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2023-06-30-accounts

THE GLOBE CHURCH

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2023

Charity No: 1160195

Jacob Cavenagh & Skeet Chartered Accountants 5 Robin Hood Lane Sutton Surrey SMI 2SW

THE GLOBE CHURCH

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2023

Charity No: 1160195

Contents Page
Charity
information		 1
Trustees'
Report
Report
of
the
Independent
Examiner		 5
Statement
of
Financial
Activities		 6
Balance
Sheet		 7
Notes
to
the
Financial		 Statements 8-12

THE GLOBE CHURCH

CHARITY INFORMATION

Charity Registration No. 1160195

Principal officeoffice 83 County Street London SEI 4AD Trustees Jonathan Allcock Trevor Archer (Resigned 8 January 2023) Matthew Davis (Appointed 5 February 2023) James Docherty (Appointed 5 February 2023) Stephen Fletcher Jonathan Miller Myung Sohn

Principal officeoffice

Key Management Personnel The Trustees Linda Allcock Independent Examiner Miriam Hickson CTA FCA Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SMI 2SW

Page 1

THE GLOBE CHURCH

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2023

The Trustees have pleasure in submitting their Annual Report, and the financial statements for the year to 30 June 2023, which have been prepared in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)), Financial Reporting Standard 102 (FRS 102), and the Charities Act 2011. The church is a charitable incorporated organisation (CIO) and is governed by its constitution. It was registered with the Charity Commission on 28 January 2015.

Objectives and activities

The Globe Church was founded in January 2015 with the express intention of advancing the Christian faith particularly but not exclusively to the inhabitants of the area known as 'The South Bank' and the London Borough of Southwark, as well as other charitable purposes consistent with the primary aim of the charity. In pursuing these aims, the Trustees sought to comply with and follow the Charity Commission guidelines on public benefit.

The Globe Church continued to meet at Ark Globe Academy in Elephant & Castle. The permanence of this venue along with the attainment of the office space for the staff team has allowed for more stability across the life of the church for the longest time since the disruption of Covid. A significant change was to move midweek groups into people's homes across the City which has generally been well received and established deeper communities and friendships in the church. The stability has also allowed for the Intemational Café to restart which has seen many people new to the UK and London have contact with members of the church with some visiting the church on Sundays. The partnership with London City Mission's homeless ministry at Webber Street Hostel in London SEI has continued. The church has continued to play its part in The Fellowship of Evangelical Churches (FIEC) and the Co-Mission network.

Achievements and performance

Greater stability in a more permanent and long-term venue has allowed for a stabilisation of attendees at the church. Over the past year we have seen numbers fluctuate between the 160 to 200 mark, with some expected turnover at points due to the nature of London living and mobility. The venue also allowed us to hold Baptism services, one in September 2022, where we saw four people baptised, and one in April 2023, where we saw a further three people baptised. We also launched an outdoor community Christmas Carol service in December 2022, at Mint Street Park, which was well attended by members and guestsIn January 2023, we had our inaugural church weekend away, which saw around 150 people from the church attend to spend time learning and building relationships together over a weekend. We are hoping to continue many of these new activities going forwards.

There have been some significant changes to personnel this year. In January 2023, long-standing trustee and elder Trevor Archer resigned his trusteeship and his membership at the church in preparation for his retirement. This led to the appointment of two new trustees and elders Matt Davis and James Docherty who have been long-standing members of the church. Both were voted in during an extraordinary General Meeting in February 2023.

In terms of staff team and training, we were able to welcome 1 full-time and 2 part-time Ministry Trainees in September 2022. This allowed for us to explore the flexibility of part-time training, while also investing in a full-time trainee. One of the part-time trainees will continue next year. The other has returned to their previous work while the full-time trainee will continue to explore full-time ministry beyond The Globe Church. Also in September 2022 we made a significant hire of a full-time Operations Manager, Emma Joseph, who has been a huge help in implementing processes and in planning events like the Community Carols and the Weekend Away. This has been particularly significant in helping to build structures as the church has grown in number.

Over the year The Globe Church continued to support overseas mission. Our mission partners in Asia have since returned to continue their work there. We are also exploring the potential to send a team to support church ministry in France in the future.

Page 2

THE GLOBE CHURCH

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2023 (continued)

Reference and administrative details

The legal and administrative details required by law are set out on page 1 and form part of this report.

Financial Review

The giving of the congregation has remained steady but there has been an increase in spending due to rental costs and office costs. Reserves do remain at healthy levels. Through the continued generosity of churches, supporters and the congregation, The Globe Church had free reserves (unrestricted reserves not invested in fixed assets) of €279,583 (2022:€289,674) by the end of June 2023. These reserves mean that a minimum of 6 month's expenditure of salaries and premises rental costs were in hand.

Structure and management

The Globe Church is registered as a CIO (Charitable Incorporated Organisation) with the Charity Commission and has a Constitution and Church Rules. The ongoing ministries of the church are directed and overseen by six Elders who are also Trustees, namely Jonty Allcock (Pastor), Myung Sohn (Pastor), Matt Davis, James Docherty, Stephen Fletcher, and Jonathan Miller. Trevor Archer formally stepped down from his role as an elder and trustee in January 2023. Trustees are appointed by a vote of approval by the church membership on recommendation of the existing trustees. The membership are free to suggest potential names of new trustees.

Future

Plans are in place to hire a Ministry Leader. This is a new role for a more senior woman on staff who will be able to help with some of the training, mentoring and pastoral care for the church. We are also reviewing how we appoint Ministry Trainees to the staff team with the hope that we are able to invest well in training for future leaders from different backgrounds, ages, and stages. From the current traineeship, Nick Butcher and Maryke Jesudason will be concluding their roles as Ministry Trainees in August 2023.

Page 3

THE GLOBE CHURCH

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2023 (continued)

Trustees' Responsibilities

The trustees are responsible for preparing the Annual Report and the financial statements in accordance with the applicable law and United Kingdom Generally Accepted Accounting Practice. 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 charity and of the surplus or deficit of the charity for that year. 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 charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

This report was approved by the trustees on 1 April 2024 and signed on their behalf:

Stephen Fletcher Trustee

Page 4

THE GLOBE CHURCH

INDEPENDENT EXAMINER'S REPORT

Independent examiner's report to the trustees of The Globe Church

I report to the charity trustees on my examination of the accounts of The Globe Church for the year ended 30 June 2023.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act').

I report in respect of my examination of the Trust's accounts as carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since the Trust's gross income exceeded 250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements conceming the form and content of accounts set out in the Charities (Accounts and Report) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or

  3. the accounts have not been prepared in accordance with the methods and principles 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 the Republic of Ireland (FRS 102)

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Miriam Hickson CTA FCA Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SMI 2SW

Date:

Page 5

THE GLOBE CHURCH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH JUNE 2023

2023 2022
Unrestricted
Restricted		 Unrestricted
Restricted
Funds Funds Total Funds Funds
Total
Note
E
Income
from:
Donations
and
legacies
Charitable
activities
Investments
Total
income		 2 320,221
24,357
936
345
514
5,480
5
480		 325,701
24,357
936
350
994		 293,322
5,381
82
298
785		 31
,320
31
320		 324,642
5,381
82
330
105
Expenditure
on:
Charitable
activities
Total
expenditure		 3 356
557
356
557		 13
930
13
930		 370
487
370
487		 274
737
274
737		 64
653
64
653		 339
390
339
390
Net
income/(expenditure)		 (1
1
,043)		 (8,450) (19,493) 24,048 (33,333) (9,285)
Transfers
between
funds
Net
movement
in
funds		 (1
1
,043)		 (8,450) (19,493) 24,048 (33,333) (9,285)
Reconciliation
of
funds
At
1
st
July
2022		 295
483		 49
169		 344 652 271
435		 82
502		 353
937
Balances
carried
forward
At
30
th
June
2023		 284
440		 40
719		 325 159 295
483		 49
169		 344
652

Page 6

THE GLOBE CHURCH

BALANCE SHEET

AS AT 30TH JUNE 2023

2023 2022
Note
Fixed
assets
Tangible
assets		 6 4,857 5,809
Current
assets
Debtors
Cash
at
bank		 7 73,629
252
423
326,052		 135,111
210
624
345,735
Creditors:
Amounts
falling
due
within
one
year		 8 (5.750) (6.892)
Net
current
assets		 320
302		 338
843
Net 10
Funds
Unrestricted
funds
Restricted
funds		 9 284,440
40
719		 295,483
49
169
funds
Total
charity		 325.159 344652

Approved by the trustees on 1 April 2024 and signed on their behalf by:

Stephen Fletcher Trustee

Page 7

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2023

THE GLOBE CHURCH

1. Accounting policies

Basis of preparation

The accounts have been prepared in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)), Financial Reporting Standard 102 (FRS 102), and the Charities Act 2011. The financial statements are drawn up on the historical cost basis of accounting.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest E. The Globe Church meets the definition of a public benefit entity under FRS 102. There are no material uncertainties about the chanty's ability to continue in operation.

(b) Income

Income is recognised once the charity has entitlement to the income, it is probable that the income will be recerved and the amount of income receivable can be reliably measured. Income tax recoverable on Gift Aid donations is recognised when the income is recognised. Grants received for expenditure that must take place in future periods are deferred until the expenditure occurs.

(c) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be reliably measured. All expenditure is accounted for inclusive of any VAT which cannot be recovered. Charitable expenditure includes the cost of activities undertaken to further the purposes of the charity

(d) Fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives as follows: PA & IT equipment 25% straight line.

Debtors

Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

(O Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.

(g) Creditors

Creditors are recognised where the charity has a present obligation arising 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 recognised at their settlement amount.

(h) Deferred income

Income that has been received but not yet earned is treated as deferred income.

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.

(j) Fund accounting

Unrestricted funds are income resources receivable without further specific purposes and are available for general purposes to be used at the discretion of the Trustees.

Page 8

THE GLOBE CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2023 (continued)

1. Accounting policies (continued)

(j) Fund accounting (continued)

Restricted funds are funds that 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.

2 Income

Income
Unrestricted 2023
Restricted
Total		 2022
Unrestricted
Restricted
Total
E E
Donations
and
legacies
Members
donations
From
FIEC
Churches
Gifts
from
Individuals
Gifts
from
Churches		 245,362
3,000
12,284
176		 2,680 245,362
3,000
14,964
176		 236,617
3,000
4,789		 900
600		 237,517
3,000
600
4,789
Other
donations		 6,326 2,800 9,126 29,820
29,820
Gift
aid
recoverable		 53
073
320,221		 5,480 53
073
325,701		 48
916
293,322
31,320		 48
916
324,642
Charitable
activities
Events
income		 24,357 24,357 5,381 5,381
Investments
-
Interest		 936 936 82 82
Total 5
480		 350
994		 298
785		 330,105
Expenditure
on
charitable		 activities 2023 2023
2023		 2022
Unrestricted
Restricted
Total		 Total
Staff
—
Salaries
and
pensions
Staff
—
other
staff
costs
Church
Life
and
venue
hire		 145,657
56,395
79,355		 145,657
56,395
79,355		 161,752
50,996
72,690
Communications,
media
and
Training
and
discipleship
Evangelism
and
Missions
Total		 events 36,166
17,733
21
251
356
557
10,000
3
930
36,166
27
,733
25
181		 3,804
17,715
32
433
339
390
Staff
and
related
party
transactions		 2023 2022
Wages
and
salaries
Social
security
costs
Pension
costs		 129,155
6,422
10
080		 144,250
8,251
9
251

3 Expenditure on charitable activities

4

The total average monthly number of employees during the year was 7 (2022:6). There were no employees whose emoluments exceeded E60,000.

Page 9

5

6

THE GLOBE CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2023 (continued)

4 Staff and related party transactions (continued)

The following remuneration was paid to or for trustees (for their services as Pastors, in accordance with the charity's constitution, being a minority of the trustees), and to the wife of a trustee, Linda Allcock:

2023 2023 2022
Salary Pension
&
NI		 Rent Salary
Pension
&
NI		 Rent
E E
Jonathan
Allcock
-
Trustee		 43,986 8,994 41
,868		 8,692
Myung
Sohn
—
Trustee
Linda
Allcock		 24,775
9,314		 6,961
925		 25,800 24,275
8,632		 4,563
863		 24,300

The total aggregate remuneration of Key Management Personnel for the year was E 120,755 (2022: €113,193).

Trustees were reimbursed €2,560 for travel, subsistence, hospitality and advertising, FIEC Leaders Conference and PA and IT equipment expenses during the year (2022: €783). During the year, a total unrestricted income of €28,688 was received from trustees (2022: El 5,380). Restricted income of €450 (2022: Enil) was received from trustees.

There were no other related party transactions.

Governance included included included
in
Charitable
Charitable
expenditure
2023 2022
Accountancy
(paid
to
the		 Independent
Examiner)		 7,982 1
,890
Independent
Examination		 1.452
Tangible
fixed
assets
PA
&
IT
equipment Total
Cost
At
1
July
2022		 16,649 16,649
Additions 1
188		 1
188
At
30
June
2023		 17
837		 17
837
Accumulated
depreciation
At
1
July
2022		 10,840 10,840
Charge
for
the
year		 2
140		 2
140
At
30
June
2023		 12
980		 12
980
Net
book
value
At
30
June
2023
At
30
June
2022

Page 10

THE GLOBE CHURCH

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2023 (continued)

7 Debtors 2023 2022
Gift
aid
recoverable
Prepayments
&
accrued
Other
debtors		 income 53,073
20,426
130
73
629		 119,597
15,364
150
135
111
8 Creditors
2023 2022
Taxation
and
social
Accruals
Other
creditors		 security 3,673
2
077		 1
,504
3,311
2
077
6
892

9 Restricted funds

Rtitd
fd
esrce
uns
2023		 Balances
brought
forward		 Income Expenditure Transfers Balances
carried
forward
Special
collections
5,060
Contributions
to
staff
costs
28,895
Contributions
to
ministry
trainees
10,607
Hope
Church
Vauxhall
Welfare
fund
4
607		 2,630
1
,200
1
,600
50		 (2,630)
(10,000)
(1,300)		 5,060
28,895
1
,807
300
4.657
Total
restricted
funds		 5.480 (13.930) 40.719
Balances Balances
2022 brought
forward		 Income Expenditure Transfers carried
forward
Special
collections
4,160
Contributions
to
staff
costs
28,895		 900 5,060
28,895
Contributions
to
ministry
Hope
Church
Vauxhall
Welfare
fund
trainees
5,007
40,433
4
007		 15,600
14,220
600		 (10,000)
(54,653)		 10,607
4
607
Total
restricted
funds		 82502 (64$53) 49,169

Special collections were taken for the "Growing young disciples" project as well as a mission trip to Vietnam and relief of poverty work in Uganda.

Contributions to staff costs and ministry trainees comprise gifts received towards certain costs and are drawn down to meet expenditure as the need arises. The transfer last year was made to meet the deficit on these funds, not expected to be covered by future income.

Grantg and individual gifts were received for Hope Church Vauxhall church plant.

The Welfare fund was created in 2021 for Covid-19 crisis response.

Page 11

THE GLOBE CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2023 (continued)

10 Analysis of net assets

2023 2023 2023 2023 2023
Unrestricted Restricted Total
Fixed
assets		 4,857 4,857
Current
assets
Creditors
Total		 285,333
(5.750)
@8444Q		 40,719
40.719		 326,052
(51750)
2022 2022 2022
Unrestricted
Restricted		 Total
Fixed
assets		 5,809 5,809
Current
assets
Creditors
Total		 296,566
(6,892)
295.483		 49,169
49±149		 345,735
(6.892)
344$5?

11 Financial commitments

The charity's total future minimumlease payments under operating leases at the year end were payable as set out below:

2023 2022
Within
one
year
Within
two
to
five
years
More
than
five
years		 5,500 11,000
11,000
5SOQ
22æQQQ

12 Grants

Included within Training and discipleship expenditure is a grant of E10,000 to an Individual (2022: €10,000).

Included within Evangelism and Missions expenditure are the following grants to Organisations to further the gospel:

2023 2022
OMF
FIEC
International		 15,000
3,480		 15,000
8,000
Hope
Church		 Vauxhall 1
300		 9
433
19180 32.433

Page 12