**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<br>EH3 8HE|London<br>EC4R 1BE|



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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. 

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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: 

- The trustee body may lack relevant skills 

   - Trustees to undertake relevant training 

   - Increase the use of 3[rd] party providers 

   - `o` Succession planning 

- The loss of key trustees 

   - Retiring trustees to remain as consultants 

   - `o` Treasurer back up plan 

   - Recruit accountant as successor 

- Fund raising 

   - Mid to long term concerns 

   - Strategic plan to be developed 

   - Other countries become self sufficient 

- Demographics 

`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. 


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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. 

   - a. Main activities 

- Support and encourage outreach by the Churches of God. 

- Maintenance of full time Ministering Brethren (MBs) and gospel workers. 

- Assistance towards youth work including Camps. 

- Provision and maintenance of meeting places of the Churches of God. 

- Provision for relief of poverty, assistance towards education and medical needs in developing countries. 

- Other charitable purposes of the Churches of God as approved by the Conference of Overseers. 

- Provide for the public benefit of the communities that we serve. 

## **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. 

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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. 


- a. Outreach – expenditure has been relatively static in recent years, but the goal is to invest more in this area in coming years. The charity remains keen to support initiatives globally with ideas, energy and financial support. We continue to explore new mission fields across Africa and the middle East. 

The following chart shows the expenditure on outreach by country. 

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Churches of God Central Gifts Fund 

## **Trustees’ Annual Report** _for the Year Ended 31 December 2024_ 


- b. Relief – Significant variances year on year are due to local needs in the countries the charity serves. Major weather events, such as typhoons and floods can devastate the lives, housing, crops and church buildings. Resulting in immediate need for food relief and housing. 

- c. Property 

   - i. UK Property - The rebuilding of the Nottingham assembly hall was completed, with lessons learned from this major investment project being captured. As a result, a UK property group has been formed made up of Fergus Reilly, Angela Seddon (Property Consultant) and Tim Marshall (Chartered Quantity Surveyor) to advise trustees on UK property matters. 

   - ii. Far East & Africa Property – Investment has accelerated with land purchased at Kateru and Mandapeta in India. Buildings have been completed at Mwanakhu and Ndalama in Malawi as well as Dzambo and Ngungunhana in Mozanbique and Kakinada in India. The 2025 budget is for further investment of some £250k. 

- d. Malawi Project – Since 2007 the charity have operated a relief project in Malawi focused on some of the earliest established churches. This project provides an orphan care centre, employment opportunities, goats and a mobile clinic. With the expansion of the number of churches in Malawi and the widening geographic spread there are limited cost-effective expansion opportunities. The continuance of the mobile clinic is under review by Fellowship Relief and SECA. 

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. 

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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. 

- **South East Central Africa (SECA):** 

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. 

- **India:** 

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. 

- **Myanmar:** 

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. 

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Churches of God Central Gifts Fund 

## **Trustees’ Annual Report** _for the Year Ended 31 December 2024_ 

- **UK:** There are 33 churches (including one in Belgium) comprising some 650 saints across Scotland, Wales, N. Ireland and England. There are nine MBs not directly supported by the charity and one gospel worker who is. 

## Performances of the major funds: 

- Fellowship Relief: 

- Income received was £100k, which is down around £30k from 2023 excluding an accrual of £162k in 2023. 

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. 

- Far East & Africa Property: 

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 

   - a. **SCIO** 

- Having gained approval in 2023 from the Scottish Charity Regulator (OSCR) to become a Scottish Charitable Incorporated Organisation (SCIO) - registered number SC052363, we expect the transition to a SCIO to conclude in 2025 and become fully operational in 2026. 

- We have now formally appointed a specialist legal advisor to support us in this process. 

- b. **Risk management** 

   - The four priority areas highlighted from our 2024 risk assessment exercise (section 3.f. of this report) will be given special focus in 2025 with particular attention to establishing: 

- a backup for the day-to-day operations of the Treasurer 

- a succession plan for key Trustee/Committee functions 

- re-engagement of an investments committee 

   - c. **Relief** 

   - Malawi and Myanmar remain countries with ongoing needs likely to persist beyond 2025. 

- Myanmar - provision of funds for foodbanks, medical and educational needs for those impacted by the military coup. 

- Malawi project: 

      - the roll out of Permaculture (including training) to the rural areas where we have churches 

      - the construction of further boreholes for irrigation purposes as well as the provision of clean drinking water for the local communities. 

      - Mobile Clinic – conclude investigation re the viability of continuity/expansion 

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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. 

   - **d. Property** 

- Completing the sale of vacated UK properties 

- Through the recently expanded Property Committee, engage more fully in UK projects where there is an appeal for CGF funding 

- The ongoing purchase of land and building new halls, where required overseas 

- **e. Outreach:** 

- Collaborate with Fellowship Media Committee to promote their expansion of communications through contemporary media 

- The expansion of a Gospel Worker Programme within the UK and NA churches 

- Encourage the continuity of pioneering initiatives specifically in Uganda, Cameroon and Yemen 

- f. **Reporting** 

- · Encourage simple template-driven reporting for FOC, Relief and Property budgets and interim reports from areas where activities are supported by CGF 

- Experiment with a ‘joined up’ COCG 2025 presentation combining CGF, FOC, FRC and Property 

## **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. 

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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. 

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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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities Statement of Recommended Practice; 

- make judgments and estimates that are reasonable and prudent; 

- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis 

- unless it is inappropriate to presume that the charity will continue in operation. 

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: 


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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'. 

- In our opinion the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and 

- have been prepared in accordance with the requirements of the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). 

## **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. 

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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: 

- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or 

- proper accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **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: 

- Discussions with management, including consideration of known or suspected instances of noncompliance with laws and regulations and fraud; 

- Testing of management’s controls designed to prevent and detect irregularities; 

- Challenging assumptions and judgements made by the management in its significant accounting estimates; 

- Identifying and testing journal entries; and 

- Testing a sample of income transactions to source documentation. 

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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 

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Churches of God Central Gifts Fund 

Statement of Financial Activities For the Year Ended 31 December 2024 

|_Unrestricted_<br>**General**<br>**Designated**<br>**Fund**<br>**Funds**<br>**Notes**<br>£<br>£<br>**Income from:**<br>Donations and legacies<br>**2.**<br>14,072<br>-<br>Charitable activities<br>**3.**<br>-<br>-<br>Investments<br>**4.**<br>11,636<br>-<br>**Total income**<br>25,708<br>-<br>**Expenditure on:**<br>Raising funds<br>**6.**<br>(10,343)<br>-<br>Charitable activities<br>**5.**<br>(126,305)<br>(7,579)<br>**Total expenditure**<br>(136,648)<br>(7,579)<br>**Net income/(expenditure) before gains and losses**<br>**on investments**<br>(110,940)<br>(7,579)<br>**Gains and losses on investment assets**<br>Realised gains<br>-<br>-<br>Unrealised (losses)/gains<br>61,673<br>-<br>**Total gains on investment assets**<br>61,673<br>-<br>**Net income/(expenditure) for the year**<br>(49,267)<br>(7,579)<br>Transfers between funds<br>**19.**<br>(191,509)<br>-<br>**Net movement in funds**<br>(240,776)<br>(7,579)<br>**Reconciliation of funds**<br>Total funds brought forward<br>**23.**<br>1,672,352<br>51,770<br>**Total funds carried**<br>**forward**<br>**1,431,576**<br>**44,191**|_Unrestricted_<br>**General**<br>**Designated**<br>**Fund**<br>**Funds**<br>**Notes**<br>£<br>£<br>**Income from:**<br>Donations and legacies<br>**2.**<br>14,072<br>-<br>Charitable activities<br>**3.**<br>-<br>-<br>Investments<br>**4.**<br>11,636<br>-<br>**Total income**<br>25,708<br>-<br>**Expenditure on:**<br>Raising funds<br>**6.**<br>(10,343)<br>-<br>Charitable activities<br>**5.**<br>(126,305)<br>(7,579)<br>**Total expenditure**<br>(136,648)<br>(7,579)<br>**Net income/(expenditure) before gains and losses**<br>**on investments**<br>(110,940)<br>(7,579)<br>**Gains and losses on investment assets**<br>Realised gains<br>-<br>-<br>Unrealised (losses)/gains<br>61,673<br>-<br>**Total gains on investment assets**<br>61,673<br>-<br>**Net income/(expenditure) for the year**<br>(49,267)<br>(7,579)<br>Transfers between funds<br>**19.**<br>(191,509)<br>-<br>**Net movement in funds**<br>(240,776)<br>(7,579)<br>**Reconciliation of funds**<br>Total funds brought forward<br>**23.**<br>1,672,352<br>51,770<br>**Total funds carried**<br>**forward**<br>**1,431,576**<br>**44,191**|_Unrestricted_<br>**General**<br>**Designated**<br>**Fund**<br>**Funds**<br>**Notes**<br>£<br>£<br>**Income from:**<br>Donations and legacies<br>**2.**<br>14,072<br>-<br>Charitable activities<br>**3.**<br>-<br>-<br>Investments<br>**4.**<br>11,636<br>-<br>**Total income**<br>25,708<br>-<br>**Expenditure on:**<br>Raising funds<br>**6.**<br>(10,343)<br>-<br>Charitable activities<br>**5.**<br>(126,305)<br>(7,579)<br>**Total expenditure**<br>(136,648)<br>(7,579)<br>**Net income/(expenditure) before gains and losses**<br>**on investments**<br>(110,940)<br>(7,579)<br>**Gains and losses on investment assets**<br>Realised gains<br>-<br>-<br>Unrealised (losses)/gains<br>61,673<br>-<br>**Total gains on investment assets**<br>61,673<br>-<br>**Net income/(expenditure) for the year**<br>(49,267)<br>(7,579)<br>Transfers between funds<br>**19.**<br>(191,509)<br>-<br>**Net movement in funds**<br>(240,776)<br>(7,579)<br>**Reconciliation of funds**<br>Total funds brought forward<br>**23.**<br>1,672,352<br>51,770<br>**Total funds carried**<br>**forward**<br>**1,431,576**<br>**44,191**|**Restricted**<br>**Funds**<br>£<br>493,058<br>6,900<br>137<br>500,095<br>-<br>(940,508)<br>(940,508)<br>(440,413)<br>-<br>-|**2024**<br>**Total**<br>£<br>**507,130**<br>**6,900**<br>**11,773**<br>**525,803**<br>**(10,343)**<br>**(1,074,392)**<br>**(1,084,735)**<br>**(558,932)**<br>**-**<br>**61,673**|**2023**<br>**Total**<br>£<br>1,662,087<br>7,140<br>10,233|
|---|---|---|---|---|---|
||||||1,679,460|
||||||(9,794)<br>(1,380,632)|
||||||(1,390,426)|
||||||289,034<br>-<br>82,199|
||61,673<br>(49,267)<br>(191,509)|-<br>(7,579)<br>-|-<br>(440,413)<br>191,509|**61,673**<br>**(497,259)**<br>**-**|82,199<br>371,233<br>-|
||(240,776)<br>1,672,352|(7,579)<br>51,770|(248,904)<br>980,548<br>**731,644**|**(497,259)**<br>**2,704,670**<br>**2,207,411**|371,233<br>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**<br>**Fixed Assets**<br>Tangible Fixed Assets<br>**10.**<br>Investments<br>**11.**<br>**Current Assets**<br>Debtors<br>**12.**<br>Cash at Bank and in Hand<br>**Liabilities:**Amounts falling due<br>within one year<br>**13.**<br>**Net Current Assets**<br>**Total Net Assets**<br>**The Funds of the Charity**<br>**_Unrestricted Funds_**<br>General<br>**16.**<br>Designated<br>**17.**<br>**_Restricted Funds_**<br>**18.**|£<br>116,783<br>1,090,641|**2024**<br>£<br>44,191<br>1,009,512<br> <br> <br> <br>1,153,708<br>**2,207,411**<br>1,431,576<br>44,191<br>731,644<br>**2,207,411**|£<br>349,178<br>1,408,436|**2023**<br>£<br>51,770<br>946,605<br>1,706,295|
|---|---|---|---|---|
||1,207,424<br>(53,716)||1,757,614<br>(51,319)||
||||||
|||||**2,704,670**|
|||||1,672,352<br>51,770<br>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**<br>**Cash Flow Statement**<br>**Reconciliation of net income/(expenditure) to net cashflow**<br>**from operating activities**<br>Net income per the Statement of Financial Activities<br>Depreciation<br>**10.**<br>Interest and income from unit trusts<br>**4.**<br>Decrease/ (Increase) in debtors<br>**12.**<br>Increase in creditors<br>**13.**<br>**Net cash inflow/ (outflow) from operating activities**<br>**Cash flows from investing activities:**<br>Interest and income from unit trusts<br>**4.**<br>Purchase of tangible fixed assets<br>**10.**<br>Purchase of investments<br>**11.**<br>Proceeds from sale of investments<br>**11.**<br>**Net cash provided by investing activities**<br>**Change in cash and cash equivalents in the reporting period**<br>**Cash and cash equivalents at the beginning of the reporting**<br>**period**<br>**Cash and cash equivalents at the end of the reporting period**|**2024**<br>**£**<br>(558,932)<br>7,579<br>(11,773)<br>232,395<br>2,397<br>**(328,334)**<br>11,773<br>-<br>(11,577)<br>10,343<br>**10,539**<br>(317,795)<br>1,408,436<br>**1,090,641**|**2023**<br>£<br>289,033<br>12,413<br>(10,233)<br>290,103<br>7,084|
|---|---|---|
|||**588,400**|
|||10,233<br>(5,000)<br>(9,843)<br>9,794|
|||**5,184**|
|||593,584<br>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.**<br>**Donations and legacies**<br>Bequests/legacies<br>Assembly Gifts<br>Proceeds of hall sales<br>Gift Aid donations<br>Income Tax on Gift Aid Donations<br>Donations (non Gift Aid)<br>Other Income<br>**3.**<br>**Charitable Activities**<br>Levies<br>**4.**<br>**Investments**<br>Interest received<br>Income from unit trusts|**Unrestricted**<br>**General**<br>**Designated**<br>**Fund**<br>**Funds**<br>£<br>£<br>-<br>5,572<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>8,500<br>-<br>-<br>**14,072**<br>**-**<br>**Unrestricted**<br>**General**<br>**Designated**<br>**Fund**<br>**Funds**<br>-<br>-<br>**-**<br>**-**<br>**Unrestricted**<br>**General**<br>**Designated**<br>**Fund**<br>**Funds**<br>£<br>£<br>-<br>-<br>11,636<br>-<br>**11,636**<br>**-**|**Restricted**<br>**Funds**<br>£<br>(2,388)<br>216,912<br>-<br>211,137<br>47,251<br>11,733<br>8,413<br>**493,058**<br>**Restricted**<br>**Funds**<br>6,900<br>**6,900**<br>**Restricted**<br>**Funds**<br>£<br>137<br>-<br>**137**|**Total**<br>**2024**<br>£<br>**(2,388)**<br>**222,484**<br>**-**<br>**211,137**<br>**47,251**<br>**20,233**<br>**8,413**<br>**507,130**<br>**Total**<br>**2024**<br>**6,900**<br>**6,900**<br>**Total**<br>**2024**<br>£<br>**137**<br>**11,636**<br>**11,773**|**Total**<br>**2023**<br>£<br>948,804<br>242,677<br>174,000<br>230,742<br>56,188<br>9,618<br>58|
|---|---|---|---|---|
|||||**1,662,087**|
|||||**Total**<br>**2023**<br>7,140|
|||||**7,140**|
|||||**Total**<br>**2023**<br>£<br>332<br>9,901|
|||||**10,233**|
||||||



22 



Churches of God Central Gifts Fund 

## **Notes to the Financial Statements** _for the Year Ended 31 December 2024_ 

||||||||**Total**<br>**2023**<br>£<br>189,112<br>181,761<br>23,031<br>-<br>35,100<br>16,000<br>75,100<br>21,033<br>32,026<br>88,678<br>290,968<br>44,816<br>-<br>1,000<br>91,850<br>66,100<br>1,384<br>205,150<br>71,292<br>45,136<br>16,462<br>4,385<br>19,179<br>156,454<br>202,779<br>60,160<br>11,444<br>274,383|
|---|---|---|---|---|---|---|---|
||**5.**<br>**Costs of charitable activities**<br>**Gifts to Assemblies**|**Unrestricted**<br>**General**<br>**Designated**<br>**Fund**<br>**Funds**<br>£<br>£<br>-<br>-||**Restricted**<br>**Funds**<br>£<br>161,595|**Total**<br>**2024**<br>£<br>**161,595**|||
|||**General**<br>**Fund**<br>£<br>-|||||**Total**|
||||||||**2023**|
||||||||£|
||||||||189,112|
||**Gifts to Districts**|21,200|-|125|**21,325**|||
||||||||181,761|
||**Relief Work:**<br>General relief<br>India – relief<br>West Africa (excl CEF) – relief<br>Philippines - relief<br>Malawi - relief<br>South East Central Africa<br>Myanmar - relief<br>Malawi Project|3,325<br>-<br>-<br>-<br>-<br>-<br>-<br>-|-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|267<br>15,000<br>54,600<br>11,813<br>18,777<br>10,001<br>43,113<br>111,499|**3,592**<br>**15,000**<br>**54,600**<br>**11,813**<br>**18,777**<br>**10,001**<br>**43,113**<br>**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**<br>**Repairs**<br>India - property<br>West Africa - property<br>Philippines - property<br>Malawi - property<br>Mozambique - property<br>Myanmar-property|-<br>-<br>-<br>-<br>-<br>-|-<br>-<br>-<br>-<br>-<br>-|79,000<br>5,600<br>4,750<br>66,050<br>43,886<br>2,134|**79,000**<br>**5,600**<br>**4,750**<br>**66,050**<br>**43,886**<br>**2,134**|||
|||||||||
||||||||44,816|
||||||||-|
||||||||1,000|
||||||||91,850|
||||||||66,100|
||||||||1,384|
||**Total Building costs**|-|-|201,420|**201,420**||205,150|
||**Outreach Work:**<br>General outreach<br>India, Myanmar and Philippines - outreach<br>Africa - outreach<br>Radio & Media - outreach<br>Literature|-<br>-<br>-<br>-<br>-|-<br>-<br>-<br>-<br>-|17,401<br>85,044<br>47,060<br>-<br>13,734|**17,401**<br>**85,044**<br>**47,060**<br>**-**<br>**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**<br>**overseas):**<br>Ministering Brethren: Gifts to Lord's Servants<br>Africa MBs<br>Far East MBs|-<br>-<br>-|-<br>-<br>-|64,024<br>62,657<br>7,858|**64,024**<br>**62,657**<br>**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.**<br>**Raising Funds**<br>**General**<br>**Designated**<br>**Fund**<br>**Funds**<br>£<br>£<br>Investment Managers' fee<br>10,343<br>-<br>**7.**<br>**Net expenditure for the**<br>**year**<br>**Net expenditure is stated after charging:**<br> Depreciation on other amounts written off tangible assets<br>Auditor's remuneration<br>Exchange gain|**Restricted**<br>**Funds**<br>£<br>-|**Total**<br>**2024**<br>£<br>**10,343**<br>**2024**<br>£<br>**7,579**<br>**17,950**<br>**1,236**|**Total**<br>**2023**<br>£<br>9,794|
|---|---|---|---|
||||**2023**<br>£<br>12,413<br>17,520<br>(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.**<br>**Staff costs**<br>Total employment costs (included in Note 5 Malawi Project<br>costs)<br>There were no employees who received remuneration of over £60,000 in the year.<br>_Staff numbers_<br>Average full time equivalents<br>**10.**<br>**Tangible Fixed Assets**<br>**Heritable**<br>**Motor**<br>**property**<br>**Vehicle**<br>£<br>£<br>**_Cost_**<br>At 1 January 2024<br>32,527<br>59,209<br>Additions<br>-<br>-<br>At 31 December 2024<br>32,527<br>59,209<br>**_Depreciation_**<br>At 1 January 2024<br>8,459<br>31,507<br>Charge for year<br>649<br>6,930<br>At 31 December 2024<br>9,108<br>38,437<br>**_Net Book Value_**<br>At 31 December 2024<br>23,419<br>20,772<br>At 31 December 2023<br>24,068<br>27,702||**2024**<br>£<br>**15,516**<br>**20**<br>**Office**<br>**Equipment**<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**2023**<br>£<br>19,124|
|---|---|---|---|
|||||
||||20|
|||||
||||**Total**<br>£<br>**91,736**<br>**-**|
|||||
|||||
||||**91,736**|
||||**39,966**<br>**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.**<br>**Investments**<br>**Market Value**<br>Market value at 1 January 2023<br>Additions<br>Disposals<br>Revaluation<br>**Market value at 31 December 2024**<br>Historical Cost at 31 December 2024<br>**11.1**<br>**Analysis of Investments**<br>**Market value at year end**<br>Investments listed on a recognised stock exchange or held in common<br>investment funds, open ended investment companies, unit trusts or other<br>collective investment schemes.<br>**Total**<br>UK Equity Investment<br>Fixed Interest Investments<br>Other Investments<br>The charity's investments are held primarily for investment return.<br>**12.**<br>**Debtors**<br>Gift Aid<br>Other debtors|**2024**<br>£<br>946,605<br>11,577<br>(10,343)<br>61,673<br>**1,009,512**<br>740,025<br>**2024**<br>£<br>1,009,512<br>**1,009,512**<br>47,317<br>111,557<br>850,638<br>**1,009,512**<br>**2024**<br>£<br>32,329<br>84,454<br>**116,783**|**2023**<br>£<br>864,357<br>9,843<br>(9,794)<br>82,199<br>**946,605**<br>738,289<br>**2023**<br>£<br>946,605<br>**946,605**<br>25,384<br>121,258<br>799,963<br>**946,605**<br>**2023**<br>£<br>23,455<br>325,723<br>**349,178**|
|---|---|---|



26 



Churches of God Central Gifts Fund 

## **Notes to the Financial Statements** _for the Year Ended 31 December 2024_ 

|||||||||||||**2023**<br>£<br>1,260<br>37,212<br>12,847<br>**51,319**<br>**2023**<br>£<br>1,757,614<br>946,605<br>51,319<br>**31 Dec '24**<br>£<br>**1,431,576**<br>**1,431,576**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||**13.**<br>**Liabilities:**Amounts falling due within one year<br>Other creditors<br>Accrued expenses<br>Malawi Project Current Account|||||||||**2024**<br>£<br>360<br>48,400<br>4,956||**2023**|
||Other creditors<br>Accrued expenses<br>Malawi Project Current Account|||||||||||£|
|||||||||||||1,260|
|||||||||||||37,212|
|||||||||||||12,847|
||||||||||||||
|||||||||||**53,716**||**51,319**|
||||||||||||||
||||||||||||||
||**14.**<br>**Financial Instruments**|||||||||**2024**||**2023**|
|||||||||||£||£|
||**Carrying amount of financial assets**||||||||||||
||<br>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**||||||||||||
||<br>Measured at amortised cost|||||||||53,716||51,319|
||||||||||||||
||**15.**<br>**Analysis of Net Assets between Funds**|||||||**Restricted**||**2024**<br>**Total**|||
||||||||||||||
|||||**General**|||||||||
||||||||||||||
|||||**Fund**<br>£<br>-<br>1,009,512<br>470,824<br>(48,760)||**Fund**<br>£<br>44,191<br>-<br>-<br>-||**Funds**<br>£<br>-<br>-<br>736,600<br>(4,956)||**Funds**<br>£<br>**44,191**<br>**1,009,512**<br>**1,207,424**<br>**(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.**<br>**Funds**|**1 Jan '24**<br>£<br>1,672,352||**Income**<br>£<br>25,708||**Expenditure**<br>£<br>(136,648)||**Investment**<br>**gains/(losses)**<br>£<br>61,673||**Transfers**<br>£<br>(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**<br>**Designated Funds (Unrestricted)**|**1 Jan '24**|**Income**|**Expenditure**|**Transfers**|**31 Dec '24**<br>£<br>**44,191**|
|---|---|---|---|---|---|
|**.**<br> <br> <br> <br> <br> <br>£<br>£<br>£<br>£<br>Designated Assets Fund<br>51,770<br>(7,579)<br>-<br>51,770<br>**-**<br>**(7,579)**<br>**-**<br>**Purposes of Designated Funds**<br>**Designated Assets Fund:**This Fund represents the net book value of the charity's fixed assets.<br>**18.**<br>**Restricted Funds**<br>**1 Jan '24**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>£<br>£<br>£<br>£<br>Central Gifts Fund<br>46,077<br>235,883<br>(216,807)<br>-<br>Lord's Servants and Widows Fund<br>41,586<br>22,751<br>(13,467)<br>-<br>Fellowship Relief Fund - Relief<br>351,699<br>63,576<br>(72,037)<br>(184,114)<br>Fellowship Relief Fund - Philippines<br>-<br>916<br>(11,843)<br>10,927<br>Fellowship Relief Fund - Malawi<br>-<br>22,224<br>(166,202)<br>143,978<br>Fellowship Relief Fund - Myanmar<br>-<br>11,163<br>(43,113)<br>31,950<br>Fellowship Relief Fund - CEF<br>-<br>2,190<br>(9,236)<br>7,046<br>Fellowship Outreach Fund<br>531,879<br>57,578<br>(151,834)<br>-<br>Far East and Africa Property (FEAP) Fund<br>-<br>6,783<br>(177,868)<br>171,085<br>Conference of Overseers' Fund<br>-<br>6,900<br>(8,979)<br>2,079<br>Africa Ministering Brethren's Fund<br>-<br>52,692<br>(61,250)<br>8,558<br>Far East Ministering Brethren's Fund<br>9,307<br>17,439<br>(7,872)<br>-<br>**980,548**<br>**500,095**<br>**(940,508)**<br>**191,509**||||||
||||||**44,191**|
||||||**31 Dec '24**<br>£<br>65,153<br>50,870<br>159,124<br>-<br>-<br>-<br>-<br>437,623<br>-<br>-<br>-<br>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**|



- **1** To cover Fund deficits 

- **2** To cover Fund contributions 

- **3** To finance the purchase of assets 

## **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<br>Other expenses|**2024**<br>£<br>2,626<br>1,628<br>**4,254**|**2023**<br>£<br>2,876<br>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<br>Barrhead<br>Kilmarnock SCIO<br>Kirkintilloch SCIO<br>Leigh<br>Manchester|£<br>**Trustee**<br>2,450<br>Leonard Burgoyne<br>410<br>Fergus Reilly<br>2,287<br>Leonard Burgoyne<br>2,200<br>Alex Brown<br>1,755<br>Chris Sutton<br>17,990<br>David King/David Woods|£<br>**Trustee**<br>2,450<br>Leonard Burgoyne<br>410<br>Fergus Reilly<br>2,287<br>Leonard Burgoyne<br>2,200<br>Alex Brown<br>1,755<br>Chris Sutton<br>17,990<br>David King/David Woods|
|---|---|---|
|Wigan|11,800|Graeme Hunter/Chris Sutton|
|Wishaw|<br>770<br>Alex Brown<br>**39,662**||



31 



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