ANGOLAN LITERATURE FUND
ANNUAL REPORT
AND
ACCOUNTS
FOR THE YEAR ENDED
31 DECEMBER 2020
CHARITY NUMBER: 1077591
ANGOLAN LITERATURE FUND
TRUSTEES’ REPORT
For the year ended 31 December 2020
References & Administrative Details
Trustees:
Michael Buckeridge (Treasurer), Richard Burditt, Jonathan Docksey, John Fenn, Brian Howden, Victor Michael (Chair), David Montgomery (Secretary).
Principal Address: 3 Neals Crescent, Grantham, Lincs, NG31 7GD
Bankers: Natwest Bank plc, CAF Bank Ltd
Structure, Governance and Management
The Angolan Literature Fund was established by Trust Deed on 30 September 1998 and is administered by a body of Trustees whose names are set out above. The Trustees meet twice yearly, to consider how the Fund can fulfil its purpose. At other times the Trustees are in communication with each other regarding needs, developments etc.
The Trustees are aware of the need for new Trustees and will arrange for others to join them as and when necessary. All new Trustees are fully informed about the purpose of the Fund, finances, and opportunities available to help meet the great spiritual and practical needs in Angola.
The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
Objectives and Activities
Under its Trust Deed, the purpose of the Angolan Literature Fund is “to further the spread of the Gospel of Jesus Christ amongst the people of Angola and such other charitable objects as the Trustees may from time to time select.” Through the financial support it receives, the Fund is able to send to Angola Bibles, hymnbooks and other Christian literature as well as paper and consumables for literature production within Angola.
Achievements, Performance and Future Plans
A good amount of literature has been delivered to Angola during the year including 20,000 Chokwe/Portuguese hymnbooks, nearly 10,000 Portuguese Bibles, 9,500 commentaries and other Bible study books and 2,000 daily reading books, 4,000 quarterly magazines and thousands of tracts. For free distribution, 4,000 quarterly magazines and thousands of tracts were delivered along with 50,000 calendars in the Portuguese, Chokwe, Luvale, Songo and Umbundu languages. The Trustees thank the Trinitarian Bible Society for the free provision of numerous portions of the Scriptures in the Portuguese language.
Angolan assemblies have never displayed Bible texts in their buildings, so with a view to encouraging this practise, some large texts suitable for the conditions were provided for free distribution.
While the book rooms were impacted in the early stages of the Covid pandemic so that the income was less that last year, they have recovered in the later part of the year demonstrating that there is still a healthy demand for Bibles and Bible teaching resources. The print rooms have been able to
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supply the demand for small booklets and Emmaus courses. Demand has again been less and we look to the Lord for this to recover as restrictions ease.
The Trustees are very grateful to the Ramsey family for the provision of storage facilities and to Medical Missionary News for their continued assistance with the transportation of supplies and other support.
With such ongoing demand for the Scriptures and Bible study aids the Trustees will seek to meet these needs with the resources provided by the Lord.
The Trustees are aware of the guidance of the Charity Commission on Public Benefit and have acted accordingly. The many expressions of appreciation from Christians and others in Angola are evident witness to the benefits, spiritual and otherwise, of the work and support of the Fund.
Financial Review and Policies
The Trustees are pleased again to place on record, in this the 22nd year of the Fund, the faithfulness of the Lord in providing all funds received. All income received was from the Lord’s people, Christian Trusts, and charities.
As the primary function of the Trust is to provide Bibles and other literature, stock will remain consistently high as we look to provide an ongoing supply. This year, the large amount of stock that was bought during 2019 has arrived in Angola. Some funds are held due to an expected Chokwe Bible print run sometime in the next 2 years.
The attached Accounts reflect all income received and expenditure incurred. Wherever possible all funds are distributed promptly and are only retained when the Trustees are conscious of other financial needs arising in the foreseeable future. Some funds held are for restricted purposes; other funds are at times designated by the Trustees to help finance projects in hand and other known needs. The funds are held in various bank current and deposit accounts to enable speedy and ready access.
The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern as they consider that there are sufficient cash reserves to meet the charity's liabilities as they fall due. Whilst preparing the accounts, Trustees have considered the impact of COVID-19.
Approved by the Trustees and signed on their behalf by:
M BUCKERIDGE
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Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed 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 resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the Trustees are required to
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select suitable accounting policies and then apply them consistently;
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- observe the methods and principles in the Charity SORP;
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- make judgements and estimates that are reasonable and prudent;
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- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business;
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. 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.
Approved by the Trustees on 22[nd] October 2021
Signed by order of the Trustees
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ANGOLAN LITERATURE FUND
I report on the accounts of the Trust for the year ended 31 December 2020, which are set out on pages 5 to 14.
Responsibilities and basis of report
As the charity’s Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Matter of concern identified
The Trustees’ view on the impact of COVID-19 is disclosed in the Trustees’ report. However, not all future events or conditions can be predicted. The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the charity.
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ANGOLAN LITERATURE FUND STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2020
| NOTES INCOME AND ENDOWMENTS FROM Donations 2 Legacy 2 Charitable Activities 3 Investments 4 TOTAL EXPENDITURE ON Raising Funds 5 Charitable Activities 6 TOTAL NET INCOME / (EXPENDITURE) TRANSFER BETWEEN FUNDS 7 NET FUND MOVEMENT RECONCILIATION OF FUNDS Total funds brought forward 8 Total funds carried forward |
UNRESTRICTED RESTRICTED TOTAL TOTAL FUNDS FUNDS 2020 2019 £ £ £ £ 36,964 13,228 50,192 38,882 - - - 15,791 25,943 - 25,943 49,644 51 - 51 130 |
|---|---|
| 62,958 13,228 76,186 104,447 |
|
| 974 - 974 1,952 97,610 4,000 101,610 110,188 |
|
| 98,584 4,000 102,584 112,140 |
|
| -35,626 9,228 -26,398 -7,693 - - - - |
|
| -35,626 9,228 -26,398 -7,693 177,212 20,000 197,212 204,905 141,586 29,228 170,814 197,212 |
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ANGOLAN LITERATURE FUND BALANCE SHEET
For the year ended 31 December 2020
| NOTES FIXED ASSETS Tangible fixed assets 9 CURRENT ASSETS Stocks 10 Prepayments 10a Debtors 11 Cash at bank and in hand 12 LIABILITIES Creditors falling due within one year 13 NET CURRENT ASSETS NET ASSETS THE FUNDS OF THE CHARITY 8 General Restricted funds TOTAL CHARITY FUNDS |
2020 2019 £ £ 2,261 1,674 86,602 31,921 - 71,714 13 6,557 85,438 86,534 |
|---|---|
| 172,053 196,726 3,500 1,188 |
|
| 168,553 195,538 |
|
| 170,814 197,212 |
|
| 141,586 177,212 29,228 20,000 170,814 197,212 |
Approved by the board and signed on their behalf by:
M BUCKERIDGE
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ANGOLAN LITERATURE FUND STATEMENT OF CASH FLOWS For the year ended 31 December 2020
| NOTES NET CASH USED IN OPERATING ACTIVITIES 14 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of tangible fixed assets Interest income NET CASH PROVIDED BY INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITES Receipt of donations & Legacies NET CASH PROVIDED BY FINANCING ACTIVITIES CHANGE IN CASH AND CASH EQUIVALENT CASH AND CASH EQUIVALENT BROUGHT FORWARD CASH AND CASH EQUIVALENT CARRIED FORWARD |
2020 2019 £ £ -46,816 -90,745 -4,523 -3,349 51 130 |
|---|---|
| -4,472 -3,219 50,192 54,673 |
|
| 50,192 54,673 -1,096 -39,291 86,534 125,825 |
|
| 85,438 86,534 |
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ANGOLAN LITERATURE FUND
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
1. Accounting Policies
1.1 Basis of preparations
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise state in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019), Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and Charities Act 2011. The Accounts are prepared under the historical convention to include the revaluation of certain assets.
The Charity constitutes a public benefit entity as defined by FRS102. The Charity is regarded as small entity and has therefore taken all necessary exemptions available under FRS 102.
The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern as they consider that there are sufficient cash reserves to meet the Charity's liabilities as they fall due.
In preparing the accounts, the Trustees have considered whether in applying the accounting policies required by FRS102 and the Charities SORP 102 a restatement of comparative items was needed. No necessary adjustments were identified so the prior year's figures have not been restated, other than for presentation, as they are the same under either reporting framework.
1.2 Accounting for Receipts and Payments
Receipts are taken to Income and Expenditure Account in the period in which they are received. Investment income is taken into account only in the period in which it becomes payable. Income tax recoverable is taken into the accounts in the year in which tax is deducted. Expenditure, inclusive of VAT, is included on an accruals basis. Legacies are accounted for when they are received.
1.3 Fixed Assets and Depreciation
Fixed assets are stated as cost less depreciation. Depreciation is provided at the following rate, sufficient to write off the cost less estimated residual value over its expected useful life
Printing equipment – 50% straight line
1.4 Stocks
Stocks are valued at the lower of cost and net realisable value. The Stock valuation takes into account the possible obsolescence risk as well as possible damage. On the basis that some stock is expected to be sold at below cost or given free of charge as part of other items, the realisable value of the stock has been adjusted to take this into account.
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1.5 General Funds
Unrestricted Funds are available to the Charity for its general purposes.
If funds are Designated they are Unrestricted Funds earmarked by the Trustees for certain projects but which can, at any time, be used for other purposes agreed on by the Trustees.
2 Income from Donations
| Individual Gifts Trusts Assembly Gifts Donated Services Total Legacies |
Unrestricted Funds Restricted Funds Total funds Total funds 2020 2020 2020 2019 £ £ £ £ 26,093 - 26,093 28,544 5,950 13,228 19,178 4,675 3,038 - 3,038 4,677 1,883 - 1,883 986 |
|---|---|
| 36,964 13,228 50,192 38,882 |
|
| - - - 15,791 |
The Donated Services have been provided by Medical Missionary News.
3 Charitable activities
The income from charitable activities represents the proceeds received from books sold and printing work done.
4 Investment income
The investment income received in this and the prior period relate solely to bank interest on cash deposit balances held in the UK.
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5 Expenditure on raising funds
| Bank Charges Travelling expenses Independent Examination Printing & Website Mailout Total |
Unrestricted Funds Restricted Funds Total funds Total funds 2020 2020 2020 2019 £ £ £ £ 443 - 443 110 - - - 1,156 200 - 200 200 230 - 230 354 101 - 101 132 974 - 974 1,952 |
|---|---|
6 Trading activities
The Fund is engaged in the printing, distribution and sale of Christian literature in Angola.
| Supplies and parts Freight Monies paid in Angola Bibles (and other Books) Calendars Depreciation Equipment / building Costs Bad debt write off Exchange Rate differences add: Opening Stocks & Prepayments deduct: Closing Stocks deduct: Prepayments Total |
Unrestricted Funds Restricted Funds Total Total 2020 £ 2020 £ 2020 £ 2019 £ 11,010 - 11,010 5,743 27,314 - 27,314 13,468 11,739 - 11,739 23,958 24,502 - 24,502 76,307 1,000 4,000 5,000 4,000 3,936 - 3,936 7,279 288 - 288 10,043 402 - 402 - 386 - 386 - |
|---|---|
| 80,577 4,000 84,577 140,799 |
|
| 103,635 - 103,635 73,024 -86,602 - -86,602 -31,921 - - - -71,714 97,610 4,000 101,610 110,188 |
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7 Transfer between funds
At the end of 2018 the Trustees had believed that a large order of Chokwe Bibles would become necessary either by the end of 2019 or beginning of 2020. Through less sales than expected and other needs arising, the Trustees allowed £30k of these funds to be available for general use. The other £1k moved was for a project that is no longer a viable option so permission was granted by the donor to release the funds for general use.
8 Analysis of charitable funds
| Current Year Unrestricted funds Restricted funds Total Prior Year Unrestricted funds Restricted funds Total |
Funds b/f Income Expenditure Transfers Funds c/f £ £ £ £ £ 177,212 62,958 -98,584 - 141,586 20,000 13,228 -4,000 - 29,228 197,212 76,186 -102,584 - 170,814 |
|---|---|
| Funds b/f Income Expenditure Transfers Funds c/f £ £ £ £ £ 153,905 100,447 -108,140 31,000 177,212 51,000 4,000 -4,000 -31,000 20,000 204,905 104,447 112,140 - 197,212 |
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| 9 Tangible Fixed Assets Equipment Cost At 1 January 2020 Additions At 31 December 2020 Depreciation At 1 January 2020 Charge for the year At 31 December 2020 Net Book value At 31 December 2019 At 31 December 2020 |
Total £ 37,396 4,523 41,919 Total £ 35,722 3,936 39,658 1,674 2,261 |
|---|---|
10 Stock
| Chokwe Bibles Other Christian literature Portuguese Bibles Luvale Bibles Total 10a Prepayments Other Literature Portuguese Bibles Total |
2020 2019 £ £ 9,144 10,950 34,415 13,180 43,043 2,040 - 5,751 86,602 31,921 |
|---|---|
| 2020 2019 £ £ - 11,590 - 60,124 - 71,714 |
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11 Debtors
| Trade debtors Gift Aid Other sundry debtors Total 12 Cash at Bank Nat West Caf Cash Caf Gold Overseas Bank Cash in Hand Total 13 Creditors Trade creditors Accrued Transport costs Total |
2020 2019 £ £ - 3,735 - 950 13 1,872 13 6,557 |
|---|---|
| 2020 2019 £ £ 7,854 7,854 5,525 20,083 68,348 55,670 2,771 - 940 2,927 85,438 86,534 |
|
| 2020 2019 £ £ - 1,188 3,500 - 3,500 1,188 |
14 Reconciliation of net movement in fund to net cash flow from operating activities
| Net movement in funds Depreciation Deduct legacy / donations Deduct investment income shown in investing activities Decrease / (increase) in stock (Increase) / decrease in debtors & prepayments Increase / (decrease) in creditors Net cash used in operating activities |
2020 2019 £ £ -26,398 -7,693 3,936 7,279 -50,192 -54,673 -51 -130 -54,681 24,496 78,258 -58,476 2,312 -1,548 -46,816 -90,745 |
|---|---|
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15 Related Party transactions
The Fund does not employ any staff. Trustees are sometimes reimbursed for travelling expenses incurred.
Mr Docksey is also director of Design JD. During the year, the charity procured services from Design JD amounting to £132 (2019: £264) on normal commercial terms.
16 Comparative Statement of financial activities for the year ended 31 December 2019
| INCOME AND ENDOWMENTS FROM Donations Legacy Charitable Activities Investments TOTAL EXPENDITURE ON Raising Funds Charitable Activities TOTAL NET INCOME / (EXPENDITURE) TRANSFER BETWEEN FUNDS NET FUND MOVEMENT RECONCILIATION OF FUNDS Total funds brought forward Total funds carried forward |
UNRESTRICTED RESTRICTED TOTAL FUNDS FUNDS 2019 £ £ £ 34,882 4,000 38,882 15,791 - 15,791 49,644 - 49,644 130 - 130 |
|---|---|
| 100,447 4,000 104,447 |
|
| 1,952 - 1,952 106,188 4,000 110,188 |
|
| 108,140 4,000 112,140 |
|
| -7,693 - -7,693 31,000 -31,000 - |
|
| 23,307 -31,000 -7,693 153,905 51,000 204,905 177,212 20,000 197,212 |
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