THE MANCHESTER CHINESE CHRISTIAN CHURCH ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE PERIOD FROM 10TH JULY 2023 TO 31ST DECEMBER 2024 Charity Registration No. 1203911
THE MANCHESTER CHINESE CHRISTIAN CHURCH CONTENTS Page Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Financial Ststements
THE MANCHESTER CHINESE CHRISTIAN CHURCH TRUSTEES, REPORT FOR THE PERIOD FROM 10 JULY 2023 TO 31ST DECEMBER 2024 TH The Trustees present their report and financial statements for the Charitable Incorporated Organisation for the period from 1 Oth July 2023 to 31 sl December 2024. The financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statemer¢t of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published (FRS 102) (effective 1st January 2015). OBJECTIVES AND ACTIVITIES The objects of the charity are to advance the Christian faith for the benefit of the public in accordance with the doctrinal basis stated in the Constitution, in particular but without limitation for members of the Chinese speaking community in Manchester and the suOund1ng area. The church has been serving the community for nearly 60 years, and we have a proud record of providing for the physical and spiritual needs of several generations of Chinese speaking people in Manchester and beyond. Under the leadership of our current senior pastor, the medium-term objective is to grow into a transfomied, united and missional Church, planting new congregations where the needs are. We do this by predominantly examining biblical teaching on love, sacrifi12 and servi, so that each member can live life in all its fullness and make a difference in the world around us. The main activities of the church are.. Sunday worship serVIS Sunday bible schools and youth activities Chinese language school for children Pastoral support for members experiencing trauma Small group ministry during the week Advice and support work for people in need (debt-advice, home support, homeless aid, gambling addiction work...) Outreach and support to Chinese takeaway businesses Supporting overseas students from many parts of Asia Preaching support for neighbouring Chinese churches Financial and prayer support for overseas Christian missionaries Financial and prayer SUPFX)rt for Christians suffering persecution Public Benefrt The Trustees are aware of the Charity Commission guidan on public benefit. The work of the charity and the funds it raises are wholly directed towards furthering the aims and objectives set out above and the Trustees are therefore of the view that the charity satisfies the criteria laid down to meet the public benefit test. ACHIEVEMENTS AND PERFORMANCE We have successfully transfomied into a Charitable Incorporated Organisation on 10th July 2023 and started operating from 1 St January 2024, with full church members support.
THE MANCHESTER CHINESE CHRISTIAN CHURCH TRUSTEES, REPORT FOR THE PERIOD FROM 10 JULY 2023 TO 31 DECEMBER 2024 TH ST This was necessitated by continual growth of the church, the membership of which is now over 300, and with it the need for an overhaul of the church constitution with the aim of bring ing about better governan. The main achievements of the church over the past 12 months are: Expansion of congregation size and number of church servi$ conducted on Sunday (currently 8 services in 6 sites) Continual increase in financial support and offering by generous and committed church members, thus enabling us to expand our stsff steam and ministy Successful ministry supporting many BNO passport holders from Hong Kong who have settled in the Greater Manchester area Vibrant youth ministry in all the congregations Compleb'on of repair and refurbishment work in lfvhalley Range Church Centre, now with improved heating and ventilation Contribution to social cohesion by opening our doors to our neighbours in Whalley Range at certain special occasions Continual support for two Christian pastors in Bhutan God is gracious and has provided for all our needs in the past and the present. We trust that He will continue to provide but we are also tru grateful for the support of our members, from many different backgrounds. FINANCIAL REVIEW Total income for the period was £675,369 of which £57,395 related to funding for projects upon which restrictions are placed. Total expenditure for the period was £557,265 leaving a surplus for the period of £118,104, plus the transfer of assets from charity number 500562 of£2.413,191 At 30th September 2023 the charity's reserves stood at £2,531,295 RISK MANAGEMENT The main risks to which the charity is exposed as identified by the Trustees have been considered and systems have been established to mitigate those risks. RESERVES POLICY It is the policy of the Charitable Incorporated Organisation to maintain unrestricted funds, which are free reserves at a level to cover a redundancy provision and three months, running costs should no further funding be received As at the end of the financial period the unrestricted funds, totalled £1,864,992 less designated funds of £1,692,613. leaving a balance of £172,372. The Charitable Incorporated Organisation requires £57.521 for redundancy provision, £133,283 for three months total running costs. (Total £190,804) see note 9 for designated funds.
THE MANCHESTER CHINESE CHRISTIAN CHURCH TRUSTEES, REPORT FOR THE PERIOD FROM 10 JULY 2023 TO 31 DECEMBER 2024 TH ST PLANS FOR THE FUTURE We plan to consolidate our work in ntral Manchester, Sale, Altrincham and Bolton, reaching out to the wider communities including the Non-chinese. We are particularly seeing the growth of the second and third generation Chinese families in our church and we seek to raise up more leaders among them and meet their needs. We are looking into developing new ministries and social projects to benefit the wider society. We are close to the completion of the purchase of Besses O'th Barn Church, a large Victorian building in Wthitefield, near Bury. This is an exciting opportunrty for us to expand our Se1$ but will also demand a lot of reseeS for renovation and maintenance. We will therefore be vigorously raising fund amongst our members and ex-members for such purpose. STRUCTURE, GOVERNANCE AND MANAGEMENT The Manchester Chinese Christian Church is a registered Charitsble Incorporated Organisation (CIO), number 1203911 registered on 10th July 2023, under the terms of the Constitution dated 10th July 2023. The Trustees are the members of the Church Council, comprising the Senior Pastor, Church Treasurer, Church Secretary, one Elder from each of the language ministry groups, and one Lay Member from each of the language ministry groups. Eligibility fortrusteeship a. Every Charity Trustee must be a natural person. b. Every Charity Trustee must subscribe to the objects and doctrinal basis of the Church as set out in clause 3. c. No one may be appointed as a Charity Trustee: if he or she is under the age of 16 years., or if he or she would automatically cease to hold Offi under the provisions of clause 15{1)(fj. d. No one is entitled to act as a Charity Trustee whether on appointment or on any re- appointment until he or she has expressly acknowledged, in whatsver way the Charity Trustees consider appropriate, his or her aCpIanCe ofthe Offi of Charity Trustee. e. At least one of the Charity Trustees must be 18 years of age or over. If there is no Charity Trustee aged at least 18 years, the remaining Charity Trustee or Trustees may act only to call a meeting of the Charity Trustees or appoint a new Charity Trustee. Number of Charity Trustees There must be at least three Charty Trustees. If the number falls below this minimum, the remaining Charity Trustee or Trustees may act only to call a meeting of the Charity Trustees or appoint a new Charity Trustee. There should be.. not more than 4 Elected Trustees., not more than 1 Ex-officio Trustee., and not more than 10 Nominated Trustees. The maximum number of Charity Trustees that can be appointed is as provided in sub-clause {3){a) of the constitution. No trustee appointment may be made in excess of these provisions.
THE MANCHESTER CHINESE CHRISTIAN CHURCH TRUSTEES, REPORT FOR THE PERIOD FROM 10 JULY 2023 TO 31 DECEMBER 2024 TH ST First Charity Trustees The first Charity Trustees of the Church are.. 1. James Lay 2. Lee Siu Quek 3. Ben Cheng. Appointment of Charity Trustees Trustee appointments are made by election at the annual general meeting, by nomination by the language ministry groups, or by virtue of holding the position of Senior Pastor. The Trustee terms of office vary from one year to three years, or for so long as the position is held in the case of ex-officio appointments (Senior Pastor). The Board of Trustees meet at least six times a year. Its function is primarily of governance and it delegates operational management of the Church to the Senior Pastor. The division of responsibilities is set out in a Scheme of Delegation. The Senior Pastor leads the Church with the assistance of a Senior Management Team, which comprises the chairs of each language ministry group. There are three language ministry groups- Cantonese, Mandarin and English - and all the regular activities of the Church (Sunday servIs, fellowship groups, etc) are organised under this overarching structure. 1. At the first AGM of the Church, all the first Charity Trustees (but the ex-officio Charity Trustee, if apFointed) shall retire from office. 2. The members or the Charity Trustees may at any time decide to appoint a new Charity Trustee, whether in place of a Charity Trustee who has retired or been removed in accordan with clause 15 (Retirement and Removal of Charity Trustees), or as an additional Charity Trustee, provided that the limits specified in clause 12(3) on the number of Charity Trustees would not as a result be exceeded. 3. A person so appointed by the members of the Church or the Charity Trustees shall retire at the conclusion ofthe AGM next following the date of their appointment. Elected Charity Trustees a. At every subsequent AGM of the members of the Church, all Elected Trustees shall retire from office. b. The vacancies so arising may be filled by the decision of the members at the AGM", any vacancies not filled at the AGM may be filled as provided in sub-clause (2) of this clause., c. An Elected Charity Trustee who has served for six consecutive terms may not be reappointed for a seventh consecuts've term but may be reappointed after an interval of at least one year. Ex-officlo Charity Trustee The Senior Pastor (or, in the case of there being only one Pastor in offi, the Pastor) for the time being shall automatically, by virtue of holding that offi, be a Charity Trustee. Infomiatlon for New Charity Trustses The Charity Trustees will make available to each new Charity Trustee, on or lfore his or her first appointment: a. a copy of this constitution and any amendments made to it,. and b. a copy of the Church's latest trustees, annual report and statement of accounts.
THE MANCHESTER CHINESE CHRISTIAN CHURCH TRUSTEES, REPORT FOR THE PERIOD FROM 10 JULY 2023 TO 31ST DECEMBER 2024 TH REFERENCE AND ADMINISTRATIVE DETAILS Name The Manchester Chinese Christian Church Charity Number 1203911 Address Office 100 Yarburgh Street lthalley Range Manchester M16 7EH Trustees Trustees at the time of signing of the report and trustees during the period (English Ministry Elder) {Mandarin Ministry Elder) reasurer) (English Ministry Lay Member Representative) (Mandarin Ministry Lay member Representative) {Cantonese Ministry Elder and Chair) DrYSAng (Appointed 1° January 2024) J Chen (Appointed 1$1 January 20241 {Appointed 10th July 2023) (Appointed 27th January 2024) BKYCheng L Choi-Poon H Ding (Appointed 6th January 2024) DrJLay (Appointed 10th July 2023) (Appointed 251h January 20241 (Appointed 1 Oth July 2023) SJCNgeow LSQuek (Secretary) (Senior Pastor) (Cantonese Ministry Lay Member Representative) DrKKYau (Appointed 1st January 2024) Independent Ying Huang ACCA Examiner clo LCVS, 151 Dale Street Liverpool, L2 2AH CAF Bank Limited, Kings Hill, Kent ME19 4TA Bankers Signed on behalf of the Trustees lo/f12f Dr James Layy Trustee Date
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MANCHESTER CHINESE CHRISTIAN CHURCH I report on the accounts of the charity for the period 10° July 2023 to 31 $t December 2024 which are set out on pages 8 to 21. Res The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to= examine the accounts under section 145 of the Charities Act, to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145{5){b) of the Charities Act, and to state whether particular matters have come to my attention. onsibilities of trustees and examiner Basis of inde endent examiners statement My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequenlly no opinion is given as to whether the accounts Present a 'true and fair, view and the report is limited to those matters set out in the ststement below. endentexaminer's In connection with my examination, no matter has come to my statement attention= (1) which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with section 130 of the Charities Act., to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met., or {2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Name: Mrs Ylng Huang Relevant professional qualification or bc(Jy'. ACCA Address.. c/0 LCVS 151 Dale Street. L2 2AH
THE MANCHESTER CHINESE CHRISTIAN CHURCH STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD FROM 10 JULY 2023 TO 31ST DECEMBER 2024 Notes Unrestricted Funds 10th Jul 2023 To 31st Dec 2024 Restricted Funds 10th Jul 2023 To 31st Dec 2024 Total Funds 10th Jul 2023 To 31st Dec 2024 Income and Endowments: Donations and Legacies Charitable Activits'es Investments 2a 2b 2c 604.930 611 12,433 41,417 646,347 611 28,411 15,978 Totsl income 617,974 57.395 675,369 Expenditure on: 533,133 24,132 557,265 Total expendlture 533,133 24,132 557,265 Net income 84,841 33,263 118,104 Transfer of assets from charity number 500562 1,780,151 633,040 2,413,191 Net movement In funds 1,864,992 666,303 2,531,295 Total funds brought forward 9,10 Totsl funds carried forward 8-10 1,864,992 666,303 2,531.295 The notes on pages 11 to 21 form part of these accounts.
THE MANCHESTER CHINESE CHRISTIAN CHURCH BALANCE SHEET AS AT 31" DECEMBER 2024 Notes 31st December 2024 Fixed assets Tangible fixed assets Right of use lease 385,278 712,789 1,098,067 Current assets Debtors Cash at bank and in hand 67,924 1,376,032 1,443,956 Current liabilities Creditors= amounts falling due within one period (10,728) Net current assets 1,433,228 Total assets less current liabilitFes 2,531,295 Funds: Unrestricted funds Restricted funds 1,864,992 666,303 8,10 2,531,295 Approved by Trustees on ........................ Dr James Lay, Trustee Ka yan Cheng, Trustee
THE MANCHESTER CHINESE CHRISTIAN CHURCH TH STATEMENT OF CASH FLOWS FOR THE PERIOD 10 JULY 23 TO 31ST DECEMBER 24 Notes 318t December 2024 Cash flows from operatlng activities Cash {used)Igenerated from operations 15 2,497,599 Investing activities Transfer of tangible assets from charity number 500562 Transfer of Right of use lease from charity number 500562 Investment income (395,870) (725,697) Net cash generated from financing activities {1,121,567) Net increase in cash and cash equivalents 1,376,032 Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 1,376,032 Represented by: 31st December 2024 Cash at bank and in hand 1,376,032 io
THE MANCHESTER CHINESE CHRISTIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 10TH JULY 2023 TO 31 DECEMBER 2024 ST 1. Accounting Policies Basis of Accounting The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise ststed in the relevant note(s) to these accounts. The financial statements have been prepared in accordan with the Statement of Recommended Practi.. Accounting and Reporting by Charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (SORP 2015) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS102) (effective 1 St January 2015) and Charities Act 2011. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The Charitable Incorporated Organisation has taken advantage of the provisions in Ihe SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. Going concem At the time of approving the accounts, the Trustees have a reasonable expectation that the Charitable Incorporated Organisation has adequate reserves to continue in operats'onal existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the accounts. Fund accounting Unrestricted funds are the charitsble Incorporated Organisation's free reserves available for the Trustees to apply in accordan with the charitable objects. Restricted funds are subject to specific restrictive conditions imposed by the donor. All restricted funds are accounted for as restricted income and expenditure for the purposes is charged to the fund. Income recognition All income is recognised On the Charitable Incorporated Organisation has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably. Income from charitable activities is recognised on an accrual's basis except for grants receivable, which are recognised on the date on which their unconditional payment is confirmed by the donor. Income from investment relates to bank interest received and is recognised when the amount is certain. Income reiVed on funds for a specific purpose is allocated to that fund were material. Other Income relates to rental income and gains on disposal of tangible asset and is recognised when the amount is rtaIn.
THE MANCHESTER CHINESE CHRISTIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS TH FOR THE PERIOD FROM 10 JULY 2023 TO 31ST DECEMBER 2024 Fixed Assets Capital expenditure of £500 and over is stated in the balance sheet at cost or revaluation less accumulated depreciation. Depreciation is provided to write off the cost of eath asset over its expected useful life as below.. Freehold property and improvements Leasehold Improvements Equipment Motor Vehicles 2.5 % per annum reducing balan basis. 2 % per annum reducing balance basis. 15 % per annum reducing balance basis. 250/0 per annum reducing balance basis. Over the term of the lease Right of Use Assets Expenditure recognition Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charitable Incorporated Organisation to that expenditure, it is probable that settlement will be requifed, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual basis. All expenses, including support costs and governan costs, are allocated or apF)Ortioned to the applicable expenditure headings in the Statement of Financial Activities. Support and governance costs are applied to unrestricted funds unless specifically included in the restrictions, as specified by the donor. Expenditure on charitable activities relates to the operation of the charity comprising of direct charitable expenditure to meet the objectives of the Charitsble Incorporated Organisation. Support and governance costs relate to the management and operation of the organisation and also compliance with constitutional and statutory requirements in producing the annual report. These are dealt with in the Statement of Financial Activities when payment has been approved by the charity. Cash and cash equivalents Cash and cash equivalents indude 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. Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balans, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, 12-
THE MANCHESTER CHINESE CHRISTIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS TH FOR THE PERIOD FROM 10 JULY 2023 TO 31ST DECEMBER 2024 where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets dassified as re1vable within one period are not amortised. Basic financial Ilabilltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument Is measured at the present value of the tUre receipts discounted at a market rate of interest. Financial liabilities classified as payable within one period are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Critlcal accountlng estimates and judgements In the application of the charity's accounting policies, the trustees are required to make jLSdgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other SoUrs. 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 on-going 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. All expenditure is accounted for on an accrual basis. All expenses, including support costs and governan costs, are allocated or apportioned to the applicable expenditure headings in the Statement of Financial Activities. Support and governan costs are applied to unrestricted funds unless specifically included in the restrictions, as specified by the donor. Cost of charitable activities relates to the operation of the charity comprising of direct charitable expenditure to meet the objectives of the charity. Support and govemance costs relate to the management and operation of the organisation and also Complian with constitutional and statutory requirements in producing the annual report. These are deaSt with in the Statement of Financial Activities when payment has been approved by the charity Taxation Income and gains are exempt from taxation as they are received and applied for charitable purposes only. The Charitable Incorporated Organisation benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions. The Charitable Incorporated Organisation is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT. 13
THE MANCHESTER CHINESE CHRISTIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 10TH JULY 2023 TO 31 DECEMBER 2024 ST 2. Income and endowments from: Unrestricted Funds 10th Jul 2023 to 31st Dee 2024 Restricted Funds 10th Jul 2023 to 31st Dec 2024 Total Funds 10th Jul 2023 to 31st De¢ 2024 a. Donations and Legacies Building Fund Compassion Fund Donations Gift Aid Mission Fund Special Offerings Sunday School 13,722 930 29,700 930 477,183 63778 26,765 7,318 40,673 493,161 63,778 26,765 7,318 40,673 604.930 41,417 646,347 b. Charitable actlvlties Activities income Youth income 606 606 611 Investments Bank interest 12,433 15,978 28,411 3. Expenditure on Charitable activities D1ct Support & Charitable Governance Expenditure Costs Total 10th Jul 2023 to 31st Dec 2024 To advance the Christian religion of the Chinese ra in Manchester and the surrounding area 452,720 104,545 557,265 14
THE MANCHESTER CHINESE CHRISTIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS TH FOR THE PERIOD FROM 10 JULY 2023 TO 31ST DECEMBER 2024 a. analysed as follows.. 10th Jul 2023 to 31st De¢ 2024 Direct charrtable expenditu.. Staff salary costs Pension Missions outreach Sunday school Worship costs Congregation expenditure Compassions expenditure Youth expenditure Activities costs Venue hire Rent Equipment Donations and gifts 314,275 3,524 25,681 11,282 77 5,755 1,120 638 156 64,227 11,207 2,117 12,661 482,720 Support & governan costs." Staff salary costs Pension Travel expenses Office costs Premises Costs Subscriptions Insuran Computer support Sundry expenses Motor expenses Bank charges Right of use interest HR support Pension charges Legal fees Payroll fees Accountancy Right of use depreciation Depreciation 16,541 571 10,875 2,413 35,619 610 1,877 1,682 976 3,396 246 1,855 70 1,163 1.346 1,805 12,908 10,592 104,545 Total èxpenditure on charitable activities 557,265 £24,132 of the above expenditure is restricted expenditure 15
THE MANCHESTER CHINESE CHRISTIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 10" JULY 2023 TO 31" DECEMBER 2024 b. Staff Costs 10th Jul 2023 to 31st Dec 2024 Gross wages and salaries Social security costs Pension 310,616 20,200 4,095 334,911 The ab)ve staff costs figure includes remuneration of Trustees totalling £54,590 who are pastors; this remuneration is not for serving as Trustees. c. Partlculars of employees: The average number of employees during the period 14 and calculated on the basis of full- time equivalents, was as follows= 11Xh Jul 2023 10 31st Dec 2024 Pastors Other ministers and admins 12 No out-of-pocket expenses were reimbursed to Trustees in the period 16
THE MANCHESTER CHINESE CHRISTIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS TH ST FOR THE PERIOD FROM 10 JULY 2023 TO 31 DECEMBER 2024 4. Tangible fixed assets Freehold Leasehold Equipment Property and Improvements Improvements Motor Vehicles Total Cost Balance al 10 July 23 Additions in the period 341,670 48,162 4,226 1,812 395,870 Balanc6 at 31st December 24 341,670 48,162 4,226 1.812 395,870 Depreciation". Balance at 101* July 23 Charge for the period 8,542 963 634 453 10,592 Balan at 31 December 24 8,542 963 634 453 10,592 Net Book Value: Balanc@ at 31° December 2024 333,128 47,199 3,592 1,359 385,278 All fixed assets have been transferred from the charity number 500562 as the Net Book Value. 5. Right of use assets Leases Total Cost: Balance at 1 Oth July 2023 Addff(ions in the period 725,697 725,697 Balance at 31st December 2024 725,697 725,697 Depreclatlon: Balan at 10th July 2023 Charge for the period 12,908 12,908 Balan at 31st December 2024 12,908 12,908 Net Book Value at 31 December 2024 712,789 712,789 The Charity has a lease agreement with Manchester City Council dated 1986 for 100 Yarburgh Street, Whalley Range, Manchester, M16 7EH for 99 periods 17
THE MANCHESTER CHINESE CHRISTIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS TH FOR THE PERIOD FROM 10 JULY 2023 TO 31ST DECEMBER 2024 6. Debtors 31" Dec 2024 Prepayments Other Debtors 4,146 63,778 67.924 7. Credltors: amounts falling due wlthln one year 31st Dec 2024 A¢¢ruals Tax and social security Pension 7,788 1,900 1,040 10,728 8. Analysis of Net Assets between Funds Tangible Fixed Rlght of Use Assets Perlod end 2024 Net Current Assets Total Unrestricted Funds General Fund Designated Funds (Note 9) 172,379 172,379 594,546 1,692,613 385,278 712,789 385,278 712,789 766,925 1,864,992 Restrlcted Funds Building Fund Compassion Fund Mission Fund 659,853 2,312 4,138 659,853 2,312 4,138 666.303 666,303 Totsls 385,278 712,789 1,433,228 2,531,295 18-
THE MANCHESTER CHINESE CHRISTIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS TH FOR THE PERIOD FROM 10 JULY 2023 TO 31ST DECEMBER 2024 9. Unrestricted Funds Movements in the Period Transfer ReseNes of at End Funds of Period Reserves at Beginning of period 2024 Income Expenditure Gèneral Fund 569,983 {466,131) 68,527 172,379 Designated Funds Tangible Assets Building Fund Reserves Fund Right of use lease Special Offerings Sunday School (10,592) 395,870 385,278 (3,420) 399,253 395,833 (-) 190,804 190,804 (12,908) 725,697 712,789 7,318 (3,240) 4,078 40,673 (36,842) 3,831 47,991 (67,002) 1,711,624 1,692,613 617.974 {533,133) 1,780,151 1,864,992 General Fund - This fund is used to finance the charity's general activities and core costs outlined in the Trustees, Report. Designated Funds: Tanglble Assets - reserves applie(J for capital expenditure (net of depreciation, revaluation surplus and provisions for diminution in value). Building Fund - Potential purchase of a building in Manchester City Centre in the future Reserve's fund- A provision for redundancy and three months, running costs. Transfer of Funds -Designation of funds for the potential purchase of a new building and the movement of the reserves. Also the transfer of net book value of assets transferred from charity number 500562 Right of use lease - Introduction of leases as a 'Right of Use, asset and liabilities. Special offerings - income received for various causes. Sunday School - designated for Sunday school project 19-
THE MANCHESTER CHINESE CHRISTIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 10TH JULY 2023 TO 31 DECEMBER 2024 ST 10. Restricted Funds Movements in the Period Reseryes at Beginning of perlod Transfer Of funds Reserves At End of Period 2024 Income Expendlture Building Fund Compassion Fund Mission Fund 29,700 930 26,765 630,153 2,887 659,853 2,312 4,138 (1,505) {22,627) 57,395 (24,132) 633,040 666,303 These are monies given to the Charity to be spent at the discretion of the Board of Trustees for specific charitable purp)ses, as follows.. Building Fund - donations, fund raising, and interest reiVed applied for the building of the church premises in Manchester City Centre. Compassion Fund - for the relief of povety for the public benefit, by the support of charities which are helping people in povety throughout the world. Mission Fund - for the support of our overseas missionaries and other expenses relating to their mission. Transfer of Funds number 500562. The transfer of net book value of assets transferred from charity 11.Guarantees and Other Financlal Commltments Financial commitments under non-cancellable operating leases relating leases as follow.. The only financial commitments under non-cancellable finants leases will result in the payment of a peppercorn of £10,500, being the annual sum due under a 150 years lease from 5th April 2022 with The Council of Manchester dated 18th Dember 2023. Johnson Fellow for Unit 3b Wing Yip Business Centre, stsrted 28th November 2023 for five years. This will result in the following financial Commitments.. 2024 Land & Building Due within 1 year Due in 1 to 2 years Due in 2 to 5 years 8,016 8,016 16.032 32,064 12. Related Party Transactions Two trustees are also pastors and received remuneration totalling £54,590 -20-
THE MANCHESTER CHINESE CHRISTIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS TH FOR THE PERIOD FROM 10 JULY 2023 TO 31ST DECEMBER 2024 13. Cash generated from operations 10th Jul 2023 to 31st Dec 2024 Surplus for the period 2,531,295 Adjustments for: Depreciation Right of use depreciation 10,592 12,908 Movements in working capital: (Increase)Idecrease in debtors Increasel{decrease) in creditors (67,924) 10,728 Cash generated from operations 2,497.599 21