Charity number: 1118654 ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 LUBBOCK FINE LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND CONTENTS Page Reference and admlnlstratlve detalls of the Charlty, Its Trustees and advlsers Trustees. report Independent Auditors. Report 7-10 Statement of financial activities Balance sheet 12 Statement of cash flov 13 Notes to the flnanclal statements 14-26
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Trustees Peter William Jamieson Willy Schaper-Kotter Carine Martinez Angelo De Lubio Feril John Kapend Tshiyamb Charity registered number 1118654 Principal office 211 Pacific Highway Sl Leonards NSW ALJStralia 2065 Chief executive officer Peter William Jamieson Independent auditors Lubbock Fine LLP Chartered Accountants & Statutory Auditors Patemoster House 65 Sl Paul's Churchyard London EC4M 8AB Bankers Weslpac Banking Corporation 275 Kent Street Sydney New South Wales 2000 Page 1
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees present their annual report together with the financial statements of the Anglo Australian Christian and Charitable Fund (the Charity) for the year from 1 April 2021 to 31 March 2022. The Trustees confirm that the Annual Report and the financial stslements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Slalement of Recommended Practice ISORPI, applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFRS 1021 (effective January 20191. Reference and administrative details Referen and administrative detsils are shown in the schedule of members of the board and professional advisors on page 1 of the financial stslemenls. The Trustoes The Trustees who served the charity during the year were as follows.. Peter William Jamieson Willy S¢haper-Kotter Carine Martinez Angelo De Lubio Feril John Kapend Tshiyamb Structure. governanco and management The Anglo Australian Christian and Charitable Fund Is an unincorporated charity, constituted by a Trust Deed, dated 14 November2006. The Charity is run by a Board of Trustees, detailed above. The Trustees meet regularly to review performance of the Charity, consider risks and issues affecting the Charity, and lo review the future plans of the Charity. Appointment of new Trustees is governed by the Trust Deed of the Charity. The members of the Board of Trustees are authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing Trustee. The new Trustees are briefed about their duties by the current Trustees. Remuneration of key management personnel is sel and reviewed by the Trustees. The Trustees actively review the major risks the Charity faTrs on a regular basis. The Trustees have also examined other operational and business risks faced by the Charity and have estsblished systems lo mitigate these risks. In 2020 the Trustees developed a Governance and Policy Manual lo improve and streamline overall systems and governance practice. Objectives and activities The objectives of the Charity are to make payments for the charitable purposes of advancing the Christian religion and religious education. The short and long term objectives of the Charity during the year were to use donations received lo make charitable distributions in furtherance of the charity's objectives. The donations are made lo individuals and organisations, including educational establishments, who promote the Christian religion. This is the strategy that the Charity has been using lo further ils aims, with the Trustees deciding which individuals and organisalions lo pay money to. In establishing the objectives and activities of the Charity, the Trustees have given careful consideration to the Charity commission's guidan on public benefit. Page 2
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 The two main criteria which the Charity uses to measure success lie. Its key performan Indicalorsl are the volume of donations received and donations paid to further the Charity's objectives. Achievomgnts and Performance During the year the Charity received total donations of £nil12021'. £549,695), and made payments of £1,296,347 12021.. £494,559) for advancement of Christian Education and Christian mission and other related purposes Including scholarships. The Charity held investments at the balance sheet date of £32,500,212 12021. £33,184,5631 and reiVed Income from these investments of £734,402 12021.. £348,335). In relation to the investments held. the charity aims lo benefit from the maximum possible capitsl gains as well as investment income received. It Is expected that the value of the Investments as well as income received from them will fluctuate year on year. The Trustees regularfy monitor the investment perfomiance of the Charity. Income improved upon the previous year which was significantly impacted by the effects of COVID upon the share market and subsequent dividends reTrived by the Charity. However, income still remained significantly below pre COVID levels. Accordingly the Stage 4 building project at the Kings College, DR Congo, was extended from one lo years, lo manage cashflow within the Charity. The Charity continues to pla priority on the development of the Iwo schools Il supports, The Kings College Lubumbashi, the Democratic Republic of the Congo and The International Chinese School, Chatswood, Sydney, Australia. Progress of both schools over the reporting period, as well as other charitable projects, are summarised below.. Kin s Colle Kings College continues lo thrive and expanded acros5 the 2021-22 reporting period, and has grown to over 600 students. The Stage 3 construction project was completed mid 2021. 11 consisted of a secondary teaching block with 12 classrooms and amenities and has provided much needed leaching space for the expanding secondary school. The Stage 4 building project commenced in November 2021. This project will provide an additional secondary block allowing the high school lo further expand. In managing the cash-flow of the Charity this project Is projected lo be completed by September 2023, In time for the 2023124 school year. COVID and associated lockdowns saw the College closed for periods of lime throughout the year. Supplementary funding became necessary to compensate for families who struggled lo pay fees due to COVID lockdown impact on employment. This ensured Increased the quality teaching staff were retained. Most children come from poor communities with limited acTrss to education. Fees are low1500USD plal to cater for the lower socio-economic status of the surrounding population. The School appreciates the financial support of the Anglo Australian Christian and Charitable Fund that enables the College lo keep fees at this affordable level. The Headmaster, Mr John Kapend Tshiyamb has navigated the challenges of the past 12 months proving his value not only as an educational leader, but also his acumen for managing the business of the College. International Chinese School While no financial grants proved necessary in the 2022 reporting period, the Charity continued its support of the International Chinese School, a Christian school of the Anglican persuasion on the Lower North Shore of Sydney, NSW, Australia. The School saw significant growth over the 12 month period, with enrolments growing 120/a to 83 students from Kindergarten lo Year 6. While most children are from families of Chinese heritage, the number of families from other cultural backgrounds has expanded, including those with Caucasian, South American, and other Asian heritage. Most children arrive at the School with no background in the language, and the 50150 ChineselEnglish bilingual immersion program is reflected in the students growing mastery of Mandarin. Page 3
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 COVID had an Impact on the operation of the School throughout the reporting period, with schools closed and students learning online for a proportion of Term 3 of the academic year. Student learning moved online and the lock4own seems to have had minimal impact on their academic progress. All students now attend the newly developed campus al St Leonards on the Lower North Shore of Sydney, NSW, Australia. The building is new and the school enjoys the lalesl in information technology resources. Student performance in the national benchmarking tests in literacy and numeracy have been exception, wth the school averages well placed in the lop perfomiance band for the relevant year groups. In support of the School, and to strengthen ils financial position, the Charity forgave the 1,225,OOOAUD loan due from the School. Further details can be found in note 18 of the financial statements. The support of pastoral work in the Philippines has seen significant growth in churches in the area. Church planting, through Metro Church Dumaguete, continues lo expand. The Charity provided a funding grant which enabled the Church lo complete the construction of a prayer house and leadership training centre in Maninglao, Sibulan on the outskirts of Dumaguete. The Philippines continues lo struggle with COVID, and the churches continue social programs lo provide food relief to those who have lost employment. Ken Support has been provided to the Church Commissioners of Kenya lo support Christian ministry around the nation's capital, Nairobi. In particular, the Charity has supported the outreach mission of Sl Prisca's Anglican Church as they seek to minister lo Impoverished families who live on the outskirts of the city. South Pacific The South Pacific is emerging as a new funding focus. The Charity Issued a grant lo purchase a wheelchair lo Improve the living stsndard and life opportunities of a young disabled boy from the village of Ikawkaw on the island of Anwa, Vanuatu. A further grant was made to Libety Baptist church and Christian Academy (School) in BA town, Fiji. Recent floods destroyed the house of the School's Christian teacher and her husband, who also lead a local venture of Wycliffe Bible Translators, translating the New Testsmenl into Fijian Hindi language providing a¢$S to the Gospel to over 500,000 people In Fiji. The grant provided funds contributing lo the rebuild of the house. Scholarshi Scholarships for tertiary study have been provided for students in the Philippines 1x21 and South Africa 1x11. This Is empowering students from the developing worfd through education and further opportunities beyond. General Other general support projects have included.. Ambassadors for Christ Inlemalional with their worfdwide gospel centred program, 'Evangelism Shift,. Worldshare, in support of the work of 'Heal Africa,, which works in the diseased ravaged and war-torn areas of central DR Congo. Chaplaincy to the emergency services, Toledo USA. European Mission, with their ministry and Church planting work in Germany. Power to Change in support of ils Chaplaincy work in secondary schools in socially disadvantaged areas of Sydney, Australia. Financial support for retumed missionaries who through their service have limited means as they transition back into Western Society. Page 4
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Financial review During the year the Charity incurred a deficit of £1,272,064 12021.. surplus of £20,399,172) which arose due lo the loss on the revaluation of investments as explained below. As at 31 March 2022 the Charity had unrestricted fvnds of £34,391,33812021.. £35,663,4021. 11 is the policy of the Trustees lo continue lo build reserves and use the funds lo make donations for charitable purposes. The level of donations made by the charity fluctuates year on year depending on availability of funds and need. In addition, fixed costs are kept to a minimal level and are usually funded by Investment income raised in the year. As such, the funds currendy held are in line with the Charity's cash reserve policy. The principal risks which affect the Charity's future financial position are an adverse movement in the value of Investments held. The global COVID-19 pandemic saw a significant drop in the value of the Charity's shareholdings in the prior year, bul this has since bounced back to above pre-COVID levels. Further, adverse movement in the exchange rate belween the Australian dollar and the British Pound presents a further potential principal risk. These risks are monitored by the Trustees. Plans for future periods The Trustees remain committed to advancing the Christian religion and religious education and intend lo continue using donations reTrived to make charitable distributions to further this advancement. The charity has a number of Individuals and organisations with shared objectives which it Intends to continue to fund so as lo further ils aims. The Trustees have experience in working with these individuals and organisalions and anticipate lo continue funding them In order to promote the Christian faith. The major focus of the AACCF Into the future is to support the growth of the Kings College, Lubumbashi. The AACCF aims lo see the Kings College grow to become the leading educational Institution in the region, providing quality education based firmly on a Christian worldview and associated values. Objectives include.. A school of 1,500 students Prep- Secondary schooling. Continue the College building program to provide quality educational facilities for students. Development of sporting grounds on additional land that has been purchased. Maintain affordability of fees lo ensure the education is accessible lo the general population. Employment of qualified, capable Christian teachers. As the School grows sourcing qualified, capable Christian teachers will present its challenges in the DR Congo. To overcome this challenge the AACCF has a vision for the future to establish Ils own teacher training College associated with Kings College. The Charity's shares regained value despite the continued impact of COVID throughout the reporting period. The share portFolio was valued at £31,039,047 as at 11 July 2022, an increase of 24.3°/o from the same time last year. The share market is showing signs of volatility and the Trustees monitor this and discuss its impact at meetings of the Board of Trustees. The Anglo Australian Christian and Charitable Fund remains commilled to ils objectives, especially in relation lo the eslablishmenl and support of Christian Schools worfdwide. According lo the Funds available the Charity will consider other causes into the future as it seeks lo continue ils global focLJS. Page 5
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Statomgnt of Trustoes. rosponsibilitiOS The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of Ils Incoming resources and application of resources, Including its income and expenditure, for that period. In preparing these financial slatemenls, the Trustees are required lo.. select suitable accounting F)olicies and then apply them consistently", observe the methods and principles of the Charib'es SORP IFRS 1021", make judgments and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial stalemenls,. prepare the financial statements on the going concern basis unless Il is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy al any time the financial position of the Charity and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. nnrniAtsA liv nrAtsr nf the members of the board of Trustees on and signed on their behalf by.. Peter William Jamieson Trustee Dale.. 22102123 Page 6
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND FOR THE YEAR ENDED 31 MARCH 2022 Oplnlon We have audited the financial statements of Anglo Australian Christian & Charitable Fund Ithe 'charity'l for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slalemenls.. give a true and fair view of the slate of the charity's affairs as at 31 March 2022 and of ils incoming resources and application of resources for the year then ended., have been properfy prepared in accordan with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are Independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 1.1 to the fin8n¢ial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of awounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charity's ability lo continue as a going cOnM for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual reFX)rt other than the financial statements and our auditors, report therèon. The Trustees are rÈsFX)nsiblè for the other information contained within the annual report. Our opinion on the fi'nancial statements does not eover the other information and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial st2temenls or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsisteneies or apparent materi81 misslatemenls, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we eonelude that there is a material misstalemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Page 7
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Matters on whlch we are requlred to report by exceptlon We have nothing lo report in respect of the following matters where the Charities IAccounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustees, report is inconsistent in any materi81 respect with the financi81 statements., or suffi'cient accounting records have not been kept., or the financial statements are not in agreement with the accounting records and relums., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees. responsibilities statement, the Trustees are responsible for the preparation of the financial stslemenls which give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misstalemenl, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going conrn basis of accounting unless the Trustees either intend lo liquidate the charity or to ase operations, or have no realistic allemative bul to do so. Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial ststemenls as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslatemenl when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are InStanS of non-compliance with laws and regulations. We design prOdureS in line with our responsibilities, outlined above, lo delecl material misstalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularits'es, including fraud is detailed below.. In identifying and assessing risks of material misslatemenl in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following.. The nature of the sector and the impact of Covid 19 on financial and operating performance and policies,. Enquiries of management, including obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating lo.. identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-complian delecling and responding lo the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., and the internal controls established lo miligale risks related to fraud or non-complian of laws and regulations., and Page 8
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes audit partners and staff who have extensive experience of working with charities in similar sectors and this experience was relevant to the discussion about where fraud risks might arise. We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had direct effect on the delerminalion of material amounts and disclosures in the financial ststemenls. The key laws and regulations we considered in this context included the UK Charities Act, Charities SORP and FRS 102. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental lo the charity's ability lo operate or to avoid a material penalty. As a result of these procedures, we considered the particular areas that were susceptible lo misststemenl due lo irregularities, including fraud were in respect of income recognition and classification, unrecorded grant commitments, validity of grant expenditure, transactions with related parties and noncompliance with Charity Commission guidelines. Our prOdureS lo respond to risks identified included the following". Reviewing the financial ststement disclosures and lesling to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements., Enquiring of management concerning actual and potential litigation and claims., Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misststement due lo fraud., Reading minutes of meetings of those charged with govemance, and in particular reviewing for any unrecognised grant commitments", Performing completeness testing to verify income recognition., Verifying income to supporting documentstion to confimi classification., Performing an after dale review lo assess the need to recognise additional grant commitments", Reviewing supporting documentation for a sample of expenditure, ensuring the purpose of grant is in line with charity objects Obtaining a full list of related parties and verifying completeness of this list based on our knowledge. Comparing the list lo transactions during the year to verify that all related party disclosures have been appropriately made in the financial statements and that the transactions with related parties are in line with the Charity's governing document., Awareness throughout the audit for noncompliance with Charity Commission guidelines including reviewing any correspondence with the Charity Commission. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstslemenl in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slatemenls, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .uklauditorsres onsibililies. This description forms part of our auditors, report. Page 9
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Use of our report This report is made solely lo the charity's Iruslees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Iruslees those matters we are required to slate to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. l•ocE FIML Llf Lubbock Fine LLP Chartered Accountants & Statutory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB 26 February 2023 Dale.. Lubbock Fine LLP are eligible to act as auditors in temis of section 1212 of the Companies Act 2006. Page 10
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 Unrestrlcted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Donations 549,695 348,430 Investments 734,402 734,402 Total income 734,402 734,402 898, 125 Expenditure on: Charitable aclivilies.. Gonls paid SLJPPOrt costs Foreign currency gains 1,296,347 1,296,347 494,559 73,014 73,014 99,612 11,067,916) 11,067,916) 11,940,758) Total expenditure 301,445 301,445 11,346,587) Net movement in funds before other recognised gainslllosses) 432,957 432,957 2,244,712 Other recognised gainslllossesl: ILossesllgains on revaluation of investments 10 11,705,021) 11,705,021) 18,154,460 Net movement in funds 11,272,064) 11,272,064) 20,399,172 Reconciliation of funds- Total fLJnds brought forward Nel movement in funds 35,663,402 35,663,402 11,272,064) 11,272,064) 15,264,230 20,399,172 Total funds carried forward 34,391,338 34,391,338 35,683,402 All Income and expenditure in 2021 and 2022 related to unrestricted funds. The notes on pages 14 to 26 form part of these financial statements. Page 11
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Note Fixed assets Tangible assets Investments 88 33,184,563 10 32,500,212 32,500,212 33,184,651 Current assets Debtors Cash al bank and in hand 11 2,456,022 394,926 2,349,610 322,205 2,850,948 2,671,815 Creditors.. amounts falling due within one year 12 1959,8221 1193,0641 Net current assets 1,891,126 2,478,751 Total ngt assots 34,391,338 35,663,402 Charity funds Unrestricted funds 13 34,391,338 35,663,402 Total funds 34,391,338 35,663,402 The financ statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Peter Wllllam Jamleson (Trusteel Dale. 22102123 The notes on pages 14 to 26 fomi part of these financial statements. Page 12
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Note Cash flows from operating activities Nel cash lused inllprovided by operating activities 15 1649,5371 12,534,150) Cash flows from investing activities Dividends and interest from investments 722,258 351,368 Net cash provlded by Investlng actlvltles 722,258 351,368 Change in cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year 72,721 12,182,782) 2,504,987 322,205 Cash and cash equlvalents at the end of the year 16 394,926 322,205 The notes on pages 14 to 26 form part of these financial statements Page 13
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accountlng pollcles 1.1 Basis of preparation of financial statements The financial slalements have been prepared in accordan with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Anglo Australian Christian & Charitable Fund 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 slated in the relevant accounting policy. The audit has been undertaken in accordance with the requirements of the FRC'S Ethical Standard, including the Provisions Available for the Audit of Small Enlilies. The Charity uses the auditor, Lubbock Fine Chartered Accountants, to assist with the preparation of the financial statements from books and records. 1.2 Income All income is recognised once the Charity has entillemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Donations are recognised as income when pledged or if no pledge has been made then on receipt. Where a donor specifies a lime period in which the donation can be used, donation income is recognised in that period. Donations received with imposed restrictions are classified as restricted funds. Donated investments are recognised as income al their market value on the date they were gifted. Dividend income is recognised on the dale dividends are declared. 1.3 Expenditure Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in selllemenl 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 lo 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 lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities Is incurred on directly undertaking the activities which further the Charity's obieclives, as well as any associated support costs. Support costs are those costs incurred directly In support of expenditure on the objects of the charity and include project management carried out at Headquarters. All support costs are allocated lo the one grant making activity of the charity. Page 14
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accountlng pollcles Icontlnuedl 1.3 Expendlture {contlnuedl Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been mel at the year end are noted as a commitment, but not accrued as expenditure. The charity was not VAT registered in the UK during the year and therefore all expenses are inclusive of any VAT which cannot be fully recovered. However the Charity does claim Goods Sales Tax on purchases in Australia. 1.4 Fund accountlng General funds are unreslricled funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unreslricled funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes lo the financial statements. Restricted funds are funds which are to be used in accordance with specific reslriclions 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 lo the fi'nancial statements. 1.5 Tanglble flxed assets and depreclatlon Tangible fixed assets are carried al cost, net of depreciation and any provision for impairment. Depreciation is provided al rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases.. Motor vehicles Computer equipment 330A Straight line 330h Straight line 1.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequenlly measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gainslllossesl on investments, in the Statement of Financial Activities. 1.7 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. 1.8 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 15
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accountlng pollcles Icontlnuedl 1.9 Cash at bank and In hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.10 Forelgn currencles Monetary assets and liabilities denominated in foreign currencies are translated into slerfing at rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into steding al the rale ruling on the dale of the transaction. Exchange gains and losses are recognised in the Stslement of Financial Activities. 1.11 Llabllltles 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 setuement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates il will pay to settle the debt or the amount il has received as advanced payments for the goods or services il musl provide. Provisions are measured al the best estimate of the amounts required lo setue the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specific lo the liability. The unwinding of the discount is recognised within interest payable and similar charges. 1.12 Flnanelal Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Income from donatlons Unrestrlcted funds 2022 Total funds 2022 Total funds 2021 Donations 549,695 Total 2021 549,695 549,695 Page 16
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Investment Income Unrestrlcted funds 2022 Total funds 2022 Total funds 2021 Bank interest receivable Investment income 95 734,402 734,402 348,335 734,402 734,402 348,430 Total 2021 348,430 348,430 Analysls of expendlture on charltable actlvltles Summary by fund type Unrestrlcted funds 2022 Total 2022 Total 2021 Grant making activities 301,445 301,445 11,346,587) Total 2021 11,346,587) 11,348,587) Page 17
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysls of expendlture by actlvltles Support costs Including foreign currency galns 2022 Grant fundlng of actlvltles 2022 Total funds 2022 Total funds 2021 Grant making activities 1,296,347 1994,9021 301,445 11,346,587) Total 2021 494,559 11,841, 1461 11,348,587) Analysis of support costs Grant making activities 2022 Total funds 2022 Total funds 2021 Salaries 8,215 642 Depreciation - tangible fixed assets Auditorfs remuneration Igovernancel Professional fees Bank charges Provision against bad debts Foreign exchange Igainllloss other support costs 88 88 10,000 62,349 516 10,000 62,349 516 14,400 59,641 234 16,363 11,067,916) 11,067,916) 11,940,758) 61 61 117 1994,9021 1994,9021 11,841,146) Total 2021 11,841,146) 11,841,146) The presentational currency is different from the functional currency. The charity's functional currency is Australian dollars but given that il is registered in the UK ils accounts are prepared in Steding. Page 18
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysls of grants Grants to Grants to Instltutions Individuals 2022 2022 Total funds 2022 Total funds 2021 Grants 1,238,540 57,807 1,296,347 494,559 Total 2021 393,165 101,394 494,559 The Charity has made the following material grants to institutions during the year. 2022 2021 Name of institution The King's College An Anglican School, Democratic Republic of Congo Other grants lo institutions 1, 193,856 44,684 288, 180 104,985 1,238,540 393,165 All grants were paid to institutions lo advance the charitable objectives of the Charity. Auditors. remuneration 2022 2021 Fees payable to the Charity's auditor for the audit of the Charity's annual accounts All non-audit services not included above 10,000 8,795 14,400 2,355 Staff costs The average number of persons employed by the Charity during the year was as follows.. 2022 No. 2021 No. Average number of employees Page 19
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Staff costs {contlnuedl No employee received remuneration amounting to more than £60,000 in either year. £Nil 12021 £8,215) was paid in salaries to nil12021 one) trustee, John Kapend Tshiyamb, during the year for his role as the Headmaster of The King's College An Anglican School in Lubumbashi, Congo. The salary and living allowance was ceased lo be paid after April 2020. John Kapend Tshiyamb is also considered to be one of charity's key management personnel. No Trustee received reimbursement of expenses. Tangible fixed assets Motor vehicles Computer equipment Total Cost At 1 April 2021 Disposals 40,749 140,7491 1,943 42,692 140,7491 At 31 March 2022 1,943 1,943 Depreciation At 1 April 2021 Charge for the year On disposals 40,749 1,855 88 42,604 88 140,7491 140,7491 At 31 March 2022 1,943 1,943 Net book value At 31 March 2022 At 31 March 2021 88 88 Page 20
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 10. Flxed asset Investments Listed Unlisted invostments investments Total Cost or valuation At 1 April 2021 Revaluations Foreign exchange movement 33,149,193 11,738,240) 1,017,676 35,370 33,184,563 33,219 11,705,021) 2,994 1,020,670 At 31 March 2022 32,428,629 71,583 32,500,212 Net book value At 31 March 2022 32,428,629 71,583 32,500,212 At 31 March 2021 33,149,193 35,370 33,184,563 11. Debtors 2022 2021 Due within one year Other debtors Prepayments and accrued income 2,348,627 107,395 2,254,359 95,251 2,456,022 2,349,610 other debtors includes a loan of £2,338,636 12021 £2,251,130) due from The Trustee for Anglo Australian Christian and Charitable Trust. The loan is unsecured, interest free and repayable on demand. 12. Creditors: Amounts falling due within one year 2022 2021 Trade creditors 8,651 937,636 13,535 2,695 171,045 19,324 Grant commitment Accruals and deferred income 959,822 193,064 Page 21
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 13. Statement of funds Statement of funds - current year Balance at 31 March 2022 Balance at 1 April 2021 Galnsl (Losses) Income Expendlture Unrostrictgd funds General Funds 35,663,402 734,402 1301,4451 11,705,021) 34,391,338 statement of funds - prior year Balance at 31 March 2021 Balance at 1 April 2020 Transfers inlout Gainsl (Losses} Income Expenditure Unrestricted funds Designated funds School Property Purchase Fund 1,741,303 11,741,303) General funds General Funds 13,522,927 898,125 1,346,587 1,741,303 18,154,460 35,663,402 Total Unrestricted funds 15,264.230 898, 125 1,346,587 18,154,460 35,663,402 The School Property Purchase Fund relates to funds sel aside to make a loan lo The Trustee of Anglo Australian Christian and Charitable Trust for the purchase of property which will become the permanent location of the International Chinese School. The transfer beeen the School Propety Purchase Fund and general funds totalling £1,741,303 was made in the prior year due to the completion of the purchase of the school property. Page 22
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 14. Analysls of net assets between funds Analysls of net assets between funds - current year Unrestricted funds 2022 Total funds 2022 Fixed asset investments Current assets Creditors due within one year 32,500,212 32,500,212 2,850,948 2,850,948 1959,8221 1959,8221 Total 34,391,338 34,391,338 Analysis of net assets between funds - prior year Unrestricted funds 2021 Total funds 2021 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 88 88 33,184,563 33,184,563 2,671,815 2,671,815 1193,0641 1193,0641 Total 35,663,402 35,663,402 Page 23
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 15. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles 2022 2021 Nel income for the year las per Statement of Financial Acliviliesl 432,957 2,244,712 Adjustments for: Depreciation charges Dividends and interest from investments Foreign currency non cash movement on investments IlncreasellDecrease in debtors IncreasellDecre8sel in creditors 88 642 1734,4021 1348,4291 11,020,670) 11,690,247) 194,2681 12,250,186) 766,758 1490,6421 Net cash Iusod inyprovided by operating activities 1649,5371 12,534, 1501 16. Analysis of cash and cash equivalents 2022 2021 Cash in hand 394,926 322,205 Total cash and cash equivalents 394,926 322,205 17. Analysls of changes In net debt At 1 April 2021 Cash flows At 31 March 2022 Cash al bank and in hand 322,205 72,721 394,926 322,205 72,721 394,926 Page 24
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 18. Related party transactlons During the year payments of £nil 12021 £2751 were made to Catherine Kapend, daughter of trustee John Kapend Tshiyamb, in respect of a scholarship. The total amount included within grants lo individuals in respect of Catherine Kapend was £nil 12021 £2751. During the year payments of £nil12021- £1,510) were also made lo the University of Capetown in respect of fees for Catherine Kapend's scholarship. During the year, payments of £8,024 12021 £Nill were made to The King's College to manage the distribution in respect of Catherine Kapend's scholarship and the total amount is included within grants to institutions is £8,02412021 £Nill. During the year further loans of £nil 12021 £123,681) were made to the International Chinese School Limited, an Australian school in which Peter William Jamieson is a Chairman of the School Board. At 31 March 2022, the total due from the International Chinese School Limited was £nil12021- £664,935). The Charity recognises the School's inability lo paY the debt from profitable trading in the foreseeable future. As such the Trustees of the AACCF unanimously agreed as a sign of the Charity's ongoing commitment lo the International Chinese School, to forgive the debt of £664,935. This resulted in the reversal of the original loan Ideblorl and the provision that had been made against it, resulting in no impact lo the Statement of Financial Activities or Balance Sheet in the year ended 31 March 2022. As noted in the Trustees report, the activities of the Trust are consistent with the objectives of the Charity. During the year donations of £465,525 12021 £761,412) were paid to The King's College An Anglican School, a school in which John Kapend Tshiyamb, a trustee is the headmaster. £58,783 12021 £644,277) of these donations were accrued in the prior year. An amount of £937,63612021 £171,045) was committed to be paid as at 31 March 2022. The total amount included within grants to institutions in respect of The King's College was £1,193,85512021 - £288,180). During the year fees for education consultancy lotslling £53,55412021 £57,286) were paid lo Jamieson Consulting and Services, a family partnership registered in Australia in which Peter William Jamieson is a partner. During the year an unrestricted donation of £nil 12021- £549,6951 was received from JA Investments Limited, a company which is owned by Willy Schaper-Koller, a Iruslee of the charity. At the balance sheet, the Charity was owed £2,338,636 12021 £2,143,811) from The Trustee for Anglo Australian Christian and Charitsble Trust (the Trusll, an entity in which Peter Jamieson is the Chairman, in relation to a loans made during the years ended 31 March 2020 and 31 March 2021. The loan is repayable if and when the Trust is able to generate sufficient income and reserves lo viably repay. As noted in the Trustees report, the activities of the Trust are consistent with the objectives of the Charity. Page 25
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 19. Flnanclal Instruments 2022 2021 Financial assgts Financial assets measured al amortised cost 2,456,022 2,349,610 2022 2021 Financial liabilities Financial liabilities measured al amortised cost 959,822 193,064 Financial assets measured al amortised cost comprise accrued income and other debtors. Financial liabilities measured at amortised cost comprise accruals and trade creditors. Page 26