Company registration nUrnb.. 07559179 Charity registration numb¢r: 1144658 Xtend Global (A company litDited by guarnitee) Annual Report and Financia] Ststernents for the YearEnded 31 December 2023 •ID8GIN?S* 1210912024 COMPANIES HOUSE A19 W242 HODSON & CO Wiston House I Wiston Avenue Worthing West Sussex BN14 7QL
Xtend Global Contents Reference and Admini5trativc tktails Trnstees, Report 2to5 Statcment of Trustees. RespMsibilities Independent Auditor's Report 7t09 StaterneTrt of FiTMLrial ActivitLCS Ioto 11 Balance Sbtti 12 StatemtTht of C&sh Flows 13 Notes to the Financial Sta¢emeuts 14to30
Xtend Global RefereDce aDd Administrdtive Detsils Trnstees M G Billage C Keung H Wolmarans P D Sharp J E Rowlands W A Joncs A Yohn Secretary N R Leduc Charity Registrtion Plumber 1144658 Company Regi$trtion Numbtr 07559179 The ¢h¥tty is incorpcrf*d in England and Wates. Registered oifice 51-63 St DunstsTh5 Road Worthing Wesi Sussex BN13 Auditor HODSON & CO Wiston House I Wiston Avenue Wtsrthing Wesi Sussex BN14 7QL Pag¢ I
Xtend Global Trustees, Report The tni<teeE who are direclorg for the piiw.e< of cornpanv law, preynl the anniial rert tO(Fether with the financial statements and audilors. report of the charitable company for the year ended 31 tkcember 2023. Trustees and officers The trustees and officers serving during the year and since the year end were as follows: Ttustee5'. M G Billage C Keung (resign1 13 May 2023. reappointed I l May 2024) H Wolrnarans P D Sharp J E Rowlands W A Jones A Yohn (apwinted 2 December 2023) Secretary: N R Leduc Strueture, govern8n¢e 2nd management Naiure oJgoverning documeAr The company's activities are regulated by the Articles of ASlatiOn. adopted at incorporation on l O Monh 2011 and modified in April 2015 and April 2018. The objects of the company are: a) To advance the Christian faith among those with the least opporDJnity to Ee 5upponed loca]ly by the Christian community. particularly through use of electronic media and other remote or peripateiic means. in accordan¢e with the Statetnent of Faith from time to time adopted by Pl0er$ Inlemationai. b) To advan¢e Christian education and trainirEg of those with the least OP[unIty to receive such education and training through a local Chrisiian community. c) To relieve need hardship sickness or poverty atnong those peoples with tk least opportunity to be supy)rted by a local Christian community. d) To promote the elTiciency and effectiveness of charities and their workers by the pmvision of secure inf0mLon t¢chnolo&v services to such charities Recruitmeni and appointment oftrwiees The above named have served throughout ihe period. except where otherwise stated. The director5 of the company are also the ffiistees for th¢ Charitsble activilies of Xiend Global. Induction and trainEng of tr1&5 New Dire¢tors {Tw&e¢s) may b¢ appointed during theyearby the Board of Trustees. Each TrSt¢¢/DlrCcl0r is appoinled for a peri(d of four yeaTS and may be reappointed for a further four-year iem, after which time helshe is required to stand down for at leay one year before reappointment. In exceptional circumsiances, the board may re-elect a trustee for more than iwo teTtns. The Dire¢ioTS (Trustees) are the )lY Tnernr5 of the charitable ¢oMp8y. Induction and training of Dire¢tors is undertaken by the distribution and explanaiion of the company's foundational documents (Articles of Association) and Chariry Commission Companies House guidance (e.g. CC3 - The Essential TnL%tee: What you need to know). Page 2
Xtend Gk)bal Trnstees. Report Arrangemepts5for selting key MapgeMentrsonel reInWraft0n In 2023, the Board of Directors (Trustees) together wilh ihe Executive Director of Xiend Globa] comprised the key manartement personnel of the charity in char of directin• and Controllin runninft and OTatin the charityi on a da}, to day bLSiS. No tntstees are paid gJKI details of trustees. expenses are shown in note 12 to the accounts. In liDe wrth the policy of PioneeTS International. senior staff. as with rnost of the staff within Xtend Global. are expected io raise the iotal cosi of their employmeni ihrough individual fundrdi5ing efforts in partnership with anoiher chariry within the Pioneers Internlonal movemeni. OrgoKisdiionol Sfr74cht Xtend Global operates as part of the worldwide mission movement known as Pl0er$ Iniemational. relating as one part of its Middle E&st region. The Pioneers Regional leader for the Middle East region is a m¢mr of the Board of Xiend Global. With input from the Board of Dtreciors (Trustees). the Regional Leader aptrt)iTrts and appraise5 the Executive Director of Xiend Global. The Exe¢ulive Dire¢ior of Xtend Global oversees the administraiion of the company as a whole. Th¢ Executive Director of Xtend Globa] appoints and apprnise5 his team of opetationai directots. in consultstion with the Board. Objeclives and activilies Object5 andoims The registered objects of the company areated above uThlerGoverning Instrumeffl. The mainactivities ofthe company have been to communicate the Christian faith through media and the training of chur¢h leaders. Public benefit Advancing the Christian Faith: To advance the Christian faith throughout the Arab world and elsewherq the charity has ¢ontinued to work cooperatively with PioneeTS Intemational (globally) and with the Church across the Middle East and North Africa region5 and elSeWre. The Church across the Arab world and in other ar h&s been encouraged in its witness and service of the wider community. sustained and supported despite facing mistr4( iniolerance. and persecution in many Contexts. Believers in rural BaS or Closed home5 have been sustsined in their faith through online discipleship and where possible, linked with other believers for encouragement. Though many ait isolated or facing other challenge& the Body is heartened with boldness to serve ad wisdom to witness. Utilising the internel, Media communiGalions have expressed a p)5itive understanding of the Christian faith and respect for other beliefs in a setting where TnisconceptiOTLS and suspicions overwhelm. Increased spending on advenising has i*en su¢¢essful in leading to more oniine engagernents with'qualified" contscts. Adding new innovative means of outreach (e.g. poety evenis) has proven effective. The Media to Movements team continues to train and equip a growing number of field ieaJns in rnulliple locations around the world in both pre and post launch oftheir own social media iniliatives to communicate the Gospel. Advancing Christian education and training.. The charity has developed and promoted the use of a phone and web app which has been well received by Students being trained. The creation and distrtbution of animations of testimonies of fomier and current students ha5 also been well received and these recordings are ixing dubbed into multiple languages. Expanding Learning Opportunities for Ora] Comrnunicators.. Additionally> the expanded reach of our ornlity materials and trainings have increased access to Christian teaching and trainin& including written source& and also helFed empower ordl communicators ihrnugh su¢cessful leanllng experiences. Page 3
Xtend Global Trnstees, Report The trusiees ¢onfirnied that ihey have complied with the requirements of section 17 of the Charittes Act 2011 to have due regard the public benefit guidance published by the Charity Commission for England and Wale5. The trustees have had Tenard to the Chlty CoTnrnission'5 truidance. includinn that on'charities Workin- Intemaiionally-. the general publi¢ knefit guidance'charilies and Public Benefit". and the supplementary guidance ntained in"The Advancement of R¢ligion for the Public Benefit" Achievements and performattee In 2023, Arab World Media's online and Social ministy sustained its reach and effectiveness in most areas. Our website content attrdcted 3.2 million clicks on ads and visits to our Ardbic language website. 19.395 individuals were in active contact with one or other of our responders. The Bible wa5 downloaded 14.133 times. Media to Movements continues io develop new parth¢rships with indig¢nous-led neorkS of like-minded people who are using media for Church planting. Since 2020. more than 70 field teams have been coached in media strategies for ¢hur¢h planting. At the end of 2023, the combined n4mber of individuals belngtraiTd by PALM was in ex¢e5s of g)0. although precise figures are nol avwlable. given the autonomou5 rlre of the groups. FiDaDeial revi The company received a totsl in¢ome of £2.683.840 (2022: £2.529.986) with a wtai expendiiure of £2,920.917 (2022: £2,584.278). Unresiricted (General) Funds deGrSed from £454.088 to £301.616 after transfer of a £290,000 grdnt to the restricted fund for Media to Movemenis. Designated Funds increased from £2,429.757 to £2,478,946 after a gain on invesbnents of £152,084, grdnts paid totalling £67,742 and depreciaiion cost of £59,763. Total Restricted Funds. which include the eat majority of the charity's income and expenditure. increased from £486,044 to a year-end position of £504,334. after receipt of the £290.000 grants from the Unrestricied (General) Fund to the Media to Movements Fund. Expenditure has been allocated to the appropria hewjing by rtference to internal guideline5 of the company and on a reasonable and consistent basis. Reservespoliey, posilion andwospects The trustees have establashed a prudent Reserves lICY. focused on liquidity to ensure the steady continuity and development of operations. l. Each operational area (AWM, PALM, Mfm Restricted Funds) will hold a year<rvJ reserve in its Core Fund. sufficient to meet that Opei0n,S need of liquidity to cover any forecast rgatIVe cash flow through the coming 2. The XG Genera] Fund will maintain a yearnd bal8ce of Ixtween two and four months. expenditure of the overall budget (nei of advance fijnding received). This is to cover the uncertainty of donation income and back up any of the Restricted Fund Core Fund balances which do not have a sufficient liquidiry reserve. At the year-end. the clwity held General reserves of £301.616. which is 1.6 month5 of 2024 budgeted expenditure (net of designated and restricted income received in advance). This is jLtst below the policy target range of 2 to 4 months. It is expected that these General Fund reserve5 may increase in 2024 by around £150,000, due to the more ¢omplete reallocation of operational costs to restricied funds since 2023. This should result in a level of General Fund reserves at December 2024 between 2 and 3 months of budgeted expenditure, within the policy iarget range. Et is tiot expected that the exceptional grdnl of £290,000 from the GerRra] Fund to ihe restricted Media io Movements Fund will need to be repeated in 2024. Substaniiai attention is being give and effort made, to match the fundraising for Media to Movements more closely to its operational budgeL including all shared 0ratIOnal wsts. Pagc 4
Xiend Global Trustees. Report Plans for future periods Aims and key objeciivesforfviurépeTiod¥ In 2024, we will engage in a year-long programm¢ to create new digitsl strategies for deer engagement with seekers acros5 the .4rdb World iyhile also equippinrr neiii belieiErs to help theyn 0}1, in their faith. We expect a nTeater level of depth of contact with users Is well as developing nLfDJringjoumeys with those who are at the beginning of their spiritual journey. We inEnd to expand PALM and Media to Movements. reach while continuing our commitmeni to the Arnb World. We plan to hold more training schools, in-peTson and ViTtua]ly. as well as launch several translation projects of Orlty and training materials at various levels in s¢v¢ral new languages. Going toncern The charity has reviewed its financial perfomiance and general reserves position. The charity has adequate fin8nciai reSoueS and is able to Tnanage its busine55 risks. The charity's planning process has tsken into considerdtion the ¢UTrent economic climate and its w)tential impact on the various sources of income and planned expenditure. Taking into account all factors. the charity has Teasc*)abl¢ expectation that it has wjequate resources to continue in operational existence for the foreseeable furureand believes thw there are no material urKertainties that catl into question the charity's ability to continue in operation. Risk mallagement The trustees have considered the rnaior risks to which the charitable company is expwd and systems or procedures have been established io manage those risks. Dis¢losure of illfomation to auditor Each irustee has tsken steps that they ought to have tsken as a trustee in order to make themselves aware of any relevaJ)t audit inforn)aiion and to establish lh the charity's auditor is aware of that infornjation. The trusiees confirni that there l5 no relevant infomiation ihat they know of and of which they know ihe audiior is unaware. Small companies provision statement This report has been prepared in accordance with the small companies regime under the Cornpanies Act 2(M)6. I report was approved by the trustees of the charity on .. and signed on its behalf by: H Wolmarans Tn]stee Page 5
Xtend Global Statement of Trnstees. ResnsIbl11tles The tniqtee£ (who are also ihe direclors of Xiend Global for the PLirpow of COTnPMllV law) are responsible for preparing the tn]stees' repon and the financial SeMentS in accordance with applicable law and Uniied Kingdotn Accounting Standards (United Kingdom GerrallY Accepted Accounting Praeti¢e), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Company law requires the trSiee9 to prep¥e financial swements for each financial year. Under company law the ttustees musl not approve the financial statements unless they are satisfied that ihey give a true and fair view of the stste of affai of the charitable company and of the incoming resources and application of resources, including its income and exndItUre, of the charitable company for that period. In preparing ihese financial staieTnent% the trusiees are required to.. select suitable a¢¢ounling policies and apply them Consitly* ob5erv¢ the methods and principles in the Charities SOI4P. ake judgements and estime$ thai are re&%onable and prudent" stste whether applicable accounting Stsndards. ¢omprising FRS 102 have teen follow subject io any mai¢rial departures disclosed and explained in th¢ financial statements" and Ppare the financiat steMentS on the going ¢on¢ern basis unless it is inappropriate to presume that the ¢haritable company will continue in bsine>s. The trustees are responsible for keeping proper a¢counting records that can dis¢105e With reasonable accuracy at any time the financial tM)sition of ihe charitable company and enable theln to ensure thai the financial statements comply Ivith the Companie5 Act 2006. They are also responsible for safeguarding the Sets of the charitsble company and hence for taking re&sonable steps for the prevention and detection of fraud and other I¢gu]aritieS. The trustees aTe responsible for the maintenance and integrity ofthe corporate and financial information included on th¢ charitable company's websile. Legislation goveming the preparation and dissemination of fin0sla1 stat¢m¢nts may differ from l¢gislaiion in other jurisdictiorLS. Approved by the trustees of the ctwity on .. and Sied on its behalf by: H Wolmarans TnJste¢ Page 6
Xtend Global Independeni Auditor's Report to the Members of Xtend Global Opinio We have audited the financial sialements of Xtend Global (the charity) for the year ended 31 De¢ember 2023. which comprise the Statement of Financial Activiiies, Balance SheeL Ststement of Cash Flows. and Notes io the Financial Statements, including a summary of signifieant accounting rKTrlicies. The fin8n¢ia] r¢Fx)rting framework that h&5 been applied in their preparation is United Kingdom Accouttting Standards, comprisuig Charitte5 SOR FRS 102 The Firwicial ReFdJrting Standard appltcable in the UK and Republic of Ireland. and applicable law (United Kingdorn Generally Accepted Accounting Practice). In ouropinÈon the financial 5tstements= giv¢ a true and fair view of the state of the ehariry's affairs ¥ at 31 Drfember 2023 and of its in¢oming resources and application of resource4 including its income and expenditwe, for the year ¢heD ended,. bave been prOrIY prep in accordance with United Kingdom Geoerally Accepd A¢¢ountin8 Pwu¢¢' have been prepattd in a¢¢ordance with the requweJn¢nts of the Compani¢5 A¢t 2006. Basis for opiNion We conducted our audit in aco)rdance with International Standards OTh Auditing (UK) (ISAS (UK)) and appltcable law. Our respon5ibilittes under those 5tandard5 are fijrther described in the auditor responsibilities for the alldii of the financill staternents section of our rert. We are independent of ihe charity in accordance with the ethical requirements that are relevant to our audit of the fLn&)cial ststements in the UK, including the FRC'S Eihi¢al Stsndard, and we have fulfilled our other ethical respon5ibilizie5 in accordanee with these rtquirernents. We believe that the audit evidence we have obtained is sutTLcieni and appropriat¢ w provide a basis forouropinion. ConclusioDS relating to going concern In auditing th¢ fJnan¢ial sta¢m¢nts. w¢ hav¢ concluded the I£¢S use of the going concern b&sis of Ac¢our¥ling in lh¢ preparfion of the fMan¢] is apPpriat. Basrd on the work we have perfornied, we have not id¢vtifi&l any 8¢cr1d1 uDcertaintL¢5 relating to events or ¢ondÈtions that, iodividually or ¢olleeiiv¢ly. may ¢a# significant doubl on the chaTity'S ability to continue as a going cone¢m for a period of at leasi ¢[¥¢ months from when the original f8¢1a1 SteMentS were auth0ri5ed for issue. OUT responsibilities and thc rr5wnsibili¢ies of the trustees with respect to going c4)ncern are described in the relevant Sections of this rrport. ber inftsrniatton The trustees art resp)nsible forth¢ other informatTron. The other InfoatIOn comprises the infonnation included in the annual reporL other than the finan¢ia] statements and our auditor's report theTeon. Our opinion on the financial ststernents does not cov¢r the other infomiion an4 ¢x¢epr the teThI othThise explicitly s18ted Én our report. we do not express any fonn of assurnn¢e ¢on¢lusion thereon. In connection with our audst of the financiaE 5tatemenW our Te5ponsibility is to read the other infonnation aThd, in doin8 so. consider whether the other information is materially inconsistent with the financial ststements or our knowkd8e obthined In the audit or otheTrvist 4ypears to be Tnaterially misstated. If we identify sllch ThateTial inconsistencies or apparenl material rnisststeTnents. we are required to determine whether there is a material mi5Statcmeni in the financial statements or a rnatcrial misstatement of the other infoatIon. If, bd (pn the work we have perfomjed. we conclude thai thert is a ma*rial misstatemcnt of this other infonnation, we art required to report ihat fa¢t. We have J)othing to report in this ttgard. Page 7
Xtend Global Independent Auditor's Report to the Members of XteDd Global Opinion OD Otber matter prescribed by the Comp3Dies Art 2fjO6 In our opinion. based on the WO undertaken in the ¢OUTse of the audit: the infonnation given in the Tru5tees' Rert for the finarKial ye4r for which the fiThancial statements are prepared is consisteni with the ftnancial statements. and the Tru5tees' Rert has been prepared in accordance with applicable legal r4Ulmefjts. Matters on which we are required to report by exceptiOD In the light of our knowlcd8e and understanding of the charity and its environrnent obtstned in the course of the audiL we have not ideniified material misststements in the TNstees' Re]x)rt. W¢ have nothing to port in Tespwi ofthe following m2ryers where the Companies Act 2(1)6 requirts us to report to you if, in our opinton: adequate acUting r¢cords have not been kepL or reiurn5 adwuatc forouraudit have not been received from branch¢s not V15ltcd by u5- or the fancIal statements are not in 38reemeni with the accountin8 records and rettLrnS' or certain disclosures of Ste¢S remun¢raEion specifftd by law 8ff rt m•Je" or we have not re¢eiv¢d all the inf0mloll and explanations we requirt forour audiL Rtsponsibiliti of trustee5 As explained mor¢ fvlly in the $ement of Trysie¢s' Responsibilities (set oui on page O. the trustees are responsible for the preparation of the finaneia] stskmenLS and for being satisfied that they give a true and fair view, and for such iniernal conlrol as the trnstees deiern)ine is Thec¢&wy io enoble the prep8TrtKin tsf financial statements Ihat are free from material missuemeni, whether dlle io fraud or ertor. In preparing the fLnancial statements, the trustees are res)nSible for a55es5ing the charity's ability to ntinue as a going concern. disclosing. a5 appli¢able. matteT5 relattd to going concern aTwJ using the goin8 concern b&sis of acwvnting unle55 the trustets either intend to liquidate the charity or to cease operdlioD5, or have no realisti¢ a]ternative but to do 50. Audi¢•r responsibilities for the *udi¢ tsf the finaneial statements Our objectives are to obtsin reasonable wurance atrx)ut whether the fanCial statements as a whole are free from material misstaiemen¢ whether due to fraud or error, and to issue an aLtdiior's repon in¢ludes our opinion. Re&sonable assurance is a high level of ¥suranee, bul is not a guarnnte¢ that an audit conducted in accordance with ISAS (UK) will always deleci a material misstatemeni when it exists. Misstatements Can arise from fraud or error and are Considered material if, individually or in the aggre8a(e, they could reasonably bE expect to influence the economic decisions of users taken on the b&sis of these fmancial $eme[S. Irregularities. including fraud. are insrances of non-compliantt with laws and rcgulation5. We design procedure$ in line with our Tesponsibililies to detect material misstatements in rtspect of irregularities. including fraud. Th¢ extent tts which our procedures are capable of detecting irregularities. including fraud. is detailed below. Obtaining an understanding of the lega] and regulatory framework5 that the entity op¢M¢s in, focusing on those laws and regul10$ that had a direct effect on the financial ststements,. Enquiry of managemeni to id¢niify any instsn¢es of known or suspectrd instances of fraud. Enquiry of management and th0 charged with governance around xtual and potrniial litigation and Enquiry of management abDUt any in5tance5 of non-compliaThce with laws and r¢8uiations;
Xtend Global Independent Auditor's Report to the Members of Xtend Global Perfonnin- audit it'ork m'er ihe risk of man2-. -eincnt 01.clde of controls. includin- Itstin- of jotsm21 entries and other adjustments for appropriateness. evaluating the business raiioThale of signifJ¢ani trajisactions outside the nornial course of busine$5 and reviewing ac¢ounting estimates for bias. Reviewing minutes of meeiings of those charged with goveTnance- and Reviewing financial Sement disclosures and testing to supporting do¢umeniation to assess COTnpliance with applicable laws and rtguiations. Owing to the inherent limitations of an audi( there is an w•voidabl¢ risk thai we may mt have delected some material mi55tatements in the fjnaneiai statements, even though we hav¢ properly planned and perfonned ouraudit in accordance with auditing standards. In additiOT4 as with any adi( there remained a higher risk of noTrdetKlion of frau4 as these tThay involv¢ collusion, foT8ery, intentional omissions, misrepresetttrtiorts, or the ov¢rTide of internal controls. Our audit prixedures are dc5igned to detect material mtsstatemenL We are tKTrt resp)rtsibl¢ for Prevcnting non-compliance or frdud and cannot be txpected to detect not)compliart¢e with all laws and regulatlOn5. If a breach of operational regulation5 is not disclosed to us or evident from relevant ¢orrespondeD¢e. an audit will not detect that breaeh. A fvrther descrtption of our responsibilities is available on the Financial Reporting Council's website 8t.. w}.frC.0rg.kI2dIlo1sT¢$nsib7jlti¢$. This description fonns part of our auditor'5 report. Use of our report This report is made solely io the charithble company's trustees. &s a W. in accordan¢e with Chapter 3 of Part 16 of ihe Companies Act 2006. Our audit WOTk h&5 bttn undertaken so thai we might s¢ io the charity's trustees those matters we are required $e to them in an wditor'5 report and for no other purpose. To the fvllest extent pemiitted by law. we do rb)t accept or &ssume re5Frf)nsibiliry anyone other than the ¢hari¢able company and its trusiees as for our audit work. for thi5 rerATrr4 or fw the opinions we have ftjmied. Matthew Hod50n (Senior Statutory Auditor) For and on behalf of HODSON & CO, SthDJtory Auditor WLSton House I Wiston Avenue Worthing West Sussex BN14 7QL Da*.. Page 9
XTEND GLOBAL Statement of Financi21 Activiti&s (incorporating an Income and Expenditure Account) for the period ended 3 1st December 2023 Unrewicted Desi Restri¢t¢d fid$ Funds fimds Toial Ille0e: Donaiions and legacies Other trading activities Invesrm¢nt in¢om¢ Other intorne Totsl inc4)me 295.201 5.993 50270 5.030 356,494 2 J25.747 218 2.620.948 6,211 50.880 5,360 2,683,399 610 330 2J26,295 610 Expenditure on: Raising funds Charitable activities 15.716 179.685 202,208 2J95.803 217.924 2.702.993 127,505 Total expenditsre 195.401 127,505 2,598.011 2.920.917 15 Net gainsll105ses) on iThve5tments 152.084 152,084 Net incomel(expeThditure) 161.093 25.189 (271.716) (85,434) 20 Transfer$ behween funds Oiber r¢cogDised Gaino$s¢S) Other GaIn(LOsses) Net movetDeDt in funds (314.1xI) 24.000 2.1)C*) 13 435 (152,472) 49,189 18,29) (84,993) R¢¢oD¢iliatlOD Ot funds: TOTAL FUNDS bTough¢ foriward As previously stated Prior year adjustments As restated 977.299 2,035.744 (523,211) 394,013 454.088 2.429.757 151.707 334,337 486.044 3,164,750 205.139 3,369,889 22 20 TOTAL FifNDS carried forward 301.616 2,478,946 504,334 3.284,896 The ststem¢ni of finala1 aciiviiies in¢ludes all gains and losses recognised irt the year. All income and expenditure derive from Continuing adivities. The noies on pages 14 to 28 fonn part of these financia] statements Page 10
XTEND GLOBAL Statement of Financial Activities (incorporating an Income and Expenditure Account) for the period ended 3 Isi December 2023 (as rest*ed) Urtre5tricted DE5tWed Restricted ftmds Funds fij5 Total In¢om¢: Donations and legacies Other trading activities Investment income Other incorne Tothl income 310.766 I lJ24 43.959 .557 367.606 2.147.772 2.458.538 413 11,737 44.001 1,557 2,148,185 2,5 15,833 42 42 Expenditure on: Raising fuThd5 Charitable actLVlties Tothl expeDdi¢u 93.914 412.264 506.178 199,3 14 293.228 1.727.050 2,291,050 1.926,364 2.584.278 151.736 151.736 15 Net gain<[0$$ts) on investments (124217) 1124,217) N¢t in¢omel(expenditure) 1138,572) (275.911) 221,821 1192,662) 20 Transfers between funth (24,(M)O) 24,000 Other recognised Gains1(L055e5) O¢her GainOlLosses) Net movement in fuDds 13 14.482 (148.090) (251.911) (329) 14.153 221.492 {178.509) Reconciliation of funds: TOTAL FUNDS brought forward As previously stated Prior year adjustments As r¢swed 879.131 2225.802 (276.953) 455.866 602.178 2,681,668 264.552 3.369.485 178,913 264.552 3.548.398 22 20 TOTAL FUNDS Carried forward 454.088 2.429.757 486.044 3.369.889 The statetnent of financial activities iDcludes all gairLS and 105ses TecogDi5ed in the year. All income and expenditure derive from Continuing activities. The notes on pages 14 to 28 fonn part of these financial $ements Pa8ell
XTEIYD GLOBAL Balance SIet at 31st Deeember 2023 Company number 7559179 31st DecemFtr 2023 3 ISL December 2022 (as re5tsted) FIXED ASSETS 14 Tangible fixed 15 Investments Tot fjxed assers 448.123 1.717.169 2.165292 507.886 1.565,085 2,072.971 CUPS£NT ASS 16 Debtors and prepaytnenLS 17 Cash at ballth and in hand Tothl currtnl Isses 63.173 .153,400 1,268551 1.374.356 Liabilities 18 CREDITORS.. Ajnounts failing due within oncyear 148.947 77,438 NET CURJtENT ASSETS 1.119.604 1,296.918 TOTAL ASSETS LESS CURREKf LIABILITIES 3284.896 3.369,889 Tothl &$5et5 3 284 896 3 369 889 The fund5 of the charity.. LfNKESTRTCIED FTJNDS G¢nrTai Fund Prop¢ty Revaluation Fund Other De5ignaied FurK15 19 19 301.616 178.913 2.31X).033 454.088 178,913 2.250.844 19 2,780,562 504.334 2.883.845 486.044 19 R£STRJCTED FUNDS Total charity funds These fJn)cia] statements on pz8es 10 to 28 were appoV bythe membets of the Ixth and auth)rised for issue on and arc si8rKd on their bchalf by.. H. WolmaTans Director The note5 on pages 14 to 28 fonn part of these financial sw•nenLS Pa8e12
XTEND GLOBAL Statement of Cash Flow for the [l¢)d ending 3 1st December 2023 2023 2022 N& incom¢lf4¥p¢llditure)for the rewrringperlod{Perthe sl4tement o Inancial Qrtiviftes) Adju$1¢1$ for: tkpwiation Rent incorne from investrnent property Investment inwm¢ {Gainsylosses on investtnents Decre&sel(increase) in debtors In¢reasel(d¢¢rease) in ¢r¢diiors Netcosh providedby/lusedill) opernlillg (84,993) (178,509) 59.763 {46.487) (4.393) (152.084} (51.978) 71.509 {208.663) 58,848 (43.541) (460) 124,217 3,180 16,584 (19,681) Cgsh Ilow$ from investing *ctivitiu: Interest receivable and similar income Reni income from investhieni property Purrha5e of investments 4J93 46,487 460 43,541 50.880 44,001 Cash nows from fi#arttittg adivities: Changes in cask ondequivaleni$ in ihe reporiingperiod (157,783) 24.320 Cash and ¢qLJivaients at the b¢ginning of year lJll.183 1286,863 Lash and £quivents ai the end ot'year 1,153,400 1.311.183 The notes on pages 14 to 28 forni part of these financial ststements Page 13
Xtend Global Notes to the Financial Statements for the Year Ended 31 December 2023 I Charity status The ¢harity is limiied by guarnnt¢e, inwrnted in England and Wales. and consequenily does not have share capital. Ea¢h of ¢he tsusttts is liable io contribute an amount noi exceeding £1 towards the assets of the charity in the eveni of liquidation. The address of ils register offlce is- SI3 St DunstaJLS Road Worthing West Sussex BN13 IAA 2 Accounting lItieS Sutnmary of SlgnifiI aecouting polities and kty eeounting estirnatts The principal accountjDg policies applied in the preparation of these financial starements ar¢ setout below. These policies have been corLSi5tentiy applied kn all the years presented. unless otherwise stated. Ststement of eoThpliaTrce The fuwicial statements have been prepared in accordance with Accounting and Rewning by Chartiies." Statement of Rec(Trmrnended Praciice {applicable to charitie5 preparing their aecounts in aCrdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021) (issued in October 2019) - (Chariiie5 SORP (FRS 102)), the Finan¢Lal ReportinB Swdard applicable in the UK and Republi¢ of Ireland IFRS 1021 and the Companies Act 2006. Xiend Global meets the d¢finitton of a public benefit entity Urtder FRS 102. Assets and liabillties art initially recognised ai historical wst ortrartsa¢iion value uvless othenwise ststgd in the r¢l¢vant accounting policy notes. Basis of prtpsration The financial ststemrnts are presenied in sterling (£ Going eortcern The trustees consider that there are no Material un¢ertaiTtties aitht the clwity's ability to continu¢ ¥ a going ¢onc¢rn nor any signifirant area5 of wJc¢rtainty that affect thc canying value of assets held by the elwity. The trustee5 have a re&sonable expectation that the charity will continue in operational existence for the foTese¢able ture. Accordingly. the accounts have been prepared on the basis that the charity 15 a going ¢or¢¢ern. Judgernents The preparation of the fmancial statements UireS tNstee5 to make jlldgem¢nts, estimaies and assumptions that affect the amounis rerted.TheseeSllmateS and jud8emeTrts are coniit)ually r¢viewed and att based on experience and other factors iThcluding ¢xptttations of fvwre events that are believ to be reasonable under the ¢ircumstsn¢es. Ineo¢ne And endowments All income is recognised once the charity h&4 entttlement to the income, it is probable that the income will be received and the amount of the income receivable can be me&sured reliably. Page 14
Xtend Global Notes to the Fittattcial Statements for the Year Ended 31 December 2023 Dwi41ions le¥4Lyes Donations are recognised when the charity has been notified in wriiing of knth the amount and settlement de. In the eveni that a donation is subject to ¢ondition5 that require a level of performartce by the chariry before the ¢haTity is entitled to the fund% the incorne is deferred and not recogni5t41 until either those conditions are ]lY mel or the fuifilment of those ¢onditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting peri(Ml. Donation5 raised and tTan5rnitted to the charity by &%xKiated national offices are stateO gTOSS of any fvndraising fee which is deducted by tht national office before transmission. The donated services of staff working for the charity bui paid by a national office we recognised as donation income (and charitable expenditure) at the 8ross cost of employment of those staff. Grants recdwble Grants are rec4)gnised when the charity h&s #n entitlernent tt) the funds and any conditions linked to the glants have been met WThere performance conditions are attached to the grant and are yet to be met. th¢ Inme is Tecognised as a liability and included on the balance sheet as deferred income to be released. Inve51mentinconie Dividends are reCOls¢d once the dividertd has betn declartd and tificatIOn been r¢ceived of the dividend due. EXpedIfUre All eXndItUre is recognised once there is a legal or eonstructive obligation to that expenditure. li is probable settlement is required and the amouni Can be measured reliably. All costs are loCated to the applicable expendiiure heading aggrtte Similar ¢osts to that category. Where costs cannot be directly attributed to particular headings OT funds. they have been allocated on a b&si5 consistent with the use of resouKes, with central staff costs allocated on the ba5i$ of time spent. Othersupw)rt Costs are allocated b&5ed on th¢ spread of sthff cosis. Raisingfunds These are costs incurred in atlraciing voluntary income. fees deducted by national offjces before transmission of net donations to the charity. the management of inve5tment5 and ih05e incurred in trading activities to raise funds. Charilabl¢ activities Charitsbl¢ expenditure Compris those wsts incurred by the charity in the delivery of its activities and %rvic¢s for it5 b¢neficiarie5. It irhclud¢5 both costs that ran bE aJl¢xated directly to such xtivitie5 and those costs of an indirect n¢cc55ary to 511PPOrt thetn. Grontprovuton Provisions for gTants aTe made when the intention io make a grant I$ becn communkcated to the recipient bLLt there is un¢erfainty about either the timing of the grant or the arnount of grant payable. Support costs Support Costs include central functions and have Fen allocated to activity cost ¢wegories on a basis consistent with the use of re50urce5. for example. alk)cating property costs by fl(M)r area5, or per Capi4 staff ¢osts by the time Spent and other costs by theii usage. Governance costs These in¢lude ihe o)srs attributsble to the Charity's Cotnpliance with constitutional and statutory requirements, including audit. accounts preparation, legal. strategic management and trustees, meeiings and travel expenses. Page 15
Xtend Global Not to the Financial Statements for the Year Ended 31 December 2023 Taxatio The charity is considered IQ Pa5$ the tests setout in Para8raph I Seh¢dul¢ 6 of th¢ Finan¢e Aci 2010 and therefore it meets the defjnition of a charitable company for UK ¢orporaiion tsx purposes. Accordingly. the charity is potentially exempt from taxaiion in respect of income or capital gains e1ved within Categories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Tawion of Chatable Gairts Act 1992, to the extent that such income or gains are applÉed exclusively to ¢haritsble putp)ses. Tangible fixed #ssets Individu red &ssets costÈng £5,000 or more are initially recorded at cost. less any subsequent attumulated depreciation and subsequent accumulated impairment losses. Deprteiation and #tnortimtion As$tt class Freehold Property Computer Equipment Equipment Furniture and Renovations Deprttiation method and rate 2Yo Straight line 33.33% Straight line 20% Styaight line I(VA Strai8ht line Fixed sstt invesiments Fixed &%set investments. Other thart progrdmrne related investments. are tncluded at market valu¢ the balance sheet date. Rvdlised gains and losses on investments are calculated &$ ihe difference be¢eTh sales pro¢¢eds and their market value at the siart of the year. or their subsequent cosl and are ¢harg¢d or credited to the Ststem¢ni of Financial Activities in the peri(xl of dis)$1. Unreali5ed gains and 10$5es represent the movement in mark¢i vajues during the yearaThJ are ¢rediied orcharged to the Statement of Financial ActlVLtie5 b¥ed on the rnarkel value at the year end. Trade debtorj Trade debiors are amounts due from ¢ustomets forMeand]Se 9)Id or seNi¢es Frfonned in theordinary course of business. Trade deb[S are T¢cognised iniiiojly * ¢h¢ transa¢tion price. They *¢ subsequertily measured at amortised ci)st sit)g ihe effective interesi method, less pmvision for impaimient. A provision for the impairnjentoftrade debtors is ¢stablished when there isobj¢¢iiv¢ evidence that thecharity will notbe able to ¢olle¢Èail amountsdue accordin8 to the original terms of the receivables. Casb and ta$h eqllivalents Cash and cash equivalents comprise cash on hand and ull deposits. andotherslM)rt-tenn hi8hly liquid inveslments that are readily convertible to a known amount of wh aTKI are subject to an insignifinI risk of ¢hang¢ in value. Page 16
Xtend Global Notes to the Financial Statements for the Year Ended 31 December 2023 Borrowings Inrerest-bearing borrowings are initially rttorded at fair value, net of transaction costs. Intere5t-beaTin8 boffowings are subsequently ¢arri¢d ai amorttsedcosl with the difference betweenthe proceeds, netoftransaciion )s¢& and the amouni du¢ on redemptlOD beiTh8 reco8nised as a char8e to the Statement of Financial Activities over the period of th¢ r¢l¢vant iM)Thowin8. Inter¢si expense is recognisa on the basis of the effective interest method and 15 Included in interest payable and similar ¢harges. Borrowings are ¢lassifJ¢d as curreTht liabilities unless the charity has an unconditional right to defer settlement of the liability for * leas¢ e1ve months after the rep)rtiTh8 date. Foreign eichange Transa¢tions in foreign currencies are recorded at the rate of exchange at the date of the trdnsaction. Monetary assets and liabiliiies denominated in foreign currencies at the balance sheet date are reported at the rdte5 of ex¢hange prevailing ai d*e. Fund strurture Unr¢stricted in¢om¢ fvnds are general fimds that are available for use at the Intee$ discretion in fjjrtherance of the objectives of the charity. De5ignatcd funds are UThTEStridcd funds set aside for specific PUT]x)ses w the dis¢r¢tion of the trustees. R¢stricied income funds are those donated for use in a particular area or for sptcifi¢ purposes. the use ofwhich is restricted to that area or purpose. Financial in5trurnents c1t755lficioll Th¢ charity only has financial &sses and financial liabilities of a kind that qualify as basic financial instrurnents. Basi¢ financial in5thJment$ are initially recognised at transaction value and subsequently me&%ured at their 5¢tt1ement valu¢ with the exception of bank loan5 which are subsequently measured at the carying value plus accrued int¢st less repayments. The fmancing charge to expenditure is ai a constant rate calculaied using the effe¢tive inier¢si method. Page 17
Xtend Global Notes to the Financial Statements for the Year Ended 31 December 2023 3 In¢om¢ froN donations #d Iweies Unrestricted funds G¢fj¢r#l Designt¢d Restricted Totsl fwnds Fund5 Donations from individuals Grants. including capital Donad services Toial for 2023 158,829 97.617 38.755 295.201 310.766 526,768 1.099.737 699,242 2.325.747 2.147.772 685.597 1.197.354 737.997 2.620.948 2.458.538 Totsl for 2022 re5tate4 set Note 22) 4 Ineomt from other trading #rtiviti Unr¢stri¢ted funds G¢n¢rl IksigDat¢d Restricted Total Fynd$ Tradin8- Other tradin8 incorne Total for 2023 Total for 2022 5.993 5.993 11.324 218 218 413 6.211 6.211 11.737 5 Investment In<ome Unr¢stri¢ttd fthd$ Genernl Dtsignxted Restricted fuDds Total FuDds tnteT¢St elV0b1e on bank deposits Rentsl income Totsl for 2023 Total for 2022 3,783 46.487 50,270 43,959 610 4,393 46,487 50,880 44.001 610 42 6 Other iThtome Unrestricted fund GeneTal Designated Restricted fund$ Total Funds Other income Totsl for 21123 Total for 2022 5,030 5.030 330 330 5,360 5.360 7 Costs of RAi5iDg FuDd$ Unrestrirted fund General De5igDated Restriettd Totsl Funds Fundraising fees charged by Pioneers offices Marketing and publi¢ity Total for 2023 Tot81 for 2022 (as restated. see Note n) 77,408 124.8 202.208 199,314 77,408 140.516 217,924 293,228 15.716 15,716 93,914 Page 18
Xtend Global Notes to the Financial Ststements for the Year Ended 31 December 2023 8 Expenditure Chrit4blt Attivities Aciivitits undertke dirtctty 179,685 717,094 465284 1.040.945 131,381 2022 Totsl (a5 reststed. Set Note 22) 412,264 580.742 517.802 628.506 151,736 sPrt costs Totsl 179,685 772.351 509,055 ,110.521 131,381 Generdl Fund Atab World Media PALM Media to Movements Other 55.257 43,771 69.576 .534.389 168.604 2.702.993 2.291.050 £307.190 (2022 £564.000) of the expenditure is attributable u[es[ricted fimds 4j £2,395.803 (2022 £1,727.050) is artributsbl¢ to resiricted funds. 9 An*lysi$ ofsupwrt costs Arab World Media Media Movernents PALM Totsl Governance Accounting and Firwlce Payroll and HR support Building services Administration Information Technology 1,373 ,353 555 11787 5.867 16,322 55.257 ,373 8J53 555 12,787 5.867 4.836 43.771 1,373 8J53 555 12,787 5.867 30.640 69.576 34,118 25,060 1.666 38.362 30.410 38.988 168.604 10 Ntt incomelexpenditure for the yexr 2023 2022 This is stated after charging= Foreign ¢urren¢y ex¢hartge (gainyioss Auditols remuneration.. - audit fees - accountin8 and payroll services Depreciation o(twJgible fix¢d assets (441) (14.153) 4,81XI 2.118 59,763 4.680 4274 58.848 11 knatysis of staff ¢ost$ and tbe cost of key managemeDt personDtl 2023 2022 UKstaff UK Social se¢urity ¢osts UK Employerfs contribution to pension Non-UK51aff Non.UK staff benefits Total paid by this charity Donated services (funded staff) Tothl slaff msts 235.832 19.469 28.959 223.422 34.056 541.738 737.997 1.279.735 287,496 25.714 23,152 197.711 18.348 552.421 610.369 1.162.790 No employec had employee bettefits in excess of £60,000 (2022: nil). The mnthly av¢rag¢ number ofper50Ths (includinB senior marMgemenV]eadership team) employed by the harity duTiThg the year. expiessed as fvll time eqyivalents w&5 8.9 {2022= 12) of which the majority were partially or fully funded from other sources. Page 19
Xtend Global Notes to the Financial Statements for the Year Ended 31 Deeember 2023 12 Trus¢¢¢ r¢mun¢ratlOD And tApth•As. And r¢lJted party tttl05 The charity trSlees were not paid or rtceived any other benefits frorn employThent wilh th¢ chatiry nor did an). trustee receiic pa)Thent far Piofc5sional or other ser¥'icts. The folloii'ing amouTrts paid to the trustees as reitnbur5ement of expenses incurred in the perfOrnw of their duiies: M C Billage £1.18012022.' £nil) of expens¢s were reimbursed M G Billage during the ytar J E Rowland5 £971 {2022:£450) of expetw wtre ffimbursed to J E Rowlands during the ye P Dsharp £2.758 {2022.. £2,344) of expenses were reiml)ursed to P D sha during the year C Keung £1,784 {2022.. £1.430) of expenses were reimbursed to C Keung durin8 the year W A JoDes £1,338 (2022.. £2,330) of ¢xp¢rfjes were reimbursed w W A Jones during the year . H WolTharaTr$ £615 (2022.. £298) of expenses wer¢ T¢imburwl to H Wolmarams during the year Ayoh £756 (2022.. £ftil} of expenses were reimbursed to A Yohn durin8 the year The charity enjoys a close working relationthip with Pioneers Inc. Iuniied Swes). Pioneers is a worldwide rni5sion Movement and raises funds for the charity. Mr C Keung is also a trustee of Pioneers lrtc. Iuniied States). During the year. Pioneer5 Inc. provided donation5 and paym¢nts for s¢rvi¢es totallin8 £765,449 (2022: £851.668) and incurred expen on behalf of the charity of £198,096 12022.. £181,168). At 3 l December 2023, Pione¢rs I. owed the clwity £70.306 (2022.. £45.I30) in donation5 and payments and had outstanding ¢xp¢nses of£l1.549 {2022". £2.920). hlr 14 W0]Mara alw a direoior of a compatii proi4idinfr education Fvjftr.. During thc or. thc compony incurred expenses of £184,210 (2022= £189,730) on behalf of Xiend Global. which have been fully reimbursed by Xtend Global durin8 the year. At the end of the year the balance owed by Xternl Global this ¢ornpany Wds £nil (2022.. £Thil). The charity receives donations for the business expee5 of Mr & Mrs H Wolmararts. which are held in a creditor aceouni. No operational funds of Xlend Global are transferred w this a¢counL During the year. the charity received donations for this accounl of £6,340 (2022-. £6.410) and rtimbursed Pioneers business expenses ol£l,504 (2022.. £2,532). The ¢redit balance held in the Credir accol1 at the year end w&s £6225 (2022.. £1,667). £8,423 has been advanced from this creditor a¢eouni to Mr Wolmarans. and wll be repaid in full in mid-2024. The year end bilance outstanding £8.423 {2022= £8.146). The fiLnding for this advance came wholly from donations received for this purpose 8nd no operntional fimd• of Ytend Global Mre involved in thc advance. There wert tK) other tran5aetions Thith the directors whtch wuire sepan dis¢lowre. No ftS were received from any trusttes towards govern costs. Page 20
Xtend Global NotQ4 to the Financial Statements for the Year Eknded 31 December 2023 13 Other retognised ggins1(105w} ted fund De5ignAted Resiricted funds TotAI FHd5 General Ex¢l)anBe gainsl(Iosse5) 435 441 Total for 2023 Totsl for 2022 435 441 14 Tgngibk Fixed Assets i•nd and buildin85 Furnire & equipment Totsl C051 A¢ l.l.23 - as previously ststed Reallocation to investment proptrty (see Note 22) At 1.1.23 - as reststed Addition Disposal l.l74.429 {407.797) 766,632 55.58l 1.230.010 (407,797) 822,213 55.581 At31.12.23 766.632 55.581 821213 A¢¢umulated depre¢i#tio At 1.1.23 - as previously stat Reallocation to investment property (see Note 22) Redu¢tion irt pr¢vious year char8¢ {see Not¢ 22) At 1.1.23 - as restated Char8¢ for the year 463.428 {176.8401 {26.2261 260.362 58.147 53.965 517.393 (176.840) 26.226 314.327 59.763 53.965 1,616 At31.12.23 318.509 55,S81 374,090 Net book value At31.12.23 448,123 448,123 At 1.1.23 (r¢5tated) 506.270 1,616 507,886 All of ihe atKTrve assets are used to fither the ¢ompony's main objects and hav¢ been desigtwed as su¢h. Page 21
Xtend Global Notes to the Financial Statements for the Year Ended 31 December 2023 IS INVeents 2023 2022 restat¢i( see Note 22 Shares in group urtdertakings and participating ititerests Investment share of otTice property (see Note 22) Other invesim¢n¢s (CCLA invesimeni fill) Tot Lnvestments at 31 December 2023 409.870 ,307298 1,717,169 409.870 1.155,214 1.565.085 Shares group undertskings nd p8rticipatiDg interests Subsidiary underfakings Total Cost At l January 2023 At 31 Decembrr 2023 Net book value At 31 December 2023 At 31 De¢ember 2022 Detail$ of undtrtaking5 Subsidirie5 Th¢ company owns lo of the ordinary share capithl of North Africa Pro[rtIeS Limitrd. The company is dortnaNt ar has Th)t traded during th¢ year. The aggTegate amount of share capital and reseryes of North Africa Properties Limited as at 31 De¢en*r 2023 £1. Office Investment Property Cost Ai l January 2023 Ai 31 December 2023 407,797 407,797 407.797 407.797 Fair vglue At 31 December 2023 At 31 Dectrnber 2022 409.870 409.870 409.870 409,870 The investrntnt property is the ground floorof Pilgrim House, th¢ oifi¢e owned by thc rharity. The charity cKcupies the first flr and rents Out the ground fl(x)r io a number of local charities. The whole property. and each separatr floor, was ]ed by the investtnem method of Vall10. ¢ai¢ulakd by applyin8 a market yield to the ptstential net income achievable from the 18nd and buildings existing tsn Site. Page 22
Xtend Global Iyotes to the Financial Statements for the Year Ended 31 De¢¢mber 2023 IS (£ontinued} The main assumpiiorts underlying the valuation were that (I l there are no onerous rtstrictiort encumbran¢es. easemenil waykav¢s. ei¢. whi¢h may adversely affect the valuation, (2) a delailed survey would noi reveal any sigmificani defe¢ ith the coE)diliQn of the pnwerty. {)) the exisiing use is noi conary to Pla[Illg Tegulaions and any plaT]ng pemiissions do not coThtsin any particularly onerous or Testridive conditions. (4) investigation would not disclose the presence of any adverse enviroDmenra] factors. (S) no potential for Contsmination exists. (6) Investigation would rM)t disclose the presence of any wtenlially deleterious or hazardous material used in the ¢onstruction. The property w&s valued by Flude Cornmerciat (Chichester) Luniied on 18 November 2019 and the trstee5 consider that the current market value is not materially different from the value included in the accounis. Other investments Listed invest¢ts 2023 2022 Vgluation At l January 2023 Gainlllos5) during the year Net Book Value It 31 Decembtr 2023 1.155214 152,084 1.307.298 1.279.431 (124.217) 1.155.214 The above investments are all in investment assets held in the UK. All are WlTestri¢ted funds in an EthÉc81 Investment Fund with CCLA. These inve51ments are held to provide an investtDeni return for the charity. During the year the value of the invesnnents increased by £152.084 (2022: d¢¢reased by £124,217). At 31 D¢¢ember 2023 the market value of the invcstmctts was £1.307298. 16 Debtors 2023 2022 Trade Debr$ Prepayrncnts tnd a¢KTued income Other Debtors 9.428 105,724 63.173 63.173 17 CAsh and cash equivalents 2023 2022 Cash on hand C&sh ai bank 1.947 1.151.453 1.153.400 13,531 1297.652 18 Cr¢ditors f811iDg due witbin one year 2023 2022 Accrua]s and deferred inwme Other Creditors 46,277 102,670 148.947 8,778 68.660 77,438 Page 23
Xtelld Global Notes to the Financial Statements for the Year Ended 31 Deeember 2023 A9 Fund5 Trdll5fer5 between bJn(ts Other recognised gain {losses) At 31.12.23 Ai 1.1.23 IrKomin8 Expendinjre Unrutritted funds Generul Unrestricted Generdl Fund Designotsd Property Fund Property Revaluation Fund Building Maintenance Computer Equipment ERB Sale Fund ERB Trident Fund 454.088 356,494 (195.401) (314,000) 435 301,616 737,227 178.913 56,163 1.616 1.455.838 (58.147) 679,080 178.913 80,773 610 24.000 (1.616) (57.302) {180.000) 110,440) 180.000 (127,505) 24.000 (322,906) {290.000) 152.084 1,370,620 169.560 152.084 2,478.946 152.519 2.780,562 2.429.757 2.883.845 610 357.104 Total unre$tric¢ed fund5 AWM PALM MTM Syria Appeal Totsl restricled funds 291.394 153,802 36.848 4,0(Kl 486.04M 912.163 (870.868) 570.159 (554,578) 843.973 (1,168,689) (3,876) 2 J26295 {2,598.011) 332,689 169.389 2.131 124 504.334 2,1)00 290,IM>O Totsl funds 3.369.889 2,683 J99 12,920.917) 152,525 3,284.896 Previous Yer Moveobents Transfers between fijnds Other reco8ni5ed gain (105ses) At 31.12.22 Ai 1.1.22 lJKomin8 Expenditure Unrestri¢t¢d fund$ Ge£rnl GeneT21 Fwid {restated. Note 22) Designaled Property Fund {re5tated. Note 22) Property Revaluation Fund {see Note 22) Buildin8 Maintenance Computer Equipment ERB Sale Fund 602.178 367.606 (506.178) {24.000) 14.482 454.088 (57217) 737227 178,913 56.l63 ,616 (124,217) 1.455.838 24.000 (124,217) 2.429,757 0 (109,735) 2,883,845 178,913 32.121 3.247 1.672.943 2.681.668 3.283.846 42 24.000 (1.631) (92,888) (151.736) (657,914) 42 367,648 Total unrestrleied funds PALM Avfm (&s re5tatedl MTM las restated} Syria Appeal Staff support fiJnd5 (Ls restated. Note 22) Nationals in MitLiStry (as re$ed, No* 22) Total reMric¢ed fund$ 260,552 434.786 968.606 744.792 (5412OD (677,212) (707,944) {329) 153,802 291,394 36,848 4,000 264,552 2,148.184 (1.926,363) 1329) 486.044 Total funds 3,548,398 2.5 15,832 {2.584,277} o {110,064) 3,369.889 Page 24
Xtend Global Notes lo the Financial Ststements for the Year Ended 31 December 2023 19 {coBtinued) The Property Fund represents the rt¢t tth)k valu¢ of the ¢ompany's designated fixed &ssets. Thi5 fi]nd was dt5ignated 50 that thE remaining Unrestricted Fund$ wll give a cleat view of the level of fre¢ resetves. The Compu*r Equipment fund represents the nei book value of equipent purchased in a550¢iation with the 2019 Vation of Pilgnm House. The Building Maiiitenance fvnd receives regular stsms transferr1 from th¢ Gera1 Fund and is designated by the board of trustees for major maintenance Wofk on Pl111 House. ERB Sale Fund was sei up with the protteds of the sak of a property in France in 2020. These bJTrds were designated tts facilitate the growth of 8 ministry within ihe chariry, but not for norn1 0rdtional expett5e5. e.g. for c4pital expenditure, debt reduction. major tniDi$try expansion or th¢ launch of new initiatives. Up to of the net pr¢xceds can be allocatcd to be given as nts to organisations external the ¢haTity, within the scope of this charity'5 registered purwjses. The majority of the fund is invested in a CCLA investment fund Ise¢ nol¢ 15). aDd the gains or losses (bn that fund are added to the fund. ERB Tridtnt Fund sct up by the Board redesignating £180.000 from th¢ EPB Sale Fund. The pu0$¢ of the ERB Trident Fund is io invest in one-time technologY-bd developments that have a wide impaci across Pion¢eTS Medi< enhan¢iE)g effictey, effe¢tiven¢ss and fruitfulne$5 for the ministries of Xtend Global. Arab World Media (AWM) Fund engages Unread peoples of the Arab world through media to facilitste church plantin& as the Holy Spirit enables. PALM equips believers with the tools and skills needed for ministy and trdins aThJ supw>rts existing and future leaders SO that they can. in turn. train others. Media io Movements (MTM) equip5 di%iple Tnakers to use media and hT)10sY Strag¥¢allY 10 identify and engag¢ spiritual seekers, who accelerate a movement of reproducing disciples in their ¢ommwiity. The Syria Appeal Fund handles donatio for the relief of those 8tTe¢ied by the o)nfli¢i in Syri& 20 Transfers betweeD fndS Unrestricted funds General De5igTrated Restricted fuThds General Fund allocation to BuildiTh8 Maintenance General Fund subsidy grant for Media to Movements Allocation fro ERB Sale Fund io ERB Trident Fwld AllotIon from ERB Sale Fund to ERB Trident Fund (24.01)0) (2.()0} 24.1) 290.000 (180,OIKI) 180,000 24,000 (314,IM>OI 290,000 2022 TTansfeTS te22 Genenl Fwid a]location to Building Maintenance Fund asre (24.0001 24.000 21 Analysis of f4e¢ Assets betwetn Funds Unrestricted Designated Restricted Funds Fwitts Funds Totsl Funds Fund balances at 3 1st December 2023 are represented by.. Tangible Fixed assets Fixed asset inve51m¢nts 448.123 1.717.168 313,655 448.123 1.717.169 1,268.551 (148.947) 3,284,896 CutTent assets Current Ihabilities 328,771 (27,156) 626,125 {121,791) 301,616 2,478,946 504,334 Page 25
Xtend Global Notes to the Financial Statements for the Year Ended 31 December 2023 22 Prior Y¢r Adj•stments A review of the opening balan¢¢s for the year, and ¢omparison of ¢uTmy year fJnan¢ial a¢tivity with the prtor yearfs reported activity. IHS identified a ntber of areas requiring adjusthient: l) In ¢omplian¢e with SORP 4.48. IoMe from don0$ and gran io be grossed up for fundT8ising fres deducted by Pioneers Offices before they send ne¢ fees ¢0 Xtend Global. Matrhing amounts nEed to k included as ndraising expenses. This afferts 2022 ivcome and eXpeTe. but has eff¢cton resulting fiuwj balances. 2) In ¢omplian¢¢ with SORP 6.17, Lhe value o("donaied setwJ¢es" of staff working for Xiend Global but salaried direetly by a Pioneers office, rather than by Xtend Global, are included as a fonn of donation incom¢ and stsff expense. This has no effect on the resulting fimd balances in the 2022 accounts. 3) With lh¢ esrablishm¢nt in 2021 and 2022 olmdia Movements as a subsraniial ¢ontinuing ministy with its restricted income stream. it w&$ recognised that this should be a restricd filnd alongside PALM and Arab World M¢dio (AWM). This means that the restricted fimds for Staff Support and Nionais in Ministry ar¢ no longer required since they are iorpOrated into th¢ Lhree larg¢r op¢rntLonal restricted fimds. This separation of AWM and MTM fvnds out of the Previo General Fund is applied from l January 2022. 4) The ground floor of Pi18rim House, the main office of Xtcnd Global. been Tented out to other charities for a number of year5. $0 it needs io be accounted for 15 a Fixed Asset Investmen¢ which is Thoi depreciw¢d, rathei than a Tangible Fixed Asset (for the charity's oper&iona] use). The original n¢t bc)k valu¢ of this inv¢stmeni 8sset remains part of the Property Fund. It is then revalued to fair value bd on an indepeThdeni profelOnal valuation of th¢ whol¢ building undertaken by Flllde Commercial in November 2019. The gain in value of the investsnent ponion over its previous depreciated value, results in an increase to Nei Assets and a separate Revaluation Fund. The removal of depreciation on the investment FX)rtion results in a reduction in the 2022 expendiwre on charitable activities compartd io the previously $12ted amouni. The removal of the net Fthk value of the investsnent portion of the pn)perty rtsults in a reduction in ¢h¢ net book value of tsThgible red assets * 31 D¢¢¢mber 2022. 5) When the loan mortgaged on Pilgrim Hwse was repaid in 2021, tt was omitted to transfer this amotmt (rom rhe Generdl Fund the Property Fund, which IM)Ids the net knk value of propety less a%ciated loans. Correcting this in the opening 6Jnd balances at l January 2022 requires a transfer of £276,953 from General Fund to Property Fund. 6) A grant of £17.888 from the ERB Salt Fund in 2022 w75 WTDngly reN)rted a5 income radKr than expense. The correction of thi5 require5 transfer5 of this amount from Designated to Unrestricted (Generdl) donation incotne and from U[estrICted to Designated charithble expendibjre. with resulting adjustments of £35.776 to Unrestricted (Gener41) and Designated Fund balances. 7) In 2022 £44,400 of Shared costs were allocated to the PALM restricted filnd. This w&$ accounied for as a transfer from the PALM Fund to the General Fund, but 51KTruld have been a simple reall¢xation of costs wiihin the Charitable expenditure fi8ures. Correcting this disclosure on tht SOFA h&$ rKJ effect on the closin8 Fund balances. 8) The budgeted transfer of £24.OCM) from the GetKral Fund the Building MainterRtKe Fund aCCound in the original 2022 ac¢¢)unts as a General Fund expense and a General Fund uomc. whereas it should have been a transfer from General Fund to the Building Maintenance Fund (Designated). ThLS adJstment will reduce Ix)th donation incorn¢ and ¢haritable expenditure by £24,000. replacing them by a transfer from Unre51riCted (General) to Designad Funds. 9) Reclassify £78.480 fundrnising costs which had beeD tharged io operational activities from Expenditure on Charitable Activitie5 to cost of Rai5jTh8 Funds. Pa8e 26
Xtend Global Notes to the Financial SLqiements for the Year Ended 31 December 2023 22 (CODtinued) Therefore prior year adjustments hav¢ b¢en made w the Ststement of Financial Activities and the Balance Sheet. Details of the adjullments are given below. StAtem¢nt of Finaneil Adivities Adju$tthettt$ to 2•22 Ststement of Financial Aetivities Unrestri¢ted Designated Restricted Fund5 2022 2022 2022 Balance of Funds at 1st January 2022 as previously stated Revalue Inve5trnent property14) Transfer to the Property Fund (Designated) for rrM>rtg28e repayrnent (5) Balance of Funds at 1st January 2022 as r¢swed 879.131 2.225,802 178.913 276,953 2,681.668 264,552 {276.953) 602.178 264,552 In¢ome from dortations and legacie5 previously stated Gross up income for fundrdLSLng fees (l) Gross up for donated staff seTri¢¢s (2) Recognition of restricted fijnds (3) Correction of treating expense as income (6) Recl&ssift¢aiion of inwme as a transfer (8) In¢ome from donations and legacies as restated 1.308,407 8.233 68.410 (1.068,172) 17.888 (24.Th)0) 310.766 17,888 416,808 120.833 541,959 1.068.172 (17,888) 0 2.147.772 Expenditure on raising as previously stat Gr05s up for fundTaising fees (l) Rec1&55ify fundrai5in8 ¢osts from Exp. On Charitable Aciivities {9) EXpellditte on raising funds as restated 85,682 8.232 120,834 78,480 199.314 93,914 Exptndtture on charitable activiiies as previously swed Gros5 up for donated sttff setvices (2) Re¢ognition of restricted fi]nds (3) Depreciation realloced and rermved for investment property (4) Correction of treating expense as in¢om¢ (6) Re¢lassify transftr as an expense (7) Reclassify expense as a tra$fer (8) Reclassify fvndraising costs to Costs of Raising Funds (9) Expenditlwe ort charitable actLVlties a5 reststed 1.140.022 68,410 (639,672) (70.208) {17,888) (44,400) (24.0) 83.771 585,594 541,959 639.672 (6.095) 50,077 17.888 44,400 (78,480) 151.736 1,727,050 412.264 Transfets betsvttn funds as previously stated ReMgnition of restricted funds (3) Reclassify a transfei as an expense (7) Recl&%sify iTrcome ar eXnSt as a transfer (8) Transfers beNeen fvnds as resthied (55,857) 100.257 (44.400) (24,000) (24,000) 55.857 (100.257) 44,400 24.000 24.ODO Net movement in fijnds at 31 December 2022 as prtViOU51y stated Rewgniiion of resiricted fidS (3) Depreciation r¢allocat¢d and removed for investhient property (4) Correction of treating exptnse as intome16) Reclassify incorne arml expense as atransfer (8} Net movement in fijnds ar 31 December 2022 as restated 98,168 (328.242) 70.208 35,776 (24,000) {148.090) (IW,058} (112,845) 328,242 6,095 (50.077) (35.7761 24.000 (251,911) 221.492 Page 27
Xiend Global Notes to the Finantial Statements for the Year Ended 31 December 2023 22 (continued) Adjknstmetsts to 2023 Ststement of Finneil AttivitS Unrestricted Designated Rericted Funds funds 2023 2023 2023 Balance of fvttds * l January 2023 as prcviously stst¢d Recognition of restricted fjJnds13) Revalue Invesiment property (4) Depreciation Teallocated and removed for investmeni property (4) Transfer to the Property Fund (DesigDat¢d) for mortgage repayment (5) Correction of treatin8 expense Is income (6) Recl&ssify income and expense as a transf¢r (8) Balance of funds at l JanLWy 2023 as r¢sled 977,299 (328.242) 2.035,744 151,707 328.242 178.913 (50.07D 276.953 (35.776) 24,000 2,429,757 70.208 (276.953) 35.776 (24,000) 454.088 6,095 486,044 2022 Adjustments to 2022 Balance Sheet Tangible Fixed Assets &$ previously swed Removal of the net EN)ok value of Invcstmeiit property (4) Tangible Fixed Assets as rt5tated 712.617 (204.731) 507,886 Fixed Asset Investhi¢nts as previously sthted Addition of Investment property at fair value (4) Fixed Asset It)vesthients &s restaled ,l55.215 409.870 1,565,085 23 C8Pltsl Commitments Amounts contracted for but tK)t prnvided in the financial stat¢meDts amounted to £0 (2022- £0)- 24 APB E¢hi¢l Standard$ r¢l¢v#n¢ CiTcuinstaTr¢4s In comrnon with many other chan'iies of our size and we u5¢ our auditors to prcpart and submit returns to the tax authorities. Page 28