Charity number: 1118654 ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 LUBBOCK FINE LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Independent Auditors. Report 7-10 Statement of financial activities Balance sheet 12 Statement of cash flows 13 Notes to the financial statements 14-24
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 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 St Leonards NSW Australia 2065 Chief executive officer Peter William Jamieson Independent auditors Lubbock Fine LLP Chartered Accountants & Statutory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB Bankers Westpac 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 2024 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 2023 to 31 March 2024. The Trustees confirm that the Annual Report and the financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice ISORPI, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective January 2019). Reference and administrative details Reference and administrative details are shown in the schedule of members of the board and professional advisors on page 1 of the financial statements. The Trustees The Trustees who served the charity during the year were as follows.. Peter William Jamieson Willy Schaper-Kotter Carine Martinez Angelo De Lubio Feril John Kapend Tshiyamb Structure, governance and management The Anglo Australian Christian and Charitable Fund is an unincorporated charity, constituted by a Trust Deed, dated 14 November 2006. The Charity is run by a Board of Trustees, detailed above. The Trustees meet regularly to review performan of the Charity, consider risks and issues affecting the Charity, and to review the fijture 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 set and reviewed by the Trustees. The Trustees actively review the major risks the Charity faS on a regular basis. The Trustees have also examined other operational and business risks fad by the Charity and have established systems to mitigate these risks. In 2020 the Trustees developed a Governan and Policy Manual to improve and streamline overall systems and governan 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 tem objectives of the Charity during the year were to use donations received to make charitable distributions in furtherance of the charity's objectives. The donations are made to individuals and organisations, including educational establishments, who promote the Christian religion. This is the strategy that the Charity has been using to further its aims, with the Trustees deciding which individuals and organisations to pay money to. In establishing the objectives and activities of the Charity, the Trustees have given careful consideration to the Charity commission's guidance on public benefit. Page 2
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The two main criteria which the Charity uses to measure SucsS (ie. Its key performance indicators) are the volume of donations received and donations paid to further the Charity's objectives. Achievements and Perforniance During the year the Charity received total donations of £nil (2023.. £nil), and made payments of £922,077 (2023= £673,944) for advancement of Christian Education and Christian mission and other related purposes including scholarships. The Charity held investments at the balan sheet date of £29,600,535 (2023". £27,988,353) and received income from these investments of £576,474 {2023'. £799,409). In relation to the investments held, the charity aims to benefit from the maximum possible capital 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 regularly monitor the investment performance of the Charity. Income has been strong recovering from the challenges the effect of COVID had upon the share market and subsequent dividends received by the Charity. The Charity continues to place priority on the development of the two schools it 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 King's College had a successful 2023124 school year, we are pleased and remain in high spirits for a successful new year ahead. Kings College is the top performing school in the region. This was acknowledged by the Government in their choosing of Kings College to feature in their national opening of the school year which was publicised over national media outlets. Around 900 student were enrolled for the academic year, spread across the Maternity, Primary and Secondary Schools. The Stage 4 building project, secondary specialist classroom block, was completed during 2023. Further, the land assets of the School were protected with a masonry block wall built around the perimeter of the nearby King's land that it is envisaged a university will be built upon. Future building planned works include a Multi- Purpose Hall to meet whole school assembly and PEISporting needs. A further parcels of land have been purchased with a third under consideration. This will facilitate the ongoing growth of the College. In the final exams, King's College achieved notable success, with all nine senior students passing their final exams. King's College were proud of these results and the dedication of students and staff. The King's College community continues to praise God for his continued hand of blessing upon the School. International Chinese School While no financial grants proved necessary in the 2024 reporting period, the Charity continued its support of the International Chinese School (ICS) 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 with 83 students from Kindergarten to 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 {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 In the National literacy and numeracy standardised testing (students Years 3 and 5) the School outperformed local schools of both the public and private sectors and were among the top performing Schools in the state. This supports research findings which assert that leaming a second language stimulates brain development and makes better all-round learners. With the completion of all three development stages, ICS became fully operational on the St Leonards site. The School has enjoyed growing positive relationships with local council and other public users of the precinct which places the School in a strong position to see the conditions modified and allow the continued operation of the School on the site beyond the present final date. Literacy levels in Chinese were also impressive highlighted by our students, perforManS in the Hello Mandarin Chinese Public Speaking Competition. Over half of our students come to school with no background in the language and the immersion program implemented by the School is reaping dividends. The School nurtured mission partnerships with local Anglican churches and churches made its facilities available for a number of significant school events, and children's ministry workers have presented biblical teaching to students on occasion. Parents are actively involved in the School, and the Chinese Mid-Autumn organised by the Parents and Friends Association proved a wonderfvjl lebratiOn of the school community with over 250 in attendan on the evening. The School values the ongoing support of the AACCF, in particular the advice and support provided by the charity's CEO. Philippines The support of pastoral work in the Philippines has seen significant growth in churches in the area. Church planting, through Metro Church Dumaguete, continues to expand an additional funding was provided to support the growing pastoral support needs. Further, an additional scholarship was made available to a student who is at university studying to join the poli force. Kenya Support has been provided to the Church Commissioners of Kenya to support Christian ministry around the nation's capital, Nairobi. In particular, the Charity has supported the outreach mission of St Prisca's Anglican Church as they seek to minister to impoverished families who live on the outskirts of the city- South Pacific Over the past year, Philippe Pinero and his team from Wycliffe Associates have been deeply involved in Bible translation, church ministry, and school engagement across the Pacific region. Bible translation projects into indigenous groups, mother tongue are in planning or process in Vanuatu, Fiji, Solomon Islands, Papua New Guinea IPNG}, New Caledonia. The Charity has supported the growth and development of Christian Education in the Pacific Region. The Charity's Educational and Business Consultant visited the islands of Vanuatu and Fiji late in the year. He had the opportunity to speak with Christian education networks and political representatives in both island nations. As a result the charity has an emerging focus on supporting the Protestant School Group in Vanuatu, who run over 40 under resourced schools providing education to some of the most disadvantaged communities in regional areas. General Other general support projects have included.. Ambassadors for Christ International with their worldwide gospel centred program, 'Evangelism Shift,. Chaplaincy to the emergency services, Toledo USA. European Mission, with their ministry and Church planting work in Germany. Sports ministry Chaplain in England Power to Change in support of its Chaplaincy work in secondary sch¢X)Is in socially disadvantaged areas of Sydney, Australia. Financial support for returned missionaries who through their service have limited means as they transition back into Western Society. Page 4
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review During the year the Charity generated a surplus of £1,048,327 (2023.. deficit of £4,609,904) which arose due to the gain on the revaluation of investments. As at 31 March 2024 the Charity had unrestricted funds of £30,829,761 {2023.' £29,781,434). It is the policy of the Trustees to continue to build reserves and use the funds to 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 CUrrenY held are in line with the Charity's cash reserve policy. The Charity's cash reserve policy states a minimum 5 % of grant funding for the subsequent 12 month period be held as Cash at hand. This allows for monies to be available for variations in capital project costs, unexpected expenses incurred by the charity (eg. legal) and additional grants throughout the year as application5 arrive and are accessed. Given the Charity's support of the further development of Kings College, Lubumbashi, DR Congo, on occasion cash reserves may greatly exceed this 5 %. These excess funds are held in reserve for future capital works projects that may be required by the College. The principal risks which affect the Charty'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 but this has Sin bounced back to above pre-COVID levels. Further, adverse movement in the exchange rate beeen 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 to continue using donations reiVed 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 to further its aims. The Trustees have experience in working with these individuals and organisations and anticipate to continue funding them in order to promote the Christian faith. The major focus of the AACCF into the fijture continues to be supporting the growth of the Kings College, Lubumbashi, DR Congo. The AACCF aims to 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. This will equip moral and Godly leaders to shape the future of their country Objectives for Kings College 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 to ensure the education is accessible to the general population. Employment of qualified, capable Christian teachers. Estalishment of a Christian University. The Charity's shares continued to be in a strong position during the reporting period. The share portfolio was valued at £26,963,363 as at 11 July 2024, a decrease of 17.5 % from the same time last year. The share market is showing signs of volatility and the Tnjstees monitor this and discuss its impact at meetings of the Board of Trustees. The Anglo Australian Christian and Charitable Fund remains committed to its objectives, especially in relation to the establishment and support of Christian Schools worldwide. According to the Funds available the Charity will consider other causes into the future as it seeks to continue its global focus. Page 5
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees. responsibilities The Trustees are responsible for preparing the TrUSts, 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 state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to= select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102)" make judgments and accounting estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the 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 hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees on and signed on their behalf by.. Peter William Jamieson Trustee Date: 19 December 2024 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 2024 Opinion We have audited the financial statements of Anglo Australian Christian & Charitable Fund (the 'charity') for the year ended 31 March 2024 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 Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally ACpted Accounting Practi). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resoUrS for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordan with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial ststements 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 financial 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 accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going conrn for a period of at least trrfelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report other than the financial statements and our auditors, report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assuran conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 7
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts 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 material respect with the financial statements., or sufficient accounting records have not been kept- or the financial statements are not in agreement with the accounting records and returns., or we have not received all the infomiation 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 statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the 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 concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditors. responsibilities for the audit of the financial ststements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordan with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors, report that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our ProdureS are capable of detecting irregularities, including fraud is detailed below.. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following: Errquiries of management, including obtaining and reviewng supporting documentation, Conrning the charity's policies and procedures relating to.. identifying, evaluating and complying with laws and regulations and whether they were aware of any InStanS of non-compliance detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., and the internal controls established to mitigate risks related to fraud or non-compliance of laws and regulations., and Page 8
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 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 obtsined 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 determination of material amounts and disclosures in the financial statements. 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 to the charity's ability to operate or to avoid a material penalty- As a result of these procedures, we considered the particular areas that were susceptible to misstatement due to 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 to respond to risks identified included the following.. Reviewing the financial statement disclosures and testing 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 conmIng actual and potential litigation and claims., Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.. Reading minutes of meetings of those charged with governance, and in particular reviewing for any unrecognised grant commitments., Performing completeness testing to verify income recognition; Verifying income to supporting documentstion on a sample basis to confirm classification,. Performing an after date review to 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 to 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 misstatement 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 statements, as we will be less likely to become aware of InStanS 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 at.. www.frc.or -ukJauditorsres onsibilities. 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 (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors. report and for no other purpose. To the fullest extent pemiitted by law, we do not acpt or assume responsibility to 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. FitsL UI Lubbock Fine LLP Chartered Accountants & Statutory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB Date: 19 December 2024 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 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Investments 576,474 576,474 799,409 Total income 576,474 576,474 799,409 Expenditure on: Charitable activities- Grants paid Support costs Foreign currency losses 922,077 93.645 1,526,043 922,077 93,645 1,526,043 673,944 86,918 1,660,503 Total expenditure 2,541,765 2,541,765 2,421,365 Net movement in funds before other recognised losses (1,965,291) (1,965,291) {1,621,9561 other recognised gainsl(losses): Gainsl(Losses} on revaluation of investments 10 3,013,618 3.013,618 {2,987,9481 Net movement in funds 1,048.327 1,048,327 {4,609,9041 Reconciliation of funds: Total funds brought fotward Net movement in funds 29,781.434 1,048,327 29,781,434 1,048,327 34.391,338 {4,609,9041 Total funds carried forward 30,829,761 30,829,761 29,781,434 All income and expenditure in 2023 and 2024 related to unrestricted funds. The notes on pages 14 to 24 fomi part of these financial statements. Page 11
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Investments 29,600,535 27,988,353 29,600,535 27,988,353 Current assets Debtors 11 198.917 1,756.274 1,284,769 1,344,133 Cash at bank and in hand 1,955.191 2,628,902 Creditors.. amounts falling due within one year 12 (725.965) 1835,8211 Net current assets 1,229,226 1,793,081 Total net assets 30,829,761 29,781,434 Charity funds Unrestricted funds 13 30,829,761 29,781,434 Total funds 30,829,761 29,781,434 The financial ststements were approved and authorised for issue by the Trustees and signed on their behalf by.. Peter William Jamieson (Trustee) Date: 19 December 2024 The notes on pages 14 to 24 fom part of these financial statements. Page 12
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows from operating activities Net cash (used inllprovided by operating activities 15 1111,0921 112,203 Cash flows from investing activities Dividends and interest from investments PrOedS from sale of investments 523,233 765,710 71,294 Net cash provided by investing activities 523,233 837,004 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 412,141 949,207 1,344,133 394,926 Cash and cash equivalents at the end of the year 16 1,756,274 1,344,133 The notes on pages 14 to 24 form part of these financial statements Page 13
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities.. Statement of Recommended practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 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 stated 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 Entities. 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 entitlement to the income, it 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 time period in which the donation can be used, donation income is recognised in that period. Donations reiVed with imposed restrictions are classified as restricted funds. Donated investments are recognised as income at their market value on the date they were gifted. Dividend income is recognised on the date dividends are declared. 1.3 Expenditure Expenditure is recognised On there is a legal or constructtve obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity- Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen 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 objectives, 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 to 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 2024 Accounting policies (continued) 1.3 Expenditure (continued) Grants payable are charged in the yearwhen the offer is made expt 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 met 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. 1A Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordan with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 1.5 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gainsl(losses) on investments, in the Statement of Financial Activities. 1.6 Interest receivable Interest on funds held on deposit is included when re1vable and the amount can be measured reliably by the charity,. this is nomially upon notification of the interest paid or payable by the Bank. 1.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.8 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. Page 15
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 1.9 Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities. Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to setue the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. 1.11 Financial 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 at their settlement value with the exptIOn of bank loans which are subsequently measured at amortised cost using the effective interest method. Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment income 576,474 576,474 799,409 576,474 576,474 799,409 Total 2023 799,409 799,409 Page 16
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Total 2023 Grant making activities 2,541,765 2,541,765 2,421,365 Total 2023 2,421,365 2,421,365 Analysis of expenditure by activities Support costs including foreign currency gains 2024 Grant funding of activities 2024 Total funds 2024 Total funds 2023 Grant making activities 922,077 1,619,688 2,541,765 2,421,365 Total 2023 673,944 1,747,421 2,421,365 Page 17
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities (continued) Analysis of support costs Grant making activities 2024 Total funds 2024 Total funds 2023 Auditor's remuneration (governan} Professional fees 13,980 75,435 211 1,526,042 1,281 2,739 13,980 75,435 211 1,526,042 1,281 2,739 13,840 72,233 552 1,660,503 293 Bank charges Foreign exchange loss Other support costs Travel expenses 1,619,688 1,619,688 1,747,421 Total 2023 1,747,421 1,747,421 The presentational currency is different from the functional currency. The charity's functional currency is Australian dollars but given that it is registered in the UK its accounts are prepared in Sterling. Page 18
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of grants Grants to Grants to Institutions Individuals 2024 2024 Total funds 2024 Total funds 2023 Grants 840.050 82,027 922,077 673,944 Total 2023 563,783 110,161 673,944 The Charity has made the following material grants to institutions during the year.. 2024 2023 Name of institution The King's College An Anglican School, Democratic Republic of Congo Other grants to institutions 783,929 56,121 461,408 102,375 840,050 563,783 All grants were paid to institutions to advance the charitable objectives of the Charity. Auditors. remuneration 2024 2023 Fees payable to the Charity's auditor for the audit of the Charity's annual accounts 13,980 13,840 All non-audit services not included above 4,165 1,993 Staff costs The average number of persons employed by the Charity during the year was nil {2023- nil). No employee reiVed remuneration amounting to more than £60,000 in either year. Page 19
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits12023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL). Fixed asset investments Listed investments Cost or valuation At 1 April 2023 Revaluations Foreign exchange movement 27,988,353 3,013,618 {1,401,4361 At 31 March 2024 29,600,535 Net book value At 31 March 2024 29,600,535 At 31 March 2023 27,988,353 10. Net Gainsl{Losses) on Investments 2024 2023 Realised losses on investments (5,7971 3,013,618 {2,982,1511 Unrealised gainsl{losses) on investments 3,013,618 {2,987,9481 11. Debtors 2024 2023 Due within one year Other debtors 4,582 194,335 1,143,675 141,094 Prepayments and accrued income 198,917 1,284,769 Page 20
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Debtors (continued) other debtors includes a loan of £nil (2023 £1,139,078) due from The Trustee for Anglo Australian Christian and Charitable Trust. The loan is unsecured, interest free and was repaid on 1 June 2023. 12. Creditors: Amounts falling due within one year 2024 2023 Trade creditors 6,582 705,883 13,500 Grant commitment 821,988 13,833 Accruals and deferred income 725,965 835,821 13. Ststement of funds ststement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Gainsl (Losses Income Expenditure Unrestricted funds 29,781,434 576,474 General Funds (2,541,765) 3,013,618 30,829,761 Statement of funds - prior year Balance at 31 March 2023 Balance at 1 April 2022 Gainsl (Losses) Income Expenditure Unrestricted funds General Funds 34,391,338 799.409 (2,421,365) (2,987,948) 29,781,434 Page 21
| 27,988,353 2,628,902 (835,821) 29,781,434 |
27,988,353 2,628,902 (835,821 29,781,434 |
|---|---|
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net expenditure for the period (as per Statement of Financial Activities) (1,965,291) {1,621,9561 Adjustments for: Dividends and interest from investments Foreign currency non cash movement on investments Decreaselllncrease) in debtors (Decrease)Ilncrease in creditors 1576,4741 1,401,435 1,139,094 1109,856) (799,4091 1,452,617 1,204,952 (124,0011 Net cash lused in)Iprovided by operating activities 1111,0921 112,203 16. Analysis of cash and cash equivalents 2024 2023 Cash in hand 1,756,274 1,344,133 Total cash and cash equivalents 1,756,274 1,344,133 17. Analysis of changes in net debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand 1,344,133 412,141 1,756,274 1,344,133 412,141 1,756,274 Page 23
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Related party transactions During the year donations of £898.849 (2023 £730,203) were paid to The King's College An Anglican School, a school in which John Kapend Tshiyamb, a trustee is the headmaster. £704,860 {2023 £281,810) of these donations were accrued in the prior year. An amount of £591,674 (2023 £718,590) was committed to be paid as at 31 March 2024. The total amount included within grants to institutions in respect of The King's College was £783,929 (2023- £461,408). During the year fees for education consultancy totalling £61,625 {2023 £57,849) were paid to Jamieson Consulting and Services, a family partnership registered in Australia in which Peter Jamieson is a partner. At the balance sheet, the Charity was owed £nil {2023 £1,139,078) from The Trustee for Anglo Australian Christian and Charitable Trust (the Trust}, an entity in which Peter Jamieson is the Chairman, in relation to loans made during the years ended 31 March 2020 and 31 March 2021. The loan was repaid on 1 June 2023. 19. Financial instruments 2024 2023 Financial assets Financial assets measured at amortised cost 198,917 1,284,769 2024 2023 Financial liabilities Financial liabilities measured at amortised cost 725,965 835,821 Financial assets measured at amortised cost comprise accrued income and other debtors. Financial liabilities measured at amortised cost comprise accruals and trade creditors. Page 24