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2024-12-31-accounts

Churches of God Central Gifts Fund Report and Financial Statements For the Year Ended 31 December 2024

Charity No. 299106 (England and Wales) Charity No. SC024963 (Scotland)

Churches of God Central Gifts Fund

Trustees’ Annual Report for the Year Ended 31 December 2024

Page
Trustees’ Annual Report 1-11
Independent Auditor’s Report to the Trustees of The Central 12-14
Gifts Committee of the Churches of God
Statement of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the Financial Statements 18-32

Churches of God Central Gifts Fund

Trustees’ Annual Report for the Year Ended 31 December 2024

The Trustees are pleased to present their report together with the financial statement of the Churches of God Central Gifts Fund for the year ended 31 December 2024. The charity's registered name is The Central Gifts Committee of the Churches of God; however, the charity is referred to throughout the financial statements under the operating name of Churches of God Central Gifts Fund.

Reference and Administrative Information

Charity Name: The Central Gifts Committee of the Churches of God Charity Registration Number: No. 299106 (England and Wales) No. SC024963 Chairman: Registered Address: (Scotland) Website: Steve Seddon 135 Dundonald Road, Kilmarnock KAI IUG www.churchesofgod.info https://sites.google.com/view/churches-of-god-centralgifts

Trustees

All Trustees, listed below, served for the full year and since the year end to date unless indicated otherwise.

Alex Brown (resigned 12.09.2024)
E Len Burgoyne (resigned with effect from 31.12.2024)
Graeme J Hunter
David M King
Fergus J Reilly
David Woods
Chris N Sutton
Steve Seddon (appointed 22.07.2024)
Secretary C N Sutton
Treasurer G J Hunter
Auditors AAB Audit & Accountancy Limited
Accountants and Business Advisers
81 George Street
Edinburgh
EH2 3ES
Principal Bankers Bank of Scotland
153 Portobello High Street
Edinburgh
EHl5 1AG
Investment Managers St James's Place CCLA
Wealth Management One Angel Lane
1-2 Tetbury Road London
Cirencester EC4R3AB
Gloucestershire
GL7 1FP
Solicitors Scotland England
Lindsays Bates Wells
19A Canning St 10 Queen Street Place
Edinburgh
EH3 8HE		 London
EC4R 1BE

1

Churches of God Central Gifts Fund

Trustees’ Annual Report for the Year Ended 31 December 2024

Structure, Governance and Management

Governing Document

The Central Gifts Committee of the Churches of God ("the charity") was established by way of and is governed by its Trust Deed. The original Trust Deed, dated 2 September 1960, is subject to extension on various dates, most noticeably on 3 September 1987 and 17 April 2010. The charity is a registered charity, No 299106, England and Wales and No. SC024963, Scotland.

Appointment of Trustees

Trustees are elected at the Conference of Overseers of the Churches of God while any changes to the Trustees are also approved at the Conference. There is no fixed term for Trusteeship. The appointment procedure and induction process ensure that the charity comprises Trustees who have appropriate qualifications, areas of expertise and experience and who are clear about their role. As part of their induction programme, new Trustees are required to understand their statutory responsibilities and undertake safeguarding training.

Organisational structure

The administration and allocation of funds is managed by the Trustees who meet from time to time. Divisional Committees are in place for each fund and report to the Trustees. Funds management rests with the Investment sub-committee which includes the Treasurer.

Key Management Personnel

Given their involvement as outlined above, the Trustees consider themselves as the charity's key management personnel, in charge of directing and controlling the charity. All Trustees give their time freely. Details of Trustees' expenses and related party transactions are outlined in Notes 21 and 22 to the financial statements.

Volunteers

Volunteering does not make a significant contribution to the charity's activities. Trustees of Central Gifts and the members of the various committees are all volunteers.

2

Churches of God Central Gifts Fund

Trustees’ Annual Report for the Year Ended 31 December 2024

Risk management

The Trustees have identified and considered 39 separate risks to which the charity may be exposed and have established systems to enable those risks to be mitigated. The four main risks identified where the likelihood is high and the impact would also be high are:

o The rapidly changing demographics of the Fellowship indicate growing needs but shrinking financial resources given that legacies and hall sales at historical levels cannot be relied upon to continue over the longer term.

There has been tremendous blessing in the expansion of the testimony of Churches of God over the past 100 years. In the past 12 years the number of churches has increased by 44, despite the closure of 16 churches in the UK. The chart below indicates, the area of growth are in countries of the world that are financially less prosperous than the countries in which the Churches of God were first established. The ageing and declining number of people in western churches is affecting regular donations to the charity. The cessation of foreign aid by the USA and refocusing of aid resources in the UK, EU & Canada will significantly impact those living in the countries served by the charity.

3

Churches of God Central Gifts Fund

Trustees’ Annual Report for the Year Ended 31 December 2024

Objectives and Activities

The Purpose of the Charity

The Churches of God is a worldwide fellowship of churches established in the United Kingdom, Europe, North America, Australia, India, South East Asia and Africa with the purpose of spreading the gospel and the teachings of the Lord Jesus Christ, the provision of education and relief to the needy.

Fulfilling our Legal Purpose/Strategies

With missionary support and radio outreach, the charity is endeavouring to meet the spiritual needs of people wherever it operates. Funding humanitarian relief provides the means of alleviating poverty and sickness while working within the limits of resources to meet a growing demand.

Assessing Success

Within the organisation, regular feedback is received and acted upon from those working in the field. There are various divisions with supporting committees that closely monitor the charity's activities providing quarterly reports to the Trustees.

4

Churches of God Central Gifts Fund

Trustees’ Annual Report for the Year Ended 31 December 2024

Sources of Income

There has been a 4% year on year decline in regular income (excludes legacies and hall sales). ‘Extraordinary’ gifts and hall sales have tended to mask declining regular income.

Expenditure

The charities expenditure, excluding operating costs, falls into four main areas as shown in the chart below.

The following chart shows the expenditure on outreach by country.

5

Churches of God Central Gifts Fund

Trustees’ Annual Report for the Year Ended 31 December 2024

During 2024 three new churches were planted in Malawi, Mozambique and India. With a further new church already planted in 2025 so far in Malawi. Two churches in the UK have closed in 2024.

6

Churches of God Central Gifts Fund

Trustees’ Annual Report for the Year Ended 31 December 2024

The Stewardship Dilemma

As a Christian charity we rely on the promise of Philippians 4:19 “…my God will supply every need of yours according to his riches in glory in Christ Jesus ”. That’s a statement of fact. However, we are also tasked with being a wise steward of God’s resources. We continue to pray for wisdom so that we’re able to trust the promise while planning to the right level of detail. The planning includes forecasting based on assumptions that are reasonable at the time of compilation. The current forecast assume continuation of income and expenditure at the same rate as the average for the last 5 years. The net £2.2m of accessible reserves at the end of 2024 will temporarily bridge the growing gap between income and expenditure. However, at the current rate those funds would be exhausted by 2029.

The extraordinary generosity of individual donors is testament to working of God in the lives of those who support the charity and those that the charity supports.

Global outlook

Operational Committees control outreach, relief and property programmes which last year involved expenditure of £633k These sums consisted of the maintenance of local gospel workers, radio broadcasting, literature translation and distribution, fighting poverty and disease, hall repairs/renovation, care for orphan children and supporting children's education. Significant highlights, events and developments of note in the year include the following:

• West Africa:

We continue to support the work in Nigeria, Ghana, Liberia comprising 26 churches (around 800 saints). Nigeria was the first African country to be evangelised by the Churches of God in 1920 and has continued to grow numerically and spiritually over 100 years since then. There are four full time MBs working in this District along with several gospel workers supported financially by the charity.

This district comprises 41 churches (around 2,800 saints) across Malawi, Mozambique, Zimbabwe, Kenya and Tanzania is an area which has seen good growth in the number of churches and companies with saints being added to these churches.

The countries in this district frequently suffer from severe flooding and damage to crops. There is now one indigenous full time MB supported by the charity and also gospel workers supported financially. There are regular pastoral visits from the UK.

Christianity is a minority faith in India and that brings many challenges to the brothers and sisters there making up 20 churches (around 900 saints). There is now one indigenous full time MB supported by the charity and several gospel workers supported financially. For several months of the year, they are joined by full time MBs from the UK and Canada.

There are five churches, comprising about 400 saints across 3 regions (Yangon, Chin State and Sagaing State). Christianity here is also a minority faith. The Chin and Sagaing regions are remote, and communications can be very difficult. They are supported by two indigenous full time MBs. Since 2021, more than 600,000 people have been displaced across Myanmar due to the civil war post-coup, with more than three million people in dire need of humanitarian assistance. The present circumstances prevent any pastoral visits from the UK.

• Philippines:

Comprising 14 churches (around 450 saints) in the south of the country with one local full time MB and regular support of full time MBs from the UK and Canada. There is a strong emphasis on reaching out which has resulted in sustained growth over recent years.

• North America:

There are 9 churches across Canada, USA & Jamaica. There are two MBs in Canada, not directly supported by the charity and two gospel workers in the USA who are supported locally.

• Australia: There are two churches in this vast continent. Some of the saints are resident in New Zealand, the church here ceased in 2007.

7

Churches of God Central Gifts Fund

Trustees’ Annual Report for the Year Ended 31 December 2024

Performances of the major funds:

Overall relief costs decreased from £291k in 2023 to £268k in 2024. Most of the expenditure was for general relief, however there were exceptions … £8,500 for the Philippines, £5,000 for Mozambique for famine relief and £5,000 for Nigeria flood relief.

• Fellowship Outreach: Income received was £52.6k, which is an increase of £14k from the previous year, excluding an accrual of £163k in 2023. Expenditure increased from £156k in 2023 to £163k in 2024.

Income received in 2024 was £6.7k , which is consistent to 2023 (£7k). Costs decreased slightly from £205k (2023) to £201k in 2024.

Investment Performance

Under the Trust Deed, the Trustees have powers to accumulate funds and invest funds at their discretion. The Trustees adopt a low to medium risk investment strategy aimed at generating both income and capital growth in the medium to long term. The Trustees have appointed St James's Place Wealth Management and CCLA as Investment Managers.

In 2024 there was an unrealised net gain of £74.9k (7.33%) including fixed income, this compares to £82.6k (8.73%) in 2023. The overall balance of investment as at the end of 2024 was £1,021.523.

Safeguarding

We now have a comprehensive Safeguarding policy in place which covers the Central Gifts Committee and all sub committees and sub groups. The International Safeguarding Advisory Group (ISAG) was formed during 2023 which recognises the international nature of our safeguarding responsibilities.

Focus Areas for 2025Plans for Future Periods

8

Churches of God Central Gifts Fund

Trustees’ Annual Report for the Year Ended 31 December 2024

of the clinic in its present form, if necessary, consider alternatives approaches given the rapid expansion of our church community in Malawi.

We’ll need to pay attention to maintaining appropriate balance in relation to these causes ensuring we remain able to respond more broadly to emergencies as they arise.

Financial Review

Principal Funding Sources

The charity's principal source of funding is donations from Churches of God, Districts, individuals, bequests and hall sales. Where there is a defined condition applying to the use of funds, such funds are classified as Restricted Funds and distributed as soon as is practicable in accordance with the donors' wishes. Gifts which have no attaching conditions are regarded as Unrestricted Funds and utilised by the Trustees as and when circumstances dictate.

Results for the year

Per the Statement of Financial Activities on page 15, the charity reported a deficit and Net Movement in Funds for the year of -£497,259 (2023 a surplus of £426,970) the 2024 figure includes a gain on investments (realised and unrealised) of £74,911 (2023 gain of £82,637). At the Balance Sheet date, the charity's total reserves amounted to £2,207,411 of which £731,645 (33.14%) related to Restricted Funds.

Reserves policy

In relation to Unrestricted Funds, the Trustees' policy is to release gifts as needs arise based on the amount of gift income received in the accounting year. Any build-up of Unrestricted Funds enables the Trustees to respond to emergency needs, if required. As indicated in the Balance Sheet on page 16, the charity's Unrestricted Funds (excluding property Fixed Assets) at 31 December 2024 amounted to £1,475,765 of which £1,009,512 was invested in unit trusts payable on demand. Although the ratio of Investments to the overall balance of Unrestrictive Funds is high the Trustees would release Unrestricted Funds within Investments if they felt that sizeable or emergency needs should be met.

In relation to Restricted Funds, the Trustees' policy is also to release gifts as needs arise. As indicated on the Balance Sheet on page 16 the charity's Restricted Funds as at 31 December 2024 amounted to £731,645 which represented a decrease of £248,903 on the balance at 31 December 2023.

The Trustees continue to ensure there is a robust system in relation to the control and monitoring of overseas expenditure. In conjunction with the appointment of a Reconciliation Officer we adopted the use of dropbox as a storage facility within which third party documentation for overseas expenditure is filed and retrieved for internal and audit purposes. The work of the Reconciliation Officer is onerous as the Charity requires documentation from many countries worldwide, however we believe that the record retention and reconciliation has again improved in 2024.

9

Churches of God Central Gifts Fund

Trustees’ Annual Report for the Year Ended 31 December 2024

The charity operates in some of the poorest and most underdeveloped countries in the world, e.g. Malawi, Myanmar and Liberia, which is a challenge in terms of technology and the gathering of supporting paperwork. The Trustees are committed to good stewardship and accountability of which the charity's generous donors must be assured at all times.

Grant Making Policy

Periodically, funds are disbursed to full time MBs and MBs widows. It should be noted that David Woods is a MB and a Trustee of the charity, and, like all other Trustees, Mr. Woods does not receive any fee or salary from the charity, and does not take part in any discussions relative to the charity providing gifts to MB’s, but he may, like other MBs, receive funds from assemblies that are disbursed via the charity.

Grants are also made towards the construction and maintenance of church buildings. In addition, various outreach and devotional events and other associated ministries are supported, all at the Trustees' discretion.

Liberia Fraud/Misappropriation of Funds

It was brought to the attention of the Charity Trustees that there had been a misappropriation of funds in Liberia. Funds for Liberia are controlled by Nigerian brethren and sent to Liberia when needed. On a visit by an African MB it was discovered that funds sent (£1,030) for general relief, education and medical assistance had been transferred from the church account to an account held by certain elders of the church in Liberia. Despite the best efforts of the Nigerian brethren the funds could not be recovered. The two elders were excommunicated from the church.

10

Churches of God Central Gifts Fund

Trustees’ Annual Report for the Year Ended 31 December 2024

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

The law applicable to charities in England and Wales, the Charities Act 2011 and in Scotland, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's Trust Deed requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's state of affairs and of its incoming resources and application of resources for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the charity's financial position and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's Trust Deed. They 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 Trustees are responsible for the maintenance and integrity of the financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Public Benefit Statement

The Trustees confirm that they have complied with their duty to have due regard to the guidance public benefit published by the Charity Commission in exercising their powers and duties.

Auditors

A resolution proposing that, AAB Audit & Accountancy Limited, Accountants and Business Advisers, be appointed as auditors of the charity will be put to the Annual General Meeting.

This report was approved by the Trustees on 30 September 2025 and signed on their behalf by:

11

Churches of God Central Gifts Fund

Independent Auditor’s Report to the Trustees of The Central Gifts Committee of the Churches of God

Opinion

We have audited the financial statements of The Central Gifts Committee of the Churches of God (‘the Charity') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

12

Churches of God Central Gifts Fund

Independent Auditor’s Report to the Trustees of The Central Gifts Committee of the Churches of God

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud.

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

We considered the opportunities and incentives that may exist within the charity for fraud and identified the greatest potential for fraud to be income recognition and posting of unusual journal entries. Audit procedures performed to address these risks included:

13

Churches of God Central Gifts Fund

Independent Auditor’s Report to the Trustees of The Central Gifts Committee of the Churches of God

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were The Charities and Trustee Investment (Scotland) Act 2005, together with the Charities SORP (FRS 102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, section 144 of the Charities Act 2011 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

AAB Audit & Accountancy Limited Statutory Auditors Chartered Accountants

Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006

81 George Street Edinburgh EH2 3ES 30 September 2025

14

Churches of God Central Gifts Fund

Statement of Financial Activities For the Year Ended 31 December 2024

Unrestricted
General
Designated
Fund
Funds
Notes
£
£
Income from:
Donations and legacies
2.
14,072
-
Charitable activities
3.
-
-
Investments
4.
11,636
-
Total income
25,708
-
Expenditure on:
Raising funds
6.
(10,343)
-
Charitable activities
5.
(126,305)
(7,579)
Total expenditure
(136,648)
(7,579)
Net income/(expenditure) before gains and losses
on investments
(110,940)
(7,579)
Gains and losses on investment assets
Realised gains
-
-
Unrealised (losses)/gains
61,673
-
Total gains on investment assets
61,673
-
Net income/(expenditure) for the year
(49,267)
(7,579)
Transfers between funds
19.
(191,509)
-
Net movement in funds
(240,776)
(7,579)
Reconciliation of funds
Total funds brought forward
23.
1,672,352
51,770
Total funds carried
forward
1,431,576
44,191		 Unrestricted
General
Designated
Fund
Funds
Notes
£
£
Income from:
Donations and legacies
2.
14,072
-
Charitable activities
3.
-
-
Investments
4.
11,636
-
Total income
25,708
-
Expenditure on:
Raising funds
6.
(10,343)
-
Charitable activities
5.
(126,305)
(7,579)
Total expenditure
(136,648)
(7,579)
Net income/(expenditure) before gains and losses
on investments
(110,940)
(7,579)
Gains and losses on investment assets
Realised gains
-
-
Unrealised (losses)/gains
61,673
-
Total gains on investment assets
61,673
-
Net income/(expenditure) for the year
(49,267)
(7,579)
Transfers between funds
19.
(191,509)
-
Net movement in funds
(240,776)
(7,579)
Reconciliation of funds
Total funds brought forward
23.
1,672,352
51,770
Total funds carried
forward
1,431,576
44,191		 Unrestricted
General
Designated
Fund
Funds
Notes
£
£
Income from:
Donations and legacies
2.
14,072
-
Charitable activities
3.
-
-
Investments
4.
11,636
-
Total income
25,708
-
Expenditure on:
Raising funds
6.
(10,343)
-
Charitable activities
5.
(126,305)
(7,579)
Total expenditure
(136,648)
(7,579)
Net income/(expenditure) before gains and losses
on investments
(110,940)
(7,579)
Gains and losses on investment assets
Realised gains
-
-
Unrealised (losses)/gains
61,673
-
Total gains on investment assets
61,673
-
Net income/(expenditure) for the year
(49,267)
(7,579)
Transfers between funds
19.
(191,509)
-
Net movement in funds
(240,776)
(7,579)
Reconciliation of funds
Total funds brought forward
23.
1,672,352
51,770
Total funds carried
forward
1,431,576
44,191		 Restricted
Funds
£
493,058
6,900
137
500,095
-
(940,508)
(940,508)
(440,413)
-
-		 2024
Total
£
507,130
6,900
11,773
525,803
(10,343)
(1,074,392)
(1,084,735)
(558,932)
-
61,673		 2023
Total
£
1,662,087
7,140
10,233
1,679,460
(9,794)
(1,380,632)
(1,390,426)
289,034
-
82,199
61,673
(49,267)
(191,509)		 -
(7,579)
-		 -
(440,413)
191,509		 61,673
(497,259)
-		 82,199
371,233
-
(240,776)
1,672,352		 (7,579)
51,770		 (248,904)
980,548
731,644		 (497,259)
2,704,670
2,207,411		 371,233
2,333,437
1,431,576 44,191 2,704,670

The Notes on pages 18 to 32 form an integral part of these financial statements.

15

Churches of God Central Gifts Fund

Balance Sheet at 31 December 2024

Notes
Fixed Assets
Tangible Fixed Assets
10.
Investments
11.
Current Assets
Debtors
12.
Cash at Bank and in Hand
Liabilities:Amounts falling due
within one year
13.
Net Current Assets
Total Net Assets
The Funds of the Charity
Unrestricted Funds
General
16.
Designated
17.
Restricted Funds
18.		 £
116,783
1,090,641		 2024
£
44,191
1,009,512



1,153,708
2,207,411
1,431,576
44,191
731,644
2,207,411		 £
349,178
1,408,436		 2023
£
51,770
946,605
1,706,295
1,207,424
(53,716)		 1,757,614
(51,319)
2,704,670
1,672,352
51,770
980,548
2,704,670

The financial statements were approved by the Trustees on 30 September 2025 and signed on their behalf by

G J Hunter Trustee & Treasurer

16

Churches of God Central Gifts Fund

Cash Flow Statement

Notes
Cash Flow Statement
Reconciliation of net income/(expenditure) to net cashflow
from operating activities
Net income per the Statement of Financial Activities
Depreciation
10.
Interest and income from unit trusts
4.
Decrease/ (Increase) in debtors
12.
Increase in creditors
13.
Net cash inflow/ (outflow) from operating activities
Cash flows from investing activities:
Interest and income from unit trusts
4.
Purchase of tangible fixed assets
10.
Purchase of investments
11.
Proceeds from sale of investments
11.
Net cash provided by investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting
period
Cash and cash equivalents at the end of the reporting period		 2024
£
(558,932)
7,579
(11,773)
232,395
2,397
(328,334)
11,773
-
(11,577)
10,343
10,539
(317,795)
1,408,436
1,090,641		 2023
£
289,033
12,413
(10,233)
290,103
7,084
588,400
10,233
(5,000)
(9,843)
9,794
5,184
593,584
814,852
1,408,436

17

Churches of God Central Gifts Fund

Notes to the Financial Statements for the Year Ended 31 December 2024

1. Accounting Policies

1.1. Statutory Information

The Churches of God Central Gifts Fund is a registered charity, No 299106, England and Wales and No. SC024963, Scotland. The principal address is 135 Dundonald Road, Kilmarnock KA1 1UG.

1.2. Basis of preparation and assessment of going concern

The financial statements are prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant Notes to these financial statements. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard 102, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The principal accounting policies adopted in the preparation of the financial statements are set out below. The financial statements are presented in UK Sterling and rounded to the nearest pound.

The charity meets the definition of a public benefit entity under FRS 102.

In preparing these financial statements budgets have been examined and the funds of the charity reviewed. The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements. There are no known, material uncertainties regarding the charity's ability to continue as a going concern.

1.3. Fund accounting

Funds are classified as either Restricted or Unrestricted, defined as follows:

Restricted funds are funds subject to specific requirements as to their use which may be declared by the donor or with their authority or created through legal processes, but still within the wider objects of the charity.

Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are earmarked at the discretion of the Trustees for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose only and does not legally restrict the Trustees’ discretion to apply the fund.

1.4. Income recognition

All income is recognised once the charity has entitlement to the income, there is sufficient certainty or receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Donations and legacies

Donations are recognised when they have been communicated in writing with notification of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

18

Churches of God Central Gifts Fund

Notes to the Financial Statements for the Year Ended 31 December 2024

1. Accounting Policies (continued)

Gift Aid

Income tax recoverable on Gift Aid donations is recognised when the respective donation has been recognised and the recoverable amount of income tax can be measured reliably; this is normally when the donor has completed the relevant Gift Aid declaration form. Income Tax recoverable on Gift Aid donations is allocated to the same fund as the respective donation unless specified by the donor.

Charitable Activities

Income from charitable activities includes income earned both from the supply of goods or services under contractual arrangements and from performance-related grants which have conditions that specify the provision of particular goods or services to be provided by the charity. Income from charitable activities is recognised as earned (as the related goods or services are provided).

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.

1.5. Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution, refer to Note 5.1 on page 24.

Raising funds

Expenditure on raising funds includes all expenditure incurred by a charity to raise funds for its charitable purposes. It includes the costs of all fundraising activities and events together with those costs incurred in seeking donations, grants and legacies and investment management costs.

Charitable activities

Expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities on a basis consistent with the use of resources. The costs of charitable activities presented in the Statement of Financial Activities includes the costs of both direct service provision and the payments of grant awards if applicable.

Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

1.6. Foreign currency

The charity accounts for foreign currency transactions at the prevailing exchange rate on the date of the transaction. Year end balances are converted to Sterling at the prevailing exchange rate at the Balance Sheet date.

19

Churches of God Central Gifts Fund

Notes to the Financial Statements for the Year Ended 31 December 2024

1. Accounting Policies (continued)

1.7. Accounting treatment of foreign projects

The Fellowship Relief Fund supports projects in several areas.

The Malawi Project is managed by the Fellowship Relief Committee (“FRC”) in the UK and administered locally. The project is controlled by FRC and the local bank balance is therefore treated as an asset of Churches of God Central Gifts Fund which is included in Debtors in the financial statements. The Statement of Financial Activities reports the actual project expenditure during the year.

All other projects supported by FRC are treated as outwith the control of FRC. The Statement of Financial Activities reports the Churches of God Central Gifts Fund’s gift to each project during the year.

1.8. Taxation

Churches of God Central Gifts Fund is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities.

1.9. Activity based reporting

Income – the charity generates only a small amount of income from Charitable Activities (Note 3) undertaken, therefore an analysis of Income from Charitable Activities has not been undertaken.

Expenditure – the charity maintains detailed financial records, which allow all costs including support costs to be allocated to charitable activities on a direct basis. Governance costs are allocated across each activity proportionally to the direct spend on each activity. See Note 5.1.

1.10. Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments.

1.11. Fixed assets

Property: The Charity’s property was bequeathed in 2003 and, in accordance with SORP FRS 102, has been included in the financial statements at the valuation as provided in the Confirmation of Executors. Depreciation is charged on a straight line basis over 50 years at 2% per annum. All tangible assets costing in excess of £500 having a value to the charity greater than one year, other than those acquired for specific purposes, are capitalised.

Depreciation

Depreciation is provided at the following rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Motor vehicles: Straight line basis at 25% per annum. Office equipment: Straight line basis at 20% per annum.

1.12. Fixed Asset Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the Balance Sheet date using the closing quoted market price.

20

Churches of God Central Gifts Fund

Notes to the Financial Statements for the Year Ended 31 December 2024

1. Accounting Policies (continued)

The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening fair value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the opening and closing fair values.

1.13. Debtors

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

1.14. Cash at Bank and in Hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.15. Creditors and Provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.16. Judgements and estimates

In preparing the financial statements, the Trustees are required to make estimates and assumptions which affect reported income, expenses, assets, and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

1.17. Leasing

Rentals payable under operating leases are charged against income on a straight-line basis over the lease term.

21

Churches of God Central Gifts Fund

Notes to the Financial Statements for the Year Ended 31 December 2024

2.
Donations and legacies
Bequests/legacies
Assembly Gifts
Proceeds of hall sales
Gift Aid donations
Income Tax on Gift Aid Donations
Donations (non Gift Aid)
Other Income
3.
Charitable Activities
Levies
4.
Investments
Interest received
Income from unit trusts		 Unrestricted
General
Designated
Fund
Funds
£
£
-
5,572
-
-
-
-
-
-
-
8,500
-
-
14,072
-
Unrestricted
General
Designated
Fund
Funds
-
-
-
-
Unrestricted
General
Designated
Fund
Funds
£
£
-
-
11,636
-
11,636
-		 Restricted
Funds
£
(2,388)
216,912
-
211,137
47,251
11,733
8,413
493,058
Restricted
Funds
6,900
6,900
Restricted
Funds
£
137
-
137		 Total
2024
£
(2,388)
222,484
-
211,137
47,251
20,233
8,413
507,130
Total
2024
6,900
6,900
Total
2024
£
137
11,636
11,773		 Total
2023
£
948,804
242,677
174,000
230,742
56,188
9,618
58
1,662,087
Total
2023
7,140
7,140
Total
2023
£
332
9,901
10,233

22

Churches of God Central Gifts Fund

Notes to the Financial Statements for the Year Ended 31 December 2024

Total
2023
£
189,112
181,761
23,031
-
35,100
16,000
75,100
21,033
32,026
88,678
290,968
44,816
-
1,000
91,850
66,100
1,384
205,150
71,292
45,136
16,462
4,385
19,179
156,454
202,779
60,160
11,444
274,383
5.
Costs of charitable activities
Gifts to Assemblies		 Unrestricted
General
Designated
Fund
Funds
£
£
-
-		 Restricted
Funds
£
161,595		 Total
2024
£
161,595
General
Fund
£
-		 Total
2023
£
189,112
Gifts to Districts 21,200 - 125 21,325
181,761
Relief Work:
General relief
India – relief
West Africa (excl CEF) – relief
Philippines - relief
Malawi - relief
South East Central Africa
Myanmar - relief
Malawi Project		 3,325
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-		 267
15,000
54,600
11,813
18,777
10,001
43,113
111,499		 3,592
15,000
54,600
11,813
18,777
10,001
43,113
111,499
23,031
-
35,100
16,000
75,100
21,033
32,026
88,678
Total Relief costs 3,325 265,070 268,395 290,968
Gifts for Building Projects, Renovations and
Repairs
India - property
West Africa - property
Philippines - property
Malawi - property
Mozambique - property
Myanmar-property		 -
-
-
-
-
-		 -
-
-
-
-
-		 79,000
5,600
4,750
66,050
43,886
2,134		 79,000
5,600
4,750
66,050
43,886
2,134
44,816
-
1,000
91,850
66,100
1,384
Total Building costs - - 201,420 201,420 205,150
Outreach Work:
General outreach
India, Myanmar and Philippines - outreach
Africa - outreach
Radio & Media - outreach
Literature		 -
-
-
-
-		 -
-
-
-
-		 17,401
85,044
47,060
-
13,734		 17,401
85,044
47,060
-
13,734
71,292
45,136
16,462
4,385
19,179
Total Outreach costs - - 163,239 163,239 156,454
Gifts to Ministering Brethren (UK and
overseas):
Ministering Brethren: Gifts to Lord's Servants
Africa MBs
Far East MBs		 -
-
-		 -
-
-		 64,024
62,657
7,858		 64,024
62,657
7,858
- - 134,539 134,539

23

Churches of God Central Gifts Fund

Notes to the Financial Statements for the Year Ended 31 December 2024

5. Costs of charitable funds (continued)

Other Admin Costs:
Property costs 30,604 - 164 30,768 10,750
Conference Costs - - 8,979 8,979 18,204
General Expenses 10,249 - 1,721 11,970 9,872
Bank Charges 1,678 - 420 2,098 2,197
Exchange gain - - 1,236 1,236 (3,138)
Depreciation - 7,579 - 7,579 12,413
Total Admin costs 42,531 7,579 12,520 62,630 50,298
Governance Costs:
Audit fees (Note 8) 17,950 - - 17,950 17,520
Professional fees 41,252 - 2,000 43,252 14,540
Trustees'expenses 47 - - 47 446
Total Governance costs 59,249 - 2,000 61,249 32,506
126,305 7,579 940,508 1,074,392 1,380,632
5.1. Allocation to charitable activity Direct Support Costs Support Costs
charitable Admin Governance Total Total
costs costs costs 2024 2023
£ £ £ £ £
Activity
Gifts to Assemblies 161,595 51,606 10,415 223,616 232,677
Gifts to Districts 21,325 - 1,374 22,699 186,313
Relief Work 268,394 8,815 17,294 294,503 307,529
Building Projects, Renovations and Repairs 201,420 - 12,979 214,399 210,288
Outreach Work 163,240 2,209 10,518 175,967 162,569
Gifts to Lord's Servants (UK and overseas) 134,539 - 8,669 143,208 281,256
950,513 62,630 61,249 1,074,392 1,380,632

Support costs comprise the items listed below the heading "Other Admin Costs" in Note 5.

24

Churches of God Central Gifts Fund

Notes to the Financial Statements for the Year Ended 31 December 2024

6.
Raising Funds
General
Designated
Fund
Funds
£
£
Investment Managers' fee
10,343
-
7.
Net expenditure for the
year
Net expenditure is stated after charging:
Depreciation on other amounts written off tangible assets
Auditor's remuneration
Exchange gain		 Restricted
Funds
£
-		 Total
2024
£
10,343
2024
£
7,579
17,950
1,236		 Total
2023
£
9,794
2023
£
12,413
17,520
(3,139)

8. Auditor's remuneration

The auditor's remuneration constituted an audit fee of £17,950 (2023: £17,250) and professional fees totalling £40,150 (2023: £15,258).

9.
Staff costs
Total employment costs (included in Note 5 Malawi Project
costs)
There were no employees who received remuneration of over £60,000 in the year.
Staff numbers
Average full time equivalents
10.
Tangible Fixed Assets
Heritable
Motor
property
Vehicle
£
£
Cost
At 1 January 2024
32,527
59,209
Additions
-
-
At 31 December 2024
32,527
59,209
Depreciation
At 1 January 2024
8,459
31,507
Charge for year
649
6,930
At 31 December 2024
9,108
38,437
Net Book Value
At 31 December 2024
23,419
20,772
At 31 December 2023
24,068
27,702		 2024
£
15,516
20
Office
Equipment
£
-
-
-
-
-
-
-
-		 2023
£
19,124
20
Total
£
91,736
-
91,736
39,966
7,579
47,545
44,191
51,770

Heritable property comprises a flat at 48 Mid Stocket Road, Aberdeen. The property, which was bequeathed to the charity in 2003, has been incorporated into the charity's financial statements in accordance with the principles outlined in the Charities SORP. In this case, the cost of the property is the value at the date of the bequest. The Confirmation of Executor allocated a value of £32,527 to the property

25

Churches of God Central Gifts Fund

Notes to the Financial Statements for the Year Ended 31 December 2024

11.
Investments
Market Value
Market value at 1 January 2023
Additions
Disposals
Revaluation
Market value at 31 December 2024
Historical Cost at 31 December 2024
11.1
Analysis of Investments
Market value at year end
Investments listed on a recognised stock exchange or held in common
investment funds, open ended investment companies, unit trusts or other
collective investment schemes.
Total
UK Equity Investment
Fixed Interest Investments
Other Investments
The charity's investments are held primarily for investment return.
12.
Debtors
Gift Aid
Other debtors		 2024
£
946,605
11,577
(10,343)
61,673
1,009,512
740,025
2024
£
1,009,512
1,009,512
47,317
111,557
850,638
1,009,512
2024
£
32,329
84,454
116,783		 2023
£
864,357
9,843
(9,794)
82,199
946,605
738,289
2023
£
946,605
946,605
25,384
121,258
799,963
946,605
2023
£
23,455
325,723
349,178

26

Churches of God Central Gifts Fund

Notes to the Financial Statements for the Year Ended 31 December 2024

2023
£
1,260
37,212
12,847
51,319
2023
£
1,757,614
946,605
51,319
31 Dec '24
£
1,431,576
1,431,576
13.
Liabilities:Amounts falling due within one year
Other creditors
Accrued expenses
Malawi Project Current Account		 2024
£
360
48,400
4,956		 2023
Other creditors
Accrued expenses
Malawi Project Current Account		 £
1,260
37,212
12,847
53,716 51,319
14.
Financial Instruments		 2024 2023
£ £
Carrying amount of financial assets

Financial assets measured at amortised cost		 1,207,424 1,757,614
Financial assets measured at fair value 1,009,512 946,605
Carrying amount of financial liabilities

Measured at amortised cost		 53,716 51,319
15.
Analysis of Net Assets between Funds		 Restricted 2024
Total
General
Fund
£
-
1,009,512
470,824
(48,760)		 Fund
£
44,191
-
-
-		 Funds
£
-
-
736,600
(4,956)		 Funds
£
44,191
1,009,512
1,207,424
(53,716)
Fund balances at 31 December 2023
as represented by:
Tangible Fixed Assets
Investments
Current Assets
Current Liabilities
Net Assets 1,431,576 44,191 731,644 2,207,411
Unrestricted
16.
Funds		 1 Jan '24
£
1,672,352		 Income
£
25,708		 Expenditure
£
(136,648)		 Investment
gains/(losses)
£
61,673		 Transfers
£
(191,509)
31 Dec '24
£
General Fund 1,431,576
1,672,352 25,708 (136,648) 61,673 (191,509) 1,431,576

27

Churches of God Central Gifts Fund

Notes to the Financial Statements for the Year Ended 31 December 2024

Purposes of Unrestricted Funds

General Fund: This Fund represents gifts and other income received for the objects of the charity without further specified purposes.

17
Designated Funds (Unrestricted)		 1 Jan '24 Income Expenditure Transfers 31 Dec '24
£
44,191
.





£
£
£
£
Designated Assets Fund
51,770
(7,579)
-
51,770
-
(7,579)
-
Purposes of Designated Funds
Designated Assets Fund:This Fund represents the net book value of the charity's fixed assets.
18.
Restricted Funds
1 Jan '24
Income
Expenditure
Transfers
£
£
£
£
Central Gifts Fund
46,077
235,883
(216,807)
-
Lord's Servants and Widows Fund
41,586
22,751
(13,467)
-
Fellowship Relief Fund - Relief
351,699
63,576
(72,037)
(184,114)
Fellowship Relief Fund - Philippines
-
916
(11,843)
10,927
Fellowship Relief Fund - Malawi
-
22,224
(166,202)
143,978
Fellowship Relief Fund - Myanmar
-
11,163
(43,113)
31,950
Fellowship Relief Fund - CEF
-
2,190
(9,236)
7,046
Fellowship Outreach Fund
531,879
57,578
(151,834)
-
Far East and Africa Property (FEAP) Fund
-
6,783
(177,868)
171,085
Conference of Overseers' Fund
-
6,900
(8,979)
2,079
Africa Ministering Brethren's Fund
-
52,692
(61,250)
8,558
Far East Ministering Brethren's Fund
9,307
17,439
(7,872)
-
980,548
500,095
(940,508)
191,509
44,191
31 Dec '24
£
65,153
50,870
159,124
-
-
-
-
437,623
-
-
-
18,874
731,644

Central Gifts Fund: (1) To receive donations which, together with Gift Aid, are paid to the notified beneficiaries. (2) To receive bequests which are distributed according to the terms of the last will and testament. (3) To make grants to other funds held by Churches of God.

Ministering Brethren and Widows Fund: To provide relief to Ministering Brethren or their widows where there is a perceived need.

Fellowship Relief Fund (Relief): To receive donations which, together with Gift Aid where appropriate, provide for relief at the discretion of Trustees.

Fellowship Relief Fund (Philippines): To receive donations which, together with Gift Aid where appropriate, provide for relief to the Philippines.

28

Churches of God Central Gifts Fund

Notes to the Financial Statements for the Year Ended 31 December 2024

18. Restricted Funds (Continued)

Purposes of Restricted Funds (Continued)

Far East and Africa Property Fund: To receive donations which, together with Gift Aid where appropriate, provide funding for new church buildings and upgrading of existing churches in the Far East and Africa.

Conference of Overseers' Fund : To receive levies from districts of Churches of God to provide funds for the Conference of Churches of God held every eighteen months and to meet related expenses.

Africa Ministering Brethren's Fund : To receive donations which provide remuneration for certain full time Lord's servants working in Africa.

Far East Ministering Brethren's Fund: To receive donations which provide remuneration for full time Lord's servants working in Myanmar and the Philippines.

Fellowship Relief Fund (Malawi): To receive donations which, together with Gift Aid where appropriate, provide for relief to Malawi.

Fellowship Relief Fund (Myanmar): To receive donations which, together with Gift Aid where appropriate, provide for relief to Myanmar.

Fellowship Relief Fund (CEF): To receive donations which, together with Gift Aid where appropriate, provide for primary and secondary education in Nigeria under the banner of CEF (Commonwealth Education Fund).

Fellowship Outreach Fund: To receive donations which fund outreach among Churches of God worldwide.

29

Churches of God Central Gifts Fund

Notes to the Financial Statements for the Year Ended 31 December 2024

19. Fund Transfers

Unrestricted Restricted Restricted Restricted Restricted Restricted Restricted Restricted Restricted Restricted
Conference
of Oversee’s
Designated Fellowship Fellowship Fellowship Africa Far East Fellowship Fellowship Fund
Relief Relief Relief Ministerin Relief Relief
General Assets Fund Fund Fund g & Africa Fund Fund Gifts
Property
Note Fund Fund Relief Philippines Malawi Brethren Fund CEF Myanmar Fund
£ £ £ £ £ £ £ £ £ £
1 (191,509) - (184,114) 10,927 143,978 8,558 171,085 7,046 31,950 2,079
2 - - 9,236 - - - - (9,236) - -
3 - - - - - - - - - -
(191,509) - (174,878) 10,927 143,978 8,558 171,085 (2,190) 31,950 2,079

20. Operating lease commitment

At 31 December 2024, the charity had the following financial commitments (after consideration of cancellation terms) on service contracts:

2024 2023 £

Expiry date: Within 1 year - -

30

Churches of God Central Gifts Fund

Notes to the Financial Statements for the Year Ended 31 December 2024

21. Transactions with Trustees

No Trustee received remuneration from the charity (2023 - £nil).

During the year six (2023 - five) Trustees were reimbursed expenses totalling £4,254 (2023 - £2,931), the nature of which were related to their duties as Trustees of the charity. In particular these expenses related to:

Meeting expenses
Other expenses		 2024
£
2,626
1,628
4,254		 2023
£
2,876
55
**2,931 **

At the year end £nil was payable to the Trustees for expenses (2023 - £nil).

22. Related Party Transactions

During the year, the Trustees gave donations of £19,190 (2023: £16,010) to the charity.

Trustees' relationships with churches of God were as follows:

Chris Sutton is a Trustee of the property of The Church of God in Wigan.

Alex Brown is a Trustee of the properties of The Church of God in Wishaw and The Church of God in Kirkintilloch (Scottish Charity No. SC047208).

David King is a Trustee of the property of The Church of God in Manchester.

Leonard Burgoyne is a Trustee of the property of The Church of God in Ayr (Scottish Charity No. SC047484). He is also a Trustee of The Church of God in Kilmarnock SCIO (Scottish Charity No. SC047208).

During the year, the charity received gifts from the undernoted Assemblies with which the charity's Trustees were associated:

Ayr SCIO
Barrhead
Kilmarnock SCIO
Kirkintilloch SCIO
Leigh
Manchester		 £
Trustee
2,450
Leonard Burgoyne
410
Fergus Reilly
2,287
Leonard Burgoyne
2,200
Alex Brown
1,755
Chris Sutton
17,990
David King/David Woods		 £
Trustee
2,450
Leonard Burgoyne
410
Fergus Reilly
2,287
Leonard Burgoyne
2,200
Alex Brown
1,755
Chris Sutton
17,990
David King/David Woods
Wigan 11,800 Graeme Hunter/Chris Sutton
Wishaw
770
Alex Brown
39,662

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Churches of God Central Gifts Fund

Notes to the Financial Statements for the Year Ended 31 December 2024

23. Statement of Financial Activities for the year ended 31 December 2023

Income from:
Donations and legacies
Charitable activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total
expenditure
Net income/(expenditure) before gains and losses
on investments
Gains and losses on investment
assets
Realised gains
Unrealised gains
Total gains on investment assets
Net income/(expenditure) for the
year
Transfers between funds
Net Movement in Funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted Unrestricted Restricted
Funds
£
1,242,679
6,240
-
1,248,919
-
(1,112,056)
(1,112,056)
136,863
-
-
-		 2023
Total
£
1,662,087
7,140
10,233
General
Fund
£
414,408
900
10,233
425,541
(9,794)
(256,163)
(265,957)
159,584
-
-
82,199
1,679,460
(9,794)
(1,380,632)
(1,390,426)
289,034
-
-
82,199
82,199
241,783
(99,006)		 -
(7,413)
-		 -
136,863
99,006		 82,199
371,233
-
142,777
1,529,575
1,672,352		 (7,413)
59,183
51,770		 235,869
744,679
980,548		 371,233
2,333,437
2,704,670

Under Charities Statement of Recommended Practice (FRS 102), comparatives for each class of funds are required for each line on the Statement of Financial Activities (SoFA). The note above illustrates the SoFA for the year to 31 December 2023.

32