Churches of God CeNtr%l Gift5 Fund Report Financial Statement5 For the Year Ended 31 December 2023 Charity No. 299106 (EDgland aThd Wal¢s) Charity No. SC024963 (Scotland)
Churches of God Central Gifts Fund Trustees, Annual Reportfor ihe Year Ended 31 December 2023 ge Tnjsiees. Annual Report Independeni Auditor's RepiKI to the Trustres of The Cenirdl Gifts Committee of the Churches of God 8-10 Staiement of Financial Activities Balance Sh 12 Cash Flow Sta*meni 13 Notes io the Financial sements 14-28
Churches of God Central Gifts Fund Trustees, Annual Reportfor the Year Ended 31 December 2023 The Trustees are plca5ed to present their report together with the financial statrmeni of th¢ Churches of God Central Gifts Fund for the year ended 31 tkcember 2023. The charity's regÉsi¢red nam¢ is The Cenlral Gifis Commitiee rfihe Churches of God. however the charity is referred to throughout the rinancial siatements under the operating name of Chwches ofGodCeniral Gifis Fund. Reference attd Administrative Informatio Charity Name.. The Central Gifts Comrnitttt of the Churches of G(xl Charity Registr10 Number. No. 299106 (England and Wales) No. SC024963 (Scotland) Principal Contact E L Burgoyne Contact Address.. 135 txmdonald Ro. Kilmarnock KAI Iufj Website.. wwiv.churchesof8od.irtfo Trustees All Trustees. listed below. served for the full year and Since the year end to date unless iAdicat¢d otherwise. A Brown (resigned 12.09.24) E L Burgoyne G J Hunrer DMKing F J Reilly S Seddon (appoinied 09.07.24) C N Sutton (appoinied 27.01.23) D Woods Steretary C N Sunon Treasurer G J Hunter Auditors Anderson ATKl¢tson & Brown Audii LLP A¢¢ount8nts and Busines5 AdviseTS 81 George Stre Edinburgh EH2 3ES Prlnelp81 Bnk¢rs Bank of Scotland 153 P(Ytobello High Strttt Edinburgh EH15 IAG lvestmet Mnagers St James's Place Wealth Managemeni l Tetbury Ro•J Cirencesler Glouceslershire GL7 IFP CCLA One Angel Lane London EC4R 3AB Solicito General- L*gal Murrny Beith Murray 3 Glenfinlas StreeL EdInrgh EH3 6AQ UK Property Transattions Anthony Collins Solicitors LLP 134 Edmund Street B1Ingharn B3 2ES
Churches of God Central Gifts Fund Trustees, Annual Reportfor the Year Ended 31 December 2023 Strncture Gov¢rn4ntt and emtnt Governing DmeTht The Centrdl Gifts Committee of the Churthes of G(Ml Dhe charity") was estsblished by way of and is governed by its Trusr Deed. The original Trusi Deed. daied 2 Sepiember 1960, is subject to exlen510ll IXI various dates, most noticeably on 3 September 1987 and 17 April 2010. Thecharity is a registered charity, No 299106. Fgland and Wales and No. SC024963. S£1a. Appointme•t of Tru$te¢s Trusttts are elected at the Conference of Overseers of the Churche5 of G(yJ while any changes io ihe Trustees are also approved ai the Conference. There is no fjxed terni for Trusieeship. The appoinlrnenl procedure and induction process ensures that the charity comwises Tjte5 who have appropria qualificalions, are&% of expenise and experience who are clear about iheir role. As pan of their induciion progrnlnme, new Tnjstees are required to understand their stsiuiory responsibilities. Org4Thts*tlonAI strneture The adtninistraiion and allocation of funds is monaged by the Tnttts WI meet from time to lime. Divisional Commillees are in plK¢ for ea¢h fvnd and rewjrt io ihe Te¢s. Funds management rests with ihe Invesimeni sulKommittee which includes the Treasurer. Key Management PersonDel Given their involvement as outlined above. the Tn consider thEmselves as ihe charity's key management personnel, in charge of direc(ing and controlling the chartty. All Trusrees give iheir lime frttly. tktails of Tru5tee5' eX$tS and related party iran5acti<5 are outlined in Notes 21 and 22 10 the financial 51at¢ments. Risk rnanageJneNt The Trus(tts have identified and considered ihe major strategic. financial and operdtional risks to which the charity is exposed and have established systems to enable those risks to be mitigat¢d. The main risks thal the charity faced during the year were identified as ihe abilirv of ihe charitv to meet the rtnancial needs, especially in the deYelopin8 world. however the inJMees believe that ¢h8rity is well Ex)sitioned io cover the financial needs gohng fornvard. Anoiher major risk is succession plannin& and ihe tnJ5tees are aware of the continued need io recnbit individuals with $uitable skill sets and also ouisource certain functions where appropriate. An asse55ment of risks facing ihe chariry will be undertaken in 2024 and thi5 will be an annual review. eetiv Activiti The Purpose of the Charity The Churches of God 15 a worldwide fellowship of thurches e$tablithed in ihe United Kingdom. Europe, North Ameri¢8, Au51rn1i< Indii South Easi Asia and Africa with ihe purw)se of spreading ihe gospel and the teachings of the Lord Jesus ChrisL ihe provision of education and rtlief to the needy. M4in 4¢tiviiks sUprt and encourage outyeach by the Churches of God. Maintenance of full time Ministering Brethren (MBS) and gospel wotkers. Assistance toward5 youth work inc14Jding Camps. Provision pnd maintenance of mttiing Pl¢5 of the Churches of God. Provision for relief of Frfjverty. lSnCe iowards ¢dUtion and medical needs in thveloping couniries_ her charitable purp)s¢s of the Churches of God as approved by the Conference of Overseers.
Churches of God Central Gifts Fund Trustees, Annual Reportfor ihe Year Ended 31 December 2023 Fuifillittt our I¥1 Purpw5trntegi¢5 Wilh missionary Sup1 and rddio outrexh. the charity is endeavouring to meer the spiritual Deed5 of people wherever it operdtes. Funding humanilarian relief provides the means of alleviating poverty and sickness while working within the limits of rrs(Nwce5 to meet a growing demand. AssesslNg Succes5 Within the organisation, re8ular fredback is received and aaed upcffi from those working in the field. There are varLOU5 divisions with supming committees that closely moniior the ¢hority's activitie5 periodicalty repming to the Trustees. Slgnifle*nt Attivitits The rise in the c05t of livin]ntIOn has had a major impaci on Relief costs and this has #Iso increased the cost of building materials for new halls and the mainienance of halls in the developing world. In general, financial support for Relief increased in many of the 'developing' COUDtri¢s. Cyclone Freddy had a devastating impact particularly in Malawi and Mozambique. However, the charity was able to support all the needs due lo the continued financial supw of sainis and churches in the western worl plus healthy reserve5 held by the charity. The devaluaiion of the Malawi Kwa¢ha in lale 2023 has had an impact on c05t of food, medical supplie& peirol and building malerials. Local outr¢a¢h continues in many couniries. led by indigenou5 MB and Gospel worker plus MB from the UK and North America. Travel costs (air fares) have continued io rise. Whil¢ som¢ chari¢ie5 have seen reduced donations in 2023 due to the ffi-going inllationlrise in the cost of livin& th4nkfully the charity has sttn undiminished financial sUPrt from saints and churches during 2023, which has allowed the chariry io operate financially normal.. This is a huge blessing as we continue the L¢xd's work. In 2023, we have mainlained a steady input into developing the work over5e¥s. For exampk= Gospel outreach and leaching. Building church halls. Putting into practice the benefits of Pern1turc in Malawi" there h4ve been successes and s¢tbaeks with pennaCulrt. Mobile clinic and Orphan Care Centre in Malawi and Continu medical support in other countries. Funding of broadcasts from Christian rnlio 5tJtiOll5. Youth Camp facilities in a nwnber of countries. Edu¢Ation, at vari(ws levels. Short t¢TthILong tenn Aims In the short ieTrn, Ihe aim is lo raise the standard of living and develop stronger self-supporting Chrisiian ¢ommunities abroad. In the long ierni. the aim is io incre&8e self-sufficiency in these communities. This will onty be achieved by careful monitoring and ISing how objectives can be tsilored io meet ¢hanging sityaiions. An important aim is spiritual development and the planting of churche5. Volunt¢eTS Volunteering d¢)es not make a significant contribution to the charity's activitÈe4 however it should be noied that ihe Trusttts of Central Gifts atjd the members of the variiMLS cornmttttts are volunittty.
Churches of God Central Gifts Fund Trusltts. Annual Reportfor the Yeor Ended 31 December 2023 Achievement and Performance SlgnifKaTh¢ highligh events nd developmets ofnote in th¢ ye4r iTr¢lvde the fol]owint- li should be mentioned all are&s ned below, received relief payments for hardship. l. West Africa District.. We conrinue to support the work in Nigeria, Ghan& Liberiaand Kenya comprising 28 chur¢h¢s. Nigeria was ihe fjrst African county to be ewangelised by the Churche5 of God in 1920 and has continued togrow numerically and SpirittllY over 100 years since then. Th¢re are four full time MBS working in this Distria along with several gospel workers supported financially by the harity- 2. South 5t Cemtral Africa District (SECA): Thi5 di51rict which comprises Malawi. Mozambique, Zimbabwe and Tanzania is an area which has seen go(xl growth in the nUMr of churches and ¢(panIeS Wlth believers being added to these churches. This disirici has over 40 thuTches'cornpanies. The counthes in this dIn¢t frequently 5ufferfrorn famin4 damage tocrops and severe flxIIng. 3. lThdi= Christianity is a minority faith in India and ihai brings many challenge5 lo the brothers and sisters there making up 18 churches. There is now one indigenous fvll lime MB 5UPEKlrt¢d by the charity and a number of go5[ workers SUprted financially. For several months of the year they are joined by full time MBS from the UK and cad 4. Myanm&r'. There are 5 thurches in Myanmar. 5. Philipplne5'. This i5 an esthblished wot consisting of14 ¢hur¢hes in the souih of the country with one local full time MB and regular SLtpport of fvll time MBS from the UK and Canad& There 15 a slrong emphasis on oospel ouireach which has resulied susiained growih over recent year5. 6. All the chUh¢S in thu¢ are&8 are a tesiimony io ihe ¢omrnandmeDt 'Love Gt loveyour neighboiir.. UK Divisional Cornmittces conErol Outreac relief and FKoperty programmes which lasi year involved expenditure of £623k12022 £496k), an increase of approximately 25•/•. These sums ¢on5iSted of increased missionary visits from the UK, radio broadcasiing. literature trdnslation and disrribuiion. fighting poverty and disease, hall building repairs'renovation. caTe for orlan children and supp)rting children's education. The main cost burdens, were general and cyclone relief. church building costs and the operation of the Malawi mobile clinic. 7. UK: The Fellowship Mailing Centre has mainthined a steady ouiflow of liteTrture worldwide. Performanees of the mJor funds: 8. Fellowship Relitl: Incorne received was £457.116 (which includes an 8¢¢rual of £162.861) excluding the accrual this is £294k, which is an In¢a$¢ of £50k over 2022. Overall relief cosrs were £280.5k which is an apwOxime reduaion of £IOk frorn 2022. 9. Fellowship Outreach: Income received was £208k (which include5 an crual of£162.861) which would be a de¢rea5e of £44k from the previous year. Expendiiure decreased fr(n £15 Ik in 2022 10 £13 Ik in 2023. l(l. Far East & Africa Property: Income received in 2023 was £127k. which included a bequesi of £120L 2022 was £8k. Costs increased to £21 Ik up from £55k in 2022. The incr in cOS related to land purchases. hall builds and property mainienance.
Churches of God Central Gifts Fund Trustees, Annual Reportfor ihe Year Ended 31 December 2023 Main observations: Overall as noted ab)ve, Relief inciJm¢ r05e, with a 51ighi ruluction An expenditure. Ouireach income reduced as did expendirure. Far East & Africa Property Costs where high due mainly to laThi purchase5 and hall builds, excluding the £120k Iwuest, income was on par with 2022. In rnany ways the charity has been blessed by the continued financial support whi¢h is unwavering, and the income stream is basically unaffected. Some charities have sttn iheii income decrease, but ihe chariry continues to have the fmartcial 5UPPOrt to meet on-going need& through regulor giving. bequests and (Sadly) the sale of church halls irt ihe UK. Af hitvebnents Objettives The objectives in the short term are being rnei from the charity's income. however in ihe longer terni. the aim is io help the al pIe in the developing world to ttcome more 5elf-5uffi¢i¢nl. Investment Performance There was considerdble volatility in the markets in 2022 andoverall, the charities investments were down from £948,589 at the end of 2022 to £864.357. an unrealised loss of £84232 (- If/•}. In 2023 the markets stsbilised, and the chwities investrnents increased from £864J57 kn £946,605 an unrealised gain of £82,199 (9.50kn). Other Matters Dismlssal of Mlawi Project Supervisor. The court action raised in 2017 15 siill noi resolved. A hearing was arranged in 2019. but the complainant did not appear. No fiutheraction was seen in 2023. We will continue to defend the charges mad¢ against us. S#leguardlNg We now have a comprehensive Safeguarding policy irt place which covers the Ceniral Gifts Comrnill¢¢ ond all sub committees and sub groups. The majority of Tru5ttts have completed on-line training. Plxns for Future Periods The ¢harity'$ plan5 for 2023 focus on the followirtg areas: Malwi Relier: The roll out of Pemiaculiure (including IrJiningl to the rural areas where we have churches will continue. This will be accompanied, where required by the construction of further boreholes for the provision of clean drinking water well as iThigation purposes. Relief- GeAer*l- The Charity has sufflcient funds and 15 Committ to provide for relief requirement5 going fonvard. Property- Genernl: The ongoing purchase of land and building new hall& where r¢quire(L will continue. Myanmar: The Hydroelectric Power Plani Project w&$ completed in 2023 despite ihe ongoing ditYKultie5. Outrtaeh: The visits of Ministering Brethren to various ntrIeS has now nornialised due to ihe lifting of Covid restricrions. and (¥Jtrea¢h ¢osts rose in 2023 mainly due to the increased cost of flighis. It is aniicipaied ihai costs for 2024 will be similar 2023. In general terms, Lncome improved year overyear in 2023. scio On ihe 28 of February 2023 the Office of the Scottish Charity Regulator (OSCR) approved ihe charity's application to become a Scottish Charitsble Incorprdted Organisation {SCIOI with a registered number SC052363. This will change charity statu5 from UnincorF4)rate io Incorporated and provides a numberofbenefiis io the charity and Trustees. Once the SCIO bank account has finalised there will te quiie a number of tasks to migrate from the Tr1 to ¢h¢ scio.
Churches of God Central Gifts Fund Trustees, Annual Reportfor ihe Year Ended 31 December 2023 Gener81 With ihe increasing number of converts to the Chrimian faith where ih¢ Charity operates. there is a growing demand for more churches lo be established. This will require funding for land. buildings. relief. education. ouireach and visits, all impacting on the charity's resources. Fimn¢ial Review PrlMcip¢TI EIlding Sothrtys The chaTity's principal source of funding 15 th)nations ChheS of God. Districts. individuals, bequests and hall sales. Vlhere ihere is a defined tditIOn applying lo the use of fvnd5, such funds are classified a5 Resiricted Funds and distributed as soon as is praaicable in accordance with the donors. Wishes. Gifts which have no attxhing condiiions are regarded 85 Unrestrided Furtds and utilised by the Trustees as and when circumstances dicme. ResMltsfor¢heyear As per the Statement of Financial Aciivhties. the charity reported Net Inc(ne (i.e. a SuTplus) and N Movement of Funds for the year of £371233 (2022 £426,970) whi¢h included a gain of £82k investment& (2022 a loss of £84k). Ai the Balance Shth date, totsl reserves amounted to £2,704,670 of which £980.548 (36.25•/.) related to Resiricied Funds. Reserves policy In relation to Unrestricied Funds the Trustees. wjlicy is io lease gifts a5 needs arise based on the amount of gift income received in the ac¢ounting year. Any build-up of Unre5tri¢ted Funds enables the Trustees to respond to emergency ne£ds. if required. As indicawl in Noie IS on page 23. the charity'5 Unresiricied Funds (excluding property Fixed Assets) ai J I tkcemb¢r 2023 amounted to £1.672.352 of which £946.605 wa5 invested in unit trusts payable on demand_ Although the ratio of Investments to the overall balance of Unrestrictive Funds is high the Trustees would rekase Unffstricred Funds within Investments if they feli thai sizeable or emeTg¢ncy need5 should be met. In relation to Re51ricted Fund& the Trumees, tKJlic)' is also to release gifts as nttds arise. A5 indicated in Note 18 on page 24. the charity's ReMrici¢d Funds &% at 31 December 2023 arnwnied to £980,548 which represented an incrwe of £235k on the balance at 31 December 2022. The Tnjsiees conlinue to ensure there is a robust system in relatiott to the control and monitoring of overseas expendiiure. In ¢onjunclion with ihe appointment ofa Recontiliation Officer (2019) we adopted Ihe use of dropbox a5 a storage facility within which third party documen(ation for oversea5 expenditu is filed and retrieved for internal and audit purpose5. The work of the Reconciliaiion off¢r is onerous as ihe Charity requires documentation from many countries worldwide. The charity operates in some ofthe rest and mosi underdeveloped wuntries in the world. e.g. Malawi. Myanmar and Liberi4 which i5 a challenge in iemis of technology and the gkthering of supporting paperwi)rk. The Trnsttt5 are comrnitted io g(K¥J stewardship and accountability of which the charity's generous donors must be wured at all limes. lrtvestmtnt Policy Under the Trust Deed. the Tntstees hawe powers to accumulate funds and invesi funds at theirdiscretion. The Trusie¢s adopt a low to medium risk inveslmentstrdtegy aimed ai generating both incom¢ and ¢apital growth in the medium io long temi. The Trustees have apN)inied Si James's Place Wealth Management and CCLA as Investmeni Managers. A review of the charity's invesiments and perforn)an¢¢ was undertaken in 2023. Grnnt Making Policy Pericbjscally. fund5 disbursed to full time MBS and MBS widows. li should be noted th David W0S is a MB and a Trus*e of the charity. and like all other Trust¢e5, Mr. Wo(th does n¢X receive any remuneration from the ¢h8rity but he may. like other MB5 rxeive fund5 from assemblies ihai are disbursed via th¢ ¢harity. Mr Woolts is never Forty lo dISc$s1On5 re8ardin8 allocation of funds to MBS.
Churches of God Central Gifts Fund Trust¢es' Annual Reportfor ihe Year Ended 3] December 2023 Grants are also made toward5 the c(M)StrU¢iion ond maintenance ofchurch buildings. In addition, various outreach and devolional events and other &ssocied ministries are supwrted. all ai the TDjeeS. discretion. Statement of Trustee5' Responsibllltles The TrllSte are resw)nsible for pr¢paring the Tru51ees' Rew and the financial stsiements in accordance with applicable law and United Kingdom Accouniing Standards (United Kingdom Generalty Accepted Accounting Praciice). The law applicable to charities in Englat]d and Wales, the Chariiies Act 2011 and in Scotland, the Charities and Trustee Investmeni (Scotlandl Act 25, the Charities A¢¢ounts (Scotland) Regulions 2006 (85 amended) and ihe provi5ion5 of the charity's Trusi Deed requires the Tntstees to prepare finaneial statements for each financial year which give a true and fair view of the charity's stale of affairs and of its incoming resources and applicalion of resources for that period In pwaring those financial statements, the TTUStees are required to.. seleci suitable accoun¢ing policies and then apply them conSiently. observe the methods aThJ principles in the Charities Sraiement of Rewmmended Practice; make judgments and estimates that are reasonable and wudenl; stale wherher applicable UK accounting standards have been followed subject to any material departures discI(d atKI explained in the financial statements. prepare the financial staiements on the going Cc¢M basis unless li is inappropriate to presume that the ¢harity will continue in optrdti(Nh. The Trustees are responsible for keeping rKoper acc1]ng records which disclose with reasonable accuracy ai any tim¢ the charity's financial position and to enable ihem io ¢nsure ihai ihe financial siatemenis comply with the Chartiies Act 2011, the Charities and Tntstee Inveslmeni (Scoiland) Acl 2005, the Charities Accounts (Scotland) RegUlatiS 2)6 (as amended) and the provisions of the charity's Trust Deed. They are also resFM)nsible lor safeguarding the assets of the charity and heno for tsking reasonable steps for ihe preventi1 and detrciion of fraud and oth¢r irregulariiies. The Trustees are reswn5ible for the maintenance and integrity of the fman¢i#l infom]ation included on Ihe charity's website. Legislation in the United Kingdom governing the preparntion and diss¢mination of financial statements may dilTer from legislatiw in other jurisdictions. Publ1¢ Benefit Statement The Trustees confirni that they have cornplted with their duty to have due regard to ihe guidance on publi¢ benefit published by ihe Chartty Commissi{ in exercising iheir werS and duties. AdItOrS A resolution woposing ihai Anderson Anderson & Brown Audit LLP be appoinied &$ 8udilors of the charity will be put to the Annual General Meeting. This report was apwoved by the Trustees on 30th October2(r24 and signed on their l*half by: G J Hunter Triisiee & Treasurer
Churches of God Central Gifts Fund Independent Auditor'$ Report to Ihe Trnstees of The Central Gifts Committee of the Churches of God Opirtlon We have audited the financial atern¢ts of The Central Gift5 Comminee of the Churches of God ('the Charity.) for the year ended 31 December 2023 which comprise the Siaiemeni of Finan¢ial Activities, the Balance Sheet, the Cash Flow Ststemeni and notes to the financial ststements, in¢ludin8 a summary of significant aceouniing policies. The financial reporting framework Ihat has be¢D applied their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting PraL¢e). including Financial Rep(Aiing Stsndard 102 The Financial Reponing Standard alICable in the UK and Republic of Ireland.. In our opinion the financial ststements= give a trne and fair view of the state of the charity's affairs a5 at 31 December 2023 and of its incoming resources and application of resources. for ihe year then ended. have been properly prepared in accordance with Uniied Kingdom Generally Accepted Accounting Praciice. including Financial Reporting Stsndard 102 The Financial Reporting Slandard applic&ble in th¢ UK and Republic of Ireland,; and have been prepared in accordan¢e with the requiremenis of the Charities Act 2011, the Chariiies and TNstee Investment (Scotland) A¢t 2CK15 and Regulati[ 8 of the Chariiies Ac¢owiis (Scotland) Regulation5 2006 (as amended). sis for optnion We conducted our audit in a¢cordance with Inlernational Stsndard5 on Auditing (UK) (ISAS (UK)) and applicable law. Our resrA)nsibilities under those stsndards are further described in the Auditors, responsibilities for the audit of the financial statements seciion of (yur rewrt- We are independent of (he chariry in accordance whth the ethical requirements that are relevant to our audit of the financial siatemenls irt the UK. including the FRC'S Eihical Si8Ddard. and we have fulfilled our other eihical re5p)nsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficieni and a)rOprIate io wjvide a basi5 for our opinion. conclusrts relating to goi ¢oneern In auditing ihe financial yatements. we have con¢luded that the iru51ees' Use of the going concern basis of accounting in the preparation of ihe financial statements is approwiate. Based on the work we have performed, we have not identified any material uncertointies relating io evenis or conditions that. individually or collectively. may st 5ignificani doubi on ihe charity's ability io Conlinue as a 80ing concem for a of ai least twelve monihs from when the financial statements are au¢horised for issue. r responsibilities and the responsibilities of the ineeS with respect io going concern are described in the relevani sectiODS of this report. Other InformAt The tTusle¢s are responsible f(Y the ther Inforn)lOn. The other inforniaiion comprises ihe inforniarion included in the Annual Repon. other than Ihe financial ststeents and our Rep)rt of the Independent Audilor5 thereon. Our Opini on the financial sthtements does not cover the other information and, except to the exteni otherwise explicitly ated in our r¢wJrt we th) not express any form of assurance conclusion thereon. ITh ¢onneciion with ouroudit of ihe financial Statemen our YesnsIbility is to read the other information and, in doing so, consider wheiher the other inforniaiion is materially inconsisient with the finaneial statemenis or our knowledge IAxain¢d in the audit or othenvise appears to be materially mi55tated. If we identify such material inconsistencie5 or apparent material misstaternents. we are required to detern)ine whdher there is a Tnaierial missratement in the financial st*ements or a maierial misslatement of the other inforniation. If. based on th¢ work we have perfonned, we conclude there is a maierial mi5Stat¢meni of this oiher inf(mation. we are required to rewt fact. We have nothing to report in this regard.
Churches of God Central Gifts Fund Independent Auditor's Report to the Trnstees of The Central Gifts Committee of the Churches of God Matters on wbith we ire required to report by exception We have nothing io report in resF¢ct of the following matters where the Charilie5 Accounts (sCland} Regulations 2006 (as amended) requiTes us to rep lo you if, in OUT 4Trinion'. the inforniation given in the Report of the Trustees is inconsistent in any material respect wilh the financial siaiemenis., or proper accounting records h&v¢ noi been kept" Ihe financial statements are not in agreement with the accounting record5 afMI returns" or we have not received all the inforniation and explanations we require for our audit. Responsibilities oftruslees As explained more fully in the Statement of Tru5tees' Responsibilities, the Inlee5 are responsible for the preparaiion of the financial statements which give a true and fair view. and for such iniemal conirol as the irusiees detemiine is necessary to enable the preparation of financial statements that are free frcrf material misststemenL whdher due io fraud oreTror. In preparing ihe financial suiements, the Mtt$ are resp(ffisible ftir assessing the chariry's ability to Continue as a going cOr]Ce disclosin8, as applicable. mallers rel&ed to going concern and using the going concem basis of acccmjniing unless ihe Itee5 either intend to liquidate the charity or to cease operations, or have no realistic aliernaiive bui to do so. Our responsibilities for the audlt of the fin*nei#l statements We have been appointed as auditor under section 44( IXC) of ihe Charities and Tn Investhient (Scotland) Act 2005 and under ihe Companies Act 2CM)6 and rewrt in accordance with the Acts aThJ relevant regulations made or having effed thereunder. Our objectives are to obtsin reasonable assurance aboui whether the financial sthiements as a whole ale free from maierial misstsiement. whdher due io fraud or error. and io issue an Auditor's Report that includes (r opinion. Reasonable assurnrtce is a high level of assurance. bui is not a guarantee that an audit conducted in accordance wilh ISAS (UK) will always delect a maierial miSslement when it exisis. Missiaiemenis can arise from fraud or error and are considered material if, individually or in the aggregate, Ihey could reasonably be eXpecd io influence the economic decisions of users tsken on the b&8is of these financial sthtemenis. Irregularities, including fraud. are instantts of non4ompliance with laws and gUlatiOnS. We design procedures in line wilh our r¢SnsibilItIeS outlined above. to detect material missraiements in respect of irregulariiie¥ including fraud. The extent io which our pmcedures are capable of de¢lIng irregularities. including fraud, is detailed below= We considered the OPTKthniiies and incentives th may ex1 within ihe charity for fraud and identified the streSt poteniial for fraud to be income recogniiion and Po1ng of unusual joumal entries. Audit procethjres perfornied io addyess ihese risks included.. Discussions with managemenL including consideration of known or Suspected inslances of non- compliance with laws and regulaiions and fraud. Testing of management's controls designed to prevent and det¢¢t iTregu]artlies,' Challenging &55UrnPtion5 and judseTneniS th by the mana8ernent in 115 Significant ac¢ounting eslimates: Ideniifying 8nd iesting journal entries" and Testing a sample of income transartions Io source documen¢ation.
Churches of God Central Gifts Fund Independent Auditor's Report to the Trustees of The Central Gifts Committee of the Churehes of God We obtained an understanding of ihe legal and regulatory frameworks within which ihe charity operaies. focusing on those laws and regulaiions thai have a direct effeci on the ddemiinaiion of material amounts and disclosures in ihe financial statemen(s. The laws and regulaiions we considered in this context were The Charities and Truste¢ Investment (sCland) Act 2(NJ5, together with the Charitie5 SORP (FRS 102) 2019. We as5¢$5d ¢he rwuwed ¢ompliance with these laws and regulatiOll5 as part of our audit procedures on the related fanCIal statemeni iiems. There are inhereni limithiions in ihe audit procedurE5 desCrild above and the further removed non- compliance with laws and regUllOnS 15 from the events and tfznsactions refiected in the financial siaiemenis. Ihe less likely we would becorne aware of it. Also, Ihc risk of not detecting a material misstatemeni due io fraud is higher ihan ihe risk of not detecting one fr(kn error, as fraud may involve deliberate concealment by. for example. ftygery ty intentional miswtyiion4 or through ¢ollusion. A further d¢5cription of our rtsponsibiliiies for ihe audii of the financial siaiements is located on the Financial Reporting Council's websiteal www.fr¢.owuklaudiiotsresponsibilities. This des¢ripii(m fomis part of our auditor's report. Use ofour report This fepon is made 501ely to the charitys tru¢¢5, 8$ a iKxly. in 8¢cord8no with Se¢tion 44(IX¢) of the Charities and Trustee Investment {Scotland) Act 21KJ5, section 144 of the Charities Act 2011 and regulation 10 of the Charities Accounts (Scotland) RegulatI(S 2(MJ6. Our audit work h&8 been undertaken so thai we mighi stale io the charity's irnsiees those matters we are required io sthie io them in an audiiors. report and for no other purpose. To the fullesi exteni pennilled by law, we (h) noi accept or assume responsibility io anyone other than the charity and the charitys tnwees as a body, for wr audil work. for ihis yel or for the opinions we have fornied. Anderson, Ander50n & Brown Audii LLP Siatuiory Auditors ChorieredAccountonis Eligible io olidi1 inierms ofSe¢iioft 1212 ofihe Companiaf Art 2006 81 George Street Edinburgh EH23ES io
Churches of God Central Gifts Fund Statement of Financial Activities For ihe Year Ended 31 D¢cember 2023 Unrestricted GeTreval De5igoted Fund FuDth Restricted Funds 2023 Total 2022 Tolal Note5 In¢ome from: Donations and legacies Charitable aciivilies Investments 414.408 1.242.679 6,240 1,662,087 7.140 10333 1,507,209 7.380 8,793 10.233 Total 425.541 1.248.919 1ffj79,46 1.523.382 Exp¢thdltur¢ on: Raising funds Charitable acliviti (9,794) (256.163) {9,794> {IWO.6321 (9.084) (1,003.288} (12.413) (1.112.056) To¢41 expenditure {265,957) (12.413) (1,112.056) {1 J90,426) (1.012.372} Ne¢ iThcomel{expenditure) before gains and105ses on Investments 159,584 (7.413) 136.863 289,034 511.010 Gains 8nd 10sse5 iThveslm¢nt 455¢ts Realised gains Unr¢alised110ssesygains Total gains on iThve5tmtn¢ a$ts 82.199 82,199 82.199 {84,041) Net incomel{expenditure) for the yer 241.783 (7.413) 136,863 371233 426,970 Transfers between fund5 19. <99,006) Net movemtrtt in fundx 142.777 {7,413) 235,869 371,233 426,970 Reconeiliation of lunds To¢al funds brought forward 1,529,575 59,183 744.679 2J33,437 1,906,467 Total futtds carrled forward 1.672J52 51,770 170{670 2,333,437 The Notes on pages 14 to 28 form an integral part of these financial smements.
Churches of God Central Gifts Fund Balance Sheet al 31 December 2023 Iyotes 2023 2022 Fixed Agsets Tangible Fixed Asxts 10. 51,770 59,183 Investments 946,605 B64,357 Current AsS¢ts Debtor5 12. 349,178 1,408.436 1.757,614 639.280 814852 Cash at Bank and in Hand .454.132 Llabllities: Amounts falling due within one year 13. Jyet CurreDt Assets 1,706295 1,409,897 Total Net Assets 2.704.670 2J33,437 The Funds of th¢ Ch*rity Uiiresiricled FMNds General De5innared Reslricled Funds .672,352 51.770 980,548 1.529,575 59.183 744,679 18. 2,704,670 2.333.437 The financial siatemenis were approved by th¢ Trumtts on behalf by 31Xh Oclober 2024 and siodied on their "L-Burgoy•e G J Hunter Trtssiee Treasurer Tr1151ee 12
Churches of God Central Gifts Fund Cash Flow Statement 2023 2022 Note5 Cash Flow Statement Reconeiliatiort of net ineomel(exptnditure) to cshflow frorn operating aeliviti¢s Net income per the Sthtement of Financial Activities Depreciation Interest and income from unit Disposal of tangible fixed asseis Decreasel IlncTease) in debto Increase in crediiors 289,033 12.413 (10233) 511.010 6.839 (8.793} 442 {623,941) 7.326 io. 12. 13. 290,103 7,084 Ntt cash inflowl (outllow) from 0rating attivbti¢s 107117 C$h Ilows from Inv¢$t1% a¢tfvltles: Interest and income from unit Irusts Purchase of tangible fixed assets Purchase of investments Proc¢¢ds from sale of inve5tmenL8 Net cash provided by inve5tiTrg *rtivities 10,233 (5.000) (9.843) 9.794 184 8.793 (31,774) (8,448) io. 22 Change in cash And cash equivaknts in the reportimg period 593.584 (129,462) Cash and cash equivalents at the beginThiAg ofthe repDrtiDg period 814.852 944.314 Cash and Cash equivalents at the end ofthe reportiog peri1 IA0&436 814.852 13
Churches of God Central Gifts Fund Notes to the Financial Statement$for ihe Year Ended 31 Deceniber 2023 l. Aeeoutttittg Poliei 1.1. ststutory Infornitlo The chheS of God Central Gifts Fund 15 a registered charity, No 299106, England and Wale5 and No. SC024963. Scotland. The principal addre55 15 135 Dundonald Roa4 Kilmarnock L4 I IUG. ia. B8515 of pr¢p•rntion #nd ssessth¢ttt ofgolng eontern The financial staternerjts are prepared under ihe hisiorical Cost convention with iiems recognised ai cost or transaction value unless othen¥ise stsied in ihe relevant Ncrtes 10 these financial staiements. The financial staiements have been prepared in accordance with ihe Statement of Recommended Practice.. Accouniing and Reporting by Chariiie5 PTeparing their ¥¢ounts in acwrdan¢e with the Financial Reporting Standard 102, the Charities Act 2011. th¢ Charitie5 and Trusttt Investment IS¢otland) Act 2005 and the Charities Accounts {Scoiland) Regulations 2(K16 (as amended). The principal accounting policies adopied in the preparnion of the financial slatements are se¢ out below. The financial statements are we5ented in UK Sterling and rounded to the nearest pourtd. The chariry meets the definiti of a public beneflt entity Ter FRS 102. In preparing these financial statements budgets have been examined and ihe fvnds of ihe charity reviewed. The trn5tees have a reasonable expectation th the charity has adequate resources io continue in opentional existence for ihe foreseeable future. They conrinue io believe the going concern basis of accouniing appropriaie in preparing the annual financial statements. There are no known, material uncertainiies regarding the Charirys abiliry to coniinue as a going concern. .3. Fvnd aecounting Funds are clLs5ified as either RLStricted or Uftrestriete¢l defined as folloivs: Restricted funds are funds subject to specific requiremenis as io their use which may be declared by Ihe donor or with their authorily or creaied thrjgh legal processes. but siill within the wider objecis of rhe charity. Unresrricted funds are expendable at the discrelion of the Trustees in fU¢rCe of the obje¢ts of the charity_ If parts of the UrtrIcked fund5 are earmarked the discrtlion of the Ttusiees fot a partlciilar purpose, they are designated as a separdte fund. This de5ignaiion h&8 an administraiive putpose only and does noi legally r¢5trirt the Trnste¢s' diretiOn io apply the fund. 1.4. Income recognitio All income is reco#nised once the charity has entitlement to the income, there 15 sufficienl certainty or receipi and so it is Fyobable that the income will be receive(L and the amount of incorne receivable can be measured reliably. Donations aThd Jeg&cie5 tknations are recognised when they have len communicated in writttig with notification of both the amount and settlement date. In the event that a donati(m is subject to conditions thai require a level of perfonnance before the charity is eniiiled io the funds. Ihe income is defeThed and noi recognised until either those conditii)ns are fvlly met, or ihe fuifilmeni of those condition5 is wholly within the control of the charity and li is probable thai ihose conditions will be lfIlled in the reponing period. Legacy gifts are recognised on a case by case b&sis following the grdnting of probate when the adm1nistrator.'execul for the estate has communiui¢d in writing both the amount and settlem¢nt date. In the event that the gift is in the forni of an &sset otherthan c&%h ora flnancial asset traded on a recognis¢d stock exchange, recognition is 5ubjecl to the value of the gift lg reliably measurable with a degree of rea50nabl¢ a¢¢UTa¢y and th¢ titlt io the having transfentd to ihe charity. 14
Churches of God Central Gifts Fund Notes to the Financial Statementsfor ihe Year Ended 31 December 2023 l. A¢¢ountln% Politks (¢omtirttd) Gift Ald Income tax recoverable on Gift Aid donation5 is recognised when the res&tIve dcffiation has been r¢cognL5td and the recoverable amount of income tax can be rne&sured reliably. this is nornially when the donor ha5 cwnpleted the relevaDt Gift Aid declaration form. Income recoverable on Gift Aid donation5 is allocated io the 5arne fvnd as the reSptIve donali(m unless specified by the donor. Charitable Ac¢ivili¢s Income from charithble activities includes income earned b(rth from the supply ofgoo& or services uThJer contractual aTfdngemenls and from wformance-related grants which have condiiions that specify the provision of particular g(KKts or services to be provided by thecharity. Income from charitable activiiies is recognised a5 earned (as the related go(Mls or services are provided). Illvestment ltteome Inieresi on funds held on deposii is included when receivable and the amount can be me&sur¢d r¢li#bly by the charity,. this is nornially upon notification of the Intr51 paid or payable by the Bank. 1.5. Eipethditure reco8rtitioL Liabilitics are recogni5ed &% expenditure as %M)n a5 there is a legal or constryctive obligation commitling the charity io that expenditure. it is prnbable th settlement will be required and the amount of the obligation can be me&8ured reliably. All expenditure is aeeounted for on an accruals b&%is. All expense5 including 5UPPOrt costs and governance costs are allocated or apwjrtioned to the applicable expendiwre headings. For mo infonnation on this Ottribution, ref¢r ¢0 Note 5.1 on Fwge 20. i5ing fund$ Expenditure on raising fvnds includes #ll expendire inth]Tred by a charity to rdi5e funds for its chariiable purp)se5. It includes the costs of all fundraising aclivities aNJ evenis logether with those cosis incurred in Seeking don*ion$. grants and legac1 and investment managemeni costs. Charitable a¢liviti¢s Expendilure on charilable a¢liYities include5 all cosls incurred by ihe chariry in undertaking actlvilies that further ils charitable aims for the benefii of irs beneficiarie& including ih05e supiffi costs and costs relating to the governance of the charity apportioned ro chariiable aciiviiies on a basis consistent with the use of re50urce5. The costs of charithble aciiviiies presented in the Siaiemeni of Financial Activities includes the c05t5 of both direci service provision and the payments of grant awards if applicable. Irrteoverabk VAT Iecoverable VA T 15 charged againsi the expenditure heading for which li was incutted. l.& Foreign curreney The charity accounts for foreign currency transactions ai the prevailing exchange rate on the date of the transaciion. Yvdr end balances are converted io Sterling at the prevailing exchange r#te at the Balance Sheet dale. 15
Churches of God Central Gifts Fund Notes to the Financial Statementsfor ihe Year Ended31 December 2023 l. ACCOUtIng Policies (continu¢d) .7. Accounting ¢re¥im¢nt of for¢lp projects The Fellowship Relief Fund Sup)n5 projects in several area& The Malawi Project is managed by the Fellowship Relief Commillee ("FRC") in the UK and administered locally. The project is controlled by FRC and the Iirdl bank balance is therefore treated a5 an assei of Churches of God Central Gifts Fund which is included ID Debtors In the financial statements. The Statement of Financial A¢tivities reports the ¥tual projeth expendi during the year. All oiher proj¢¢tssuppMedby FRC aretreated as ouiwith the control of FRC. The Stsiemenl of Financial Activities reports ihe Chu¢$ of Gtyj Central Gifts Fund's gift io each project during ihe year. .& T•xatlott Churrhes of fjj Central Gifts Fund is recognised as a chariry for the purph)ses of applicable thxation legislaiion and is iherefore noi subject to taxation on its charitabk activities. .9. Activity b*$ed reporting Incorne - the dlarity generates onty a small amouni of income from Charitable Activities (Note 3) undertaken, therefore an analyshs of Intome frffii Charitable Aciiviiies been undertaken. ExpenditUT¢- the ¢h&rity mainiains ddailed financial records. which allow all costs including support Costs to be alloeaied to charitable aciivities on a diteci basis. Governance co$ are allocated across each ctivity proportionallj to the direci spend on each activifj". See Noie 5.1. 1.10. Finameial IThstr•ments The charity only has financial as5et5 and financial liabilities of a kind ihai qualify &s basic financial instruments. Basic firwicial inslrnTnents are initially recognised ai ttansaction value and subsequently measured at their Settlement value with ihe excewion of bank loans which are subsequenily measured ai the ¢arryin8 value plus accrued inierest less repayments. 1.1 l. Flxed assets Prom". The Charity's proFwty wa5 i%qu¢athed in 2(X)3 and. in accordance with SORP FRS 102, ha5 been included in the financial stat¢m¢nts at the valuation a5 provided in the Confirmation of Executors. Deprecialion 15 charged on a sirdight line basis over 50 year5 at 2V• per annurn. All tangible &%sets costing in exces5 of£500 having a valuetothe tharity greattt than one year, otherthan those acquired for specific purposes, are capitalised. Depreeiatlort Depreciation is provided at the following rates caiculaied to write off ihe cosi kss residual value of each a55et over its expected useful life. as follows: Motor vehicles: Office equipmeni-. Straight line basis at 25Y• per annum. Straight line basis at 20Yo per annum. 1.12. Fixed A55et Inv¢slments Investtnent5 are a fomi of basic financial insmtmeni and are initially recognised * theirtransaciion value and subsequently measured ai their fairvalue as the Balance Sheet de using ihe closing quoied marker PTi¢¢. 16
Churches of God Central Gifts Fund Notes to the Financial Statementslor ihe Year Endedjl December 2023 l. A¢¢ountln% PolleKrf (¢onlinued) The Statement of FsnaTKial Adivitie5 includes the net gains and losses arising on revaluation artd disposal% throughout the yfdr. Realised gains and losses on inveslments are calculated as the difference beh¥een sales proceeds and their opening fair value or their purchase value if acquired subsequent to the fiTSt day of ihe financial year. Untealised gains and losses are calculated as the differenre Ertween the opening and closing fair values. 1.13. Debtors Trade and other debtor5 are recognised at the settlemeni amouni du¢ after any discount offered. Prepayments are valued at the amouni PTepaid after tsking account of any discounts due. 1.14. C#sh at Bank a#d in Halld Cash ai bank and cash in hand irtcludes eash and Short term highly liquid investments with a short maturity of three months leks from the date of acquisition or opening of the deposit or similar account. I.IS. Creditors and Provi%ions Creditor5 and provKsions are rec(wiised where the charity has a preseni obligation resulting frorn a pasl event thal will probably result in the transfer of funds to a ihird party and the amount due to Settle the obligation ¢8n be measured or timated reliably. Creditors and provisions are nornialty reco8ttised at their 5¢lllemeni amouni after allowing forany trade discounts due. 1.16. Judgements and estimates In preparing ihe financial staiements. the Trusitts are required io make esiimate$ and 85sumptions which affeci reported income. expenses. asser& and liabilities. Use of available infornaiion and application of judgement are inherent in the forniation of esiimaies. iogdher with pa experience and expectations of future events thai are believed io be reasonable under the circumstances. Actual results tn ihe future could differ from such estirnates. .17. iAsing Rentals payable under oating leases are ¢hary¢d agains¢ in¢ome a straight-line basis over ihe lease tem). 17
Churches of God Central Gifts Fund Note5 to the Financial Stgtementsfor ihe Year Eed3] Deceniber 2023 2. Donatloms and le%ties Unrestricted Genernl Designated Funds Restricted FwNds Totsl 2023 Totgl 2022 BeqUes1le8aCles Assembly Gifts District Funds Proceeds of hall sales Gift Aid donari(ms Incom¢ Tax on Gift Aid tkntions Donations (n¢m Gift Aid) Other Income 195.663 14,123 753,141 228.554 948,804 242.677 623,497 259,042 174. 174,000 230,742 56,187 9.618 281,673 254,281 63,031 25.685 230.742 25,624 4.618 30.564 58 1 662,087 ,507209 3. Charilabk Activities U#rtstricted G¢n¢rl DesigDted Fund Funds Restricted Funds Tot1 2023 To¢1 2022 Levies 6.240 7,140 7.380 7.14 7J80 Investments Unrestrie¢ed Genettl Design¢fd Fwnd Re5tritted Funds Totgl 2023 Tot¥1 2022 Interest received Income from unit trusts i32 9.901 332 9,901 287 ,506 10233 10233 &793 18
Churches of God Central Gifts Fund Notes to the Finaneial Statementsfor ihe Year Ended31 December 2023 Cost5 ofcharitable activitie5 U•r¢sirirteil Gemeral Duignated Fund Funds Restrieted Funds Total 2023 Tolal 2022 Gifts to Assemblles 189,112 208 274 Gift$ to Di5tri¢ts 181761 181.761 115,275 Reliefwork: General relief India- relief West Africa (excl CEF)- reli¢f CEF.- payments to West Africa Philippines- relief Malawi relief South Central Africa Myanmar- relief Malawi Project 23,031 23.031 10.655 9,000 48,863 35.1(M) 35,100 16,( 75.1 21,033 31.797 16,(IiKI 75,IOD 21.D33 32.026 27,orKJ 67,584 9.310 39,256 229 171 58 Total Relief e05ts Cifts for BulldiThg Projects. ReMov8tlDTrS nd Repglrs lrtdia- property West Afri¢a- property Philippine5- property Malawi- property Mozambique- property Myanmar. property 290.385 44.816 44110 16260 6,0(M) 7,700 18,780 4.560 1,0 91,8YJ 66,1 91,850 66.1 Total Bulldln% ¢osts 205 150 Outrearh Work: General QUIrch India, Myanrnar and tilippine5- outreach Africa- outreach Radio & Media- outreach Literdture 6,0(K) 65.292 45,136 16,462 4.385 71292 45,136 16.462 4J85 19.179 156454 32,531 61,195 38.922 9,937 9.299 151884 1.076 Tot¥1 Outr¢4rb costs Gifts to Ministering Brethrem (UK and overse#s): Ministering Brfhren: Gifts ¢0 Lord's Servants Africa MBS Far East MBS 149 378 202.779 60,1 202,779 60,160 65,817 60,160 274 383 138851 19
Churches of God Central Gifts Fund Note5 to the Financi21 Statementsfor the Year Ended3J December 2023 5. Costs of charitable funds (Continued) Umstrnted Gewral Ik$igDated R¢strict¢d Total 2(123 Total 2022 Other Admin Costs- Properry costs Conference Costs Leading breihren General Expenses Bank Charges Profil on disposal of fixed assets Ex¢hange gain DepTlation 10.750 10.750 1&204 900 5,176 6,478 7,768 1,810 (1,979) (4,876) 18204 9.587 1.755 285 442 9,872 2,197 (3,138) (3,138) Total Admin costs 22.092 12.413 Governance Costs: Audit fees {Noie 8) Professional fees TTU5t¢¢5' eXnseS 17,520 14,540 446 17,520 14.5411 446 18,450 1.785 810 Total Governanee costs 80.632 5.1. Allocation to ¢haritable getivlty Dirrfl charil8bl¢ I Cosls Governanee eosts Adrnin Total 2023 Total 2022 Activity Gifts to Assemblies Gifis to Di51rict5 Relief Work Building Projects, Renovatioths and Repairs Outreach Work Gifts to Lords Servants (UK and oversea5) 189,112 181.761 290.968 205.150 156.454 274.383 38,826 4,738 4,552 8,399 5,138 2,807 6.872 232.676 186J13 308,642 210388 161,458 281.255 231,148 117,802 298,712 56.673 157.058 141,895 9275 2.197 97 50298 Support costs ¢omprise the iiems 1]ed below the heading"Other Admin Costs" in Note 5. 20
Churches of God Central Gifts Fund Tr4otes to the Finaneial Sttementsfor ihe Year Ended31 December 2023 Fund$ Gen¢r41 Fund Duign•t¢d Funds Restricte41 Fund5 Toll 2023 Total 2022 Invesknent Managers, fee 9.794 9,084 Net eipthditure for the year 1023 2022 Iyet expenditure Is stated After ¢brgittg: Depreciation other amount5 written off tangible 155ets Auditotr5 remunernti Exchange gain 12.413 17,520 6,839 18,450 Audltor's remunerAtIo The auditorfs remunerniion c(wtituted 4n #udii fe¢ of £17.520 (2022.. £18,450) and professional fees totslling £15.258 (2022.. £2.450). Stff costs 2023 2022 Tothl employment costs (included in Ne 5 Malawi Pmje costs) There were no employees who received rnnllnerati of over £60.(KKI in the year. 19.124 Siaffnumbers Average full time equivalents 20 10. Tangible Fixed knets Heritsbk proptrty Motor Vehicle orrK Equlpmeni Total Cosl At l January 2023 Additions Ai 31 DecemErf 2023 32.527 54.2C 86,736 32.527 59.209 Depreclarfon At l January 2023 Charge for year At 31 De¢¢mE• 2023 7,808 651 8.459 19.745 27JS3 Ivd Vol*e At 31 Decernber 2023 At 31 December 2022 24.068 24.719 59.183 Heritsble property comwises a fiat at 48 Mid Siocknt RO Aberdeen. The woperty, which was bequeaih¢d io ihe ¢harity in 2003. has been inc(Wfdted into the charity's financial statements in accordance wilh the principle% outlined in the Charities SORP. In this c&se, the cost of the property is the value * the date of the beque. The ConfiTm41ion of Ex¢¢utor allocated a value of £32,527 10 the property 21
Churches of God Central Gifts Fund Notes to the Finaneial Slatementsfv ihe Year Ep*led 31 December 2023 Investme•ts 2023 2022 Market Value Murkei value at l Jonu4y 223 Additions Disposals Rcvaluation 864.357 9.843 {9.794) 82.199 949,033 8.448 {9.084) (84.040) Market value at 31 tkcember 2023 94(605 864J57 Historical Cosi at 31 December 2023 738.289 746,689 I 1.1 Ath#]ysAs of Investments 2023 2022 Markd vale 8t yeAr end Investments listed on a recognised Ock exchange or held in common investment fund& open ended investmeni companie& unit trusts or other colleciive investment scheme5. 946.605 864,357 Totsl 946,605 864J57 UK Equity Investhient Fixed Int¢resi Investments her Investmenls 25,384 121258 799.963 37.717 95.558 731.082 The charity's inveslments are held primarily for investmeni reNrn. 12. Debtors 2023 2022 Gift Aid Other debiors 23,455 325.723 349 178 13.537 625 743 639 22
Churches of God Central Gifts Fund Notes to the Financial Statementsfor ihe Year Ended 31 December 2023 IJ. Liabllltles: Amounts falling due within one year 2023 2022 (hher crediicrs Acrrued expenses Malawi Project Curreni Account 1.260 37.212 12.847 995 32,182 11,058 si 44.235 14. iThAneial Instruments 2023 2022 Carrylng amount or rinaneil assets Fin¥n¢i#l #Wis me&sur¢d at amorti5¢d c05t Financial assets measured at fair value 1,757,614 946,605 1,454,132 779,680 Crrying or rinaneial liabililies Measured ai amortised ¢osi 51,319 44,235 IS Anly$is of Net Assrts kneeD Funds Unrestrici¢d Rtttrl¢t¢d 2023 Total Funds F•nd Fund Funds Fund balances at 31 Dettmbcr 2023 &$ repseIe by.. Tangibl¢ Fixed Assd5 Investments Current As5els Current Liabilities 51.770 51,770 946.fAI5 ,757.614 (51J19 946,(A)5 795.947 [70.2j) 961.667 18.881 Net AsJ¢ts ,672J52 51.770 2,71M,670 Unre5tric¢¢d 16. Funds Investment giMsl(losses) J8n'23 In¢omt Exptnditu Tr*nsfers 31 Def '23 General Fund 1.529.575 425.541 65.957) 82.199 {99,) 1.672J52 lJ29375 26S95 99.(K16 23
Churches of God Central Gifts Fund Notes to the Financial Statementsfor ihe Year Eled3] December 2023 Purposes of UDr¢slri¢ted Fund5 General Fund.. This Fund represents gifts and other inc(xne rtteived for ihe objects of the ctwiry witlM)Ut further sp¢cifi¢d purpose 17. Designa¢fd Funds {Unreslricted) l J4'23 Expenditure Translers 31 Dec'23 DEsi8naied Assets Fund 59,183 (12.413) 51,770 59.183 12,413 51.770 Purposes of Designated Funds Designated Awt$ FuDd: This Fund rqjrtsents the net I value of the charity's fixed assets. 18. Restricted Funds l JaN'23 Jlleome ExpendItre TrThsfers 31 Dee '23 Ceniral Gifts Fund Lords Servants and Widows Fund Fellowship Relief Fund Relief Fellowship Relief Fund- Philippines Fellowship Relief Fund- Malawi Fellowship Relief Fund- Myanmar Felloii'ship Relief Fund- CEF Fellowship Outreach Fund Far Easr and Africa Property (FEAP} Fund Conference of Overseers. Fund Africa Minisierin8 Brethren's Fund Far Easi Mini#ering Br#hM's Futhl 88,884 7.750 175,085 329,178 57.857 404,r28 1.5(Kl 36.172 (371,985) (24.021) (66.948) (16,IMM)) (154.665) (31,797) (11,09?) (130,704) 1211.655) (18,301) (60,160) (14,728) 46,077 41.586 351,699 (161,166) 14.500 118.493 20.642 7.531 3,561 208,474 127,546 6.420 47,514 14,814 454.109 531,879 84.109 1251 12,646 9.630 9.221 9,307 1 112056 CeDlr41 Gifts Fund: I I l To receive donations which. iogether with Gift Aid. are paid to the notified beneficiaries. {2) To Teceive bequests which are distributed ac¢ordin8 io ihe iernis of the last will and testament. (3) To make grants to other fvnds held by Churche5 of God. MinisttriTrg Brethren *Thd Wldows Fund: To provide relief io Ministering Brethren or iheir widows where there is a perceived need. Fellowship Relief Fund (RelieD: To rettive Ik)natii)n5 whKh. together with Gift Aid where appropriate, provide for relief at the discretion of Tnjstees. Fellowship Relief Fuvd (Philipplnes): To receive donations which, together with Gift Aid where approwiat< provide for relief to the Philippines. 24
Churches of God Central Gifts Fund Note5 to the Financial Statementsfor ihe Year Ernledjj December 2023 18. Restrkted FThd5 {ContiThued) Purposes of Restricted Funds (Contimued) Far East and Afries Property Fud: To receive donations which. together with Gift Aid where appropriaie. Èwovide funding f new church buildings and upgrading of existing ehurehes in the Far East and Afric ConfereD¢e of OveTsttrs' FuDd.. To receive levies from districts of Churches of God to provide funds for the Conference of Churche5 of Gixl held every eighteen montlLS and to meet reled expenses. Afriea Ministering Brethren's FuDd.' To receive donations which wovide remunerdtion for certain full time Lord's servanis working in Africa. Far East mI1$ter1E Brtthrell's Fund: To re¢eive don¥ti(Nts whi¢h provide muneratIon for fijll lime Lord's servanis working in Myanmar and the Philippines. Fellowshlp Rellef Fund (Malwl): To re¢¢iwe donations whi¢h. iogether with Gift Aid where approwiate, provide for relief to Malawi. Fellowshlp Relltf Fund (Mynmr): To re¢eive don¥¢ions which. togh¢T with Gift Aid where appropriaie, provide for relief io Myanmar. F¢llow5hip Relief Fund (CEF): To receive donations which. iogeiher with Gift Aid where appropriate, provide for primary and secondary education in Nigeria under the banner of CEF (Comm(mwealth Education Fund). Felltswshlp Outre*eh Fllmd: To re¢eiv¢ d(mations whith fimd outreath Jmong Churches of God worldwide. 25
Churches of God Central Gifts Fund Notes to the Financial Statement5for ihe Year Ended 31 Deceniber 2023 19. Tr4nsf¢rs VDr¢lvIC1 R¢sLrScMd Rdtrlcte Afvbr4 Fknsh4> Fth5p Rdtrf Fnd F• aAf Pr•p¢rty Fw F•nd Fu•d Fnd CEF U.L09 ?J)I TovJwerFuJdrfj<s To¢o*et Fupd 20. Operating lease Commitmen¢ At 31 December 2023, the charity had the following financial commilments (Jfter Considerntth of cancellation tern)s) on service contrdcts.. 2023 2022 Expiry date.. Within l year 26
Churches of God Central Gifts Fund Notes to the Financial Statementsfor ik Year Ernled 31 Dettmber 2023 21. Transaetions with Truslees No Trustee received remuneNion from the ch¥ity12022- £nil). During the year two (2022 - five) Tru5tee5 were reimbursed expenses iotalling £2.931 (2022 - £3,016). the nature of which were related to their duties as Ttee5 of the charity. In particular these expenses related to." 2022 Me¢¢ing expenses her expenses 2.876 55 2,695 321 2,931 At ihe year end £nil w&$ pftyable to the Trnsttts for expenses (2022- £nil). 22. Rellted P•rty Transact¥J115 During the year, the Tru5ttts gave donations of £16.101 (2022: £10.320) io ihe charity. Trustees. rnlationships with churehes of God were Ls follows: Chris Sutron is a Trllee ofthe prnperty of The Church of G¢MI in wi. Alex Brown is a Truslee of the propenie5 of The Thurch of Gtyj in Wishaw and The Chur¢h of God in Kirkintilloch (Scottish Charity No. SC047208). David King is a Trnsiee of the property of The ChuTEh of G1 Tn Manchester. Leonard Burgoyne is & Trusttt of the proF*rty of The Church of God in Ayr (Scottish Charity No. SC047484). He 15 also a Trnstee of The Church of God in KIlMn0¢k SCIO (Scottish Charity No. SC047208). During the year. the charity received gifts from ihe undernoted Assemblies wsth which ihe charity's Trustees were associaied.- Trnstee t£onard BurgoyDe Fergus Reilly Leonard Burgoyne Alex Brown David KinDavId Wiyyts Grneme Hunlerlchris Sutton Alex Brown Ayr SCIO Barrhead Kilmarno¢k SCIO Kirkintilloch SCIO Manchesi¢r Wigan Wishaw 1.750 1.743 2,800 11290 9.800 1.670 30.053 27
Churches of God Central Gifts Fund Notes to the Financial Statem¢nt$fvr Year Ended31 Deceniber 2023 23. StattmeNt of FiTbxnciil Activitie5 for tht yr 31 D¢twb¢r 2fj22 Uttresirictsd GeDtral Designated Futyd F¥nds Restricted Fllnds 2022 Total Income from: Donations and legacies Charitable aclivities Inv¢slments 807,314 699.895 7,380 I 007,209 7J80 8.793 .793 Total intome 816.107 707275 1.523.382 Expenditure on: Raising funds Charitable adivities (9.084) {176.901) {9,084) (1,003288) (&839) (819.548) Toial expenditure {185,985) (6,839) (819,548) (1.012J72) Net ineomellexpenditure) before pins and losses on imvestments 630.122 (6.839) (112,273) si I,oio Galns nd losses on investmenl assets Realised gains Unrealised gains Total gains on investment 43sel$ 84.040 (84.040) (84,040) Net incornel(expendltur¢) for th¢ year 546,082 (6,839) (112,273) 420,970 Trnnsftrs between funds (55,482) 31.331 24.151 Net Movement in Fumds 4.6[1 24.492 (88,122) 42&970 Reconcili8tioTh of fund$ Total funds iyoughi forward 1.038.975 34,691 832,801 ,906,467 Total funds crrled forward 1329,575 S9,183 744,679 2J33,437 Under Charities Statement of Recommended Praciice (FRS 102}. comparJiiv¢s for each ¢la55 of fund5 are required for ea¢h line on the Statelneni of Financial Aciiviiies (SOFA). The no above illuslrates the SOFA for th¢ y¢ar to 31 Decernber 2022. 28