2023-12-31-accounts - Sonrise Services International Limited

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SONRISE SERVICES INTERNATIONAL LIMITED

REGISTERED CHARITY NO: 1153661

COMPANY NO: 08576520

REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

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SONRISE SERVICES INTERNATIONAL LIMITED REPORT OF THE DIRECTORS AND TRUSTEES

DIRECTORS AND TRUSTEES :-

A Hawkins B Rowland J Smith R Williams

REGISTERED CHARITY NO:- 1153661 COMPANY REGISTRATION NO :- 08576520

REGISTERED OFFICE :- 65-68 Leadenhall Street London EC3A 2AD PRINCIPAL ADDRESS :- Johnston House Hatchlands Road Redhill Surrey RH1 1BG

AUDITORS:- Moore Kingston Smith LLP Betchworth House 57-65 Station Road Redhill Surrey RH1 1DL

The directors and trustees submit their annual report and the accounts of the charitable company for the year ended 31st December 2023.

OBJECTIVES AND ACTIVITIES

The company is a registered charity and was established and registered in the UK in September 2013. The objectives and core purpose of Sonrise Services International is to support missionaries and mission programs; this is to be accomplished through the following activities:

To provide support in personnel, logistics, equipment and resources;
To establish churches and community centres;
To carry out and direct discipleship and evangelistic work;
To set up, administer or support training and educational facilities;
To provide advice, resources and services to those affected by social and economic circumstances;
To establish mentoring programmes to equip people with values in line with Christian principles;
To promote and organize programmes to engage with young people in the community;
To support, administer, set up or cooperate with other charities, voluntary organisations, clubs or institutions;
To hold exihibitions, meetings, lectures, seminars and courses;
To raise funds, but in doing so the Charity will not undertaken any substantial trading activity;
To provide resouces applicable to the promotion of the Objects;

The activities above allow the company to meet it's aims by providing support to missionaries while in the UK. The charity's strategy is to use the properties owned by the charity to enable it to provide support to said missionaries.

The charity measures its success against the above objectives. The charities main acheivements are the continued meeting of the above objectives, which it has continued to do during the financial year.

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SONRISE SERVICES INTERNATIONAL LIMITED REPORT OF THE DIRECTORS AND TRUSTEES (continued)

The charity's strategy to enable it to achieve its aims is to continue the support of its operatives in the UK and to enable them to carry out the above objectives.

LEGAL AND ADMINISTRATIVE INFORMATION

The Charity is a private company limited by guarantee, registered number 08576520, and its affairs are governed by the provisions of its Memorandum and Articles of Association dated 24 March 2021. The charity is registered with the Charity Commission under registration number 1153661.

GOVERNANCE

The company is regulated by the Companies Act 2006 and by its Memorandum and Articles of Association. Sonrise Services International Limited is governed by a four-member Board of Directors. Directors are appointed through determination by International Mission Board. The Board of Directors hold final authority within the organisation with the treasurer, Joel Smith, responsible for the day-to-day management of the charity.

TRUSTEE RECRUITMENT AND TRAINING

When new Trustees are required, the International Mission Board considers applications from individuals presently serving in a similar position or line of work as well as those recommended by their charitable networks. All applicants are assessed based on: education and work experience; passion for, and commitment to, the charity's mission; and ability to devote the time required for successful governance of the charity. Trustees' who are recruited to manage the charity are paid in line with market rates.

The Board’s skills base is reviewed regularly to identify recruitment and training needs to ensure effective governance. Regular Board meetings are also used to identify areas where training would improve the performance of the Board.

DIRECTORS

Sonrise Services International is a company limited by guarantee and does not have share capital. The trustees do not therefore have any financial interests in the company.

RESERVES POLICY

The charity holds free reserves to ensure that it can meet its foreseeable commitments, bearing in mind the current level of activity and uncertain financial markets.

The trustees consider that the charity should aim to maintain free reserves of $13,000. Should reserves fall out of line, the trustees would take steps either to increase fundraising or to spend less funds on suitable projects. The policy is reviewed annually by the trustees and regularly monitored by the treasurer.

As at 31 December 2023, the amount of these reserves in the Charity's unrestricted funds amounted to $171,332. This surplus is in line with the Trustees expectations for the year, the level of free reserves is sufficient to ensure that the Charity will continue to operate as a going concern. More information on this can be found in the notes of the financial statements.

RISK MANAGEMENT

The trustees are aware of the requirements of the charities SORP and have implemented systems to mitigate all major risks to which the charity is exposed. The charity maintains a Corporate Risk Assessment and has reviewed the personal risks, the financial risks and the compliance and administration risks which face the charity. The report sets out to highlight certain pertinent areas where the charity should and has taken steps to mitigate the risks.

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SONRISE SERVICES INTERNATIONAL LIMITED REPORT OF THE DIRECTORS AND TRUSTEES (continued)

FINANCIAL REVIEW

In 2023, Sonrise Services International Limited received a total income of $1,757,376 (2022: $1,344,058). Total funds at the year end were $6,252,878 (2022: $6,333,816).

Income and expenditure rose in the year, resulting in a deficit for the year of $80,938 (2022: $29,537).

FUTURE PLANS

In 2024 the Charity will continue its activities, supporting members of the Christian faith to advance its teachings worldwide, and providing administrative and other support in achieving the Objectives. It will work to improve donated properties and increase capacity for providing support services.

PUBLIC BENEFIT

The trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on Public Benefit, including 'public benefit: running a charity (PB2)' when reviewing their aims and objectives.

ORGANISATIONAL STRUCTURE

The trustees have full control of the day-to-day management of the charity and they directly manage all employees. The trustees make all decisions for the charity and no management decisions are delegated to staff.

TRUSTEES' RESPONSIBILITIES

The trustees (who are also directors of Sonrise Services International Limited for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires trustees to prepare financial statements for each financial period which give a true and fair view of the state of the affairs of the charitable company and of the outgoing resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards including FRS 102, have been followed subject to any material departures disclosed and explained in the financial statements;
state whether applicable Standards of Recommended Practice (SORP) have been followed, subject to any material departures disclosed and explained in the financial statements; and
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 that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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SONRISE SERVICES INTERNATIONAL LIMITED REPORT OF THE DIRECTORS AND TRUSTEES (continued)

STATEMENT OF DISCLOSURE TO AUDITORS

a) So far as the trustees are aware, there is no relevant audit information of which the charitable company's auditors are unaware, and
b) They have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.

SMALL COMPANIES EXEMPTION

This report has been prepared with regard to the Statement of Recommended Practice - Accounting and Reporting by Charities and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small entities.

Auditors

The auditors, Moore Kingston Smith LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

On Behalf of the Board

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J Smith Trustee/Director

Date: 17/9/2024

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SONRISE SERVICES INTERNATIONAL LIMITED

Opinion

We have audited the financial statements of Sonrise Services International Limited ('the company') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charitable company’s affairs as at 31 December 2023 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 with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence 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 that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other informaiton and, in doing so consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SONRISE SERVICES INTERNATIONAL LIMITED (continued)

Opinions on other matters 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 the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the trustees’ annual report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, 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 returns; or
certain disclosures of trustees’ remuneration specified by law are 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 statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees' Annual Report and from preparing a Strategic Report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 3, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SONRISE SERVICES INTERNATIONAL LIMITED (continued)

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audtor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularties, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in repect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to thoses assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the charitable company an considered that the most significant is the Company Act 2006.
We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SONRISE SERVICES INTERNATIONAL LIMITED (continued)

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

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17/9/2024

Ian Matthews (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP

Chartered Accountants Statutory Auditor

Betchworth House 57-65 Station Road Redhill Surrey RH1 1DL

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SONRISE SERVICES INTERNATIONAL LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST DECEMBER 2023

INCOME FROM Donations TOTAL EXPENDITURE ON Direct Charitable Activities TOTAL NET INCOME/(EXPENDITURE) TRANSFERS BETWEEN FUNDS NET MOVEMENTS IN FUNDS TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD	Notes 4 10		Unrestricted Funds $ 1,757,376 1,757,376 1,838,314 1,838,314 (80,938) - (80,938) 6,333,816 6,252,878		Restricted Funds $ - - - - - - - - -		Total Funds 2023 $ 1,757,376 1,757,376 1,838,314 1,838,314 (80,938) - (80,938) 6,333,816 6,252,878		Total Funds 2022 $ 1,344,058

									1,344,058 1,373,595
									1,373,595
									(29,537) -
									(29,537) 6,363,353
									6,333,816

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SONRISE SERVICES INTERNATIONAL LIMITED BALANCE SHEET AS AT 31ST DECEMBER 2023

NON-CURRENT ASSETS Tangible fixed assets CURRENT ASSETS Debtors Cash LESS CREDITORS Amounts due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES FUNDS OF THE CHARITY Unrestricted funds	Notes 6 7 9 11	$ $ 6,081,546 79,703 179,986 259,689 (88,357) 171,332 6,252,878 6,252,878 2023	$ $ 6,090,909 88,965 220,714 309,679 (66,772) 242,907 6,333,816 6,333,816 2022	$ $ 6,090,909 88,965 220,714 309,679 (66,772) 242,907 6,333,816 6,333,816 2022

				6,333,816
				6,333,816

The financial statements have been prepared in accordance with the provisions applicable to companies within Part 15 of the Companies Act 2006 relating to smaller entities.

Approved by the Board for issue on

17/9/2024

……………………………………..

J Smith Trustee/Director

Registered Company No. 08576520

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SONRISE SERVICES INTERNATIONAL LIMITED

STATEMENT OF CASH FLOWS

Statement of Cash Flows $ $ Net cash used in operating activities 126,058 Cash flows from investing activities: Purchase of fixed asset additions (166,786) Disposal of property, plant and equipment - Net cash (used in)/provided by investing activities (166,786) Change in cash and cash equivalents in the reporting period (40,728) Cash and cash equivalents at the beginning of the reporting period 220,714 Cash and cash equivalents at the end of the reporting period 179,986 Reconciliation of net income/(expenditure) to net cash flow from operating activities Net income for the reporting period (80,938) Adjustments for: Depreciation charges 176,149 Decrease / (Increase) in debtors 9,262 Increase in creditors 21,585 Net cash used in operating activities 126,058 Analysis of cash and cash equivalents Cash in hand 179,986 Total cash and cash equivalents 179,986 2023	$ 14,547	$ 46,725 14,547 2022	$ 46,725 14,547 2022


			61,272 159,442
			220,714
			(29,537) 135,590 (80,321) 20,993
			46,725
			220,714
			220,714

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SONRISE SERVICES INTERNATIONAL LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023

1. CONSTITUTION

The company is limited by guarantee and does not have a share capital. Every member of the company undertakes to contribute to the assets of the company in the event of its being wound up while they are a member, or within one year after they cease to be a member, for the payment of debts and liabilities contracted before he or she ceased to be a member, such amount as may be required, not exceeding £10.

The company is a registered charity and as such is exempt from taxes under the provisions of the Income and Corporation Taxes Act 1988.

The charity is registered in England and Wales, the registered office is 65-68 Leadenhall Street, London, EC3A 2AD.

2. ACCOUNTING POLICIES

Accounting Convention

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The company is a public benefit entity for the purposes of FRS 102 and a registered charity established as a company limited by guarantee and therefore has also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), the Companies Act 2006 and Charities Act 2011.

The financial statements are prepared in US dollars, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest dollar.

The financial statements are prepared under the historic cost convention. The principal accounting policies adopted are set out below.

Going Concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cause significant doubt on the ability of the charitable company to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charitable company's forecast and projections. After making enquires the trustees have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operation and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.

Tangible Fixed Assets

Tangible fixed assets are stated at cost less depreciation. Depreciation has been provided on fixed assets at rates calculated to write off the cost less estimated net residual value, of each asset over its effective life, as follows:-

Freehold property - 2% straight line per annum Motor vehicles - 25% of written down value Fixtures and fittings - 25% straight line per annum

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SONRISE SERVICES INTERNATIONAL LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023 (continued)

2. ACCOUNTING POLICIES (CONTINUED)

Incoming Resources

All Monetary donations and gifts are included in full in the statement of financial activities when receivable, provided that there are no donor-imposed restrictions as to the timing of the related expenditure, in which case recognition is deferred until the pre-condition has been met. Gifts-in-kind are accounted for at the trustees' estimate of value to the charity or sale value as follows:

assets received for distribution by the charity are recognised only when distributed.
• assets received for resale are recognised, where practicable, when receivable or otherwise when sold.
• gifts or fixed assets for charity use or funds for acquiring fixed assets for charity use are accounted for immediately on receipt.

Intangible income is valued in income to the extent that it represents goods or services which would otherwise be purchased. An equivalent amount is charged as expenditure. Voluntary help is not included as income.

Cash collected to which the charity is legally entitled but which has not been received at the year end is included as income.

Donations under deed of covenant and gift aid together with the associated income tax recoveries are credited when donations are received.

Government Grants

Government grants are recognised in income in the period they are received.

Resources Expended

All costs are allocated between expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.

Expenditure, which is charged on an accruals basis, is allocated between:

costs of raising funds;
expenditure on charitable activities; and
other expenditure represents those items not falling into any other heading.

Support costs include central functions and have been allocated to activity costs categories on a basis consistent with the use of resources, e.g. staff costs by the time spent and other costs by their usage. Governance costs comprise the cost of running the charity, including external accountancy, Trustees' legal advice and constitutional and statutory compliance costs. These have been included in support costs.

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Fund Accounting

Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support costs.

Foreign Currency Translation

Transactions denominated in foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of the transaction. Assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange running at the end of the financial year. The rate of exchange between US Dollars and sterling at the year end was $1.28 to £1 (2022: $1.2 to £1). All exchange differences are dealt with in the Statement of Financial Activities.

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SONRISE SERVICES INTERNATIONAL LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023 (continued)

2. ACCOUNTING POLICIES (CONTINUED)

Financial Instruments

i) Cash and cash equivalents

Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity of three months or less.

ii) Debtors and creditors

Debtors and creditors receivable or payable within one year of the reporting date are carried at their at transaction price. Debtors and creditors that are receivable or payable in more than a market rate of interest are measured at the present value of the expected future receipts or payment one year and not subject to discounted at a market rate of interest.

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

4. DIRECT CHARITABLE EXPENDITURE

Computer running costs Printing, postage and stationery Hosting and property expenses Staff costs Support costs Legal and professional Audit fees Depreciation EMPLOYEES The average monthly number of employees during the year was 10 (2022: 10) Staff costs amounted to:- Wages and salaries Social security costs Pension costs The emoluments of higher-paid employees fell within the following ranges: £60,000 - £70,000 £70,000 - £80,000 £80,000 - £90,000 £90,000 - £100,000	2023 $ 1,814 13,675 918,555 703,060 1,637,104 3,054 22,007 176,149 1,838,314 2023 $ 623,999 74,436 4,625 703,060 2023 No. 3 1 3 -	2022 $ 314 6,320 593,941 614,761
		1,215,336 4,105 18,564 135,590
		1,373,595
		2022 $ 570,509 40,467 3,785
		614,761
		2022 No. 3 1 1 1

5. EMPLOYEES

0 (2022: 2) directors or trustees received reimbursements for expenses incurred during the year of $Nil (2022: $11,093). Employees of the charity are provided with rent free accommodation.

During the year no trustees received remuneration.

The key management personnel of the charity comprise the directors and trustees. The total employee benefits of the key management personnel of the charity were $Nil (2022: $Nil).

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SONRISE SERVICES INTERNATIONAL LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023 (continued)

6. TANGIBLE FIXED ASSETS

7	Cost At 1st January 2023 Additions At 31st December 2023 Depreciation At 1st January 2023 Provided for year At 31st December 2023 Net Book Value At 31st December 2023 At 31st December 2022 DEBTORS Prepayments		Freehold Property $ 6,583,945 - 6,583,945 504,768 131,679 636,447 5,947,498 6,079,177		Fixtures and Fittings $ - 116,001 116,001 - 29,000 29,000 87,001 -		Motor Vehicles $ 26,311 50,785 77,096 14,579 15,470 30,049 47,047 11,732 2023 $ 79,703	Total $ 6,610,256 166,786

								6,777,042
								519,347 176,149
								695,496
								6,081,546
								6,090,909
								2022 $ 88,965

FINANCIAL INSTRUMENTS

The financial statements include the following in respect of items held at fair value at 31 December:

9.	Financial assets measured at amortised cost Financial liabilities measured at amortised cost CREDITORS FALLING DUE WITHIN ONE YEAR Trade creditors Tax and social securities Accruals Other creditors	2023 $ - 39,237 2023 $ - 49,120 27,777 11,460 88,357	2022 $ -
			46,740
			2022 $ 14,600 20,032 22,459 9,681
			66,772

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Docusign Envelope ID: 83512041-BACA-46E4-B02F-7E1B3D533E03

SONRISE SERVICES INTERNATIONAL LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023 (continued)

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS

11.	Non-current assets Current assets Current liabilities Net assets Non-current assets Current assets Current liabilities Net assets MOVEMENT IN FUNDS Unrestricted Funds Fixed Asset Fund General Funds Total Unrestricted Funds Unrestricted Funds Fixed Asset Fund General Funds Total Unrestricted Funds		At 1st January 2023 $ 6,090,909 242,907 6,333,816 At 1st January 2022 $ 6,241,046 122,307 6,363,353		Incoming Resources $ 166,786 1,590,590 1,757,376 Incoming Resources $ - 1,344,058 1,344,058		General Funds 2023 $ - 259,689 (88,357) 171,332 General Funds 2022 $ - 309,679 (66,772) 242,907 Outgoing Resources $ (176,149) (1,662,165) (1,838,314) Outgoing Resources $ (150,137) (1,223,458) (1,373,595)		Fixed Asset Funds 2023 $ 6,081,546 - - 6,081,546 Fixed Asset Funds 2022 $ 6,090,909 - - 6,090,909 Transfer Between Reserves $ - - - Transfer Between Reserves $ - - -	Fixed Asset Funds 2023 $ 6,081,546 - - 6,081,546 Fixed Asset Funds 2022 $ 6,090,909 - - 6,090,909 Transfer Between Reserves $ - - - Transfer Between Reserves $ - - -			Total Funds 2023 $ 6,081,546 259,689 (88,357)

													6,252,878
													Total Funds 2022 $ 6,090,909 309,679 (66,772)

													6,333,816
												At 31st December 2023 $ 6,081,546 171,332

													6,252,878
												At 31st December 2022 $ 6,090,909 242,907
												6,333,816

12. CONTROL

Throughout the year the charitable company has been under the control of its trustees. The trustees are to be determined by the International Mission Board.

13. RELATED PARTY TRANSACTIONS

There were no related party transactions in the reporting period requiring disclosure.

14 Operating leases

At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Due within 1 year

2023	2022
$	$
4,265		-

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