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← The Apostolic Faith Mission UK Ltd

2024-12-31-accounts

THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

CHARITY REGISTRATION NUMBER : 1087489 COMPANY REGISTERED NUMBER : 04139551

THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

CONTENTS PAGE
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 9
Independent auditors' report on the financial statements 10 - 12
Statement of financial activities 13
Balance Sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 27

THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND AD FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

CHARITY REGISTRATION NUMBER 1087489

COMPANY REGISTERED NUMBER 04139551 REGISTERED OFFICE: 13 Penhill Road Bexley DA5 3EP WEBSITE www.apostolicfaith.org.uk TRUSTEEES Reverend Mark Sinaanoda Mfandarahwa Reverend Francis Olanrewaju Odudu Reverend Olatokunbo Balogun Reverend Toyin Olushola Emitola Reverend Lazarus Simbanegavi CHIEF EXECUTIVE OFFICER Reverend Mark Mfandarahwa COMPANY SECRETARY Reverend Toyin Olushola Emitola CORPORATE TREASURER Reverend Francis Olanrewaju Odudu ACCOUNTANTS May & Moy Chartered Management Accountants 1 Cookson Grove Northumberland Heath DA8 1YE INDEPENDENT AUDITORS Millet Accountants Ltd Beyond Aldgate Tower 2 Leman St London E1 8FA BANKERS Barclays Bank plc 29 Borough High Street London SE1 1LY

Page 1

THE APOSTOLIC FAITH MISSION UK LTD

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the audited financial statements of the church from 1 January 2024 to 31 December 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the church qualifies as small company under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Objectives and Activities

a. POLICIES AND OBJECTIVES

Our primary objective is to seek the advancement of the Christian religion in accordance with the preaching of the faith of the early Apostles and wherever possible, educate people using the Word of God as our guide. We aim to establish and manage schools, Bible schools, vocational Bible schools, correspondence courses, and to teach religious knowledge in schools, institutions and the wider

The church has adopted the following strategies for achieving its objectives:

c. ACTIVITIES FOR ACHIEVING OBJECTIVES

In order for the Church to achieve its aims and objectives, during the year we held Sunday School classes for all ages every Sunday; we also held weeknight Bible studies and Prayer meetings.

We continue to take good advantage of technology in reaching out to a growing virtual audience that spread around the world.

Page 2

THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Children's programmes such as music concerts, Celebration of Light, Back to School, Children’s Day and stage plays were presented at different times in the year, including Easter and Christmas seasons. During the year we held weekly and monthly youth activities, an annual youth camp and Singles Conference. Equally, during the year, Family Forums as well as conferences for Men, Women and Couples, were held at different times, to engender socialisation and bonding among members and the communities that we serve.

d. PUBLIC BENEFIT STATEMENT

The Board of Trustees confirm that they have met their duties in strict compliance with the provisions of sections 4 and 17 of the Charities Act 2011, and have had due regards to the Charity Commission’s general guidance on public benefit. Particular consideration has been given to the Charity Commission’s supplementary public guidance provisions on the advancement of religion for public benefit.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

e. VOLUNTEERS

The Church values the efforts of its volunteers; it is estimated that over the year our volunteers dedicated over 10,000 hours to Church work. If this is conservatively valued at £12.21 per hour, the volunteer efforts during the year amount to over £122,100.

While the volunteers do not receive any regular income, they are supported with subsistence covering transportation and feeding while on duty.

Achievements and performance

a. KEY FINANCIAL PERFORMANCE INDICATORS

i. Attendance at weekly meetings and other events ii. Voluntary donations – Tithes and Offerings iii. Gift aid Income iv. Percentage of Expenditure to Income

b. REVIEW OF ACTIVITIES

Community outreach

1 Bible Study

We held meetings throughout the year, in all our Branches, Groups and Bible study centres, including Aberdeen, Bexley, Birmingham, Bristol, Coventry, Cranfield, Eastbourne, Edinburgh, Glasgow, Hackney, Leicester, Manchester, Peckham, and Rochester.

2 Homes for The Elderly & Prison Evangelism

We resumed our visits to Homes for the Elderly and Prisons during the year. Specifically, we visited a number of Homes for the Elderly on Christmas day, where we sang and played Christmas Carols for the residents and staff.

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THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

3 Children Activities

It is our belief that when children are taught early the Word of God and are brought up in the way of the Lord, they will grow up to make a better society in the future. It is with this at the back of our mind that we regularly organise special outreaches for our children in the Church and the communities where our branch churches are located.

Accordingly, during the year, in addition to our weekly children Sunday School, we held activities like Music Workshops, Back To School Lunch, Let's celebrate Light and Children’s Day which were generously attended by children, parents and carers within our communities.

4 Youth Activities

We take pride in our youth work and our involvement with the young people in our community. Some of the programmes on offer to youths include Youth for Christ, International Students Reception, Graduates Reception, Singles’ Conference, and musical training through arrangements by volunteers. Most of these programmes featured throughout the year.

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.

Youths for Christ also continues to develop; this programme is held on Sunday afternoons. The activities that take place, such as Bible quizzes and Music Workshops are geared towards encouraging young people to read their Bibles daily and develop interest in Church music.

Moreover, we held an Annual Youth Camp in May 2024 in which we strove to get youths interested and engaged in the Gospel of our Lord Jesus Christ, thus helping to drive down crime rates on our streets.

5 Church Welfare Group

Our Welfare group provides light refreshments to visitors on Sundays and lunch to participants at our special events. They also follow up new members through phone calls and visitations. In addition, our Welfare officers organise various activities for members and the general community such as Mental Health Awareness, Free Jumble Sales and Business Innovation Days. Members of the public are usually welcome to participate in these events.

During the year, our Welfare Group continued to provide support to our members that were either shut in, ill, or faced with some other difficulties.

6 Social Events

We have various social events including Mothering Sunday, Father’s Day, Singles’, Men’s, Women’s and Couples’ conferences. These events are always beneficial to participants.

7 Music Concert

Music plays a vital role at local, national and international levels in our outreach effort. We held Christmas concert at all our branches during the year.

8 Counselling

Our church has a counselling system, which is available to all, free of charge. The Pastors head the Counselling teams. Appointments to see the Pastors are made either directly with them or through the church office. During the year, counselling meetings took place either in the Church or at the parsonage.

Page 4

THE APOSTOLIC FAITH MISSION UK LTD

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

9 New Churches and Properties

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.

We also completed the purchase of Number 11, Penhill Road DA5 3EP, as a residential investment property on the 25th of November 2024. The property was bought for £670,000.

Meanwhile, the remodelling of our Western Europe Headquarters Church building at 13, Penhill Road, DA5 3EP commenced in May 2024. This will hopefully be completed in 2025.

Our search continues for a Camp Site and Churches that we can purchase and use in locations where our members currently rent. We pray that God will continue to bless our efforts, as we strive to expand throughout the United Kingdom and Europe generally.

Our mission is to pray, preach and publish the Good News of salvation not only in the UK, but Europe in general. The Lord continues to help our outreach efforts in France, Germany, The Republic of Ireland and Spain. All our groups look forward to purchasing their own Churches in the near future.

c. INVESTMENT POLICY AND PERFORMANCE

The Trustees have decided that some of the funds that are retained in its Current and “No Notice” Deposit accounts with Barclays Bank PLC be periodically placed on a 30-Day Fixed Deposit with the bank.

The Trustees will agree any change in such banking arrangements. As far as possible, funds will be retained in interest bearing accounts.

Financial review

a. GOING CONCERN

After making appropriate enquiries, the trustees have a reasonable expectation that the church has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

b. RESERVES POLICY

The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ('the free reserves') held by the church should be at least, 3 months of annual expenditure. At this level, the trustees feel that they would be able to continue the current activities of the church in the event of a significant drop in funding. The free reserve currently stands at £61,354 (2023 - £1,046,043).

REVIEW OF THE FINANCIAL POSITION

The church is financially stable.

We were able to generate the same level of income as in the prior year.

c. PRINCIPAL FUNDING

This is provided mainly through voluntary tithes and offerings given by Church members and through a gift aid scheme. Apart from this, voluntary pledges are taken for specific projects.

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THE APOSTOLIC FAITH MISSION UK LTD

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management

a. CONSTITUTION

The church is a charitable company limited by guarantee and was set up by a Memorandum of Association on 20 November 2000.

The church is constituted under a Memorandum of Association dated 20 November 2000 and is a registered charity with number 1087489.

The charitable company's Articles of Association was amended on 11th June 2022 and filed with the Companies House on 23rd June 2022.

b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

The directors are co-opted under the terms of the Articles of Association. The Trustees are responsible for the management of the Church.

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, and attendance at Annual National and International Camp Meetings organised by the Charity.

d. PAY POLICY FOR SENIOR STAFF

Only the District Superintendent is on a regular structured pay in addition to the Retired Pioneer Pastor, Rev. Victor Okusanya who is receiving a maintenance stipend.

e. ORGANISATIONAL STRUCTURE AND DECISION MAKING

The Trustees are responsible for the church’s overall governance. The day to day management of the Church is delegated to the Pastors, Ministers, Heads of various departments, and volunteers.

f. CONNECTED CHARITIES

The church reports all its activities including acquisition of properties, financial statements, and any major undertakings to the 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 mitigate our exposure to the major risks.

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THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Plans for future periods

a. FUTURE DEVELOPMENTS

FUNDS HELD AS CUSTODIAN

In addition to the assets included in these financial statements, the charity holds funds on behalf of affiliated Apostolic Faith churches in Europe.

At 31 December 2024, the balance of these funds was £59,204.50 (€71,429.31). These monies are held in a dedicated bank account and are excluded from the charity’s own assets, income, and expenditure because AFM UK acts only in a custodial capacity and has no beneficial ownership or discretion over their use.

In accordance with the Charities SORP (FRS 102) Module 19.13, the trustees disclose:

These churches are legally and operationally independent organisations within their own jurisdictions. AFM UK’s role is limited to pastoral and spiritual oversight, not governance or financial control.

MEMBER'S LIABILITY

The Trustees of the church guarantee to contribute an amount not exceeding £1 to the assets of the church in the event of winding up.

EVENTS SUBSEQUENT TO THE FINANCIAL YEAR END

None.

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THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

TRUSTEES' RESPONSIBILITIES STATEMENT

The Trustees (who are also directors of The Apostolic Faith Mission UK for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

DISCLOSURE OF INFORMATION TO AUDITORS

So far as each of the Trustees is aware at the time the report is approved:

Page 8

THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

AUDITORS

The church's auditors, Millet Accountants Ltd was appointed on the 5th of November 2024 to replace our former auditors, Stephen Michael Associates. Millet Chartered Accountants & Registered Auditors have indicated their willingness to continue in office and offer themselves for re appointment at the next Annual General Meeting.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Reverend Francis Olanrewaju Odudu Corporate Treasurer

Date:

25 Sep 2025 [

Page 9

THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE APOSTOLIC FAITH MISSION UK

Opinion

We have audited the financial statements of The Apostolic Faith Mission UK Ltd (the ‘charitable company’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, Statement of Financial Position, Statement of Cash Flows and notes to the financial statements, 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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 (CONTINUED)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the 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 the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement [set out on page...] the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statement due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud and suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Page 11

THE APOSTOLIC FAITH MISSION UK LTD

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE APOSTOLIC FAITH MISSION UK (CONTINUED)

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that was applicable to the Company. We determined that the most significant laws and regulations which are directly relevant to specific assertions in the financial statements are those related to the reporting framework (FRS 102 1A and the Companies Act 2006), and tax in the United Kingdom.

We understood how the company is complying with those legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborate our enquiries through discussion with the director. There were no legal matters detected through our audit procedure.

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it is considered there was a susceptibility of fraud. We also considered potential fraud drivers: including financial and other pressures, opportunity, and personal or corporate motivations. We considered the programmes and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk was considered higher, we performed audit procedures to address each identified fraud risk. These procedures included reviewing large and unusual bank transactions; collaborating information provided by management; and testing large samples of transactions.

Our audit procedures were designed to respond to risk of material misstatement in the financial statements recognizing that the risk of not detecting a material misstatement due to fraud is higher that 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 is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 25 Sep 2025

Andrew Millet BA MBA FCA (Senior Statutory Auditor)

For and on behalf of Millet Accountants Ltd, Statutory Auditor Millet Accountants Ltd, Chartered Accountants and Statutory Auditors Aldgate Tower 2 Leman Street Aldgate London E1 8FA

Page 12

THE APOSTOLIC FAITH MISSION UK LTD

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

INCOMING RESOURCES
Donations and Legacies
3
Investments
4
Charitable activities
5
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Expenditure on:
Charitable Activities
7
Net movement in funds
Net movement in funds
Total funds carried forward
Net movement in funds before other
recognised gains
Other recognised gains/losses:
Revaluation gain on Fixed Assets
Reconciliation of funds:
Total funds brought forward		 Unrestricted
funds
2024
£

916,392

197,724

552
1,114,668

541,514
-
573,154
7,744,316
573,154
8,317,471
573,154		 Restricted
Funds
2024
£
84,351
1,199,020
1,113,067
84,351
625,865
604,785
-
573,155
508,282
-
-
383,585
Total funds
2024
£
Prior year funds
2023
£
15,303
-
69,049
931,695
197,724
69,601
893,629
144,751
74,687
-
573,155
891,867
132,933
7,877,249
6,985,382
-
573,155
891,867
132,933
8,450,405
7,877,249

The Statements of financial activities includes all gains and losses recognised in the year.

The notes, 1 to 19 form part of these financial statements.

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THE APOSTOLIC FAITH MISSION UK LTD

(A company limited by guarantee)

STATEMENT FOR FINANCIAL POSITION FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £ £ £ £
Fixed Assets
Tangible Assets 13 2,843,878 1,959,948
Investment Property 14 4,024,491 3,350,313
6,868,369 5,310,261
Current assets
Debtors 15 94,357 74,193
Investments 16 - 2,000,000
Cash at bank and in hand 1,543,887 533,126
1,638,244 2,607,319
Creditors:amounts falling
due within one year 17 (56,208) (40,331)
Net current assets 1,582,036 2,566,988
Total assets less current liabilities 8,450,405 7,877,249
Net assets 8,450,405 7,877,249
Total net assets 8,450,405 7,877,249
Charity funds
Restricted funds 20 132,934 132,933
Unrestricted funds
Designated funds 1,500,000 1,500,000
General funds 5,440,942 4,867,788
Revaluation reserve 19 1,376,528 1,376,528
Total funds 8,450,405 7,877,249

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entitles subject to the small companies regime.

The financial statements were approved and authorised by the Board of Trustees and signed on its behalf by:

……………………………………………………. …………………………………………… Reverend Mark Sinaanoda Mfandarahwa Reverend Francis Olanrewaju Odudu Chief Executive Officer Corporate Treasurer Date : 25 Sep 2025

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THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

Cash flows from operating activities
Net cash used in operating activities
22
Cash flows from investment activities
22
13
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalent at the beginning of the year
Cash and cash equivalent at the end of the year
Dividends, interests, and rents from investments
Proceed from the sale of tangible fixed assets
Purchase of tangible fixed assets
Purchase of investments		 2024
£
465,680
2023
£
469,258
144,529
27,700
(453,748)
(240,856)
197,724
-
(978,464)
-
-
780,740
(522,375)

-
2,533,126
-
315,060

-
2,586,243

2,533,126
(53,117)
1,543,887

Cash equivalents include the Bank balance and Investments held at the balance sheet date.

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THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

1. General Information

Apostolic Faith Mission UK LTD is a private company limited by guarantee incorporated in England and Wales. The registered office is 13 Penhill Road, Bexley, Kent DA5 3EP.

2 ACCOUNTING POLICIES

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Apostolic Faith Mission UK Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The finaqncial statements 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 is sufficient for the charity to be able to continue as a going 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.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

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 costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

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THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

2.6 Foreign currencies

Monetary assets and liabilities denominated in foreign curriencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign curries are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of financial activities.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Motor vehicles, Fixtures and fittings, Office Equipment and Computer Equipment are all aggregated as Other Assets within note 13.

Depreciation is provided on the following bases:

Freehold properties 2% straight line Motor vehicles 25% reducing balance Fixtures and fittings 20% straight line Office equipment 20% straight line Computer equipment 33.33% straight line

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

Page 17

THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

2.11 Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.14 Presentation currency and level of rounding

The Accounts have been prepared in UK pounds sterling (£).

Figures in the accounts are rounded to the nearest £1.

Page 18

THE APOSTOLIC FAITH MISSION UK LTD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

ANALYSIS OF INCOMING RESOURCES

3 Incoming Resources: Donation and Legacies Gift Aid Claim Receivable

Donation and Legacies
Gift Aid Claim Receivable
Donations
Gift Aid Claim Receivable
4 Incoming resources: Investment Income
Investment income - local investment properties
Investment Income - interest Received
Investment income - local investment properties
Investment Income - interest Received
5 Incoming resources : Charitable activities
Income from charitable activites - furtherance of the gospel
Income from charitable activites - furtherance of the gospel
Total Incoming Resources		 Restricted Funds
2024
£
15,303
-
Unrestricted Funds
2023
£

Unrestricted Funds
2024
£
Unrestricted Funds
2024

£
820,307

96,085
916,392
880,392

-
880,392

146,235

51,489
197,724
Unrestricted Funds
2023

£
112,068
32,683
144,751
Unrestricted Funds
2024

£
552
552
Unrestricted Funds
2023

194
Unrestricted Funds
2024

£
1,114,669		 Total Funds
2024
£
835,610
96,085
931,695
15,303
Restricted Funds
2023
£
13,237
-		 Total Funds
2023
£
893,629
-
13,237 893,629
Restricted Funds
2024
£
-
-		 Total Funds
2024
£
146,235
51,489
- 197,724
Restricted Funds
2023
£
-
-		 Total Funds
2023
£
112,068
32,683

144,751
Total Funds
2024
£
69,601
-
Restricted Funds
2024
£
69,049
69,049 69,601
Restricted Funds
2023
74,493		 Total Funds
2023
74,687
Restricted Funds
2024
£
84,351		 Total Funds
2024
£
1,199,020

Total Incoming Resources

Page 19

THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)

ANALYSIS OF RESOURCES EXPENDED

6 Analysis of charitable giving
Charitable giving, furtherance of the gospel
Charitable giving, furtherance of the gospel
7 Analysis of expenditure on charitable activities.
Furtherance of the Gospel
Furtherance of the Gospel
Analysis of expenditure by activities
Furtherance of the Gospel
Furtherance of the Gospel
The average number of persons employed by the charity during the year:
Pastor
8 Analysis of direct costs
Staff costs
Camp fees and expenses
Parsonage maintenance
Evangelism, special events, ministry expenses
Charitable donations to institutes
9 Analysis of Staff Costs
Staff costs - Wages & Salaries
Social security costs
Staff Costs - Contribution to defined contribution pension schemes		 Activities
undertaken
directly
2024
£
281,356
Activities
undertaken
directly
2023
£
304,181		 Restricted Funds
2024
£
84,351
Restricted Funds
2023
£
80,639
Charitable giving
funding of
activities
2024
£
45,309
Charitable giving
funding of
activities
2023
£
12,000

No employee received remuneration amounting to more than £60,000 in either year.

Page 20

THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)

10 Analysis of support costs

Analysis of support costs
Depreciation
Repairs and maintenance, security
Utilities
Travel and motor expenses
Advertising
Printing, postage, stationery and other office expenses
Hall, equipment,and other hires
Cleaning, decoration
Insurance and licences
Sundry church and office expenses
Exchange rate difference
Profit/loss on disposalnof fixed assets
Legal and professional fees
Bank interest and charges payable
Governance costs
Auditors' and Accounting Remuneration
Fees payable to the charity's auditor for the audit of the charity's annual accounts
Fees payable to the charity's auditor in respect of all all non-audit services not included
above.		 5,000
2024
£
94,534
15,241
44,734
31,136
-
31,382
42,633
3,960
12,025
7,211
11.29
-
2,069
1,621
10,382
296,937
2024
£
5,000
-		 2023
£
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
300,604
2023
£
5,000
1,382
6,382

11 Auditors' and Accounting Remuneration

12 Trustees' remuneration and expenses

During the year, one Trustee was paid as the Minister In Charge of the church and Chief Executive Officer of the charitable company. The payment is within the charitable company's governing documents. The value of the Trustee's remuneration and other benefits was as follows:

Freehold
Property
£
Cost or valuation
At 1 January 2024
Additions
2,402,970
916,160
Depreciation
At 1 January 2024
Charge for the year
512,312
55,716
Valuation
At 1 January 2024
Additions
Surplus on revaluation
At 31 December 2024
Remuneration
Pension contributions paid
During the year ended 31 December 2024, no Trustees expenses have been incurred. (2023-£Nil).
13 Tangible Fixed Assets
At 31 December 2023
3,319,130
At 31 December 2024
568,028
Net Book Value
At 31 December 2024
At 31 December 2023
14 Investment Properties
2,751,102
1,890,657		 Freehold
Property
£
Cost or valuation
At 1 January 2024
Additions
2,402,970
916,160
Depreciation
At 1 January 2024
Charge for the year
512,312
55,716
Valuation
At 1 January 2024
Additions
Surplus on revaluation
At 31 December 2024
Remuneration
Pension contributions paid
During the year ended 31 December 2024, no Trustees expenses have been incurred. (2023-£Nil).
13 Tangible Fixed Assets
At 31 December 2023
3,319,130
At 31 December 2024
568,028
Net Book Value
At 31 December 2024
At 31 December 2023
14 Investment Properties
2,751,102
1,890,657
Other Assets
£
392,434
62,304

323,144

38,818
2024
£
24,200
1,521
25,721
454,738
361,962
92,776
69,291		 2023
£
24,000
1,421
25,421
Total
£
2,795,403
978,464
3,319,130 835,456
94,534

3,773,867
512,312
55,716
568,028 Freehold
Properties
3,350,313
674,179
-
4,024,492

929,990
2,843,878
1,959,948
2,751,102
1,890,657

The trustees do not consider that the fair value of the investments freehold properties has changed upwards or downwards this year; and as such there has been no movement relating to revaluation.

Page 21

THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)

15 Debtors

15 Debtors 15 Debtors
15 Debtors 15 Debtors 2024 2023
£ £
Due within one year
Rent Receivable 6,250 -
Prepayments and accrued income 23,950 11,415
Gift Aid Claim recoverable 64,157 62,778
94,357 74,193
16 Investments: 16 Investments:£2m treasury bill deposit held at 31 December 2023. Treasury bill holding as of 31 December 2024 was nil.
17 Creditors: Amounts falling due within one year 17 Creditors: Amounts falling due within one year 2024 2023
£ £
Trade Creditors 44,040 25,520
Other taxation and social security 3,142 2,730
Pension fund loan payable 286 177
Other creditors 8,658 2,000
Accruals and deferred income 83 9,904
56,208 40,331
18 Financial Instruments 18 Financial Instruments 2024 2023
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 1,543,887 2,533,126
Financial assets measured at fair value through income and expenditrue comprise cash at bank and in hand.
19 Statement of funds 19 Statement of funds
Balance at 31
Balance at 1 December
January 2024 Income Expenditure Gains/Losses 2024
£ £ £ £ £
Statement of funds - current year
Unrestricted Funds
Designated funds
Camp Site Fund 1,500,000 - - - 1,500,000

16 Investments: £2m treasury bill deposit held at 31 December 2023. Treasury bill holding as of 31 December 2024 was nil.

19 Statement of funds

Page 22

THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)

Statement of funds - prior year

Statement of funds - prior year

Unrestricted Funds Designated funds Camp Site Fund

General Funds General Funds Revaluation reserve General Funds

Total Unrestricted Funds

Balance at 1
January 2023
£
4,366,597
992,943
5,359,540
1,500,000
6,859,540		 Income
£

-
Expenditure
£

(524,146)

-
(524,146)
-
(524,146)		 Gains/Losses
£
-		 Balance at 31
December
2023
£

4,867,788

1,376,528
1,500,000
1,025,337
-		 -
383,585
1,025,337 383,585
6,244,316

1,025,337
383,585		 7,744,316

Page 23

THE APOSTOLIC FAITH MISSION UK LTD (A company limited by guarantee)

Restricted Funds

Birmingham Church Building Fund
Camp Site
Men
Women
Youth
Needy
Couple conference
Church building maintenance
Youth Camp
Camp Feee
Bexley Cleaning
Hackney
Nigeria flood
Pakistan
WECA
Total Restricted Funds
Total of Funds		 115,282
7,255
2,455
-
-
-
-
-
250
-
-
600
-
-
-
125,842
6,985,382		 -
-
2,725
80
1,302
460
-
100
8,088
66,405
290
-
70
200
8,010
(3,294)
-
(1,300)
-
(1,302)
-
-
-
(8,338)
(66,405)
-
-

87,730
(80,639)
1,113,067
(604,785)
-
-
-
132,933
-
-
-
-
-
-
-
-
-
-
-
-
111,988
7,255
3,880
80
-
460
-
100
-
-
290
600
70
200
8,010
-
-
383,585
7,877,249

21 Statement of funds (continued)

The Camp Site designated fund is designated for the purchase of a site for our camping event. The

church is in the process of searching for an appropriate site on which to build the Camp.

The Birmingham church building fund was used as part-payment for the Birmingham church building and represents future depreciation (£3,294 per year - 2% of the original cost covered by the fund).

The Camp Site fund is for the purchase of a site for our camping event.

The Men fund is church collections received for men activities.

The Women fund is church collections received for women activities.

The Needy fund is church collections received to help those in need.

The Youth Camp fund is for the running of the annual youth event.

The Camp fee fund is for our camping event

The Hackney fund is for Hackney group bible study centre.

The Sunday School Teachers fund is church collections received for sunday school activities.

The Youth Workers fund is church collections received for workers' activities.

The charitable company has enough fund to pay for the non fixed asset funds.

Summary of funds

Summary of funds - current year

Tangible fixed assets
Investment properties
Current assets
Creditors due within one year
Designated Funds
General Funds
Restricted Funds
Summary of funds - prior year
Designated Funds
General Funds
Revaluation reserve
Analysis of net assets between funds
Analysis of net assets between funds - current year
Total		 Balance at 1
January 2024
£
1,500,000
4,366,597
132,933
5,999,530
Balance at 1
January 2023
£
1,500,000
3,952,404
988,578
6,440,982		 Income
£
-
1,114,668
84,351		 Restricted Funds
2024
£
111,988
-
20,945
-

Expenditure

£

-

(541,514)

(84,351)

(625,865)

Expenditure

£

-

(467,963)

-

(467,963)
132,933		 Balance at 31
December
Gains/Losses
2024
£
£
-
1,500,000
-
4,939,751
-
132,933
1,199,019 -
6,572,686
Income
£
-
882,156
-		 Balance at 31
December
Gains/Losses
2023
£
£
-
1,500,000
-
4,366,597
4,365
992,943
882,156 4,365
6,859,540
Unrestricted
Funds
2024
£
Total Funds
2024
£
2,731,890
2,843,878
4,024,491
4,024,491
1,617,298
1,638,244
(56,208)
(56,208)

8,317,471
8,450,405

22 Analysis of net assets between funds

Page 24

THE APOSTOLIC FAITH MISSION UK LTD

(A company limited by guarantee)

Analysis of net assets between funds - prior year

Tangible fixed assets
Investment properties
Current assets
Creditors due within one eyar
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Loss/Profit on the sale of fixed assets
Decrease/(increase) in debtors
Increase/(decrease) in credtitors
24 Analysis of cash and cash equivalents
Cash in bank and in hand
Debt due within 1 year
Total
23 Reconciliation of net movement in funds to net cash flow from operating activities
Net income for the year (as per Statement of Financial Activities)
Net cash provided by operating activites
Cash in hand
Current asset investments
Total cash and cash equivalent
25 Analysis of changes in net debt		 Restricted Funds
2023
£
111,988
-
20,945
-
At 1 January 2024
£
533,126
-177
2,000,000
132,933
2,532,949		 Unrestricted
Funds
2023
£
1,847,960
3,350,313
2,586,374
(40,331)

7,744,316		 Unrestricted
Funds
2023
£
1,847,960
3,350,313
2,586,374
(40,331)

7,744,316

Total Funds
2023
£
1,959,948
3,350,313
2,607,319
(40,331)

79,229
(144,529)
500
19,896
5,880
7,877,249
2023
£
508,282
469,258

Total Funds
2023
£
1,959,948
3,350,313
2,607,319
(40,331)

79,229
(144,529)
500
19,896
5,880
7,877,249
2023
£
508,282
469,258
94,534
(197,724)
-
(20,164)
15,877
2024
£
573,155
465,680
2024
£
1,543,887
-		 2023
£
533,126
2,000,000
2,533,126
1,543,887
Cash flows
£
1,010,761
At 31
December
2024
£
1,543,887
1,010,761 1,543,887

26 Pension commitments

The church operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the church in an independently administered fund. The pension cost charge represents contributions payable by the church to the fund and amounted to £1,920 (2023 £1,421).

27 Related party transactions

The charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity at 31 December 2024.

Page 25

SIGNATURE CERTIFICATE

Document

Name AFM Account Template 31 Dec 2024_updated 25Sept 2025 _FI Creator Andrew Millet (andrew@millet.org.uk) Date 25 September 2025 11:23:06 UTC Identifier 3ee3ecdf-ba6a-43ee-9112-ae0709ddd35f

Signers

francis@apostolicfaith.org.uk

E-mail francis@apostolicfaith.org.uk Signed 25 September 2025 12:11:33 UTC IP address 86.190.219.253

mark@apostolicfaith.org.uk

E-mail mark@apostolicfaith.org.uk Signed 25 September 2025 12:15:00 UTC IP address 80.177.88.183

Andrew Millet

E-mail andrew@millet.org.uk Signed 25 September 2025 12:54:04 UTC IP address 62.64.187.118