Annual Report and Financial Statements for the Year Ended 31 December 2024
## 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 (deceased 30 July 2024) Ivan Foster Martin Humphrey Ian Shaw Stephen Toms Gordon Dane (appointed 1 November 2024)
**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 2024.
## **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 2024, regular monthly meetings have been held in London and Northern Ireland. 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. Also a 'Conference Supplement' issue has been printed and circulated during 2024 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.
During 2024, our trustee, Rev John Douglas has passed away and Rev Gordon Dane has been appointed in his place. So, the current trustees of the Testimony are Rev Gordon Dane, Rev Ivan Foster, Pastor Martin Humphrey, Mr Ian Shaw, and Mr Stephen A Toms.
Those serving on the Council of the Testimony during 2024 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. Mr Stephen Toms has retired from being secretary as from 31st December, 2024, after holding that position for 50 years. Rev Brian McClung has been appointed in his place.
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.
Page 2
## **THE SOVEREIGN GRACE ADVENT TESTIMONY**
## **TRUSTEES' REPORT (CONTINUED)**
## **Financial review**
Income for the year amounted to £38,226 (2023: £39,659) and expenditure £32,826 (2023: £36,482). The surplus was added to funds brought forward with the year end balance after gains on investments being £1,616,824.
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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 27 May 2025 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 2024.
## **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 FCMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
27 May 2025
Page 5
## **THE SOVEREIGN GRACE ADVENT TESTIMONY**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024**
|**Note**
**Unrestricted**
**funds**
**£**
**Income and Endowments from:**
Donations and legacies
2
12,030
Investment income
3
10,796
Other income
4
15,400
Total income
38,226
**Expenditure on:**
Charitable activities
5
(32,826)
Total expenditure
(32,826)
Gains/losses on investment assets
27,950
Net income/(expenditure)
33,350
Net movement in funds
33,350
**Reconciliation of funds**
Total funds brought forward as
previously reported
1,583,474
Total funds brought forward as restated
1,583,474
Total funds carried forward
12
1,616,824|**Total**
**2024**
**£**
12,030
10,796
15,400
38,226
(32,826)
(32,826)
27,950
33,350
33,350
1,583,474
1,583,474
1,616,824|**Total**
**2023**
**£**
13,407
11,052
15,200|
|---|---|---|
|||39,659|
|||(36,482)|
|||(36,482)|
|||(25,342)|
|||(22,165)|
|||(22,165)
1,605,504|
|||1,605,504|
|||1,583,339|
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 2024**
|**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|**2024**
**£**
974,001
422,264
1,396,265
6,930
2,560
211,951
221,441
(882)
220,559
1,616,824
1,616,824
1,616,824|**2023**
**£**
973,866
394,314|
|---|---|---|
|||1,368,180|
|||7,260
1,129
207,610|
|||215,999
(840)|
|||215,159|
|||1,583,339|
|||1,583,339|
|||1,583,339|
The financial statements on pages 6 to 14 were approved by the trustees, and authorised for issue on 27 May 2025 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 2024**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom 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.
## _**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.
Page 8
## **THE SOVEREIGN GRACE ADVENT TESTIMONY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)**
## **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 Depreciation method and rate** Land and buildings not depreciated Furniture and equipment 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.
## **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.
Page 9
## **THE SOVEREIGN GRACE ADVENT TESTIMONY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)**
## **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
**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**
**£**
11,897
133
12,030
**Unrestricted**
**funds**
**General**
**£**
7,965
2,831
10,796|**Total**
**2024**
**£**
11,897
133
12,030
**Total**
**2024**
**£**
7,965
2,831
10,796|**Total**
**2023**
**£**
13,287
120|
|---|---|---|---|
||||13,407|
||||**Total**
**2023**
**£**
7,542
3,510|
||||11,052|
Page 10
## **THE SOVEREIGN GRACE ADVENT TESTIMONY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)**
## **4 Other income**
|Rental income
Sundry|**Unrestricted**
**funds**
**General**
**£**
14,514
886
15,400|**Total**
**2024**
**£**
14,514
886
15,400|**Total**
**2023**
**£**
14,384
816|
|---|---|---|---|
||||15,200|
## **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
Advertising
Professional and legal fees
Depreciation|**Unrestricted**
**funds**
**General**
**£**
330
1,556
3,545
12,139
3,552
1,300
6,165
3,357
-
882
-
-
-
32,826|**Total**
**2024**
**£**
330
1,556
3,545
12,139
3,552
1,300
6,165
3,357
-
882
-
-
-
32,826|**Total**
**2023**
**£**
4,626
3,252
9,181
90
1,265
1,715
9,274
2,346
100
840
958
2,700
135|
|---|---|---|---|
||||36,482|
## **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 2024 (CONTINUED)**
## **7 Fixed asset investments**
|**Cost or Valuation**
At 1 January 2024
Revaluation
At 31 December 2024
**Net book value**
At 31 December 2024
At 31 December 2023
**8 Tangible fixed assets**
**Cost**
At 1 January 2024
At 31 December 2024
**Depreciation**
At 1 January 2024
At 31 December 2024
**Net book value**
At 31 December 2024
At 31 December 2023
**9 Stock**
Books and publications|**Land and**
**buildings**
**£**
974,001||**Listed**
**investments**
**£**
394,314
27,950
422,264
422,264
394,314
**Furniture**
**and**
**equipment**
**£**
395
395
395
395
-
-
**2024**
**£**
6,930|**Total**
**£**
394,314
27,950
422,264
422,264
394,314
**Total**
**£**
974,396
974,396
395
395
974,001
974,001
**2023**
**£**
7,260|
|---|---|---|---|---|
||||422,264||
||||422,264||
||||394,314||
||||**Furniture**
**and**
**equipment**
**£**
395||
||974,001||395||
||-||395||
||-||395||
||974,001||-||
||974,001||-||
||||**2024**
**£**
6,930||
Page 12
## **THE SOVEREIGN GRACE ADVENT TESTIMONY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)**
## **10 Debtors**
|**2024**
**£**
Prepayments
2,440
Accrued income
120
2,560
**11 Creditors: amounts falling due within one year**
**2024**
**£**
Accruals
882
**12 Funds**
**Balance**
**at 1**
**January**
**2024**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Other**
**recognised**
**gains/**
**(losses)**
**£**
**Unrestricted funds**
**_General_**
General Funds
1,583,474
38,226
(32,826)
27,950
**Balance**
**at 1**
**January**
**2023**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Other**
**recognised**
**gains/**
**(losses)**
**£**
**Unrestricted funds**
**_General_**
General Funds
1,605,504
39,659
(36,482)
(25,342)
||**2023**
**£**
769
360|
|---|---|---|
|||1,129|
|||**2023**
**£**
840|
|||**Balance**
**at 31**
**December**
**2024**
**£**
1,616,824|
|||**Balance**
**at 31**
**December**
**2023**
**£**
1,583,339|
Page 13
## **THE SOVEREIGN GRACE ADVENT TESTIMONY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (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**
**£**
974,001
422,264
221,441
(882)
1,616,824
**Unrestricted**
**funds**
**General**
**£**
973,866
394,314
215,999
(840)
1,583,339|**Total funds**
**at 31**
**December**
**2024**
**£**
974,001
422,264
221,441
(882)|
|---|---|---|
|||1,616,824|
|||**Total funds**
**at 31**
**December**
**2023**
**£**
973,866
394,314
215,999
(840)|
|||1,583,339|
Page 14