Registered number: 07759253 Charlty number:1144227 GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 *GLOBAL INGLICANS
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (AcoMpY limitod byguarantee) CONTETr¥rs Page Reference arbd Administratlve Detalls of the Chartty, Its Trusteesand Advi$•rs Trustees, Report Independent Audltors, Report Statement of Flnanclal Actlvllles 10 Balance Sheet Cash Flow Ststement 12 Notes to the Flnanclal Statements 13-23
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (Acompany limited by guarantee) REFERENCE ANDADMINISTRATIVE DEfAILS OF THE CHARITABLE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER2022 Reglstered name . Global Fellowship of Confesging Anglicans (Operating name-. -Gafcon Tnjslees Mr David Monro, Chalr Mrs Sarah Finch Mr Olayinka Fisher Revd Chris Green Mr Emrnanuel Kampourls Mosl Revd Benjamin Kwashi Preb Charles Marnham Most Revd Laurent Mbanda Dr Laurence Scandrett Companyreglstralkm no. 07759253 Charityregistration no. 1144227 Reglstered 0ffl¢o Unrt 4243, Kingspark Business Centre 152-178 Kingston Road New Malden Surrey KT3 3ST OPeratk81 address Unrt 4243, Kingspaik Business Centre 152-178 Kingston Road New Malden Surrey KT3 3ST company$retary Canon Daniel Willis Independent auditors Griffin Stone Moscrop & Co CharteredAccountants 21-27 Lamb's Condurt Street London WCI N 3GS Sollcltors Charfes Russellspeechlys LLP 5 Fleet Place London EC4M 7RD Bankèrs HSBC 12A Norlh Streel Guildford Surrey GUI 4AF Page 1
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (A CoMpY limited by guarantee) TRUSTEES REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022 The Trustees (who ale also directors of the chartty for the purposes of the Companies Act) present their annual report for the year ended 30 September 2022 under the Companies Act 2006 and the Charilies Act 2011. together wilh ihe audited financial slatemenls for th year. The financial statements comply with the requirements of the Companies Act 2006. the Chartys memorandum and articles of association and the relevant Statements of Recommended Practice (the Charities SORP) -Accounting and Reporting by Charities- applicable to charities preparing their financial statements in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102) published on 16 Juty 2014. Since the company qualifies as small under section 383. the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Direclorfs Report) Regulations 2013 is not required. StruCle, Governance and Management a. Governing Document and Consliiulion The Charity is constituied as a charilable company limited by guarantee. incorporated on I September 20118nd registered as a charity under charily number 1144227. The charitable companys governing documents are in the Articles of Assoclatlon adopted on 2 June 2014. These revised Articles have strengthened the Governance of the Company by separating the functions of Directorship and Membership. b. Organlsatlmal strUcle and De¢lslon Maklng The management of ihe charltable company is the responsiblltty of the Trustees who are elected andlor COpIed under the terms of ihe Artlcles of Assoclation. The Trustees meel four times a year as a board. There is also an Annual General Meeting (AGM) Involving the Guarantors, usually held in April. During the year, three of these meetings were conducted remotely on Zoom, and one physically in person. Durlng the reporting year the day to day management was delegated io the General Secretary, assisted by a secretariat led by the Operations Manager, who is also Company Secretary and Secretary to the Trustees and the Guarantors (the members of the company). c. Method of AppcAntmenl ofTrusl•es Article 20 deals wilh the appointment and retirement of Trustees. The Trustees may Crp1 a person who Is vllllng to act to be a Trustee erther to fill a vacancy or as an additional Trustee provided that the appointment does not cause the number of Trustees to exceed any number flxed by or in accordance wrth the Articles as the maximum number of Trusiees. A Trustee so appointed shall hold offlce until the next AGM. No new Truslees were appolnled during the year. d. Meetlngs and Pollcles Adoptsd forthe Induclion and Trainlng of Tntstees New Trustees are inducted through a briefing carried oth by ihe Chair which aims to give a new Trusiee an initial underslanding of the Governance of the Charity, and its present position spiritually. operationally and financially, including an understanding of any significant risks. The Chair carries out a periodic evaluation of board effectiveness and discusses the fiThlings with the Truslee Board and the Guarantors with a view to ensuring the Board operates effectively and has the right overall balance of skill and competence. Page 2
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (A¢0mY limited byguarantee) TRUSTEES REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2022 e. Rlsk Management The Trustees have assessed the major risks to which ihe charitable company is exposed. in particular those related to the operations and finances of the charitable company, and are satisfied that systems and procedures are in place to mitigate the Charitls exposure lo the major Tisks. Objectlves and Aetlvftles a. Policies and Objectives The charily's objecls are specifically restricted to the advanc*ment of the orthodox Anglican Christian faith for the benefit of the public in accordance wtth the tenets of orthodoxy set out in the Jerusalem Declaratlon declared on 29 June 2008 at the Global Anglican Future Conference and which is set oul in the Schedule to the Articles. In setting objectives and planning for activities for the year. the Trustees have considered Ihe Charlty Commission's general guidance on public benefit and its specific guidance on the advancement of religion. Achlevements and Perforniance a. Golng Concern After maklng approprlate enquiries, the Trustees have a reasonable expectation that the charitable company has adequate resources to conlinue in operational existence for the foreseeable future. For thls reason they contlnue to adopt the going concern basis in preparing the financial stalements. Further detalls regardlng the adoptlon of the going concern basis Can be found in the Accounting Policies. b. Revlew of Actlvltle8 To fulfil the charitable objeclives, the (hrrtycarried 1 activities in the period focused around the 6 strategic goals Identified in Ihe Strategi¢ Plan ratified by the Primales in April 2019. These are.. To be praying people immersed in and informed by Scrlpture To be a well-connected, committed grass rtY)ts movement To be mlsslon minded and outward looking To have robust accountable governance To have well taughvwell equipped church leaders To become financially self-sustainable 1. In April 2021 the Prlmates Council approved the refinemenl of the Plan into a Strategic Focus. concentrating on the following areas.. A decade of Discipleshlp, Evangelism and Missions Nexl Gen.. identifying and training the next generation of Anglican leaders Youth.. involving young men and women in all aspects of the church's minisiry Women.. lo make full use of the energy, dexlerity and resilience of women's ministries in the life of the church Mercy rninistries.. to develop a central approach wrlhin our Anglican stTUCtures to respond to the world's natural and man-made disasters Bishops. Training.. to train our bishops lo promote and implement true gospel ministry Primates". to enable our PrimeS to support and encourage each other 2. The global response to Covid-19 has resuhed in increased use of online resources to build up and encourage faithful Anglicans worldwide. While these have decreased during the year, they include.. An online prayer diary gathering requests from the global communion Websrtes in Portuguese and Spanish A"Moment & PTayeff initiative to glve a regular bitesize news ilem and prayer that can be shared with local churches: 3. With the world opening up post-covid, the Primales Council rnet in person in Kigali. Rwanda. in September Page 3
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (AcompY linwted by guarantee) TRUSTEES REPORT [¢tinued) FOR THE YEAR ENDED 30 SEPTEMBER %Y22 2022. 4. Preparations began durlng the year for the fourth &yearly conference. GAFCON IV, in Kigali. As these accounts are signed the Conference is about to start. wrth 1.270 delegates from 53 countries. 5. Gafcon contlnues io provide support for faithful Anglicans and orthodox Anglican structures around the world. It has continued to support the Anglican Network in Europe and its two convocations. Furthermore support was given to the establishment of the Diocese of the Southem Cross in Australia as an aLrthentically Anglican diocese. 6. During the year, partly due to a lack of events with a specrfic fundraising requlrement and partty due to global economic uncertainties arising from the Covid-19 restrictions. Ihe financial and individual support base has shrunk from 507 to 422 donors. The number of subscribers to Gafcon increased by 6% during the year. bul glft Income fell by 30%. c. Fa¢lors Relevant to Achleve Objedlves 1. Our success conlinues to be the movement's unrty in Christ. i.e. all working for the same Lord, havlng been saved by the same Gospel, all trusting in the same Scriptures and all motlvated bythe same cause.. to exalt Christ In word and deed. 2. The ability to give suslalned attentlon to our purpose using our own paid inlernal resources, the volunteer resources avallable In the whole fellowship and by engaging with other Christlan partners who share our values. Flnanclal Reylow Prln¢lpal Rl8k$ Un¢ertainties Prlnclpal rlsks and uncertainties arise from ihe vulnerabilty of ihe curreni flnanclal model to an eernal shock and the low awareness among Anglicans globalty of the Gafcon movement and its mission. These have all been magnified by the global economic issues following the Covid-19 pandemic and now the war in Ukraine. As a global organisation. worsening economic conditions affect the voluntary income. Wlth the movement of Anglican provinces away from orthodox Chrlsllan belief, Ihere Is an increase in those seeking support from Gafcon. The fourth global conference being held in Kigali in April 2023 will bring renewed energy lo the Strategic Focus and an increased number of those seeking affiliation. b. ReseNe$ Pollcy The Trustees aim to maintain reserves al a level which will be ihe higher of.. (al Ihe level required to meel our obligations to staff, volunteers and stakeholders in the evenl of an unplanned closure. estimated at 4 months core expenditure, approx. £200.000.' (b) the level required to be able to pay the upfront costs of the five-yearly conference. These were eslimated io be 30% of the venue and accommodation costs. estimated at approx £400,000. As at 30 September 2022 the Charty had free reserves - unreslricted reserves less fixed assets - of £312,454 (2021.. £275,238). The Trustees nole that the reseryes are below the required level and will conlinue to monitor the position and seek to bridge ihe gap. The Charrty's costs have been funded in the current year by generous donations from Provinces, dioceses, churches and individuals and by speafic grarrts made by other Christian chartties. Plans for the Future Much of Gafcon's fthure direclion will be determined at the GAFCON IV conference in Kigali. Support will continue for orthodox Anglicans globally. Trustees. Respon$ibiltties Statement The Trustees (who are also directors of Global Fellowship of Confessing Anglicans foi the purposes of company Page 4
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (Acornpany lirniled by guarantee) TRUSTEES, REPORT (continuedl FOR THE YEAR ENDED 30 SEPTEMBER 20Z law) are responsible for preparing the Trustees. repon arld ihe financial statemenis in accordance wiih applicable law and Uniled Kingdom Accounting Slandards (United Kingdom Generally Accepled Accounting Practice). Company law requires the Trustees to prepare financial slalemenls for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure. of ihe charitable company for that period. In preparing these financial st8ternents, the Trustees are required to.. select surtable accounling policies and then apptylhem consistently.. obseive the methods and principles in the Charities SORP (FRS 102).. make judgments and estimates thal are reasonable andprudent." state whether applicable UK Accounting Standards have been followed. subject to any material departures dlsclosed and explained in ihe financial statements.. prepare the financial stalements on ihe going concern basis unless il is inappropriale to presume that the charilable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statemenls comply wilh the Companies Act 2006. They are also responsible for safeguaiding ihe assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of Information toAudStors Each of the peisons who are Trustees at the lime when this Trustees. report Is approved has confirmed that.. so far as that Trustee 1$ aware. Ihere is no relevant audil information of which the charitable company's audrtors are unaware.and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any Informalion needed by the charilable companls auditors in conneclion with prepanng theli report and io establish that the charitable companys auditors are aware of ihal informatlon. In preparing this report, the Trustees have laken advantage of the small companies. exernplions provided by section 415A of the Companies Act 2006. This report was approved bythe Trustees on 17 April 2023 and signed on their behalf by.. Mr David Monro. Chair Page 5
GLOBAL FELLOWSHIP OFCONFESSING ANGLICANS (Acompany limited by guarartee) INDEPENDENT AUDITORS REPORTTO THE MEMBERS OF GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS Oplnion We have audited the financial statements of Global Fellowship of Confessing Anglicans {the'charllable company? for the year ended 30 September 2022 which comprise the Statement of Financial Actlvltles, Balance Sheet and Cash Flow Statement and notes lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in Iheir preparation is applicable law and United Kingdom Accounting Slandards. including Financial Reporting Slandard 102 The Financial Reporting Standard applicable In the UK and Republic of Ireland (Unlted Klngdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable coMpanS affalrs as at 30 September 2022, and of r(s incoming resources and application of resources. including its income and expenditure, forthe yearthen ended.. have been properly prepared in accordance with United KirwJdom Generalty Accepted Accounting Practlce., and have been prepared in accordance with the requirements of the Companles Aet 2006. Basis for opinion We conducted our 8udit In 8ccord8nce with Imematlonal Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Audltofs responsibilities for the audil of the financial statements section of our report. We are Independent of the charitable company In accordance wlth the ethical requirements that are relevanl lo our audil of the financial slatements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in 8ccordance with these requirements. We belleve th8t the audit evldence we have obtalned is sufficient and appropriale to provlde a basis for our opinion. Conclu81on$ rolallng to golng c(¥•M In auditing the financial statements. we have concluded that the irusiees, use of the golng concern basis of accouniing in the preparation of the financial statements is appropriate. Based on the work we have perfonybed, we have not identified any materlal uncertainties relating to events or conditions ihal. individually or collectively, may cast Signifint doubl on the charitable company's abillty lo continue as a golng concern for a period of at least twelve months from when the fin8nclal statements are authorised for issue. Our responsibilities and the responsibllities of the trustees with respect lo going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the informats.on included in the trustees 8nnual report, other than the flnancial stalements and our auditorfs report thereon. Theirustees are responsible forthe other information conlaine(i wilhin the annual report. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our repor( we do not express any form of assurance conclusion thereon. Our responsibiltty is lo read the othw information and. in doing so. consider whether the other information is malerially inconsistent with the financial statements or our knowledge obiained in the COLFrse of the audit or oiherwise appears to be maierially misslated. If we identify such material inconsistencies or apparent material misstatements. we are required to detemiine whether this gives rise to a material misstatement in the financial statementsthemselves. If. based on the work we have perfomied. we conclude that there is a material misstatement of this other infomiation. we are required to report that fact. We have nothing lo report In this regard. Page 6
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (Acompany limlted by guarantee) INDEPENDETr AUDITORS REPORT TO THE MEMBERS OF GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS Oplnl¢)n$ on other matters prescribed by the Companies Acl 21M)6 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trLbStees' report for the financial year for which the financial statements are prepared is consistent wrth the financial statements,. and the trustees, report (including the directors. report) has been prepared in accordance wlth applicable legal requiremenls. Matters on whlch we are requir to report by exception In the lighl of our knowledge and understanding of the charitable company and rts envlronment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors, report. We have nothlng to report in respect of the following matters in relallon to which Ihe Companies Act 2006 require us to report lo you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect wilh the Irustees, report or the charltable company has not kept adequale accounting records.. or the financial statements are not in agreemenl with the accounting records and returns,. or we have not received all the information and explanations we require for our audit., or the trustees were not entitled lo prepare the flnanclal Siatements in accordance with the small companles. regime and take adv8ntage of the small companies, exemptions in preparlng the dlrectors. report and from the requirement to prepare a stralegic report. Responslbllhles of tnee8 As explalned more fully in the trustees. responslbllltles statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financlal statements and for being satisfied that they give a true and falr view, and foi such internal control as the truslees determlne is necessary to enable the preparation of financial statements that are free from malerial misstatement, whether due to fraud or error. In preparing the financial statements. the truslees are responsible for assessing the charltable company's ablllty to continue as a going concern. disclosing. as applicable, matters relaled to going concem and uslng the golng concern basis of accounting unless the trustees either intend lo liquidate the charitable company or to cease opefations. or have no realistic alternative but to do so. Audltorfs respon$ibililies for the dIt of tho fIn¢111 ststements Our objectives are io obtain reasonable assurance about whetherthe financial statements as a whole are free from material misstatemenl. whether due to fraud OT error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guaranlee that an audit conducled in accordance with ISAS (UK) will always detect a malerial misstatement when il exists. Misstatemenls can arise from fraud or error and are considered malerial 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 instsnces of norpcompliance with laws and Tegulations. We design procedures in line with OUT responsibilities. oullined above, lo detect material misstaiements in respect of irregularities, including fraud. The specific proceduies for this engagemerrt and the extenl lo which these are capable of detecling irregularities. including fraud is detailed below.. Enquiries with management and those charged with governance.. Carrying out substantive checking to supporting documents on a sample basis of individual transactlons within income and expendtture to give comfort that on a sample basis the SOFA does not contain any irregulaF r(ems'. Page 7
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (A company lirniied by waMtee) INDEPENDENT AUDrroRS REPORT TO THE MEMBERS OF GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS Carrying oul walk-lhrough testing lo verify that the charity's accounting gystems and controls are belng implemented as designed-. Verifying the existence on a sample basis of individual employees on the payroll,. Verifying that material balances within the balance sheet are supported by third party evidence to conflrm Ihe exislence and valualion of ihese balances al the balance sheet date. Reviewing minutes of trustees, meetings. Because of the inherent limitations of an audit. there is a risk that we will noi ddect all irregularities. including those leading to a materlal mlsslatement in the financial slalements or non-compllance wilh regulatlon. This rlsk inereases the more that compliance wf(h 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 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 OT misrepresentation. As part of an audit in accordance wllh ISAS (UK). we exerclse professional ludgment and maintain professional scepticlsm throughout the audil. We also= Identlfy and assess the rlsks of materlal misst*ement of the financial stalemenls, whether due to fraud or error, deslgn and perform audit procedures responsive to those risks. and obtain audrt evidencethat is sufficient and appropriate lo provide a basis for our opinion. The risk of not deteing a material mi5Statement resulting from fraud is higher than for one resufting from error. as fraud may involve collusion, forgery, inlentional omlsslons, mlsrepresentalions. or the override of internal control. Obtaln an understanding of internal control relevant to the audit in order to design audrt procedures that are appropriate in the circumstances, but not for the purpose of expresslng an opinion on the effectiveness of the charitable company's internal control. Evaluate the approprlateness of accounting policles used and the reasonableness of accounling eslim8les and related disclosures made by the trustees. Conclude on the appropriateness of the tnJstees' use of the going concem basis of accounling and, based on the audrt evidence obtained, whher a material uncert8inty exists related to events or conditions that may cast slgnlflcant doubt on the charr(able company's abiltty to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report lo the related disclosures in the financial statements or. if such disclosures are inadequaie, lo modify OUT opinion. Our concluslons are based on the audil evidence oblained up to the date of our auditorfs report. However, future events or conditions may cause the charrtable company to Cease to continue as a going concern. Evaluate the overall presentation. slructure and content of the flnancial stalements, including the disclosures. and whether the financial statements represerrt the underlying transa10$ and events in a manner Ihal achieves fair presenlation. We communicate wtth those charged with govemance regarding, among other matters, the planned scope and timing of ihe audit and significant audit findings. including any significant deficiencies in internal control ihat we identify during our audit. Page 8
GLOBAL FELLOWSHIP OFCONFESSING ANGLICANS (Acompany limiled by guarantee) INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS Use of our report This report is made solely io ihe charitable companls members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audtl work has been undertaken so Ihal we might state lo the charilable company's members and trustees those matters we are required to stale lo them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibillty to anyone other than the charitable company, the charTtable companls members as a body and the charrtable companls trustees as a body, for our audit worl for this report, or foi the opinions we have formed. 46(•rJ l4',lJ Richard Hill FCA (Senior statutory auditor) for and on behalf of Grlffln Stone Moscrop & Co Chartered Accounlanls Stalutory Auditors 21-27 Lamb's Condurt Street London WCI N 3GS Date.. Page 9
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS IA company limlted by guarantee) STATEMENT OF FINANCIAL ACTIVlnES (Incorporating an ineome and expenditure account) FOR THE YEAR ENDED 30 SEPTEMBER 2022 restricted Restslcted funds funds 2022 2022 Totsl funds 2022 Total funds 2021 Income fmm: Donations and legacies 234.787 35,982 270,769 388,447 Charltable actlvrtles- conference fees 586 Other Income 21 21 28 Totsl Incixne and endovffl* 234.808 35.982 270.790 389,061 EXnded on: Raising funds 49,802 52.645 67,202 Charilableactivities 148.537 29.665 178.202 295,709 Total expendltur• 1989 32,508 230.847 362,911 Movefflent in totsl funds for the year- Nel Income fw the year 36.469 3.474 39.943 26.150 Total funds at 1 October 2021 276206 12.066 288.272 262.122 Total fvnds at 30 Stytember 2022 312.675 1 S.540 328.215 288.272 The notes on pages 13 to 23 form part of these financialstatemenis. Page 10
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS IA company limited by guarantee) BALANCE SHE AS AT 30 SEPTEMBER 2022 2022 2021 Note Fixed assets Tangible assets Current assets Debtors Cash at bank 10 221 968 11 942,722 220,304 56,261 260.686 1.163.026 316.947 Creditors: amounts falling due wrthinone year 12 1835.0321 (29,643) Net eurrenl a$$ets 327,994 287,304 Net assets 328,21 S 288,272 Charitable funds Reslricted funds Unrestrlcled funds 13 13 15.540 312,675 12,066 276,206 Total funds 328,215 288.272 The company's financial statemenls have been prepared in accordance with the provisions applicable to companles subject lo the small companies. regime. The financial stalements approved bythe Trustees on 17 April 2023 and signed on their behalf by.. Dyid Monro, Chalr The notes on pages 13 to 23 fomi part of these financialstatements. Page 11
GLOBAL FELLOWSHIP OFCONFESSING ANGLICANS IA company limited by guarantee) CASH FLOW STATEkqENT FOR THE YEAR ENDED 30 SEPTEMBER 2022 Totsl funds 2022 Total funds 2021 funds 2022 funds 2022 N¢)te Cash Flows from Operaling Aclivities: Net cash pmvided by/(used In) operatlng activities 15 143,8561 3,474 140,3821 10,325 Cash flows from Investing actlvilie8 Proceeds from Ihe sale of fixed assets Purchase of fixed assets 385 (385) Net cash usedln Investlnq 8Ctlvllle$ Chang• In ca8h and cash equlvalents In the year 143,8561 3.474 140.3821 10,325 Cash and cash equivalents at l October 2021 248,949 11.737 260.686 250,361 Cash and cash equi¥alent8 at 30 September 2022 16 205.093 15.211 220,304 260,686 The notes on pages 13 10 23 form part of these flnanclalstatemenls. Page 12
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (Acompany limited by warantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 A¢¢ountlng pollcles 1.1 Basis of preparation of financial sLitements The finanrial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Praclice applicable to charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019)- (Charities SORP (FRS 102)). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The flnanaal statements are prepared In sterllng, whlch is the functional currency of the charitable company, and are rounded io the nearest £1. The preparation of financial slatements in compliance with the Charities SORP {FRS102} requires the use of certain critical accouniing estimates.11 also requires management to exercisejudgement in applylng the charws accounling pollcies. Global Fellowship of Confessing Anglicans ¢onstitLrtes a public benefft entlty as deflned by the Charities SORP. 1.2 COmpY slatus The chafitable company is a company limited by guarantee. There can be no less than three and no more than six members. The membershlp of Ihe company is available to all applic8nls which are approved by Ihe Primates Council of Ihe Global Anglican FutLJre Conference. There are 5 members at present. In the event of the charitable company being wound up, the liability in respect of the guarantee is Ilmrted to £1 per member of the charitable company. 1.3 Fund accounilng General funds are unrestricted funds which are available for use at ihe discrellon of the Trustees in furtherance of ihe general objectives of the charitable company and which have not been deslgnaled for other purposes. Restricted funds are funds which are to be used in accordance whh speclflc restrlelions imposed by donors or which have been raised bythe charitable company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each reslrlcted fund is set oul in the notes to the financial stalemenls. 1A Income All incoming resources are included In the Slalemeni of Financial Activities when the charllable eornpany has entitlement to the income. it Is probable that ihe income will be received and the amount of income receivable can be measured reliably. Income is recognised in the SOFA when it is received unless there is a clear basis for deferral. Income tax recoverable under gift aid on donations received is recognised as income in the same period as the underlying income to which it Telates. Page 13
GLOBAL FELLOWSHIP OFCONFESSING ANGLICANS (Ae(Mnpany limiled by guarantee) NOTES TO THE RNANCIAL STATEMETr¥rs FOR THE YEAR ENDED 30 SEPTEMBER 2022 Ac¢ounllng pollcles (eontlnued) 1.5 Expenditure Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attrlbuted to particular activities they have been allated on a basis consislent with the use of the resources. Support costs are those costs incurred directly in support of expenditure on the objects of the charltable company and include overhead expenditure. These have been allocated as follows.. 2022 2021 Generatlng funds Charitable activitles 30% 70% 30% 70% Governance costs are included within support costs. All resources expended are Induslve of irrecoverable VAT. 1.6 Golng Con¢wn There are no material uncertainlies conceming the charitable eompanls abilrty lo conlinue as a going concern. 1.7 Tanglble flxed assets and depreclatlon All assets costing morethan £500 are capitall$ed. Tangible fixed assets are stated at cost less depfeciallon. Depreciation is provided at rales calculated to wrtte off the cost of fixed assets. less thelr esllm8ted residual value. over their expected useful Ilves on the following bases.. Computer & e1ectrCn equipment Fixtures & fittings 3 years straight lirsebasis 5 years straighl line basls 1.8 Debiors Debtors are recognised at the settlement amount. Prepayments are valued al Ihe amount prepaid net of any discounts due. 1.9 Ca8h at bank Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquistlion or opening of the deposrt or similar account. 1.10 Liabililies and provlslons Liabilities are recognised when ihere is an obligation at the Balance sheet date as a result of a past event. it is probable ihal a transfer of economic benefit will be required in settlement, and the amount of the Settlemenl can be estimated reliably. Liabilrties are recognised al the amount that the charrtable company anticipates it will pay to settle the debL Page 14
GLOBAL FELLOWSHIP OFCONFESSING ANGLICANS {Acompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Accounllng pollcle8 (eonllnued) 1.11 Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are Iranslated into slerfing on the day the transaction took place. Exchange galns and losses, if any. are rectyjnised in the Stalement of financial activities. 1.12 Flnan¢lal Instruments The charrty only has financial assels and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction vallte and subsequently measured at their settlement value wrth the exception of bank loans which are subsequently measured at 8mortlsed cost uslng the effective interest method. 1.13 Pensions The charily operates a defined conlribullon penslon scheme and the penslon charge represents the amounts payable by the charity to the fund In respect of the year. 1.14 Operallng leases Rentals under operaling leases are charged to the statemenl of flnanclal activities on a streight line basis over the lease term. Voluntsry Incon Unrestricted Reslrfcted fundg fund¥ 2022 2022 Totsl Unrestricted Restricted fd$ funds funds 2022 2021 2021 Total funds 2021 Donations from provinces, branches & churches Grants Donations from individuals 74,224 30,642 129.921 2.150 76.374 17.423 48.065 16.409 146.330 109.988 44,053 143.573 35,695 145,683 33.847 77,900 21,291 164,864 Voluntarylncome 234.787 35.982 270,769 297,614 90,833 388.447 Expenditure anatysis IrestrIcted Restricted fvnds 2022 Totsl Unrestricted Restncled funds funds 2021 2021 Total funds 2021 2022 2022 Raising funds Charitable activities 49.802 148.537 2.843 52,645 29.665 178.202 57.909 216,384 9,293 67.202 79,325 295.709 198.339 32.508 230.847 274,293 88,618 362.911 Page 15
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (Acompany IMMited by gu¥antee) NOTES TO THE RNANCIAL sfATEMEls FOR THE YEAR ENDED 30 SEPTEMBER 2022 Analy51s of resources expended by expendlbJre type Depre- clation 2022 Other ¢osts 2022 Totsl 2022 Total 2021 2022 Raising funds Charilable Aclivities 30,233 112,612 22,412 65.019 52.645 178.202 67.202 295,709 571 142.845 571 87,431 230.847 362.911 Costs of generatlng volunlary Inc¢Mne la) Anatysis of Resources Expended Support costs Dlr•ct costs 2022 Total 2022 Total 2021 2022 Fundraising costs (b) Direct casts of gonerallng voluntary Income Umstrld funds Restrt¢ted Total funds funds Total funds 2022 2022 2022 2021 Office costs IT costs Publicity costs Consuftancy costs Bank & other charges 258 285 285 148 22,142 3,213 21.540 2.608 21.540 2,673 65 Total 24.435 65 24.500 25,761 Page 16
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (A company limited by guamtee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 An•ly$l$ of resources expended byactivities (a) Anaty$ls of Reswrces Expended Support costs Dliect costs 2022 Total Total 2022 2022 2021 Charitable aclivrties induding conferences 112,531 65,671 178.202 295,709 112,531 65,671 178.202 295.709 (b) Dlrecl Chorltable costs ihwestrlcted Restrlcted funds fiM)d$ 2022 2022 Totsl funds 2022 Total funds 2021 Staff costs Recrultment. tralnlng Travel & Subsistence Overnight Accommodation Venue costs Grants Publicity cosls Office costs IT costs Consuttancy costs Bank & other charges Depreciatlon 35.327 6.741 42,068 109.178 11.250 6,831 2,546 6,62g 271 1,423 1.694 14,701 14,701 6,247 4.748 900 41,175 427 571 6,247 4,748 813 40.952 418 571 7,769 9,424 1,005 42,455 989 938 87 223 89,347 23.184 112,531 199.014 Page 17
GLOBAL FELLOWSHIP OFCONFESSING ANGUCANS {Acompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Support Costs Lknrestricted funds 2022 Restricted funds 2022 Total funds 2022 Total funds 2021 Staff costs Travel & Subslstence Publicity costs Office costs IT cosls Legal & professional costs Bank & other charges Depreciation Exchange losses/(gains) 91.518 2.077 9.259 100.777 2.077 112.844 261 10.156 2.598 636 170 25 4.965 12.287 1.995 478 218 176 129.6851 12,287 1,995 478 218 176 129,6851 Governance Item8 Trustees Meeting expenses Guarantors Meeting - Overnlght ac¢ommodalion Office costs Audit fee Other Legal & Professional fees 48 1.428 5,440 5.440 5.040 13 84,557 9,259 93,816 138,136 Allocallon: Cosi of Generating funds Charltable Aclivitles 25.367 59.190 2.778 6.481 28.145 65,671 41,441 96,695 84.557 9.259 93,816 138.136 Net incomel(expendlture) This is staled after charglng: 2022 2021 Deprecialion of tangible fixed assets= - owned by thecharity Audilors, remuneration - audit fees Auditors, remuneration - non-audrt fees 747 5.440 478 963 5.040 636 During the year. no Truslees received any remuneration (2021- £NIL). During the year. no Trustees received any benefits in kind (2021- £NIL). No Trustee received reimbursement of expenses during the current year {2021 £NIL). Page 18
GLOBAL FELLOWSHIP OFCONFESSING ANGLICANS {Aeompany limited by guar*e) NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Siaff costs Staff costs were asfollows.. 2022 2021 Wages and salarfes Social securitycosts Pensions 124.434 689 17.722 192,743 7,152 22.127 142.845 222.022 The average monthly number of employees during the year was as follows.. 2022 No. 2021 No. No employee received remuneration amourrting to more Ihan £60.000 In ellher year. Remuneration of £58,650 in total was paid to key management personnel durlng ihe year12021 £57,500). Included in creditors at the year end is an amourrt of £608 {2021- £704) of outstandlng penslon contriblrtions due. 10. Tanglble flxed assets Fixtures, Fitting$ & Equipment Computer Equipment Tolal Cost At beginning of year Additions Disposals Al end of year Depreciation Al beginning of year Depreciation Disposals Al end of year 882 7.898 8,780 882 7.898 8,780 554 176 7.258 571 7,812 747 730 7.829 8,559 book value at year end 152 69 221 Net book value at beginning of year 328 640 968 Page19
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (Acompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 11. Debtors 2022 2021 Other debtors Prepayments and accrued income 611 942.111 2,554 53,707 942,722 56,261 12. Credltors: Amwnts falllng due wlthln Mey#r 2022 2021 Creditors Accruals and deferred income Other Taxation and Social Secunty costs 735.624 97,317 2.091 13,424 14,169 2,050 835.032 29.643 Accruals and deferred Income Includes £92,105 of fees for OUT GAFCON IV conference In Klg811, Rwanda on April 2023. a small element of these being fees originally pald for the Kigali2020 Bishops Conference which w8$ Postponed and then cancelled due to Covid-19 (2021- £8.4511. 13. Statement of funds Brou Forw¥d Incornlng Resources Transfers Resources Expended of Funds Carrled Forward Restrlcted fvnds Bishops Training Instttute Fund Bishop Lines Fund Video Produclion Fund Suffering Church Network Fund Sustainable Development Network Fund Lawyers Task Force Prayer NeOrk Women in Ministry Network Global Mission Partnerships Network Conference Organiser Fund Kigali Bursary Fund GAFCON IV Bursary Fund other Funds (764) 1.404 14,330 114,3301 640 6.998 3.651 6,998 3,914 16 143 263 240 {2241 143 87 389 1871 100 400 (400) 17.423 117.4231 489 1.558 11,2021 1,202 356 2.980 1.822 12,066 35.982 132.5081 15.540 Unrestrlcted fwls General 276,206 234.808 1198,3391 312,675 Total of funds 288.272 270,790 1230.8471 328,215 Page 20
GLOBAL FELLOWSHIP OFCONFESSING ANGLICANS {Acompany Ilmlted by guar•rtee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Supportlng Information in respect of each reslricted fund is given as follows.. Bishops. Training Instilute (BTI) TraIng F(Thl.' to pay for Bishops. Training conferences. This fund Is negative in anticipalion of funds lo be received retrospectively. Blshop Llnes Fund.. lo fund the offlce and expenses of the newly appointed Missionary Bishop to ELtfOPe, and his work in the UK and Europe. Vidéo prodttIon Fund.- to pioduce a video of the church in the Anglican PTovince of the Congo.. illness (Ebola and Covid-19) and violence have prevenied this to date. The Sustalnable D•velopn•nt Netmyt the Church Network, the Lawyers Task Force, the Prayer Netbvork. the Women in Ministy N•tMxk and the Globalmission Partnerthlps Network funds are to fund the work of those individual Nelworks. Conf•r8nc• Org8ntserFund.. A grant was obtained to pay for the costs of the Conference Organlser post. Kigali Bursary Fund This fund was to provide bursaries for delegates from poorer countries to enable them to attend our 2020 Bishops conference in Kigali. whith never happened due to Covid-19. Some donors agreed lo have these funds transferred to the GAFCON IV Bursary Fund GAFCON IVBursary Funtt. lo provide bursaries for delegates from poorer countries to enable them Io attend our GAFCON IV conference in Kigali in April 2023. Summary 0fndS Brought Forward Incomlng Resource8 Res0¢¢$ Expended Carrl•d Forward Year •nd•d 30 September 2022: General funds Reslricted funds 276.206 234.808 35,982 {198,3391 132,5081 312.675 288 2n 270 790 328215 Comparatlve Hgures: Year ended 30 SeDlember 2021: Restrkted Funds Bishops Training Institute Fund Bishop Lines Fund Video Production Fund Sufferlng Church Network Fund Sustainable Development Nthork Fund Theological Education Network Fund Lawyers Task Force Prayer Network Women in Ministry Ndwofk General Secretary Travel Fund Conference Organiser Fund Kigali Bursary Fund OrheT Funds (2.147) 1,383 52.938 (764) (52,938) 6.998 1.945 6.998 3,651 1,706 220 3,035 143 87 389 (220) (3,035) 143 87 389 1,612 (1.612) {30.813) 30.813 119 1,439 1,558 9,851 90,833 {88.618) 12,066 Unrestrl¢ted funds General 252.271 298,228 (274,293) 276,206 Tolal of funds 261122 389.061 (362,911) 288,272 Page 21
GLOBAL FELLOWSHIP OFCONFESSING ANGLICANS (Acompany limiled by guatee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 14. Anatysis of assets ljetweenfunds Unrestslcted Restrlcted funds funds 2022 2022 Totsl funds 2022 Total funds 2021 Tangible fixed assets Current assels Creditors due within one year 69 1.147.638 1835,0321 152 15.388 221 968 1,163.026 316,947 1835,0321 (29.643) 312,675 1 S.540 328.215 288,272 15. Re¢on¢lliailon of net in¢<Mrn to net cash flow from operallng activltles Unresirlcted funds 2022 Re8trfct¢d funds 2022 Totol funds 2022 Total Funds 2021 Net Income for the year (as per the Slatement of Financial Activities) Depreciation Changes in Debtors Changes in Credrtor$ 36,469 3,474 39,943 26,150 747 1886.4611 805.389 747 1886.4611 805,389 963 18,511 (35,299) 143.8561 3.474 140.3821 10.325 16. Analysls of Cash and Cash EqUI¥ents uestrICted Restrlct funds 2022 Total funds 2022 Total Funds 2021 2022 Cash at bank and in hand 205,093 15,211 220.304 260,686 17. Related party transaclions Relaled parties include the charity trustees. close relatives and key management personnel, and bodies of which they are directors. Donations received during the year from Trustees and key management personnel amounted to £29,403 (2021- É16,088). They also paid a total of £3.283 fees for the GAFCON IV conference {2021- £Nil). Payments of £2,210 (2021- £7.357) were made to the Anglican Diocese of Jos in respect of travel and communications expenses relating to Most Revd Benjamin Kwashi. a Trustee and Archbishop of Jos, incurred on the charitls business. Page 22
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (Acompany Iwniied by wamtee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 17. Related party transactions (continued) Consultancy payments of £1 0,014 on an arm's length basis were rnade during the yeaf to the non. dependent daughter of one of Ihe Trustees (2021 - £Nil). 18. Operating licence commitinents (office space) At 30 Seplember 2022 Ihe lotal charlws future mlnlmum lease paymenls under non<ancellable operating leases within one year was £1.882 (2021 £1,784). Total licence payments recognised as an expense in the SOFA were £1 0,802 (2021- £9,418). Page 23