Charity reglstratlon ThuM￿r 11fA614 (Ilnk￿ 1164614-1) Company reglstsation number 0%51032 (England and Wales) GOODNEWS EVANGELICAL MISSION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 Caladine Chortered Certified Accountant5 GOODNEWS EVANGELICAL MISSION LEGALAND ADMINISTRATIVE INFORMATION Tru$tggS Mr5 P Aisbrtt MrA B Griffith3 Mr A R Michael MrEJHams {Aproinled 9 September 20231 Secretarylcharity Manager Miss H E Griffiths Charlty numb•r 1164614 (linked 1164614-1) Company nUffl￿r 09651032 Principal addre5S The B￿$. MaTh)r Fann Churth Lane Chilcompt(MTr Radsto¢k Somerset BA3 4HP Regist¢r¥d office Chanty House 22 Uppertcrf Road Easlboume East Sussex BN21 18F Audltor Caladine Limrted Chanty HcMJ5e 22 uPpert￿ Road Easl Sussex 8N21 1BF Bankers CAF Bank 25 Kings Hill Aven ngs Hill kst Malling Kenl ME19 4JQ Sollcltorn Anthony Collins So￿￿t0￿ LLP 134 Edmund Streel Binningham V4Èst Midlands 83 2ES Invastmont managers Rathbones 8 Finsbury Circus London EC2M 7AZ GOODNEWS EVANGELICAL MISSION CONTENTS Page Trustees, re￿rt Statement of Trustees. re¥onsibilrt￿s IndeFendenl auditorfs reFrfJt ststement of finanoal athth.es ststement Of￿nar￿la[ pwb.on 10 Slatement of cash IIch 11 Notes lo the ffinar￿￿l statements 12-22 GOODNEWS EVANGELICAL MISSION TRUSTEES. REPORT IINCLUDING DIRECTORS. REPOR FOR THE YEAR ENDED 30 NOVEMBER 2023 The Tntstees tKesent their annual rep￿ and finanLial statemerts for the year erKled 30 November 2023. The finanual ststements have been prepared in xcordance with the accountiNJ p)l￿e$ set out in note 1 to the financial statements and cOm￿Y the Charitls MemTarKlum and Arbdes of Assoaation, the COM￿￿$ Act 2006 and 'Accounthng and Reporting by Charities". Statement of Recommended Practice applicable lo charib'es p￿pann9 their aecounts in accordance ￿th the Fina￿la1 ReportirKJ Standard a￿￿￿8b￿ in the UK and RepublK of I￿land IFRS 1021" leffecttve 1 January 20191. The Trustees are Co￿l0u$ Ihat the effects ￿ imm of Ihe COVILk19 ￿r￿[l[l¥11uS Pandem￿ are still ￿1Th9 felt by many individuals and charits"es. The Tfustees are aware that diligent attents.on lo the grant makn'ng rx)licy and other matters should continue, lo ensure the ongoir¥J effectivene55 of the Chanty. The Trustees aThJ staff ol the Charty conb'nue lo pray for those affected by the pandemic in the UK and throughoLrt the wodd. ObJoctlV￿ and actlvltles The Charity's objects a￿ to thance ￿ Christian 1*19￿n. to relbev& povety and sickness aTrJ wch other charita￿e purposes as the Trustees may from bme to time dea"de. The Trustees confimi they have referred lo the Charity Commission's guidance on Publ￿ benefit when ￿vIe¥#1ng the Charity's aims and objectives, in ￿aft￿lng fvture aCti¥￿e$. and setts.ng the grant-making Folicy for the year. Grant4naklng pollcy The Trustees wll CpJn5ider a￿l¢a￿n$ frK a59stw￿ t￿t fall wilhin the obpcb'ves ofthe Charty. In all cases Whe￿ finanaal assthnce is being soughL the Chanty will ￿$trict its supwt to ofganisations and groups that have a chnth.an ethos and tel￿. and v*hith 8th.vdy promote the G¢y)d Ne4VS of Jesus Christ. The Trust88s' polw is that all aWic3tions arg wa GEM'S online applKation fom). Applications for a￿stsnCe musl be approved by Ihe majority of the Trustees at a fom)al Trustees. mgetirvj before funds are released. To help administer grant awications lor ts.me terwj the Trustees have 4reed'. 1. ￿ether ￿ applicab'on vras apyoved ￿ declin&J, applicants canr•Jt r￿ppty thin 12 fflontt￿ of the original grant round. 2. Where a tharity has receiveil grants from the Charity for ts¥o ConS￿U￿.¥È years. the Tnjstees will not nonnalty consider awarding a grant in the third year. Similarly. the thanty may r&apply and be granted funding in the fourth and fifth year. bLrt not in the sixth year and so on. 3. Due to increa*'ng fuThJing demands from c*Èarits"es. the Trustees agreed that as from November 2023 ¢)nly those charities that have aP￿led for fvThJiThJ Yt the past will te a￿e to do so in futyre. Thi8 change in poliw wll be reviewed annually. The Trustees will have regard lo the objeth'ves of the chanty. the charivs risk assessment strategy, any other relevant w)lioes of the ctsnty and any guidance produced by ￿ Charity Commission when considerirg application for assistsnce. Projecls wll only be suppthl on receipt of regukr repyts aThJ up to date accounts. Th￿ is in ac£ordan¢e with the grant Temis & CoThJitions, apwoved and $￿Jr￿d by the grantees UP(￿ ac£eptance. Achieven*nts and perfom)ance The Charty has been financially blessed vth 8 large setilement tequeathed by a forner Trustee founder of the Charty. Income Is generated by fv invesknents made by the Chartty and the Charity is not therefore a fund-raising charity. Hv*ever. Trustee5 remain cognisarrt of the wishe5 arKI intenti￿5 of the 5etUer as evKlenced during his lifetime. GOODNEWS EVANGELICAL MISSION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 The Trustees have primarity ItrArt not exdusNdyi sought to support projects whith rh)t only meet ils objectives but more specificalty.. - 11) alleviate pov8ty arKI provide clothing, transp(Kt. shdter. medical aid, education and Chn"slian leachin literature to families and thildren in persecu￿, troubled and deprived areas of Ihe wcKhJ. 12) allewale loneliness in the eldedy. disabled ar￿ socially isc48led localty and wthin the *Mder UK and bring the Good News of Jesus Chnsl to hospices. residential ￿re home5 and other SUPFthed living establishM￿ts induding shetters for the homeless 8nd accomm¢JJation for young persons. The Trustees ale pleased to report that the number of grants awarded by Ihe ChaTTty has conb.nued at a consislenl level in the past year During the year, the Iruslees met on 7 rxcasKJns. The Charty did not experience any intemjpts'on to the nomial prcte&Jing5. The Trustees con&dered applications from Christian chariti'es in the UK and abroad and many diverse projects have been supported. The Trustee5 are part"tculady keen to assist tharti'es ilthith have a cjear desire lo promote and spread the Gospel message as an underfytng theme to their work. Grants awarded by the Charity cover various areas, ithing.. General I Core Costs Advocacy. Evangelism. Outrexh & Disaple5hip Befn"en#ing Chaplairscy. Pastoral & Coun5elling Children & Youth Vlork Events Humanitarian Aid l Oisasler Relief . Resources {Bibles l Lrterature I CoLrses l Tran¥lation) The Trustees feel privileggd lo be able lo fvrther the Lwd's by pYovidiThJ financial as￿Starte lo so many excel￿nI Christian char￿eS working on the front4ine and feel confident that this assistance is having a tan911￿e impact on the lives and hearts of many suffen.ng Communities. individuals. families and children. Since the year end. Lucy Craggs ha5 resigned as a Twstee due tt) other wimitments. Luty served tr 6 years as a Trustee and her wsdom aThJ ¢￿pa￿onate wrrt will be greauy missed. John Hanis has been wekomed as a Tnjstee. The chari￿8 websrte contFnues to prove an Invaluab￿ tool in making the aThJ ministy of thè Charity knchvn. The Trustees hope and pray that the Ilthv of applulions will continue, and Ihal the Lord's will and gl¢)ry will be faithfvlly served by these res￿rceS that He has placed in the Trustees, ca￿. Financial revlew Investment inwie for the Feriod vrds £387.￿3 12ff22.' £391.833). Grtnt disbursement. raising ftjnds. and administr*'on costs of £1,177.635 12022". £1.270.5321 were incurT&J. There were losses on investments of £245.273 gtving accumulated funds of £12.364.160 carried forvr4rd * 30 November 2023. Reserves policy The Charity's policy is to retain sufficient resefves to." ensure th* the Charity has sufficient fvrK1s to meet ils finarKial commitmerts., demonstrate that it 15 5UStainable into the future". ensure that the Chanty is able lo manage fvture unforeseen financial drfficults"e$'. ensure that excessive funds are not held wrthout any Klenbfiable reason or for any identifiab18 purp)$8. GOODNEWS EVANGELICAL MISSION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Financial reserves ar8 consider&J in tvA) parts. Re5eNes deemed necessary to meet fijture operational r8quiremenls and to protect the Chanty against frjture finan￿al uncertainth.es including loss of In￿Me and unexpected inueases in operaliNJ eosls., arKI reserve$ set asvje lo meet ftrture finarrial c￿mrtMertts for a specific significant project of venture or P1anr￿ luture commitment. The reserves Folicy is reviewed annually by the Trustees. th a view to generating income into the fuiure. the Truslees had designated £7,500,000 to be sel a9de. This has i) iiicreased to £11,500,000 during the ycar Thi: capital is not Inlond•d to be spent, but invested in k￿.p.plnfj wrth the Chanty's investment policy. Inve$tmgnt pollcy The aims and objectives of the Charity's investment pdicy are lo achieve a balance befv￿en caprta growth and income growth, and to ensure reasonable income and achieve a target yidd of 3% per annum on the cay.lal invested The Charity's strategy is to invest in low risk. long tem investments. The Charity is p￿pared to accept some y(￿allIrty In the value of the p￿110 and has deemed inflats.on the key risk ¢)ver the long tem. The Charity has a long-term trme horizon and does Th)t e4iect to have to ¥pend a ￿gnff￿ant prop)rts"on of the investment portfolio in the short or medium lemi. The Tfuslees do not want to invest directy in ary c(xnpafties w*ic* are involved in the business of tobacco, alcohol. gambling, am8menls, military prodLth and servi¢es, non-limitsry fi￿arrns, pcryraphy. high interest rate lending and human embryonic clonir4J. In accordan￿ with the Charity Commi5son guidance. the Trustees choose not to invest diredy in companies a stgnificant interesl in the atx)v&ments"oned activities As a guide, significant interest may taken lo mean tumover of 10% or more of a company's totsl lumover. The Trusto&s seek a wrtfdio diVe￿fied by asset da5s. but exd(Kling dire(a invesknent into derivatives. contracts for differences, Structured prc#Jucts or ctsrmodty funds. In order to achieve the investment c*J'ectives. the folltrmng Strateg￿ temil asset alSc¢alKm. *tical raThJo$ and benchmark3 have been agreed". Flxed Interest uities Isplit bo10 UK Equities erseas Equities Iternatlves 25 60 30 30 10 20-50 41MO FTSE UK Gilts All Stocks FfsE Ml-share FTSE ￿1 EX-UK I£} 50% FTSE UK Commercial Property 50% >Month LIBOR + 2% 7-Da LIBOR ompostto of the abov 11>25 ash 0-20 11x1 Over the short term the portfo140 ￿rfo￿anCe is to be compafed to the perfo￿a￿ of the above strategic asset alIC￿tKIn as represented by the relevant indi￿. Over long periTrJs of b'me the total relum of the porlfolio should be compared to CPI + 2% per annum. The Charity has adopted a totsl return approach. This prowdes the investrnenl manager ￿ greater investment flexibility to both grow the portfolio and help dIVer￿fy the portfolio against various nsks. However, il is accepted that naturally generated ir￿orne ￿11 woduce the majority of the annual cash requirement with the remainder coming from expected long lenn capital gains. The investment policy 15 rewewEd annualty by Ihe Trustees. GOODNEWS EVANGELICAL MISSION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Rlsk pollcy The Trustses havg assessed the major risks to wfiich the Charity is exposed, and a￿ sakn"sfied that systems are in place to mits'gate exposure lo the major risks. Over the course of every year the Trustees review the risks of the Charity. At eath Trustees, meeting particular attention is also gNen lo all major risks that are faced by the Chanty Structurg. governance and management The Charity 15 a eompany limited by guarantee arKI ¢C￿ed under ils Memorandum aTrJ Articles daed 22 June 2015. Goodnth¥s Evangelical MI￿0￿ Ichanty number IC677601 was a Charty ests￿l$hed by a Trust Deed on 2 April 1997, as amended ty a supplementsry deed enacted on 18 December 1997. A new limited company was incorporated in June 2015 and Charity Commissson registrab.on wht. Upon an order made by the Charity Commission on the 2 Marth 2016 the charities were linked. The Trustees, ¥&h) are also the direclors for ts purpw of company18w. wts) served during the year were.. Mr5 P M"stiitt Mrs L A Craggs MrA B Gnffiths Mr A R Michael Mr E J Haffis (Resigned 31 March 20241 (Appointed 9 September 2023) New Trust￿ are as the e*sb"rvJ Trustges arelod ofthe Lo￿. All new Trustees wlll be required to share the c￿lStian etr￿ of the Charity and have the nece55ary 5ki115 8ThJ expertise to help administer the affairs of the Charity. Trustees take all the necessary steps to ensure that they remain aware of their o￿l9*1.0n$ arKI dutie5 as Trustees. None of the Trustees has any benefiaal irFterest in the comF)aw. Al of the Twslees are membèrs of the company and guarantee to contribute £1 in the event of a wThJirKJ ￿. The Charrty employs a manager, Hannah Grrfth, to ovefsee the day to day managernent of the Charity. Hannah reports lo the Tnjstees who meet ¢)n a regular ba%s are respcmS￿e for all legal aTrJ fiscal matters. Audltor In accordance with the company's arbdes. a resdutw FwsirKJ that Cdadine Limited be reappointed as auditor of the company wll be pul at a General Meeting. Disclosure of Infomiatlon to auditor Each of the Trustees has confirTned that there is rK) lrrflxmatv￿ of whith are aware vthich is relevant to the audit, bLrt of which the auditor is unaware. They have further confirmed that they have tsken appropriate steps to identfy such relevant Informat￿ arKI to esta￿lSh that the auditor is aKYare of informab"on. The Trustees. report VAS approved by the Board of Tntstees. Mrs PAisbitt Trustse MrA 8 Gnffiths Trnstse GOODNEWS EVANGELICAL MISSION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 NOVEMBER 2023 The Trustees, or8 also directors of Gcalnews Evangel￿al Mission for the pur￿Se of company law, are responsible for proparing the Twstees. Report and the finanoal stalements in aetordance with applicable law and Unrted lQngd¢yn Accounb"ng Stsn(larts Iunrted kn'ng¢kni GeneraltyAccepted Aetount"ng Practice). Company Law requires the Trustees lo prepare financial stslements for each financial year %thich gwe a true and fair view of the State of affairs of the Charity and of the incoming resour￿$ and applicakn.on of resources. including the income and exFeThJitvre. of the charrtatle comparry ftjr that year. In preparing these financial Statements, thc TTuAcco arc reqirired to". . setect surtable accounkn.ng [d￿leS and then appty them ccffl&stenty; - observe the methods and prinCi￿e$ in ￿ Charities SORP", - make jud3ements and estimates that a￿ reasonatAe aTrJ I￿￿ent 5tste whether applicable UK Attounts"ng Standards have teen fdl¢ywed. subj.ect lo any material departures disclosed and etyained in the fi￿n¢￿al statements,. and - prepare the financial statements on Its w.rrfj concem basis unless r( is inappropn.ate to presuffe that the Charity will continue in operatson. The Trustees are responsible for keeping adequate accounting records thal disdose wrth reasonable accuracy at any b.me the finanaal posity'on of Charity and enable them lo ensure that the finanual statemerts comply the Cornpanies Act 2006. They are also ￿￿n￿ble for safeguarding the assets of tr* Charity arKI herKe for tskn'ng reasonable step5 for the prevenbon aThJ detecbon of fraud and other irregularities. GOODNEWS EVANGELICAL MISSION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GOODNEWS EVANGELICAL MISSION Oplnlon We have audrted the financaal slatements of Gcodnews Evangelical MisS￿n {ts 'Charity') for the year ended 30 November 2023 which comprise the ststsment of financial ath"vth"es, the stslement of finan￿al position, the ststement of cash flows and the notes to the finawal statements, induding a summary of significant accounting policies. The financial reporting framework that has been applied in th*f preparation is applicable law and Ur¢iled Kingdom Accountsng Standards, induding Finanoal Reporting StarKlard 102 The Financial Reporting Standard appI￿able in the UK and Republic of Ireland (United Kiwm Generally AcceptedAccr*Jnting Prath'ce In our opin*)n, the finanaal statemerrts.. give a true and lair view of the state of the charrtable company's affairs as * 30 November 2023 and of ils incoming resourees and appliCat￿n of ￿sOurCes. induding its income and expenditure, for the year the ended.. have been propedy prepa￿d in accordance with Unrted Kingdom Generalty Accepted Accounting Pracbc£", and have been prepared in xc(xdance vlith the wuirements of the Compani8s Act 2006. Basls for oplnlon We conducted our audit in aceordance wth Intemational Standards on AudTbng IUKI {ISAs IUIQI and applicable law. Our responsibilitses under those stsndards are fvrther described in the Auditors ￿SpOnsib￿￿{8$ for the audil ol the financial statements section of our report. are independent of the Charty in accordance with the ethical fequirements that are relevant to our audr( of the finanaal slalements in the UK. induding the FRC'S Ethical Standard. and the prowstons available for ￿all entrtses, in the arcumstsnces set out in note 24 to the financial ststements, and we have fvffilled our other ethical responSi￿"1￿e$ In ￿ffdance wrth these requirements. We believe that the audr( evidence we have obtained is sufficient and appropriate to prowde a basis for our opinion. Concl￿10r0 relating to 90ing concern In auditing the finarKial stalemenls. we have conduded that the Trustees. use of the goiThJ concem basis of accounting in the preparat￿￿ of the finarKial stalemerts is apwopriale. Based on the work we have performed. ¥￿ have not identified any material Ur￿rtainb.es relating lo events or conditions that. indiv￿UallY or collecbvely. may cast signfficant doubt on the Charty's ability to conb.nue as a going concem for a p8riod of at least hvdve months from when the finanaal statements are authorised for issue. Our responsibilitie5 and respc¥isibilities of the Trustees with respect lo w'rKJ concwn are dexribed in the relevant sections of this reFX)rt. Other Inforrnatlon The other Informats'on comprises the infomith.on induded in the annual TeFQrt other than the finarcial statemenls and ¢)ur auditors report thereon. The Trustees are resFonsible for Ihe other infofmats.on contsined within the annual report. Our Opini￿ on the finanaal sL*ements ¢j￿ Th)t cover the other irrformabon and, exwl lo the extent otherwise expliully st*ed in our rewrt, we th) not express any fonn of aS9jrar￿e cLJndusion thereon. Our fesponsibilty is to read the olher infonnalion and. in d(yng so. consider whether the other infomaion is materially inconsistent wth the financial ststements or our kntrthedge obtsined in the course of the audit, or othemse appears lo be materially misstated. If we identy such maten"81 inrJJnsistencies or apparent material misstatements. we are required to detemiine whether this gives rise lo a malenal misstatemerrt in the finarrial statements themselves. If. based on the work we have Ferformed. we condude that the￿ Is a material misstatement of this other infomalion, we are required lo reF(lrt that fact. have nothing to rep(Kl in this regard. Opinions on other rnatters prescribed by the Comp•nlgs Art 2006 In our opinton, based on the work undertaken in the course of our audrt.. the infomiab.on given in the Trustees, report for the finanoal year for vthith the financial ststements ale prepared, which indudes the directors. reKX)rt prepared for the PLtrposes of company law, is consislenl with the financial ststements., and the directors. report included wthin the Trustees. TeF*Nt has been prepared in ac(x)rdance wth applicable legal requirements. GOODNEWS EVANGELICAL MISSION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF GOODNEWS EVANGELICAL MISSION Matt8rn on whl¢h wg arg rgqulrgd to report by 0x￿PtIOn In the light of the knowledge and understsThJing of the Chanty and ts enwronment obtained in the courne of the audrt. V** have not identffjed maten"* misstatements In the diredors. rewt induded within the Trustees. report. We have nothing to report in resFect of the following matters in felth.on to thè Companies Act 2006 requires us to report to you rf. in our ¢)pinion'. adequate ac￿￿nting records have been kert or retuffts adequate for our audit have not teen received from branches not visited by us". the financial statements are not in agreemenl with the accountiThJ records and retums". or certain disclosures of Trustees. remuneration specifiefj by are not maje.. or we have not reeeived all the irrformation and expqanations we require for our audit,. or the Trustees were not enb.tled lo prepare the finanryal slatements in accordance with the small companies regime and take advantage of the small companies. exempbons in p￿paring the Trustees, report and from the requ1￿Ment to prepare a Strateg￿ reF¥yL Responslbllltles of Trustees As explained more fvlty in the stslemerrt of Trustees. ￿$[K)nSI￿"1￿"es, the Trustees. vtho are also the directors of the Charity for the purpose of company law, a￿ respongble for the preparation of the finanoal ststements and for being satisfied that they give a true and faif vie•V. and for such irrtemal control as the Trustees determine 15 necessary lo enable the preparatson of financial stslements that are free from material misstatement. vthether d*Je lo fraud or error. In preparing the financ>al slatements. the Trustee5 are responsible for assesgng the Chanty's akn.lty lo continue as a going ￿n￿rn. disdogng. as applicable. matters related to going concem and using the going concern basis of accountsng Un￿$$ the Twstees erthw intend to liqwdate th8 charitsble company or to cease operation5, or have r¢0 Tealistsc altemative bLrt to do so. Auditorfs rnsponslbllStl•s for the audlt of the financial ytatements Our objectives are lo obtain reaSona￿e assurance at¥)ut wthether the finanoal statemerrts as a vthole are free frc material mis5ts1ement, whether d4Je to fraud or error. and to issue an audltorfs reFQrt that includes our opinion. Reasonable assurance Is a high level of assuran￿ but is not a guarantee that an audit conducted in accordance wlh ISAS IUKI ￿11 always delect a material misstatement vthen il errisls Mi55talements can arise from fraud or error and are Conside￿ material if, inthvidualty or in the aggregate. they could wsonably be expectgj to influence the economic deogons of users taken on the ba￿S of these fina￿181 statements. The extent to whth our wocedures are Capable of detec*ThJ irwulaniies. induding fraud. is detaited below. Our appfoach to identsfying and aSSe￿n9 the risks of material misstalement in respect of Irregukrities, induding fraud and non-compliance wrttt laws and ￿Ula￿.0n$, was a$ follows.. the engagement pather ensu￿ that the engawent team collecbvety had the appropriate competen￿, capabilrties ènd skills lo idenkn.fy or recognise non-compliance wtth ap￿1¢at￿e laws and regulab'ons. we identffied the laws and regulth.ons applicatrAe to the Charity throL•3h disojssions vthh Trustee& and from our commerei81 knowledge and experien￿ of the Charity sector. we focused on 5pec3fic laws and regulations which we fX)nsidered may have a direct material effect on the financial statements or the operatsons of the Chanty. induding the CompanE$ Act 2006. Chanties Act 2011 and employment legislatson., ' we assessed the extent of coMpl￿nce with the I￿ and ￿gUlab"on$ thntified a￿Ve thrf￿h makn.ng enquiries of management and inspectt'ThJ legal corresp￿¢JenCe", and • identified laws and regulations were communit*d wrthin tr* 8￿JIt team regulaty and the team remaIr￿1 alert lo instances of ncTroynplian¢e Ihroughout the audit. GOODNEWS EVANGELICAL MISSION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF GOODNEWS EVANGELICAL MISSION We assessed the suscepb'lylty of Ihg Chanty's finaThial SLite￿nts to material misstatement indLKling oblaining an understanding of ￿ fraud M￿h1 ocwr, by: making ewuiries of management as to wthere they oJn5thred there was susceptibility lo fraud, ther kn￿edge of actual. suspected and alleged fraud.. aTrJ COn￿de￿n9 the intemal controls in place to mitsgate risks of fraud and non-compliance with laws and regul*ion$. Audlt rnspons• to rfsks Identlflgd To address the risk of fraud through management bias aTrJ override of controls. we.. performed analytThl procedures to identsfy any unusual or unexpected relationships", tested joumal entn.es lo identsfy unusual IransaclK)ns'. assessed whether judgements and assUMpt￿n5 made in determining the 8c£ounting estimates were indicative of potentsal bias." and investsgaled the rabon8le behind sonificant or unusual trarwctwjrs. In response to the risk of irregulanties and non-comFAianc8 ￿ lav&S aThJ regulatwis, we desTrgned prccedures which included, but were mt limrted lo." agreeing financial statement disclosures to undthing supwting ¢JxJJmentation", * reading the minutes of meeb'ngs of those charged wth govemance" enquiring of management as to acaual and potents.al lrtigatiLM arnj ci9ims', and reviewng correspondence wrth HMRC aTrJ ￿levant wulators There are inharent limrtation5 in audit wrx&lures described above. The more removed that laws and regul*ions are from financial transactions. the less likdy rt is that we would become aware of noTrcompliance. Audits'ng standards a150 Iimil the alxlrt wocedures required lo identsfy r￿rFcornp1Iance laws and regulatsons to enquiry of the Trustees arKI other managemenl aThJ Ihe inspeth.on of regulatory and *al correspondence. if any. Material misstslements that arise due to fraud L3n be harder to detec* than lts)se that arise from error as they may involve deliberate concealment or collusion. A fijrther de5ttipkn of our responstylities availatde on the Financaal Rep)rtiw CouncA's website al.. http$'.11 www.frc.org.ukJauditotsresp)nsibil￿e$. This de￿PtIOn forms part of our a￿JrtOrfS reporL John Rlcha aladlne FCCA CTA FCIE (Senlor Statutory Atsdltor for and behall of Caladlne Llmlted Chartor8d CertlfSèd Accountants Statutory Audltor Chanty House 22 Upperton Road Eastb￿rne East Sussex BN21 18F GOODNEWS EVANGELICAL MISSION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 30 NOVEMBER 2023 Unrestrlcted Unrestrfet•d funds funds general designated 2023 2023 Tolal Unrestrlcted Unrestrlcted funds funds general deslgnated 2022 2022 Totsl X123 2022 Income from: Investments 387, 387.563 391,833 391.833 Total Income 387.563 387.563 391,833 391,833 Expendlture on: RaisirKJ fiJnds 60.943 60.943 78,316 78,316 Befn"end5ng project Christian wort- UK Christian work- International 11,215 681.375 11.215 681.375 720,004 720.004 396.688 396.688 499.626 499,626 Totsl ¢harltable expendlture 1.116.692 1.116.692 1.192.216 1,192,216 Totsl eXpendI￿r? 1,177,635 1,177.635 1.270.532 1.270.532 Nel gainfJllossesl on investrnenls 11 1245,2731 {245,2731 1805,46n 1805.467} Net expenditure (1,035,345) (1.035.345) (1.684,1661 (1,684,166) Transfer5 between Jnds 11.WO.000} 1.(m.r Net movement I funds (2,035.345} I.￿)0,1)XI (1.035.345) {1.884,1661 {1.684.166} Reconclllatlon of funds- Fund balances al 1 December 2022 5.899.505 7,500,000 13,399,505 7.583.671 7,500,000 15.083,671 Fund balances at 30 November 2023 3,864,160 8,500.000 12,364,160 5,899,505 7,500,IXIO 13.399,505 The stslement of finanaal ath.vths ir￿LKIeS all gains and k)sses rec￿nISed in the year. All and expenditure derive from conts"nuiNJ ath"¥￿"es. GOODNEWS EVANGELICAL MISSION STATEMENT OF FINANCIAL POSITION AS AT 30 NOVEMBER 2023 2023 2022 Note5 Fixed assets Propety. plant and equipment Investsnents 12 13 2.474 11.681.024 6,(63 12.790,000 11.683.498 12.796,C63 Current assets Trade and other receivables Cash al bank and in hand 14 19,744 8￿,296 828.581 916.040 {235,378) 836.147 (232.7051 Current Ilabllltles 15 Net currnnt assets 680,662 603,442 Net assets 12.364.160 13.399,505 The funds ofthe Charty Unrestricted fUr￿s- general unrestn.cted fuTrJs- deggnated 3.864,160 8.51)0.000 5,899,505 7.500,000 17 12,364.160 13,399,505 The finar￿la1 stalemenls were approved by ts Trustee5 On ... IArs P Aisbitt Trustee Mr A B Griffilhs Trustee Compary registrats.on numter 09651032 (Ervjland and V*lesl 10- GOODNEWS EVANGELICAL MISSION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2023 2023 2022 Notes Cash flows from op•rntlng actlvltlos Cash absorbed by operabons {1,183,5511 11,160.7201 Invfjstlng actlvltles Purchase of property, plont and equipment Purchase of investments Proceeds from disposal of investsments Investment In￿rne received 12,529.8161 3,393.519 387.563 12,909,462} 4,007,C65 391,833 Net cash genèrat•d from Investlng activities 1.251,266 1,484.487 Net In¢reas• In cash and cash equlvalents 67.715 323.767 Cash and cash equNalents at beginning of year 828.581 504.814 Cash and cash •qufvaknls at end of year 896,2SIS 828.581 11 GOODNEWS EVANGELICAL MISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 Accountlng pollcl8S Company infomiation Goodnews Evangelical Mission is a private company limrted by guarantee incorpjraled in England and Wales. The registered office is Chanty House, 22 Upperton Road. Eastboume. East Sussex. BN21 1 BF. 1.1 Accounllng convention The financial statement5 have been prepared in a￿an￿ wrth Charity's Memorandum and Artides of Association, the Companies Aca 2{￿ and "Accwnling and Reporkn"ng by Charities. Statement of Recommended Practi￿ appliCa￿e to thanties prepariThJ thwr a¢¢ounts In accordan￿ wth the Financk?I Reporting Standard ap￿1¢able in the UK and Republic of Ireland IFRS 1021 {effectsve 1 January 20191. The Charsty is a Public Benefit Entsty as defined by FRS 102. The financial statements are prepared in stsding, which is the functi￿al currenw of the Charity. Monetary amounts in these financ￿1 statements are rounded to the nearest £. The accounts have been prepa￿ under ￿ histori￿1 cost convenb.on the excepts'on of fixed asset investments which are remeasured to fair value * the reportsng dale. The principal accounting policie5 adopted are sel out be1ry4V. 1.2 Golng con¢grn Al the time of approving the financial slatgments. the Trustees have a reasonable ex￿tion that the Charity has adequate resources to continue in operational existen￿ for the foreseeable fvture Thus the Trustees continue to adopt the concem basis of accounts.ng in preparing the financial s&*ement5. 1.3 Charltable funds Unrestricted funds are availab￿ for at the discTelThi of the Trustees in fvrtherance of their c*arrtable o4'ective$. DesKJnated funds comprise fund5 have been set aside at the discretion of the Trustees for SFecific purFoses. The purp)ses and uses of the dwroted furnls are sel ¢xrt in the rK>tes to financ4al statements. 1.4 Income Income is recognised when the Charty Is legally enkn.tled lo it after any perfO￿nan￿ condib"cffl5 have been mel, the amounts can be measured rdtabty, and it 15 probab￿ that ir*x)me will be received. Income from listed investsments ar*J irrterest are rwnised vtht￿ T￿e￿able. 1.$ Ewndlturn Liabilrties are rectyjnised %then a Constructs￿ obligation ￿Sts, the Pa￿nI is probab￿ and the obligatlon an be Measu￿ or estsmated reliably. Costs of raising funds comwise those costs rdating to the inveslment managerfs fee5 for managing the investments and se()Jrities. Charitable ath"￿t￿$ irdude costs reL4ting to the grant fwKling of acaivitses and the thanvs ¢)vffl ath"vrtie5. Grants have been dassified by a(aivitses.' UK Prc¥* arKI Irrtemkn"on* Projects. Support costs eompnse administrabon ￿sts in reLgtion lo the grant makn"ng. together wth governan￿ costs. Govemance costs include the costs of auditing the statutory aC￿Unts. the costs of Trustees, meetings and the cost of any legal advice to Trustees on governar￿ or conststith'onal matters The support Costs have been allocated wholly to the charitsb￿ actNities. 12- GOODNEWS EVANGELICAL MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 A¢countlng pollcles (Conttnuedl Support and govemance cosls a￿ prororts"onately recharged lo each charitable aclivity based on the level of charitable expenditure of each acb"yity. For 2023 the recharge lo the nearest whole tercent is as follows." Christian WOTk- UK.. 65% Chnsli8n work- Internati￿￿.. 35% ir•nt making pollcy The Charity supp)rts by the prowsion of finanoal grants all of those Chrislian organisations whose own activities are in accordance Mth the Chaws objectives. Numer(yJs and varied applicatsons are rece¢ved by the Charrty every month,. in addition ￿ Trvslees are also aware of other christs.an organisats.ons and encourage them to submit appIl￿ti￿$ lo the Charrty. AJI applicabons are prayerfully considered by the Trustees but, due to the Chanty's own limited means, not all applicabl￿$ can be supported. 1.6 Property. equipment and ¥ehlcl•s Property. equipment and vehides are In￿alty measured at cost and subseqvenuy measured at cost or valuthon, net of deprecaatK>n arKI ary impairment losses. DepreUa1￿n is recogni￿ so as to tP4Tite off the cost or ValUat￿n of assets I￿ thwr reshdual values over their usefvl lives on the follcAM"ng ba&s'. Fixtures and equipment CompLrters 25% straight line 25% straigtrt line The gain or loss arisng on the disposal of an asset is determined as the drf1e￿nce be￿eeTr the sale proceeds and the carrying value of the as¥eL is recognised m the stalemenl of financial ath"vrts"es. 1.7 Non O r4¢Y (O CL IP X¥ GOODNEWS EVANGELICAL MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Grnnts payabl& Christian work- UK Christian work- International 2023 chrisb.an WOfk- UK chrisb.an work- 1ntemab.onal 2022 Total Totsl 2023 2023 2022 2022 Grants to institutions". St Wlfn'd's Hospiee The Pelham London Crty Mission Bible Society - Egypt Horizons Intematsonal SAT-7 Tear Fund Matthew 25 Mis￿on YMCA DLG Operation Mobilisation Time to Talk BefrRrKling Other grants above £15,000 {7 inslilutionsl Grants £15,000 and below (120 institutions) 15.980 20,000 20,000 15,980 20,000 20.000 10,000 20,000 20.000 15.000 20,000 23.CN)O 15,1 15.000 11.000 10.CNJO 20,1)￿3 20,000 15.(M)O 11,000 50.000 50.000 30.000 23,821 50.000 25,000 20.000 23.000 30.000 23.821 50.000 25.000 75.000 34.000 109.000 115.000 55.000 170.000 464.289 255.400 719,689 403.809 283.740 887,549 638.269 354.4CKI 992.669 612.630 449.740 1,062,370 16- GOODNEWS EVANGELICAL MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Support costs allocat•d to a¢dvlll•s 2023 2022 Staff costs Depreciats'on Insurance Travèl and 8ubsistsnce Grnnl management Phone and intemel Prinbng. postage and other offi￿ costs IT support Rent Computer software Training Website Govemartce costs 48,801 3,588 2,696 5,669 9.681 2,168 316 7,323 9,383 2,148 18 828 27,502 47,550 3,589 2.673 6,496 2.779 7.023 10.423 2.150 143 774 27.913 120.121 117,888 Anatysed bgtween: Befn"ending project Christian work- UK Christian work- Irrtemational 1,111 67,671 49,11 77,833 42.288 120.121 117,888 2023 2022 Governancg costs ¢omprlse: Staff costs Audit fees Accountancy and payroll Legal and prOfes￿onal Tfustee meebng costs Subsuiplions Bank tharges Training 8,396 4.080 4.699 1.422 7.796 239 224 8.629 3,780 4,021 4,524 6,164 178 379 238 27,502 27,913 Net movement In funds 2023 2022 The net movemerrt in fijnds 1$ ¥tated after charg1￿{credIb"ngl' Fees payatAe for the audtt of the tharivs financjal statem8nls Depreciabon of (r•vned wopwty, plant and equipment 4.080 3,588 3.780 3.589 17- GOODNEWS EVANGELICAL MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 Trustoos Mr Ralph Harris. who resigned as a TTUStee in DeCeM￿r 2021. received a salary of £nil12022". £2,7741 and pension contributions of £nil12022' £257) up to the dale of his redundanGy as Befnending Se￿￿ Manager. He also received £nil 12022. £8.3741 in redundancy pay. The authonty for payment is contained wrthin the Chanty'5 P•1emorandum andArt￿e5 ofAsswats"on. The Tru¥tees had the foll￿n9 expenses reimbufSed met by the Chanty during the year.. Me91ing msts £7,796 12022". £6.1641 Training £ 646 12022. £238) 10 Employees The averag8 monthty number of full arnl part time employees during the year was". 2023 Number 2022 Number Support Ernployment costs 2023 2022 Wages arKI salaries S¢xial security cost5 Other pension costs 51,902 56,639 1,982 4,248 4.448 57,197 62,869 There We￿ Th) em￿OyeeS whose annual remunefth.ffi was more than £60.000. 11 Galns and lossts on Investments Unrestrlcted Unrestrlcted fvnds nds 2023 2022 Gainsl(losses) arising on.. Revaluatron of investmerrts Sale of investments (267.819 22.546 (798,8641 16,6031 (245,2731 {805,4671 18- GOODNEWS EVANGELICAL MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2023 12 Property. plant •nd equipment aThJ Cr￿pu18 •qui￿nt Tcl•l Cost Al 1 December 2022 6.376 13.868 20.244 AI 30 Nt)vember 2023 6,376 13.868 20.244 Oepreciatlon and IMpaIrn￿fiI Al 1 De￿mber 2022 Deprociatson charged in the year 2,665 1,237 11.517 2.351 14,182 3.588 At 30 Novemter 2023 13.868 17.770 Carrylng amount AI 30 November 2023 2,474 2.474 At 30 Novemter 2022 3.712 2.351 6.063 13 Flxed asset Investments Llsted Investments Cost or Valuatlon Al 1 December 2022 Addrtions Valuakn"(K* changes Disposals 12,790.OC 2.529.816 1267,8191 13.370,9731 At 30 N¢)vember 2023 11,681,024 Carrylng amount AI 30 November 2023 11,681,024 AI 30 November 2022 12,790.OLW) 14 Trnd8 and othgr rgc8l¥ablos 2023 2022 Amounts falllng due within one year. 14.109 5,635 Prepayments and acuued income 19.744 19- GOODNEWS EVANGELICAL MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 16 CurTgnt Ilabllltlos 2023 2022 Other payables Accxuals and deferred irKome 218.120 17.258 215.400 17.305 235.378 232.705 16 Retlrernent benefft schomes 2023 2022 Defined Contrlbutlon schemes Charge to profft or bs5 ill resFeca of defined contn"bub"on schemes 4,248 The Charty operates a defined contn"bub"on pension scheme for all qualty'ng employees. The assets of the scheme are held separately from ttK)se of the Charity in an Indep￿enI1Y administered fund. 17 Unrestrkted fvnds - designated These are unre5trict8d fuTrJs are materid to trle Cl￿nI￿5 acbvths. At1 Dxember 2022 Transfers At30 November 2023 Capital designated to generate income 7.5￿,000 8,500.0110 Prnvlous year. At1 DKgmber 2021 Transfer5 At30 November 2022 Capital dewgnated to generate incthie 7.5Crf).000 7,500.OIXS The above transfer of £1,IXIO,I)Xl is referenced wthin the Trustees, rep)rt -20- GOODNEWS EVANGELICAL MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 18 Un¥estricted fund5 The unrestricted funds of the chanty compnse the unexpended balances of donkn.ons arld grants vthich are not subject to SFecffie eondilions by donors arKI grantors as lo how they may used. These include designated lund5 %thich have teen set ashle ¢xrt of unrestrirted funds by the trustees ftjr spea'fic purposes. At1 Incoming Resources December resources expended 2022 Transfer& Gains and At30 losses November 2023 General fvnds 5.899.505 387,563 11.177,6351 11.000.000) 1245,2731 3.864.160 Prwfous yoar. At1 Incornlng Resources D8cembgr rnSOu￿os expended 2021 Transfè Gains and 10$$0s At30 Novembèr 2022 General lurnjs 7,583,671 391,833 11.270.532) 1805,46n 5,899.505 19 Anatysls of net assets between funds Unrnstrlctod Unrgstrlcted funds funds general designated 2023 2023 Total 2023 At 30 November 2023: Prcpety, F4ant and equipment Investrnents Current asSetsl{liaEM"l￿.esI 2.474 3.181,024 680,662 2,474 11.681.024 680,662 8.500.000 3.864.160 8.500,000 12.364,160 Tot•1 funds nds genernl deslgnat•d 2022 2022 2022 At 30 NOVem￿r 2022: Propety. plant and equipment Investments Current assetsllliabilits"es) 6.063 5,290.0¢)0 603,442 6,(h33 12,790,000 603.442 7.500.000 5,899,505 7.500.000 13,399.505 -21 GOODNEWS EVANGELICAL MISSION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 20 Operatlng lea$0 commltrnofits At the reporting end dale the Chanty had (xtstanding commrtments for futur8 minimum lease payments under non-cancellable oper*ng leases, fall due as fcllov4E: 2023 2022 lthin ono year 1,320 1,320 21 Rolated party irnnsactlons Hannah Gnffiths (daughter of Trustee Andrew Grrffiths) was ￿'d a salary of £50,679 12022". £48.0591 and pension contributions of £4.448 12022.. £3.7931 and was reimbursed travel and other expenses lolalling £1,319 12022". £1.2931. Her original appointrnenl was prior to Andrew Grffiths jthning the Board of Truste85 and he has no part in any decisions relth.ng to her ong)ing empbyment and remunerab"on. 22 Cash generated from operatlons 2023 2022 Deficit for the year {1,035.3451 (1.684,166) Adjustsnents for.. Investment income recognised in staternent of finarrAal th￿"e5 (Gainllloss on disposal of investmen15 Fair value gains and losses on investments Depreaab"on and Impairnient of propety, pl￿t and equipriwnt {387,5631 122.546} 267,819 3,588 (391,833) 6,603 798,864 3,589 Movements in working capital.. Ilnereasel in trade and other receiva￿e$ Increase in trade otsr paYab￿S (12,177) 2.673 13.0761 109.299 Cash absorbed by opgrntlons (1.183.551) 11,160,720) 23 Analys15 of changes In net funds The Charty had material debl ￿ring ts ￿. Non4udSt servlcfjs proVId￿ by audltor In common wlh many tharities of our %ze a￿1 nature we use our a￿14¢￿ to assist wrth the p￿paral￿n of the financial statements and payroll servw.