**Registered number: 04139551 Charity number: 1087489**
## **THE APOSTOLIC FAITH MISSION UK LTD**
**(A company limited by guarantee)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 8|
|**Independent auditors' report on the financial statements**|9 - 13|
|**Statement of financial activities**|14|
|**Balance sheet**|15 - 16|
|**Statement of cash flows**|17|
|**Notes to the financial statements**|18 - 35|
## **THE APOSTOLIC FAITH MISSION UK LTD**
**(A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **Trustees**
Reverend Olatokunbo Balogun Reverend Isaac Adigun (resigned 6 November 2021) Reverend Mark Sinaanoda Mfandarahwa (resigned 6 November 2021) Reverend Francis Olanrewaju Odudu, Chairman Reverend Toyin Olushola Emitola (appointed 6 November 2021) Reverend Lazarus Simbanegavi (appointed 6 November 2021)
## **Company registered number**
04139551
## **Charity registered number**
1087489
## **Registered office**
13 Penhill Road Bexley Kent DA5 3EP
## **Company secretary**
Rev. Toyin Olushola Emitola
## **Chief executive officer**
Rev. Mark Mfandarahwa
## **Independent auditors**
Stephen Michael Associates Chartered Certified Accountants Statutory Auditors 1st Floor 3 More London Riverside London SE1 2RE
## **Bankers**
Barclays Bank plc 29 Borough High Street London SE1 1LY
Page 1
## **THE APOSTOLIC FAITH MISSION UK LTD**
**(A company limited by guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
The Trustees present their annual report together with the audited financial statements of the church from 1 January 2021 to 31 December 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the church qualifies as small company under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
## **Objectives and Activities**
## **a. POLICIES AND OBJECTIVES**
Our primary objective is to seek the advancement of the Christian religion in accordance with the preaching of the faith of the early Apostles and wherever possible, educate people using the Word of God as our guide. We aim to establish and manage schools, Bible schools, vocational Bible schools, correspondence courses, and to teach religious knowledge in schools, institutions and the wider community.
## **b. STRATEGIES FOR ACHIEVING OBJECTIVES**
The church has adopted the following strategies for achieving its objectives:
- Establish and support branches and Bible Study centres as close to our members as possible;
- Organise street events where free Christian literature materials are distributed;
- Visit Homes for the Elderly to share the Word of God with the residents and workers;
- Visit Prisons to share the Word of God;
- Support other charities and Christian events/organisations;
- Build and establish a solid relationship with the local community;
- Organise periodic Musical concerts and performances within the community for the benefits of members of the Church and the community; and
- Support sister churches suffering from natural disasters and/or having major building projects
## **c. ACTIVITIES FOR ACHIEVING OBJECTIVES**
In order for the Church to achieve its aims and objectives, during the year we held Sunday School classes for all ages every Sunday; we also held weeknight Bible studies and Prayer meetings.
The challenge posed by the COVID pandemic meant that we continued to hold most of our meetings virtually up till the end of the year.
It is worthy of note that the challenges posed by COVID did not have any negative impact on our membership. On the contrary, we were able to reach out to a greater number of people within and beyond the UK, for whom those meetings came as a blessing.
Children's programmes such as music concerts, Celebration of Light, Back To School, Children’s Day and stage plays were presented at different times in the year, including Easter and Christmas seasons. During the year we held weekly and monthly youth activities, an annual youth camp and Singles Conference. Equally, during the year, Family Forums as well as conferences for Men, Women and Couples, were held at different times, to engender socialisation and bonding among members.
All of these meetings and events were however held virtually with archive videos and live activities well mixed.
Page 2
## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **d. PUBLIC BENEFIT STATEMENT**
The Board of Trustees confirm that they have met their duties in strict compliance with the provisions of sections 4 and 17 of the Charities Act 2011, and have had due regards to the Charity Commission’s general guidance on public benefit. Particular consideration has been given to the Charity Commission’s supplementary public guidance provisions on the advancement of religion for public benefit.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **e. VOLUNTEERS**
The Church values the efforts of its volunteers; it is estimated that over the year our volunteers dedicated over 10,000 hours to Church work. If this is conservatively valued at £10.00 per hour, the volunteer efforts during the year amount to over £100,000.
While the volunteers do not receive any regular income, they are supported with subsistence covering transportation and feeding while on duty.
## **Achievements and performance**
## **a. KEY FINANCIAL PERFORMANCE INDICATORS**
- i. Attendance at weekly meetings and other events
- ii. Voluntary donations – Tithes and Offerings
- iii. Gift aid Income
- iv. Percentage of Expenditure to Income
## **b. REVIEW OF ACTIVITIES**
## **Community outreach**
## 1 Bible Study
We held virtual meetings throughout the year, that combined members from all our Branches, Groups and Bible study centres, including Aberdeen, Bexley, Beckenham, Birmingham, Bristol/Cardiff, Chingford, Coventry, Edinburgh, Glasgow, Hackney, Leicester, Manchester, Peckham, Rochester, Sussex as well as our branches outside the UK, including France, Republic of Ireland, Denmark, Spain and Germany.
## 2 Homes for The Elderly & Prison Evangelism
Although the COVID pandemic made it impossible for us to physically visit Homes for the Elderly and Prisons during the year, we were however constantly remembering the frontline workers and those under their care in our prayers.
## 3 Children Activities
It is our belief that when children are taught early the Word of God and are brought up in the way of the Lord, they will grow up to make a better society in the future. It is with this at the back of our mind that we regularly organise special outreaches for our children in the Church and the communities where our branch churches are located.
Accordingly, during the year, in addition to our weekly children Sunday School, we held activities like Music Workshops, Back To School Lunch, Let's celebrate Light and Children’s Day which were generously attended by children, parents and carers within our communities.
Page 3
## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## 4 Youth Activities
We take pride in our youth work and our involvement with the young people in our community. Some of the programmes on offer to youths include Youth for Christ, International Students Reception, Graduates Reception, Singles’ Conference, musical training through Salem Academy of Music, Bexley Lighthouse Music Academy and other local arrangements by volunteers. Most of these programmes featured throughout the year.
Both Salem Academy of Music and Bexley Lighthouse Music Academy have continued to grow from strength to strength. The aim of these Music Academies is to encourage young people from the Church and the wider community to take interest in orchestral instruments and rudiments of church music.
We have seen that young people from the wider community have developed a strong passion for learning their chosen musical instruments, and rudiments of music. We hope that the Academies will prosper, expand and reach out to all lovers of music in the community.
Youth for Christ also continues to develop; this programme is held on Sunday afternoons. The activities that take place such as Bible quizzes and Music Workshops are geared towards encouraging young people to read their Bibles daily and develop interest in Church music.
Moreover, we held an Annual Youth Camp from 30th April to 2nd May 2021 in which we strove to get youths interested and engaged in the Gospel of our Lord Jesus Christ thus helping to drive down crime rates on our streets.
## 5 Church Welfare Group
Our Welfare group provides light refreshments to visitors on Sundays and lunch to participants at our special events. They also follow up new members through phone calls and visitations. In addition, our Welfare officers organise various activities for members and the general community such as Mental Health Awareness, Free Jumble Sales and Business Innovation Days. Members of the public are usually welcome to participate in these events.
During the year, our Welfare Group continued to provide support to our members that were either shut in, ill, or faced with some other difficulties due to the COVID pandemic.
## 6. Social Events
We have various social events including Mothering Sunday, Father’s Day, Singles’, Men’s, Women’s and Couples’ conferences. These events are always beneficial to participants.
## 7 Music Concert
Music plays a vital role at local, national and international levels in our outreach effort. We held Christmas concert at all our branches during the year.
## 8 Counselling
Our church has a counselling system, which is available to all, free of charge. The Pastors head the Counselling teams. Appointments to see the Pastors are made either directly with them or through the church office. During the year, counselling meetings took place either in the Church or at the parsonage.
## 9 New Churches and Properties
Our search continues for a Camp Site and Churches that we can purchase and use in locations where our members currently rent. We pray that God will continue to bless our efforts, as we strive to expand throughout the United Kingdom and Europe generally.
Our mission is to pray, preach and publish the Good News of salvation not only in the UK, but Europe in general. The Lord continues to help our outreach efforts in Denmark, France, Germany, the Republic of Ireland and Spain. All our groups look forward to purchasing their own Churches in the near future.
Page 4
## **THE APOSTOLIC FAITH MISSION UK LTD**
**(A company limited by guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **c. INVESTMENT POLICY AND PERFORMANCE**
The Trustees have decided that at present, funds should be retained in its Current and No Notice Deposit accounts with Barclays Bank PLC, while efforts are being made to seek other suitable banks.
The Trustees will agree any change in such banking arrangements. As far as possible, funds will be retained in interest bearing accounts.
## **Financial review**
## **a. GOING CONCERN**
After making appropriate enquiries, the trustees have a reasonable expectation that the church has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
## **b. RESERVES POLICY**
The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ('the free reserves') held by the church should be at least, 3 months of annual expenditure. At this level, the trustees feel that they would be able to continue the current activities of the church in the event of a significant drop in funding. The free reserve currently stands at £691,217 (2020 - £985,219).
## **REVIEW OF THE FINANCIAL POSITION**
The church is financially stable.
We were able to generate the same level of income as in the prior year.
## **c. PRINCIPAL FUNDING**
This is provided mainly through voluntary tithes and offerings given by Church members and through a gift aid scheme. Apart from this, voluntary pledges are taken for specific projects.
## **Structure, governance and management**
## **a. CONSTITUTION**
The church is a charitable company limited by guarantee and was set up by a Memorandum of Association on 20 November 2000.
The church is constituted under a Memorandum of Association dated 20 November 2000 and is a registered charity with number 1087489.
The charitable company's Articles of Association was amended on 11th June 2022 and filed with the Companies House on 23rd June 2022.
## **b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES**
The directors are co opted under the terms of the Articles of Association. The Trustees are responsible for the management of the Church.
Page 5
## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES**
Policies and procedures for induction and training of trustees include regular Teachers Conference, Workshop, Ministerial Training, attendance at Annual National and International Camp Meetings.
## **d. PAY POLICY FOR SENIOR STAFF**
Only the District Superintendent is on a regular structured pay in addition to the Retired Pioneer Pastor, Rev. Victor Okusanya who is receiving a maintenance stipend.
## **e. ORGANISATIONAL STRUCTURE AND DECISION MAKING**
The Trustees are responsible for the church’s overall governance. The day to day management of the Church is delegated to the Pastors, Ministers, Heads of various departments, and volunteers.
## **f. CONNECTED CHARITIES**
The church reports all its activities including acquisition of properties, financial statements, and any major undertakings to the International Headquarters in Portland Oregon, U.S.A.
## **g. RISK MANAGEMENT**
The Trustees have assessed the major risks to which the church is exposed, in particular those related to the operations and finances of the church, and are satisfied that systems are in place to mitigate our exposure to the major risks.
## **Plans for future periods**
## **a. FUTURE DEVELOPMENTS**
- i. We are searching for premises to buy for our annual camp meeting convention. ii. We are praying that God will establish our branches and provide them their own places of worship where they currently make use of rented facilities.
## **FUNDS HELD AS CUSTODIAN**
The church held £49,212 (€57,086) in a dedicated currency bank account at the end of the year as intermediary for the benefit of Apostolic Faith Mission Europe. The fund is not included in this financial statement because the church is only acting as a custodian and is not involved in the decision making regarding the disbursement of the fund.
## **MEMBERS' LIABILITY**
The Trustees of the church guarantee to contribute an amount not exceeding £1 to the assets of the church in the event of winding up.
Page 6
**THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **EVENTS SUBSEQUENT TO THE FINANCIAL YEAR END**
## **Memorandum and Articles of Association**
The review and updating of the Charity’s Memorandum and Articles of Association which was registered on 11th January 2001, was completed in June 2022. The Memorandum and Articles of Association was adopted by the members of the Charity on 11th June 2022 and filed with the regulatory authorities on 23rd June 2022.
## **TRUSTEES' RESPONSIBILITIES STATEMENT**
The Trustees (who are also directors of The Apostolic Faith Mission UK for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company 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 judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Page 7
## **THE APOSTOLIC FAITH MISSION UK LTD**
**(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **DISCLOSURE OF INFORMATION TO AUDITORS**
So far as each of the Trustees is aware at the time the report is approved:
- there is no relevant audit information of which the company's auditors are unaware, and
- the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## **AUDITORS**
The church's auditors, Stephen Michael Associates have indicated their willingness to continue in office and offer themselves for re appointment at the next Annual General Meeting.
Approved by order of the members of the board of Trustees and signed on their behalf by:
## **Reverend Francis Olanrewaju Odudu**
Chair
Date: 15 September 2022
Page 8
## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE APOSTOLIC FAITH MISSION UK LTD**
## **Opinion**
We have audited the financial statements of The Apostolic Faith Mission UK Ltd (the 'charity') for the year ended 31 December 2021 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 December 2021 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly 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 with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 opinion.
## **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 we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 9
## **THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE APOSTOLIC FAITH MISSION UK LTD (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, 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.
## **Opinion on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.
Page 10
## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE APOSTOLIC FAITH MISSION UK LTD (CONTINUED)**
## **Responsibilities of trustees**
As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 11
## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE APOSTOLIC FAITH MISSION UK LTD (CONTINUED)**
## **Auditors' responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually 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 laws and regulations. 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 are 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 sector experience through discussion with the Trustees and other management (as required by auditing standards).
- We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation.
- We considered the extent of compliance with those laws and regulations as part of our procedure on the related financial statement items.
- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Trustees.
- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit..
- We reviewed minutes of trustees' meetings, and other records with view to ensuring that there are no undisclosed related party transactions. In addition, we explained the meaning of related party transaction to management and these charged with governance.
- We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Page 12
## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE APOSTOLIC FAITH MISSION UK LTD (CONTINUED)**
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Mr Stephen Oladapo Odeleye (Senior statutory auditor)**
for and on behalf of **Stephen Michael Associates**
Chartered Certified Accountants Statutory Auditors
1st Floor
3 More London Riverside
London
SE1 2RE
17 September 2022
Page 13
## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021**
|**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Investments
5
**Total income**
**Expenditure on:**
Charitable activities
7
**Total expenditure**
**Net movement in funds before other**
**recognised gains**
**Other recognised gains:**
Gains on revaluation of fixed assets
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2021**
**£**
**1,901**
**2,462**
**-**
**4,363**
**7,088**
**7,088**
**(2,725)**
**-**
**(2,725)**
**139,474**
**(2,725)**
**136,749**|**Unrestricted**
**funds**
**2021**
**£**
**729,280**
**240**
**86,012**
**815,532**
**275,704**
**275,704**
**539,828**
**262,172**
**802,000**
**5,638,982**
**802,000**
**6,440,982**|**Total**
**funds**
**2021**
**£**
**731,181**
**2,702**
**86,012**
**819,895**
**282,792**
**282,792**
**537,103**
**262,172**
**799,275**
**5,778,456**
**799,275**
**6,577,731**|_Total_
_funds_
_2020_
_£_
_621,154_
_7,594_
_56,497_
_685,245_|
|---|---|---|---|---|
|||||_200,018_
_200,018_|
|||||_485,227_
_4,000_
_489,227_|
|||||_5,289,229_
_489,227_
_5,778,456_|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 18 to 35 form part of these financial statements.
Page 14
## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee) REGISTERED NUMBER: 04139551**
## **BALANCE SHEET AS AT 31 DECEMBER 2021**
|**Note**
**Fixed assets**
Tangible assets
12
Investment property
13
**Current assets**
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
**Net current assets**
**Total assets less current liabilities**
**Net assets**
**Total net assets**
**Charity funds**
Restricted funds
17
Unrestricted funds
17
**Total funds**|**100,051**
**2,139,420**
**2,239,471**
**(30,081)**|**2021**
**£**
**1,646,834**
**2,721,507**
**4,368,341**
**2,209,390**
**6,577,731**
**6,577,731**
**6,577,731**
**136,749**
**6,440,982**
**6,577,731**|_68,594_
_2,492,179_
_2,560,773_
_(57,950)_|_2020_
_£_
_1,986,633_
_1,289,000_|
|---|---|---|---|---|
|||||_3,275,633_
_2,502,823_|
|||||_5,778,456_|
|||||_5,778,456_|
|||||_5,778,456_|
|||||_139,474_
_5,638,982_|
|||||_5,778,456_|
Page 15
# **THE APOSTOLIC FAITH MISSION UK LTD**
**(A company limited by guarantee) REGISTERED NUMBER: 04139551**
# **BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2021**
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
## **Reverend Francis Olanrewaju Odudu**
**Reverend Olatokunbo Balogun**
Chair
Date: 15 September 2022
The notes on pages 18 to 35 form part of these financial statements.
Page 16
## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Purchase of investments
**Net cash used in investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 18 to 35 form part of these financial statements|**2021**
**£**
**466,697**
**86,552**
**612**
**(80,332)**
**(826,288)**
**(819,456)**
**-**
**(352,759)**
**2,492,179**
**2,139,420**|_2020_
_£_
_557,926_
_56,497_
_6,600_
_(84,008)_
_-_
**(20,911)**
**-**
**537,015**
_1,955,164_
_2,492,179_|
|---|---|---|
Page 17
**THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **1. General information**
The Apostolic Faith Mission UK Ltd is a company limited by guarantee incorporated in England & Wales. The office address is 13 Penhill Road, Bexley DA5 3EP.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Apostolic Faith Mission UK Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
## **2.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.4 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
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**THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **2. Accounting policies (continued)**
## **2.5 Tangible fixed assets and depreciation**
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following bases:
|Freehold property|- 2% straight line|
|---|---|
|Motor vehicles|- 25% reducing balance|
|Fixtures and fittings|- 20% straight line|
|Office equipment|- 20% straight line|
|Computer equipment|- 33.33% straight line|
## **2.6 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.7 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.8 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Page 19
**THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **2. Accounting policies (continued)**
## **2.9 Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.10 Pensions**
The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.
## **2.11 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
## **3. Income from donations and legacies**
|Donations
Donations|**Restricted**
**funds**
**2021**
**£**
1,901
_Restricted_
_funds_
_2020_
_£_
_6,603_|**Unrestricted**
**funds**
**2021**
**£**
729,280
_Unrestricted_
_funds_
_2020_
_£_
_614,551_|**Total**
**funds**
**2021**
**£**
**731,181**|
|---|---|---|---|
||||_Total_
_funds_
_2020_
_£_
_621,154_|
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## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **4. Income from charitable activities**
|Income from charitable activities - Futherance of the Gospel
Income from charitable activities - Futherance of the Gospel|**Restricted**
**funds**
**2021**
**£**
2,462
_Restricted_
_funds_
_2020_
_£_
_7,294_|**Unrestricted**
**funds**
**2021**
**£**
240
_Unrestricted_
_funds_
_2020_
_£_
_300_|**Total**
**funds**
**2021**
**£**
**2,702**|
|---|---|---|---|
||||_Total_
_funds_
_2020_
_£_
_7,594_|
## **5. Investment income**
|**Unrestricted**
**funds**
**2021**
**£**
Investment income - local investment properties
85,476
Investment income - local cash
536
86,012
_Unrestricted_
_funds_
_2020_
_£_
Investment income - local investment properties
_51,816_
Investment income - local cash
_4,681_
_56,497_|**Total**
**funds**
**2021**
**£**
**85,476**
**536**
**86,012**|
|---|---|
||_Total_
_funds_
_2020_
_£_
_51,816_
_4,681_
_56,497_|
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## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **6. Analysis of charitable giving**
|Charitable giving, Futherance of the Gospel
Charitable giving, Futherance of the Gospel|**Charitable**
**giving to**
**Institutions**
**2021**
**£**
11,052
_Charitable_
_giving to_
_Institutions_
_2020_
_£_
_372_|**Total**
**funds**
**2021**
**£**
**11,052**|
|---|---|---|
|||_Total_
_funds_
_2020_
_£_
_372_|
## **7. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Futherance of the Gospel
Futherance of the Gospel|**Restricted**
**funds**
**2021**
**£**
7,088
_Restricted_
_funds_
_2020_
_£_
_6,737_|**Unrestricted**
**funds**
**2021**
**£**
275,704
_Unrestricted_
_funds_
_2020_
_£_
_193,281_|**Total**
**funds**
**2021**
**£**
**282,792**|
|---|---|---|---|
||||_Total_
_funds_
_2020_
_£_
_200,018_|
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## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **8. Analysis of expenditure by activities**
|Futherance of the Gospel
Futherance of the Gospel
**Analysis of direct costs**
Staff costs
Parsonage maintenance
Evangelism and special events|**Activities**
**undertaken**
**directly**
**2021**
**£**
56,769
_Activities_
_undertaken_
_directly_
_2020_
_£_
_46,838_|**Charitable**
**giving**
**funding of**
**activities**
**2021**
**£**
11,052
_Charitable_
_giving_
_funding of_
_activities_
_2020_
_£_
_372_|**Support**
**costs**
**2021**
**£**
214,971
_Support_
_costs_
_2020_
_£_
_152,808_
**Futherance**
**of the**
**Gospel**
**2021**
**£**
9,511
21,671
25,587
56,769|**Total**
**funds**
**2021**
**£**
**282,792**|
|---|---|---|---|---|
|||||_Total_
_funds_
_2020_
_£_
_200,018_|
|||||**Total**
**funds**
**2021**
**£**
**9,511**
**21,671**
**25,587**
**56,769**|
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## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **8. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs (continued)**
|Staff costs
Camp fees and expenses
Parsonage maintenance
Evangelism and special events|_Futherance_
_of the_
_Gospel_
_2020_
_£_
_7,500_
_1,000_
_23,063_
_15,275_
_46,838_|_Total_
_funds_
_2020_
_£_
_7,500_
_1,000_
_23,063_
_15,275_
_46,838_|
|---|---|---|
## **Analysis of support costs**
|Depreciation
Church building repairs and maintenance
Utilities
Travel and motor expenses
Advertising
Printing, Postage & Stationery
Hall hire
Cleaning expenses
Insurance
Sundry church and office expenses
Legal and professional fees
Governance costs|**Futherance**
**of the**
**Gospel**
**2021**
**£**
75,611
89,802
11,859
13,090
694
135
1,979
1,590
6,093
3,330
5,518
5,270
214,971|**Total**
**funds**
**2021**
**£**
**75,611**
**89,802**
**11,859**
**13,090**
**694**
**135**
**1,979**
**1,590**
**6,093**
**3,330**
**5,518**
**5,270**
**214,971**|
|---|---|---|
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## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **8. Analysis of expenditure by activities (continued)**
## **Analysis of support costs (continued)**
|Depreciation
Church building repairs and maintenance
Utilities
Travel and motor expenses
Staff training
Advertising
Printing, Postage & Stationery
Hall hire
Cleaning expenses
Insurance
Sundry church and office expenses
Legal and professional fees
Exchange rate difference
Governance costs
**9.**
**Auditors' remuneration**
Fees payable to the charity's auditor for the audit of the charity's annual
accounts
Fees payable to the charity's auditor in respect of:
All taxation advisory services not included above
All non-audit services not included above|_Futherance_
_of the_
_Gospel_
_2020_
_£_
_68,071_
_31,796_
_16,923_
_9,454_
_334_
_326_
_576_
_2,120_
_2,591_
_6,172_
_8,694_
_999_
_2_
_4,750_
_152,808_
**2021**
**£**
**3,970**
**520**
**780**|_Total_
_funds_
_2020_
_£_
_68,071_
_31,796_
_16,923_
_9,454_
_334_
_326_
_576_
_2,120_
_2,591_
_6,172_
_8,694_
_999_
_2_
_4,750_
_152,808_|
|---|---|---|
|||_2020_
_£_
_3,970_
_-_
_780_|
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## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **10. Staff costs**
|Wages and salaries
Contribution to defined contribution pension schemes|**2021**
**£**
**2,954**
**6,557**
**9,511**|_2020_
_£_
_-_
_7,500_|
|---|---|---|
|||_7,500_|
The average number of persons employed by the charity during the year was as follows:
||**2021**|_2020_|
|---|---|---|
||**No.**|_No._|
|Pastor|**2**|_1_|
No employee received remuneration amounting to more than £60,000 in either year.
## **11. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2020 - £NIL)_ .
During the year ended 31 December 2021, no Trustee expenses have been incurred _(2020 - £NIL)_ .
Page 26
## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **12. Tangible fixed assets**
|**Cost or valuation**
At 1 January 2021
Additions
Disposals
Transfers between classes
At 31 December 2021
**Depreciation**
At 1 January 2021
Charge for the year
On disposals
Transfers between classes
At 31 December 2021
**Net book value**
At 31 December 2021
_At 31 December 2020_|**Freehold**
**property Other assets**
**£**
**£**
**2,401,362**
**275,840**
**-**
**80,332**
**-**
**(3,700)**
**(423,701)**
**-**
**1,977,661**
**352,472**
**464,057**
**226,512**
**39,553**
**36,058**
**-**
**(3,227)**
**(79,654)**
**-**
**423,956**
**259,343**
**1,553,705**
**93,129**
_1,937,305_
_49,328_|**Total**
**£**
**2,677,202**
**80,332**
**(3,700)**
**(423,701)**
**2,330,133**
**690,569**
**75,611**
**(3,227)**
**(79,654)**
**683,299**
**1,646,834**
_1,986,633_|
|---|---|---|
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## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **13. Investment property**
|**Valuation**
At 1 January 2021
Additions
Surplus on revaluation
Transfers between classes
At 31 December 2021|**Freehold**
**investment**
**property**
**£**
**1,289,000**
**826,288**
**262,172**
**344,047**|
|---|---|
||**2,721,507**|
The 2021 valuations were made by the trustees, on an open market value for existing use basis.
## **14. Debtors**
|**Due within one year**
Prepayments and accrued income
Tax recoverable|**2021**
**£**
**7,203**
**92,848**
**100,051**|_2020_
_£_
_6,240_
_62,354_|
|---|---|---|
|||_68,594_|
## **15. Creditors: Amounts falling due within one year**
|Trade creditors
Other creditors
Accruals and deferred income|**2021**
**£**
**16,941**
**2,307**
**10,833**
**30,081**|_2020_
_£_
_49,226_
_-_
_8,724_|
|---|---|---|
|||_57,950_|
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## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **16. Financial instruments**
||**2021**|_2020_|
|---|---|---|
||**£**|_£_|
|**Financial assets**|||
|Financial assets measured at fair value through income and expenditure|**2,139,420**|_2,492,179_|
Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.
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## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **17. Statement of funds**
**Statement of funds - current year**
|**Unrestricted funds**
**Designated funds**
Camp Site fund
**General funds**
General Funds
**Total Unrestricted funds**
**Restricted funds**
Birmingham church building
fund
Camp site
Men
Women
Needy
Couple conference
Church building maintenance
Youth camp
Camp fee
Bexley cleaning
Hackney
Sunday School Teachers
Youth Workers
**Total of funds**|**Balance at 1**
**January**
**2021**
**£**
**1,500,000**
**4,138,982**
**5,638,982**
**121,870**
**7,255**
**2,455**
**-**
**-**
**-**
**-**
**250**
**7,044**
**-**
**600**
**-**
**-**
**139,474**
**5,778,456**|**Income**
**£**
**-**
**815,532**
**815,532**
**-**
**-**
**160**
**35**
**15**
**2,244**
**910**
**-**
**43**
**640**
**-**
**141**
**175**
**4,363**
**819,895**|**Expenditure**
**£**
**-**
**(275,704)**
**(275,704)**
**(3,294)**
**-**
**-**
**-**
**-**
**(2,244)**
**(910)**
**-**
**-**
**(640)**
**-**
**-**
**-**
**(7,088)**
**(282,792)**|**Gains/**
**(Losses)**
**£**
**-**
**262,172**
**262,172**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**262,172**|**Balance at**
**31**
**December**
**2021**
**£**
**1,500,000**|
|---|---|---|---|---|---|
||||||**4,940,982**|
||||||**6,440,982**|
||||||**118,576**
**7,255**
**2,615**
**35**
**15**
**-**
**-**
**250**
**7,087**
**-**
**600**
**141**
**175**
**136,749**|
||||||**6,577,731**|
Page 30
## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **17. Statement of funds (continued)**
**Statement of funds - prior year**
|**Unrestricted funds**
**Designated funds**
Camp Site fund
**General funds**
General Funds
**Total Unrestricted funds**
**Restricted funds**
Birmingham church building
fund
Camp site
Men
Women
Youth
Needy
Youth camp
Church building maintenance
Camp fee
Bexley cleaning
Hackney
Audio Visual
Sunday School Teachers
**Total of funds**|_Balance at_
_1 January_
_2020_
_£_
_1,500,000_
_3,656,915_
_5,156,915_
_125,164_
_7,150_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_132,314_
_5,289,229_|_Income_
_£_
_-_
_671,348_
_671,348_
_-_
_105_
_2,455_
_50_
_20_
_1,201_
_250_
_715_
_7,044_
_1,160_
_600_
_150_
_147_
_13,897_
_685,245_|_Expenditure_
_£_
_-_
_(193,281)_
_(193,281)_
_(3,294)_
_-_
_-_
_(50)_
_(20)_
_(1,201)_
_-_
_(715)_
_-_
_(1,160)_
_-_
_(150)_
_(147)_
_(6,737)_
_(200,018)_|_Gains/_
_(Losses)_
_£_
_-_
_4,000_
_4,000_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_4,000_|_Balance at_
_31_
_December_
_2020_
_£_
_1,500,000_|
|---|---|---|---|---|---|
||||||_4,138,982_|
||||||_5,638,982_|
||||||_121,870_
_7,255_
_2,455_
_-_
_-_
_-_
_250_
_-_
_7,044_
_-_
_600_
_-_
_-_
_139,474_|
||||||_5,778,456_|
Page 31
**THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **17. Statement of funds (continued)**
The Camp Site designated fund is designated for the purchase of a site for our camping event. The church is in the process of searching for an appropriate site on which to build the Camp.
The Birmingham church building fund was used as part-payment for the Birmingham church building and represents future depreciation (£3,294 per year - 2% of original cost covered by the fund). The Camp Site fund is for the purchase of a site for our camping event. The Men fund is church collections received for men activities.
The Women fund is church collections received for women activities.
The Needy fund is church collections received to help those in need. The Youth Camp fund is for the running of the annual youth event. The Camp fee fund is for our 2022 camping event.
The Hackney fund is for Hackney group bible study centre.
The Sunday School Teachers fund is church collections received for sunday school activities. The Youth Workers fund is church collections received for workers' activities.
The charitable company has enough fund to pay for the non fixed asset funds.
## **18. Summary of funds**
## **Summary of funds - current year**
||||||||||**Balance at**|
|---|---|---|---|---|---|---|---|---|---|
||**Balance at 1**||||||||**31**|
||**January**||||||**Gains/**||**December**|
||**2021**||**Income**||**Expenditure**||**(Losses)**||**2021**|
||**£**||**£**||**£**||**£**||**£**|
|Designated funds|**1,500,000**||**-**||**-**||**-**||**1,500,000**|
|General funds|**4,138,982**||**815,532**||**(275,704)**||**262,172**||**4,940,982**|
|Restricted funds|**139,474**||**4,363**||**(7,088)**||**-**||**136,749**|
||**5,778,456**||**819,895**||**(282,792)**||**262,172**||**6,577,731**|
|||||||||||
|**Summary of funds - prior year**||||||||||
||||||||||_Balance at_|
||_Balance at_||||||||_31_|
||_1 January_||||||_Gains/_||_December_|
||_2020_||_Income_||_Expenditure_||_(Losses)_||_2020_|
||_£_||_£_||_£_||_£_||_£_|
|Designated funds|_1,500,000_||_-_||_-_||_-_||_1,500,000_|
|General funds|_3,656,915_||_671,348_||_(193,281)_||_4,000_||_4,138,982_|
|Restricted funds|_132,314_||_13,897_||_(6,737)_||_-_||_139,474_|
||_5,289,229_||_685,245_||_(200,018)_||_4,000_||_5,778,456_|
Page 32
## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **19. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Tangible fixed assets
Investment property
Current assets
Creditors due within one year
**Total**|**Restricted**
**funds**
**2021**
**Unrestricted**
**funds**
**2021**
**£**
**£**
118,576
1,528,258
-
2,721,507
18,173
2,221,298
-
(30,081)
136,749
6,440,982|**Total**
**funds**
**2021**
**£**
**1,646,834**
**2,721,507**
**2,239,471**
**(30,081)**
**6,577,731**|
|---|---|---|
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Investment property
Current assets
Creditors due within one year
**Total**|_Restricted_
_funds_
_2020_
_£_
_121,870_
_-_
_17,604_
_-_
_139,474_|_Unrestricted_
_funds_
_2020_
_£_
_1,864,763_
_1,289,000_
_2,543,169_
_(57,950)_
_5,638,982_|_Total_
_funds_
_2020_
_£_
_1,986,633_
_1,289,000_
_2,560,773_
_(57,950)_
_5,778,456_|
|---|---|---|---|
Page 33
## **THE APOSTOLIC FAITH MISSION UK LTD**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **20. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income for the year (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Dividends, interests and rents from investments
Profit on the sale of fixed assets
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash provided by operating activities**
**21.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**
**22.**
**Analysis of changes in net debt**
**At 1**
**January**
**2021**
**£**
Cash at bank and in hand
**2,492,179**
**2,492,179**||**2021**
**£**
**537,103**
**75,611**
**(86,552)**
**(139)**
**(31,457)**
**(27,869)**
**466,697**
**2021**
**£**
**2,139,420**
**2,139,420**
**Cash flows**
**£**
**(352,759)**
**(352,759)**||_2020_
_£_
_485,227_
_68,071_
_(56,497)_
_(4,825)_
_22,437_
_43,513_
_557,926_
_2020_
_£_
_2,492,179_
_2,492,179_
**At 31**
**December**
**2021**
**£**
**2,139,420**
**2,139,420**|
|---|---|---|---|---|
Page 34
**THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **23. Pension commitments**
The church operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the church in an independently administered fund. The pension cost charge represents contributions payable by the church to the fund and amounted to £6,557 (2020 £7,500).
## **24. Related party transactions**
The charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity at 31 December 2021.
Page 35