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 S￿3 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 2￿6 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 reSe￿e 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