Charity registration number 10934011England and Wales) Company registration number l)4366897 AMENDING ACCOUNTS AMANA TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
AMANA TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustee Mr P Cooke Mr W E Lewallen Mr J H Davis Mr C J Kennard Mr D C Szubert Mr F Ka-choe Fung (Appointed 1 July 20251 Secretary Mr S PAlexander Charity number {England and Wales} 1093401 Company number 04366897 Principal address Bower House Orange Tree Hill Romford Essex RM41PB Registered office Bower House Orange Tree Hill Romford Essex RM4 1PB Auditor Ensors Connexions 159 Princes Street Ipswich IP1 1QJ Bankers Barclays Bank PIC 3-5 King Street Reading Berkshire RG12HD
AMANA TRUST CONTENTS Page Truslees, report Independenl audito¢s report 10-12 Statement of financial activities 13-14 Balance sheet 15 Slatement of cash flows 16 Notes to Ihe financial statements 17-33
AMANA TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Truslees, who are also Directors of Amana Trust (the Chartty) for the purposes of the Companies Act, submit their combined annual report and the audited financial statements for the year ended 31 December 2024. The Trustees confirm that the annual report (which also contains the Directors, report as required by company law} and financial stalemenls of the Charity comply with current statutory requirements, the requiremenls of the Charity's goveming document and the provisions of the Statement of Recommended Practice (SORPI 'Accounting and Reporting by Charities" issued in Juty 2014 (effective 1 January 2015). The financial slatements have been prepared in accordance with the accounting policies set oul in nole 1 to the financial statements and compty with the Charity's goveming document. the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP 'Accounting and Reporting by Charities.. Stalemenl of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" Objectives and activities The Charity's objectives are to advance the Christian failh and to educate people in relalion to Ihal failh. In shaping our objectives for the year and planning the activities, the trustees have considered the Charity Commission's guidan on public benefft. including the guidance from Public benefft.. running a charity IPB21'. Strategies employed to achieve the Charity's objectives include.. promoting and hosting training courses. ledures, seminars, and educational courses in the Christian faith., selling books and lileralure to promole the faith., and providing the community with access to the Charity's premises. facilities. Activities We endeavour to encourage members of the community to take part in our activities through promoting training courses,. the sale and tree distribution of Christian literatu,. hosting of Christian conferences, events, and seminars., and through Ihe ongoing broadcast of 'Lrfe Study of the Bible." a Christian radio program. Full-time Training in London Residential Training Community The Charity hosts an ongoing residential training course in London, mainty aimed at UK and European university graduates of all backgrounds. The course is held over a Iwo-year cycle wrth intakes taking place in August and February each year. The Iraining 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 olher aclivilies undertaken by the Charity. During 2024, the average intake of trainees was 54 {2023'. 50) persons. which was in-line with our expeclation. Over the medium- to long-term we are endeavouring for the number of trainees to increase. The increase will be facilitated through the continual recnjitment of local and intemalional, top-level trainers, who are experts in their field, to present the training course and Ihrough the redevelopment of Ihe training facillty, which will fom 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 lo £274.5k12023'. £241.1 k}, which was due lo a small increase in tuilion fees and trainees. Training expenditures of £1,083.4k {2023'. £1,124.5k) mainty comprise of staff costs, which are funded through donalion income and support costs. Literatu sales Literalure sales mainty take place through two bookstores. monthty subscriptions. and online sales. Due to the prime location of the bookstores, they are easity accessible to members of the public and thus facilitate the distribution of literature and outreach lo local communities. A decrease of £2.6k was seen in Itterature sales of £87.9k (2023= £90.5k). Literature costs of £694.9k {2023= £665.1 kl mainty comprise direct staff costs. which are funded through donation income, support cost and cost of sales.
AMANA TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Conferences and events The Charity hosled several nalional and intemational conferen$ and evenls throughout Ihe year. The dates and details of all events are publicised on the Amana Trust website. The Charity further promotes events and encourages attendance through direci 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 ovemight attendees, which will contribute to Ihe expecled increase in total attendees. Conference and event income for the year decreased by £1.8k to £99.9k {2023= £101.7kl. mainty due to slightly lower event attendance in 2024. Related expenditure was £1,177.Ok {2023= £1,130.3kl. 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 Ihe Bible" is a radio program broadcast daily on Premier Christian Radio, a Christian radio slation in the UK. Amana Trust began sponsoring the program in November 1999. The program focuses on an in4epth 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 lileralure and infomation related to the aclivtlies carried out by Ihe Charity. It is Ihrough this program that Amana Trust can reach members of the public throughout the UK, educating them in relation to the Chrislian failh and bringing them into contact with other Christians in their area. The Charity received several large donalions during the year totalling £199.4k12023.' £101.7k). The donalions were used to fund radio broadcast fees during the year. Total radio broadcast and related costs amounted to £134.3k 12023.. £133.1 kl. Volunteers The Charity enjoys the privilege of voluntary help. which is mainty offered to support comrnunity events. The Charity relies on Christian volunteers to coordinate and support services related to Bible and Christian literature distributions,. shuttle services., ushering during evenls- catering services., and venue set-up and clean-up. Volunleers mainty comprise local community members and Conferen attendees. The services provided by volunteers have a direct impact on Ihe number of persons reached by Amana Trusl and on lowering the costs associated wilh hosting conferences and events. Due to the inforrnal way voluntary help is provided, the Chartty does not make use of formal processes lo monitor hours of services or number of volunteers and thus an indicative value of their contribution has not been quantified.
AMANA TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and perfonnance Significant activities and achievements against objectives In 2024, Amana Trust made significanl progress in both its construction iniliatives and its gospel outreach activities, despite facing financial and logistical challenges. The trustees remained committed to stewarding reSoUrS wisely while continuing lo advance the Trust's mission across the UK and Europe. Construction and Property Development The year saw continued investment in the Trust's physical infrastructure, wrth several key projects either initiated, progressed, or completed. The redevelopment of the Priors house was a significant improvemenl, developing the propety into a facility with seven ensuite bedrooms. This development was undertaken in anticipation of hosting full-time trainees during the term, reflecting the Trust's ongoing commitment to training and equipping young believers. Al Woodland Camp, improvements were made to enhance the site's usability for events and retreats. A marquee was erected, a slipway was constructed to improve aCss, and a toilet block was relocated from Bower House to support the increased activity at the camp. These upgrades have significanlly improved the camp's capacity lo host larger gatherings and provide a more comfortable experien for attendees. The Bower House Training Centre projecl was brought to a safe and secure pause. The site was stabilised, with trenches closed, equipment relocated. and facilities completed, including offices and welfare amenities. Although the project was postponed due to timing and planning constraints, the groundwork laid in 2024 ensures Ihat it can be resumed efficientty when conditions allow. Progress at Bower Farm was encouraging. The design for the accommodation was approved in principle, and final drawings were submitted wilh the expectation of planning approval by mid-August. Trustees anticipale Ihal Amana Trust will take ownership of the adjacent house, BoVr Farm Cottage, in the near future. Events and Gospel Outreach Amana Trust mainlained a full calendar of events throughout 2024, serving bolh the church community and the broader public. The Trust hosted five combined Saturdays and weekend retreats during the spring temi, with attendance figures ranging from 112 to 137 parlicipants each week. These gatherings provided valuable opportunities for fellowship, teaching. and Spiritual growth. Major events included a London seminar attended by 431 participants. a European brothers, time with 95 attendees, and a UK sisters, time with 234 attendees. The Full-Time Training in London (FftL) graduation was another highlight, drawing approximately 350 attendees to lebrate the completion of the trainees, programme. A one-week training also took place, attended by 33 participants. The Autumn schedule consisted of four weekend retreats. another one-week training, and the UK and Ireland Conference. BFE also launched a new email journey for Bible recipients, which has begun to generate addttional contacts and inlerest in gospel events. Amana Trust anlicipates that this initiative will lead lo increased engagement and participation in future activities. In addition, the Trust continued its cooperation wtth churches in the UK to organise blending events by regional clusters. discussions with Premier Radio were ongoing, with the aim of gaining better insight into listener engagement and exploring ways to enhance the effectiveness of the radio ministry. Fundraising practices The Charity did not undertake fundraising activities during the year. Income was mainty generated through donalions Ihal amounled to £2.417.Ok {2023'. £4.552.8k). of which £289.2k 12023.. £769.8k) was unrestricted. The remainder of the Charity's income was derived mainty from charitable activities of £609.4k12023.' £534.6kl.
AMANA TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review The Charity reported a net deficit of £226.7k {2023= £1,845.2k net surplus) for the year. The decrease is attributable to the unfavourable movemenl in nel restricted deficil of £584.8k 12023.. favourable 505.6k surplus) and the unfavourable movement in net unrestricted deficit of £1,487.1 k {2023'. favourable £528.3k surplus). The overall decrease in surplus is Main attributable lo a decrease in donation income of £2,135.9k. literature sales of £2.6k, which is offset by an increase in training income of £33.4k, conferences and events income of £1.8k, other trading activities income of £45.8k, and an increase in expenses of £30.8k. Deficits are still reported across several activities and were mainty driven by the allocation of overhead costs. Overhead costs are mainly funded through general donation income. The Trustees continued to lake steps to ensure an increase in the visibility of perfomance by activity- This resulled in Ihe 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 Ihe allocalion of general donations used to partly subsidise shortfalls where activilies 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 ierm. The increase in fixed assets to £16.005.3k12023'. £15.819.1 k} mainly resulted from the addition of freehold property of £192.8k, assets under construction of £220.2k, motor vehides of £59.2k and fixtures & fittings of £17.4k, partly offset by deprecialion of £289.1 k and disposals of £56.5k. Current assets decreased by £582.2k, mainly resulting from reduced debtors and cash. CuThent liabilities decreased by £153.1 k. The decrease was because of redUd custodian funds. Going concem The Irustees are of the opinion that Ihe Charity has adequate resources available to fund the activities for the foreseeable future and are of the view that the Charity is a going concem. The relative freedom from debt and the strength of the charty's donation base has meant that the financial situation of the Trust is currentty good. However. the charity is strictly managing spending at all limes with monthty finance meetings reviewing all funds. In the event of a significant drop in donations, Woodland Camp is currentty 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. Reserves policy The Charity has adopted a risk idenlwfication approach in establishing its seNe$ 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 Trusl's Reserve Policy is to maintain sufficient levels of reserve to meet committed expendilure 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 conlingencies Ihal may arise from time lo lime. 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 2024, available reserves amounted to £502.Ok {2023= £679.3k), which is more than the optimal amount of resetves lo be held. ReseNes available are based on unrestricted funds of £10,467.8k (2023.. £10,648.3kl less amounts represented by fixed assets of £9,429.5k 12023.. £9.453.9kl and designated funds of £536.3k 12023.. £515.1 k). The charitable activities of Amana Trust are funded by fee income, and the shortfall is subsidised by general and restricted donations. The decrease in cash inflow from operating activities of £2.029.6k {2023= £980.8k increase) resulted mainly from the large decrease in donations received. The net currenl asset position is at an aptable level of £2,288.5k 12023-. £2,717.6k) of which £1,250.1 k (2023.. £1,523.1 k) relates to restricted assets and £1,038.3k (2023.. £1,194.5k) to unrestricted asset5.
AMANA TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Investment policy The trustees, having regard to the liquidty requirements of the Charity, have kept available fijnds in a highty liquid inlerest-bearing deposit account. The savings account funds achieved an average rate of 1.750 /0 (2023.. 1.096.101, which 15 reflective of average market interest rates for similar investrnents. Major risks The Trustees have a risk management strategy that was developed and comprises.. the review of the principal risks and uncertainties that the Charity faces- Ihe establishment of policies, systems, and procedures to miligate Ihose risks identified in the review,. and Ihe implementation of procedures designed lo minimise or manage any polenlial impact on Ihe Charity should the risk materialise.
AMANA TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The principal risks to Ihe Charity's objectives are aligned with the Charity's objectives. These risks and the actions implemented to mitigate these risks are summarised below.. Reputation The risk that events could adversely affect Amana Trusvs 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 relaling io the integrity of one of the Charity's chartlable activities. Management of risk.. engagement in policy setting and monitoring training and awareness programs for staff outsourced specialists in health and safety and infonnation technology infomialion security policies and procedures including anti-virus sofiware regular reviews of and investment in IT infrastructure anti-fraud processes and controls Financi81 This includes credil risk, liquidity risk, currency risk and cash flow risk Managemenl of 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 2024 are in debtors, as disclosed in Note 17 regular review of operating reserve policy and available liquid funds to settle debts as Ihey 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 beeen the USD.. GBP cUencY pair for highty probable forecast transactions. Keep sufficient resetves to avoid needing to exchange at adverse rates in limes contracts are not in place. Talent This risk that knowledgeable and experienced employees are not attracted, developed, and relained. Management of risk.. good relationship management with UKVI regular reviews of resourcing processes employee engagemenl and follow up aclion 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.
AMANA TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for fulure periods In 2024, planning pemiission was granted for the full development of the Bower Estate. This includes the conslruclion of a new training centre and the conversion of the stables and barns al Bower Fami inlo accommodation. The demolition of the old classrooms has been completed. Further donations received at the end of 2024 and earty 2025 mean Ihal work on the Bower House Training Centre can resume. It is anticipated that the next phase will involve installing a retaining wall around the classroom area using concrete piles by Summer 2025. Once the tainIng wall is in place, a concrele capping beam will be constructed. followed by excavation of the dassroom area to a depth of 1.5 storeys below the current level. A new 800kVA transfomier and main eleclrical kiosk will also be installed to suppty power to the entire estate. A small construction team will be developed over the firsl parl of 2025 lo oversee Ihis work. supported by contractors and volunteers. The purchase of Bower Fa Cottage is expected to be completed in the summer of 2025. The cottage will provide accommodalion for visiling workers and relieve pressure on existing housing. Blending events will remain a priority in 2025. TV Bank Holiday events are planned forAugusl 2025, one in Oxford and one in Northeast London. The Trusl will continue to support regional blending and events al Woodland Camp. Bibles for Europe has launched a new email joumey for Bible recipients, and this is expected to increase participalion in evenls. Work will lake place Ihroughout the year wilh Premier Radio and with Living Stream Ministry to consider how to optimize the impact of the Life-study of the Bible radio programme. Structure, governance and management 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 gistered as a charity with the Charity Commission. The trustee. who are also the directors for the purpose of company law. and who served during the year and up to the date of signature of the financial statements were= Mr P Cooke Mr W E Lewallen Mr J H Davis Mr C J Kennard Mr D C Szubert Mr F Ka-choe Fung (Appointed 1 Juty 2025) Recruitment and appointment of tnistees The Iruslees are elected and co-opted under the lems 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 al a properly convened meeling of the Charity's Truslees. In selecling individuals for appointmenl, the Charity's Trustees must have regard to the skills. knowledge and experien needed for the effective administration of the Charity. Organisational structure The Trustees of the Charity, who are the members of the goveming body. are legally responsible for the overall management and control of the Charity. In addition to the Annual General Meeting IAGM) held by the trustees, the trustees may from lime to lime 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. Induction and training of tmstees New Trustees are provided with a copy of the cuent version of the Company's constitution and the latest copy of the Trustees, Annual Report and Statemenl of Accounts. Trustees are infomied 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.
AMANA TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Remuneration policy The key management of the Charity are the trustees. who play an active role in the day-to4ay management of the Charily. All trustees give Iheir time freety and no Iruslee received payment for professional or other services provided to the Chanty during the year. During the year. no salary was paid to the twstees. Relationship with related parties No trustee receives remuneration or other benefits from their work with the Charity- Any connections beeen a trustee of Ihe Charity and any connected person or enttty are reqUId to be disclosed to the Board of Truslees in the same way as any other contractual relationship with a related paty. In addition to the related parties listed in note 25 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 ami's length. Funds held as custodian trustee Funds are held by Amana Trust on behalf of several organisations wtth similar objectives to those of Amana Trust. These mainty include funds for.. video training fvnds held on behalf of Living Stream Ministy, which publishes Christian literature, of £9.Ok (2023.. £91.9k)- and other funds held by Amana Trust including gospel trips in Europe for the Church in Anaheim, which is responsible for a Bible school in the USA of -£0.1 k. 12023.. £4.9k)- a gift for Bulgaria and the Balkans of £3.6k12023.' £3.6kl- gifts for FThL graduates of £33.4k (2023.. £65.1 k) and olher small funds lotalling £6.7k 12022.. £8.7k). These funds are held by the Charity and managed separatety from the activities of the Charity- Total funds held at year end were £43.6k {2023.' £171.8k). Slatement of trustees. responsibilities The Trustees (who are also Directors of Amana Trust for the purposes of company lawl are responsible for preparing a Trustees, annual report and financial statements in accordan 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 IFRS 102) {effective 1 January 20151- (Charities SORP {FRS 1021). Company law requires Ihe Charity Trustees to prepare financial stalements for each year Ihat 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 tor that period. In preparing these financial statements. the tnjstee are required to.. select suitable accounling policies and Ihen apply them consistently.. observe the methods and principles in the Charities SORP- make judgements and estimates thal are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed. subject lo any material departures disclosed and explained in the financial statements.. and prepare Ihe financial stalemenls on the going concem basis unless it is inappropriate to presume thal the Charity will continue in operation.
AMANA TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Truslees are responsible for keeping proper accounting records thal (lisclose 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 nStitution. 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 rna1ntenan and integrtty of the corporate and financial information included on the charitable Company's websile. Legislation in the UK goveming the preparation and dissemination of financial slatemenls may differ from legislation in other jurisdictions. Statement as to disclosure to our auditors So far as each of the trustees is aware at the time this report is approved.. there is no relevant audit infomiation of which the Charity's auditors are unaware, and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit infomation and to establish that the auditors are awa of that infomation. Audilor In accordance wth the company's articles. a resolution proposing that Ensors be reappointed as auditor of the company will be put at a General Meeting. Trustees. liability The Trustees of the Charity guarantee to contribute an amount not exceeding £1 to the assels of the Charity in the event of winding-up. Disclosure of inforniation to auditor So far as each of the trustees is aware at the time this report is approved.. Ihere is no relevant audit infonnation of which the Charity's auditors are unaware, and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that infomation. The trustees, report was approved by the Board of Trustee. rJ HDavÈs 21 October 2025
AMANA TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AMANA TRUST Opinion We have audited the financial statements of Amana Trust (the 'Charity'l for the year ended 31 Dernber 2024 which comprise the stalement of finanual activities, the balance sheet, the statement of cash flows and noles to the financial statements, including signrficant 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 IlaTrd (United Kingdom Generally Accepted Accounts'ng Practi1. In our opinion, the financial statements= give a true and tsir view of the stale of the charitable company's affairs as at 31 December 2024 and of ils incoming resources and application of reSoUrs, including its income and expendituie, for the year then ended., have been propedy prepared in accordance with United Kingdom Generalw Accepted Accounling Praclice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan with Intemational Standards on Auditing {UKI (ISAS (UKI} and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our pOrt. We are independenl of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Slandard, and we have fulfilled our other ethical responsibilities in accordance with Ihese requirements. We believe that the audit eviden 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 stalemenls is appropriate. Based on the work we have perfonned, we have not identified any material uncertainties relating to events or conditions that. individualty or collectivety, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least e1ve months from vthen the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustee wtth respect to going conrn 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 Ihereon. The trustee are responsible for the other information conlained within the annual report. Our opinion on Ihe financial statements does not cover Ihe olher infonnalion and, except to the extenl otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the olher 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 materialty misststed. If we identify such material inconsislencies or apparent material misstatements, we are required to delermine whether Ihis gives rise to a material misstalemenl in the financial statemenls Ihemselves. If, based on the work we have perfomied, we condude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in Ihe course of our audit= the infomialion given in the truslees. report for the financial year for which the financial statements are prepared, which includes the directors. reporl prepared for the purposes of company law, is consistent with the financial statements., and the directors, report induded within Ihe trustees. report has been prepared in accordance with applicable legal requirements. 10-
AMANA TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF AMANA TRUST Matters on which we are required to report by exception In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audil, we have not identified material misstalemenls in the directors. report included within 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 lo you if, in our opinion.. adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and retums- or certain disclosures of trustees, remuneration specified by law are not made.. or we have not received all the information and explanations we require for our audit. or the Iruslee were not enlitled lo prepare Ihe financial slatements in accordance with the small companies regime and tske advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a slrategic report. Responsibilities of trustee As explained more fully in the statement of trustees. responsibilities, the trustee, who are also the directors of the Charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a Irue and fair view, and for such intemal conlrol as the trustee 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 trustee are responsible for assessing the Charity's ability lo continue as a going concern, disclosing, as applicable. mallers related to going concem and using the going concern basis of accounting unless the trustee either intend to liquidate the charitable company or to cease operations, or have no realislic altemative but to do so. Audilor's responsibilities for the audit of the financial stalements Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misslatement, whether due to fraud or error, and to issue an auditoffs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee Ihal an audil conducled 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, individualty or in the aggregate, they could reasonabty be expected lo 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. 11
AMANA TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF AMANA TRUST 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 lincluding Trustees, and management's own prO$se$ for identification and risk assessment) as well as the nature of the entity, the indusiry in which it operates and the undertying perfomance. Consideration is also given to Ihe attitudes and incentives of management to commit fraud, with specific procedures planned and perfomied to respond to the risk of inappropriate managemenl override of controls. We also obtained an understsnding of the applicable laws and regulations to which the charity must adhere, through discussions with management and those charged with govemance, as well as commercial knowledge of the sector and statutory legislation, in order to detemiine the key laws and regulations applicable to the charity. After assessing the risk of fraud. we perfomied audTI procedures to gain assurance regarding fraud and management override as follows- Auditing the risk of management override of controls. including through tesling joumal entries and other adjustmenls for appropriateness, and evaluating the rationale behind signtficant transactions outside the nomial course of business. Assessment of key accounling estimates within the financial statements in order to assess Iheir reasonableness to determine whether there is any bias in the estimates. Review of meeting minutes of Trustees and management Enquiring of management and Trustees as to whether they are aware of any alleged. suspected or actual fraud during the year We also performed procedures to satisfy ourselves regarding the Chartty's compliance with applicable laws and regulations, including.. Enquiry of Trustees, management and the entity's solicitors around actual and potential litigation and claims Reviewing correspondence wtth relevant legal authorities Reviewing legal expense accounts for any indicators of litigations All audit team members were made aware of the applicable laws and regulations, as well as potential fraud risks during the planning stsge of the audit and this was discussed at the audit team planning meeting. It was therefore detemiined that team members all had the relevant awareness and competence to idenlify any instances of non- compliance or fraud. A further description of our responsibilities is available on the Finanaal Reporting Council's website at.. https'.11 www.frc.org.uklauditorsresponsibilities. This description fomis part of our auditovs report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapler 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 fullesl exlent permitted by law, we do not accepl or assume responsibility lo anyone other than the charilable company and the chariiable company's 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 behalfof Ensors Chartered Accountants Connexions 159 Princes Street Ipswich IP1 1QJ 24 October 2025 12-
AMANA TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations Charilable activilies Training Literature sales cOnferenS and events as restated as restated as restated 769,769 3.783,059 4.552,828 289,166 2.127.791 2.416.957 284,955 87,899 284,955 87,899 241,067 90,500 241,067 90,500 99,878 99,878 101,687 101,687 Other trading activities Inlerest income 110,377 33,285 26,294 136,671 33.285 76,276 12,272 25,049 101,325 12.272 Total income 905,560 2.154,085 3.059,645 1.291,571 3,808,108 5,099,679 Expendilure on- Charitable activities Training Literature sales Conferences and events Radio broadcast 548,363 295,620 535,080 1.083,443 399,279 694,899 526,120 239,631 598,408 1,124,528 425,517 665,148 271,815 59,815 905,222 1.177,037 278,775 338,590 208,240 45,804 922,049 1.130,289 297,416 343,220 Total charitable expenditure 1.175,613 2.118,356 3.293,969 1.019,795 2,243,390 3,263,185 Other expenditure 11 (7,621) (7,621) (1,220) (7,500) (8,720) Total expenditure 1.167,992 2.118,356 3.286,348 1.018,575 2,235,890 3,254,465 Net incomel{expenditure) (262,432) 35,729 (226,703) 272,996 1,572,218 1,845,214 Transfers between funds 81,940 {81,940) 131,334 (131,334) Other recognised gains and losses: Other gainsl{losses} {16,255) {16,255) 5,999 5,999 Net movement in funds (1,747) (46.211) (242,958) 404,330 1,446,883 1,851,213 Reconciliation of funds: Fund balances at 1 January 2024 10.648,334 7.888,356 18.536,690 10,244,004 6,441,473 16.685,477 Fund balances at 31 December 2024 10,451,587 7,842,145 18,293,732 10,648,334 7,888,356 18,536,690 13-
AMANA TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 The stalement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 14-
AMANA TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 as restated Notes Fixed assets Tangible assets Investments 13 14 16,005,282 15,819,134 16.005,283 15.819,135 Current assets Stocks Debtors Cash at bank and in hand 16 17 79.199 224,871 2.281.321 74.919 415,267 2.677.423 2.585.391 3.167.609 Creditors: amounts falling due within one year 18 (296.942) 1450.0541 Net current assets 2.288,449 2,717,555 Total assets less current liabilities 18.293,732 18,536,690 The funds of the Charity Restricted income funds Unrestricted funds 7.842,145 10,451,587 7,888,356 10,648,334 21 18,293,732 18,536,690 The notes on pages 17 to 33 form part of these finanual ststements. The financial statements were approved by the trustee on 21 October 2025 Mr J H Davis Trustee Company registration number 04366897 (England and Wales) 15-
AMANA TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 as restated Notes Cash flows from operating activities Cash generated from operations 26 35,659 2.065,239 Investing activilies Purchase of tangible fixed assets Proceeds from disposal of langible fixed assets Inveslment income received (489.623) {848,0961 14.396 33.285 12.272 Net cash used in investing activities (441.942) {835.824) Financing activities Purchase of derivatives Payment of finance leases obligations 16.256 {6,0751 (5.9991 {11,7451 Net cash generated froml(used in) financing activities 10,181 {17,744) Net Idecreasellincrease in cash and cash equivalents (396,102) 1,211,671 Cash and cash equivalents at beginning of year 2.677,423 1,465,752 Cash and cash equivalents at end of year 2,281,321 2,677,423 16-
AMANA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity infonnation 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 1 PB. 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. 1.1 Basis of preparation and Replacement statement The financial statements have been prepared in accordance wtth the Charity's governing document, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Ihe Charities SORP "Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" The Charity is a Public Benefit Entity as defined by FRS 102. The financial statements are ppared in sterling. which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. During the year, certain comparative figures have been restated to improve consistency and accuracy in presentalion and classification. The reslatement has not resulted in any change lo the Charity's lotal funds or net incomelexpenditure previousty reported. It has been made solely to improve the clarity and comparability of financial information. The Charity has taken advantage of the exemptions available from producing consolidated financial slatemenls on the basis that it onty has one subsidiary, which is a domanl entty. Consequently, the preparation of consolidated financial statements is not deemed necessary to present a true and fair view of the group in Ihe period lo, and at 31 December 2024. Statement of Replacement These amended financial statements repla the original accounts filed for the year ended 31 Dember 2024, which contained a disclosure error. These amended financial statements have been filed to correct a disclosure error in Ihe originally submitted accounts, which incorrectly stated that the charitable company had claimed audit exemption under section 477 of the Companies Act 2006. The accounts were in fact audited, and the original inclusion of the exemption statement was made in error. 1.2 Going concern Al the lime of approving the financial statements. the trustee have a reasonable expectation that the Charity has adequate resources to continue in operational existen for the foreseeable future. Thus the trustee continue to adopt the going concem basis of accounting in preparing the financial slatements. 1.3 Charitable funds Unreslricled funds are available for use al the discretion of the trustee in furtherance of their charilable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the noles lo the financial statemenls. 17-
AMANA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.4 Income All incoming resources are included in the stalemenl of ffinancial activities when Ihe Charity has enlillemenl lo the funds, rtaInty of reipt and the amount can be measured with sufficient reliability- Incoming resources, excepl for donation income, are derived from the provision of goodslsetwices, and stated after trade discounts, other sales taxes and are net of VAT. Income from Christian training and events undertaken by Ihe Charity is included in incoming resources in the period in which the relevant activity takes pla. Income from sales of literature is recognised when goods are dispatched to customers. Inlerest 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. 1.5 Expenditure 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 wf(h the use of the resources. Expendilure is classified under the following activty headings= Expenditure on charitable activities includes the costs associated with the activities undertaken to fijrther the purposes of the Charity and their associated support costs. Other expendilure represents those ttems not falling into any other category. Support costs are Ihose costs incurred in support of expenditure on Ihe objects of the Charity and include overhead costs relating to functions carried out at Bower House. Govemance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements. Support costs and Govemance costs have been allocated on the basis of cost drtvers specific to each cosl. The cost driver used was the number of staff members required to support a specific charitable activity as set out in the Charities organogram. 1.6 Tangible fixed assets All assets costing more than £5,000 are capilalised. 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 al cost less deprecialion and any accumulated impaimenl 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 estimaled residual value. over their expected useful lives on the following bases.. Freehold land and buildings Fixtures and fittings offi equipment Motor vehicles 2Yo Straight line 20 % straighl line 20¥0 125 % straight line 25 % straight line The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in the slatement of financial activities. 1.7 Fixed asset investrnents Unlisled investments are held at cost as an approximation to fair value where the fair value is not easily obtainable. 18-
AMANA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.8 Impaimient of fixed assets Al each reporting dale fixed assets are reviewed to detemiine whether there is any indication Ihal those assets have suffered an impaimient loss. If there is an indication of possible impaimient, the recoverable amount of any affected asset is estimated and compared with ils carying amounl. If estimated recoverable amount is lower, the carrying amount is dUCed to its estimated recoverable amounl, and an impaimient loss is recognised immediately in profit or loss. 1.9 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. The cosl of stocks includes the cost of purchases and other costs incurred in bringing the stocks to their present location and condition. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribulion. 1.10 Cash and Cash equivalents Cash and cash equivalents indude cash in hand, deposits held at call with banks, other short-temi liquid inveslments with original malurities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.11 Financial instruments The Charity has elected to appty the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Olher Financial Inslrumenls Issues. of FRS 102 to all of tls financial instruments. Finan81 inslrumenls are recognised in Ihe Charity's balance sheel when Ihe Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legalty enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or lo realise the assel and setue the liability simultaneously. Basic financial assets Basic financial assets, which indude debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequentty carried at amortised cost using the effective interest method unless the arrangemenl constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities. induding creditors and bank loans are initialty recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of Ihe future payments discounted at a market rate of interesl. Financial liabiltties classified as payable wiihin one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in Ihe ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, Ihey are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 19-
AMANA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.12 Derivatives Derivatives designated as hedging instruments in an effective hedge are carried on the balance sheet al fair value. The treatment of gains and losses arising from revaluation are recognised within other recognised gains and losses, except rf Ihe hedging instrumenl expires or is sold, temiinated or exercised wilhout replacement or rollover, or rf 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 slatement of financial aclivity. If the.forecast transaction is no longer expected lo occur, amounls previously recognised within other recognised gains and losses will be immediately reclassified to the statement of financial activity. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each porting date. The resulting gain or loss is recognised in nel incomellexpenditure) immediatety unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition depends on the nature of the hedge relationship. A derivative with a posiiive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. 1.13 Employee benefits The cost of any unused holiday ente[ent is recognised in the period in which the employee's services are received. Temiination benefits are recognised immediatety as an expense when the Charity is demonstrabty committed to teminate Ihe employment of an employee or to provide temination beneffts. 1.14 Retirement benefits Employees are automaticalty 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 Trusl makes a 3/0 conlribution to the pension scheme. The employels contribution is charged lo the Statement of Financial Activities in the period in which the salary to which the pension relates is due. 1.15 Leases Leases are dassified as finance leases whenever the temis of the lease Iransfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operaling leases. Assels held under finance leases are CogniSed as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capilal and interest elements. The interest is charged to net incomel{expenditurel for the year so as to produce a constant periodic rate of interest on the remaining balance of the liability. 1.16 Foreign exchange Monelary assels and liabilities denominated in foreign currenaes 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. -20-
AMANA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Critical accounting estimates and judgements In Ihe application of the Charity's accounting policies, the trustee are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilttie5 that are nol readily apparent from other sources. The estimates and associated assumptions are based on historical experien and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donations Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Totsl 2024 2023 Donations and gifts 289,166 2.127,791 2.416,957 769,769 3,783,059 4,552,828 Donations and gifts General fund Servant support fund Radio contribulions fund Construction fund Romanian RCV translation fund 289,166 289.166 1.461,574 199,359 465,023 769,769 769,769 1,344,012 1,344,012 101,692 101,692 2,335,212 2,335,212 1.461,574 199,359 465,023 1,835 1,835 2,143 2,143 289,166 2.127,791 2.416,957 769,769 3,783,059 4.552,828 Income from other trading activities Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Rentsl income Other income 96,933 13,444 96,933 39,738 61,970 14,306 61,970 39,355 26,294 25,049 Other trading activities 110,377 26,294 136,671 76,276 25,049 101,325 21
AMANA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from interest income Unrestricted Unrestricted funds funds 2024 2023 Interesl receivable 33,285 12,272 I the Charity's investment income of £33.285 (2023.. £12,272) arises from money held in interest bearing deposil accounts. Expenditure on charitsble activities Training LiteratureConferen¢es Radio sales and events broadcast 2024 2024 2024 Totsl 2024 2024 Direct costs Staff costs Depreciation and impaimenl Other direct costs 137.198 148,673 73.687 142,420 66,072 59,462 564,443 57,816 43,994 64,561 16,518 134,295 908,622 289,079 311,438 359.558 267,954 666,253 215,374 1.509,139 Share of support and governance costs (see note 71 Support 699,605 Governance 24.280 413,070 13,875 500,378 10,406 119,747 3,469 1,732,800 52,030 1.083.443 694,899 1.177,037 338,590 3.293,969 Analysis by fund Unrestricted funds Restricled funds 548.363 535.080 295,620 399,279 271,815 905,222 59,815 1,175,613 278,775 2,118,356 1.083.H3 694,899 1,177,037 338,590 3,293,969 -22-
AMANA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on charitable activities (Continued) Previous year: Training Literatureconferences Radio sales and events broadcast 2023 2023 2023 Total 2023 2023 as restated Direct costs Staff costs Depreciation and impaimient Other direct costs 130.345 135,812 158.021 123,278 60,028 57,246 477,807 52,712 56,746 69,231 15,007 133,092 800,661 263,559 405,105 424.178 240,552 587,265 217,330 1,469,325 Share of support and governance costs (see note 7) Support 678.418 Governance 21.932 412,C63 12,533 533,625 9,399 122,757 3,133 1,746,863 46,997 1.124.528 665,148 1.130,289 343,220 3,263,185 Analysis by fund Unrestricted funds Restricled funds 526.120 598.408 239,631 425,517 208,240 922,049 45,804 1,019,795 297,416 2,243,390 1.124.528 665,148 1,130,289 343,220 3,263,185 -23-
AMANA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support Costs allocated to a¢tivities 2024 2023 as restated Staff costs utilities Insurance Maintenance and repairs Gifts and donations given Motor expenses Office and IT supplies Communications and subscriptions Other costs Governance costs 824.026 177,383 110.014 254,520 55.771 58,164 46.843 61,422 144,657 52,030 987,063 156,739 95,003 240,374 50,875 57,916 36,898 72,733 49,262 46,997 1,784,830 1,793,860 Analysed between: Training Literature sales Conferences and events Radio broadcast 723,885 426,945 510,784 123,216 700,350 424,596 543,024 125,890 1,784,830 1,793,860 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl{crediting)= Fees payable to the charity's auditor.. - for the audit of the charity's financial statements for olher financial services Depreciation of owned tangible fixed assets 13.680 9,445 289.079 12,700 8,815 263,559 Trustee One trustee has been provided with onsite accommodation when they are in the UK to support the delivery of Ihe Charity's activities. This has been disclosed in Note 25. -24-
AMANA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Employees The average monthly number of employees during the yearwas.. 2024 Number 2023 Number Office staff Staff engaged in charitable activities 19 49 17 Total 68 73 Employment costs 2024 2023 Wages and salaries Social security costs other pension costs 1,571,209 131,250 30,189 1,624,064 133,203 30,457 1,732,648 1,787,724 There were no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel The key management of the Chartty are the trustees who play an active role in the day-to-day management of the Charity- No Iruslee received payment for professional or other services provided to the Chartty (2023.. £nil). 11 Other expenditure Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Totsl 2024 2023 Profft or Ilossl on disposal of tangible assets (7,621) (7,621) {1,220) 17,500) 18,720) 12 Taxation The charity is exempt from taxation on its activtlies because all its income is applied for charitable purposes. -25-
AMANA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Tangible fixed assets Fyeehold land Assets under Flxiures and and bulldlngs constructlon ffttlngs Office equlpment Motor vehlcles Total Cost Al 1 January 2024 Additions Disposals Transfer 16,280,176 192.781 703,099 220.248 349,849 17.358 (14,085) 28,516 433,195 17,794,835 59,236 489,623 142,435) {56,520) 22.607 (22.6071 At 31 December 2024 16,495.564 900.740 353.122 28.516 449,996 18.227,938 Depreciation and impaimient At 1 January 2024 Deprecialion charged in the year Eliminated in respect of disposals 1,353.294 274,152 28,516 319,739 1,975,701 223.674 24,097 41,308 289,079 114.0851 128,0391 {42,124) At 31 December 2024 1,576.968 284.164 28.516 333,008 2.222,656 Carrying amount Al 31 December 2024 14,918,596 900,740 68,958 116,988 16,005,282 At 31 December 2023 14,926,882 703,099 75,697 113,456 15,819,134 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 propety is land of £5.229.448 {2023.' £5.229.448). which is not depreciated. 14 Fixed asset investrnents Unlisted investments Cost or valuation At 1 January 2024 & 31 December 2024 Carrying amount At 31 December 2024 At 31 December 2023 -26-
AMANA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Financial instruments 2024 2023 Carrying amount of financial assets Instruments measured at fair value through profft or loss 5,999 Carrying amount of financial liabilities Measured at fair value through profit or loss Other finanual liabilities 10,257 16 Stocks 2024 2023 Finished goods and goods for resale 79.199 74,919 Stock recognised in cost of sales during the year as an expense was £44,128 (2023.. £50,290). 17 Debtors 2024 2023 as restated Amounts falling due within one year: Trade debtors Derivative financial instruments Other debtors Prepayments and accrued income 47.342 57,217 5,999 65,417 210,084 80.662 96,867 224,871 338,717 2024 2023 as restated Amounts falling due after more than one year: Other debtors 76,550 Total debtors 224,871 415,267 -27-
AMANA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Creditors: amounts falling due within one year 2024 2023 as restated Notes Obligations under finan leases Derivative financial instruments Trade creditors Other creditors Accruals and deferred income 6,075 10,257 111.010 50,152 125.523 152,354 179,329 112,296 296.942 450,054 19 Retirement benefit schemes 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 30.189 30,457 The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately frorn those of the Chartty in an independently administered fund. 20 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on Irusl subject to specrfic conditions by donors as to how they may be used. At 1 January 2024 Incoming resources Resources expended Transfers Gains and losses At31 December 2024 Construction fund Servant support fund Radio contributions fund Romanian recovery fund 7,874,523 465,023 (530,803) {79,296) 7,729,447 4,968 1,487,868 {1,453,2151 (16,558) 23,063 199,359 (134.2951 13,914 78,978 8,865 1,835 (43) 10,657 7,888,356 2,154,085 {2,118,356) {81,940) 7,842,145 -28-
AMANA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Restricted funds (Continued) Previous year: At 1 January 2023 Incorning resources Resources expended Transfers Gains and losses At31 December 2023 Construction fund Servant support fund Radio conlributions fund Romanian recovery fund 6.415.745 2.360,261 (744.7481 (162.734) 5.999 7,874.523 18,969 1,344,012 (1,358,013) 4,968 101,692 (133.0921 31,400 6.759 2,143 (371 8,865 6,441.473 3.808,108 (2.235.890) (131,334) 5.999 7,888,356 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 cosls incurred in starting to translate the Recovery version of the New Testament into Romanian. The transfer of funds from restricted to general funds relates to overheads allocation. 21 Unrestricted funds The unrestricted fiJnds of the charity comprise the unexpended balances of donations and grants which are not subjecl to specific conditions by donors and grantors as lo how Ihey may be used. These include designated funds which have been set aside out of unrestricted fijnds by the trustees for specific purposes. At 1 January 2024 Incoming resources Resources expended Transfers Gains and losses At31 December 2024 General fund Designated fund - Managed Designated fund - Woodland Camp 10.133.220 905,560 (1.155.131) 60,725 (16.2551 9,928,119 (12.8611 21,000 8,139 515,114 215 515,329 10,648.334 905,560 (1.167.992) 81,940 (16,2551 10,451,587 -29-
AMANA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Unrestricted funds (Continued) Previous year: At 1 January 2023 Incorning resources Resources expended Transfers Gains and losses At31 December 2023 General fund Designated fund - Managed Designated fund - Woodland Camp Designated fund - Construction 9.880.191 1,291,571 (995.3401 (43,202) 10,133,220 (23.2351 23,235 515,114 515,114 363.813 (363,813) 10.244.004 1,291,571 (1.018.575) 131,334 10,648,334 The general fund represents 'free reserrfes. afler allowing for all designated funds. The designated fund represents rentsl 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 transfer of funds from restricted to general funds relates to overheads allocation. The transfer of funds from general to designated funds relates to funds which were designated to cover maintenance costs related to Amana Trust managed properties. 22 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 December 2024: Tangible assets Investments Currenl assetsllliabilities) 9.429,510 6.575.772 16,005,282 1.022,077 1.266.372 2,288,449 10,451,587 7,842,145 18,293,732 -30-
AMANA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Analysis of net assets between funds (Continued) Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 December 2023: Tangible assels Investments Current assetsllliabililies) 9,453,856 6,365,278 15,819,134 1,194,478 1,523,077 2,717,555 10,648,334 7,888,356 18,536,690 23 Operating lease commitments Lessee Al the reporting end date the Charity had outstsnding commttments forfuture minimum lease payments under non-cancellable operating leases. which fall due as follows.. 2024 2023 Within one year Between and five years 4,001 9.780 4,001 13,881 13.781 17,882 24 Events after the reporting date Capital Acquisition Subsequent lo Ihe year*nd, the charity acquired a freehold propety for a lotal consideration of £1.375 million. As this transaction occurred afler the reporting date and does not relate to conditions existing at that date, it has not been reflected in the financial statements. The Trustees consider this to be a non-adjusting evenl afler the reporting period. Planned Capitsl Project Following the year-end. the charity commenced planning for a significant capttal project with an estimated total cost of £15 million. At the date of approval of these financial statements, no contractual commitments have been entered into. Accordingly, this is also considered a non-adjusting evenl afler the reporting period. 31
AMANA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 25 Related party transactions The Charity has employed three famity members of a Trustee during the period (2023: employed Iwo family members) Their remuneration totalled £66,428 12023.. £31.6381 and is considered to be a market rate for seNices provided. During the year, one trustee was provided with onsite accommodation when they are in the UK to support the delivery of Ihe charity's aclivities. In relum, the Iruslee has provided the Charity with the pemanenl use of their UK flat. The trustees of the Charity are also trustees or directors of organisations Ihat 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 posilion of inlluence in both parties to the transactions concerned at the time they were entered into. Mr Joseph H Davis and Mr Curtis Kennard are Irustees of the Charity and are also Iruslees of Living Stream Ministry in the USA. As at 31 December 2024. related party balances with Living Stream Ministry comprised a £5,609 Irading balance owed lo Ihe Charity {2023= £6,400 owed by the Charity). During the year, Amana Trust paid £30,400 {2023= £24,000) to Living Stream Minislry, which related to Ihe purchase of publications for resale in the Charity's bookshop and reiVed £152,800 {2023'. £45,500), which was received as support for employees of Amana Trust who translate and typeset Living Stream Minisiry 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 £107,20012023= £905.000) from the Church in Houston, of which £Nil was restricted for use on the UK building project, and £96.100 was restricted for use as support for Christian workers employed by Amana Trusl. Mr Dennis Szubert is a Iruslee of the Charity and is also a trustee of the Church in London. As al 31 Dember 2024, related party balances with the Church of London comprised of a £14,810 trading balance owed to the Charity (2023.. £15,400)- During the year. Amana Trust reiVed £82,900, which was received for office rental space, trainee tuition, events and meals (2023.. £78,200). No gifts were paid to the Church in London (2023.. £1,800). Mr Dennis Szubert is a trustee of the Charity and is also a trustee of Rhema Trust. During the year, Amana Trust received £240 (2023.. £240). 26 Cash generated from operations 2024 2023 IDeficit)Isurplus for the year (226,7031 1,845,214 Adjustments for: Investment income recognised in staternent of finanual activities Foreign exchange differences Depreciation and impaimient of tangible fixed assets (33.2851 {16,2551 289.079 {12,272) 5,999 263,559 Movements in working Capital: Ilncrease}Idecrease in stocks Decreasellincreasel in debtors IDecrease)lincrease in creditors {4,2801 184,397 (157,2941 1,223 {76,473) 37,989 Cash generated from operations 35,659 2,065,239 -32-
AMANA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 27 Analysis of changes in net funds At 1 January 2024 Cash flows At 31 December 2024 Cash at bank and in hand 2.677,423 {396.1021 2.281,321 Obligations under finance leases Derivatives relating to debt (6,075) 5,999 6,075 (5.9991 2.677,347 1396.0261 2.281,321 -33-