## **World Horizons Limited**
## **Financial Statements**
## **for the period**
## **1[st] February to 31st December 2020**
**Colin Dalton**
**Chartered Accountant & Independent Examiner**
**Kingswinford**
## **World Horizons Limited**
## **Contents**
||Page|
|---|---|
|Company Information|2|
|Report of the Trustees|3 – 10|
|Report of the Independent Examiner|11 - 12|
|Statement of Financial Activities|13|
|Balance Sheet|14 - 15|
|Notes to the Financial Statements|16 - 28|
1
## **World Horizons Limited**
## **Company Information**
Board of Trustees
Board of Trustees G. M. Davies T. R. Morris M. Adams P. M. Wisdom J. L. Lewis Company Secretary G. M. Davies (appointed 1[st] October 2020) Registered Office Centre for the Nations and Administrative Office North Dock Llanelli Carmarthenshire SA15 2LF Independent Examiner Colin Dalton Chartered Accountant Dalton Pardoe Limited 794 High Street Kingswinford DY6 8BQ Bankers: Barclays Bank plc 16 Vaughan Street Llanelli Carmarthenshire SA15 1XJ Company Number: 1680675 Registered Charity: 513524
2
**World Horizons Limited**
## **Report of the Trustees for the period 1[st] February to 31st December 2020**
The Trustees present their report and the independently examined financial statements for the period of 1st February to 31st December 2020. World Horizons Limited is a company limited by guarantee, not having a share capital, with charitable status.
## **1. Overview of Charitable Objects**
- 1.1 The worldwide charitable objects for World Horizons are as follows:
- to propagate and spread the gospel of Jesus Christ throughout the United Kingdom and the world and to assist in the extension of his kingdom by, but not limited to, the following means:
- to recruit, train and appoint Christians in establishing indigenous, evangelising churches worldwide;
- to promote and further renewal of the Christian church and the deepening of the spiritual lives of Christians and the partnership between Christian churches, groups, organisations and missions;
- to encourage and advise Christians on the start-up and development of enterprises that are focused on generating social, environmental, spiritual, and sustainable profit, that will be used to advance Christian evangelism, church planting and discipleship worldwide;
- to advance and promote the Christian faith amongst children and young adults, both in the United Kingdom and worldwide, by promoting the gospel of Jesus Christ and to help and educate them through the provision of recreational and leisure-time activities to develop their physical, mental and spiritual capacities, that they may grow to full maturity as individuals, members of society and practising members of the Christian faith;
- to advance education in the United Kingdom and worldwide;
- to relieve persons who are in conditions of need, hardship, or distress by the provision of gifts in kind, grants of money or medical care or assistance, worldwide.
## **2. Means of attaining Charitable Objects**
2.1 The company has to date addressed its activities to the above objectives. The main activities of the company in this period have been:
- giving spiritual and material support to the work of the World Horizons movement overseas which, for the year, was completely financially autonomous;
- furthering the work of World Horizons within the UK by stimulating interest in worldwide evangelism and church planting through conferences, promotional activities, prayer, training in various topics and methods, welcoming and helping overseas visitors and refugees in the UK;
- promoting and furthering renewal of the Christian church and the deepening of the spiritual lives of Christians and the partnership between Christian churches;
3
## **World Horizons Limited**
## **Report of the Trustees**
## **for the period 1[st] February to 31st December 2020**
- research and development work to open new worldwide opportunities for evangelism and church planting;
- encouraging and advising Christians on the start-up and development of enterprises that are focused on generating social, environmental, spiritual, and sustainable profit that will be used to share the Christian faith, church planting and discipleship worldwide.
2.3 The Charity operates under England and Wales charity legislation and is organised into local/regional teams. Volunteers in other locations do not generate separate income or expenditure belonging to the Charity and so are not accounted for separately in the financial records. Our volunteers currently operate in Scotland, Northern Ireland, Swansea, Liverpool, Manchester, Derby, Luton and London and Llanelli.
2.4 In planning our activities for the period, we kept in mind the Charity Commission’s guidance on public benefit at our various trustees and team meetings.
## **3. Achievements, Performance and Future Plans**
## **Review of the Period**
3.1 The worldwide Covid-19 pandemic has significantly impacted our operations. We have taken this opportunity to strategically review different aspects of work and reshape much of our internal operations and structures.
## **Overseas Trips**
3.2 We cancelled/postponed all planned trips in 2020 due to the Covid-19 pandemic.
## **Online Development**
3.3 We have invested in developing our online platforms to strengthen both internal and external communications.
3.4 We have successfully held two Online Open Days which provide opportunities to engage people in our charitable objectives both in the UK and overseas.
3.5 We have developed a range of online prayer gatherings which serve to educate people about different cultures and engage them in responding to individual and national needs.
3.6 We held an Online Conference equipping people for ‘Pioneering in a Pandemic’ and ‘Building Healthy Intercultural Teams’ and delivered online training including ‘Making the most of Homeworking’, ‘Yammer and Internal Communication’, ‘Safeguarding’ and ‘Onboarding’.
3.7 We have expanded our range of prayer meetings via Zoom, which are now accessible by anyone who is part of our organisation together with a range of other prayer meetings that are accessible by our supporters.
## **Work with Refugees**
3.8 Our team in Liverpool have partnered with Bridge 2 and Heritage International Language School to provide refugees with practical support during the Covid crisis through offering
4
**World Horizons Limited**
## **Report of the Trustees for the period 1[st] February to 31st December 2020**
translation, provision of food parcels.
## **Support Ministries**
3.9 Our support ministries, including personnel, finance, visas, HR, communications and member-care have continued to work from home to provide much needed support for our UK and overseas workers throughout the disruption. Despite the challenges of the pandemic, we have received five new workers from overseas in the UK during the period.
## **North Dock Centre**
3.10 During the Covid-19 pandemic we have adhered to the Government advice to ‘work from home’ and so our Residential Centre in Llanelli has remained closed since March 2020. We are refocusing the future use of the centre to serve and welcome the local community through several arts projects, together with developing the residential/retreat side of our operations. The Trustees have agreed to invest £10,000 into the redevelopment of the building which will be used in line with a Business Plan which will be written to shape the future development of the building.
## **Partnerships**
3.11 We are developing several strategic partnerships with churches and church networks which will enable us to engage, serve and support those charities in developing their cross-cultural work, namely Manchester Chinese Christian Church, Synergy Churches, the Forge church network, the Apostolic Network and Intercultural Churches UK.
## **Pioneer Initiative**
3.12 In July 2021 we will launch a new Pioneer Initiative training which is designed to equip individuals with the practical skills and spiritual development needed to form teams and pioneer into some of the least familiar areas of the world through classroom-based teaching, practical coaching and immersion in different cross-cultural contexts in the UK and overseas.
## **Creative Arts**
3.13 Our Global arts collective have written, recorded and released a collaborative music project which also included the work of visual artists from different backgrounds and cultures across World Horizons.
## **V2020**
3.14 The V2020 project was established to enable work alongside the World Horizons Venezuelan team aiding the move of World Horizons trained Venezuelans from Venezuela overseas during 2020. The project involved raising funds for, but not limited to, flights, insurance, visas and to complete monthly support needed (up to 90%) to allow each Venezuelan to stay on the field for 2 complete years. Four individuals were sent plus finance for a further two workers when conditions allow.
5
**World Horizons Limited**
## **Report of the Trustees for the period 1[st] February to 31st December 2020**
## **North Africa**
3.15 From May 2020 we provided food parcels of meat, fruit, vegetables, rice & oil to 20+ large families who were in financial need due to being unable to work during the pandemic. Food was distributed every 2 weeks for 6 months and families with medical problems also received help with medications.
## **Niger**
3.16 We supplied rice and oil to poor families in Dosso where we had a health education project from our team. Tragically, 11 families lost their homes due to a fire in Niamey. We supplied mattresses and basic furniture, rice, flour and oil and helped them with some finance to begin to rebuild their homes. We continue to support a school for 400 children from one of the poorest areas of the city by providing administrative support and accounting. The students receive 1 meal a day at the school, and we help finance some children to attend.
3.17 We continue to provide theological and healthcare training for 14 rural church pastors through the Ekibala programme. In the autumn when food supplies were short, we provided support to buy rice for the pastors to distribute to those most in need.
## **Burkina Faso**
3.18 In Burkina we work in partnership with AEEB - 'Association Evangelique Ensemble Burkina' set up as an umbrella organisation to cover the work of Project Javelin and other ministries. The work is based on the outskirts of Ouagadougou and currently includes a nursery with 47 pupils and a Sewing Centre, where women do a 2-year sewing course to give them an income-generating skill. There is also an adult literacy class as this is a big need in the local community, with many adults not having had the opportunity to attend school as children.
3.19 Project Javelin itself is a mobile outreach that responds to invitations to visit the leastreached areas of the country to share good news and encourage isolated pastors and believers. Usually, this also results in the planting of 3 or 4 new churches each year. Working among displaced peoples, the team provides practical assistance to families in need, including essentials such as food, clothes, soap and water.
## **Middle East**
3.20 Our work seeks to encourage work and research into spiritual, mental, physical needs and community health provision with a focus on working particularly amongst refugees. We have partnered with an NGO to start a livelihood project for 15 - 25-year-olds training in business and English skills in one of the refugee camps where individuals have missed schooling. We have an art therapist working in a refugee camp. In partnership with another charity, we run adventure, team building and confidence-building activities for young people from the refugee camp.
## **East Africa**
3.21 We are developing an online platform for training for young people who are wanting to work in other countries and cultures. To train them in cross-cultural work, wellbeing, communication skills, business and accounting.
6
**World Horizons Limited**
## **Report of the Trustees for the period 1[st] February to 31st December 2020**
## **Turkic Region**
3.22 Our team is working on forming a creative arts space to aid dialogue between different peoples around the topics of creativity, culture and spirituality through art and craft workshops, art exhibitions, artist panel discussions, song writing workshops, English conversation clubs and art therapy events for trauma sufferers.
3.23 The team is helping to co-lead a local church with an English-speaking congregation and a Turkish-speaking congregation. Our team works in several church ministries. The Exile Ministry Training runs twice per year, in English and then in Turkish. It is a three-month program that has been drawing a diverse group of students from around the world.
3.24 A café continues to serve the local community. The cafe functions as an art gallery with an exhibit that rotates every 4-6 weeks. They have been developing contacts with the local art community, both at the universities and among local artists. They have also been renting the cafe space for churches to use for their worship meetings. The cafe has generated lots of ministry opportunities and has become a local hub for the community.
## **Cambodia**
3.25 Through a year of various Covid restrictions and on/off study for university students, we have maintained the two Beracah house dormitories as safe places of Christian community for young men and women in Phnom Penh. They have also continued to support the young men who work with the rice cart business despite times when they have been unable to trade.
3.26 In southern Cambodia we started a project to reduce the huge amount of plastic waste that is burned or dumped in the environment. This project focuses on education and distributing refillable water bottles to students and sports teams to enable them to move away from single-use plastic water bottles.
## **CMA Donation**
3.27 Several more motorbikes have been given to our teams working in West Africa and Asia since the year-end, thanks to the gifts given by the Christian Motorcyclists Association.
## **4. Trustees Induction and Training**
4.1 All Trustees are familiarised with the practical work of the charity including but not limited to:
- The obligations of the charity;
- The obligations of the Trustees;
- The main documents which set out the operational framework for the charity including the Memorandum and Articles of Association;
- Resources and the current financial position as set out in the latest published accounts together with periodic management accounts;
- Ongoing plans and objectives.
7
**World Horizons Limited**
## **Report of the Trustees for the period 1[st] February to 31st December 2020**
## **5. Risk Review**
5.1 The management team has conducted an ongoing review of the major risks to which the Charity is exposed, existing policies have been further strengthened and several new ones added. Internal risks are minimised by the implementation of the following policies: Complaints (including Whistleblowing), Disciplinary, Data Protection, Equal Access, Food Safety, Health and Safety, Recruitment of Ex-offenders, Technology, Secure storage and handling of disclosure information, Safeguarding Children, Young People and Vulnerable Adults, Visa and Outdoor Activities Safety and Good Practice. In addition, Fire Safety inspections, Health and Safety and Food Hygiene inspections apply to all locations where the charity operates. Financial risks are also minimised by the implementation of procedures for the authorisation of all transactions and projects by the team leaders, and by monthly reviews. The management team also updated policies and procedures concerning GDPR.
## **6. Reserves Policy**
6.1 Cash-backed unrestricted reserves represent just over six months of expenditure. The Trustees, therefore, do not consider these to be excessive or insufficient for unexpected contingencies, given the current commitments of World Horizons. We hold in reserve for emergency contingencies a sum of £10,000.
## **7. Trustees**
7.1 The Trustees who served during the period from 1st February 2020 to the date of the report were:
- Graham M. Davies
- Timothy R. Morris
- Michael Adams
- Paul M. Wisdom
- Jocelyn L. Lewis
7.2 None of the Trustees receives any remuneration for their services other than reimbursement of expenses incurred.
## **8. Volunteers Involvement**
8.1 The Trustees would like to take this opportunity to thank the many volunteer workers and supporters who have given so much of their time, skills and income. This has enabled the organisation to continue to develop despite the difficult circumstances of the global pandemic.
## **9. Trustees Responsibilities**
9.1 Company law requires the Trustees (who are also Directors of the company for the purposes of company law) to prepare financial statements for each financial year which give a true and fair view of the situation of the company and of its financial activities for that year together with its
8
## **World Horizons Limited**
## **Report of the Trustees for the period 1[st] February to 31st December 2020**
assets and liabilities at the end of the year and adequately distinguish any material special trust or other restricted funds of the company. In preparing those financial statements, the Trustees are required to:
a) select suitable accounting policies and then apply them consistently;
b) make judgements and estimates that are reasonable and prudent;
c) state whether the policies adopted are following the appropriate SORP on Accounting by Charities and the Accounting Regulations and with applicable accounting standards subject to any material departures disclosed and explained in the financial statements;
d) and prepare the financial statements on the going concern basis unless it is inappropriate to assume that the company will continue in its activities.
9.2 The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006 and Statements of Recommended Practice and the regulations made under section 130 of the Charities Act 2011. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and irregularities.
## **10. Management**
10.1 Each of the divisions of activity set out in the review stemming from the UK are overseen by the UK Leadership Team who are accountable to the Board of Trustees via the UK Field Leader.
10.2 All UK team members, including those seconded overseas, are treated by the Inland Revenue as self-employed, each receiving support for their ministries from individuals, churches etc. The company relies mainly on donations to finance its overhead expenses.
## **11. Strategic Intent**
11.1 We will continue the progression in securing the financial base of the organisation by seeking funds for all new areas of activity as well as negotiating for improved contracts and possible service level agreements.
## **12. Financial Review**
12.1 The Trustees considered the financial performance for the period was satisfactory.
12.2 We have agreed to align our financial year with the calendar year, i.e., January to December and so these are the figures for the 11 months to 31st December 2020.
12.3 The deficit for the period was £3,095 (12 months to January 2020 – surplus £1,441).
12.4 This deficit included a reduction in general unrestricted funds of £15,353 (12 months to January 2020 - £3,848), a reduction in capital funds of £10,318 (12 months to January 2020 – 10,747), and an increase in restricted funds of £22,576 i.e., restricted funds received in the period and to be used in future periods (12 months to January 2020 - £16,036).
9
## **World Horizons Limited**
## **Report of the Trustees**
## **for the period 1[st] February to 31st December 2020**
12.5 This has resulted in a reduction in general unrestricted funds to £64,259 (January 2020 - £79,612) and a reduction in total funds to £565,375 (January 2020 – £568,470).
12.6 The results for the period are set out in the Statement of Financial Activities. The Balance Sheet is also presented.
12.7 All funds generated during the period have been applied to further the objects of the company as stated in point 1 above. The funds carried forward at the balance sheet date are considered sufficient to meet all existing commitments of the company and to fund future developments.
## **13. Team Members**
13.1 Those who wish to become team members within the World Horizons movement must complete a satisfactory period of induction via our ‘Onboarding’ process and satisfy local leadership that they have adequate financial support for the work that they will be doing.
## **14. Independent Examination**
14.1 Colin Dalton is the Independent Examiner of the company. A resolution recommending his reappointment will be put to the members at the Annual General Meeting.
By Order of the Board
G. M. Davies
Trustee
Date: 9[th] June 2021
10
**World Horizons Limited**
## **Report of the Independent Examiner for the period 1[st] February to 31st December 2020**
I report on the accounts for the period 1[st] February to 31st December 2020 set out on the following pages.
## **Respective responsibilities of trustees and examiner**
The trustees (who are also directors of the company to satisfy company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this period under section 144(2) of the Charities Act 2011 and that an independent examination is needed. The charity’s gross income exceeded £250,000 and is required to prepare accrual accounts and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants of England and Wales.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
1. Examine the accounts under section 145 of the 2011 Act;
2. Follow the procedures laid down in the general directions given by the Charity Commission under section 145(5) (b) of the 2011 Act, and
3. State whether particular matters have come to my attention.
## **Basis of independent examiners report**
My examination was carried out following the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently, no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard (FRS102).
I understand that this has been done for the accounts to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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**World Horizons Limited**
## **Report of the Independent Examiner for the period 1[st] February to 31st December 2020**
## **Independent Examiner’s Statement**
In connection with my examination, no matter has come to my attention:
- a. which gives me reasonable cause to believe that in any material respect the requirements:
- i. to keep accounting records under section 386 of the Companies Act 2006; and
- ii. to prepare accounts which accord with the accounting records comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice; Accounting and Reporting by Charities
have not been met or
- b. To which in my opinion, attention should be drawn to enable a proper understanding of the accounts to be reached.
Name: Colin Dalton Relevant Professional Qualifications: FCA Address: Dalton Pardoe Limited 794 High Street Kingswinford DY6 8BQ
Date: 9[th] June 2021
12
**World Horizons Limited**
## **Statement of Financial Activities for the period 1[st] February to 31st December 2020**
|**Note**
**Income**
Donations
2
Investment income
Income from charitable activities
Charitable activities
3
Team member support
4
**_Total income_**
**Expenditure**
Charitable activities
5
Team member support
4
**_Total expenditure_**
**_Net (expenditure)/income_**
Transfers between reserves
12/14
**_Net movement in funds_**
**Reconciliation of Funds**
Total funds brought forward
Total funds carried forward|**Unrestricted**
**and capital**
**funds**
**Dec 2020**
**(11 months)**
**£**
18,005
1,583
26,253
-
45,841
70,310
-
70,310
(24,469)
(1,202)
(25,671)
420,051
394,380|**Restricted**
**funds**
**Dec 2020**
**£**
133,671
-
2,347
52,451
188,469
114,644
52,451
167,095
21,374
1,202
22,576
148,419
170,995
**(11 months)**|**Total**
**Total**
**Dec 2020**
**Jan 2020**
**£**
**£**
151,676
128,265
1,583
1,368
28,600
86,593
52,451
54,827
234,310
271,053
184,954
214,785
52,451
54,827
237,405
269,612
(3,095)
1,441
-
-
(3,095)
1,441
568,470
567,029
565,375
568,470
**(11 months)**
**(12 months)**|
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.
This SoFA includes an income and expenditure account in accordance with the requirements of the Companies Act 2006.
13
## **World Horizons Limited**
## **Balance Sheet As at 31st December 2020**
|**Note**
**Fixed assets**
Tangible assets
8
**Current assets**
Debtors
9
Cash at bank and in hand
10
**Total current assets**
Creditors: falling due within one year
11
**Net current assets**
**Net assets**
**The funds of the charity**
Restricted funds
12
Unrestricted and designated funds
13
Capital funds
14
Revaluation
14
**Total charity funds**|**Dec**
9,371
245,044|**2020**
**£**
320,124
245,251
565,375
170,995
74,259
260,121
60,000
565,375|**Jan 2020**
**£**
330,442
13,958
237,384
251,342
(13,314)
238,028
568,470
148,419
89,612
270,439
60,000
568,470|**Jan 2020**
**£**
330,442
13,958
237,384
251,342
(13,314)
238,028
568,470
148,419
89,612
270,439
60,000
568,470|
|---|---|---|---|---|
||254,415
(9,164)||251,342
(13,314)||
||||||
|||||568,470|
|||||148,419
89,612
270,439
60,000|
|||||568,470|
The trustees have taken advantage of the Companies Act 2006 in not having these accounts audited under section 477(1). No members have required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
The trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with s386 and s387 of the Companies Act 2006 and section138 of the Charities Act 2011.
These accounts have been prepared in accordance with the provisions in part 15 of the Companies Act 2006 relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to the members of the company.
The notes at pages 16 to 28 form part of these financial statements.
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**World Horizons Limited**
## **Balance Sheet As at 31st December 2020**
Signed and approved on the behalf of the Board on 9[th] June 2021
Company no: 1680675
G. M. Davies - Trustee
J. L. Lewis - Trustee
15
**World Horizons Limited**
## **Notes to the Financial Statements for the period 1[st] February to 31st December 2020**
## **1. Accounting Policies**
The principal accounting policies adopted in the preparation of the financial statements are as follows:
## **(a) Basis of preparation**
## **Basis of accounting**
The charitable company constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS102) published on 16[th] July 2014 – Charities SORP (FRS102), the Financial Reporting Standard (FRS102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1[st] January 2015. The financial statements have been prepared on a going concern basis under the historical cost convention modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.
## **Changes to previous accounts**
No changes have been made to the financial statements for previous years unless otherwise stated within the notes as a prior year adjustment.
## **(b) Preparation of the accounts on a going concern basis**
The trustees consider that the company is a going concern.
## **(c) Income recognition policies**
Items of income are recognised and included in the accounts when all of the following criteria are met:
- the charity has an entitlement to the funds;
- any performance conditions attached to the items of income have been met or are fully within the control of the charity;
- there is sufficient certainty that receipt of the income is considered probable; and
- the amount can be measured reliably.
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SoFA.
## **(d) Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
## **(e) Fund accounting**
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work. The Capital fund is a non-monetary fund.
An integral part of the charitable activity of World Horizons Limited is to act as a clearinghouse for donations to related overseas projects, with associated fundraising and publicity, and administrative costs. These are the restricted funds. The trustees ensure that all monies are applied in accordance with the company’s Memorandum of Association.
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**World Horizons Limited**
## **Notes to the Financial Statements for the period 1[st] February to 31st December 2020**
## **(f) Expenditure and irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **(g) Allocation of support costs**
All support costs have been divided between direct charitable expenditure and other expenditure. Within these, there is a further analysis of functional support, fundraising publicity, and governance costs. The costs incurred by any particular activity (project, team or administrative department) have been allocated according to the nature, charitable or otherwise, of that activity.
## **(h) Operating leases**
Rentals paid under operating leases are charged to income as incurred.
## **(i) Governance costs**
Include costs of the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters.
## **(j) Tangible fixed assets**
Tangible fixed assets are stated at cost. These are capitalised if they can be used for more than one year and cost at least £1,000. They are valued at cost or at a reasonable value on receipt.
The leasehold property including improvements has been revalued and will be revalued every three years.
Depreciation is provided on all tangible assets at rates calculated to write off the cost or valuation of each asset evenly over its expected useful life as follows:
Leasehold property and improvements: over period to 2071 Site fencing: over period to 2036 Motor vehicles: over 5 years Fixtures, fittings, and equipment: over 3, 5 and 10 years
The leasehold property was purchased in 1988 and the lease expires in 2071.
## **(k) Creditors and provisions**
Creditors and provisions are recognised at their settlement amount where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third-party and the amount due to settle the obligation can be measured or estimated reliably.
## **(l) Volunteer help**
No amount is included in the financial statements for volunteer time in line with the SORP (FRS102). Further detail is given in the trustees’ annual report.
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**World Horizons Limited**
## **Notes to the Financial Statements for the period 1[st] February to 31st December 2020**
## **2. Income from donations**
Donations have been received during the period for the following teams, projects and purposes:
|||**Team**|||**Team**||
|---|---|---|---|---|---|---|
|||**Contribu**|**Total Dec**||**Contrib**|**Total Jan**|
||**Donations**|**tions**|**2020**|**Donations**|**utions**|**2020**|
||**(11m)**|**(11m)**|**(11m)**|**(12m)**|**(12m)**|**(12m)**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|**International Funds**|||||||
|**Team Accounts**|||||||
|International Office|192|12,112|12,304|165|14,267|14,432|
|North Africa Team|40|1,392|1,432|300|1,409|1,709|
|CMT Team|-|400|400|1,073|168|1,241|
|Middle East Team|455|296|751|392|431|823|
|Business as Mission|4,822|620|5,442|-|1,010|1,010|
|HEM Health|-|-|-|2,260|-|2,260|
|West Africa Team|2,424|233|2,657|-|240|240|
|Other Teams|1,262|515|1,777|-|480|480|
||9,195|15,568|24,763|4,190|18,005|22,195|
|**Other Ministries and Teams**|||||||
|Japan|-|-|-|3,278|-|3,278|
|Venezuela - V2020|12,122|-|12,122|22,038|-|22,038|
|Emerging Mission Movements|6,742|-|6,742|4,719|-|4,719|
|West Africa Ministries|||-|||-|
|Burkina Faso|24,592|-|24,592|25,017|-|25,017|
|Niger|27,790|-|27,790|3,709|-|3,709|
|West Africa General|6,862|-|6,862|7,068|-|7,068|
|Asia Ministries|||-|||-|
|Cambodia|10,853|-|10,853|5,023|-|5,023|
|Turkey|37|-|37|2,054|-|2,054|
|Europe Ministries|902|-|902|616|-|616|
|North Africa Ministries|5,077|-|5,077|1,907|-|1,907|
|Covid Relief|4,141|-|4,141|-|-|-|
|Other|2,906|-|2,906|146|-|146|
||102,024|-|102,024|75,575|-|75,575|
|**UK Funds**|||||||
|Building Project|688|-|688|869|-|869|
|Christian Motorcycle Associatio|5,500|-|5,500|4,027|-|4,027|
|Latin Ministries|385|-|385|380|-|380|
|Other Funds|311|-|311|601|-|601|
||6,884|-|6,884|5,877|-|5,877|
|**Total Restricted Funds**|**118,103**|**15,568**|**133,671**|**85,642**|**18,005**|**103,647**|
18
**World Horizons Limited**
## **Notes to the Financial Statements for the period 1[st] February to 31st December 2020**
## **2. Income from donations (cont)**
|**General UK Funds**
**Mobilisation**
Expeditions
PR Team
Swansea Team
UK Training
**Member Services**
General Funds
Centre Team Funds
Membercare Funds
**Other UK Funds**
Other Funds
**Total General Funds**
**Total**|**Donations**
**Team**
**Contribu**
**tions**
**Total Dec**
**2020**
**(11m)**
**(11m)**
**(11m)**
**£**
**£**
**£**
-
80
80
250
2,322
2,572
-
165
165
-
-
-
250
2,567
2,817
3,792
6,573
10,365
-
1,509
1,509
-
2,874
2,874
3,792
10,956
14,748
440
-
440
440
-
440
**4,482**
**13,523**
**18,005**
**122,585**
**29,091**
**151,676**|**Donations**
**Team**
**Contrib**
**utions**
**Total Jan**
**2020**
**(12m)**
**(12m)**
**(12m)**
**£**
**£**
**£**
4,528
172
4,700
97
2,342
2,439
525
96
621
-
53
53|
|---|---|---|
|||5,150
2,663
7,813|
|||5,446
6,096
11,542
-
1,264
1,264
-
2,879
2,879|
|||5,446
10,239
15,685|
|||1,120
-
1,120|
|||1,120
-
1,120|
|||**11,716**
**12,902**
**24,618**
**97,358**
**30,907**
**128,265**|
19
**World Horizons Limited**
## **Notes to the Financial Statements for the period 1[st] February to 31st December 2020**
## **3. Income from charitable activities**
|**December 2020**
**(11 months)**
Premises Income
Travel & Medical Insurance
Sundry Income
**January 2020**
**(12 months)**
Premises Income
Camp Income
Conference Income
Expedition Income
Training Income
Travel & Medical Insurance
Sundry Income|**Mobilisat**
**ion**
**Member**
**Services**
**Other**
**UK**
**Funds**
**Total**
**General**
**Funds**
**Restricted**
**Funds -**
**International**
**Total**
**£**
**£**
**£**
**£**
**£**
**£**
-
4,920
-
4,920
-
4,920
-
20,294
-
20,294
1,547
21,841
-
1,039
-
1,039
800
1,839|
|---|---|
||-
26,253
-
26,253
2,347
28,600|
||**£**
**£**
**£**
**£**
**£**
**£**
-
25,486
-
25,486
-
25,486
8,845
-
-
8,845
-
8,845
786
-
-
786
1,735
2,521
3,858
-
-
3,858
-
3,858
9,371
-
-
9,371
-
9,371
-
32,844
-
32,844
1,090
33,934
405
2,123
-
2,528
50
2,578|
||23,265
60,453
-
83,718
2,875
86,593|
## **4.Team member support**
Team members are treated as self-employed by HM Revenue and Customs. They receive their support either directly or through World Horizons Limited as follows:
|Gift Aid tax reclaimed
Donations|**Dec 2020**
**Jan 2020**
**(11 months)**
**(12 months)**
**£**
**£**
1,270
1,150
51,181
53,677
52,451
54,827|
|---|---|
20
## **World Horizons Limited**
## **Notes to the Financial Statements for the period 1[st] February to 31st December 2020**
## **5. Expenditure on charitable activities**
|**December 2020**
**(11 months)**
Camps Ministry
Expeditions
Training
Outreach
Promotion
Premises Costs
Equipment
Depreciation & related adjustments
General Insurance
Office and Admin
Subscriptions
Fees Payable
Professional Fees
Conference Expenses
Catering
Gifts and Donations
Travel
Travel & Medical Insurance
International - Overseas transfers
International - UK payments
Other Operational Costs|**Mobilisat**
**ion**
**Member**
**Services**
**Other**
**UK Funds**
**Total**
**General**
**Funds**
**£**
**£**
**£**
**£**
-
-
-
-
-
-
-
-
712
319
-
1,031
127
-
-
127
558
-
-
558
-
19,627
-
19,627
1,149
72
-
1,221
-
-
-
-
-
2,848
-
2,848
40
2,615
-
2,655
-
1,151
-
1,151
-
7,521
-
7,521
-
1,950
-
1,950
-
-
-
-
-
118
-
118
160
-
800
960
43
-
-
43
-
19,465
-
19,465
-
-
-
-
-
-
-
-
141
576
-
717
**2,930**
**56,262**
**800**
**59,992**|**Int Team**
**Accounts**
**Int Other**
**Ministries**
**Other**
**Restricted**
**Funds**
**Total**
**Restricted**
**Funds**
**£**
**£**
**£**
**£**
-
-
-
-
-
-
-
-
337
246
-
583
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,007
164
23
2,194
257
-
-
257
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
200
-
900
1,100
454
1,026
29
1,509
-
-
-
-
4,876
64,929
2,200
72,005
4,987
29,260
2,642
36,889
97
10
-
107|**Capital**
**Funds**
**Total**
**£**
**£**
-
-
-
-
-
1,614
-
127
-
558
-
19,627
-
1,221
10,318
10,318
-
2,848
-
4,849
-
1,408
-
7,521
-
1,950
-
-
-
118
-
2,060
-
1,552
-
19,465
-
72,005
-
36,889
-
824
**10,318**
**184,954**|
|---|---|---|---|
|||**13,215**
**95,635**
**5,794**
**114,644**||
21
## **World Horizons Limited**
## **Notes to the Financial Statements for the period 1[st] February to 31st December 2020**
## **5a. Expenditure on charitable activities (cont)**
|**January 2020**
**(11 months)**
Camps Ministry
Expeditions
Training
Outreach
Promotion
Premises Costs
Equipment
Depreciation
General Insurance
Office and Admin
Subscriptions
Fees Payable
Professional Fees
Conference Expenses
Catering
Gifts and Donations
Travel
Travel & Medical Insurance
International - Overseas transfers
International - UK payments
Other Operational Costs|**Mobilisat**
**ion**
**Member**
**Services**
**Other**
**UK Funds**
**Total**
**General**
**Funds**
**£**
**£**
**£**
**£**
7,978
-
-
7,978
4,758
-
-
4,758
5,628
-
-
5,628
1,958
-
-
1,958
2,375
-
-
2,375
-
33,412
-
33,412
-
329
-
329
-
-
-
-
-
1,727
-
1,727
-
3,224
105
3,329
-
1,572
-
1,572
-
7,658
19
7,677
-
3,673
-
3,673
-
123
6
129
-
1,132
160
1,292
-
-
500
500
-
2,725
-
2,725
-
31,957
-
31,957
-
-
-
-
-
-
-
-
-
579
297
876
**22,697**
**88,111**
**1,087**
**111,895**|**Int Team**
**Accounts**
**Int Other**
**Ministries**
**Other**
**Restricted**
**Funds**
**Total**
**Restricted**
**Funds**
**£**
**£**
**£**
**£**
-
-
-
-
-
-
-
-
286
-
-
286
-
-
-
-
-
118
-
118
-
540
9,096
9,636
-
-
-
-
-
-
-
-
40
413
-
453
1,856
-
19
1,875
30
-
-
30
-
-
-
-
-
-
-
-
5,264
664
-
5,928
107
-
-
107
-
-
155
155
7,410
1,805
-
9,215
20
1,370
-
1,390
-
33,147
3,564
36,711
177
19,398
6,273
25,848
311
80
-
391|**Capital**
**Funds**
**Total**
**£**
**£**
-
7,978
-
4,758
-
5,914
-
1,958
-
2,493
-
43,048
-
329
10,747
10,747
-
2,180
-
5,204
-
1,602
-
7,677
-
3,673
-
6,057
-
1,399
-
655
-
11,940
-
33,347
-
36,711
-
25,848
-
1,267
**10,747**
**214,785**|
|---|---|---|---|
|||**15,501**
**57,535**
**19,107**
**92,143**||
22
## **World Horizons Limited**
## **Notes to the Financial Statements for the period 1[st] February to 31st December 2020**
## **6. Governance costs**
|Independent Examiner's fees
Legal fees
**. Net income for the period**
This is stated after charging:
Depreciation
Loss on disposal of fixed assets
Operating leases – rent
Operating leases – equipment
Independent Examination provision|**Dec 2020**
**(11 months)**
**£**
1,950
-
1,950
**Dec 2020**
**(11 months)**
**£**
9,458
860
9,850
384
1,950|**Jan 2020**
**(12 months)**
**£**
2,520
1,153|
|---|---|---|
|||3,673|
|||**Jan 2020**
**(12 months)**
**£**
10,747
-
9,850
432
2,520|
## **7. Net income for the period**
23
## **World Horizons Limited**
## **Notes to the Financial Statements for the period 1[st] February to 31st December 2020**
## **8. Tangible fixed assets**
|**Cost/revaluation**
At 1st February 2020
Additions
Disposals
At 31st December 2020
**Depreciation**
At 1st February 2020
On disposals
Charge
At 31st December 2020
**Net book values**
At 31st December 2020
At 31st January 2020|**Leasehold**
**including**
**improvements**
**£**
409,194
-
-
409,194
89,919
-
6,178
96,097
313,097
319,275|**Fixtures**
**fittings &**
**equipment**
**£**
68,297
-
(5,308)
62,989
57,130
(4,448)
3,280
55,962
7,027
11,167|**Motor**
**vehicles**
**£**
7,695
-
(1,995)
5,700
7,695
(1,995)
-
5,700
-
-|**Total**
**£**
485,186
-
(7,303)|
|---|---|---|---|---|
|||||477,883|
|||||154,744
(6,443)
9,458|
|||||157,759|
|||||320,124|
|||||330,442|
The long leasehold building including the improvements has moved onto a scheme whereby they are periodically revalued. The valuation included above was based on a valuation by Paul Beaton B.Sc. (Hons) MRICS of Astleys Chartered Surveyors, Raglan House, Charter Court, Phoenix Way, Enterprise Park, Swansea, SA7 9DD. He gives an open market value of £310,000 on 5[th] June 2018. The corresponding insurance valuation is £2,000,000.
All assets are held for direct charitable purposes.
**9. Debtors**
|Other debtors
Prepayments and accrued income
Gift Aid tax repayment due|**Dec 2020**
**Jan 2020**
**£**
**£**
4,816
3,206
4,163
9,633
392
1,119
9,371
13,958|
|---|---|
24
**World Horizons Limited**
## **Notes to the Financial Statements for the period 1[st] February to 31st December 2020**
## **10. Cash at bank and in hand**
|Bank accounts
Cash in hand|**Dec 2020**
**Jan 2020**
**£**
**£**
244,565
235,457
479
1,927
245,044
237,384|
|---|---|
## **11. Creditors: amounts falling due within one year**
|Accruals
Other creditors|**Dec 2020**
**£**
2,546
6,618
9,164|**Jan 2020**
**£**
2,802
10,512|
|---|---|---|
|||13,314|
25
**World Horizons Limited**
## **Notes to the Financial Statements for the period 1[st] February to 31st December 2020**
## **12. Restricted funds**
|**International Funds**
**Team Accounts**
International Office
North Africa Team
WH Kidz Team
CMT Team
Middle East Team
Business as Mission
HEM Health Team
West Africa Team
Other Teams
**Other Ministries and Teams**
Japan - Nirayama Church
Venezuela - V2020
Emerging Mission Movements
West Africa Ministries
Asia Ministries
Europe Ministries
North Africa Ministries
Other Ministries
**UK Funds**
Building Project
Christian Motorcycle Association
Latin Ministries
Other Funds
**Team Member Support**
**Total Restricted Funds**|**At 1st Feb**
**2020**
**Income**
**Expenditure**
**Transfers**
**At 31st Dec**
**2020**
**£**
**£**
**£**
**£**
**£**
33,101
17,557
(7,777)
-
42,881
4,673
1,432
(246)
-
5,859
898
-
-
-
898
990
400
(300)
-
1,090
1,853
750
(1,260)
-
1,343
2,287
5,442
(3,373)
-
4,356
426
-
-
-
426
481
2,657
(1,903)
-
1,235
902
1,779
(1,262)
196
1,615|
|---|---|
||45,611
30,017
(16,121)
196
59,703|
||33,420
-
-
-
33,420
30,788
12,122
(14,519)
-
28,391
7,881
6,742
(2,468)
-
12,155
9,046
59,243
(54,179)
-
14,110
83
12,251
(12,334)
-
-
1,994
939
(2,601)
-
332
3,031
5,077
(5,023)
-
3,085
196
2,743
(1,604)
(196)
1,139|
||86,439
99,117
(92,728)
(196)
92,632|
||11,156
688
-
-
11,844
4,172
5,500
(4,669)
-
5,003
466
385
(784)
-
67
575
311
(342)
1,202
1,746|
||16,369
6,884
(5,795)
1,202
18,660|
||-
52,451
(52,451)
-
-
**148,419**
**188,469**
**(167,095)**
**1,202**
**170,995**|
26
**World Horizons Limited**
## **Notes to the Financial Statements for the period 1[st] February to 31st December 2020**
## **13. Unrestricted and designated funds**
|**General UK Funds**
**Mobilisation**
Expeditions
PR Team
Swansea/Signpost Team
UK Training
Wildstep
**Member Services**
General Funds
Centre Team Funds
Membercare Funds
Insurance Funds
**Other UK Funds**
Conferences & Weekends
Other Funds
**Total General Funds**
**Designated Funds**
Emergency Fund
**Total Designated Funds**
**Total**|**At 1st Feb**
**2020**
**Income**
**Expenditure**
**Transfers**
**At 31st Dec**
**2020**
**£**
**£**
**£**
**£**
**£**
5,167
80
(1,582)
-
3,665
1,126
2,572
(558)
-
3,140
940
165
(127)
-
978
4,693
-
-
-
4,693
2,346
-
(662)
(2)
1,682|
|---|---|
||14,272
2,817
(2,929)
(2)
14,158|
||45,450
13,120
(14,505)
(6)
44,059
-
6,681
(21,206)
14,525
-
17,750
2,844
(613)
(14,517)
5,464
-
19,939
(19,939)
-
-|
||63,200
42,584
(56,263)
2
49,523|
||470
-
-
-
470
1,670
440
(800)
(1,202)
108|
||2,140
440
(800)
(1,202)
578|
||**79,612**
**45,841**
**(59,992)**
**(1,202)**
**64,259**
10,000
-
-
-
10,000|
||10,000
-
-
-
10,000|
||**89,612**
**45,841**
**(59,992)**
**(1,202)**
**74,259**|
The unrestricted funds of the charity include the Emergency Fund which has been set aside by the trustees as a designated fund to aid team members in emergencies.
27
**World Horizons Limited**
## **Notes to the Financial Statements for the period 1[st] February to 31st December 2020**
## **14. Capital funds**
|**14. Capital funds**||||||
|---|---|---|---|---|---|
||**At 1st Feb**|**Income**|**Expenditure**|**Transfers**|**At 31st Dec**|
||**2020**||||**2020**|
||**£**|**£**|**£**|**£**|**£**|
|Capital Fund|270,439|-|(10,318)|-
|260,121|
|Revaluation|60,000|-|-|-
|60,000|
||**330,439**|**-**|**(10,318)**|**-**|**320,121**|
## **15. Operating leases and other financial commitments**
Financial commitments under non-cancellable operating leases will result in the following payments falling due:
||**Dec 2020**|**Jan 2020**|
|---|---|---|
||**£**|**£**|
|**Land and buildings:**|||
|Expiring after five years|9,850
|9,850|
|**Equipment lease:**|||
|Expiring between two and five years|384
|432|
## **16. Transactions with trustees and connected persons**
The trustees were not paid or received any other benefits from employment with the charity in the period. Small amounts were reimbursed to trustees and connected persons for expenses such as travel costs and reimbursements. No trustee received payment for professional or other services supplied to the charity.
28