The South American Mission Society Registered Charity No. 221328
Registered Company No. 00065048
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SOUTH AMERICAN MISSION SOCIETY (CONTINUED)
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financlal statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (Irregularities) ls from the events and transactions reflected In the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. Jn addition, as with any audit, there remained a higher risk of non-detection of irregularitles, as these may involve collusion, forgery, Intentional omissions, misrepresentations, or the override of Internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulatlons.
Use of our report
This report Is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibllity to anyone other than the charitable company and the chatitable company's members as a body, for our audit work, for this repr;,rt, or for. the oplnkms we·have formed.
Alastair Lyon Senior Statutory Auditor
For and on behalf of
Crowe U.K. LLP Statutory Auditor
Reading
Date: 28 June 2024
10
| Note | Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|---|
| Funds | Funds | 2024 | Funds | Funds | 2023 | ||
| £ | £ | £ | £ | £ | £ | ||
| Incomefrom: | |||||||
| Donationsandlegacies | 1,070,623 | 26,039 | 1,096,662 | 83,550 | 27,639 | 111,189 | |
| Giftfromparent | - | 550,103 | 550,103 | - | 413,591 | 413,591 | |
| undertaking | |||||||
| Investments | 19,069 | - | 19,069 | 9,692 | - | 9,692 | |
| Other | 495 | 92,050 | 92,545 | 537 | 88,942 | 89,479 | |
| Totalincome | 1,090,187 | 668,192 | 1,758,379 | 93,779 | 530,172 | 623,951 | |
| Expenditureon: | |||||||
| Raisingfunds | |||||||
| Charitableactivities | |||||||
| Peopleinmission | 208,245 | 658,030 | 866,275 | 173,968 | 579,790 | 753,758 | |
| Totalexpenditure | 208,245 | 658,030 | 866,275 | 173,968 | 579,790 | 753,758 | |
| Net | 881,942 | 10,162 | 892,104 | (80,189) | (49,618) | (129,807) | |
| income/(expenditure) | |||||||
| Transfersbetweenfunds | |||||||
| Othergains/(losses)on | 17 | - | - | - | 1,066,490 | - | 1,066,490 |
| pensionschemedeficit | |||||||
| reductionprovision | |||||||
| Netmovementinfunds | 881,942 | 10,162 | 892,104 | 986,301 | (49,618) | 936,683 | |
| Totalfundsbrought | 470,107 | 56,824 | 526,931 | (516,194) | 106,442 | (409,752) | |
| forward | |||||||
| Totalfundscarried | 1,352,049 | 66,986 | 1,419,035 | 470,107 | 56,824 | 526,931 | |
| forward |
| Note | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Currentassets | ||||
| Debtors | 11 | 778,105 | 10,302 | |
| Cashandshort-termdeposits | 669,327 | 589,970 | ||
| 1,447,432 | 600,272 | |||
| CurrentLiabilities | ||||
| Creditors:amountsfallingduewithinoneyear | 12 | (28,397) | (73,341) | |
| Netcurrentassets | 1,419,035 | 526,931 | ||
| Netassets | 1,419,035 | 526,931 | ||
| Thefundsofthecharity | ||||
| Unrestricted:Freereserves | 14 | 1,352,049 | 470,107 | |
| Unrestrictedfunds | 1,352,049 | 470,107 | ||
| Restrictedfunds | 14 | 66,986 | 56,824 | |
| Totalcharityfunds | 14 | 1,419,035 | 526,931 |
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||||
|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | 2024 | Funds | Funds | 2023 | ||||
| £ | £ | £ | £ | £ | £ | ||||
| Donationsfrom | churches | and | - | 17,661 | 17,661 | - | 17,939 | 17,939 | |
| groups | |||||||||
| Donationsfrom | individuals | 6,276 | 8,378 | 14,654 | 6,754 | 9,700 | 16,454 | ||
| Legacies | 1,064,347 | - | 1,064,347 | 76,796 | - | 76,796 | |||
| 1,070,623 | 26,039 | 1,096,662 | 83,550 | 27,639 | 111,189 |
| 6 | EXPENDITUREONCHARITABLE | EXPENDITUREONCHARITABLE | ACTIVITIES | ||||
|---|---|---|---|---|---|---|---|
| Direct | Support | Total | Direct |
Support | Total | ||
| Costs | Costs | 2024 | Costs |
Costs | 2023 | ||
| £ | £ | £ | £ |
£ | £ | ||
| Charitable | |||||||
| activities | |||||||
| Peopleinmission | |||||||
| MissionPartners | 858,030 | 8,245 | 866,275 | 579,790 |
21,857 | 601,647 | |
| Pensioncontributions | - | - | - | 152,110 |
- | 152,110 | |
| TotalExpenditure | 858,030 | 8,245 | 866,275 | 731,900 |
21,857 | 753,757 | |
| 7 | SUPPORTCOSTSALLOCATION | ||||||
| Finance& | Total | Total | |||||
| Administration | 2024 | 2023 | |||||
| £ | £ | £ | |||||
| Charitableactivities | |||||||
| Peopleinmission | |||||||
| MissionPartners | 200 | 200 | 221 | ||||
| Pensionschemeadministrationcosts | - | - | 14,580 | ||||
| Governance(Note8) | 8,045 | 8,045 | 7,056 | ||||
| TotalSupportCosts | 8,245 | 8,245 | 21,857 |
| The | supportcostsrelateentirelytotheactivityofsupportingMissionPartners.Governancecostsrelatedtotherunning | supportcostsrelateentirelytotheactivityofsupportingMissionPartners.Governancecostsrelatedtotherunning | supportcostsrelateentirelytotheactivityofsupportingMissionPartners.Governancecostsrelatedtotherunning | of |
|---|---|---|---|---|
| the | Society,consistalmostentirelyofthecostsoftheexternalaudit(Note8),whichisshowngrossofVAT. | |||
| 8 | AUDITORS’REMUNERATION | |||
| 2024 | 2023 | |||
| £ | £ | |||
| AuditFees | 7,866 | 6,840 | ||
| Feesfornon-auditservices | 179 | - | ||
| 8,045 | 6,840 |
| 9 | STAFFEMOLUMENTS | |||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Salariesandallowances | 487,610 | 417,411 | ||
| Socialsecuritycost | 6,915 | 3,583 | ||
| Employer'spensioncontribution—definedcontributionscheme | 108,095 | 15,252 | ||
| Employer'spensioncontribution—definedbenefitmulti-employerscheme | - | 76,670 | ||
| 602,620 | 512,916 |
| 2024 | 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| £ | £ | ||||||||
| Financialassetsmeasuredat | amortisedcost | ||||||||
| Cashatbankand | inhand | 669,327 | 589,970 | ||||||
| Amountsduefromgroupundertakings | 44,695 | - | |||||||
| Otherreceivables | 733,410 | 10,302 | |||||||
| Financialliabilitiesmeasured | atamortisedcost | : | |||||||
| Othercreditors | due | within | one | year(excluding | tax | and | (19,602) | (16,916) | |
| deferredincome) | |||||||||
| Amountsduefromgroupundertakings | - | (33,158) | |||||||
| DEBTORS | |||||||||
| 2024 | 2023 | ||||||||
| £ | £ | ||||||||
| Tradedebtors | 8,148 | 7,303 | |||||||
| Taxationrecoverable | 541 | 301 | |||||||
| Amountsduefromgroupundertakings | 44,695 | - | |||||||
| Accruedincome | 724,721 | 2,698 | |||||||
| 778,105 | 10,302 |
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Tradecreditors | 8,970 | 6,908 |
| Accruals | 5,466 | 6,840 |
| Taxesandsocialsecuritycosts | 8,795 | 23,367 |
| Amountsduetogroupundertakings | - | 33,158 |
| Othercreditors | 5,166 | 3,068 |
| 28,397 | 73,341 |
| NetAssets/(Liabilities)byFund-2024 | Unrestricted | Restricted | Total |
|---|---|---|---|
| : | £ | £ | £ |
| Currentassets | 1,380,446 | 66,986 | 1,447,432 |
| Currentliabilitieslessthanoneyear | (28,397) | - | (28,397) |
| NetAssets2024 | 1,352,049 | 66,986 | 1,419,035 |
| NetAssets/(Liabilities)byFund-2023 | Unrestricted | Restricted | Total |
| £ | £ | £ | |
| Currentassets | 510,110 | 90,162 | 600,272 |
| Currentliabilitieslessthanoneyear | (40,003) | (33,338) | (73,341) |
| NetAssets2023 | 470,107 | 56,824 | 526,931 |
| At | 1February | Income | Expenditure | Other | _ | Transfers | At 31 | ||
|---|---|---|---|---|---|---|---|---|---|
| 2023 | gainsand | January | |||||||
| losses | 2024 | ||||||||
| £ | £ | £ | £ | £ | £ | ||||
| Freereserves | 470,107 | 1,090,187 | (208,245) | - | - | 1,352,049 | |||
| Unrestrictedfunds | 470,107 | 1,090,187 | (208,245) | ™ | - | 1,352,049 | |||
| MissionPersonnelfunds | 56,824 | 668,192 | (658,030) | - | - | 66,986 | |||
| (Restricted) | |||||||||
| Total | 526,931 | 1,758,379 | (866,275) | - | - | 1,419,035 | |||
| estrictedfunds | ‘ | : |
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Valueat | 31 | January | 2024 | 5,559 | 5,387 |
| 5,559 | 5,387 |