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2024-03-31-accounts

UFM WORLDWIDE (Limited by Guarantee)

REPORTS & FINANCIAL STATEMENTS 31 MARCH 2024

Company Registration Number 00265218 Charity Number 219946 Scottish Charity Number SC039343

UFM WORLDWIDE

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

CONTENTS PAGE
Report of the Council of Management 1 - 6
Reference & Administrative Information 7
Independent Auditor’s Report 8 - 11
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Financial Statements 15 - 27

UFM WORLDWIDE

REPORT OF THE COUNCIL OF MANAGEMENT

YEAR ENDED 31 MARCH 2024

The Council members, who are the trustees and also directors of UFM Worldwide (the Mission) for the purposes of the Companies Act, submit their annual report and the audited financial statements for the year ended 31 March 2024.

The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 and the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006.

Structure, Governance and Management

Governing Document and Objects

UFM Worldwide is a charitable company limited by guarantee and was set up on 7 May 1932. It functions as a missionary organisation and is governed by its memorandum and articles of association, which were last amended on 14 August 2018. Its objects are:

Public Benefit

The Council members have complied with the 2011 Charities Act to give due regard to the public benefit. They have reviewed guidance set out by the Charity Commission and believe that the Mission meets its obligations in this respect through the activities set out under the heading "Review of main activities" below.

The Council members will continue to review the activities of the Mission to ensure that these are consistent with the legal objectives set out in its constitution.

Organisational Structure

A Council with a minimum of five members and a maximum of twenty governs the Mission. Council members serve for a three-year period and may be re-elected for further terms. Existing members of Council nominate new members of Council and any member so appointed holds office until the next Annual General Meeting, but is then eligible for re-election.

The Council normally meets in person three-four times a year; this normally includes a 24-hour Council Conference to review strategy, Mission policy and operational matters.

The Personnel Committee & Finance Committee are made up of Council members and staff members. The Irish Committee and the Scottish Committee are chaired by a Council member but are otherwise made up of other individuals. All committees operate under specific terms of reference and exist to support the Area Directors based in N Ireland and Scotland. Each committee has its decisions ratified by the full Council.

Day to day administration of the Mission is the responsibility of the Executive (Director, Deputy Director, Finance Director), supported by the Senior Leadership Team (Area Director based in Scotland, Area Director based in Ireland, the Head of Women's Pastoral Ministry, Head of Partnerships and Head of Development). The Head of Development was a new role in the Senior Leadership Team, beginning in March 2024.

Remuneration for all senior staff is set and reviewed by the Council and is informed by the classroom teacher pay scale.

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UFM WORLDWIDE

REPORT OF THE COUNCIL OF MANAGEMENT

YEAR ENDED 31 MARCH 2024

Council Member Induction and Training

New Council members are carefully chosen for the particular skills and experience they will bring to the Mission. Most new Council members already have experience as charity trustees. The Director liaises with new Council members and as part of an orientation programme, provides them with information about the Mission's activities and ministries. They receive copies of the Mission's Memorandum and Articles of Association, the latest Annual Accounts and a copy of the Charity Commission's guidance "The Essential Trustee". They receive copies of recent Council and subcommittee minutes and the Annual Report.

New Council members are encouraged to visit the Mission's main offices in Swindon and to meet the staff, including the Senior Leadership Team. All new Council members are encouraged to become a member of one of the Mission's subcommittees depending on their personal skills and experience. They receive weekly updates and additional regular information giving news and information about the Mission's personnel.

Risk Management

The Council has assessed the major risks to which the Mission is exposed, in particular those related to the operations and finances of the Mission and is satisfied that systems are in place to manage our exposure to the major risks. Some of the risks identified are:

These could lead to currency exchange losses, uncertainty over field allowance rates costs and cause a cash flow impact on operational activities. To mitigate this, cash flow is monitored and managed and a reserves policy is in place.

This could lead to a fall in total general fund income, limiting the funds available for operations and staffing etc. To mitigate this, expenditure and alternative streams of income are regularly reviewed. The Mission has made progress over the last five years in decreasing its dependence on legacy income to cover general fund expenditure. New areas of general fund income have been identified over the last 12 months, including fees on project accounts and additional investment income through the use of fixed rate cash bonds.

This could lead to physical or emotional harm to individuals, claims being made against the mission and harm being done to the reputation of the mission. A safeguarding policy is in operation and is covered as part of orientation training for all new staff and mission personnel. Relevant liability insurance policies are also in place. During 2023-2024, no safeguarding issues needed to be reported to the Charity Commission.

Review of main activities

The Statement of Financial Activities for the year is set out on page 11 of the financial statements. A summary of the financial results is set out below.

The Mission continues to fulfil its charitable objectives. We seek to advance the Christian faith amongst all people both in the UK and overseas through:

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UFM WORLDWIDE

REPORT OF THE COUNCIL OF MANAGEMENT

YEAR ENDED 31 MARCH 2024

We have continued to see steady growth in mission partner numbers. Excluding summer teams, we served 279 long and short-term workers (2022/2023, 253). There was growth in the number of both long and short term workers serving in partnership with UFM Worldwide.

As we have stated previously, we are not pursuing growth for its own sake, but we remain committed to praying for God to raise up workers for His harvest field and then to developing our staff team and structures to facilitate such growth.

Long Term Mission Workers:

As of 31/03/2024 UFM served 200 long term mission partners (2022/2023, 189).

15 joined and 4 finished this year (3 completed their assignments, 1 joined the staff team).

New workers were appointed for service in Kenya, France, Nicaragua, Madagascar, Hungary, Scotland (from the US), Eurasia, UK / S Asia, Middle East and Ireland. They will be serving in pastoral ministry, women’s ministry, medical ministry, Christian education, church based evangelism and discipleship and pioneering church planting.

In the mission family, there are long term workers from:

Short Term Mission Workers

We supported 79 short term workers during the year (2022/2023, 64), serving in 17 nations.

Short Term workers served in student ministry, medical electives, ministry training programmes, youth and children's ministry, mission aviation, church planting, evangelism and discipleship, Christian education and digital media ministries. The breakdown by programme was:

IFES Interaction 7
Medical placements 16
Flexible placements 21
iWitness 3
Bible College Placement 1
100Fold volunteers 31

37 people served on short-term teams supporting long term UFM workers in Italy, Hungary, Moldova and Ireland, as well as in Rwanda / Kenya as part of our partnership with Lawyers’ Christian Fellowship. (2022/2023, 18 team members).

There are currently 147 children in the mission under the age of 18 (2022/2023, 134). We continue to be very grateful to the volunteer help we receive in educational psychology and speech therapy. Regular online groups meet to support parents and the children of mission partners.

Pastoral care of the growing number of missionary personnel remains a high priority. During the year, Senior Leadership team staff members visited mission partners in Italy, Peru, USA, Ireland, France, Myanmar, Burkina Faso, Romania, Moldova, Madagascar and Kenya, as well as having partner visits to Burundi, Ethiopia, Democratic Republic of Congo, Côte d'Ivoire and Singapore.

Further pastoral care for those serving overseas continues to be delivered remotely.

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UFM WORLDWIDE

REPORT OF THE COUNCIL OF MANAGEMENT

YEAR ENDED 31 MARCH 2024

The Mission continues to be committed to maintaining an effective presence in Northern Ireland and Scotland through our staff and office space in Belfast and Glasgow.

Significant developments over 2023-2024 have included:

Financial Review

Review of Funds

Donations designated for missionary support amounted to £3,658,346 in the year compared to £3,466,111 in the previous year. Expenditure in support of missionaries amounted to £3,091,717 in the year compared with £3,340,134 in the previous year. Transfers from missionary support were made to General funds relating to service charges totalling £388,947 in the year (previous year: £342,640). This resulted in a net increase in funds designated for missionary support of £177,682 (previous year: decrease of £216,663).

Income to General funds for the year was £519,468 compared with £315,171 received in the previous year. Expenditure for the year amounted to £759,370 (previous year: £716,619). Before adjusting for transfers, total General funds expenditure exceeded income by £239,902 (previous year: £401,448). Transfers affecting the General funds included a transfer from missionary support and projects for service charges (detailed above). Including these transfers, the General funds balance amounted to £300,950 at the Balance Sheet date (previous year: £151,120).

Freehold property and improvements were reviewed in 2023 and therefore were not revalued this year in line with the Mission’s policy. The next revaluation is due to take place in 2026.

Movements in the market value of the Mission’s investments amounted to gains of £80,429 compared with losses of (£87,523) in the previous year. The balance of the Revaluation Fund increased to £159,996 (previous year: £108,147).

Investment Policy and Returns

As permitted by the Mission’s Articles of Association, the Council has given the investment managers discretion to manage the investment portfolio within an agreed risk profile. It is the Mission’s policy to

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UFM WORLDWIDE

REPORT OF THE COUNCIL OF MANAGEMENT

YEAR ENDED 31 MARCH 2024

specifically exclude investments in the tobacco and breweries sectors and pharmaceutical companies involved in research using human foetal material or involved in the production of after fertilisation birth control products. The general investment aim is to maximise the Mission’s total return by a combination of net income plus capital appreciation. A proportion (approximately 40%) of the Mission’s invested funds have been placed in fixed term deposits through a variety of FCA approved providers. The expected return on investments is £52,500 per annum. The return on investments this year was £69,917 (previous year: £31,411).

Fundraising Activities

It is not currently our policy to employ or contract third party fundraisers. Professional fundraisers or commercial participators for fundraising are not used and the Mission is not currently subscribed to a scheme for fundraising regulation. Funds donated in support of our mission partners are usually raised through word of mouth and the distribution of support leaflets, either electronically or in person at deputation meetings. The leaflets give a potential donor the opportunity to learn about the mission partner and their work and to respond in their own time should they wish to do so, without undue pressure, unreasonable persistence or intrusion. Good practice relating to raising funds is discussed as part of our orientation programme and progress is monitored at regular intervals. Any complaints received are followed up by a member of the senior staff team in consultation with the mission partner. The mission has received no complaints in relation to fundraising over the past year.

Reserves

The reserve requirement of the Mission is reviewed annually. Each review seeks to reflect on the current level of income and expenditure and the need to match variable income with fixed commitments. The review also takes into account the Council's settled conviction that God will continue to supply the financial needs of the Mission as He has done in past years.

A recent review concluded that, to allow the Mission to be managed efficiently and to provide a buffer for uninterrupted services to our mission partners, unrestricted funds not committed or invested in tangible fixed assets ("the free reserves") held by the charity should be approximately three months general fund expenditure, c£220,000. At the Balance Sheet date free reserves amounted to £460,946 (2023: £259,267).

To ensure that charitable funds are being used for the purposes for which they were given, last year some excess reserve was designated to the Development Fund. This fund has been actively used during the year to support and encourage mission sending from majority world countries.

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UFM WORLDWIDE

REPORT OF THE COUNCIL OF MANAGEMENT

YEAR ENDED 31 MARCH 2024

Responsibilities of the Council of Management

The Council of Management of UFM Worldwide (who are also trustees for the purpose of charity law and directors for the purposes of company law) are responsible for preparing the Trustees’ Report (incorporating the directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which gives a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its income and expenditure for the financial year. In preparing these financial statements the Trustees are required to:

The Trustees are responsible for maintaining proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and ensuring that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006.

They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Members of the Council of Management

Members of the Council, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 6.

Disclosure of information to auditor

The directors who held office at the date of approval of this Report of the Council of Management confirm that, so far as they are each aware, there is no relevant audit information of which the Mission’s auditor is unaware; and each trustee has taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the Mission’s auditor is aware of that information.

Auditor

Messrs Burton Sweet Limited have signified their willingness to continue in office and their re-appointment will be proposed at the forthcoming Annual General Meeting.

Small company provisions

This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

By order of the council

M S Prest Company Secretary

Date: 10 June 2024

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UFM WORLDWIDE

REFERENCE & ADMINISTRATIVE INFORMATION

YEAR ENDED 31 MARCH 2024

Council of Management

Mrs V Buss Rev D Carmichael Rev S Curry Mr J Duffin Mr M D Evans Rev G B Jones Mrs L Lewis (resigned 26 July 2023) Pastor A Muwowo Rev R Myerscough Mr G Powell Rev J Shaw Mrs D Woolley Miss K Wynn Mr G Bunting

Key Management Personnel

M Prest W Brown D Morrow J Redhead M Hodson R MacLean T Howlett M Newham (from 1 March 2024)

Director and Company Secretary

M Prest

Registered Company Number 00265218

Registered Charity Number (England and Wales) 219946

Registered Charity Number (Scotland) SC039343

Registered Office

Unit 10, Interface Business Park, Bincknoll Lane, Royal Wootton Bassett, Swindon, SN4 8SY

Auditor

Burton Sweet Limited, The Clock Tower, 5 Farleigh Court, Old Weston Road, Flax Bourton, Bristol BS48 1UR

Bankers

HSBC Plc, Unit 6, The Lock, Canal Walk, Swindon, Wiltshire, SN1 1LD

Investment Advisors

Investec, 2 Gresham Street, London, EC2V 7QN

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UFM WORLDWIDE

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF UFM WORLDWIDE

YEAR ENDED 31 MARCH 2024

Opinion

We have audited the financial statements of UFM Worldwide (the “Charity”) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted out audit in accordance with international Standards in Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

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

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

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UFM WORLDWIDE

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF UFM WORLDWIDE

YEAR ENDED 31 MARCH 2024

on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report the fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

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UFM WORLDWIDE

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF UFM WORLDWIDE YEAR ENDED 31 MARCH 2024

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditors/audit-assurance-ethics/auditors-responsibilities-forthe-audit. This description forms part of our auditor’s report.

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UFM WORLDWIDE

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF UFM WORLDWIDE

YEAR ENDED 31 MARCH 2024

Use of our report

This report is made solely to the Charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 44(1)c of the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state in them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Joshua Kingston ACA (Senior Statutory Auditor)

For and on behalf of Burton Sweet Limited Statutory Auditor The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

Date: 10 June 2024

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UFM WORLDWIDE

STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account) YEAR ENDED 31 MARCH 2024

Note
Income from:
Donations and gifts
2
Legacies
Charitable activities
3
Investments
4
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
5
Net gains/(losses) on investments
10
Transfers between funds
Service charge
13
Other transfers
13
Other recognised gains/(losses):
Gains on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds at 1 April 2023
13
Total funds at 31 March 2024
13
Net income/(expenditure) for the
year
6		 Unrestricted Unrestricted
General
Designated
Restricted
Total Funds
Total Funds
Funds
Funds
Funds
2024
2023
£
£
£
£
£
195,254
3,739,415
-
3,934,669
3,604,628
213,531
-
-
213,531
124,421
40,766
-
-
40,766
50,980
69,917
-
-
69,917
31,411
519,468
3,739,415
-
4,258,883
3,811,440
14,682
-
-
14,682
14,322
744,688
3,115,322
-
3,860,010
4,093,775
759,370
3,115,322
-
3,874,692
4,108,097
-
80,429
-
80,429
(87,523)
388,947
(388,947)
-
-
-
785
(785)
-
-
-
-
-
-
-
85,654
464,620
(384,180)
704,522
-
(239,902)
149,830
314,790
-
464,620
(298,526)
151,120
2,831,714
-
2,982,834
3,281,360
300,950
3,146,504
-
3,447,454
2,982,834

The charity has no recognised gains or losses other than the results for the year as set out above.

All of the activities of the charity are classed as continuing.

See note 8 for fund-accounting comparative figures The notes on pages 15 to 27 form part of these financial statements

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Company Number: 00265218

UFM WORLDWIDE

BALANCE SHEET

AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
9
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors : amounts falling
due within one year
12
Net current assets
Net assets
FUNDS
Unrestricted funds
General funds
14
14
Total funds
Designated funds (including revaluation reserves of
£509,323 (2023: £392,248))		 2024
£
926,904
2,083,614
170,590
334,930
505,520
(68,584)
436,936
3,447,454
300,950
3,146,504
3,447,454		 2023
£
936,737
1,620,990
115,597
386,786
502,383
(77,276)
425,107
2,982,834
151,120
2,831,714
2,982,834

These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

These financial statements were approved by the Trustees on 10 June 2024 and are signed on their behalf by:

………………………………….

G Powell Treasurer

The notes on pages 15 to 27 form part of these financial statements

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UFM WORLDWIDE

CASH FLOW STATEMENT

YEAR ENDED 31 MARCH 2024

Note
Net cash (outflow)/inflow from operating activities
15
Non-operational cash flows:
Investing activities
Proceeds from the sale of property
Payments for purchase of tangible fixed assets
Payments for purchase of investments
Proceeds from the sale of investments
Investment income
Net cash inflow/(outflow) for the year
16		 2024
2023
£
£
263,217
(210,176)
-
225,000
(2,795)
(7,703)
(265,950)
(281,131)
238,522
183,393
69,917
31,411
39,694
150,970
302,911
(59,206)

Cashflow Restrictions

Charity law prohibits the use of net cash inflows on any endowed or other restricted fund to offset net cash outflows on any fund outside its own objects, except on special authority. In practice, this restriction has not had any effect on cash flows for the year.

The notes on pages 15 to 27 form part of these financial statements

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NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

UFM WORLDWIDE

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with the historical cost convention (except for investments which have been included at fair value and in accordance with the Statement of Recommended Practice: 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) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and UK Generally Accepted Practice as it applies from 1 January 2019.

The charity is a public benefit entity as defined under FRS102.

The financial statements are prepared on the going concern basis. There are no material uncertainties affecting the ability of the charity to continue as a going concern.

Accounting estimates & assumptions

In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts 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 those 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 the current and future periods.

Company status

The Mission is a company limited by guarantee and has no share capital. In the event of the Mission being wound up, the liability in respect of the guarantee is limited to £1 per member of the Mission.

Fund Accounting

The Mission’s unrestricted funds consist of funds which the Mission may use for its purposes at its discretion.

The Mission has designated certain funds for specific purposes. These are explained in more detail in the notes below. The Council of Management have decided that setting aside funds in this way is a useful financial discipline which will help the Mission make the best use of its resources, even though there is no legal force to the designations.

Income

Donations - These are recognised when received by the charity, tax recoverable on Gift Aid donations is recognised when the donation is recognised. When donors specify that donations and grants given to the charity must be used in future accounting periods, the income is deferred until those periods, likewise when conditions have to be fulfilled before the charity becomes entitled to use the income the income is deferred and not included until the pre-conditions for use have been met.

When donors specify that donations are for a particular restricted purpose, which do not amount to pre-conditions regarding entitlement, this income is included in restricted funds when receivable.

Legacies - Are included as soon as the charity is informed of its legal entitlement, the amount due is quantifiable and its ultimate receipt is probable.

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UFM WORLDWIDE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

1 Accounting policies (continued)

Investments - This is included when the interest and dividend amounts are receivable.

Government grants - Government grants for Coronavirus Job Retention Scheme were recognised in the period to which employment expenses were incurred and deemed to be receivable.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources. All expenditure includes irrecoverable VAT where applicable.

Raising fund costs, associated with attracting voluntary income, are those incurred in maintaining contact with supporters of the Mission and in developing contacts with new supporters of the Mission. It includes the cost of maintaining area offices in Belfast and Glasgow, deputation expenses, the production and distribution of the Mission’s magazine and the costs of conferences to which supporters of the Mission are invited.

Support costs are those incurred in connection with the acceptance and sending of missionaries to the mission field, and the support of missionaries both on the field and on furlough.

Support costs include governance costs, which are those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Employee benefits

When employees have rendered service to the charity, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expenses as they become payable.

Hire purchase and leasing commitments

Rentals paid under operating lease are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets & depreciation

Tangible fixed assets with a value of £500 or greater are included in the financial statements at their historical cost less depreciation and are written off over their estimated useful lives by consideration of the estimated residual value, with depreciation being provided at the following rates:

Freehold property 0% Reducing balance method Freehold property improvements 12.5% Reducing balance method Computer equipment 25% Reducing balance method Audio visual and office electrical equipment 20% Reducing balance method Furniture, fittings and other equipment 12.5% Reducing balance method

16

UFM WORLDWIDE NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

1 Accounting policies (continued)

The trustees have chosen to adopt a policy of revaluation of freehold land and buildings. Gains and losses are recognised in the Statement of Financial Activities.

Investments

Investments are included in the accounts at mid-market value as at 31 March.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or purchase value if purchased during the year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.

Any income from investments is applied to the unrestricted general fund as a contribution towards covering the costs related to the ongoing administration of the mission. Due to the cash flow profile of the commitments the council have been able to invest surplus funds into an investment portfolio to generate a return.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts due.

Cash at bank & in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors

Creditors are recognised as soon as there is a legal or constructive obligation committing the Charity to pay out resources.

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts

2 Donations and gifts

Support - Field individual
Support - Home & team
Support - Other UFM Missionaries
Work projects receipts
Other UFM projects
General fund donations
Others		 Total Funds
Total Funds
2024
2023
£
£
3,009,531
2,756,097
53,041
54,536
10,819
16,496
411,208
421,456
287,907
235,529
136,909
81,609
25,254
38,905
3,934,669
3,604,628

All income from donations in both 2024 and 2023 is unrestricted in nature.

17

UFM WORLDWIDE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

3 Charitable Activities

Sale of trading items
Conferences & house parties		 Total Funds
Total Funds
2024
2023
£
£
813
520
39,953
50,460
40,766
50,980

All charitable activity income in both 2024 and 2023 is unrestricted in nature.

4 Investment Income

Investment Income
Interest receivable
Investment dividends & interest
All investment income in both 2024 and 2023 is unrestricted in nature.
Expenditure
Missionary support
Direct
Mission field grants
Direct
Deputation and field travel
Direct
UFM magazine and literature
Direct
Publicity and advertising
Direct
Conferences and house parties
Direct
Trading items
Direct
Staff costs
Usage
Office expenses
Usage
Investment management fees
Usage
Depreciation & loss on disposal
Usage
Governance
Usage
Costs directly allocated to
activities
Support costs directly
allocated to activities
Basis of
Allocation		 £
-
-
-
5,076
6,722
-
361
2,125
271
37
48
42
Raising
Voluntary
Income		 Total Funds
Total Funds
2024
2023
£
£
6,841
2,549
63,076
28,862
69,917
31,411
Total
2024
£
£
3,099,561
3,099,561
48
48
35,951
35,951
15,229
20,305
-
6,722
46,109
46,109
-
361
558,636
560,761
71,149
71,420
9,659
9,696
12,580
12,628
11,088
11,130
Charitable
Activity of
Missionary
Support
14,682 3,860,010
3,874,692

5 Expenditure

18

UFM WORLDWIDE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

5 Expenditure - Prior year comparative

Missionary support
Direct
Mission field grants
Direct
Deputation and field travel
Direct
UFM magazine and literature
Direct
Publicity and advertising
Direct
Conferences and house parties
Direct
Trading items
Direct
Audit fees
Direct
Staff costs
Usage
Office expenses
Usage
Investment management fees
Usage
Depreciation & loss on disposal
Usage
Governance
Usage
Basis of
Allocation
Support costs directly
allocated to activities
Costs directly allocated to
activities		 Total
2023
£
£
£
-
3,359,384
3,359,384
-
78
78
2,348
33,579
35,927
5,957
17,873
23,830
3,453
-
3,453
-
64,346
64,346
400
-
400
-
-
-
1,799
514,321
516,120
255
72,886
73,141
28
7,861
7,889
48
13,761
13,809
34
9,686
9,720
Raising
Voluntary
Income
Charitable
Activity of
Missionary
Support
14,322
4,093,775
4,108,097

This is stated after charging:

This is stated after charging:
2024 2023
£ £
Auditor's remuneration - for audit services 8,820 7,740
- for other services 2,310 1,980
Depreciation 12,628 13,808

9 Trustees have been reimbursed a total of £2,000 for their out of pocket travel expenses (2023: 7 trustees were reimbursed £1,890). No Trustee received any remuneration during the current or prior year.

No Trustee (2023: Nil) waived expenses totalling £Nil (2023: £Nil) during the year.

Aggregate donations from Trustees, key management personnel, and related parties were £138,080 (2023: £92,434).

19

UFM WORLDWIDE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

7
Staff costs and numbers
The aggregate payroll costs were:
Headquarters' gross salaries
Social security costs
Staff Death in Service Cover
Consultancies
Staff Pension
Other staff costs
The average headcount of employees during the year was:
Administration		 2024
2023
£
£
468,440
431,267
34,728
31,476
2,378
2,425
3,960
3,960
48,737
45,056
2,518
1,936
560,761
516,120
2024
2023
20
20

No employee received emoluments of more than £60,000.

The total employment benefits received by key management personnel were £312,717 (2023: £264,997).

20

UFM WORLDWIDE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

8 Statement of Financial Activities comparative figures

Income from:
Donations and gifts
Legacies
Charitable activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net gains/(losses) on investments
Net income/(expenditure) for the year
Transfers between funds
Service charge
Other transfers
Other recognised gains/(losses):
Gains on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds at 1 April 2022
Total funds at 31 March 2023		 Unrestricted Unrestricted
General
Designated
Restricted
Total Funds
Funds
Funds
Funds
2023
£
£
£
£
142,359
3,462,269
-
3,604,628
90,421
10,000
24,000
124,421
50,980
-
-
50,980
31,411
-
-
31,411
315,171
3,472,269
24,000
3,811,440
14,322
-
-
14,322
702,297
3,367,478
24,000
4,093,775
716,619
3,367,478
24,000
4,108,097
-
(87,523)
-
(87,523)
(401,448)
17,268
-
(384,180)
342,640
(342,640)
-
-
(523,016)
523,016
-
-
-
85,654
-
85,654
(581,824)
283,298
-
(298,526)
732,944
2,548,416
-
3,281,360
151,120
2,831,714
-
2,982,834

21

UFM WORLDWIDE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

9 Tangible fixed assets

Tangible fixed assets
Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 £
£
£
£
£
904,713
44,802
15,455
9,224
974,194
-
1,028
631
1,136
2,795
Furniture,
Fittings &
Equipment
Audio
Visual &
Electrical
Computer
Equipment
Total
Freehold
property
904,713
45,830
16,086
10,360
976,989
-
26,792
8,624
2,041
37,457
-
8,803
2,663
1,162
12,628
-
35,595
11,287
3,203
50,085
904,713
10,235
4,799
7,157
926,904
904,713
18,010
6,831
7,183
936,737

Freehold property is revalued by the trustees every three years as a policy so the carrying amount does not differ materially from the fair value of the asset at the end of the reporting period. The two properties were last valued at March 2023 by the Trustees.

22

UFM WORLDWIDE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

10 Fixed asset investments
Investment portfolio
Cash held in deposit
Market value at start of year
Additions at cost
Disposal proceeds
Realised gain/(loss) on investment
Unrealised gain/(loss) on investment
Market value at end of year
Historical cost of funds at end of year
Investments comprise of:
Fixed interest securities
Equity shares
Property & Infrastructure
Held:
Within the UK
Outside the UK
11 Debtors
Prepayments and accrued income
Other debtors
12 Creditors: amounts falling due within one year
Monies held in Trust
Social security and other taxes
Accruals		 2024
2023
£
£
1,200,260
1,092,403
883,354
528,587
2,083,614
1,620,990
2024
2023
£
£
1,092,403
1,082,188
265,950
281,131
(238,522)
(183,393)
16,972
(344)
63,457
(87,179)
1,200,260
1,092,403
1,040,264
984,256
257,956
219,263
772,378
688,478
169,926
184,662
1,200,260
1,092,403
478,642
500,448
721,618
591,955
2024
2023
£
£
151,919
115,597
18,671
-
170,590
115,597
2024
2023
£
£
34,173
49,592
10,952
8,577
23,459
19,107
68,584
77,276

23

UFM WORLDWIDE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

13 Movement in funds
Unrestricted funds
General funds
Designated funds
Development fund
Missionary Support
Fixed assets cost fund
Property Revaluation Fund
Investment Revaluation Fund
Total funds
Prior year comparatives
Restricted funds
Gould legacy
Unrestricted funds
General funds
Designated funds
Development Fund
Missionary Support
Passage Fund
Fixed assets cost fund
Property Revaluation Fund
Investment Revaluation Fund
Total funds		 At
At
1 Apr
31 Mar
2023
Income
Expenditure
Transfers
2024
£
£
£
£
£
£
151,120
519,468
(759,370)
-
389,732
300,950
78,814
81,069
(10,977)
-
-
148,906
1,833,016
3,658,346
(3,091,717)
-
(388,947)
2,010,698
527,636
-
(12,628)
-
(37,431)
477,577
284,101
-
-
-
65,226
349,327
108,147
-
-
80,429
(28,580)
159,996
Gains/
(Losses)
2,982,834
4,258,883
(3,874,692)
80,429
-
3,447,454
2,982,834
4,258,883
(3,874,692)
80,429
-
3,447,454
At
At
1 Apr
31 Mar
2022
Income
Expenditure
Transfers
2023
£
£
£
£
£
£
-
24,000
(24,000)
-
-
-
Gains/
(Losses)
-
24,000
(24,000)
-
-
-
732,944
315,171
(716,619)
-
(180,376)
151,120
100,000
6,158
(27,344)
-
-
78,814
2,049,679
3,466,111
(3,340,134)
-
(342,640)
1,833,016
3,756
-
-
-
(3,756)
-
-
-
-
-
527,636
527,636
198,447
-
-
85,654
-
284,101
196,534
-
-
(87,523)
(864)
108,147
3,281,360
3,787,440
(4,084,097)
(1,869)
-
2,982,834
3,281,360
3,811,440
(4,108,097)
(1,869)
-
2,982,834

Description of funds

Restricted funds

Gould legacy

The Gould legacy reflects funds donated to the charity, restricted to the work of certain projects and missionaries.

24

UFM WORLDWIDE NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

13 Movement in funds (continued)

Unrestricted funds

General funds

The General Fund represents the funds of the Mission, which are not designated for particular purposes.

Designated funds

Development fund

The Development fund has been created to support new initiatives in the work of UFM Worldwide. For example, these funds will be used to support work relating to the sending of mission partners from majority world countries, strengthening the staff team and developing our capabilities in the area of communications.

Missionary Support

Missionary Support Funds comprise gifts and donations given with a non-binding wish for the support of missionary personnel in the carrying out of their work in the furtherance of the Mission’s aims and objectives.

Passage fund

Missionaries no longer contribute from their support funds to the Passage Fund which was used to pay for travel costs to and from the mission fields.

Fixed assets cost fund

The Fixed assets costs fund represents the original cost of the fixed assets included in the Balance Sheet, less a nominal £100,000 (2023: £125,000) that is considered part of the Missionary Support fund. See note 14.

Property Revaluation Fund

The Property Revaluation Fund represents the gains and losses included in the Balance Sheet, in relation to the value of the properties held.

Investment Revaluation Fund

The Investment Revaluation Fund represents the unrealised gains accrued to date on Fixed Asset Investments included in the Balance Sheet. Because by nature these profits are unrealised they are not readily available to fund General Fund expenses and are therefore disclosed separately from the General Fund.

14 Analysis of net assets between funds

General funds
Designated funds
Development fund
Missionary Support
Fixed assets cost fund
Property Revaluation Fund
Investment Revaluation Fund		 Tangible
Net
Fixed
Current
2024
Assets
Investments
Assets
Total
£
£
£
£
-
-
300,950
300,950
-
-
148,906
148,906
100,000
1,923,618
(12,920)
2,010,698
477,577
-
-
477,577
349,327
-
-
349,327
-
159,996
-
159,996
926,904
2,083,614
436,936
3,447,454

The free reserves of the charity are considered to be the net current assets of general funds and the investment revaluation fund totals. This totals £460,946 at the year-end.

25

NOTES TO THE FINANCIAL STATEMENTS

UFM WORLDWIDE

YEAR ENDED 31 MARCH 2024

14 Analysis of net assets between funds (continued)

Prior year comparatives

General funds
Designated funds
Development Fund
Missionary Support
Passage Fund
Property Revaluation Fund
Investment Revaluation Fund		 Tangible
Net
Fixed
Current
2023
Assets
Investments
Assets
Total
£
£
£
£
-
-
151,120
151,120
-
-
78,814
78,814
125,000
1,512,843
195,173
1,833,016
527,636
-
-
527,636
284,101
-
-
284,101
-
108,147
-
108,147
936,737
1,620,990
425,107
2,982,834

The free reserves of the charity are considered to be the net current assets of general funds and the investment revaluation fund totals. This totals £259,267 at the year-end.

15 Reconciliation of net movement in funds to net cash inflow from operating activities

Statement of Financial Activities: Net movement in funds
Investment income
Depreciation
Net (gain) / loss on investments
Net (gain) / loss on revaluation of fixed assets
Increase / (decrease) in creditors: current liabilities
(Increase) / decrease in debtors
Net cash inflow from operating activities
16 Analysis of changes in cash during the year
Cash & cash equivalents
Cash & cash equivalents		 2024
£
464,620
(69,917)
12,628
(80,429)
-
(8,692)
(54,993)
263,217
2024
2023
£
£
1,218,284
915,373		 2023
£
(298,526)
(31,411)
13,808
87,523
(85,654)
28,464
75,620
(210,176)
Change
£
302,911
2023
2022
£
£
915,373
974,579		 Change
£
(59,206)

26

UFM WORLDWIDE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

17 Reconciliation of cash at bank and in hand to the Balance Sheet

Reconciliation of cash at bank and in hand to the Balance Sheet
Cash at bank and in hand per Balance Sheet
Short-term deposits
Cash at bank and in hand per Cash Flow Statement		 2024
2023
2022
£
£
£
334,930
386,786
881,210
883,354
528,587
93,369
1,218,284
915,373
974,579

18 Related Party Transactions

Ruth Duffin is a close family member to Jason Duffin, a Trustee. In the year grants of £904 were paid to Ruth, with no balance due to Ruth at the year-end.

Esther Smith is a close family member to William Brown, a member of the key management personnel. In the year aggregate grants of £24,741 were paid to Esther and her partner Ben. A balance was held at the year-end of £19,528 due to Esther and Ben.

All grants paid to related parties were attributed to funds donated to UFM and were paid on the same terms as other missionaries we support.

There were no other related party transactions in the year other than those disclosed here and elsewhere in the accounts.

27