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2021-12-31-accounts

Charity Registration No. 327165

ASIALINK

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

ASIALINK

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr David Megarry Mr Christopher McIlroy Mr Geoffrey McKane Dr Cherith Semple (Appointed 11 January 2021) Rev Stephen Richmond (Appointed 11 January 2021) Key Management Personnel Director Rev. Gordon Stewart Operations Manager Mr Alex Hays Charity number 327165 Principal address Northwich Business Centre Meadow Street Northwich Cheshire CW9 5BF Auditor Riverside Accountancy Lancaster Limited Statutory Auditor 26 St Georges Quay Lancaster LA1 1RD Bankers NatWest Bank Western Avenue Waterside Court Chatham Marine Chatham ME4 4RL Accountant J A Fell and Co 40 Hoghton Street Southport Merseyside PR9 0PQ

ASIALINK

CONTENTS

Page
Trustees' report 1 - 7
Independent auditor's report 8 - 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 23

ASIALINK

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their report and financial statements for the year ended 31 December 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)

The Charity's objects are

  1. The proclamation and the furtherance of the Gospel concerning His Son Jesus Christ and Our Lord and the preaching and teaching of the Christian faith in the United Kingdom and elsewhere.

  2. To relieve poverty in accordance with Christian teaching.

The Charity carries out these objectives by making grants to appropriate institutions and there has been no change in these during the year.

The aims of the charity are:

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

Grant making policy

Grant-making is the primary method by which the Trust achieves its objectives in Asia, working alongside partner agencies and individuals. There are no upper or lower limits of support.

When gifts are made to external organisations, the following criteria are taken into consideration by the Directors and Trustees:

ASIALINK

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

AsiaLink has worked towards charitable objects during the year and the following summaries of achievements indicate the work we have done in the year.

SCRIPTURE: To enable the translation, printing and distribution of Bibles and Christian books for believers across Asia who have no access to Scripture in their heart language.

WORKERS: To empower local believers to reach their own communities in a relevant way through the provision and funding of training and practical support.

ASIALINK

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

ACTION: To bless the poor through food and medical relief, community development, education, and vocational training, with each initiative being conducted in hand with the proclamation of the gospel to whichever extent this is possible.

Social development initiatives

Relief work

NETWORKS: To network with likeminded agencies to achieve our goals.

ASIALINK

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

PASSION: To increase the awareness of and passion for unreached people groups among Christian communities in the UK, Ireland and elsewhere.

Some highlights of the Trust’s achievements in 2021 were:

ASIALINK

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Financial review

The Charity’s income primarily comprises donations from members of the public and churches. The attached accounts show that income received in 2021 amounted to £1,371,628 This represents a 30% increase on the previous year, and marks the first time that the Charity has received a seven-figure income in two consecutive years.

During the year, the Charity made grants totalling £670,033 to a number of institutions in furtherance of its objects. This represents a 15% increase on the previous year’s total and the highest in the history of the Charity. Staff costs increased slightly whilst support costs were up from their unusually low level in the previous year. The Trust will continue to monitor expenditure on domestic travel and visits to projects in the field as these become possible once again. Plans are in place to distinguish between various forms of travel cost more clearly in future.

It is the policy of the Charity that unrestricted funds which have not been designated for specific use should be maintained at a level equivalent to three months’ expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s essential activities while consideration is given to ways in which additional funds may be raised. At 31st December 2021, the unrestricted funds balance stood at £187,488. This amount satisfies the requirements of the Charity’s reserves policy.

Risk policy

The trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.

The main risks face by the trust are associated with grant-making:

In order to address these risks, procedures have been put in place to ensure the effective use of grants. Great efforts are made to vet potential beneficiaries, to ensure they possess the skills, organisation and character to make proper use of grants and to cooperate and communicate with the Trust as required, and this work will continue in 2021 through the implementation of more formal partnership agreements. Policies and processes are also in place to ensure that decisions regarding grants are made by several individuals without conflicts of interest.

Other risks include contract pricing, income fluctuation, insurable risks, public perception, breach of trust, responsibilities as an employer and changing regulatory requirements.

Structure, governance and management

The Charity was established by a Deed of Trust dated 10th June 1986, as amended by a supplemental Deed dated 26th January 1999.

The Trustees who served during the year and up to the date of signature of the financial statements were: Mr David Megarry

Mr Christopher McIlroy Mr Geoffrey McKane Dr Cherith Semple (Appointed 11 January 2021) Rev Stephen Richmond (Appointed 11 January 2021)

ASIALINK

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Trustees are selected on the basis of the mix of leadership skills, missionary awareness, experience and diversity that they bring to the Trustee body, as well as the time they have to perform their functions as Trustees. All appropriate checks are taken to ensure that a prospective Trustee is both eligible and suitable to act in this capacity. All Trustees are presented with background information on the work of the Charity, and new Trustees are also encouraged to read relevant guidance provided by the Charity Commission.

The board of Trustees is required by the Trust Deed to be between three and five in number. The Trustees delegate the day-to-day management of the Charity to the Director and Operations Manager, who report to them regularly.

Key management personnel remuneration

The Trustees consider the board of Trustees, the Director and the Operations Manager to be the key management personnel of the Charity, responsible for directing and controlling the Charity. No remuneration or expenses was paid to the Trustees. The remuneration of the Director and Operations Manager is reviewed annually and is normally increased at a rate consistent with the growth in average UK earnings.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ASIALINK

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Auditor

Disclosure of information to auditor

Each of the persons who is a Trustee at the date of approval of this report confirm that: - So far as the Trustees are aware, there is no relevant audit information of which the Trust’s auditor is unaware. And

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

.............................. Mr Geoffrey McKane

Trustee Dated: .........................

ASIALINK

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF ASIALINK

Opinion

We have audited the financial statements of Asialink (the ‘Charity’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 our audit in accordance with International Standards on 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 Trustees' 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 Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

ASIALINK

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF ASIALINK

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

or

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, 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 the Trustees 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 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 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

ASIALINK

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF ASIALINK

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Other matters

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

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

ASIALINK

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF ASIALINK

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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

Lyndsay Nicholson ACA - Senior Statutory Auditor

For and on behalf of Riverside Accountancy Lancaster Limited Second Floor Riverside Offices St George's Quay Lancaster LA1 1RD

Riverside Accountancy Lancaster Limited is eligible for appointment as auditor of the charity by virtue of their eligibility for appointment as auditor under section 1212 of the Companies Act 2006.

ASIALINK

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income from:
Donations and legacies
2
765,458
605,558
Investments
3
612
-
Total income
766,070
605,558
Expenditure on:
Raising funds
4
55,789
-
Charitable activities
5
660,778
336,794
Total resources
expended
716,567
336,794
Net incoming
resources before
transfers
49,503
268,764
Gross transfers
between funds
(11,347)
11,347
Net income for the year/
Net movement in funds
38,156
280,111
Fund balances at 1
January 2021
149,332
159,384
Fund balances at 31
December 2021
187,488
439,495		 Total
Unrestricted
funds
2021
2020
£
£
1,371,016
741,985
612
1,269
1,371,628
743,254
55,789
68,618
997,572
536,960
1,053,361
605,578
318,267
137,676
-
(95,974)
318,267
41,702
308,716
107,630
626,983
149,332		 Restricted
funds
2020
£
309,337
-
309,337
-
361,565
361,565
(52,228)
95,974
43,746
115,638
159,384		 Total
2020
£
1,051,322
1,269
1,052,591
68,618
898,525
967,143
85,448
-
85,448
223,268
308,716

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

All income and expenditure derive from continuing activities.

ASIALINK

BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
12
Net current assets
Income funds
Restricted funds
14
Unrestricted funds		 2021
£
10,522
635,139
645,661
(18,678)		 £
626,983
439,495
187,488
626,983		 2020
£
23,793
305,860
329,653
(20,937)		 £
308,716
159,384
149,332
308,716

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

.............................. Mr Geoffrey McKane Trustee

ASIALINK

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
Cash flows from operating activities
Cash generated from operations
19
Investing activities
Interest received
Net cash generated from investing
activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
612		 £
328,667
612
-
329,279
305,860
635,139		 2020
£
1,269		 £
76,544
1,269
-
77,813
228,048
305,860

ASIALINK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

Asialink is a charitable trust governed by a trust deed dated 10th June 1986.

1.1 Accounting convention

The accounts have been prepared in accordance with the Charity's trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice 2019 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

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

1.3 Charitable funds

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

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

1.4 Incoming resources

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

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

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

Government Grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

ASIALINK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

1.5 Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be reliably measured.

All expenditure is accounted for on an accruals basis. all expenses including support costs and governance costs are apportioned to the applicable expenditure headings.

Grants payable are payments made to third parties in furtherance of the charitable objects of the trust. Grants payable are recognised when the offer of a grant has been made and the amount determined.

Support costs and governance costs have been apportioned to charitable activities on the basis of usage.

1.6 Cash and cash equivalents

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

1.7 Financial instruments

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

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

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

Basic financial assets

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

Basic financial liabilities

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

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

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

Derecognition of financial liabilities

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

ASIALINK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

1.8 Employee benefits

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

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

1.9 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

During the year the amount of defined benefit pension scheme contributions paid amounted to £15,626 (2020 £15,081) and this has been allocated to restricted and unrestricted funds on the basis of usage.

1.10 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

1.11 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure) for the period.

2 Donations and legacies

Unrestricted
Restricted
funds
funds
2021
2021
£
£
Donations and gifts
742,108
605,558
Job Retention Scheme
Grants receivable
23,350
-
765,458
605,558
Investments
Interest receivable		 Total
Unrestricted
Restricted
Total
funds
funds
2021
2020
2020
2020
£
£
£
£
1,347,666
707,072
309,337
1,016,409
23,350
34,913
-
34,913
1,371,016
741,985
309,337
1,051,322
Unrestricted
Unrestricted
funds
funds
2021
2020
£
£
612
1,269		 Total
2020
£
1,016,409
34,913
1,051,322

3 Investments

ASIALINK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

4 Raising funds

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Fundraising and publicity
Seeking donations, grants and legacies 55,789 68,618
55,789 68,618

5 Charitable activities

Staff costs
Grant funding of activities (see note 7)
Share of support costs (see note 8)
Share of governance costs (see note 8)
Analysis by fund
Unrestricted funds
Restricted funds
For the year ended 31 December 2020
Unrestricted funds
Restricted funds		 Grant
funded
£
48,082
670,033
52,090
3,810
774,015
437,221
336,794
774,015
330,845
361,565
692,410		 Ministry
work
£
187,888
-
31,859
3,810
223,557
223,557
-
223,557
206,115
-
206,115		 Total
2021
£
235,970
670,033
83,949
7,620
997,572
660,778
336,794
997,572		 Total
2020
£
230,703
584,616
77,146
6,060
898,525
536,960
361,565
898,525

ASIALINK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

6 Description of charitable activities

Grant funded activity

The charity undertakes its charitable activities through ministry, and making grants to a number of institutions in furtherance of its charitable activities.

Ministry work

The charity works to proclaim the Gospel and the preaching of the Christian faith through its ministry work.

7 Grants payable

Grants to institutions:
Asia Harvest
Run Ministries
Genesis NGO
Global Impact
India Village Ministries
Impact Middle East
MCCP
Multimedia Theological Training
UFM
New Life
Salt and Light
Christian Far East Ministry
Al Massira
Shelter Asia
Dula International
ICI
PGM
Dehli Bible Institute
Laos Fish Farms
Samaritan Creations
OMF International
MMC
Chisel
Back to the Bible
Nightlight
Other		 2021
£
101,526
9,569
50,067
18,700
43,484
67,210
14,318
25,000
25,868
-
8,000
6,000
15,000
-
5,000
20,420
62,335
20,000
46,223
9,272
12,355
8,747
9,070
9,000
-
82,869
670,033		 2020
£
109,753
16,384
21,013
20,000
13,013
43,000
11,459
-
33,500
5,997
10,560
84,010
-
10,000
9,500
-
-
32,000
52,876
-
6,800
13,070
11,012
16,000
12,000
52,669
584,616

ASIALINK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

8 Support costs

Staff costs
Exchange Losses/(gains)
Overheads
Travel costs
Resources
Bank charges
Audit fees
Accountancy fees
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
31,976
-
801
-
29,237
-
16,610
-
4,020
-
1,305
-
-
3,540
-
4,080
83,949
7,620
83,949
7,620		 2021Support costs Governance
costs
£
£
£
31,976
31,474
-
801
(538)
-
29,237
25,352
-
16,610
15,372
-
4,020
3,137
-
1,305
2,349
-
3,540
-
3,540
4,080
-
2,520
91,569
77,146
6,060
91,569
77,146
6,060		 2020
£
31,474
(538)
25,352
15,372
3,137
2,349
3,540
2,520
83,206
83,206

9 Trustees

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

10 Employees

The average monthly number of employees during the year was:

Administration and governance
Fundraising and charitable work
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2021
Number
2
11
13
2021
£
237,040
15,280
15,626
267,946		 2020
Number
2
10
12
2020
£
232,632
14,464
15,081
262,177

ASIALINK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

10 Employees

The trust considers that the key management personnel comprise the director, the operations manager and the trustees. The total annual cost of employment benefits, including employer pension contributions, of key management personnel was £75,555 (2020: £73,669).

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

11 Debtors

Amounts falling due within one year:
Other debtors
12
Creditors: amounts falling due within one year
Other taxation and social security
Accruals		 2021
£
10,522
2021
£
5,125
13,553
18,678		 2020
£
23,793
2020
£
4,864
16,073
20,937

13 Retirement benefit schemes

Defined contribution schemes

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £15,626 (2020 - £15,081).

ASIALINK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

14 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 January
2021

£
Asia General Fund
35,764
Bhutan
4,623
Burma
974
Central Asia
365
China
15,801
Disaster
-
India
5,578
Restricted Countries
16,394
Mongolia
57,210
Nepal
11,245
Sri Lanka
10,865
Vietnam
51
Digital ministries
514
Widows Fund
-
Scripture
-
159,384
Analysis of net assets between funds
Restricted Unrestricted
2021
2021
£
£
Fund balances at 31
December 2021 are
represented by:
Current assets/(liabilities)
439,495
187,488
439,495
187,488		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Balance at
31 December
2021
£
£
£
£
92,972
(85,259)
3,125
46,602
3,249
(5,702)
-
2,170
18,730
(13,818)
-
5,886
3,901
(3,305)
367
1,328
31,955
(32,602)
297
15,451
84,257
(34,426)
-
49,831
48,711
(53,640)
6,363
7,012
66,617
(30,983)
1,195
53,223
35,834
(36,791)
-
56,253
146,137
(26,494)
-
130,888
1,075
-
-
11,940
325
-
-
376
12,177
(11,069)
-
1,622
46,441
-
-
46,441
13,177
(2,705)
-
10,472
605,558
(336,794)
11,347
439,495
Total
Restricted
Unrestricted
Total
2021
2020
2020
2020
£
£
£
£
626,983
149,332
159,384
308,716
626,983
149,332
159,384
308,716		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Balance at
31 December
2021
£
£
£
£
92,972
(85,259)
3,125
46,602
3,249
(5,702)
-
2,170
18,730
(13,818)
-
5,886
3,901
(3,305)
367
1,328
31,955
(32,602)
297
15,451
84,257
(34,426)
-
49,831
48,711
(53,640)
6,363
7,012
66,617
(30,983)
1,195
53,223
35,834
(36,791)
-
56,253
146,137
(26,494)
-
130,888
1,075
-
-
11,940
325
-
-
376
12,177
(11,069)
-
1,622
46,441
-
-
46,441
13,177
(2,705)
-
10,472
605,558
(336,794)
11,347
439,495
Total
Restricted
Unrestricted
Total
2021
2020
2020
2020
£
£
£
£
626,983
149,332
159,384
308,716
626,983
149,332
159,384
308,716
439,495
Total
2020
£
308,716
308,716

15 Analysis of net assets between funds

16 Financial commitments, guarantees and contingent liabilities

At the 31st December 2021, the Charity had indicated to a selection of Charities that it would be providing support to the value of £142,412 (2020: £115,492).

There are no performance conditions for these grants to be paid and the expenditure will take place predominantly in 2022.

17 Operating lease commitments

At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

ASIALINK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

17 Operating lease commitments

Within one year
Between two and five years		 2021
£
5,359
7,431
12,790		 2020
£
5,359
7,431
12,790

18 Related party transactions

Transactions with related parties

During the year the Charity entered into the following transactions with related parties:

During the year trustees of the charity made donations to the charity amounting to £2,930 (2019 £2,280).

19
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Movements in working capital:
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Cash generated from operations		 2021
£
318,267
(612)
13,271
(2,259)
328,667		 2020
£
85,448
(1,269)
(20,514)
12,879
76,544

20 Analysis of changes in net funds

The Charity had no debt during the year.