local ¢omrnunity through London Ckty Mission and the Crossteach pro8fdmllK. FINANCIAL REVIEW FinaRcial position In Ihe financial period to 31 DecernbeT 2023, Euston Church's lotai wz5 £513.728 (2022.. £438,728). Thc incom¢ comprised donaiions and legacies of £458.?62 (2022.. £408,263), in>'esitnent income of£i.435 (2022." £1651. and other Incon￿ of £54.031 (2022.. £50.3￿). Euston Church's tota] expendittwe in the period was £512.662 (2022: £446,591), leaving il with net income of £1.066 (2022.. net expendituie £7,863). Tothl stsff costs were £298,505 {2022= £283,000), being 580/0 of total ¢xp¢ndilure 12022." 630/0). Reserves policy As ai 31 December 2023, Euston Church had cash at bank of £100.4J3 (2022- £124,748), Tepresenting 20D/. (2022". 28Q/ol of total expenditure or 2.4 months, of expenditure. The Truslees, medium4erni aim is to hold three nwnths of operating expenses in it$ reserves. FUTURE DEVELOPMEf+lTS There are no material changes to Euston Church's aciivities contemplated in 2024. STRUC'fuRE, GOVERTr4ANCE AND MANAGEMENT Governing document and natsrc of entit). Euston Church 15 a Charitable Incorporated Organisation established in ac¢ordance with the Ch￿itIeS Act 2011. The operation of Euston Church is governed by tis consiitulion. adopled on 4 D¢c¢mber 2014. Trustee& Euston Church's coTrstitution apEK)ints the Tnjsttts io manage the attaiis of Euston Church and to exercise all the powers of Euston Church. New Trustees be appoinied in two ways: 111 (or a terni of four years by a resolution passed at a pniperly convened meeting of the Trustees {up lo eight Trusiees) (2) for a tenn of four years by ihe members of the congregation of Eu5ton Church ai an annual generdl ffleeiing of ¢he congregaiion of Euston Church organised by the Trustee5, provided that any person so appointed is a member of the ¢ongregaLion of Euston Church (up to 4 Trustees Notwithstanding ihe express ternLS of Eusion Church'5 con51ilution, all Tr￿SleeS, continued aptx)inttnent is currently raiified ai Ihe annual generdl nJeeiin8 ofthe con¥re¥ati(Trn oCEusion Church in each yw, accordancc WLth th¢ pr4¢tLf¢ of the Church of England_ In considering the appointrnent of new Tn￿e5. tbe existing T[￿stee$ must have regard to the skills, knowledge and experience needed for ihe effe¢tive adminisirniion of Eusion Church. Every Trustee must 5ubs¢ribe and adhere Jn belief and lifestyle io the Christian faith, rnust be a member of the congregation of the Euston Church Mission Initiative and must be willing to participate actively in that Mission I￿.11alive. Anyone becoming a Trustee receives a copy of Euston Church's constitution and the am]ual report and staten)ent of accounts and ss required to 5Lgt] a statemeni confirming that he or she 15 eligible to be a Tn￿tee and to declare any possible conflicts of interes1. There are no fornial procedures lor the induction of Tn￿lee$. Trnstees are provided with appropriat¢ training when required and having regard ￿ training reconunended by th¢ Chutch of England. Page 3 Ellston Church Report of the Trllstees for the Year Ended 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMEf4T Trustees hleetings The TTusiees meet oidinarily five tim¢s a year aDd on an ad basis when required. Trnste¢ meaings ate Ch￿ed by the Reverend Kevin Murdoch. the minister of Eu5ton Church. The TnLStees ¢ake approptiaie decision5 on all aspects of the tsperation of Eu5ton Church. The Trustees also adopt policies to conwly with legislation in ibe areas of health and safely, safeguarding. remuneraiion and Conflicts of inieresi. Day to day financial matters are delegated by the Tn￿tteS to Euston Church's treasurer, Kelvin Xu and its b(bokkeeper, Catrin Lee. Kelv￿ Xu piepares alh aDllual budget a￿1 supports the independent examinaiion of the accounts. The Trust¢¢s havc oversight of financial malt¢rs. including approval of major iienLS of expendilwe and the annual budget. Day to day ministry matteTS are delegaied 10 the Revetend Kevin Murdocl4 who reports on those matters ts) the Trt￿te¢S regularly. Rtsk Management The Trvsiees review the major risks 10 whith Euston Church is exposed and r¢li¢s on appropriatc itjsurallce cover, as well as actively monitoring complianee with Euston Chur¢h'$ poli¢ies. to prot¢ci against those risks. OTHER REFERENCE AND ADMIIYISTRATIVE DETAIIS Bankers Reliance Bank Faith House 23-24 Loval Lane London EC3R SEB Independent examlntr Garcth Owen Hughes Bsc ACA Instituie of Chartered A¢countants in England and Walcs Garsid¢ and Co. Limit¢d Suite 631. Linen Hall 162-168 Regent Street London WIB 5TG 28 June 2024 Approved by order of the t*)ard of trustees on.......................................... .. aThJ $i￿d on its behalf by.. K Xu- Ttustee Pgge 4 Independent Examiner's Report ¢0 the Trustee$ of Euston Church Indeptrtdent examiner's report to the trusttes of Euslon Church I repon io iht charity tnjstees on my exatnination of th¢ accounis of Church (the Trust) for the year ended 31 Dcc¢mbci 2023. Respon5ibiiitie5 and basts ofreport As the Lharity trLJ51ee5 Of the TTU5t you are respottsible for thc pr¢parniion of the accounts in accordance wih thc requiienKnts of the Clwities Act 2011 (the Aci). I report in respect of my examination of the TA￿1.$ accounts carried out under Section 145 of the Act and in carrying out my examination I have followed ail applicable Directio￿8 given by the Cha¥ity CoJnwr]i55ion under Seclion 145(51(b} of the Act. lThdependent exgmiTher's $tgtement Since your charitys gloss incotne exceeded £250.000 your examiner musi be a Jnember of a lÈsted body. I can confirn) that l am qualified to undertake ihe examinalion because l am a member of the Insiitute of Chanered ACCOUn￿nig in England and Wales. which is one of the listed bodies. I have completed my examination. I confirEn thal no material malters have come to my attention in eonnection with the exominalion giving me cause io believe ihat in any nwteria] Tr7pec¢: accounting records were not kept in respect of the T[￿St as required by s￿tion 130 of the Act. or the accounts do not accord with those records. or the accounts do not comply with the applieable requirements ¢on¢etning the forn and content of accounts set out in the Charitie$ (Accounts and Reptsrtsl Regulations 2008 other than any requirement that the accounts give a true and fair Triew which is not a n￿tter considered as part of an indepetjdent examinalion. I have no con¢¢ms and have come across no other matters in conneciion with the examinahon to which attention should be drawn in this report ID order to enable a proper understanding of the accounts to be reached. Gareih Owen Hughes ACA The Li]stitute o(Chartered Accountants I￿ England and Wales Garside and Co. Limited Suite 631. LineTJ Hall 162-168 Regerlt Street London WIB5TG Date.. Page 5 Fuston Church Stgtement •[ FinaMrig1 Aftivities for the Year Ended 31 De¢ember 2023 31.12.23 UnrestriLied fund5 31.12.22 Ttstal fitnds Notes INCOME AND ENDOWMENTS FROM Donations and l¢gaci¢s 458,262 408.263 Investment incorne Oth¢r incorne 1,435 54,031 165 30,300 Tolsl 513,728 438,728 EXPF.YDITURE Oi Charitable #ctivities Church a¢tivitie$ 5 12,662 446,591 NET 1￿CoME1(EXPENDITURE) 1,066 (7,863) RECONCILIATIOTr* OF FUNDS Total funds brought forward 148.137 156,000 TOTAL FUNDS CARIUED FORWARD 149,203 148,137 The notes fornh pan of these fiDancial slatellKDIs Page 6 Euston Church Balance Sheet 31 December 21123 31.12.23 31.12.22 Total fund5 Unrestticied funds Notes FIXED ASSETS Tangible as5els 10 6,291 7.828 CURRENT ASSETS Debtor8 Cash at bank 68,063 l(Ml,433 31,773 124,748 168.496 156,521 CREDITORS Atnounts tallin& du¢ within one year 12 {25.584) (16.2121 NET CURRENT ASSETS 142,912 140,309 'ro'i'AL ASSETS LESS CURRENT LIABILITIES 149.203 148.137 NET ASSETS 149.203 148,137 Fur4Ds UnrL%iricied funds 14 149,203 148,137 TOTAL FUNDS 149,203 148,137 The financial Statements were approved by the Bo¥rd of TNsiert tern) highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the d¢posit or similar accounl. Liabilitie5 Liabililies are r¢¢ognis¢d when there is aD obligation at the Balance sheet dale &8 a r¢sult of a past evenL it is probable that a transfer of economic benefil ￿11 be iequited in settleEnenL and the amount of the settl¢m¢ni can b¢ estimaled reliably. Liabilities are recogthised at the anx)unt that the ciwitable company anti¢ipates it will pay to settle the debt or the arntsunt it ha5 received &s advanced payments for th¢ goods or services it must pioTride. Financial instruments The charity only has finaneial assets 2nd fin￿la] liabilities that qualify as basic financial instruiiieiits. Basic rinancial instruments are initially re¢ogDised at traDsaction value ar￿ subsequently measured at their settlement value. DONATIONS AND LEGACIES 31.12.23 31.12.22 Planned giving and collections Gifi aid 384.495 73,767 343.413 64.850 458.262 408.263 INVLSTMENT INCOME 31.12.?3 31.12.?2 Deposit account interest 1,435 165 Pagell ¢ontinued.-. Eu5ton Churc Notes to the Financial Statements- contitilltd for the Year Ended 31 December 2023 OTHER IIYCOI¥IE 31.12.23 31.12.22 Oiher incon￿- weekend away Other income- coniributions to com of food Other incon]e- events 47.820 5,196 1,015 26.797 3.503 54,031 30,300 CHIKRITABLE ACTIVITIES COSTS Direct Cosis (see 6) Supptsrt costs (see noie 71 Totals Church activities 499.583 13,079 512,662 DIRECT COSTS OF CHAIUTABLE A￿1VITIEs 31.12.23 31.12 22 TTUS(ees' remuneration Siaff costs Other staff costs eekend away costs Missionary and clwitable giving Rent and rates Insurance Events and caiering Books and publicaiions Advertising and promotion Computer expe￿seS and websile Church running costs Music licence fees Trdvelling Costs Clergy expenses Music and iechnical expe￿￿¢S Tuiiion fees Sundries Subs¢riptiot)s tkpreciation charges 46,307 252,198 811 50.519 21,536 16,248 5,339 18,185 2,374 3,881 1,702 20,446 1,908 31M) 34,424 1,257 15,945 2.123 1.505 2.575 44,642 238,358 1,017 21,858 24,440 7,399 2,850 21,199 ,242 2.952 1,338 15,605 1,363 706 29,694 1,033 16,310 1.252 1,363 6,358 499.583 440,979 Page 12 continued... Euston Chureh Notes to the Financial Statements- £onlinued for the Year Ended 31 December 2023 SUPPORT COSTS Governance costs Finance Totals Church activit1¢5 3.909 9.170 13.079 Support Costs, included in the above, are as follows.. 31.12.23 Church 31.12.22 Total a¢tiviiies activilies Bank LhI￿￿eS Legal and other professional fees Independent examination fees 3,909 4,670 4,500 1,312 4,300 13,079 5.612 TRUSTEES, REMUNERATION AND BEf4EFITS During the year ended 31 December 2023 and the year ended 31 December 2022, one of the trustees has been paid remunetaiion L)r has received other benefits under an approved contyaci of employment. Total rctnuncratitsn and other benefits. including ¢mploy¢r p¢Trsion contributions, was as follow.. 31.12.23 31.12.22 Rev K Murdo¢h 46,307 44.642 Trustee5' expenses During the year, the church made payments to th¢ Catholi¢ Apostolic Church Trust of £6.000 (2022: £6,000) for the lease of a flai used by the vicar, Reverend Kevin Murdoch. During the year. Ihe church paid Trusttts, expenses in respect of catering supplies, ctèche resources, sundry n)inistry costs. event running costs, travel costs. tyaining and conference fees and computer expens¢s anK)unting to £2,180 (2022-. £2.509). STAFF COSTS 31.12.23 31.12.22 Wages and salaries Social security costs Other pension c¢)sts 248.349 18,473 31,683 234,354 17,716 30,930 298,505 283,000 The average monthly number of employees during the year was as follows: 31.12.23 10 31_12.22 10 Ministy No employees received ¢moluments ID exce￿ of £60.(N)). Page 13 ¢ontinued... Euston Church Iyotes to the Finan£i#l StAtemeDts- continued for the Year Ended 31 December 2023 io. TANCIBLE FIXED ASSETS Fixtures and fi￿ingS Plani and machinery Computer equipment Totals COST At l January 2023 Additions 41.590 390 10.839 648 2.467 54,896 1,038 At 31 December 2023 41,980 11,487 2,467 55,934 DEPRECIATION At l January 2023 Charge for year 35.045 2.075 9,757 401 2,266 99 47,068 2,575 At 31 December 2023 37.120 10,158 2,365 49,643 NET BOOK VALUE At 31 December 2023 4.860 1.329 102 6,291 At 31 December 2022 6,545 1,082 201 7,828 ii. DEBTOBS: AMOUNTS FALLING DUE WITHif* ONE YLIR 31.12.23 31.12.22 Deposits held Gift aid receivable Other debtors Prepayments and accrued incon 7,235 39,066 3,875 17,887 18,585 9.927 1,993 1.268 68,063 31,773 12. CREDITORS.. AMOUNTS FALLItYG DUE WITHIN of4E YEAR 31.12.23 31.12.22 TTade Creditors Oth¢i crcdilutS Accrued expenses 9,024 3.558 13.002 7.555 600 8,057 25,584 16212 13. LEASING AGREEMEf4TS Minimum le2se payments under notl-cancellable operaiing leases fall d￿e as follows.. 31.12.23 31 12.22 Within one year 9,167 9,167 Page 14 continued... Eu5ton Church Notes to the Finan£ial Statement$- continwed lor the Ye*r Ended 31 December 2023 14. MOVEMENT IN FUD4DS Net ovement in ￿ndS At 31.12.23 At l_123 Unrestricted funds Genera] fund 148,137 1,066 149,203 TOTAL FUNDS 148,137 1,066 149203 Net movernent in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds Geneial fund 513.728 (512.662) 1.066 TOTAL FUNDS 513,728 (512,662) 1.066 Comp#r#tives lor movement in funds Nei nKJvemeni in funds At 31.12.22 At 1.1.22 Unrestricted funds General fut 156.lJOO (7,863) 148,137 TOTAL FUIYDS 156,000 (7,863) 148,137 Comparative Det movemeni in funds. included in the above are &$ follows.. In¢oming resources Resources expended Movement in funds UTrrestricted funds General fund 438.728 (446,591) (7,863} TOTAL FUNDS 438.728 (446,591) (7,863) Page 15 continued... Euston Church otes to the Fingncial Statements- continued for tht Year Ended 31 December 2023 14. MOVEMENT IN FUNDS- CODtinued A cutTent year 12 nK>nths and prior year 12 nK)nths Combined position is as follo￿$.. Net movetr*nt in fijnds At 31.12.23 At 1.1.22 Unrestricted f￿Thd$ General fund 156.IMM) (6,797) 149,203 TOTAL FU.YDS 156,IMM) {6,797) 149,203 A current year 12 months and Prior year 12 montks combined net rnovement in funds, included in the above are as follows.. Into￿1ng resources Resources expended Movement in funds Unrestricted funds General fund 952,456 (959,253) (6,797) TOTAL FUINDS 952.456 (959.253) (6,797) Is. RELATED PARTY DISCLOSURLS Apart frorn traEJsa¢tioAs relating io tntsL¢es' remunetaiion and benefits set out ill Note 8, ther¢ were no related pany transactions. The awegaie donations made to the church by trusiees during the year ended 31 December 2023 anu)unied lo £81,105 (2022.. £78.907). Page 16 Euston Church Detailed Slatement of Finantial A¢tivitie5 for the Year Ended 31 Decelnber 2023 31.12.23 31.12.22 INCOME AND ENDOWMENTS Don3tioThs and leggeies Planned givin8 and ¢olle¢tions Gift aid 384,495 73,767 343,413 64,850 458,262 408,263 IDve5tment income Deposil aLLount interest 1.435 165 Other iD¢ome Other income- weekend away Other income- ¢tsT]t[ibulio￿ to cost of fLK)d Other income- events 47,820 5,196 1,015 26,797 3,503 54,031 30,300 Total incgmiDg resources 513,728 438,728 EXPENDITVRE Ch8rit8ble 8ctivilies Tru51¢¢5' r¢mun¢ration and benefits Siaff wages Staff S￿la] Security Staff pension contributions Other staflcosts Weekend away costs Missionary and clwitable giving Rent and rate5 Insuranc¢ Events and catering Books and publications Advertising and promotion Computer expenses and website Church running Costs Music licence (ees Trydvelling costs Clergy expenses Music and iechnical expenses Tuition fees Sundries Subscriptions Depreciation- Plant and ￿3¢hInery tkpr¢cialion- Fixtures and fJtt2ng5 tkprecialion- Computer equiprnent 46.307 202.042 18.473 31,683 811 50.519 21.536 16,248 5,339 18.185 2,374 3.881 1.702 20,446 1.908 300 34,424 1,257 15,945 2,123 ,505 2,075 401 44,642 189.712 17,716 30,930 1,017 21,858 24,440 7,399 2,850 21,199 1,242 2,952 1,338 15,605 1,363 706 29,694 1,033 16,310 1,252 1,363 5,988 271 99 499,583 440,979 Thi5 pagr do¢s nor forn) pan of the statutory finanrial statcnKnts Page 17 EustOD Church Detailed Statement of Fillallei*l Actlvi¢les for the Ended 31 Decetnber 2023 31.12.23 31.12.22 Support cosis Finance Bank C￿rgeS 3.909 1,512 Governance costs Legal and othei professional ftts Independent exa]nination fees 4.670 4,500 4,300 9.170 4,300 Total resources expended 512,662 446,591 Net incomel{expenditure} 1.066 {7.863} This page does not forni part of rhe sthDJiory financial statements Page 18