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2022-03-31-accounts

REGISTERED COMPANY NUMBER: 05346522 (England and Wales) REGISTERED CHARITY NUMBER: 1112203

Trustees' Report and

Unaudited Financial Statements for the Year Ended 31 March 2022

for

New World Mission Association UK (A Company Limited by Guarantee)

Garside and Co. Limited Suite 631, Linen Hall 162-168 Regent Street London W1B 5TG

New World Mission Association UK

Contents of the Financial Statements for the Year Ended 31 March 2022

Page
Reference and Administrative Details 1
Trustees' Report 2 to 8
Independent Examiner's Report 9
Statement of Financial Activities 10
Balance Sheet 11 to 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15 to 25
Detailed Statement of Financial Activities 26 to 27

New World Mission Association UK Reference and Administrative Details for the Year Ended 31 March 2022

TRUSTEES J I Bedoya Martinez D Ravelo N Miguel A Vinasco A Torres COMPANY SECRETARY D Lopez REGISTERED OFFICE 78 Southwark Bridge Road London SE1 0AS REGISTERED COMPANY 05346522 (England and Wales) NUMBER

REGISTERED CHARITY NUMBER 1112203

INDEPENDENT EXAMINER Garside and Co. Limited Suite 631, Linen Hall 162-168 Regent Street London W1B 5TG

Page 1

New World Mission Association UK

Trustees' Report for the Year Ended 31 March 2022

The Trustees present their annual report together with the independent examiner report of the financial statements for the year 1 April 2021 to 31 March 2022.

Since the charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

The charity also trades under the name NEWMA.

Page 2

New World Mission Association UK

Trustees' Report for the Year Ended 31 March 2022

OBJECTIVES AND ACTIVITIES

Policies and objectives

The Trustees confirm that when reviewing the Charity's aims, and planning the objectives and activities, they have had due regard to the Charity Commission's guidance on public benefit and in particular the supplementary guidance regarding the advancement of religion.

The objectives of the Charity are set out in its governing document and can be summarised as:

Our current principal aims are to be:

Objectives for 2021/2022

In essence, our goals for 2021/2022 is a continuation of the goals of the previous year, namely:

• To Develop stronger devotional foundation through times of prayer and fasting; and programme of Bible reading for Church members

Strategies for achieving objectives

The strategies for achieving the aims and objectives are those set out in the home small groups vision developed by many churches around the world with many hundreds of thousands of members. Inspired by the remarkable growth and quality of this vision, New World Mission Association has adopted the small groups vision. The strategy is based on Christ's example of training disciples who would in turn make further disciples and is a four-step process:

• WIN new believers through personal friendship as well as through invitations to learn of the Christian message in public services and in smaller group meetings;

Activities for achieving objectives

The Charity runs local activities as well as activities further afield in partnership with other organisations:

Page 3

New World Mission Association UK

Trustees' Report for the Year Ended 31 March 2022

OBJECTIVES AND ACTIVITIES LOCAL CHURCH ACTIVITIES

Sunday Services

We have 5 services in 4 locations, we are one church with many campuses, we have our: Pimlico Campus on Lupus Street (Pimlico Academy) this campus holds 2 bilingual services (Spanish and English); Hoxton Campus at 14 Penn Street, English-Speaking Campus; Newham Campus (The Parish of all saints Church); Hampton Road and Holloway Campus (House on the Rock). Each campus has children's program and translation into English or Spanish simultaneously on stage.

Community Groups/ C Groups

Our small groups are known as cells, as the Bible refers to the church as a body of believers and the cell is the basic component of the body. Small groups "cells" are open to Christians and non-Christians alike to learn about the teachings of Jesus. There are cells for all ages: children, youth and adults. We also run discipleship cell groups which consist of up to 12 church members who are committed to support and encourage each other in their Christian lives.

Retreats

Encounter weekends, pre-Encounter and post-Encounter courses are run for anyone who has decided to join the church. They form the core of our 'consolidation' strategy, enabling people to have a real encounter with God, to ensure they have a clear understanding of the Christian message, be set free from past hurts and learn how the church operates and how to find their place within it.

Leadership training and World link Mission School

The 'School of disciples' is run to provide a thorough grounding in the teachings of the Bible and train Christians to run their own small groups. Classes are once a week and the school last a minimum of a year. This is a core part of the 'Disciple' strategy. In addition we run the 'World link Mission School' for those who want to advance their studies, this is also training for those that are preparing for the pastoral ministry, and those who are opening new churches within our network within London and internationally.

Baptism services

CCL yearly hold baptism services, these are for new members who have made a decision to be a disciple of Jesus Christ, we hold the baptism service at different venues (Baptist church's).

Media

We have a small media team that is composed of staff and volunteers, they help through social media and church web page update and inform all that the Church is doing across the campuses we also put the Sunday sermons online for those who can't attend Sunday service. We have also started CHURCH ONLINE, a Christian live streaming service by social media, Facebook and YouTube

.

Evangelism on the Streets

Leaders of the church program a weekend once every month about 45 leaders and members go to help the poor and marginalised by giving food and clothing and connect them with organisation that can help them to find accommodation and counsel.

Seminars and conferences

CCL church will invite guest speakers throughout the year to build up the congregation with seminars and conferences, these will be held at different times of the year and will focus on helping build up the men's network, women's network and youth and children's network. CCL will cover the costs for the speakers for these seminars and conferences.

Churches and Missions

The Church provides pastoral oversight to churches in Spain, Ecuador, Columbia and Peru, we work closely on the development and activities of those churches and missions. The Charity also sends delegates to participate and speak in these churches and missions.

Page 4

New World Mission Association UK

Trustees' Report for the Year Ended 31 March 2022

OBJECTIVES AND ACTIVITIES

Ecuador

We continue to hold a building for our church in Quito, Ecuador. However, for the sake of prudence we have deemed it inappropriate to have the value of this building showing in the accounts until legal ownership is fully secured. The legal costs for the year associated with the ongoing process of securing ownership constitute the bulk of the legal and professional fees stated in the accounts.

Volunteers

All the charity's activities are facilitated in some respect by dedicated volunteers, several hundred of whom give their time to assist in some way - for example fulfilling a role in our Sunday service, annual conference, assisting in the church office or working with children or youth.

Public benefit

The Trustees have considered the Charity Commissioners' Guidance on Public Benefit and, in particular, the specific guidance on Charities for Advancement of Religion and is satisfied that the activities of New World Mission Association UK fall within such guidance.

ACHIEVEMENT AND PERFORMANCE

The following is a summary of our achievements for the year ending 31/03/2022.

School of disciples

The school of disciples now has an average of 50 students every trimester - an improvement on last year.

Media

We have improved our website and continue to stream the Sunday service in one of our campus online. Now that we gather physically we continue to upload the Sunday messages through sound cloud so that the members and new people can have access to the messages.

May of the home groups still meet weekly online through the zoom platform. We are working in improving our social media presence every week and are planning to take it to the next level as we understand the importance of this (see Future Plans below.

MISSIONS

We have a Church in Ecuador and also 5 churches in Spain. The Churches do different activities such as weekly meetings and retreats and the annual conference this is to help the growth of the Church.

We have opened two wells in Nigeria this year and plan to open more wells in the future.

Our Church in London

We have six campuses where we gather the Church every Sunday. We currently have approximately 800 members across the six campuses which means we maintained most of our members during the difficult times of Covid.

The Church also meets in small groups every week, we have about 120 Small groups.

Encounter retreats

CCL encounters are held at Outsource hotel during the year . We had a total of 5 encounters during the year

Total people baptised

During the year 60 people were baptised

Page 5

New World Mission Association UK

Trustees' Report

for the Year Ended 31 March 2022

FINANCIAL REVIEW

Financial summary

New World Mission Association UK (NEWMA UK) ended the year with a surplus on general funds of £2,766 (2021 £7,971 deficit ) the details of which can be seen in the annexed financial statements (and notes) for the period.

The Trustees are very thankful to all the members (and other stakeholders) for their continuous generosity which enables the Church to maintain it`s array of activities in these challenging times.

.

Reserves policy

The Board of Trustees has examined the Charity's requirements for reserves in light of the main risks to the organisation. Our current policy is to maintain at least three months of all expenses. Based on the total expenditure in 2022 this is in the region of £149,000.

At the end of 31/03/2022 the charity held free reserves of £194,127.

Going concern

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

FUTURE PLANS

We are working to relaunch the 2021 Church vision as we now seeing the momentum of new and regular members. This means we need to double down on communicating and clarifying the vision of our church.

We are looking for new premises where we can also hold Church services as well as do other activities like hold departmental meeting, worship rehearsals and building our worship and media ministries.

Therefore, we intend to launch a fundraising campaign to buy an appropriate building . The campaign may include establishing a new building fund and selling the Ecuador building.

Another strategic objective is to further strengthen the media department to, not only to better promote our church and it`s mission in the UK and abroad, but also to promote specific local community training and internship programs. Such programs include initiatives like career development projects (e.g. job seeking, creating CVs and practicing job interviews) and educating families on how to navigate online safely.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Page 6

New World Mission Association UK

Trustees' Report for the Year Ended 31 March 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

New World Mission Association is a non-denominational church based in London UK. The Charity is governed by the trustees and registered with the Charity Commission: Charity Number 1112203.

New World Mission Association UK is registered also as company, Company Number: 5346522.

The Charity was incorporated on 28th January 2005 and is governed by a Memorandum and Articles of Association. The Association was registered with the Charity Commission on the 22nd November 2005 in accordance with the Charities Act. New World Mission Association is a charitable trust and is run by a board of Trustees.

Our Objectives to advance the Christian Faith and education in Churches established and maintained by the Charity, to teach an prepare missionaries, to organise community and social work, to relieve for those in need, hardship, distress or poverty within the United Kingdom and throughout the World.

Method of appointment or election of Trustees

Trustees may be appointed by a formal memorandum of spiritual leaders of the Church. Trustees must be a member of the church and accept the doctrine of the Church. Trustees are appointed in accordance with the provisions of the Articles of the Charity and with reference to the Association's Governance Policy.

Policies adopted for the induction and training of Trustees

The Trustees are required to read the Charity Commission guidance "the effective Trustee" and encouraged to read their other publications.

Pay policy for senior staff

The charity has considered its policy for setting the pay and remuneration of the charity's key management personnel. This is based on past experience and levels set by similar organisations. The trustees together with the minister are working on a new policy for ministers and church leaders.

Organisational structure and decision making

The strategic decisions of the charity are taken by the Board of Trustees. The Board of Trustees operate collectively with the Executive Management and Directors, to consider specific subjects and make recommendations to the Board.

Spiritual leaders

The Spiritual leaders of the church compromise the Senior Pastor together with a team of twelve men and twelve women who oversee the pastoral care of church members, the programme of Christian teaching and provide spiritual direction to the church.

The trustees recognise that the spiritual leaders are the spiritual authority of the church. The spiritual leaders recognise that the Trustees are the custodians and administrators of the trust funds. The trustees have the responsibility to administer the trust funds, which they will undertake in full recognition of the spiritual guidance provided by the church's spiritual leaders.

Having assessed the practical implications involved in fulfilling the spiritual direction given by the church's spiritual leaders, the trustees create and maintain:

Page 7

New World Mission Association UK

Trustees' Report for the Year Ended 31 March 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk Management

The trustees have recognised the importance of assessing and managing risk associated with Charity's objectives. The process of identifying risk is ongoing and has been an essential part of the management for some years. The Trustees are implementing systems to ensure identification, management and documentation of foreseeable risks.

Governance risks

Trustees may require more time to have in-depth reviews the charity. Planning ahead for the year with the Trustees at all the meetings reduces risk.

Operational risks

Inadequate staff being employed could lead to mistakes being made. This risk is migrated by sending those that are working for the charity to training sessions and seminars to be better equipped.

Financial risks

Donations could decrease leaving the Charity short of funds. The Trustees try to create new ways for people to give to the Charity, online or by post or standing order forms.

External Risks

Changes in Government policy or the economy fluctuating could have an adverse effect on the Charity. The Charity can keep beneficiaries informed how these changes can effect them. The Charity can look at ways to prepare for these changes.

Directors of the charity will have "Going concern and liquidity risk: Guidance for Directors of UK Companies 2009" from the Financial Reporting Council. Directors and Trustees' will have discussions earlier in the year to help minimise any risks to the charity before the reporting period.

Compliance with Laws and Regulations

Not having sufficient information when starting new projects in the Charity could lead to non-compliance. The Charity needs to always look at new ways to help and give to beneficiaries in the community (and further out), but there must be legal advice taken before a new project is taken onboard.

We are continually reviewing and making sure all donations are reported, main offerings are collected on Sunday and kept secure on Monday morning and banked on the same day. All our cell groups that collect offerings also have reports that are given at the Church offices of all that has been collected weekly.

Safeguarding Policy

Our safeguarding policy is aimed at protecting vulnerable children or adults from abuse and neglect in all circumstances. This includes all procedures designed to prevent harm, also refers to the process of protecting children and adults - by providing safe and effective care. All our employees and volunteers work under the guidance and according the Safeguarding prevention government policies and under the The Disclosure and Barring Service (DBS) checks.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

..........................................................................

D Ravelo - Trustee

Page 8

Independent Examiner's Report to the Trustees of New World Mission Association UK

Independent examiner's report to the trustees of New World Mission Association UK ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England and Wales which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Gareth Owen Hughes ACA Institute of Chartered Accountants in England and Wales Garside and Co. Limited Suite 631, Linen Hall 162-168 Regent Street London W1B 5TG

Date: .............................................

Page 9

New World Mission Association UK

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2022

Notes
INCOME FROM
Donations and legacies
2
Charitable activities
World Link Ministry
Nets, Group and Encounters
Church Activities
Investment income
3
Other income
Total
EXPENDITURE ON
Raising funds
Raising donations and legacies
5
Charitable activities
6
Church Activities
Support costs
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
553,891
-
-
616
17
42,489
597,013
4,920
4,920
425,731
163,596
594,247
2,766
1,027,929
1,030,695		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-
-
1,291
1,291		 31.3.22
Total
funds
£
553,891
-
-
616
17
42,489
597,013
4,920
4,920
425,731
163,596
594,247
2,766
1,029,220
1,031,986		 31.3.21
Total
funds
£
305,484
1,005
765
-
190
141,368
448,812
11,568
11,568
296,552
148,663
456,783
(7,971)
1,037,191
1,029,220

The notes form part of these financial statements

Page 10

New World Mission Association UK

Balance Sheet 31 March 2022

Notes
FIXED ASSETS
Tangible assets
13
CURRENT ASSETS
Debtors: amounts falling due within one year
14
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
16
NET ASSETS
FUNDS
18
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
fund
£
836,567
65,652
193,159
258,811
(29,262)
229,549
1,066,116
(35,421)
1,030,695		 Restricted
fund
£
-
-
1,291
1,291
-
1,291
1,291
-
1,291		 31.3.22
Total
funds
£
836,567
65,652
194,450
260,102
(29,262)
230,840
1,067,407
(35,421)
1,031,986
1,030,695
1,291
1,031,986		 31.3.21
Total
funds
£
850,145
51,387
204,820
256,207
(27,132)
229,075
1,079,220
(50,000)
1,029,220
1,027,929
1,291
1,029,220

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 11

New World Mission Association UK

Balance Sheet - continued 31 March 2022

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

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

............................................. D Ravelo - Trustee

The notes form part of these financial statements

Page 12

New World Mission Association UK

Cash Flow Statement for the Year Ended 31 March 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Loan repayments in year
New loans during the year
Others-Gift Aid Recovered
Net cash provided by financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 31.3.22
£
(27,466)
(27,466)
(7,138)
-
(7,138)
3,315
-
20,919
24,234
(10,370)
204,820
194,450		 31.3.21
£
25,576
25,576
(882,709)
692,768
(189,941)
-
50,000
40,155
90,155
(74,210)
279,030
204,820

The notes form part of these financial statements

Page 13

New World Mission Association UK

Notes to the Cash Flow Statement for the Year Ended 31 March 2022

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
31.3.22 31.3.21
£ £
Net income/(expenditure) for the reporting period (as per the Statement
of Financial Activities) 2,766 (7,971)
Adjustments for:
Depreciation charges 20,716 40,119
Increase in debtors (46,106) (658)
Decrease in creditors (4,842) (5,914)
Net cash (used in)/provided by operations (27,466) 25,576
  1. ANALYSIS OF CHANGES IN NET FUNDS
At 1.4.21 Cash flow At 31.3.22
£ £ £
Net cash
Cash at bank and in hand 204,820 (10,370) 194,450
204,820 (10,370) 194,450
Debt
Debts falling due within 1 year (3,675) (6,972) (10,647)
Debts falling due after 1 year (50,000) 14,579 (35,421)
(53,675) 7,607 (46,068)
Total 151,145 (2,763) 148,382

The notes form part of these financial statements

Page 14

New World Mission Association UK

Notes to the Financial Statements for the Year Ended 31 March 2022

1. ACCOUNTING POLICIES

Basis of preparing the 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 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006

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

Legal status

The charitable company is a company limited by guarantee. The members of the charitable company are the Trustees named on page 1. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £10 per member of the charitable company.

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 is set out in the notes to the financial statements.

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

Going concern

The trustees consider there are no material uncertainties about the charity's ability to continue as a going concern. The review of our financial position, reserve levels and future plans gives Trustees confidence the Charity remains a going concern for the foreseeable future.

Income

All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donated services or facilities are recognised when the charitable company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charitable company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charitable company which is the amount the charitable company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

continued...

Page 15

New World Mission Association UK

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

1. ACCOUNTING POLICIES - continued

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.

Support costs are those costs incurred directly in support of expenditure on the objects of the charitable company. Governance costs are those incurred in connection with administration of the charitable company and compliance with constitutional and statutory requirements.

All resources expended are inclusive of irrecoverable VAT.

Tangible fixed assets and depreciation

All assets costing more than £125 are capitalised.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property 2% straight line Office equipment 25% reducing balance

Operating leases

Rentals under operating leases are charged to the Statement of financial activities incorporating income and expenditure account on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

Taxation

The charity is exempt from corporation tax on its charitable activities.

.

Interest receivable

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

Debtors

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

Cash at Bank and in hand

continued...

Page 16

New World Mission Association UK

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

1. ACCOUNTING POLICIES - continued

.

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

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience 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 and assumptions 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 amounts of assets and liabilities within the next financial year are discussed in the accounting policies above.

Financial instruments

The charity only has financial assets and financial liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2. DONATIONS AND LEGACIES

31.3.22 31.3.21
Unrestricted
funds		 Restricted
funds		 Total funds Total funds
£ £ £ £
Tithes & offerings 493,315 - 493,31 295,484
Gift aid 54,731 - 54,731 -
Grants from Council 5,845 - 5,845 10,000
Total 553,891 - 553,891 305,484

In 2021, of the total income from donations and legacies, £305,484 was to unrestricted funds and £NIL was to restricted funds

continued...

Page 17

New World Mission Association UK

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

3. INVESTMENT INCOME

31.3.22 31.3.21
Unrestricted
funds		 Restricted
funds		 Total funds Total funds
£ £ £ £
Bank interest received 17 - 17 190
Total 17 - 17 190

In 2021, of the total investment income, £190 was to unrestricted funds and £NIL was to restricted funds.

4. INCOME FROM CHARITABLE ACTIVITIES

31.3.22 31.3.21
Unrestricted
funds		 Restricted
funds		 Total funds Total funds
£ £ £ £
World Link Ministry 616 - 616 1,005
Nets, Groups and Encounters - - - 765
Total 616 - 616 1.770

In 2021, of the total income from charitable activities, £1,770 was to unrestricted funds and £NIL was to restricted funds

5. RAISING DONATIONS AND LEGACIES

RAISING DONATIONS AND LEGACIES
31.3.22 31.3.21
£ £
Marketing & Publicity 4,920 11,568

6. CHARITABLE ACTIVITIES COSTS

Church Activities
Support costs		 Direct
Costs (see
note 7)
£
425,731
-
425,731		 Support
costs (see
note 8)
£
-
163,596
163,596		 Totals
£
425,731
163,596
589,327

continued...

Page 18

New World Mission Association UK

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

7. DIRECT COSTS OF CHARITABLE ACTIVITIES

Ministerial Expenses
Missionaries including overseas
Worldlink - School of Ministry
Worship & Depts - Rents
Encounters
Ministers salaries
Administrative salaries
Staff welfare
Volunteers and misc expenses
Worship & Depts - Gen. Exps
Bournemouth Hostel expenses
8.
SUPPORT COSTS
Support costs
Support costs, included in the above, are as follows:
Support costs
Rent and rates
Light and heat
Insurance
Telephone, fax and internet
Postage, printing and stationery
Administrative expenses
Travel and subsistence
Bank interest and charges
Depreciation
General repairs and renewals
Covid Related Support Expenses		 31.3.22
£
13,077
12,855
26,387
81,672
16,637
138,299
109,981
188
503
26,132
-
425,731
Support
Governance
costs
costs
£
£
121,560
42,036
31.3.22
Support
costs
£
36,769
3,199
6,775
3,141
2,826
14,809
-
6,536
20,717
14,788
12,000
121,560		 31.3.21
£
1,836
3,574
1,731
37,014
14
112,741
105,046
2,868
10,770
1,909
20,958
298,461
Totals
£
163,596
31.3.21
Total
activities
£
9,904
4,357
7,516
5,016
3,487
5,878
699
3,377
40,119
7,969
27,208
115,530

continued...

Page 19

New World Mission Association UK

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

8. SUPPORT COSTS - continued Governance costs

SUPPORT COSTS - continued
Governance costs
31.3.22 31.3.21
Support Total
costs activities
£ £
Independent examiner fees 7,200 6,000
Legal & Professional fees 26,188 25,224
Strategy and development 8,648 -
42,036 31,224
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
31.3.22 31.3.21
£ £
Depreciation - owned assets 20,716 40,119
Independent examiner fees 7,200 6,000

9. NET INCOME/(EXPENDITURE)

10. TRUSTEES' REMUNERATION AND BENEFITS

Trustees' remuneration are disclosed in note 17.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021 .

11. STAFF COSTS

Employee costs 31.3.21 31.3.20
£ £
Wages and salaries 206,819 213,820
Employer's NI 10,968 11,315
Total 217,787 225,135
The average monthly number of employees during the year was as follows:
31.3.22
Ministers
5
Administration
7
Finance
3
15		 31.3.21
7
5
3
15

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

continued...

Page 20

New World Mission Association UK

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

11. STAFF COSTS - continued

The key management personnel of the charity comprise the trustees and directors along with the Pastors and Head of Finance. The total employee benefits of the key management personnel of the Trust were £142,351 (2021: £120,000).

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

31.3.21 31.3.20
Unrestricted
funds		 Restricted
funds		 Total funds Total funds
£ £ £ £
INCOME FROM
Donations and legacies 305,484 - 305,484 613,832
Charitable activities 1,770 - 1,770 57,796
Investment income 190 - 190 1,012
Other income-Govt Furlough
Grant		 141,368 - 141,368 -
Total Income 448,812 - 448,812 672,640
EXPENDITURE ON
Charitable activities 456,783 - 456,783 620,511
Total expenditure 456,783 - 456,783 620,511
NET
INCOME/(EXPENDITURE)		 (7,971) - (7,971) 52,129
Transfers between funds 194,998 (194,998) - -
Net movement in funds 187,027 (194,998) (7,971) 52,129
RECONCILIATION OF
FUNDS
Total funds brought forward 840,902 196,289 1,037,191 985,062
TOTAL FUNDS CARRIED
FORWARD		 1,027,929 1,291 1,029,220 1,037,191

continued...

Page 21

New World Mission Association UK

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

13. TANGIBLE FIXED ASSETS

COST
At 1 April 2021
Additions
At 31 March 2022
DEPRECIATION
At 1 April 2021
Charge for year
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 Freehold
property
£
1,199,416
-
1,199,416
354,382
17,654
372,036
827,380
845,034		 Office
equipment
£
77,207
7,138
84,345
72,096
3,062
75,158
9,187
5,111		 Totals
£
1,276,623
7,138
1,283,761
426,478
20,716
447,194
836,567
850,145

Included in Freehold Property is the charity`s administrative premises (Southwark Bridge Road ) and a building held ( full ownership subject legal completion) by the charity in Ecuador.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£ £
Other debtors - 19,546
Gift Aid Recoverable 65,652 31,841
65,652 51,387
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£ £
Bank loans and overdrafts (see note 17) 10,647 -
Other loans (see note 17) - 3,675
Trade creditors - 2,880
Social security and other taxes 3,104 4,937
Pension payable 735 -
Credit Card 3,176 -
Wages control account - 640
Accrued expenses 11,600 15,000
29,262 27,132

continued...

Page 22

New World Mission Association UK

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

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

Bank loans
17.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Other loans
Amounts falling between one and two years:
Bank loans - 1-2 years
Amounts falling due between two and five years:
Bank loans - 2-5 years
18.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Restricted
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS		 31.3.22 31.3.21
£ £
35,421 50,000
At 1.4.21
£
1,027,929
1,291
1,029,220
Incoming
resources
£
597,013
597,013		 31.3.22
£
10,647
-
10,647
10,647
24,774
Net
movement
in funds
£
2,766
-
2,766
Resources
expended
£
(594,247)
(594,247)		 31.3.21
£
-
3,675
3,675
-
50,000
At
31.3.22
£
1,030,695
1,291
1,031,986
Movement
in funds
£
2,766
2,766

continued...

Page 23

New World Mission Association UK

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

18. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement
At 1.4.20
in funds
£
£
Unrestricted funds
General fund
840,902
(7,971)
Restricted funds
Restricted
196,289
-
TOTAL FUNDS
1,037,191
(7,971)
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
448,812
TOTAL FUNDS
448,812
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement
At 1.4.20
in funds
£
£
Unrestricted funds
General fund
840,902
(5,205)
Restricted funds
Restricted
196,289
-
TOTAL FUNDS
1,037,191
(5,205)		 Transfers
between
funds
£
194,998
(194,998)
-
Resources
expended
£
(456,783)
(456,783)
Transfers
between
funds
£
194,998
(194,998)
-		 At
31.3.21
£
1,027,929
1,291
1,029,220
Movement
in funds
£
(7,971)
(7,971)
At
31.3.22
£
1,030,695
1,291
1,031,986

continued...

Page 24

New World Mission Association UK

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

18. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 1,045,825 (1,051,030) (5,205)
TOTAL FUNDS 1,045,825 (1,051,030) (5,205)

The purpose of the restricted fund is to ensure that the funding is spent on specific projects designated by the funder.

The Pro Building fund has been raised to help with the purchase of a building to hold the Sunday services and also to continue the Charity's other activities. The total cost of an appropriate building is estimated to be between £1-2 million. The funds received in the year have been placed on deposit until such a time when there is sufficient funds to undertake the purchase.

19. RELATED PARTY TRANSACTIONS

During the year, two Trustees and one Director received remuneration of £39,689.76 (2021: two Trustees and one director amounting to £32,668), for their work performed towards the charity's objectives.

Two close family members of the Trustees received remuneration of £14,169 (2021: £57,641) for their work performed towards the charity's objectives.

20. ULTIMATE CONTROLLING PARTY

The charity is under the control of its Trustees.

Page 25

New World Mission Association UK

Detailed Statement of Financial Activities for the Year Ended 31 March 2022

Detailed Statement of Financial Activities
for the Year Ended 31 March 2022
31.3.22 31.3.21
£ £
INCOME
Donations and legacies
Tithes & offerings 493,315 295,484
Gift aid 54,731 -
Grants from Council 5,845 10,000
553,891 305,484
Investment income
Bank interest received 17 190
Charitable activities
World Link Ministry 616 1,005
Nets, Groups and Encounters - 765
616 1,770
Other income
Government Furlough Grant 42,489 141,368
Total incoming resources 597,013 448,812
EXPENDITURE
Raising donations and legacies
Marketing & Publicity 4,920 11,568
Charitable activities
Ministerial Expenses 13,077 1,836
Missionaries including overseas 12,855 3,574
Worldlink - School of Ministry 26,387 1,731
Worship & Depts - Rents 81,672 37,014
Encounters 16,637 14
Ministers salaries 138,299 112,741
Administrative salaries 109,981 105,046
Staff welfare 188 2,868
Volunteers and misc expenses 503 10,770
Worship & Depts - Gen. Exps 26,132 1,909
Bournemouth Hostel expenses - 20,958
425,731 298,461
Support costs
Support costs
Rent and rates 36,769 9,904
Carried forward 36,769 9,904

This page does not form part of the statutory financial statements

Page 26

New World Mission Association UK

Detailed Statement of Financial Activities for the Year Ended 31 March 2022

Detailed Statement of Financial Activities
for the Year Ended 31 March 2022
31.3.22 31.3.21
£ £
Support costs
Brought forward 36,769 9,904
Light and heat 3,199 4,357
Insurance 6,775 7,516
Telephone, fax and internet 3,141 5,016
Postage, printing and stationery 2,826 3,487
Administrative expenses 14,809 5,878
Travel and subsistence - 699
Bank interest and charges 6,536 3,377
Depreciation 20,717 40,119
General repairs and renewals 14,788 7,969
Covid Related Support Expenses 12,000 27,208
121,560 115,530
Governance costs
Independent examiner fees 7,200 6,000
Legal & Professional fees 26,188 25,224
Strategy and development 8,648 -
42,036 31,224
Total resources expended 594,247 456,783
Net income/(expenditure) 2,766 (7,971)

This page does not form part of the statutory financial statements

Page 27