REGISTERED COMPANY NUMBER: 07883925 {England and Wales) REGISTERED CHARITY NUMBER: 1147128 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR AFRICAN ENTERPRISE INTERNATIONAL
AFRICAN ENTERPRISE INTERNATIONAL CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report of the Trustees Independent Auditors. Report on the Financial Statements 9-12 ststement of Financial Activities 13 Balance Sheet 14 Statement of Cash Flows 15 Notes to the Financial Statements 16-23
AFRICAN ENTERPRISE INTERNATIONAL REPORT OF THE TRUSTEES-YEAR ENDED 31 DECEM8ER 2024 The Trustees of AfrÉcan Enterprise International {the Charity), who are also directors of the Charity for the purposes of the Companies Act, present their Annual Report together with the Charty's audited Financial Statements for the year ended 31 December 2024. We confimi that the Annual Report and Financial Statements of the Charity compty with the current statutory requirements, the requirements of the Charity's goveming document and the provisions of the Statement of Recommended Practice (SORPI, applicable to charities preparing their accounts in accordance wfth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition - October 2019 effective 1 January 2019. Objectives and activltles Objectlves and alms for the public benefrt The objective of African Enterprise Intemational (referred to as AE Intemational) is to coordinate grants that afe received from supporting partners and to manage their effective distribution to the ministry projects that are managed by partner teams within Africa. In addf(ion, the objectives are to provide oversight on good governance for all partners and to enable equty in the distribution of discretionary funds to partner members within AfrÈca. The trustees provide substantial input into the primary direction and strategy relating to the management, coordination of activities and focus of the partnership as a whole as well as developing the Folicies and PrOdUreS that govern the partnership's operation. The trustees confimi that they have referred to the guidance contained in the Charity Commission's general guidance on public benefrt when reviewing the charitable Company's aims and objectives and in planning its future activities. Achlevement and Perfomiance of Charitable activities 1. AE Mlsslon Fronts In 2024, there was signrficant achievement in AE Missions. Various Proclamation and Social Action missions were successfulty conducted in all our Teams. Out of these missions 1,983,078 people were collectively reached and 119,598 committed their lives to Jesus Christ for the first time. Out of the total people reached, 1,198,774 were reached through proclamation via mass media out of which 118,511 committed their lives to Jesus Christ for the first time. Our leadership missions, including prayer breakfasts in Kenya, Zambia and Malawi have strengthened communities and equipped leaders for kingdom work. Every soul reached, every heart transfomied, is testimony to the power of partnership and the grace of God. AE has continued to employ both the traditional method¥ for Stratified Evangelism e.g. Open air. in addition to more innovative methods both online based (TV, Radios, etc.) and face lo face. The new methods introduced during Covid-19 pandemic were enhand including Home Based Evangelism (you visit homes and evangelism through a person known to the family) and small group meetings called in church premises.
AFRICAN ENTERPRISE INTERNATIONAL REPORT OF THE TRUSTEES-YEAR ENDED 31 DECEMBER2024 1. AE Mlsslort Fronts {¢ont.) 2024 Decisions for Christ 879 916 6,729 17,666 6.818 11,459 12,796 13.688 160 391 1.353 46.743 119.598 2023 Decisions for Cknist Number Reached 6,116 15,793 107,339 151,505 103.958 582,563 767,104 44.428 1,110 14,720 3,238 185,204 1.983.078 Number Reached Team AE DRC Congo AE Ethio ia AE Ghana AE Ken AE Malawi AE Rwanda AE South Africa AE South Sudan AE Tanzania AE U anda AE Zambia AE Zimbabwe 8.220 215,301 373,280 73,403 3.596.214 280,296 30,390 42.968 57,615 1,927 58.894 4.738,508 179 5.986 80,518 16,754 16,373 36,228 20,231 5.685 6,352 564 6,092 194,962 AE Staff Leadership Training by Equip Leadershlp Canada The Authentic Leadership seminar took place in Nairobi, Kenya. from 27th November to 30th November2024, bringing together30 leaders from 12 African nations.. Kenya, Elhiopia. South Sudan, South AfrirA, Malawi, Ghana, Zambia, Tanzania. the Democratic Republic of Congo, Zimbabwe, and Uganda. The training focused on exploring what the-new life in Chrisf offers and how it impacts our identty, human needs, motivational g"rfts, and our minds and emotions to transform our leadership and influence on others profoundty. African Enterprise Kenya hosted the seminar in partnership with Equip Leadership Canada this exclusive opportunty aimed to equip leaders with essential skills and knowledge to excel in their leadership roles. AE Internatlonal Institute of Evangelism (AEIIE) In 2024, we have trained 532 (2023- 406) pastors, evangelists from across 12 African countries (Kenya, Ethiopia, Uganda, Malawi, Tanzania, Ghana, Zimbabwe, ftwanda, South Sudan, Zambia, South AfriGa & DR Congo) through the Institute of Evangelism, African Enterprise trained evangelists, pastors and church leaders on formal methods of disciple making. effective evangelism methods, and effective mission, both locally and globally. In 2024, the Afncan Enterprise International Institute of Evangelism graduated over 500 (2023- Over 400) pastors and evangelists in 12 African countries. The training sessions were spread out throughout the year. starting from March 2023 to December 2024- giving a break in between for the evangelists to integrate the lesson5 into their contexts.
AFRICAN ENTERPRISE INTERNATIONAL REPORTOF THE TRUSTEES-YEAR ENDED 31 DECEMBER 2024 The 900 over trained church leaders have been impacting their churches on evangelism and discipleship strategies. The training was conducted in a classroom and small group discussions and plenary presentations. At the end of 2 years (2023-2024), over 900 evangelists and church leaders were,. a. Trained on Biblical Understanding of Evangelism and its practical models. b. Trained on the African Enterprise AE Stratified Evangelism Model of the gospel to all strata in their communities, starting from their families and neighbours. c. Challenged to incorporate both the spiritual transfomiation(word) and community transformation (deed) approach into one gospel. d. Trained on Nurturing New Believers in Preservation Small Group. e. Taught the importance of Prayer in Evangelism. f. Challenged to move to Digital Evangelism. g. Equipped to develop a Gospel Movement in theircities assessing the Spiritual, Economical and Social needs therein. Consultation on Chrlstlan Theology and Evangellsm In Africa- CCTEA Weblnar The African Enterprise Intemational Institute of Evangelism hosted a virtual Consultation on Christian Theology and Evangelism in Africa - CCTEA on December 11- 12, 2024. The webinar brought together about 500 key leaders, Vice Chancellors, and practrtioners of Christian Theological Instrtutions and Seminaries across Africa. CCTEA was facilrtated via Zoom by different speakers from Africa and out of Africa as well as a panel discussion on the four thematic areas below: a. The historical dissociation of theology and Evangelism in Africa b. African Traditional Religion and the Theology of Mission in Africa c. The issues of immigrant Churches in the West and d. The place of evangelism in theological institutions. The gathering aims to create a continental platform of Theologians, Missiologists, and Practitioners in Evangelism that seeks to engage collaboratively and guide strategic action for global mission toward 2050. Our objective during CCTEA webinar was to listen to God and listening to one another as we aimed to publish a positional paper, propose areas of rèsearch and knowledge 9aps in evangeli8li¢ orientation, and contextualize Lausanne 4 for Africa. 2. AE Ald & Development 2.1 Programs The Lord enabled us to achieve a lot in 2024. We sincerely wish to register our appreciation to our prayer and financial partners for being part of the drfFerence thal African Enterprise (AE> is making in AfriGa'& mission rieid through Gommunty tran8lormaiion. A number of social action initiatives were undertaken across Africa courte8y of the national teams. These inGluded Improved Lrteracy project in Soirth Sudan and Youth Empowement Project in Ghana. Vulnerable women vocational skills programs in DRC. Malawi, Ethiopia, South Africa, Zambia & Kenya. Additionally, in Kenya the construction of the maternity wng at a health clinic to serve a slum community was completed and commissioned. Uganda too operated a communty hearth clinic and ran a vocational skills program for Youth and Adolescents. Tanzania carried on with a youth empowerment program while Zimbabwe implemented a Water, Sanitation & Hygiene {WASH) project. South Sudan was able
AFRICAN ENTERPRISE INTERNATIONAL REPORT OF THE TRUSTEES-YEAR ENDED 31 DECEMBER 2024 lo reach children in schools with trauma healing education. Emergency relief coupled with trauma healing ministry was extended to civil war victims in DRC., just to mention a few in addition to other ongcing proieGts in the 12 countries where AE has presence in Africa_ Needless to mention. all the teams implemented Communty Transformation Groups (CTGS) as a sustainability measure for beneficiaries of social action programs. In 2024. 1,058 new CTGS were fomied. All this was accomplished with support from partners through the support offices and other intemational partners. The Lord enabled us to achieve a lot in 2024. We sincerely wish to register our appreciation to our prayer and financial partn8rs for being part of the difference that African Enterprise (AE) is making in Africa's mission field through communty transformation. A number of social action initiatives were undertaken across Africa courtesy of the national teams. Th8se included Market Based Sanitation (MBS) project in Rwanda. Prostitutes, rehabilitation and Street Children Apprenticeship Program (SCAP} projects in Ghana. Vulnerable women vocational skills programs in Malawi. Ethiopia. South Africa. Zambia & Kenya. Addrtionally, in Kenya the construction of the maternity wing at a health clinic to seNe a slum communty wa5 completed and commissioned in 2024. Uganéa too operated a community health clinic and ran a vocational skills program for Youth and Adclescents. Tanzania carried on wrth a youth empowerment program while Zimbabwe implemented a Water, Sanitstion & Hygiene (WASH) project. South Sudan was able to reach children in schools with trauma healing education. Emergency relief coupled with trauma healing ministry was extended to civil war victims in Ethiopia and DRC,. just to mention a few in addition to other ongoing project5 in the 12 countries where AE has presence in Africa. Needless to mention, all the teams implemented Community Transformation Groups {CTGsl as a sustainability measure for beneficiaries of social action programs All this was accomplished with support from partners through the support offices and other intemational partners. 2.2 Capacity development In 2024, AEI conducied major capacity development trainings on Biblical Empowered Worldview (BEW in partnership with World Vision Intemalional. The trainings in BEWV happened in April and July During the July trainings, the Social Action Managers were given a refresher training on project proposal and reporting templates. Additionally, in October, the Social Aetion Managets. Mission Directors and Team Leadets were trained virtually on the new Community Transformation Groups (CTGS) manual. 3.Operatlons 3.1 Strategic Plan 2025-2029 The 2019-2021 Strategic Plan period came to a close in 2021. The implementation focused on 7 focus areas that now form the core of our operations.. Operations, Stratified Evangelism and Discipleship, Communty Transformation, Transf0MtIOnal Leadership Enhancement. Youth Empowemient. Peace Building and Reconciliation. Capacty Development and Govèrnance. The Charity partnership currently working on a S-year Strategic Plan 2025-2029 which has been approved by the Intemational Council in 2025. AEI is registered as Charity in UK but does evangelism work in Africa, currently in 12 countries. These make the partnership.
AFRICAN ENTERPRISE INTERNATIONAL REPORT OF THE TRUSTEES-YEAR ENDED 31 DECEMBER 2024 3.2 Financial Review FinanGial review As evidenced in the figures shown in the financial statements of these accounts, the financial year 2024 saw our charity end in a comfortable position. There was a net surplus of 529,978 during the year. Whereas we reiVed total income of $1,615,511 we incurred expenditure of $1,585,533. The net surplus of $29,978 incuffed during the year is made up of restricted funds increase of $25,769 and unrestricied funds increase of $4,209. The increase in restricted funds of $25.769 is mainly accounted for by a increase of $175.669 {40 % ) in income for Mission and ministry support from $431,342 in 2023 to $607,011 in 2024. Furthemore, expenditure on Mission and ministry support decreased by $28,666 (40 % ) from $655,983 in 2023 to $627,317 in 2024. There was also an increase of income for foxfires by $10,572 (80%) from $13,139 in 2023 to $23,711 in 2024. The total funds carried forward increased to $149,465 from $119,487 in 2023. This is made up of unrestricted funds of $48.066 and restricted funds of $101.399. The current year's income of $1,615,511 is lower than the previous year of $1,770.145 with a decrease of $154,634 - {9/¢). Income is solely made up of donations and legacies with funders generally responding in an exemplary manner to the demands ofthe ministry, to ensure that we were able to carry out the mandate of African Enterprise International. Expenditu for the year decreased by $303,112 {160A) from $1,888,645 in 2023 to $1,585,533. This 18 mainly expendituro on charitable activities. Res8rv98 policy The trustees aim is to maintain reseNes in Unrestricted Funds that will be sufficient to cover the operational costs of the organ¢zation for a period of 60 days or more. The trustees recognize that the level of funds received is dependent in turn on the fundraising efforts of partners rather than the direci fundraising efforts ofthe organLzation itself and that the flow of funds can be variable. The balance of Unrestricted Funds increased by $4.209- (11YA). from $43.857 as at 31st December 2023 to US 548,066 as al December 2024. This is mainly because of increase in income for Missions and Ministry support by $40,078 - (70A) from $586,364 in 2023 to $626,442 in the current year. However, expenditure of unrestricted funds inGreased by $40,765- (7Yo) from $581,468 in 2023 to $622,233 in the current year. The Charity is committed to building the reserves to US $200,000 in five years. This will be done by annually budgeting for the reserves, specffic fundraising for the same and through expense Gontrol to generate savings. In the budget for 2024, there is a commrtment to raise $120,000 to achieve this target. However. there was no money received to fund this commitment in 2024. 2.6 Structure, govemance and management Governing document The charity is constituted as a compary limited by guarantee. as defined by the Companies Act 2006 and is hence controlled by its Articles of Association.
AFRICAN ENTERPRISE INTERNATIONAL REPORT OF THE TRUSTEES- YEAR ENDED 31 DECEMBER 2024 Recruitment and appointment of new trustees Und6r the Memorandum and Articles of Association and the by-laws of African Enterprise Intemational, most trustees are drawn from members of the African Enterprise Intemational Council IIC) which is a group of companies that have signed the Covenant of Partnership (COP) and is the body that appoints the trustees each three years. The IC detemines the composition and membership of the International Board Trustees at its triennial meeting. At present trustees are appointed for a three-year tem and may not serve more than consecutive terrns. The appointment of trustees between triennial IC meetings needs to be rattfied at the next IC meeting in 2025. African Enterprise International is a company limrted by guarantee with the regIsted company number 07883925. It is registered as a charty (Charity Number 1147128). The constitution of the partnership provides for a triennial council made up of representatives of all the members of the partner organizations both within Africa and outside Africa. Each partner organization has signed the COP_ The representatives of the partner organization are as defined in the by-laws of the company and they approve the appointment of trustees every three years. The mak&up of the board is set out in the constitution. The board comprises members who represent partners within Africa and who represent partners outside Africa. In addition, there are independent directors, the treasurer and the chairman. The company secretary may attend board meetings as a non-voting member. The International Team Leader {ITL) and the founder of the organization are also ex-officio attendees. None of the trustees are remunerated. Induction and training of new trustees African Enterprise International considers carefvlly the induction of new trustees and has prepared a board manu21 for new and existing trustees. Documents provided to incoming trustees comprise the following. 1. History and Ethos of Organization 2. Memorandum and Articles ofAssociation and Covenant of Partnership 3, Personal Basis of Belief 4. Organization's Statement of Faith (Lausanne Covenant) 5. Trustees Leg81 Responsibilities 6. Trustees Responsibilities to AE 7. Partnership Policy 2nd Procedures Manual 8. Current Statutory Accounts 9. Current Management Accounts Trustees are advised to read through the material Ihoroughly prior to signing the consent to act as a trustee, Wider network The IC represents the wider partnership, effectively the stakeholders and, in accordance with the by- laws of the company, they have the right to remove trustees and to appoint new trustees. The trustees may appoint new trustees between each Ir5ennial meeting. Trustees appointed in this way need to be reappointed at the next triennial IC meeting. Risk management The trustees have Considered the major risks to which the charty is exposed. The charity currently does not actively seek direct funds from donors but ceiVe$ funds from members of the partnership outside Africa and primerity distributes funds to other member5 of the partnership.
AFRICAN ENTERPRISE INTERNATIONAL REPORT OFTHE TRUSTEES- YEAR ENDED 31 DECEMBER 2024 The charity does not undertake the investment of fvnds that it holds and therefore is not exposed to market fluctuations. It operate5 both income and expenditure primarily in US dollars and accordingly has minimal exposure t¢ currency fluctuations. The trustees believe there are adequate controls in place in managing finances. May the grace. favour. falth In, love and power of God continue to uplift AE to greater helghts. Reference and administratlon details Registered Company number.. 07883925 (England and Wales) Registered Charty number: 1147128 Registered office= 8 Trull Farm Buildings Trull Tetbury England GL8 8SQ Trustees The trustees who held office during the year were: A Rutsyisire O Ochieng R Chokhotho J M Mitinje W Hemian F M Hutchful Appointed 1515124 J L Collelt Appointed 1515124 C Kivengere Retired 2212124 D Ralph Resigned 1515124 G Masalakulangwa Retired 2212124 Company Secretary: The Trust Partnership Ltd Independent Auditors: Alexander Myerson & Co Limited Chartered Accountants 61 Rodney Stréet Liverpool L19ER The Irustees (who are also the directors of African Enterprise Intemational for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordanGe with appliGable law and United Kin9dom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Gompany law requires the trustees to prepare financtal statements for each financial year which give a truè and fair view of the stale of affairs of the charitable company and of the incoming resources and application of resources, including the inGome and expenditure, of the charitable company for that period.
AFRICAN ENTERPRISE INTERNATIONAL REPORT OF THE TRUSTEES-YEAR ENDED 31 DECEMBER 2024 In preparing those financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charty SORP. make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial posttion of the charrtable 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 charttable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit infornation of which the charitable company's examiner is unaware; and the trustees have taken all steps that they ought to have taken to make Ihemselves aware of any relevant audit infomiation and to establish that the examiner is aware of that information. Approved by order of the board of trustees and signed by: A Rutaylslre- Chalrman Date: 30th June 2025
AFRICAN ENTERPRISE INTERNATIONAL INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE CHARITABLE COMPANY ('THE COMPANY'} - YEAR ENDED 31 DECEMBER 2024 OPINION We have audited the financial statemenls of African Enterpnse International (the Charity) for the year ended 31 December 2024 comprising the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and the related notes. including a summary of the significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Iland, (United Kingdom Geneplly Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the stste ot the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance *Mth the requirements of the Companies Act 2006. BASIS OF OPINION We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibiif(ies under those standards are further described in the Auditorfs responsibilities for the audrt of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the Unrted Kingdom. including the Financial Reporting Council's Ethical Standard. and we have fUilled our other ethical responsibilities in accordance with these requirements. We believe that the audrt eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements. we have concluded thai the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material UnrtaInlieS relating to evenls or conditions that, individually or colledwely, may cast significant doubt on the ehgritable company's ability to continue as a going ¢on¢ern ft)r a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilrties and the responsibilities of the Trustees wtth respect to going concern are described in the levant sections of this report. OTHER INFORMATION The other infomiation comprises the information included in the Annual Report other than the financial statements and our Audilors, Report thereon. The Trusiees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other infomation and, excepl to the extent otherwise explicitly stated in our report, we do not express any fom of assuran conclusion thereon. Our responsibilty is to read the other information and, in doing so. consider whether the other infomation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparenl material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomation, we are required to report that fact. We have nothing to report in this regard.
AFRICAN ENTERPRISE INTERNATIONAL INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE CHARITABLE COMPANY ('THE COMPANY,) - YEAR ENDED 31 DECEMBER 2024 OPINION ON OTHER MArrERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trust&s' Report forthe financial year for which the financial statements are prepared is consistent with the financial statement5. the Trustees, Report has been prepared in accordance with applicable legal requirements. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knowledge and understanding of the charitable company and rts environment obtained in the course of the audit, we have nol identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2008 requires us to report to you rf, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and retums.. or certain disclosures of Trustees, remunerations specified by law not made., or we have not received all the information and explanations we require for our audit., or the Trustees were not entitled to prepare the financial staternents in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the Trustees, Report. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees, Responsibilities Statement, the Twstees (who are also the directors of the charity for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied Ihat they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial stat8m8nts thal are free from material misslatemenl, whether due to fraud or error. In preparin9 the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concem, disclosing. as applicable, matters related to going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the charitable company's or to cease operations, or have no realistic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF TrIE FINANCIALSTATEMENTS Our objectives are to obtain reasonable assurance about whelher the financial statements as a whole are free from material misstatement, whether due to fraud or èrror, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assuran¢e but is not a guarantee that an audit conducted in accordance wrth ISAS (UK) will aayS delect a material misstatement when it exists_ Misstatements can arise from fraud or error and are considered material ff, individually or in Ihe aggregate, they could reasonably be expected lo influence the economic decisions of users tsken on the basis of thesé financial statements. Irregularities, including fraud, are instances of non<ompliance with law5 and regulations. We design ProdureS in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting ifgular[lIeS, including fraud is detailed below. 10
AFRICAN ENTERPRISE INTERNATIONAL INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE CHARITABLE COMPANY I'THE COMPANY'I - YEAR ENDED 31 DECEMBER 2024 Our approach to identrfying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identfy or recognise non-compliance with applicable laws and regulations- we identrfied the laws and regulations applicable to the company through discussions with directors and other management. and from our commercial knowledge and experience of the charity sector, we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Charities Act 2011 and dats protection, anti-bribery, employment and health and safety legislation., identified laws and regulations were ¢ommuni¢ated within the audit team regularly and the team remained alert to instances of non<ompliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we., performed analyiical procedures to identfy any unusual or unexpected relationships., tested journal entries to identfy unusual transactions-, assessed whether judgements and assumptions made in detemiining the accounting estimates were indicative of potenlial bias: investlgated the rationale behind signrficant or unusual transactions; In response to the risk of irregu18rities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreein9 financial statement disclosures to underlyin9 SUPPOrting documentation., reading the minutes of meetings of those charged wrth govemance.. enquiring of management as to actual and potential litigation and claims., reviewing correspondence made available to us such as that wrth relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely rt is that we would become aware of non- compliance. Auditing standards also limit the audit procedures required to identify non- compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence. rf any. Material misstatements that arise due to fraud can be harder to detect than those that 8rise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Gouncil'5 website at- www.frc.or .uklauditors responsibilities. This description fomis part of our Auditors, Report. 11
AFRICAN ENTERPRISE INTERNATIONAL INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE CHARITABLE COMPANY ('THE CQMPANY,) - YEAR ENDED 31 DECEMBER 2024 USE OF OUR REPORT This report is made solely to the Charitable Cornpany's member5. as a body, in accordance with Chapter 3 of Part 16 ofthe Companies Act 2006.our audrt work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Aud'rtor's report and for no other purpose. To the fullest extent pemiitted by law, we do not a¢p1 or assume responsibilty to anyone other than the charitable company and its members, as a body, for our audit work. for this report. or for the opinions we hav8 fomied. Signed: Paul Burns Bsc BFP FCA (Senior Statutory Auditor) Alexander Myerson & Co Llmited Statutory Auditors Chartered Accountants Alexander House 61 Rodney Street Liverpool L19ER Date: 12
AFRICAN ENTERPRISE INTERNATIONAL STATEMENT OF FINANCIAL ACTIVITIES - YEAR ENDED 31 DECEMBER, 2024 (Incorporating income and expenditure account) Unrestricted funds USD 2024 Restricted funds USD Total funds USD 2023 Total funds USD Notes Income from: Mission, Ministry Support and Other Aid & development Foyfires Investment Income Total Income 626,442 607,011 353,385 23.711 4.962 989.069 1.233,453 353.385 23.711 4,962 1,615,511 1,017.706 739,300 13,139 626.442 1,no,145 Expendlture on: Mission, Ministry Support and Other Aid & development Foxfires Team support costs Founderfs department ITL department Communications department Total Expendlture 627.317 288,798 47,185 627,317 288,798 47,185 318,830 16,800 218,435 88,188 1,585,533 655,983 607,867 43,327 319,135 15,600 197,908 48,825 1,888,645 318.830 16.800 218,435 68,168 622,233 963,300 Net movement In funds 4,209 25,769 29,978 -118,500 Total funds brought forward Totsl funds carried fonNard 16 15 43,857 48.066 75,630 101,399 119,487 149,465 237,987 119.487 The Statement of Financial Activities includes all gains and losses re¢ognised in the year. The notes on pages 16 to 23 form part of the financial statements. 13
AFRICAN ENTERPRISE INTERNATIONAL REGISTERED COMPANY NUMBER: 07883925 BALANCE SHEET- 31 DECEMBER 2024 Unrestrlcted funds USD 2024 Restrffi¢ted funds USD Total funds USD 2023 Total funds USD Notes Current assets Cash at bank and in hand Debtors 12 14 56,408 139,146 30.706 195,554 30,706 173,585 Total current assets 56,408 169,852 226,260 173,585 Current Ilabllitles Creditors.. amounts falling due within Total current Ilabllltles 13 8,342 8.342 68,453 68,453 76,795 76,795 54,098 54,098 Net curr•nt assets 48,066 101,399 149,465 119,487 Funds Unrestricted funds Restricted funds 15 15 48,066 48,066 101,399 149,465 43,857 75,630 119,487 101.399 101,399 Total funds 48,066 The Trustees acknowledge their responsibilities for complying with the fequirements of the Act with respect to accounting records and preparation of financial statements. These financial statements have been prepared in aecordance wtth the provisions applicable to charitable companies subject to the small companies. regime. These financial statements were approved and authorised for issue by the Board of Trustees and were signed on its behalf bv.. A Rutaylslre- Chalman Date: 30th June 2025 The notes on pages 16 to 23 fo part of the financial statements. 14
AFRICAN ENTERPRISE INTERNATIONAL STATEMENT OF CASH FLOWS - 31 DECEMBER 2024 Cash flows from operating actlvities: Notes 2024 USD 2023 USD Balance for the year (page 12) 29,978 -118,500 Adjustments for'.- Exchange differences Working capltal changes {Decrease)Ilncrease in credttors Decreasel(Increase) in debtors -7,982 412 22,697 1,078 -30,706 Total cash generated from operatlons Cash and cash equivalents at the beginning of the reporting period Exchange drfferences Increase in cash and cash equiva16nts 13,987 -117,834 173,585 291,007 7,982 412 13,987 -117,834 Cash and cash oqulvalents at the end of the reportlng parlod 195,554 173,585 15
AFRICAN ENTERPRISE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2024 ACCOUNTING POLICIES la) Basis of preparlng the flnanclal statements Tre financial statements of the charstable company. which is a public benefrt entity under FRS 102, have been prepared in a¢¢ordan¢e wtth the Charrties SORP (FRS 102) 'Accounling and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The accounts have been prepared on the going concern basis which assumes that the charitable company will continue in operational existence for the foreseeable future The validity of thi5 assumption is based on the fact that the charity only distributes grants to partner projects in Africa after it has received funds from its supporting partners. In addrtion, the charity has very little by way of overhead costs and these are also met from the funds from supporting partners before remittances are made to the partner projects in Afn"ca therefore Ét is appropriate for the financial statements to be prepared on the 90ing concem basis. The charity meets the definition of a public benefrt entty under FRS 102. Assets and liabilities are initially recognised at historic cost or transaction value unless otherwise slated in the relevant accounting policy. (b) Income All income is recognised in the Statement of Financial Activrties once the charity has entitlement to the funds, tt is probable that the income will be received, and the amount can be measured reliably. Ic) Expendlture Liabilities are recognised as expendrture as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable Ihal a transfer of economic ben8fils will be required in settlemenl and the amount of the obligalion can be measured reliably. Expenditure is accounted for on an accruals basis an has been Classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activtties on a basis ¢on$istenl with the use of resources. Grants offered to AEI subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as income andlor expenditure. (d> Creditors ThÉse are recognised in the books when there is a contractual agreement andlor goods have been d81ivered or services rendered. {e) Debtors The Charity depends on donations from supporters. Receivables are re¢ognised when there is evidence funds have been wired but have not been credited into the bank account. 16
AFRICAN ENTERPRISE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2024 ACCOUNTING POLICIES - Continued Charltable activities The charitable company's principal activities are as follows: Mission & Ministry This consists of support towards missions that are held across Africa by the partners in the 12 teams in Africa who are part of the partnership. These missions use an approach called stratified evangelism where each strata of society wrthin a city has a focused reach OLrt. In addition, funds may go towards a major mission in a city that is strategic to a country or region and is usually outside the national boundaries of partner teams In recent years these missions have included Bujumbura in Burundi and Juba in Southern Sudan, Monrovia in Libena and Maputo in Mozambique. Funds go to directly support missions and in addition the staff that go on mission or provide the necessary infrastructure to assist teams in going on mission. Ministry also covers Peacebuilding exercises within countries and youth evangelism. ii) Aid & dovelopment This consists of support for a range of socially focused projects covering community needs. Examples would include programs for the rehabilitation of prostitutes, skills training to assist in running a small enterprise, primary health clinics including irnmunization programs and water and sanitation projecls within very deprived communities. Governance costs This consists of all legal and other costs connected to the charitable company meeting its stalutory governance obligations and includes the annual audit fee and the costs associated with the mèetings of the international board of trustees (directors). hl Taxation The Charity is exempt from Gorporation tax on its Gharitable 8¢tivities. Fund accounting unstrICted funds can be used in accordance with the charrtable objectNes at the discretion of the trustees. Restricted funds can only be used for particular restred purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular reslrict8d purposes. Monies received by Ihe charitable company are mainly restricted by both activity and country where the money is to be spent. The restrictions applied are aayS fulfilled but in order that the fund reporting is not broken down to an unhelpful level of detail the restricted funds have been identified at a country level only. i) Foreign currency The Charity's functional and presentational currency is USD. 17
AFRICAN ENTERPRISE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - YEAR ENDED 31 DECEMBER 2024 2. InGome as analysed per aGtivity 2024 USD 1.233.453 353,385 23.711 4,962 2023 USD 1,017,706 739,300 13.139 Mission, Ministry Support and Other Aid & development Foxfires Investment income Total Income 1,615,511 1,770,145 Aid and development include funds identrfied for third parties. See note 10 for a breakdown of incoming resources by donor country. ChariLible activities costs Support costs (Note 51 USD Charltable actlvltles costs Dlrect costs Totals USD USD Mission, Ministry Support and Other Aid & development Foxfires Team support costs Founder's department 627,317 627,317 288.798 47.185 318.830 16,800 288,798 47,185 318.830 16,800 ITL department Communi¢8tions department 218,435 218,435 68,168 68,168 Total costs in 2024 1,517.365 68,168 1.585.533 Total costs In 2023 1,839,820 48,825 1,888,645 Grants payable 2024 USD 2023 USD The total grants paid to instrtutions during the year was as follows.. Aid & development (3rd party grants) Support Costs Management costs Finance Governance costs Totals USD USD USD USD Mission, Minislry Support and Other 26,807 6,847 34,514 68,168 Totsl support costs in 2024 26,807 6,847 34,514 68,168 Total support costs in 2023 26,991 6,256 15.578 48,825 18
AFRICAN ENTERPRISE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - YEAR ENDED 31 DECEMBER 2024 6. Net Incomel(expenditure) Net incomel(expenditure) is stated after chargingl{credtting): 2024 USD 6,260 2023 USD 8,500 Auditors Remuneration Trustee8' remuneratlon and benefts There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. The board of trustees is made of a number of individuals from various countries and when the board meet the costs of travel, accommodation and subsistence are met by the charitable company. Board meeting in 2024 were all online. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Charity. They consist of the Intemational Team LeaderlCEO, the Intemational Missions, Director, International Operations Manager and the Social Action Director. The aggregate cost of Key Management Remuneration was $209,724 (2023 - $203.934). Stsff costs 2024 USD 274,447 2023 USD 260.651 Wages and salaries The average monthly number of employees during the year wa5 as 10 One employee received emoluments in excess of $75,127 {2023 - $80,136 - None). Statement of Financial Activitles tor year ended 31 December 2023 Unrestricted funds USD 586,364 Restricted funds USD 431.342 739,300 13,139 Income Total funds USD 1,017,706 739,300 13,139 Mission, Ministry Support and Other Aid & development Foxfires Total Income $86,364 1.183,781 1,770,145 Expenditure Mission, Ministry Support and Other Aid & development Foxfires Team support costs Founder's department ITL departmenl Communications department Total Expenditure 655,983 607,867 43,327 655,983 607,867 43,327 319,135 15,600 197,908 48,825 1,888,646 319.135 15.600 197,908 48,825 681,468 1,307,177 Net movement in funds 4,896 -123,396 -118,500 Reconciliation of funds Total funds brought forward Total funos carried forward 38,961 43.857 199,026 75,630 237,987 119,487 19
AFRICAN ENTERPRISE INTERNATIONAL STATEMENT OF FINANCIAL ACTIVITIES- YEAR ENDED 31 DECEMBER 2024 10. Detailed analysis of incoming resources by country (excluding investment income) The charity received funds from partner charities located in different countries throughout the wodd as follows= 2024 USD 2023 USD Country Australia Europe Canada Ireland New Zealand USA Direct fvnds Total Income 482.570 24,101 227,172 15,259 618,196 38,583 194,308 8,922 743,153 118,292 1,610,549 707,176 202,960 1,770,145 11. Analysis of outgolng resources by reclplent county Country DRC Congo Ethiopia Ghana Kenya Malawi Rwanda South Africa South Sudan Tanzania Uganda Zambia Zimbabwe Total 59,124 52,995 90,519 112,370 117,360 137,454 106,138 68,882 50.907 40,573 74,209 75,252 985,783 32,707 86,623 82,168 140,438 135,847 193,720 74,102 55,825 88.119 78,194 95,749 71,549 1,135,041 12. Cash and cash equivalents 2024 2023 USD USD l Barclays UK US $ Accounts . Barclays UK GBP Accounts Enwealth US$ Saving Accounts ITotal cash and cash equivalents 27,384 125,118 62,214 72,371 39,000 13. Credltors: amounts falling due within one year 2024 USD 2023 USD staff benefit fund Accrued expenses 42,515 34,280 76,795 40,094 14,004 54,098 Staff Benefit Fund Creditors relate to contribution by Stsff member not yet registered with the Fund Managers - Enwealth Limited 20
AFRICAN ENTERPRISE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - YEAR ENDED 31 DECEMBER 2024 14. Debtors Accounts recervable and other debtors £30.706 (2023 Nil). 15. Movement In funds At 1.1.24 Net Movement in funds At 31.12.24 Unrestricted funds General fund 43,857 4,209 48,066 Total Unrestricted fund 43,857 4,209 48,066 Restrlctsd funds South Africa region South Sudan Cornmunity development Mission general - includes meetings 27,323 3.791 44,516 -6,866 -2,854 35,489 20,457 937 80,005 Total Restrlcted funds 7S,630 25,769 101,399 Total funds 119,487 29,978 149,465 Net movement in funds, included In the above are as follows: Incoming resources Resources expended -323,900 -323,900 Movernent in funds 4,209 4,209 Unrestrlcted funds General fund 328,109 328,109 Totsl unrestrlGted funds Restricted funds DRC Congo Ethiopia Ghana Kenya Malawi Rwanda South Africa South Sudan Tanzania U9anda Z8mbia Zimbabwe Communty development (Balance transfer) Mission general - includes meetings Total restricted funds 59,124 52.995 90.519 112.370 117,360 137,454 106,138 62,016 50,907 40,573 74,209 75,252 29S 308. 189 -59,124 -52,995 -90.519 -112,370 -117,360 -137,454 -106.138 -68.882 -50,907 40,573 -74,209 -75,252 -3,148 -272,700 -1,261,633 -6.866 -2,854 35,489 25,769 1,287,402 Total funds 1,615,511 -1,585,533 29,978 21
AFRICAN ENTERPRISE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - YEAR ENDED 31 DECEMBER 2024 At 1.1.23 Not movement in funds At 31.12.23 16. Movement in funds (2023) Unrestricted funds General fund Total Unrestricted funds 38.961 4,896 43,857 38,961 4,896 43,857 Restricted funds South Africa region South Sudan Communty development Mission general- includes meetings Total Restricted funds 1,079 41.996 32.487 123,464 -1,079 -14,673 -28,696 -78,948 27,323 3,791 44.516 199,026 -123,396 75,630 Total funds 237.987 -118,500 119,487 Net movement in funds, included in the above are as follows: Incoming resource5 Resources Movement li expended funds -374,319 4,896 -374,319 4,896 Unrestricted funds General fund Total Unrestricted funds 379,215 379,215 Restricted funds DRC Congo Ethiopia Ghana Kenya Malawi Rwanda South Africa South Sudan Tanzania Uganda Zambia Zimbabwe Community development (Balance transfer) Mission general - includes Meetings 32.707 86,623 82,168 140.438 135.847 193.720 73,024 43,153 88,119 78,194 95,749 71,549 3,976 265.663 -32,707 -86,623 -82,168 -140,438 -135,847 -193,720 -74.103 -57,826 -88,119 -78,194 -95,749 -71,549 -32.672 -344,611 -1,079 -14,673 28.696 -78,943 Total Restricted funds 1,390,930 -1,514.326 -123,396 Total funds 1,770,145 -1,888,645 -118,500 17. Related party disclosures There were no related party transactions for the years ended 31 December 2024 or 2023. 18. Contlngent liability There were no contingent liabilrties at end of the year. 22
AFRICAN ENTERPRISE INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS - YEAR ENDED 31 DECEMBER 2024 19. Analysis of net assets between funds Analysis of net assets betrieen funds - current year Restricted Funds 2024 Unrestricted Funds 2024 Total Funds 2024 USD USD USD Current assets 169,852 56,408 226,260 Creditors due within one year 8.453 ,342 -76,795 101,399 48,066 149,465 Analysis of net assets between funds - prior year Restricted Funds 2023 USD Unrestricted Funds 2023 USD Total Funds USD Current assets 129,728 43,857 173,585 -54,098 119487 Creditors due within one year 75,630 20. Analysis of changes in net debt At1 January 2024 USD Cash flows USD At31 December 2024 USD Cash at bank and in hand 173,585 173,585 21,969 195 554 195 554 23