Charity registration number 1164614 (linked 1164614-1) (England and Wales)
Company registration number 09651032
GOODNEWS EVANGELICAL MISSION
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024
GOODNEWS EVANGELICAL MISSION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mrs P Aisbitt Mr A B Griffiths Mr E J Harris Mr A R Michael Mrs E Peltola (Appointed 11 January 2025) Secretary/Charity Manager Miss H E Griffiths Charity number (England and Wales) 1164614 (linked 1164614-1) Company number 09651032 Principal address The Byres, Manor Farm Church Lane Chilcompton Radstock Somerset BA3 4HP Registered office Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF Auditor Caladine Limited Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Solicitors Anthony Collins Solicitors LLP 134 Edmund Street Birmingham West Midlands B3 2ES Investment managers Rathbones 30 Gresham Street London EC2V 7QN
GOODNEWS EVANGELICAL MISSION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Statement of Trustees' responsibilities | 5 |
| Independent auditor's report | 6 - 8 |
| Statement of financial activities | 9 |
| Statement of financial position | 10 |
| Statement of cash flows | 11 |
| Notes to the financial statements | 12 - 22 |
GOODNEWS EVANGELICAL MISSION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 NOVEMBER 2024
The Trustees present their annual report and financial statements for the year ended 30 November 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and "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).
Objectives and activities
The Charity's objects are to advance the Christian religion, to relieve poverty and sickness and such other charitable purposes as the Trustees may from time to time decide. The Trustees confirm they have referred to the Charity Commission's guidance on public benefit when reviewing the Charity's aims and objectives, in planning future activities, and setting the grant-making policy for the year.
Grant-making policy
The Trustees will consider applications for assistance that fall within the objectives of the Charity.
In all cases where financial assistance is being sought, the Charity will restrict its support to organisations and groups that have a Christian ethos and belief, and which actively promote the Good News of Jesus Christ.
The Trustees’ policy is that all applications are made via GEM’s online application form.
Applications for assistance must be approved by the majority of the Trustees at a formal Trustees’ meeting before funds are released.
To help administer grant applications for the time being the Trustees have agreed:
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Whether an application was approved or declined, applicants cannot re-appy within 12 months of the original grant round.
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Where a charity has received grants from the Charity for two consecutive years, the Trustees will not normally consider awarding a grant in the third year. Similarly, the charity may re-apply and be granted funding in the fourth and fifth year, but not in the sixth year and so on.
The Trustees will have regard to the objectives of the charity, the charity's risk assessment strategy, any other relevant policies of the charity and any guidance produced by the Charity Commission when considering applications for assistance.
Projects will only be supported following necessary due diligence and regular reports and up to date accounts. This is in accordance with the grant Terms & Conditions, approved and signed by the grantees upon acceptance.
Achievements and performance
Background
The Charity has been financially blessed with a large settlement bequeathed by a former Trustee and founder of the Charity. Income is generated by the investments made by the Charity and the Charity is not therefore a fund-raising charity. However, the Trustees remain cognisant of the wishes and intentions of the settler as evidenced during his lifetime.
The Trustees have primarily (but not exclusively) sought to support projects which not only meet its objectives but more specifically:
(1) alleviate poverty and provide food, clothing, transport, shelter, medical aid, education and Christian teaching/ literature to families and children in persecuted, troubled and deprived areas of the world.
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GOODNEWS EVANGELICAL MISSION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024
(2) alleviate loneliness in the elderly, disabled and socially isolated locally and within the wider UK and bring the Good News of Jesus Christ to hospices, residential care homes and other supported living establishments including shelters for the homeless and accommodation for young persons.
Grant applications
The Trustees are pleased to report that the number of grants awarded by the Charity has continued at a consistent level in the past year. During the year, the trustees met on 6 occasions. The Charity did not experience any interruption to the normal proceedings.
The Trustees considered applications from Christian charities in the UK and abroad and many diverse projects have been supported. The Trustees are particularly keen to assist charities which have a clear desire to promote and spread the Gospel message as an underlying theme to their work.
Grants awarded by the Charity cover various areas, including:
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General / Core Costs
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Advocacy, Evangelism, Outreach & Discipleship
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Befriending
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Chaplaincy, Pastoral & Counselling
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Children & Youth Work
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Events
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Humanitarian Aid / Disaster Relief
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Resources (Bibles / Literature / Courses / Translation)
Future outlook
The Trustees feel privileged to be able to further the Lord’s work by providing financial assistance to so many excellent Christian charities working on the front-line. They feel confident that this assistance is having a tangible impact on the lives and hearts of many suffering communities, individuals, families and children.
In January 2025 Elizabeth Peltola was appointed as a Trustee.
The Charity’s website continues to prove an invaluable tool in making the work and ministry of the Charity known.
The Trustees hope and pray that the flow of applications will continue, and that the Lord’s will and glory will be faithfully served by these resources that He has placed in the Trustees’ care.
Financial review
Investment income for the period was £370,031 (2023: £387,563). Grant disbursement, raising funds, and administration costs of £782,089 (2023: £1,177,635) were incurred. There were gains on investments of £1,157,938 (2023: losses £245,273) giving accumulated funds of £13,110,370 carried forward at 30 November 2024.
Reserves policy
The Charity's policy is to retain sufficient reserves to:
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ensure that the Charity has sufficient funds to meet its financial commitments;
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demonstrate that it is sustainable into the future;
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ensure that the Charity is able to manage future unforeseen financial difficulties;
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ensure that excessive funds are not held without any identifiable reason or for any identifiable purpose
Financial reserves are considered in two parts:
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Reserves deemed necessary to meet future operational requirements and to protect the Charity against future financial uncertainties including loss of income and unexpected increases in operating costs;
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Reserves set aside to meet future financial commitments for a specific significant project or venture or planned future commitment.
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GOODNEWS EVANGELICAL MISSION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024
The reserves policy is reviewed annually by the Trustees.
With a view to generating income into the future, the Trustees have currently designated £8,500,000. This capital is not intended to be spent, but invested in keeping with the Charity's investment policy.
Investment policy
The aims and objectives of the Charity's investment policy are to achieve a balance between capital growth and income growth, and to ensure reasonable income and achieve a target yield of 3% per annum on the capital invested. The Charity's strategy is to invest in low risk, long term investments. The Charity is prepared to accept some volatility in the value of the portfolio and has deemed inflation the key risk over the long term.
The Charity has a long-term time horizon and does not expect to have to spend a significant proportion of the investment portfolio in the short or medium term.
The Trustees do not want to invest directly in any companies which are involved in the business of tobacco, alcohol, gambling, armaments, military products and services, non-limitary firearms, pornography, high interest rate lending and human embryonic cloning. In accordance with the Charity Commission guidance, the Trustees choose not to invest directly in companies with a significant interest in the above-mentioned activities. As a guide, significant interest may be taken to mean turnover of 10% or more of a company's total turnover.
The Trustees seek a portfolio diversified by asset class, but excluding direct investment into derivatives, contracts for differences, structured products or commodity funds.
In order to achieve the investment objectives, the following strategic (long term) asset allocation, tactical ranges and benchmarks have been agreed:
| Asset Class | Target Allocations % |
Allowed Ranges % |
Relevant Index |
|---|---|---|---|
| Fixed Interest | 25 | 20-50 | FTSE UK Gilts All Stocks |
| Equities(split below) | 60 | 40-80 | |
| -UK Equities | 30 | FTSE All-Share | |
| -Overseas Equities | 30 | FTSE All World Ex-UK(£) | |
| Alternatives | 10 | 10-25 | 50% FTSE UK Commercial Property 50% 3-Month LIBOR + 2% |
| Cash | 5 | 0-20 | 7-DayLIBOR |
| Total | 100 | Composite of the above |
Over the short term the portfolio performance is to be compared to the performance of the above strategic asset allocation as represented by the relevant indices. Over long periods of time the total return of the portfolio should be compared to CPI + 2% per annum.
The Charity has adopted a total return approach. This provides the investment manager with greater investment flexibility to both grow the portfolio and help diversify the portfolio against various risks. However, it is accepted that naturally generated income will produce the majority of the annual cash requirement with the remainder coming from expected long term capital gains.
This policy statement is reviewed on an annual basis by the Trustees.
Risk policy
The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Over the course of every year the Trustees review the risk policy of the Charity. At each Trustees’ meeting particular attention is also given to all major risks that are faced by the Charity.
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GOODNEWS EVANGELICAL MISSION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024
Structure, governance and management
The Charity is a company limited by guarantee and constituted under its Memorandum and Articles dated 22 June 2015.
Goodnews Evangelical Mission (Charity number 1067760) was a charity established by a Trust Deed on 2 April 1997, as amended by a supplementary deed enacted on 18 December 1997.
A new limited company was incorporated in June 2015 and Charity Commission registration sought. Upon an order made by the Charity Commission on the 2 March 2016 the two charities were linked.
The Trustees, who are also the directors for the purpose of company law, who served during the year were:
Mrs P Aisbitt Mrs L A Craggs (Resigned 31 March 2024) Mr A B Griffiths Mr E J Harris Mr A R Michael Mrs E Peltola (Appointed 11 January 2025)
New Trustees are appointed as the existing Trustees are led of the Lord.
All new Trustees will be required to share the Christian ethos of the Charity and have the necessary skills and expertise to help administer the affairs of the Charity.
Trustees take all the necessary steps to ensure that they remain aware of their obligations and duties as Trustees.
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Charity employs a manager, Hannah Griffiths, to oversee the day-to-day management of the Charity. Hannah reports to the Trustees who meet on a regular basis and are responsible for all legal and fiscal matters. Two other members of staff work part time.
Auditor
In accordance with the company’s articles, a resolution appointing auditors of the company will be put at a General Meeting.
Disclosure of information to auditor
Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
The Trustees' report was approved by the Board of Trustees.
Mrs P Aisbitt Trustee
Mr A B Griffiths Trustee
13 August 2025
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GOODNEWS EVANGELICAL MISSION
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 30 NOVEMBER 2024
The Trustees, who are also the directors of Goodnews Evangelical Mission for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (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 incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that 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 Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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GOODNEWS EVANGELICAL MISSION
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GOODNEWS EVANGELICAL MISSION
Opinion
We have audited the financial statements of Goodnews Evangelical Mission (the ‘Charity’) for the year ended 30 November 2024 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 30 November 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity 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 25 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 Charity’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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
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the information given in the Trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
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the directors' report included within the Trustees' report has been prepared in accordance with applicable legal requirements.
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GOODNEWS EVANGELICAL MISSION
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF GOODNEWS EVANGELICAL MISSION
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a strategic report.
Responsibilities of Trustees
As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Charity for the purpose 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 Charity’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.
Auditor's 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 an auditor's report 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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the Charity through discussions with Trustees, and from our commercial knowledge and experience of the Charity sector;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity, including the Companies Act 2006, Charities Act 2011 and employment legislation;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
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GOODNEWS EVANGELICAL MISSION
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF GOODNEWS EVANGELICAL MISSION
We assessed the susceptibility of the Charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
Audit response to risks identified
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims; and
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reviewing correspondence with HMRC and relevant regulators
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
John Richard Caladine FCCA CTA FCIE (Senior Statutory Auditor)
For and on behalf of Caladine Limited, Statutory Auditor Chartered Certified Accountants Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF
26 August 2025
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GOODNEWS EVANGELICAL MISSION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2024
| Unrestricted Unrestricted funds funds general designated 2024 2024 Notes £ £ Income and endowments from: Investments 3 370,031 - Other income 4 330 - Total income 370,361 - Expenditure on: Raising funds 5 61,347 - Charitable activities Christian work - UK 6 399,393 - Christian work - International 6 321,349 - Total charitable expenditure 720,742 - Total expenditure 782,089 - Net gains/(losses) on investments 12 1,157,938 - Net income/(expenditure) 746,210 - Transfers between funds - - Net movement in funds 9 746,210 - Reconciliation of funds: Fund balances at 1 December 2023 3,864,160 8,500,000 Fund balances at 30 November 2024 4,610,370 8,500,000 |
Total Unrestricted Unrestricted funds funds general designated 2024 2023 2023 £ £ £ 370,031 387,563 - 330 - - 370,361 387,563 - 61,347 60,943 - 399,393 720,004 - 321,349 396,688 - 720,742 1,116,692 - 782,089 1,177,635 - 1,157,938 (245,273) - 746,210 (1,035,345) - - (1,000,000) 1,000,000 746,210 (2,035,345) 1,000,000 12,364,160 5,899,505 7,500,000 13,110,370 3,864,160 8,500,000 |
Total 2023 £ 387,563 - 387,563 60,943 720,004 396,688 1,116,692 1,177,635 (245,273) (1,035,345) - (1,035,345) 13,399,505 12,364,160 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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GOODNEWS EVANGELICAL MISSION
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024
| Notes Fixed assets Property, plant and equipment 13 Investments 14 Current assets Trade and other receivables 15 Cash at bank and in hand Current liabilities 16 Net current assets Total assets less current liabilities The funds of the Charity Unrestricted funds - general 19 Unrestricted funds - designated 18 |
2024 £ £ 2,612 12,292,281 12,294,893 5,215 847,990 853,205 (37,728) 815,477 13,110,370 4,610,370 8,500,000 13,110,370 |
2023 £ £ 2,474 11,681,024 11,683,498 19,744 896,296 916,040 (235,378) 680,662 12,364,160 3,864,160 8,500,000 12,364,160 |
2023 £ £ 2,474 11,681,024 11,683,498 19,744 896,296 916,040 (235,378) 680,662 12,364,160 3,864,160 8,500,000 12,364,160 |
|---|---|---|---|
| 11,683,498 680,662 |
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| 12,364,160 | |||
| 3,864,160 8,500,000 |
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| 12,364,160 |
The financial statements were approved by the Trustees on 13 August 2025
Mrs P Aisbitt Mr A B Griffiths Trustee Trustee
Company registration number 09651032 (England and Wales)
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GOODNEWS EVANGELICAL MISSION
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Cash flows from operating activities | |||||
| Cash absorbed by operations | 23 | (963,513) | (1,183,551) | ||
| Investing activities | |||||
| Purchase of property, plant and equipment | (1,835) | - | |||
| Proceeds from disposal of property, plant | |||||
| and equipment | 330 | - | |||
| Purchase of investments | (3,538,569) | (2,529,816) | |||
| Proceeds from disposal of investments | 4,085,250 | 3,393,519 | |||
| Investment income received | 370,031 | 387,563 | |||
| Net cash generated from investing activities | 915,207 | 1,251,266 | |||
| Net (decrease)/increase in cash and cash | |||||
| equivalents | (48,306) | 67,715 | |||
| Cash and cash equivalents at beginning of year | 896,296 | 828,581 | |||
| Cash and cash equivalents at end of year | 847,990 | 896,296 |
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GOODNEWS EVANGELICAL MISSION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024
1 Accounting policies
Company information
Goodnews Evangelical Mission is a private company limited by guarantee incorporated in England and Wales. The registered office is Chantry House, 22 Upperton Road, Eastbourne, East Sussex, BN21 1BF.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and "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 Charity is a Public Benefit Entity as defined by FRS 102.
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 £.
The accounts have been prepared under the historical cost convention with the exception of fixed asset investments which are remeasured to fair value at the reporting date. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Income from listed investments and interest are recognised when receivable.
1.5 Expenditure
Liabilities are recognised when a constructive obligation exists, the payment is probable and the obligation can be measured or estimated reliably.
Costs of raising funds comprise those costs relating to the investment manager's fees for managing the investments and securities.
Charitable activities include costs relating to the grant funding of activities and the Charity's own activities. Grants have been classified by activities; UK Projects and International Projects.
Support costs comprise administration costs in relation to the grant making, together with governance costs. Governance costs include the costs of auditing the statutory accounts, the costs of Trustees' meetings and the cost of any legal advice to Trustees on governance or constitutional matters. The support costs have been allocated wholly to the charitable activities.
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GOODNEWS EVANGELICAL MISSION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024
1 Accounting policies (Continued)
Support and governance costs are proportionately recharged to each charitable activity based on the level of charitable expenditure of each activity. For 2024 the recharge to the nearest whole percent is as follows:
Christian work - UK: 55% Christian work - International: 45%
Grant making policy
The Charity supports by the provision of financial grants all of those Christian organisations whose own activities are in accordance with the Charity's objectives. Numerous and varied applications are received by the Charity every month; in addition the Trustees are also aware of other Christian organisations and encourage them to submit applications to the Charity. All applications are prayerfully considered by the Trustees but, due to the Charity's own limited means, not all applications can be supported.
1.6 Property, equipment and vehicles
Property, equipment and vehicles are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:
Fixtures and equipment 25% straight line Computers 25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Non-current investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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GOODNEWS EVANGELICAL MISSION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024
1 Accounting policies (Continued)
1.9 Financial instruments
The Charity only has financial assets and financial 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. Basic financial assets include trade and other receivables and cash and bank balances. Basic financial liabilities including trade and and other payables where trade payables are obligations to pay for goods or services that have been acquired on the ordinary course of operations from suppliers.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Dividends | 361,527 | 384,728 |
| Interest receivable | 8,504 | 2,835 |
| 370,031 | 387,563 |
4 Other income
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Net gain on disposal of tangible fixed assets | 330 | - |
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GOODNEWS EVANGELICAL MISSION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024
5 Expenditure on raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Investment management fees | 61,347 | 60,943 |
6 Expenditure on charitable activities
| Christian work - UK Christian work - International 2024 2024 £ £ Direct costs Travelling expenses 249 - Mission's day - - Sundry expenses - - 249 - Grant funding of activities (see note 7) 333,500 268,500 Share of support and governance costs (see note 8) Support 52,142 41,979 Governance 13,502 10,870 399,393 321,349 Analysis by fund Unrestricted funds - general 399,393 321,349 |
Total 2024 £ 249 - - 249 602,000 94,121 24,372 720,742 720,742 |
Christian work - UK Christian work - International 2023 2023 £ £ 1,371 - 2,198 - 333 - 3,902 - 638,269 354,400 60,014 32,605 17,819 9,683 720,004 396,688 720,004 396,688 |
Total 2023 £ 1,371 2,198 333 |
|---|---|---|---|
| 3,902 992,669 92,619 27,502 |
|||
| 1,116,692 | |||
| 1,116,692 |
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GOODNEWS EVANGELICAL MISSION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024
7 Grants payable
| Christian work - UK Christian work - International 2024 2024 £ £ Grants to institutions: Tearfund - - St Wilfrid's Hospice - - The Matthew 25 Mission - - Time to Talk Befriending 20,000 - The Pelham 20,000 - London City Mission - - SAT-7 UK - 10,000 Horizons International - - YMCA GLG - - Other grants above £15,000 - - Grants £15,000 and below (93 institutions) 293,500 258,500 333,500 268,500 |
Total Christian work - UK Christian work - International 2024 2023 2023 £ £ £ - - 15,000 - 15,980 - - 20,000 - 20,000 - - 20,000 20,000 - - 20,000 - 10,000 - 20,000 - - 20,000 - 23,000 - - 75,000 34,000 552,000 464,289 265,400 602,000 638,269 354,400 |
Total 2023 £ 15,000 15,980 20,000 - 20,000 20,000 20,000 20,000 23,000 109,000 729,689 |
|---|---|---|
| 992,669 |
8 Support costs allocated to activities
| Staff costs Depreciation Insurance Travel and subsistence Grant management Phone and internet Printing, postage and other office costs IT support Rent Computer software Training Website Governance costs (See below/overleaf) Analysed between: Christian work - UK Christian work - International |
2024 £ 58,645 1,696 3,088 1,040 9,952 2,042 135 6,458 7,920 2,425 - 720 24,372 118,493 65,644 52,849 118,493 |
2023 £ 48,801 3,588 2,696 5,669 9,681 2,168 316 7,323 9,383 2,148 18 828 27,502 |
|---|---|---|
| 120,121 | ||
| 77,833 42,288 |
||
| 120,121 |
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GOODNEWS EVANGELICAL MISSION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024
8 Support costs allocated to activities (Continued)
| Governance costs comprise: Staff costs Audit fees Accountancy and payroll Legal and professional Trustee meeting costs Subscriptions Bank charges Training 9 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable to the Charity's auditor: - for the audit of the Charity's financial statements - for tax advisory services - for other financial services Depreciation of owned property, plant and equipment Profit on disposal of property, plant and equipment |
2024 £ 9,907 4,440 4,030 762 4,697 266 270 - 24,372 2024 £ 4,440 936 3,000 1,696 (330) |
2023 £ 8,396 4,080 4,699 1,422 7,796 239 224 646 |
|---|---|---|
| 27,502 | ||
| 2023 £ 4,080 816 3,810 3,588 - |
10 Trustees
The Trustees had the following expenses reimbursed and met by the Charity during the year:
Meeting costs £4,697 (2023: £7,796) Training Nil (2023: £646)
Mrs L A Craggs resigned on 31 March 2024 and purchased her work related iPad from the charity at its market value of £330.
11 Employees
The average monthly number of full and part time employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Support | 2 | 1 |
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GOODNEWS EVANGELICAL MISSION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024
11 Employees (Continued)
| Employment costs Wages and salaries Social security costs Other pension costs |
2024 £ 62,623 1,035 4,894 68,552 |
2023 £ 51,902 847 4,448 |
|---|---|---|
| 57,197 |
There were no employees whose annual remuneration was more than £60,000.
12 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | 842,158 | (267,819) |
| Sale of investments | 315,780 | 22,546 |
| 1,157,938 | (245,273) |
13 Property, plant and equipment
| Fixtures and equipment £ Cost At 1 December 2023 6,376 Additions - Disposals - At 30 November 2024 6,376 Depreciation and impairment At 1 December 2023 3,902 Depreciation charged in the year 1,237 Eliminated in respect of disposals - At 30 November 2024 5,139 Carrying amount At 30 November 2024 1,237 At 30 November 2023 2,474 |
Computers £ 13,868 1,835 (1,320) 14,383 13,869 459 (1,320) 13,008 1,375 - |
Total £ 20,244 1,835 (1,320) |
|---|---|---|
| 20,759 | ||
| 17,771 1,696 (1,320) |
||
| 18,147 | ||
| 2,612 | ||
| 2,474 |
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GOODNEWS EVANGELICAL MISSION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024
14 Fixed asset investments
| Cost or valuation At 1 December 2023 Additions Valuation changes Disposals At 30 November 2024 Carrying amount At 30 November 2024 At 30 November 2023 15 Trade and other receivables Amounts falling due within one year: Other receivables Prepayments and accrued income 16 Current liabilities Other payables Accruals and deferred income 17 Retirement benefit schemes Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes |
Listed investments £ 11,681,024 3,538,569 842,158 (3,769,470) 12,292,281 12,292,281 11,681,024 2024 2023 £ £ - 14,109 5,215 5,635 5,215 19,744 2024 2023 £ £ 20,000 218,120 17,728 17,258 37,728 235,378 2024 2023 £ £ 4,894 4,448 |
|---|---|
The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.
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GOODNEWS EVANGELICAL MISSION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024
18 Unrestricted funds - designated
These are unrestricted funds which are material to the Charity's activities.
| At 1 December 2023 £ Capital designated to generate income 8,500,000 Previous year: At 1 December 2022 £ Capital designated to generate income 7,500,000 |
Transfers At 30 November 2024 £ £ - 8,500,000 Transfers At 30 November 2023 £ £ 1,000,000 8,500,000 |
|---|---|
19 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes.
| At 1 | Incoming | Resources | Transfers | Gains and | At 30 | |
|---|---|---|---|---|---|---|
| December | resources | expended | losses | November | ||
| 2023 | 2024 | |||||
| £ | £ | £ | £ | £ | £ | |
| General funds | 3,864,160 | 370,361 | (782,089) | - | 1,157,938 | 4,610,370 |
| Previous year: | At 1 | Incoming | Resources | Transfers | Gains and | At 30 |
| December | resources | expended | losses | November | ||
| 2022 | 2023 | |||||
| £ | £ | £ | £ | £ | £ | |
| General funds | 5,899,505 | 387,563 | (1,177,635) | (1,000,000) | (245,273) | 3,864,160 |
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GOODNEWS EVANGELICAL MISSION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024
20 Analysis of net assets between funds
| Unrestricted Unrestricted funds funds general designated 2024 2024 £ £ At 30 November 2024: Property, plant and equipment 2,612 - Investments 3,792,281 8,500,000 Current assets/(liabilities) 815,477 - 4,610,370 8,500,000 Unrestricted Unrestricted funds funds general designated 2023 2023 £ £ At 30 November 2023: Property, plant and equipment 2,474 - Investments 3,181,024 8,500,000 Current assets/(liabilities) 680,662 - 3,864,160 8,500,000 |
Total 2024 £ 2,612 12,292,281 815,477 |
|---|---|
| 13,110,370 | |
| Total 2023 £ 2,474 11,681,024 680,662 |
|
| 12,364,160 |
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GOODNEWS EVANGELICAL MISSION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024
21 Operating lease commitments
At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Within one year | 1,320 | 1,320 |
22 Related party transactions
Hannah Griffiths (daughter of Trustee Andrew Griffiths) was paid a salary of £54,843 (2023: £50,679), pension contributions of £4,894 (2023: £4,448) and was reimbursed travel and other expenses totalling £519 (2023: £1,319). Her original appointment was prior to Andrew Griffiths joining the Board of Trustees and he has no part in any decisions relating to her ongoing employment and remuneration.
23 Cash absorbed by operations
| Cash absorbed by operations Surplus/(deficit) for the year Adjustments for: Investment income recognised in statement of financial activities Gain on disposal of property, plant and equipment Gain on disposal of investments Fair value gains and losses on investments Depreciation and impairment of property, plant and equipment Movements in working capital: Decrease/(increase) in trade and other receivables (Decrease)/increase in trade and other payables Cash absorbed by operations |
2024 2023 £ £ 746,210 (1,035,345) (370,031) (387,563) (330) - (315,780) (22,546) (842,158) 267,819 1,696 3,588 14,529 (12,177) (197,649) 2,673 (963,513) (1,183,551) |
|---|---|
24 Analysis of changes in net funds
The Charity had no material debt during the year.
25 Non-audit services provided by auditor
In common with many charities of our size and nature we use our auditor to assist with the preparation of the financial statements and payroll services.
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