COMPANY REGISTRATION NUMBER. 3818138 CHARITY REGISTRATION NUMBER. 1079501 The Angel Foundation Company Limited by Guarantee Financial Statements for the Year Ended 31 March 2024 WESTCOTTS CMAVTERED ACCOUFITANTS a •USIPIESS AOVISEPS Westcotts (SW) LLP Chartered accountants & statutory audrtor Plym House 3 Longbridge Road Marsh Mills Plymoulh PL6 8LT Iwll ADE7PAts 2111012024 COMPANIES HOUSE A7 43
The Angel Foundation Contents Refence and Administrative Details Trustees. Annual Report 2to11 Independent Auditors. Report 12to15 ststement of Financial Activities (including income and expendrture account) 16 Statement of financial position 17 Statement of Cash Fkny 18 Notes to the Financial Statements 19to29
The trustees, who a also the directors for the purposes of company law, present their report and the financial statements of the charity forthe year ended 31 March 2024. Reference and administrdtive details Registered Charity Name Charity registration number Company Registration Number . Principal Office The Angel Foundation 1079501 3818138 Office 23 Block. Melville Royal William Yard Plymouth PL1 3RP Registered office Westcotts (SW) LLP Chartered accountants & statutory auditor Plym House 3 Longbndge Road Marsh Mills Plymouth PL6 8LT Trustees CJCole D W Simpson R W Simpson P V Le Druillenec Secretsry P V Le Druillenec Auditor Westcotts {SW) LLP Chartered accountants & statutory auditor Plym House 3 Longbre Road Marsh Mills Plymouth PL6 8LT Bankers Barclays Bank 140 - 146 Armada Way Plymouth ' Devon PL1 1LA Solicitors Geldards LLP Dumfires House Dumfries Pla Cardiff CF10 3ZF
The Angel Foundation Trustees, Annual Report Structure, governance and management Goveming document The Charity is registered in England as a company limited by guarantee. governed by its Memorandum and Articles of Assoaation. Appointment of Trustees The Articles of Association specify that the number of Trustees shall not be fewer than three and no fixed maximum number. Trustees must be over the age of 18 and are appointed by election by the current board of Trustees. Trustee induction and training All new Trustees appointed undergo training to brief them on their legal obligations under Charity and company law. and the content of the Memorandum and Articles of Association. They are also introduced to key employees and other Trustees. Organisational structure The Angel Foundation has rts head office in Plymouth. Marketing and partner services in Scandinavia are operated from a virtual office in Norway. Related Parties The Angel Foundation co-operates with the following charities which are independent from The Angel Foundation in their operations. but which raise funds locally for the pursuit of the same objects and help fund GOD TV. . Angel Christian Television Trust Inc (ACTf> based in United States of America. . GOD Til Europe IHS gGmbH based in Germany . Angel Christian Television China Limited (ACTC) based in Hong Kong • Angel Television Africa (ATA) based in Cape Town . Angel Christian Television Australia Limited (ACTA) based in Melboume . Angel Christian Charitable Foundation India (ACCFI) based in Chennai (Madras) . God TV Foundation (GTVF) based in Sri Lanka Page 2
The Angel Foundation Trustees. Annual Report (continued) The Board of Trustees and the Management Ward Simpson GOD TV Trustee l GOD TV CEO & Chainnan Ward is GOD TWS Chaimian and chief executive officer (CEO) and brings a Yalth of experience in both business and ministry to GOD TV. As senior executive with the Simpson Group of companies, Ward managed an intemational automobile distribution corporation and as executive d1ctOr of the Brownsville Revival School of Ministry (BRSM). He was part of the leadership team in Pensacola, Florida during the worfd-famous Brownsville Reval. Ward is a produd of revNal and has a passion to see revival fires spread across the globe. Chris Cole GOD TV Trustee Chris is a leading figure in Christian broadcasting in the UK. He and his wife Kerry founded Cross Rhythms in the 1980s. a pioneering media ministry that collaborates with radio stations in Stoke on Trent. Plymouth and Stockton-on-Tees and 60 stations worldwide. Chris is now co<hair of Cross Rhythms and is a frequent radio host. He was a presenter on GOD Tvs Dream on r4 series and was GOD TWS Regional Director for the UK for six years. He has played a key role in the Christian Broadcasting Council of the UK and is the Chair of Comerstone Vision, a marketing and publishing company and Chair of Trustees for the Gilead Foundations Charity. a rehabilitation centre in Okehampton. He has been a faithful friend of GOD TV for many years, VAS instwff£ntal in the ministry moving to Plymouth and has been a trustee Sin 2015. Rafael Simpson GOD TV Trustee Rafael Simpson is a serial enlrepneur wrth a passion for start-up companies. wrth over 10 years of experience in building and growing online e-business. Rafael has founded companies in the apparel, internet. and energy industry. Rafael also cOnsuS for global brands in the areas of strategic fundraising. digital communication. and consumer engagement. Paul Le Druillenec GOD TV Trustee Paul qualified as a Chartered Accountant in London with the firm now called KPMG. He then held a number of roles in media companies includin9 RTL, Sky and NBC. He has been involved with GOD TV since the beginning and has been Secretary of The Angel Foundation Since its formation in 1999. Paul was a classicist before he became an accountant and quoted in Gek Acts 13 v 49 on the first document he prepared for the Christian Channel Europe.. -And the word of the Lord was published throughoul all the land.. Page 3
The Angel Foundation Trustees. Annual Report {continued) Our Mission SOULSIMEDIA MISSIONARIES Go into all the world and preach the Gospel to every creature." Mark 16:15 Preaching, teaching and discipling. Taking the Gospel to the ends of the earth. ISRAEUINTERCESSORS 'JerusaM. I have set intercessors on your vralls who shall cry to God all day and all nh1 for the fulfilmenl of His promises. Take no rest, all you who pray, and give God no rest until He establishes Jerusalem and makes her respected and admired throughout the earth." Isaiah 62..6-7 Defending Israel. praying for Israel, proclaiming the Good News of Messiah Yeshua to Israel, interceding for her and praying for the coming revival of the Jewish people. REVIVAUEVANGELISTS - "Repent. then. and tum to God. so that your sins may be wiped out. that times of refreshing may come from the Lord. and that He may send the Messiah Jesus" Acts 3.19-20 We a calling people around the wodd to repentsn. broadcasting the move of God around the world, celebrating the Holy Spirit by showcasing the presence and power of God. Basis of Faith The Angel Foundation uses the Evangelical Alliance Basis of Faith to ensure that participating individuals, churches and groups uphold the same values. We Believe: . The one true God who lives eternally in three persons- the Father, the Son and the Holy Spirtt. The incamation of God's etemal Son. the Lord Jesus Christ- bom of the virgin Mary, truly divine and truly human, yet without sin. The love, grace and sovereignly of God in creating. sustaining. ruling. redeeming and judging the world. The atoning sacrifice of Christ on the cross.. dying in our place, paying the Pri of sin and defeating evil, so reconciling us wth God. The divine inspiration and supreme authonty of the Old and New Testament Scriptures, which are the written Word of God- fully truslworthy for faith and conduct. The bodily resurrection of Christ. the first fruits of our resurrection: his aSnsIOn to the Father, and his reign and mediation as the only Saviour ofthe worfd. The dignity of all people, made male and female in God's image to love. be hoty and care for creation, yet corrupted by sin. which incurs divine wrath and judgement. . The justification of sinners solely by the grace of God through faith in Christ. The ministry of God the Hoty Spirit. who leads us lo pentanCe. unites us with Christ through new birth, empowers our discipleship and enables our witness. Page 4
The Angel Foundation Trustees. Annual Report (continued) The Church. the body of Christ both local and universal. the priesthood of all believers - given lrfe by the Spirit and endowed with the Spirit's gifts to worship God and proclaim the gospel. promoting justs'ce and love. The personal and visible retum of Jesus Christ to fulfil the purposes of God. who will raise all people to judgement. bring etemal life to the redeemed and etemal condemnation to the lost. and establtsh a new heaven and new earth. Objectives and activities Objects of the Charity The objects of the Charrty are the advancement of the Christian religTron and education. and the relief of poverty, distress and sickness. The key objective and activty area of the Charity is the advancement of the Chtistian religion through all foms of media. The principal manner in which The Angel Foundation achTreves tts objects is through the wortdwide television Ministry, GOD TV. Further information can be found on the Ministrls website. wwl.god iv. Activities The Angel Foundation supports the Us-based Angel Christian Television Trust (which broadcasts GOD TV) in supplying production capacity. design. technical support and unique Christian content that bring the good news of Jesus Christ through media to the nations of the world. The following is a brief overview of the work we have achieved this year. April 2023 Extensive original & fresh content featured as part of our 2023 Easter celebrations. New programme partnerships with Dudley Rutherford, Intemational Christian Embassy Jewsalem & Billy Graham Evangelistic Association and new documentaries including Cowboy & Preacher. Ministry Highlighl.. partnenng with joumalist & author Andrew Boyd to bring regular insight & updates into the lives ol Chrislians facing persecution lor their faith. May 2023 Launched a campaign to raise $1 M for a 10 year renewal of the GOD TV Indian Broadcast License. Created focused infomation & fundraising programmes. special YbsIte and extensive digital & social media pieces that saw UK donors contribute over £700,000 to Ihis successful campaign. Testimony Highlight." I found GOD TV in Ihe dathest season of my lrfe. It was my cofftfort day and night. l enjoyed the presence of Gt)d, inner peace, and joy even during the dartest houf5. Sarita, India Page 5
The Angel Foundation Trustees. Annual Report (continued) June 2023 Travelled to the Nethedands to film over 30 intepiiews and special programmes as part of the Empowered 21. Amsterdam 2023 gk)bal gathering of evangelists. The event was broadcast live on GOD TV. In addition, GOD TV President, Ward Simpson hosted a London partner event with special 9uests. Ron & Elana Cantor. Minislry HhlIght.. The wonderful moment when worfd famous pastor. Rk Waffen...after speaking aboul his vi&"on to see every single pewn have the opportunty to hear the gospel one-ollthone by 2032 prepared his own special message of hope jusl to be hea by a single member of our GOD TV team. July 2023 The UK Office administers an extraordinary arnount of fresh content and materials from our ministry partners around the world for broadcast, distribution and hosting on satellite, terrestrial & digital media plarfonns around the workl. including a new broadcast partnership with the GEB Network. Testimony Hlghlht.. GODTV is priceless. nothing else matches it. The is a real difference when I call yourprayer line. Thanks for 811 your support towards me in my walk with the Lord. Ricany, Germany August 2023 We worked collaborativety with a number of ministry partners this year to create original content & multi-programme series in conjunction with our UK production partner, Marsden Partners. Most notably, we worked with the team at the London Institute of Contemporary Christianity to develop their four-part television series. Extraordinary. Ministry Highlight.. The Creative Team developed several new d1¢81 featu$ this year to encourage social interaction & engagement online. They've uploaded over 4,000 separate video assets and nearfy 9,000 thumbnails onto our new videtron-demand plarfonn and associated landing pages. September 2023 Launched a new programme series, Encountering God wilh Lri Wright that has become one of our most watched. most requested programmes of all time. Hosted live events from Israel. launched new series of THEREFORE GO about our evangeltstic impact around the world, and featured long-time ministry partner, Senior Pastor of Audacious Church, Glyn Barrett at a partner gathering in Birmingham. Testimony Hohlight." I was flipping through the channels and I stumbled upon GOD TV. Your programmes helped me understand the Gospel and Ihe message of the cross deeply. One day, I knett before the TV and accepted Jesus as my SaVUr. My day now starts wrfh GOD TV. I don't know where I would be without il. Sheela, India Page 6
The Angel Foundation Trustees. Annual Report (continued) October 2023 The terrible events of October 7th forced us to respond as a ministry with a range of Israel-focused programming through all the broadcast plaffoms and create unique & taik)red messaging to bring insight. perspective & Christian hope. Ministry Hghlight.. Created a seiies of programmas, including A Call to PYer Israel Crisis Update focusing on the cuffent crisis across Isrdel & the MdIe East. These programmes along with our Bless Israel Campaun and other feature programmes have continued across the networfc since October 7th. November 2023 The Team introduced a new feedback report within our SalesfOr partner database to better record and share viewer input & testimonies with our partner ministries. Testimony Highlight.. I rirst called the GOD TV Prayer Lines when I was diagnosed with cancer and going through chemo treatment. I wanted to pray with someone who would support me in prayer. I have now 1Ved an "all clearf and am doing well. Thanks so much to the GOD TV Team. Mike, UK December 2023 Launched our Christmas Campaign. Do Not Be Afraid to encourage the GOD TV Family to share their faith with family & friends during the Christmas Season. Ministry Highlight.. tRvelling out to the US to frfm several Chnstmas & New Year progrdmmes with Ward Simpson and vaiious key US ministry partnets. January 2024 Our new year fundraiser, Bless Israel Appeal was well received with many helping support the ongoing work of our sister channel. Shelanu TV and its unique mission to broadcast Ihe gospel in Hebrew across the Holy Land and beyond. We also featured a special series of programmes on Psalm 23 with Ward Simpson. Testimony Highlight." I called the GOD TV Prayer Line to rededicate my life to Ihe Lordl I had been a backslidden Christian for many years and haunted by past mistakes. Thank you so much. Jeff, USA February 2024 A new GOD TV Digital Team has been formed in the UK to pioneer a new range of digital products under the GOD TV Plus banner. This team will develop new websttes. portals. apps and a range of digital media products and services that will allow us to reach one billion smart devices wrth the 'Gospel of Jesus Christ. Ministry HhIht." Our video-on-demand plamomi had ils most successful year yet with over 6 fftillion impSsnS amounling lo over I I million minutes of vEwing (189, 713 hours) in tolal. Page 7
The Angel Foundation Trustees. Annual Report (contlnued) March 2024 In the last 12 months, our ProductK)n Team have created 195 episodes of our flagship daily show, GOD TV Together. Featuring regular presenters and a number of guest hosts, we focused on diverse range of subjects. guests and prayer materials to encourage the GOD TV Family in their walk with the Lord. Testimony HhlIght.. l always thought God was far away but I started to watch GOD TV and I began to pray. I hav818amt so much and grown in my falth through watching GOD TV. Pam, UK Summary In the last year. The Angel Foundation has supported the broadcast outreach of GOD TV in the propagation of the Gospel of Jesus Christ across digital, terrestrial & social media platforms. This broadcast reach has now grown to over 400 million homes worldwide... and towards the end of this financial year, we began to pioneer a new digital platform. GOD TV Plus that will allow us In partnership with a number of leading global ministries to reach one billion smart devices with unique Christian content. We continue to feature Original GOD TV productions. including our flagship dally show. GOD TV Together. a Christian music series. Amplified. along wlth various prayer programming and ministry updates. We also support our viewers through a dedicated UK-based call centre prayer team, and through various in person meetings and events. Financial Review In the year ended 31 March 2024, the Angel Foundation made a surplus of £284k on ordinary activities compared with a surplus of £542k in the previous financial year. Year on year comparison highlights the following main drfferences= Donation income fell by 4• or £122k. Income from charitable actNities decreased by 470A or £181 k. Total costs remained almost the same, a £51 k decrease. Charities are usually in the position that they are only allowed to reclaim a portion of the VAT they suffer on expenses. In 2006 Angel FOundatn aged with HMRC a percentage reclaim of VAT suffered. In 2018 following a VAT inspection, the percentage reclaim figure was sharply reduced and the reduced claim was retrospectivety applied over the four previous years. As a result the Angel Foundation was charged £2.1 million for over clairned VAT and interest. Page 8
The Angel Foundation Trustees, Annual Report (continued) Reserves and working capital policy The Trustees have established the level of reserves (that is those funds that are freely available) that the Charity ought to have. Reseprfes are needed to bridge the funding gaps betsveen spending on programme production. transmission costs and the continuing contribub.ons to the growth and enhancement of GOD TV and recerving resources through appeals, sales of airtime and regular donations. Reserves are also held to cover possible emergency costs and other expenditure. In addition, short term reser$ will also be needed to sustain operations over the period when rt is expected that donations will be low and there is a period of months until the next planned appeal. The Trustees therefore consthr that the ideal level of reSeS at 31 st March 2024 would be £600.000. The actual free reserves at 31 March 2024 were £203k postirrfe (2023: £81k negative). There is forecast indicating a gradual tUrn to the level of required reserves. Risk policy The Trustees have a risk management strategy which comprises: The Trustees periodically vieW the nsks the Chanty might face" The establishment of systems and proCedUS to Mitale those risks identified in the plan and The implementstion of prOdureS designed to minimise any potential impact on the Chanty should these risks materialise. A key element in the management of financial risk is the setting of the reserves and working capital policy and its regular review by Triistees. Anti-bribery policy The Trustees are aware of the cent legislation and consider that the charity had not rnade any payments that could be considered as bribes. Payments to overseas bodies are monitored regularly and protocols adopted to govem such payments ensure that any potential bribes would be identified as such and steps be taken to recover these amounts. The Trustees have also adopted a Financial Crimes and a Whistleblowing policy to assist them with ensuring that the charity continues to operate within the guKlelines of the Charity Commission of England and Wales. Public benefit statement When planning the charty's activities forthe year. the Trustees have considered the Commission's guidance on public benefit and in particular the specifK guidance for advancement of religion. The following benefits were achieved during the year. . Increased coverage and viewership of GOD TV whh enabled the gospel to be spread further. Page 9
The Angel Foundation Trustees. Annual Report (continued) Expansion of the web page, .gOd.Iv. which gave access to more partners and through web streaming allowed an alternative method to broadcasting on GOD TV for advancing the Christian religion. . Developing and nurturing partners through indmdual and corporate prayer . Filming of Christian conferences and events which spreads the word of a living faith and impacts on the life of many viewers The ministry of the chanty has benefited many people during the year. including the following: vIev[S of GOD f¥1 and visitors to the web page who are provided wrth worship, prayer and Christian education opportunities in addition or as an alternative to fellowship in local churches . Partners who have benefrted from prayers for themselves and loved ones Trustees. responsibilities statement The trustees, who are also directors for the purposes of company law. are responsible for preparing the trustees, report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingd<xn Generally Accepted Accounting Practi). Company law requires the charrty trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure. for that period. In preparing these financial statements. the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities 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.. and prepare the financial statements on the going concem basis unless it is inappropriate to presurne that the chanty will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charty and enable them to ensure that the financial statements comply with the Charities Act 2011. the Charities (Accounts and Reports) Regulations 2008, and the provisions of the Constrtution. The twstees a 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. Page 10
The Angel Foundation Trustees. Annual Report (continued) Audltor Each of the persons who is a twstee at the date of approval of this report confirms that: • so far as they are aware, there is no relevant audrt information of which the charitS auditor is unaware" and they have taken all steps that they ought to have tsken as a trustee lo make themselves aware of any relevant audit information and to establish that the chantys auditor is awa of that Information. Approved by the trustees of the charty on .161.10124... and sKJned on its behalf by.. P V Le Druillenec Secretary Page 11
The Angel Foundation Independent Auditorfs Report to the Members ofThe Angel Foundation Opinion We have audited the financial statements of The Angel Foundation (the 'charity') for the year ended 31 March 2024. which comprise the Statement of Financial Activities (including income and expenditure account), Statement of financial position, Statement of Cash Flow , and Notes to the Financial Statements. including a summary of significant accounting policies. The financial reporting framework Ihat has been applied in their preparatTron is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair Mew of the slate of the charity's affairs as at 31 March 2024 and of Fts incoming resources and applicatK>n of resources. including rts income and expenditure, for the year then have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the companies Act 2006. Basis for opinion We conducted our audit in accordance wrth International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilrties under those standards are further described in the audttor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical QU1MentS that a levant 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 opinn. 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 vrfe have perfomed, VR have not identified any material uncertainties relating to events or condrtions that, individualty or collectively, may cast signifant doubt on the charty's ability to continue as a going concem for a period of at least twelve months from when the orKJinal financial statements were authorised for issue. Our spOnsibl11es and the responsibilrties of the trustees wth respect to going concern are described in the relevant sections of this pOrt. Page 12
The Angel Foundation Independent Auditor's Report to the Mernbers of The Angel Foundation (continued) Other inforniatlon The trustees are responsible for the other infomiation The other infom)ation comprises the infomiation included in the annual report, other than the financial statements and our audiiorfs report thereon. Our opinion on the financial statements does not cover the other infomialion and, except to the extent otherwise explicitly ststed in our report. do not express any form of assurance conclusion thereon. In connection with our audtt of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other infomiation is materialfy inconsistent with the financial statements or our knowledge obtained in the audrt or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material rnisstatements, we are required to determine whether the is a matenal misstatement in the financial statements or a material misslalement of the other infomiation. If, based on the work we have perfomied, 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.. the infomiation given in the trustees. report for the financial year for which the financial statements are prepared is consistent with the financial statements. and . the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charity and it's environment obtained in the course of the audit. we have not identified material misstatements in the We have nothing to report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to you rf, in our opinion-. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visrted by us.. or the financial statements are not in agreement with the aco)unting records and returns; or certain disclosures of trustees remuneration specified by law are not made,. or we have not receNed all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, Annual Report. the Irustees 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 detemiine is necessary to enable the pparatIOn of financial statements that are free from material misstatement, whether due to fraud or error. Page 13
The Angel Foundation Independent Auditorfs Report to the Members of The Angel Foundation (continued) In preparing the financral statements, the Irustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the chanty or to cease operats'ons. or have no realistic altemative but to do so. Auditor Responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report 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 aayS deted a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. indiwdually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with la¥ and regulats'ons. 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 a capable of detecting irregularities, including fraud is detailed below= We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management We communicated identified laws and regulations throughout our leam, and remained alert to any indications of non-complian throughout the audit. The charity and group are subject to laws and regulations that govern the preparation of the financial statements, including financial reporting legislation. and other charity legislabon. The charty and group are also subject to other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disclosures within the financial statements. including employment, anti-bribery, anti4noney laundering and certain aspects of charities legisiats'on. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. even though we have property planned and performed our audrt in accordance wth auditing standards. In any audit. there remains higher risk of non-detection of irregularrties, as these may involve collusion. forgery. intentional omissions, misrepresentations. or the override of intemal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations. As part of an audit in accordance ISAS {UK), we exercise professKJnal judgement and maintain professional scepticism throughout the audit. We aLso'. Identrfy and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfom audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The nsk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intenlional omissions. misrepreseniations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity's intemal control. Page 14
The Angel Foundation Independent Auditorfs Report to the Members ofThe Angel Foundation (continued) Evaluate the appropriateness of accounting policies used and the aSonablenesS of accounting estimates and related disclosutes made by the tnjstees. Conclude on Ihe appropriateness of the trustees use of the going concem basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or, rf such disclosure5 are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtsined up to the date of our auditorfs report. However. future events or condrtions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements. including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with govemance regarding. among other matters. the planned scope and timing of the audit and sKJnfficant audrt findings. including any svJnificant deficiencies in internal control that we identify during our audit. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilrties. outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our prOdureS are Capab of detecting irregularities. including fraud is detsiled below.. {to move up in audit report to correct position) Use of our report This report is made solely to the chanty trustees, as a body. in accordance with sectN)n 144 of the Charities Ad 2011 and regulations made under section 154 of that Act. Our audtt Work has been undertaken so that we rnht state to the trustees those matters we are required to state to trustees in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty to anyone other than the Charity and its Irustees as a body. for our audit work, for this report, or for the opinions we have forffEd. Adam Croney ACA (Senior Statutory Auditor) For and on behalf of Westcotts (SW) LLP, Chartered accountants & statutory audrtor Plym House 3 Longbridge Road Marsh Mills Plymouth PL6 8LT Page 15
The Angel Foundation Statement of Financial Activities for the Year Ended 31 March 2024 Unrestricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacEs Charitable activrties Investment income Other income 2,633,968 205.416 4,139 6,968 2.633.968 205,416 4.139 6.968 2,756,262 386.346 14,549 2,030 Total income 2.850,491 2.850.491 3,159,187 Expenditure on: Raising funds Charitable activities Other expenditure Total expenditure 292 2,566.117 292 2.566.117 24.520 2.593,232 648 2.566.409 2,566,409 2,617,104 Net income 284,082 284,082 542,083 Net movement in funds 284,082 284.082 542,083 Reconciliation of funds Total funds brought forward Total funds carried fopward 81,097 81,097 (623,180) 81.097 202,985 202.985 All of.the charty's activrties derive frorn continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 18. The notes on pages 19 to 29 form an integral part of these financial ststements. Page 16
The Angel Foundation (Registration number: 1079501) Statement of financial position as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand 14 70.965 87.603 15 223.422 143,654 268.573 368,767 637,340 367.076 Creditors: Amounts falling due with•n one year Net current assetsl(liabilities) 235,056 806,040 132.020 168,700 Net assetsl(liabllities) 202,985 81.097 Funds of the charity.. Unrestricted income funds Unrestricted funds 202.985 (81,097) Total funds 18 202,985 81,097 ! Gl!9124 The financial statements were approved by the trustees. and authorised for issue on .. . . signed on their behalf by.. and D W Simpson Trustee The notes on pages 19 to 29 fom an integral part of these financial statements. Page 17
The Angel Foundation Statement of Cash Flow for the Year Ended 31 March 2024 2024 2023 Note Cash Ilows from operating activities Net cash income 284,082 542,083 Adjustments to cash flows from nOn$h items Depreciation of tangible fixed assets Other interest receivable and similar income Interest payable and similar charges Accrued (incorneyexpenses 31,068 (4.139) 1.767 (2.708 310,070 30.380 (14,549) 55,398 (7.260) 606,052 Working capital adjustments Decrease in debtors Decrease in creditors Interest paid Interest received 15 114.429 (414,969) (1.767) 4,139 60,637 (406.377) (55,398) 14,549 Net cash flows from operating activrties 11.902 219,463 Cash flows from investing actlvlties Purchase of tangible assets {14.431) (62,618) Cash flows from financing activities Proceeds from loans from group undertaking Net (decrease)lincrease in cash and cash equivalents Cash and cash equivalents at 1 April Cash and cash equivalents at 31 March (222.584 142,634 (225.113) 368.767 14,211 354,556 143,654 368,767 All of the cash flows are derived from continuing operations during the above periods. The notes on pages 19 to 29 form an integral part of these financial statements. Page 18
The Angel Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 1. General informatlon The charity is a public benefit entty and a private company limited by guarantee. registered in England and Wales and a registered charty in England and Wales. The address of the registered office is Westcotts (SW) LLP, Plym House. 3 LongbrKlge Road. Marsh Mills. Ptymouth PL6 8LT. 2. Statement of compliance These financial statements have been prepad in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 1021) and the Companies Act 2006. 3 Accounting policies Taxation The Angel Foundation is considered to pass the tests set out in Chapter 13 Schedule 6. Part 1 Finance Act 2010 and therefore it meets the definitM)n of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in spect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2018 or Section 256 of the Taxation of Chargeable Gains Ad 1992. to the extent that such income or gains are applied exclusively to charitable purposes. Going concern The fi'nancial statements have been prepared on the historical cost basis, as modified by the valuation of certain financial assets and liabilities measured at fair value through income or expenditure. Page 19
The Angel Foundation Notes to the Financial Ststements for the Year Ended 31 March 2024 (continued) Judgements and key sources of estimatlon uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect th'e amounts reported. These estimates and Judgements a continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature. will rarely equal the related actual outcome. Foreign exchange Transactions in foreign currencies are translated to the Group's functional currency at the foreign exchange rate ruling at the date of the transaction. Monetsry assets and liabilities denominated in foreign currencies at the balan sheet date are retranslated to the functional cUrncY at the foreign exchange rate ruling at that date. Non-monetary assets and liabilibes that are measured in temis of historical cost in a foreign currency are translated using the exchange rate at the date of transaction. Non-monetary assets and liabilrties denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates njling at the dates the fair value was detemiined. Foreign exchange drfferen$ arising on translation are COgniSed in the statement of financial activrties. The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to the Group's presentational currency, Sterling, at foreign exchange rates ruling at the balance "sheet date. The revenues and expenses of foreign operations are translated at an average rate for the year where this rate approximates to the fOIgn exchange rates ruling at the dates of transactions. Foreign exchange drfferences arising on retranslation are recognised in other comprehensive income. Fund accounting Unrestricted income funds are available for use at the discretion of the trustees to further any of the charivs purposes. Designated funds are unrestricted funds eannarked by the trustees for particuiar future project or commitment. Restricted funds are subjected to restrictrons on their expenditure declared by the donor or through the temis of an appeal, and fall into one of two sub<lasses: restricted income funds or endowment funds. Incoming resources Voluntary income Voluntary income is accounted for as received by the charity and comprises regular monthly giving by supporters and viewers of the channel. as well as one off donations in response to on air appeals. Tax recoverable on donations is accrued in the year of those donations. Sale of airtime Income received in advance for air space is deferred and released lo the Consolidated Statement of Financial Activity in the period to which the broadcast relates. Page 20
The Angel Foundation Notes to the Financial Ststements for the Year Ended 31 March 2024 (continued) Resources expended Expenditure is COgnised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classrfied under headings of the statement of financial activities to which it relates.. expenditure on charitable activities indudes all costs incurred by a charty in undertaking activities that further rts charitable aims for the benefrt of its beneficiaries. including those support costs and costs relating to the govemance of the charty apportioned to charitable activities. All costs a allocated to expendrture categories reflecting the use of the resource. Direci costs attributable to a single activity are allocated directly to that activty. Shared costs are apportioned behveen the aciivities they contribute to on a reasonable. justifiable and consistent basis. Tangible fixed assets Tangible fixed assets costing more than £2,000 are capitalised and included at cost including any incidental expenses of acquisition. Depreciation is provided to write off the cost or valuation less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives. Depreciation Depreciation is calculated so as to write off the cost or valuabon of an asset. less its residual value, over the useful economic lrfe of that asset as follows.. Asset class Long leasehold property Fumiture and equipment Studio equipment Computer equipment Depreciation method and rate 250h straight line 250/0 Straight line 250k straight line 250kn slraight line Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date. with the recoverable amount being estimated where such indicators exist. Where the carying value exceeds the recoverable amount. the asset is impaired accordingly. Prior impainnents are also reviewed for possible reversal at each porting date. For the purposes of impairment testing. when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the assel and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. Page 21
The Angel Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Flnancial instruments A financial asset or a financial liabilty is recognised only when the entty becomes a party to the contractual provisions of the instrument. Basic financial instwments are initglly recognised at the amount receivable or payable including any related transaction costs, unless Ihe arrangement consttEutes a financing transaction, where it is recognised al the present value of Ihe futu paents discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments a subsequentty measured at amortised cost. Investments are measured at cost less impainnent. Other financial instruments are initially recognised at fair value. unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Interesl-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest Subsequent to initial recognition, inteSt-bearing borrowings are ststed at amortised cost using the effective InteSt method. less any impaimient losses. Financial assets that are measured at cost or amortised cost a vieWed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contnbutions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the porting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Page 22
The Angel Foundation Notes to the Financial Ststements for the Year Ended 31 March 2024 (continued) Limited by guarantee The charity is a company limited by guarantee. The members of the company are Ward Simpson. Rafael Simpson and Nathan Simpson. Ward Simpson and Rafael Simpson a also twstees. In the event of the charity being wound up. the liabilty in respect of the guarantee is limrted to £1 per member of the charity. 4 Donations and legacles Unrestricted funds General . Total 2024 Total 2023 Donations 2.633.968 2.633.968 2,756,262 2,633.968 2.633.968 2,756,262 S Charitable activities Unrestricted funds General Total 2024 Total 2023 Sale of airtime Advertising income 182.899 22.517 182,899 22.517 386,346 205.416 205.416 386.346 6 Investment income Unrestricted funds General Total 2024 Total 2023 Other interest 4.139 4.139 14.549 Page 23
The Angel Foundation Notes to the Flnanclal Statements for the Year Ended 31 March 2024 (continued) 7 Other Income Unrestricted funds General Total 2024 Total 2023 Production and programming 6,968 6,968 2,030 8 Expenditure on rnising funds Unrestricted funds General Total 2024 Total 2023 Donations 292 292 24,520 9 Expenditure on charitable activities by fund type Unrestrtcted funds General Total 2024 Total 2023 Charitable activities Support costs 2.540.223 25.894 2.540,223 25,894 2.566.117 2.587,786 5,446 2.593,232 2,566,117 Expenditure on charitable activities by activity type Activity undertaken directly Support costs 2024 2023 Charitable activrties Governance costs 2.540.223 2.540.223 25.894 2,587,786 5,446 2,593,232 25,894 2,540.223 25,894 2,566,117 Page 24
The Angel Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 10 Net income Net Income is stated after chargingl(crediting)'. 2024 2023 Depreciation of fixed assets Profit on disposal of tangible fixed assets Foreign exchange differences 31.068 30,380 (648) 148,881 20.906 11 Auditors. remuneration 2024 2023 Fees payable for Ihe audit of financial statements 18.900 18,900 12 Staff costs The aggregate payroll costs were as follows.. 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Pension costs 929.091 90.053 19,502 874,522 87,331 18,148 1,038,646 980,001 The monthty average number of persons (including senior management I leadership team) employed by the chanty during the year expressed as full time equivalents was as follows.. 2024 No 27 2023 No 30 Number of employees The number of employees whose emoluments fell within the following bands was.. 2024 2023 No £60,001- £70,000 £70,001- £80.000 £90,001- £100,000 Page 25
The Angel Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 13 Trustees remuneration and expenses During the year the charty made the following transactK)ns with trustees: P V Le Druillenec received remuneration of £ 25.338 (2023.. 22.815) during the year. This comes from his Salary that he had for his previous role within the Chanty which has continued since becoming a trustee. 14 Tangible fixed assets Long leasehold property Furniture and equipment Computer equipment Studio equipment Total Cost At 1 April 2023 Additions Disposals At 31 March 2024 28,364 55,534 1.213,025 14.272 1.143,585 830,916 2.127,839 158 14,430 30,782) 1.951,077 28.364 48.346 7.188 83,712 100,292 191,192 Depreciation At 1 April 2023 Charge for the year Eliminated on disposals 28,364 54.870 1.195.477 761.525 2,040.236 393 8,857 21.818 31,068 (28.364) 48.346 1.143.585) (730.782) (1,951,077 At 31 March 2024 6,917 60.749 52,561 120,227 Net book value At 31 March 2024 271 22,963 47,731 70,965 At 31 March 2023 664 17.548 69,391 87.603 15 Oebtors 2024 2023 Trade debtors Due from group undertakings Prepayments Other debtors 1,900 69,280 115,649 36,593 111,229 131,342 26,000 223,422 268,573 Page 26
The Angel Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 16 Creditors: amounts falling due within one year 2024 2023 Trade creditors Due to group undertakings Other taxation and social securty Accruals and Deferred Income 110.249 22 25.880 98,905 235.056 126,686 153,328 367,143 158,883 806,040 Defeed income 2024 2023 Deferred income at 1 April 2023 Resources deferred in the period Amounts released from previous periods 59.152 (59.152) 1.882 (51,860) 59,152 Deferred income at year end 1,882 59,152 Income deferred relates to the sale of airtime where income is received in advan of the period to which it relates. 17 Pension and other post retirement benerts Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £19,502 (2023. £18.148) 18 Analysls of charitable funds Balance at 31 March 2024 Balance at 1 April 2023 Incoming resources Resources expended Unrestricted funds General 81.097 2,850,491 2,566.409 202.985 Balance at 31 March 2023 Balance at 1 April 2022 Incoming resources Resources expended Unrestricted funds General 623.180) 2.617.104 81.097 Page 27
The Angel Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Restricted funds No restricted funds brought forward or in year. 19 Analysis of net assets between funds Total funds at 31 March 2024 Unrestricted funds Tangible fixed assets Current assets Current liabilities 70.965 367.076 (235.056) 70.965 367.076 235,056 Total net assets 202.985 202,985 Total funds at 31 March 2023 Unrestricled funds Tangible fixed assets Current assets Current liabilittes 87.605 637.338 806,040 87.605 637.338 806,040 Total net assets 81.097 81,097 Page 28
The Angel Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 20 Ultimate controlling party The ultimate controlling party is The Board of Twstees. 21 Analysis of changes In net funds At 1 April 2023 At 31 March 2024 Cash flows Cash at bank and in hand Debt due wrthin one year 368,767 153.328 (225,113} 153.306 143,654 (22 Net debt 215.439 71.807 143,632 22 Related party trdnsactions Durir)g the year the chatity made the following lated party transactions: Angel Christian Television Trust Inc Angel Christian Telewsion Trust Inc (ACTT) replicates the functK?n of The Angel Foundation in other geographical locations whilst remaining independent in operation. At the balance sheet date the amount due from Angel Christian Telewsion Trust Inc was £69,278 (2023 - £153.306 due to). God TV Ltd God TV Ltd. the wholly owned subsidiary of The Angel Foundation, has a balance of £22 (2023.. £22) which is owed by The Angel Foundation. This balance is included in creditors. At Ihe balance sheet date the amount due to God TV Ltd was £22 (2023 - £22). 23 Finance leases and hire purchase contracts The total value of future minimum lease payments was as follows: 2024 2023 Within one year 1,158 At 31 March 2024 1,158 Page 29