| Page | |
|---|---|
| Trustees' Annual Report |
1-7 |
| Independent Auditor's Report tothe Trustees of 'Ihe Central |
8-10 |
| Gifts Committee ofthe Churches ofGod | |
| Statement ofFinancial Activities | |
| Balance Sheet | 12 |
| Cash Flow Statement | 13 |
| Notes to the Financial Statements | 14-28 |
| Unrrrnic/ed | Unrrrnic/ed | |||||||
|---|---|---|---|---|---|---|---|---|
| General | Designated | Restricted | 2022 | 2021 | ||||
| Fund | Funds | Fusds | Total | Total | ||||
| Notes | f | f | f | |||||
| Income from: | ||||||||
| Donations and legacies |
2. | 807,314 | 699,895 | 1,507,209 | 772,212 | |||
| Charitable activities |
3. | 7,380 | 7480 | 8,044 | ||||
| Investments | 4. | 8,793 | $5793 | 9,847 | ||||
| Total income | $16,107 | 707,275 | 1,523,382 | 790,103 | ||||
| Expenditure oa: |
||||||||
| Raising funds | 6. | (9,084) | (9,084) | (8,939) | ||||
| Charitable activities |
5. | (176,901) | (6,839) | ($19,548) | (1,003$88) | (835,206) | ||
| Total expenditure | (1$5,985) | (6,$39) | (819,548) | (1,012472) | (844,145) | |||
| Net income/(expeaditure) | before gains | snd | losses | |||||
| on iavestments | 630,122 | (6,839) | (112,273) | 511,010 | (54,042) | |||
| Gains and losses on investment | assets | |||||||
| Realised gains | 646 | |||||||
| Unrealiscd (losses)/gains |
$4040 | 84040 | 74365 | |||||
| Total gains on investment | assets | ($4,040) | (84,040) | 75,011 | ||||
| Net iacome/(expenditure) | for the year | 546,082 | (6,839) | (112,273) | 426,970 | 20,969 | ||
| Transfers between funds | 19. | (55,482) | 31,331 | 24,151 | ||||
| Net movement in fuads |
490,600 | 24,492 | ($8,122) | 426,970 | 20,969 | |||
| Recoacilistioa offunds | ||||||||
| Total funds brought forward | 23. | 1,038,975 | 34,691 | 832,801 | 1,906,467 | 1,$85,498 | ||
| Total funds carried forward |
1,529,575 | 59,183 | 744,679 | 2433,437 | 1,906,467 |
| Notes | 2022 | 2021 | ||||
|---|---|---|---|---|---|---|
| 8 | ||||||
| Fixed Assets | ||||||
| Tangible Fixed Assets | 10. | 59,183 | 34,691 | |||
| Investments | 864,357 | 949,033 | ||||
| Current Assets |
||||||
| Debtors | 12. | 639,280 | 15,338 | |||
| Cash at Bank and in | Hand | 814,852 | 944,314 | |||
| 1,454,132 | 959,652 | |||||
| Liabilities: Amounts within one year |
falling due | 13. | ~44 232 | 36909 | ||
| Net Current Assets | 1,409,897 | 922,743 | ||||
| Total Net Assets | 2.333.432 | 2,906469 | ||||
| The Fuads ofthe Charity | ||||||
| Unrestricted Funds |
||||||
| General | 16. | 1,529,575 | 1,038,975 | |||
| Designated | 17. | 59,183 | 34,691 | |||
| Restricted Funds | 18. | 744,679 | 832,801 | |||
| 2P33432, | 1,906.462 |
| Notes | 2022f | 2021 f |
||||||
|---|---|---|---|---|---|---|---|---|
| Cash Flow Statement | ||||||||
| Reconciliation ofnet income/(expenditure) | to aet cashflow | |||||||
| from operatiag activities | ||||||||
| Net income/(expenditure) | per the | Statement | ofFinancial | Activities | 511,010 | (54,042) | ||
| Depreciation | 10. | 6,$39 | 5,953 | |||||
| Gain on sale ofinvestments | 646 | |||||||
| Interest and income flom unit trusts | 4. | (8,793) | (9,847) | |||||
| Disposal oftangible fixed | assets | 5. | 442 | 50,000 | ||||
| (Increase)/decrease in debtors |
12. | (623,941) | 540,905 | |||||
| Increase/(decrease) in creditors |
13. | 7,326 | (48,302) | |||||
| Net sash (outflow)/iaflow | from | operating | activities | ~809 82 | 400313 | |||
| Cash flows from investing | activities: | |||||||
| Interest snd income from unit trusts | 4. | 8,793 | 9,847 | |||||
| Purchase oftangible fixed | assets | 10. | (31,774) | (55,000) | ||||
| Purchase ofinvestments | 11. | (8,448) | (369,657) | |||||
| Proceeds Rom sale ofinvestments | 11. | 9084 | 9420 | |||||
| Net cash provided by investing |
activities | ~22 345 | ~405 190 | |||||
| Chaage ia cash and cash | equivaleats | in tbe reporting | period | (129,462) | $0,123 | |||
| Cash and cash equivalents | at tbe beginning oftbe reporting | |||||||
| period | 944,314 | 864,191 | ||||||
| Cash and cash equivalents | at tbe end | ofthe reporting | period | 014052 | ~944 14 |
| 2. | Donations | and legacies | Unres | tricted | |||
|---|---|---|---|---|---|---|---|
| Geoeral | Designated | Restricted | Total | Total | |||
| Fund | Funds | Funds | 2022 | 2021 | |||
| f | f | f | f | ||||
| Bequests/legacies | 523,497 | 100,000 | 623,497 | 55,260 | |||
| Assembly | Gifts | 2,144 | 256,$98 | 259,042 | 2$3,303 | ||
| District Funds | 2,622 | ||||||
| Proceeds ofhall sales | 281,673 | 281,673 | 123,227 | ||||
| Gift Aid donations | 254,2$1 | 254,281 | 23$,834 | ||||
| Income Tax on Gift Aid Donations | 63,031 | 63,031 | 59,226 | ||||
| Donations | (non Gift Aid) | 25,685 | 25,685 | 9,740 | |||
| Other Income | |||||||
| 00731~ | 099090 | ~1307 09 | 772 212 | ||||
| 3. | Charitable | Activities | Unrestricted | ||||
| General | Designated | Restricted | Total | Total | |||
| Fund | Funds | Funds | 2022 | 2021 | |||
| Levies | 7,380 | 7480 | $,044 | ||||
| 7300 | 7300 | 8,044 | |||||
| 4. | Investments | Unrestricted | |||||
| General | Designated | Restricted | Total | Total | |||
| Fund | Funds | Funds | 2022 | 2021 | |||
| f | f | f | f | f | |||
| Interest received | 2$7 | 287 | 150 | ||||
| Income from unit trusts | $,506 | 8,506 | 9,697 | ||||
| 8793 | 0793 | 9007 |
| 5. | Costs ofcharitable activities |
Costs ofcharitable activities |
Costs ofcharitable activities |
Unrestricted | Unrestricted | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| General | Designated | Restricted | Total | Total | |||||||
| Fund | Fuads | Fuads | 2022 | 2021 | |||||||
| 6 | 6 | ||||||||||
| Gifts to Assemblies | 18,300 | 189974 | ~200 74 |
221283 | |||||||
| Gifts to Districts | ~113297 | 113497 | 125 | ||||||||
| Relief Work: | |||||||||||
| General relief | 70,683 | 70,683 | 27,194 | ||||||||
| India - relief | 5,000 | ||||||||||
| West Attica (excl CEF) | - relief | 57,700 | |||||||||
| CEF - payments | to West Attica | ||||||||||
| Philippines - relief | 27,000 | 27,000 | 19,000 | ||||||||
| Malawi - relief | 67,584 | 67,584 | 6,950 | ||||||||
| Myanmar - relief | 7,144 | 39,256 | 46,400 | 59,475 | |||||||
| Malawi Project | 9349 | 69368 | 78717 | 85417 | |||||||
| Total Relief costs | ~16493 | 273 891 | 29D304 | 260736 | |||||||
| Gifts for Building | Projects, | Renovations | and | ||||||||
| Repairs | |||||||||||
| India - property | 16,260 | 16,260 | 5,000 | ||||||||
| West Aatca - property | 6,000 | 6,000 | |||||||||
| Philippines - property | 7,700 | 7,700 | 2,000 | ||||||||
| Malawi - property | 18,780 | 18,780 | 64,265 | ||||||||
| Mozambique - property | 4,560 | 4,560 | |||||||||
| Myanmar - property | 2 158 | 2 158 | |||||||||
| Total | Building costs | 55458 | 55458 | 71265 | |||||||
| Outreach Work: | |||||||||||
| General outreach | 32,531 | 32,531 | 26,104 | ||||||||
| India, Myanmar | and Philippines | -outreach | 61,195 | 61,195 | 46,219 | ||||||
| Atrica - outreach | 38,922 | 38,922 | 17,050 | ||||||||
| Special Projects | - outreach | ||||||||||
| Radio st Media - outreach | 9,937 | 9,937 | 6,597 | ||||||||
| Literature | 9 299 | 9 299 | 9 323 | ||||||||
| Total Outreach costs | 151 884 | 101804 | 105293 | ||||||||
| Gifts to Lord's Servants | (UK and overseas): | ||||||||||
| Lord's Servants | 65,817 | 65,817 | 71,668 | ||||||||
| A&ice MEs | 60,160 | 60,160 | 62,212 | ||||||||
| Far East MBs | 12874 | 12874 | 6 153 | ||||||||
| 138851 | 130001 | 140D33 |
| Unestricted | Unestricted | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| General | Designated | Restricted | Total | Total | |||||
| Fund | Funds | Funds | 2022 | 2,021 | |||||
| f | f | f | f | ||||||
| Other Admin Costs: | |||||||||
| Property costs | 900 | 900 | 5,000 | ||||||
| Conference Costs | 5,176 | 5,176 | |||||||
| Leading brethren | 6,478 | 6,478 | 630 | ||||||
| General Exp | 7,164 | 605 | 7,769 | 2,449 | |||||
| Bank Charges | 975 | 835 | 1,810 | 1,502 | |||||
| Exchange loss/(gain) | (4,876) | (4,876) | (3,171) | ||||||
| Depreciation | TI!00 I | I | 8139 | 6839 6839 |
9118 | 6839 24096 |
5 953 12363 |
||
| Governance Costs: |
|||||||||
| Audit fees (Note 8) | 18,450 | 18,450 | 19,560 | ||||||
| Professional fees |
1,785 | 1,785 | 4,547 | ||||||
| Trustees' expenses | 439 | 371 | 810 | ||||||
| T | I IG | I | 20674 | 371 | 21 045 | 24 107 | |||
| 176901 | 6039 | 019540 | I D03280 | 830206 | |||||
| 5.1. | Allocation to charitable |
activity | Direct | Su | orr Costs | ||||
| charitable | Admin | Governance | Total | Total | |||||
| costs | costs | costs | 2022 | 2021 | |||||
| f | f | f | |||||||
| Activity | |||||||||
| Gifts to Assemblies | 208,274 | 20,28$ | 4,565 | 233,127 | 236,042 | ||||
| Gifts to Districts | 113,297 | 2,526 | 115,7$5 | 129 | |||||
| Relief Work | 290,3$3 | 1,963 | 6,365 | 298,711 | 271,3$6 | ||||
| Building Projects, Renovations | and Repairs | 55,45$ | 1,216 | 56,674 | 73,416 | ||||
| Outreach Work |
151,884 | 1,845 | 3,329 | 157,058 | 109,973 | ||||
| Gias to Lord's Servants | (UK and overseas) | 138,851 | 3,044 | 141,$95 | 144,260 | ||||
| 900 147 | 24 D96 | 21045 | ~1003 00 | 035206 |
| 6. | Raisiag Funds | General | General | Designated | Designated | Restricted | Total | Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fund | Funds | Funds | 2022 | 2021 | |||||||||
| f | f | f | f | f | |||||||||
| Investment Managers' |
fee | 9D84 | 9D84 | 8 939 | |||||||||
| 7. | Net expenditure | for the | year | ||||||||||
| 2022 | 2021 | ||||||||||||
| f | f | ||||||||||||
| Net expenditure | isstated | after chsrgingi | |||||||||||
| Depreciation on |
other amounts | written | off | tangible | assets | 6,839 | 5,953 | ||||||
| Auditor's remuneration Exchange loss/(gain) |
18,450 ~4876 |
19,560 ~3373 |
|||||||||||
| 8. | Auditor's remuneration |
||||||||||||
| The auditors remuneration (2021:f2,754). |
constituted | an audit fee | off16,000 (2021: | f19,560) and | professional | fees | totalling f2,450 | ||||||
| 9. | Staff costs | 2022 | 2021 | ||||||||||
| f | f | ||||||||||||
| Total employment | costs (included | in Note 5 | Malawi | Project costs) | 21 462 | 16913 | |||||||
| There were no employees | who received | remuneration | ofoverf60,000 in | the year. | |||||||||
| stiifI numbers | |||||||||||||
| Average full time |
equivalents | 17 | 16 | ||||||||||
| 10. | Tangible Fixed Assets | Heritable | Motor | Office | |||||||||
| property | Vehicle | Equipmeat | Total | ||||||||||
| f | f | f | f | ||||||||||
| Cost | |||||||||||||
| At 1 January 2022 |
32,527 | 35,693 | 1,180 | 69,400 | |||||||||
| Additions Disposals |
31,774 ~33258 |
~4483 | 31,774 ~34439 |
||||||||||
| At 31December | 2022 | 32 527 | 54289 | 86 736 | |||||||||
| Depreciation | |||||||||||||
| At 1 January 2022 | 7,157 | 26,814 | 738 | 34,709 | |||||||||
| Disposals | (13,257) | (738) | (13,995) | ||||||||||
| Charge for year | 651 | 6 188 | 6839 | ||||||||||
| At 31December | 2022 | 7808 | 19745 | 27993 | |||||||||
| IVetBook Value | |||||||||||||
| At 31December 2022 | 24 | 719 | 34464 | 59lu | |||||||||
| At 31December 2021 | 25 | 370 | 8879 | 442 | 34691 |
| 11. | Investments | 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| f, | ||||||||||
| Market Value | ||||||||||
| Market value at I Janumy | ||||||||||
| 2022 | 949,033 | 514,631 | ||||||||
| Additions | 8,448 | 369,657 | ||||||||
| Disposals | (9,084) | (9,620) | ||||||||
| Revaluation | (84,040) | 74,365 | ||||||||
| Market value at31December 2022 | $64,357 | 949,033 | ||||||||
| Historical Cost at 31 | December 2022 | 746,689 | 748,006 | |||||||
| 11.1 | Analysis ofInvestments | |||||||||
| 2022 | 2021 | |||||||||
| f | ||||||||||
| Market value at year | end | |||||||||
| Investments listed on |
a | recognised | stock | exchange | or held iu common | 864,357 | 949,033 | |||
| investment funds, open |
ended investment | companies, | unit | trusts or other | ||||||
| collective investment | schemes. | |||||||||
| Total | 064 357 | 949 103 | ||||||||
| UK Equity Investment Fixed Interestlnvestments |
37,717 39,585 95,558108,213 |
|||||||||
| Other Investments | 731002 | 801235 | ||||||||
| 864357 | 949033 | |||||||||
| The charity's investments |
are held | primarily | for investment | return. | ||||||
| 12. | Debtors | |||||||||
| 2022 | 2021 | |||||||||
| 6 | f | |||||||||
| Gift Aid | 13,537 | 11,7$0 | ||||||||
| Other debtors | 625 743 | 3 558 | ||||||||
| ~639 00 | 15330 |
| 13. | Liabilities: Amounts | falling due within | falling due within | falling due within | one year | 2022 | 2021 | ||
|---|---|---|---|---|---|---|---|---|---|
| f | |||||||||
| Other creditors | 995 | 1,020 | |||||||
| Accrued expenses | 32,182 | 30,397 | |||||||
| Malawi Project Current | Account | 11,058 | 5,492 | ||||||
| ~4235 | 36909 | ||||||||
| 14. | Fiaaacial Instruments | 2022 | 2021 | ||||||
| f, | |||||||||
| Carrying amount offiaaneial assets |
|||||||||
| Financial assets measured | at amortised | cost | 1,454,132 | 959,652 | |||||
| Financial assets measured | at fair value | 864,357 | 949,033 | ||||||
| Carryiag amount offiaancial liabilities | |||||||||
| Measured at amortised |
cost | 44,235 | 36,909 | ||||||
| 15. | Analysis ofNet Assets | between Funds | |||||||
| Unrestricted | |||||||||
| General | Desigaated | Restricted | 2022 | ||||||
| Total | |||||||||
| Fund | Fuad | Funds | Funds | ||||||
| f | f | f | |||||||
| Fund balances at 31 | December 2022 | ||||||||
| as represented by: |
|||||||||
| Tangible Fixed Assets | 59,183 | 59,1$3 | |||||||
| Investments | 864,357 | 864357 | |||||||
| Current Assets | 731,023 | 723,109 | 1,454,132 | ||||||
| Current Liabilities | (65,805) | 21,570 | (44,235) | ||||||
| Net Assets | 1,529,575 | 59,1$3 | 744,679 | 2,333,437 | |||||
| Unrestricted | |||||||||
| 16. | Funds | ||||||||
| Investment | |||||||||
| IJaa '22 | Iacome | Expenditure f |
gains/(losses) f |
Transfers f, |
31Dec '22 f |
||||
| General Fund | 1,038,975 | $16,107 | (185,985) | (84,040) | (55,482) | 1,529,575 | |||
| 1030970 | 016107 | ~20590 | ~04040 | ~05402 | 1529575 |
| 31Dec | ||||||||
|---|---|---|---|---|---|---|---|---|
| 17. | Desigaated | Funds (Unrestricted) | IJan '22 | Income | Expenditure | Transfers | '22 | |
| 8 | ||||||||
| Designated | Assets Fund | 34,691 | (6,839) | 31,331 | 59,183 | |||
| 34 691 | ~6039 | 31331 | S9,183 | |||||
| Purposes ofDesigaated | Funds | |||||||
| Designated | Assets Fund: This Fund represents | the net book value ofthe | charity's fixed assets. | |||||
| 31Dec | ||||||||
| 18. | Restricted | Funds | 1Jan '22 | Income | Expeaditure | Transfers | '22 | |
| 8 | ||||||||
| Central Gifts Fund | 68,485 | 271,144 | (250,745) | 88,&&4 | ||||
| Lord's Servants and Widows Fund | 9,965 | 25,034 | (27,249) | 7,750 | ||||
| Fellowship | Relief Fund | - Relief | 190,202 | 101,354 | (55,765) | (60,706) | 175,085 | |
| Fellowship | Relief Fund | - Philippines | 5,300 | (27,015) | 21,715 | |||
| Fellowship | Relief Fund | - Malawi | 123,222 | (125,716) | 2,494 | |||
| Fellowship | Relief Fund | - Myanmar | 10,832 | (39,256) | 2$,424 | |||
| Fellowship | Relief Fund | - CEF | 3,780 | (11,$53) | 8,073 | |||
| Fellowship | Outreach Fund | 499,910 | 89,036 | (134,$37) | 454,109 | |||
| FarEast and Attica Property (FEAP) | ||||||||
| Fund | 33,882 | 8,171 | (62,373) | 20,320 | (0) | |||
| Conference | ofOverseers' | Fund | 13,955 | 7,380 | (11,705) | 9,630 | ||
| A&ice Ministering Brethren's Fund |
2,794 | 53,535 | (60,160) | 3,831 | 0 | |||
| Far East Ministering Brethren's |
||||||||
| Fund | 13,60$ | 8,487 | (12,874) | 9,221 | ||||
| 832001 | ~707 70 | ~039 540 | 24151 | 744 679 |
| 1/909vsrricred | 1/909vsrricred | |||||||
|---|---|---|---|---|---|---|---|---|
| General | Designated | Restricted | 2021 | |||||
| Fund | Funds | Funds | Total | |||||
| 6 | f. | |||||||
| Income from: | ||||||||
| Donations and |
legacies | 157,246 | 614,966 | 7729212 | ||||
| Charitable activities |
8,044 | 8,044 | ||||||
| Investments | 9,847 | 9,847 | ||||||
| Toto)income | 167,093 | 623,010 | 790,103 | |||||
| Expenditure | ||||||||
| on: | ||||||||
| Raising funds | (8,939) | (8,939) | ||||||
| Charitable activities |
(126,241) | (5,953) | (703,012) | (835206) | ||||
| Total expenditure |
(135,180) | (5,953) | (703,012) | (844,145) | ||||
| Net income/(expenditure) | before gains and lames | |||||||
| on investments | 31,913 | (5,953) | (80,002) | (54,042) | ||||
| Gains and losses on | investment | |||||||
| assets | ||||||||
| Realised gains | 646 | 646 | ||||||
| Unrealised | ||||||||
| gains | 74365 | 74 65 | ||||||
| Total gains on | investment | assets | 75,011 | 75,011 | ||||
| Net income/(expenditure) year |
for the | 106,924 | (5,953) | (80,002) | 209969 | |||
| Transfers between | funds | (5,000) | 5,000 | |||||
| Net Movement | in Fuads | 101,924 | (953) | (80,002) | 20,969 | |||
| Reconciliatioa | offunds | |||||||
| Total funds brought | forward | 937,051 | 35,644 | 912,803 | 1,885,498 | |||
| Total funds carried | forward | 1,038,975 | 64,691 | 000,001 | 4,906,469 |