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2023-06-30-accounts

Charity registration number 211454

RETIRED MISSIONARY AID FUND

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

RETIRED MISSIONARY AID FUND

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees R Bennett
A Jessop
R Herbert
J A Lower
A B Griffiths
J Mitchell
D Henderson
E J Noble
N Turner
W Downs
E Barr
P Phillips
A H Smith
E Greig
H Griffiths (Appointed 3 November
2022)
Charity number 211454
Principal address 64 Callow Hill Road
Alvechurch
Birmingham
B48 7LR
Independent examiner Mr P J Barton FCCA
Art Accountants Limited
Ground Floor
11 Manvers Street
Bath
BA1 1JQ
Bankers Kingdom Bank Limited
Ruddington Fields Business Park
Mere Way
Ruddington
Nottingham
NG11 6JS
CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
ME19 4JQ
Investment advisors J M Finn & Co Limited
25 Copthall Avenue
London
EC2R 7AH

RETIRED MISSIONARY AID FUND

CONTENTS

Page
Trustees' report 1 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 17

RETIRED MISSIONARY AID FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 JUNE 2023

The trustees present their annual report and financial statements for the year ended 30 June 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The objects of the charity are to assist retired missionaries from UK Christian Brethren Assemblies who are in necessitous circumstances. Such missionaries have usually spent all or large proportions of their working lives in serving God overseas without any salary or other fixed means of support. They have looked in faith to God to supply their needs. In furtherance of the objects the trustees seek at their discretion:

(a) To develop and maintain a family atmosphere among the beneficiaries, who are known as the 'RMAF Family'. (b) To stimulate the interest of UK Christian Brethren Assemblies and individuals in the work of the charity. (c) To make monetary grants and gifts in kind for the assistance of retired missionaries who are within the objects. (d) To co-operate with other charities, voluntary bodies and statutory authorities operating in furtherance of the objects or of similar charitable purposes and to exchange information and advice with them.

In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

The activities of the charity include:

(a) Receiving gifts for the work of the charity from supporters and disbursing them to retired missionaries in the family in accordance with the decisions of the previous annual meeting. At the year-end there were 164 retired missionaries in the family, the majority of whom were in receipt of regular financial support from the charity.

(b) Printing a quarterly Prayer and Newsletter. This is sent to Christian Brethren Assemblies in the United Kingdom and to family members and individual supporters. It is clear from subsequent correspondence that the Prayer and Newletter fulfils its aim in generating a sense of belonging to a family of former missionaries commended to their work from Christian Brethren Assemblies.

(c) Giving to each retired missionary who joins the family an information brochure on the work of the charity and on financial benefits which may be obtainable from other sources, e.g. state benefits such as pension credit.

(d) Giving a food hamper, where acceptable, at Christmas to family members resident in the UK, and marking birthdays by a gift of shopping vouchers or, where appropriate, flowers.

(e) Making regular contact with family members through telephone calls and visits by trustees.

(f) Promoting the work of the charity at missionary conferences and other like events when invited to do so.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The trustees have established eligibility criteria for recipients of grants, relating to such matters as their length of missionary service, ill health, and age. For those who receive grants, the trustees also have to ascertain that they are “in necessitous circumstances” and this they seek to do in a sensitive manner.

RETIRED MISSIONARY AID FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Achievements and performance

The grants which the charity makes to members of the family form an important part of their income in old age, infirmity, and, occasionally at other times of need. The gifts enable them to retain dignity, avoid poverty and provide a modest standard of living. Letters of acknowledgement received from them frequently contain details of how these gifts have been used to meet financial needs e.g. heating bills, medical costs etc.

Public benefit

The trustees have regard to the Charity Commission's guidance on public benefit and operate the charity accordingly. Those within the family have varying financial needs and therefore some do not receive the usual quarterly grants while others receive reduced amounts. At other times the trustees provide discretionary assistance to some of the family when they are faced with unexpected expenses, e.g. following bereavement or illness. All is greatly appreciated and valued. The trustees consider that the activities undertaken by the charity were in furtherance of its charitable purposes for the public benefit.

Property

The charity has a leasehold interest in two bungalows at Eckling Grange, Dereham, Norfolk, including the right to nominate two persons, from among the charity’s beneficiaries, as the occupiers of them.

All funds are invested in trust for the charity. Surplus funds not required for immediate distribution in grants are invested in bank deposits, or stocks and bonds. The management of this investment portfolio is delegated to a firm of Stockbrokers on the London Stock Exchange.

For responsible and ethical reasons, high risk and unethical investments have never been part of the investment policy of the trustees, although they accept that the more secure investments generally provide a lower return. An investment policy approved by trustees guides the manager of the investment portfolio. It includes a benchmarking mechanism for assessing the broker's performance against agreed criteria.

The investment portfolio has increased during the year despite losses in revaluation and sale of investments, due to legacy receipts. Whenever possible the Chairman, the Treasurer and the Assistant Treasurer continue the practice of holding an annual meeting with the Stockbrokers as part of the regular review of the charity’s financial position.

RETIRED MISSIONARY AID FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Financial review

The accounts for the year ended 30 June 2023 accompany this report. The charity’s income included income from gifts of £568,550, higher than the previous year due to legacy receipts of £155,384. This was after deducting the provision of £60,000 at the last year end. It is important to recognize that legacy income will fluctuate from year to year. The trustees are indebted to trusts, assemblies and individuals who have again this year given generously in support of our retired missionary family.

The level of interest on gilts and bonds and equity dividend income was higher than in the previous year. Bank interest received was minimal due to low interest rates. The wisdom of a diversified investment portfolio has again been demonstrated during the year.

The charity exists for the long term financial support of retired missionaries. Therefore, and having regard to the nature of its income, and in particular the fluctuating value of legacies over the years, as noted above, a prudent disbursement of financial resources is made in an endeavour to balance income and expenditure. There has been an increase of approximately £83,000 in the year end reserve balance.

The trustees give no guarantee of continued financial support to the family who, as when on 'active service', follow the principle of 'living by faith'. It is clear from acknowledgements received that the quarterly support provided by the charity is greatly valued and often a significant part of their income.

The trustees have regard to the ever present possibility of further calls on the charity arising from the fact that there are a number of UK Christian Brethren Assembly missionaries who are over the State Retirement age and who remain 'active' overseas, but who are elderly and may at any time retire and be eligible to become part of the RMAF family.

The trustees bear in mind that some of the family members do not receive any grants from the charity and others receive less than the 'standard' sums. They also recognise, however, that if the financial circumstances of these members changed for the worse, then the call on the charity’s resources would increase considerably. It is estimated that if all the 164 members of the Family had been in receipt of grants in 2022/2023 then the amount needed for such grants would have increased from an annualised sum of £410,000 by an additional £133,000; an increase of 30%.

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

The potential increase in the number of beneficiaries and the additional grants needed for family members who receive little or no grant, coupled with fluctuations in income means that the trustees must ensure that the charity maintains sufficient reserves to enable it to continue with its support of family members without interruption. Reserves equivalent to two years' current expenditure is considered ideal, with the present reserve level being 2.2 times (2022 - 1.7 times) current expenditure.

The sources of principal funding are trusts, gifts from churches, investment income and legacy receipts.

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks and their effects.

Plans for future periods

Subject to the receipt of commensurate income, the trustees will aim to continue to provide, as in the past, financial support to retired missionaries who come within the objects for which the charity was established. However, they cannot offer any guarantee or commitment to recipients of grants concerning their continuation nor any commitments as to their level or frequency. Financial projections for the next 10 years show that the charity is likely to continue to be viable.

RETIRED MISSIONARY AID FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Structure, governance and management

The charity, which has been in existence since 1914, is a trust governed by a Scheme approved by the Charity Commissioners for England and Wales (Registered Number 211454) on 6 November 1998 as amended on 30 October 2002.

The trustees who served during the year and up to the date of signature of the financial statements were: R Bennett

A Jessop R Herbert J A Lower A B Griffiths J Mitchell D Henderson E J Noble N Turner W Downs E Barr P Phillips A H Smith E Greig H Griffiths (Appointed 3 November 2022)

Trustees were appointed by the Scheme and any new trustees are appointed by resolution of the existing trustees in accordance with the Scheme. New trustees are selected on the basis of their willingness to assist in the affairs of the charity, including visiting retired missionaries in their areas, and their acceptance of the basis of faith set out in the Scheme.

In order to provide a reasonably close contact with the beneficiaries of the charity, the trustees are drawn from a wide area of the United Kingdom.

The receipt and distribution of the funds together with all necessary correspondence are handled by the Secretary, the Treasurer and the Assistant Treasurer, who together with the Chairman and Vice Chairman, constitute the officers of the charity. Urgent business between meetings is delegated for decision by them and subsequently reported to the full body of the trustees. Occasionally, a sub-committee is set up to investigate and report on complex issues, with all decisions being taken by the full body of trustees. Other work required in order to maintain the work of the charity e.g. distribution of Christmas hampers, the sending of birthday gifts and overseeing the charity’s publications is carried out voluntarily by other trustees and their spouses.

Authority for executing these duties is agreed at the annual meeting of the trustees and in particular the level of disbursement of gifts, in cash or in kind, for the ensuing year is agreed at that meeting.

New trustees receive initial guidance on their responsibilities from the Chairman. Subsequently, they are kept informed of their duties and responsibilities at the annual trustees’ meetings.

An insurance policy is in place providing trustees’ indemnity cover up to £1M. No trustee receives any remuneration, but they are entitled to claim expenses incurred in carrying out their duties. In the year under review these amounted to £2,517 (2022 - £1,788), while administration costs were 2.9% of total expenditure.

RETIRED MISSIONARY AID FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

The trustees' report was approved by the Board of Trustees.

.............................. R Bennett Trustee Date: .............................................

RETIRED MISSIONARY AID FUND

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF RETIRED MISSIONARY AID FUND

I report to the trustees on my examination of the financial statements of Retired Missionary Aid Fund (the charity) for the year ended 30 June 2023.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

...................................

Mr P J Barton FCCA Art Accountants Limited Chartered Certified Accountants

Ground Floor 11 Manvers Street Bath BA1 1JQ

Dated: .........................

RETIRED MISSIONARY AID FUND

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2023

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 3 534,695 421,816
Investments 4 33,855 33,317
Total income 568,550 455,133
Expenditure on:
Raising funds 5 7,041 7,352
Charitable activities 6 470,396 489,548
Total expenditure 477,437 496,900
Net gains/(losses) on investments 10 (8,150) (115,124)
Net movement in funds 82,963 (156,891)
Fund balances at 1 July 2022 856,289 1,013,180
Fund balances at 30 June 2023 939,252 856,289

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

RETIRED MISSIONARY AID FUND

BALANCE SHEET

AS AT 30 JUNE 2023

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2023
£
6,428
96,149
102,577
(2,130)		 £
3
838,802
838,805
100,447
939,252
939,252
939,252		 2022
£
61,893
100,232
162,125
(3,989)		 £
3
698,150
698,153
158,136
856,289
856,289
856,289

The financial statements were approved by the Trustees on .........................

.............................. ..............................
R Bennett J A Lower
Trustee Trustee

RETIRED MISSIONARY AID FUND

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023

2023
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
17
110,864
Investing activities
Purchase of investments
(284,951)
Proceeds from disposal of investments
136,149
Investment income received
33,855
Net cash (used in)/generated from
investing activities
(114,947)
Net cash used in financing activities
-
Net decrease in cash and cash equivalents
(4,083)
Cash and cash equivalents at beginning of year
100,232
Cash and cash equivalents at end of year
96,149		 2022
£
£
(135,152)
(30,431)
78,213
33,317
81,099
-
(54,053)
154,285
100,232

RETIRED MISSIONARY AID FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

Charity information

Retired Missionary Aid Fund is a trust governed by a Scheme approved by the Charity Commissioners for England and Wales on 6 November 1998 as amended on 30 October 2002.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

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

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

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

RETIRED MISSIONARY AID FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings Over the term of the lease Fixtures and fittings 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

RETIRED MISSIONARY AID FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

RETIRED MISSIONARY AID FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

3 Donations and legacies

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 379,311 318,510
Legacies receivable 155,384 103,306
534,695 421,816

4 Investments

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Rental income 5,608 5,290
Income from listed investments 27,240 27,934
Interest receivable 1,007 93
33,855 33,317

5 Raising funds

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Investment management 7,041 7,352
7,041 7,352

RETIRED MISSIONARY AID FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

6 Charitable activities

Charitable
Charitable
Expenditure Expenditure
2023 2022
£ £
Gifts to retired missionaries 429,386 445,544
Gift vouchers and Christmas food hampers 9,518 8,537
Earmarked gifts paid to retired missionaries 19,110 17,375
Funeral grants 1,000 5,000
459,014 476,456
Share of support costs (see note 7) 10,382 13,092
Share of governance costs (see note 7) 1,000 -
470,396 489,548

7 Support costs

Printing, postage,
stationery and telephone
Sundry expenses
Trustees insurance
Meetings and exhibitions
Accountancy
IT expenses
Independent examination
fee
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
5,185
-
2,552
-
769
-
1,796
-
-
-
80
-
-
1,000
10,382
1,000
10,382
1,000		 2023
£
5,185
2,552
769
1,796
-
80
1,000
11,382
11,382		 Support
costs
Governance
costs
£
£
5,430
-
1,892
-
768
-
1,470
-
3,240
-
292
-
-
-
13,092
-
13,092
-		 2022
£
5,430
1,892
768
1,470
3,240
292
-
13,092
13,092

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

10 trustees received reimbursement of expenses amounting to £2,517 in the current year (2022 - 7 trustees - £1,788)

RETIRED MISSIONARY AID FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

9 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

10 Net gains/(losses) on investments

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2023 2022
£ £
Revaluation of investments (8,150) (115,124)

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

12 Tangible fixed assets

Leasehold
land and
buildings
Fixtures and
fittings
£
£
Cost
At 1 July 2022
2
1
At 30 June 2023
2
1
Carrying amount
At 30 June 2023
2
1
At 30 June 2022
2
1		 Total
£
3
3
3
3

RETIRED MISSIONARY AID FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

13 Fixed asset investments

Listed Cash in Total
investments portfolio
£ £
Cost or valuation
At 1 July 2022 698,150 - 698,150
Additions 265,594 19,357 284,951
Valuation changes (8,150) - (8,150)
Disposals (136,149) - (136,149)
At 30 June 2023 819,445 19,357 838,802
Carrying amount
At 30 June 2023 819,445 19,357 838,802
At 30 June 2022 698,150 - 698,150
14 Debtors
2023 2022
Amounts falling due within one year: £ £
Other debtors 6,428 61,893
15 Creditors: amounts falling due within one year
2023 2022
£ £
Other creditors 2,130 3,989

16 Related party transactions

During the year gifts as agreed by the trustees were granted to those close family members of the trustees as follows:

Mrs Sadie Noble (mother of Eric Noble) received £2,088 (2022 - £4,134)

RETIRED MISSIONARY AID FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

17
Cash generated from operations
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investments
Movements in working capital:
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Cash generated from/(absorbed by) operations		 2023
2022
£
£
82,963
(156,891)
(33,855)
(33,317)
8,150
115,124
55,465
(60,268)
(1,859)
200
110,864
(135,152)

18 Analysis of changes in net funds

The charity had no debt during the year.