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 PrO￿dUreS 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 enhan￿d 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, Transf0M￿tIOnal 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 re￿iVed 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 regIste￿d 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 I￿land, (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 fU￿illed 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 Un￿rtaInlieS 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 a￿ayS 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 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 un￿strICted funds can be used in accordance with the charrtable objectNes at the discretion of the trustees. Restricted funds can only be used for particular restr￿ed 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 a￿ayS 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