**Gospel of Peace Church Glasgow** ## **TRUSTEES' ANNUAL REPORT AND** ## **FINANCIAL STATEMENTS** ## **For the Period Ending 31st October 2024** 1 **Gospel of Peace Church Glasgow** ## **CONTENTS** ||**Page**| |---|---| |**Reference and administrative Details**|**3**| |**Trustees' Annual Report**|**4**| |**Independent Examiner's Report**|**8**| |**Statement of Financial Activities**|**10**| |**Balance Sheet**|**11**| |**Statement of Cash Flow**|
**12**| |**Notes to the Financial Statement**|**13**| 2 **Gospel of Peace Church Glasgow** ## **REFERENCE AND ADMINISTRATIVE DETAILS** **Charity Name:** Gospel of Peace Church Glasgow **Charity Registration Number:** SC046942 **Principal Office:** 4 Elibank Street Glasgow, G33 3QN **Registered Office:** 4 Elibank Street Glasgow, G33 3QN **Trustees:** **Trustees Resigned:** **Bankers:** Santander 84 Argyle Street Glasgow, G2 8BQ **Independent Accountants:** Ethnic Minority Resource Centre Suite 4.6, 4th Floor. Standard Buildings 94 Hope Street Glasgow, G2 6PH **Independent Examiner:** HPJ Accountancy & Consultancy Ltd Suite 4.6, 4th Floor. Standards Buildings 94 Hope Street Glasgow, G2 6PH 3 **Gospel of Peace Church Glasgow** ## **Trustees’ Annual Report For the Year Ended 31st October 2024** The trustees have pleasure in presenting their report together with the financial statements and the independent examiner’s report for the year ended 31st October 2024. ## **STRUCTURE GOVERNANCE AND MANAGEMENT** ## **Constitution** Gospel of Peace Church Glasgow is a registered Scottish Charity (SC046942), with effect from 31st October 2016. All its affairs are governed by the Board of Trustees as stipulated in the terms of the Charity Constitution. ## **Appointment of Trustees** The charity must have not less than 3 and not more than 8 Trustees at any time. Any person who wishes to become a Trustee must be member of the congregation, unless he/she is nominated by the Board on the basis that he/she has specialist experience and/or skills which could be of assistance to the Board. Therefore, the Trustee appointment is in accordance with the constitution. The chair of trustees is responsible for the induction of any new Trustee which involves awareness of a Trustee’s responsibilities, the Governing document, administrative procedures, the history, and philosophical approach of the church and/or charity. A new Trustee would receive copies of the previous year’s annual report and accounts and a copy of the Office of Scottish Charity Regulator leaflet; “The Essential Trustee: What do you need to know”. ## **Organisational structure** The constitution gives the trustees the power to apply the funds in such a manner as they think fit. The Trustees are the managerial arm of the charity. They meet regularly and make decisions for and on behalf of the church. Major decisions of a managerial and financial nature are minute. 4 **Gospel of Peace Church Glasgow** ## **Management & Governance** The charity is controlled by its governing document, a constitution, and constitutes a Scottish Charitable Incorporated Organisation. For Trustees meetings, a quorum shall comprise of at least two of the Trustees and decisions shall be made based on a majority vote. The Trustees shall be responsible for the finances of the charity and the preparation of the annual accounts which shall be independently examined or audited as required by statute and made available for public scrutiny if required. ## **Objectives and Activities** ## **Objectives and aims.** The charity’s primary objective is the advancement of the Christian faith, primarily in Glasgow and throughout Scotland and the rest of the World, consistent with the teachings of the Christian Bible. This includes, worship, ministry, mission, prayer, witness, education, community services and the support of agencies and individuals and other charitable organisations involved in Christian ministry work and the relief of poverty or other social needs. ## **Main activities in relation to these objects** The main activities of Gospel of Peace Church Glasgow include: - Gospel of Peace Church Glasgow continued to be an integral part of the Glasgow community, and in addition to regular weekly meetings, as we own our building, it will be frequently used as a venue for conferences, seminars, meetings, community projects, and the following specific activities were undertaken: - 1. Every Sunday worship service from 11am to 15pm including tea and coffee services 2. Choir team practices every Thursday and tea and coffee service as well 3. Youth group meeting every Friday for prayer and bible study followed tea and coffee age 6-12 4. Every Thursday another bible study for youth group age 13 -21 by zoom meeting 5. Every morning prayer time via zoom from 6Am to 8Am this from every member and anyone interested to pray. 5 ## **Gospel of Peace Church Glasgow** 6. Every Wednesday whole church prayer meeting physically in the church. 7. Every Tuesday starting from 9:00pm to 11:00pm bible study for everyone currently we are studying the book of John verse by verse 8. Every Monday we have elders’ prayer meeting via Zoom 9. We had organised a water baptism for new members on Ayr beach for 12 people 10. Annual fasting and prayers for the whole church in December 2023 11. Christmas day new year eve celebration 2023 inside the church with lots of activities for kids and adults followed by meals for everyone. 12. This year we had children’s health and safety training for 5 of our members tools place on March 2024 13. Our annual conference takes place on March this year for 3 consecutive days and the guest speaker invited from Ethiopia all the way to Glasgow 14. Our women’s conference take place on June 2024 and the regular meeting held every month. 15. Our youth group annual conference age 12 and above held in Bradford every year ## **Financial Review** ## **General review:** During the financial year ending on 31st October 2024, the total income amounted to £51,294, (2023: 50,925 ), which included income from donations from the congregation, and Gift Aid Tax reclaim. The expenditure for the years was £39,576 (2023: £39,268) incorporating charitable activities, administration, and governance costs. The overall annual financial result was a surplus of £11,718 compared to surplus of £11,657 in 2023. ## **Reserve Policy** The management committee has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (“the free reserves”) held by the charity should be between three and six months of the resources expended, which equates to £9,894 to £19,788 in general funds. At this level, the management committee believes that it would be able to continue the current activities of the charity even in the event of a significant drop in funding. It would obviously be necessary to consider how the funding would be replaced or activities changed. At present the free reserves which amount to £248,603 is 6 ## **Gospel of Peace Church Glasgow** a good target level and the management committee are satisfied with this position. ## **Risk management** The Board of Trustees is aware and has assessed the major risks to which the Gospel of Peace Church Glasgow is exposed, those related to the operations and finances and is satisfied that the systems in place are robust enough to mitigate all major risks. ## **Plans for the Future** The Trustees plan to continue to promote the Christian faith by involvement in the community and beyond as set out in the objectives. Approved by the trustees on 14[th ] November 2024 and signed on their behalf by: **Trustee** 7 **Gospel of Peace Church Glasgow** ## **Independent Examiner’s Report For the Year Ended 31st October 2024** Independent Examiner’s Report to the Trustees of Gospel of Peace Church Glasgow. I report on the financial statement of the charity for the year ended 31st October 2024, which are set out on pages 10 to 13. ## **Respective responsibilities of trustees and examiner** The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 (“the 2005Act”) and the Charities Accounts (Scotland) Regulations 2006 (as amended) (“the 2006 Regulations”). The charity’s trustees consider that the audit requirement of Regulation 10(1) (d) of the 2006 Regulations does not apply. It is my responsibility to examine the accounts as required under section 449(1) (c) of the 2005 Act and to state whether particular matters have come to my attention. ## **Basis of independent examiner’s statement** My examination is carried out in accordance with Regulation 11 of the 2006 Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently, I do not express an audit opinion on the view given by the accounts. ## **Independent examiner’s statement** In connection with my examination, no matter has come to my attention: 1. Which gives me reasonable cause to believe that in any material respect, the requirements: - - To keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Regulations, and - To prepare Accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Regulations (as amended) Have not been met. 8 Gospel of Peace Church Glasgow 2. 1 would however recon￿lend that the charity continue to n￿Intain all accountins docunients ￿la records in accordance with the 2005 ALt, ￿la the accounts as required by Regulation 9 of the 2(M)6 Accounts Resulations (as aniended). 201111202 FtPJ . CA Suite 4.6, 4th Floor, Standard Buildinss 94 Hope Street Glasgow, G2 6PH Relevant rofessional ualifications and bod Qualified Accountant - Meniber of AIA & ACIE ## **Gospel of Peace Church Glasgow** ## **Statement of Financial Activities** ## **For the 12 months ending 31st October 2024** |**Unrestricted**
**funds**
**£**
**Income & Endowments from:**
Donations & Legacies
38,036
Charitable Activities
13,259
Investments
0
Other
0
**Total**
**51,294**
**Expenditure on:**
Raising Funds
0
Charitable Activities
39,576
Other
0
**Total**
**39,576**
Net gains/(losses) on investments 0
Net income/(expenditure)
11,718
Transfers between funds
0
**Other recognised gains/(losses)**
Gains/(losses) on revaluation of fixed assets
0
Gains/(losses) on disposal of fixed
0
Actuarial gains/(losses) on
defined benefit pension schemes 0
**Net movement in funds**
**11,718**
**Reconciliation of funds**
Total funds bought forward
236,885
**Total funds carried forward**
**248,603**|**Restricted**
**funds**
**£**
0
0
0
0
**0**
0
0
0
**0**
0
0
0
0
0
0
**0**
0
**0**|**Total**
**funds**
**2024**
**Total**
**funds**
**2023**
**Further**
**Details**
**£**
**£**
38,036
36,740
3
13,259
14,185
4
0
0
5
0
0
**51,294** **50,925**
0
0
39,576 39,268
6
0
0
**39,576**
**39,268**
0 0
11,718
11,657
0
0
0
0
0 100,124
0 0
**11,718**
**111,781**
236,885 125,104
**248,603 236,885**| |---|---|---| _The statement of financial activities includes all gains and losses in the year. All incoming resources, and resources expended derived from continuing activities._ 10 ## **Gospel of Peace Church Glasgow** |**Balance Sheet**
**As at 31st October 2024**
**Fixed Assets**
Tangible Assets
Investments
**Total Fixed Assets**
**Current Assets**
Debtors
Income accrued
Cash at bank & in hand
**Total Current Assets**
**Liabilities**
Creditors amount falling due within one year
**Net Current assets**
**Total assets less current liabilities**
Creditors amount falling due after one year
**Net Assets**
**The funds of the charity:**
Church Building Reserve
General Reserve
Unrestricted income funds
Restricted income funds
**Total Funds**|





|**2024**
1,777
0
**1,777**

0
13,259
403,087

**416,346**
169,520

**246,826**
**248,603**
0

|





|**2023**
2,369
0
**2,369**
9
0
10
14,185
241,391
**255,576**
21,060
11
**234,516**
**236,885**
0
**236,885**
0
**12**
73,763
163,122
0
**236,885**| |---|---|---|---|---| ||||




|| |||**248,603**||| ||


|0
73,763

174,840
0
|


|| |||**248,603**||| The notes at pages 12 to 16 form part of these accounts. Approved by the trustees on 14th November 2024 and signed on their behalf by: 11 ## **Gospel of Peace Church Glasgow** ## **Statement of Cash Flows** **For year ending 31st October 2024** |**Cash flows from operating activities:**
Net cash provided by (used in) operating activities
**Cash flows from investing activities:**
Purchase of Building and Office Equipment
Proceed from Sales of Building
Interest
**Net cash provided by (used in) investing activities**
**Cash flows from financing activities:**
Cash inflows from new borrowing
**Net cash provided by (used in) financing activities**
Increase (decrease) in cash & cash equivalents in the year
Cash & cash equivalents at the beginning of the year
**Total cash & cash equivalents at the end of the year**
**Reconciliation**
**of**
**net**
**income/(expenditure) to net cash flow**
**from operating activities.**
**Adjustments for:**
Depreciation charges
(Gains)/losses on investments
Dividends, interest & rent from investments
Loss/(profit) on sale of fixed assets
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
**Net cash provided by (used in) operating activities**
**Analysis of cash and cash equivalents**
Cash in hand and Bank

Notice deposits (less than 3 months)
Overdraft facility repayable on demand
**Total bank and cash equivalents**
||**2024**
13,186
**13,186**
0
0
0
**0**
148,510
**148,510**
161,696
241,391
**403,087**
**11,718**
592
0
0
0
0
926
(50)
**13,186**
403,087
0
0
**403,087**|**2023**
**13**
19,909
**19,909**

0
180,000
0
**180,000**
20,000
**20,000**
219,909
21,482
**241,391**
**111,781**

790
0
0
(100,124)
0
7,402
60
**19,909**
241,391
0
0
**241,391**| |---|---|---|---| ||




||| ||



||| ||








||| 12 **Gospel of Peace Church Glasgow** ## **Notes to the Statement of Financial Activities** ## **1. Accounting Policies** The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: ## **a) Basis of preparation** The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. 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 applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended) Gospel of Peace Church Glasgow meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). ## **b) Reconciliation with previous Generally Accepted Accounting Practice.** In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items were required. ## **c) Preparation of the accounts on a going concern basis** The Trustees believe there is no foreseeable circumstance to restrict the Charity from continuing a Going Concern. ## **d) Income** Income is recognised when received. However, in accordance with FRS102, income is accrued if not received in the financial year commensurate with the activity of the charity. ## **e) Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity, this is normally upon notification of the interest paid or payable by the Bank. ## **f) Fund accounting** Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Charity’s work or for specific artistic projects being undertaken by the Charity. 13 **Gospel of Peace Church Glasgow** ## **g) Expenditure and irrecoverable VAT** Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. ## **h) Allocation of support costs** Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back-office costs, finance, personnel, payroll and governance costs which support the Charity's programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The basis on which support costs have been allocated are set out in note 7 ## **i) Tangible fixed assets** Individual fixed assets costing £1,000 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a reducing balance method, as follow; Office furniture and equipment at 25%, and Motor Vehicle at 20%. The Church Building was disposed at a disclosed amount of £180,000. ## **j) Stock** Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value, which is the amount the charity would have been willing to pay for the items on the open market. ## **k) Debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Other debtors amount consists of Gift Aid refund to be Claimed against donations received during the year under review. ## **l) 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. ## **m) 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. ## **n) Transition to FRS 102** No subsequent restatement of items has been required in making the transition to FRS 102. The transition date was 1st March 2014. However, the Charity has continued to prepare accounts on accrual basis in accordance with the Financial Reporting Standard applicable in the UK and the Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP [FRS 102]), and Companies Act 2006. 14 ## **Gospel of Peace Church Glasgow** ## **2. Legal status of the Charity** Gospel of Peace Church Glasgow was recognised as a Scottish charity with effect from 31st October 2016. The Charity is administered in accordance with the terms of the Charity Constitution. ## **3. Income from donations and legacies** |**3. Income from donations and legacies**

Donations and Tithes

|**2024**
38,036

**38,036**|**2023**
36,740
**36,740**| |---|---|---| Gospel of Peace Church Glasgow is grateful to the charities who gave grant funding. In accordance with FRS102 and the Charities SORP (FRS102), the economic contribution of not recognised in the accounts. ## **4. Income from charitable activities** |Non-Gift Aid Donations
Gift Aid Claim Accrued
Small Donation Claim Accrued
Adjustment – Gift Aid
Other general

**5. Investment Income**
Bank interest
|0
12,259
1,000
0
0
**13,259**
0|0
13,524
661
0
0
**14,185**
0| |---|---|---| ## **6. Analysis of expenditure on Charitable Activities** |**Restricted**
Training
Salaries
Other


**Unrestricted**
Training
Salaries
General Expenses



**Total**
|

|0
0
0

**0**
0
10,055
29,521



**39,576**
|





|0
0
0
**0**
0
9,183
30,085
**39,268**| |---|---|---|---|---| ||



|||| ||||
|| 15 **Gospel of Peace Church Glasgow** ## **7. Analysis of governance & support costs** |Professional fees|1,010|1,060| |---|---|---| |Salaries, wages & related costs|10,055|9,183| |General office & general charity expenses|28,511|29,025| |**8. Analysis of staff costs**||| |Salaries & Wages|10,055|9,183| The charity Trustees did not receive any benefits from employment. No charity trustee payment for professional services nor had personal expenses reimbursed. There was no party transactions. The Charity does not operate a defined contribution pension scheme there is no pension cost charged for the period to represent contribution payable to the scheme. ## **9. Tangible Fixed Assets** ## **Tangible fixed assets** ||**Church Building**
**Computer &**
**equipment**
**Furniture &**
**Fittings**
**Totals**| |---|---| ||£
£
£
£| |Cost|| |As at 01.11.23
Additions
Disposals
As at 31.10.24
Depreciation
As at 01.11.23
Charge for year
As at 31.10.24
Net Book Value|-
8,591
2,586
11,177
-
-
-
-
-
-
-
-| ||-
8,591
2,586
11,177| ||-
6,835
1,973
8,808
-
439
153
592| ||-
7,274
2,126
9,400| ||| |As at 31.10.24|-
1,317
460
1,777| |As at 31.10.23|-
1,756
613
2,369| Fixture & Fittings, Computer & Equipment are depreciated at 25% Reducing Balance, while Church Building is not depreciated. 16 **Gospel of Peace Church Glasgow** **10. Debtors** Other Debtors 0 0 Income accrued 14,185 14,185 **Total 14,185 14,185 Cash at bank & in hand** Bank Balance 241,391 241,391 Cash in Hand 0 0 Others 0 0 **Total of bank account 241,391 241,391 11. Liabilities: amounts falling due within a year.** Accrued expenses 1,010 1,060 **12. Funds of the charity** General Reserves (Accruals) 0 0 **Bank – Unrestricted 385,669 241,391 Bank – Restricted** Balance 0 0 Other 17,418 0 **Total of Cash/bank account 403,087 241,391** Unrestricted income funds 248,603 236,885 Total Unrestricted Income Funds 248,603 236,885 Total Restricted Income Funds 0 0 **Total funds of the charity 248,603 236,885 13. Cash flows from operating activities** Net movement in funds 0 0 Bank 403,087 241,391 17