REGISTERED COMPANY NUMBER: 03433617 (England and Wules) REGISTERED CHARITY NUMBER: 1064738 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR GFA WORLD
GFA WORLD CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 March 2024 Page Reporl of the Trustees Report ofthe Independent Audllors statemèrtt of Flrtanclal Aetlvlllès Balonce Sheet Cash Flow Statemenl Notes to the Cash Flow Slatèment Notes lo the Flnanclal Slalements 14 10 23
GFA WORLD (REGISTERED NUMBER: 03433617) REPORT OF THE TRUSTEES For Ihe Year Ended 31 March 2024 The ITUStee5 who are 0150 direclors ol Ihe chority for the purpose5 Of the Companie5 Act 2006, present their report wilh the financial statements of the charity for the Vear ended 31 Morch 2024. The trustees hove odopted the provisions of Accounling and Reporting by Charities.. Statement of Recomrriended Proctice opplicable to charities preparing their accounts in accordance wilh the Financial Reporling Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l Jonuary 20191. OBJECTIVES AND ACTIVITIES Objectlves arbd alms The objects of the Chority for Ihe year were: l.? relieve or prevEnl finonciol hardship and suffering anywheré in the world by means inclvding Ibul not limited lol: providing educolion and Iroining,. providing grants, goods ond services; providing emergency and ongoing sUPPOrt lo people oflecled by conflict or disaster.. edvcaling, engoging wilh and mobilising people on the Uniled Kingdom and other countries concerninq such hardship and sull8ring; to advane health and relieve sickness anywhere in the worla,. to promote and enable education. especiolly omongsl those with limited or no access lo lo promote and uphold the principles ol the Chrislion faith throughout the world including Ibul not limiled lol: supporting indigenous Chrislions ond their efforts to demonstrole the love ol Chrisl, especially in fulfilling the above objects,. in the United Kingdom and other countries particularly through leaching and through distributing literolure. PublSc b•ngflt The Chority'< objectives and principal activities lor the year under review were raising support for workers ond compassion ministries in Asia and Africa and educating and mobilising the Church in the United Kingdom and Europe. Our Trustees believe that these objeclives and activitiC5s exceed the generol guidelines for public benefit set by the Charily Commission. Volunteers During the year under review, Ihe charity continued to utilise the services of a number of volunleers covering all aspects of the charity's organi5ation. ACHIEVEMENT AND PERFORMANCE ChaTllable acllvltles The key activities during the year were: To help provide education to indigenous Christian workers to ensure their effectiveness in Chrislian ministry ond the accurate teaching of the Christian orthodoxy. To support indigenous Christian workers in te1r efforts to share the love of Christ to their owr) countries ond help provide them with needed ministry tools To help underprivileged children in Asia and Africa Ihrough Children's Centre5 Ihal provide tood, clolhing. medical care, education, and the expression of Chrisl's love for Ihem. To help d¢>monslrale Chrisl's love Ihrou(Jh di5QSter relief, drillinq wells, and helpinq poor familie5 breok Ihe cycle of poverty with income producing aid. To spread Good News through radio broadc05ts in several longurjgeg mobile film teams, and printed lit-rature. To educate the UK and European church in an orthodox, Biblicol understonding ol following Christ ond encourage lives filled with a practical expression of Christ's love. In setting the objective5 ond planning activitios for the period. the trustees have given careful consideration to Ihe Cho'ily Commi55ion's general guidonce on public benefil. os loid ovt in section 4 of the 2011 Choritie5 Act, al the Trustees meetings. Page I
GFA WORLD (REGISTERED NUMBER: 03433617) REPORT OF THE TRUSTEES For Ihe Year Ended 31 March 2024 FINANCIAL REVIEW Flnonclal poslllon The Trustees iegulor1y review key risk focing the chority ond the action being taken to mitigote these risks. Principol risks inclucle mointoining effective donor relations ond addressing t*e impoct on the charity of ony operationol challenges loced by our field partner. Strategies to address these risk include regular communicalion with donors and potential donors ond regular communication and visils to our field partner in both Asia and Africa. During the year under review Ihe Trustees mel four times The resu11s lor the yeor under review and financial position ol the company are as shown in Ihe financial slolements ond the Statement of Financial Aclivilies show the details of Ihe linoncial position of the chority for the year ended 31 st March 2024 and the accumulated funds al the year end. During the yeor the charity received charilable donations, legacies, and investment income amounling to £2,450,140 12023 - £1,253,3891. During the year, charitable granls were made to Believer5 Ea51ern Church amounting to £1.071.675 12023 - £1 .898,3401. Further delails are given in the notes lo the accounts. The Charity 5 aims ond objeclives going lorward are lo continue Ihe Key Activilies above. Reserves poIIcy 11 is the policy ol the Charity lo maintain. where possible. unr&slricled funds, which omounl lo no less than opproximalely six months expenditure on managing and odminislraling the Charity. This provides sufficient funds lo cover management and adriinislratio• cosls in the evenl of 0 Significant drop in income which will enable the Trustees to consider how to replace Ihe income. As at 31 March 2024 lotal unrestricted geleiol income funds carried forward were £763,79812023 - £373,172). The Traslees consider Ihal the level of unreslricled reserves corried lornvard is sufficient lo comply with Ihe Charily's reserves policy and that restricted reserves ol £1,134,26012023 £669,2021 are at an appropriate level. At o Truslees boord meeting held in 2019 it was agreed to implement the policy in respect of the receipl of reslricled income donotions, whereby on element ol these donations was lo be cllocoted lowords the meeting of o?erating costs and obligolions of the charily. This has ensured all obligolions ol the charily have been met as they fall due. There are no maleriol uncertainlies about the Charily's ability lo continue as a going concern. Page 2
GFA WORLD (REGISTERED NUMBER: 03433617) REPORT OF THE TRUSTEES For Ihe Year Ended 31 March 2024 FINANCIAL REVIEW Fundralslng GFA World has maintained its membership with the Fundroising Regulator and complied wilh the Code of Fundraising Practice and the Fundraising Promise. GFA World's fundraising octivities ore conducted mainly by stall. We hove olso taken reasonable steps to monilor and review fundrailing actii'ities undertoken by third-party orgonisotions acting on ovr behalf, including applying due diligence pracedures. ond peTlormonce review5. During the year ended 31 March 2024 GFA Wgrld did engage professional fundraisers, bul mainly for Ihe purposes ol wriling copy. All copy Is then checked by o GFA World staff member lor content before il is sent to onyone. In addition to this, it IS OL'r firm belief that a person should not bé bullied inlo giving in ony woy. Becouse ol this, the following text is opplied to all of our printed fundroising molerials. 'Thonk you for being porl ol ovr Lord's work a5 we seek to lobour for Him occording to I Cuinlhion5 3.'12-14. Our conviction is Ihat God is not in any financial trouble and thol K'e should nol use carnal melhods'to help Him out ol a tight spol. Vlhen we sharè... it is nol done lo produce fèèlingg ol guill or monipulote. We ore only giving you the opportunity to become part of His work-_ and to loy up for yourself the true riches of heaven Iholatthew 6.19-211. May Jesus b8come Ihe Lord of All--and lead you by His counsel IPsalm 73'.24-251. GFA Wodd has taken steps lo ensure our partners can remove themselves frorn our mailing list al any time. including using the My Accounl" Section to our new website, where any uger con change their communicalion preferences. GFA World has an approved safeguarding policy which sets oul principles and guidance for staff when deoling wilh vulnerable people who wish to make a donolion. GFA World hos received no complaints oboul our fundrcising practices during the 2023124 financial vear12022123 - nil). STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document Tho -hority is controlled by its governing document, a deed of trvsl. and conslitutes c limited company, limited by guoranlee, as defined by the Companies Act 2006, and is also a registered charity under Ihe Charities Act 2011. Recwltmenl and appolntmenl of new Irustees The Trustees ore believers in Jesus Chrisl who adhere to the Choiily s Statement of Faith. Any person who approoches the Chorily wishing to be o Trustee is advised to learn fully about GFA World through the free booklets ond other molerials avoilable on request. New trustees are nominated and seconced by meeting otlendees and recorded in Ihe minutes. New Irustees are Ihen given a handover to fully explain their role by an existing Iruslee or by the outgoing trustee. Trustees ore oppointedlelected following the procedures laid out In Articles 25 to 27 of Ihe Memorandum and Articles of Associotlon. Organlsatlonal struclure The Truslees are responsible for Ihe strategic direction of the Charity. Day to day responsibility for the administration of the Charity's funds rests Wlth the Chief Executive (Mr J P Daol who reports directly lo the Trustee5. The orrongemenls for settin9 the remuneration of Ihe Chief Executive and admini5trotion staff are undertaken by the Trustees. The Trustees are also responsible for the maintenance ond inlegrity of Ihe corporale and financial information included on the company'5 website. GFA World is a separate legal entity from GFA World IUSI and a5 such Ihere is no direct control over the doy to day operotions of GFA Wodd. The Board ol GFA Wodd included Kadappiloril Yohonnan Punnose ond Daniel Punn05e, both of whom sat on the GFA World IUSI board. Support ond advice is provided by GFA World IUSI lo GFA World when this 15 considered oppropriote. bul the overall corporate governance and financiol management arrangements ore delermined by the board of GFA World. Page 3
GFA WORLD (REGISTERED NUMBER: 03433617) REPORT OF THE TRUSTEES For Ihe Year Ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT DeclsSon maklng The powers and responsibilities of the Trustees ore laid out in Articles 7 to 13 of the Memorondum and Articles of Association. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 03433617 (England and Walesl Regl$tered Charlty Number 1064738 Reg15tered and Prlnclpal Office Acre House Shenlonfield Rood Shorston Industriol Area Wylhenshawe Manchester M22 4RW Tiustees Rev Dr P R Blockham Rev 3 Kirik Rev Dr S R C Nichols Most Rev K Y Punnose (deceased 8.5.241 Bishop D Punnose Mr P J Thom50n Rev .M J R Nelson UK Chlel Exe¢vllve J-P Dao Auditors Fortus Audit LLP Equinox House Clifton Pork Shiplon Road York Y030 SPA Sollcltors Bale5 Wells Braithwaile London LLP l O Queen Street Place London EC4R I BE Bankers Barclays Bank PLC, I Churchill Place London E145HP EVENTS SINCE THE END OF THE YEAR Inlormotion relating to event5 since the end of the year s given in Ihe notes lo the financiol statements. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees Iwho ore olso Ihe direGtor5 of GFA World for the purpose5 of compojny lawl ore responsible lor preporing the Reporl of the Truslees and the finoncial slatements in accordan-e wilh opplicoble law and United Kingdom Accounting Slandord5 (United Kingdom Generally Accepled Accounting Practicel. Page 4
GFA WORLD (REGISTERED NUMBER: 03433617) REPORT OF THE TRUSTEES For Ihe Year Ended 31 March 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES - continued Company IO'N requires the tnjstees lo prepare financial stotemenls for each finonciol year which give a Irue and fair view ol the state of offairs ol the choritable compony ond of the incoming reiources and application of resources, including the income and expenditure, of Ihe charitable company for Ihat period. In preparing those linancial 5talementS, the trustees ore required to select suitable accounting policies ond then apply them consistently., observe the melhocls and principles in the Charily SORP,. moke judgements and eslimotes Ihot are reosonoble and prudenl; prepare the finonciol stotemen15 on Ihe going concern basis unless it s inappropriate to presvme thot the charitoble company will continue in busine5S. The Iru5tees ore responsible for keeping proper accovnting records which disclose with reosoncble accurocy cl ony time the finoncial position of the charitable company ond lo enoble Ihem Ic ensure Ihot Ihe finoncial statements comply with the Corriponiés Acl 2006. They ore olso responsible for safeguording the agsets ol the chariloble company ond hence fer toking reasonoole steps lor the preventicn ond detection ol fraud ond other irregularities. In so far as th8 trustees are aware,, Ihere is no relevant audit information of which the choritable company's auditors are uriaware,. and Ihe trustees have taken all gteps that they ought lo have taken lo moke Ihemselves owaie ol ony relevonl audil inlormalion and to esloblish Ihat the audilors are aware of thol inlormalion. AUDITORS In preparing this report. the trustees have laken advantage of the small companies, exemption. Approved by order ol Ihe board of trustees on 23 December 2024 and signed on its behalf by: Mr P J Thomson - Trustee Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GFA WORLD Oplnlon We have audited the financial statements of GFA World (the 'charitable company'l for Ihe year ended 31 March 2024 which comp'i5e Ihe Statement of Financial Aclivilies, the Balance Sheet. the Cash Flow Stotemenl and note5 to the finoncial 5tatement5, including 0 Summary of significant accounting policie5. The financiol reporling framework thal ha5 been opplied in ther preparation is opplicable low and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. In ovr opinion the financial statements.. give a true and fair view of the stote of the charitoble company's affair5 as al 31 March 2024 ond ol ils incoming reiources and applicotion ol resources, including its income ond expenditure, lor the year then ended: have been properl/ prepared in occordance wilh Uniled Kingdom Generally Accepled Accounling Practice; an hove been prepored in accordance with the requirements of the Componies Act 2006. Basls for oplnlon We conducled our audit in accordance wilh Inlernational 51andords on Auditing IUKI IISAS IUKII ond applicoble law. Our responsibilities under those stondcrds ore further described in Ihe Avditors, responsibilities lor Ihe oudit ol the financial slolemenls section of our reporl. We cjre independenl of the chorilable company in accordance with the elhical requirements thot ore relevant to our audit ol thé tin(Jnciol stotements in the UK, including thé FRC'S Elhicol Slondard, and we have fulfilled our other ethical responsibilities in occordance with these requiremenls. We believe thot th8 audit evidence w8 have oblain8d is sullici8nt and appropriat8 lo provide a basis for our opinion. Conclvslon5 ielqtlng to golng concern In audiling the financial stalements, we have concluded that the Iruslees, use ol the going concern basis of occounting in the preparation of the financial slotements is appropriate. Based on the work we hove performed, we have not identified ony material uncerlainlies relating lo evenls or condilions Ihat, individually or collectively. may cast significonl doubt on the charitable company's ability to continue as a going concern for a period ol at least hvelve months from when the financial 51atemenls are authorised lor issue. Our responsibilities oncl Ihe responsibilities of the trustees wlth respect to golng concern are described in the relevant sections of this report. Other Informallon The trustees are responsible for the other information. The other information cornpri5es the information included in Ihe Annvol Report. other thon the financiol stotemenls ond our Report ol the Independent Auditors thereon. Our opinion on the financiol stalements does not cover the other information and, except to the exlenl olherwise explicitly staled in our report, we do nat express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Ihe other information and, in doing so. consider whether the other Sntormolion Is moterially inconsislent with the 11gonclal ilotements or OLir knowledge obloined in the oudil or otherwise oppeors to be maleriallv misstated. If we Identify such moteriol inconsistencies or opporent material misslatemenls. we are required to determine whether this gives rise to a material misstatement in the financial statements Ihemselve5. If, based on the work we have performed, we conclude Ihal Ihere is a molerial misslalemenl of thi5 Other information, we are required lo report Ihat lacl. We have nolhing lo report in thi5 regard. Oplnlons on other matters prescrlbed by the Companles Acl 2006 In our opinion. bo5ed 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 Ihe financial slatements are prepared 15 consislenl with the financial 5tatements', and Ihe Report of the Trustee5 has been prepared in accordance with applicable leqal reouirement5. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GFA WORLD Matters on whlch we are requtred to report by exceptlon In the light of the knowledge and understanding of the charitable company and its environment cbtoined in Ihe course of the audit, we hove nol identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2C06 requires us to report to you if, in our opinion: adequole occounling records have nol been kept or returns adequote lor our audit have not been received Irom bronches not visited by us., or Ih- finonGiol stolemenls ore not in agreement with Ih- occounting records ond relurns- or cerloin disclosures ol Iruslees, remuneration specified by low ore not made; or we have not receikecl oll Ihe inlormalion oncj explanalions we require for our auclit; or Ihe trustees were not enlilled lo take advanloge of the smoll companies exemption from the requiremegt to prepare o Strotegic Report or in preparing the Reporl of the Trustee5. Re5pon51bllllles of Iruslees As explained more lully in the 5totement of Truslee5' Responsibilities, the trv5tees (who ore olso the directors ol the chariloble company for the purposes ol company lawl are responsible for Ihe preparalic)n of the financial slatemenls ond for bein) satislied that thèy give a trve and fair view, and for such intérnal conlrol as the trustees determine is necessary to enable the preporation of finoncial statemènts thal are free from moteriol misstotement. whether due to Iroud or error. In preparing the financial slolements, the trustees are responsible for assessing the charitable company's ability to conlinue as a going concern, disclosing, as applicable, motlers related lo going concern and using the going concern basis ol accounting unless the trustees either intend to liquidole the choriloble company or to cease operations, or hove no realislic olternalive but to do so. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GFA WORLD Our responslbllllles for the audlt ol the Ilnanclal statements Our objective5 are to obtain reasonable a5surunce obout whether the financial statemenls as a whole are free from moterial mis51atement. whether due to fraud or error, ond to isEue o Report of the Independent Auditors Ihot inclJdes our opinion. Reasonable assurance is a high level of as5uronce, but is nol o guarantee Ihal an audit conducted in occordance with ISAS IUKI will always detect a material misstatement when it exists. Misstotement> can ari)e from fraud or error ond are considered moteriol if, indivicjuolly or in the aggregate, they could reasonok)ly t)e expecled to influence the economic decision5 of user5 loken on the basis of these financial Statements. Irregvlarilies, including froud, ore instonces of non-complionce wilh lowq and regulotion5. We design procedures in line wilh our responsibilities, outlined above, lo detecl mcjleriol misslatemen15 in respect ol irregulariliei, including froud. The extenl to whi-h our procedures ore capable of detecting irregularities, including Iroud is detailed below: We obtained on underslondirig of the legal and regulatory Irameworks that are opplicoble to Ihe charitable company and determined that the most significant frameworks which are direclly relevanl to spe-. ific osserlion5 in the finonciol 51alemen15 are Ihose that relale lo the ieporting Iromework IUK GAAP and Ihe Cornponie5 Acl 20061 onc the relevont tox complionce regulations in the UK. We understood how Ihe charitable compony is complying wilh Ihose Iromeworks by moking enquiries ol managemenl ond those responsible for legal ond complionce procedures. We corroboroted our enqviries through review of b)ord minules and discussions with thosg charged wilh gov8rnance. We assessed the suscep1ibilily of the charitable company's financial statements lo material misstalemenl, including how fraud mighl occur, by discussion with management from various parts of the busineis to undersland where Ihey considered Iheie was o gusceplibility to fraud. We -onsidered the procedures and controls that the chorilable company has established lo prevent and delecl fraud, and how these are monitored by management, and olso ony enhanced risk factors such as performance torgels. Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulotions identified in the pcragraphi obove. We olso performed oiJdit work over Ihe risk of management override of controls. including testing of joumol enlries ond olher adjustments lor oppropriateness, evalualing the business ralionale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. A further description of our responsibilitles lor the oudit of the finonciol stotemenls is located on te Financial Repcrtlng Council's website at www.Irc.org.uk/ouditors responsibilities. This descripli)n forms part of our Report ol the Independent Auditors. A further description of our responsibilities lor the audit of the financial slatemenls is located on te Financial Reporting Council's website ot wwrf.lrc.org.uklauditorsre5ponsibililie5. Thi5 descriplion forms part of our Report of the Independent Auditors. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GFA WORLD Use of our report This report is made 50ely to Ihe charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Acl 2006. Our audit work has been undertaken 50 thot we might state to Ihe charitable Gompany's members those motters we are required to state to them in on auditor5, report ond lor no other purpose. To the lulle5t extent permitted by law. we do not accept or ossume responsibility to anyone other than the charitoble company ond the charitable corrpany's memjers as o body, tor our oudit work, for this report, or for the opinions we hove formed. Frances Howard FCA1Senlor Slalulory Audllorl lor ond on behalf of Fortus Audit LLP Equinox House Clifton Pork. Shipton Road York Yorkshire Y030 SPA 23 Dècember 2024 Page 9
GFA WORLD STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) For Ihe Year Endèd 31 March 2024 2024 Tolal funds 2023 Tolal funds Unrestricted fund Re51ricled funds Notes INCOME AND ENDOWMENTS FROM Donations arid legacie5 641,183 1,785,272 2.426,455 1 ,245,221 Investment income Total 17.535 658,718 6,150 1,791,422 23.685 2.450,140 8,168 1,253,389 EXPENDITURE ON Raising funds 482.862 12,488 495.350 531,453 Charflable octlvllles Field Iransfers Direct charitable activilies - UK Total 1,071,675 1,071,675 27,431 1.594,456 1,898,340 14,741 2,444,534 27,431 510.293 I,oe4,163 NET INCOMt/(expENDITURe) Transfers beh¥een funds Net movement In fvnds 148.425 242.201 390,626 707.259 242,201 465,058 855,684 11 191 1451 855.684 11 191 1451 RECONCILIATION OF FUNDS Total funds brought foNard 373,172 669,202 1.042,374 2,233,519 TOTAL FUNDS CARRIED FORWARD 79 42 The notes form port of these financiol slatemerits Page 10
GFA WORLD (REGISTERED NUMBER: 03433617) BALANCE SHEET 31 March 2024 2024 2023 Notes FIXED ASSETS Intongible assets Tangible assets Investment property 205,433 19,364 353,000 577,797 242,556 23,740 88,000 354,296 CLIRRENT ASSETS Debtors Cosh ot bank and in hand 7,385 1 ,340,133 1.347.518 6,327 715,290 721,617 CREDITORS Ariiuurils lullii iy dug williir) orie yeoi 127,2571 133,5391 NET CURRENT ASSETS 1 ,320,261 688,078 TOTAL ASSETS LESS CURRENT LIABILITIES 1,898,058 1,042,374 NET ASSETS FUNDS Unreslricled funds Re5tricled funds TOTAL FUNDS 1898 058 1042 374 18 763,798 1,134,260 1898 058 373,172 669,202 1042 374 These financial statements have been prepared in accordance with the provisions applicable lo chariloble companies subject lo the small componies regime. The financial statements were approved by the Board ol Trustees ond authorised for issue on 23 December 2024 ond were signed on ils behalf by.. Mr P J Thomson - Trustee The notes form port of these financiol slatemerits Page 11
GFA WORLD CASH FLOW STATEMENT For Ihe Year Ended 31 March 2024 2024 2023 Notes Cash flows ftom operallng acllvltles Cash generatecl from operations Net cash provided by/lused inl operating octivities 627,329 627.32? 1,163,508) 1.163,5081 Cash flows from Invesllng actlvltles Purchose of intangible fixed assels Purchose of tangible fixed assets Interest received Net cash used in investing cctivities 119,4881 12701 17.272 1235,3421 12,3151 2,393 235,2641 Change In cash and cosh equlvalents In thè reporllng perlod Cash and c05h eqvlvalents ot the beglnnlng of the iepoTllng perlod Cash ond cash eqvivalents ot the end of the reporllng perfod 624,843 11,398,772) 715.290 2,114,062 1 340133 715290 The notes form port of these financiol slatemerits Page 12
GFA WORLD NOTES TO THE CASPI FLOW STATEMENT For The Year Ended 31 March 2024 RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERAIING ACTIVITIES 2024 2023 Nèt income/(expèndilure) for thè reporting period (as per the Slolement ol Flnanclol Actlvllie5) Adlv5tmen15 for: Depreciolion charges Inlerest received Non-cash donations Ilncreosel/decrease in debtors Decrease in cieditors Net cash provlded byl{used In) operotlons 855,684 11,191,145) 61,257 117,2721 1265,JOOI I l.J581 25,860 12,3931 4.237 ANALYSIS OF CHANGES IN NET FUNDS Al 1 .4.23 Cash flow Al 31.3.24 Net cash Cash ot bonk ond in hand 715,290 71 Jf.290 624,843 624.843 1 ,340,133 1,340,133 1340 133 Total The notes form port of these financiol slatemerits Page 13
GFA WORLD NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 March 2024 ACCOUNTING POLICIES Basls of preparlng Ihè ffinanclal stotements ol the charltable company The linonciol statements of the choritot)le compony, which is a public benefit entity under FRS 102, have been prepared in occordance wilh the Charitie5 SORP IFRS 1021 'Accounting and Reporling by Charities.. stotemenl of Recommended Practice applicable to chorities preparing their accounts in occordance with Ihe Finonciol Reporting Slondord opplicoble in Ihe UK and Republic of Ireland IFRS 1021 leffeclive l January 20191., Finoncial Reporling Standard 102 'The Financial Reporting stanclarcl applicat)le in Ihe UK ond Republic ol Ireland, oncl the Companies Act 2006. The linoncial slolements hove been prepored unde, the hisloricol cost convenlion, oside from with respect to the charity's investment property, which is held al fair value. Income All income 15 recognised in the Statement of Fincncicl Activitie5 once the charity has entillenient to rhe funds, it is probable that the income will be received ond Ihe omounl can be measured reliobly. Donations are recognised on a receivoble bosis where there is certainly ol receipt ond thè amounl can be reliably measured. Income tax r8covÈroble in relation to donations rec&iv8d under Gift Aid or d88ds ol covenant is recognised a1 the time of Ihe donation. Expendllure Liabilities ore recognised as expenditure os socn as there is o legal or construclive obligotion ccmmilling Ihe chcjrity to Ihol expendilure, il is probable thol a Ironsfer Df economic benefits will be required in settlemenl ond the omounl of the obligotion can be measured reliably. Expendilure is accounled lor on an occruols basis ond has been classified under headings that aggregate all cosl related to the category. Where cosls cannot be directly attributed to particular headings they have been allocaled lo activilies on a basis consistent with the use of resources. Costs of generaling funds are costs incurred in altracting voluntary income, and those incurred in trading activities that raise funds.Charitable activities are costs incurred in the charity's operations. Governance costs include the costs attributable to the charity's compliance wilh constilulional and slatutory requiremen15, including audit, strategic management and Irustees, meetings and reimbursed expenses. Support costs, including Governonce costs, ore ollocoled between expenditure on roising funds ond expenditure on choritable octivities os based on the proportion ol stalf time altributable to eoch. All expenditures are inclusive ol irrecoverable VAT Inlanglble flxed assels Inlongible fixed ossets ore held at cost less amorlisotion. subject to annual impoirment reviews. Amortisalion is provided at the following annual rates in order to write off each assel over its estimate useful I'fe. Computer sofhvare - 20Yo on cost Tanglble flxed assets Tangible fixed a55et5 ore held ol cost less depreciation, subject to annual impcirment reviews. Depreciation is provided at the following annual rate5 in order to write off each assel over ils estimate useful life. Fixture5 and fitting5 - 1 on reducing balance Computer equipment ond 501tware - 20To on cost Inveslment property Investment property 15 shown at most recent valuation. Any 09gregate surplus or deficit arising from change5 in fair value is recogni5ed in Ihe Stcjtement of Financial Aclivilies. Page 14 conlinued...
GFA WORLD NOTES TO THE FINANCIAL STATEMENTS . conlinued For The Year Ended 31 March 2024 ACCOUNTING POLICIES - contlnued Taxatlon The Charity is considered to pass the tests set oul in Paragraph I ScheQule 6 of the Fiiance Act 2010 ond therefore il meets Ihe definition of a charitable company for UK corpc.ration tax purposes. Accordingly. the Charity 15 Potentially exempt from taxalion in respect of income or capital gains received within categories overed by Chopter 3 Port I l ol the Corporotion Tox Act 2010 or Sectior) 256 of the Toxalion of Chargeoble Gains Act 1992, to the extent that such income or gains ore applied exclusively lo charitable purposes. Fund accountlng Unreslricled funds con be used in occordonce with Ihe choritoble objectives at the discielion of the trustees. Restricted funds can only be used lor particular Te5tricted purposes wilhin the objec15 of the charity. Reslriction5 orise when specified by the donor or when funds are roised for porticvlar re51ricted purposes. GFA World olm5 to honour donor gill preferences wilhin the 'Field transfer, restricted fund, but retains discretion on hJw the funds are ollocoted. If nèeced, the mission portnérs moy usè a portion of donotiong received for a similar Minislry projecl or to cover their overheads in administering ministry projects in Asia and Africo. Further 8xplanation of the nature and purpose ol each fund is included in the not8i to the financial statements. Forelgn currencles A55etg and liabililies in foreign currencies ore translaled inlo sterling ol the raleg ol exchange ruling at the balance sheel date. Transactions in foreign currencies are tronslated inlo sterling al the rale of exchonge ruling at the date of Ironsoclion. Exchonge differences are laken into account in arriving ol Ihe operating resull. Penslon costs and olher post-retlrement benefll$ The charitoble compony operates a defined contribution pension scheme. Contributions peyoble to the chorilable company's pension scheme ore charged tc the Statement of Financial Activities in the period to which they relote. Pension costs and olher post-relirement benefits are chargecj entirely to unrestricted funds. Going concern The accounts lor the year ended 31 March 2024 have been prepared on o going concern basis. The Trustees have carefully considered the financial position of the Charily and consider that no material uncertointies exist with regard to Its ability lo continue to operate for Ihe lore5eeable future as o going concem. Debtors and eredllors recelvable / payable wllhln one year Debtors and creditors with no stated interest rate ond receivable or payable wilhin one year are recorded al transaction price. Any losses arising from impairment are recognised in expenditure. Cash at Bank and In Hand Cosh and cash equivalents comprise cash at bank and on hand, demand deposits with bon<s and olher short-lerm highly liquid investments Wlth original moluritier ot three months or le55 and bank overdrafts Slgnlffcant judgements and sources of estlmatlon uncerlalnty The preparation of financial stalemen*s in cornpliance with FRS 102 requires the use ol certain crilicol accounling estimates. It a150 reqJires management lo exercise judgment in opplying the Chorily's accounting policies. The trustees consider that they hove mode no significant judgements, nor do they have any significont sources of estimation unuertuinty, in preparing these financial slalements, other than éetermining the expenditure that mel the capilalisotion requirements ol FRS Page 15 conlinued...
GFA WORLD NOTES TO THE FINANCIAL STATEMENTS . conlinued For The Year Ended 31 March 2024 ACCOUNTING POLICIES - contlnued 102 regarding the generotion ol intongible fixed assets ond choosing an appropriate amortisotion policy regarding those intangible assets. staff costs Shorl-lerm employee benefi15 are recognised os on expense in the period in which Ihey are incurred. Redundancy and termination costs are recognised as on expense in the Stalement ol Finonciol Activities ond a liabilily on the Balonce Sheel irrimediotely al Ihe point Ihe Chorily is demonslrably commilted to either: terminate the employmenl ol on employee or 9roup of employees before normal retirement dote,. or provide lermination benefi15 as a result of an olfer ade in order lo encourage voluntary redundancy, The Chorily is consi(Jered to be demoriStrably committed only when tl h05 0 detoiled formal plon lor the lerminolion and 15 wilhovt realistic P055ibility of wilhdrawol from the plan. DONATIONS AND LEGACIES 2024 2023 Donations Donated as5els 2.161.455 265,(K)O 2.426 455 1,245,221 1 245 221 INVESTMENT INCOME 2024 2023 Rents received Deposit accounl interest Inleresl received 6.150 17.272 263 5,775 2,393 RAISING FUNDS Rolslng donatlon$ ond lego¢le$ 2024 2023 stoll costs staff and ollice volunteer expenses Advertising Printing, postage and stationery Sundry expenses Computer consultancy end running costs Motor and tro'iel expenses Consvltancy fees Public relations Fundraising support Bank charges and other fees Exchange rote variances Rentcl properly expenses Depreciation Support costs 99,240 719 67.844 62,J17 645 14,397 11,456 26,624 6.360 22,422 2,103 2,776 3.358 61,256 114.133 495.350 119,691 9.135 50.037 76,037 364 18,995 I S.382 39.513 35.031 36,500 7,716 12,7011 4.727 25.860 95.166 531,453 Page 16 conlinued...
GFA WORLD NOTES TO THE FINANCIAL STATEMENTS . conlinued For The Year Ended 31 March 2024 CHARITABLE ACTIVITIES COSTS Direct Costs Field Iransler5 Direcl chariloble activities - UK 1,071,675 27,431 1099 106 All field transfers wher%a made to 8eliever5 Eastern Church. The Believer> Eastern Church Diocese of Rwondo octed on behalf of the Chority a5 on Agenl to monoge Ihe tron5fer of fund5. SUPPORT COSTS 2024 2023 5tolf costs Insurcnce Office rent and running cos15 Telephone Poslage and stationery Sundrie5 Governonce costs Auditors, remuneration - oudit Auditors, remunerotion- non-audit Truslee expenses Leqol and prof&ssionol fees 12.429 911 56,435 1,897 1,992 6,491 12,977 1,238 4.463 2,609 5,191 18,000 10,018 7.224 3.045 1.764 8,670 114133 NET INCOME/(EXPENDITURE) Nel incomellexpenditvrel is slalecj ofler chargingllcredilingl: 2024 2023 Audit015' remuneration- audit fees Audi1015 remunerolion - olher financial services Deprecialion - owned assels Computer software amorlisation 18.JC)O 10,J18 4.646 7,224 3,045 4.849 Page 17 conlinued...
GFA WORLD NOTES TO THE FINANCIAL STATEMENTS . conlinued For The Year Ended 31 March 2024 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 hAorch 2024 nor for the yeor ended 31 March 2023. Truslees. expenses During the prior year, one truslee incurred Irave1 expenses of £1,764 that were mel by the charSly. There weie no trustees, expenses poid for the year ended 31 Morch 2024. STAFF COSTS 2024 2023 Wages and salaries Socia securily costs other pension costs 117,972 3,339 2.155 139,826 5,162 2.421 147 During Ihe yeor, key management personnel ieceived £27,706 in remvneration12023 - £26.5941. The average monthly number of employees during the year was as follows.. 2024 2023 Charitable oclivilies No employees received emoluments in excess of £60.000 for the yeoi ended 31 March 2024, nor for Ihe year end8d 31 March 2023. io. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donolions and legocies 421,043 824,178 1 ,245,221 Invcstmenl income Total 2,393 423,436 5,775 829,953 8,168 1 ,253,389 EXPENDITURE ON Raising lund5 491,133 40,320 531,453 Charltable acllvllle5 Field Iron51ers Direcl charilable activities - UK Tolal 1,898,340 1 ,898,340 14,741 2,444.534 SC,5,874 1,938,660 NET INCOME/(EXPENDITURE) Transfers behyeen funds Net movement In fund5 182,4381 94,630 12,192 11,108,707) 94,630 11,203,337) 11 191 1451 11 191 1451 Page 18 conlinued...
GFA WORLD NOTES TO THE FINANCIAL STATEMENTS . conlinued For The Year Ended 31 March 2024 io. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTlVttlES - conllnued Unrestricted fund Re5tricled funds Total funds RECONCILIATION OF FUNDS Totol Ivnds brought forodord 360.980 1,872,539 2.233,519 TOTAL FUNDS CARRIED FORWARD 373.172 669,202 1042,374 INTANGIBLE FIXED ASSETS Computer sollwore COST At l April 2023 Additions At 31 March 2024 AMORTISATION At l April 2023 Charge for year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 263,567 19.488 283,055 21,011 56,611 77.622 205.433 242 556 12. TANGIBLE FIXED ASSETS Fixlures ond fittings Compuler equipment Tolals COST At l April 2023 Addltions At 31 March 2024 OEPRECIATION At l April 2023 Charge for year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 37,686 270 37,956 67.036 104.722 270 104,992 67,036 19,422 1.854 21,216 61.560 2.792 64,352 80.982 4.646 85.628 16,680 2.684 19.364 Page 19 conlinued...
GFA WORLD NOTES TO THE FINANCIAL STATEMENTS . conlinued For The Year Ended 31 March 2024 13. INVESTMENT PROPERTY FAIR VALUE At l April 2023 Additions At 31 MorGh 2024 NET BOOK VALUE At 31 NAarch 2024 At 31 Morch 2023 88,000 265,000 353,000 Investment property is shown ot 'loir value,. One properly was volued bv an independenl voluer with a recognised and relevant professional qualilicatior) during the yea, ended 31 March 2022, ond reviewed annually onnually by the trustees based on their assessment of changes in the local residential housing markel during the year. The other property was valued by an independent valuer with a recognised and relevant professional qualification during Ihe year ended 31 March 2(r24. 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 other debtors Prepaymenls 6,J29 1,356 4,838 1,489 i27 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors other creditors 3.999 23,258 12,183 21,356 16. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows., 2024 2023 Wilhin one year Between one ond live yeors 17.DOI 1.5DI 14,293 2,627 Page 20 conlinued...
GFA WORLD NOTES TO THE FINANCIAL STATEMENTS . conlinued For The Year Ended 31 March 2024 17. ANALYSIS OF NET ASSEIS BEEN FUNDS 2024 Unrestricted lund5 2024 Restricted funds 2024 Total funds 2023 Unrestricte d funds 2023 Restricted lunds 2023 Tctal funds Fixed osse15 Inves1menls Current Assets Current liabilities 224,797 265,OCN) 301,258 27,2571 763 798 224.797 353,(MJO 1 ,347.518 27,2571 1,898.058 266,296 266,296 88,000 721,617 33,5391 1042 374 88.CQO 1,046.260 88,000 285,172 436,445 33,5391 669,202 1 134260 373,172 18. MOVEMENT IN FUNDS Nel movement in funds Tron51ers between funds Al 31.3.24 At 1.4.23 Unre5tr1cted Ivnd5 General fund 373,172 148,425 242,201 763,798 Reslrlcted funds Field donolions 669,202 707,259 1242,2011 1 ,134,260 TOTAL FUNDS 1042 374 855 684 1898 058 Net movement in lund5, included in the above ore as follow5.. Incoming resources Resources expended Movemejnt in funds Unreslrlcted lunds General fund 658,718 1510,2931 148.425 Reslrlcted funds Field donations UK sloll support fund 1,782,292 9,130 1,791422 2450 140 11 ,075.0331 707,259 1 ,084,1631 1594 4561 707 259 855,684 TOTAL FUNDS Page21 conlinued...
GFA WORLD NOTES TO THE FINANCIAL STATEMENTS . conlinued For The Year Ended 31 March 2024 18. MOVEMENT IN FUNDS - conllnued Comporatlves for movement In funds Net movement in Ivnd5 Tron51ers belween fvnd5 At 31.3.23 At 1.4.22 Unreslrlcted lund$ General fund 360,980 182,4381 94,630 373.172 Reslrlcted funds Field donations 1,872,539 11,108,707) 194,6301 669.232 TOTAL FUNDS 2233519 1 191.145 1042 374 Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in lunds Unreslrlcted lunds General fund 423,436 1505,8741 182,4381 Reslrlcted funds Field donations UK stoll support fund 794,360 35,593 829,953 1 2d3 389 11,903.0671 35.5931 1 .938,6601 2 444.J341 11 108.7J71 1,108,707) TOTAL FUNDS A current year 12 months and prior year12 months combined posilion is as follows.. Net movement in funds Transfers between funds At 31 ,3.24 At 1,4,22 Unreslrlcted Ivnds General fund 360,980 65.987 336,831 763,798 Reslrlcted funds Field donations 1,872,539 1401,4481 1336,8311 1 ,134,260 TOTAL FUNDS 2233519 335461 1898 058 Page 22 conlinued...
GFA WORLD NOTES TO THE FINANCIAL STATEMENTS . conlinued For The Year Ended 31 March 2024 18. MOVEMENT IN FUNDS - conllnued A current year 12 months and prior year 12 months comtined net movement in funds, included in the above are as follows: Incoming re50urGe5 Re50urces expended Movement in funds Unreslrlcted lund$ Generol fund 1,082,154 11,016,1671 65.987 Reslrlcted funds Field donalion5 UK 51off support Ivnd 2,576,652 44,723 2.621,375 12,978.1001 44.7231 3,022.8231 1401,4481 401 ,4481 TOTAL FUNDS In the year ended 31 hAarch 2024 the Trustees agreed the Iransler of £242,201 12023 £94,630) which represents 12% 01 reslricled iricome doiialioris iri Ilie year. More detail regardiiig Iliis reollocoliori is giveii ii) Ilie Iru51ees' report. Neld transfers The Field Transfers fur)d represents donolions to support Specific ministries in A510 and Africa. These funds are used to make granls lo our field portner, Believers Ea51ern Church. Slaff support The stoll support fund represents donotions to support individual GFA World staff members in the UK. The fund is used lo supporl the solary costs of staff member Transfers behveen Ivnds Transfers between funds represents the contribution towards administration expences allowed under the terms ol the funding. 19. RELATED PARTY DISCLOSURES During Ihe year. charitable graits amounting to £1,071.675 were made lo Believ8r5 Easlern Church, the charity 5 mission field pcjrlner. Further details of the aclivities funded via these grants is sel out on Page 2 within the 'Achievement and Perlormance" section of the Report ol the Trustees. Kodoppilaril Yohannon Punnose, was Metropolilon Bishop ol Believers Eastern Church, which is GFA Wodd's primary recipient of funds, Whilst he did not sil on the Board Jf Beliewers Eastern Church and received no remuneration from Believers Eastem Church, he did exercise spirilual oversight through his role os a member of Believers Eastern Church's Council of Bishops. Daniel Punn05e is the son of Kodappilaril Yohannan Punnose and is an ordained minisler and is o Bishop ol Believers Easlern Churck, (among monyl, but hos no formal leodership role in A5io. He 15 not on the Board of the Bplipvers Eoslern Church Holy Synod in Asia ond receives no remuneration from the Believers Eastern Church Holy Syned in Asia. CFA Wnrld 111.sl r)rnvid?d .snmp ndmini8trntlV?. qlJDPOrt fnr mnny of thp. nr)ppnl£ nnd c.nmmiinic.ntinni with supporters in the UK a1 nil cost. Kadappilaril Yohannan Punnose ond Daniel Punnose are both members ol the Board of GFA'Norld IUSI and received remuneration from IUSI GFA World lor their services. Page 23
This document was delivered using electronic communications and authenticated in accordance with thc registrar's rulcs relating to elcctronic form, authentication and manner of delivery under section 1072 of the Companies Act 2006.