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2023-12-31-accounts

ANGOLAN LITERATURE FUND

ANNUAL REPORT

AND

ACCOUNTS

FOR THE YEAR ENDED

31 DECEMBER 2023

CHARITY NUMBER: 1077591

ANGOLAN LITERATURE FUND

TRUSTEES’ REPORT

For the year ended 31 December 2023

References & Administrative Details

Trustees:

Michael Buckeridge (Treasurer), 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 4,250 Portuguese Bibles, 500 Luvale New Testaments, 1,000 Bengala Hymnbooks, 1,000 Bible study books, and 8,000 Bible teaching magazines. Drawstring bags were purchased to aid the distribution of the donation of a collection of books to church elders in part of Angola. Booklet covers were sent to improve the covers of Emmaus courses and booklets printed in Angola.

For free distribution, 34,000 calendars in the Portuguese, Chokwe, Luvale, Songo and Umbundu languages were delivered.

Local Christians were again supported in radio work in Bie and Saurimo.

The book rooms sales were again the highest they have ever been at £78,447. This money is able to be ploughed back into the Fund.

Page 1

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 and it can take 3-6 months to arrive from when it is purchased. A large amount of restricted funds have been held over till next year due to:

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

Treasurer

Page 2

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

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 31[st] October 2024

Signed by order of the Trustees

M. Buckeridge

Page 3

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 2023, 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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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.

Signed: Y. A. Potjewijd FCA

29 Orchid Drive Bath BA2 2TS

Date: 31 October 2024

Page 4

ANGOLAN LITERATURE FUND STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2023

NOTES
INCOME AND
ENDOWMENTS FROM
Donations & Legacies
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
2023
2022
£
£
£
£
36,041
133,000
169,041
77,155
78,447
-
78,447
69,174
1,502
-
1,502
101
115,990
133,000
248,990
146,430
6,092
-
6,092
8,305
77,798
22,000
99,798
153,329
53,890
22,000
105,890
161,634
32,100
111,000
143,100
-15,204
-
-
-
-
32,100
111,000
143,100
-15,204
98,910
20,000
118,910
134,114
131,010
131,000
262,010
118,910

Page 5

ANGOLAN LITERATURE FUND BALANCE SHEET

For the year ended 31 December 2023

NOTES
FIXED ASSETS
Tangible fixed assets
9
CURRENT ASSETS
Stocks
10
Prepayments
10.1
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		 2023
2022
£
382
848
32,447
30,924
28,944
24,710
38,783
10,863
163,998
54,174
264,172
120,671
2,544
2,609
261,628
118,062
262,010
118,910
131,010
98,910
131,000
20,000
262,010
118,910

Approved by the board and signed on their behalf by:

M Buckeridge

Treasurer

Page 6

ANGOLAN LITERATURE FUND STATEMENT OF CASH FLOWS

For the year ended 31 December 2023

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		 2023
2022
£
-59,955
-67,401
-764
-1,696
1,502
101
738
-1,595
169,041
77,155
169,041
77,155
109,824
8,159
54,174
46,015
163,998
54,174

Page 7

ANGOLAN LITERATURE FUND

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

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.

Page 8

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.

1.6 Restricted Funds

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. Expenditure which meets the criteria is charged to the fund.

2 Income from Donations

Individual Gifts
(including Gift Aid)
Trusts
Assembly Gifts
Legacies
Total		 Unrestricted
Funds
Restricted
Funds
Total funds
Total
funds
2023
2023
2023
2022
£
£
£
£
18,165
1,000
19,165
18,729
11,250
42,000
83,250
36,035
6,626
-
6,626
4,777
-
90,000
60,000
17,614
36,041
133,000
169,041
77,155

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 relates solely to bank interest on cash deposit balances held in the UK.

5 Expenditure on raising funds

Bank Charges
Travelling expenses
Independent Examination
Legal Fees
Printing, Website, Software
Insurance
Total		 Unrestricted
Funds
Restricted
Funds
Total
funds
Total
funds
2023
2023
2023
2022
£
£
£
85
-
85
248
45
-
45
4,868
250
-
250
250
2,180
-
2,180
-
1,439
-
1,439
554
2,093
-
2,093
2,222
6,092
-
6,092
8,305

Page 9

6 Charitable 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
Radio / other local work
Depreciation
Equipment / building grants
Exchange Rate differences
add: Opening Stocks & Prepayments
deduct: Closing Stocks
deduct: Prepayments
Total		 Unrestricted
Funds
Restricted
Funds
Total
Total
2023
£
2023
£
2023
£
2022
£
7,215
-
7,215
3,135
26,849
-
26,849
26,308
24,850
-
24,850
24,443
15,409
20,000
35,409
56,077
1,599
2,000
3,599
5,260
1,298
-
1,298
1,819
1,231
-
1,231
1,420
997
-
997
1,643
4,108
-
4,108
1,049
83,556
22,000
105,556
121,154
55,634
-
55,634
87,809
-32,448
-
-32,448
-30,924
-28,944
-
-28,944
-24,710
77,798
22,000
99,798
153,329

7 Transfer between funds

There were no transfers between funds for the year.

8 Analysis of charitable funds – See note under ‘Financial review and policy’ as to why funds are so high at the end of 2023

Current Year

urrent Year
Unrestricted
funds
Restricted funds
Total
rior Year
Unrestricted
funds
Restricted funds
Total		 Funds b/f
Income
Expenditure
Transfers
Funds c/f
£
£
£
£
£
98,910
115,990
-83,890
-
131,010
20,000
133,000
-22,000
-
131,000
118,910
248,990
-105,890
-
262,010
Funds b/f
Income
Expenditure
Transfers
Funds c/f
£
£
£
£
£
124,114
132,430
-157,634
-
98,910
10,000
14,000
-4,000
-
20,000
134,114
146,430
-161,634
-
118,910

Prior Year

Page 10

9 Tangible Fixed Assets

Equipment
Cost
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net Book value
At 31 December 2022
At 31 December 2023		 Total
£
44,759
765
45,524
Total
£
43,911
1,231
45,142
848
382

10 Stock

Chokwe Bibles
Other Christian literature
Portuguese Bibles
Total
10.1 Prepayments
Other Literature
Portuguese Bibles
Total
11 Debtors
Trade debtors
Other sundry debtors
Total		 2023
2022
£
£
-
1,296
16,445
21,052
16,003
8,576
32,448
30,924
2023
2022
£
£
3,720
3,760
25,224
20,950
28,944
24,710
2023
2022
£
£
38,783
4,881
-
5,982
38,783
10,863

Page 11

12 Cash at Bank

12 Cash at Bank
Nat West
CAF Cash
CAF Gold
Overseas Bank
Cash in Hand
Total
13 Creditors
Trade creditors
Accrued costs
Total		 2023
2022
£
£
11,931
23,891
3,305
3,056
139,653
22,329
8,598
3,859
511
1,039
163,998
54,174
2023
2022
£
£
2,544
2,014
-
595
2,544
2,609

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
(Decrease) / Increase in creditors
Net cash used in operating activities		 2023
2022
£
£
143,100
-15,204
1,231
1,420
-169,041
-77,155
-1,502
-101
-1,524
32,175
-32,154
-7,616
-65
-920
-59,955
-67,401

15 Related Party transactions

The Fund does not employ any staff. Trustees are sometimes reimbursed for expenses incurred.

Page 12

16 Comparative Statement of financial activities for the year ended 31 December 2022

INCOME AND
ENDOWMENTS FROM
Donations
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
TOTAL
FUNDS
FUNDS
2022
2021
£
£
£
£
63,155
14,000
77,155
19,322
69,174
-
69,174
52,738
101
-
101
6
132,430
14,000
146,430
72,066
8,305
-
8,305
2,289
149,329
4,000
153,329
106,477
157,634
4,000
161,634
108,766
-25,204
10,000
-15,204
-36,700
-
-
-
-
-25,204
10,000
-15,204
-36,700
124,114
10,000
134,114
170,814
98,910
20,000
118,910
134,114

Page 13