2022-12-31-accounts

REGISTERED COMPANY NUMBER: 00917145 (England and Wales) REGISTERED CHARITY NUMBER: 250306

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

NEW TESTAMENT CHURCH OF GOD

NEW TESTAMENT CHURCH OF GOD

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

		Page
Reference and Administrative Details	1	1 to2
Report of the Trustees	3	3 to16
Report of the Independent Auditors	17	17 to20
Statement of Financial Activities		21
Statement of Financial Position		22
Statement of Cash Flows		23
Notes to the Statement of Cash Flows		24
Notes to the Financial Statements	25	25 to39

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2022

NEW TESTAMENT CHURCH OF GOD

Administrative Bishop/Chairman: Director & Company Secretary:

Rev C Grandison Rev D A Webley

Rev D A Allen Rev S Anderson Rev D Barnett Rev G Beason Rev M Bradley Rev A Brown Rev EA Brown Rev L Cameron Rev C A Campbell Rev P Chambers Rev K Clarke Rev J Carlis Rev V Cox Rev M L Cummins Rev L Davis Rev D Douglas Rev D Eccleston Rev E D Edwards Rev H Edwards Rev K Erinle Rev OD Francis Rev L Frackleton Rev D Gidharry Rev P O Gordon Rev P N Gordon Rev C Harris Rev D Haslam Rev J Haye* Rev T Hatton Rev A R Hayles

Rev LG Henry Rev C Hudson Rev J W O Jackson Rev J Jackson Rev C James Rev A Johnson Rev D Johnson Rev Jancie Johnson Rev R Jones Rev R King Rev D King Rev P C Kurian Rev S Lindo-Mason Rev B Martin Rev S Mathew Rev P Matthews Rev R Maynard Rev H McKenzie Rev L R McLeod Rev B Mullings Rev B R Nelson Rev IM Nkumu Rev S N Notice Rev G J Owen Rev C A Palmer Rev G A Parry Rev W Perkins* Rev M Perrin Rev H Radway Rev K Reginald Rev E Reid

Rev P Reynolds Rev C Riley Rev P Roper Rev K Scott Rev W Sealy Rev TA Smith Rev V Smith Rev N Stephenson Rev D Sri Ranjan Rev E Sterling Rev R Sunday-ljoma Rev T Taylor Rev W Taylor Rev C P Thomas Rev S A Thomas Rev P Thompson Rev S G Thompson Rev J G Walder Rev A N Watson Rev D Williams Rev M Williams Rev S Williams Rev L Woodstock Rev Julia Johnson ( app: 01 /05/22) Rev G Wilson (app: 01/07/22) Rev C Eustace (app: 01/01/23) Rev N Turner (app: 01/01/23) Rev R Young (app: 01/02/23) Rev B Brooks (app: 01 /05/23) Rev N Petgrave Amos (app: 01/06/23) Rev N Dubidad (app: 01/06/23)

Rev R Anderson (resigned 31/08/22) Rev A Ayandokun (resigned 25/12/22) Rev E J Benjamin (retired 25/12/22) Rev D Bolt* (retired 31 August 2022) Rev H R Gayle (retired 30/06/22) Rev B Robinson (retired 25/12/22) Rev N Williams (retired 25/12/22) Rev PA Thomas (resigned 30/12/22)

Trustees resigned since year end: Rev A Foster (resigned 30/04/23) Rev P Levene (resigned 30/04/23) Rev R B Brown (resigned 29/05/23)

• = Executive Trustee

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NEW TESTAMENT CHURCH OF GOD

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2022

REGISTEREDOFFICE	3 Cheyne Walk
	Northampton
	NN1 SPT
REGISTERED COMPANY	00917145 (England and Wales)
NUMBER
REGISTERED CHARITY	250306
NUMBER
AUDITORS	ONG Dove Naish LLP, Statutory Auditor
	Eagle House
	28 Billing Road
	Northampton
	NN1 SAJ
SOLICITORS	Geoffrey Leaver
	251 Upper Third Street
	Bouverie Square
	Central Milton Keynes
	Bucks
	MK91DR
BANKERS	NatWest Pie
	Commercial Banking
	RBS House, Grange Park Court
	Roman Way
	Northampton
	NN4SEA
	Barclays Bank Pie
	Ashton House Business Centre
	497 Silbury Boulevard
	Milton Keynes
	MK9 2LD

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NEW TESTAMENT CHURCH OF GOD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

1. STRUCTURE,GOVERNANCE AND MANAGEMENT

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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).

1.1 The Association

The New Testament Church of God ("NTCG") is an association of local churches represented through a corporate body with a centralised government. The church registered on 17 April 1967 as a charity in England & Wales, Registered No. 250306. The charity was established as a charitable company under company law on 4 November 1967 with a Registered No. 00917145 (the word Limited being omitted by License of the Board of Trade).

1.2 Aims and objectives of the church

The church exists to advance the Christian faith and for such charitable purposes as the Directors/Trustees shall from time to time decide. The principal activity continues to be directed towards the propagation of the Gospel according to the Acts and Teachings of the Church of God, Cleveland, Tennessee, U.S.A.

1.3 International Connections

NTCG is an independent registered charitable company in its financial and administrative character. However, NTCG is affiliated to: Church of God, Cleveland, Tennessee, USA, which is a worldwide organisation of Churches in approximately 179 countries with over seven million members. The sister churches abroad share the same objectives as the UK Church. This report and the accounts do not reflect the affairs of those organisations.

1.4 The Objectives of the Church

NTCG is committed to helping people to discover their potential and live life to the full as well as working to expand and reach out to as many people as possible with the message of the Gospel.

1.5 NTCG Strategies for achieving its Objectives

The church's objectives are achieved through evangelism, advertising campaigns, maintaining Ministries, administering the ordinances of the Gospel, maintaining Churches, establishing new Churches for worship. NTCG provides preachers, ministers, teachers, chaplains and youth workers, leaders for adult ministries and pastors for the purpose of the stated objectives of the church, which includes the following activities:

a) Worship and Prayer - at 110 Branches in England & Wales b) Outreach programmes - at 32 Missions

c) Regional Bible schools - catering for the educational needs of our members

d) Training for Pastors and Key Leaders

e) Training for local administrations

f) Day Care Nurseries

g) Senior Citizens - Day Care Centres

h) Youth Clubs - Providing training and recreation for youths i) Hospital visitation teams

j) Involvement in Chaplaincy ministries

k) Drug Awareness programmes in the inner city areas

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NEW TESTAMENT CHURCH OF GOD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

1.6 Impacting the Community

The church is highly adaptive and supportive, listening to and identifying the needs of its members and adherents. Individuals who attend the Church benefit from practical help with prayer, spiritual support and guidance through the many activities of the church.

All our services are free and include:

• one to one pastoral counselling giving spiritual and practical advice

• help through local branches offering information and support from trained volunteers who have had personal experiences

• a website which allows anyone to access our information and services online

• life coaching, and relationship guidance

• personal attention to crisis in homes, hospitals or prisons

• Education at satellite schools and the National Leadership Training Centre in Northampton which opened in 2007.

1.7 Church services are held as follows:

Our Weekday Services

To meet the specific needs of the congregation. Our Stakeholders face daily problems and sometimes find it difficult to find someone who is able to lend a listening ear or a helping hand. Thus, these services are for people to voice their worries through prayer, receiving words of encouragement and practical guidance from the Bible.

Branches located in different communities provide various weekday and Saturday services to cater for the needs of the local community.

Our Sunday Service

The Sunday service is dedicated to seek God the Father, His Son Jesus and the Holy Spirit for the renewal of spiritual strength. They also include devotional worship through singing, Bible readings and prayer. The highlight of the service is the sermon, which not only imparts the Word of God, but addresses issues of great concern to our members and the community that the church serves. The act of Holy Communion, doctrinal and bible teachings are held regularly.

1.8 Working with other faith groups, organisations and churches

The NTCG is committed to working together with other organisations, Churches and faith groups for the benefit of the membership and the community. NTCG has developed a close working relationship with the Church of God of Prophecy. We currently have membership with the following organisations:

• Evangelical Alliance

• The Free Churches Council

• Churches Together in England

2. THE NATIONAL CHURCH

Activities are reflected in the Statement of Financial Activities in the following ways:

2.1 Local congregations, in the provision of church services & other activities

- Provision of Church services:

The Church/charity's primary activity is for the furtherance of the Christian faith.

- Sunday School:

Provision of Christian Education, practical support and training for the development of children and adults for Christian living.

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NEW TESTAMENT CHURCH OF GOD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

- Weekdays activities

Activities are organised for the Youth, Women and Men. These includes prayer, bible reading, singing, music, youth and senior citizens clubs, physical and other activities to meet needs.

- Educational Literature

Small Christian bookshops are run by some local branches to support the spiritual development of individuals. Books and other learning resources are provided by some branches to aid the spiritual and | social development of members.

2.2 There are three activity streams which are:

• The Provision of Church Services

• Conferences/Conventions

• Departmental Programmes

PROVISIONS OF CHURCH SERVICES

(LOCAL CONGREGATIONS- BRANCHES OF NTCG)

The standard local church activities are as follows:

Sunday AM and PM - Churches open for one to three services on a Sunday (and live streaming) Monday - Morning Prayer and Fasting or Evening Activities | Tuesday - Counselling and/or Evening Activities | Wednesday - Cell Group Prayer or Activities Thursday - Various Training Programmes - Friday Departmental Ministry Activities Saturday - Programmes, Seminars or Conventions

The local Churches provide prayer, worship, teaching and counselling services during the week. NTCG believe strongly in taking on outreach activities, helping to care for and develop individuals in the community. The branches continue the work to develop new ways of outreach and to develop strong evangelism teams who are committed and have a passion to further the Gospel. By expanding our community services and groups, we intend to benefit in new areas from our outreach activities.

2.3 Conferences and Conventions:

: - National conferences and conventions

-National conventions, conferences, seminars, retreats and other sports and educational meetings to meet the needs of the membership.

-Regional conferences and conventions

Regional conventions, conferences, seminars, retreats and other sports and educational meetings to meet the needs of the membership.

-District Conferences and Conventions

District conventions, conferences, seminars, retreats and other sports and educational meetings to meet the needs of the membership.

-Local Conferences and Conventions

Local Sunday & Weekday service, conventions, conferences, seminars, retreats and other sports and educational meetings to meet the needs of the membership.

2.4 Fundraising Activities to Support Key Charitable Activities:

The Youth & Christian Education, Women and Men departments all raise funds to provide resources, which enable the departments to cater for the needs of the constituent groups they serve within the Church programme. The charity, in organising national and local conventions, conferences and seminars for its members, also raises funds to provide resources for these events.

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NEW TESTAMENT CHURCH OF GOD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

3. Organisational structure

3.1. Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.The Church as an organisation is governed by the Company's Memorandum and Articles of Association, General Assembly Minutes and NTCG's governance documents. The church is managed by a Board of twelve Executive Directors/Trustees that forms the National Executive Council (NEC). Eleven of the twelve members are elected and have voting rights and the General Secretary who also serves on this Council is appointed, with no voting rights.

3.2 NEC Structure and Tenure of National Charity Trustees

The NEC consists of 12 members operating with not less than 10 elected members, the elected Chairman (Administrative Bishop) and the appointed National Secretary/Treasurer (Company Secretary and Financial Director). The process for electing the Executive Trustees is as follows:

a) National Executive Council (NEC)

All Ordained Bishops are eligible to serve as a member of the NEC. Biennial elections are conducted where 10 Bishops are elected to serve for two years and may serve for eight consecutive years after which they are subject to a 2-year compulsory break before being eligible to serve again.

b) Chairman/Administrative Bishop

All Ordained Bishops are eligible for election to serve as Chairman/Administrative Bishop. Elections are conducted every four years and the incumbent may serve for a maximum of three terms (twelve years). c) National Secretary/Treasurer

Credential Ministers with the relevant qualifications & experience are eligible for appointment to this office. From time to time the NEC will appoint a National Secretary/Treasurer who also serves as the Financial Director and Company Secretary.

3.3 Corporate Business Meetings

National Executive Council (NEC)

The National Executive Council meets at least four times each year at one to four days business sessions. Ministers' Conference

NTCG conducts an annual Ministers' conference to deal with the Church's administrative operations and religious matters.

Annual General Meetings (AGM)

NTCG has an annual general meeting (AGM) following the financial year-end of the Church. The AGM facilitates the meeting of NTCG Directors (representing all Pastors, the Company Secretary & Chairman). The AGM receives the Directors' Annual Report and Audited Accounts for the financial year.

3.4 Recruitment and Appointment of New Executive Trustees

The recruitment process takes into consideration the skills mix required to enhance the effectiveness of the Board. Profiles of eligible Bishops are provided to the body of Ministers, who elect their colleagues to serve on the NEC.

3.5 Local Charity Trustees

All local Pastors who are Credentialed Ministers and are in charge of charity assets are required to hold office as a Director of the Church.

The Directors, in discussion with the Charity Commission, are updating the NTCG Articles of Association to allow the 10 National Executive Council members, plus the Administrative Bishop and the National Secretary/Treasurer to be the Directors of the Charity. Once this is finalised all the other Directors will be asked to resign.

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NEW TESTAMENT CHURCH OF GOD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

3.6 National Charity Trustees

The DirectorsfTrustees at the local branches holding credential of ordained Bishop are automatically eligible for election to serve on the NEC as Executive Director/Trustee of the corporate body.

The Executive Trustees are elected biennially at the Ministers' conference by credential Ministers who are registered members of the church, to serve for two years, but may be re-elected to serve to a maximum of eight years before having to take a two year compulsory break before being eligible to serve again.

3.7 Election of the Chairman/Administrative Bishop

Every four years the same Ministers' conference elects from amongst themselves a Chairman/Administrative Bishop who may serve for a maximum of three four year terms, but is subject to an election process every four years. The National SecretaryfTreasurer, Company Secretary and Financial Director who is appointed does not have voting rights on the NEC and may serve for an unspecified period.

3.8 Induction and Training of Trustees

Existing Trustees already have a good understanding of the charity's objectives and possess both pastoral and business leadership skills. New Trustees undertake a formal induction programme, which outlines essential aspects of the charity, its governance, its objects and how these are to be achieved through its Vision and Purpose. Training will be provided according to each individual Trustee's needs and included in that training are the responsibilities of being a Trustee. Trustees are also made aware of other sources of information and guidance on how to be effective in their role.

4. Risk management

Continuous assessment is carried out to prioritise the charity's risks and strengthen our resilience. The Directors review annually the major risks to which the Church is exposed and consider how those risks are managed; this includes operational and financial risks together with major external influences and events outside of the control of the Church. The NEC are principally responsible for maintaining the register of key risks and ensuring these are documented and assigned responsibility within the risk register. The principal risks identified by the NEC are as follows:-

1. The data links between HQ and the Training Offices

2. Third Party non-disclosure and service level agreements to be implemented

3. There must be an improvement in account management and access management

4. Staff require some security training especially in malware avoidance and ID theft

5. Monitoring of data assets particularly outside working hours

The NEC will review the risk register periodically and assign monitoring and specific actions to be performed to the management team. It is the responsibility of management to report back to the NEC on progress made and any new threats identified. During the year, the management and Directors worked to further develop the risk management system which included a review of all branch financial returns.

Tightening the controls of the National Office computer systems was also carried out.

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NEW TESTAMENT CHURCH OF GOD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

5. ACHIEVEMENTS AND PERFORMANCE

The achievements and performance are more of a religious nature and are not so easily quantifiable. The Church Activities below do give some indication of performance and achievements of the National church

The Church provides services at 110 locations in England and Wales, which represent an extension of the reporting charity's activities at local, district and national level. The main focus of activities in England and Wales is still on pastoral care, counselling and meeting the spiritual needs of the congregants.

5.1 NTCG Objectives in 2022

- Provide training for all Pastors and Key Leaders

The Leadership Training Centre successfully completed training for new and developing ministers.

- Maintain religious services at NTCG's 110 branches and 32 missions This was achieved through the commitment and work of the local pastors and ministers. All branches were able to provide pastoral care to the membership and provide opportunities for meeting as congregations or small groups.

- Provide training for individuals wishing to work in Chaplaincy services The Chaplaincy programme has been developed over the year by the Chaplaincy Director and her regional team. Training has been enhanced by the Leadership Training Centre.

- Support and motivate active volunteer participation in various group ministries such as leadership skills, pastoral ministries, evangelising, youth and care ministries, etc. Pastors have encouraged members to be involved in local ministries and activities. This has been seen by the increased pool of talent available for involvement in regional and national events and initiatives, especially in the areas of evangelism and youth ministries.

- Organise National, District and Local Seminars, Conferences and Conventions NTCG successfully held the following national events throughout 2022:

National Training Seminars:

National Ministers' Seminar, National Secretary Treasurer's Conference (virtual), National Safeguarding Conference (virtual), National Women's Training Day

National Conferences and Conventions:

National Youth Convention (Regional), National Convention, National Women's Empowerment Conference, National Ministers' Conference

District and Local:

All Districts held Conventions throughout 2022 and local churches held local seminars and workshops covering a wide range of social issues.

- Provide Training for all Local Treasurers/Secretaries and Local Trustees

The annual National Secretary Treasurer's Conference was held virtually for local officers.

- Maintain and develop the NTCG Education programme through the Leadership Training Centre The L TC provided courses for all those who wished to benefit from the NTCG Education programme. This continued to be done through distance learning and virtual classrooms.

NEW TESTAMENT CHURCH OF GOD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

- Develop the NTCG Evangelism programme

The objectives of the NTCG Evangelism programme were carried out by the National Evangelism Director and his regional team. They were able to hold various awareness events and support training across the country as well as host the NTCG Evangelism Expo which took place at Kings Park Conference Centre in Northampton.

6. GENERAL FUNDRAISING

6.1 L TC Partner Scheme

The L TC Partner Scheme replaced the Gideon Project as the fundraising tool of the Leadership Training Centre. The Leadership Training Centre continues to fulfil the denominational mission to provide formative and ministerial professional development for its emerging and current leaders. The Heritage Centre, which also houses the Roswith Gerloff collection, was launched in July 2014 and continues to attract a wide range of visitors from various backgrounds and age groups within and beyond our denomination.

7. OBJECTIVES AND ACTIVITIES FOR PUBLIC BENEFIT

The objective for which the Church charity is established is the propagation of the Gospel according to the acts and teachings of the Church of God.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the New Testament Church of God aims and objectives, and in planning future activities and making its policies for the year. We seek to carry this out by adopting a holistic approach to the needs of society.

We achieved these objectives through our social responsibility programmes:-

• Our work with prison residents. The charity has a number of chaplains and visiting teams to the prisons.

• Our work in the hospitals through visiting teams and chaplains.

• Work with ex-offenders through support and counselling.

• Work in care homes for the elderly, with prayer meetings and support for residents.

• Work amongst the homeless and vulnerable through the Food Bank initiative and the operation of Soup

• Kitchens.

• Work through Street Pastors' ministry assisting those with drug and alcohol problems.

• Our Leadership Training Centre offering training to individuals from various sectors of society.

• We also provide weddings, funerals and baby dedications to the general public.

• The 'SHAPE' programme continues to deliver services to disadvantaged women.

8.VOLUNTEER INVOLVEMENT

The church has the support of many volunteers who help with its day-to-day activities. The financial cost to the volunteers, known as intangible income, has not been included in the Statement of Financial Activities because the costs involved are not readily quantifiable or measurable.

We have not included in our financial statements the value that volunteers bring to the charity through the time which they dedicate and their service to others, but we believe that their contribution is invaluable.

NTCG has approximately 3,500 volunteers who regularly support us by assisting at the services we hold during the weekdays and evenings, working in our bookshops, Training Centre, Sunday Services, Sunday Schools and participating in various community group activities and fundraising events.

The Directors would like to express their appreciation for the efforts and contribution of the volunteers who have given freely of their time during the year 2022.

9. FINANCIAL REVIEW

The Statement of Financial Activities for the year is set out on page 21.

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NEW TESTAMENT CHURCH OF GOD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

9.1 Income

The charities total incoming resources during the year amounted to £11,315,750 (2021: £9,560,522) of which £9,665,514 (2021: £8,068,081) represented voluntary donations. Donations provided approximately 86% (2021: 84%) of the total income.

9.2 Expenditure

Expenditure for the year totalled £9,788,617 (2021: £8,210,522) for continuing activities. Approximately 99% (2021: 99%) of expenditure related to charitable activities, with the balance being attributed to the costs of generating funds. A detailed analysis of expenditure is given in the accounts. Staff-related costs amounted to 32% (2021: 36%) of total expenditure.

It is recognised that staff are an invaluable resource and a key way in which the charity's aims and objectives are delivered and supported.

9.3 Balance Sheet

The net Surplus in funds in the year amounted to £2,832,775 (2021: £5,453,020). The resulting total fund balances carried forward were £50,246,569 (2021: £47,413,794), all of which was unrestricted.

9.4 Fixed Assets

Full disclosure of all matters relating to fixed assets is set out in note 13 to the financial statements. The last revaluations of buildings took place in 1999 and the valuations were then frozen in accordance with the transitional arrangements of FRS 15. It is anticipated that the value of the buildings would have increased significantly since this date. In the opinion of the Directors, whilst it is clear that the market value of the freehold land and buildings would have significantly increased over time and exceeds the current carrying value, to obtain a full valuation would not be the most appropriate use of charity funds and therefore the current market value of the freehold land and buildings cannot be readily estimated and disclosed.

9.5 Investment Property

A decision was taken in 2016 to reclassify 17 properties as investment properties. The properties were previously held as fixed assets and depreciation charged on them was written back accordingly. Last year a further 7 properties and this year a further 2 were reclassified from fixed assets to investment properties due to the change in the nature of the asset. The market value of these properties is £13,759,000 (2021: £12,119,000).

Due to the costs associated with valuing these properties it is intended that professional valuations will be carried out on a cyclical basis so as to minimise the impact on charity resources.

9.6 Net Assets

The charities net assets amount to £50,246,569 (2021: £47,413,794). The majority of this relates to unrestricted general funds, which consist mainly of tangible fixed assets within the balance sheet, such as land and Church buildings, vicarages, furnishings, fixtures and fittings, equipment and motor vehicles.

9.7 Current Assets

As at 31 December 2022, the charity held an amount of £11,524,826 (2021: £10,327,066 ) being cash at bank and in hand. These funds provide for on-going operational expenses and various projects such as the acquisition of new properties, modernisation and refurbishing of existing properties and providing funds for achieving the church/charity's aims and objectives.

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NEW TESTAMENT CHURCH OF GOD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

9.8 Reserves Policy

The reserves policy of the church was reviewed during 2021. The Board of Directors believe that it would be practical to hold sufficient cash reserves to provide working capital to cover fluctuations in its budgeted income and expenditure. When deciding the level of reserves, the Board of Directors takes into consideration of forecasts for levels of income and expenditure for the coming year, the reliability of each source of income and the prospects for opening up new sources.

It is the usual intention of the Directors that the Company should hold reserves in the form of cash to maintain sufficient free funds to equate to approximately six months' operating expenditure. The Directors have calculated the monthly operating expenditure to equate to an amount of approximately £816,000. This results in an expected reserves amount of approximately £4.9 million. It is the Directors' opinion that this amount of reserves is necessary for the achievement of the aims and objectives of the organisation as set out on page 5 of this report.

The level of cash reserves that is currently being held is £11.5 million (2021: £10.3 million). The Directors recognise that this is in excess of the usual policy. The excess amount of £6.6 million is being held pending a decision to designate the balance of these funds in order to meet the requirements of future projects. This policy is reviewed annually, taking into account planned expenditure and future expectations, in particular the prevailing global financial conditions.

9.9 Investment Policy

The Directors have the power to invest the church's assets as they see fit. The amount of investment will depend on the level of reserves and commitments for the year. The Church's main method of investing its surplus reserves is through the purchase or lease of buildings and converting them into places of worship in order to carry out its aim in furthering the Gospel. All investment options take into account the risk factor. Other options will be considered and the Church reserves the right to determine the investment options it so wishes and review them from time to time. As provided in the Memorandum of Association, the Directors may invest the monies of the Company not immediately required for its purposes in or upon such investments as may be thought fit, subject to the conditions and consents as may be imposed or required by law.

10. PLANS FOR FUTURE PERIODS

The Church is committed to improving its ability to be a learning organisation, accountable for its actions and able to meet high standards of public and stakeholder reporting. The coming year will see further developments in these areas, in which the charity has plans to develop and extend its service to its member congregations and the local community.

The church has set out its core objectives and has added a new strategic framework to its objectives. We aim to be Relevant and Relational, and Reimagining the New Testament Church of God in England and Wales to provide an outline strategic framework for the local branches of NTCG:

The Strategic Framework sets out the ambition of the New Testament Church of God (NTCG) in England and Wales for the next few years. It reflects the priorities of the new Administrative Bishop and the National Executive Council (NEC). It forms the basis for serving as leaders in the local church, our membership engagement and our strategy for transformation, growth, and development.

We reflect on our Church's history in the UK; on Sunday 20th September 1953, under the leadership of Revd Dr Oliver Lyseight, with seven attendees, the NTCG in England and Wales held its first public service. Since those humble beginnings, our Church has grown into a denomination with 110 congregations, 30 church plants and 30 cross-cultural churches spread across the UK, organised into 25 districts.

In addition to our discipleship, spirituality, and growth, we have, under God, developed and enhanced the lives of our members and communities through pioneering:

• Saturday Supplementary Schools in inner cities that offered free education in core curriculum subjects

• National talent competitions engaging youth in music and the arts

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NEW TESTAMENT CHURCH OF GOD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

• Community projects, including senior citizens' clubs, an employment training scheme, day nurseries, youth clubs, Easter and summer schemes for children and youth, drop-in advice and guidance centres, food banks, soup kitchens, breakfast clubs and coffee mornings.

Engagement with civic leaders, statutory bodies, and organisations at local, regional, and national levels for the benefit of the entire Church and its communities.

In all these endeavours, we have cherished being an independent charity in the United Kingdom and members of the Church of God, with a membership of 7.5 million worldwide.

Today, there is an ever-changing landscape presenting a plethora of issues and opportunities for our congregations. It requires us to face head on the reality of a declining Church and why faithful members choose alternative places of worship. We must reflect on the trauma and impact of COVID- 19 on families, the life of the Church, communities, and institutions. Our leaders and members must be intentionally encouraged to engage in the causes and consequences of poverty and to speak and act prophetically on societal issues. Equally, we must learn to be resolute on matters of justice, racism, inequity, and all forms of exploitation if we are to be faithful witnesses of Christ. We must also commit ourselves to bringing younger leaders into positions of responsibility, giving them authority, and preparing them for pastoral and other ministries.

Considering these challenges, our vision is to be 'A relevant, relational Church reimagining God at work in our communities and nation'.

Our mission calls the whole Church to partner with God and each other by prioritising: o Networking Strategically o Theologically Sound Leadership o Community Focus o Growing and Resourcing Healthy, Vibrant Churches

We commit to communicating well as it is central to every aspect of the Church, be it the proclamation, preaching, worship, teaching, pastoral care, or events and activities. Therefore, we will launch a 'We Are NTCG' Communications Campaign to accompany this strategy.

As we become more confident NTCG branches that are relevant, relational, and reimagining God at work in the communities, we will be seen and perceived differently.

The framework is a living document that will guide the work and deliberations of the NEC. Our aspiration is that it also guides the priorities of districts and local congregations.

We will monitor and evaluate our impact by clarifying who is accountable for deliverables and outcomes to realise our vision. We will facilitate the reporting on the experiences, challenges, and potential. The goals will be to communicate the success, learn from the mistakes, and remember that the world's biggest room is the room for improvement.

As we approach our 70th Anniversary in 2023, we invite you to help us write a new chapter which speaks to the current challenges and opportunities before us. We commend this strategy and, with grace and the help of our Lord, pray that it will help to achieve God's ambition for the NTCG.

11. THE NATIONAL CHURCH

As one of the largest national black majority Churches in the UK, NTCG continues to provide valuable services to the communities through its various ministries.

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NEW TESTAMENT CHURCH OF GOD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

11.1 Membership

The organisation's membership and adherents are provided for through NTCG's 170 branches/missions nationwide. Growth continues to be more evident in certain parts of the country more than others. We continue to examine how we can assist smaller churches to grow.

New Testament Church of God England and Wales's membership is currently around 10,000. The number of adherents and friends who continue to support the programmes and ministries of the church throughout England and Wales ranges between 30,000 and 40,000.

11.2 Church Activity

NTCG's membership and supporters reflect the sterling work of our Ministers and Volunteer workers.

The impact of COVID-19 restrictions (2020-21) continued to be felt as branches took time to bring activities back to 2019 levels.

A series of Roadshows by the Administrative Bishop were designed to refocus the organisation in a new direction based on 'We Are NTCG' as outlined above. This would impact on the programmes and activities of the local branches as they take time to re-establish a presence in the local communities.

11.3 National Administration

The Chairman on behalf of the Board of Directors would like to thank all the administrative staff for their hard work and dedication during the year.

His appreciation is also extended to all Directors of Departments, District Overseers, Local Pastors, District Administrators, Local Secretaries, Officers and every member of the Church for their support and co-operation during the past year.

11.4 Insurance

The Church's articles of association provide that every director or official of the company is entitled to be indemnified out of the assets of the company against all losses or liabilities incurred in the course of executing his duties.

DIRECTORS REPORT

1. EXECUTIVE DIRECTORS' REPORT

The Directors present their report and the audited financial statements for the year ended 31 December 2022. The financial statements are prepared in order to give a true and fair view of the state of affairs of the charity, and have been prepared in accordance with the requirements of the Statement of Recommended Practice (SORP) effective 1 January 2019.

In this report the Trustees for the purposes of charity law are also Directors of the charitable company for the purposes of company law. Similarly, the word 'church' where used in this report should be taken to mean the Charity for the purposes of charity law and the charitable Company for the purposes of company law.

2. NEC MEMBERS SERVING AS EXECUTIVE DIRECTORSfTRUSTEES

The following Executive Directors/Trustees were elected on 4 September 2021, as Executive Trustees, and members of the National Executive Council to serve as the Executive Directors of the Company until September 2023, when new elections will be held.

Donald Bolt, Derek Webley, Malcolm Cummins, Lincoln Davis, Claion Grandison, Joel Haye, Jonathan Jackson, Ruben King, Herbert McKenzie, Anthony Parry, Wayne Perkins and Winston Taylor.

Page 13

NEW TESTAMENT CHURCH OF GOD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

In March 2022 there were elections held and Claion Grandison was chosen to be the new Administrative Bishop. Donald Bolt retired in September 2022 and Claion Grandison took over in September 2022 until at least 2026 (4 year term).

Albert Watson, as the first runner up in the 2021 NEC Elections, occupied the vacant position on the NEC until the end of the term in September 2023 when new elections are due to take place.

3. Directors/Trustees who served during the year

Details of the Directors/Trustees who held office during the financial year being covered by this report are set out on page 1. The Executive Directors/Trustees comprising the NEC are also set out on page 1, but are marked with an asterisk (*).

4. Managing the Church/Charity/Company

Directors of the New Testament Church of God are responsible for the overall running of the church in key areas of:

• -Strategy agreeing objectives and strategy for the Church and determining principles and policies to meet the overall strategy.

-Finance - setting guidelines for and agreeing the annual budget; deciding on appropriate financial monitoring procedures; authorising signatories on bank accounts; agreeing borrowings and securities; authorising signature of the Annual Accounts; ensuring adequate response and action is taken following the annual audit; agreeing investment strategy and parameters and setting policies for reserves.

-Personnel - defining policy on Employment Terms and Conditions, including disciplinary and grievance matters; agreeing employee remuneration and salaries;

-General - setting parameters for the delegation of authority; electing the Administrative Bishop (CEO) and other officers; review of risk management with regular reporting and giving notice of meetings to fellow Directors, Members and others.

5. Systems of Controls in the Prevention and Detection of Fraud

The Directors have overall responsibility for ensuring that the church has an appropriate system of controls, safeguarding the assets of the church and taking reasonable steps for the prevention and detection of fraud by providing a reasonable assurance that:

-the church is operating efficiently and effectively;

-its assets are safeguarded against unauthorised use or disposal;

-proper records are maintained and financial information used within the church or for publication is reliable; and

-The church complies with relevant laws and regulations.

6. NTCG SYSTEMS OF CONTROL

6.1 Systems of Internal Control

The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss at Local and National level.

They include:

-Corporate Strategic Plan and an annual budget approved by the Directors;

• -Consideration by the Directors of financial results, variances from budgets and non-financial performance indicators;

-Delegation of authority and segregation of duties; and

• -Identification and management of issues of strategic and operational importance to the charity.

Page 14

NEW TESTAMENT CHURCH OF GOD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

6.2 Administrative Bishop

The Administrative Bishop is in-charge of managing the spiritual affairs of the Church and carries out administrative activities related to the spiritual work. In all matters he is answerable to the Board of Trustees and on Religious and Spiritual matters to the international offices of the Church of God, Cleveland, Tennessee, USA via the European Field Director.

6.3 Management and Staff

The NEC - Executive Directors/Trustees delegate the operational and day-to-day management of the corporate body to the Senior Management at the National Office and Area Managers at District and local branch level. The charity is organised into 110 Branches divided into 25 Districts.

The NEC through Executive Managers at the National Office, District Bishops, National and District Departments link into the activities of the local churches to manage the affairs of the Church on a daily basis.

Human Resources, Payroll, Banking, Finance, Asset Acquisition & Disposals, Training, National Conferences & Seminars and Legal Services are managed by Senior Management at the National Office.

7. Directors

The names of the present Directors are on page 1. These Directors all served during the year, unless otherwise stated.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of New Testament Church of God for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charity SORP;

• make judgements and estimates that are reasonable and prudent;

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

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

• there is no relevant audit information of which the charitable company's auditors are unaware; and

• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Page 15

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

NEW TESTAMENT CHURCH OF GOD

AUDITORS

The auditors, DNG Dove Naish LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Page 16

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NEW TESTAMENT CHURCH OF GOD

Opinion

We have audited the financial statements of New Testament Church of God (the 'charitable company') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charitable company's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Page 17

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NEW TESTAMENT CHURCH OF GOD

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

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:

• adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Page 18

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NEW TESTAMENT CHURCH OF GOD

Our 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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of incoming resources. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing meeting minutes, regulatory correspondence and professional fees, detailed substantive testing on the completeness of income, and reviewing accounting estimates for biases. We will also review the regulatory correspondence with the Charity Commission.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 19

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NEW TESTAMENT CHURCH OF GOD

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 we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Clifford (Senior Statutory Auditor) for and on behalf of ONG Dove Naish LLP, Statutory Auditor Eagle House 28 Billing Road Northampton NN1 5AJ

Date: 17 August 2023

Page 20

NEW TESTAMENT CHURCH OF GOD

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THEYEAR ENDED31DECEMBER2022

				2022	2021
		Unrestricted	Restricted	Restricted Total	Total
		funds	funds	funds	funds
	Notes	Notes £	£	£	£
mCOME AND ENDOWMENTS FROM
Donations and legacies	2	9,665,514		9,665,514	8,068,081
Charitable activities	5
Youth&Christian Education Dept		47,464		47,464	27,190
Women's Ministry Dept		86,966		86,966	45,783
Men's Ministry Dept		16,232		16,232	11,046
Theological Education&Training Dept		16,642		16,642	4,465
Conventions & Conferences		360,835		360,835	113,019
Government grants		91,370		91,370	215,891
Other trading activities	3	81,090		81,090	74,034
Investment income	4	818,011		818,011	680,136
Other income		131,626		131,626	320,877
Total		11,315,750		11,315,750	9,560,522
EXPENDITURE ON
Raising funds	6	15,517		15,517	16,228
Charitable activities	7
Youth&Christian Education Dept		246,688		246,688	197,456
Women's Ministry Dept Men's Ministry Dept		230,371 24,090		230,371 24,090	170,975 13,673
Theological Education & Training Dept		100,520		100,520	100,739
Conventions & Conferences		647,436		647,436	191,540
Provision of church services		8,054,712		8,054,712	7,148,737
Governance costs		469,283		469,283	371,204
Total		9,788,617		9,788,617	8,210,552
Net gains on investments		1,305,642		1,305,642	4,103,050
NET INCOME		2,832,775		2,832,775	5,453,020
RECONCILIATION OF FUNDS
Total funds brought forward		47,413,794		47,413,794	41,960,774
TOTAL FUNDS CARRIED FORWARD		50,246,569		50,246,569	47,413,794

The notes form part of these financial statements

Page 21

NEW TESTAMENT CHURCH OF GOD

STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2022

				2022	2021
		Unrestricted	Restricted	Restricted Total	Total
		funds	funds	funds	funds
	Notes	Notes £	£	£	£
FIXED ASSETS Tangible assets Investment property	13 14	34,356,948 13,758,999		34,356,948 13,758,999	35,249,666 12,119,000
		48,115,947		48,115,947	47,368,666
CURRENT ASSETS
Debtors	15	809,723		809,723	415,536
Cash at bank		11,524,826		11,524,826	10,327,066
		12,334,549		12,334,549	10,742,602
CREDITORS
Amounts falling due within one year	16	(1,206,817)		(1,206,817)	(1,100,419)
NET CURRENT ASSETS		**11,127,732 **		**11,127,732 **	9,642,183
TOTAL ASSETS LESS CURRENT
LIABILITIES		59,243,679		59,243,679	57,010,849
CREDITORS
Amounts falling due after more than one year 17		(8,997,110)		(8,997,110)	(9,597,055)
NET ASSETS		50,246,569		50,246,569	47,413,794
FUNDS	21
Unrestricted funds				50,246,569	47,413,794
TOTAL FUNDS				50,246,569	47,413,794

I statements were approved by the Board of Trustees and authorised for issue on The financi, signed on its behalf by:

The notes form part of these financial statements

Page 22

NEW TESTAMENT CHURCH OF GOD

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

		2022	2021
	Notes	£	£
Cash flows from operating activities	Cash flows from operating activities
Cash generated from operations	1	2,300,045	2,189,348
Interest paid		(328,446)	(230,355)
Net cash provided by operating activities		1,971,599	1,958,993
Cash flows from investing activities
Purchase of tangible fixed assets		(277,682)	(1,396,685)
Sale of tangible fixed assets		18,392	481,537
Interest received		20,528	48,353
Net cash used in investing activities		(238,762)	(866,795)
Cash flows from financing activities
Loan repayments in year		(536,474)	(461,993)
New Hire Purchase contract in year		(5,635)	(5,635)
Net cash used in financing activities		(542,109)	(467,628)
Change in cash and cash equivalents in the reporting period		1,190,728	624,570
Cash and cash equivalents at the beginning of the reporting period	2	10,113,878	9,489,308
Cash and cash equivalents at the end of the reporting period 2		11,304,606	10,113,878

The notes form part of these financial statements

Page 23

NEW TESTAMENT CHURCH OF GOD

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

1. 2. 3.

RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Gain on investments Profit on disposal of fixed assets Interest received Interest paid (lncrease)/decrease in debtors lncrease/(decrease) in creditors Net cash provided by operations ANALYSIS OF CASH AND CASH EQUIVALENTS Notice deposits (less than 3 months) Overdrafts included in bank loans and overdrafts falling due within one year Total cash and cash equivalents ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS At 1/1/22 £ Net cash Cash at bank 10,327,066 Bank overdraft (213,188) 10,113,878 Debt Finance leases (9,392) Debts falling due within 1 year (755,173) Debts falling due after 1 year (9,593,298) (10,357,863) Total (243,985) The notes form part of these financial statements Page 24 2022 £ 2,832,775 836,043 (1,305,642) (18,392) (20,528) 328,446 (394,187) 41,530 2,300,045 2022 £ 11,524,826 (220,220) 11,304,606 Cash flow £ 1,197,760 (7,032) 1,190,728 5,635 (59,714) 596,188 542,109 1,732,837 2021 £ 5,453,020 822,367 (4,103,050) (309,469) (48,353) 230,355 231,620 (87,142) 2,189,348 2021 £ 10,327,066 (213,188) 10,113,878 At 31/12/22 £ 11,524,826 (220,220) 11,304,606 (3,757) (814,887) (8,997,110) (9,815,754) 1,488,852~~E~~

NEW TESTAMENT CHURCH OF GOD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

New Testament Church of God is a charity, registered in England and Wales. The charity's number and registered office address can be found on the Company Information page. The charity is incorporated in England and Wales and the company number can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

Preparation of consolidated financial statements

The financial statements are prepared from the accounting records of the national head office together with the branch returns submitted by the Charity's 110 churches. Missions, which are not consolidated, are controlled by a parent church and do not maintain separate accounting records. Each church is responsible for maintaining its own basic accounting records and have separate management or bank accounts. All branch returns are prepared on a receipts and payments basis. The majority of church income is derived from voluntary donations, which, by their nature, cannot be otherwise accounted for. The financial statements now being presented have been prepared from records available. It is the opinion of the Directors that this basis of preparation is not materially different from preparing the accounts on the accrual basis.

Significant judgements and estimates

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below

Going concern

At the time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.

Tithes, offerings, gifts, and fundraising

Credit is taken for income from tithes, offerings, gifts and fundraising on a receipts basis, as only once the cash has been received do the Directors believe the three recognition criteria of entitlement, measurement and certainty have been achieved.

Gift aid reclaims on donations are accounted for on an accrual basis. The value of claims submitted and received as paid up to the date of signing have been accrued within debtors (note 15).

Registration Fees

The company accounts for its income from Convention and Conference registration fees on an accrual basis. Income is recognised once the conference has been held and entitlement is assured.

continued ...

Page 25

NEW TESTAMENT CHURCH OF GOD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES - continued

Tithes, offerings, gifts, and fundraising Grants Receivable

Credit is taken for available grants in the year of receipt, when the Church becomes unconditionally entitled to the grant.

Government grant income is recognised once the charity has received a formal offer of funding in writing, unless performance conditions required deferral of the amount.

Other Income

All other categories of income are accounted for in the Statement of Financial Activities when the Church is entitled to the income and the income amount can be quantified with reasonable accuracy

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred for head office expenditure and on a payments basis for branches. Expenditure includes VAT which cannot be recovered, and is reported as part of the expenditure to which it relates.

Costs of generating funds comprise the costs associated with attracting voluntary income.

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the audit fees and costs linked to the strategic management of the Charity.

Costs that are directly attributable are allocated on a charitable activity basis and support costs then added. The Head Office administration and office support costs are apportioned to the charitable activities on the following basis:

Central Administration costs (excluding insurance) based upon approximate transactional volumes. 50% National Office

25% Youth department

25% Women's department

Insurance 20% National Office 20% Youth & Christian Education department 20% Women's Ministries department

20% Men's Ministries department 20% Theological Education & Training department

Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Directors in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 26

continued ...

NEW TESTAMENT CHURCH OF GOD

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and Buildings - 2% on cost - Church Furnishings 20% on reducing balance - Fixtures, Fittings and Equipment 20% on reducing balance Motor vehicles - 20% on cost

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use. Land is not depreciated. Assets with an individual value of less than £500 are written off to the Statement of Financial Activity as incurred.

Investment property

Investment properties are shown at their fair value as at the year end with any change in value recognised in the Statement of Financial Activities. The Charity will obtain professional valuations for these properties on a cyclical basis so as to minimise the impact on the charity resources.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets acquired under finance leases or hire purchase contracts are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. The value capitalised is equal to the present value of the minimum lease payments agreed under the terms of the lease. Finance charges and interest are taken to the Statement of Financial Activities in constant proportion to the remaining balance of capital repayments or net obligations outstanding. Operating lease rentals are charged to the Statement of Financial Activities on a straight line basis over the lease terms.

Pension costs and other post-retirement benefits

Pension contributions are charged to the Statement of Financial Activities as they occur. These contributions are invested separately from the Company's assets. Any prepaid or outstanding contributions are presented separately within the debtors or creditors note respectively.

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

Page 27

continued ...

NEW TESTAMENT CHURCH OF GOD

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES - continued

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Members' Liability

The company is limited by guarantee and every member of the association undertakes to contribute an amount not exceeding £2 in the event of a deficiency arising on a liquidation of the Company during their membership or within one year of the cessation of their membership

2.	DONATIONS AND LEGACIES
		2022	2021
		£	£
	Tithes and Offerings	6,975,422	6,359,565
	Gift Aid reclaim	1,796,020	953,231
	Grants, gifts and donations	352,186	344,700
	Other Voluntary income	541,886	410,585
		9,665,514	8,068,081
3.	OTHER TRADING ACTIVITIES
		2022	2021
		£	£
	Raising funds from members	70,971	67,382
	Publication sales	10,119	6,652
		81,090	74,034

2.

Page 28

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NEW TESTAMENT CHURCH OF GOD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

4.	INVESTMENT INCOME
			2022	2021
			£	£
	Rental income		797,483	631,783
	Bank interest received		20,528	48,353
			818,011	680,136
5.	INCOME FROM CHARITABLE ACTIVITIES
			2022	2021
		Activity	£	£
	Youth&Christian
	Education	Youth&Christian Education Dept	47,464	27,190
	Women's Ministry Dept	Women's Ministry Dept	86,966	45,783
	Men's Ministry Dept	Men's Ministry Dept	16,232	11,046
	Theological Education&
	Training	Theological Education&Training Dept	16,642	4,465
	Conventions&
	Conferences	Conventions&Conferences	360,835	113,019
	Grants	Government grants	91,370	215,891
			619,509	417,394
	Grants received, included in the above, are as follows:
			2022	2021
			£	£
	COVID-19 Grants		91,370	215,891
6.	RAISING FUNDS
	Raising donations and legacies
			2022	2021
			£	£
	Publications&Commentaries		15,517	16,228

Page 29

continued ...

NEW TESTAMENT CHURCH OF GOD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THEYEAR ENDED31DECEMBER2022

7. CHARITABLE ACTIVITIES COSTS

CHARITABLE ACTIVITIES COSTS
		Support
	Direct	costs (see
	Costs	note 8)	Totals
	£	£	£
Youth&Christian Education Dept Women's Ministry Dept Men's Ministry Dept	159,942 143,683 17,161	86,746 86,688 6,929	246,688 230,371 24,090
Theological Education&Training
Dept	94,954	5,566	100,520
Conventions&Conferences	647,436		647,436
Provision of church services	7,816,445	238,267	8,054,712
Governance costs	1,165	468,118	469,283
	8,880,786	892,314	9,773,100

8.

SUPPORT COSTS

SUPPORT COSTS
	Staff Costs	Premises Costs	Office Services	Governance costs	Totals
	£	£	£	£	£
Youth&Christian
Education Dept Women's Ministry Dept Men's Ministry Dept	27,021 27,021	51,709 51,650 5,602	8,016 8,017	1,327	86,746 86,688 6,929
Theological Education&
Training Dept		5,566			5,566
Provision of church
services	54,042	168,191	16,034		238,267
Governance costs				468,118	468,118
	108,084	282,718	32,067	469,445	892,314

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

	2022	2021
	£	£
Auditors' remuneration	30,200	21,600
Depreciation - owned assets Hire of plant and machinery Surplus on disposal of fixed assets	836,043 114,283 {18,392)	822,367 156,731 (309,469)

Page 30

continued ...

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

NEW TESTAMENT CHURCH OF GOD

10. TRUSTEES' REMUNERATION AND BENEFITS

Included within remuneration is £666,133 (2021: £654,578), excluding benefits in kind, paid to the Executive Trustees in respect of their services as 'Ministers of Religion' as permitted by the constitution of the charity and in common with many churches and similar religious bodies. There are no Trustees receiving remuneration for their role as a Trustee. The total number of Executive Trustees paid in the year was 13 (2021: 15) and the details are as follows:

Some directors who are pastors of a church are also provided with accommodation on a rent free basis to enable them to perform their pastoral duties.

Trustee	Stipend	Employers NI	Pension Contributions
Bishop D Bolt	110,018	14,561	5,600
BishopMCummins	29,540	2,979	886
Bishop D A Webley	71,731	9,107	24,066
Bishop W Perkins	30,389	3,102	912
Bishop R S King	42,530	4,866	1,800
Bishop A Watson	4,877	266
Bishop W Taylor	30,900	3,177	927
Bishop A Parry	40,925	4,635	1,228
Bishop L Davis	29,200	2,933	876
Bishop J Jackson	44,744	5,192	2,400
Bishop H McKenzie	28,000	2,755	840
Bishop J Haye	37,908	4,195	1,137
Bishop C Grandison	58,088	7,100	1,743

At 31 December 2022, 11 (2021: 12) directors were accruing retirement benefits under money purchase pension schemes.

Trustees'expenses

The Executive Trustees are reimbursed for reasonable charity business expenses to cover cost of travel to and from meetings. During the year this amounted to £1,243 (2021: £nil) paid to 7 (2021: 0) Trustees.

11. STAFF COSTS

	2022	2021
	£	£
Wages and salaries	2,704,333	2,647,678
Social security costs	249,066	230,006
Other pension costs	126,725	118,366
	3,080,124	2,996,050

The average monthly number of employees during the year was as follows:

	2022	2021
Administration staff	42	41
Stipendiary ministers	85	85
	127	126

continued ...

Page 31

NEW TESTAMENT CHURCH OF GOD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

11. STAFF COSTS - continued

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

	2022	2021
£60,001 - £70,000	2	2
£70,001 - £80,000	2	1
£90,001 -£100,000		1
£110,001 -£120,000	1
	5	4
		=
Directors' remuneration was as follows:
	2022	2021
	£	£
Directors' emoluments	1,957,483	1,892,637
Directors' pension contributions	89,145	89,900
	2,046,628	1,982,537

For the purposes of this disclosure, directors include all Pastors as listed on page 1 of this report. Some directors who are Pastors of a church are also provided with accommodation on a rent free basis to enable them to perform their pastoral duties.

The highest paid director was remunerated as
follows:	2022	2021
	£	£
Emoluments	110,018	97,279
Pension contributions	5,600	8,400

PENSION COSTS / INDEMNITY INSURANCE

The Company contributes to a number of defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. Contributions payable by the company amounted to £126,725 (2021: £118,366). All contributions were paid in the year.

The company paid a premium during the year of £2,129 (2021: £2,129) under a professional indemnity insurance policy to protect the company against loss arising from the neglect or default of its Trustees or employees, and to indemnify the Trustees against the consequence of neglect or default on their part. The charity does not provide any other indemnity cover on behalf of the Trustees or Directors.

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NEW TESTAMENT CHURCH OF GOD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

12.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
		Unrestricted	Restricted	Total
		funds	funds	funds
		£	£	£
	INCOME AND ENDOWMENTS FROM
	Donations and legacies	8,063,081	5,000	8,068,081
	Charitable activities
	Youth & Christian Education Dept	27,190		27,190
	Women's Ministry Dept	45,783		45,783
	Men's Ministry Dept	11,046		11,046
	Theological Education & Training Dept	16,642		16,642
	Conventions & Conferences	113,019		113,019
	Government grants	215,891		215,891
	Other trading activities	74,034		74,034
	Investment income	680,136		680,136
	Other income	320,877		320,877
	Total	9,555,522	5,000	9,560,522
	EXPENDITURE ON
	Raising funds	16,228		16,228
	Charitable activities
	Youth & Christian Education Dept	197,456		197,456
	Women's Ministry Dept	170,975		170,975
	Men's Ministry Dept	13,673		13,673
	Theological Education & Training Dept	100,739		100,739
	Conventions & Conferences	191,540		191,540
	Provision of church services	7,143,737	5,000	7,148,737
	Governance costs	371,204		371,204
	Total	8,205,552	5,000	8,210,552
	Net gains on investments	4,103,050		4,103,050
	NET INCOME	5,453,020		5,453,020
	Transfers between funds	1,996	{1,996)
	Net movement in funds	5,455,016	(1,996)	5,453,020
	RECONCILIATION OF FUNDS
	Total funds brought forward	41,958,778	1,996	41,960,774
	TOTAL FUNDS CARRIED FORWARD	47,413,794		47,413,794

continued ...

Page 33

NEW TESTAMENT CHURCH OF GOD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

13. TANGIBLE FIXED ASSETS

			Fixtures,
			Fittings
			and
	Land and	Church	Equipment	Motor
	Buildings	Furnishings		vehicles	Totals
	£	£	£	£	£
COST
At 1 January 2022	43,751,136	182,485	1,102,105	622,354	45,658,080
Additions		5,375	246,007	26,300	277,682
Disposals				(53,531)	(53,531)
Reclassification	(413,058)				(413,058)
At 31 December 2022	43,338,078	187,860	1,348,112	595,123	45,469,173
DEPRECIATION
At 1 January 2022	9,133,638	118,954	578,760	577,062	10,408,414
Charge for year	639,903	13,781	153,871	28,488	836,043
Eliminated on disposal				(53,531)	(53,531)
Reclassification/transfer	(78,701)				(78,701)
At 31 December 2022	9,694,840	132,735	732,631	552,019	11,112,225
NET BOOK VALUE
At 31December2022	33,643,238	55,125	615,481	43,104	34,356,948
At 31 December2021	34,617,498	63,531	523,345	45,292	35,249,666
Analysis ofnetbookvalue of land and buildings:				2022	2021
				£	£
Freehold				32,585,877	33,523,533
Long leasehold				1,057,361 33,643,238	1,093,965 34,617,498
			Long		Long
		Freehold	Leasehold	Freehold	Leasehold
		2022	2022	2021	2021
		£	£	£	£
Stated at historical cost		33,601,635	601,352	34,014,693	601,352
Valuation made 1970 to 1980		2,408,430	702,529	2,408,430	702,529
Valuation made in 1999		5,532,703	491,429	5,532,703	491,429
		41,542,768	1,795,310	41,955,826	1,795,310

The historical cost of assets included at valuation at the balance sheet date is £34,202,987 (2021: £34,616,045), and the depreciation based on historical cost would be £560,669.

The net book value of tangible fixed assets includes £11,094 (2021: £16,641) in respect of assets held under hire purchase contracts.

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NEW TESTAMENT CHURCH OF GOD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

14. INVESTMENT PROPERTY

INVESTMENT PROPERTY
	£
FAIR VALUE
At 1 January 2022	12,119,000
Revaluation	1,305,642
Reclassification	334,357
At 31 December 2022	13,758,999
NET BOOK VALUE
At 31 December 2022	13,758,999
At 31 December 2021	12,119,000

Due to the costs associated with valuing these properties it is intended that professional valuations will be carried out on a cyclical basis so as to minimise the impact on charity resources.

During the year, independent valuations were carried out on one of the properties and the total value of this property was £360,000. The remainder of the properties, totalling £13,399,000 were valued by the trustees having regard to relevant market data.

Investment properties are stated at market value at the year end. The cost of the investment is £6,890,919.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

	2022	2021
	£	£
Gift Aid due	512,408	133,490
Other debtors	281,200	272,079
Prepayments and accrued income	16,115	9,967
	809,723	415,536

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NEW TESTAMENT CHURCH OF GOD

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022

16.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2022	2021
		£	£
	Bank loans and overdrafts (see note 18)	1,035,107	968,361
	Hire purchase (see note 19)	3,757	5,635
	Other creditors	20,899	23,567
	Accruals and deferred income	147,054	102,856
		1,206,817	1,100,419

Deferred income relates to income received before the year end which relates to activities taking place in the next financial year.

Deferred income relates to income received before the year end which relates to activities taking place in the next financial year.	Deferred income relates to income received before the year end which relates to activities taking
	£
Balance as at 31 December 2021	5,531
Amount released to incoming resources	{5,531)
Amount deferred in year	19,614
Balance as at 31 December 2022	19,614

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

	2022	2021
	£	£
Bank loans (see note 18)	8,997,110	9,593,298
Hire purchase (see note 19)		3,757
	8,997,110	9,597,055
LOANS
An analysis of the maturity of loans is given below:
	2022	2021
	£	£
Amounts falling due within one year on demand: Bank overdrafts	220,220	213,188
Bank loans	814,887	755,173
	1,035,107	968,361
Amounts falling due between two and five years:
Bank loans - 2-5 years	3,462,279	3,092,024
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more than 5 year by instalment	5,534,831	6,501,274

18. LOANS

continued ...

Page 36

NEW TESTAMENT CHURCH OF GOD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

	Hire purchase contracts	Hire purchase contracts
	2022	2021
	£	£
Net obligations repayable:
Within one year	3,757	5,635
Between one and five years		3,757
	BIST	9,392
	Non-cancellable
	operating leases
	2022	2021
	£	£
Within one year	10,500	10,500
Between one and five years	42,000	42,000
In more than five years	983,500	994,000
	1,036,000	1,046,500

The operating lease disclosed above relates to a property leased over 125 years from 1997.

20. SECURED DEBTS

The following secured debts are included within creditors:

	2022	2021
	£	£
Bank loans	9,811,997	10,348,471
Hire purchase contracts	3,757	9,392
	9,815,754	10,357,863

Bank loans, which total £9,811,997 (2021: £10,348,471) consist of a number of loans to local churches and National Head Office, which are subject to rates of interest of between Base or Libor Rate plus 1.25% and 3%. Loans to the value of £9,794,303 (2021: £10,286,733) are secured by legal charges against a list of nominated properties. Up to the end of 2006, security was provided on the basis of a pool of assets but subsequent loans have been secured on the specific assets to which the loan relates.

The net book value of the assets given as security for these loans and included in fixed assets is £17,101,822 (2021: £18,943,283).

The Hire Purchase contract is secured on the asset to which it relates.

continued ...

Page 37

NEW TESTAMENT CHURCH OF GOD

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022

21. MOVEMENT IN FUNDS

|Unrestricted funds
General fund
National Facility Fund
Revaluation Reserve
TOTAL FUNDS
At 1/1/22
£
36,425,712
514,399
10,473,683
47,413,794
47,413,794
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
11,315,750
(9,788,617)
Revaluation Reserve
11,315,750
(9,788,617)
TOTAL FUNDS
11,315,750
(9,788,617)|Net
movement
in funds
£
1,527,133
1,305,642
2,832,775
2,832,775
Gains and
losses
£
1,305,642
1,305,642
1,305,642|At
31/12/22
£
37,952,845
514,399
11,779,325
50,246,569
50,246,569
Movement
in funds
£
1,527,133
1,305,642
2,832,775
2,832,775
|| |---|---|---|

Comparatives for movement in funds

Unrestricted funds General fund National Facility Fund Revaluation Reserve Restricted funds Haiti Appeal TOTAL FUNDS	At 1/1/21 £ 35,073,746 514,399 6,370,633 41,958,778 1,996 41,960,774	Net movement in funds £ 1,349,970 4,103,050 5,453,020 5,453,020	Transfers between funds £ 1,996 1,996 (1,996)	At 31/12/21 £ 36,425,712 514,399 10,473,683 47,413,794 47,413,794

Page 38

NEW TESTAMENT CHURCH OF GOD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022 21. MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows: Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ Unrestricted funds General fund 9,555,522 (8,205,552) 1,349,970 Revaluation Reserve 4,103,050 4,103,050 9,555,522 (8,205,552) 4,103,050 5,453,020 Restricted funds Virtu Motors 5,000 (5,000) TOTAL FUNDS 9,560,522 {8,210,552) 4,103,050 5,453,020 The Haiti Appeal Fund represents monies received specifically towards the Haiti disaster and all the branches sent the monies to the National office. The Virtu Motors fund is to be used in the redevelopment of a specific area for food bank purposes. The Directors have formulated and implemented specific procedures with a view to ensuring that all restricted funds are identified and correctly maintained on an on-going basis. 22. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2022. 23. OPERATING LEASES - LESSOR Minimum lease receipts under non-cancellable operating leases fall due as follows: 2022 2021 £ £ Within one year 97,667 132,783 Between on and five years 253,500 244,166 In more than five years 84,333 30,000 ~~[-]~~ 435,500 406,950 Page 39