REGISTERED COMPANY NUMBER.. 05346522 (England and Wale5) REGISTERED CHARITY NUMBER: 1112203 Trustees, Report and Un*udlted FlnanCft Statements for the Year Ended 31 Mar¢h 2024 for NEW WORLD MISSION ASSOCIATION UK (A COMPANY LIMITED BY GU2I1L41YTEE} Garside and Co. Limited Suits 631, Linen Hall 162-168 Regent Street London WIB 5TG
NEW WORLD MISSIOIY ASSOCIATION UK Contenls of the Fingnelal Ststements FOR THE YEAR ENDED 31 MARCH 2024 Page Referene¢ and AdmlntstrAtive Details Trustees, Report Independent ExAminer's Report Statement of Fin8ndal ACtItieS 10 Balance Sheet 11 to 12 Cash Flow Ststement 13 Notes to the Cash Flow Ststement 14 Notes to the Flnanclal Statements 15 to 24 Deled Statement of Finlnclal AtthtieS 25 10 26
NEW WORLD MISSION ASSOCIATION UK Rcferenc¢ Administrative Details FOR THE YEAR EM)ED 31 MARCH 2024 TRUSTEES J l Bedoya Martinez D Ravelo N Miguel A To¢5 COMPANY SECRETARY REGISTERED OFFICE 13 Penn Street London NI 5DJ REGISTERED COMPANY NUMBER 05346522 (England and Wales) REGISTERED CHARtTY NUMBER 1112203 INDEPENDEIYT EXAMILYER Garside and Co. Limited Suite 631, Linen Hall 162-168 R¢gent Street IJ)ndon WIB 5TG Page I
NEW WORLD MISSION ASSOCJATION iIK Tru$tee$' Report FOR THE YEAR ENDED 31 MARCH 2024 The Trnstees pr¢sent their annual report together with the indyJKlent examiner report of the financial sthtements for the year l April 2023 to 31 March 2024. Since the charity qualifies as small under section 383, the strategic ryort required of medium and laTge ¢ompanies uThder The Companies Act 2006 (Strategic Report and Dire¢toffs Report) Regulations 2013 is not required. The charity also trades under the name NEWMA. ORIECTIVES AYJ D ACTJVITtES Policies and objective5 The I'rnstees confjnn that when reviewing Ihe Charity's aims. and planning the objectives and activities. they have had thie regard to the Charity Commi55ion's guidance on public benefit and in particular the supplcrnentary guid2thce regarding the advancement of religion. The objectives of the Charity are set out in its govcrning documenl and can be summarised as: . The advancement of the Christian Faith. - Relief for those in need, hardship or distress. and . The advancement of education on the basis of Christian principles Our ¢utrent prin¢ipal aims are to be.. . A Mission Church: to communicate the love of Cknist both locally and globally . A Model Church: lo continue to develop a multi-racial, multi-age community tkni demonstrates the Kingdom of God a5 taught in the new testament . A multipli110n Church.. to gear for on-going growth in the UK and overse&s . A Media Chuh. to eativelY use all modern meihods of cornmunication ObJe¢tlves for 202312024 In essence, our goals for 202312024 is a continuation of the goals of the previous year, namely.- To D¢v¢lop stroThger devotional foundation through limes of prayer and fasting. and progran)me of Bibl¢ readtng for Church members . To develop stronger leadership foundations . To develop grealer pastoral care tbrough the network of small groups that the ¢hurth ha8 . To develop our provision of cornfort and support for the bereaved, hurting and marginalised . To conlinuc thc dcvelvpment of ow ministries to the young and 01 and married and singlc . To support the development of family lift both within the church and in local com]nunities . For Sunday atlendance and ¢hurch attendanee through small groups grow and extend, Creating more Swiday Service • Community desire to continue serving the local communities Slrategies for achieiTrng objectiv¢g Thc shatcgics for achicvillg the aims and objeclives are those set out in the home small groups vision dcvcloped 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 cxamplc of ttaining 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" . CONSOLIDATE (affinn in th¢ f'th) new Chn'stians - nurturing them in their faith and supporting them with care and . DISCIPLE (or train) believers in the Christian Life through small 'discipleship' groups and tbe 'school of leadeTS' and . SEND (or launch} Christians into leadership - Teproducing what they have experienced Activities for achieving objectives The Charity runs lo¢al activities as well as activities further afield in paTtnership with other organisations.. Page 2
NEW WORLD MISSION ASSOCIATION UK Trustees, Report FOR THE YEAR ENDED 31 NL4RCH 2024 OBJECTIVES AND ACTIVITIES LOCAL CHURCH AcfiviTIES Sunday Seryices We havt 6 s¢rvices in 6 locations, we are one church with many Campuses, we have our. Pimlico Campus on Lupus Street. Pirnlico Academy. SWIV 3AT, this campus holds bilingual service (Spanish and English). Central Campus at Angel Vue Cinem4 Screen 6, 36 Parkfiel Stre¢¢ Nl OPS, English Speaking Campus, moved to 13 Penn Stre, Nl 5DJ since 7th January 2024. Stratford Campus, London Academy of Excellence, 322 High StreeL E15 IAJ. this campus holds bilingual service {Spanish and English). Manor House Campus, Skinners Academyj Woodbeny Grove, N4 1 SY, this campw holth bilingual service (Spanish and English) Elephant And Casde Campus. Southbank Academy, Trafalgar Stree¢ SE17 2TP. this campus holds bilingual seice (Spanish and English): Bem]ondsey Campus, City of London Academy, Lynlon Road, SEI SLA, this campus holds bilingual service (Spanish and Engltsh)" Each campus has children's program and translation inio English or Spanisb simultaneously on stage. Community Groupsl C Groups Our small groups are known as cells, as the Bible ref¢rs to the church as a l)ody of believers and the cell is the basic omponent of the body. Small groups 'cells" are open to Chrislians and nonQhristians alike to learn about the teachings of Jesus. There are cells for all ages: children. youth and adults. We also nm discipleship c¢ll groups which consist of up to 12 church members who are committed to support and encourage each other in their Clstian lives. Retreats Encounter weekends, pr¢-Encounter and post-Encounter courses are for anyone who has dlded to join the church. They fonn the core of our 'ronsolidation' strategy, enabling people to hav¢ a real encounter with God, to ¢nsur¢ 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. Le&idersblp trainlng and World link Mission School The 'School of disciples, is Tull lo provide a thorough grounding in the thingS of the Bible and train C]]ristians to run their own small groups. Cl&ss¢s are once a weck and the school lasl a minimum of a year. This is a core part of the 'Disciple' strategy. In addition we the 'World link Mission School, for those who want lo advance their sthdies, this is also training for those that are preparing for the pasl¢)rdl ministy, and those who are opening new churches within our nenyork within London and inl¢rnationally. Baptism services C.CL yearly hold baplism seryi¢es, these ar¢ for new Membe who have made a decision to be a disciple of Jesus Chris¢ we hold the baptism service at different venues IBapiiSi ¢hur¢h's). Media We have & small media team that is composed of staff and volunteers, they help througb soci81 media and church web pag¢ updat¢ and infonn all that the Church is doing across the ¢ampuses we also put the Sunday semiotts online for those who canl attend Sunday service. We have also improving CHURCH ONLfNE. a Christian live streaming service by social medii Facebook and YouTube. Evangelism on the Streets Leaders of the church program a weekend once every month about 60 leaders and member5 go to help the poor and marginalised by giving food and clothing and Connect them with organisation that can help them to find a¢¢on]modation and counsel. Page 3
NEW WORLD MISSION ASSOCIATION UK Trnst¢es' Report FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Seminars and conferen¢¢s 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 thc men's network. women's network and youth and children's network. CCL will coveT thg Costs for th¢ sp¢akers for these seminars and conferen¢es. Churehes and Missions The Church provides pastoral oversight to churches in Spain, Ecuador, ColumbTa and PeN, we work closely on Ihe development and a¢tivitie8 of those churches and mi&sions. The Charlty also sends delegates to participate and speak in these churches and missions. Etuador We continue to hold a building for our church in Quito, Eeuador. However, lor the sake of pthce we have deemed il illAppropriat¢ to have the value of this buddin¥ showing in the accounts until legal owncrship is fully s¢cured. The legal Costs for the year associated with the ongoing process of securing ownership are included in the Governan¢e costs in the accounts. Page 4
NEW WORLD MISSION ASSOCIATION UK Trustees, Report FOR THE YEAR EIYDED 31 MARCH 21124 ORIECTIVES AND ACTIVITIES Volunteers All the charitys activities are facilitated in some Tespecl by d¢dicat¢d volunteers, several hundred of whom give their time to assist in some way - for example fulfilling a role in our Sunday SVice, annual conference, assisting in the church office or working with children or youth. Public benefit The TTUStees have considered the Charity Commissioners, Guidance on Public Benefit anl in particular. tbe 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 ihe year ending 3110312024 School of disciples The school of disciples now ha5 an average of100 students every trimester- an improvement on last Y. Media We have improved our website and continue to stream the Sunday servi¢¢ in four of our camp8 online. Now that we gather physically we continue to upload the Sunday messages through souJ)d 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 plaiforni. We arc working in improving our so¢ial media presence every week and are planning to take il to th¢ n¢xl level as we understand the importance of this (see Future Plans below. Mlsslons We have a Church in Ecuador and also 5 churches in Spain. The Churches do different activitie5 such as weekly meetings and retreats and the annual conference this is to help the growth of the Church. We have op¢n¢d two wells in Niguia this year and plan io open more wells in the future. Our Church fill LoDdon We have six campuses where we gath¢r the Chur¢h 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 irt small groups every week, we have about 100 Small groups. Encounter retreats CCL encounters are held at Outsource hotel duTing the year. We had a total of10 encounters during the year. Totsl people b2ptfi$ed During the year 100 people were baptis Page 5
NEW WORLD MISSION ASSOCIATION UK Trustees, Report FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Financial summary New World Mlssion Association UK (NEWMA UK) ended the year a defi¢it on general funds of 64,958.00 (2023: £142,385 deficil ) Ihe details of which can be seen in the annexed financial statements (and notes) for the period. The Trustees are very thankful to all th¢ Members (and other stakeholders) for iheir continuous generosity which enables the ChuTeh to maintain it's array of activities in thes¢ Challenging times. The Trusl¢es acknowlge the deficit for the fmancial year and deem it was not unexwted due the expenditure incurred implementing the expansion of it's mission. For example, during the year the charity secured hvo more locations for it's operations 61 Greai Dover Street, London, SEA 4YF (since 26 October 2023) alld 13 Penn StreeL London, Nl 5DJ {sin¢¢ 15 December 2023). The trnstees are confideni that ihe relurns from these new locations. along with planned cost effeiciency measures, will improve the financial results of tUre financial riodS. Reserves po]l¢y The Board of Trustees has examined the Cbarity's requiremenls for reserv¢5 in light of the main risks to the organisation. Our current policy is lo aim to maintain at least three months of all expenses. Based on the total expendilur¢ in 202312024 this is in the region of £252,086 (2023- £164,793). At the end of 3110312024 the charity held free cash reseTves of £17,471 (2023: £67,224). The Charity's main asset is freehold building which is largely unencumbered and could be utilis¢d to pmvide addilion liquidity if required. Notivithstanding ihis we are focused on building up cash reserves going fonvard. Going eon¢ern After making appropriate enquiries, the trustees have a reasonable expectation that Ihe charity has adequate resources to ontinue in operational existenee for the foreseeable future. For this reason they continue to adopt the going eoncem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis Can be found in the Accounting Policies. We are working to relaunch the 2022 chUh vision as we now seeing the momentum of new and regular members. This means we need to doubl¢ down on communicating and clarifyig th¢ vision of our ¢hur¢h. We are looking for new premises where we can also hold Church services as well as do other activities like hold departmentsl meeting, worship reheaT5als and building our worship and media ministties. Therefore. we intend to launch a fimdraising campaign to buy an appropriate builthng. Th¢ campaign may include eslablishing a new building fund and selling the Ecuador building. Anotber strategic objective is to further strengthen the media department to, not only to bett¢1 promote our church and it's mission in the and abroa4 but also lo promote Sp]riC local community training and internship programs. Such programs include initiatives like ¢areer development projects (e.g. job seeking. creating Cvs and practicing job interviews) and educating farnilies on how to navigate online safely. STRUCTURE, COVERNANCE AND MANAGEMENr Governlng document The chaTity is Controll by its governing documen( 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 21124 STRUCTURE, GOVERNANCE AND MANAGEMENT Comstitution New World Mission Association is a non-denominationaI church based in London UK. The Charity is governed by the trustees and registered wtth the Charity Commisston: Charity Number 1112203. New World Mission Association UK is registered also as company. Company Nutnbcr.. 5346522. The Charity was incorporated on 28th January 2005 and is governed by a Memorandum and Articlcs of Association. The Association was registered with the Charity Commission on the 22nd Novcmbcr 2005 in accordance with th¢ Charities Act. New World Mission Association is a charitable trust and is run by a board of Trustecs. Our Objectives to advance the Christian Faiih and education in Churches established and maintained by th¢ Charity, to teach an prepe missionaries, to organis¢ 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 electlon of Truste¢6 TTUStees may be appointed by a fornial memoTandurn of spiritual leaders of the Church. Trustees must be a member of thc church and accept the doctrlne of the Church. Twstees are appointed iti ac¢ordan¢e with the piovisions of the Articles of the Charity and with referen¢¢ to the Association's Governance Policy. Policies adopted for Ihe indu¢tion and training of Trustees The Tst¢eS are required to read the Charity Commission guidance "the effective Trnstee" and en¢ouraged to read their other publications. Pay polficy for senlor staff The chlty 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 ITUStces together with the minisler aT¢ working on a new policy for ministers and church leaders. OrganisatRonal strueture and decision making The strdlegi¢ decisions of the ¢harity are taken by the"Board of Tnjstees. The Board of Trustccs operate collectively with the Executive Management and Directors, to consider specific subjects and make recommendations to the Board. Spiritual Icaders The Spiritual Icadcrs of thc church Lumwornise the Senior Paslor logether with a tearn of twelve men and twelve women who oversee the pastoral care of church members. the prOamMe of Christian teaching and provide spiritual direction lo the church. The thlstees recognise that thc spiritual IcaikTS are the spirilual auihority of the church. The spiritual leadcTS recognise Ihat the TNstees are the custodians and administrators of the tn1 fids. The trustees have thc responsibility to administer tbe tnt funds, which they will undertake in full recolt10n of tbe SPiTitual guidance provided by the churth's spiritual l¢aders. Havin8 assessed the practical implications involved in fulfilling the spiritual direction given by the Ghurch's spiritual leaders, th¢ trustees ¢r¢at¢ and maintain: • Accounting stcttIreS . Policy ststements . Reporting Structures . Working practices Page 7
NEW WORLD MISSION ASSOCIATION UK Trustees, Report FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Rjsk Management Thc trustees havc 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 managemenl for some years. The Tn]sfe¢s are irnpl¢m¢nting systems to ensure identification, managcmcnt and documentalion of foresecablc risks. Governance risks Trnstees may require more time to havc in-depih reviews the charity. Planning ahead for the year with the Trustees at al thc mectings rcduccs risk. Operational risks Tnadequate staff being ¢mploy¢d ¢ould lead io mistakes being madc. This risk is migratrd by sending those that aTe working for the charity to training sessions and sen)inars to be better equipped. Financial risks Donations could de¢r¢as¢ leaving the Charity short of funds. The Tn¢¢¢$ ty to create new ways for people to giv¢ to the Charity. online or by post or starjding older fornis. External Risks Changes in Government policy or the economy fluctuating could have an adverse effect on the Charity. The Charity can keep beneficiaries infom]ed how these changes can effecl them. The Charity can look at ways lo prepare for these changes. Directors of Éhc 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 tbe year to help minimise any risks to the charity before the reporting period. Compliance with Laws And Regulations Not having sufficient inforniation when starting new projects in the Charity could lead lo non-complian¢e. The Charity nccds to always look at new ways to help and give to bcncfiLiaries in the community (and further out}, but there must be legal advi¢¢ taken before a new projcct is taken onboard. We are continually reviewing and making SUTC all donations are rerted, main offering5 are collected on Sund&ly and kept secure OD Monday morning Imd banked on the same day. All our cell groups that collect offerings also have reports" that are given the Church offices of all that h&s bccn collecled weekly. Safeguarding Policy Our safeguarding policy is aimed at protecting vulnerable children or adults from abuse and neglect in all circuD]slances. This includcs all proccduTeS designed to prevent hann. also rcfcts to the process of protecting children and adults - by providiDg safe and effective care. All our employees and volunteers WO under the guidance and according the Safegung prevention government policies and under the The Disclosure and Barring Service (DBS) checks. Approved by Orderof the board of trustees on............................................. and signed on its behalf by.. av¢lo- Page 8
Independent Eiaminerls Report to the Trustees of New World Mfission Association UK Ind¢pendent ex*n)iner'$ report to the trustees o(New World Mission Association UK {'the Company) I report to the charity ttwtees on my examination of the accounts of the Company for the year ended 31 March 2024. Responslblllties and basis of report As th¢ charity's trustee8 of the Company (and also its ditorS for the putposes of company law) you ar¢ responsible for the preparation of the accounts in a¢¢ordan¢e with the requirements of the Companies Act 2006 (the 2006 Acl,). Having satisfied myself that Ihe accounts of the Company are not required to b¢ audited under Part 16 of ihe 2006 Act and are eligible foT independent examination, I report in respect of my examination of your charity's accounts as caTried out under Section 145 of the ChaTities Act 2011 ('Ihe 2011 A¢t'). In ¢atrying out my emInatiOn I have followed the Directions given by the Charity Commission under Section 145(5) (b) of ihe 2011 Act. Independent exAminer's statement Since your ChIty'S gross income exceeded £250,000 your examiner must be a member of a listed body. l Can confimi that l am qualified to undertake the examination becÉ)ube I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have ¢otnpleted tny examination. I confinn that no nwtters have come to my attention in connection witb the examination VIng me cause to believe: accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act. or the accounts do not ac¢ord with those records. or the accounts do not comply wilh the ac¢ounting requirements of S¢ction 396 of the 2006 A¢t other than any requir¢ment that the aOUnts give a In and fair view which is not a marter c<msidered as part of an independent examination. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Re¢ommend¢d Practice for accounting and reporting by charities (applicable to charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concems and have come across no other matter5 in ¢omie¢tion with the examination to which attention should be drawn in this report in order to enable h proper understsnding of the accounts lo b¢ reached. Gareth Owen Hughes ACA The Institute of Chartered AccounL2nts in England and Wales Garside and Co. Limited Suite 631. Linen Hall 162-168 R¢g¢nt Street London WIB 5TG Date: ............................................. Page 9
NEW WORLD MISSION ASSOCIATION UK Statement of FinanciaI Activities (Incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted fimd Restricted fid Not¢s INCOME FROM Donalions and legacies 687,099 687,099 609.963 Charitable aetivities Church Activities 3,310 3,310 9.854 Jnvestment income 893 893 Totsl 691,302 691,302 619.839 EXPENDTfuRE ON Raising funds Raising donations and l¢ga¢i¢s 5.368 5,368 4,591 5,368 5,368 4,591 Charitable activities Church Activities Support costs 625.751 123,850 1291 627,042 123,850 599,389 158.244 Total 754,969 1,291 756,260 762,224 NET INCOMEI(EXTENDITURE) (63.667) (1,291) (64,958) (142,385) RECONCILIATION OF FUNDS Tolal funds brought foTrvard 888,310 1,291 889,601 1,031,986 TOTAL FUNDS CARRIED FORWARD 824,643 824,643 889.601 The notes fonn part of these financial statements Page 10
NEWWORLD MISSION ASSOCIATION UK Balan¢e Sheet 31 MARCH 2024 31.3.24 Total fimds 31.3.23 Total fund5 Unrestricted fund ReslTiCted fund Notes FIXED ASSETS Tangible assets 13 807,174 807,174 821,086 CURRENT ASSETS Debtors: amounts falling due within one y Cash at bank and in hand 14 45,268 16,859 45,268 16.859 19,136 99.651 62,127 62.127 118.787 CREDrroRS Amounts falling due within one year 15 (28,695) (28,695) (24,458) IYET CURRENf ASSETS 33,432 33,432 94.329 TOTAL ASSETS LESS CURRENT LIABILITIES 840,606 840,606 915,415 CREDITORS Amounts falling due after more than one year 16 (15,963) (15,963) (25,814) NET ASSETS 824,643 824,643 889,601 FUNDS UnTestricled funds Restricted funds 18 824,643 888,310 1,291 TOTAL FUNDS 824,643 889,601 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required thc company to obtain an audit of its financial statements for the year cnded 31 March 2024 in accordance wilh Section 476 of the Companies Act 2006. The Itee5 acknowldge their Tesponsibilities for {a) ensuring that the charitsble company keeps accounling records that comply with Sections 386 and 387 of the Companies Act 2006 alld preparing financial statements which give a trne and fair view of the state of affairs of the chaTitsble company as at the end ol each financial y¢ar and of its surplus or deficit for each fmancial year in accordance with the requirements of Sections 394 and 395 and which othcrwisc comply the requirements of the Companies Act 2006 relating to financial statements. so far as applicable to the charitable company. (b) The notes forn) part of these financial statements Pagell continued...
NEW WORLD MISSION ASSOCIATION UK Bgl#nce Sheet- eontfinued 31 MARCH 2024 These financial statements have been prepared in accordance with the provisions applicable lo charilabl¢ companies subject to the small companies regime. The Imancial stat¢ments weTe approved by the Board of Trustees and authoriscd for issue . and weTe signed on its behalf by.. on D Ravelo - Trustee The notes fom) part of these financial statements Page 12
NEW WORLD MISSION ASSOCIATION UK Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2024 31.324 31.3.23 Notes Cash flows from operatlng a¢dtR¢S Cash generated from operations (55,720) (79,478) Net c&th used in operating activities (55,720) (79,478) C*$h flows from Invesdng acilvities Purchase of tangible fixed assets (17,222) {5,715) Net cash used in investing activities (17,222) (5.715) CAsh flows from financing activitie5 Loan TepayThents in yeaT 10.648 (20,498) 10,648 {20,254) Net cash used in financing activities (9,850) (9.606) Change in cish and cAsh equSvalents ID tbe reporting period Cash gnd eash equii'alent$ at the beginning of the reporting period (82,792) (94,799) 99,651 194,450 Cash and cash equivalents at the end of the reporting period 16.859 99,651 The notes fom] part of these fmancial statements Page 13
NEW WORLD MISSION ASSOCIATION UK Notes to the Casb Flow Statement FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET EXPENDJTURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.24 31.3.23 Net pendIture for thc rcporting period (as per the Ststement of Financial Actities) Adjustment5 for: Depreciation charges (Increase)Idecrease in debtors IncTeas£l(decrease) in ¢r¢ditors (64,958) (142.385) 31,134 (26,132) 4,236 21.195 46,516 {4,804) Net cash used in operations (55,720) {79,478) ANALYSIS OF CHM'GES IN NET FUNDS/O)EBT) At 1.4.23 Cash flow At31.3.24 Net cash Cash at bank and in hand 99,651 (82,792) 16,859 99,651 (82,792) 16.859 Debt Debts falling due within l year Debts falling due aftcr l ycar (10,647} (25,814) (i) 9,851 (10.648) (15.963) {36,461) 9,850 (26,611) Tot21 63,190 (72.942) {9,752) The notes forn part of these financial statements Page 14
NEW WORLD MISSION ASSOCIATION UK Notes to the Fin3n¢ial Statements FOR THE ITAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basts of preparlng the finaneial statements The financial slatements have been PTepared in accordance with Accounting and Reporting by Charities: Siaiemenl of ReConended Practice applicable to chariti&5 preparing their accounts in accordance with the Financial Reporting Standard applicablc in thc UK and Republic of Ireland (FRS 102) (effeetive l January 2019} (Charities SORP (FRS 102)), the Financial Reporting Standard applicablc in the UK and Repub]ic of Ireland (FRS 102) and the Companies Art 2006 New World Mission Association UK meets the definition of a public bcncfit cntity under FRS 102. A5Stts and liabilities are initially recognised at historical c05t or trallsaction value unless oihenvise slated in the relevant accounting policy. LLyal st2ths Thc ch<iTitable company is a company limited by guarantee. The members nf thc cbaritsble company a the TNstees named on page l. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 O per mcmbeT of the ¢haritable company. Fund accounting General funds are unrestticted funds which are availabl¢ for use at the discretion of the TnleeS in furtherance of the general objectives of th¢ charity and which have not been desiled for other purposes. R¢stTiCted fimds are funds which are to be used in a¢cordanc¢ with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of rnising and athninislering such funds are charged against the specific fund. The aim and use of each restricted fund 15 set out in the notes to the financial slatements. Invesiment inwrn¢* gains and losses are allocated to the appropriate fjJnd. Going eoneern The trustees consider there are no material uncertaintie5 about the ¢hariWs ability to continue as a going concern. The review of OUT financial position, reserve levels and tre plans gives Trustees confidence the Charity rematns a going concern for the foreseeable future. Ineome All income is reco)1$¢d once the charitable company hgs entitlement to the income. it is probable that the income will be received and th¢ amount of income receivable can be me&5ured Teliably. Donated services OT facilities are recognised when the charitable company has control over the item, any condilions associated with the donated item have been mel, the receipt ot eGonotnic benefit from the use of the charitablc CoMpY of the item is probable and that economic benefit can be measurcd reliably. In accoTdance with the Charities SORP (FRS 102), the general volunteer timc is not recognised. On receipt, donated Professional services and donated facilities are recognised on the basis of the value of the gift to thc charitablc company which is the anwunt the charitsble company would have been willillg to pay to obthin services or facilities of equivalent economic benefit on the open markcl. a corresponding Imiount is then recognised in expenditUTe in the peTiod of rcccipt. Expenditure Expcnditufe 15 reeognised once there is a legal or cOnStntive obligation to transfer ¢conomic benefil to a third paty. it is probable that a transfer of economic bencfits WAII be required in settlement and the amount of the obligation can be rncasured reliably. Expendilure is classified by activity. The costs of each activity aT¢ made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity. Direct sts attTibutable to a single activity arc allated directly to that activtty. Shared Costs which contribute lo more than on¢ activity and support COSTS which are not atiributabl¢ to a single activity are apportioned between those activities on a basis consistent with th¢ use of resources. Central stsff costs aTC allocated on th¢ basis of time spent, and depreciation charge5 allocaled on the portion of the asset's use. Page 15 continued...
NEW WORLD MISSION ASSOCIATION UK Notes to the FiDancial St&t¢ments- continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICtES - continued Expenditure Support cusls are ihose costs incurred directly in support of expenditure on the objects of the charitable company. Govemance costs are those incurred in connection with administration of the charitable company and compliance with constituttonal and staiutory requirements. All sourCeS expended are inclusivc of irecovernble VAT. Tangible fixed a5SCts and depreciation All assets costing morc than £125 are capitslised. A review for impairn)ent of a fixed asscl is caTried out if events or changes in circumstances indicate that the catrying value of any fixed asset may not be 0verable. ShortFall¥ between the carrying value of fixed assets nd their recoverable amounts arc rccognised as impairn)ents. Impainnent losses ar¢ recogryjiscd in the Statcmenl of financial aclivities incorporating income and expenditure account. Tangible fjxed assets are Caled at cost, net of dcpreciation and any provision for impairnient. Depreciation is provided at rates calculatcd to ThTit¢ off the cost of fixcd asscts. Icss their estimated residual valuc, over their exp¢¢ted useful lives on the following bases: Freehold property 20/0 straight line Office equipment 25Q/o reducing balance Operatlng leases R¢nlals under operating leases are charged io the Slatement of financial activities in¢OryK>rnting income and exEnditure account on a straight line basls over the lease lem]. Benefits received and re¢¢ivable 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 rdte. Taxatlon The eharity is exempt fron] cory)ordtion tax on its Charitable activities. Other aeeounting policies Interest receivable Interest on funds held on deposit i.q included when receivable and the amount can be meaSUTed reliably by the charity" this Is no]Inally upun notification of the inrest paid or payable by the Bank. Debtors Trade and other debtOTS are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prcpaid nct uf any trade discounts due. Cash at Bank and in hand CAsh at bank and in hand includcs cash and short tern) highly liquld invc5tmcnts with a short matyrity of ihree months or Icss from the date of acquisition or opcning of the deposit or similar account. Liabilities and provisions Liabilities are recognised when theTe 15 an obligation at the Balance sheet date as a result of a past evenL it is pmbable that a tralls'fcr of ¢conomic benefit will be requircd in settlement, and Ihe aniount of the scttl6menl can be estimated reliably. Liabilitics are rcL'ognised ai the amount that the cliarity anticipales it wryll pay to settle ihe debt or the amoullt il has received a5 advanced payments for the goo<L8 OT services it musl provid¢. Provisions are measured at th¢ best estimate of the amounts required to settle the obligation. Where the effeel of th¢ time value of money is material, the proNision is based on the present value of tbose amounts, dis¢ounted at the pre tax discount rate that reflts the risks specific to the liability. Th¢ unwinding of the discount is Te¢ognised within interest payable and similar charges. Page 16 continued...
NEW WORLD MISSION ASSOCIATION UK Notes to the Financial Statements- ¢ondnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - ¢onilnued Other actounting po]icie5 Criti¢AI ac¢ountlnE estinteS and areas of judgemeDt Estimates and judgements are continually cvalualcd and arc bascd on historical experiencc and other factors, including ¢xp¢clations of fvmre events that are believed to be reasonable under the circumstances. critic a¢¢ounting estlmates and assumptions The charity makes estimates and Assumptions ¢oncerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and as5umplions that have a significant risk of Gausing a material adjustment to the canying amounts of assets and liabilities wrythin the nexl financial year are discussed in the accounting policies abov¢. Finaneial Instruments The charity only has financial assets and financial liabilities that qualify as basic flIn¢la1 instruments. Basic financial instrnments are initially recognised at transaction value and subsequently measured at their settlement value. DONATIONS AND LEGACIES 31.3.24 31.3.23 Unrestricted Restricted funds Total fund5 Total fi]nds Tithes & offerings Gift aid Grants 645.284 41,815 645,284 41,815 565.507 38,524 7222 Totsl 687,(199 687,099 611,523 In 2023, of the total income from donations and legacies. £611,523 w&8 to unrestricted fund8 and £NIL was to r¢strid¢d funds INVESTMENT INCOME 31.3.24 31.3.23 Unreslricted nds Restricted fimds Total funds Total ndS Bank interest received 893 893 22 Total 893 893 22 In 2023, of the total investment income, £22 was to unrestricled thnds and £NIL was to restricted fLd$. Page 17 continued...
IYEW WORLD MISSIOIY ASSOCIATION UK Notes to the Financial Statements - eontlnued FOR THE TrTAR EIYDED 31 MARCH 2024 INCOME FROM CHARITABLE ACTIVITIES 31.3.24 31.3.23 Unrestricted funds Restricted funds Totsl fimds Total fvnds Nets, Groups and Encounters 3,310 3,310 9.863 Total 3.310 3,310 9,853 In 2023, of the totsl income from charitable activities, £9,853 was to unrestricted funds and £NIL was to restricted funds RAISING DONATtONS AND LEGACIES 31.3.24 31.3.23 Marketlng & Publicity 5,368 4,591 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 7) Support costs (see note 8) Totals Church Activities Support costs 627.042 627.042 123,850 123,850 627,042 123.850 750.892 DIRECT COSTS OF CHARITABLE ACTIVITILS 31.3.24 31.3.23 Ministerlal Expenses Missionaries including overseas Worship & Depts - Rents 11,442 15,620 209,735 34,259 169.232 98,352 1,636 86.766 12,324 13,177 184,338 25,330 169,059 116,437 8224 70,500 Ministers salaries Administrative salaTies Stsff training & welfare Wotship & Depts - Gen, Exps 627,042 599.389 Page 18 continued...
NEW WORLD MISSION ASSOCIATION UK Notss to the Financial Statements - conthbu FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSIB Support costs Governance Costs Totals Support Costs 87,565 36,285 123,850 sUprt cost& include41 in the above, are as follows: Support ¢osts 31.3.24 Support costs 31.3.23 Total activities Rent and rates Light and heat Jnsurance Telephone. fax and inlernet Postage. printing and stAtionery Administrative expenses Bank interest and charges Depreciation General repairs and renewals 5.846 3,583 7,156 3,729 4,224 22.526 4,858 31,134 4,509 3244 1,344 6,517 3.262 1,252 17,421 5.238 21,195 994 87,565 60,467 Governance costs 31.3.24 SLEPPOrt costs 31.3.23 Tolal activities Independent examiner f¢e5 Legal & Professional fees Strategy and development 7,200 20,544 8,541 7,200 68,060 22.517 36,285 97,777 NET JNCOMEI(EXPENDITURE) Net incomel(expenditure) is Stat after charging/(crediting}'. 31.3.24 31.3.23 Depreciation- owned assets Independent exarnincr fees 31,134 7,200 21,196 7,21M) Page 19 continued...
NEW WORLD IVllSSION ASSOCIATION UK Notes to the Financial Statements - tontinued FOR THE ITAR ENDED 31 MARCH 2024 io. TRUSTEES, REMUNERATION AND BENEFITS Trnstees, remuneration are disclosed in note I l. Trnstees, expenses There were no trlee5, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023, ii. STAFF COSTS Employee cosls 31.3.24 31.323 Wages and salaries Employerfs NI & Pension 263,204 16,642 266,673 18,823 Total 279,846 285,496 The averdge monthly number of employees during the year was as follows: 31.3.24 10 31.3.23 Ministers Athninistration Finance 16 17 No employee ttceived remuneration amounling to rnOTe than £60.(K)O in either year. Remuneration payable to trustees or connected persons 31.3.24 31.3.23 D Ravelo- for work as Pastor A Torres - for work as Head of Finance l Bedoya - for work as Pastor 11,060 29,831 16,309 14,903 17,363 16,125 Total 57,200 48,391 Key management personnel The key management personnel of the charity mprise the tnjstees and directors along with the Pastors tmd Head of Finance. The total elnployee benefits of the key maDagement persomiel of the organisation were £213,657 (2023: £188,657). Page 20 continued...
NEW WORLD MISSION ASSOCIATIOP4 UK Notes to the Financial Statements - continued FOR THE YEAR EIYDED 31 MARCH 2024 12. COMPAIL4TtVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 31.322 Totsl funds 31.3.21 Total funds Unrestricted funds Reslrl¢ted ds INCOME FROM Donations and lega¢ies Charitable activities Investment income Other income 553,891 616 17 42,489 553.891 616 17 42,489 305,484 1,700 190 141,368 Total Ineome 597.013 597.013 448.812 EXPENDITURE ON Charitable activities 594247 594.247 456.783 Total expendithre 594247 594,247 456,783 NET JNCOME/(EXPENDITURE) Ttynsfers belween funds 2,766 2,766 (7.971) Net movement in funds 2,766 2,766 (7,971) RECONCILIATIOY4 OF FUNDS Tolal funds brought ft)nvard 1,027,929 1,291 1.029220 ,037,191 TOTAL FUNDS CARIUED FORWARD 1,030,695 1.291 1,031,986 1,029.220 13. TANGIBLE FIXED ASSETS Freehold proi Office equipment Totsls COST At l April 2023 Addilions 1.199.416 90.060 17,222 1,289.476 17.222 Ai 31 March 2024 1,199,416 107,282 1,306,698 DEPRECIATIOIY AI l April 2023 Charge for year 389.691 23,988 78,699 7,146 468,390 31.134 At 31 March 2024 413,679 85.845 499,524 NET BOOK VALUE Ai 31 March 2024 785,737 21,437 807,174 Al 31 Mar¢h 2023 809,725 11,361 821,086 Included ITJ Freehold Property is the charity's administrative premises (Southwark Bridge Road ) and a building held { full own¢rship subject legal completion) by thc charity in Ecuador. Page 21 continued...
NEW WORLD MISSION ASSOCIATION UK Notes to the Finanelal Statements - condnued FOR THE YEAR ENDED 31 MARCH 2024 14. DEBTORS: AMouNfs FALLtNG DUE wfnllN ONE YEAR 31.3.24 31.3.23 Gift Aid Recoverable R¢T]t dcposits 12.309 32,959 19,136 45,268 19,136 15. CREDITORS: AMOUNTS FALLING DUE WITHIN OP4E YEAR 31.3.24 31.3.23 Bank loans and overdrafts (see note 17) Swial seGurity and other taxes Pension payabl¢ Credil Card Accru exP¢S 10,648 2,995 885 3,367 10,800 10,647 3,342 777 2.492 7,200 28.695 24,458 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.24 31.3.23 Bank loans 15,693 25.814 17. LOANS An analysis of the malurity of loans is given below: 31.3.24 31.3.23 Amounts falling due within one year l)n demand: Bank loans 10.648 10,647 Amounts falling belween one and two years.. Bank loans - 1-2 years 10,648 10.647 Amounts falling due between two and five years: Bank loans- 2-5 years 5,315 15,167 Page 22 continued...
NEW WORLD IVItSSlON ASSOCIATION UK Iyotrs to the Financial Statements - continued FOR THE ITAR ENDED 31 MARCH 2024 18. MOVEMEKf IN FUNDS N¢t movement ijj funds At 31.3.24 At 1.4.23 Unrestri¢ted fumds General fimd 888,310 {63,667) 824,643 R¢stri¢t¢d funds Restricted 1.291 (1,291) TOTAL FUNDS 889.601 (64,958) 824.643 Net movemeT]t in fimds, included in the above are as follows: Incoming resources Resources expLnded Movernenl in fimds Unrestricted fund5 General fimd 691.302 (754,969} (63.667) Restricted funds Restrlcted {1,291) (1,291) TOTAL FUNDS 691,302 (756.260) (64,958) Comparatii'es for movement in funds Net movement in fidS At 31.3.23 At 1.4.22 Unrestricted funds General fund 1,030,695 (142.385) 888.310 Restricted fund$ Restricted 1.291 1,291 TOTAL FUNDS 1,031,986 (142,385) 889,601 Compardtive nel movement in included in the above are as follows: Incoming resources Resources expended Movement in fjjnds Unre$tri¢t¢d funds General fund 619,839 (762,224) (142,385) TOTAL FUNDS 619,839 (762.224) (142,385) Page 23 continued...
NEW WORLD MISSION ASSOCIATION UK Notes to the Finanefial Statements - continmed FOR THE YLAR ENDED 31 IIqARCH 2024 18. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows: Net movernent in funds At 31.3.24 At 1.4.22 Unrestrieted fvnds General fimd 1.030,695 (206,052) 824,643 Restricted funds Reslri¢ted 1,291 (1291) TOTAL FUNDS 1.031.986 (207,343) 824,643 A current year 12 months and prior year 12 months combined net movement in fids, included in the aknve are as follows". Incoming resources Resources expended Movern¢nt in fimds Unrestrlcted funds General 1,311,141 (1.517,193) (206,052) Restrlcted funds Restrictcd (1,291) (1291) TOTAL FUNDS 1,311,141 (1,518,484) {207.343) Th¢ restiicted fund relates to the Pro Building fund which was raised to help with the purchase of a building lo hold the Sunday services and also to continue the Charity's other activilies.The funds received have been placed on deposit until such a time when there is sufficient fimds to undertake the purchase. 19. RELATED PARTY TRANSACTIONS During the year, two close family members of the TnteeS received remuneration of £20.499 {2023: £20.499 } for their work performed towards thc chaTity'5 objectives. 20. ULTIMATE CONTROLLING PARTY The clLarity is under the control of its Trustees. Page 24
NEW WORLD MISSION ASSOCIATION UK Detailed StatemeDt of Flnan¢Ja] Aetivities FOR THE YEAR EIYDED 31 MARCH 2024 31.3.24 31.3.23 COME Donations and legacies Tithes & offerings Gift aid Grants from Council 645,284 41,815 564,217 38,524 7,222 687.099 609,963 Investment income Bank intttest received 893 22 Charitable activities Nets, Groups and Encounters 3,310 9,854 Total incoming resources 691,302 619,839 EXPEIYDrfuRE Raising donations and legAcfies Marketing & Publicity 5,368 4.591 Charitable activities Ministerial Expenses Missionaries including overseas Woiship & Depts - Rents Encounters Ministers salaries Administrative salaries Staff training & welfare Worship & Depts - Gen. Bxps 11.442 15,620 209,735 34,259 169,232 98,352 1,636 86,766 12,324 13.177 184,338 25,330 169,059 116,437 8,224 70,500 627.042 599,389 Support eogts Support costs Rent and rates Light and heat Insurance Telephone, fax and intemet Postage, printing and Stationery Administrative expenses Bank interest and charges Depreciation General repairs and renewals 5,846 3,583 7,156 3,729 4,224 22,526 4,85S 31,134 4,509 3,244 1,344 6,517 3,262 1,252 17,421 5,238 21,195 87,565 60,467 Governanee costs Independent examiner fee5 Caffied fonvard 7,200 7,200 7,200 7,200 This page docs not forn) part of the statutory financial stattrnents Page 25
NEW WORLD MISSION ASSOCIATION UK Detailed Statement of Financial Activfilles FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 31.3.23 Govern?nce costs Brought forward Legal & Professional fees Strategy and development 7.200 20,544 8,541 7.200 68,060 22.517 36,285 97,777 Total resources expended 756,260 762,224 Net exp¢ndRture (64,958) (142,385) This page does not forni part of the Statory financial statements Page 26