CALVARY MINISTRIES WORLDWIDE
Charity No. 1119161
Trustees. Report and Unaudited Accounts
31 March 2024

CALVARY MINISTRIES WORLDWIDE
Independent Examiners Report
Independent Examiner's Report to the trustees of CALVARY MINISTRIES WORLDWIDE
I report to the trustees on my examination of the financial statement5 of CALVARY MINISTRIES WORLDWIDE
for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance
with the requirements of the Charities Act 2011 {'the Act'l.
report in respect of my examination of the charity's financial statements carried out under section 145 of
the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the
Charity Commission under settion 145{5)(bl of the Act.
Independent examlner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in
connection with the examination giving me cause to believe that in any material respect:
• the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and
content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other
than any requirement that the financlal statements give a 'true and fair, view which is not a matter
considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which
attention should be drawn in this report in order to enable a proper understanding of the financial
statements to be reached.
Yetunde Raimi-odimayo Institute o
Bookkeepers (ICB)
Surrey Bookkeeping Services Ltd
3rd Floor, Paul Street
London
Certified
England
EC2A 4NE
17 January 2025
Page I

CALVARY MINISTRIES WORLDWIDE
TRLJSTEES REPORT
FOR THE YEAR ENDED 31. MARCH 2024
Name: C￿V￿ry Ministries Worldwide
AddY¢$$: 193 Burton Road Derby. DE23 6AB
ChaTi
Number: 1119161.
Inl8lld Revetsue Number. XT 4221
Trustees
l. O. Olugbodi" 2. 0. Adams. 3. 0 Taiwo. 4. 0. FatunwBshe; 5. 0. Olowe; 6. Dondo lorlamen
Aceountants
Surrey Bookkecping Services l.td
3rd Floor, Paul Street
London
England
EC2A 4NE
B4nkeTS
Barclays Bank
Reading 2 BTanch.
90-93 Broad 8ircei. Readin8.
RGI 2AP
Aetivities:
Mr. Kola Kehinde. the Secretary. continues working with his team ofstaÉf-volunteers to conlinue
maxiyDising the capacily of the various volunl¢¢rs, prnyer groups. churche& partneTS. el¢. bolh in the region And a¢ross the
United Kingdom.
Wc cuntinued io makc advances on th¢ Enlurgement Vision. The EurAsiAP Rcgion comprising of the CAPRO work in
the Republic of Ireland, FrdnL¢. Indi￿ and Australi4 etc. have conlinucd to enjoy gra¢e to..
Globaliw and package ()ur ad hoc Lraining manuals for a rcgional audi¢n¢¢.
b. Build our purtners (CAST including chapters) capacity for regional en8a&)emcnt.
Shor¢ resources acrobb the Region e.g. Ineinber-car¢, Iraining, strength% Llc.
d. Prepatt a slrategy plan that f¢eds into the regional strd(egy which uliim&l¢ly feeds a Global Strategy Plan against
the year 202S.
e. Dclivcr TTauma H¢aling ti&inin8 & Marriage Counselling lo chur¢h¢s et¢. to help people dealing Wlth varied
i5SU¢S.
'I'he ministry basc in Derby has proved lo ￿ a v¢ry wondLrful asset lo the work in ihe IIK and beyond. It h&s served as the
hub for our meetings as well as the abode and home working base of th¢ Dir¢ctor and his wife.
Our Board of Trustees had ¢ontinued the good work of giving accurate direction for the work. They workcd tir¢l¢ssly lo
continue to bring the mOrtg￿e costs of the Derby building down in the f&c¢ of in¢r¢asing int¢rest rates. We have kcn
able to redu¢e the mortgage with a sum of £60,000 bulk payment.
Rev. Gboyega Adams, who suffered a major strok¢ a few years ago, had to slep down from serving with effect from 9
December 2023. 1.0 this eniL th¢ Trnst¢¢s have been actively IE4bouring to r¢rruit new tnjstees to buttress their numb¢r.
The midterni Strategy Plan ttview will take place across all the global work alongside our sister-agencics ￿￿thIn the
CAPRO network worldwid¢. As the Sending Country in our Region, we will continue lo work towards ¢nabling growth
4¢ross the region &s we work together wilh our sister-agencies in France, the R¢publi¢ of Ireland India and Australia.
EurAsiAP- Thc work in the UK and across other sister Caivary Ministries charities in Fran(E, the Rcpublir of Ir¢12nd,
Indii and Australia have been very encouraghng. We our sister-agencies across thc r¢gion coJktinue:
a. Working with youihs and children {through established churches) for discipleship and eoxly help in ihe face of
current crises c.g. knif¢ crime etc.
b. Making efforts to raise multi-cultllra] teams l(p be able to ad¢quat¢ly address issues across cultural divides.
Embracing bi-vo&?tiona] approach to missions. in tun¢ wth our contexts.
d. Evolving simplified training mod¢l$ in line with the global ministries Ineducible Minimurn, curriculum to
prepare bi-vocational tn155ionaTie5. This will keep in vi¢w vo¢ation$ #s they are prepared for the ministy God is
calling them into.
The 3-in-l Regional Conferen¢¢ and Church Planting Workshop took place in a low-keyed v¢rsion. We hope to
have another sometim¢ again in one of our other countri¢s.

f. Working more with the Redeerned Christian School of Mission (RECSOM} in PTeparing men and women for
ministrj within their contexts and beyond as God grants tbem grace.
g. Our diastKTrra w)rk as we labour to help people enjoy the Context into which they hav¢ Come as we delikrately
build r¢lationshÈps of mutual benetit to help them adjust into their environments.
h. Supporting our Missionary Children (MKS) who havc entered into the marketplace &s we laFMTrur to mentor them in
being who God wants them lo be in their chosen professions.
TeachiJTrg 4md training across the chtjrches, ￿Ongside our CAST members on variety of fronts.
CAPRO UK Work:
We keep scrving RF,CSOM to raisc a crop of lay workers who can express thems¢lv¢s in any ¢ontext. The work
has gon¢ into Euro￿, and som¢ oth¢r pla¢¢s. We also ran the Evangelism In Multi-Faith Space (EIMS) for alxTrul
120 parti¢ipant%.
b. PIL4YERS: there has continued io be a great awakening in this across all th¢ CAST. Holy hands are still being
lifted to keep the enlargement burden a]ive. Amen. We are hoping to start 3 more cells in Milton Keynes, Cardiff,
and N¢w¢asil¢.
DMC 2023: The Di￿]pleSh1p and Missions Conference 2U23 was a very successful one. li took place on Friday
I" (evening) and Saturday 2 D¢¢¢mb¢r. Th¢ theme was ' I'he Urgency of the Great Commission" (Matthew
28..18-20 NIVI. The main SF6akcr wa5 Malcolm Gray addressed th¢ lopi¢ from an expositional dimension on the
Iheme scripture. Patrick Johnstonc then ¢app¢d thiy with prllLtieAI Éssues on the ground now that Makes the
urgency real &nd palp&ble. Peter Ozodo eventually capped the day with a final ¢hallenge that got 17 out to start &
irnmediate 2:2..2 programme (2 Timothy 2..2). There were 4 Scminars also.
d. The F.ng4gcd Di¥£ipleship IFD) C.IlUfie: The RipubliL of Ireland Discipleship training went well. We had 8
two-hour sessions on consecutive Saturdays trom June I st to 12th August. B¢tw¢¢n 15 and 20 people wenl
through this course and were impacted by the Holy Spirit lo impa¢1 oth¢rs. It w&s a real eye-opening time to the
p2rtleip5￿1.$.
e. Op¢r*tion Joyhu4 (OJ): None this year.
f. HL'aliDg (TH): Th¢re wtis nts main Convening Session. We have conlinucd.8upporting staff. partners,
and their Lhildren online. Quite a number of Young Profcssionais (YPS) hav¢ also join¢d this number especi&ily
on relationship issues
g. YP Han8OUt: There was a Youn8 Professionals IYPSI Hangout over the weekend of 22nd to 24th September 2023.
It was attended by 30 YPS lincluding 5 MKS and 4 PKs- Partner5, Kids)
h. Mii%iTrnary Kids: The Regional MK8 had an onlin¢ meL'ting on 24th June with topic 'Search for fulfilmenl, Bro
Charles was the main ¥peaker. AtK)Ut I O MK.q w¢r¢ in &ttend8ncc, and they were fully cngagcd with ¢hc lopi¢.
PARTNF.RS: Our partners have ￿<¢n upfront in developing ways to enlarge to enY4blc the CAPRO EnlaTg¢menl
programine. The leaders hav¢ kept meelsng lo rcorganise partner engagement$ within the UK. Bro. Peter
Ogunlolu has been sclcclcd by lh¢ l¢ad¢r8hip lo lead this thrust.
PARTNb.RSHIP: We continue to partner with various sisl¢r-agenci¢s. churehes. and were part of the good times
(CLILbruLionsl #nd sad times (bereavemen151 wilh our partners. li w8S 8reai io be there for them at their times of
joy &nd sadDc55.
k. Outremehcs: one-on-one evangclism, follow-up on various contacts went very well throughout the year on all
Ironts.
We supported a number of churchcs with sp¢¢ific and largcted evangelism engagements. We also conttnued to
engage with our local churches to boost community £ngagcm¢ni at various l¢vcls. Unc of our st8ft-(a traincd
counsellor), ¢oniinu¢s lo volunlccr in Individual and Relalionship Counselling. Oth¢r& as well as our parthers
across thc nation, also work with th¢ir various churches to deliver all manner of needed inlerv¢nlions through the
churches inlo their various communitL¢S. Thcse volunteers and partners have continued in th¢ir cons1St¢nt pray¢r
giving and tireless service for the gr0￿h of th¢ work. The Chapter meM￿rS still Tne¢t rcgularly in some
townslcitlCS, f%nd mor¢ &r¢ a¢tLv¢ly purti¢ip&ktiJ)8 in chui¢h lcadcrship or outr¢o¢h activi¢i¢s su¢h os youth orkd
children work, discipleship teachings, cottllnunily ¢ngAg¢menLs #nd evungelism through iheir church¢8. We
remain byateful to them.
m. IT- CAPRO Glob#l Digit#lis#tion Projcet." 'This proj¢ct has continucd rnassively across the global work.
Bi-vo¢4tion*l work: our volunteers are bi-vocationai, and we hav¢ k¢p¢ encouraging more working professionals
into markctplaoc engagements in our mobilisation. We re¢civ¢d 3 new volunteers willing to work with us on the
social media fronts.
We have continu¢d to keep up with our obligations to the donors by k¢ephng in touch with ihern and offering information
conceming their dotvdtions. We continue to ensurc that all de%ignated (restricted) funds got to all thc right recipiLnls in
their various countrie5. We have facilitated closer contact bctw¢¢n diTrnors and the voluntary workers thcy support as much
&$ possible. We followed up with our otliC¢5 ¢a¢h of th¢ ¢ountries the global Ministrie5 work to ¢nbur¢ resources are
utilized as designatcd by tk donors. We visited Nigeri4 Ghan4 Australi￿ and worked rejllolely with all our sister-
agencies across the wTrrld.
The projects and volunteers we have managed to support are in the following countries.. Niger Republic. Nigeri
Camcroun: South AfTica. Benin Republic. South Sudan, Liberi4 United Kingdom. Guine& Tan7ani& Togo, M07J)mbique.
Senegal. Botswan4 Burundi, Rwand4 Madagascar, Mauritani4 Chad, Comoros. Cot¢ d'lvoire, France, Ghanffj Indi
Mali. and K¢nya.

Monies senl to different people in the 8¢bovc countrics have been used by those people for various pyojects which include
prostitute TehabilitaÉion, orphan ear¢, training of adults as well as children's Sch￿]1￿& medical and general welfare of
iiunieer& accommodation for volunteers etc. Most of the income is designatcd from source and we have keDt faithfth to
vur parEners and supporteTS in ensuring their monies We￿ used as designated.
Policies- We have continu¢d updating all our txilicies.
Trustees, Meetin
The trustccs mct on the 08th of May 2023 {online) and the 09th of December 2023. The meetings were well attended by the
trustees. All the trustees have continued lo work hard io move th¢ Charitv forw0r(L
The Truslees are pleased with ihis year's developments 2nd look to God to eonlinue pursuing the following dir¢¢iions in
the New Year (202312024)..
Further extension of our support base.
In¢reased discipleship and mission training in churches beyond our Current reach.
Increasing the prayer group base bcyond pr¢s¢nt frontiers.
Planning small but strategic mission conterences in other cities and towms in the UK.
Sending p¢opl¢ ¢%peeially donors and partners on fi¢ld trips And Work ¢amps to visil. ¢n8ag¢ with. pray and
supwrt outre&ch work outside the UK.
Nctworking further with the work in other areas of Europe e.g. the Republic of Ireland, Belgium, and France
where we already have volunteers. Also build capacity in Europe.
Working with th¢ Church tn iTrulr¢aLh and disLipleship among young people as well lls adults in the UK.
Setting up a virile Sending and Coordinalion Base for the work of ihe EurAsiAP (Europe. Asi& and Pacific)
Region within the EU.
Con(inu¢ 5¢rvicing t￿ rnortgag¢ on th¢ property for the Charity and ¢quipping the property.
l O Continu¢ enabling ihe Glob81 Digitisatiun pn)j¢¢l for the Ministries.

r4 * 0
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CALVARY MINISTRIES WORLDWIDE 

## Balance Sheet 

## at 31 March 2024 

## Charity No. 1119161 

|Charity No. 1119161||2024|2023|
|---|---|---|---|
|||£|£|
|Fixed assets||||
|Tangible assets|10|262,334|279,168|
|Investments|11|-|-|
|||262,334|279,168|
|Current assets||||
|Cash at bankand in hand||75,602|48,077|
|||75,602|48,077|
|Creditors:Amount falling due withinone year|12|194|-|
|Net current assets||75,796|48,077|
|Total assets less current liabilities||338,130|327,245|
|Creditors: Amounts fallingdue aftermorethan one year|13|(96,030)|(104,551)|
|Net assetsexcluding pension assetor liability||242,100|222,694|
|Total netassets||242,100|222,694|
|Thefunds ofthe charity||||
|Restricted funds|14|||
|Restricted income funds||7,795|7,795|
|||7,795|7,795|
|Unrestricted funds|14|||
|General funds||234,305|214,899|
|||234,305|214,899|
|Reserves|14|||
|Totalfunds||242,100|222,694|



Approved by the trustees on 17 January 2025 

And signed on their behalf by: 

O. Olugbodi 

Trustee 

17 January 2025 

Page 4 



CALVARY MINISTRIES WORLDWIDE
Notes to the Accounts
forthe year ended 31 March 2024
l Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Statement of Recommended Practice:
Accounting and Reporting by Charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic if Ireland IFRS 1021 issued on 16 July 2014 and the
Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102} and the
Charitie5 Act 2011.
Change In ba51s of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since
last year and no changes have been made to accounts for previous years.
Fund accountlng
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the
general object5 of the charitv.
These are unrestricted funds earmarked by the trustees for particular purposes.
These are unrestricted funds which include a revaluation reserve representing the
restatement of investment assets at their market values.
These are available for use subject to restrictions imposed by the donor or through
terms of an appeal.
Designated funds
Revaluation funds
Restricted funds
Income
Recognition of
income
Income is included in the Statement of Financial Activities ISOFAI when the charity
becomes entitled to, and virtually certain to receive, the income and the amount of
the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is
expenditure
reported gross in the SOFA.
Donations and
legacies
Voluntary income received by way of grants, donations and gifts is included in the
the SOFA when receivable and only when the Charity has unconditional entitlement
to the income.
Tax reclaims on
Income from tax reclaims is included in the SOFA at the same time as the
donations and gifts gift/donation to which it relates.
Donated services
These are only included in income (with an equivalent amount in expenditure)
and facilities
where the benefit to the Charity is reasonably quantifiable, measurable and
material.
Volunteer help
The value of any volunteer help received is not included in the accounts.
Investment income This is included in the accounts when re￿iVable.
Gains/{losses) on
This includes any gain or loss resulting from revaluing investments to market value
revaluation of fixed at the end of the year.
assets
Gains/llosses1 on
investment assets
Thi5 includes any gain or loss on the sale of investments.
Page S

CALVARY MINISTRIES WORLDWIDE
Notes to the Accounts
Expenditure
Recognition of
expenditure
Expenditure is recognised on an accruals basis. Expenditure includes any VAT which
cannot be fully recovered, and is reported a5 part of the expenditure to which it
relates.
Expenditure on
These comprise the costs associated with attracting voluntary income, fundraising
raising funds
trading costs and investment management costs.
Expenditure on
These comprise the costs incurred by the Charity in the delivery of its activities and
charitable activities services in the furtherance of its objects, including the making of grants and
governance costs.
All grant expenditure is accounted for on an actual paid basis plus an accrual for
grants that have been approved by the trustees at the end of the year but not yet
paid.
These include those costs associated with meeting the constitutional and statutory
requirement5 of the Charity, including any auditlindependent examination fees,
costs linked to the strategic management of the Charity, together with a share of
other administration costs.
These are support costs not allocated to a particular activity.
Grants payable
Governance costs
Other expenditure
Taxatlon
The charity is exempt from tax on Its charitable activltles.
Freehold Investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet
date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they
arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair
value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtor5 are recognised at the settlement amount due after any trade discount offered.
Prepayment5 are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other
short-term highly liquid investments with original maturities of three months or less and bank overdrafts.
In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.
In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are
repayable on demand and form an integral part of the company's cash management.
Trade and other credltors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised
where the charity has a present obligation resulting from a past event that will probably result in the
transfer of funds to a third party and the amount due to settle the obligation can be measured or
estimated reliably. Creditors and provisions are normally recognised at their settlement amount after
allowing for any trade discounts due.
Page 6

CALVARY MINISTRIES WORLDWIDE
Notes to the Accounts
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the
charity are translated at the rates of exchange prevailing at the end of the reporting period.
Transactions in currencies other than the functional currency of the charity are recorded at the rate of
exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of
ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified
as operating leases.
Assets held under finance lease5 are initially recognised as assets of the charity at their fair valLJP at the
In￿ptIOn of the lease or, if lower, at the present value of the minimum lease payments. The
corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation.
Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to
achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are
recognised immediately, unless they are directly attributable to qualifying assets, in which case they are
capitalised in accordance with the charity's policy on borrowing costs.
Assets held under finance leases are depreciated in the same way as owned assets.
Operatlng lease payment5 are recognised as an expense on a straight-line basis over the lease term.
In the event that lease incentives are received to enter into operating leases, such incentives are
recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental
expense on a straight-line basis.
Penslon costs
The charity operates a defined contribution plan for its employees. A defined contrlbution plan is a
pension plan under which the charity pays fixed contributions into a separate entity. Once the
contribution5 have been paid the charity has no further payments obligations. The contributlons are
recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet.
The assets of the plan are held separately from the charity in independently administered funds.
Recelpt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and
expenditure at an estimate of the value to the charity.
Page 7

CALVARY MINISTRIES WORLDWIDE
Notes to the Accounts
2 Statement of Financial Activities - prior year
Unrestrirted
funds
Restricted
funds Total funds
2023
2023
2023
Income and endowments from:
Donations and legacies
Other
19,805
6,981
219,299
239,104
6,981
Total
26,786
219,299
246,085
Expenditure on:
Charitable activities
62,346
36,781
107,886
170,232
36,781
Other
Total
99,127
107,886
207,013
Net income
{72,3411
111,413
39,072
Net income before other
gains/{losses)
Other galns and losses:
Net movement In funds
{72,3411
111,413
39,072
172,3411
111,413
39,072
Reconclllation of funds:
Total funds brought forward
Total funds carrled forward
175,827
7,795
183,622
103,486
119,208
222,694
3 Income from donatlons and legacles
Unrestrirted
Total
Total
2024
2023
25,159
155,293
30
25,159
155,293
30
19,805
219,299
180,482
180,482
239,104
4 Income from charltable artivltles
Unrestrlcted
Total
Total
2024
2023
Outreach
35
35
20,284
20,319
20,284
20,319
Page 8

CALVARY MINISTRIES WORLDWIDE
Notes to the Accounts
5 Income from other trading artivities
Unrestricted
Total
Total
2024
2023
150
150
150
150
6 Other income
Unrestrlcted
Total
Total
2024
2023
Sundry Income
31,941
31,941
31,941
31,941
6,981
6,981
7 Expendlture on charltable actlvltles
Unrestrlcted
Total
Total
2024
2023
Expenditure on charitable
octivitie5
Outreach
1,169
147,492
1,169
147,492
107,886
62,346
Governance costs
148,661
148,661
170,232
8 Other expendlture
Unrestricted
Total
Total
2024
2023
10,428
Bank loan and overdraft
interest payable
Employee costs
Motor and travel costs
8,417
8,417
4,333
7,562
6,465
26,768
12,487
3.126
7,562
6,465
26,768
12,487
3,126
64,825
1,527
7,487
1,903
8,035
3,068
36,781
Premises costs
General administrative costs
Legal and professional costs
64,825
9 Staff costs
No employee received emoluments in excess of £60,000.
Page 9

CALVARY MINISTRIES WORLDWIDE
Notes to the Accounts
10 Tangible flxed assets
Cost or revaluation
At l April 2023
Additions
At 31 March 2024
279,168
116,8341
262,334
279,168
{16.8341
262,334
Net book values
At 31 March 2024
At 31 March 2023
262.334
279,168
262,334
279.168
11 Investments
Freehold Investment Property
The freehold investment property was acquired on 8 August 2022.
12 Credltors:
amounts falllng due wiihln one year
2024
2023
Other taxes and social security
11941
11941
13 Credltors:
amounts falling due after more than one year
2024
2023
Bank loans and overdrafts
96,030
96,030
104,551
104,551
Liabilities repayable in more than five years
after the balance sheet date
Mortgage on Freehold property
Page 10

CALVARY MINISTRIES WORLDWIDE
Notes to the Accounts
14 Movement in funds
Incoming
resources
At31
March
(includlng
other
At l April gains/losses
2023
Resources
expended
2024
Restricted funds:
Restrlcted income funds:
Donations & Legacies 2
7,795
7,795
Total
7,795
7,795
Unrestrlcted funds:
General funds
214.899
232,892
{213,486)
234,305
Total funds
222,694
232,892
1213,486)
242,100
Purposes and restrictions in relation to the funds:
Restricted funds:
Donations & Legacies 2
15 Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
Total
Fixed assets
Net current assets
Creditors due in more than one year and
provisions
262,334
53,532
262,334
75,796
22,264
196,0301
(96,0301
22,264
219,836
242,100
16 Reconciliatlon of net debt
At31
At l April
2023
March
2024
Cash flows
Cash and cash equivalents
48,077
48,077
27,525
27,525
75,602
75,602
Bank loans
1104,5511
{104,551)
8,521
8,521
196,0301
{96,030)
Net debt
156,4741
36,046
120,428)
Page 11

CALVARY MINISTRIES WORLDWIDE
Statement of Cash flows
for the year ended 31 March 2024
2024
2023
Cash flows from operating actlvlties
Net income per Statement of Financial Activitles
19,441
39,072
Adjustments for:
Dividends, interest and rents from investments
Decrease in trade and other payables
{31,941}
1194)
16,981)
Net cash (used in)/provided by operating activities
112,6941
32,091
Cash flows from investing actlvities
Payments for property, plant and equipment
Dividends, interest and rents from investrnents
16,834
31,941
(279,168)
6,981
Net cash from/(used In) Investlng artivitles
48,775
{272,187}
Cash flows from financlng artivities
Repayment of borrowings
18,5211
104,551
Net cash (used in)/from flnancing artlvities
(8,5211
104,551
Net increase/(decrease) in cash and cash equivalents
27,560
1135,545)
Cash and cash equivalents at the be8lnning of the year
48,077
183,622
Cash and cash equivalents at the end of the year
75,637
48,077
Components of cash and cash equivalents
Cash and bank balances
75,602
48,077
75,602
48,077
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