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 v￿S 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 be￿een related parties and the charity at 31 December 2023.
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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
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