Registered number: 07759253 Charity number:1144227 GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 GLOBAL NGLICANS
GLOBAL FELLOWSHIP OF CONFESSINGANGLICANS (A company limited by guarantee) CONTENTS Page Reference and Admlnlstrative Details of the Charity, its Trusteesand Advisers Trustees. Report Independent Auditors, Report Statement of Flnancial Activities 10 Balance Sheet 11 Cash Flow Statement 12 Notes to the Finaneial Statements 13-24
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS {A company limited by guarantee) REFERENCE ANDADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY. ITSTRUSTEESAND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER2024 Roglslered name Global Fellowship of Confesslng Anglicans (Operating name:"Gafcon') Truslee8 Mr David Monro, Chalr Mrs Sarah Flnch Mr Olayinka Flsher Revd Chrls Green Mr Emmanuel Kampouris Most Revd Benjamin Kwashi (resigned 30 November 2Q23} Preb Charles Marnham Most Revd Laurent Mbanda Dr Laurence Scandrett Rt.Revd Paul Donison (appointed 30 November 2023) Rt Revd John Guernsey (appolnted I Seplember 2024) Ms Carolyn Parlato (appoinled 1 September 2024) Mr Joel Reinhardt (appointed 1 September 2Q24) Companyregistration no. 07759253 Charlty registration no. 1144227 Reglstered office Christ Church Central The DQ Centre Fitzwilliam Street Sheffield S14JR Companysecretary Canon Daniel Willis (to 30 September 2024) Rev Jodie McNeill (from l October 2024) Independent auditors Griff in Stone Moscrop & Co CharteredAccountants 21-27 Lamb's Conduit Street London WCIN 3GS Solicilors Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD Bankers HSBC 12A North screet Guildford Surrey GU14AF Page 1
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (A company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Trustees (who are also dlrectDrs of the charity for the purposes of the Companies Act) present their annual report for the year ended 30 September 2024 underthe Companies Act 2006 and the Charities Act 2011, together with the audited fin8nclal statements for that year. The f inancial statements comply with the requirements of the Companies Act 2006, the Charltys memorandum and articles of association and the relevant Statements of Recommended Practice (the Charltiés SORP) 'Accounting and Reporting by Charities" applicable to charities preparing their financlal statements In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) publlshed on 16 July 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 Director's Report) Regulations 2013 is not required. Structure, Governance and Management a. Governlng Documenl and Constitution The Charity is constltuted as a charitable company limited by guarantee, incorporated on 1 September 2011 and registered as a charlty under charity number 1144227. The charitable company's ooverning documents are in the revised Articles of Association adopted on 11 March 2024. These revlsed Artlcles have strengthened the Governance of the Company by separating the functions of Directorship and Membershlp. b. Organlsatlonal Structure and Decislon Making The management of the charitable company Isthe responsibility of the Trustees who are elected andlor co-opted underthe terms of the Articles ofAssoclatlon. The Trustees met four tlmes during the year as a board. There is also an Annual General Meeting (AGM) involving the Guarantors, usually held in March or Aprfl.. During the reporting year the day io day management was delegated to the General Secretary, asslsted by a secretariat led bythe Operations Manager, who is also Company Secretary and Secretary to the Trustees and the Guarantors (the members of the company). c. Melhod of Appolntment of Trustees Article 20 deals with the appointment and retirement of Trustees. The Trustees may cop1 a person who is willing to act to be a Trustee elther to flll a vacancy or as an addltlonal Trustee provided that the appointment does not cause the number of Trustees to exceed any number fixed by or in accordance with the Articles as the maximum number of Trustees. A Trustee so appointed shall hold office until the nextAGM. Four new Trustees were appointed during the year. Detalls are given on page I d. Meelings and Policies Adopted for the Induction and Training of Tru$tees New Trustees are inducted ihrough a brlefing carried out by the Chair which aims to give a new Trustee an initial understanding of the Governance of the Charity, and its present position spiritually, operationally and financially, including an understanding of any significant risks. The Chalr carrles out a periodlc evaluatlon of board effectiveness and discusses the findings with the Trustee Board and the Guarantors with a viéw to ensuring the Board operates effectively and has the right overall balance of skill and competence. Page 2
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (A company limltsd by ouarantee) TRUSTEES REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 21Y24 e. Rlsk Management The Trustees have assessed the major risks to which the charitable company Is exposed. in particular those related to the operations and finances of the charitable company, and are satisfied that systems and procedures are In place to mitigate the Charity's exposure to the major risks. Objactlve$ and Activie8 a. Policies and Objectlves The charity's objects are specifically restricted to the advancement of the orthodox Anglican Chrlstian faith for the benefit of the publlc Sn accordance with the tenets of orthodoxy set out in the Jerusalem Declaration declared on 29 June 2008 at the Global Anglican Future Conference and which is sèt out in the Schedule to the Articles. In setting objectives and planning for activities for the year, the Trustees have consldered the Charity Commission's general guid8nce on public beneflt and its specific guidance on the advancement of religion. Achlevements and Perfomiance a. Golng Concern After making approprlate enqulrles.the Trustees have a reasonable expectation that the charitable company has adequate resources to continue In operational existence f or the foreseeable future. For this reason they continue to adopt the going concern basls In preparing the financial statements. Further details regardlng the adoptlon of the going concern basis can be found in the Accounting Pollcles, b. Review of Actlvlties To fulfil the charitable oblectlves, against the backdrop of the Church of England General Synod's resolution to welcome thelr bishops, proposals f or prayers of blessing for same-sex unions in contravention of the Bible, 8nd the lack of orthodox leadership in the Anglican Communion structures, the Chartycanfj QLrttheft4lowirYJ activities in the period: 1. In November 2023 Archbishop Ben Kwashi stepped down as General Secretary, and was replaced by Very Rev Paul Donison Iwho was consecrated bishop in February 2024). 2. Following the GAFCON IV conference in Kigali in Aprll 2023, discussions have cantinued with the Global South Fellowshlp Df Angllcan churches (GSFA) on proposals for resetting the Anglican Communlon. 3. The Bishops Training Institute was revived in the year, with BTI-7 being held in Kigali in February 2024. There were 26 participants {bishops and their wives) and 14 faculty members, representing 13 countries. 4. Gafcon has maintained onllne resources to build up and encourage faithful Anglicans worldwide whlch include.. An online prayer diary gathering requests from the global communion A new series of podcasts A nevv improved website launched in September 2024 5. Gafcon continues to provlde support for faithful Angllcans and orthodox Anglican structures around the world.. it has continued to support the Anglican Network in Europe and its two convocations, helping to add a Ihird (Anglican Missionary Congregations Europe),. it has also been supporting the Alliance, consisting of varlous groupings of orthodox Anglicans within the Church of England, who are seeking to establish a thlrd province in response to the proposals for Prayers of Love & Faith. it has continued its support forthe Church of Confessing Anglicans in Aotearora New Zealand, the Diocese of the Southern Cross in Australia and the Reformed Evangelical Anglican Church of Southern Africa. 6. During the year we established our Endowment Fund, with the aim of reaching US$1 Omillion, As a resuh of generous donors, at 30 September 2024 the Fund stood at £2,075,509. Page 3
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (A company limited by guarantee) TRUSTEES, REPORT (contlnued) FOR THE YEAR ENDED 30 SEPTEMBER 2tr24 7. During the year, the individual and organizational support base decreased by 36°A from 442 to 286 donors. However, glft income increased by 317%, chiefly as a number of donors were giving large pledges to the Endowment Fund. The number of subscribers to Gafcon increased by 2°A durlng the year. 8. Slnce 30 Septernber 2024.. Our Operations Manager Rev Canon Daniel Willis stepped down and was replaced by Rev Jodie McNeill. In October 2024 we held a further Blshops Training Institute, BTI.8. At the date of approval of this report, we are holding OLsr G25 conference in Plano, Texas, to prayerfully consider how Gafcon will continue to lead the renewal of the Anglican Communlon. c. Factors Relevant to Achieve Objectlves 1. Our success continues to be the movemenys unity in Christ, i.e. all working for the same Lord, having been saved bythe same Gospel. all trustlng in the same Scriptures and all motivated bythe same cause.. to exalt Christ in word and deed. 2. The abilily to give sustained attention to our purpose uslng our own paid internal resources, the volunteer resources available in the whole fellowshlp and by engaging with other Christian partners who shar& our values. Flnanclal Revlew a. Principal Risks and Uncertaintles Principal risks and uncertalntles arise from the vulnerability of the current financial tnodel to an external shock and the low 8wareness among Angllcans globally of the Gafton movement and its mission. These have all been magnified by current global economic issues, As a global organisation, worsening èconomic conditions affect the volunt8ry income. With the movement of Anglican provlnces away from orthodox Christian belief, particularly within Ihe Church of England, there is an increase in those seeking support from Gafcon. b. Reserves Policy The Trustees aim to maintain reserves at a level which will cover (a) the amount required to be able to pay the up-front costs of the five-yearly conference, estimated at approx. £500,000,. and (b) the level required to meet our obligations to staff, volunteers and stakeholders in the event of an unplanned closure, estimated at approx, £50,ODQ. In order to meet the requirements of (a), £446.602 is held in a designated fund, the GAFCON V 2028 Designated ReseNe,' this along with the restricted GAFCON IV Bursary Fund, will provide the £500,000 required to cover up-front costs of fulure conferences. As at 30 September 2024 the Charity had free reserves unrestricted reserves less fixed assets - of £652,518 (2023.. £907,607). The Trustees note that the reserves are above the required level and will continue to monitor the position. The Charlty's costs have been funded in the current year by generous donatlons from Provinces, dioceses, churches and Individuals and by specific grants made by other Christian charltles. In addition, our GAFCON IV Conference made a large surplus whlch increased our reserves levels in the year. Plans for the Future Gafcon's fLrture direction is the subject of the G25 mini-conference being held in Plano, in particular seeking to stand flrm forthe orthodox Anglican faith in the face of developments within the Church of England, to engage with the Global SoLJth F@Ilowship of Anglican Churches about a resetting of the worldwide Anglican Communion, and to supportfaithful Anglicans worldwide. Trustees, Responsibllltles Statement The Tru8tees (who are also directors of Global Fellowship of Confessing Angllcans for the purposes of company law are res onsible for re arin the Trustees, re ort and the financial statements in accordance with a licable Page 4
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS {A company limited by guarantee) TRUSTEES, REPORT (contlnued) FOR THE YEAR ENDED 30 SEPTEMBER W24 law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare flnanclal statements for each f inancial year which give a true and fair view of the state of aff airs of the charitable company and of the incoming resources and application of resources, including the Income and expendlture, of the charltable company for that period. In preparing these financial statements, the Trustees are required to: select suitable accountlng pollcies and then apply them consistently., observethe methods and princlples In the Charities SORP (FRS 102)., makejudgments and estlmales that are reasonable 8nd prudent: stale whether applicable UK Accounting Standards have been followed, subject to any materlal departures disclosed and explained In the flnancial statements,. prepare the financial statements on the golng concern basis unless It Is inappropriate to presume that the ¢harltable 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 statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charltable company and hence for taking reasonable steps for the preventlon and detectlon of fraud and other Irregularltles. Dlsclosure of Information to Auditors Each of ihe persons who are Trustees at the time when thls Trustees, report is approved has confirmed that- so far as that Trustee Is aware, there is no relevant audit information of which the charitable company's auditors are unaware,and that Trustee has taken all the steps that ought to have been taken as a Trustee in orderlo be aware of any Information needed by the charitable company's audltors In connection with preparing their report and to establish that the charltable company's auditors are aware of that information. In preparing thls report. the Trustees have taken advantage of the small companles, exemptions provlded by section 415A of the Companies Act2006. This report was approved b the Trustees on 12 March 2J25 and signed on thelr behalf by., Mr vid Monro, Chair Page 5
GLOBAL FELLOWSHIP OF CONFESSINGANGLICANS (Acompany limited byguarantee) INDEPENDENT AUDITORg REPORTTO THE MEMBERS OF GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS Opinion We have audited the financial statements of Global Fellowship of Confessing Anglicans (the 'charitable company,) for the year ended 30 September 2024 which comprise the Statement of Financial Activities, Balance Sheet and Cash Flow Statement and notes to the financial statements, including a summary of signlf Icant accounting policies. The f inancial 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 Kinodom Generally Accepted Accounting Practlce). In our oplnion the f inanclal statements.. give a true and falr view of the state of the charitable company's affairs as at 30 September 2024, and of Its incoming resources and application of resources, Including its Income and expenditure, for the yearthen ended,. have been properly prepared In accordance wlth Unlted Klngdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Aet 2006. Basis for opinion We conducted our audit In accordance with Internatlonal Standards on Auditino (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responslbilities for the audlt of the financial statements section of our report. We are Independent ofthe charitable company In accordance with the ethical requirements thal are relevant to our audit of the financial statements In the UK, Including the FRC'S Ethlcal Standard, and we have fulfllled our other ethlcal responsibilities In accordance with these requlrements. We belleve Ihat the audlt evldence we have obtalned is sufflcient and approprlale to provlde a basls for our opinion, Concluslons relatlng to golng 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 identlfled any material uncertainlies relating to events or condltions that, individually or collectively, may cast signiflcant doubt on the charitable company's ability to continue as a going concern for a perlod of at least twelve months from when the financial slatements are authorised for issue. Our responslbillties and the responslbilities of the truslees wlth respect to going concern are described in the relevanl sectlons of thls report. Other Information The other information comprlses the Informatlon Included in the trustees annual report, other than the financlal statements and our auditor's report thereon. Thetrustees are responsible forthe other information contalned wilhin the annual report, Our oplnlon on the financial statements does not cover the other informallon and, except to the extent otherwise explicitly stated In our report, we do not express any form of assurance conclusion thereon. Our responslbility is to read the other informatlon and, In doing $0, consider whether the other information is materially inconslstent 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 inconsistencles or apparent materlal rnisstatements, we are required to determine whether this gives rise to a material mlsstatement in the flnancjal statementsthemselves. If, based on Ihe work we have performed, we conclude that there is a materlal misstatement of this other information, we are required to report that fact. We have nothlng to report in this regard, Page 6
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (Acompany limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS Oplnions on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audlt.. the information given in the trustees, report for the financial year f or which the financial statements are prepared is consistent with the financlal statements,. and the trustees. report (including the directors, repoitl has been prepared in accordance with applicable lega requlrements. Matters on whlch we are required to report by exceplion In the Ilghl of our knowledge and understanding of the charitable company and Its environment obtained in the course of the audil, we have not Identlfled material misstatements in the strateglc report and the dliectors, report, We have nothing to report in respect of th@ following matters in relatlon to which the Companles Act 2006 require us to report to you if. in our opinion.. the information given in the financial statements is inconsistent In any material respect wlth the trustees, report,. or the charitable company has not kept adequate accounting records,. or the f inancial statemenls are not in agreement with the accountlng records and returns,. or we have not recelved all the information and explanations we require for our audit., or the trustees were not entitled to prepare the f inancial statements In accordance with the small companies, regime and take advantage of the small companies. exemptlons In preparing the directors, report and from the requirement to prepare a strategic report. Responsibililies of trUee$ As explained more fully in the trustees, responsibilities statement the trustees (who are also the directors of the haritable company for the purposes of company law) are responsible for the preparation of Ihe financial statefflents and for being satisf led that they give a true and fair vlew, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatèment, whether due to fraud or error. In preparlng the financial statements, the trustees are responslble for assessing the charitable company's abllity lo continue as a going concern, discloslng, as appllcable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to Ilquldate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditors. responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audll conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. M isstatements 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, inc,luding fraud, are inslances of non-compliance with laws and regulations. We deslgn procedures in line with our responsibilities, outlined above, to detect material mlsstatements In respect of irregularities, including f raud. The specific procedures designed and implemented to detect irregularlties, including fraud, are detailed below: General enquiri@s with management and those charged with governance,. Making specific enquiries of management to identify the processes and procedures designed and implemented to evaluate the appropriateness of recelving significant donations,. Page 7
GLOBAL FELLOWSHIP OF CONFESSINGANGLICANS (A company limlted by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS Carrying out substantive checking to supporting documents on a sample basis of indlvidual Iransaclions within income and @xpenditure to give comfort Ihat on a sample basis the SOFA does not contain any irregular items,. Carrying out walk-through testing to verify that the charity's accounting systems and controls are being implemented as designed,. Verlfying the existence on a sample basis of Individual employees on the payroll,, Verifying that material balances within the balance sheet are supported by thlrd party evidence to confirm tlie existence and valuation of these balances at the balance sheet date; and Reviewing mlnutes of Irustees, meetings. Because of the Inherent limltations of an audlt, there is a risk that we wlll not detect all Irregularities, including those leadlng to a materlal mlsstatement In the flnancial statements or non-compliance wlth regulation. Thls rlsk Increases the more that compliance wlth a law or regulation is removed from the events and transactions reflected In the financlal statemenls, as we wlll be less likely to become aware of Instances of non-compliance, The rlsk Is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion. omission or misrepresentatlon. As part of an audit in accordance with ISAS (UK), we exerclse professional judgment and maintain professional scepticism throughout the audit. We also: Idenllfy and assess the rlsks of materlal misstatement of the financlal statements, whether due to fraud or error, design and perform audlt procedures responsive to those rlsks, and obtaln audlt evidence that is sufficient and approprlate to provide a basis for our opinion. The risk of not detectlng a material mlsstatement resulting from fraud is hlgher than for one resultlng from error, as fraud may Involve collusion, forgery, intentional omisslons, misrepresentations, 01 the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitable compan8 internal control. Evaluate Ihe appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the approprlateness of the trustees, use of the going concern basis of accounting and, based on the audlt evldence obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charltable companrfs ability to Continue as a going concern. If we conclude thal a material uncertalnty exlsts, we are required to draw attention in our audltor's report to the related dlsclosures in the flnancial statements or, If such disclosures are inadequate, to modify our oplnion. Our concluslons are based on the audlt evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. Evaluate the over811 presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying trans8Ctions and events In a manner that achieves fair presentation. We communicate with those charged with govemance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any signif icant deficiencies in internal control that we identify during our audit. Page 8
GLOBAL FELLOWSHIP OF CONFESSINGANGLICANS (Acompany limited byguarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS Use of our report This report is made solely to the charltable company's members, as a body, in a¢¢ordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mlght state to the charitable company's members and trustees those matters we are required to state to them in an audltor's report and for no other purpose. To the fullest extent permitted by law, we do not accepl or assume responslbility to anyone other than the charitable company. the charitable company's members as a body and the oharltable company's trustees as a body, for our audit worl for this report, or for the oplnions we have formed. Richard Hill FCA (Senior statutory auditor) for and on behalf of Griffin Stone Moscrop & Co Chartered Accountants Statutory Auditors 21-27 Lamb's Condult Street London WC1 N 3GS Dat l? 102 Page 9
GLOBAL FELLOWSHIP OF CONFESSINGANGLICANS IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (Incorporatlng an Income and expendlture account) FOR THE YEAR ENDED 30 SEPTEMBER2024 Pemianént R2strieted Endowment funds funds 2024 2024 UnrestrScted funds 2024 Total fund$ 2024 Tolal funds 2023 Note Income from: Donatlons and legacles 123,080 16,754 2,151,433 2,291,267 549,329 Charitable activities - conference fees 1,651,294 Other income 209 1,256 1,465 597 Total Income and endowments 123,289 16,754 2,152,689 2,292,732 2,201.220 Expended on: Raislng funds 48,117 39 1,069 49,225 45.739 Charltable actlvltles 330,261 24,707 354,968 1,443,783 Exchange loss on uninvested endowment funds 133,773 133,773 Total expendlture 378,378 24,746 134,842 537,966 1.489,522 Movement in total funds for the year- Nel income for theyear (255,089) (7,992) 2,017,847 1,754,766 711,698 Transfers (57,662) 57,662 Total funds al 1 October2023 907,607 132,306 1,039,913 328,215 Total funds at 30 September 2024 652,518 66,652 2,075,509 2,794,679 1,039,913 The notes on pages 13 to 24 form part of these flnanclalstatements. Page 10
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (A company limited by guardnte&) BALANCE SHEET ASAT30 SEPTEMBER 2024 2024 2Q23 Note Flxed assets Tangible assets Current assets Debtors Cash at bank 10 41,419 2,783,532 3,631 1,070,851 2,824,951 1,074,482 Creditors: amounts falling due withln one year 130,2721 134,5691 Net current assets 2,794,679 1,039,913 Net assets 2,794,679 1,039.913 Charltable funds Permanent Endowment funds Restricled f unds Unrestricled funds: Designated GAFCON V 2028 reserve General Funds 14 13 2,075,509 66,652 132.306 446,602 205,916 446,602 461,005 Total funds 2.794,679 1,039,913 The companYs financial statements have been prepared in accordance with the provlsions applicable to companies subject to the sm811 companies, regime. Thé financlal statem er approved bythe Trustees on 12 March 2025 and signed on their behalf by.. Da d Monro, Chair The notes on pages 13 to 24 form part of these financialstatements. Page11
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS {A company limit8d by guarantee) CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER2024 Permanenl Endowmenl funds 2024 Unrestrlcted fundg 2024 R&strlcted Funds 2024 Total funds 2024 Total funds 2023 Note Cash Flows from Operatlng Actlvltles: Net cash provided byl(used in) operatlng activitles (297,174) (65,654) 2,075,509 1,712,681 850,547 Change In cash and cash equlvalents in the year {297,174) (65,654) 2,075,509 1,712,681 850,547 Cash and cash equlvalents at l October 2023 938,545 132,306 1,070,851 220,304 Cash and cash equlvalents at 30 September 2024 17 641,371 66,652 2,075,509 2,783,532 1,070,851 The notes on pages 13 to 24 form part of these financialstatements. Page12
GLOBAL FELLOWSHIP OFCONFESSINGANGLICANS (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting poll¢les 1.1 Basls of preparatlon of flnanclal statements The financial statements have been prepared in accordance wilh Accounting and Reporting by Charitie5.' Statemenl of Recommended Practice applicable to charlties preparing thelr accounts in accordance wlth the Financial Reporting Standard applleable In the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019) (Charities SORP (FRS 102)), the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companles Act 2006. The f inanclal statements are prepared in sterling, whlch Is the functional currency of the charitable company, and are rounded to the nearest £1. The preparation of f inanclal statements in compliance with the Charities SORP (FRS1021 requires the use of certain critical accounting estimales. It also requires management to exercise judgement in applying the charity's accounting pollcles. Global Fellowship of Confessing Angllcans constitutes a public beneflt entlty as defined by the Charities SORP. 1.2 Company stalus The charitable company is a company limited byguarantee. There can be no less than three and no more than six members. The membership of the company is available to all applicants whlch are approved by the Primates Council of the Global Anglican Future 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 Ilmlted to £1 per member of the charitable company. 1.3 Fund accountlng General funds are unrestricted funds which are available for use at the discrelion of the Trustees in furtherance of the general objectlves of the charitable company and whlch have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions Imposed by donors orwhich have been raised bythe charitable companyfor partlcular purposes. The costs of raising and administering such funds are charged against the speciflc fund. The aim and use of each restrlcted fund is sel out in the notes to the financial statements. Permanent endowmentfunds are funds wherethe capital is maintained. The charitable company's policy on the use af the incorne is set out in note 14. 1.4 Income All incomlng resources are included in the Statement of Flnancial Activities when the charitable company has entitlemenl to the income, it is probable that the Income will be received and the amount of income recelvable can be measured reliably. Income Is recognised in the SOFA when it Is recelved unless there Is a clear basis for deferral, Income tax recoverable under Gift aid on donations received is recognlsed as income in the same period as the underlying income to which it relates, Page13
GLOBAL FELLOWSHIP OF CONFESSINGANGLICANS (A company limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies (continued) 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 actlvities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. Support costs are those costs incurred directly in support of expenditure on the objects of the charitable company and include overhead expenditure. These have been allocated as follows: 2024 2023 Generating f unds Charitable activltles 20, 80° 30% 70% Governance costs are included within support costs. All resources expended are inclusive of irrecoverable VAT. 1.6 Golng Concern There are no material uncertainties concerning the charitable companls ability to continue as a going concem. 1.7 Tangible fixed assets and depreciation All assets costing more than £500 are capitalised. Tangible fixed assets are stated at oost less depreciation. Depreciatlon is provided at rales calculated to write off the cost of fixed assets. less their estlmated residual value, over their expected useful lives on the following bases: Computer &electronicequipment Fixtures & fittings 3 years straight linebasis 5 years straight line basis 1.8 Debtors Debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid net of any discounts due. 1.9 Cash al bank Cash at bank includes cash and short term hlghly liquid investments with a short maturity of three months or less from the date of acquisltlon or openlng of the deposit or similar account. 1.10 Liabiliti•s and provisions Liabilities are recognised when there is 8n 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 omount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt. Page 14
GLOBAL FELLOWSHIP OF CONFESSINGANGLICANS (A company Ilmlled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER2024 Accounting pollcies (continued) .11 Foreign currencles Monetary assets and liabilities denominated in forelgn currencies are translated Into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated Into sterling on the day the transaction took place. Exchange gains and losses are recognised in the Statement of flnancial activities. Due to the effect of currency fluctuations on large USD bank balances in our Endowment Fund, exchange galns and losses pertaining to those balances are allocated to the Endowment Fund in the statement of f inancial activlties. 1.12 Financial instruments The charity only has financial assets and financial liabilities of a kind thai qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using thè effective interest method. 1.13 Penslons The charity operates a defi ned contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year. 1.14 operating leases Rentals under operating leases are charged to the statement of financial activities on a straight line basis over the lease term. Voluntary InMe Unrestricted Restricted Endowment funds funds funds 2024 2024 2024 Tolal Unrestricted Restricted funds f unds f unds 2024 2023 2023 Total funds 2023 DonatlDns- provinces, branches & churches Grants Donations from indivlduals 51,897 1,600 6,458 59,955 29,238 (852) 15,154 2,144,975 2,231,312 1 OOA88 185,593 214,831 112,503 111,651 71,183 122,359 222,847 Voluntary income 123,080 16,754 2,151,433 2,291,267 128,874 420,455 549,329 Expendlture Analysls Unrestrlcted Restricled Endowment funds funds funds 2024 2024 2024 Total Unrestricted Restricted funds funds funds 2024 2023 2023 Total funds 2023 Raislng funds Charilable activities Exchange loss on endowment fund 48,117 330,261 39 24,707 1,069 49,225 45,213 354,968 1,140,547 526 45,739 303,236 1,443,783 133,773 133,773 134,842 537,966 1,185,760 378,378 24,746 303,762 1,489,522 Page 15
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (Acompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER2024 Analysis of resources expended by expenditure type Staff costs 2024 Depre- ciation 2024 Other costs 2024 Total 2024 Total 2023 Ralslng funds Charitable Actlvities Exchange loss on endowment 22,544 105,074 26,681 249,894 133,773 49,225 354,968 133,773 45,739 1,443,793 127,618 410,348 537,966 1.489,522 Costs of generatlng voluntary Income (a) Analysls of Resources Expended Direct costs 2024 Support costs 2024 Total 2024 Total 2023 Fundralslng costs 49 225 45,739 (b) Direct costs of generating voluntary income Pemianent Restricted Endowment funds funds 2024 2024 Total funds Total funds Unrestricted funds 2024 2024 2023 Office costs Publlclty costs Consultancy costs Bank & other charges 451 1,554 1,761 451 1,554 9,194 2,869 2,941 39 1,069 Total 3,766 39 1,069 4,874 12,135 Page 16
GLOBAL FELLOWSHIP OF CONFESSINGANGLICANS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Analysis of resources expended by actlvltles (a) Analysls of ReSOue$ Expended Direct costs Support costs 2024 2024 Total 2024 Total 2023 Charitable activities including conferences 177,565 177,403 354,968 1,443,783 177,565 177,403 354,968 1,443,783 (b) Dlrect Charltable costs Unrestrlcted funds 2024 Restrlcted funds 2024 Endowment Funds 2024 Tolal funds 2024 Total funds 2023 Staff costs Recruitment, trainlng Conference cosls Venue Accommodation Travel Transport Publlcity Admlnlstration Exchange losses Travel & Subslstence Overnlght Accommodation Venue costs Grants Publicity costs Office costs IT costs Consultancy costs Bank & other charges Deprecialion 14,780 105 116 14,896 105 49.054 406 24,543 4,495 11,376 1,758 24,543 4,495 22,346 1,758 526.301 426,703 70,603 46,632 66,292 22,312 90,786 8,213 13,882 {3,923) 10,521 6,904 5,039 1,750 23,736 93 69 10,970 39.672 29.116 4,909 5,801 45,473 29,110 4,909 7,697 9,016 3,494 5,355 3,913 449 7,697 9,016 3,494 5,355 3,913 326 123 152,858 24,707 177,565 1,365,373 Page 17
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (Acompany Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER2024 Support costs Unrestrl¢ted funds 2024 Restricled funds 2024 Endowment funds 2024 Total funds 2024 Total funds 2023 staff costs Recruitment & Training Travèl & Subslstence Overnlght accommodation Office costs IT costs Legal & professlonal costs Bank & other charges Depreclatlon Exchange lossesl(galns) 112,723 1,734 10,109 4,726 2,121 1,839 112,723 1,734 10,109 4,726 2,121 1,839 105,150 4,471 13,116 1,883 46 402 152 119,3841 511 511 80,264 80,264 Governance Ilems Truslees Meeting expenses Trustee Travel Office costs Audit fee Other Legal & Professional fees 76 757 76 757 72 6,860 34 6,860 34 6,080 26 221,754 221.754 112.014 Allocation: Cost of Generating funds Charitable Actlvlties 44,351 177,403 44,351 177,403 33,604 78,410 221,754 221,754 112,014 Net incomel(expenditure) This Is stated after charging: 2024 2023 Depreclation of tangible fixed assets,. owned bythecharity Audltors, remuneration - audit fees Auditors, remuneratlon - non-audit fees 221 6,080 6.860 During the year, no Trustees recelved any remuneration (2023- £NIL). During the year, no Trustees received any benefits in kind (2023- £NIL). Reimbursement of expenses received by Trustees durlng the current year totalled £2,603 (2023 - £NIL). Page 18
GLOBAL FELLOWSHIP OF CONFESSINGANGLICANS (Acompany Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER2024 Staff costs Staff costs were asfollows: 2024 2023 Wages and salaries Social security costs Penslons 111,429 134,090 16,189 20,114 127,618 154,204 The average monthly number of employee8 during the yearwas as follows., 2024 No. 2023 No employee received rèmuneralion (excluding employels pension conlributions) amounting to morethan £60,000 in either year. Remuneration of £64,601 In total was paid to key management personnel during the year (2023- £61,583). Included in creditors at the year end is an amount of £640 (2D23 - £6Q5) of OLrtstanding pension contributions due. 10. Tangible f ixed assets Fixtures, Fittings & Equipment Computer Equlpment Total Cost At beginning of year Additions Disposals At end of year Depreclatlon At beginnlng of year Depreciation Disposals At end of year 6,648 6,648 6,648 6,648 6,648 6,648 6,648 6,648 Net book value at year end Net bookvalue at beglnning of year Page 19
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (Acompany Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER2024 11. Debtors 2024 2023 Other debtors Prepayments and accrued income 324 41,095 654 1977 41,419 3,631 12. Credltors: Amounts falling due within oneyear 2024 2023 Creditors Accruals and deferred Income Other Taxation 8nd Social Security costs 21,501 6,628 2,143 26,729 5,766 2,074 30,272 34.569 13. Statement of funds Brought Forward Incomlng Resources Transfers Resources Expended of Funds Carrled Forward Permanent Endonent funds The Gafcon Endowment Fund 2,152,689 (134,842) 57,662 2,075,509 Restrlcted funds Gafcon future endowment fund Bishops Training Institute Fund Bishop Lines Fund Video Productlon Fund Sufferlng Church Network Fund Sustainablè Dévelopment Network Fund Lawyers Task Force Women In Ministry N@twork Global Mission Partnerships Network General Network Fund General Secretary Travel Fund Conference Organiser Fund Klgali Bursary Fund GAFCON IV Bursary Fund Other Funds 57.662 2,314 13 6,998 4,275 252 153 910 120 49 5,801 {57,662) 8,783 (11,097) 7,713 (7,726) 6,998 4,275 349 153 949 120 49 100 (3) 40 (1) 118 (118) 15,801) 356 53,399 356 53,399 132,306 16.754 (24.746) (57,662) 66,652 Pag8 20
GLOBAL FELLOWSHIP OFCONFESSING ANGLICANS (A company Ilmlted by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER2024 13. Statement of lunds (continued) Brought Forward Incoming Resources Transfers Resources Expended of Funds caled Forward Unrestrlcled funds Designated GAFCON V 2Q28 reserve General 446,602 461,005 446,602 205916 123.289 (378,378) Total Unrestrlcted Funds 907,607 123,289 {378,378) 652,518 Total funds 1.039,913 2,292.732 (537,966) 2,794,679 Supporting information in respect of each fund is given as follows: Gafcon Endowment fund.. On 20 April 2023, atthe GAFCON IV conference in Kigali, Gafcon announced its intention to launch an endowment f und with the intention of raising US$1 Omillion, in order to fund the work of the G8fcon movement into the future. This was constituted in February 2024. ri Gafcon future endowmentfund". Prior to constllution of the Gafcon Endowment Fund, early donations were held in this restricted fund. These have now been transferred. Blshops, Training Institute (BTI) Fund.. to pay for Bishops, Training conferences. Blshop Lines Fund.. originally this was to fund the office and expenses of the newly appointed Missionary Bishop to Europe, and his work in the UK and Europe. This work is now carried out by the Anglican Network in Europe. but some donations for thls work are still received by us. VldeoProductionFund.' to produce a video of the church inthe Anglican Province of the Congo: illness (Ebo5a and Covid.1g) and violence have prevented this to date. The Sustalnable Development Network the Sufferlng Church Network, the L8wyer5 Task Force, the Women In Mlnlstry Network gnd the Global Mission Partnershlps Network funds are to fund the work of those Indlvidual Networks. Klgall BursaryFund This fund was to provide bursarles for dolegates from poorer countries to enable them to attend our 2020 Bishops conference in Kigali, which never happened due to Covid-19. Some donors agreec£ to have these funds transferred to the GAFCON IV Bursary Fund GAFCONIVBursaryFund.' to provide bursaries for delegates from poorer countries to enable them to attend our GAFCON IV conference in Kigall in April 2023., the fund was not completely used and SD funds will be retalned in order to fund bursaries at the GAFCON V Conferen In 2028. Desi nated Fund The GAFCON V 2028 Reserve Fund has been established as a designated fund to fund the early expenses of future conferences, specif ically the 5-yearly GAFCON V conference in 2028. The intended reserve figure is £500,000, made up of this reserve and the remaining balance of the GAFCON IV Bursary Fund. Page 21
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (A cornpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 13. Statement of funds (continued) Summary offunds Brought Forward Incoming Resources Transfers Resources Expended of funds Carried Forward Year ended 30 September 2024: Unrestricted funds Restricted funds Permanent Endowmént Funds 907,607 132,306 123.289 1378,3781 16,754 (24,746) (57,662) 2,152,689 (134,842) 57,662 652,518 66,652 2,075,509 1039913 2292732 537 966 2 794,679 Comparative Flgures: Year ended 30 September 2023.. Restrfcted Funds Gafcon future endowment fund Bishops Training Institute Fund Bishop Lines Fund Vldeo Production Fund Suffering Church Network Fund Sustainable Development Network Fund Lawyers Task Force Women in Ministry Network Global Mission Partnerships Network General Network Fund General Secrelary Travel Fund Conference Organiser Fund Kigali Bursary Fund GAFCON IV Bursary Fund other Funds 57,927 1,674 10,507 (265) 57,662 2,314 13 6,998 4,275 252 153 910 120 49 5,801 640 110,4941 6,998 3,914 364 240 {3) 141 143 489 421 123 152 8,095 3,367 (3) 11031 12,2941 13.3671 356 2,980 356 53,399 337,648 1287,2291 15,540 420,528 1303,7621 132.306 Unrestricted funds Designated GAFCON V 2028 reserve General 446.6Q2 446 602 446,602 461 OQ5 312 675 1,780,692 1185,760 Total of funds 328,215 2,201,220 11,489,522) 1,039,913 14. Permanent Endowment Fund During the year the Charity established a permanent endowmont fund. The aim is to reach US$1 Omillion to produce sustainable funding for the Charity into the future. The fund will accumulate income until the value of the fund {combined with the Designated GAFCON V 2028 reseNe and GAFCON IV Bursary Fund) reaches US$4million. After that, 'A of income will be accLJmulated and ⅔ of incom@ treated as unrestricted ineome.Therefore for the year ended 30 September 2024 the fund is accounted for on a total return basis. The Fund is governed by an Oversight Committee, with an Investment Commiltee to advise on investment strategy. The Investment Committee appoinled Rathbones Investment Management to manage investmenls on behalf of the fund, though no funds had been transferred as at 30 September 2024. In the meantime the funds were held in bank accounts in both US dollars and pounds sterling. Due to exchange rate fluctuations the fund made an exchange loss of £133.773 in the year. Page 22
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (Acompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 14. Peimanent Endowment Fund (contlnued) Unapplied Total Return 2024 Trust for Investment 2024 Total 2024 Total 2023 At beginnlng of the year: Movements In the year Transferred from restricted f und in the year Gifts of endowment funds Investment return.. Interest Investment return: Exchange loss Charges on gifts received 57,662 2,151,433 57,662 2,151,433 1,256 1,256 (133,773) (133,773) (1,069) (1,069) Net movements in the year Atthe end of the year: Gift component of the permanent endowment Unapplied total return Total 2,209,095 (133,586) 2,075,509 2,209,095 2,209,095 133 586 133 586 2,209,095 (133,586) 2.075,509 15. Analysis of net assets between funds Unrestricted Re5trfcted Endowmenl funds funds funds 2024 2024 2024 Total Funds 2024 Total Funds 2023 Tanglble fixed assets Current assets Creditors due within one year 682,790 (30,2721 66,652 2,075.509 2,824,951 (30,2721 1,074,482 134,5691 652,518 66,652 2,075,509 2,794,679 1,039,913 16. Reeonclllatlon of net income to net cash flow from operatlng activities Unrestricted funds 2024 Restricted funds 2024 Endowment Fund 2024 Total funds 2024 Total Funds 2023 Net income for the year las per the Stalement of Financial Activities) Transfers Depreciatlon Changes in Debtors Changes in Creditors (255,089) 17,992) 2,017,847 1,754,766 711,698 (57,662) 57,662 221 (37,788) 939,091 (4,297) (800,463) (37.788) {4,297) (297,174) (65,654) 2,075,509 1,712,681 850,547 Page 23
GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 17. Anatysls of Cash and Cash Equivalents Unrestricted funds 2024 Re$trl¢ted funds 2024 Endowment Fund 2024 Total funds 2024 Total Funds 2023 Cash at bank and In hand 641,371 66,652 2,075,509 2,783,532 1,07Q,851 18. Retatéd party transactlons Related parties include the charity Irustees, close relatlves and key management personnel, and bodles of which they are directors. Donations received in the year from Trustees and key management personnel totalled £18,803 (2023- £12,302). There were no conference fees received in the year (2023: £38,139). Tolal payments to provinces, dioceses 8nd churches of which Trustees are senior officials are as follows.. £51,777 (2023.. £Nil) to Eglise Anolicane du Rwanda, of which province Most Revd Laurent Mbandals Archbishop, to reimburse costs of BTI (Blshops, Training Instltute)-7 in February 2024, and a Primates Council in March 2C)24; both events were admlnlstered by the provlnce £472 (2023- £Nil) to Christ Church Cathedral Plano, of which Rt Revd Paul Donison is Dean, to reimburse costs of publicity materlals. Most Revd Benjamin Kwashi retired as Archbishop of Jos in September 2023, so reirnbursements to the Anglican Diocese of Jos are no longer considered a related party transaction (2023- £7,380). The non.dependent daughter of one of the Trustees. engaged as a consultanl in previous years on an arms-length basis, was re-engaged on a voluntary basis in May 2024. No remuneration was paid to her in the year (2023 - £15,607). Expenses of £1,648 (2023.. £426) were reimbursed to her. 19. Operatlng lease Commitments There were no non-eancellable operating leases as at 30 September 2024 (2023 - Nil). There were no lease/llcence payments in the year (2023 - £11,293). Page 24