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REGISTERED COMPANY NUMBER: 08848067 (England and Wales)

REGISTERED CHARITY NUMBER: 1157383















REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024


FOR



THE CO-MISSION INITIATIVE TRUST


THE CO-MISSION INITIATIVE TRUST







CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024






Page



Report of the Trustees  

1


to


8


Report of the Independent Auditors  

9


to


11


Statement of Financial Activities  

12



Balance Sheet  

13



Cash Flow Statement  

14



Notes to the Cash Flow Statement  

15



Notes to the Financial Statements  

16


to


25


THE CO-MISSION INITIATIVE TRUST (REGISTERED NUMBER: 08848067)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2024



The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).


THE CO-MISSION NETWORK


The Co-Mission Initiative Trust ("CMIT" and "the charity") is the charity vehicle behind the Co-Mission network. Through this charity, Co-Mission is committed to "plant churches to reach London".


As well as providing support to Co-Mission churches through its Leadership Team and its Resources Team, the charity's primary focus and challenge continues to be driving and facilitating the planting and revitalising of many churches across London. The charity is the legal provider of Co-Mission events including the annual Revive Bible Festival, Staff Focus and church planting co-operatives and conferences; and is also the provider of The London Church Planting Academy and Co-Mission media.



a.


The spiritual need in London




-


London is a city with few peers in terms of global influence, one of the most cosmopolitan and powerful cities,

and is the political, economic and cultural centre of Britain, with 41 universities and 9 million residents.



-


However, London is also an emerging human tragedy: over 90% of the population claim no saving faith in

Christ and many of the major people groups in London are almost entirely unreached by the good news of our

Lord Jesus Christ! London is therefore a significant mission field.



-


We can only imagine how Jesus must feel about London: "When Jesus saw the crowds, he had compassion on

them, because they were harassed and helpless, like sheep without a shepherd" (Matthew 9:36).



-


So what is London's greatest need? The gospel of Jesus Christ! How is Co-Mission meeting this need? The

priority of Co-Mission is reaching London for Christ, by planting and establishing evangelistic gospel

churches. This city is urgently in need of hundreds of diverse evangelistic churches proclaiming the gospel to

all people! We are living in a mission field with an incredible ability to influence and reach societies around

the world for Christ, starting right here in London.



b.


Co-Mission is seeking to meet that need




-


Co-Mission (www.co-mission.org) is an enterprising church-planting movement committed to generous

practical co-operation to help meet the spiritual need of London: our priority is reaching London for Christ

through the planting of evangelistic gospel churches across the most spiritually deprived areas of London.



-


As a growing family of related, inter-dependent, reformed evangelical churches, Co-Mission is serious about

training in the Bible, is diverse in culture, and is pioneering in evangelistic gospel mission.



-


We believe we can do more together than we can on our own. We are called Co-Mission because we are

churches co-operating in mission that are inspired by Jesus' great commission to "make disciples of all

nations" (Matthew 28:19) here in our capital city.



-


We are united by a passion to obey the great commission of Jesus, our living Lord and loving Saviour, to make

disciples of all nations for him, here in London.  Our message is Jesus: His sacrificial ministry is our

inspiration, and his approval is our ultimate goal. Co-Mission is all about reaching London for Christ - to the

glory of God alone.



-


We are working together with other evangelical churches to reach the unreached for Jesus by prayerfully and

boldly trying to plant and establish another 10 reformed evangelical churches by 2028.



-


We are devoted to the millions of people of every nation and culture living within our great capital city who do

not yet know the joy and hope of eternal life in Christ.



-


We are proclaiming God's saving gospel of the Bible - that Jesus is Christ our Lord who came as king, died for

sins, rose to rule and will return to judge.



c.


The financial challenges




THE CO-MISSION INITIATIVE TRUST (REGISTERED NUMBER: 08848067)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2024



-


As these financial statements show, gospel ministry in London is increasingly expensive and our vision for

evangelising London cannot be funded through local church giving alone, especially as we are committed to all

areas of London, with an increasing focus on reaching socially diverse and deprived neighbourhoods.



-


Strategic funding partnerships for the gospel are therefore a vital component of launching, maintaining and

supporting a church planting ministry. The trustees are immensely grateful to the organisations, churches,

trusts, patrons and other individuals who are currently supporting the work of Co-Mission through sacrificial

giving to the charity.



OBJECTIVES AND ACTIVITIES

Objectives and aims

The principal objects of the charity are to advance the Christian faith, to facilitate the establishment and renewal of Christian churches in London, and to provide support to the church planters engaged in the advancement of the gospel.

Public benefit

In planning the activities of the charity, the trustees have had due regard for the guidance published by the Charity Commission with regard to public benefit.

Through the charity's work to strengthen local churches and by the grants it has provided to churches and church planters, the charity has provided significant public benefit.

It is well established that, in general, church-planting:

1.Reaches more unbelievers with the gospel, especially unbelievers from younger generations and from unreached
communities
2.Stimulates the spiritual building-up and training of members involved in the church-plant
3.Rejuvenates the churches involved in supporting the plants
4.Stimulates evangelistic activity in other churches in the locality of the plant and in its denomination
5.Has a positive social impact upon the community in which the church is planted

Co-Mission churches are characterised by a love for the Lord Jesus which is demonstrated by a love for their local communities.This love means that our churches will seek to serve Londoners regardless of race, colour, ethnicity, religious background, gender etc. The local churches that the charity supports, and/or helps to establish, love the people in their localities and will therefore work hard to:

-get to know their local community and to listen to people and their needs;
-share the Christian gospel with their local community;
-seek to provide other support which may include friendship, financial support and practical help for those facing
hardship, pastoral support and encouragement.

With the charity's help, the churches in our network benefit their communities in many real and meaningful ways as they share the Christian gospel with them. In addition to regular Sunday church services (open to all), many Co-Mission churches run thriving parent and toddler groups, offer free English classes, provide kids', youth and senior citizens' groups and clubs and run international cafés to welcome those who have come to London from overseas and to help integrate them into London society. Many Co-Mission churches also seek to promote family values by providing courses on marriage, parenting, good money management and on handling stress and sickness. Whilst running such groups and activities, our churches teach the community to value people of all ages and to treat children and the elderly with care and respect.

The charity is committed to establishing more churches throughout London to provide increasing levels of public benefit - all for the glory of the Lord Jesus. In addition to planting new churches, the charity seeks to strengthen existing churches by providing or arranging training and fellowship for pastors, staff and other church leaders and through the media and events provided by the Co-Mission Resources Team. As a result, the recipient churches are helped to become more effective in their ministries for the benefit of the communities in which they serve.


THE CO-MISSION INITIATIVE TRUST (REGISTERED NUMBER: 08848067)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2024



OBJECTIVES AND ACTIVITIES

Grantmaking

The charity has committed to provide relief of poverty grants to a number of individuals engaged in planting new churches and gospel ministries in London. In addition, the charity provides grants to a number of young Co-Mission churches and plants and also to some more established churches throughout London which are, for various reasons, either unable to cover their own costs or require some financial support in order to maximise their local mission opportunities. Subject to budgetary limits agreed by the trustees, such grants are reviewed and approved by the Co-Mission Leadership Team on behalf of the trustees.

Volunteers

A significant amount of time is expended on the charity's activities which is donated free of charge.

It is not possible to quantify the amount of time given or ascribe a value to it and accordingly it is neither recorded as donated income nor as an expense in the financial statements


THE CO-MISSION INITIATIVE TRUST (REGISTERED NUMBER: 08848067)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2024


ACHIEVEMENT AND PERFORMANCE

Activities and Achievements

-In God's kindness, we have seen sustained health and growth across our 25 established churches and five church
plants, including 2 new churches in the past 12 months. We now have 3 new church plants planned for the
next 12-18 months, the first of which launches in November 2024. In addition there are 5 Affiliated Pastors
reforming and growing churches toward full membership of Co-Mission.
-The Co-Mission mission statement is "We plant churches to reach London for Christ." As a planting network, we
are united in Christ through our shared gospel ministry values, our cooperation in mission and our desire to take
risks to see God's kingdom grow.
-Over the past year, the charity's Trustees and the Co-Mission Leadership Team met regularly and functioned
together well. On 31st August 2024, Richard Coekin left Co-Mission to establish a new Christian ministry and
Andy Mason (Senior Pastor of St John's Church, Chelsea) took over his role as the new Mission Director for
Co-Mission. The new Co-Mission Leadership Team comprises Andy Mason, Jonty Allcock and Matthew Dalton.
-The charity was again able to organise and run a full programme of events and these were very well received and
greatly appreciated by those who attended. In particular, the annual Staff Focus and Senior Pastors' Focus
residential conferences and the Wives' Focus provided much encouragement and highly-valued, face to face,
fellowship.
-In June 2024, the charity once again held the Co-Mission REVIVE bible festival at the University of Kent in
Canterbury and it was wonderful to be able to bring the churches of Co-Mission together again. We praised God
that, over this year's festival weekend, there was a record breaking attendance of around 1,450 adults and 675
children and youth. In addition to the excellent bible teaching, music and worship, the REVIVE weekend was a
great way to remind church members what Co-Mission is seeking to do and to win wider support for our shared
mission to London. This year, we offered subsidised prices to individuals and families on lower incomes and that
made it possible for larger groups of church members to attend from some of our churches than had previously
been possible and helped to ensure that the weekend festival truly united all of the churches within the network.
-The Co-Mission Gospel Ministry Workshop was well attended in the last year with 28 ministry trainees from
across the Co-Mission network last year, a considerable improvement following a pause in ministry training during
Covid-19. These trainees were equipped with a broad range of gospel ministry skills and doctrine as well as
attending the Cornhill Training Course where they learnt foundational Bible handling skills.
-The London Church Planting Academy continued to provide high quality training, fellowship and support to
around 12 individuals who were either already involved in church plants or were looking to plant churches in
London.
-During the year, we also continued to run regular online prayer meetings for the Co-Mission senior pastors as
well as producing a monthly email which included words of encouragement from the Co-Mission Mission Director
and links to other excellent materials produced across the network. We also increased our digital media content
across the network, in order to reach the lost for Christ, in London and beyond and support and encourage those
already within the network in this mission.
-Two new Co-Mission church plants were formally launched in September 2023: St Augustine's Wembley Park
and a graft into the Shaftesbury Christian Centre. Over the year, these two churches have made a great start and
have already seen some growth. As a network, we have been thrilled to see the exciting work that God has been
doing in many individuals through these churches. Co-Mission has provided, and will continue to provide,
significant financial and practical support to these new churches and we pray with them that God will use these
fragile new ministries in wonderful ways over the coming years.
-In addition, the charity gave grants to a number of other Co-Mission churches and plants to help them to maximise
the gospel opportunities within their specific communities throughout London.
-We are excited to hear reports from across the network of increasing numbers of visitors and conversions
happening in greater numbers than previously experienced before the pandemic. This appears to mirror a growing
trend in younger demographics seeking purpose and meaning in life and we are praying that this would continue in
the coming year and more souls would be won for Jesus across London.


THE CO-MISSION INITIATIVE TRUST (REGISTERED NUMBER: 08848067)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2024


FINANCIAL REVIEW

Financial review

The trustees were greatly encouraged by the financial support received by the charity during the past financial year. Our major funders, who have supported Co-Mission so generously over many years, continued to do so and we delight in their joyful and sacrificial giving resulting from their own love for our Lord Jesus.  In addition, a small number of other faithful individuals who are excited about Co-Mission's plans to advance the Gospel throughout London were pleased to share their hard-earned funds with the charity and we are grateful to God for each one of them. Another important income stream continues to be the giving the charity receives from the churches of Co-Mission, many of whom view this giving as a key part of their church's external "mission" giving.


Over the 2023-24 financial year, we were delighted to be able to provide financial support totalling £173k to a number of Co-Mission church plants and churches, including All Nations, Barkingside, The Boathouse Church, Putney, Grace Church Beckenham, Hope Church Vauxhall, InterLondres Church, Mosaic Multicultural church, Slavic Christian Fellowship, St Augustine's Church Wembley Park, St Cuthberts Church, St Paul's Harringay and The Bridge Church, Battersea.  Financial support is only one element of the multi-faceted support which Co-Mission provides to its church plants and churches, but given the cost of starting new ministries, the charity is delighted to have the funds available to provide these massively important grants.


The charity is very thankful to God for his continued financial provision which will enable the charity to continue its activities over the coming years.  Indeed, it is our hope and expectation that the charity will be able to give even larger sums away over the coming year to new Co-Mission church plants and ministries.


PLANS FOR THE FUTURE

The charity plans to continue to fulfil its objectives to advance the Christian faith by planting churches to reach London. Over the new financial year:


1.


A number of church planting opportunities are being actively explored and Co-Mission will make every

effort to support these and other new gospel initiatives.  In September 2024, the Co-Mission Senior Pastors'

Counsel approved the Leadership Team's objective to plant 10 new churches by 2028 and Co-Mission will

endeavour to progress that objective over the coming year.  



2.


In order to encourage and facilitate church planting, we have budgeted to give away (in the form of charitable

grants and/or loans) up to £199k. Church planters and churches will again be required to submit detailed grant

requests and, where successful, will be required to submit regular reports and meet other conditions set by the

Trustees and the Co-Mission Leadership Team.  


3.


We will also make concerted efforts to grow our social and ethnic diversity.



4.


We are also committed to developing and training future spiritual leaders and aim to develop at least two

people into pastor/church planting training over the coming year.



5.


We will explore how we might develop an effective evangelistic impact within the most unreached

communities across our city.



6.


We will strive to make our network more financially self-sustaining. Over the coming year, we plan to review

our current Patron's scheme and explore ways to involve larger numbers of families and individuals from

across our churches in both praying for, and financially supporting, our shared mission to London.



7.


The Co-Mission Resources Team will again seek to organise and run a full programme of events for the

churches, pastors, staff and other leaders of the Co-Mission churches and continue to provide excellent digital

output to help resource and unite the churches.



8.


We plan to run the Revive Bible festival at the University of Canterbury in June 2025 and given the success of

the subsidy scheme offered in 2024, we will again provide ways to help more people on lower incomes to

attend so that the weekend festival truly unites all of the churches within the network.




STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, the memorandum and articles of association and is constituted as a company limited by guarantee as defined by the Companies Act 2006.



THE CO-MISSION INITIATIVE TRUST (REGISTERED NUMBER: 08848067)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2024



STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

The board of trustees are responsible for managing the affairs of the charity. They meet 3 times a year and also invite key personnel to these meetings so that they can be kept fully informed as to the day to day running of the charity. The board may delegate any of its functions, such as administrative and ministry tasks (including: attending to the training and welfare of the church planters, developing the church plants, interviewing potential planters, and progressing the objectives of the charity) to a sub-committee of trustees, to the Co-Mission Leadership Team or to other key personnel.

Key personnel

Trustees: Philip Cooper, Catrin Lee and Olubunmi Balogun

Company Secretary: Stephen Hatherall

Mission Director (part-time): Andy Mason

Chief Operations Officer: Matthew Dalton


At present, of the Key personnel, only Matthew Dalton is employed directly by the charity, with the other Key personnel being seconded to the charity.


Induction and training of new trustees

New trustees are appointed as and when required and on appointment are given a basic introduction to trustee responsibilities, are asked to read the online version of the Charity Commission leaflet "The Essential Trustee" together with other Charity Commission online guidance for trustees and are encouraged to attend an external training course so that they get a basic grounding in charity law and a more detailed understanding of trustee responsibilities.

The Co-Mission Churches Trust

The Co-Mission Initiative Trust has a close working relationship with an independent charity, The Co-Mission Churches Trust (CMCT). Both charities have similar charitable objectives centred upon the advancement of the Christian faith through local church ministries in London and, currently, one of the charity's trustees is also a trustee of CMCT. Until September 2017, the Co-Mission network's staff and activities were housed within CMCT but were then transferred to the charity. With some shared history, shared objectives, some projects in common and some shared personnel, the trustees of both charities have agreed some mutual financial support and the CMCT trustees have agreed to allow the charity to utilise its payroll, workplace pension scheme and group insurance schemes.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

08848067 (England and Wales)


Registered Charity number

1157383


Registered office

577 Kingston Road

London

SW20 8SA


Trustees

P D Cooper

J C Marland (resigned 11.10.24)

C H Lee

O O Balogun


Company Secretary

S Hatherall



THE CO-MISSION INITIATIVE TRUST (REGISTERED NUMBER: 08848067)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2024



REFERENCE AND ADMINISTRATIVE DETAILS

Senior Statutory Auditor

Maurice Brindley BSc FCA


Auditors

Brindley Millen Limited

Statutory Auditors

167 Turners Hill

Cheshunt

Hertfordshire

EN8 9BH


Bankers

Barclays Bank PLC

Leicestershire

LE87 2BB


CAF Bank Limited

25 Kings Hill Avenue

Kings Hill,

West Malling

Kent,

ME19 4JQ


STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Co-Mission Initiative Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with 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".

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company 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 Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

-there is no relevant audit information of which the charitable company's auditors are unaware; and
-the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.


THE CO-MISSION INITIATIVE TRUST (REGISTERED NUMBER: 08848067)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2024


AUDITORS

The auditors,  Brindley Millen Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


Approved by order of the board of trustees on 18 February 2025 and signed on its behalf by:






C H Lee - Trustee


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE CO-MISSION INITIATIVE TRUST


Opinion

We have audited the financial statements of The Co-Mission Initiative Trust (the 'charitable company') for the year ended 31 August 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 charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, 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 Companies Act 2006.

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 charitable company 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 the provisions available for small entities, in the circumstances set out in note 16 to the financial statements, 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 charitable company'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 this gives rise to a material misstatement in the financial statements themselves. 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.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Report of the Trustees has been prepared in accordance with applicable legal requirements.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE CO-MISSION INITIATIVE TRUST



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-

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

-

certain disclosures of trustees' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit; or

-

the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.


Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.


Our responsibilities for the audit of the financial statements

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 a Report of the Independent Auditors 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.


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


We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are those covered by the Statement of Recommended Practice for Charities (SORP 2019) and the Charities Act 2011. We assessed the risk of material misstatement in respect of fraud by making enquiries of management and trustees and by testing the implementation of accounting controls in place.


Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above by making enquiries with key personnel and reviewing relevant documentation such as minutes of Trustee meetings and correspondence with regulatory bodies. We considered the risk of fraud through management override by incorporation testing of journal entries. We also considered, and tested for, the possibility of unauthorised payments to related parties.


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 Report of the Independent Auditors.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE CO-MISSION INITIATIVE TRUST



Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Maurice Brindley BSc FCA (Senior Statutory Auditor)

for and on behalf of Brindley Millen Limited

Statutory Auditors

167 Turners Hill

Cheshunt

Hertfordshire

EN8 9BH


19 February 2025


THE CO-MISSION INITIATIVE TRUST


STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 AUGUST 2024



31.8.24


31.8.23


Unrestricted


Restricted


Total


Total


funds


funds


funds


funds


Notes

£   

£   

£   

£   


INCOME AND ENDOWMENTS FROM

Donations and legacies

2

799,854


39,382


839,236


763,944



Charitable activities

4

Ministry costs

-


-


-


-


Events

285,743


10,011


295,754


258,666



Investment income

3

392


-


392


1,281


Other income

20,374


56,884


77,258


56,248


Total

1,106,363


106,277


1,212,640


1,080,139



EXPENDITURE ON

Charitable activities

5

Ministry costs

452,874


128,422


581,296


655,360


Events

384,671


3,859


388,530


348,888


Grants to churches and church planters

148,299


24,764


173,063


210,679


Total

985,844


157,045


1,142,889


1,214,927



NET INCOME/(EXPENDITURE)

120,519


(50,768

)

69,751


(134,788

)

Transfers between funds

14

(53,006

)

53,006


-


-


Net movement in funds

67,513


2,238


69,751


(134,788

)


RECONCILIATION OF FUNDS

Total funds brought forward

235,818


7,731


243,549


378,337



TOTAL FUNDS CARRIED FORWARD

303,331


9,969


313,300


243,549



THE CO-MISSION INITIATIVE TRUST (REGISTERED NUMBER: 08848067)


BALANCE SHEET

31 AUGUST 2024



31.8.24


31.8.23


Unrestricted


Restricted


Total


Total


funds


funds


funds


funds


Notes

£   

£   

£   

£   


FIXED ASSETS


Tangible assets

11

4,219


-


4,219


5,625



CURRENT ASSETS


Debtors

12

113,167


-


113,167


4,550


Cash at bank

199,747


9,971


209,718


253,184


312,914


9,971


322,885


257,734



CREDITORS


Amounts falling due within one year

13

(13,804

)

-


(13,804

)

(19,810

)


NET CURRENT ASSETS

299,110


9,971


309,081


237,924



TOTAL ASSETS LESS CURRENT

LIABILITIES

303,329


9,971


313,300


243,549



NET ASSETS

303,329


9,971


313,300


243,549


FUNDS

14

Unrestricted funds

303,329


235,818


Restricted funds

9,971


7,731


TOTAL FUNDS

313,300


243,549



These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 18 February 2025 and were signed on its behalf by:






C H Lee - Trustee


THE CO-MISSION INITIATIVE TRUST


CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2024



31.8.24


31.8.23


Notes

£   

£   



Cash flows from operating activities

Cash generated from operations

1

(43,858

)

(130,227

)


Net cash used in operating activities

(43,858

)

(130,227

)



Cash flows from investing activities

Interest received

392


1,281



Net cash provided by investing activities

392


1,281




Change in cash and cash equivalents in the

reporting period

(43,466

)

(128,946

)


Cash and cash equivalents at the beginning

of the reporting period

253,184


382,130



Cash and cash equivalents at the end of the

reporting period

209,718


253,184




THE CO-MISSION INITIATIVE TRUST


NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2024


1.

RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING

ACTIVITIES


31.8.24


31.8.23

£   

£   



Net income/(expenditure) for the reporting period (as per the Statement

of Financial Activities)

69,751


(134,788

)



Adjustments for:


Depreciation charges

1,406


1,875




Interest received

(392

)

(1,281

)



(Increase)/decrease in debtors

(108,617

)

4,104




Decrease in creditors

(6,006

)

(137

)



Net cash used in operations

(43,858

)

(130,227

)




2.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.9.23

Cash flow

At 31.8.24

£   

£   

£   



Net cash



Cash at bank

253,184


(43,466

)

209,718



253,184


(43,466

)

209,718




Total

253,184


(43,466

)

209,718




THE CO-MISSION INITIATIVE TRUST


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024


1.

ACCOUNTING POLICIES



Basis of preparing the financial statements and assessment of going concern


The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.



The financial statements are presented in sterling (£).



The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.



Critical accounting judgements and key sources of estimation uncertainty

No significant judgements have been made during the course of preparing these financial statements. There are no sources of estimation uncertainty.


Income


All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.



Income from donations or grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the donations or grants have been met, it is probable that the income will be received and the amount can be measured reliably.



Income from contracts in respect of services provided is recognised when, and to the extent that, performance occurs and is measured at the fair value of the consideration receivable.



Expenditure


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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.



Charitable activities


Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.



Allocation and apportionment of costs

Support costs include all those overhead costs of office, utility services and other services and costs, which are in support of the activity. They have been allocated to activity cost categories on a basis consistent with the use of resources.


Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.



Fixtures and fittings

-

25% on reducing balance



THE CO-MISSION INITIATIVE TRUST


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


1.

ACCOUNTING POLICIES - continued



Net current assets

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

Debtors
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Creditors
Creditors are recognised when 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 are normally recognised at their settlement amount.


Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.


Pension costs and other post-retirement benefits


The charitable company operates a defined contribution pension scheme.  Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.



Financial instruments

The charity only has financial assets and 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 amortised cost using the effective interest method.

Taxation
The charity is exempt from corporation tax on its charitable activities.

2.

DONATIONS AND LEGACIES


31.8.24


31.8.23

£   

£   



Gift Aid donations

128,099


25,632




Non Gift Aid donations

169,760


202,370




Reclaimed Gift Aid

32,025


6,408




Grants

326,000


363,646




Co-Mission membership contributions

183,352


165,888



839,236


763,944




THE CO-MISSION INITIATIVE TRUST


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


2.

DONATIONS AND LEGACIES - continued



Grants received, included in the above, are as follows:



31.8.24


31.8.23

£   

£   



Anonymous funders

326,000


-




Other grants

-


363,646



326,000


363,646




3.

INVESTMENT INCOME


31.8.24


31.8.23

£   

£   



Deposit account interest

392


1,281




4.

INCOME FROM CHARITABLE ACTIVITIES


31.8.24


31.8.23


Activity

£   

£   



Events income

Events

295,754


258,666




5.

CHARITABLE ACTIVITIES COSTS


Support



Direct

costs (see



Costs

note 6)

Totals

£   

£   

£   



Ministry costs

553,202


28,094


581,296




Events

388,530


-


388,530




Grants to churches and church planters

173,063


-


173,063



1,114,795


28,094


1,142,889




6.

SUPPORT COSTS


Information


Office


Governance



Finance


technology


costs


costs


Totals

£   

£   

£   

£   

£   



Ministry costs

198


12,975


10,553


4,368


28,094




THE CO-MISSION INITIATIVE TRUST


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024



7.

NET INCOME/(EXPENDITURE)



Net income/(expenditure) is stated after charging/(crediting):




31.8.24


31.8.23

£   

£   



Auditors' remuneration

4,333


6,613




Depreciation - owned assets

1,406


1,875




8.

TRUSTEES' REMUNERATION AND BENEFITS


There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.



Trustees' expenses


There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.



Key management personnel



The charity consider its key management personnel to comprise the Trustees, Chief Executive Officer (Director of Co-Mission), Chief Operations Officer, Director of Charity Services, Director of Church Planting and Director of Church Strengthening. Total Key Personnel remuneration for the year was £212,713 (2023: £294,828)


9.

STAFF COSTS


31.8.24


31.8.23

£   

£   



Wages and salaries

470,601


468,857




Social security costs

28,450


42,094




Other pension costs

37,540


40,138



536,591


551,089





The average monthly number of employees during the year was as follows:



31.8.24


31.8.23


Average employees (including seconded)

13


14





The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:



31.8.24


31.8.23


£60,001 - £70,000

-


2




£70,001 - £80,000

1


1



1


3




THE CO-MISSION INITIATIVE TRUST


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


10.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES


Unrestricted


Restricted


Total


funds


funds


funds

£   

£   

£   



INCOME AND ENDOWMENTS FROM


Donations and legacies

670,327


93,617


763,944




Charitable activities


Ministry costs

(1,874

)

1,874


-



Events

258,666


-


258,666




Investment income

1,281


-


1,281



Other income

20,406


35,842


56,248



Total

948,806


131,333


1,080,139




EXPENDITURE ON


Charitable activities


Ministry costs

480,105


175,255


655,360



Events

348,559


329


348,888



Grants to churches and church planters

210,679


-


210,679



Total

1,039,343


175,584


1,214,927




NET INCOME/(EXPENDITURE)

(90,537

)

(44,251

)

(134,788

)


Transfers between funds

(47,530

)

47,530


-



Net movement in funds

(138,067

)

3,279


(134,788

)



RECONCILIATION OF FUNDS


Total funds brought forward

373,884


4,453


378,337




TOTAL FUNDS CARRIED FORWARD

235,817


7,732


243,549




THE CO-MISSION INITIATIVE TRUST


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


11.

TANGIBLE FIXED ASSETS


Fixtures


and


fittings

£   



COST


At 1 September 2023 and 31 August 2024

10,000




DEPRECIATION


At 1 September 2023

4,375




Charge for year

1,406




At 31 August 2024

5,781




NET BOOK VALUE


At 31 August 2024

4,219




At 31 August 2023

5,625




12.

DEBTORS


31.8.24


31.8.23

£   

£   



Amounts falling due within one year:



Trade debtors

87,642


3,050




Other debtors

13,525


1,500



101,167


4,550




Amounts falling due after more than one year:



Other debtors

12,000


-





Aggregate amounts

113,167


4,550





THE CO-MISSION INITIATIVE TRUST


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


31.8.24


31.8.23

£   

£   



Social security and other taxes

9,604


13,547




Other creditors

-


2,063




Accrued expenses

4,200


4,200



13,804


19,810




14.

MOVEMENT IN FUNDS


Net


Transfers




movement


between


At



At 1.9.23


in funds


funds


31.8.24


£   

£   

£   

£   



Unrestricted funds


General fund

231,993


123,339


(52,003

)

303,329




RC discretionary fund

3,825


(2,822

)

(1,003

)

-



235,818


120,517


(53,006

)

303,329




Restricted funds


LCPA

-


(15,974

)

15,974


-




Pebble

-


(26,934

)

26,934


-




Hispanic Church Plant

-


1,679


(1,679

)

-




Ministry Trainee Fund

7,731


2,240


-


9,971




Ministry Workers Fund

-


(11,777

)

11,777


-



7,731


(50,766

)

53,006


9,971




TOTAL FUNDS

243,549


69,751


-


313,300





Net movement in funds, included in the above are as follows:



Incoming


Resources


Movement



resources


expended


in funds


£   

£   

£   



Unrestricted funds


General fund

1,103,885


(980,546

)

123,339




RC discretionary fund

2,478


(5,300

)

(2,822

)


1,106,363


(985,846

)

120,517




Restricted funds


LCPA

12,457


(28,431

)

(15,974

)



Pebble

31,377


(58,311

)

(26,934

)



Hispanic Church Plant

23,558


(21,879

)

1,679




Ministry Trainee Fund

13,128


(10,888

)

2,240




Ministry Workers Fund

25,757


(37,534

)

(11,777

)


106,277


(157,043

)

(50,766

)



TOTAL FUNDS

1,212,640


(1,142,889

)

69,751





THE CO-MISSION INITIATIVE TRUST


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


14.

MOVEMENT IN FUNDS - continued



Comparatives for movement in funds



Net


Transfers




movement


between


At



At 1.9.22


in funds


funds


31.8.23


£   

£   

£   

£   



Unrestricted funds


General fund

368,117


(88,594

)

(47,530

)

231,993




RC discretionary fund

5,767


(1,942

)

-


3,825



373,884


(90,536

)

(47,530

)

235,818




Restricted funds


LCPA

-


(35,458

)

35,458


-




Pebble

-


(16,594

)

16,594


-




Hispanic Church Plant

-


4,522


(4,522

)

-




Ministry Trainee Fund

4,453


3,278


-


7,731



4,453


(44,252

)

47,530


7,731




TOTAL FUNDS

378,337


(134,788

)

-


243,549





Comparative net movement in funds, included in the above are as follows:



Incoming


Resources


Movement



resources


expended


in funds


£   

£   

£   



Unrestricted funds


General fund

944,348


(1,032,942

)

(88,594

)



RC discretionary fund

4,458


(6,400

)

(1,942

)


948,806


(1,039,342

)

(90,536

)



Restricted funds


Supported church plants

16,091


(16,091

)

-




LCPA

32,705


(68,163

)

(35,458

)



Pebble

41,671


(58,265

)

(16,594

)



Hispanic Church Plant

26,588


(22,066

)

4,522




Ministry Trainee Fund

14,278


(11,000

)

3,278



131,333


(175,585

)

(44,252

)



TOTAL FUNDS

1,080,139


(1,214,927

)

(134,788

)



THE CO-MISSION INITIATIVE TRUST


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


14.

MOVEMENT IN FUNDS - continued



A current year 12 months and prior year 12 months combined position is as follows:



Net


Transfers




movement


between


At



At 1.9.22


in funds


funds


31.8.24


£   

£   

£   

£   



Unrestricted funds


General fund

368,117


34,745


(99,533

)

303,329




RC discretionary fund

5,767


(4,764

)

(1,003

)

-



373,884


29,981


(100,536

)

303,329




Restricted funds


LCPA

-


(51,432

)

51,432


-




Pebble

-


(43,528

)

43,528


-




Hispanic Church Plant

-


6,201


(6,201

)

-




Ministry Trainee Fund

4,453


5,518


-


9,971




Ministry Workers Fund

-


(11,777

)

11,777


-



4,453


(95,018

)

100,536


9,971




TOTAL FUNDS

378,337


(65,037

)

-


313,300





A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:



Incoming


Resources


Movement



resources


expended


in funds


£   

£   

£   



Unrestricted funds


General fund

2,048,233


(2,013,488

)

34,745




RC discretionary fund

6,936


(11,700

)

(4,764

)


2,055,169


(2,025,188

)

29,981




Restricted funds


Supported church plants

16,091


(16,091

)

-




LCPA

45,162


(96,594

)

(51,432

)



Pebble

73,048


(116,576

)

(43,528

)



Hispanic Church Plant

50,146


(43,945

)

6,201




Ministry Trainee Fund

27,406


(21,888

)

5,518




Ministry Workers Fund

25,757


(37,534

)

(11,777

)


237,610


(332,628

)

(95,018

)



TOTAL FUNDS

2,292,779


(2,357,816

)

(65,037

)



THE CO-MISSION INITIATIVE TRUST


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


14.

MOVEMENT IN FUNDS - continued




RC discretionary fund represents monies set aside by the trustees to be used at the discretion of the CEO.



Supported Church Plants represents funding received from a church in the USA to provide support to three specific churches in the Co-Mission network.



LCPA represents funding received from a trust that wishes to remain anonymous to support the running of the London Church Planting Academy ("LCPA").



Pebble represents funding received from a trust that wishes to remain anonymous to support the set-up of a ministry consultancy known temporarily as the "Pebble" initiative.



Hispanic Church Plant represents funds received to help Co-Mission establish a new church for Hispanic speakers in London.



Ministry Trainee Fund represents donations received towards the costs of supporting ministry trainees to learn and experience gospel ministry in churches across London.



Ministry Workers Fund represents donations received towards the costs of supporting ministry workers at certain Co-Mission network churches.



Transfers between funds



Transfers between funds during the year represent internal transactions relating to events and other items which do not represent actual income or expenditure to the charity.


15.

RELATED PARTY DISCLOSURES



There were no related party transactions for the year ended 31 August 2024.


16.

FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES



In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.