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 Refe￿nce 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 Longbr￿e 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 Y￿alth 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 d1￿ctOr of the Brownsville Revival School of Ministry (BRSM). He was part of the leadership team in Pensacola, Florida during the worfd-famous Brownsville Re￿val. 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 con 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 ￿QU1￿MentS 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 opin￿n. 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 signif￿ant 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 ￿spOnsibl1￿1es 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 p￿paratIOn 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 a￿ayS 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 prO￿dureS 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 rn￿ht 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 prepa￿d 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 cUr￿ncY 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 fO￿Ign 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