2024-12-31-accounts

Trustees’ Annual Report and Accounts Year ended 31 December 2024

LONDON CITY MISSION Company Number: 04284615 Charity Number: 247186

CONTENTS 1. LETTER FROM THE CEO AND CHAIRMAN 2. STRATEGIC REPORT 2A. OUR PURPOSE AND VISION 2B. WHAT MATTERS TO US 2C. MISSIONAL ACTIVITIES 2D. KEY EVENTS IN 2024 2E. OUR IMPACT 2F. STRATEGIC FOCUS AND FUTURE DIRECTION 3. OPERATIONAL REPORT 3A. ENABLING MISSION 3B. PROPERTY MANAGEMENT 3C. FINANCIAL REVIEW 3D. COMPLIANCE 3E. PRINCIPAL RISKS AND UNCERTAINTIES 4. GOVERNANCE 4A. GOVERNANCE OF THE LONDON CITY MISSION 4B. SUBSIDIARY COMPANIES 4C. MANAGEMENT STRUCTURE 4D. PAY POLICY FOR SENIOR STAFF 4E. DIRECTORS’ RESPONSIBILITIES 4F. DIRECTORS’ STATEMENT es ove pes eee , ¢ Sos . . ose ae . ee , 4 Se ee	e ' noe	«> % ‘ . ‘ 2	. . a	3 5 5 6 8 21 21 25 27 27 28 29 31 32 34 36 36 36 36 37 37 . :

5. INDEPENDENT AUDITORS’ REPORT 38 6. GROUP STATEMENT OF FINANCIAL ACTIVITIES 42 7. GROUP & PARENT CHARITY BALANCE SHEET 44 8. GROUP CASHFLOW STATEMENT 45 9. NOTES TO THE ACCOUNTS 46

1. LETTER FROM THE CEO AND CHAIRMAN DEAR FRIEND,

We believe that the local church is God’s chosen instrument to bring the gospel to a city in need. Our role is to walk alongside churches — equipping, encouraging and enabling them to step into mission with confidence and compassion. We will continue to support Christians on the ground, while also sharing what we’ve learned more widely through training and resources that serve the Church beyond London.

We give thanks to God for His continued faithfulness to London City Mission.

As we reflect on another year of gospel ministry, the need in our city remains as urgent as ever. Millions of people in London still live without a clear opportunity to hear the good news of Jesus Christ. And yet, we are encouraged — because the Lord continues to work through His people.

Throughout our 190-year history, the Lord has used ordinary people to share the extraordinary gospel in the hardest-toreach places. That continues today. We are deeply grateful for every missionary, church, partner in the gospel, and prayer warrior who makes this work possible.

In 2024, we partnered with churches across London to share the hope of the gospel with those on the margins. Many of these churches are in areas facing deep material and spiritual poverty — but in those very places, we are seeing the Holy Spirit at work. Believers stepping out in faith. Churches building bridges into their communities. People hearing the name of Jesus, sometimes for the first time.

We remain utterly dependent on God. We are praying for His Spirit to move, in our hearts, in our churches, and in every community of this city. And we are encouraged by your partnership in this calling.

We are humbled to play our part in this story. Every conversation, every act of kindness, every moment of witness is part of a much bigger work — God’s mission to redeem and restore.

Thank you for standing with us in the gospel.

Thank you for praying, giving, and going.

Looking ahead, we do so with both conviction and expectation. Our vision remains: to see Jesus known by people on the margins . As we enter a new season of ministry, our focus is sharpening around one central aim: to ignite a movement of mission within the local church.

Let us continue to serve Christ faithfully, trusting His promise that He will be with us always, even to the end of the age.

Yours in Christ Jesus,

GRAHAM MILLER Vee = RICHARD MONTGOMERY Chief Executive Chairman of the Board of Trustees

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“Our vision is to make Jesus known, in Newham, east London and beyond. Our heart is that we can reach the world on our doorstep. And through LCM’s support, we’re seeing a beautiful bridge between Newham, the church and to Jesus.” MARK WATERFIELD, PASTOR, HOPE CHURCH NEWHAM

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“Church is the only place where the diverse groups across our borough mix on level terms. Missionally, this is also a profound witness to the outside world. And our partnership with LCM has really helped to fuel that.”

RICHARD BRAY, RECTOR, ST ANNE’S, LIMEHOUSE

HE HAS SENT ME TO BIND UP THE BROKEN-HEARTED, TO PROCLAIM FREEDOM FOR THE CAPTIVES AND RELEASE FROM DARKNESS FOR THE PRISONERS, TO PROCLAIM THE YEAR OF THE LORD’S FAVOUR AND THE DAY OF VENGEANCE OF OUR GOD, TO COMFORT ALL WHO MOURN, AND PROVIDE FOR THOSE WHO GRIEVE IN ZION— TO BESTOW ON THEM A CROWN OF BEAUTY INSTEAD OF ASHES, THE OIL OF JOY INSTEAD OF MOURNING, AND A GARMENT OF PRAISE INSTEAD OF A SPIRIT OF DESPAIR.

“We have tried before to encourage the church in evangelism. But this never really took off until London City Mission came alongside us. The partnership got our members to see that they have a duty to share the gospel. But also, that God gives them the ability to do this!”

2. STRATEGIC REPORT

2A. OUR PURPOSE AND VISION

STEPHEN AGILINKO, PASTOR, WEST GREEN BAPTIST CHURCH

Tragically it’s in London’s most deprived communities that people are least likely to hear this invitation. Here, Jesus is someone they once heard about a long time ago, just another prophet, a myth… or a complete mystery.

WE LONG TO SEE JESUS KNOW BY PEOPLE ON THE MARGINS.

As much as ever, London is home to people whose everyday experience is one of rejection, helplessness and often shame – those who are overlooked, struggling, and pushed to the edges of society. People who face daily challenges, often invisible to others – they lack resources, forced to get by from one day to the next.

“London City Mission’s approach, in working alongside the local church, envisioning, equipping, and enabling, is an answer to prayer. This kind of partnership and generous sharing of resources will strengthen the Church, get God’s attention and bring salvation and healing to our broken communities.” TONY UDDIN, PASTOR, TOWER HAMLETS COMMUNITY CHURCH

And yet it’s also here, often on the doorstep of these communities, or just around the corner, that a source of eternal hope exists.

The local church.

But it goes deeper than that.

The local church is God’s plan for sharing the eternal hope of the gospel. To be a city on a hill, a light to the world.

They lack status, connections, community… options. Things many of us take for granted.

And it’s the local church that holds incredible potential to reach the very people so often forgotten by the world. To go out quickly “into the streets and alleys of the town” (Luke 14:21), seeking out the poor, the overlooked, and the broken, and calling them to the feast of God’s kingdom.

They lack the family member to call when they face eviction from their home. The friend waiting for them outside the prison gates. The community they once enjoyed, now replaced by loneliness in their older age. They lack the knowledge of ‘the right thing to say’ when they enter a new environment. The language skills to find help for their family.

“One of the things I love about LCM, they know that when you come into a community, you’ve got to understand it. We found their mapping exercise of the local area invaluable - especially understanding its spiritual history. It’s helped so much in the way we relate to people here.” ED DIX, MINISTER, ST. LUKE’S CHURCH, MILLWALL

ISAIAH 61:1-3 (NIV)

Wherever we gather as believers, our location is no accident. We’ve been placed by God to draw the people around us into relationship with Him and into the family of His Church. Our neighbourhood is our mission field – and we carry the best news in the world.

Perhaps more than anything, they lack hope.

It’s clear throughout the Bible that God has a heart for people who are marginalised and overlooked – people whose physical poverty can help expose their helplessness before Him.

Yet too often, something gets in the way. It’s possible to go through the life of a church without truly connecting with those just outside our doors. Many of our neighbours may not even know we exist.

We know it’s here, and only here – recognising our helplessness before a Holy God – that Jesus meets us and invites us to repentance and into eternal hope in Him.

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That’s why we come alongside Christians across London and beyond – to encourage, equip and support them to step into the purpose God has given them. To help unlock the amazing potential He has placed within them. To ignite a movement of mission in the local church.

We want to see churches thriving and flourishing as they grow in number and diversity. We long to serve churches in partnership, building them up to reflect the many cultures and backgrounds of the city, and to become a more powerful witness of God’s love to anyone looking in.

Working as a catalyst alongside local churches in the most deprived areas of London, and following the leading of the Holy Spirit, we help to build sustainable missional teams that take the lead in building long-term connections with the community outside the church, that are designed to continue on long after we step back.

Together we follow Christ’s example in seeking out people – especially those overlooked by others – and sharing the gospel in a relevant and loving way. We support the church in pursuing intentional, committed relationships, where Christians can effectively share their faith in Jesus, and demonstrate it practically.

People from marginalised backgrounds have a valued place as part of God’s people, and an important contribution to bring to our church families. So, we help churches build welcoming cultures so that when someone accepts an invitation, it’s a place where they can grow and thrive… regardless of their background.

All that we do is rooted in prayer, completely dependent on the work of the Holy Spirit. And we pray that as the gospel is heard and experienced, many men, women and children – who may never previously have stepped into a church – would come to follow Jesus… and invite others to do the same.

2B. WHAT MATTERS TO US

London City Mission (LCM) has a set of values which shape the way we work and relate to each other, to the Church and to the people and communities we engage with.

BRINGING JESUS INTO THE CONVERSATION

LCM Missionary Scott (right) chats to a guest at Hope Church Newham’s community drop-in.

OUR VALUES ARE:

ROOTED IN CHRIST

We are prayerfully dedicated to doing God’s will and living His way, according to His word.

CHRIST-LIKE LOVE

We look not to our own interests but to the interests of others because we are united as brothers and sisters in Christ.

GOD-GLORIFYING EXCELLENCE

We pursue the best that we can be to glorify God and serve each other in all we do.

SPIRIT-INSPIRED COURAGE AND PERSEVERANCE

We stand firm, push through, and pay the price for the sake of Christ and the gospel.

Many guests are struggling to get by. Newham has more evictions than any other part of the city and one of the highest rates of homelessness.

“We’d initially thought this would be a social space, where we might invite people to church,” explains Jenny, one of the church volunteers. “But Scott and other missionaries have encouraged us to look for opportunities to share our faith.”

More and more people are coming through the doors of the church every Tuesday which provides a big opportunity for evangelism. In one month, the team recorded 17 gospel conversations , most with people who may not otherwise hear the good news of Jesus.

READ THE FULL STORY AT LCM.ORG.UK/HOPE

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HEAD Christians have a richer understanding of the gospel need, especially amongst marginalised communities – and of the Church’s calling to meet this need.

To make this journey a reality, we undertake a number of core activities as a mission.

PRAYER

We have a vision to see Jesus known in every community in London. To see this vision realised, we are completely reliant on the work of the Lord. And so, our first and most foundational ‘activity’ as a mission is prayer – in partnership with Christians across the UK and beyond.

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We provide resources, such as our daily prayer guide and our weekly online prayer meetings, to enable people to do this effectively.

On a daily basis, prayer is woven into every activity we do as a mission, but we also set aside specific times for it – gathering each morning to pray and dedicating a full week at the start of the year to seek the Lord together.

HEART Christians are excited about the role they and their church can play in God’s plan to build His church. They start to pray for gospel mission and about how God might use them.

2C. MISSIONAL ACTIVITIES

ACHIEVING OUR VISION

All Christians have amazing potential to share the life-saving news of Jesus. At London City Mission (LCM), we long to see this potential released.

We long to see churches across London and beyond confidently and effectively sharing the good news of Jesus, especially with people otherwise unlikely to hear it.

To achieve this, we come alongside Christians, sharing our time and expertise, to take them on a journey, from head to feet.

FEET Local churches form sustainable missional teams which invite people from communities least likely to hear the gospel to follow Jesus, welcoming and discipling those who respond.

HANDS Christians, have a transformed confidence and capability to share Jesus in a relevant way, especially with people from a different background.

FEET

Christians begin to effectively share their faith in their everyday life, especially with people unlikely to otherwise hear the gospel.

CHURCH MOBILISATION

In the areas of London least reached by the gospel, there are hundreds of churches, all with brilliant potential to share the life-saving news of Jesus. Our trained urban missionaries come alongside these churches, wherever they are on that journey, to support them to fulfil their potential.

We do this by:

• Supporting churches to envision the congregation – to see the need for sharing the gospel in their local area and their calling as the church to meet that need. This might look like a missionary speaking at a church service or spending time at the church’s Bible study groups.

• Getting to know the area a church is based in – to understand who lives there and what their needs are. This might involve a missionary and a church leader mapping out the local area, and the communities that live there. It may also involve going out together to meet these people and hearing from them first-hand.

• Supporting the church to plan a new ministry – or build on an existing one – which will be effective in connecting with the local community, and which matches with the gifts and passions of individuals within the church. For example, if loneliness and isolation are a common experience of people in the local area, and there are people gifted in hospitality in the church, the church may decide to start a lunch club with a simple Bible study. Our missionaries share their insights and experience to help shape the ministry.

• Building and training a missional team – we support the church to recruit members of the congregation to form a team and put structures in place so that they can continue the ministry once our missionaries have stepped back. Our missionaries will train the team in building lasting connections with the people they meet and find opportunities to share their faith. Missionaries may also provide training for the wider church, to support them in sharing their faith or for example how to welcome people from different backgrounds into a church family.

• Sharing the gospel together with churches – with the ministry developed, our missionaries go out with church members to put it into action! If it involves door-to-door outreach, missionaries will accompany the missional team into a local council estate, building connections with residents and finding natural opportunities to bring Jesus into conversation. This environment enables missionaries to train church members ‘on-the-job’, sharing insights and feedback both during and after the ministry activity.

All these activities take place within a partnership between LCM and the church. These partnerships are intentionally time-bound, with the goal of equipping the church to sustain and grow the ministry independently through a strong missional team supported by the wider church.

MOBILISING THROUGH LCM MINISTRIES

LCM also runs its own ministries, which it invites churches to get involved with.

For example, every day, Webber Street Centre in Waterloo hosts men and women experiencing homelessness, providing breakfast, hot showers and clothing. Trained missionaries spend time with guests, helping them take practical steps out of homelessness, as well as sharing the gospel – through conversations as well as daily Bible talks.

In the evenings, groups from local partner churches, trained by Webber Street missionaries, host meals for homeless guests – seeking to build friendships, to share their faith and, when appropriate, invite them to church.

The longer-term goal is to equip these churches to develop their own ministries – multiplying the gospel impact across the city.

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WEBBER STREET DAY CENTRE

Webber Street is LCM’s Day Centre for people who are homeless – based just around the corner from Waterloo Station. Every weekday morning, we welcome guests who have often spent the night sleeping rough, offering not only relief from life on the streets, but also hope for a transformed future.

We long to see our guests come to know Jesus and become part of a church family. That’s why, alongside hot breakfasts, showers, clothing, and practical support, we share the gospel with every guest and create opportunities for meaningful conversations about faith.

In 2024, we welcomed 11,400 visits to the centre. Each guest received a warm meal and other practical help, with 4,301 guests hearing a gospel talk while eating breakfast. Our team and church volunteers had gospel conversations with 880 guests, and 92 accepted an invitation to join a Bible study group.

We also referred 121 guests to external organisations for further support, provided 709 toiletries, 512 items of clothing, and 92 sleeping bags. Healthcare remained a vital part of our ministry, with 287 guests seeing a nurse, 67 visiting a podiatrist, and others receiving doctor’s appointments. And 237 guests signed up for Thursday consultation drop-in sessions, offering personalised guidance.

This ministry takes place in partnership with volunteers from local churches, who walk alongside guests both practically and spiritually. And at the heart of it all is our conviction that every guest is made in the image of God - seen, known, and loved by their Creator.

At the end of last year, the centre underwent a much-needed refurbishment. After decades of heavy use, the space had grown tired. Thanks to God’s provision and generous supporters, 2025 began with a transformed Webber Street: brighter, warmer, more welcoming. It’s easier to sit through a Bible study after a hot shower; private spaces have made difficult conversations more respectful; and comfortable seating has created space for deeper connections over meals.

We pray that, just as the building reflects renewal, our guests would experience the renewal that comes through faith in Christ.

A NEW HOME A NEW HOPE

Eric’s (right) desperate situation changed when an outreach worker met him one day and connected him to Corner House – a London City Mission project that offers loving support and a short term home to people experiencing homelessness.

There, Eric was assessed by the team and was offered a room. For the first time in months, Eric had safe and stable accommodation. And he was in community.

“I am all alone in London. I don’t have family in this country. But the people at Corner House, they’re my family,” says Eric.

“As part of the Corner House community, we cook and eat together. We open the Word, and we recognise that we all are works in progress needing to be restored to bear His image and likeness,” explains Pancho Miller, LCM Ministry Leader at Corner House.

That’s been true for Susan*, a long-term guest who is now housed and off the streets after struggling with alcohol and homelessness. “Who am I that God should love me?” she says. “I am so happy because I know that I am loved.”

WELCOMED 10,450 3,943 GUESTS HEARING VISITS TO THE CENTRE A GOSPEL TALK

GOSPEL CONVERSATIONS 84 ACCEPTED AN

WITH 807 GUESTS INVITATION TO JOIN A BIBLE STUDY GROUP

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TRAINING IN URBAN MISSION

At its heart, the gospel is a simple message.

And evangelism at its heart is relational and Spirit-led. It can be as straightforward as one person telling someone about Jesus on the bus.

But in a diverse and ever-changing city like London, effective mission also requires thoughtfulness, cultural awareness, and theological depth. Our Training Department ensures that our missionaries – and by extension the churches they serve – are equipped with the best tools, frameworks, and strategies to share it wisely and well.

Drawing from the field of missiology – the study of how the Church carries out its mission – our training team develops resources and delivers teaching that helps Christians think deeply about what faithful, fruitful evangelism looks like in an ever-changing, multicultural city.

The application might look like a church in east London learning how to explain the concept of grace in ways that connect with honour-shame cultures in their neighbourhood. Or training Christians to have meaningful gospel conversations with people who believe science has made faith redundant, or who see truth as entirely personal. We also explore the challenges of urban poverty – like how to walk alongside someone struggling with addiction or homelessness, sharing with them the hope of Christ.

Underpinning all of this is a strong emphasis on the biblical and theological foundations of mission , helping believers see that mission isn’t a side project of the Church, but flows from the very heart of God throughout Scripture.

We don’t just train people to do evangelism – we help them understand why and how to do it in a way that reflects Christ and reaches people where they really are.

Through a range of training events, courses, and resources, we help Christians grow in confidence, skill, and clarity as they reach out with the love of Christ, especially in areas of significant gospel need.

Our training to Christians ranges from Practical Evangelism Training (PET) days , where participants engage in handson workshops – such as launching door-to-door ministries, reaching young people, or sharing the gospel through creative arts — to our in-depth Foundation Course , a twoyear programme that combines biblical study with practical sessions on topics like engaging with Muslims and reaching marginalised communities. In the past year, we have trained over 500 Christians to share their faith more effectively.

We also partner with theological colleges and church leaders to embed a missional mindset in the next generation of gospel workers.

None of this is simply academic. Our training is forged in reallife ministry. Our trainers are practitioners who share not just knowledge but lived experience. They help others navigate the challenges and opportunities of urban mission because they are doing it themselves.

As the city continues to change, so must our approach to mission. The Training Department ensures that we are always learning, adapting, and sharing what we’ve learned with others. By investing in training, we are investing in long-term, sustainable mission – not just for the Mission, but for the whole Church across our city and beyond.

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a challenging environment, where he struggled with issues of identity and belonging. He became involved in nationalist movements that fostered division and exclusion, believing that certain groups were not worthy of love or respect. But through the Pioneer Programme, Harrison encountered a transformative message of grace and inclusion.

“When I first joined the programme, I didn’t think it was going to work out,” Harrison reflects. “I had a lot of personal baggage and views that were hard to let go of. But I felt like I had nothing to lose, and the programme gave me the tools to reshape my understanding of ministry.”

Through the training, Harrison began to see his gifts as a tool for reaching others, and over time, his perspectives began to shift. The programme provided him with a deeper understanding of scripture and a new sense of calling. “During the programme, I have been equipped to serve the church, gained a deep understanding of the scriptures and ministry as a life practice. I have grown in my giftings and Christian life and now feel the weight of service to other Christians as practical and theological. My growth in knowledge these past few years has been enhanced by having a framework to work from, and I can think much more clearly when I study and teach the Bible.”

Today, Harrison is actively involved in leading outreach efforts in his community, helping others who are struggling with issues of identity and division to find unity in Christ. His story of transformation reflects the power of the Pioneer Programme to release untapped potential and equip individuals to serve in ways that make a real difference in their communities.

As we celebrate the 10th anniversary of the Pioneer Programme, we’re reminded of the incredible potential in those who may have been overlooked or underestimated. Through this programme, individuals are not only empowered to transform their own lives but are also equipped to transform their communities and churches. We look forward to the next decade of seeing even more men and women reach their full potential in Christ, furthering God’s mission in urban areas. WATCH THE INSPIRING MINI- ~~Dae~~ DOCUMENTARY, ‘DIAMONDS IN THE ROUGH’ AT LCM.ORG.UK/DIAMONDS

PIONEER PROGRAMME: CELEBRATING 10 YEARS OF RELEASING UNTAPPED POTENTIAL IN URBAN EVANGELISM

The Pioneer Programme, now celebrating its 10th anniversary, has played a crucial role in releasing the untapped potential of men and women who may not fit the traditional mould for ministry. These are individuals who, due to their backgrounds, lack of formal education, financial resources, or social standing, would typically be overlooked by conventional ministry training pathways. The Pioneer Programme gives them the tools and opportunities to serve effectively in their communities and beyond.

Over the past decade, the programme has trained 49 evangelists – 35 men and 14 women from 39 churches – empowering them to mobilise their communities for mission. Almost all students and churches report significant improvements in confidence, with graduates becoming “very competent” in ministry practices and sharing the gospel. This newfound confidence and competence are having a direct and positive impact on their churches’ outreach initiatives.

The programme combines classroom instruction with hands-on ministry experience, offering a well-rounded approach that includes biblical studies, discipleship, and community-based outreach. Graduates are equipped to not only preach the gospel but also to lead and disciple others, with many establishing new outreach ministries within their churches.

One such graduate is Harrison, whose journey to ministry began with a very different perspective. Harrison grew up in

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THOUGHT LEADERSHIP

Over decades of ministry, God has entrusted us with a growing wealth of insight into how the gospel connects in a complex, urban environment. This wisdom isn’t locked away in a training manual or a lecture hall – it’s being lived out every day by our missionaries on the ground and by our training department who shape and sharpen our approach.

We believe this learning isn’t just for us.

We want to make it available to Christians everywhere – especially those seeking to reach cities with the life-changing news of Christ.

That’s why Thought Leadership is a growing and essential part of our work. We’re committed to taking what God is teaching us on the streets, in homes, and in churches across London, and sharing it widely to equip others for mission.

WE DO THIS IS A NUMBER OF KEY WAYS.

Our blogs and thought We also produce the For those looking for Stories , alongside In the past year pieces offer timeless Everyday Evangelism more step-by-step our other resources, we have produced reflections on sharing podcast , hosted help, our how-to guides play an important role Sharing Jesus with faith in the city – by our Director of are designed to move in bringing gospel Muslims – a sevenlike how to avoid Ministries, Jason people from inspiration work to life. They part video course for “Christianese” or how Roach. Each episode to action. Whether help Christians see church groups. The to meet strangers is a conversation someone wants to how God is at work course inspires and and build gospel about what it means start a lunch club for in real people’s lives equips Christians connections. Others to share Jesus in isolated neighbours through simple acts to build meaningful respond to what’s today’s London – or build relationships of faith – whether relationships with happening in the wider whether that’s with across cultural that’s a conversation Muslims and share culture. When national people from other faith divides, these guides on a doorstep, a meal the love and truth of conversations began backgrounds or finding offer practical tools shared with someone Jesus with confidence around the influence natural ways to bring grounded in real-life in need, or a warm and compassion. of figures like Andrew Jesus into everyday mission experience. welcome at church. By Each session includes Tate on teenage boys, chats with colleagues, showing what gospel biblical reflections, we responded with a neighbours, and outreach can look teaching insights and blog titled Five ways friends. It’s practical, like in practice, these real-life testimonies. Jesus offers teenage honest, and deeply stories encourage and The seven sessions ’ boys what they re rooted in Scripture. equip others to step explore topics really looking for – and out in faith themselves. including: the origins much more. It’s just of both faiths, the Bible one example of how and the Qur’an, views we’re seeking to help on sin and salvation, Christians speak into and how to share the real-life situations with truth that Jesus is more gospel clarity. than just a prophet.

AS WE LOOK TO THE FUTURE, WE WANT TO GROW THIS AREA OF MINISTRY. THE MORE WE SHARE WHAT WE’RE LEARNING, THE MORE WE CAN HELP CHURCHES AND CHRISTIANS IN THEIR OWN MISSION FIELDS.

PEOPLE REACHED

ALL OUR INTERVENTIONS ARE DESIGNED TO EQUIP CHRISTIANS TO SHARE THE GOSPEL AMONGST SPECIFIC COMMUNITIES WITHIN LONDON.

IT REMAINS A TRAGEDY THAT GOSPEL POVERTY IN LONDON IS GREATEST IN THE AREAS WHERE THERE IS ALSO THE GREATEST SOCIO-ECONOMIC DEPRIVATION.

ESTATES

HOMELESS AND MARGINALISED

Nearly a quarter of households in London live in social housing – meaning most of the capital’s churches have an estate close by. Especially amongst white working-class communities, the church is often associated with mistrusted authorities. The result is that many residents go their whole lives without hearing who Jesus really is.

Whether it’s people who are homeless, women exploited by the sex industry or people who have been in prison, each one has their own story to tell – often involving rejection. There are often huge social barriers amongst these men and women, to hearing the gospel in a way they can understand – we help churches to address these and reach out with Christ-like love.

SENIORS le

People can be increasingly neglected and lonely as they get older and consequently have fewer opportunities to hear the gospel. We come alongside churches to meet older people in their local area, to build friendships and to start gospel conversations which are so often fruitful.

DIASPORA

Almost every church we partner with is home to people from other parts of the world. And our experience is that this diversity can make for more effective outreach. Churches whose members have a shared heritage or origin from elsewhere in the globe are a great blessing to London today and hold much of the potential for seeing London reached for Christ.

YOUNG PEOPLE

In London today, we estimate that just one in twenty children go to church, and around half don’t even have a Christian friend to invite them to church activities. And yet our experience shows that children are incredibly open to talking about Jesus Christ and exploring who He is.

We’re increasingly partnering with diaspora congregations. This involves resourcing them to share the gospel with the people yet to hear the gospel in their local area. This could involve connecting them with other local churches from other cultural backgrounds to do mission together, training church members in cross-cultural outreach ministry, or supporting them to start church services in different languages.

PEOPLE FROM OTHER RELIGIOUS BACKGROUNDS

One in four Londoners are followers of other religions; over half are Muslims. We work alongside local churches to build connections with people around them - whether that’s Bengali Muslims in Tower Hamlets or Punjabi Hindus in West London - engaging them with the gospel in an effective and loving way.

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MINISTRY REFERENCE PANEL (MRP) MEMBERS

Trevor Archer (MRP FIEC, former London Director Chair)

Rev Dr Girma Bishaw London Project Co-Director; Reality Church leader

Bishop Delroy Powell New Testament Assembly, former Presiding Bishop

Dr Pamela Director, All Souls Serve the City - All Brown-Peterside Souls Langham Place

Pastor Mary Pastor, True Vine Centre RCCG; McCauley ~~BS~~ national teenage ministry lead RCCG

Pastor Osh Ong Former Senior Pastor, Chinese Church in London

Archbishop Moses Archbishop, Apostolic Pastoral Owusu-Sekyere Congress; Director, Christ Theological Centre (CTC)

Pastor Young Joo Lee Senior Pastor, God’s Vision Church, London

Pastor Alex Brito Senior Pastor, Mosaic Multicultural Church

Pastor Dr Cornelius RCCG regional pastor; Redeemed Alalade Christian School of Mission Rev Lis Goddard Vicar of St James the less, Pimlico

FIEC London Director

Johnny Prime

Senior Pastor Tower Hamlets Community Church; AOG

Pastor Tony Uddin

WIDER PARTNERSHIP IN MISSION

By God’s grace we have continued to see growth in the number of partnerships and relationships LCM has with Christian organisations, church denominations, and networks across London and beyond. Complementing the relationships which our missionaries are developing with a variety of churches across the city, we have continued to widen our reach, building networks with gospel-hearted denominations and organisations, as together we seek to share the good news of Jesus Christ with those least likely to hear it.

During the year, we continued to press on in the work of raising our profile and partnering for the sake of the gospel. A key aspect to this work is close partnership with gospel-hearted denominations and networks, and to that end we were pleased to be able to share about our ministry at the annual London Baptist Ministers conference as well as at regional London gatherings of the Fellowship of Independent Churches (FIEC). We were also pleased to be invited to feature and speak at the annual leadership summit of the New Testament Church of God (135 churches), where we shared our work with over 500 leaders.

Our ongoing partnership with the City Prayer Breakfast continues to provide an excellent and encouraging opportunity to raise the profile of LCM, and the 2024 prayer event saw LCM Director of Ministries Rev. Dr Jason Roach deliver the keynote Bible talk. This event provides a strategic entry point to sharing LCM more widely across the City of London and beyond. Another excellent ongoing partnership saw LCM featuring prominently at the Ministers’ Appreciation Ball, an annual event where we were able to address over 200 church leaders and strategic Christian leaders.

We were also pleased to partner with Jubilee+, a national charity with links to the New Frontiers church network. This partnership saw LCM as key partners in the development of a gospel centred resource for youth leaders, and 1000 copies of this resource have already been distributed for use in churches. Another important partnership opportunity saw LCM invited to partner with Grace Publications in the distribution of 10s of 1000s of Marks gospels in London at Easter in 2025, as together we work alongside churches to share the good news of the Lord Jesus.

Alongside this activity our Ministry Reference Panel (MRP) remains an important way that we gather input from and listen to the church in London. During the year we saw additions to the MRP, including welcoming the new London Director of FIEC to the panel, and we continue to have broad representation from across gospel-hearted church denominations and networks in London. We continue to strengthen our relationships with the diverse senior evangelical church leaders who serve us through their membership on our MRP and we are very grateful for them.

new CMM strategy to support each City Mission in the work of gospel transformation. Carl leads this wider national network as part of his LCM role and it provides an excellent opportunity to point to our work in London and also to contribute to our thought leadership, sharing our online resources across the UK as well as raising the profile of the work of LCM more broadly, as we seek to call more people across the nation to pray for our work.

The work of the wider City Mission Movement (CMM) has continued to develop, with our Director of Networks, Carl Knightly, leading this membership of 16 City Missions across the UK and Ireland. Last year Carl led the development of a

In all of this, we are thankful to God for His goodness and favour as we continue to seek to mobilise churches in sharing the gospel with people and communities least likely to hear the good news of Jesus.

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2D. KEY EVENTS IN 2024

A PRECIOUS FELLOWSHIP

LCM missionary Alice (left) has been supporting members of Asha church in east London to build bridges into the local community.

“There is such a need for Christians to reach out to Bangladeshi Sylhetis. Many can spend years within their community. Going to schools where the majority of the children speak Sylheti. Getting their groceries from Sylheti-speaking stores. There is no real need to leave their community.”

One of women Alice has been supporting is Anna.*

“Through Alice, I saw that talking to my people about Jesus wasn’t that difficult. I just felt like this was what I was meant to do. I was meant to share the gospel with my people,” says Anna.

READ THE FULL STORY AT LCM.ORG.UK/ASHA

2024 continued to bring challenges for London’s communities.

The cost-of-living crisis remains severe, with rising rents and food prices pushing more people into hardship and increasing demand for practical support. Global conflicts and instability have led to even more refugees and asylum seekers arriving in the city, many facing isolation and uncertainty. At the same time, churches and charities continue to feel the strain of rising costs and limited resources.

Amid these challenges, we are seeing fresh signs of spiritual

hunger. Recent research points to a growing interest in Christianity across the UK, particularly among young people. We have witnessed this firsthand, as churches we work alongside report more people asking questions about faith and seeking hope in the gospel.

The Holy Spirit is at work, drawing people to Jesus in the midst of uncertainty. London City Mission continues to partner with churches to share the good news with those most in need – bringing practical help alongside the message of Christ. In a city where so many still lack a Christian friend to tell them the gospel, this openness is a timely and precious opportunity.

2E. OUR IMPACT

MINISTRY REVIEW AND STRATEGY

During 2024, we partnered with 86 evangelical churches across a range of denominations, located in or near the most deprived areas of London. Working with the local church leaders, we have sought to share and serve their vision for local mission. We have enabled the development and building of sustainable teams made up of committed church members whom we can then encourage and train - building them up for urban mission.

We are now delighted to be handing over evangelistic ministry leadership to local church partners. We have now fully mobilised 19 churches (up from seven the previous year) to confidently reach out to their neighbours, crossing social, religious and cultural barriers with the hope of Christ. This means our teams can move on to partnering with new churches that are seeking to work together, accelerating our impact across London.

Alongside the work missionaries do on the ground, we continue to create resources and provide in-person training to complement and accelerate their ministry. Once developed, some of these resources can then be digitally shared with urban churches across London and beyond at no additional cost, allowing us to be increasingly effective.

We thank God that nine gifted and experienced gospel workers joined us as ministry staff in 2024, with recruitment of more underway. Please pray for them as they seek to raise the prayer and financial support needed to enable flourishing ministries amongst people least likely to have heard of the life-changing truth about Jesus Christ.

Every person and organisation who partners with us in gospel ministry helps keep gifted, called and trained evangelists working in some of London’s most deprived communities. By God’s grace, we continue to innovate within our ministries as we adapt to the ever-changing people of London, each of whom carries the same great gospel need as the generations before.

We are prayerfully dedicated to sharing the good news of Jesus, working in partnership with churches and going to the least, the last and the lost. We remain committed to our call to glorify God and, by His great mercy, to see the salvation of many in London.

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2. STRATEGIC REPORT

MINISTRY CHURCH PARTNERSHIP IMPACT

Each individual church partnership is unique as we seek to serve the vision of the church and align with the gospel needs of the local area.

A church partnership typically involves one or more London City Mission (LCM) missionaries, a church frontline outreach team and a larger number of committed church member volunteers, and is focused on one or more specific outreach ministries. Behind the frontline mission team, we seek to work with the church leadership to inspire a committed, prayerful congregation who are growing as welcoming, inclusive and intercultural churches where new believers can be discipled, belong and thrive.

On average, churches we supported this year saw significant growth in their evangelistic reach and community engagement – here’s a snapshot of what that looked like in practice:

For the average church supported by LCM:

• More than 250 lasting connections were made between Christians from the church with people in the local community.

• More than 100 gospel conversations as part of these connections, where Christians have sensitively shared their faith.

• More than 18 people from the church regularly engaged in gospel outreach to the local community – and doing this every two weeks , as part of the life and rhythm of the church.

ONE DOORSTEP TO MANY NEW BELIEVERS

Wonderfully, as churches have been impacted, we have seen people following Jesus, and becoming part of church families.

People like Kenny.

“I seem to be telling everybody about the Lord these days,” says Kenny.

Kenny’s story began when LCM missionary Michael and church member Winston were out in the local neighbourhood, getting know neighbours, and sharing the gospel.

One neighbour, Ruby, accepted Winston’s invitation to church, after a long conversation on her doorstep.

Ruby came that Sunday with her best friend, Georgina. A few weeks later, the Holy Spirit worked in their hearts, and they both made a commitment to follow Jesus.

CHURCH MOBILISATION IMPACT MEASURES FROM 2024

EVANGELISTIC OUTREACH ACTIVITIES ALONGSIDE CHURCHES

RELATIONAL CONNECTIONS WITH PEOPLE WHO ARE UNLIKELY TO OTHERWISE KNOW A CHRISTIAN

2024 2023 1,732 1,133

2024 2023 20,241 17,231

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1,732
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CHURCH VOLUNTEERS TRAINED BY LCM*

CHURCH VOLUNTEERS TRAINED GOSPEL CONVERSATIONS, MANY OF WHICH BY LCM* WILL BE SHARING THE GOOD NEWS OF JESUS CHRIST FOR THE FIRST TIME 2024 2023 2024 2023 — [I 457 1,417 7,767 5,185

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1,417
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Michael encouraged them both to share their newfound faith when they attended his training course. Georgina began sharing the good news of Jesus Christ with her family and friends.

Her father, Kenny, moved by Georgina’s faith, started coming to church. He committed his life to the Lord and was baptised this year.

This was just the beginning.

WATCH THE FULL STORY AT LCM.ORG.UK/DOORSTEP

*The recorded total turnout for all these activities was

6,149 and we know that at least 1,417 different volunteers participated, filling the team places within these missional church teams. The structure of our church partnerships means that we cannot perfectly track individual church members, so undercounting is inevitable.

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2. STRATEGIC REPORT

2. STRATEGIC REPORT <rwa. oe. e eeBeee? =a) Eee,Nie io '% % aCeeoxtesSees SPFs.eeeSe #4.ahae. oei.Bstah oyaefs. oS<uig| ya ty a IMPACT SUMMARY x \ Ue % 340-7 oe eee 7 2F. STRATEGIC FOCUS AND FUTURE DIRECTION

• Over the course of the year, through all our interactions with Christians and churches across the UK and beyond, we estimate we have inspired and encouraged over 75,000 people to share the gospel with someone otherwise unlikely to hear it.

• with Christians and churches across the UK and Our new five-year strategy (2025-2029) presents an opportunity to sharpen our focus and enter into a fresh season continuing beyond, we estimate we have inspired and encouraged 3° Ge with Spirit-led ministry rooted in one defining aim: over 75,000 people to share the gospel with someone ee otherwise unlikely to hear it. ety TO IGNITE A MOVEMENT OF MISSION WITHIN

• • In 2024 our missionaries came alongside 86 churches, located in our urban priority areas, (up from 71 in ; es = THE LOCAL CHURCH TO PEOPLE ON THE MARGINS. 2023). We build relationships, understand the vision Ty 3

• of the church for outreach, and explore how LCM can el

• provide the tools to help them realise it. Prayer is always +

• foundational to our relationships and praying with a 1. BUILDING SUSTAINABLE 2. EQUIPPING EVERYDAY CHRISTIANS, church for the lost in their local area is the starting place 5 MISSIONAL TEAMS WHEREVER THEY ARE ¥

• for any outreach.

We will continue to work alongside churches to build missional teams in London churches. Teams of ordinary believers committed to praying together, going out together, and sharing Jesus together in the hardest-to-reach parts of London and with people on the margins.

Our missionaries remain focused on mobilising churches across London — because this is where the Lord has called us to minister.

• Outside of the ministry church partnership model, external training provision in 2024 extended to four conferences covering a range of specialisms: Children and young people, Hindu and Sikh outreach, and inter-generational evangelism within diaspora churches. We also hosted a number of events with partner organisations designed to foster missional unity amongst evangelicals. We visited 378 supporter churches throughout the UK, encouraging congregations in their local mission and partnering with them through their prayers and giving. This is supported by a network of around 298 Church Reps who are vital advocates for reaching the marginalised with the good news of Jesus.

But as we reflect on nearly two centuries of gospel work, we recognise that the insights, best practise and tools shaped on the streets of London can serve the wider Church. So, we plan to focus our efforts on leading and shaping the conversation around mission to people on the margins , developing resources — podcasts, guides, training content and stories — designed to build up ordinary Christians wherever they are, helping them grow in understanding, prayerfulness and confidence in urban mission. We long to see these materials spark fresh vision for evangelism not only in London, but across the UK.

These teams won’t be visitors to their communities. They will be part of them. Forming warm, trusted relationships with people who feel forgotten, disconnected, or even hostile to the gospel. As churches share with their community and people on the margins, an intercultural church, where all cultures are welcomed and shape the overall culture of the church community, is the future of mission. This brings a powerful witness to a divided world. Looking outwards at London’s changing landscape, our desire is to increasingly partner, with the Lord’s blessing, in bringing brothers and sisters in Christ from across the globe, enriching the Church in London.

Alongside these resources, we are committed to delivering practical, hands-on training that helps believers move from inspiration, to a changing of heart and minds, to action.

And as they listen, love, and share, we believe, by God’s grace, thousands of gospel conversations take place.

Through in-person courses, digital learning platforms, and tailored coaching, we’re equipping Christians with the tools they need to share Jesus with spirit-inspired courage in today’s world. Whether supporting a local church team or encouraging individuals to step into mission for the first time, we’re coming alongside God’s people to be effective and faithful witnesses.

“Day after day, in the temple courts and from house to house, they never stopped teaching and proclaiming the good news that Jesus is the Messiah.” – Acts 5:42

The gospel spreads through relationships, the preaching of the gospel and the power of the Holy Spirit. Through churches that don’t just gather on Sundays but step out in faith and build bridges into their community.

By God’s grace and the power of the Holy Spirit, we’ll be sowing the seeds of a gospel movement that outlives us — churches ablaze with mission, believers equipped and ready, and communities transformed by Christ.

We have seen that when churches are equipped and empowered, something amazing happens:

“‘How beautiful are the feet of those who bring good news!’... Faith comes from hearing the message, and the message is heard through the word about Christ.” – Romans 10:15,17

• Mission becomes a way of life.

• New believers come to faith, and the church grows.

• New missional teams are formed, and the movement multiplies.

The harvest is plentiful. But the workers are few. More beautiful feet are needed to see a message of hope shared with a lost and broken world.

Every conversation is a seed planted. Every team is a spark that ignites a fire. And every church awakened to mission can set another church ablaze.

We long to see churches become outposts of light in dark places, with mission embedded in their identity — long after our missionaries move on.

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WE INVITE YOU TO PARTNER WITH US ON MISSION.

• To pray with us.

• To give to see this movement grow.

• To go , step out in faith and be part of the seeing Jesus known in every community in London, and beyond.

The opportunity is before us. The time is now.

For the glory of God and the salvation of souls.

3A. ENABLING MISSION

FUNDRAISING AND SUPPORTER PARTNERSHIPS

As we inspire and encourage London to walk alongside us in serving the church, it is humbling to see many partner with us through their generosity. We consider supporters a vital part of the team alongside us as they pray, give and volunteer, and we deeply value every partnership we have.

Through this partnership, we saw donation income in 2024 reach £3.9m against a target of £3.4m. This represents an increase of £1.1m compared to 2023. We acknowledge and give thanks for the generosity of our gospel partners who have made this possible.

We saw a 25% increase in donations from partners who support our missionaries, a 57% increase from our key supporters and a doubling of income from Trusts and Foundations. We are so grateful for this diversified supporter base that allows us to grow year on year.

It is worth noting that 2024’s income was bolstered by the Webber Street Capital Appeal. We thank God for everyone who responded generously to ensure funds were available for the refurbishment of Webber Street. We are grateful for the resources provided to us that will allow us to sustain and increase underlying income to meet future targets.

We also saw an increase in the number of gospel partners with over 1,100 new donors, a positive net growth. We connected

to over 377 churches online and in person, holding speaking engagements, prayer meetings, conferences and other interactions. We remain eternally grateful for the continued generosity of our supporters and trust in continued growth in the coming year.

COMMUNICATIONS

In 2024 there were over one million people connecting with our content at varying levels. At every step we seek to connect, inspire and encourage people, believers or not, with the lifechanging truth about Jesus Christ.

We did this by:

• Working with Christian media to share our best practice and insights into urban mission. We secured 44 pieces of coverage, bringing over one million estimated online views. This is an encouraging growth on the previous year as we prioritise engaging with new audiences.

• Growing our audiences across social media 20% notably reaching 10k followers on Facebook.

• Producing our quarterly magazine, Changing London, highlighting the need for ministry and the impact that God is having in spiritually deprived communities.

• Publishing various prayer resources, including a quarterly prayer diary, Together and a weekly online prayer meeting which enables supporters to pray specifically for our team, contacts, churches, and communities.

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3B. PROPERTY MANAGEMENT

Over many decades, through the generosity of gospel partners, the Lord has provided London City Mission (LCM) with properties for use in serving the gospel. Some of these are used to house current and retired missionaries, others are used as bases for missional activity, some are venues for churches, and some provide a rental or investment income which is invested in ministry across London.

STAFF HOUSING

Eight properties were purchased to house staff in 2024 (3 in 2023) whilst eight residential properties (7 in 2023) no longer required for LCM ministry were sold. We continue to realign our portfolio of properties to best meet the needs of LCM’s ministry. By the end of 2024, 8 (10 at end 2023) properties were rentedin to house missionaries where we did not have a suitable property available and were unable to acquire a suitable property for financial or operational reasons. An ongoing focus for the Estates team is to reduce our use of rented properties by acquiring properties to house our missionaries to reduce our operating costs and improve the security of tenure for our staff.

RETIREMENT HOUSING

LCM provides retirement housing for those missionaries who, by 2012, had achieved 20 years’ service with the Mission. At the end of 2024, 37 properties (39 at end 2023) were provided for the use of retired missionaries or their spouses, with 2 having been sold, one vacant and for sale and one property purchased in 2024. While we no longer offer this to more recently employed missionaries, the support of current retirees remains an important function of our property team.

CHRISTIAN CENTRE DISPOSALS AND DEVELOPMENT

The Property Disposal Programme continues to progress the sale of properties no longer needed for ministry. Working

with our professional advisors, London City Mission Property Holdings (LCMPH) is pursuing an appropriate approach to disposal of each property identified as no longer needed by LCM. In some cases, this is a straight disposal, often to a church or other existing user. In other cases, we are forming partnerships with developers to seek planning consent for development of the site, thereby enhancing the disposal proceeds for LCM.

During 2024, five Centres were sold (three held in LCMPH), four of which were to Churches / Christian organisations and one to a Developer / Investor. Four were on an Unconditional basis and one on an Option Agreement, with 3% of the sale amount received as an upfront deposit and the remainder is expected to be received in 2 years’ time.

Additionally, Heads of Terms were agreed on four sites, two of which were with Christian organisations (existing occupiers), one on an Unconditional basis with the sale targeted for 2025 and the other on an Option Agreement with the sale targeted for completion in 2027 at the earliest. The other two were with Developers / Investors on an Unconditional basis with sale completion targeted for 2025.

The Hoxton House development in Hoxton still has a vacant Commercial space. The aim is to rent it to the same Church tenant who rented the other space. Thereafter, our intention is to proceed with the sale of the freehold of this site.

The total amount received from the five centres disposed of in 2024 was £3.5m (an additional £1m from the Option Agreement will potentially be collected in 2027). These property sales provide the necessary cash to fund our cash deficit until we can grow our income and reduce our costs to cover the ongoing costs.

3C. FINANCIAL REVIEW

Sustainability fund. Our Board-approved recovery plan (increasing income and reducing costs) shows that we will utilise the Ministry sustainability fund by the mid-2030s. This plan reflects a careful stewardship of resources, but also a reality: the Mission is drawing heavily on past provisions to meet present needs.

This year’s financial story is one of faithful generosity and bold commitment - but also one that underscores the financial pressures of gospel outreach in London.

The balance sheet shows fixed assets of £52.9m (2023: £59.3m), and cash reserves rose to £4.0m (2023: £2.4m), largely due to asset sales. However, the operational cash position was negative - highlighting the ongoing challenge of sustaining ministry through current levels of regular income alone.

In 2024, London City Mission (LCM) received a total income of £8.9m, a welcome increase from 2023 (£8.2m), made possible by the sacrificial giving of donors and the generosity of those who left legacies in their wills. Donations rose to £3.9m (2023: £2.9m), and legacies contributed £2.6m (2023: £2.3m). Investment income remained steady at just over £1.0m. Additional income from leases, book sales, and property sales provided some relief, but these are not guaranteed sources of future funding.

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MISSIONARY
HOUSING 39%
CENTRAL OFFICE,
ETC 10%
CHRISTIAN
CENTRES 1%
2024 DESIGNATED
OTHER 4%
FUND BALANCES
7
PENSION
PROVISION 3%
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However, the cost of ministry continues to rise sharply. LCM invested over £14.3m in its work (2023: £12.4m)—a significant increase that reflects both the scale of the need across London and the Mission’s commitment to respond. While £2.5m was spent on fundraising and investment management, the vast majority—over £11.8m—was directed to frontline mission activities (2023: £9.7m). This includes vital ministries to children, youth, diaspora communities, and those experiencing homelessness.

A one-off pension scheme buyout of nearly £1m added further pressure to the year’s finances. Though strategic, this decision contributed to a net deficit of £4.7m (2023: £7.4m), funded largely from designated reserves. As a result, total funds fell from £63.3m to £58.6m.

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MINISTRY SUSTAINABILITY 47%
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While LCM remains financially stable for now, this stability is under strain. General reserves declined slightly to £6.2m (2023: £6.4m), and designated funds dropped to £49.5m (2023: £54.0m). These designated funds are held for several purposes, with the graph below showing that the two main reasons are for housing our missionaries and their families, and for our Ministry

Looking ahead, LCM’s vision remains unchanged: to bring the hope of Christ to those least likely to hear it. But to do so, we urgently need the continued and increased support of those who share this calling. Every gift, prayer, and partnership is vital in helping us meet the growing spiritual and practical needs of London’s communities.

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FURNDAISING
AND £2.5M
INVESTMENTS
£2.7M
DONATIONS £3.9M
£2.9M
MINISTRY £11.8M
£9.7M
£2.3M
LEGACIES £2.6M
£1M
INVESTMENTS £1M
ADDITIONAL £2M
£1.4M
INCOME
2024 2023 2024 2023
INCOME EXPENDITURE
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3. OPERATIONAL REPORT

PENSION PROVISION

The defined benefit pension scheme closed to all new and existing employees in 2006. In 2024, as was the case in 2023, LCM did not make any contributions to the scheme as there was no actuarial deficit. In June 2022, the charity and pension scheme trustees jointly appointed Lane Clark & Peacock (LCP) to advise on a bulk annuity purchase to cover the defined benefit pension scheme’s liabilities, known as a scheme buyout. This would eliminate the ongoing costs of operating the scheme, which are borne by LCM, and any risk of a deficit arising in future, while maintaining security for members of the scheme. Following a formal quotation process, a bulk annuity contract was signed with Aviva in May 2024. To fund the purchase of this contract the scheme assets have been liquidated and LCM made a contribution of £0.5m to fund the initial premium. It is anticipated that a further contribution of approximately £0.1m will be needed to cover the final premium once the data verification process has been completed. It is estimated that there will be a further £0.6m required to cover the costs of the scheme buy-out and wind up, which will be paid directly by LCM, the majority of which is anticipated to be paid in 2025. £1.3m has therefore been retained in the Pension Deficit Fund to cover LCP‘s estimate of the costs of this process. Once the liabilities are fully insured then the pension scheme trustees will be expected to wind-up the scheme.

RESERVES POLICY

Under the risk adjusted general reserves policy, the Directors reviewed the target in 2024 and, due to the operational deficit, decided to maintain it at between £6m and £7m, which represents 7 to 8 months of operating costs. General reserves at the end of 2024 were £6.2m (£6.4m in 2023), which is within the policy range. This was achieved by drawing from the

The Ministry Sustainability Fund is a designated fund set aside outside of the general reserves to cover future deficits until LCM is able to break-even with its operating income covering its operating costs. The Ministry Sustainability Fund amounted to £23.5m at the end of 2024 (£30.5m at the end of 2023). The Directors expect to draw on this fund to cover operating deficits into the mid- 2030s as LCM reduces the operating deficit from the current underlying level of £3-4 million per annum.

CASH AND GOING CONCERN

The Directors of LCM confirm that in their view LCM has access to sufficient cash resources to cover its expenditure for the foreseeable future. The Directors acknowledge that there are financial risks to the organisation including inflationary pressures, a possible slowdown in the UK and global economy and changes in property prices. These could increase LCM’s costs, reduce donation income and reduce proceeds from sale of property.

At the end of 2024, LCM held £6.8m in liquid assets (2023: £8.7m), comprising cash or marketable securities that can be liquidated at short notice, which amounts to around 6 months of operating expenses. The Property Development Programme is forecast to provide more than £5m of cash receipts in 2025. If necessary, further cash can be obtained by either accelerating the disposal of properties currently let out commercially or borrowing against the value of these properties.

Having reviewed these factors, the Directors believe that LCM has access to the resources needed to ensure that LCM continues as a going concern.

3D. COMPLIANCE

STATEMENT ON FUNDRAISING

London City Mission (LCM) greatly values the support it receives in so many ways from so many different people and organisations - we could not fulfil our objectives without the financial and prayer support that we receive from you each year. Supporters are vital partners in this ministry, so we seek to be grateful, respectful, and relational in all our interactions.

We prioritise thanking donors as soon as possible and seek to communicate the impact of donations to supporters through our letters, magazines, e-newsletters, and bespoke publications. We build trust with supporters by being honest and transparent in our communications. Individuals must opt in to receive communications from LCM unless they reasonably meet the criteria of legitimate interest, where there is clear evidence of their recent interest in our work. We provide opportunities for individuals to opt out from any of our communications in clear and easy ways.

LCM values our supporters and takes complaints seriously. Our records show that we received nine complaints about our fundraising from supporters or members of the public in 2024 (2023: four).

In all cases we listen to the experience of the supporter, seek to reflect, learn and apologise where we have fallen short of our ideals. Time taken to acknowledge gifts has been an issue this year which we have resolved with the employment of more dedicated resource.

We used one contracted specialist fundraiser in 2024 who personally aligns with our Statement of Faith and Conduct and works to adhere to the Fundraising Promise. We occasionally use the services of trusted external consultants who align with our charitable purposes and values.

LCM is registered with the Fundraising Regulator and we pay the fundraising levy.

STATEMENT ON DATA PROTECTION

LCM is committed to ensuring that all personal data is kept safe and used in a way that individuals are aware of and would reasonably expect. We aim to be clear about how we use all personal data and to give individuals a choice of what they would like to receive from us, which channels they receive this through and how often. We always seek to provide clear and easy ways for people to stop receiving communications from us. We have a Data Protection Officer who reports directly to the CEO. Staff training in both data protection and cyber awareness is in place across the Mission.

We have a Privacy and Fair Use Policy (www.lcm.org.uk/ privacy) and continue to upgrade our IT network and practices, to ensure all personal data is secure in line with industry standards and regulations.

PUBLIC BENEFIT

The Directors of LCM confirm that they have had regard to the guidance contained in the Charity Commission’s General Guidance on Public Benefit when reviewing LCM’s aims and objectives and in planning future activities.

Ministry Sustainability Fund.

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3. OPERATIONAL REPORT

3E. PRINCIPAL RISKS AND UNCERTAINTIES

The Board and Leadership Team completed the annual review of the risks and mitigations taken on the risk register. Existing and planned mitigations were focused on in the review to ensure the risk register enabled London City Mission to manage, as well as identify risks. The following risks were highlighted during the annual risk register review.

FINANCIAL SUSTAINABILITY

LCM is committed to faithfully stewarding the resources God provides through our gospel partners. At present, we face an annual operating cash shortfall of £3–4 million, due to a gap between expected income from donations, legacies, and investments, and our current operating costs. Properties no longer needed for ministry are being sold through a Property Development Programme (PDP) and proceeds are allocated to the Ministry Sustainability Fund to help cover this deficit.

While this provides short-term support, it is not a long-term solution. In July 2023, the LCM Board adopted a revised financial objective: to reduce the annual shortfall to near zero by the mid-2030s. This will be achieved by increasing income from individuals, churches, and trusts who share our vision and reducing our costs. Without this growth, sustaining current front-line mission work will be difficult. We are deeply thankful for the generosity of our supporters—through gifts, grants, fundraising, and legacies—whose partnership is vital to the ongoing work of the gospel through LCM.

CRM (CUSTOMER RELATIONSHIP MANAGEMENT)

Good progress has been made in 2024 (and 2025) with the planning and design of a brand-new CRM at the Mission, based on Dynamics 365. It was recognised that a smooth implementation, rollout, and training of this system was essential to the effective management and use of data across the organisation. Therefore, we have had dedicated internal resources to help with project management and solution design/testing, with roles backfilled to mitigate this risk.

CYBER SECURITY AND DATA PROTECTION

In response to recent high-profile cyber-attacks on UK organisations such as Marks & Spencer and TFL, LCM has significantly strengthened its cybersecurity posture. The organisation maintains robust IT security protocols, including multi-factor authentication, antivirus email protection, and strong password practices. Staff receive annual cyber awareness training to reduce the risk of social engineering attacks, and cyber insurance is in place to help cover recovery costs, legal fees, and reputational damage. Regular annual penetration testing and bi-monthly vulnerability scans are conducted to proactively identify and address potential threats. A geo-fencing system now blocks Microsoft 365 login attempts from outside the UK, and WiFi networks at key sites have been upgraded to support modern encryption standards.

Over the past year, LCM has not experienced any known cyberattacks that resulted in personal data exposure. Two phishing attempts targeting the PLEO expenses system were successfully intercepted by staff, demonstrating the effectiveness of training and vigilance. These incidents reflect broader trends identified in the UK Government’s 2024 Cyber Security Breaches Survey, which reported that 32% of charities experienced breaches, with phishing being the most common (83%).

LCM is currently pursuing Cyber Essentials accreditation, followed by Cyber Essentials Plus, which includes an external audit to independently verify the strength and effectiveness of its cybersecurity measures.

SAFEGUARDING

LCM maintains a high priority for safeguarding of both beneficiaries and staff. There has been a dedicated safeguarding team in place for a number of years and the safeguarding policy and procedures are reviewed annually. As part of the mitigations for safeguarding, there are mandatory DBS checks required for all relevant staff roles. In addition, all Board and Leadership Team members complete DBS checks. Reviews of policy and procedures are completed at both the HR Subcommittee and Board level and safeguarding reports are regularly made to trustees for transparency. Training has also been completed by all members of the Board and the HR Subcommittee, who have a particular need to be informed and up to date on the charity’s legal duties.

In terms of handling safeguarding issues with excellence, the Mission continues to use bespoke safeguarding software My Concern to receive, track and resolve all issues raised. Where necessary there is specific follow-up by the DSL (Designated Safeguarding Lead) to ensure ‘human’ individual follow up in addition to the software. The Mission continues to look for ways to improve safeguarding so that case raised are handled both effectively and sensitively.

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— 4. GOVERNANCE

ADVISORS AND OTHERS ACTING FOR THE LONDON CITY MISSION DURING THE YEAR:

Solicitors:

Wedlake Bell LLP 71 Queen Victoria Street London EC4V 4AY

Anthony Collins Solicitors LLP 134 Edmund Street Birmingham B3 2ES

Investment Managers:

Investec Wealth and Investment Limited 30 Gresham Street London EC2V 7QN

Bankers:

4. GOVERNANCE

Barclays Bank plc 100 Fenchurch Street London EC3M 5JD

Insurance advisors:

REGISTERED OFFICE:

The London City Mission 175 Tower Bridge Road London SE1 2AH

REGISTERED CHARITY NUMBER:

247186

REGISTERED COMPANY NUMBER:

4284615

STATUS:

The London City Mission is a charity registered in England and Wales and a company limited by guarantee registered in England and Wales. The London City Mission is governed by its Memorandum and Articles of Association. Incorporated on 10 September 2001, the company took on the charitable activities, assets and liabilities of The London City Mission, an unincorporated association and registered charity (Charity Number 247186), on 1 January 2003. The Company operates under the working name ‘London City Mission’.

OBJECTS:

The objects of the Charity are for the public benefit, to further such exclusively charitable purposes according to the law of England and Wales, as the Trustees in their absolute discretion from time to time determine, and in particular (but without prejudice to the generality of the foregoing), to advance and extend the knowledge of the gospel among the inhabitants of London and its vicinity (especially amongst those living in poverty), without any reference to denominational distinctions or the peculiarities of Church Government.

DIRECTORS AND PROFESSIONAL ADVISORS:

All Trustees acted as Directors of The London City Mission and were also the members of The London City Mission. The Directors who served during the year and up to the date of this report were as follows: -

DIRECTORS AND DATES OF CHANGES:

• Rebekah Brown

• John Bulmer

• Andrew Burkinshaw (left March 2025)

• Mosun Dorgu

• Bryan Duncan

• Roger Evans (left February 2025)

• Richard Godden (left April 2025)

• Anne Hudson

• Graham Miller (CEO)

• Tim Moger

• Richard Montgomery

• Ian Nash

• Nigel Parrington

• Marcia Shields

• George Stylianides

Arthur J Gallagher Insurance Brokers Limited Spectrum Building 7th Floor, 55 Blythswood Street Glasgow G2 7AT

Pension advisors:

Mercer Limited 1 Tower Place West Tower Place London EC3R 5BU

Punter Southall Defined Contributions Consulting Limited 11 Strand London WC2N 5HR

Registered auditors:

Moore Kingston Smith LLP 9 Appold Street, London EC2A 2AP

Surveyors:

Rapleys

66 St James’s St St. James’s London SW1A 1NE

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4. GOVERNANCE Lo

4. GOVERNANCE

4A. GOVERNANCE OF THE LONDON

from charitable activity as recommended by the Charity Commission. LCMPH commenced trading from 1 July 2021. The Directors of LCMPH entered into a contract to purchase 27 properties from the parent company (LCM). The wholly owned subsidiary (LCMPH) used an intercompany loan from LCM to purchase these properties with any difference to their holding value being treated as an investment in LCMPH by LCM which is subject to an annual impairment review as the properties are being sold. These transactions are reflected in the accounts of LCM as investment properties replaced by a subsidiary investment and an inter-company loan. Similarly, LCMPH leased back these properties to the parent company.

CITY MISSION

The Board of The London City Mission (LCM) met on six occasions during 2024, among other things to agree overall strategy and policy; to determine matters of principle; deal with strategic financial and property planning; and review progress towards achieving the annual objectives it has set.

As permitted by the Articles of Association, the Chief Executive Officer, who is also a member of the Board of Directors, is the only paid member of the Board. The Chief Executive Officer is appointed by the Board and, together with his senior management team, manages the day-to-day operations of LCM. Communications with all employees are maintained through regular team meetings, monthly Team Days, staff newsletters, annual appraisals, email and written documentation.

4C. MANAGEMENT STRUCTURE

London City Mission (LCM)’s Leadership Team are accountable to the Board of Directors to collectively lead and serve LCM. They have responsibility to plan, propose and implement the strategy of the organisation. The members of the Leadership Team are as follows:

LCM’s Board plans to complete a further review of the Charity Governance Code. Whilst recognising that the requirements of the code are not mandatory, it continues to believe they are largely applied by the Mission and has an ongoing action plan to reflect recommended practice from the Charity Commission.

• Rachel Cruz (nee Bradley) (Director of Engagement) – left March 2025

• Efrem Buckle (Deputy CEO and Director of Training & Mentoring)

INDUCTION OF BOARD MEMBERS

• Rui Domingues (Director of Finance, Property and IT) – joined September 2024

New Board members are set up with dedicated LCM Office 365 accounts which include numerous core documents. They also complete DBS checks and are assigned more experienced Board members as ‘buddies’ to support them in onboarding. A series of in-person meetings are organised to get to know other Board members and senior staff as well as supporters at the annual Thanksgiving Service. In addition, more formal trustee training is offered, as is ongoing training where appropriate.

• Christian Fielder (Director of People & Organisational Development)

• Chesman Isle (Chief of Staff and Company Secretary)

• Carl Knightly (Director of Networks)

• Graham Miller (Chief Executive Officer)

• Shantelle Richardson (Director of Communications and Marketing)

4B. SUBSIDIARY COMPANIES

• Rev Dr Jason Roach (Director of Ministries)

• Richard Wilson (Director of Finance, Property & IT) – left The London City Mission (LCM) group is made up of a September 2024

collection of companies which are wholly owned by LCM. These companies enter into transactions with the charity and each other. The Board of The London City Mission has approved these transactions on behalf of the charity.

4D. PAY POLICY FOR SENIOR STAFF

The Board of Directors and the Leadership Team comprise the key management personnel of The London City Mission (LCM), in charge of directing and operating LCM on a day-to-day basis. All Trustees, with the exception of the Chief Executive Officer, give their time freely and received no remuneration in the year.

London City Mission Property Services Ltd (LCMPS), a company limited by guarantee, was established in November 2015 as a subsidiary of LCM. At 31 December 2017, an asset purchased from LCM had subsequently been impaired to £nil and, as a result, an intercompany loan from The London City Mission to LCMPS, which had been drawn to pay for the said asset, had been deemed to be unlikely to be repaid, and had also been written down to £nil. In 2021, the activities of LCMPS were transferred to London City Mission Property Holdings Ltd as part of a corporate restructure. This company formally wound up its activities at the 31 December 2023 and was dissolved during the year ended 31 December 2024

Details of Trustees’ expenses are disclosed in Note 3 to the Accounts, and related party transactions in Note 20.

The salaries and benefits of the senior staff on the Leadership Team (excluding the CEO) are set by the Chief Executive Officer and Director of People & Organisational Development and approved by the HR Subcommittee of the Board, with reference to levels of responsibility and rates of remuneration in charities of similar size and objects. The Chief Executive Officer’s salary and benefits are set by the LCM Directors. Rates of pay are reviewed annually. Details are disclosed in Note 3 to the Accounts.

London City Mission Property Holdings Ltd (LCMPH), a company limited by shares, was established in November 2019 as a subsidiary of The London City Mission. LCMPH acts as a wholly owned trading subsidiary of the charity, to provide segregation of trading, or potential trading activity,

4E. DIRECTORS’ RESPONSIBILITIES

The Directors are responsible for preparing the Directors’ annual 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 Directors to prepare financial statements for each financial year. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including its income and expenditure, of the charity for the year. In preparing those financial statements the Directors are required to:

• Select suitable accounting policies and then apply them consistently.

• Observe the methods and principles in the Charities Statement of Recommended Practice (SORP)

• Make judgments and accounting estimates that are reasonable and prudent.

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and 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 requirements of 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.

4F. DIRECTORS’ STATEMENT

Each of the Directors has confirmed that, so far as they are aware, there is no relevant audit information of which the charitable company’s auditors are unaware, and that they have taken all the steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the charitable company’s auditors are aware of that information.

REPORT OF THE DIRECTORS SIGNED ON BEHALF OF THE DIRECTORS

GRAHAM D MILLER, CHIEF EXECUTIVE AND DIRECTOR 21 JULY 2025

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5. INDEPENDENT AUDITORS’ 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 in 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.

'a 1

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 there is 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 the audit:

5. INDEPENDENT AUDITORS’ REPORT

• the information given in the strategic report and the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the trustees’ annual report have been prepared in accordance with applicable legal requirements.

OPINION

BASIS FOR OPINION

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have audited the financial statements of The London City Mission (the ‘parent charitable company’) and its subsidiaries (the ’group’) for the year ended 31 December 2024 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including 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).

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 charitable company 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 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.

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or

CONCLUSIONS RELATING TO GOING CONCERN

In our opinion the financial statements:

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.

• the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or

• give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 December 2024 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;

• certain disclosures of trustees’ remuneration specified by law are not made; or

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 group’s and parent charitable company’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.

• we have not received all the information and explanations we require for our audit.

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

RESPONSIBILITIES OF TRUSTEES

• have been prepared in accordance with the requirements of the Companies Act 2006.

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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 group and parent charitable company’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 group or parent 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group and parent charitable company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern.

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5. INDEPENDENT AUDITORS’ REPORT

• Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

EXPLANATION AS TO WHAT EXTENT THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD

Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The objectives of our audit in respect of fraud, are to: identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

• We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

USE OF OUR REPORT

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

• We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council

Andrew Stickland (Senior Statutory Auditor)

for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 9 Appold Street London EC2A 2AP

Date: 29 July 25

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6. GROUP STATEMENT OF FINANCIAL ACTIVITIES (SOFA)

6. GROUP STATEMENT OF FINANCIAL ACTIVITIES (SOFA)

	Notes	Unrestricted funds £’000	Designated Funds £’000	Restricted funds £’000	Endowment funds £’000	2024 Total £’000	2023 Total £’000
Voluntary income
Donations		1,545	-	2,349	-	3,894	2,811
Legacies		2,605	-	-	-	2,605	2,315
Income from investments
Listed Investments		312	-	-	-	312	219
Investment Property		707	-	-	-	707	753
Income from charitable activities
Leases to churches & charitable organisations		267	-	-	-	267	269
Income from book sales, training & resources		10	-	-	-	10	14
Income from other trading activities
Income from unsold properties		78	-	-	-	78	72
Other income
Other income		6	-	-	-	6	17
Net gain on sale of tangible fixed assets		-	1,044	-	-	1,044	1,688
TOTAL INCOME Expenditure on raising funds Management of investment properties Fundraising & Supporter Partnerships Investment management fees		5,530 1,031 1,392 20 2,443	1,044 4 46 - 50	2,349 28 13 - 41	- - - - -	8,923 1,063 1,451 20 2,534	8,158 1,303 1,401 20 2,724
NET INCOME AVAILABLE FOR CHARITABLE OBJECTIVES EXPENDITURE ON MISSION ACTIVITIES Church Mobilisation Diaspora Children, Youth & Schools Islam & Other Religions Webber Street Cornerhouse Other Homeless & Marginalised Ministry Council Estates & Seniors LCM Pioneers Thought Leadership Training, Thought Leadership & Church Development Organisational Fitness Retirement Housing, Christian Centre upkeep & other costs. Exceptional Item – Pension Scheme buyout TOTAL CHARITABLE EXPENDITURE TOTAL EXPENDITURE	3 3	3,087 1,214 1,218 972 681 380 876 749 338 919 578 - 7,925 10,368	994 156 153 131 119 42 137 94 27 32 489 152 1,532 1,582	2,308 101 139 107 325 15 297 88 257 69 54 834 2,286 2,327	- - - - - - - - - - - - - -	6,389 1,471 1,510 1,210 1,125 437 1,310 931 622 1,020 1,121 986 11,743 14,277	5,434 1,307 1,286 1,105 1,191 442 1,386 754 436 838 941 - 9,686 12,410
NET INCOME/(EXPENDITURE) BEFORE INVESTMENT GAINS/LOSSES Realised net gains on investments	6	(4,838) 837	(538) -	22 -	- -	(5,354) 837	(4,252) 388
Unrealised gains/(losses) on investments	6	(148)	-	-	2	(146)	(3,564)
NET INCOME/(EXPENDITURE) BEFORE TRANSFERS		(4,149)	(538)	22	2	(4,663)	(7,428)

	Notes	Unrestricted funds £’000	Designated Funds £’000	Restricted funds £’000	Endowment funds £’000	2024 Total £’000	2023 Total £’000
NET INCOME/(EXPENDITURE) BEFORE TRANSFERS		(4,149)	(538)	22	2	(4,663)	(7,428)
Transfer between funds	11, 13	3,928	(3,985)	57	-	-	-
NET INCOME/(EXPENDITURE) AFTER TRANSFERS		(221)	(4,523)	79	2	(4,663)	(7,428)
Actuarial (losses)/gains on defined benefit pension	9	-	-	-	-	-	-
scheme
NET MOVEMENT IN FUNDS		(221)	(4,523)	79	2	(4,663)	(7,428)
RECONCILIATION OF FUNDS
Total funds brought forward FUND BALANCES CARRIED FORWARD		6,422 6,201	54,011 49,488	1,622 1,701	1,248 1,250	63,303 58,640	70,731 63,303

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7. GROUP & PARENT CHARITY BALANCE SHEET

	Notes	Group 2024 £’000	Group 2023 £’000	Charity 2024 £’000	Charity 2023 £’000
FIXED ASSETS Tangible fixed assets Intangible fixed assets Investments CURRENT ASSETS Debtors Cash at bank and in hand LIABILITIES Amounts falling due within one year NET CURRENT ASSETS NET ASSETS FUNDS Designated funds General reserve Pension deficit UNRESTRICTED FUNDS RESTRICTED FUNDS ENDOWMENT FUNDS TOTAL FUNDS	4 5 6 7 8 11 12 13 14	30,143 296 22,501 52,940 2,818 4,014 6,832 (1,132) 5,700 58,640 49,488 6,201 - 55,689 1,701 1,250 58,640	27,008 98 32,188 59,294 2,428 2,440 4,868 (859) 4,009 63,303 54,011 6,422 - 60,433 1,622 1,248 63,303	26,182 296 19,340 45,818 13,777 3,998 17,775 (1,493) 16,282 62,100 49,488 9,661 - 59,149 1,701 1,250 62,100	23,010 98 28,379 51,487 13,658 2,425 16,083 (351) 15,732 67,219 54,316 10,033 - 64,349 1,622 1,248 67,219

The charity has taken the exemption under Companies Act 2006 s.408 to omit its profit and loss account from the statutory group accounts. The Total Incoming Resources for the charity during the year ended 31 December 2024 was £10,564k (2023: £13,994k) and Net (Expenditure) Income during the year ended 31 December 2024 was £(5,118)k (2023: (£5,436k)). This figure reflects the charitable donations made by LCMPH to LCM, and the impairment of LCM’s investment of LCMPH, both of which are eliminated in the group SOFA.

Approved and authorised by the Board on 21 July 2025 and signed on its behalf by:

8. GROUP CASHFLOW STATEMENT

Cash flows from operating activities:		2024 Total £’000	2023 Total £’000
Net cash used in operating activities		(5,956)	(4,028)
Cash flows from investing activities:
Dividends, interest and rents from investments		1,019	972
Proceeds from sale of tangible fixed assets		3,608	2,675
Purchase of tangible fixed assets		(6,518)	(3,514)
Purchase of intangible fixed assets		(256)	-
Proceeds from sale of fixed asset investments		20,834	13,624
Purchase of fixed asset investments		(11,157)	(7,082)
Net cash provided by investing activities Cash flows from financing activities: Repayment of Loans Net cash provided by financing activities Increase in cash and cash equivalents		7,530 - - 1,574	6,675 (1,805) (1,805) 842
NOTES TO CASH FLOW STATEMENT		2024 Total £’000	2023 Total £’000
1. Reconciliation of net income for the year tonet cash outflow from continuing operating activities
Net income		(4,663)	(4,663) (7,428)
Investment income		(1,019)	(972)
Gain on disposal of tangible fixed assets		(1,044)	(1,688)
Realised (gains)/losses on investments		(837)	(388)
Unrealised (gains)/losses on investments		146	3,564
Depreciation on tangible fixed assets		1,520	790
Amortisation of Intangible assets		58	43
Decrease/(increase) in stocks		-	3
Decrease/(increase) in debtors		(390)	2,075
(Decrease)/increase in creditors		273	(27)
Net cash outflow from operating activities		(5,956)	(4,028)
	1 Jan 2024 £’000	Change in year £’000	31 Dec 2024 £’000
2. Analysis of changes in net debt equivalents during the year
Cash and cash equivalents	2,440	1,574	4,014

Richard Montgomery, George Stylianides, Chair of the Board On behalf of the Finance Subcommittee

The London City Mission, Company number – 04284615

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9. NOTES TO THE ACCOUNTS

9. NOTES TO THE ACCOUNTS

1. ACCOUNTING POLICIES

(a) Basis of accounting

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The presentational currency used is British pound sterling. Balances are rounded to the nearest £.

The London City Mission (LCM) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Basis of consolidation

The London City Mission is the only member of its’ subsidiary company London City Mission Property Holdings Limited (Company no. 12320018), a company limited by shares. Group accounts have therefore been prepared and the assets, liabilities and results of the subsidiary are consolidated into these financial statements. Summarised details see Note 6.

Going concern

The Directors of LCM confirm that in their view LCM has access to sufficient cash resources to cover its expenditure for the foreseeable future. The Directors acknowledge that there are financial risks to the organisation including inflationary pressures, a possible slowdown in the UK and global economy and changes in property prices. These could increase LCM’s costs, reduce donation income and reduce proceeds from sale of property.

At the end of 2024, LCM held £6.8m in liquid assets (2023: £8.7m), comprising cash or marketable securities that can be liquidated at short notice, which amounts to around 6 months of operating expenses. The Property Development Programme is forecast to provide more than £5m of cash receipts in 2025. If necessary, further cash can be obtained by either accelerating the disposal of properties currently let out commercially or borrowing against the value of these properties.

Having reviewed these factors, the Directors believe that LCM has access to the resources needed to ensure that LCM continues as a going concern. Accordingly, the financial statements continue to be prepared on a going concern basis.

(b) Tangible fixed assets and depreciation

Freehold and long leasehold buildings are capitalised at historical cost or probate value if donated to the charity.

For each freehold property, we assume a cost ratio of 50:50 divided between land and buildings. Freehold land is not depreciated. Freehold buildings are depreciated over their expected useful lives, taken to be 50 years (at 2% per year).

Leasehold property is depreciated over the shorter of the remaining useful life or the remaining period of the lease.

Motor Vehicles and Fixtures and fittings are depreciated at 25%, and 20%, on a straight-line basis respectively. IT capitalisation is capitalised at 33.33% on cost. Property development costs were transferred to be held within the net book value of the property they relate to in 2024, they are depreciated at the same rates as the corresponding property (freehold or leasehold).

(c) Intangible fixed assets and amortisation

Software is amortised over a useful economic life of 5 years once it has entered into use.

(d) Property Repairs and Improvement costs

Repairs to properties are accounted for under charitable expenditure except where the floor area of a property is extended, or the improvement is considered to be to the fabric of the building and its fixtures and fittings, in which case the cost is capitalised.

(e) Investments

Investments in subsidiaries are held at fair value, less any impairment recognised.

Investments (including investment properties) are stated at market value. Realised and unrealised gains and losses on investments are included in the Statement of Financial Activities. Investment income is credited to income on an accruals basis. The portfolio management fees are included in the Statement of Financial Activities.

Investment property is property deemed to be held for the sole purpose of financial gain to LCM, is held at the Trustees’ best estimate of valuation and is not depreciated, which is permitted under the Charity SORP 2019. The Trustees perform a review of the valuation annually. All changes in value in the year are reported in the Statement of Financial Activities.

(f) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

(g) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

(h) Property awaiting sale

Properties are held at market value where they have been given to LCM as gifts, and are awaiting sale, being either on the market, or earmarked for sale but not yet marketed. Where properties that have been held for charitable purposes, or for investment purposes, are not deemed to be awaiting sale, they are kept in Tangible Fixed Assets or Investment Properties, respectively.

(i) Financial instruments

The London City Mission only has financial assets and financial liabilities of a kind that qualify as basic financial instruments (for example cash and listed investments). Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

(j) Funds

Unrestricted Funds comprise:

• 1) Designated Funds are funds set aside at the discretion of directors.

• 2) Other Charitable Funds are available for use in the furtherance of LCM’s charitable objectives.

Restricted Funds are restricted income funds, which are expendable at the discretion of the Trustees in furtherance of particular aspects of the objects of LCM and assets subject to specific purposes and conditions imposed by the donors.

Endowment Funds are funds held in trust by LCM and only the income arising can be expended.

(k) Donations and legacies

Donations, and income under gift aid, are accounted for when receivable. Legacies are recognised as receivable when there is an entitlement to the funds, it is considered probable that they will be received and can be measured reliably. Donations of investments are accounted for at market value at date of transfer and properties at probate value or valuation.

(l) Rent receivable

Rents receivable are accounted for on an accruals basis.

(m) Value Added Tax

Value Added Tax, which cannot be recovered is included in those costs in the Statement of Financial Activities.

(n) Pension costs

The defined benefit pension scheme (final salary) is closed to new entrants. For defined benefit schemes, the amounts charged in resources expended are the current service costs and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the Statement of Financial Activities if the benefits have vested, i.e. entitlement to benefits has become unconditional. If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs. Net interest cost is charged to expenditure and is calculated by multiplying the net scheme liability by the discount rate used to determine the defined benefit obligation. Actuarial gains and losses are recognised immediately. The defined benefit scheme is funded, with the assets of the scheme held separately from those of LCM, in a separate trustee administered fund. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high-quality corporate bond of equivalent currency and term to the scheme liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date.

The defined contribution scheme costs are included as part of staff costs and included in the Statement of Financial Activities.

(o) Resources expended

Direct costs are allocated to the particular activity where the cost relates directly to that activity when invoiced. Salaries of staff, national insurance and pension contributions paid are allocated on a proportioned basis relating to the time spent.

(p) Leases

Payments made under operating leases are charged to the statement of financial activities on a straight-line basis over the lease term.

(q) Support costs

Support costs include property costs, HR, finance, IT, Communications and other administrative costs associated with supporting the charitable activities. They also incorporate governance costs associated with the management of the Mission’s assets and with constitutional and statutory requirements including advisory and audit expenditure. Support costs have been allocated to the cost of charitable activities in proportion to the headcount spent on direct charitable activities. Property costs are allocated based on the usage of the property. This allocation is set out in Note 19.

(r) Significant estimates and judgements

In the application of the company’s accounting policies, the directors 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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Accrued legacy income

Legacies are recognised when there is an entitlement to the funds, it is considered probable that they will be received and can be measured reliably. Any legacies not received at year end are accrued at 85% of their expected value for prudence.

Investment property

In the absence of current prices in an active market for similar properties, the directors consider information from a variety of sources, including:

• a) current prices in an active market for properties of a different nature, condition or location, adjusted to reflect those differences.

• b) recent prices of similar properties on less active markets, with adjustments to reflect any changes in economic conditions since the date of the transactions that occurred at those prices; and

• c) discounted cash flow projections based on reliable estimates of future cash flows, supported by the terms of any existing lease and other contracts and (when possible) by external evidence such as current market rents for similar properties in the same location and condition, and using discount rates that reflect current market assessments of the uncertainty in the amount and timing of the cash flows.

Where a property is subject to a firm offer, that value is used as the value on the active market. Where a property is being marketed, the sale value is taken to represent market value. Where an investment property is not currently marketed, local postcode data is used to identify market value.

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9. NOTES TO THE ACCOUNTS

2. ANALYSIS OF RESOURCES EXPENDED

----- Start of picture text -----
|||||| |---|---|---|---|---| |Staff|Total| |Costs|Other|Dep’n|2024| |Group|£’000|£’000|£’000|£’000| |Expenditure on raising funds|1,032|1,496|6|2,534| |Charitable expenditure|7,163|3,066|1,514|11,743| |8,195|4,562|1,520|14,277| |2024| |Included in both group and charity above:|£’000| |Audit fees|77| |Support costs (Note 19)|9,472|

----- End of picture text -----

Analysis of Resources Expended-2023 for comparison

----- Start of picture text -----
|||||| |---|---|---|---|---| |Staff|Total| |Costs|Other|Dep’n|2023| |Group|£’000|£’000|£’000|£’000| |Expenditure on raising funds|772|1,937|15|2,724| |Charitable expenditure|6,092|2,819|775|9,686| |6,864|4,756|790|12,410| |2023| |Included in both group and charity above:|£’000| |Audit fees|54| |Prior year under accrual of audit fees|25| |Support costs (Note 19)|5,325|

----- End of picture text -----

Of resources expended, £2,326,904 related to restricted funds (2023 - £1,276,585). London City Mission (LCM) went live with a new accounting system in the year ended 31 December 2024, allowing the group to develop a new support costs methodology and refresh the layout of the Statement of Financial Activities to reflect the 5-year strategy. Because the year to 2023 contains data from a different accounting system, it has not been possible to compare support costs totally like for like. The apparent increase between 2023 and 2024 reflects a change in how costs are recorded rather than a change in the underlying costs. A further breakdown of support costs is provided in note 19.

3. STAFF COSTS

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£’000|£’000| |Salaries|5,591|5,357| |Social Security|527|469| |Settlement Costs|84|20| |Pension and Life Insurance|1,007|1,018| |7,209|6,864| |Expenditure on pension scheme buy-in (note 9).|986|-| |-| |8,195|

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The 986k above is inclusive of the 530k annuity purchase disclosed in note 9, along with professional fees associated with the buy-in and buy-out of the scheme.

The only member of the Board who is remunerated is Graham Miller, the Chief Executive, and his total emoluments for 2024 were £63,529 (2023 £60,578). Pension contributions of £9,428 (2023 £9,019) were also paid on his behalf. He also received rent free accommodation as part of as his role as chief executive until April 2024. From April 2024 onward, London City Mission (LCM) rented a non-LCM owned property for him at a cost of £27,450. Expenses reimbursed amounted to £0 (2023 £0). One board member claimed expenses totalling £313 (2023 £783).

During 2024, the LCM reached settlement agreements with eight employees who subsequently left the organisation. There were two settlements with employees in 2023.

----- Start of picture text -----
|||| |---|---|---| |The average number of employees analysed by function was:|2024|2023| |Field staff – evangelists|108|113| |Other ministry staff|13|9| |Maintenance staff|13|13| |Support and administration staff|48|49| |Employed staff|182|184|

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The average number of employees receiving emoluments for the year greater than £60,000 falling within the following band were:

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£60,000 to £69,999|3|2| |£70,000 to £79,999|2|2| |£80,000 to £89,999|1|1|

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Emoluments for the Leadership Team are shown below. The composition of the Leadership Team is set out in the Directors’ Report on page 36. The figures below are the total cost to the LCM, including gross salaries, benefits in kind, employers NICs and employer’s pension contributions

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£’000|£’000| |Key management emoluments|705|691|

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9. NOTES TO THE ACCOUNTS

4. TANGIBLE FIXED ASSETS

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Long| |Freehold|Leasehold|Property| |Land &|Land &|Fixtures &|Motor|IT|develop-| |Buildings|Buildings|Fittings|Vehicles|Capitalisation|ment|Total| |Group|£’000|£’000|£’000|£’000|£’000|£’000|£’000| |Cost or valuation| |at 1 January 2024|24,118|2,580|3,577|256|337|696|31,564| |Transfers|(611)|1,910|-|-|-|(696)|603| |Additions|3,858|1,601|1,040|-|19|-|6,518| |Disposals|(2,750)|-|-|(256)|-|-|(3,006)| |at 31 December 2024|24,615|6,091|4,617|-|356|-|35,679| |Depreciation| |at 1 January 2024|(1,683)|(290)|(2,034)|(256)|(293)|-|(4,556)| |Dep'n eliminated on disposal|186|-|-|256|-|-|442| |Dep'n eliminated on transfer|98|-|-|-|-|-|98| |Charge for period|(630)|(24)|(838)|-|(28)|-|(1,520)| |at 31 December 2024|(2,029)|(314)|(2,872)|-|(321)|-|(5,536)| |Net book values| |at 31 December 2024|22,586|5,777|1,745|-|35|-|30,143| |at 31 December 2023|22,435|2,290|1,543|-|44|696|27,008| |Long| |Freehold|Leasehold|Property| |Land &|Land &|Fixtures &|Motor|IT|Develop-| |Buildings|Buildings|Fittings|Vehicles|Capitalisation|ment|Total| |£’000|£’000|£’000|£’000|£’000|£’000|£’000| |Central Office, Nasmith Court, Retirement, Holiday|6,340|813|302|-|35|-|7,490| |Homes & other properties & vehicles| |Missionary and Staff Housing|14,432|4,411|413|-|-|-|19,256| |Tenanted Properties|175|-|43|-|-|-|218| |Christian Centres|1,639|553|987|-|-|-|3,179| |22,586|5,777|1,745|-|35|-|30,143|

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||||||||| |---|---|---|---|---|---|---|---| |Long| |Freehold|Leasehold|Property| |Land &|Land &|Fixtures &|Motor|IT|Develop-| |Buildings|Buildings|Fittings|Vehicles|Capitalisation|ment|Total| |£’000|£’000|£’000|£’000|£’000|£’000|£’000| |Headquarters, Nasmith Court, Retirement, Holiday|4,115|813|302|-|35|-|5,265| |Homes & other properties & vehicles| |Missionary and Staff Housing|14,233|4,411|413|-|-|-|19,057| |Tenanted Properties|-|-|43|-|-|-|43| |Christian Centres|277|553|987|-|-|-|1,817| |at 31 December 2023|18,625|5,777|1,745|-|35|-|26,182|

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5. INTANGIBLE FIXED ASSETS

----- Start of picture text -----
||| |---|---| |Software| |Group and charity|£’000| |Cost or valuation| |at 1 January 2024|304| |Additions|256| |at 31 December 2024|560| |Amortisation| |at 1 January 2024|(206)| |Charge for period|(58)| |at 31 December 2024|(264)| |Net book values| |at 31 December 2024|296| |at 31 December 2023|98|

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||||||||| |---|---|---|---|---|---|---|---| |Long| |Freehold|Leasehold|Property| |Land &|Land &|Fixtures &|Motor|IT|Develop-| |Buildings|Buildings|Fittings|Vehicles|Capitalisation|ment|Total| |Charity|£’000|£’000|£’000|£’000|£’000|£’000|£’000| |Cost or valuation| |at 1 January 2024|20,362|2,580|3,577|256|337|80|27,192| |Transfers|(1,227)|1,910|(80)|603| |Additions|3,858|1,601|1,041|-|19|-|6,519| |Disposals|(2,750)|-|-|(256)|-|-|(3,006)| |at 31 December 2024|20,243|6,091|4,618|-|356|-|31,308| |Depreciation| |at 1 January 2024|(1,309)|(290)|(2,034)|(256)|(293)|-|(4,182)| |Dep'n eliminated on disposal|183|-|-|256|-|-|439| |Dep'n eliminated on transfer|98|-|-|-|-|-|98| |Charge for period|(590)|(24)|(839)|-|(28)|-|(1,481)| |at 31 December 2024|(1,618)|(314)|(2,873)|-|(321)|-|(5,126)| |Net book values| |at 31 December 2024|18,625|5,777|1,745|-|35|-|26,182| |at 31 December 2023|19,053|2,290|1,543|-|44|80|23,010|

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9. NOTES TO THE ACCOUNTS

9. NOTES TO THE ACCOUNTS

6. FIXED ASSET INVESTMENTS

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|||||| |---|---|---|---|---| |Cash and| |Investec|COIF|Property|Total| |Group|£’000|£’000|£’000|£’000| |Valuation at 1 January 2024|6,251|415|25,522|32,188| |Additions|11,157|-|-|11,157| |-| |Disposals|(14,929)|(5,905)|(20,834)| |Transfers at book value|-|-|(701)|(701)| |Net realised (losses)/gains|512|-|325|837| |Net unrealised (losses)/gains|(170)|2|22|(146)| |Valuation at 31 December 2024|2,821|417|19,263|22,501| |Cost at 31 December 2024|1,935|405|9,914|12,254|

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||||||| |---|---|---|---|---|---| |Cash and|Investment| |Investec|COIF|Property|in LCMPH|Total| |Charity|£’000|£’000|£’000|£’000|£’000| |Valuation at 1 January 2024|6,251|415|12,723|8,990|28,379| |Additions|11,157|-|-|-|11,157| |-|-| |Disposals|(14,929)|(2,608)|(17,537)| |Transfers at book value|-|-|(701)|-|(701)| |Net realised (losses)/gains|512|-|(136)|-|376| |Net unrealised (losses)/gains|(170)|2|653|(2,819)|(2,334)| |Valuation at 31 December 2024|2,821|417|9,931|6,171|19,340| |Cost at 31 December 2024|1,935|405|7,217|16,900|26,457|

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London City Mission (LCM) holds a wide range of investments managed by Investec and COIF. At year end 59% (2023: 56%) are overseas investments.

Unrealised gains on property represent gains on revaluations of investment properties to market value on the basis of Trustees estimates. In the case of properties that have been transferred from tangible fixed assets this year, this is a revaluation to market value from depreciated historic cost.

7. DEBTORS

----- Start of picture text -----
|||||| |---|---|---|---|---| |2024|2023|2024|2023| |Group|Group|Charity|Charity| |£’000|£’000|£’000|£’000| |Cash due from legacies|2,187|1,979|2,187|1,979| |Staff loans and season tickets|15|15|15|15| |Accrued Income|128|50|128|50| |Prepayments|160|218|159|218| |-|-| |Intercompany balances|11,030|11,235| |Other debtors|328|166|258|161| |2,818|2,428|13,777|13,658|

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Of the intercompany balance, in 2023 £11,705k related to an intercompany loan from LCM to LCMPH with the remainder consisting of balances from the day to day activities of group entities. in 2024, the balances have been separated out for clearer presentation, with the intercompany loan presented as owed to the charity above, the £955k owed to LCMPH by LCM presented in note 8 below.

The £11,030k intercompany loan (2023 - £11,705k) is receivable over more than one year, being paid off as LCMPH sells the properties it owns.

8. CREDITORS

----- Start of picture text -----
|||||| |---|---|---|---|---| |Amounts falling due within one year:|2024|2023|2024|2023| |Group|Group|Charity|Charity| |£’000|£’000|£’000|£’000| |Accruals|192|310|127|278| |Trade creditors|128|-|128|-| |Rent deposits|34|67|34|67| |Deferred Income|279|176|103|-| |Intercompany Balances|-|-|955|-| |Other creditors|499|306|146|6| |1,132|859|1,493|351|

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London City Mission Property Holdings Ltd

London City Mission Property Holdings Ltd is a private limited company (Company No. 12320018) which is controlled by LCM. Its’ results are consolidated into the LCM group accounts.

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£’000|£’000| |Turnover|3,330|4,450| |Cost of sales|(828)|(1,783)| |Other operating income|57|1| |Administrative expenses|(890)|(1,108)| |Profit for the year|1,669|1,560| |Total Assets|11,695|11,198| |Total Liabilities|(11,696)|(11,448)| |Net Funds|(1)|(250)|

----- End of picture text -----

Each year, any taxable profit of London City Mission Property Holdings Ltd is distributed to London City Mission.

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9. NOTES TO THE ACCOUNTS

9. NOTES TO THE ACCOUNTS

– 9. PENSION COMMITMENTS GROUP AND CHARITY

London City Mission (LCM) operates a defined benefit pension scheme for all qualifying employees who elected to join the scheme but was closed to new entrants in 2006. The assets of the scheme are held separately from the assets of LCM. Contributions and costs of the scheme are charged to the Statement of Financial Activities so as to spread the cost of pensions over employees’ working lives with LCM.

A formal triennial valuation of the scheme as at 31 May 2023 was completed in July 2024 by the scheme actuary. The May 2023 valuation showed that the market value of the scheme’s assets was £3.772m (2020: £5.392m). The actuarial value of those total assets represented 101% (2020: 67%) of the benefits that had accrued to members. The funding position calculated on a technical provisions basis as at 31 May 2023 showed a surplus and no deficit repair contributions are therefore required. The next triennial review is due 31 May 2026.

On 31 May 2024, the Trustees of the scheme transacted a buy-in policy with Aviva. This insures all member benefits in the scheme, apart from AVCs. The buy-in annuity is treated as an investment strategy change. On the basis that the buy-in policy exactly matches the amount and timing of some or all of the benefits payable under the scheme, the asset value of the buy-in annuity policy has been set equal to the liabilities. Under this treatment the reduction in asset value is recognised as an asset loss via OCI. LCM contributed £530k to the scheme, which is made as part of this transaction.

The actuary has carried out a further full valuation of the scheme as at 31 December 2024 to produce the information required under FRS 102 – Section 28 Disclosure Report.

London City Mission Retirement and Death Benefit Scheme A. Change in defined benefit obligation	2024 £’000	2023 £’000
1. Defined benefit obligation at end of prior year	7,395	7,478
2. Cost (excluding interest) a. Change arising from employee service in reporting period	-	-
b. (Gain)/ loss on curtailments / changes / introductions	-	-
c. (Gain)/ loss on settlements	-	-
3. Interest expense	346	362
4. Cash flows a. Benefit payments from plan assets	(337)	(496)
b. Benefit payments from employer	-	-
c. Settlement payments from plan assets	-	-
d. Settlement payments from employer	-	-
e. Participant contributions	-	-
f. Administrative expenses included in the DBO	-	-
g. Taxes included in the DBO	-	-
h. Insurance premiums for risk benefits	-	-
5. Other significant events a. Increase (decrease) due to effect of any business combinations / divestitures / transfers	-	-
b. Increase (decrease) due to plan combinations	-	-
6. Remeasurements a. Effect of changes in assumptions	(672)	5
b. Effect of experience adjustments	(619)	46
7. Effect of changes in foreign exchange rates	-	-
8. Defined benefit obligation at end of year	6,113	7,395

London City Mission Retirement and Death Benefit Scheme B. Change in fair value of pIan assets	2024 £’000	2023 £’000
1. Fair value of plan assets at end of prior year	7,554	7,921
2. Interest income	354	384
3. Cash flows a. Total employercontributions (i) Employer contributions	530	-
(ii) Employer direct benefit payments	-	-
(iii) Employer direct settlement payments	-	-
b. Participant contributions	-	-
c. Benefit payments from plan assets	(337)	(496)
d. Benefit payments from employer	-	-
e. Settlement payments from plan assets	-	-
f. Settlement payments from employer	-	-
g. Administrative expenses paid from plan assets	-	-
h. Taxes paid from plan assets	-	-
i. Insurance premiums for risk benefits	-	-
4. Other significant events a. Increase (decrease) due to effect of any business combinations / divestitures / transfers	-	-
b. Increase (decrease) due to plan combinations	-	-
5. Remeasurements a. Return on plan assets (excluding interest income)	(1,932)	(255)
6. Effect of changes in foreign exchange rates	-	-
7. Fair value of plan assets at end of year	6,169	7,554
C. Change in reimbursement rights
1. Reimbursement rights at end of prior year	-	-
2. Change arising from employee service in reporting period to reimbursement rights	-	-
3. Gain / (loss) on settlements	-	-
4. Interest income	-	-
5. Cash flows a. Employer contributions to reimbursement rights	-	-
b. Reimbursements to employer	-	-
6. Other significant events a. Increase (decrease) due to effect of any business combinations / divestitures / transfers	-	-
b. Increase (decrease) due to plan combinations	-	-
7. Remeasurements a. Return on reimbursement rights (excluding interest income)	-	-
8. Effect of changes in foreign exchange rates	-	-
9. Reimbursement rights at end of year	-	-
D. Change to asset ceiling
1. Asset ceiling at end of prior year	159	443
2. Interest income	8	22
3. Remeasurements a. Changes in asset ceiling (excluding interest income)	(111)	(306)
4. Effect of changes in foreign exchange rates	-	-
5. Asset ceiling at end of year	56	159

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9. NOTES TO THE ACCOUNTS

9. NOTES TO THE ACCOUNTS

London City Mission Retirement and Death Benefit Scheme E. Amounts recognized in the statement of financial position	2024 £’000	2023 £’000
1. Defined benefit obligation	6,113	7,395
2. Fair value of plan assets 3. Funded status	(6,169) (56)	(7,554) (159)
4. Effect of asset ceiling	56	159
5. Net defined benefit liability (asset)	-	-
F. Cost relating to defined benefit plans
1. Cost (excluding interest) a. Change arising from employee service in reporting period	-	-
b. Change arising from employee service in reporting period to reimbursement rights	-	-
c. (Gain)/ loss on curtailments / changes I introductions	-	-
d. (Gain)/ loss on settlements	-	-
e. Total cost	-	-
2. Net interest cost a. Interest expense on DB0	346	362
b. Interest (income) on plan assets	(354)	(384)
c. Interest (income) on reimbursement rights	-	-
d. Interest expense on effect of (asset ceiling)	8	22
e. Total net interest cost	-	-
3. Remeasurements of Other Long Term Benefits	-	-
4. Administrative expenses and/or taxes (not reserved within DB0)	-	-
5. Cost relating to defined benefit plans included in P&L	-	-
6. Remeasurements (recognized in other comprehensive income) a. Effect of changes in assumptions	(672)	5
b. Effect of experience adjustments	(619)	46
c. (Return) on plan assets (excluding interest income)	1932	255
d. (Return) on reimbursement rights (excluding interest income)	-	-
e. Changes in asset ceiling (excluding interest income)	(111)	(306)
f. Total remeasurements included in OCI	530	-
7. Total cost related to defined benefit plans recognized in P&L and OCI	530	-

London City Mission Retirement and Death Benefit Scheme G. Net defined benefit lIabIlIty (asset) reconciliation	2024 £’000	2023 £’000
1. Net defined benefit liability (asset) at beginning of year	-	-
2. Cost relating to defined benefit plans included in P&L	-	-
3. Total remeasurements included in OCI	530	-
4. Other significant events a. Net transfer in/(out) (including the effect of any business combinations/divestitures)	-	-
b. Amounts recognized due to plan combinations	-	-
5. Cash flows a. Employer contributions	(530)	-
b. Employer direct benefit payments	-	-
c. Employer direct settlement payments	-	-
6. Credit to reimbursements	-	-
7. Effect of changes in foreign exchange rates	-	-
8. Net defined benefit liability (asset) at end of year	-	-
H. Defined benefit obligation
1. Defined benefit obligation by participant status a. Actives	-	-
b. Vested deferreds	2,812	3,224
c. Retirees	3,300	4,171
d. Total	6,113	7,395
I. Plan assets
1. Fair value of plan assets a. Cash and cash equivalents	56	61
b. Equity instruments	-	-
c. Debt instruments	-	3,322
d. Real estate	-	-
e. Other f. Total	6,113 6,169	4,171 7,554
2. Amount invested in entity's own assets a. Equity instruments	-	-
b. Debt instruments	-	-
c. Real estate	-	-
d. Other	-	-
e. Total	-	-
3. Actual return on plan assets	(1 ,578)	129

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9. NOTES TO THE ACCOUNTS

London City Mission Retirement and Death Benefit Scheme J. Significant actuarial assumptions	2024 £’000	2023 £’000
Weighted-average assumptions to determine defined benefit obligation Discount rate	5.50%	4.80%
Duration used to set discount rate (in years)	11.00	12.00
Price inflation rate (RPI)	3.20%	3.20%
Price inflation rate (CPI)	2.80%	2.80%
Post-retirement mortality assumption	110% (males) and	113% of
	105% (females) of	the standard tables
	the standard tables	S3PMA / S3PFA_M,
	S3PMA / S3PFA_M,	Year of Birth,
	Year of Birth,	no age rating projected
	no age rating projected	using CMI_2022
	using CMI_2023	converging to 1.25%
	converging to 1.25%	p.a.
	p.a.
Assumed life expectancy on reti rement at age 65 Retiring today (member age 65)	20.7 (M) / 23.0 (F)	20.5 (M) / 22.4 (F)
Retiring in 20 years (member age 45 today)	21.9 (M) / 24.5 (F)	21 .8 (M) / 23.9 (F)
Weighted-average assumptions to determine cost relating to defined benefit plans Discount rate	4.80%	5.00%
Price inflation rate (RPI)	3.20%	3.30%
Price inflation rate (CPI)	2.80%	2.80%
Post-retirement mortality assumption	113% of the standard	119% of the standard
	tables S3PMA /	tables S3PMA /
	S3PFA_M, Year for	S3PFA_M, Year for
	Birth, no age rating	Birth, no age rating
	projected using	projected using
	CMI_2022 converging	CMI_2021 converging
	to 1.25% p.a.	to 1.25% p.a.
Assumed life expectancy on retirement at age 65 Retiring today (member age 65)	20.5 (M) / 22.4 (F)	20.9 (M) / 22.6 (F)
Retiring in 20 years (member age 45 today)	21 .8 (M) / 23.9 (F)	22.2 (M) / 24.2 (F)

K. Sensitivity analysis	£’000	£’000
Present value of defined benefit obligation Discount rate - 50 basis points	6,454	7,832
Discount rate + 50 basis points	5,803	6,998
Price inflation rate - 25 basis points	6,069	7,332
Price inflation rate + 25 basis points	6,166	7,459
Post-retirement mortality assumption - 1 year age rating	6,328	7,716

9. NOTES TO THE ACCOUNTS

London City Mission Retirement and Death Benefit Scheme L. Expected cash flows for following year	2024 £’000
1. Expected employer contributions	-
2. Expected contributions to reimbursement rights	-
3. Expected total benefit payments Year1	391
Year2	383
Year3	400
Year4	425
Years	399
Next 5 years	2,122

M. Membership statistics	2024	2023
1. Census date	31 May 2023	31 May 2020
2. Actives a. Number	-	-
b. Total annual pensionable pay	-	-
c. Average annual pensionable pay	-	-
d. Average age	-	-
e. Average past service	-	-
3. Vested deferreds a. Number	94	106
b. Average annual pension	876	910
c. Average age	58.00	55.00
4. Retirees a. Number	52	66
b. Average annual pension	5,812	5,494
c. Average age	77.00	76.00

10. TAXATION

As a registered charity, London City Mission (LCM) is not liable to taxation on its income from charitable activities. Income tax is recovered on gifts donated by supporters under the Gift Aid Scheme.

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9. NOTES TO THE ACCOUNTS

11. DESIGNATED FUNDS ~~————————_~~

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9. NOTES TO THE ACCOUNTS
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||||||||| |---|---|---|---|---|---|---|---| |Balance| |Balance|Net|31 Dec| |1 Jan 2024|Income|Expenses|Gains/losses|transfers|2024| |Group|£’000|£’000|£’000|£’000|£’000|£’000| |Central Office, retirement, other properties and vehicles|4,085|-|(541)|597|740|4,881| |Missionary and staff housing|16,309|-|(425)|271|2,902 19,057| |Housing for the Marginalised|-|-|-|175|(175)|-| |Tenanted properties|1,087|-|(118)|-|(926)|43| |Christian Centres|530|-|(346)|1|474|659| |Designated Assets|(Fixed Assets less Debt)|22,011|-|(1,430)|1,044|3,015|24,640| |-|-| |Ministry sustainability|30,500|(7,000)|23,500| |Pension deficit|1,500|-|(152)|-|-|1,348| |54,011|-|(1,582)|1,044|(3,985)|49,488|

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Transfers of designated assets represent the reallocation of properties, at book value, between funds. The transfer out of the Ministry Sustainability Fund is released to the General Fund in line with the Long-Term Financial Sustainability objective.

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||||||||| |---|---|---|---|---|---|---|---| |Balance| |Balance|Net|31 Dec| |1 Jan 2024|Income|Expenses|Gains/losses|transfers|2024| |Charity|£’000|£’000|£’000|£’000|£’000|£’000| |Central Office, retirement, other properties and vehicles|4,393|-|(541)|289|740|4,881| |Missionary and staff housing|16,130|-|(425)|450|2,902 19,057| |Housing for the Marginalised|176|-|-|-|(176)|-| |Tenanted properties|1,087|-|(118)|-|(926)|43| |Christian Centres|530|-|(346)|-|475|659| |Designated Assets|(Fixed Assets less Debt)|22,316|-|(1,430)|739|3,015|24,640| |-|-|-| |Ministry sustainability|30,500|(7,000)|23,500| |Pension deficit|1,500|-|(152)|-|-|1,348| |54,316|-|(1,582)|739|(3,985)|49,488|

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||||||||| |---|---|---|---|---|---|---|---| |Balance| |Balance|Net|31 Dec| |1 Jan 2023|Income|Expenses|Gains/losses|transfers|2023| |Group|£’000|£’000|£’000|£’000|£’000|£’000| |Central Office, retirement, other properties and vehicles|8,380|-|(249)|553|(4,599) 4,085| |Missionary and staff housing|14,703|-|(322)|619|1,309 16,309| |Housing for the Marginalised|176|-|-|-|(176)|-| |Tenanted properties|1,113|-|(48)|-|22|1,087| |Christian Centres|1,896|-|(96) 533|(1,803)|530| |Designated Assets|(Fixed Assets less Debt)|26,268|-|(715)|1,705|(5,247)|22,011| |-|-| |Ministry sustainability|33,000|(2,500)|30,500| |-|-|-|-| |Pension deficit|1,500|1,500| |60,768|-|(715)|1,705|(7,747)|54,011|

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9. NOTES TO THE ACCOUNTS

9. NOTES TO THE ACCOUNTS

12. GENERAL FUNDS

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|||||||| |---|---|---|---|---|---|---| |Balance| |Balance|Net|31 Dec| |1 Jan 2023|Income|Expenses|Gains/losses|transfers|2023| |Charity|£’000|£’000|£’000|£’000|£’000|£’000| |Central Office, retirement, other properties and vehicles|8,715|-|(276)|553|(4,599)|4,393| |Missionary and staff housing|14,703|-|(325)|619|1,133|16,130| |Housing for the Marginalised|176|-|-|-|-|176| |Tenanted properties|1,113|-|(48)|-|22|1,087| |Christian Centres|1,896|-|(96)|533|(1,803)|530| |Designated Assets (Fixed Assets less Debt)|26,603|-|(745)|1,705|(5,247)|22,316| |-|-|-| |Ministry sustainability|33,000|(2,500)|30,500| |-|-|-|-| |Pension deficit|1,500|1,500| |61,103|-|(745)|1,705|(7,747)|54,316|

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Transfers represent the reallocation of properties, at book value, between funds.

Central Office, Retirement, Holiday and Other Properties Used for Designated Purposes

This fund represents the carrying value of properties and other tangible fixed assets which are used for charitable purposes, including LCM’s largest asset Nasmith House, and is not available to spend on the general running of LCM. Nasmith Court flats no longer remain within this fund as they are now held as investment properties.

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||||| |---|---|---|---| |Balance|Net|Balance| |1 Jan 2024|movement|31 Dec 2024| |Group|£’000|£’000|£’000| |General reserve|6,422|(221)|6,201| |Balance|Net|Balance| |1 Jan 2024|movement|31 Dec 2024| |Charity|£’000|£’000|£’000| |General reserve|10,033|(372)|9,661| |Balance|Net|Balance| |1 Jan 2023|movement|31 Dec 2023| |Group|£’000|£’000|£’000| |General reserve|7,207|(785)|6,422| |Balance|Net|Balance| |1 Jan 2023|movement|31 Dec 2023| |Charity|£’000|£’000|£’000| |General reserve|8,796|1,237|10,033|

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Missionaries’ and Staff Housing

This fund represents the value of residential properties used to house LCM staff.

Housing for the Marginalised

This fund included the cost of six properties in Brixton which are used to provide housing and support to the vulnerably housed under the banner of Hope Community Homes. This project is being wound down at the 31 December 2024 to be replaced with an alternative ministry so the property is no longer recognised within this fund.

Tenanted Properties

This fund included houses and Christian Centres not needed at the present time for housing or ministry needs and are being rented out until such time that they can be used directly by LCM. Rented out properties that are considered to be held solely for the purpose of financial gain are held as Investment Properties. Most properties in this fund have been reclassified as Christian Centres or Investment Properties in year to better reflect their use.

Christian Centres

This fund represents the value of the Centres used in the activities of LCM as well as the residential accommodation on the site and other tangible fixed assets. It also includes Christian Centres rented out to other charitable organisations. Christian Centres currently not being used for ministry purposes and rented out commercially or with the intention of being sold are classified as investment properties.

Ministry Sustainability Fund

The ministry sustainability fund was created at the end of 2020 to fund net expenditure before investments which makes up most of the projected annual cash shortfall, and in doing so, keeps LCM’s ministry sustainable at its target size. In line with the Long-term Financial Sustainability Objective, the fund is expected to steadily reduce over the next 10 years. As this fund inevitably reduces, the planned needs of LCM will be met by steadily increasing donation income. If donation income does not increase over the coming years, the ambition for LCM’s gospel ministry will inevitably need to reduce.

It is expected that the Ministry Sustainability Fund will be adjusted each year in increments of £0.5m. £7m was drawn from the fund in 2024 to cover the deficit in the general fund.

Pension deficit

13. RESTRICTED FUNDS

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|||||||| |---|---|---|---|---|---|---| |Balance| |Balance|Gains on|31 Dec| |1 Jan 2024|Income|investments|Expenses|Transfers|2024| |Group and charity|£’000|£’000|£’000|£’000|£’000|£’000| |LCM Pioneers|-|242|-|(242)|-|-| |Retired fund - Property|344|-|-|(4)|8|348| |Holiday homes fund|834|-|-|(834)|-|-| |Relief fund - Property|270|742|-|(6)|152|1,158| |Relief fund - General|116|438|-|(457)|(97)|-| |Restricted Christian Centre fund|4|153|-|(8)|-|149| |Restricted ministry fund|54|774|-|(776)|(6)|46| |1,622|2,349|-|(2,327)|57|1,701|

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|||||||| |---|---|---|---|---|---|---| |Balance| |Balance|Gains on|31 Dec| |1 Jan 2023|Income|investments|Expenses|Transfers|2023| |Group and charity|£’000|£’000|£’000|£’000|£’000|£’000| |LCM Pioneers|-|151|-|(151)|-|-| |Retired fund - Property|348|-|-|(4)|-|344| |Holiday homes fund|776|17|41|-|-|834| |Relief fund - Property|273|-|-|(3)|-|270| |Relief fund - General|32|519|-|(435)|-|116| |Restricted Christian Centre fund|4|6|-|(6)|-|4| |Restricted ministry fund|81|584|-|(611)|-|54| |1,514|1,277|41|(1,210)|-|1,622|

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As LCM furthers the buyout of the closed pension scheme, the Pension Deficit designated fund is being used to fund this. During the year, £152k was used toward the buyout of the scheme, with a further £834k being funded by the Holiday Homes Fund, which is explained in note 13. The trustees anticipate that the remaining £1.3m in this designated fund will be sufficient to complete the buyout process.

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9. NOTES TO THE ACCOUNTS has

9. NOTES TO THE ACCOUNTS Lo

LCM Pioneers

Donations received specifically as a contribution towards the employment and training of the London City Mission (LCM) Pioneers are treated as restricted and are offset against such costs.

Retired Fund (Retired Missionaries, Widows and Orphans fund)

Set up as a separate fund in 1846 to help missionaries who could no longer work, the fund today enables allowances to be paid to retired staff who retired before the establishment of LCM’s pension scheme in 1993. This fund also covers the running cost of properties used to house retired staff. The value of this fund is represented by the book value of the two properties contained within this fund.

Holiday Homes Fund

The first holiday home in Ventnor, Isle of Wight, was donated to LCM in 1869 and the fund’s purpose was to ensure missionaries and their families could enjoy a break from the pressure of urban mission work. The Board decided in 2012 that the properties used for holiday homes should be sold and the one property belonging to the Fund was sold in 2013, with the proceeds transferred to a new Restricted Fund to set against the Pension Deficit. In 2024, as LCM has continued to progress the buyout of this pension scheme, in line with legal advice taken, the balance of this fund has been used to fund this work. The remainder of the buyout will be funded by the Pension deficit fund disclosed in note 11.

Relief Fund

From the early days of LCM, the desperate need of the people amongst whom the missionaries worked became apparent. Supporters of LCM specifically sent donations to help the needy that they read or heard about from missionaries’ reports and a relief fund was established. The Fund now is represented by the Webber Street Centre, which underwent renovation in 2024.

Restricted Christian Centre Fund

This fund is made up of donations kindly given, specifically as a contribution toward running the Christian Centres owned by LCM, offset against direct costs.

Restricted Ministry Fund

This fund is made up of specific donations generously given to support individual LCM missionaries or ministries. Donations received are spent against the direct cost of supporting the missionary or ministry in question.

14. ENDOWMENT FUNDS

Group and charity	Balance 1 Jan 2024 £’000	Net movement £’000	Balance 31 Dec 2024 £’000
Perpetual trusts	1,248	2	1,250
Group and charity	Balance 1 Jan 2023 £’000	Net movement £’000	Balance 31 Dec 2023 £’000
Perpetual trusts	1,242	6	1,248

Perpetual trusts

These consist of a number of separate funds established during the history of London City Mission (LCM) to provide an income towards the on-going costs of particular aspects of LCM’s work. The donors have insisted that the capital cannot be spent. The income generated has been used against the salary costs of the designated ministries. The net movement solely relates to the movement in the value of the investments.

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9. NOTES TO THE ACCOUNTS

9. NOTES TO THE ACCOUNTS

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

19. SUPPORT COSTS

Fund balances at the end of year are represented by:

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|||||||| |---|---|---|---|---|---|---| |Unrestricted|Designated|Restricted|Endowment| |funds|funds|funds|funds|2024|2023| |Group|£’000|£’000|£’000|£’000|£’000|£’000| |-| |Tangible fixed assets|3,996|24,640|1,507|30,143|27,008| |Intangible fixed assets|296|-|-|-|296|98| |Investments|-|21,057|194|1,250|22,501|32,188| |Current assets|3,041|3,791|-|-|6,832|4,868| |Current liabilities|(1,132)|-|-|(1,132)|(859)| |-|-|-|-|-| |Long-term debt| |Total net assets|6,201|49,488|1,701|1,250|58,640|63,303|

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|||||||| |---|---|---|---|---|---|---| |Unrestricted|Designated|Restricted|Endowment| |funds|funds|funds|funds|2024|2023| |Charity|£’000|£’000|£’000|£’000|£’000|£’000| |Tangible fixed assets|35|24,640|1,507|-|26,182|23,010| |Intangible fixed assets|296|-|-|-|296|98| |Investments|-|17,896|194|1,250|19,340|28,379| |Current assets|10,823|6,952|-|-|17,775|16,083| |Current liabilities|(1,493)|-|-|(1,493)|(351)| |-|-|-|-|-| |Long-term debt| |Total net assets|9,661|49,488|1,701|1,250|62,100|67,219|

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |People &| |CEO's|Organisational|Communications| |2024|Ministries|Office|Networks|Development|Technology|Finance|& Marketing|Property|Totals| |Expenditure on Raising|-|29|14|77|77|163|57|2,031|2,448| |Funds| |Church Mobilisation|365|194|88|510|504|1,077|408|2,364|5,510| |Thought Leadership|36|19|9|50|48|105|40|111|418| |Organisational fitness|8|4|2|11|11|24|10|1,026|1,096| |Total|409|246|113|648|640|1,369|515|5,532|9,472|

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |People &| |CEO's|Organisational|Communications| |2023|Ministries|Office|Networks|Development|Technology|Finance|& Marketing|Property|Totals| |Expenditure on Raising|-|17|9|70|57|135|57|1,048|1,393| |Funds| |Church Mobilisation|376|119|54|467|368|902|407|655|3,348| |Thought Leadership|-|12|5|45|36|87|40|28|253| |Organisational fitness|9|3|1|10|8|20|9|271|331| |Total|385|151|69|592|469|1,144|513|2,002|5,325|

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20. RELATED PARTY TRANSACTIONS

Travel expenses of £313 were reimbursed to one trustee (2023 – £783, one trustee). There were no other related party transactions in the year in respect of Board members and members of the Leadership Team.

16. CAPITAL AND OTHER COMMITMENTS

There are no capital commitments as at 31 December 2024.

21. DONATIONS FROM TRUSTEES

Eleven (2023: fourteen) trustees and connected persons made donations in the year totalling £31,434 (2023: £89,760).

– 17. POST BALANCE SHEET EVENTS INVESTMENT PROPERTY

As at 31 December 2024, London City Mission (LCM) was in discussions with a number of third parties to purchase or enter into development agreements for some of LCM’s investment properties. Any material changes from these negotiations were reflected by the Trustees when re-valuing properties.

– 18. OPERATING LEASE COMMITMENTS GROUP AND CHARITY

Total commitments under non-cancellable operating leases for photocopiers, and office equipment computers which expire:

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|||| |---|---|---| |2024|2023| |£’000|£’000| |Within one year|14|33| |Between two and five years|8|18| |-|-| |In more than five years| |22|51|

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LONDON CITY MISSION, 175 TOWER BRIDGE ROAD, LONDON SE1 2AH T 020 7407 7585 E [e-mail]

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