Apostoli¢ Faith Mission IUKI International Walsal Assembly Charity No. 1162228 Company No. Trustee's Report and Unaudited A¢countS 31 March 2024
Apostolic Faith Mission IUKI International Walsal Assembly Contents Pages Independent Examiner's Report Page I
Apostolic Faith Mission IUKI Internatlonal Walsal Assembly Trustees Annual Report The trustee, who is also a director of the Charity for the purposes of the Companies Act 2006, presents their report with the unaudited financial statements of the charity for the yeor ended 31 March 2024. REFERENCE AND ADMINISTRATIVE OETAILS Company No. Charity No. 1162228 Registered Office .88 Hart Road Wolverhampton West Midlands Wvll 30J Trustees Philip Mhlanga, Blessing Magara, Jaqueline Sechele Accountants Framework Accountants Ltd Suite I, Greyholme 49 Victoria Road Aldershot Hampshire GUII ISI The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Tnjstee is also responsible for sèfeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The above report has been prepared in accordance wrth the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP IFRS 1021. Signed on behalf of the board P. Mhlanga Trustee Chair 31 March 2024 Page 2
Apostollc Falth Mission IUKI International Walsal Assembly Independent Examiners Report Independent Examiner's Report to the trustee of Apostolic Faith Mission IUKI International Wa15al Assembly I report to the charity trustee on my examination of the financial statements of Apostolic Faith Mission IUKI International Wals31 Assembly for the year ended 31 March 2024. Responslbilities and basis of report As the charity's trustee land also a director for the purp05e5 of company.lawl you are responsible for the preparation of the financial statement5 in accordante w¢th the requirements of the Cornpanies Act 20061.the 2006 Act. Having satisfied myself that the financial 51atements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of vour charity's financial statements as carried out under section 145 of the Charities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151 Ibl of the 2011 Act. Independent examiner's statement I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in accofdance with section 386 of the 2006 Act . or the financial statements do not accord with those records,. or the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statement5 give a 'true and fair. view which is not a matter considered as part of an independent examination,. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their èccounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the finantial statements to be reached. Dr Moses Chiwandamira PhD FCCA Msc MRes PGCert Framework Accountants Ltd Suite l. Greyholme 49 Victoria Road Al(lershot Hampshire GUII ISJ 31 March 2024 Page 3
Apostoli¢ Faith Mission (UK) International Walsal Assembly Statement of Financial Activities for the year ended 31 March 2024 Unrestricted funds Total funds Total funds 2024 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activities Other 14,073 SC 14,073 S3 6,072 1,617 1,617 155 Total 16,190 16,190 6,227 Expenditure on: Other 16,048 16,048 9,809 Total 16,048 16.048 9,809 Net gain5 on investments Net incomellexpenditurel Transfers between funds 142 142 13,5821 Net incomellexpenditurel ljefore other gains/llossesl 142 142 13,5821 Other gains and losses Net movement in funds 142 142 13,5821 Reconciliation of funds: Total funds brought forward 4,522 4,522 8,104 Total funds carried forward 4,664 4,664 4,522 Page 4
Apostolic Faith Mission IUKI International Walsal Assembly Summary Income and Expenditure Account for the year ended 31 March 2024 2024 2023 Income 16,190 Gross income for the year Expenditure 16,190 16,048 Total expenditure for the year Net income before tax for the year 16,048 142 Net Income for the year 142 Page S
Apostolic Faith Mission IUKI Internatlonal Walsal Assembly Balance Sheet at 31 March 2024 Company No. Notes 2024 2023 Current assets Cash at bank and in hond 4.664 4.664 4,522 4,522 4,522 Net current assets 4,664 Total assets less current liabilities 4,664 4,522 Net assets ex¢ludlng pension asset or liability 4.664 4,522 Total net assets 4,664 4,522 The funds of the charity Restricted funds Unrestrirted funds General funds 4,664 4,522 4,664 4,522 Reserves Total funds 4,664 4.522 These accounts have been prepared in atcordance with the special provislons of Part 15 of the Companies Act 2006 relating to small companies. For the year ended 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 26 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. Approved by the board on 31 March 2024 And signed on its behalf bv: P. Mhlanga Trustee Chair 31 March 2024 Page 6
Apostolic Faith Mission IUKI International Walsal Assembly Statement of Cash flows for the year ended 31 March 2024 2024 2023 Cash flows from operating a¢tivities Net in¢ome/lexpenditure) per Statement of Financial Artivities 142 13,5821 Adjustments for: Oividends. interest and rents from investments Decrease in trade and other payables 11,6171 11551 11,8831 Net Cash used in operatinB activitie5 11,4751 15,6201 Cash flows from investing activities Dividends, intere51 and rents from investments 1.617 155 Net cash from investing activities 1,617 155 Net Cash from financing activities Net increaselldecrea5e} in cash and cash equivalents 142 15.4651 Cash and cash equivalents at the beginnlng of the year 4,522 8,174 Cash and cash equivalents at the end of the year 4,664 2,709 Components of cash and cash equivalents Cash and bank balances 4,664 4,522 4.664 4,522 Page 7
Apostolic Faith Mission IUKI International Walsal Assembly Notes to the Accounts for the year ended 31 March 2024 l Accounting policies Basis of preparatlon The financial statements have been prepared in accordante with Atcountin8 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 IFRS 1021 (effective I january 20151 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Change in basis of accounting or to previou5 accounts There has been no change to the accounting policies (valuation rules and method of accountingl since last year and no changes have been made to accounts for previous years. Fund accounting Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charitv. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reSee representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted fund5 Income Recognition of income Income is included in the Statement of Financial Artivities ISOFAI when the charity become5 entitled to, and virtually certain to receive. the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the intome and related expenditure is expenditure reported gross in the SOFA. Donations and legacies Voluniary income received by way of grants, donations and Eifts is included in the the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SOFA at the same time as the donation5 and gifts gift/donation to which it relates. Oonated services These are only included in income Iwith an equivalent amount in expenditure) where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the actounts. Investrvent income This is included in the accouwit5 when receivable. Gains/llossesl on This include5 any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets and faciltties Gains/llossesl on investment assets This includes any gain or loss on the sale of investments. P8ge 8
Apostoli¢ Faith Mission IUKI International Walsal Assembly Notes to the Accounts Expenditure Recognition of expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management cost5. Expenditure on These comprise the costs incurred by the Charity in the delivery of its aclivitie5 and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. All grant expenditure is accounted for on an artual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yel paid. These include those costs ass¢xiated with meeting the constitutional and statutory requirements of the Charity, including any auditlindependent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration cost5. These are support costs not allocated to a particular activitv. Grants payable Governance costs Othef expenditure Taxation The charity is exempt from corporation tax on its charitable activities. Freehold investment property Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gair)s or losses are taken to the Statement of Financial Activities as they arise. Stocks Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market. Trade and other debtors Trade and other debtors are Tecognised at the Settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand. demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other Creditors Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Page 9
Apostolic Faith Mission IUKI International Walsal Assemblv Notes to the Accounts Research and development Expenditure on research and development is written off in the year in which it is incurred. Foreign <urrencles Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differentes ère are taken into account in arriving at net incomelexpenditure. Leased assets Where the charity enters into a lease which entails taking substantially all the risk5 and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and reward5 of ownership to charity are classified as operating lease5. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achleve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy-on borrowing costs. A55et5 held under finance leases are depreciated in the same way as owned assets. Ope¥ating lease payments are recognised as an expense on a 5traight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases. such incentives are recognised as a liability. The aggregate benefit of incentives is recognised a5 a reduction of rental expense on a straight-line basis. Penslon costs The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pay5 fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recoEnised as expenses when they fall due. Amounts not paid are shown in accruals in the balante sheet. The assets of the plan are held separately from the company in independenily administered funds. Receipt of donated goods. fa¢ilities and services All donated goods, facilities and services received are recognised within incomin8 resources and expenditure at an estimate of the value to the charity. 2 Company siatus The company is a private company limited by guaontee and consequently does not have share capital. Page 10
Apostolic Faith Mission {UKI International Walsal A55embly Note5 to the Accounts 3 Statement of Flnancial Activlties- prior year Unrestricted funds Total fvnds 2023 2023 Income and endowments from: Donations and legacies Other 6,072 155 6,072 155 Total 6,227 6,227 Expenditure on: Other 9,809 9,809 Total 9,809 9,809 Net Income 3,5821 13,5821 Net income before other gains/llossesl Other gains and losses: Net movement in funds 13,5821 13,5821 13,5821 13,5821 Reconciliation of funds: Total funds brought forward Total funds carried forward 8,104 8,104 4,522 4,522 4 Income from donations and legacie5 Unrestricted Total Total 2024 2023 7.325 6.748 14,073 7,325 6,748 14,073 3.440 2,632 6,072 5 Income from charitable actlvitles Unrestricted Total Total 2024 2023 500 500 500 soo Page 11
Apostolic Faith Misslon (UK) International Walsal Assembly Notes to the Accounts 6 Other income Unrestricted Total 2024 Total 2023 1,617 1.617 1,617 1,617 155 155 7 Other expenditure Unrestricted Totsl Total 2024 2023 Employee costs Motor and travel costs 650 650 1,600 1,800 10,380 2,318 9(X) 1,800 10,380 2,318 900 Premises cost5 6,575 734 General administrative costs Legal and professional costs 9¢X) 16.048 16,048 9.809 8 Staff costs 2024 2023 Salaries and wages 1,600 No employee received emoluments in excess of £60,0Th). 9 Movement in funds Incaming resources At31 March Ilncluding other At l April galnsllosses 2023 Re50ur¢es expended 2024 Restricted funds: Unre5tri¢ted funds: General funds 4,522 16,190 116,0481 4,664 Total funds 10 Analysis of net assets between funds 4,522 16,190 116,0481 4.664 Unrestricted fvnds Total Net current assets 4,664 4,664 4,664 4.664 Page 12
Apostolic Falth Mission IUKI International Walsal Assembly Notes to the Accounts 11 Reconciliation of net debt At31 March 2024 At l April 2023 Cash flows Cash and cash equivalent5 4,522 4,522 142 142 4,664 4,664 Net debt 4,522 142 4,664 12 Related party disclosures Controlling porty Page 13
Apostolic Faith Misslon IUKI International Walsal Assembly Detailed Statement of Financial A¢tlvities for the year ended 31 March 2024 Unrestrlcted funds 2024 Total funds Total funds 2024 2023 Income and ertdowments from: Donations and legacies 7,325 6,748 14,073 7,325 6,748 14,073 3,440 2,632 6,072 Charitable activitie5 500 500 500 500 Other 1,617 1,617 1,617 1,617 155 155 Total income and endowments 16,190 16.190 6,227 Expenditure on: Employee costs Salarieslwage5 Staff welfare Temporary staff 1,600 100 550 100 550 650 650 1,600 Motor and travel costs Travel and subsistence 1,8 1,800 1,8C(I 1,800 Premises cost5 Rent Light, heat and power 5,040 5,340 10,380 5.040 5,340 10,380 4,620 1,955 6,575 General administrative costs, including depreciation and amortisation Bank charges Postage and couriers Software. IT support and related costs Subscriptions Sundry expenses Telephone, fax and broadband 308 1,200 1,200 605 211 240 211 240 129 359 359 2,318 2,318 734 Legal and professional costs Audit/lndependent examination fees Accountancy and bookkeeping 900 900 Page 14
Apostolic Faith MFssion IUKI International Walsal Assembly Detailed Statement of Financial Activities 900 900 9LK) Total of expenditure of other costs Totsl expenditure Net gains on investments 16,048 16,048 9,809 16,048 16,048 9,809 Net incomellexpenditure} 142 142 13,5821 Net incomellexpenditurel before other Bainslllossesl Other Gains 142 142 13,5821 Net movement in funds 142 142 13,5821 Reconciliation of funds: Total funds brought forward 4,522 4,522 8,104 Totsl funds Carried forward 4,664 4,664 4.522 Page 15