ANGOLAN LITERATURE FUND
ANNUAL REPORT
AND
ACCOUNTS
FOR THE YEAR ENDED
31 DECEMBER 2021
CHARITY NUMBER: 1077591
ANGOLAN LITERATURE FUND
TRUSTEES’ REPORT
For the year ended 31 December 2021
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 purchased for / delivered to Angola during the year including 2,000 hymnbooks, 14,000 Portuguese Bibles, 3,700 commentaries and other Bible study books and 500,000 tracts.
For free distribution, 50,000 calendars in the Portuguese, Chokwe, Luvale, Songo and Umbundu languages were delivered. The Trustees thank the Trinitarian Bible Society for the free provision of numerous portions of the Scriptures in the Portuguese language.
Two new projects have been supported this year. First, over 800 reading glasses were sent to begin meeting the need that many have of struggling to read literature. Second, help has been given to Christians in the Bie and Lunda Sul provinces to enable regular radio broadcasts in Portuguese, Chokwe, and Umbundu.
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The book rooms have recovered well from COVID with sales of literature reaching £50,000 for the first time. This money is able to be ploughed back into the Fund and was the biggest contributor to funds this year.
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, the faithfulness of the Lord in providing all funds received. All income received was from the Lord’s people, Christian Trusts, charities and sale of literature.
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, a large supply of Portuguese Bibles were again ordered and we expect them to arrive in Angola during 2022. 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 current pressures on the world economy with special reference to printing and transport costs.
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
-
select suitable accounting policies and then apply them consistently;
-
- observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
- 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 10[th] September 2022
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 2021, which are set out on pages 5 to 13.
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.
Y. A. Potjewijd FCA
Typed Signature
29 Orchid Drive Bath BA2 2TS
Date: 14/09/2022
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ANGOLAN LITERATURE FUND STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2021
| NOTES INCOME AND ENDOWMENTS FROM Donations 2 Charitable Activities 3 Investments 4 TOTAL EXPENDITURE ON Raising Funds 5 Trading 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 2021 2020 £ £ £ £ 15,322 4,000 19,322 50,192 52,738 - 52,738 25,943 6 - 6 51 |
|---|---|
| 68,066 4,000 72,066 76,186 |
|
| 2,289 - 2,289 974 102,477 4,000 106,477 101,610 |
|
| 104,766 4,000 108,766 102,584 |
|
| -36,700 - -36,700 -26,398 19,228 -19,228 - - |
|
| -17,472 -19,228 -36,700 -26,398 141,586 29,228 170,814 197,212 |
|
| 124,114 10,000 134,114 170,814 |
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ANGOLAN LITERATURE FUND BALANCE SHEET
For the year ended 31 December 2021
| 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 |
2021 2020 £ £ 572 2,261 52,855 86,602 34,954 - 3,247 13 46,015 85,438 |
|---|---|
| 137,071 172,053 3,529 3,500 |
|
| 133,542 168,553 |
|
| 134,114 170,814 |
|
| 124,114 141,586 10,000 29,228 |
|
| 134,114 170,814 |
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 2021
| 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 |
2021 2020 £ £ -57,607 -46,816 -1,144 -4,523 6 51 |
|---|---|
| -1,138 -4,472 19,322 50,192 |
|
| 19,322 50,192 -39,423 -1,096 85,438 86,534 |
|
| 46,015 85,438 |
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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 |
Unrestricted Funds Restricted Funds Total funds Total funds 2021 2021 2021 2020 £ £ £ £ 9,447 - 9,447 26,093 1,550 4,000 5,550 19,178 4,325 - 4,325 3,038 1,883 |
|---|---|
| 15,322 4,000 19,322 50,192 |
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.
5 Expenditure on raising funds
| Bank Charges Travelling expenses Independent Examination Printing, Website, Software Mailout Honorarium Total |
Unrestricted Funds Restricted Funds Total funds Total funds 2021 2021 2021 2020 £ £ £ £ 161 - 161 443 166 - 166 - 250 - 250 200 514 - 514 230 198 - 198 101 1,000 - 1,000 - |
|---|---|
| 2,289 - 2,289 974 |
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6 Trading activities
| The Fund is engaged in the printing, distribution and sale | The Fund is engaged in the printing, distribution and sale | of Christian | literature in | Angola. |
|---|---|---|---|---|
| Unrestricted | Restricted | Total |
Total |
|
| Funds | Funds | |||
| 2021 | 2021 | 2021 |
2020 |
|
| £ | £ | £ |
£ |
|
| Supplies and parts | 10,404 | - | 10,404 |
11,010 |
| Freight | 17,434 | - | 17,434 |
27,314 |
| Monies paid in Angola | 17,494 | - | 17,494 |
11,739 |
| Bibles (and other Books) | 53,164 | - | 53,164 |
24,502 |
| Calendars | 1,000 | 4,000 | 5,000 |
5,000 |
| Radio / other local work | 289 | - | 289 |
- |
| Depreciation | 2,834 | - | 2,834 |
3,936 |
| Equipment / building Costs | 1,079 | - | 1,079 |
288 |
| Bad debt write off | - | - | - |
402 |
| Exchange Rate differences | -14 | - | -14 |
386 |
| 103,684 | 4,000 | 107,684 |
84,577 |
|
| add: Opening Stocks & Prepayments | 86,602 | - | 86,602 |
103,635 |
| deduct: Closing Stocks | -52,855 | - | -52,855 |
-86,602 |
| deduct: Prepayments | -34,954 | - | -34,954 |
- |
| Total | 102,477 | 4,000 | 106,477 |
101,610 |
7 Transfer between funds
As only £10,000 were ‘restricted’ in the genuine sense – the rest simply designated by the trustees – and funds were required for other projects, the trustees moved all but the £10,000 to unrestricted funds.
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 £ £ £ £ £ 141,586 68,066 -104,766 19,228 124,114 29,228 4,000 -4,000 -19,228 10,000 |
|---|---|
| 170,814 72,066 -108,766 - 134,114 |
|
| 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 |
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9 Tangible Fixed Assets
| Equipment Cost At 1 January 2021 Additions At 31 December 2021 Depreciation At 1 January 2021 Charge for the year At 31 December 2021 Net Book value At 31 December 2020 At 31 December 2021 10 Stock Chokwe Bibles Other Christian literature Portuguese Bibles Total 10a Prepayments Other Literature Portuguese Bibles Total 11 Debtors Trade debtors Gift Aid Other sundry debtors Total |
Total £ 41,919 1,144 43,063 Total £ 39,658 2,833 42,491 2,261 572 2021 2020 £ £ 4,824 9,144 26,581 34,415 21,450 43,043 52,855 86,602 2021 2020 £ £ 8,074 - 26,880 - 34,954 - 2021 2020 £ £ 3,247 - - - - 13 3,247 13 |
Total £ 41,919 1,144 |
|---|---|---|
| 43,063 | ||
| Total £ 39,658 2,833 |
||
| 42,491 | ||
| 2,261 | ||
| 572 |
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12 Cash at Bank
| ank | |
|---|---|
| Nat West CAF Cash CAF Gold Overseas Bank Cash in Hand Total Trade creditors Accrued Transport costs Total |
2021 2020 £ £ 7,854 7,854 3,557 5,525 26,130 68,348 7,618 2,771 856 940 |
| 45,869 85,438 |
|
| 2021 2020 £ £ 29 - 3,500 3,500 |
|
| 3,529 3,500 |
13 Creditors
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 |
2021 2020 £ £ -36,700 -26,398 2,833 3,936 -19,322 -50,192 -6 -51 33,747 -54,681 -38,188 78,258 29 2,312 |
|---|---|
| -57,607 -46,816 |
15 Related Party transactions
The Fund does not employ any staff. Trustees are sometimes reimbursed for travelling expenses incurred.
As a result of the extensive additional work carried out by the Treasurer in dealing with a special project, the Trustees awarded a one off honorarium of £1,000 to the Treasurer.
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16 Comparative Statement of financial activities for the year ended 31 December 2020
| 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 £ £ £ 36,964 13,228 50,192 - - - 25,943 - 25,943 51 - 51 |
|---|---|
| 62,958 13,228 76,186 |
|
| 974 - 974 97,610 4,000 101,610 |
|
| 98,584 4,000 102,584 |
|
| -35,626 9,228 -26,398 - - - |
|
| -35,626 9,228 -26,398 177,212 20,000 197,212 |
|
| 141,586 29,228 170,814 |
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