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2022-12-31-accounts

Annual Report and Financial Statements for the Year Ended 31 December 2022

The Sovereign Grace Advent Testimony

Charity registration number: 261489

Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF

THE SOVEREIGN GRACE ADVENT TESTIMONY

CONTENTS

Reference and Administrative Details 1
Trustees' Report 2 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 14

THE SOVEREIGN GRACE ADVENT TESTIMONY REFERENCE AND ADMINISTRATIVE DETAILS

Trustees

John Douglas Ivan Foster Martin Humphrey Ian Shaw Stephen Toms

Charity Registration 261489 Number

Principal Office 1 Donald Way Chelmsford CM2 9JB Independent Examiner G W Schulz ACMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF

Page 1

THE SOVEREIGN GRACE ADVENT TESTIMONY

TRUSTEES' REPORT

The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2022.

Objectives and activities

Objects and aims

The main object of the charity is the promotion and diffusion of the Christian faith,

Public benefit

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Achievements and performance

The Sovereign Grace Advent Testimony was formed in 1918 for the purpose of the promotion and diffusion of the Christian faith, being the doctrine of God’s sovereign grace in the matter of man’s salvation and the truth of the second advent of the Lord Jesus Christ.

To fulfil the aims of the Testimony during 2022, regular monthly meetings have been held, and following the lockdown, these meetings have been resumed in London. There have been a variety of speakers at these meetings.

Additionally, various items of literature have been circulated. Each quarter, 3000 copies of the magazine of the Sovereign Grace Advent Testimony, entitled 'Watching and Waiting' have been printed and distributed throughout various parts of the world. Although a subscription of £6.00 is suggested, many persons receive the magazine and other literature free of charge, or the subscription has been subsidised. as our purpose is to circulate knowledge of the truth. Some other items of literature have been produced.

The trustees of the Testimony for 2022 were Rev John Douglas, Rev Ivan Foster, Pastor Martin Humphrey, Mr Ian Shaw and Mr Stephen A Toms.

Those serving on the Council of the Testimony during 2022 were Mr Peter Fleming, Pastor Martin Humphrey, Rev Brian McClung, Rev David McMillan, Rev Richard Monteith, Mr Andrew Toms, Mr Paul Toms, and Mr Stephen A Toms.

The work of trustees and committee members is carried out voluntarily. No trustee or committee member receives any remuneration at all, nor even an honorarium, for serving as trustee or committee member. Expenses are paid to some when they address meetings.

Financial review

Income for the year amounted to £31,737 (2021: £28,151) and expenditure £22,316 (2021: £27,922). The surplus was added to funds brought forward with the year end balance being £1,605,504.

Page 2

THE SOVEREIGN GRACE ADVENT TESTIMONY

TRUSTEES' REPORT (CONTINUED)

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Structure, governance and management

Nature of governing document

The charity was established by a deed of trust dated 2 March 1949.

Recruitment and appointment of trustees

The management of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the Trust deed.

Risk management

The trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Page 3

THE SOVEREIGN GRACE ADVENT TESTIMONY

TRUSTEES' REPORT (CONTINUED)

Statement of Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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.

The annual report was approved by the trustees of the charity on 2 May 2023 and signed on its behalf by:

......................................... Stephen Toms Trustee

Page 4

THE SOVEREIGN GRACE ADVENT TESTIMONY

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SOVEREIGN GRACE ADVENT TESTIMONY

I report to the trustees on my examination of the accounts of The Sovereign Grace Advent Testimony for the year ended 31 December 2022.

Responsibilities and basis of report

As the charity trustees of The Sovereign Grace Advent Testimony you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the The Sovereign Grace Advent Testimony's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of The Sovereign Grace Advent Testimony as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

...................................... G W Schulz ACMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF

2 May 2023

Page 5

THE SOVEREIGN GRACE ADVENT TESTIMONY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Note
Unrestricted
funds
£
Income and Endowments from:
Donations and legacies
2
9,691
Investment income
3
8,077
Other income
4
13,969
Total income
31,737
Expenditure on:
Charitable activities
5
(22,316)
Total expenditure
(22,316)
Gains/losses on investment assets
12,924
Net income
22,345
Net movement in funds
22,345
Reconciliation of funds
Total funds brought forward as
previously reported
1,583,159
Prior year adjustment
-
Total funds brought forward as restated
1,583,159
Total funds carried forward
12
1,605,504		 Total
2022
£
9,691
8,077
13,969
31,737
(22,316)
(22,316)
12,924
22,345
22,345
1,583,159
-
1,583,159
1,605,504		 Total
2021
£
9,382
5,637
13,132
28,151
(27,922)
(27,922)
46,146
46,375
46,375
1,273,100
263,684
1,536,784
1,583,159

The notes on pages 8 to 14 form an integral part of these financial statements. Page 6

THE SOVEREIGN GRACE ADVENT TESTIMONY

BALANCE SHEET AS AT 31 DECEMBER 2022

Note
Fixed assets
Tangible assets
8
Investments
7
Current assets
Stocks
9
Debtors
10
Cash at bank and in hand
Creditors: Amounts falling due within one year
11
Net current assets
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
12		 2022
£
748,439
419,656
1,168,095
7,530
736
429,983
438,249
(840)
437,409
1,605,504
1,605,504
1,605,504		 2021
£
748,574
406,732
1,155,306
9,880
600
418,213
428,693
(840)
427,853
1,583,159
1,583,159
1,583,159

The financial statements on pages 6 to 14 were approved by the trustees, and authorised for issue on 2 May 2023 and signed on their behalf by:

......................................... Stephen Toms Trustee

The notes on pages 8 to 14 form an integral part of these financial statements. Page 7

THE SOVEREIGN GRACE ADVENT TESTIMONY

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

1 Accounting policies

Statement of compliance

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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

The Sovereign Grace Advent Testimony meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Gift aid

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 8

THE SOVEREIGN GRACE ADVENT TESTIMONY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.

Charitable activities

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.

Tangible fixed assets

Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Freehold property owned by the charity is included in the financial statements at its historical deemed cost and depreciated by writing off the difference between the cost and the estimated residual value over the useful economic life. The useful economic life of these assets is so long and residual value so high that any depreciation would not be material. These assets are subject to annual impairment reviews. Provision will be made if there has been any permanent diminution in value.

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Land and buildings Furniture and equipment

Depreciation method and rate not depreciated 33% on cost

Fixed asset investments

Fixed asset investments are included at market value.

Debtors

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

Page 9

THE SOVEREIGN GRACE ADVENT TESTIMONY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Liabilities

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

2 Income from donations and legacies

Donations and legacies;
Donations
Gift aid reclaimed		 Unrestricted
funds
General
£
9,571
120
9,691		 Total
2022
£
9,571
120
9,691		 Total
2021
£
9,262
120
9,382

3 Investment income

Income from dividends;
Dividends receivable from other listed
investments
Interest receivable and similar income;
Interest receivable on bank deposits		 Unrestricted
funds
General
£
7,204
873
8,077		 Total
2022
£
7,204
873
8,077		 Total
2021
£
5,596
41
5,637

Page 10

THE SOVEREIGN GRACE ADVENT TESTIMONY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

4 Other income

Rental income
Sundry		 Unrestricted
funds
General
£
13,678
291
13,969		 Total
2022
£
13,678
291
13,969		 Total
2021
£
13,132
-
13,132

5 Expenditure on charitable activities

Production of publications and literature
purchases
“Watching and Waiting” Printing
Rates, light and heat
Repairs and maintenance
Insurance
Expenses of meetings & travelling
Printing, postage, advertising, stationery
and telecommunications
Website, audio & video expenses
Gifts
Independent examiner’s fee
Depreciation		 Unrestricted
funds
General
£
2,350
2,792
2,604
4,768
976
1,300
5,035
1,516
-
840
135
22,316		 Total
2022
£
2,350
2,792
2,604
4,768
976
1,300
5,035
1,516
-
840
135
22,316		 Total
2021
£
6,674
2,724
3,306
4,923
953
620
6,158
1,394
200
840
130
27,922

6 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

The only other payments made to the trustees, or any person connected with them, consisted of reimbursements of expenditure incurred on behalf of the charity in furthering the charity's objects.

Page 11

THE SOVEREIGN GRACE ADVENT TESTIMONY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

7 Fixed asset investments

Cost or Valuation
At 1 January 2022
Revaluation
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021
8 Tangible fixed assets		 Listed
investments
£
406,732
12,924
419,656
419,656
406,732		 Total
£
406,732
12,924
419,656
419,656
406,732
Cost
At 1 January 2022
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021
9 Stock
Books and publications		 Land and
buildings
£
748,439		 Furniture
and
equipment
£
395		 Total
£
748,834
748,834
260
135
395
748,439
748,574
2021
£
9,880
748,439 395
-
-		 260
135
- 395
748,439 -
748,439 135
2022
£
7,530

Page 12

THE SOVEREIGN GRACE ADVENT TESTIMONY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

10 Debtors
2022
£
Prepayments
496
Accrued income
240
736
11 Creditors: amounts falling due within one year
2022
£
Accruals
840
12 Funds
Balance
at 1
January
2022
£
Incoming
resources
£
Resources
expended
£
Other
recognised
gains/
(losses)
£
Unrestricted funds
General
General Funds
1,583,159
31,737
(22,316)
12,924

Balance
at 1
January
2021
£
Incoming
resources
£
Resources
expended
£
Other
recognised
gains/
(losses)
£
Unrestricted funds
General
General Funds
1,273,100
28,151
(27,922)
309,830
 2021
£
480
120
600
2021
£
840
Balance
at 31
December
2022
£
1,605,504
Balance
at 31
December
2021
£
1,583,159

Page 13

THE SOVEREIGN GRACE ADVENT TESTIMONY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

13 Analysis of net assets between funds

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
748,439
419,656
438,249
(840)
1,605,504
Unrestricted
funds
General
£
748,574
406,732
428,693
(840)
1,583,159		 Total funds
at 31
December
2022
£
748,439
419,656
438,249
(840)
1,605,504
Total funds
at 31
December
2021
£
748,574
406,732
428,693
(840)
1,583,159

Page 14