Registered number: 04139551 Charity number: 1087489 THE APOSTOLIC FAITH MISSION UK LTD (A company Ilmited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee) CONTENTS Page Reference and admlnlstratlve detalls of the charlty, Its Trustees and advlsers Trustees, report Independent audltors. report on the flnanclal statements Statement of flnanclal actlvltles 9-13 14 Balance sheet 15-16 Statement of cash flows 17 Notes to the financlal statements 18-36
THE APOSTOLIC FAITH MISSION UK LTD (A company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Reverend Mark Sinaanoda Mfandarahwa, Chair Reverend Francis Olanrewaju Odudu, Treasurer Reverend Olatokunbo Balogun Reverend Town Olushola Emitola Reverend Lazarus Simbanegavi Company reglstered number 04139551 Charlty reglstered number 1087489 Registered offlce 13 Penhill Road Bexley Kent DA5 3EP Company secretary Rev. To5ln Olushola Emltola Chlaf executlve offlcor Rev. Mark Mfandarahwa Independent audltors Stephen Michael Associates Chartered Certified Accountants Statutory Auditors 201 Borough High Stre8t London SE1 1JA Bankers Barclays Bank plc 29 Borough High Street London SE1 1 LY Page 1
THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together with the audited financial statements of the church from 1 January 2023 to 31 December 2023. The Annual report serves the purposes of both a Trustees, report and directors, report under company law. The Trustees confirm that the Annual report and financial statements of the charitsble company comply with the current statutory requirements, the requirements of the charitable companls 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 (FRS1021 (effective 1 January 2019). Since the church qualifies as small company under seGtion 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Directoff s Report) Regulations 2013 is nol required. Objectlves and Actlvltles . POLICIES AND OBJECTIVES Our primary objective is to seek the advancement of the Christian religion in accordance with the preachlng 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 distribut8d' Visit Homes for the Elderly to share the Word of God with th8 residents and workers,. Visit Prisons to share the Word of God; Support other charities and Christian eventslorganisations; 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 andlor having major building projects c. ACTIVITIES FOR ACHIEVING OBJECTIVES In order for the Church to achieve its aims and objectives, during tlie year we held Sunday School classes for all ages every Sunday., we also held weeknight Bible studies and Prayer meetings. We continue to benefit from the opportunities that IT offers for our outreach efforts as we reach out to a greater numb8r of people within and beyond the UK, outside of our local community. Children's programmes such as music Goncerts, 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, and an annual youth camp. Equally, during the year, conferences for Men, Women and Couples, were held al different times, to engender socialisation and bonding. Page 2
THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 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 Ihe 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)'. . 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 £10.42 per hour, the volunteer efforts during the year amount to over £104,200. While the volunteers do not receive any regular Income, they are supported with subsistence covering transportation and feeding while on duty. Achlavements and performance . KEY FINANCIAL PERFORMANCE INDICATORS Attendance at weekly meetings and other events Voluntary donations- Tithes and Offerings Gift aid Income Percentage of Expenditure to Income v. b. REVIEW OF ACTIVITIES Communlty outreach 1. Bible Study We held meetings throughout the year, in all our Branches, Groups and Bible study centres, including Aberdeen, Bexley, Beckenham, Birmingham, Cranfield, Cardiff, Coventry, Edinburgh, Glasgow, Hackney. Leicester, Manchester, Peckham, Rochester, Sussex, as well as our groups outside the UK, Including France, Republic of Ireland, Spain and Germany. 2. Homes for The Elderly & PrSson EvangelSsm We visited a Home for the Elderly at Christmas where we sang and played Christmas Carols for the residents and staff. We also made several visits to the Prisons during the year. 3. Children Activities It is our belief that when children are taught the Word of God early 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 lo our weekly children Sunday School, we held activities like Back To School Lunch, Let's celebrate Light and Children's Day which were generously attended by children, parents and carers. Page 3
THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 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 Youths 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 both of which are affiliated to the Church, 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 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. Youths for Christ programme 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 h8ld an Annual Youth Camp during the year in which we strove to get youths interested and engaged in th8 Gospel of our Lord Jesus Chr15t, thus helping to drive down crime rates on our streets. 5. Church Welfare Group Our Welfare group provides Ilght refreshments to vlsltors on Sundays and lunch to particlpants at our speclal events. They also follow up new members through phone calls and visitations. In addition, our Welfare officers organis& 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 who were either shut in, ill, or faced with some other difficulties. 6. Social Events We have various social events including Mothering Sunday, Father's Day, Slngles,, 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 intemational 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 wth 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 In our effort to expand our outreach, during the year, we bought a new Church in Cranfield, Bedford for the use of our members and the public around Bedford, Milton Keynes, Cambridge and its surrounding areas. Our search continues for Church buildings 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 nol only in the UK, but Europe in general. The Lord continues to help our outreach efforts in 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 2023 c. INVESTMENT POLICY AND PERFORMANCE The Trustees have decided that at present. funds should be reiained in its Current accounts with Barclays Bank PLC. Funds are also periodically placed wth Barclays Bank as 30-Day Fixed deposit. The Trustees will agree any change in such banking arrangements. As far as possible. funds will be retained in interest bearing accounts. Flnancial review . 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 concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis Gan 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 (Yhe free reserves,) held by Ihe church should be at least. 3 months of annual expenditure. At thi5 level. the trustees feel that they would be able to conts'nue the current activities of the church in the event of a significant drop in funding. The free reserve currenuy stsnds at £1,046,043 {2022 - £1.135,322). REVIEW OF THE FINANCIAL POSITION The church is financially stsble. 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 companls Artides of Association vS 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 Artides of Association. The Trustees are responsible for the management of the Church. Page 5
THE APOSTOLIC FAITH MISSION UK LTD (A company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 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 govemance. 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 acqulsition of propertles. financlal statements, and any malor undertakings to the World 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 mitlgate our exposure to the major risks. Plans for future perfods . FUTURE DEVELOPMENTS We are searching for premises to buy for our annual camp meeting convention. We are praying that God will establish our branches and provide them th8ir own places of worship where they currently make use of rented facilities. FUNDS HELD AS CUSTODIAN The church held £63,126 (E72,7011 in a dedicated currency bank account al 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 Gontribute an amount not exGeeding £1 to the assets of the church in the event of winding up. Page 6
THE APOSTOLIC FAITH MISSION UK LTD (A company limlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 EVENTS SUBSEQUENT TO THE FINANCIAL YEAR END Our purchase of Kingswell Aberdeen Church on Old Skene Road, Kingswell Aberdeen AB15 8QA was completed on the 12th of June 2024. The building was bought for £326,119. This new church was formally dedicated on Sunday 4th August 2024 by our Superintendent General, Rev. Olusola Adesope who was visiting from the world headquarters in Portland Oregon, U.S.A. Memorandum and Artlcles of A88oclatlon The review and updating of th8 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 requlres the Trustees to prepare financial statements for each financial year. Under company law the Trustee5 must not approve th8 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 Perlod. In preparing these financlal 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 pwdent., 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 concem basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responslble for keeplng adequate accounting records that are sufflclent 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 companvs 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 limlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 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 infomialion of which the companys auditors are unaware, and the Trustees hav8 taken all st8PS that th8y ought to have taken to make themselves aware of any relevant audit infomiation and to estsblish 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 M Chair rk Sinaanoda Mfandarahwa Date: 70109)7014- 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 tinancial statements of The Apostolic Faith Mission UK Ltd (the 'charitl) for the year ended 31 December 2023 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 8 true and fair view of the state of the charitable company'5 affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended., have be8n properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described In the Auditors, responslbilltles for the audlt 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, includlng the Flnancial 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. Concluslons rnlatlng to golng conc•m In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accountlng In the preparatlon of the financlal 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 companls ability to continue as a going concem 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 limlted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE APOSTOLIC FAITH MISSION UK LTD (CONTINUED) Other Infomiatlon The other information comprises the information included in Ihe 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 th8 Oth8r infomiation and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance Gonclusion 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 infomiation, we are required to report that fact. We have nothing to report in this regard. Oplnlon on other matter8 prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the informallon glven In the Trustees, report for the flnanclal year for whlch the financlal statements are prepared is consistent with the financial statements. the Trustees, report has been prepared in accordance with applicable legal requirements. Mattgrn on whlGh wo aro roqulred to r•port by exGoptlon 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 accountlng 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) Responslbllltles 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 th8 financial statements and for being satisfied that they give a true and fair view, and for such internal control as th8 Trustees determine is necessary to enable the preparation of financial ststements 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 companvs 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 Truslees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page11
THE APOSTOLIC FAITH MISSION UK LTD (A company Ilmited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE APOSTOLIC FAITH MISSION UK LTD (CONTINUED) Audltor8' responslbllltles for the audlt of the flnanclal statements Our objectives are to obtaln 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 misststement 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 thes8 financial ststements. Irregularities, including fraud, are instanc8s 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 materlal 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 lo laws and regulations In areas that dlrectly affect the flnanclal statements including financial reporting and taxation legislation. We considered the extent of complianc8 Wlth those laws and regulations as part of our procedure on the related financial stalement 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 vi8W to ensuring that there are no undisclosed related party transactions. In addition, we explained the meaning of related paty transaction to management and thes8 charged with governance. We addressed the risk of fraud through management override of controls, by testing the appropriateness ofjournal entrie5 and other adjustments,. assessing whether the judgements made In making accounting estimates are indicative of a potential bias; and evaluatlng the business rationale of any significant transactions that are unusual or outside the nomial course of business. Our audit procedures were designed lo 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 financlal ststements Is located on the Financial Reporting Council's website at.. vMw.frG.o .uklauditorsres onsibilities. This description forms part of our Auditors, report. Page 12
THE APOSTOLIC FAITH MISSION UK LTD (A company Ilmited 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 compansls 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 companvs 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 accepl 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 (Senlor statutory audltor) for and on behalf of Stephan Mlchael As8oclates Chartered Certifled Accountsnts Statutory Auditors 201 Borough High Street London SE1 1JA Date: 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 2023 Restrlcted Unrestrlcted funds funds 2023 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and18gacies Charitable activities Investments 21,325 66,405 880,392 901,717 66,405 144,945 768, 603 48,526 117,834 144,945 Total Income 87,730 1,025,337 1,113,067 934,963 Expendlture on: Charitab18 activities 80,639 524,146 604,785 531,677 Total expendlture 80,639 524,146 604,785 531.677 Net movement In funds before other r8cognlsed galnsl{losses) 7,091 501,191 508,282 403,286 Other recognised galnsl(1088es): Gains on revaluation of fixed assets 383,585 383,585 4,365 Net movement In funds 7,091 884,776 891,867 407,651 Reconclllatlon of funds: Total fund5 brought forward Net movement in funds 125,842 7,091 6,859,540 884,776 6,985,382 891,867 6,577, 731 407,651 Total funds carrled forward 132,933 7,744,316 7,877,249 6, 985,382 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 18 to 36 form part of these financial ststements, Page 14
THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee) REGISTERED NUMBER: 04139551 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Not8 Flxed assets Tangible assets Investment propety 11 12 1,959,948 3,350,313 1.613,629 2, 725,872 5,310,261 4,339,501 Current assets Debtors Investments Cash at bank and in hand 13 14 74,193 2,000,000 533,126 94,089 2,586,243 2,607,319 2, 680,332 Creditors.. amounts falling due within one year 15 (40,331) (34,451) Nat current assets 2,566,988 2,645,881 Total assets le88 current liabllitles 7,877,249 6,985,382 Nel assets 7.877,249 6,985,382 Total net assets 7,877,249 6,985,382 Charlty funds Restricled funds Unrestricted funds 17 132,933 125,842 Designated funds General funds Revaluation reserve 17 17 1,500,000 4,867,788 1,376,528 1,500,000 4,366,597 992,943 Totsl unrestricted funds 17 7,744,316 6,859.540 Total funds 7,877,249 6, 985,382 Page15
THE APOSTOLIC FAITH MISSION UK LTD (A company Ilmlted by guarantee) REGISTERED NUMBER: 04139551 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023 The Trustees acknowledge their responsibilities for complying with the requirements of the Act wlth respect to accounting records and preparation of financial ststements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financlal statements were approved and authorised for issue by the Trustees and signed on their behalf by: Reverend Mark Sinaanoda Mfandarahwa Chair Reverend Francls Olanrewaju Odudu Treasurer Date.. The notes on pages 18 to 36 form part of these financial statements. Page 16
THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarant88) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from operatlng actlvltles Net cash used in operating activities 469,258 368, 254 Cash flows from Investlng actlvltles Dividends. interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Purchase of investments 144,529 27,700 (453,748) (240,856) 117,834 456 (39, 721) Net cash (used In)Iprovlded by Invgstlng actlvlties (522,375) 78,569 Cash flows from flnanclng actlvltles Net cash provided by financlng actlvltles Change In ¢a8h and cash equlvalents In the year Cash and cash equivalents at the beginning of the year (53,117) 2,586.243 446,823 2, 139,420 Cash and cash equlvalents at the end of the year 2,533,126 2, 586, 243 The notes on pages 18 to 38 fomi part of these financial statements Page 17
THE APOSTOLIC FAITH MISSION UK LTD (A company1Smlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General inforniatlon The Apostolic Faith Mission UK Ltd is a private company limited by guarantee incorporated in England & Wales (No. 04139551 } and registered with the Charity Commission in England & Wales (No. 1087489). The registered office address is- 13 Penhill Road Bexley DA5 3EP. Accountlng pollcles 2.1 Basls of preparatlon of flnanclal statements The financial statements have been prepared in accordance with the Charities SORP IFRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practs'ce 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 IFRS 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 Golng concom The financlal ststements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the cashflow forecast and the projected income and expenditure for 12 months from authorising these financial statements. The level of free reserves and funds held 15 sufficient for the charlty to be able to continue as a golng concern. 2.3 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. 2.4 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 Gosts 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 charitys objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 18
THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollclos (contlnued) 2.5 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. this is nomially upon notification of the interest paid or payable by the institution with whom the funds are deposlted. 2.6 Forelgn currencle8 Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date. Transactions In foreign currencies are translated into sterling at th8 rate rullng on the date of the transaction. Exchange gains and losses are recognised In the Statement of flnanclal actlvltles. 2.7 Tanglble flxed a•4et• and deprnclatlon Tangible fixed assets costing £500 or more are capitalised and recognised when future economic ben8fits ar8 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 revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date. Fair values are determined from market-based evidenc8 by appraisal that is normally undertaken by professionally qualified valuers. If there is no market-based evidence of fair value because of the specialised nature of the tangible fixed asset and it is rarely sold, except as part of a contributing business, a charity may n@ed to estimate fair value using an income or depreciated replacement cost approach. Gains and losses on revaluation are recognised in the Statement of financial activities. with a separate revaluation reserve being shown in the Statement of funds note. Depreciation is charged so as to allocat8 the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is provided on the following bases: Freehold property Motor vehicles Fixtures and fittings Church and office equipment Computer equipment 20/0 Straight line 250/0 reducing balance 200/0 Straight line 204/0 Straight line 33.33 /0 Straight line Page 19
THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollclos (contlnued) 2.8 Debtors Trade and other debtors are recognised at the s8tt18ment amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Cash at bank and In hand Cash at bank and in hand includes cash and short-t8rm highly liquid investments with a short maturfty of three months or less from the date of aGquisition or opening of the deposit or similar account. 2.10 Llabllltles and provlslons Liabilities are recognised when there is an obligation at the Balance sheet date as a r8suIt of a past event, it is probable that a transfer of economic benefit wlll be requlred 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, Provislons are measured at the best estimate of the amounts r8quir8d to settle the obligation. Wh8r8 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. 2.11 Flnanclal Instrument8 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 subsequenlly measured at their settlement value with the exception of bank loans which are subsequently measured at amortlsed cost uslng the effectlve Interest method. 2.12 Penslons 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. Page 20
THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles (contlnued) 2.13 Fund accountlng General funds are unrestricted funds which are available for use al 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 ralslng 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, galns and losses are allocated to the appropriate fund. Page 21
THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarant80) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donatlons and legacl•s Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Donations 21,325 880,392 901,717 Unrestricted fvnds 2022 Total funds 2022 Donations 768, 603 768, 603 Income from charltable activltles Restrlctod funds 2023 Totsl funds 2023 Income from charitable actlvltles - Futherance of the Gospel 86,405 66,405 Restricted funds 2022 Total funds 2022 Income from charitable activities - Futherance of the Gospel 48,526 48.526 Page 22
THE APOSTOLIC FAITH MISSION UK LTD (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investmont income Unrestricted funds 2023 Total funds 2023 Investment income - local investment properties Investment income- local cash 112,068 32,877 112,068 32,877 144,945 144,945 Unrestricted funds 2022 Total funds 2022 Investment income- local investment properties Investment income- local cash 113,843 3,991 113,843 3,991 117,834 117,834 Analy818 of expondlturg on Gharltable actlvlt108 Summary by fund typo Restrlcted Unrestrlcted funds funds 2023 2023 Total 2023 Futherance of the Gospel 80,639 524,146 604,785 Restricted Unrestricted funds funds 2022 2022 Total 2022 Futherance of the Gospel 3,294 528,383 531,677 Page 23
THE APOSTOLIC FAITH MISSION UK LTD (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analy818 of expenditure by activlti88 Activitles undertaken dlrectly 2023 Support costs 2023 Total funds 2023 Futherance of the Gospel 304,181 300,604 604,785 Activities undertaken directly 2022 Support costs 2022 Total funds 2022 Futherance of the Gospel 250,111 281,566 531,677 Analysls of dlrect costs Futhoranco of the Gospel 2023 Total funds 2023 Staff costs Camp fees and expenses Parsonage maintenance Evangelism, special events & ministry expenses Charitable donations to institutions 23,405 177,700 20,735 70,341 12,000 23,405 177,700 20,735 70,341 12,000 304,181 304,181 Page 24
THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of expendlture by actfjvitlos (continued) Analysls of dlrect costs (contlnued) Futherance of the Gospel 2022 Tot81 funds 2022 Staff costs Camp fees and expenses Parsonage maintenance Evangelism, special events & ministry expenses Charitable donations to institutions 28, 772 138,571 19,568 34,130 29,070 28,772 138,571 19,568 34, 130 29,070 250,111 250,111 Analysls of support costs Futherance of the Gospel 2023 Total funds 2023 Depreciation Church building repairs, maintenance & security Utilities Travel and motor expenses Advertising Printing, postage, stationery & other office expenses Hall hire 79,235 120,712 19,583 2,515 11,766 28,784 5,135 7,792 13,130 2,936 48 500 2,008 6,460 79,235 120,712 19,583 2,515 11,766 28,784 5,135 7,792 13,130 2,936 48 500 2,008 6,460 Cleaning and decoration Building insurance Sundry church and office expenses Exchange rate difference Loss/(profit) on disposal of fixed assets Bank interest and charge5 payable Govemance costs 300,604 300,604 Page 25
THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expendltura by activities {continu8d) Analysls of support costs (contlnued) Futherance of the Gospel 2022 Tot81 funds 2022 Depreciation Church building repairs, maintenance & securlty Utilit18S Travel and motor expenses Advertising Printing. postage, stationery & other office expenses Hall hire Cleanlng and decoration Building insurance Sundry church and offlce expenses Lossl(profit) on disposal of fixed assets Bank interest and charges payable Govemance costs 72,922 112,309 25,865 2,675 2,309 22, 704 4,118 6,813 16,757 8,571 (450) 1,943 5, 030 72.922 112,309 25,865 2,675 2,309 22, 704 4.118 6,813 16.757 8,571 (450) 1,943 5,030 281,566 281,566 Audltors. remuneratlon 2023 2022 Fees payable to the charitvs auditor for the audit of the charitls annual accounts 5,000 5,000 Fees payable to the charitys auditor in respect of.. All non-audit services not included above 1,382 Page 26
THE APOSTOLIC FAITH MISSION UK LTD (A Gompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Staff costs 2023 2022 Wages and salaries Social security costs Contribution to defined contributlon penslon schemes 24,000 (2,016) 1,421 26, 852 1,920 23,405 28, 772 The average number of persons employed by the charity during the year was as follows,. 2023 2022 No. Pastor No employee received remuneratlon amounting to more than £60,000 in either year. 10. Trustees. remuneratlon and expenses During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the charity. The tnjstees were paid as ministers in charge of the Ghurch under legal authority of the charitys governing document. The value of Trustees, remuneration and other ben8fits was as follows- 2023 2022 Reverend Mark Sinaanoda Mfandarahwa Rernuneration Pension contributions paid 24,000 1,421 24,000 1,421 During the year ended 31 December 2023, no Trustee expenses have been incurr8d (2022- £NIL). Page 27
THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Tangible flxed as8ot$ Freehold property Other assets Total Cost or valuatlon At 1 January 2023 Additions Disposals 2,014,700 388,270 355,156 65,478 (28,200) 2,369,856 453,748 (28,200} At 31 December 2023 2,402,970 392,434 2,795,404 Depreclatlon At 1 January 2023 Charge for the year 464,253 48,060 291,974 31,169 756,227 79,229 At 31 December 2023 512,313 323,143 835,456 Net book valu• At 31 December 2023 1,890,657 69,291 1,959,948 At 31 December 2022 1,550,447 63,182 1,613,629 Page 28
THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Inv•stm•nt property Frnehold Investment property Valuatlon At 1 January 2023 Addltions Surplus on revaluation 2,725,872 240,856 383,585 At 31 December 2023 3,350,313 The Trustees used valuations obtained from the websites of a reputable estate agent in determining the current value of each of their investment properties. 13. Debtors 2023 2022 Duo wlthln one year Prepayments and accrued income Tax recoverable 11,415 62,778 5,891 88,198 74,193 94,089 14. Current asset Investments 2023 2022 Unlisted investments (liquid) 2,000,000 Page 29
THE APOSTOLIC FAITH MISSION UK LTD (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Creditors: Amounts falling duè wlthin one year 2023 2022 Trade creditors 25,520 2,730 177 21,531 3,281 172 2.000 7,467 Other taxation and social s8curity Pension fund loan payable Other creditors Accruals and deferred income 2,000 9,904 40,331 34,451 16. Flnanclal Instruments 2023 2922 Flnanclal assets Financial assets measured at fair value through Income and expendlture 2,533,126 2,586,243 Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand. Page 30
THE APOSTOLIC FAITH MISSION UK LTD (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statement of funds Statement of funds - currnnt year Balance at 31 Gainsl December (Losses) 2023 Balance at 1 January 2023 Income Expendlture Unrestrlcted funds Deslgnated funds Camp Site fund 1,500,000 1,500,000 Goneral funds General Funds Revaluation reserve 4,366,597 992,943 1,025,337 (524,146) 4,867,788 1,376,528 383,585 5,359,540 1,025,337 (524,146) 383,585 6,244,316 Total Unrestrlcted funds 6,859,540 1,025,337 (524,146) 383,585 7,744,316 Restrlcted funds Bimiingham church building Camp site Men Women Youth Needy Church building maintenance Youth camp Camp fee Bexley cleaning Hackn8y Nigeria flood Pakistan WECA 115,282 7,255 2,455 (3,294) 111,988 7,255 3,880 80 2,725 80 (1.300) 1,302 460 100 8,088 66,405 290 (1,302) 460 100 250 (8,338) (66,405) 290 600 600 70 70 200 8,010 200 8,010 125,842 87,730 (80,639) 132,933 Page 31
THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statemont of funds (contlnued) Totsl of funds 6,985,382 1,113,067 (604,785) 383,585 7,877,249 The Camp Site designated fund is designated for the purchase of a slte 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-payTnent 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 church building maintenance is donations received towards building maintenance costs. The Youth Camp fund is for the running of the annual youth event. The Camp fee fund is for our 2023 camping event. The Hackney fund is for Hackney group bible study centre. The Sunday School Teachers fund is church collections received for sunday school activitl8S. The Youth Workers fund is church collections received for workers, activities. The charitable company has enough fund to pay for the non flxed asset funds. Stat•m•nt of funds - prlor year Balance 8t 31 December 2022 Balance at 1 January 2022 G8in (Losses) Income Expgnditure Unre8trlcted fund8 Deslgnated funds Camp Site fund 1,500,000 1, 500, 000 General funds General Funds 3,952,404 988,578 882, 156 (467, 963) 4,366,597 992,943 Revaluation reserve 4, 365 4.940.982 882,156 (467,963) 4,365 5,359,540 Total Unrestricted funds 6,440,982 882. 156 (467.963) 4,365 6, 859,540 Page 32
THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statement of funds (contlnuad) Balance al 31 DeGember 2022 Balance at l January 2022 Gains/ (Losses) Income Expenditure Restrlcted funds Birmingham church building Camp site Men Women Youth 118,576 7, 255 2,615 35 (3,294J 115,282 7, 255 2,455 1,138 (1,298) (35) (2, 159) (35) (250) (115) (54. 131) (540) 2,409 20 250 Needy Youth camp Church building maintenance Camp fee Bexley cleaning Hackney Sunday School Teachers Youth Workers Nigeria flood Evangelism 15 250 115 47,044 540 7,087 600 141 175 600 (141) (175) {1,441) (100) 1,441 100 136. 749 52,807 (63, 714) 125.842 Total of lunds 6,577,731 934,963 (531,677) 4,365 6,985,382 Page 33
THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Summary of fund8 Summary of funds - currnnt yoar Balance at 31 Galnsl December (Losses) 2023 Balance at 1 January 2023 Income Expenditure Designated funds General funds Restricted funds 1,500,000 5,359,540 125,842 1,500,000 6,244,316 132,933 1,025,337 87,730 (524,146) (80,639) 383,585 6,985,382 1,113,067 (604,785) 383,585 7,877,249 Summary of fund8 - prlor year 881ance 81 31 December 2022 Balance al l January 2022 Gains/ (Losses) Income Expendlture Designated funds General funds Restricted funds 1, 500,000 4, 940,982 136,749 1,500,000 5,359.540 125.842 882, 156 52,807 (467, 963) (63,714) 4,365 6,577,731 934,963 (531,677) 4,365 6,985,382 19. Analy818 of not a88•t8 b•tw••n funds Anatysl8 of not assets b•tw••n funds - current year Restrlctod Unrestrlcted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Investment propety Current assets 111,988 1,847,960 3,350,313 2,586,374 (40,331) 1,959,948 3,350,313 2,607,319 (40,331) 20,945 Creditors du8 Within one year Total 132,933 7,744,316 7,877.249 Page 34
THE APOSTOLIC FAITH MISSION UK LTD (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 22. Analy818 of change8 In net debt At1 January 2023 Cash flows At31 December 2023 Cash at bank and In hand Debt due within 1 year Liquid investments 2,586,243 (2,053,117) {172) {5) 2,000,000 533,126 (177) 2,000,000 2,586,071 (53,122) 2,532,949 23. Penslon commltments 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 £1,421 (2022 £1,920). 24. Related party tran8aCtlons The charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing beeen related parties and the charity at 31 December 2023. Page 36
THE APOSTOLIC FAITH MISSION UK LTD (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Analysis of net assets between funds (continued) Analysls of net as8et8 between funds - prlor year Restrict8d UnrestriGted funds funds 2022 2022 Total funds 2022 Tangible fixed assets Investment property Current assets 115,282 1,498,347 2, 725,872 2, 669. 772 (34,451) 1,613,629 2, 725, 872 2, 680,332 (34,451) 10.560 Creditor5 due within one year Total 125,842 6,859,540 6,985.382 20. Reconclllatlon of net movement In fund8 to net cash flow from operatlng actlvltles 2023 2022 Net income for the year (as per Statement of Financial Activities) 508,282 403,286 Adjustments for: Depreciation charges Dividends, interests and rents from investments Lossl(profit) on the sale of fixed assets Decrease in debtors Increase in creditors 79,229 (144,529) 500 19,896 5.880 72,920 {117,834) (450) 5,962 4.370 Net cash provlded by operatlng actlvltles 469,258 368, 254 21. Analysis of cash and cash equlvalents 2023 2022 Cash in hand 533,126 2,000,000 2,586,243 Notice deposits (less than 3 months) Total cash and cash equivalents 2,533,126 2,586,243 Page 35