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← GFA World

2025-03-31-accounts

REGISTERED COMPANY NUMBER: 03433617 (England and Wales) REGISTERED CHARITY NUMBER: 1064738

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

GFA WORLD

GFA WORLD

CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 March 2025

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Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 9
Statement of Financial Activities 10
Balance Sheet 11
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14 to 24
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GFA WORLD

REPORT OF THE TRUSTEES For The Year Ended 31 March 2025

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 March 2025. 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the Charity for the year were:

Public benefit

The Charity's objectives and principal activities for the year under review were raising support for workers and compassion ministries in Asia and Africa and educating and mobilising the Church in the United Kingdom and Europe. Our Trustees believe that these objectives and activities exceed the general guidelines for public benefit set by the Charity Commission.

Volunteers

During the year under review, the charity continued to utilise the services of a number of volunteers covering all aspects of the charity's organisation.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The key activities during the year were:

In setting the objectives and planning activities for the period, the trustees have given careful consideration to the Charity Commission's general guidance on public benefit, as laid out in section 4 of the 2011 Charities Act, at the Trustees meetings.

Page 1

GFA WORLD

REPORT OF THE TRUSTEES For The Year Ended 31 March 2025

FINANCIAL REVIEW

Financial position

The Trustees regularly review key risk facing the charity and the action being taken to mitigate these risks. Principal risks include maintaining effective donor relations and addressing the impact on the charity of any operational challenges faced by our field partner. Strategies to address these risk include regular communication with donors and potential donors and regular communication and visits to our field partner in both Asia and Africa.

During the year under review the Trustees met four times. The results for the year under review and financial position of the company are as shown in the financial statements and the Statement of Financial Activities show the details of the financial position of the charity for the year ended 31st March 2025 and the accumulated funds at the year end.

During the year the charity received charitable donations, legacies, and investment income amounting to £1,834,368 (2024 - £2,450,140). During the year, charitable grants were made to Believers Eastern Church amounting to £1,085,633 (2024 - £1,071,675). Further details are given in the notes to the accounts.

The Charity's aims and objectives going forward are to continue the Key Activities above.

Reserves policy

It is the policy of the Charity to maintain, where possible, unrestricted funds, which amount to no less than approximately six months expenditure on managing and administrating the Charity. This provides sufficient funds to cover management and administration costs in the event of a significant drop in income which will enable the Trustees to consider how to replace the income. As at 31 March 2025 total unrestricted general income funds carried forward were £1,099,000 (2024 - £763,798). The Trustees consider that the level of unrestricted reserves carried forward is sufficient to comply with the Charity's reserves policy and that restricted reserves of £1,016,725 (2024 - £1,134,260) are at an appropriate level.

At a Trustees board meeting held in 2019 it was agreed to implement the policy in respect of the receipt of restricted income donations, whereby an element of these donations was to be allocated towards the meeting of operating costs and obligations of the charity. This has ensured all obligations of the charity have been met as they fall due. There are no material uncertainties about the Charity's ability to continue as a going concern.

Page 2

GFA WORLD

REPORT OF THE TRUSTEES For The Year Ended 31 March 2025

FINANCIAL REVIEW

Fundraising

GFA World has maintained its membership with the Fundraising Regulator and complied with the Code of Fundraising Practice and the Fundraising Promise. GFA World’s fundraising activities are conducted mainly by staff. We have also taken reasonable steps to monitor and review fundraising activities undertaken by third-party organisations acting on our behalf, including applying due diligence procedures, and performance reviews.

During the year ended 31 March 2025 GFA World did engage professional fundraisers, but mainly for the purposes of writing copy. All copy Is then checked by a GFA World staff member for content before it is sent to anyone. In addition to this, it is our firm belief that a person should not be bullied into giving in any way. Because of this, the following text is applied to all of our printed fundraising materials.

"Thank you for being part of our Lord’s work as we seek to labour for Him according to 1 Corinthians 3:12-14. Our conviction is that God is not in any financial trouble and that we should not use carnal methods "to help Him out of a tight spot." When we share... it is not done to produce feelings of guilt or manipulate. We are only giving you the opportunity to become part of His work-- and to lay up for yourself the true riches of heaven (Matthew 6:19-21). May Jesus become the Lord of All--and lead you by His counsel (Psalm 73:24-25)."

GFA World has taken steps to ensure our partners can remove themselves from our mailing list at any time, including using the "My Account" section to our new website, where any user can change their communication preferences.

GFA World has an approved safeguarding policy which sets out principles and guidance for staff when dealing with vulnerable people who wish to make a donation. GFA World has received no complaints about our fundraising practices during the 2024/25 financial year (2023/24 - nil).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006, and is also a registered charity under the Charities Act 2011.

Recruitment and appointment of new trustees

The Trustees are believers in Jesus Christ who adhere to the Charity's Statement of Faith. Any person who approaches the Charity wishing to be a Trustee is advised to learn fully about GFA World through the free booklets and other materials available on request. New trustees are nominated and seconded by meeting attendees and recorded in the minutes. New trustees are then given a handover to fully explain their role by an existing trustee or by the outgoing trustee.

Trustees are appointed/elected following the procedures laid out in Articles 25 to 27 of the Memorandum and Articles of Association.

Organisational structure

The Trustees are responsible for the strategic direction of the Charity. Day to day responsibility for the administration of the Charity's funds rests with the Chief Executive (Mr J P Dao) who reports directly to the Trustees. The arrangements for setting the remuneration of the Chief Executive and administration staff are undertaken by the Trustees.

The Trustees are also responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

GFA World is a separate legal entity from GFA World (US) and as such there is no direct control over the day to day operations of GFA World. The Board of GFA World includes Daniel Punnose, who sat on the GFA World (US) board. Support and advice is provided by GFA World (US) to GFA World when this is considered appropriate, but the overall corporate governance and financial management arrangements are determined by the board of GFA World.

Page 3

GFA WORLD

REPORT OF THE TRUSTEES For The Year Ended 31 March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT Decision making

The powers and responsibilities of the Trustees are laid out in Articles 7 to 13 of the Memorandum and Articles of Association.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

03433617 (England and Wales)

Registered Charity Number

1064738

Registered and Principal Office

122 Braymere Road Hampton Centre Peterborough PE7 8NB

Trustees

Rev Dr P R Blackham Rev B Kirik Rev Dr S R C Nichols Most Rev K Y Punnose (deceased 8.5.24) Bishop D Punnose Mr P J Thomson Rev M J R Nelson

UK Chief Executive

J-P Dao

Auditors

Fortus Audit LLP Equinox House Clifton Park Shipton Road York YO30 5PA

Solicitors

Bates Wells Braithwaite London LLP 10 Queen Street Place London EC4R 1BE

Bankers

Barclays Bank PLC, 1 Churchill Place London E14 5HP

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of GFA World 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).

Page 4

GFA WORLD

REPORT OF THE TRUSTEES For The Year Ended 31 March 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they 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

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:

AUDITORS

In preparing this report, the trustees have taken advantage of the small companies' exemption.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.................................................................... Mr P J Thomson - Trustee

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GFA WORLD

Opinion

We have audited the financial statements of GFA World (the 'charitable company') for the year ended 31 March 2025 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).

In our opinion the financial statements:

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 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:

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GFA WORLD

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:

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.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GFA WORLD

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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the charitable company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

We assessed the susceptibility of the charitable company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the charitable company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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/auditors responsibilities. This description forms part of our Report of the Independent Auditors.

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.

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GFA WORLD

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.

Frances Howard BFP FCA (Senior Statutory Auditor) for and on behalf of Fortus Audit LLP 5 & 6 Manor Garth Manor Court Scarborough North Yorkshire YO11 3TU

Date: .............................................

Page 9

GFA WORLD

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) For The Year Ended 31 March 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Field transfers
Direct charitable activities - UK
Total
NET INCOME
Transfers between funds
20
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
568,534
1,224
18,032
587,790
518,264
-
10,922
529,186
58,604
276,598
335,202
763,798
1,099,000		 Restricted
funds
£
1,222,578
-
24,000
1,246,578
1,882
1,085,633
-
1,087,515
159,063
(276,598)
(117,535)
1,134,260
1,016,725		 2025
Total
funds
£
1,791,112
1,224
42,032
1,834,368
520,146
1,085,633
10,922
1,616,701
217,667
-
217,667
1,898,058
2,115,725		 2024
Total
funds
£
2,426,455
-
23,685
2,450,140
495,350
1,071,675
27,431
1,594,456
855,684
-
855,684
1,042,374
1,898,058

The notes form part of these financial statements

Page 10

GFA WORLD

BALANCE SHEET 31 March 2025

Notes
FIXED ASSETS
Intangible assets
13
Tangible assets
14
Investment property
15
CURRENT ASSETS
Debtors
16
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
20
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2025
£
152,492
860,173
353,000
1,365,665
8,351
763,527
771,878
(21,818)
750,060
2,115,725
2,115,725
1,099,000
1,016,725
2,115,725		 2024
£
205,433
19,364
353,000
577,797
7,385
1,340,133
1,347,518
(27,257)
1,320,261
1,898,058
1,898,058
763,798
1,134,260
1,898,058

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 ............................................. and were signed on its behalf by:

............................................. Mr P J Thomson - Trustee

The notes form part of these financial statements

Page 11

GFA WORLD

CASH FLOW STATEMENT For The Year Ended 31 March 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2025
£
259,044
259,044
(4,587)
(849,395)
300
18,032
(835,650)
(576,606)
1,340,133
763,527		 2024
£
627,329
627,329
(19,488)
(270)
-
17,272
(2,486)
624,843
715,290
1,340,133

The notes form part of these financial statements

Page 12

GFA WORLD

NOTES TO THE CASH FLOW STATEMENT For The Year Ended 31 March 2025

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
Profit on disposal of fixed assets
Interest received
Non-cash donations
Increase in debtors
Decrease in creditors
Net cash provided by operations
2.
ANALYSIS OF CHANGES IN NET FUNDS
At 1.4.24
£
Net cash
Cash at bank and in hand
1,340,133
1,340,133
Total
1,340,133		 2025
£
217,667
66,114
(300)
(18,032)
-
(966)
(5,439)
259,044
Cash flow
£
(576,606)
(576,606)
(576,606)		 2024
£
855,684
61,257
-
(17,272)
(265,000)
(1,058)
(6,282)
627,329
At 31.3.25
£
763,527
763,527
763,527

The notes form part of these financial statements

Page 13

GFA WORLD

NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 March 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements of the charitable company

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, aside from with respect to the charity's investment property, which is held at fair value.

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.

Donations are recognised on a receivable basis where there is certainty of receipt and the amount can be reliably measured. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

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.

Costs of generating funds are costs incurred in attracting 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 with constitutional and statutory requirements, including audit, strategic management and trustees’ meetings and reimbursed expenses. Support costs, including Governance costs, are allocated between expenditure on raising funds and expenditure on charitable activities as based on the proportion of staff time attributable to each.

All expenditures are inclusive of irrecoverable VAT

Intangible fixed assets

Intangible fixed assets are held at cost less amortisation, subject to annual impairment reviews.

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

Computer software - 20% on cost

Tangible fixed assets

Tangible fixed assets are held at cost less depreciation, subject to annual impairment reviews.

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

Fixtures and fittings - 10% on reducing balance Computer equipment and software - 20% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

continued...

Page 14

GFA WORLD

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

1. ACCOUNTING POLICIES - continued

Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

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. GFA World aims to honour donor gift preferences within the 'Field transfer' restricted fund, but retains discretion on how the funds are allocated. If needed, the mission partners may use a portion of donations received for a similar ministry project or to cover their overheads in administering ministry projects in Asia and Africa.

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits are charged entirely to unrestricted funds.

Going concern

The accounts for the year ended 31 March 2025 have been prepared on a going concern basis. The Trustees have carefully considered the financial position of the Charity and consider that no material uncertainties exist with regard to its ability to continue to operate for the foreseeable future as a going concern.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Cash at Bank and In Hand

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts

Significant judgements and sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Charity’s accounting policies. The trustees consider that they have made no significant judgements, nor do they have any significant sources of estimation uncertainty, in preparing these financial statements, other than determining the expenditure that met the capitalisation requirements of FRS

continued...

Page 15

GFA WORLD

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

1. ACCOUNTING POLICIES - continued

102 regarding the generation of intangible fixed assets and choosing an appropriate amortisation policy regarding those intangible assets.

Staff costs

Short-term employee benefits are recognised as an expense in the period in which they are incurred. Redundancy and termination costs are recognised as an expense in the Statement of Financial Activities and a liability on the Balance Sheet immediately at the point the Charity is demonstrably committed to either: terminate the employment of an employee or group of employees before normal retirement date; or provide termination benefits as a result of an offer made in order to encourage voluntary redundancy. The Charity is considered to be demonstrably committed only when it has a detailed formal plan for the termination and is without realistic possibility of withdrawal from the plan.

2. DONATIONS AND LEGACIES

Donations
Donated assets
3.
OTHER TRADING ACTIVITIES
Fundraising events
4.
INVESTMENT INCOME
Rents received
Deposit account interest
Interest received		 2025
£
1,791,112
-
1,791,112		 2025
£
1,791,112
-
1,791,112		 2024
£
2,161,455
265,000
2,426,455		 2024
£
2,161,455
265,000
2,426,455
2025
£
1,224
2025
£
24,000
17,357
675
42,032		 2024
£
-
2024
£
6,150
17,272
263
23,685

continued...

Page 16

GFA WORLD

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

5. RAISING FUNDS

Raising donations and legacies

6.

Staff costs
Staff and office volunteer expenses
Advertising
Printing, postage and stationery
Sundry expenses
Computer consultancy and running costs
Motor and travel expenses
Consultancy fees
Public relations
Fundraising support
Bank charges and other fees
Exchange rate variances
Rental property expenses
Depreciation
Support costs
CHARITABLE ACTIVITIES COSTS
Field transfers
Direct charitable activities - UK		 2025
£
93,441
-
82,833
82,147
7,629
15,044
20,498
25,760
-
10,473
10,222
1,647
1,882
66,114
102,456
520,146		 2024
£
99,240
719
67,844
62,017
645
14,397
11,456
26,624
6,360
22,422
2,103
2,776
3,358
61,256
114,133
495,350
Direct
Costs
£
1,085,633
10,922
1,096,555

All field transfers where made to Believers Eastern Church. The Believers Eastern Church Diocese of Rwanda acted on behalf of the Charity as an Agent to manage the transfer of funds.

7. SUPPORT COSTS

Staff costs
Insurance
Office rent and running costs
Telephone
Postage and stationery
Sundries
Governance costs
Auditors' remuneration - audit
Auditors' remuneration - non-audit
Legal and professional fees		 2025
£
13,671
940
57,644
562
10,457
4,056
4,800
6,435
3,891
102,456		 2024
£
12,429
911
56,435
1,897
1,992
6,491
18,000
10,018
5,960
114,133

continued...

Page 17

GFA WORLD

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

8. OTHER

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Support costs|102,456|114,133|

----- End of picture text -----

9. NET INCOME/(EXPENDITURE)

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

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Auditors' remuneration - audit fees|4,800|18,000| |Auditors remuneration - other financial services|6,435|10,018| |Depreciation - owned assets|8,586|4,646| |-| |Surplus on disposal of fixed assets|(300)| |Computer software amortisation|57,528|56,611|

----- End of picture text -----

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

11. STAFF COSTS

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Wages and salaries|112,212|117,972| |Social security costs|3,939|3,339| |Other pension costs|2,183|2,155| |118,334|123,466|

----- End of picture text -----

During the year, key management personnel received £30,978 in remuneration (2024 - £27,706).

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

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |Charitable activities|6|7|

----- End of picture text -----

No employees received emoluments in excess of £60,000 for the year ended 31 March 2025, nor for the year ended 31 March 2024.

continued...

Page 18

GFA WORLD

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Field transfers
Direct charitable activities - UK
Total
NET INCOME
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
13.
INTANGIBLE FIXED ASSETS
COST
At 1 April 2024
Additions
At 31 March 2025
AMORTISATION
At 1 April 2024
Charge for year
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024		 Unrestricted
fund
£
641,183
17,535
658,718
482,862
-
27,431
510,293
148,425
242,201
390,626
373,172
763,798		 Restricted
funds
£
1,785,272
6,150
1,791,422
12,488
1,071,675
-
1,084,163
707,259
(242,201)
465,058
669,202
1,134,260		 Total
funds
£
2,426,455
23,685
2,450,140
495,350
1,071,675
27,431
1,594,456
855,684
-
855,684
1,042,374
1,898,058
Computer
software
£
283,055
4,587
287,642
77,622
57,528
135,150
152,492
205,433

continued...

Page 19

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

GFA WORLD

14. TANGIBLE FIXED ASSETS

COST
At 1 April 2024
Additions
Disposals
At 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for year
Eliminated on disposal
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024
15.
INVESTMENT PROPERTY
FAIR VALUE
At 1 April 2024
and 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024		 Long
leasehold
£
-
667,242
-
667,242
-
-
-
-
667,242
-		 Fixtures
and
Computer
fittings
equipment
£
£
37,956
67,036
180,508
1,645
-
(2,154)
218,464
66,527
21,276
64,352
6,219
2,367
-
(2,154)
27,495
64,565
190,969
1,962
16,680
2,684		 Totals
£
104,992
849,395
(2,154)
952,233
85,628
8,586
(2,154)
92,060
860,173
19,364
£
353,000
353,000
353,000

Investment property is shown at 'fair value'. One property was valued by an independent valuer with a recognised and relevant professional qualification during the year ended 31 March 2022, and reviewed annually annually by the trustees based on their assessment of changes in the local residential housing market during the year. The other property was valued by an independent valuer with a recognised and relevant professional qualification during the year ended 31 March 2024.

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors
Prepayments		 2025
£
6,988
1,363
8,351		 2024
£
6,029
1,356
7,385

continued...

Page 20

GFA WORLD

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other creditors		 2025
£
3,488
18,330
21,818		 2024
£
3,999
23,258
27,257

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2025
£
751
751
1,502		 2024
£
17,001
1,501
18,502

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Investments
Current Assets
Current liabilities		 2025
Unrestricted
funds
£
345,423
265,000
510,395
(21,818)
1,099,000		 2025
Restricted
funds
£
667,242
88,000
261,483
-
1,016,725		 2025
Total
funds
£
1,012,665
353,000
771,878
(21,818)
2,115,725		 2024
Unrestricte
d funds
£
224,797
265,000
301,258
(27,257)
669,202		 2024
Restricted
funds
-
88,000
1,046,260
-
1,134,260		 2024
Total funds
£
224,797
353,000
1,347,518
(27,257)
1,898,058

20. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Field donations
TOTAL FUNDS		 At 1.4.24
£
763,798
1,134,260
1,898,058		 Net
movement
in funds
£
58,604
159,063
217,667		 Transfers
between
funds
£
276,598
(276,598)
-		 At
31.3.25
£
1,099,000
1,016,725
2,115,725

continued...

Page 21

GFA WORLD

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

20. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Restricted funds
Field donations
TOTAL FUNDS		 Incoming
resources
£
587,790
1,246,578
1,834,368		 Resources
expended
£
(529,186)
(1,087,515)
(1,616,701)		 Movement
in funds
£
58,604
159,063
217,667

Comparatives for movement in funds

Net
Transfers
movement
between
At 1.4.23
in funds
funds
£
£
£
Unrestricted funds
General fund
373,172
148,425
242,201
Restricted funds
Field donations
669,202
707,259
(242,201)
TOTAL FUNDS
1,042,374
855,684
-
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
658,718
(510,293)
Restricted funds
Field donations
1,782,292
(1,075,033)
UK staff support fund
9,130
(9,130)
1,791,422
(1,084,163)
TOTAL FUNDS
2,450,140
(1,594,456)		 At
31.3.24
£
763,798
1,134,260
1,898,058
Movement
in funds
£
148,425
707,259
-
707,259
855,684

continued...

Page 22

GFA WORLD

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

20. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Restricted funds
Field donations
TOTAL FUNDS		 At 1.4.23
£
373,172
669,202
1,042,374		 Net
movement
in funds
£
207,029
866,322
1,073,351		 Transfers
between
funds
£
518,799
(518,799)
-		 At
31.3.25
£
1,099,000
1,016,725
2,115,725

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

Unrestricted funds
General fund
Restricted funds
Field donations
UK staff support fund
TOTAL FUNDS		 Incoming
resources
£
1,246,508
3,028,870
9,130
3,038,000
4,284,508		 Resources
expended
£
(1,039,479)
(2,162,548)
(9,130)
(2,171,678)
(3,211,157)		 Movement
in funds
£
207,029
866,322
-
866,322
1,073,351

In the year ended 31 March 2025 the Trustees agreed the transfer of £276,598 (2024 - £242,201) which represents an amount of restricted income donations in the year. More detail regarding this reallocation is given in the trustees’ report.

Field transfers

The Field Transfers fund represents donations to support specific ministries in Asia and Africa. These funds are used to make grants to our field partner, Believers Eastern Church.

Staff support

The staff support fund represents donations to support individual GFA World staff members in the UK. The fund is used to support the salary costs of staff members.

Transfers between funds

Transfers between funds represents the contribution towards administration expenses allowed under the terms of the funding.

continued...

Page 23

GFA WORLD

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

21. RELATED PARTY DISCLOSURES

During the year, charitable grants amounting to £1,085,633 (2024 - £1,071,675) were made to Believers Eastern Church, the charity's mission field partner. Further details of the activities funded via these grants is set out on Page 2 within the "Achievement and Performance" section of the Report of the Trustees.

Kadappilaril Yohannan Punnose, was Metropolitan Bishop of Believers Eastern Church, which is GFA World’s primary recipient of funds. Whilst he did not sit on the Board of Believers Eastern Church and received no remuneration from Believers Eastern Church, he did exercise spiritual oversight through his role as a member of Believers Eastern Church’s Council of Bishops. Daniel Punnose is the son of Kadappilaril Yohannan Punnose and is an ordained minister and is a Bishop of Believers Eastern Church (among many), but has no formal leadership role in Asia. He is not on the Board of the Believers Eastern Church Holy Synod in Asia and receives no remuneration from the Believers Eastern Church Holy Synod in Asia.

GFA World (US) provided some administrative support for many of the appeals and communications with supporters in the UK at nil cost. Daniel Punnose is a member of the Board of GFA World (US) and received remuneration from (US) GFA World for their services.

Page 24