No IM11250 ClYrMy R•gl*¥lkTh E￿land Nc4 219763 S¢thd No SC040432 Contents Annual r8F¥Jt a)d financial statements for the year ended 30 S8Ptember 2tr24 SIM International (UK) (A charitable company Ilmlted by guarantee and not havlng a share capltal) lrtd•p•nd•nt fBVt 11 Slknnort offinanclal xllvltlBS Ilncorpc*atlrwJ th8 aThl BalanGO shq6t 15 sITri Swvln9 In Mission UK 16 17 SIM INTERNATIONAL (UK) REFERENCE AND ADMINISTRATNE DEfAILS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Reference and administrative details of the Charity, iys Trustees and Advisers for trE year ended 30 September 2024 8re as follcYw8: REGISTERED COMPANY NUPABER O(*11250 CHARITY REGISTRATION NUMBER 219763 (England) SC040432 {S¢olarKI) TRUSTEES Mrs A Selty, Interim Chair. from 4th Aprl 2025 Mr B C Chandrasekar Rev J W Dyer. Cfrchair. until 4th April 2025 Miss C L Newman Dr C Reid Mr D B Thompson, Co£hair, untl 4th Wil 2025 IresvJned 23td September 2025) Mr Y Mengistu INoklegebreal Mr N R J Younge COMPANY SEcR￿ARy Mr T Walter5 (appointed 26th Febn￿ry 2024) Mr Tim Mddahon {resigned 26th February 2024) REGISTERED OFFICE 6 Trust Court Histon Cambrhjge Cambr¥Jgeshire CB24 9PW INDEPENDEKf AUDITORS Price Bai* LLP Tennyson House Cambridge Business Park Cambridge CB4 OWZ BANKERS Bardays Bank P 543 Norwood Road West NOr￿A)d Ro*1 London SE27 9DW SOLICITORS Edward Connor SolicTt(X5 10 The Point Market Hathwh LE16 7QU SIM INTERNATIONAL (UK) (A Company limited by guardntse. No: 00611250) (Charity No: 219763) TRUSTEES REPORT FOR THE YEAR ENDED 30 SEPTEPABER 2024 The TTUStees. are also DiT￿rS. have pleasure in We￿Ing their rewjrt together￿th the auditwj finandal statements for the year ended 3¢￿ September 2024. Governlng Instrument The governing instrument for the charitabie company rthe chariWI i8 its Me￿￿)randUrn and Articles of Association. The ¢harty is a company ino)rporalgJ on 15 September 1958 limited by guarantee and nol having share caprtal. The tharitable ￿MpanY was originalty ino)rp)rated as Sudan Inter￿rMis￿On (Unrfed Kingdom) thited. Subsequent rr￿rgerS with Andes Evangelical Mission in 1982 extended the workto South America, with Intemational Cht7sban Fellowshp in 1989 ajded fields in Asia. and wth AfrKa Evangelical Fellowship (previousty SAGM) in 1998 extended the work further into Southem Afri￿. The merger with MECO UK & Ireland in 2016 extended the w(Kk ofthe missi)n into the MKldle SIM Intemational (UK) I'SIM Url is the UK ami of SIM, the global mww)nary agenvi fsim.). 'Semng In Miss￿n. 1$ a worknng name of SIM Intsrnat￿naI U Struc￿18, Governance and Managemenl The following We￿ Trustees for the whole of the pwknj frcffi 1st Cttober 2022 to the date of this report unless othemise ststed.. Mrs A Selby, Inlerim Chair. from 4th Awil 2￿25 Mr B C Chandrasekar Rev J W Dyer, Co£hair, until 4th Poril 2025 Miss C L Newman Dr C Reid PAr D B Thompson, Co£hair, until 4th April 2025 (restr3ned 2yd September 20251 Mr Y Mengistu IAbklegebreal Mr N R J Younge A new director, on appOIntr￿n( ￿1Ve5 a full t￿leffing on the charity, its governan￿. it5 obJxtive5 and how these affj to be ath[ev￿ through rts vision and wrF*X6. Tw$tees normalty serve for a pertod of three years and nw then te rewete¢led. The Board, whlch consists of the directors. is enttlled to nominate and appoint directors. The Board usually meets quarterty. and members represent a range of relevant expeTience including mission. finar￿e. business. human resources and operations. arhy a commrtment to Serving In Mission's vision, mission and values. All directors gr¥e of their time freetry and no Board director received renumeration dUT￿g the year in their role. SubwcommitteeB The Board uses sU￿e0mMitteeS to help govem the operations ofthe dlarity and on *thlch appropriatety qualified indr•iduals serve, as follryws.. FIna￿e and Legal Committee Mr D B Thr￿DPS0n, Chair- resigned 23rd September 2025 Mi$$ K Dryer- ￿igned 111 O¢toter 2024 Dr A Harris- resBJned 25th September 2025 Mr P Shel*- resigned 25th September 2025 Mr N R J Younge- appointed 1* September 2025 Mrs A Selby. Chair- apF￿￿rtted 4th Noventsr 2025 People Committee Rev J W ￿er, Chair, from 4th Awil 2025 Miss C L Newman Mrs A Selty, Chair. until 4th April 2025 SIM INTERNATIONAL (UK) (A Company Ilmlted by guarantee. No: 611260) (Charity No: 219763) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Operational Management There are five prinupal officws who rrAnage the day to day OFeratK>ns of the chadty: Mr5 D C Agnes Interim UK Director (resigned 31si December 2023) Mr A Hawkes UK Director (appointed 151 Juty 2024) Mr T Mcmahon Mr T J INalters Inte￿rn He•J of Finan￿ IresFJned 261h February 2024) Head of Finan￿ (appointed 26th February 2024) Mrs E Launchbury Head ol OFerations (appointed 14 January 2024) Mrs H Boxall Head of Mission Personnel & People Mr J Beggs Head of CommunKalions & Engagement Remuneralion of management personnel The Hnance and Legal committee have responsibility for proposing the annual salary budgeL The People Committee revw saLqry polry and salary structures, with s2￿rieS benchmarked, when necessary, against other UK missN)n agencies within the propowy annual salary budgeL Proposed changes a￿ recommended to the Board. Voluntsors Servlng In Mission uses volunteers to assist the key management in the day-to4ay operations of the charlty. Some run prayer groups.. others take Spe￿ roles that use their sknlls and experience. ststoment of Tntsle•s' responsibilities The Trustees are responsib￿ for preparing the Truslees. Annual Report and the financial ststements in accordance with applicable law and United lQngdom A£¢ountirKJ Standards {United Kingdom Generally Accepted Accounting Practice). This report prepa￿ In accordance with the sFecial provisKJns of Part 15 of the Companies Act 2CKb ￿k￿￿'ng to $mall ent.1￿. The UK Director is appointed by the Trustees to manage the day to day operati￿$ and stratsgy of the tharity within the apwoved teryns of reference approved by the Trustees. Company law requires the Trustees to prepare financial siatements for ea¢h financial year. Under company ￿ the Trustees must not apptove the finanaal statements Un￿$S they are sattsfied that they gNe a true and fair ￿￿eW of the state of affairs ofthe charl12b￿ company and of the incoming wources and applicat￿n of resource5. induding the income and expenditure, of the charitabie Company for that peric*J. In preparing these financial statements, the Trustees are required to: select suitable a(xyJunting ￿]￿leS and then appw them C￿$*•n￿. ObSen￿ the methods and principles in the Charihes SORP 2020 {FRS 102),. make judgements and esttmates that are reasonabie and prudent state whether applicab￿ UK accounting standards have been folk7ued. subieci lo any material departures dtsclosed and explained in the financial ststerrents: and prepare the financial statements on a going concern b￿S unless it is InapF￿priate to presuwe that the charity wll o)ntinue in operation. The Trustees have overall responsibilty for ensurirnj that an appropriate system of wntrols, financ$81 and otherwise is maintained. They are responsib￿ for keeping adequale accounbng records that disck)sè with reasonable accuracy at any time the finan¢i4 F#)Sition of the charrtable company and enable them to ensure that the financial slatements comFty with Companies Act 20C6. They are also responsibie for safeguarding the assets of the thartsble company and hence for taking reasonable steps ts the PreVent￿n and detectton of fr8ud and other irregukribes. In 50 far a5 the Trustees are avrare at the time of approviry thk8 report there Is no retevant infonnalion. being Ithny￿1[0n r￿ed by the audiltir in ¢onnection with SIM INTERNATIONAL (UK) (A Company limited by guarnntee. No: 6112501 (Charity No: 219763) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEYfEMBER 2024 preparing their report ofwhich the d￿ri13b18 company's auditor unaware.. and the Trustees, having made enquiries of felbovi directors and the organisat￿n.8 auditor thal they ought to have indNidually made, have each taken all steps that they are obliged to take as a dlrector to make theff6elves awa￿ of any ￿levant audit infornation and lo establish that the aud5tor is aware of that Infom*tlon. Rlsk management The Trustees togetherwth the UK Director have overall responsilxlty for risk managem8nt prttedures. A fonnal process is in place whth indudes the devdopment and per￿1￿ review of a comprehensive risk register identifying and putting appropriate Control rroasures in place for the management of key organisational risks. The Operational Management team are responsible for compiling and managing the risk reglster and present the risk register to the Trustees to review. Steps are taken io mttsgate those risks that have teen assessed in the light of both the severity and the likelihwy of each r*k. Rlsks identsfjed have been grouped into the folk)wng categories: Governan￿. Operational. Personnd. Finawal. Reputational, Extemal and Strategi The specific risks Idenltrted as Seve￿ and Fyxsibk over the near- to mi(kterm were: Recruthng new Trustees vrith varied $￿IL$. Data breach indLbJing GDPR cDmpliance. Employee1055 in key Servi￿ areas reSU￿ng in a reduction in operational capacity, inabilty to achieve strategic goals, and Increased likelih(￿ of failing to ￿et compliance requirements. Inability to have sufficient unrestricted reserves to fund yearty deficits, arising from repeated operational deficits that lead to kjss of confidence in the Organisati￿ by donors and subsequent drr4vntum in income that threatens the ch8rity's lon*term thanc4al sustainability. Eo)nomic uncertainty and ffinan￿1 $ustainabilty. Failure to successfully impleff*nt and deploy IT Systems and inadequato supp)rt services. Appropriats courses of action We￿ agreed to mthgate ajainst these rth. induding.. Establi5hrnent of a rvJorous and regular IT tthp regi￿ with contingew measures, a review of data prOteCt￿n prinryp￿ and practices. and initiation of a project to upgrade all the core IT systems. DC￿mentation of Standard Oterating Pr(￿edUreS, use ofthem to inducl new stsff and to bulld some redundancy of processes into the roles of existing staff. thereby protecting organisational knowledge. Establishment of Initiati￿ to dose the funding gap. Other key controls used include.. Fonnal agendas for regular Bt)ard and the Financ* & Legal and People Sub-commlitees meetings with minutes recnrded and aclion points noted.. Preparation of a Strateg￿ pkn generalty every 3 years from which business and operational ptans are developed., Robust finanaal management includiThJ t￿dgeting, forecasting and the presentation of managewent accounts to the Board, Final￿ & Legal sub-commtitee. scrutsni%ed agairtst agreed budgets. Cleady defined organisational stnjcture and lines of reporling.. Requisite FO1￿leS and pr(￿dureS Wh￿ are kepl under reviw, Strong, credible professional legal and xcounting in pL3ce" arKI Adherence to the Resefves poly. Objo¢lives and Activilies Our Vlslon A workl with a wtnes$ to Chrisys love Whe￿ he is least knrywn. discipl8s of Jesu5 expressing God's love in their wmmunities, arKI Christrfentsj churches amng all peoples. SIM INTERNATIONAL (UK) (A Company limited by guarantee. No: 611250) (Charity No: 219763) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 To do this, we work hand-in-hand with evangelKal churches and missionary partners to make disciples for Christ where he is least kntr•m'. send and receive gospel workers.. and equip people for cross- cultural missh)n. Our mlsslon are ¢tynpelled by God's great love and emp(Ywered by the Hoty Spirtt.. We cross ba￿lerS to pr￿laIM the crucified and risen Chris( expressing his ltr¥e and Compassion amng those wm) live and die wtthout him. We make discipfes who wrll trust arMI ow Jesus and beoJn* part of Christ-centred churches. INe work together with churches and parinern to fulfil Gcxj's mission across cultures localty and globalty. We facilitate the parli￿pab.0n in wJssnships to tell them about Jesus. 5. Theologlcal Educatlon Over the last 100 years the SIM famity has help&J to establish rrnny churthes in different untries, p8rticuL8ty in Africa where there are severailarge denominations bom out of the mission. These are no4V flourishing, Icalty run churches and we continue to partner with them, particularty in supporbng Theob3rcal Colleges aTrJ ProV￿J1￿g mFSSton workers to teach at them. Workers serving in Malz4Vi V#ith fo(yJs on te￿hIng at a Bible School for rnany years. Thvs includes formal lecturing and prc#Jucing StI￿ty guKJes. Workers serving in Namibia teaching at NamitrAa Evangel￿4 Theobgtcal Seminary, helping to traln local Pastors and mlssw thers. Workers in Northern Nigeria ￿ere they LM)Ih teach at Tofa Th￿[091￿ College. training local Pastors and supporting the ECWA church. 6. Compassion In many pla￿ *l)ere SIM wofk. ￿ en￿)unter a rarvJe of Mues related to poverty and injusttce where people need help and support. Vk have workers helping to run and support these projects and funds are raised from the UK to support this work. Often these acts of compassion open peopie's hearts to the gospel rrE5sage and see people ccffling to fahh In Jesus. A few examples of thts are: A worker serving in Peru where Ihey supwrt ILVI churches with OLrtreach rn small ￿￿ntain villages- providing simple water filters and gNing trainiTrJ on water hyg￿￿ as well as associated Blble tea¢hing aboul Living Water. Vlorkers INirKJ in Malw for rrony years; their main ffinisty ts as a rtysiotherapist and they have a heart for reaching chiklren with ￿rebral pa*. Workers in Nigeria where they serve as a phYS￿therap1$t and working with Children in deprived areas of th￿r cty. A worker 15 a Special Needs Teacher in Bolv•ia tNhere Iheir mini5ty is provKling sUPPOrt group5 for parents. as well as free ￿)rkShopS fur the kids themselv8S. 7. Engage Our Engage programm enables cross-¢uttural mtssion Vrithin the UIQ Workers are currenlty placed wlh ¢hur¢hes In London, Ro¢hdal¢, Blackbum, and GLqsgtyw. These mission workers build re￿t￿nshipS in diverse communities and are regularly seeing people corn£ to Pdith. SIM INTERNATIONAL (UK) (A Company limitsd by guarantee. No: 611250) (Charity No: 219763) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 8. Intematlonal leaders SIM is a global organisation working in 70 ¢oUnt￿$ worlth"de. Each SIM off￿e 15 an independent enty. SIM UK has wrykers ser¥iw in leadersh￿) roie5 with these 8ntities or as part of the Intemational leadership team. 9. UK bas•d Stsff T￿M In Juty 2024, the Board of SIM UK apwnted a new UK Director- Alex Hawke. to ￿ad the organisation in the UK. Aso app)inted in 2024 was a nff4V Head of Finance- Tim Walters. and a rwi Head of opera￿n$ - Emrna Launchbury. The team continues to recruit and train new mission workèrs, pmwde finanaal 5ervKes arKI pastoral suptKJrt to all our workers. encourage supporters to pray, and donate to our worK and with the thal thurGh to encourage th8m to ￿ invofved in wortd misston. Public Benefit The Trustees adhere to the Charity CommissKJn's guKlarKe on publ￿ benefit and, in particular, the S[￿fiC guidance offered to chanties for the advanCe￿￿t of ￿lIgIOn. The charity's Obi￿ts include advancement of religion. As explained in the R￿leW of ktivities set out above, the Charty has addressed a range of such public benefft purposes including: Enabling people to kn(M of and live cmrt the Gospel in felknvship wilh otrer tellevern and In Ilv8s of servtce within their communitses. Facilitating people to leam more alxmrt the Chrislian faith and in the deepenng of their trust in Jesus Christ Providing bi￿1¢￿ crossout ts dwity's or any Individ￿,$ fvndraislng a¢livities in the year. Flnanclal Revlew Income for the year Wds £4.461,053 compared to £4,259,984 ts the previous months - increase of 4.7%. Vblthin this income fyure, donations for miswnarEs, SIM ministy, and projects amounted to £3,943,880- 8 decrease ofO.03% ￿rnpared to the previous yearof£3,953,869. Voluntary contributions provided towards the cost of supporbng missionaries and projects were treated as income restricted for mlssk)naTies and projects in ￿￿ordar%% with Donorwishes. Total expenditure was £4.761,931 o)mpared to £4,576,208 in 2023 - an inCr￿e of 4.1%. Thls expendlture increase serviced the same number of miss*Jnarres as in 2023. As in previous years the main financial risk remairts the rel￿9n￿ on unrestricled donated irwme. The Trustees require this income stream to develop and deliver the strategK objectives. A Ser￿ of fundraising and communteal￿￿ initialNes cAynffetKed in 2024 and has resulted in a growth in enquiries. Our main fvnding s(wrce is donatFons from Ih)usarth of individuals and over a hundred churches. Most of these give lo support missKJnaries kncrwn personalty to them. Our experierKe is thal these supporters and churct* remain loyal and genemus in their SUPPLYt even during e(X)nOm￿ uncertainty. Investment poliGy The Trustees have approved an investment Folicy Wh￿ seeks to balan(* appropriately be￿een total retums on funds invested and an a￿ptable level of risk. This is achteved by allocating fvnds between tirne horizons. Short tem fvnds (up to a year} are invested in approprtate cash dewsits. Medium tem) fijnds {one to five years) are invested in a combination of cash dewsits. fixed interest instruments and equty-related instrurnents not exceeding 25% of the total funds invested for medium temi. Long tenn funds lover fNe years) are invested in a comtrAfb3tion of ￿ed interest instruments and equty-rekqted investments. The Trustees, objective of ensuring thathjnds are invested in tKJrtft)lios ihat are well-drverstfied and with level of risk commensurate bwth that deemed appropriate. has been achieved through corrtinuing to Invest in the Charitrak crynr￿n Investmerrt FUTKI, managed by Bkickrock and st￿￿cal￿ designed for charibes. The Fiagstone invesln*nt serv1￿$ account provNJes ￿8$$ to fixed-temi deposit accounts by a Large variety of financial inslttubons. This *¢ount was also u$8d to fv funds in modiunFte deposit accounts. Investment positions are currenty held in pC￿led Equrli88 and cash in stth alltications. In order to". Intrc#Juce a more active overstght and mana9errtht of iwestirtht allocations c#)nducted by dedtsted spe¢iaists Broaden the scope of asset class exposures to indude prroety, b)nds, infrastructure, global versus UK equibes Maintain cost efficiency relatr¥e to the serniice rec&Ned To provide a¢¢ess to bespoke advice as part of a service package a mU￿￿asset portrolio was Identified. It was proposed that some of the cUrr￿t investments be transitioned to mu￿-asset portfolio in subsequenl years Ros•rv•s policy The Trustees have wJreed that Su￿ent reserves wll be held to ensure Ihe Sustainability ofthe charity's strategy through the general ￿Onom￿ cycle. A£cordingty. reserves wll be held to cover at leasi 6 months of General Fund expenditure plus any eX[￿ted deficiis over the nexl Iwo years. The Trustees review the level of reserves on a quarterty basks and conshder that suffKient monies are held in the Generdl Funds to Satisfy this pjly. At the balance sheet date, the chanty's unrestricted reserves stood at £2,326,96712023: £2,231.7251. whth TKas regarded to be n line with thk% p)IiGy. SIM INTERNATIONAL (UK) IA Company limited by guarantee. No: 611250) Icharfty No: 219763) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Post balance sheet events There Y￿re no material events Ihat 0￿Urr￿j after the balance sheel date. Golng Concem The Twstees believe there are no material uncertainties th* cast signik8nt doubt ab)ui the ￿Mpan￿5 abilty to c¢ntinue as a going o)nwn and the finawal stateffents have been prepared on this basis. Audllor Price Baiky have Induted their wiillngness to conlinue in offKe as irKlependent auditors of the 2025 accounts. Thls report is prepared in ac￿rdanCe with the spe4?al provisions of Part 15 of the Corrpanies Act 20( relating to small entities. Thls report was approv￿ by the Board of Tn￿1¢¢8 on 7th Novemb¢r 2025 and slgn¢d on thelr behall by; Mrs A Selby, Interim Ch8ir 6 Trust Court. Histon Cambridge CB24 gPW Date 7 November 2025 10- SIM INTERNATIONAL (UK) (A Company limitsd by guarantee. No: 00611250) {Charity No: 219763) INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES. OF SIM INTERNATIONAL (UK) FOR THE YEAR ENDED 30 SEPTEAIBER 2024 Oplnlon We have audited the flnanclal statements of SIM Intemath)nal (UK) (the 'charitable Company,) for the year ended 30 Septsmber 2024, which comprise the Statement of Financial ActNities, the Balance Sheec the Statement of Cash Flows and notes to the financral ststements. including a summary of significant a¢¢ounling policies. The financial reporting framework that has been appl￿ in their p￿ParatIOn is applicable Low and United KirwJdom Accounting Standards. induding Finawal Reporting Standard 11Y2 'The Financlal RerKJrting Standard applicable in the UK and Republic of Ireland. {United iQngdom Generally Accepted knounting Practice). In our opinion the finanual slaterrents: give a true and fair view Lrf the state of the chaiilable Company's affairs as at 30 September 2024, nd of its incoming resourceB and applKatson of resourcx. indudiry lis incx>me and expenditure, frjr the year then eThJed" have been properfy pryed in ￿rda￿e with United ￿ngdoM Generalty Accepted Accounting Pracaice" and have been prepared in accordance wth the ￿qUI￿rne￿ts ofthe Companies Act 2006. the Charities and Trustse Investffent (Scotlandl Act 2005 and regulatKJn 8 of the Charities Acxounts (ScotLand) Regulaltons 2￿. Basts for oplnlon We condLKted our audit in accordan￿ with Intemabonal Standards on Audibng {UK) IISAS (UK)) and applicable law. Our reswnsibilibes under those standards a￿ fvrther d&scribed In th8 Auditorfs resFonsibilibes for the audit of Ihe financial ststements se¢lb)n of our reporL INe are independent of th& charttable Company in accordance with the ethical ￿lU1￿￿ents that are ￿levant to our audit of the financial statements in the United Kingdom, incI￿ling the Fina￿lat Reporting Council's Ethical standard, and we have fvIfiIW our other ethical responsibiliiÈs in accordance with these requirements. We believe thal the audrt eviden￿ we have obtained is sufficient and apF￿prJate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to reFXNt in respect of the foll￿1ng matlers in r￿at￿￿ to wh￿h the ISAS (UK) requwe us to report to you where". the Trustees, use of the go1￿ Col￿n basis of xcounting in ttle weparation of the financtal ststeffEnts is not appropriate" or the Tru$lees' have not disdosed in the finanoal statements any identif￿d material uncertainiies that may cast signfftant doubt about the charitable Company's abilty to o)ntinue to adopt the going concem basis of accounting ft)r a ￿N)d of at beast ￿e[Ye I￿nthS from the date when the financial statements are authorised for ￿Ue. Othèr Infonnatlon The Truslees are responslble forthe other irrfOr￿th. The other infO￿ation (￿lpriSeS the InfO￿atIOn included in the Ttustees, Annual ReFrt other than the financkql statements and our Audilorfs Report thereon. Our opinion on the finanual ststements not o)verthe other infomation and, except to the extent othepwise explicitty stated in our report, we do not express any fomi of assurance conclusion thereon. In conneclton V￿th our audit of the finanua statements, our responsitmlfy to read the other information and. in doing so, consider whether the other Infrymation 15 materialty inconsistent with the financial ststements or our knovAedge obtsined in the audit or otherwise appears to be materialty Trwsstated. If we identify such material inconsistenThes or apparent material misstalements, we are required to delemine whether there ts a material misstatement in the finanaal stateryEnts or a material misstatement of the other information. If, based on the work we have Ferforn￿d, we cortlude that thère is a material nwsstatement of this other infomHtion, we ￿ required to report that faGL have nothing to report in this ward. 11 SIM INTERNATIONAL (UK) (A Company limited by guarantee. No: 611250) (Charity No: 219763) INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES. OF SIM INTERNATIONAL (UK) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Opinion5 On other matlers prescribed by the Companies AGt 2006 In our opinion, based on the th undertaken in the o)urse ofthe audit the information gNen in the Trustees, ReF￿ for the financial yearfor which the financial stste￿￿nts are prepared L8 consistent wrth the financial slateff￿ftts', and the Trusteè's R&p)rt has been prepared in *￿r(lan* applKable *al requrements. Matters on whlch we are requlred to report by exception In the light of our knowledge and understanding of the chantable Company and its environment obtained in the course of the audc we have not hjentified material missiatements in the Trustee's ReporL We have nothlng to reFYKt in resFeCt of the followlng rnilers in relation to whth the Companies Act 20C6 and the CharilEs and Trustees InVeStr￿nt (Scouandl Act 2005 and Charities Accounts (Scotland) Regulations 2CIX requires us to ￿pOrt to you rf. in our opinK)n: equate attountlng records have rth)t been kepL or relum$ adequate ¢)ur audit have ￿t been ived from branthes nol visited by us: or the financial statements. are not in agree￿nt *ith the accounting records and retums" or certain disdosures of Direths, remuneration sEw￿d by law are not made: or we have not received all the infomBth)n and explanation$ * requ1￿ for wr audit., c the Trustees were not entrlled to prepare the financial st*ments in accordance the small Compank8S' regime and take advantage of the small Compan￿. exempbons in preparing the Directors, reFXNt from the requirement to prepare a strategtc repcrt Responslbllltles of Truslees As explained rrK)re fulty in the Trustees. responsibilittes statemen( the Trustees {who are also the Directors of the charitabte 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 v￿, and for such internal control as the Trustees, determine is necessary to enable the preparation of financHI stateffEnts that are fr* from malerial mi￿tatement whelher due to fraud or error. In preparing the financial state￿Ents, the Trustees are re5Frf)nsible for assessing ts ¢harrtable Company's ability to continue a5 a going GOn￿m, disdosing, as aPpl￿ble. matters retated to going n￿rn and using the going concem basffs of accounting unless the Trustees either intend to liquidate the charltable Company or to cease operations, or have realistic a￿ernative but to do w. Auditorfs respon8ibilitlos for the audlt of the flnanclal stalements Vrfe have been appointed auditor under section 4411)(c) of the Chariues and Trustee Investment {Scotland) Act 2005 and under the Companies Act 2006 and rew)rt in XCOrdan￿ wlth those Acts. Our objectivès are to obtain reasonable assuran￿ abc*rt whether the financial statements as a whole are free from material misststemen[ whether due to fraud or error, and to issue an Audrtorfs report that indudes our opinion. Reasonable assurance is a high ￿1 of assurance. but is not a guarantee that an audrt conducted in acccydance with ISAS (UK) will ahvays detect a material misstatemèntwhen il exists. Misstatements can arise from fraud or error and are cx)nsKlered material rf, iTrJrvidualty or in the aggregate, they could reasonabty be expected to influence the economtc decis￿)n$ of users taken on the basis of thes• finan¢ial $talements. Irregularities, including fraud. are instances of n0n-Q)Mplian￿ with laws and regulations. We design pr￿￿ureS in line with our responsibilities. ouuined above, to detect material misstatements in tespect of irregularities, inclthling fraud. The extent lo wh¢h our procedures are capable of detecting Irregulariknes, induding fraud ts detailed behm. We gained an understanding oflhe *al and regulaty framework appl#*le to the charitable company and how it (werates and considered the risk of Charitab￿ {￿panY not complying with the applicable laws and regulations including fraud in particJJlar those could have a material impact on the financial statements. This included those regulatM)ns dir• related to the financial State￿￿ts. This included employment financial reporting and heaith & safety. 12- SIM INTERNATIONAL (UK) (A Company limited by guarantse. No: 611250) (Charity No: 219763) INDEPENDENT AUDITORS, REPORTTO THE TRUSTEES, OF SIM INTERNATIONAL (UK) FOR THE YEAR ENDED 30 SEPTEMBER 2024 The risks were discussad with the audit team arKI we rernain8d alert to wi indicabon5 of non. compliance throughout the audiL ￿ carried out s[￿r￿ pr￿edureS io address the risks identif￿d these included the following: We reviewed systems and prc¢wJures to K1entsfy potential areas of managewftnt overrwje risk. In particular. we carried out lesting of j¢)umal entrres. reviewed the a￿oUntIng ￿￿1¢18$ of the dRrity to ensure that Ihey ￿Ere free from manage￿t bias. We revlewed minute5 of Trustee Board meetirvJs and agreed the financial statement disclosures to undedying supporbng documentation. We have made enquiries of ManageTr￿ and offkers ofthe charitabk company regarding laws 8nd ulatlons applicable to the organIsat￿n. We reviewed the risk Man￿ement pr(X*s￿ and procedures ri place for Board assurance reporbnglOSCR. INe have reviewed any cO￿e$r￿￿den￿ with the Chartty CommissKJnlOSCR and reviewed the procedures in place for ts ￿porting of I￿￿￿ents to the Trustee Board including serious incKlent reFthrng of ary s￿h matters rf necessary. Because of the Inhe￿nI limitations of an audl there a risk that we will not detect all inEgularities, including those leading to a material Misstate￿￿1 in the financral statements or n0nve0mplian￿ with regulation. This rtsk increases the that compliance a law or reguLqtton is removed from the events and transacltons refiected in the financial statements, as we will be less likely to become aware of instances of non-complianc£. The risk is alx> greater regardirvJ irregularities occurrirwj due to fraud rather than error. as fraud irwofves irrtentional ￿nCeal[rAnt tsgery. collusion. omission or misrepresentation as to wthat extent Ihe audit was Cons￿ capable of detecbng irregularities, induding fraud. A further description of our responsibilities ft)r the audit of the finandal statements is Iccated on the Financial Reporting CoUn￿1.S websrte at. vMw.frc.org.uklauditornrespMsibilities. This description fomis part of our auditorfs reporL We Communicate with those tharged with govemance regarding. among other matters, the ￿anned scope and timing of the audr( and significant a￿lIt firKliThJs. including any significant dekiencies In internal control that we identify during our audit Use of our report This rep)rt is made solely to the charitable o)mpany's ￿MberS as a tody, in accordance with Chapter 3 of Part 16 of the Compan*s N£t 2006 arKJ to the charitable o)mpany's Trustees, as a bc¥Jy, in accordance wilh Regulation 10 of the Charities A￿￿nts {Scotland) Regulations 2006. Our audit work has been undertaken so thal we might stale to the charilable Company's members those matters we are Nuired to State to them in an Auditorfs re￿rt and for no other purpose. To the fullest extent pemiitted by law. we do not a¢￿pt or assume responsibility to anyone other than the charltable Company and the dlaritable Company's TrEmber5 as a body. for our audit worK for this report or for the opinDns we have fomied. Suzanne Goldsmith, FCA (SenKJr Statutory Audiior) For and on behalf of. Prfco 8al*y LLP Statutory Auditors Tennyson House Cambridge Business Park Cambridge CB4 OWZ Date" 24 November 2025 13- SIM INTERNATIONAL (UK) {A Company limlted by guarnntee. No: 00611250) (Charity No: 219763) STATEMENT OF FINANCIAL ACTNITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Funds Funds Funds Funds Total Total INCOME FROM Donation5 Legacies Investments Other in¢ome 231.456 89.217 192,774 3.943.880 126 4,175,336 4,154,924 89.343 34,3 192.774 61,082 3,600 9,588 TOTAL INCOME 517,047 3.944,1)06 - 4A61,053 4,259,984 EXPENDttURE ON Raising funds Charita￿e actNiti8S 21.924 460.648 21,924 17,177 4,740,007 4,559,031 28,382 4,250.977 TOTAL EXPENDITURE 6,7 402￿72 28,382 4,250,977 4.761,931 4A76,208 NET (EXPENDrruREV INCOME BEFORE INVESTMENTS GAINSIILOSSES) 34,475 (28,382) (306,971) 1300.878) (316,224) Net gains l (losses) on invèstments 57.438 57,438 58,274 Transfers betsveen 3,329 6,786 (10,1151 NEf IAOVEMENT IN FUNDS 95,242 121W6) 1317.086) 1243A401 1267,9501 RECONCILIATION OF FUNDS: TOTAL FUNDS BROUGHT FORWARD 18 2.231.725 828.388 1.775.832 193.645 5,029.5W 5,287,540 TOTAL FUNDS CARRIED FORWARD 18 2,326.967 806.792 1A58.746 193,645 4,786,150 4029.590 I Income and expenditure derive from contlnulrYJ activltits. The note8 on pgjes 17 to 37 form p#rt oftlwe fi￿￿al statemgth. 14- SIM INTERNATIONAL (UK) (A Company limited by guarantee. No: 00611250) (Charity No: 219763) BALANCE SHEET AT 30 SEPTEMBER 2024 2024 2023 FIXED ASSETS Tangible assets Intsngibie assets Investments 10 610,521 11 2.131 12 1,630.796 619,753 2.841 986.565 2,243.448 1.609.159 NON CURREKf ASSETS Debtors falling due after rnore than one year CURRENT ASSErs Debtors Investments Cash al bank and in haTMJ 13 201.197 14 1,266.469 15 1.638.133 584.392 1.198.724 2.337.719 3.105.799 4,120,835 CURRENT LIABILITIES Cr&Jitors.' Atrnunts laling due wlthin one year 16 (563.09n (698.g891 NET CURREKf ASSErs 2.542.702 3.421.846 TOTAL ASSETS LESS cuRRETr￿ LIABILITIES 4,786,150 5,031,005 NON CURRE￿ LIABILrriES Defined benefit pension xheffe liability 16 (1.4151 NET ASSETS 4,786,150 5.029,590 THE FUNDS OF THE CHARrrY: Unrestricted funds Desrgnated funds Restricted funds Expendable endowThnt funds 2.326,967 806.792 1,458,746 193.645 2,231,725 828.388 1,775,832 193,645 18 4.786.150 5,029,590 The notes on page 17 to 37 fomi part ofthese acxoun These ￿t￿nts are weparèj In accc¢d8rte *ith the ¥￿1 Prov￿lt￿￿ of Part 15 ofthe Companle8Act 2CK6 laling to Small enbts'es. The financial ¥tatem8nls ware approvwj arKI fly ￿ by Board ¢)n 24° Septsmber 2025 and signed on their behJf, ty: Mrn A Selby, Interim Ciiwr -15- SIM INTERNATIONAL (UK) (A Company limited by guarantse. No: (M%11250) {Charlty No., 219763) STATEPIIENT OF CASH FLOW FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Cash IIM from op•rating aetivities Net cash used in operating activtl (233,206) (98.454) Cash flows from investing activities Purchase of propety, plant and equIp￿nt Investment sales & maturities Investment income 14,6161 (30,6551 192.774 61,082 Net cash Inflow from inv¢8ting activil 157.5 61,082 Change in cash and equlval•nls In the year {75,703) (35,372) Cash and cash equr4alerts at the beginnirKJ of the year 21 3.818.498 3,853,870 Cash and cash equlvalents at the end of the year 21 3,742,795 3.818,498 The notes on page 17 to 37 form part of these 16- SIM INTERNATIONAL (UK) {A Company limited by guarantee. No: 00611250) (Charity No: 219763) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 GENERAL INFORMATION AND COMPANY STATUS SIM Intemational {UK) is a Charity that is a PrNate Limited Company by guarantee whtch is registered in England & Wales (company number. 0(￿11250}. (charity number. 21976318nd also Scotland {chanty number. SC040432). The priwpal offKe 6 Trust Court, Histon. Cambridge, England, C824 9PW. The 9 (2023- 9) nwmbers ofthe charity ￿￿lse the Trustees. The principle activty ofthe charity is to develop and encourage interest in Christian Missions and, ith churches, lo train and send MISS￿orieS to and from Europe. Afr￿. South AmeTiGa and AccoupillNG POUCIES 2.1 Basls of preparatlon of flnanclal stalemems The financial statements have been prepared in with Accounting and ReF#)rtlng by Charities.. Statement of RecoMrr￿nded Pract1￿ applicable to charthes preparing their accounts in accordan￿ with the Financial Rep)rting Standard appl￿ble in the UK and Republ￿ of I￿land IFRS 102) (effective 1 January 20191- (Chartties SORP (FRS 1021), the Financkql Reporling Standard appjh?b￿ in the UK and Republic of I￿rand (FRS 102), the Companies Act 2006 and the Charities and Trustee Investment Iscouand) Act 200S and regulation 8 of the Charities Accounts (Scotland) Regula￿n$ 2(th. SIM International (UK) meets the definiti￿ of a public benefft entity under FRS 102. Assets and liabilities are Initially rects3nised at historv21 cost ￿ tranS￿tKIn value unless otherwise stated in the relevant accounting policy. The accounts are presented in Brrtish Pound Stsding which is the functh)nal currew of the charity, rounded to the nearest Pound. 2.2 Fund accounllng Follwing the requlrements of the Statem8rt of Recornmded PraCt￿e all the funds of SIM IntsrnatK?nal (UK) have been anatysed over the dtfFerent types of funds which are:. Expendable end0vrn￿nt funds During the year the charity oblained approval from Ihe Charity CommissK)n to enable the charity to spend the capita] from the end0vny￿tt fund. Previousty the ¢apJlal had to be retwned but the inrxHne coukl be spent Restricted funds Restricted funds are funds which are to be used in a0￿rdance with specific restrictions imposed by donors or which have been raised by the charity for part￿lar purF#)ses. The costs of raising and administering such funds are charged against the S￿lf￿ fund. The aim and use of each restricted fvnd18 set oul in the notes to the financia ststenxnts. Unrnstri¢tod funds General funds a￿ Un￿tricted fvnd$ which a￿ available for use at tre disCret￿n of the Trustees in furtherance of the general objec1p￿ of the charity and wh￿h h8ve not been designaled for other purposes. Deslgnated Funds DesKJnated funds comprise unrestrthd fvnds that have been set asid& by the TN$t60s for parbcular purposes. The aim and use of deS￿nated fvrKI is set c*rt in the notss to tho finan¢tal statements. 17- SIM INTERNATIONAL (UK) (A Company Ilmlt•d by guarantse. No: 00611250) (Charity No: 2197631 NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 AccoupillNG POUCIES (contlnued) 13 Income Don•thxo and lega¢les Donated servThs or facillbes are recoJnised vthen the charty has control over the item, any conditions assttiated with the donated item have been rrf the r￿elpt of economic benefft from the use ofthe charity ofthe item is probable and that e(￿nomiC benefit can be measured reliabty. In accordance wth the Charities SORP {FRS 102), ts general volunteer time ig not recognlsed and refer io the Trustees. report for rrKKe informatKJn about their ¢ontribulv)n. Income tax recoverab￿ in reLation to donations I￿Ned under Gfft ANI or deeds of covenant recognised at the time ofthe donation. For legacles, entitlement is taken on a case-ty-case basis as the earfier of the date on which". the arfty is awa￿ that probate has been granted. the estate has been finalised and notlfication has been made by the executor(s) to the charity that a distri1￿tion will be made. or when a distribution is received from the estate. Receipt of a legacy. in Who￿ or in part, is onty considered probable when the amount can be measured reliabty. and the charty has been notified of the executor's intention to make a distributTh. If the legacy is in the form of an asset other than cash or an asset 1Ssted on a recognised stock exchange. recognibon is subiecl to the value of the asset beirvJ atle to bo reliably m8asured and tiue to the asset has passed to the chanty. ￿￿ere legacies have been notified and the charity is aware of the granting of probate. and the criteria for Inco￿ recognitK)n have not been me( then the legacy is a treated as a contingent asset and disck)sed rf material. 2.4 Inveslment income Interest on funds hekl on deF*)Sit Is induded when ￿l¥abSO and the amount can be rr￿ured relrabty by the charity; thks i8 nomBlly upon notrkatron ofthe interest paid or payable by the Bank. Diviéends are re￿nISed orKe tre dr¥hJend has teen deCla￿d and nots'fication has been received of the dividend due. Thi8 is nomBIty up)n notif￿￿10￿ by the investment advisor of the divideTKI yleky of the investment porttolNJ. 2.5 Ponsions Delln¢d ¢ontrlbullon P￿￿10n sch8m•- wnploy••s The charty operdtes a defined contributh)n pensron s¢heffe wilh Scottish fDr employees of the charity. The pension charge represents the amounts payable by the charrty to the fijnd in respect of the year. The assets of stt*eme are held separately from that of the chaiity in an independenuy administered fund. Dofined hnrfrt p￿￿10n schem? The charity paitipates in a defined benefft pensk)n scheme wth The P8nsions TrusL The cost of defined benefft pension plans arKI other pTht-8mpkny￿nt beneffts are determined using actuarial valualb)ns. The actuarial ValUa￿n invO￿eS rnaknng assumptions about dk%count rates, future salary inwses, mortalty rates and future pension increases. Due to the complexty oflhe valuation, the undedying assumptions and the bng-tem rklture of the* plans. such estimate5 are subject to siJntficant uncertainty. Further detaib are gr¥en in note 22. 18- SIM INTERNATIONAL (UK) (A Company Ilmlted by guarantee. No: 00611250) Icharlty No: 219763) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACCOUNTING POUCIES (continued) 2.6 Expgndlture Expendriure Is reccgnised there is a legal or constnthe oblwJatK)n to transfer economlc benefit to a thlrd paty, it is wobable that a transfer of economic benefits will be required in settlewit and the amwnt of the obligation can be measured Telk4bly. Expenditure is dassrfièd by aclwity. The costs of each activty a￿ made up of the total of direct costs and shared costs, induding support costs invotved in undertaking e&h ac11￿. Direct costs attributable to a single activity are allocated direth to that actNty Shared costs which contribLrte to more than one activity and support costs whth are not attributable to a single xtivtty are apporboned betsveen those activrties on a basks consistent with the use of resources. Central staff costs are allocated on the basis of time spert and depreck2tion charges alkKated on the FM)rtion of the assevs use. Fundraising costs arE those incurred in promoling the organisatiC￿ and encouraging donatK)ns. Support costs are those costs incurred dir• in supwt of expenditure on the objects of the charty and indude project management carrEd outat Headquarters. Govemance costs are those incurred in COn￿tIon wtth adMinistra￿n of the charity and ojmpllance wilh constitutional and stslutory requirerrerrts. Redundancy and termination oxts are reccgnised as an expense in the Statemerrt of Financrdl Activities and a liability on the Balan￿ Sheet imrrEdiatety at the point the Charity is derTh)nstrably committed to either. Terminate the employment ofan employee or group of employees before norn￿1 retirement date: or Provide tennination benefits as a result of an offer made in order to er￿ur￿> voluntary redundancy. Expendtiure on Charitab￿ activilies are costs In(￿[red to enaAe the chartty to meet the charitable objectives of the organK8ation. 2.7 Tangiblo r￿ed ass•ts and doprnciation Al fLxed assets are initialty recorded at cost (including VATwhere applicable). A rthew for impaimknt of a fred asset is carried out rf events or changes in thrcumstances Ind￿ that the carying value of any fixed asset may not be recoverab￿. ShcYtfalls betsveen the catryirvJ value of fixed assets and their recoverabbe amunts are recogni%ed as impairments. IMpair￿Ent losses are rec¢)Jnised in the stat￿nt of final￿la1 activibes in(>NpcTrting Ir￿Qme and expenditure acctyJnL The capitalisat*)n ￿lIcY of tsngible fred assets used throughout the year is onty assets o)sting more Ihan £3.000 are capitalised. Vthere iterrs ￿e ￿ught in bulk, the capitalisa￿n limitof£3,000 applies to all assets within the grouping. Tangible fixed assets are carried at ¢￿ net of depreciation and any provision for Thpaimient. Depwation is piovided at rates calculated towrile off the cost of fLxed assets. ￿sS theirestimaled resKlual value, over their expected useful INes ￿ the folknw'ng bases: Freehohj propety Leasehold proFety offi￿ Equipment 50 years 50 years 25% {reducing balance basi8) 19- SIM INTERNATIONAL (UK) (A Company limited by guardntee. No: 00611250) (Charity No: 2197631 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACCOuP￿ING POLICIES {contlnuod) 2.7 Intangibh fixed assets and amothation l intangible T￿ed assets are initialty r￿rded at cost linduding VAT where applicable). After recognition, under the cost rrvjdel. Intangib￿ assets are measureJJ at cost less any accumulated amrtisation and any a(￿mulated impaim*nt losses. AnvJrtisation ts wowded the folkywing bases: 25% (redulxng bakance basis) 2.8 Operating leases Rentals undeT operating leases •e tharpj to the Statementof Fina￿la1 Aclivibes on a straight- line basis over the lease term. 2.9 Flxod Invostmonts Fixed investments are a fom) of basr financial instrurnent Al list￿ investments are Carried at their fair value. Listed investrnents in equtbes and fixed interest securities are all traded in quoted public markets. Hoklings in comrrK)n investment fijnds. unit tntsts and OFerionded investment companies are at bid price. The basi% of fair value ts quoted investments is equivalent to market value, uwng bid price. Asset sath and purchases are tecogni%ed at the date of trade at cost AII gains and losses are taken to the Statement of Financial Actr￿￿eS as they arise. Unwlised gains arKI losses are caknkted as the difference tets￿en the fair value at the year end and their rrying value and are induded in the Statement of Financial Activities. There were no ￿alIsed gains during the year. Unlisted investrnents are ShC￿ at c(￿t le&s wovision for impainnent. 2J Current Invostmonts Current inveslrnents are a fom) of tharrial instrumen( whth are shown at Cost I provision for impalmienL The charity defines these as cash deposits held for investment purposes, Ihat have a matur￿￿ date of less than 12 months from th8 year end. 2.10 Profits on sale of pffjperty Investmgnts Profits on sale of property arKI irwestments are eredFted to the state￿nt of Financial Activities on a receNable basK8. Investn*nts are included in the Ba￿n￿ Sheet at their ￿￿rket value, and any unrealis6d gansllosses are included on the Statement of Financial ￿tiVitieS. 2.11 Debto Trade and other debtors are recognF*J * the settlement amunt after any discvJnt offered. Prepayments are valued at the arr￿nt prepabj net of any discounts due. 2.12 Cash at bank and In hand Cash at bank and in hand indudes cash and short tem highty IiquKI investments wtth a short maturty of three or less fr(￿n the date of acquistl￿n or opening of the deposit or similar )unt 113 Liabllllles and provSsions abilthes are recwnised when there is an oblTgation at the Balance sheet date as a resutt of past event, it is probable that a transfer of ecOnCffn￿ benefit will be required in Settle￿n( and the amounl of the setuement can te estimated reliabiy. Lrabilities are recognised at the amount that the charity anti￿PaleS it will pay to settte the debt C￿ the arr￿nt r( has recepied as advanced payments lor the gc•Jds or $6rrfices it must provhle. -20- SIM INTERNATIONAL (UK) (A Company Ilmited by guarantee. No: 00611250) (Charity No: 219763) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACCOUNTING POLICIES (contlnued) 2.14 Contlngent Ilabllltles and assots A contingent liability arises from a past event that gNes the charity a possible obliggtion whose existen￿ wll onty be confi￿ed by the 0￿rrence or Othepu￿ of uncertain future events, not wholty within the control of the charity. Contingent IHbilities also arise in circumstances where a provision would otherwise be made but either it is not probable that an outtkyw of resources wlll be required. or the amount of the obligation ￿not be ff￿ured reliabty. A contingent asset arises where an event has18ken place that gNes the charty a Fh)ssibSe asset whose existence will onty be confirmed the CL￿rrenCe or otherwise of uncertain futu￿ evenls not wholty within the control of the Char￿￿. Contingent assets and liabilths are not recognised in the babance sheet but a￿ disch)setJ in the 2.15 Financial instruments The charity only has financial assets and financaal liabilities of a kind that qualify as basic financi81 instruments. Basic financial instruments are inibalty recxydnised at transaction value and subsequenty measured at their setuement Va￿e wh￿h is their cost with the exception of f￿ed assets and intangible fixed assets whth are recorded at depreciated htstorical cosL In addition, lnveslff￿nts are recc*3nised at their fair value, Lwng the market value. The cost of invesknents and their market value (teing fair value) arn dixlosed in note 12. 2.16 Going ¢onc•M The atxounts have been prepared on a going ￿nCern basis as the Trustees believe that no material un¢ertaintie$ exist The Truslees have conSide￿d the level of funds held and the level of expected in￿rne and expendiiure for the 12 rnnth$ from the date of signing these accounts and are salisfied that the charity ￿11 continue as a going cOn￿M. Therefore, the Trustee5 continL* to adopt the going ¢onwn basi5 in p￿S)3r￿19 these financial ststeffents. 2.17 Estimates and Signif￿nt accounting policies In applying the Company's accounting poliryes, the directors a￿ requlred to judgements. estimates and assumptions in detemining the Garying aTh￿unts of assets and liabilities. The dlrector5' judgements. estimate5 and assumptions are based on historical experYér￿e and other factors that are consKIe￿ to be applicable. Due to the Inhe￿nt subj￿￿¥lty involve(l in making such ludgeff£nts, esltmates aKI assumpt￿$, the actual resulls and outcomes dlffer. The eslimates and assumptions are revwmed on an on90ing basi8. Revisiorts to accountirwj estimates are recognised in the pert(hJ in whth the estimate is revised, rf the revrsion affects only that period. or in the Fer￿￿ of the revision and ffiJture if the revision affects ts)th current and future periods. The key estimales and assumptmyis made in th85• ￿(￿nts are: Depreciattcffi and atT￿rI￿￿ - whth L8 cakulated in order to write down tanoiNe ed assets to their ￿SIdUal value over their econom￿ life. - which are rwnised to the extent that entiUemen( value and certainty can be reliabty measured at the baknce sheet date. Pension ac¢wal and as$umpborts - vthi¢h is UFdated using tre latest inforrnati)n available to the organiSa￿n. 21 SIM INTERNATIONAL (UK) (A Company limited by guarantee. No= 00611250) (Charity No: 219763) NOTES TO THE FINANCIAL STATEMENTS IcoKllNUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accoup¥llNG POLICIES (contlnu¢d) 2.18 Taxatlon The Company is c>)nsidered to the tests set oui in paragraph 1 Schedule 6 of the Finance Act 2010 and therefore li meets the definition of a charitsble Company for UK corporation tsx purFoses. Accordir¥Jty, the Company is pjtenbally exempt from taxation In respect of income or C8p¢lal gains recewed within the categories covered ty Chapter 3 art 11 of the CorP￿￿10n Tax Act 2010 or Section ofthe Taxation ofthe chargeab￿ Gains kt 1992. to the extent that suth income or gains are applied exdusr4ety to ch&itable purFM)ses. DONATIONS unre8trIc￿ Restrlcted Expendable Endowment Total 2024 Donattons for Mi5sionarie5 Donat￿nS for PrO1￿ts Donations for Ministy Unrèstricted Donations 3.222.488 523,457 197.935 3.222,488 523,457 197,935 231,456 231,456 231A56 3.943080 4,175,336 Total 2023 End¢)wm¢nt Donations for Missionaries Donations for Projects Donations for Ministy Unrestricted Donations 3,315.566 479.111 159.192 3,315,566 479,111 159.192 201.055 201.055 201,056 1953,869 4.154,924 SIM INTERNATIONAL (UK) (A Company limited by guarantee. No: 00611250) (Charity No: 2197631 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 INTEREST AND INVESTMEIU INCOME unrn8trlc￿ Restric￿ Expendable Endowment Total 2024 Interest receivable Invesknenl in¢ome Gain on repayrrent of loan from fom*r UK Director 26,640 83,330 83.330 82,804 82.804 192.774 192.774 Unrostrt￿ Restrlcted Expgndable Endowment Total 2023 Interest recer¥able Investment income 41,4(K) 19,682 41,400 19,682 61.082 61,082 8URPLUS FOR THE YEAR Total 2024 Total 2023 Thls Is stated after charyinglcrediting: {Lossll Gain on exchange Depreciation of Fixed Assets Amortisation of intangible Assets Operating Lease Rentals on eqUIp￿￿nt Current year Auditors, remuneratTron linc VAT)- aLHJ 2022 Auditors. remuneration under-accrua (incVAT)- audit Current year Auditors, rwnunoraticffi linc VAn- non audlt (11.307) 13.848 710 1,￿0 21,500 20,100 2,500 {1691 12,809 947 2,338 17,660 2,080 -23- SIM INTERNATIONAL (UK) (A Company limited by guarantee. No: (106112501 (Charlty No: 219763) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 ANALYSIS OF EXPENDrruRE BY ACTivrrY Diveet Costs Support Costs Inote 7) Total 2024 Cosl of raising fiJnd$ Charitablo actlviti¢8: Missionary support Member care Ministy Projects Mobilis8tion 21.924 21,924 3,032,988 286,115 326.893 738.804 184.725 76.717 3,109,705 286,115 343,942 764,376 235,869 17.049 25.572 51.144 4W,525 170.482 4,740,007 4￿9.525 192806 4,761,931 Anatysi8 of ￿￿ndI￿re by activity- prior year Direct Costs Support Costs (notg 7) Total 2023 Cost of raiswig funds Charitable activitles: Missionary SUFPOrt Member ¢we Ministy Projects Mobilisalic 17,177 17,17T 3.008.460 312.484 305,657 608.504 164.454 71,763 3.080,223 312,484 321,604 632,425 212.295 15.947 23,921 47.841 4A99.559 159N72 4,559,031 4,399,559 176,649 4,576,208 Missionary supwrt represents the directexpenses and 5UPPOrt C05ts ofa mi55ionary member orworker serving overseas or in the UK Member care include5 the costs incurred by the UK office in supporting a missionary. The costs of SIM UK SUPFKlrting sF￿￿fiC gbbal ministries are included under Ministries, the costs of specifiG SIM UK projects under Projects, and the costs inojrred in spreading the vision, mobilising missionaries and supporting them as ttw ready to serrfe are induded under Mobilisation. Ex￿ndItUre indudes £482,572 from unrestricted funds {2023: £341.1001, £28.382 from designated funds12023.' £40,344), £4,250,977 {2023: £4,194.764) from restri￿ funds and £NIL12023: £NIL) from expendable endOW￿nt hjnds. -24- SIM INTERNATIONAL (UK) (A Company Ilmlted by guaranta•. No: 00611250) (Char5ty No: 219763) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 SUPPORT COSTS Ro18lng Mi￿10￿ary fund Support Total 2024 Mlnlstry Projocts Ik4bilisalion Management Communications Office adminislrat*)n Finance Governan 9,752 8,467 21,856 16,797 19,845 2,167 1,882 4,857 3,733 4.410 3,251 2,822 7,285 5,599 6,615 6,501 21,671 40,739 48,569 37,327 44,100 21,924 14,571 11,198 13,230 21,924 76,717 17,049 25,572 51,144 192,406 Raislng Mbsslonary funds Support Mlnkny Projects Moblllsatlon Total 2023 Management Communications Off￿6 administration Finance 12.785 10.329 32.499 7.267 8.883 2.841 2.295 4.262 3.443 10.833 2.422 2,*1 8.523 6.885 21.666 4.845 28,411 40,129 72,220 16,149 19,740 17.17T 1.615 1.974 17,177 71,763 15,947 23￿21 47,841 176,649 GOVERNANCE COSTS Totsl 2024 Total 2023 Current year Auditors, remuneration (inc VAT)- audbt 2022 Auditors. rernuneration under-accrual linc VAT)- audit Current year Auditors. remuneration (inc VAT)- non audit 21,500 20,100 2,500 17,660 2,080 44,100 19,740 -25- SIM INTERNATIONAL (UK) (A Company Ilmlt•d by guarantee. No: 00611250) (Charity No: 219763) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER2024 STAFF COSTS Staff costs were as folkxs.. 2024 2023 Wages and salaries Socral security o)sts Pension costs 481,076 38,844 54.954 491,166 26,699 44,320 Total 574.874 562,185 The aver4e number of persons empw by Ihe charity during the yearwas as follows: 2024 2023 Managen*nt Mobilisation Administration 10 10 Totsl No employees12023: 0) Te¢wvwJ reirwneralkn atthe £60,OiXI in either year. KEY IMNAGEMEKf PERSONNEL The charity considers ts key management personnel to comprise of 5 people. During the year, the total empbyment benefits of these 5 key management personnel. including social security and pension was £160,79312023.' £212.453). No Trustee l DirectrK was empb)yed during the year and their re￿¥Jnerdts'on package totalled £NIL12023: two Trustses l Directors £65,775) IT￿ludIng £NIL (2023.. iwo Trustees l Directors £3,778) in respect of pension contributk)n5. Four Truslees l Directors claim8d £1,566 Board ￿ting travel & (8terirvJ expenses in Ihe year {2023'. £347). Further details of related party staff Gosts have L￿n disdosed in the Related Paty Transact￿8 note 26. SIM INTERNATIONAL (UK) (A Company Ilmited by guarantse. No: IX)611250) (Charity No: 219763) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 10. TANGIBLE FIXED ASSErs Fr¢elM)Id Leasthold proporty prop•rty Equipm•nt Total Cost At 1 October 2023 Additions 621.733 14.446 3,719 4,616 639,898 4,616 At 30 September 2024 621.733 335 644614 Depreclatlon At 1 October 2023 Charge for the year 12.435 12.435 4,192 209 3.518 1,204 20.145 13,848 At 30 September 2024 24,870 4722 33,993 Net book value At 30 September 2024 10,045 3,613 610,521 At 30 September 2023 609.298 10254 201 619,753 The Charity was gift￿ a freehold pro￿ in Juty 21f24 *ryth tenants ￿ situ under a lifetime tenancy with no Gonsideration. The pro￿Tty is unavailable for resale by th8 charity whilst the tenants require occupancy and consequenty. no formal Yaluation has t*en sought and no value has been recognised in these financkgl statements. The property was valued at the time of transfer for insura[￿e rebuild purposes at £ 304.323. 11. INTANGIBLE FIXED ASSErs T¢Jtal At 1 Octot*r 2if23 Additions Disposals 28,384 28,384 At 30 Septsmber 2024 28.384 Amortisation At 1 October 2023 Charge for the year On Disposals 25.543 710 25.543 710 At 30 Septemb•r 2024 26.253 Net book value At 30 S•pt•mbor 2024 2,131 2.131 At 30 September 2023 2,841 2.841 -27- SIM INTERNATIONAL (UK) (A Company limited by guarantee. No: 00611250) (Charlty No: 219763) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 12. FIXED ASSET INVESTMEI 2023 Unllsted Investmont8 Cash deposits maluring > 12 mnt 838.193 282,055 Llsted Investments At market value At 1 O¢tober Sales & Ma￿ritIeS Unrealised gain l {bss) 704.510 30.655 57.438 646,236 58,274 At 30 September 2024 792,603 704,510 Total Flxed A88et Investments 1,630.796 986.565 All inveslments are Cary1￿ at their fair value. Hi8torlcal cost of the listed investrn8nts is £559.89612023'. £559.896). 13. DEBTORS 2024 2023 Due from Oth￿ SIM offices Other debtors Missionaries, Personal FurKls (see note ln Prepayrrthts & accwed In￿n 68,276 31,732 8.855 92.334 276,319 85,381 3.537 219,155 201,197 584,392 A loan to the former UK DIr￿t01 of £Nil12023'. £120.0001 is i￿luded within prepayments and a￿TUad Income. This loan made to enabk the forn UK Director to Telocale wthin the UK for the purposes of their role and is secured against the ￿￿jentIal property of the fom*r UK Director. No interest is charged cffl the ban. On repayment ofthe kAn, a share of the increase on valu& of th8 property also falb due (see note 4). CURRENT ASSET INVESTMENTS 21)24 2023 Cash deposiis 1266,469 1,198,724 SIM INTERNATIONAL (UK) (A Company limlted by guarantse. No: 00611250) {Charlty No: 219763) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 15. CASH AT BANK AND IN HAND 2024 2023 Cash in hand Cash deposits 148.495 1.489.638 181,750 2.155.969 1.638.133 2A37,719 16. CREDITORS 2024 2023 Due to other SIM offi￿$ Taxation & So¢ki1 S￿11￿ Other Creditors MisS￿narIes, Personal Funds (see note ln Ac¢rLkqls & Deferred Incomo PensiM DefKit (see note 22) 122,725 51.123 13.451 285.580 90,218 258,568 48,072 68,962 206,487 111,970 4,930 563.097 698.989 Amounts duo after one year Pension Def￿11 (see note 221 IN15 17. IISSIONARIES PERSONAL FUNDS 2024 2023 Balance at the beginning of the year AIlWan￿ and transfers 202.950 1,065.171 179.394 1.128.886 1,268.121 1,308,280 Le55: Payments from Fersonal accounts (991.3￿) (1.105,3301 Balanc? al th? •nd ol tho yoar Z16,725 202,950 Missionaries. Personal Funds- DebtQf5- note 13 Miswnaries, Personal Funds- CrgJitors- note 16 (8.8551 285,580 (3,537) 2C6,487 Balance at the end of the year 276.725 202.950 -29- SIM INTERNATIONAL (UK) (A Company Ilmltod by guarant•a. No: (M1611250) (Charity No: 219763) NOTES TO THE FINANCIAL STATEMENTS (coKllNUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 18. STATEMENT OF FUNDS STATEMENT OF FUNDS . CURRENT YEAR 1 October Income I Gainsl Trnnsfersl 30 Sgptsrnbgr 2023 (exwKliture) 1106ses inl (out) 2024 Unrestricted fund8 General fijnd Strategy knid Asset fund 700.550 1.009.136 522.039 (14.7121 63.804 {14.557) 57.438 247 3,082 743,463 1,076.022 507.482 2,231.725 34A75 57,438 3,329 2,326,967 Deslgnaled fund8 DesKJnated funds 828.388 {28.382) 6,786 806,792 Efvdowmwrt fund Dental fund 193,645 193,645 mi￿Onary support Projects 988,845 786.987 (91.750) 1215221) {38.123) 28.008 863,280 595,466 1.775,832 1306.971) 110,115 1A58,746 Total of funds 5.029,590 1300,878) 67838 4,786,150 STATEMENT OF FUNDS - PRIOR YEAR 1 October Income I Galnsl Transfernl 30 September 2022 (expendtture) (kM•s) Inl (out) 2023 Unrvstricted funds General fund Strategy fund Asset fund 727.022 968.973 548.230 {98.8031 57.574 {13.756) 58.274 14,057 (17,4111 (12,4351 700.550 1,009.136 522.039 2244325 154,986) $8274 (1S,789) 2231,726 Designated fund5 Designated funds 861.179 (40.344) 7,553 828,388 End¢)wment fund Dental fvnd 193.645 193,645 Restrict￿ funds Missionary 5UPPOrt Projects 1.140.813 847,678 <115.810) 1105.085) 136.158) 44,394 988,845 786,987 1￿8￿91 1220195) 8.236 1,775032 Total of fund8 6287 1316224) 58274 5,029 SIM INTERNATIONAL (UK) {A Company Ilmltsd by guarantso. No: 00611250) {Charity No: 219763) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER2024 18. STATEMEKf OF FUNDS {contlnued) Unr¢strl¢tsd fund•: The Asset fund Ss Invested in fixed assets and equipment aThl reflects the net book value of the assets held by the charity. The strat￿ Fund represents aTh￿unts set aside for use ofthe Mission on strateglc devdopment ar￿ special projects in the UK and overseas. The De5wJnated furKls rewesent anK)unts set ashje for the future retirement or passage use of Mission memters and indudes £242.807 (2023.. £269,123) in respect of diSC￿tIOnary Supple￿ntary allovrances. Oiscretionary Supp￿mentary all￿anCeS relate to pay￿nts the charity makes to retired per%>nnd who iLHned before 1 October 1984 to augment pensions and other albWan￿ they receive. This arrangell￿nt does not represent 8 binding ￿TeeThnt as payments are made to the ext8nt that funds are available. The charity al￿ts lo hold around 6 months of Nnning costs in the General Fund. The year end balance at 30 September 2024 is c£Jnsidered to be a suilable reser￿ on this basis. The restricted lunds include funds for medlcal work and other ffmscellaneous wojects, the remainder are funds hetd for MissionarEs urKler Support Agreements to provide for future expenses. Expendable end(y￿ent fund: The endowment fvnd was recwed by the ch*ity with the instruckn'ons to be used towards SIM Dental ministries. During the year the charity c&tained appn)val from the Charities Commission lo enab￿ the charity to sperKI the capilal from the end{y•nr￿nt fund. Previousty the capital had to be retained but the inco￿￿ ￿VkI be spenL Transfera and R¢¢I￿lI￿all0 The transfers in the year from the Mi8sh)nary SupF#Xt Fund to the Genoral Fund and the Designated Fund$We￿ to rellectsupport donations made on behawof retired missionary workers. The transfers from MISS￿)nary SupFKXt to the Project Fund relates to amounts allocated from Members, funds in SUPE￿ of project expendilure. The transfers to the Strategy Fund represents funding towards the SIM Spiritual Lite Conferen￿. 31 SIM INTERNATIONAL (UK) (A Company Ilmtted by guarantee. No: 00611250) (Charity No: 219763) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Fund8 Total Funds Fun Funds Fund8 Tangible Fixed Assets Intangible FrAed Atssets InvestnEnts Non Current Assets Current Assets Current Liabilities 610.521 2,131 1,406,497 610,521 2,131 1,600,142 193.645 840,261 (563,097) 806.792 1,458.746 3.105.799 1563,097) 2296,313 806,792 1A58.746 193,645 4.755A95 2023 Funds Total Funds Fund6 Funds Fund6 Tangible Fixed Assets Intangible Fixed Assets Investrnents Non Current Assets Current Assets Current Liabilities Loro Tem Lrabilitr'es 619.753 2.841 792.920 619,753 2,841 193,645 1.516.615 (698.989) (1.415) 828,388 1.775,832 4,120.835 1698,989) {1,415) 2331.725 828,388 1,n5.832 193,645 5,029,590 20. RECONCILIATION OF NET PAOVEMEKf IN FUNDS TO NEf CASH FLOW FROM OPERATING AcTIV￿Es 2024 2023 Net (kjssy incorm for the year (243.440) 1257,950) Dep￿latiOn Amortisation (Gain) I loss on inve5trnents A￿Uarial (gain5y losses on defined ber￿- pension sther Interest and investm8nt income Decrease l (increase) in debtors {Decreasel l incr&qse in crgjitors 13.848 710 (57.4381 12.809 (58,274} (192.774) 383,195 (137,3071 (61.082) (7,829) 274,92S Net cash provlded byl (used in) operating activit 1233206) {96,454) SIM INTERNATIONAL (UK) (A Company limited by guarantse. No: 00611250) (Charity No: 2197631 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 21. ANALYSIS OF CHANGES IN NET DEBT 1 October 2023 Cash tIow8 30 September 2024 Cash at bank and in hand Cash depostts maturing < 12 nKJnths Cash deposits maturing > 12 n￿nthS 16 15 12 2,337.719 1.198,724 282,055 (699,586) 67,745 556,138 1,638,133 1,266,469 838,193 3018A98 175.7031 3,742.795 22. PENSION COMMITMENTS Dellned contribution p•n8ion schem• The charity operates a deffined ¢ontribution$ penthn sclwne for 2012023- 201 employees. The assets of the scheme are held separatety from those of the charity in an independenuy adminkstered fund. The pens*)n cost charge rewesents contributions payable by the charity io the fund and aTh)unted to £4,930 (2023.. £4.930). Contrrbutions totalling £1.63312023.' £6,345) were payabk to the fund at the balance sheet date and are induded in creditors. Defined benefft penslon Scheme The company partI￿paleS in the s¢heffe, a rNlti*mptyer scheme wh￿h provKles beneffts to some 950 noiF asswated parbcipating employers. The sthme is a defined benefft scheme in the UK. It is not possible for the company to obtain suffic*nt infotmation to enable it to account for the scheme as 8 defined benefit scheme. Therefore. it acjxunts for the scheme as a defined ccffrtribukn'on scheme. The charity has 1 {2023 - 1) in the scheme and 1 deferred ff*mber {2023- 1). The members are not empbyees of the charrty, but rrisshjnaries. Acontingent liability has been dixb)sed li retation to the potential liabilrty on the memb8rs beaving the scheme. see note 23. The scheme is subje(* to the fundiThJ legisfatK>n ouuined in the P￿￿10n$ Act 2004 whlch cam8 into force on 30 December 2C￿5. This. tcgethervrith do¢un￿nts issued by the Pensions Regulator and T￿hnical ActuaTial Standards issued by the Fin8n¢ial Reporting Council, set out the framework for fijnding defined benefit occUpati￿al pension schemes in the UK. The scheme Is dasslfied as a 'last4nan star¥Jing atrangemenv. Therefore. the company is tentially li4ble for other parbapating emptyers. Obligal￿￿nS rf those employers are unable to et their share of the scherrE deficit followng withdrawal from the scheme. Participating employers are legalty required to nEel their share of the scheme deficf( on an annuty purchase basis on wthdrawal from the s¢heffe. A full actuarial ValUat￿n for the sche￿￿ was (£rried oul at 30 Septenl)er 2020. Thls valuation showed assets of £514.9m. liabiltties of £531m and a deficit of £16.1m. To eliminale thi8 fvnding shortfall. the Trustee has asked the part￿Pating employers to pay addib¢)nal contrtbubons to the scheme as follows: D•ficit ￿￿ributiOnS From 1 April 2022 to 31 January 2025". £2,1CM),000 FW annum (payable monthty) Un18ss a cOn￿lon has been agreed wilh Trustee the tem to 31 January 2025 applies. Note that the scheme's prevh)us valuatb)n was carried out wth an effective date of 30 September 2023. This valualion showed assets of £800.3m, liabllitEs of £831.9m and a deficit of £31.6m. SIM INTERNATIONAL (UK) (A Company Ilmltsd by guarantee. No: 00611250) (Charfty No: 219763) NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 21 PENSION COMMrrMETrrrs Icontlnued) To eliminate this lunding shortfrdll. the TrLth asked the parkncipating emptyers to pay additional contributions to the scherre as follNs: Dellclt contrlbutlons From 1 April 2019 to 30 SeFrtember 2025: £3.312.000 per annum {p8yable n￿nthlY and increasing by 3% each on 1st April). The recovery plan (x)ntrtbths are alkKated tr) each p￿ticip3kng employer in line with Iheir estirrAted share of the Serw 1 and SerEs 2 Sd￿me liabillbes. Where the scheme is #i defKIi where the company h&s agre&J to a deficit fundi arrange￿nt the company rwnises a liabilty for this Obligat￿n. The amount recognised the net Present value of the deficit redu¢bon c4)ntributh)ns rAyable under the agreement that relates to the defiut The present value is cakulated using the di8count rate detailed in these disclosures. The unwinding ofthe dkgxunt tate ￿ recognlsed as a ffinance cost PRESEMT VALUES OF PROVISION 30 Sept¢mb¢r 30 8oPtomb•r 2023 30 Septemb¢r 2022 Present value of provision 1.633 6,345 10,783 RECONCIUATION OF OPENING AND CLOSING PROVISK)N8 30 September 30 September 2024 2023 Prowsion at start of perKrfi Unwinding of the di$￿Unt fxtor (Intsrest exper￿> Deficil contribution paid RemeaSU￿ments- impact of any charvJe in assumptions Provisron at end of pernd 6.345 217 14.930) 10,783 (4,9301 1.633 6,345 3.266 12.690 INCOME AND EXPENDITURE IhlPACT 30 Soptombor 30 Septsmber 2024 2023 Interest expense Remeasurements- impact of any change in assumpb'ons ContributNJns paid in resFec* of fvture service. Costs recognthj in income and expendi￿re acxount 488 ndudes defined contribution schemes and future se￿￿ contributts)ns li.e., excluding any deficit reduction payments) to defined benefrt sChew￿S whth are treated as deffined contribution schemes. To be o)mpleted by the ￿Mpany. SIM INTERNATIONAL (UK) (A Company Ilmlted by guarantse. No: 00611250) (Charity No= 219763) NOTES TO THE FINANCIAL STATEMENTS (coKllNUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 PENSION COlAmITMEP￿ (¢ontlnued) ASSUMPTIONS 30 September 2024 % per annum 30 September 2023 30 September 2021 % per annum % per annum Present value of proV[￿on 5.24% 6.00 The d￿￿oUnt rats5 sh￿? atMY48 are the equr4abent 5irvJ￿ dis(xJunt tate5 Wh￿h. when used to discount the fvture rec¢)very plan contrbUt￿ns due, would gr4e the same results as using a full A4 corporate boThl yield ojrve to discount th8 same recovery plan contrrbuttons. The following sthedule details the dfftit contribubons agreed bÈt*Èen the company and the scheme at each year end poric¥J'. DEFicrr copirRIBLrnONS SCHEDULE Year Endlng 30 September 2024 30 September 2023 30 Septsmber 2022 Year 1 Year 2 Year 3 Year 4 Years-20 4.930 1.643 4.930 4.930 1,643 The company must recognise a liabilty ￿aSured as fv present vakne of the Contributions payable that arise from the de[￿lt recovery 4reernent and the resulting expense in the in￿rne and expenditu￿ account i.e., the unwiThJing of the discount rate as a finance cost in the period in thich it arises. It is these contributions that have been used to derive the cornpany's baknce sheet liability. 23. CONTINGEKf UABILrrY At 30 September 2024 the Charity had a ¢>)ntingent liabifrty In reiation to the defined benefit penslon scheme, which woukl be rf the actr4e ￿mber were to teave the scheme. The Cha￿ recewed an estimate of the buy-out value from the penston provider which vras quoted at £35.086 as at 30 September 2024 (£49.579 as at 30 September 20231. In October 2021. the Trustees Set aside a designated fvnd to o)ver the FrfJtential liability. SIM INTERNATIONAL (UK) (A Company limited by guarantse. No: 006112501 (Charity No: 219763) NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 OPERATING LEASE COMMITMEKrs LESSEE: At 30 September 2024 the tolal of the Chadty's future ninimum lease payments under non- cancellable owating leases was.. 2024 2023 Equlpment Within 1 year Be￿een 1 and 5 yeaT5 After more than 5 years 3.097 1,960 163 3.097 2,123 25. CAPITAL COMMITMENTS There were no wtsl commitrnonts as at the 30September 2024 {2023'. £NIL}. RELATED PARTY TRANSACTIONS During the year 5 Trustees (2023: 3) were ￿lMI￿r$ed £4,699 (2023: £4,501) ofexpenses relating to travel, accommc¥Jation and Sup￿ ¢osts. In addition, 1 Trustee {2023'. 11 received £25,152 (2023.. £25.128) for monthly INing expenses in relation to their role as a SIM member. No Trustses receNed remuneration ￿ reS￿t of their rcAe as a Trustee. No other Trustees received any emolurrÈnts during this year or iast and fvre were no olher Trustee expenses incurr&J in either 2024 or 2023. SIM INTERNATIONAL (UK) (A Company limited by guarantee. No: 00611250) (Charlty No: 219763) NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 COMPARATIVE STATEMENT OF FINANCIAL AcTi￿rEs Funds Funds Fund9 Funds Total INCOME FROM Donatrons Legacies Investments Other income 201,055 14,390 61.082 9,588 3,953.869 20.0(LI - 4.154,924 34,390 61,082 9.588 TOTAL INCOME 286,116 3J73M69 - 4259￿84 EXPENDITURE ON Raising funds Charitable act￿￿e8 17.177 323.923 17,1TI 4,559,031 40.344 4,194,764 TOTAL EXPENDrruRE 6,7 341,100 40W 4194,764 - 4N6208 NEf (EXPENDITUREY INCOME BEFORE INVESTMENTS GAINSI(LOSSES) (s4￿5} (40.3441 1220.895) (316,224) Nel gains l {losses) on investrrents 58,274 58274 Transfers belvfftn funds (15,789) 7.553 8.236 Actuarial gainsl (losses) on defined benefit penslon scheme NET MOVEMEKr IN FUNDS (12WO) 132.791) 1212,659) (257,950) RECONCILIATION OF FUNDS: TOTAL FUNDS BROUGHT FORWARD 20 2.244,225 861,179 1,988.491 193.645 5.287.540 TOTAL FUNDS CARRIED FORWARD 2231,725 828A88 1.775￿ 193.645 s￿29,590 -37-