FRONTIERS ANNUAL REPORT & ACCOUNTS 2021
CONTENTS Annual report What we do Our impact in 2021 Future plans Financial review Structure, governance & management Corporate directory Annual accounts Statement of financial activities Balance sheet 10 Cash flow statement 11 Notes to the accounts 12 Independent auditorfs report 19
WHAT WE DO We help churches identify, train, send and support members overseas: for the benefit of local communities, in team5, making known Jesus, love and teaching, prioritising those with least opportunity. Our strategies to achieve this objective are: raising awareness in Britain of opportunities for service {website, social media, podcast, publications, prayer news, conference5 and events), encouraging enquirers: small groups, short visit5, training and coachin helping applicants connect with and join over 260 overseas teams, supporting members, with their churches, practically and pastorally, supporting projects that benefit communities. according to local needs, including development. relief work. medical and teaching. We are part of the wider Frontiers Movement- an international fellowship of semi-autonomous teams comprising 1,800 members in 80 countries. Each team or organisation operates independently, but with accountability, oversight and a commitment to the movement's vision and values. OUR IMPACT IN 2021 LonE-tem Harvest Workers Despite restricted travel and in-person meetings, we thank God for 12 new long-term members sent in the last 18 months, and 17 applicants currently preparing to join overseas teams in 2022-23. We continued to SUPPOrt members sent from British churches, with finance, prayer and increased pastoral care, despite the extended effects of the pandemic on travel, finances and the local communities members serve. We continued to receive gifts and distribute grants to various overseas projects, including through a coronavirus relief appeal, which have contributed practical care, medical support, education and long-term development to many communities hit hard by the pandemic.
Inforniation and Communi&*ions Within Britain, we continued to develop and upgrade our communications to individuals, small groups and churches of a vision and opportunitie5 to serve overseas. In September. we launched a podcast, RA W Mission, featuring interviews about the realities of living overseas, with 22 episodes and 10.000 downloads to date. In partnership with other agencies and a professional film company, we have developed a new version of the popular Momentumyes course, adapted for British and European young people and churches, to be launched later this year. The Next Generation Through increased online communications during the pandemic. we now work with a cohort of some 60 young people taking active steps towards long- term overseas service. Meeting regularly online and in small groups. we also provide quarterly face-to-face weekend training events. and opportunities for vision trips and short-term placements with overseas teams. Our pre-field training programme has continued well, with Candidates Weekends three times a year, increased personal coaching and mentoring, and the appointment of new team leaders. We also help other bases within the Frontiers movement with training and communications materials. Our short-terni opportunities programme, suspended in 2020 due to the pandemic, was successfully resumed with new impetus last year. FUTURE PLANS We made the difficult decision in 2021 to leave our existinE premises due to the need and opportunities of larger office space, including conference and meeting rooms and a studio to produce more audio and visual resources. We have agreed, subject to contract, to purchase a site in central High Wycombe for £1.2m, to be financed by sale of our existing freehold property and a long- term secured loan. We are extending new opportunities for those pursuing long-term service, to develop their calling through short-term prayer, vision and ministry visits, and
and also one or two-year placements on tearns where they can learn language and culture, and be coached and trained for future effective service. We continue to build closer collaboration and partnerships With churches, trust funds and other agencies. who are InCa51ngIY interested in sending and supporting the work of Frontiers, 260 overseas teams. FINANCIAL REVIEW We thank God for total incorne in 2021 of £1.7M (shown on page 9). 3% above last year, reflecting an increase in long-term overseas member5 and further gifts for overseas and home projects. Total expenditure in 2021 was £1.73M, also above last year, with gift5 received promptly distributed to support field members, pandemic relief and other projects. Volunteers on our home team contributed an average of 11 days per week during the year and were engaged in all areas of activity. especially pastoral care of overseas members, often in very challenging circumstances. Net assets at the year end. shown on page 10, totalled £690k. These comprised.. £69k of restricted reserves, being gifts for specific projects or member5, £482k of designated funds, mainly the net book value of tangible fixed assets unavailable for other purposes, and £140k in the general fund, not designated for a particular purpose. Grants from restricted funds are made in line with donors, wishes, and from unrestricted funds in line with the trustees, judgment. In all cases, grants are made only to member5 and projects with clear supervision. oversight and accountability, to ensure they are used effectively to benefit local communities. The trustees, policy is to maintain a general fund reserve of between 3 and 6 months, of unrestricted expenditure. At this level. current activities could continue in the event of a significant drop in income, until remedial action
becomes effective. Despite a deficit last year, the general fund at 31 December 2021 at 5.5 months was at the upper end of this range. The trustees. investment policy is to maintain high liquidity while ensuring maximum security. Funds invested with financial institutions are protected by the government-regulated Financial Services Compensation Scheme. The Charity has no social investments. Fundraising practices In 2021. no outside agents were engaged to approach the public on our behalf,. all applications for funds were prepared in-house; and no complaints were received about our fundraising practices. We seek to protert vulnerable people and others from unreasonable intrusion from any fundraising communications. Where vulnerable people or those acting on their behalf request no further communications. we act on their wishes immediately. We also remove recipients from our mailing list when requested. We are registered with the Fundraising Regulator and are committed to the Fundraising Promise and adherence to the Code of Fundraising Practice. STRUCTURE, GOVERNMENT & MANAGEMENT The Charity is a company limited by Buarantee, without share capital, governed under a memorandum and articles of association and a re8iStered charity. Legal and administrative details are set out on page 8. Overall responsibility is in the hands of the board of trustees (who are also directors for the purposes of company law). Trustees retire each year but are eligible for re-election. Additional trustees are appointed by the board, who seek people with relevant skills and experience. and in sympathy with the Charity's objectives and ethos. Induction and training are provided on a personal basis a5 appropriate. Polivi and major financial decisions are made by the trustees. Day-to-day running of the Charity and responsibility for implementing these decisions are committed to the chief executives.
Trustees give their time freely and receive no remuneration. Their expenses and other related party transactions are disclosed in Note 6 to the accounts. Remuneration of key management personnel is determined by the Trustees. Members located overseas are accountable to local team leaders and raise their own financial sUPPOrt. They have the backing of the Charity in raising support, including the provision of training and expertise. Home staff are encouraged to raise their own financial support. Modest salaries are paid to some staff. including the chief executives. The trustees have regard to the Charity Comrnission's published guidance on public benefit. The Charity delivers a public benefit to communities through services provided by overseas members, including recent support to many communities suffering from the pandemic. Risks and uncertainties The trustees have reviewed the Charitvs current and planned future activities in the light of major risks arising from time to time. and the effectiveness of systems and procedures designed to manage them. The principal risks and uncertainties are considered to be: reputational damage in the event of a high profile complaint or legal action alleging lack of due care for staff or field members, a sharp reduction in donation income, or financial mismanagement. Our plans and strategies to manage risks include: careful assessment of applicants, risk assessments and contingency plans, a support network for overseas members, a system of financial controls. incident reporting, monitoring systems, maintaining adequate financial reserves, and insurance cover. The trustees consider that adequate resources will continue to be available to fund activities of the Charity for the foreseeable future, that there are no material uncertainties about its ability to continue operating and that the Charity therefore remains a going concern. Auditor Jacob Cavenagh & Skeet offer themselves for re-appointment as auditor in accordance with Chapter 2 of Part 16 of the Companies Act 2006.
Trustees. responsibilittes in relation to the accounts The trustees are responsible for preparing their report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 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 Charity and of the incoming resources and application of resource5. including the income and expenditure, of the Charity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP, make judgments and estimates that are reasonable and prudent, state whether applicable UK Accounting Standards have been followed, subject to any material departures explained in the financial statements, prepare the financial statements on the going concern basis unless it is inappropriate to presume the Charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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. In so far as the trustees are aware: there is no relevant audit information of which the Company's auditor is 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 auditor is aware of that information. This report was approved by the board on 5 July 2022. K Elmitt Director
DIRECTORY Company Registration Number 2585745 Charity Registration Number 1012566 Trustees A Dimmock (Chairman) D AAanderud K Elmitt l M Linton P N Maclnnes Chief Executives P A Bancroft M D Jones Principal Address PO Box 1445 High Wycombe, HP12 9BU Registered Office S Robin Hood Lane Sutton, SMI 2SW Auditor Jacob Cavenagh & Skeet Chartered Accountants 5 Robin Hood Lane Sutton. SMI 2SW Principal Bankers Barclays Bank pic PO Box 23 Northampton, NNI 4YD CAF Bank Limited 25 Kings Hill Avenue West Malling. ME19 4JQ
FRONTIERS STATEMENT OF FINANCIAL ACTIVITIES (in¢orpornting an income & expendlture account) for the year ended 31 D•¢ember 2021 nrestri(a FldS otal 020 Funds Funds 2021 Funds INCOME a ENOOWhlENTS Donations & legarjes Charitabb adNitses ,540 1.440.635 1.697.175 303,458 1,344.393 1,647.8S1 5.892 5.892 5.012 5,012 Investments 1.411 1.411 3.091 213 Total Income & •ndOThts 263,843 1.440.635 1,704.478 311,561 1.344,606 1.656,167 EXPENDITURE Raislng fvnds Charitabl8 acliviti8S.' 19.523 2.238 21.761 18.923 2.464 21.387 Programme levelopment & support Infom*lv)n & educakn 229.356 1.379.102 I.8.458 209.243 1,353.961 1.563.204 29.490 41.(rf)9 70,499 23.782 34.58S 58.387 Manag8m8nt & admirstraI.0n Total •xp•ndltur• 28.549 32,915 26,382 4,518 30.900 306.918 1.426,715 1.733.633 278.330 1,395.S28 1.673.858 Net In¢om•lexp•ndllur• 143.0751 13.920 129.155) 33.231 150.9221 117.691) Total funds brwght Iard 664259 54,725 718.W 631.028 105.647 n6,675 T¢)tal funds fArrled forward 621.184 68.645 689.829 664.259 54.725 718.984 Comwy had no rery)gnised gains or k)sse5 Otwthan tlThe sh¢Mn above l(¥ eiher financkal year. note$ on pa9es 12 10 18 fomi part ofth•s• ffinancial stst•m8nts.
FRONTIERS BALANCE SHEET At 31 Decem1 2021 473.426 47r.588 CURRWASSETS $k 10 I,654 e8.013 C85h al berd4 371.315 460.312 517.586 CREDORs (301.1831 18.9161 IIET CURREwf ASSETS 216,403 241.396 NET ASSETS 689.829 71B,984 FUNDS 139.548 172.448 D8sbJn*ed fufv 12 481.636 491.811 621.184 664259 Rastiti•J lund$ 12 54.725 718,984 K ElrNrt 10
FRONTIERS CASH FLOW STATEMENT for the year ended 31 DeC•mr 2021 Cash loutnowyinflow frorn operntin9 acti¥itses 15 8.823} 4B,398 Cash flows Irom Investlng aclmtles: Decrease in investments 117,000 Purthasg oflan9ible fixed assets (1,6541 15761 Cash provlded by In¥•slm•nt a¢llvlli•s (1.6541 116,424 In¢r¢as• lft ush and ¢ash equlvaleTrts lft th• y•ar {10.4771 164,822 Cash and cash equNalgnts at Ihg begrn9 Otthe y 371.315 206,493 Cash and ¢ash equl¥aknts at th• •nd ofth• y•*r 360,838 371.315 11
FRONTIERS NOTES TO THE FINANCIAL STATEMENTS for th• ar ended 31 December 2021 1. ACCOUNTING POUCIES B#$is ol preparntion The Charrty is a public bènefit entity. The financial statements are wepared in cornpliance with the Companies Act 2006, ihe Charities Act 2011. Financial Reporting Slandard 102 and the Charities Statement of Recommended Practice IFRS102). The financial ststements are Prepa in pounds steiling rounded to the nearest pound. The principal acr))unb"TrJ p)li¢ies. tthich have be appl o)nsistenly. are described below. Fund ac¢ounting Incoming resources for speufic puwes dedared by donors are held separately as restn"¢ted fund5. General reser¥es are unresitted fvnds available for use at the tTuslees' discretion in futh¥rance the Charity's chwtsble objectives. Designated fvThJ5 are sel aside by trStee$ for spfj¢ific Puose$. Income Ineome is rèeognised when ènlitlement is èstablished. receipt Ss probable. and hs aftnt can be quantified wrth reasonable accuracy. Donated goods are incltjded n income at their rnalket value kn reoived. Time th)ated by volunteers is not re¢ognised in th¢ finanryal 5tstements. but their $i9nfficant ty)ntribut)n is discussad in the tfUStees' r¢r•Yt. Individual members mako conlributions to the general funds of the Charity oui of the financial sUpt Ihey receive at a rate of 5% for UKknsed members and proiects and 10% for members based overseas. Expenditure Grant payments to third pti¢$ are ac(Thed the rea.nt has been notified of the granl award and where any unfulfilled conditions attaching to the grant a (wjtshle the control of the Charity. Other expenditure is re¢ognised on¢¢ thare is a legal c constructiv• obligation to make a payment, it is probaNe that setuwnent Nyill t requbred. aThJ th amount of OblatiOn can be measured reliably. ExFenditure is accounted for on an awuals basis apporDorh8d between th8 Costs of raising fvnds nd charitable activilies. Charilablo activitie5 experKliture is fvrther anatysed betrn programme developmenl & suppM, inlormatK)n & catIon and managemgnt & administration. as described in notes to the a¢xounts. ExperKlilwe apwrtionment is based on analysis of time spent. Penslons The Charity operates a defined C4XtributÉ(ffi s¢hemo for the b¢n¢fit of empknye•s. COntributKS are charged to the incomo and expen(htyw anI in ths y•artlw are payrf•. 12
FRONTIERS NOTES TO THE FINANCIAL STATEMENTS for th• y•ar end•d 31 D•ceml)er 2021 1. ACCOUNTING POUCIES (continued) Depreelatlon Depreriation is provided to write off the cost of tangible red assets over Ihw estimated useful economic lives, as fdlows: Building services Furniture & other equIpnI 10 years 3-5 years No depciation is provided on freehokl knd buAthngs. The trustees have a policy of maintaining the property to a high slandard wthich prokngs its u5efvl lrfe and enhances its residual value and a¢LY)rdin9ly ¢onsider any depreuation to insignificant and immaterial. Properties are reviewed annualy by the trustees for any impament of v8lue. D•btors Debtors are recognised at the setuemenl alrjnI after any trade dcount offered. PrepaynnIS are vakd at the arrn1 prepaid net of trade discounts due. Cash al bank and In fvgnd Cash at bank aThJ in hand includes accounts held at call V*ilh banks arwj ¢a$h In hand. Cash equivalents indude monies available within 3 Ir1hS wits)ut interest penalty. Cr•dltors and provisions Creditors and prowsions are recognised when Ihe Charity has a legal or constructNe financAal olligalion that can btr rellaY estimated for which pant is expected to be made. Financial In$trum•nts The Charity has financial assets and liabilrfies only of a kind that qualfy as baslc finandal instruments. These are inibally recognised at tran&Kt¥M value and subwuently measured usiNJ amortised cost on the effective interest rate melhod. Going conurn At the kn.me of approvin9 Ih? finano¥l ststements, the tru5tee5 have a reasonable expectation that the charity has ad&quate resources to continue in operalional $ten¢¢ for the forewabb fvlure. Thus the trustees conbnue to adopt the goirvJ corKem basis of accounbng in prnparing th6 finarKtal statements. 13
FRONTIERS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021 2. DONATIONS & LEGACIES Unrestricied FuThJs FLJ 2021 Donations 140.803 115.737 1,440.635 1.581.438 115.737 1,526,743 121,108 Contributions from members 256.540 1.440.635 1.697.175 1,647,651 3. INCOME & ENDOWMENTS FROM CHARITABLE ACTMTIES These ¢tynpri$e inc from training events. book sales and short-t•m aSSnments. The primary aims of these actiwtiès are to assisl mMlS preparing to go overseas and to raise understanding of the Charitys activities and opporlunities for service, wilh charges being made to defray costs. 4. EXPENDITURE ON RAISING FUNDS Most voluntsry income is generated by members on an unpaid voluntsry basts. Costs to Ihe Charity of generating voluntary irKome a those incurred in seeking donations aThJ do not indude the costs of disseminatThJ general infonnation attthe Charitys actmbes and OPFNlunilie5. 5. CHARITABLE ACTMTIES Prc*Jramme development & support expenditie frtyn restri¢led fiJrKl$ comprises gifts to members and projects, in line dOrr5. wishes. Suth expendilure from unre$thctsd fvnds rxjmprises the costs of providin9 SUPPOrt and training lo prospe¢1¢ and current overseas members. Information & edUcan expenditure comprises the costs of raisin9 awareness of the needs and opportunibes for semce. through the websile. liteTatsKe. conftrences, meetin95 and other events. 6. RELATED PARTIES Related parties are trustees. k.ey management peOnnel (considered to be the thief executNes1 and their dose fambly mernbe. Trustees T1ve remuneration their ser. In 2021. totsl oyxpensation paid lo lh• chi exutiVeS was £60.46912020". £42,735}. In 2021. no expenses on behalf of the Charity were incwred by Imstees {2020: Nil). In 2021. tolal donations received from Irustees were £1,04012020'. £905). of whith donatK•ns of £600 12020.. £6401 were for iestricted purposes. 14
FRONTIERS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021 7. EXPENDITURE ramm Tolal 21 Total un$tcted Funds Member support Frontiers Intemalw2nal Offic Olfieé r[nIng costs Speaalist aswsiance Trainin9 & conferen Website, li18rabJre & displays Auditors remunerati ouse njnning Costs Travel Other expenses Project supwl Depreciation 16,212 161,125 14,491 3.607 3.229 16.593 3.607 1.090 208.421 32.620 17.520 9.149 . 7.768 7.669 6.400 5.505 3.238 2.812 163,736 34,253 16,184 15.171 6,095 9.413 2,760 4.625 5,001 9.291 5.61XI 6,201 1.220 11.981 8,649 7,1 424 767 154 6.400 341 311 281 2.531 323 4.424 267 S.816 19.523 229.356 29.4 28.549 306.918 278,330 Restn"deil Fun Member support Project su 2,238 1.258,026 121.076 1.379.102 41.LX19 4,366 1.305.639 121.076 4.366 1.426.715 1.231.860 163,668 1.395,528 2.238 41.LN)9 T(rtals 21.761 1.608,458 70.499 32,915 1.733,633 1.673.858 Totals in 2020 21,387 1.563,204 58.367 30.900 1.673.856 8. EMPLOYEES 2021 2020 Salariès Employe¢$ nationa insurarte ErnFAoye¢s pensw c4)ntrit#Jth)ns 278.309 12.108 19,626 310.043 236.252 11,182 252.892 Avwage numter ol ¢rnF4oy Avèrag• numtér rultime 8quNalent •rYéeS 17 16 10 No emoyee r•cthvod beneffts exc8ediwwJ t60,1x in either yw. Thè Company operates a defined cgthbJl•Jn per1 s¢hen. Corthtwt5 of £1.85912020.' £1.4761 were outslanding al the year erKI. 1S
FRONTIERS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021 9. TANGIBLE FIXED ASSETS Freehc4d FumibJre & Buildi COST At 1 January 2021 A(Jditions Dispos$ At 31 D8eemb8r 2021 513.718 30.352 1.654 544,070 1,654 600 513.718 31.406 $45,124 DEPRECIATION At 1 January 2021 Provision for year DISposS At 31 December 2021 38.838 3.787 27,644 2,028 66.482 5,816 42,625 29.073 71.698 NET BOOK VALUE At 31 December 2021 471,093 2.333 473.426 At 31 Dte•mbei 2020 474.880 2.708 477.588 10. DEBTORS 2020 Amounts fallirvJ d( Within year.. Other Frontiers offKe Grfl Aid rKeivable Members Propaymenls and aCcad in¢om8 116.858 28.499 4.244 6,053 155.654 50,070 29.208 3,666 5.069 88.013 11. CREDITORS 2021 2020 Amounts falling due within 01 Members and projects Other Fronti¢rs offitss Other creditor5 262.773 25,347 13,063 301,183 184,727 18.375 15,815 218, 16
FRONTIERS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021 12. MOVEMENT W FUNDS At 31 Decernb8r 2021 G•ra1 fund 172.448 263.843 285.681 139.548 D•81gn•tsd fvnd$: F4xed asset fund Member sUppCt fund Generostyfund 477.588 1,113 13.110 491.811 14.1621 473.426 11.1131 20.124 21.237 15224 11,062 8.210 481.636 Tot81 unrestricted fv 664259 3[.918 621.184 Restrlctod fund5: Members, SUFPOrt ld$ Pioieet fimds 3B.349 16.376 1.301.( 139.555 11.305.639) 1121.0761 33,7 34.855 Total restThd 54.725 1.440.635 1.426.715 68.645 Total funds 718,984 1.704.478 1,733,633 689.829 lJan Al 31 December G•n¢nl fimd 132.917 309.561 111.8801 1258.1501 172.448 Deslgnated funds.. Fixed 8sset fLnJ Member 5UPPOrtfund Genemsity fvn 483213 6.693 8.205 498.111 15,6251 477.568 1.113 13.110 491.811 17.5801 12.600 20,180 17.505 11.880 T+Jral unre511icled furvJ$ 631.028 311.561 278.330 664.259 R•8trlcl•d lund8: Mernbets. supwi lund$ Project ftmds 46.279 59.368 1.223.930 120,676 {1.231.8601 1163,6681 38.349 16,376 T4)tsl Stricted funds 105.647 1.344.6C6 1.395,528 54.725 To1 fiJnds 736.675 1.656.167 1.673,858 718,984 Dèsigthaied tvAds h•YÈ been established for the puvposÈs: . The fixed as58t fund represents the [t bct u8 ofthe Cornpanfs tarytde fred assets to indKate the58 resourts are not available fori)ther Wse$. . The ynorosrfy fund r•wesents lunds s•t a5KJe to a55i5t wr4•d5 amlxt oftt Chariws si8cbv85. Restrided fLJ$ <x)mprise". . Members. hjnds affj to suppm Sp• These a generalyfowftjod on a Inthly basi5. . Project fvnd$ are gifts to supptyt sperfK ¢harilab pmp¢ts. These a dmvn lo meet eY(111 a5 need: trkn9 ts ar, m•d&kn 17912020. 175) ar¥J pro. 17
FRONTIERS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021 13. ANALYSIS OF NET ASSETS 8EfwEEN FUNDS Furwj Fund nds Fund balancgs 4131 Decembèr 2021 are WeIe by. Fixed assets Current assets Current liabilthes Tol81 net 88sets 473.426 ,210 473,426 517.586 301.183 889.829 440.731 301.183 139.548 68.645 481,636 68.645 Funds Funds Tolal Fund balances at 31 Decwtr 2020 e wsented ty. Fixed assets Current awts Current liabillb-es Tolal net assels 477,588 14,223 477.588 460.312 218,916 718,984 391.364 218.916 172.448 54.725 491.811 54.725 14. SHARE CAPITAL The Company is Ilnmted by guarantee does not ha¥e an Issued Sh Prfal. E•th rn8mber of the Company ndertakes to ci)ntribute lo Ihe assels of Ihe Company Ishouk1 it be ¥)uTh1 up during mernbership cf within one year aftef ceasing to be a member) for payffnl of debts and liatmlities of the Cixnpany ¢ontra¢ted before ceasiThJ to be a member. Th6 cothbutkn is limh¢d to a sum Trjt exceedry £1. 15. CASH FLOWS RECONCILATION 2020 Nèt eXndobjfQ 129,1551 117,6911 Adjustments frr. Depr¢¢iatiw ¢harg¢ Incr*as• in stocks Incrwe in debto Incroa$$ in ueditors 5.816 11101 167,6411 82,267 6.201 475 48.497 10.916 Cash provided by operatw)g actswb"•s 8.823 48,398 18
Independent auditor's report to the members of Frontiers OpSnlon We have audtted Ihe finanoal ststements of Front*ts {the 'charrtl for the year ended 31 Decemb
J21 whw comprise the Statement of Financ4al ALlwitie4 the BaPdrKe Sheet, the Ststement of Cash Fky•ts and the notes to the ffinaal statements. a sjmmary of signfficanl accounting i8s. The financial reporting framework that has been appl¢ed in theif prewation is aPpIable law and United ltingdom Aco)unlin9 StaThJar¢ls. induding Finan¢o1 Rer%)rtiryJ Standard 102 The Financ1 Reportiw Standard apthblfj w Ihe UK Ropublic ol lrnland (United lQ"ng¢)m Generally Accepted Acuyjnting Pracbcel. In ow the fmanwl stalenwts.. give a trye and fair view of ts $tsle of the ¢harilae ¢ompanrf$ affaws as al 31 Oe¢ember 2021 and of rts iromin9 resour$ an¢J arplication of resources for the year then ended; have been properfy prepared wi accordanc8 7rith Unit8d Kwigdom Generally Acceptod Accounting Pra¢tic•", and ha b0 prepare(l in alan¢¢With thg re&W1$ of ts CompaDs Acl 2006. Bas1$ lor oplnoon We conducted our audit In accordance with Intemational StandaTds orb Audity {UK} IISAS IUKII and applicab18 law. Ouf resnsi.111ieS under Ihose standards are lurther dÈscrib8d in the Auditorfs ponsibililies fc the audit of the financial staternents se(knn of our rerKJrt. We are independent of the ¢haritabk o)mpany in a¢crydan¢¢ wilh the elhKal reqU1ments that a relevant lo our audit of the financi slatements in tr UK. indudirvJ the FRC'S EthicJ Slandard, and we have fuffilled cJr other èthical re$pon$ibiNS in ac¢(dar• th•s• rew¥•mènts. W• b•litiv• that thè audit evid8wKe wè have obtained is sufficient and appmwiate to prnide a basis for our opinn. Concluslons velallrvj Io 90Sng conc•rn In audrting the finan¢•l statements. we have c4)nduded that the trustees. use of ihe n¢1 basis of accounting in Ihe prtrparatth olthe fnancial staternts 15 appropriate. Based on Ihe work. we have.perfornd. we have Mt any material uncertaints'es relatiry to events [nditionS thac indivTrdually or Cc4cldy. may cast sigrNfK8nt doubt on the Chantl$ abrlity to continue a$ a go9 Concern for a perKKI of at kasl 12 months from when the financial Statements are authorised for i8sue. Our responsi.1111es and the SponbIrt ol the trustees 1h fesp8Ct to going c(¥M e dèscribed in the relevant $8ctiorts ol this ffjp(¥t. Ottr lThlorniatlon The other infomialion comwses the informati(ffi included in Ihe annual reFrt induding the tfUStees' rewt. other than the ffinancial statemerf5 and (Mjr auditorf5 repJrt thereon. The trustee5 are responsible for the other inforrnation conlained within annual reFQrt. Our opinion on the financi81 siat8m8nis does Thjl rTher Ihe olh8r in10Thnatir and, except to the exienl otherwise gN¥Jkfy ststed in our report we do not express any fowrn of as$uran¢e ¢mclusiw thereon. Our responsibilty is to read the oth¥ irtsmakn I"r4 $0. ¢onsJer whether Ihe olh•r infomialion is materialy tn$l$leTht the finant?al statefflts ¢x our kTh)wWt obtair*d in thè coursè of thè audit, or otherwise aFp•ars to be materialty sSIal8d. If we identrfy sh rnaterial inconsistenoes or app8nI material rni8Statements. we are required to detemine whether Ihis gives iise to a materwl misslatement in the fmancial ststerrents themsefves. W. based on the work we have perforrned. we conclude that thwe ss a mat"al misstatemenl (rf this olher infomNtson. we are fequired to report I11 fact. W? havg nolh¥¥J to reporl in Ihis regard. 19
Oplnl¢>n$ on oth•r nwtttr¥ eS¢rIbed by the Companl•s Act 2006 In our opin)n. based on Ihe wck lertaken in tho cwrse ofiyxaudiL. the infOrff1X)n givgn in the trustees. rewt. indudes Ihe deor$. port pared for Ihe purposes of cornpany law. for the finanaal year for wtKh Ihè fmancial statemenls are prepared 1$ c4)n$i8tent %lh Ihe finarKial stalements., and ihe d¥ectors' port induded within truste rwt h35 been prepared in ac¢rydawKe with applicable 81 requlreftts. Ilatt•rs on whkh we ar• wwired to by exception In Itght of Ihe kntrWIed and understsnding tharrty and its enwronment oblained in the eourse of the aud. we have wJeniAW maieiial misststerrtnts difecttys, report included with Ihe trusle8s' pOrt. We have rwthlfft9 to rep)n in resped of the matter5 in relat>Jn to whth th• CompaThes Act 2006 qUireS us to report lo rf, in our ownion: Jequate aTrJ proper arx¢)untiThJ rectyds ha% rKrt be•n kepL or fetums quate lor our •Jdrt have not been r•ceived from bran¢t5 not wsrted by us.. or the finaThcial stalernents are not in agreement the xcountin9 rewrtls ar¥J retums: or certain disdosures of lrnstees. rerNnerathon speCifd by law are nol mado." or have rtot receNed au the infonnalion explanations we requya ts our audil., 01 trLteeS were Th)t en't to prepare Ihe ffinanual ststements in accordane8 witth the small companies regTh arnl take a¢Jvantsge of tl small ry)mpani85 exen¥l•Jns n pr8paring iho InL8teès' repNI and fvom the requiremenl to prepare a strategic reporL Respon8ibililks of trust As expbined more fvlty in Ihe trustees. rn$ll1it statement. the trustee5' Iwho are also thè direc¥$ of the chwtable clxmpany for the purrM)ses of company Lqw) are responsible for th8 preparal)n ol the financial statemenls aThJ for being salisfied that they give a true and fair view. and for such internal control as the trust$ delermine is ne¢e55ary to ¢nae the PreParatn of finanrial 5talements that are froe from material rni5Statement. whetrw dvo to fraud ¢y effoi. In preparing Ihe finanriaj slalements, the tfU51ees are re5PKffi5ible for assessing tt thariws ability to nb.nue a$ 8 goin9 ¢oncem. discthiry. as applvble. malters reI#d 10 going ctsnn and usino thè going ncerTh basis of atUn"ng un$$ the twustees ether intend to liqutE Ihe Company or to cease operatts)s, or have leI$C aiiemab¥e tArt to so. Audllorf$ TP0A•1b11l1I8S for th• audlt of th• financlal stateffl•nts Our obi8dive$ are to obtain reasonthe a5SLKanc abtyjt whether the f•)anci sLiknnts as a who are free from material rtysstalement, whether due lo fraud or error. and to issue an auditorfs repjrt that indudes ow opinth_ Rea$able assuran is a hgh le¥el of assuran(t. iwt is not a guaranteo that an wjdit &%ucted in accordance with ISA5 IUKI will aayS detecl a material misslatemenl when it eyists. Miss18temenis can arise Irom traud or error and are nsleTed material il, indivkjually or in the aggregate. Ih8y could r8a50n3bly be expeded to influents the 80mlO decisions ol users taken on the bags of financial ststemgnls. The ext•nt lo wkuch our proc•dures ar• capabk of deteCtV irwulare$. indu¢thn9 fraud is detaikd below.. Based on our JjndelsldWVj of Ihp carity. w& MJentrfl that the pwinrwl risk$ of r-coMF41an¢e with laws and regulations related lo erry)loyThent and financtsal fepybng 9atKIn and we considered the extent to vthich nOn-comlance mvjht have a material effeet on the financial slatements. We also considered those laws an(1 regLslations Ihal have a direct impart on th• preparatw)n of th& fincial statements s as the Compan*s Act 2006 and Charthes Att 2011.
We assessed the susceptibilty of the companys financial statements to materia misstatement, induding obtaining an understanding of h(w fraud mwjht (r. by makir¥J enquiries of managgment, considering the inlernal contrds in and discussi amongst Ihe en9agernent team. We detem)ined that tho prinripal risks w¢re related to pants to third parts and management OV8rride of controls. In response to the risks identifiell des wocedwes induded. trwt were not limrfe(I to.. V8rifyiThJ payrntrnls to third parties on a sarryl8 basi5 idenbfy"rKJ and tesb"ThJ entn.es raewing Trustses, meeting rrdnutes evaluatiThJ ¢he chanlys intemal contr(rfs Therè a inherent limitatKJns in thè aud prtsctdurns dèscri 8bov•. Th• mots rèmoved that laws and regulations are frorn finanoal Iransa¢tK>ns. Ihe less likely il that we would be¢orne aware ol non.complian¢e. Material misslalements Ihat arise due lo fraud Can be harfer to deleca than those thal arise from errty as they may in¥0e delthrate corealment or clus. A fvrther descriplion of ¢yJr r•spMs11rts for the audit of the financial statements i locat•d tsn th• Financial Repothg Councl's website at h1J1¥#.frc.g.UkIaUl0esFs1J1lItseS. description forms pwf of Jr asit0$ repNt. Lls• of our r•port This rowt is made soldy to the chantable compan5 mernber5. as a body, in accordance with Chapter 3 of Part 16 of Ihe Companies Ad 2006 regulattrjns made ynder thal Ad. Our audit wo has been undertaken $0 that we Mht Stsle to the ¢haritsWe companls members Ihose matters we are required lo state to them in an auditws. report and for no oVr wrpose. To the fullest extenl pennstted by L8w. we &7 not accept or assume spOnblIrtY lo 3ny¢)ne other than the Charitsble company an¢J ts membern as a bc. for autht Two. thts report. or for the opin$ we have fome¢J. Rkh•rd Haffmden MA(Canl¥b) FCA ISnlor Stslirtory Audltor) for on behalf of Ja¢¥)b Caw•na9h & Sk•et Sta1utory Audltor Chartored Accountants 5 Rolxn Lanè Suilon Surrey SM12SW 21