Registered Charlty Number: 1181646 Home of Grace for Chrisvs Workers In London Report and Financial Statements For the Year Ended 31 December 2024 Home of Grace for Chrisvs Workers In London Reference and Administrative Details For the year ended 31 December 2024 Trustees Wai Kuen Lau Yuen Fan Salina Kwok Katherine Wei Lee Princlpal Address 34 Farrant Way Borehamwood Hertlordshire WD64TE Beglstered Charlty No 1181646 3•nker Lloyds Bank PIC Independent Examlner Liu Juan Gon8 Page 12 Home of Grace for Chrlsvs Workers In London Report of the Trustee5 For the year ended 31 December 2024 The Charity was registered as a Charitable IncorpK)rated Organisation ICIOI on 21 January 2019 and the trus*ee5 present their report with the financiJl-tatements of the charity for the year ended 31 December 2024. The tru5teÈs have adopted the provisions of Accounting and Reportin8 by Ch31ities-. Statement of Recommended Practice applicable to charitie5 preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Achlevemenls agalnst obJettS¥e5 sel Thank God for hearin8 our prayers to increase more volunteer speakers for OUT Zoom platfonn to share the Word of God. In 2024 we had three more speakers to alleviate the work of a few. Due to an accident. the elders of our small group Bible study hurt their leBs and we had to stop gatherin8 in our premise. Instead, our trustee would gather at their place and vi51t them more often to assist in their daily needs and pray. With more cont8rt and service in the chur=h, our Irustee also gathered with the church con8re8arttS ID prayer. We did not.have much improvement in our street evangelism and pamphlets distribution. But we pray for a heart of flesh for all unbelievers as God has promised to the lsraelStes in the Book of Ezekiel. May Christianity be revived in UKI FINANCIAL REVIEW Resebve Pollcy The reserves of the Charity are unrestrKted. There was some moderate 8rowth in UK as well a5 some other countries. However, the soarin8 price had offset the income. Our donations received dropped by 16% compared to ihe previous year. The free reserves (total unrestricted reserves excluding fixed assets) of the charity as at 3] December 2024 was GBP23,848. The trustees consider that it should hold 9 months running expenses (excluding provision for depreciation) in reserve which eguates GBP7.660. The 5% reserve on the financial yearfs income for repair and renovatlon of the charlty will still be kept The trustees consider that there are no material *incertainties about the chariws ability to continue as a going concern. In forming thi5 opinion. Ihey have considered the provisien of Ix)th it future income and expenditure for a period of at least 12 month5 from the date of approval of these h'nancial statements. Flnanclal Performance The total incoming resources for the year was GBP9,673 made up of indTvidual unrestricted donatioiis. Expenditure during the year consists of depreciation on the charivs property and costs incurred in the Coulie of its charitable activities as well as day * day running Costs for the premises and the charitVs activities. PTin¢hpal Sources of Funds Our principal funding sources come from indi¥￿ual donors inside and outsbde the UK. Investment Pdlry No new investment policy has been set up yet as this is not the main purpose of the Charity and the financial condition is not 5Ultable for such move. PYln¢lpal Rlsks Our income continued to decline in 2024 with a drop of 16%. Grateful it was half of the previouslv veaT'5 decline. Near the end of the financial year, we have lowered the number of admissible participants in our Zoom platform %4hlch was still within our range. This saved us 84% of the previous monthly.fee. but the impart would be clearer in the next financial year. 5TRucfuRE. GOVERNANCE ANO MANAGEMENT Govern1￿ Llo¢uTrient The Charity is a CIO re8iStered on 21 January 2019 and 1$ governed ￿ its constitution. Under the constitution. the trustee5 are its sole members and are responsible for Its day-to4ay management. Accofdin8 to the Charity Commisslon rules. all trustees share the same responsibility. Each of our tn15tees will take up a major financial, adminlsterial or external role and a minor role in another role. Appolntment ol Trustees Our CIO is formed by a few committed Christians to spread Christianity in the UK. We encourage daily Bible study, prayer meetin85 an(J fellowship with God for all trustee5. We plan to hold annual Bible study meeting and 8lobal prayer meetin8s for the trustees with some volunteer workers in order to have a deeper understanding ol God's words and His will $0 we may share and explain God's words clearly and beeble to achieve our charity's goal effectively. All trustees are encouraged to further their growth spiritually in the Lord fit for our charitvs gospel work. PaEe 14 STATEMENT OF TRUSTEES, RE5PONSIBILmES The trustees are responsible for preparing tlie Rep)rt of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally A(￿pted Accounting Practice (United KinÈdom Accounting Standards and applicable lawl. including Financial Reporting Standard 102-The Financial Reporting Standaid applicable in the UK and Republic of Ireland" The law applicable to charit1È5 in England and Wales. the Charttie5 Act 2011, Charity (Accounts and Reports) Regulations 2008 and thL' provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair View of the state of affairs of the charity and of the incoming resources and appb'cation of resour￿$. including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to.. Select suttable accounting policies and then apply them con51Stently,- observe the methods and principles in the Charity SORP- make jtjdgements and estimates that are reasonable and prudent,. prepare the financial statements on the goiig ¢on¢em basis unless tt is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which di5d05e with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 21J)8 and the provisions of the trust deed. They are also resw)nsible for safeguarding the 355ets of the ¢haritY 3nd hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the board o.. trustees on ........ ..-. . and signed on its behalf by.. . ITrusteel Yijen Fan Salina Kwok Independent Emamlnels Report to the Trustees of Home of Grace for Christ's Workers in London I report to the Trustees on my ex3mbnation of the financial statements of the Charity for the year ended 31 December 2024. which rompri5e the Statement of Financial Activities, the 8alance Sheei nd the related noles. My work has been undertaken so ihat I mi6ht carry out an Independeni Examination of the financial siaiements in accordance with the General Directsons given by the Charily Commi55ioner5. To the fullest extent pefwnitted by law, I do not accept or assume responsibility to anyone other than the Charity and ihe Charivs Trustees as a body for my work or foi thls report. RESPONSIBILITIES AND BASIS OF REPCIRT The Charitls Trustees are respOnS￿le for the preparation of the accounts in accordance with the requirements of the Charities Act 20111.the Actl. The CharitV5 Trustees consider that an audit 15 not requireu lor this year (under Section 144121 of thé Charitie5 Acl 20111 and that an Independent Examination is required. I repoTt in respect ol my examination of ihe Charitls accounts carrieo qut undèr section 145 of the Act and in carryirig out my examination I have lollowed all ihe applicable Directions given by the Charity ￿0mMiSsiOn under secijon 145ISllbl of the Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confirm thai no maierr41 matters have come tt) my attention IA connection with the examlration gNir6 me cause to oèlleve ihat in any material respe￿. 111 accounting records were not kept in re5pe¢t ol the Charlty as required by 5ertion 130 of the Act.. or 121 the accounts do not actord with those ￿COrds.. or 121 the accounts do not comply wlth the applicable requirements ¢oncernln8 the form and content ol accovrnts sei out in the Charities IAccounts and Report51 Re8ulations 2008 other than any requirement thai ihe accounts gNe a 'true and fair ¥￿*￿ which is not a matter consldered as part of an independent examlnatson. I have rv) concerns and have come across no other mattefs in connection with the examinalion to wliicl) altenlion should be drawn In this report In order to enable a propef 'Jndeistandin8 of the account5 to be reached. Lluluan Gon8 FCCA Chartered Certllled Ac¢ountaots Date: ? 3 2025 Home of Grace for ChrisY5 Workers In London Statement of Financial Artivities For the year ended 31 DÈtember Z024 Notes 2024 Total 2023 Unrestrirted Unrestricted Re¢tri¢ted Income from: Donations Bank Interest 9.673 9,673 11.490 Total Intome Expenditure on: 9.673 9,673 11,490 Charitable activities 116.1X)81 116,0081 121.5841 Total Expenditure 116.Cl)81 116,0081 121,5841 Net incomel lexpenditurel ènd net m(wemènt Sn fvnds for the year 16,3351 16.3351 110.0941 Reconciliation of funds: Total funds brought fonward 372,958 372.958 383,052 Total funds carried forward 366.623 366.623 372,958 All the Charl￿$ funds represent unrestricted general funds. The notes form part of these financial statements. Page 17 Home of Grace for Christ's Workers In London Balance Sheet A5 at 31 December 2024 2024 2023 TANGIBLE FIXED ASSETS Freehold Property Fixture & Fittings Motor Vehicle 342.160 615 347,8¢X) 342,775 347.8 CURRENT ASSErs Cash Cash at bank 23.803 24,648 25.116 25.958 CREDITORS Accruals 18ixII 18(x)I NEf CURRENT ASSErs 23.848 25,158 NET ASSETS 366,623 372,958 FUNDS Unrestricted Restricted 372.958 TOTAL FUNDS 366.623 372.958 The fi ial statements were approved by the Board of Trustees an.d authorised for issue on - and were signed on its behalf by.. rrrusteel Yuen Fan Salina Kwok Registered Charity Number.. 1181646 The notes form part of these financial statements. Page 18 Home of Grace for Chrisvs Workers In London Notes to the Financial Statements For the year ended 31 December 2024 ACCOUNTING POLICIES Basls of prepaTln8 the financlal slatements The financial statements of the charity. which is a public benefit entity have been prepared in accordance with the Charities SORP IFRS 1021 'Accountin8 and Reporting by Charities.. Statement of Re¢ommen(led Prattice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021,, Financial Reportin8 Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities kt 2011. The financial statements have been prepared under the historical cost convention. Goln8 concern The trustees consider Ihat there are no material uncertainties about the Charfty's ability to continue as a going concern. In formin8 this opinion. the trustees have considered the recent economic developments and the provision of both its future income and expenditure for period of at least 12 months from the dale of approval of these financial statements. In thelr opinion expenditure can easily be tailore(I to match the level of income received for the foreseeable future. The Charity's reseryes are also Sufficient to meet any short-term fluctuations. Flnandal feportlr¥ standard 102- r￿UCed dlsclosure exemptlons The charity has taken advantage of the following disclosure exemptions in p￿parIng these ', inancial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland,: . the requirements of Sertion 7 Statement of Cash Flows. In￿me All income is recognised in the Statefnent of Finanual Activities once the charity has entitlement to the funds. it is probable that the income will be received. and the amount can be measured reliably. Expendlture Liabllities are recOgn￿￿d ds expenditure as soon as the￿ is a legal or constructive obligation committlnB the charity to that expenditure, it is probable that a transfer of economi¢ benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost felaled to the category. Where costs cannot be directly attributed to particular headings. they have been alkKated to activities on a ba515 con51Stent with the use of resources. Norne cl Grace lor Chrisys Workers In London Note5 to the Financial Statement5 Foi the year ended 31 December 2024 ACCOUNTING pouaES (CONTINUED) Governance costs These are included within support costs and include the cost5 attribtrtable to the Charity's compliance with constitutional and statutory requ1￿MentS. induding independent examination, tru5tt.e5' meetings and reimbursed expenses. Tangible Fixed Assets Tangible fixed assets are stated at cost oi" estimated value for donated assets. Depreciation is calculated so as to write off the cost of fixed assets on a straight-line ba515 Over the expected useful economic lives ofthe assets concemed. The principal annual rates used forthis purpose are as follows.. Freehold property Fixture & Fittings Motor vehicles 2% per annum lexduding landl -20%per annum - 20%per annum The Trustees have considered the impact of component a¢countin8 ¢n the freehold propertv and are of the opinion that its impact would be trivial on these financial statements. Taxation The charity is exempt from tax on its charitable actrvities. Fund a¢countin8 All the funds of the charity are unrestricted and can be used in accordance with the tharitable objectives at the discretion of the trustees. Critltal accountinÈ estirnales and aTeJs of judgement In preparing the financial statements it is necessary to make rertain judgements, estimates and assLtmptions that affect the amounts recognised in the financial statements. In the view of the Tru5tee5, there are significant jvd8ements, estimates and assumptions required. F5nandal Instruments The charity only has financial assets and liabilities of 3 kind that qualify as basic financial instrument5. includlng its debtor5 and creditors. These are initially ￿cOgnised at transaction value and subsequently valued at their settlement value. Funrtional Currency The financial statements are presented in Pound Sterlin& which is the funrtional currency. All financial information presented is rounded to the nearest Pound Sterling. Home of Grace for Chrlsvs Workers in London Notes to the Financial Statements For the year ended 31 December 2024 2. DONATIONS AND LEGACIES 2024 2023 Unrestricted Donations Individuals 9.673 9,673 11,490 11,490 Restricted donations Total Oonations 9.673 11,490 CHARITABLE ACTIVITIES 2024 2023 Property Costs Motor Vehicle Costs Travel Subsistence Sundry Telephone & Internet Services- Water. Gas. Electrlclty Council Tax Depreciation Charge Governance- Travel Governance- Accountancy 1.716 2.034 917 1,896 1,664 945 88 87 2,027 2,194 2,081 9,681 121 8C(J 1.993 491 2,IS9 5,794 69 16,(K)8 Included above Is restrkted expendlture of KEY MINAGEMENT PERSONNEL Key management personnel are those persons having authority and responsibility for plannln8, directing, and controllin8 the activities of the charity. directly Of injireetly, including any trustee of the charity. The'key management personnel of the Charity are the trustees. The Trustees provide their services free of charge. No value is reflected in the accounts for the donated seryice5 of the Trustees. No trustee was reimbursed expenses during the year. Trustees travel costs of £69 are reflected above as Governance. Home of Grace for Chrisvs Workers In London Notes to the Financlal Staternents For the year erbded 31 December 2024 TANGIBLE FIXEO ASSErs Fixture & Fittings Vehlcle Total Cost: At I" January 2024 Additbons 376.(K 20.201 396,201 769 769 At 31, December 2024 376,￿K1 769 20.201 396.970 Accumulated Depreciali¢)n: At I" January 2024 Charge for the year 28.2 20.201 48,401 154 At 31" December 2024 33.840 154 20.201 54.195 Net Book Value 2024 342.160 615 342.775 Net Book Value 2023 347.800 347.800 The property 15 34 Farrant Way. Borehamw¢)od. Hertfordshire. WD6 4TE and was donated to the Charity during 2019. It was brought into the fi.nancial statements at its estimated value based on three independeat dÈsktop valuations. It is intended to be used for the Charity's charitable purposes. CASH & CASH EQUIVALENTS In 2021 the tharity was able to set up a bank account and began the process of transferring the funds held by trustees. In 2022 this process was completed with all remaining cash held by trustees bein8 transferred into the bank account. A tash balance is held at the year end in the safety deposit box. CREDITORS 2024 2023 Accruals- Accountancy fees 8Ch) RELATED PARTY TRANSACTIONS There were no related party transactions during the period. Home of Grace for Chrlsvs Workers In London Notes to the Flnancial Statements For the year ended 31 December 2024 MOVEMENT IN UNRESTRICTED FUNDS Balance at 01101124 Balance at 3V12124 Income Expendttuie Transfers General Designated- Repairs 371,581 1,377 372,958 9.673 115,6121 13961 116.W81 15WI 500 36S,142 1,481 366,623 9.673 Repalr fund - This represents lunds designated at the year end for future renovations and repairs. Cash will be designated to this fund from any surplus durin8 the year, as decided by the trustees.