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2022-12-31-accounts

REGISTRATION NUMBER: 04366897 CHARITY NUMBER: 1093401

AMANA TRUST

(A company limited by guarantee)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

AMANA TRUST (A Company limited by guarantee)

CONTENTS

PAGES
Reference and administrative details of the Charity, its trustees and advisors 1
Trustees’ report 2 to 9
Independent auditor’s report 10 to 12
Statement of financial activities 13
Balance sheet 14
Cash flow statement 15
Notes to the financial statements 16 to 29

AMANA TRUST (A Company limited by guarantee)

~~REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS~~ FOR THE YEAR ENDED 31 DECEMBER 2022

Company registration number 04366897 Charity registration number 1093401 Trustees Mr. J Davis Mr. P Cooke Mr. C Kennard Mr W Lewallen (Appointed 1 September 2023) Mr. D Szubert (Appointed 1 September 2023) Registered office Bower House Orange Tree Hill Romford Essex RM4 1PB Company Secretary Mr. S P Alexander Independent Auditors Ensors Accountants LLP Chartered Accountants & Statutory Auditors Connexions 159 Princes Street Ipswich Suffolk IP1 1QJ Bankers Barclays Bank Plc 3 – 5 King Street Reading Berkshire RG1 2HD Solicitors Jackamans Solicitors Oak House 7 Northgate Street Ipswich Suffolk IP1 3BX

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AMANA TRUST (A Company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees, who are also Directors of Amana Trust (the Charity) for the purposes of the Companies Act, submit their combined annual report and the audited financial statements for the year ended 31 December 2022. The Trustees confirm that the annual report (which also contains the Directors’ report as required by company law) and financial statements of the Charity comply with current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in July 2014 (effective 1 January 2015).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity is a charitable company limited by guarantee, not having share capital, and governed by its Memorandum and Articles of Association dated 26 January 2002. It is registered as a charity with the Charity Commission.

Appointment of trustees

The trustees are elected and co-opted under the terms of the Articles of Association. The Charity may from time to time by ordinary resolution increase or reduce the number of trustees. Every trustee must be appointed by a resolution passed at a properly convened meeting of the Charity’s Trustees. In selecting individuals for appointment, the Charity’s Trustees must have regard to the skills, knowledge and experience needed for the effective administration of the Charity.

Trustees’ induction and training

New Trustees are provided with a copy of the current version of the Company’s constitution and the latest copy of the Trustees’ Annual Report and Statement of Accounts. Trustees are informed of decision-making processes and are briefed on the business plan of the Charity. Further, the Charity is advised on an ongoing basis by its solicitor as to the duties and obligations of trustees.

Organisational structure and decision making

The Trustees of the Charity, who are the members of the governing body, are legally responsible for the overall management and control of the Charity. In addition to the Annual General Meeting (AGM) held by the trustees, the trustees may from time to time call for any other meetings as and when required.

The Charity does not have a delegated Chief Executive. The day-to-day management of Amana Trust is administered by the trustees with the support of key administrative staff.

Related parties and co-operation with other organisations

No trustee receives remuneration or other benefits from their work with the Charity. Any connections between a trustee of the Charity and any connected person or entity are required to be disclosed to the Board of Trustees in the same way as any other contractual relationship with a related party.

In addition to the related parties listed in note 19 to the financial statements, the Charity has a close relationship with The Church of the Londoners (the Church), a charity which shares Amana Trust’s objectives. Through collaboration with the Church several events and trainings have been established to benefit the community. All transactions with the Church are at arm’s length.

Remuneration policy for senior staff

The key management of the Charity are the trustees, who play an active role in the day-to-day management of the Charity. All trustees give their time freely and no trustee received payment for professional or other services provided to the Charity during the year. During the year, no salary was paid to the trustees.

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AMANA TRUST (A Company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

OBJECTIVES AND ACTIVITIES

Objectives

The Charity’s objectives are to advance the Christian faith and to educate people in relation to that faith.

In shaping our objectives for the year and planning the activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance from Public benefit: running a charity (PB2)”.

Strategies employed to achieve the Charity’s objectives include:

Activities for achieving objectives

We endeavour to encourage members of the community to take part in our activities through promoting training courses; the sale and free distribution of Christian literature; hosting of Christian conferences, events, and seminars; and through the ongoing broadcast of “Life Study of the Bible,” a Christian radio program.

The activities employed to achieve the charity’s objectives are:

Full-time Training in London Residential Training Community

The Charity hosts an ongoing residential training course in London, mainly aimed at UK and European university graduates of all backgrounds. The course is held over a two-year cycle with intakes taking place in August and February each year. The training program focuses on the participation in Christian lectures, outreach programs aimed at university students and community members, and practical services to help meet the needs of the training centre and other activities undertaken by the Charity.

During 2022, the average intake of trainees was 38 (2021: 36) persons, which was in-line with our expectation. Over the medium- to long-term we are endeavouring for the number of trainees to increase. The increase will be facilitated through the continual recruitment of local and international, top-level trainers, who are experts in their field, to present the training course and through the redevelopment of the training facility, which will form part of the Bower House building project. The increase is further supported by the presence of course participants in outreach projects on university campuses and by their attendance at university events.

Tuition income increased to £171.19k (2021: £141.15k), which was due to a small increase in tuition fees and trainees. Training expenditures of £669.15k (2021: £654.23k) mainly comprise of staff costs, which are funded through donation income and support costs.

Literature sales

Literature sales mainly take place through two bookstores, monthly subscriptions, and online sales. Due to the prime location of the bookstores, they are easily accessible to members of the public and thus facilitate the distribution of literature and outreach to local communities.

An increase of £1.8k was seen in literature sales of £92k (2021: £90.2k) as there were more in person events again. Literature costs of £400.1k (2021: £395.2k) mainly comprise direct staff costs, which are funded through donation income, support cost and cost of sales.

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AMANA TRUST (A Company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Conferences and events

The Charity hosted several national and international conferences and events throughout the year. The dates and details of all events are publicised on the Amana Trust website. The Charity further promotes events and encourages attendance through direct contact with the community and with individuals listed on our database.

The redevelopment of Bower House and related building projects will allow for an increased capacity to host larger events locally. The expansion of residential facilities will allow for an increase in overnight attendees, which will contribute to the expected increase in total attendees.

Conference and event income for the year increased by £135.6k to £164.7k (2021: £29.1k), due to the resumption of in person events. Related expenditure was £754.01 (2021: £617.3). Costs are driven by direct staff costs, which are funded through donation income and support costs allocated to the activity.

Radio broadcast

“Life Study of the Bible” is a radio program broadcast daily on Premier Christian Radio, a Christian radio station in the UK. Amana Trust began sponsoring the program in November 1999. The program focuses on an in-depth study of the Bible. Regular promotions are ran as part of the program, allowing listeners to get in contact with the Charity and receive free Christian literature and information related to the activities carried out by the Charity. It is through this program that Amana Trust can reach members of the public throughout the UK, educating them in relation to the Christian faith and bringing them into contact with other Christians in their area.

The Charity received several large donations during the year totalling £129.9k (2021: £119.5k). The donations were used to fund radio broadcast fees during the year. Total radio broadcast and related costs amounted to £241.0k (2021: £275.7k). These included some advertising.

Volunteers

The Charity enjoys the privilege of voluntary help, which is mainly offered to support community events. The Charity relies on Christian volunteers to coordinate and support services related to Bible and Christian literature distributions; shuttle services; ushering during events; catering services; and venue set-up and clean-up. Volunteers mainly comprise local community members and conference attendees. The services provided by volunteers have a direct impact on the number of persons reached by Amana Trust and on lowering the costs associated with hosting conferences and events. Due to the informal way voluntary help is provided, the Charity does not make use of formal processes to monitor hours of services or number of volunteers and thus an indicative value of their contribution has not been quantified.

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

Making further progress with construction projects

During 2022 Woodland Camp was further improved in the current phase of construction including the completion of the 120-seater West Hall and the Reception building at the front entrance. This allowed for the removal of construction personnel and equipment from site and full designation of the full space as an event facility capable of feeding, sleeping, and meeting between 100 and 150 people. Events included self-catered church events and catered Amana Trust weekends.

In addition, a new property, 1 Priors Cottage, was purchased adjacent to the existing Priors residence. This property sits on the other side to the rear entrance to Woodland Camp to Priors House, and thereby further improves the security and access to Woodland Camp. Work began to improve the property.

The Bower Estate was finally granted planning permission for the amended training centre scheme. A preapplication was also submitted for the construction of residences on Bower Farm. A hedge was planted around the boundary of Bower Farm to improve privacy.

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AMANA TRUST (A Company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

A new kitchen and dining room was built in the back of the Bower House accommodation block to make it more flexible to receive guests. The visiting speaker’s room was renovated to include an accessible shower which can also be used for disabled guests. The Bower House Pond had a new fence installed to improve safety on site for children.

Continuing to focus on the Amana Trust mission statement

Following the upheaval of the Covid-19 pandemic the latter part of 2022 was an important period of focussing the Trust again on its core mission statement. The trustees worked with the employees to consider how their practical day to day work could be made more efficient and how to incorporate more volunteers to allow the workers to dedicate more of their time to inform people of the Christian faith and support them in their further understanding of the Christian faith. More time was dedicated to direct training and oversight of the employees.

The ongoing events at Bower House and Woodland Camp and the central London bookshop were crucial in supporting this goal. Seminars took place in five locations around London each month giving the contacts of Amana Trust the greatest possible chance to attend a significant in-person event. April 2022 also saw the resumption of the Spring International Conference in London with over 900 people in attendance and the resumption of fully in person Saturdays at Bower House. There was also a greater emphasis on a wider distribution of the books and Bibles with improved follow up of those responding and increased attendance at events.

Fundraising activities

The Charity did not undertake fundraising activities during the year. Income was mainly generated through donations that amounted to £3,192.6k (2021: £2,421.2k), of which £283k (2021: £298.1k) was unrestricted. The remainder of the Charity’s income was derived mainly from charitable activities of £519.4k (2021: £432.2k), which included trading activities of £0k (2021: £0k).

FINANCIAL REVIEW

Results for the year

The Charity reported a net surplus of £811.3k (2021: £73.1k) for the year. The increase is attributable to the favourable movement in net restricted surplus of £844.3k (2021: unfavourable 735.0k) offset by the unfavourable movement in net unrestricted surplus of £106.2k (2021: unfavourable £360.1k).

The overall increase in surplus is mainly attributable to an increase in donation income of £771.5k, conference and events income of £135.6k, training income of £30k, offset by a decrease in other income of £80.2k and an increase in expenses of £124.5k.

Deficits are still reported across several activities and were mainly driven by the allocation of overhead costs. Overhead costs are mainly funded through general donation income. The Trustees continued to take steps to ensure an increase in the visibility of performance by activity. This resulted in the ongoing revision of pricing policies and an increased review of resources expended to ensure the viability of activities. This will allow for better decision making for the allocation of general donations used to partly subsidise shortfalls where activities are deemed crucial to the carrying out of the Charity’s objectives. Further, trading activities are being reviewed along with the construction project with the intention to expand operations to better cover the costs and increase trading income in the long term.

The increase in fixed assets to £15,234.6k (2021: £13,560.9k) mainly resulted from the addition of freehold property of £1,744.1k, assets under construction of £68.1k and motor vehicles of £89.3k partly offset by depreciation of £227.9k.

Current assets decreased by £1,038.3k, mainly resulting from lower cash and stock held, offset by higher debtors’ balances at year-end. Cash balances will continue to mainly be utilised on the construction project during 2023. Current liabilities increased by £153.5k. The increase was because of higher trade creditors and accruals.

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AMANA TRUST (A Company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Reserves policy and going concern

The Charity has adopted a risk identification approach in establishing its reserves policy. This approach is based on an understanding of the income streams and their risk profile, the degree of commitment to expenditure, and the overall risk environment in which the Charity operates.

Amana Trust’s Reserve Policy is to maintain sufficient levels of reserve to meet committed expenditure and enable normal operating activities to continue over a period of three months, should a shortfall in income occur, and to take care of potential risks and contingencies that may arise from time to time.

Based on Amana Trust’s reserve policy, it must hold, as an operating reserve, approximately three months’ net operating expenditure, which equates to £200k.

As of 31 December 2022, available reserves amounted to £388.2k (2021: £ 1,720.08k), which is more than the optimal amount of reserves to be held. Reserves available are based on unrestricted funds of £10,244k (2021: £10,367.98k) less amounts represented by fixed assets of £9,492k (2021: £8,578.4k) and designated funds of £363.8k (2021: £69.5k). The charitable activities of Amana Trust are funded by fee income, and the shortfall is subsidised by general and restricted donations

The increase in cash inflow from operating activities of £738.1k (2021: £1095.1k decrease) resulted mainly from the large increase in restricted donations received.

The net current asset position is at an acceptable level of £1,372.8k (2021: £2,239.7k) of which £698.9k (2021: £510.4k) relates to restricted assets and £673.9k (2021: £1,729.3k) to unrestricted assets.

The trustees are of the opinion that the Charity has adequate resources available to fund the activities for the foreseeable future and are of the view that the Charity is a going concern.

The relative freedom from debt and the strength of the charity’s donation base has meant that the financial situation of the Trust is currently good. However, the charity is strictly managing spending at all times with monthly finance meetings reviewing all funds.

In the event of a significant drop in donations, Woodland Camp is currently at a stage where a large portion of the property can be safely and comfortably used for events and the remaining construction work put on hold. The charity can also reduce its entire operation to a minimal team of employees, supported by volunteers, and still maintain a baseline operation.

Investment policy

The trustees, having regard to the liquidity requirements of the Charity, have kept available funds in a highly liquid interest-bearing deposit account. The savings account funds achieved an average rate of 0.4% (2021: 0.13%), which is reflective of average market interest rates for similar investments.

Risk Management

The Trustees have a risk management strategy that was developed and comprises:

The principal risks to the Charity’s objectives are aligned with the Charity’s objectives. These risks and the actions implemented to mitigate these risks are summarised in the table below.

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AMANA TRUST

(A Company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Risk Management of risk
Reputation
Events that could adversely affect Amana
Trust’s reputation and operations. This could
include a cyber-attack, a serious data
security breach, or fraud. It could also
include a significant health and safety
incident or an incident relating to the integrity
of one of the Charity’s charitable activities.		 •engagement in policy setting and monitoring
•training and awareness programs for staff
•outsourced specialists in health and safety and information
technology
•information security policies and procedures including anti-
virus software
•regular reviews of and investment in IT infrastructure
•anti-fraud processes and controls
Financial
credit risk, liquidity risk, currency risk and
cash flow risk		 •income comes from fees for services and donations received
from many customers who are related to the Charity;
therefore, the trust has limited exposure to credit risk. The
maximum exposure as of 31 December 2022 are in debtors,
as disclosed in Note 13
•regular review of operating reserve policy and available liquid
funds to settle debts as they fall due
•continued appeal for funds for projects such as UK building
project which are well received
•in depth accounting and legal advice including VAT
consultant
•currency forward contracts to mitigate the currency risk
between the USD: GBP currency pair for highly probable
forecast transactions. Keep sufficient reserves to avoid
needing to exchange at adverse rates in times contracts are
not in place.
Talent
Knowledgeable and experienced employees
are not attracted, developed, and retained		 •good relationship management with UKVI
•regular reviews of resourcing processes
•employee engagement and follow up action plans
•encouraging the upskilling of current employees

The Trustees regularly review and monitor risks and the effectiveness of current plans and strategies for managing major risks of the Charity.

FUTURE DEVELOPMENTS

As the construction projects move from Woodland Camp to Bower House there will be a need to engage more with the local community. Steps already taken include inviting the local MP to visit Bower House. Future steps will include restarting the Open House and talking directly to neighbours about the project.

In the first half of 2023 the main focus of construction will be the completion of various projects at Woodland Camp and the renovating of 1 Priors. In the second half of 2023 the team will form into two with the first team working on renovating Priors and the second team preparing the site at Bower House for the beginning of construction. This will include building a construction road, setting up welfare facilities and offices, and moving the marquee to Woodland Camp. The current goal is to begin demolition of the existing classrooms after the Autumn term of the

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AMANA TRUST (A Company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

FTTL in December 2023

Amana Trust will also follow up on the pre-application submitted for Bower Farm with a full application and hope to bring this to a conclusion.

As the FTTL has begun to enlarge, preparations need to be made to accommodate the trainees while waiting for these longer-term projects to complete. The work at Priors and 1 Priors is part of this project but it is expected that additional houses in the local area may need to be purchased for this purpose.

The main emphasis of the events in 2023 will be twofold. For seven weeks during the FTTL term there will be a Saturday at Bower House. Each Saturday will be followed by a Weekend at Woodland Camp for those who are able to stay. Churches in the UK have been invited to attend at least one of these weekends.

In addition, there will be a resumption of the one-week trainings in May and November of 2023. The hope is also that the full-time trainees will begin again to visit churches outside of London to participate in gospel labour and visitation.

Amana Trust will work with donors to explore a salary increase for the employees as close as possible to inflation to help with the cost of living.

FUNDS HELD AS CUSTODIAN

Funds are held by Amana Trust on behalf of several organisations with similar objectives to those of Amana Trust. These mainly include funds for:

These funds are held by the Charity and managed separately from the activities of the Charity. Total funds held at year end were £186.8k (2021: £73.5k).

TRUSTEES' LIABILITY

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

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also Directors of Amana Trust for the purposes of company law) are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and 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) - (Charities SORP (FRS 102)).

Company law requires the Charity Trustees to prepare financial statements for each year that give a true and fair view of the state of affairs of the charitable Company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing the financial statements the trustees are required to:

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AMANA TRUST (A Company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charity constitution. They are also responsible for safeguarding the assets of the Charity 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 UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure to our auditors

Auditors

Ensors were reappointed as auditors for the year ended 31 December 2022.

This report was approved by the Trustees on ……....2023, including, in their capacity as Company Directors, 22/09/ approving the Directors and Strategic Reports contained therein, and signed on its behalf, by:

Mr. Joseph Davis

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AMANA TRUST (A Company limited by guarantee)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF AMANA TRUST FOR THE YEAR ENDED 31 DECEMBER 2022

Opinion

We have audited the financial statements of Amana Trust (the “charitable company”) for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 the 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 charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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 we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

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AMANA TRUST (A Company limited by guarantee)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF AMANA TRUST FOR THE YEAR ENDED 31 DECEMBER 2022

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the statement of responsibilities, the trustees, who are also the directors for the purpose 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 trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statement, 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 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 and 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 user taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which are procedures are capable of detecting irregularities, including fraud, is detailed below.

In planning our audit, we identify and assess the risk of material misstatement within the financial statements, whether due to fraud or error. In assessing the risks, consideration is given to the control environment (including Trustees' and management's own processes for identification and risk assessment) as well as the nature of the entity, the industry in which it operates and the underlying performance. Consideration is also given to the attitudes and incentives of management to commit fraud, with specific procedures planned and performed to respond to the risk of inappropriate management override of controls.

We also obtained an understanding of the applicable laws and regulations to which the charity must adhere, through discussions with management and those charged with governance, as well as commercial knowledge of the sector and statutory legislation, in order to determine the key laws and regulations applicable to the charity. After assessing the risk of fraud, we performed audit procedures to gain assurance regarding fraud and management override as follows:

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AMANA TRUST (A Company limited by guarantee)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF AMANA TRUST FOR THE YEAR ENDED 31 DECEMBER 2022

We also performed procedures to satisfy ourselves regarding the Charity’s compliance with applicable laws and regulations, including:

All audit team members were made aware of the applicable laws and regulations, as well as potential fraud risks during the planning stage of the audit and this was discussed at the audit team planning meeting. It was therefore determined that team members all had the relevant awareness and competence to identify any instances of noncompliance or fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorresponsibilities. 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 2016, and to the charitable company’s trustees as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Barry Gostling (Senior Statutory Auditor)

For and on behalf of Ensors Accountants LLP

Charted Accountants Statutory Auditors

Connexions 159 Princes Street Ipswich IP1 1QJ

Date: 25/09/2023

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AMANA TRUST (A Company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2022

Note
INCOME
Donations
2
Charitable activities
Training
Literature sales
Conferences and events
Other
Trading activities
3
Investments
Interest income
4
TOTAL INCOME
EXPENSES
Charitable activities
5
Raising funds
5
Trading activities
Other
5
Other
TOTAL EXPENSES
NET INCOMING/(OUTGOING) FUNDS FROM
OPERATIONS BEFORE TRANSFERS
Transfers between funds
NET INCOME BEFORE OTHER
RECOGNISED GAINS AND LOSSES
OTHER RECOGNISED GAINS AND LOSSES
Cash flow hedge - mark to market
Reclassification to profit and loss
NET MOVEMENT IN FUNDS
Total funds 1 January
2021
17
TOTAL FUNDS AT 31 DECEMBER 2022		 Restricted
funds
x
2022
x
£
x
2,909,650
x
-
x
-
x
-
x
396
x
-
x
-
x
2,910,045
1,398,585
-
442,057
1,840,642
1,069,403
(134,161)
935,242
13,259
-
948,501
5,492,972
6,441,473		 Unrestricted
funds
x
2022
x
£
x
x
282,995
171,192
91,968
164,666
91,222
-
-----
4,129
806,173
662,676
49,997
351,639
1,064,312
(258,139)
134,161
(123,978)
-
-
(123,978)
10,367,982
10,244,004		 Total
funds
x
2022
x
£
x
x
3,192,645
x
171,192
x
91,968
x
164,666
x
91,618
x
-
x
4,129
x
3,716,218
x
2,061,061
49,997
793,696
2,904,954
811,264
-
811,264
X
X
13,259
-
824,523
15,860,954
16,685,477		 Restricted
funds
x
2021
x
£
x
x
x
2,123,047
-
-
-
22,691
-
-
-
2,145,738
1,500,620
-
516,518
2,017,138
128,600
(37,706)
90,894
X
X
(17,431)
-
73,463
5,419,509
5,492,972		 Unrestricted
funds
x
2021
x
£
x
x
x
298,147
141,150
90,207
29,051
149,099
-
172
707,826
441,874
74,602
246,806
763,282
(55,456)
37,706
(17,750)
x
x
-
-
(17,750)
10,385,732
10,367,982		 Total
funds
2021
£
X
X
2,421,194
141,150
90,207
29,051
171,790
-
172
2,853,564
1,942,494
74,602
766,324
2,780,420
73,144
-
73,144
x
(17,431)
-
55,713
15,805,241
15,860,954

The notes on pages 18 to 31 form part of these financial statements.

Page | 13

AMANA TRUST

(A Company limited by guarantee)

BALANCE SHEET AS AT 31 DECEMBER 2022

Note Restricted
funds
x
2022
x
£
x
5,742,568
1
5,742,569
-
5,742,569
-
77,454
-
698,904
-
698,904
-
-
-
698,904
-
-
-
6,441,473
6,441,473
-
6,441,473		 Unrestricted
funds
x
2022
x
£
x
x
9,492,029
-
9,492,029
83,985
9,576,014
76,142
248,810
766,848
-
1,091,800
(417,870)
-
(417,870)
673,930
(5,940)
-
(5,940)
10,244,004
-
10,244,004
10,244,004		 Total
funds
x
2022
x
£
x
x
15,234,597
1
15,234,598
83,985
15,318,583
76,142
248,810
1,465,752
-
1,790,704
(417,870)
-
(417,870)
1,372,834
(5,940)
-
(5,940)
16,658,477
6,441,473
10,244,004
3
16,685,477		 Restricted
funds
x
2021
x
£
x
x
4,982,536
-
4,982,536
-
4,982,536
-
-
510,436
-
510,436
-
-
-
510,436
-
-
-
5,492,972
5,492,972
-
5,492,972		 Unrestricted
funds
x
2021
x
£
x
x
8,578,384
1
8,578,385
91,425
8,669,810
77,454
121,240
1,794,925
-
1,993,619
(264,368)
-
(264,368)
1,729,251
(17,820)
(13,259)
(31,079)
10,367,982
-
10,367,982
10,367,982		 Total
funds
2021
£
NON-CURRENT ASSETS x
Tangible assets
9		 13,560,920
Investments
10		 1
Fixed assets 13,560,921
Long-term receivable
13		 91,425
13,652,346
CURRENT ASSETS
Stocks
12		 77,454
Debtors
11		 121,240
Cash and cash equivalents 2,305,361
Derivative financial instrument
16		 -
2,504,055
CURRENT LIABILITIES
Creditors: amounts falling due within one
year
14		 (264,368)
Derivativefinancial instrument
16		 -
(264,368)
NETCURRENT ASSETS 2,239,687
NON-CURRENT LIABILITIES
Creditors: amounts falling due after one
year
15		 (17,820)
Derivativefinancial instrument
16		 (13,259)
(31,079)
NET ASSETS 15,860,954
CHARITY FUNDS
Restricted funds
17		 5,492,972
Unrestricted funds
17		 10,367,982
TOTAL FUNDS 15,860,954

The financial statements were approved by the trustees on ………………………..2023 and signed on their behalf, by: 22 September

Mr. J Davis

The notes on pages 18 to 31 form part of these financial statements.

Company Registration Number: 04366897 Charity Number: 1093401

Page | 14

AMANA TRUST

(A Company limited by guarantee)

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

x 2022
x		 2021
x £
x		 £
x x
a) Reconciliation of net income to net cash flow from operating activities

Net income for the reporting year (as per the Statement of Financial
Activities)		 811,264 73,144
Adjustments for:

Depreciation charge		 227,888
-
255
(840)		 209,794
Loss on disposal of fixed assets -
Profit on disposal of fixed assets -
Foreign exchange loss / (gain) shown in financing activities - 3

Interest income shown in investing activities		 (4,129) (172)
Adjustments for changes in working capital:
(Increase) / Decrease in inventory 1,312 10,335
(Increase) / Decrease in debtors (127,570) (22,899)
Increase / (Decrease)increditors 163,972 6,184
Net cash provided by operating activities 1,062,288 276,389
b) Statement of cash flows
x
Net cash provided by operating activities
x		 1,062,288
4,129
7,440
(1,833,484)
(68,102)		 276,389
172
6,820
-
(1,117,864)
Cash flows for investing activities:
Interest income
x
Long-term receivable
Purchase of tangible assets
Paymentsforassets underconstruction
Net cash used in investing activities
x		 (1,890,017)
-
(11,880)
-		 (1,110,872)
-
(11,880)
-
Cash flow for financing activities
Repayment of long-term financing
Repayments of Hire Purchase obligations
Proceeds from sale of tangible assets
Net cash provided by financing activities (11,880)
(839,609)
-		 (11,880)
(846,363)
(3)
x
Change in cash and cash equivalents in the year
x
Currency translationdifferences
Net change in cash and cash equivalents in the year (839,609)
2,305,361		 (846,366)
3,151,727
Cashand cashequivalents at the beginning ofthe year
Cash and cash equivalents at the end of the year
x		 1,465,752 2,305,361

Page | 15

AMANA TRUST (A Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES

1.1 Company information

The Charity is a private company limited by guarantee. The Charity is incorporated in England, United Kingdom with its registered office at Bower House, Orange Tree Hill, Romford, Essex, RM4 1PB.

The members of the company are the trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

1.2 Basis of preparation of financial statements

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Charity has taken advantage of the exemptions available from producing consolidated financial statements on the basis that it only has one subsidiary, which is a dormant entity. Consequently, the preparation of consolidated financial statements is not deemed necessary to present a true and fair view of the group in the period to, and at 31 December 2022.

Amana Trust meets the definition of a public benefit entity under FRS 102.

The financial statements are presented in Pound Sterling (£).

1.3 Going concern

The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

1.4 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.

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 are set out in the notes to the financial statements.

1.5 Incoming resources

All incoming resources are included in the statement of financial activities when the Charity has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability. Incoming resources, except for donation income, are derived from the provision of goods / services, and stated after trade discounts, other sales taxes and are net of VAT.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income from Christian training and events undertaken by the Charity is included in incoming resources in the period in which the relevant activity takes place.

Income from sales of literature is recognised when goods are dispatched to customers.

Page | 16

Type text here

AMANA TRUST (A Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES (continued)

1.6 Interest income

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 Bank.

1.7 Resources expended

Expenditure is accounted for on an accrual basis and has been included under expense activities that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

Expenditure is classified under the following activity headings:

Support costs are those costs incurred in support of expenditure on the objects of the Charity and include overhead costs relating to functions carried out at Bower House. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements. Support costs and Governance costs have been allocated on the basis of cost drivers specific to each cost. The cost driver used was the number of staff members required to support a specific charitable activity as set out in the Charities organogram.

1.8 Tangible fixed assets and depreciation

All assets costing more than £5,000 are capitalised. Complements of items below those thresholds are capitalised where they form part of one project and together cost more than £50,000.

Assets under construction are not depreciated until they are brought into use. Tangible fixed assets are stated at cost less depreciation and any accumulated impairment loss. Depreciation is not charged on freehold land. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases:

Freeholdproperty -
2% straight line
Motor vehicles -
25% straight line
Fixtures and fittings -
20% straight line
Office equipment -
20% straight line and 25% straight line

1.9 Investments

Unlisted investments are held at cost as an approximation to fair value where the fair value is not easily obtainable.

1.10 Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

1.11 Operating leases

The Charity classifies the lease of printing and laundry equipment as operating leases; the title to the equipment remains with the lessor. Rentals under operating leases are charged to the statement of financial activities on a straight-line basis over the lease term.

Page | 17

AMANA TRUST (A Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES (continued)

1.12 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. The cost of stocks includes the cost of purchases and other costs incurred in bringing the stocks to their present location and condition.

1.13 Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.14 Cash and cash equivalents

Cash and cash equivalents 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 a deposit or similar account.

1.15 Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount after allowing for any trade discounts due.

The Charity recognises a provision for annual leave accrued by employees as a result of services rendered in the current period. Employees are entitled to carry forward and use within the first month of the following year. The provision is measured at the salary cost payable for the period of absence.

1.16 Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method, unless the transaction constitutes a financial transaction, where the transaction is measured at the present value of the future receipts.

Derivatives designated as hedging instruments in an effective hedge are carried on the balance sheet at fair value. The treatment of gains and losses arising from revaluation are recognised within other recognised gains and losses, except if the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, amounts previously recognised within other recognised gains and losses remain in equity until the forecast transaction occurs and are reclassified to the statement of financial activity. If the forecast transaction is no longer expected to occur, amounts previously recognised within other recognised gains and losses will be immediately reclassified to the statement of financial activity.

1.17 Pensions

Employees are automatically enrolled into a multi-employer, defined contribution occupational pension scheme with People Pension, unless they exercise their right to opt-out of the scheme membership. Amana Trust makes a 3% contribution to the pension scheme. The employer’s contribution is charged to the Statement of Financial Activities in the period in which the salary to which the pension relates is due.

1.18 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into Pound Sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies 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.

Page | 18

AMANA TRUST (A Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES (continued)

1.19 Critical judgements and sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical evidence and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities with the next financial year are addressed below.

Depreciation

The Charity uses rate of depreciation to write down different classes of assets which the Charity owns and which it estimates based on prior experience and after taking into account any additional circumstances that, once fully depreciated over its useful life, the asset should be stated at its residual value or £Nil if there is no residual value.

Page | 19

AMANA TRUST (A Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. DONATIONS x
x		 Unrestricted
funds		 x
x		 x
Total funds
x
x
x
x		 Restricted
funds		 Total funds
2022 x 2022 x 2022
x		 2021
£ x £
282,995
-
-
-
-		 x £
x
282,995
1,344,569
129,928
1,432,754
2,399		 £
General fund
x		 -
1,344,569
129,928
1,432,754
2,399		 298,147
1,320,391
119,481
680,797
2,378
Servant support fund
x
Radio contributions fund
x
Construction fund
x
Romanian RcV translation fund
Total 2022
x		 2,909,650 282,995 3,192,645 2,421,194
Total 2021 2,123,047 298,147
x		 2,421,194
x		 3,666,418
3. TRADING ACTIVITIES
Bookshop gifts Unrestricted
funds
x		 Total funds
x		 Total funds
2022
x		 2022
x		 2021
£
x		 £
x		 £
- - -
Total - - -

4. INVESTMENT INCOME

All the Charity’s investment income of £4,129 (2021: £172) arises from money held in interest bearing deposit accounts.

5. ANALYSIS OF EXPENDITURE

Direct costs
Cost of
sales
x
£
x
3,838
44,176
-
-
48,013
-
-
-
48,013
36,478		 Direct costs
Staff
x
£
x
281,031
216,178
467,772
80,422
1,045,402
-
-
461,910
1,507,312
1,560,677		 Direct costs
external
x
£
x
92,448
18,633
160,808
130,336
402,225
49,997
49,997
237,926
690,148
438,672		 Support
costs
other
x
£
x
275,599
111,345
118,114
27,836
532,895
-
-
83,509
616,404
700,676		 Support
costs
governance
x
£
x
x
x
16,237
9,759
7,320
2,440
35,756
-
-
7,320
43,076
43,917		 Total
£
x
669,153
400,091
754,013
241,034
Charitable activities
Training
Literature costs
Conferences
Radio broadcast
2,064,292
49,997
Raising funds
Trading activities
49,997
790,665
Other
Other
Total 2022
Total 2021		 790,665
2,904,954
2,780,420

Expenditure on charitable activities was £2,061,261 (2021: £1,942,494) of which £1,398,585 (2021: £1,500,620) was restricted and £662,676 (2021: £441,874) was unrestricted.

Page | 20

AMANA TRUST

(A Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

6. GOVERNANCE COSTS

6. GOVERNANCE COSTS
x		 x x
x Unrestricted
funds
x		 Total Total
funds
funds
x 2022
x		 2022 2021
x £
x		 £ £
Audit 12,271
x		 12,271 9,437
Accountancy and taxation services 18,266
x		 18,266 18,671
Othergovernance costs 17,336 17,336 15,809
Total 2022 47,873 47,873 43,917
Total 2021 43,917 43,917 43,917

7. NET INCOME / (EXPENDITURE)

This is stated after charging / (crediting):


Depreciation of tangible fixed assets
Auditor’s remuneration
Rentals payable under operating leases
Interest payable and similar charges
(Profit) / loss on disposal of assets
Foreign exchange (gain) / loss		 2022
x
£
x
227,888
12,271
3,145
315
-
-		 2021
£
209,794
9,437
4,193
276
-
-

8. STAFF COSTS

Staff costs were as follows: Restricted
fundsx
2022
x
£
x
1,295,259
128,533
22,590
1,446,382
1,441,543
x
x
x
x
x		 Unrestricted
fundsx
2022
x
£
x
57,687
1,102
672
59,461
119,133
x
x
x
x
x		 Total
x
2022
x
£
x
1,352,946
129,635
23,262
1,505,843
1,560,677		 Total
2021
£
Salaries 1,433,006
104,046
23,624
Social security costs
Pension costs
Total 2022 1,560,677
Total 2021 1,560,677
x
x
2022
No.
X
20
58
The average number of employees during the year was
as follows:
2021
No.
Office staff 40
Staffengagedincharitable activities 51
78 91

No employee received remuneration amounting to more than £60,000 in either year. Pension costs are allocated to activities in proportion to the related staffing costs incurred.

The key management of the Charity are the trustees who play an active role in the day to day management of the Charity. No trustee received payment for professional or other services provided to the Charity (2021: £nil).

Page | 21

AMANA TRUST (A Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

9. TANGIBLE FIXED ASSETS

9. TANGI B LE FIXED ASSE
x		 T S
x
x
x		 x
x		 x
x		 x
x
Freehold
property
x		 Assets under
construction1
x		 Motor
vehicles
x		 Fixtures
&
Fittings
x		 Office
equipment
x		 Total
Cost x x x x x
At 1 January
2022		 12,759,927 1,692,716 334,597 283,164 28,516 15,098,920
Additions 1,744,135 68,102 89,349 - - 1,901,586
Disposals -
1,373,414		 -
(1,373,414)		 (10,469) - - -
Transfers - - - (10,469)
At 32
December
2022		 15,877,476 387,404 413,477 283,164 28,517 16,990,037
Depreciation

At 1 January
2022		 961,179
176,177
-		 -
-
-		 293,076
40,192		 256,669
10,100		 27,077 1,538,000
Charge for
the year		 1,439 227,908
On disposals (10,469) - - (10,469)
At 31
December
2022		 1,137,356 - 322,799 266,769 28,516 1,755,439
Net book
value		 14,740,119 387,404 90,678 16,395
At 31
December
2022		 - 15,234,597
At 31
December
2021		 11,798,748 1,692,716 41,521 26,496 1,439 13,560,920

1 Assets under construction comprise capitalised construction costs within the restricted Construction fund which have been capitalised as part of the building project. Refer to the Trustees Report for more details.

Included within Freehold property is land of £5,229,448 (2021: £4,787,935), which is not depreciated.

Page | 22

(A Company limited by guarantee)

AMANA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

10. INVESTMENTS

The Charity has only one subsidiary, which is a dormant entity, with a registered address of, Bower House, Orange Tree Hill, Romford, Essex, RM4 1PB.


Hill, Romford, Essex, RM4 1PB.
Unlisted
investments
x
Cost £
x
At 1 January 2022 1
x
-
Additions
At 31 December 2022 1
x
x
1
Net book value
At 31 December 2022
At 31 December 2021
Company
Country of registration or
incorporation
Subsidiary undertaking
FTTL Limited
England and Wales
The aggregate amount of capital and reserves and the results of this undertaking
follows:
2022
Subsidiary undertaking
Principal activity		 £
FTTL Limited
Dormant		 1
x
11. DEBTORS
2022
x		 2021
£
x		 £
Trade debtors 27,702 18,627
Other debtors 44,035
,		 23,123
Short term portion - Long-term receivable 33,855 39,209
Prepayments and accruedincome 143,300 40,384
Total 248,892 121,343

All amounts are payable within 12 months. The net carrying value of debtors is considered a reasonable approximation of fair value.

Page | 23

AMANA TRUST (A Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

12. STOCKS
2022 2021
£ £
Bookshop stock 76,142 77,454

Stock recognised in cost of sales during the year as an expense was £48,013 (2021: £36,478).

x 13. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Total Total
2022
£		 x 2021
x £
X
Amounts receivable between two and five years
29,139 29,139
Long-term receivable
Amounts receivable after more than five years
54,846 62,286
Long-term receivable
83,985 91,425
Total debtors receivable after more than one year

In 2017, Amana Trust sold its property in Glasgow to the Church in Glasgow for £151.8k, whereby the church in Glasgow will repay Amana Trust over a period of 30 years in equal monthly instalments. During 2020, it was determined that no interest would be charged on the loan balance from the beginning of 2020. This is still the case as at 31 December 2022.

14. CREDITORS

Unrestricted
funds
x		 Total x
Total
Amounts falling due within one year 2022
x		 2022 x
2021
£
x
x
102,072
193,369
11,880
110,549
417,870
264,368		 £
102,072
193,369
11,880
110,549		 x
£
x
Trade creditors 62,013
Other creditors 80,267
Obligations under finance leases 11,880
Accruals and income received in advance 110,208
Total 2022
Total 2021		 417,870 264,368
264,368 264,368

Page | 24

AMANA TRUST

(A Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Total Total
2022
x		 2021
£
x		 £
Amounts falling due between two and five years x
Long term borrowing - payable by instalments - -
Obligations under financeleases 5,940 17,820
5,940 17,820
Amounts falling due after more than five years
Long termborrowing-payable byinstalments - -
Total creditors falling due after more than one year 5,940 17,820

16. FINANCIAL INSTRUMENTS

The Charity has the following financial instruments:

x
x
x
Financial assets
x
Measured at amortised cost:
Cash
Long-term receivable
Trade debtors
Other debtor transactions
Measured at fair value:
Derivative financial instruments
Total 2022
Total 2021
Financial liabilities measured at amortised cost:
Trade creditors
x
Other creditor transactions
x
Long-term financing
Measured at fair value:
Derivative financial instruments
Total 2022
Total 2021		 Restricted
fundsx
2022
x
£
x
x
698,904
-
-
-
698,904
-
698,904
627,254
-
-
-
-
-
-
-		 Unrestricted
fundsx
2022
x
£
x
x
766,848
83,985
27,702
137,205
1,015,740
-
1,015,740
1,890,876
102,072
303,918
17,820
423,810
-
423,810
295,447		 Total
x
2022
x
£
x
x
1,465,752
83,985
27,702
137,205
1,714,644
-
1,714,644
2,518,130
102,072
303,918
17,820
423,810
-
423,810
295,447		 Total
2021
£
2,305,361
98,865
18,627
95,277
2,518,130
-
2,518,130
2,518,130
62,013
190,475
29,700
282,188
13,529
295,447
295,447

Page | 25

AMANA TRUST (A Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

17. STATEMENT OF FUNDS

Unrestricted funds
General fund
Designated fund -
Managed
Designated fund -
Ministry
Designated fund –
Construction
Total Unrestricted
funds
Restricted funds
Construction fund
Servant support fund
Radio contributions
fund
Romania travel
Romanian Recovery
fund
Total Restricted
funds
Total funds		 Brought
forward
x
2021
x
£
x
x
10,298,490
33,913
35,580
-
10,367,983
5,472,487
9,081
6,982
-
4,420
5,492,971
15,860,954		 Incoming
resources
x
2022
x
£
x
x
806,173
-
-
-
806,173
1,433,149
1,344,569
129,928
-
2,399
2,910,045
2,910,045		 Resources
expended
x
2022
x
£
x
x
(1,028,421)
(33,913)
(1,978)
-
(930,151)
(442,054)
(1,264,582)
(133,946)
-
(60)
(1,840,642)
(2,904,954)		 Transfer
of funds
x
2022
x
£
x
x
(196,051)
-
(33,602)
363,814
134,161
(61,097)
(70,100)
(2,964)
-
-
(134,161)
-		 Total
funds
x
2022
x
£
x
x
9,880,191
-
-
363,814
10,244,005
6,402,485
18,969
-
-
6,759
6,428,213
16,672,218		 Mark to
market
x
2022
x
£
x
x
-
-
-
-
-
13,259
-
-
-
-
13,259
13,259		 Carried
forward
2022
£
9,880,191
-
-
363,814
10,244,005
6,415,744
18,969
-
-
6,759
6,441,472
16,685,477

The general fund represents ‘free reserves’ after allowing for all designated funds.

The designated fund represents rental income from managed properties which has been designated for maintenance costs related to those properties, offset by costs incurred in respect of maintenance carried out.

The Construction fund represents donations made toward the costs for construction at Bower House, Woodland Camp and Bower Farm and will be used for ongoing construction and redevelopment projects.

The Servant support fund represents donations made toward the support of the employees of the Charity.

The Radio contributions fund represents donations made toward the radio broadcasting and associated costs.

The Romanian Recovery version fund represents donations being given towards the costs incurred in starting to translate the Recovery version of the New Testament into Romanian.

The Romania travel fund represents travel costs incurred for travel to Romania that are reimbursed by LME. The fund was in deficit at the Year End owed to timing differences between the cost being incurred and the reimbursement being received.

The transfer of funds from restricted to general funds relates to overheads allocation.

The transfer of fund from general to designated funds relates to funds which were designated to cover maintenance costs related to Amana Trust managed properties.

Page | 26

AMANA TRUST (A Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

17. STATEMENT OF FUNDS (CONTINUED)

Unrestricted funds
General fund
Designated fund
Designated fund -
Ministry
Total Unrestricted
funds
Restricted funds
Construction fund
Servant support fund
Radio contributions
fund
Netherlands fund
Romanian Recovery
fund
Total Restricted
funds
Total funds		 Brought
forward
x
2020
x
£
x
x
10,320,929
53,387
11,416
10,385,732
5,324,497
8,173
90,021
(5,264)
2,082
5,419,509
15,805,241		 x
Incoming
resources
x
2021
x
£
x
x
707,826
-
-
707,826
681,940
1,341,939
119,481
-
2,378
2,145,738
2,853,564		 Resources
expended
x
2021
x
£
x
x
(713,971)
(37,474)
(11,836)
(763,281)
(516,519)
(1,303,325)
(202,520)
5,264
(40)
(2,017,139)
(2,780,420)		 Transfer
of funds
x
2021
x
£
x
x
(16,294)
18,000
36,000
37,706
-
(37,706)
-
-
-
(37,706)
-		 Total
funds
x
2021
x
£
x
x
10,298,490
33,913
35,580
10,367,983
5,489,918
9,081
6,982
-
4,420
5,510,402
15,843,524		 Mark to
market
x
2021
x
£
x
x
-
-
-
-
(17,431)
-
-
-
-
(17,431)
(17,431)		 Carried
forward
2021
£
10,298,490
33,913
35,580
10,367,983
5,472,487
9,081
6,982
-
4,420
5,492,971
15,860,954

The general fund represents ‘free reserves’ after allowing for all designated funds.

The designated fund represents rental income from managed properties which has been designated for maintenance costs related to those properties, offset by costs incurred in respect of maintenance carried out.

The Construction fund represents donations made toward the costs for construction at Bower House, Woodland Camp and Bower Farm and will be used for ongoing construction and redevelopment projects.

The Servant support fund represents donations made toward the support of the employees of the Charity.

The Radio contributions fund represents donations made toward the radio broadcasting and associated costs.

The Romanian Recovery version fund represents donations being given towards the costs incurred in starting to translate the Recovery version of the New Testament into Romanian.

The Romania travel fund represents travel costs incurred for travel to Romania that are reimbursed by LME. The fund was in deficit at the Year End owed to timing differences between the cost being incurred and the reimbursement being received.

The transfer of funds from restricted to general funds relates mainly to loan repayments made out of general funds in relation to the construction fund, plus construction overheads allocation.

The transfer of fund from general to designated funds relates to funds which were designated to cover maintenance costs related to Amana Trust managed properties.

Page | 27

AMANA TRUST (A Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

18. OPERATING LEASE COMMITMENTS

At 31 December 2021 the charity had annual commitments under non-cancellable operating leases as follows:


leases as follows:
2022
x
£
x
x
3,145
-		 2021
£
4,193
3,415
Expiry Date:
Within one year
Betweentwo andfive years
Total 3,145 7,338

19. ANALYSIS OF CHANGES IN NET DEBT

x
x
x
x
Cash & Cash Equivalents
Derivative financial instruments
Obligations under Hire purchase contracts		 At 1
January
x
2022
x
£
x
x
2,305,361
(13,259)
(29,700)
2,262,402		 Cash Flows
x
x
x
(839,609)
-
(11,880)
(851,489)
Changes
in Market
Value
x
At 31
December

x
2022
x
£

x
-
1,465,752
(13,259)
-
-
(17,820)
(13,259)
1,447,932

20. RELATED PARTIES AND RELATED PARTY TRANSACTIONS

Expenses reimbursed to Trustees and the remuneration of the key management personnel of the Charity are disclosed in Note 8.

The Charity has also employed two family members of a Trustee during the period. Their remuneration totalled £33,475 (2021: £42,702) and is considered to be a market rate for services provided.

The trustees of the Charity are also trustees or directors of organisations that donate funds to or enter into commercial transactions with the Charity. The following transactions are disclosed as the individuals concerned are regarded as holding a position of influence in both parties to the transactions concerned at the time they were entered into.

Mr Joseph H Davis and Mr Curtis Kennard are trustees of the Charity and are also trustees of Living Stream Ministry in the USA. As at 31 December 2021, related party balances with Living Stream Ministry comprised a £816 trading balance due by the Charity (2021: £816 due to the Charity). During the year, Amana Trust paid 62k (2021: £16.4k) to Living Stream Ministry, which related to the purchase of publications for resale in the Charity’s bookshop, and received £147.6k (2021: £64.9k), which was received as support for employees of Amana Trust who translate and typeset Living Stream Ministry publications.

Mr Joseph H Davis is a trustee of the Charity and is also a trustee of the Church in Houston in the USA. During the year, Amana Trust received £813k (2021: £265.5k) from the Church in Houston, of which £703k was restricted for use on the UK building project, and £110k was restricted for use as support for Christian workers employed by Amana Trust.

Page | 28

AMANA TRUST

(A Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

20. RELATED PARTIES AND RELATED PARTY TRANSACTIONS (CONTINUED)

Mr Joseph H Davis is a trustee of the Charity and is also a trustee of Bibles for Europe in the UK. During the year, Amana Trust received nil (2021: £nil) from Bibles for Europe, which was received in respect of support for a full time employee and for office rental space.

21. OFF-BALANCE SHEET ARRANGEMENTS

As at balance sheet date Amana Trust held custodian funds of £186k (2021: £73.5k). The funds include monies held on behalf of Living Stream Ministry of £67k (2021: £38.6k).

Page | 29