World Horizons Limited Financial Statements for the year ended 31st December 2024 Corin Dalton FCA Chartered Accountant & Independent Examlner Klngswlnford Workl Horizons Limited
Contents Page Company Information Report of the Trustees 3-11 Report of the Independent Examiner 12 Statement of Financial Activities 13 Balance Sheet 14-IS Notes to the Finanaal Staternents 16-32
World Horfzons Limited Company Information Board of Trustees G. M. Davies T. R. Morris J. Famdon C. T Lambert Company Secretary G. M. Davies Reglstered Offlce and Admlnistratlve Offlce Centre for the Natlons North Dock Llanelli Carmarthenshlre SA15 2LF Independent Examlner Colln Dalton FCA Chartered Accountant Dalton Pardoe Llmlted 794 High Street Klngswinford DY6 8BQ Bankers: Barclays Bank plc De Montfort Street Lelcester LE87 2BB Company Number: 01680675 Re8iStered Charlty: 513524
World Horlzons Limited Report of the Trustees for the year ended 31st December 2024 The Trustees present their report and the independently examlned financial statements for the year ended 31st December 2024. World Horizons Llmited Is a company limited by guarantee, not having a share capltsl, with charitable status. l. Overview of Charltable Objects 1.1 The worldwlde charltsble objects for World Horlzons are as follows: . to propagate and spread the gospel of Jesus Chrlst throughout the Unlted Klngdom and the world and to asslst In the extension of his klngdom by• but not Ilmlted to, the followlng means: to recrult, traln, and appolnt Christlans In establlshlng Indlgenous, evangellsing churches worldwide; . to promote fvrther renewal of the Chrlstlan church and the deepenln8 of the spirltual Ilves of Chrlstlans and the partnership between Chrlstlan churches• group5, organisations, and mlsslons; . to encourage and advlse Chrlstlans on the start-up and development of enterprlses that are focused on generatlng soclal, envlronmental, 5plrltual, and sustalnable proflt, that wlll be used to advance Christlan evangellsm, church plantlng and dlsclpleshlp worldwlde, . to advance and promote the Chrlstlan falth amongst chlldren and young adults, both In the Unlted Klngdom and worldwlde, by promotln8 the 805pel of Jesus Chrlst and to help and educate them through the provlslon of recreational and lelsure-tlme actlvltles to develop thelr physlcal, mental and splrltual capacltle5, that they may grow to full maturlty as Indlvlduals, members of soclety and practlslng members of the Chrlstlan falth; . to advance educatlon In the Unlted Klngdom and worldwlde,. . to relleve persons who are In condltlons of need, hardshlpfv or dlstress by the provlslon of glfts In klnd, grants of money or medical care or assistan, Worldwide. 2. Means of Attalnln8 Charltable Objects 2.1 The company has to date addressed Its activltles to the above objectives. The maln actlvltles of the company In the year have been: ' 81vlng splrltual and materlal support to the work of the World Horlzons movement overseas which, for the year, was completely financially autonomous: . furthering the work of World Horizons wlthin the UK by stlmulatln8 Interest In worldwide evange15sm and church plantlng through Conferen$, promotional activities, prayer, tralning in assorted toplcs and methods, and welcoming and helping overseas vlsltor5 and refugees In the UK;
World Horizons Llmited Report of the Trustees for the year ended 31st December 2024 ' promotlng and furthering the neWa1 of the Christian church and the deepening of the splrltual lives of Christians and the partnership between Chrlstian churches; . research and development work to open new worldwide opportunities for evangelism and church planting; . encouraging and advising Christians on the stsrt-up and development of enterprises that are focused on generating sodal, environmental, splrltual, and sustainable profit that will be used to share the Chrlstlan falth, church planting and discipleship worldwide. 2.2 The Charlty operates under England and Wale5 charity legislation and is organised into local/re8ional teams. Volunteers in other locations do not generate separate income or expendlture belonging to the Charity and so are not accounted for separately in the financial records. Our UK based volunteers currently operate through our teams in Swansea, Manchester, Luton, London, and Llanelli. 2.3 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. Achlevements, Performance and Future Plans Revlew of the Period 3.1 Our work has focused on four key strategic areas: wellbein& strengthenin81 welcoming, and transforming. Events 3.2 In conjunction with our French and Spanish teams, we contlnued to develop a programme of mini-European festivals with several church groups Visiting the Basque region. 3.3 We have contlnued to Invest In developlng our onlSne platforms to strengthen both internal and external communications, includlng updating our website and soclal media and Improvlng our booking systems in 2024. 3.4 We have continued to engage people in a range of online prayer gatherings which serve to educate them about diverse culture5 and further engage them in responding to individual and national needs. 3.5 We are planning a UK Prayer Conference in Llanelli in January 2025. 3.6 We are planning another Pioneer Trainlng Programme for new workers in July 2025.
World Horlzons Limited Report of the Trustees for the year ended 31st December 2024 Support Mlnlstrles 3.7 Our support mlnlstrles, includlng personnel, flnance, vlsas, HR, communicatlons. and member care continued to provlde much-needed 5UPPOrt for our UK and overseas workers. We currently have 48 active members based In the UK and 48 in overseas locatlons. Work wlth Overseas Sdents and Refugees 3.8 Our teams In Swansea, Luton and London contlnue to help many refugees and oversea5 students uslng soclal events. community garden projects, relatlonshlp bulldlng and outreach efforts In conjunctlon with local churches In those cltles. Llanelll Hub 3.9 We have continued our vlslon for North Dock to become a connectSve creative hub for charitles and have renamed and rebranded the accommodatlon wlng 'Y Ooc., Thls year we refurblshed the kltthen and redecorated bedroom5. We contlnue to welcome many dlfferent Indlvlduals and groups Includlng churches, youth groups, Glrl Guldes, charlty groups, sports club5, varlous assoclations and famlly groups to stay at the centre for individual retreats and group activitles. We now have a steady stream of booklngs whlch Is provldlng a sustalnable income. 3.10 In 2024, we have also extenslvely redeveloped the Creatlve Space area In the west end of the bulldlng installln8 new floors, Ilghtlng, wall boardlng and a new glass entrance. We have also redecorated a studlo appolnted for workshops and semlnar5. These are now attractlve and welcomln8 areas that are provlng popular wlth local dance companles. theatre and muslc groups and churches wishlng to use the space. We wlll also be uslng these Spaces for art exhlbltlons In 2025. The workshop 5tudlo Is attractlng creatlve artists to run art-based semlnars and art therapy for local people. We also ran a Christmas Fayre in the larger space whlch was well attended. We plan to run a Sprln8 Fayre In May 2025. 3.11 We began two Community Garden Projects In Llanelll and Swansea with substantlal donatlons of materia15 and plant5 from the Keep Wale5 Tidy Organisation. 3.12 We contlnue to rent some of our spare offices and workspaces to other charities, communlty organlsations and suitable companies. Two local churches are uslng the bulldlng for youth meetings or Sunday servlces. 3.13 We recelved a grant from the Communlty Facllltles Programme admlnlstered by the Welsh Office to install a new air transfer heat pump to heat offices in the west end of the building which replaced the old gas boiler.
World Horizons Limited Report of the Trustees for the year ended 31st December 2024 Partnershlps 3.14 We have contlnued to develop several strateglc partnerships wlth local churches and networks whlch enable us to engage, serve and support those charltles In developin8 their cr055- cultural work, Includlng Manchester Chinese Christlan Church, Swansea Parklands Baptlst Church, the Apostolic Church movement and Intercultural Churches UK. Our team in Liverpool completed its transltlon to transfer to the Bridge 2 Charlty In May 2024. We are explorlng new ways to contlnue our Involvement In Llverpool In 2025. Nlger 3.15 We contlnue to support a school In one of the poorest areas of the cSty by provlding admlnistratlve support and accountln8. The students recelve I meal a day at the school, and we help finance x)me chlldren to attend. Burklna Faso 3.16 In Burklna we work In partnership with AEEB- 'Assoclatlon Evangellque Ensemble Burklna, set up as an umbrella organlsatlon to cover the work of Project Javelln and other mlnlstrles. The work Is based on the outsklrts of Ouagadougou and currently Includes a nursery and a sewlng centre, where women do a 2-year sewing course to give them an Income-generatlng sklll. 19 young women completed the course In June and were awarded a treadle sewlng machine usin8 the funds donated for th15 purpose. We have plans to donate more sewlng machlnes In 2025. There Is also an adult Ilteracy class as thls Is a bl8 need In the local communlty, with many adults not havlng had the opportunlty to attend school as chlldren. We have also recelved funds for startlng work on a new tralnlng centre on a plot of land whlch was glven several years ago. The initlal perimeter wall has been bullt which secured the slte and more bulldlngs wlll be started as funds are recelved. 3.17 Project Javelln ft5elf Is a moblle outreach that responds to Invitations to Vislt the least-reached areas of the country to share good news and encourage Isolated pastors and believers. Visits were again made to several different reglons. Many internal refugees have attended the meetings and have gladly recelved the rnessages of hope. Several fellowshlps have be8un as a result. Mlddle East 3.18 Our work seeks to encourage work and research into spiritual, mentsl, and physical needs and communlty health wlth a focus on working particularly amongst refugees. We have partnered wlth an NGO to create a livelihood project for 15 - 25-year-olds trainlng In busines5 and English skills in one of the refugee camps where Indlvlduals have m155ed schooling. In partnershlp wlth another charity, we run adventure, team buildlng and confidence-building and art therapy activities for young people from the refugee camp,
World Horizons Llmited Report of the Trustees for the year ended 31st December 2024 Turklc Re8lon 3.19 Our team contlnues to run a creatlve arts space to ald dlalogue between different peoples around the topics of creatlvlty. culture and spirituality through art and craft workshops, art exhlbltlons, artist panel discussions, song-writlng workshops, English conversation clubs and art therapy events for trauma sufferers desplte some lockdown interruptlons. This project will come to an end In the summer of 2025. 3.20 Our team also contlnues to SUPPOrt many local churches and pastors wlth pastoral vlslts. 3.21 The team contlnues to co-lead a local church with an Engllsh-5peaklng congregatlon and a Turklsh-speaklng congregatlon. Our team works In several church mlnlstries. The Exlle Mlnistry Trainlng runs twlce per year, In English and then in Turklsh. It Is a three-month program that has been drawlng a dlverse group of students from around the world. 3.22 A café contlnues to serve the local communoty. The cafe functlons as an art gallery wlth an exhlblt that rotates every 4- 6 weeks. They have been developln8 contacts wlth the local art communltyi both at the unlversltles and among local artists. They have also been rentlng the cafe space for churches to use for thelr worshlp meetln85. The cafe has generated lots of mlnlstry opportunltles and has become a local hub for the communlty. Thls project wlll also end In 2025. Japan 3.23 We contlnue to 5UPPOrt the work of the Nlrayama and Heda churches sStuated In rural coastal areas where churches are few. Approxlmately 80 local chlldren contlnue to come to weekly'Happy Clubs,, learnlng Engllsh and experlenclng a sultable Blble actlvlty desplte dlsruptlons caused by Covld restrlctlons whlch have only recently been Ilfted. The team also contrlbuted to the advlsory commlttee of the Rural Japan Church Plantlng network. Cambodla 3.24 One of our team Is contlnulng In hls role as the Cambodla CEO of Chrlstlan Broadcasting Network {CBNI. His wlfe is teaching Engllsh and mentorlng young women. They work together supportlng the young leaders of a churth in Phnom Penh. 3.25 Two other team members work in southern Cambodia supporting local churches through teachln& preaching, and mentorlng of leaders. They also teach Engllsh to local pastors who are teaching Engllsh as part of their ministrles and are helping with a Christian kindergarten. 3.26 The Pl team. who were tralned in the UK, are In the coastal city of Sihanoukvllle working in an internatlonal Chrlstlan School and sUPPOrtlng local churches. North Afrlca 3.27 The earthquake which hit the Marrakech and Atlas Mountains region in September 2023 continues to affect many local communltles, The physlcal devastatlon In many of the small towns
World Horlzons Limited Report of the Trustees for the year ended 31st December 2024 and villages was huge wlth hardly any building left unaffected. Many communlties were made homeless, and thousands are stlll Ilving in tents. Our workers contlnued to channel practical aid. In the months that followed we partnered with a specialist agency providing temporary home5 for over 500 families, We have also provlded funds for building repalrs. We will contlnue to help local people with these needs as opportunlty presents itself. 3.28 Another team pastors two small communitles of bellevers, composed mostly of sub-saharan students who study In North Afrlcan unlver51ties. Indla 3,29 Our team Is based In the Hlmalayan reglon of Indla and are active In growlng local churches and their a550clated actlvlties and in a house of prayer. A team member Is an early chlldhood educatlonal speclallst and has helped set up an after-school club for Tibetan vlllage children and mentors a prlnclpal of another preschool nursery prevSously set up by the team. Another team member ha5 been Involved In Spanlsh language teachlng In a larger town. CMA Donatlon 3.30 We agaln hosted the Chrlstlan Motorcycllsts Assoclatlon's annual meetlng at Y Doc and members of WH also attended the CMA gatherlng later in the year. Using glfts from the C.M,A we were able to provlde motorbikes to teams In Indla, North Afrlca and West Afrlca. 4. Trustees Inductlon and Tralnlng 4.1 All Tfustees are famlllar15ed wlth the practical work of the charlty Includlng but not Ilmlted to: . The obllgatlons of the charlty; . The obllgatlons of the Trustees; . The maln documents whlch set out the operatlonal framework for the charlty Includln8 the Memorandum and Artlcles of Assoclatlon; Resources and the current financial position a5 set out in the latest published accounts together wlth perlodlc management accounts. . Ongoin8 plans and objectlves. 5. Rlsk Revlew 5.1 The management team has conducted an ongolng review of the major rlsks to whlch the Charlty 15 exposed, existing policies have been further strengthened and several new ones added. Internal risks are mlnimised by the implementation of the followlng policles: Acceptable Use of Technology,
World Horizons Limited Report of the Trustees for the year ended 31st December 2024 Anti-money Launderin& Complaints, Dats Protection, D15cipllnary, Equal Access, Fire Safety. Food Safety, Grlevance, Health and Safety, Recruitment of Offenders. Safeguarding Children and Adults at RISK Visa, and Whistleblowing. 5.2 In additlon, Fire Safety inspections, Health and Safety and Food Hygiene inspections apply to all locations where the charity operates. Financial rlsks are also minimised by the implernentation of prOdureS for the authorisatlon of all transactions and projects by the team leaders, and bv monthly reviews. The management team also updates pollcies and procedures concernlng GDPR and Covld 19 Regulations. Changes to Company and Charity laws are also regularly checked and changes are implemented where appropriate. 6. Reserves Pollcy 6.1 Cash-backed unrestrlcted reserves represent between seven and elght months of expendlture. The Trustees, therefore, do not consider these to be excessive or insufficlent for unexpected contlngendes, given the current commitments of World Horlzon5. We hold In reserve for emergency contlngencles a Sum of £10,000. 7. Trustees 7.1 The Trustees who served durfng the perlod from 1st January 2023 to the date of the report were: . Graham M. Davles . Tlrnothy R. Morrls . Jane Farndon . Chrlstopher T. Lambert 7.2 None of the Trustees receives any remuneratlon for thelr servlces other than relmbursement of expenses Incurred. 8. Voluntsers Involvement 8.1 The Trustees would like to take this opportunity to thank the many volunteer workers and supporters who have 8lven so much of thelr tlme, skllls, and Income to further our work. 9. Trustees. Respon51bllftles 9.1 Company law requlres the Trustees (who are also Dlrectors of the company for the purposes of company law) to prepare financfal statements for each financial year which give a true and fair view of the situation of the company and of It5 financial artivitie5 for that year together with its assets and liabilities at the end of the year and adequately dlstingulsh any material special trust or other restricted funds of the company. In preparing those financial ststements, the Trustees must: a) select suitable accounting pollcles and then apply them consistently;
World Horizons Llmlted Report of the Trustees for the year ended 31st December 2024 b) make Judgements and estimates that are reasonable and prudent; c) state whether the pollcles adopted are followlng the appropriate SORP on Accounting by Charlties and the Accounting Regulations and with applicable accounting standards subject to any material departures dlsclosed and explained in the financial statements; d) and prepare the flnanclal statements on a going concern basls unless It Is Inapproprlate to assume that the company wlll contlnue in its actlvltles. 9.2 The Trustees are responsible for the keeplng of proper accounting records whlch dlsclose wlth reasonable accuracy at any tlme the financial posltlon of the company and to enable them to ensure that the financlal statements comply wlth the Companles Art 2006 and Statements of Recommended Practice and the regulations made under sectlon 130 of the Charities Act 2011. They are also responslble for safeguardlng the assets of the company and hence for taklng reasonable step5 for the preventlon and detection of fraud and Irregularlties. 10. Management 10.1 Each of the dlvlslons of actlvlty 5temmln8 from the UK, set out In thls revlew,1s overseen bv the UK Leadership Team who are accountable to the Board of Trustees vla the UK Fleld Leader. 10.2 The majorlty of UK team members, Includlng those seconded overseas, are treated by the Inland Revenue as self-employed, each recelvlng support for thelr ministrles from Indlvlduals, churche5 etc, Those few who are ernployed are entltled to all statutory employment rlghts. The company relles malnly on donatlons to flnance its overhead expenses. 11, Strate8lc Intent 11.1 We wlll contlnue the progresslon In securlng the flnanclal base of the organlsatlon by seeklng funds for all new areas of activity as well as negotiatin8 for improved contracts and servlce level agreements. 12. Flnanclal Revlew 12.1 The Trustees consldered the financlal performance for the perlod was satlsfactory. 12.2 The operatlonal deflclt for the year was £107,S73 (2023- surplus £30,162). 12.3 This surplus included an reductlon In general unrestricted funds of £27,516 (2023-£34,850 Increase ), a redurtlon in restrlcted funds of £71,91812023-£3.719 Increase), and a reductlon in capltal funds of £8,139 (2023-£8,407 reductlon). 12.4 Thls has resulted In a reductlon In unrestrfcted funds to £62,006 (December 2023 - £89,522 increase) and a reduction In total funds to £484,396 (December 2023- £591,969), 10
World Horlzons Llmited Report of the Trustees for the year ended 31st December 2024 12.5 The results for the period are set out in the Statement of Finanaal Activitie5. The Balance Sheet is also presented. 12.6 All funds Benerated during the period have been applied to further the objects of the company as stated in point l above. The funds carried forward at the balance sheet date are considered sufficient to meet all existing commltments 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 satisfattory period of induction via our 'Onboardin¥ process and satisfy local leadership that they have adequate financial sUPPOrt for the work that they will be doing. 14. Independent Examinat5on 14.1 Colin Dalton is the Independent Examiner of the company. A resolution recommending his reappolntment will be put to the members at the Annual General Meeting. By Order of the Board G. M. Davies Trustee Date: 23rd July 2025
World Horizons Limited Report of the Independent Examiner for the year ended 31st December 2024 I report to the charity trustees on my examination of the accounts of World Horizon5 Limited for the year ended 31 December 2024. Responsibilities and basis of report As the charity's trustees of World Horizons Limited land its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061"the 2006 Act"). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 14S of the Charities Act 2011 ("the 2011 Act"). In conducting my examination, I have followed the Directions given by the Charitv Commission {under section 145(5){bl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the company as required by Section 386 of the 2006 Act: or the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reportin8 by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 10211. I have no concern5 and have come across no other matters in connection with the examination to which attention should be drawn in this report to enable a proper understanding of the accounts to be reached. Colin Dalton FCA Dalton Pardoe Limited Chartered Accountants 794 High Street Kingswinford DY6 8BQ Date: 23, July 2025 12
World Horizons Limlted Statement of Financial Actlvitles for the year ended 3tst December 2024 Note Unrestrlcted Restrfcted and Capltal Funds Funds 2024 Total Total 2024 2024 2023 Income Donations 16,742 79,520 96,262 182.123 Investment Income 3,400 3,400 4,048 Grants Recelved Income from charltable actlvltSes 1,076 7,902 8,978 137,423 Team member 5UPPOrt Income from other tradlng actlvltles Total Income Expendlture Charltable actlvltles 30,099 30,099 40,410 88,528 67 88,595 109,746 117,588 227,334 364,004 81,056 149,632 230,688 293,432 Team member support Expendlture on ralslng funds Total Expendlture 27,962 27,962 40,410 65,478 10,779 76,257 146,534 188,373 334,907 333,842 Net (expendltureJ/lncome Transfers between reserves (36,788) 170,785) (107,573) 11,133} 30,162 17118 1,133 Net movement In fvnds Reconclllatlon of funds (35,655) 171,918) <107,573) 30,162 Total fund5 brought forward Total funds carrled forward 448,197 143,772 S91,969 561,807 412,542 71,854 484,396 591,969 The Statement of Flnanclal Artlvltles Includes all galns and10sses recognlsed In the year. All Income and expendlture derlve from contlnulng actlvltles. Th15 SOFA Includes an Income and expendlture account in accordance with the requlrements of the Companies Act 2006. 13
World Horizons Llmlted Balance Sheet As of 31st December 2024 Note 2024 2023 Fixed assets Tangible assets 12 411,334 358,678 Current assets Debtors Cash at bank and In hand 13 14 15,203 84.796 60,547 186,109 Totsl current assets 99,999 246,656 (13,365 Creditor5: falllng due wlthln one year 15 (26,937) Net current assets 73,062 233,291 Net assets 484,396 591,969 The funds of the charlty Restricted fvnds Unrestrlcted and de51gnated funds Capltal funds Revaluatlon 16 17 18 18 71,854 62,006 220,536 130,000 143,772 89,522 228,67S 130,01)0 Total charlty funds 484,396 591,969 The trustees have taken advantage of the Companles Act 2006 In not havlng these accounts audlted under sectlon 47711). No members have requlred the company to obtaln an audlt of Its accounts forthe perlod In questlon In accordance wlth sectlon 476. The trustees acknowledge thelr responslbllltles for ensurlng that the company keeps accountlng records whkh comply wlth $386 and s387 of the Companles Act 2006 and sectlon138 of the CharStles Act 2011. These accouftts have been prepared In accordance wlth the provlslons In part IS of the Companles Act 2006 relating to small companies and constitute the annual accounts requlred by the Companles Act 2006 and are for clrculatlon to the members of the company. The notes at pages 16 to 33 form part of these flnanclal statements. 14
World Horizons Limited Balance Sheet As of 31st December 2024 SÈned and approved on the behalf of the Board on 23rd July 2025 G. M. Davles Trustee Company no: 01680675 15
World Horlzons Limlted Balance Sheet As of 31st December 2024 l. Accountin8 Polldes The prlnclpal accountln8 pollcle5 adopted In the preparatlon of the financial statements are as follows: (a) Basls of preparatlon Bas1$ of auountln8 The charltable company constitutes a publlc beneflt entlty as defined by FRS102. The ftnanclal statements have been prepared In accordance wlth Accountln8 and Reportln8 by Charltles: Statement of Recommended Practlce ISORP) appllcable to charStles preparlng thelr accounts In accordance wlth the Flnanclal Reportlng Standard (FRS102) publlshed on 16° July 2014- Charltles 50RP (FRS102), the Financlal Reportlng Standard {FR5102), the CharStles Act 2011, the Companles Act 2006 and UK Generalty Accepted Practlce as It applies from I" January 2015. The flnanclal statements have been prepared on a golng concern basls under the historlcal cost conventlon modlfied to Include certaln Items at falrvalue. The flnanclal statements are prepared In sterllng whlch Is the functlonal currency of the charlty. Changes to prevlous accounts No changes have been made to the flnanclal statements for prevlous years unless otherwlse stated wlthln the notes as a prlor year adjustment. (b) Preparatlon of the accounts on a 8olng Concern basls The trustee5 conskler that the company ts a golng concern. Ic) Income reco8nlt14)n pollcles Items of Income are recognlsed and Induded In the accounts when all the followlng crlterla are met: the charlty has an entftlement to the fvn(ts. any performance condltlons attached to the ttems of Income have been met or are fully wlthln the control of the charlty; there Is sufflclent certalnty that recelpt of the Income Is consldered probable. and the amount can be measured rellably. Where Incomlng resources have related expendlture (as wlth fundratslng or contract Income) the Incomlng resources and related expendlture are reported gross In the SOFA. Grants and donatlons are only Included In the SOFA when the general Income recognltlon crlterla are met. In the case of performance related grants, Income wlll only be recognlsed to the extent that the charity has provlded the speclfied goods or seNlces as entltlement to the 8rant only occurs when the perfom)ance rekted conditlons are met. The charlty has recelved government grants In the reportlng perlod. Gfft Ald recefvable ts lrtcluded In Income when there Is a valld declaratlon from the donor. Any glft ald amount recovered on a donation is considered to be part of that gift and Is treated as an addltlon to the same fund at the Inltial donatlon unless the donor or the terms of the appeal has specified otherwlse. Id) Interest re1vable Interest on funds held on deposit is Included when recelvable and the amount can be measured reliably by the charity: this is nonnally upon notrficatlon of the Interest pald or payable by the bank. 16
World Horfzon5 Limited Notes to the Financlal Statements for the year ended 3tst Dember 2024 (e) Fund a¢¢ountlng Unrestrlcted funds are avallable to spend on actfvitles that further any of the purposes of the charity. DeSnated funds are unrestricted fvnds of the charity which trustees have declded at thelr discretion to set aslde to use for a specific purpose. Restrlcted funds are donations which the donor has specified are to be solely used for particular areas of the chartys work The Capital fund is a non-monetary fund. An Integral part of the charftable activity of World Horlzons Limited is to act as a clearinghouse for donations to related overseas projects. with associated fundraising and publicity. and admlnistrative costs. These are the restricted funds. The trustees ensure that all monie5 are applied in accordance wfth the WMpan$ Memorandum of Association. {t) Expendlture and Irrecoverable VAT Expenditure Is recogntsed once there Is a legal or constructive obligation to make a payment to a thlrd party, it is probable that settlement will be required. and the amount of the obligation can be measured reliabty. Irrecoverable VAT is charged as a cost against attivty for whith the expenditure was incurred. (81 Allocatlon ol support costs All support costs have been divided between dlrect charitable expenditure and other expenditure. Within these, there is a further analysis of fvnttional support, fundratsing publicSty. and governance costs. The costs incurred by any particukr acti (project, team, or administrative department) have been allocated accordln8 to the nature. charltable or otheNAse, of that activity. (hl Opefatlng leases Rentals pald under operating leases are charged to income as incurred. Ol Settlement of Insurance daims Insurance clalms are Included in the SOFA when the general income recognition crlteria are met and are included as an item of other income in the SOFA U) Governance eosts Include costs of the preparatlon and examlnation of ststutory accounts, the costs of trustee meetings and cost of any legal advlce to trustees on governance or constitutlonal matter5. Ikl Tan8lble fixed assets Tangible fixed assets are stated at cost. These are capltallsed If they can be used for more than one year and cost at least £l.000. They are valued at cost or at a reasonable value on receipt. The leasehold property including improvements has been walued and is nomialty revalued everythree yea. Depreclation is provided on all tangSble assets at rates cakulated to wrlte off the cost or valuatlon of each asset eventy over its expected useful life as follows: Leasehold property and improvements: Slte fenclng Motor vehicles: Fixtures. ffttings. and equlpment: over period to 2071 over period to 2036 5 years over 3. 5 and 10 years The leasehold property was purchased in 1988, and the lease expl In 2071. 17
World Horizons Umited Notes to the Financial Statements for the year ended 31st December 2024 (l) Credltors and provlslons Credltors and provisions are recognlsed at thelr settlement amount where the charlty has a present obllgatlon resultlng from a past event that will result In the transfer of funds to a third-party and the amount due to settle the obllgatlon can be measured or estlmated rellably. (m) Volunt•w help No amount Is Included in the financlal statements for volunteer time in line with the SORP (FRS102). Further detall Is glven In the trustee5' annual report. 18
World Horlzons Limited Notes to the Financlal Statements for the year ended 31st December 2024 I Income from donatlons Donations have been recelved durlng the perlod for the followlng teams, projects. and purposes: Donatlons Team CoDtrlbutlons Total 2024 Oonatlons Team Contrfbutlons Total 2023 Internatlonal Funds Team A¢counts Internatlonal Offlce IDT Fund North Afrlca Team CMTTeam Mlddle East Team Buslness as Mlsslon East & West Afrlca Team South Amerka Team Other Teams 1,353 1,550 7,149 8,502 1,550 766 240 504 22,850 7.509 30,360 766 240 472 261 425 601 145 920 49 120 10,030 261 425 778 624 920 137 120 33,625 32 177 479 2.060 760 2,820 40 89 9,427 14522 Other Mlnlstrles and Teams Venezuela- V2020 West Afrka Mlnlstrles Burklna Faso NSger Asla Mlnlstrles Cambodla Europe Mlnlstrles Turkey North Afrlca Mlnlstrles Morocco Support Fund Mountaln Rlver Road Rellef Mlnlstrles Turkey Earthquake Rellef North Afrlca Earthquake Rellef Other Relief Other 1,655 1,655 600 19,970 13,004 19,970 13,004 38,7S8 4,513 38,758 4,513 15,000 15,000 15,000 15,000 500 2,000 2,000 60 60 193 1,900 193 1,900 28,745 28,745 3,942 3,942 42,185 42,185 704 450 704 450 884 286 131,531 286 131,531 UK Funds Christian Motorcycle Assoclatlon Other Funds 6,000 6,000 2.900 2,900 120 6,120 120 240 240 3,140 Totsl Restrlcted Funds 70.093 9.427 79,520 158266 10,030 168.296 19
World Horizons Umited Notes to the Flnancial Statements for the year ended 31st Dernber 2024 2. Income from donatlons IconL) Team Total Donatlons ContrIn$ 2024 Team Contrlbutk>ns Totsl 2024 General UK Fund5 Support Mlnlstrles General Funds Membercare Funds 3.734 6.045 9,780 2.586 2.586 8.631 12366 8,485 672 9,157 11,389 682 12.071 io 2,914 3,734 Y Doc Opera 2,865 265 Reglonal Teams S79 932 1511 875 881 1,756 Total General Funds 7,178 9.563 16,742 3,789 10.038 13.827 Total 77271 991 96262 I6255 20,068 182.123 Income frorn thafftable actlvities Teams Totsl Restrkted nistr1 Operakn UK General Funds- Funds Funds Intematlonal Total 2024 Premlses Income Conference Income Sundry Income 1,500 6,402 7,902 1,500 7,478 8,978 86 86 990 990 1,076 1,076 2023 Premtses Income conferen Income Sundry Income 133,393 133.393 133.393 242 242 3,381 3,788 3.623 137,423 104 104 35 133,428 407 133WO 20
World Horlzons Llmlted Notes to the Financlal Statements for the year ended 31st December 2024 Income from other tradlng actlvltles Teams Support YD Mlnlstrles Operatlons Other UK Funds Total General Funds Restrlrted Funds- Internatlonal Totsl 2024 Premlses Income Conference Income Sundry Income 88.445 88.445 88,445 83 88.528 83 88,528 67 150 67 88,595 2023 Premises Income Conference Income Sundry Income 5. Team member support Most team members are treated as self-employed by HM Revenue and Customs. They receive their support either directly or through World Horlzons Llmlted as follows.. 2024 2023 Gift Ald tsx reclalmed Donatlons 1,023 29,076 30,099 1,090 39,320 40,410 & Government Grants 2024 2023 Welsh Government- Heat Pump 15,000 The conditions for thls grant are to: Run 20 art workshops a year by the end of 2025 To open up the gallery to 6 exhibitions by the end of 2025 To run 5 group art therapyworkshop5 bythe end of 2025 To have 20 resldentlal groups that would use the space for a varlety of actlvltles by the end of 2025 These condltlons have not yet been met, so the Income Is Ilsted as a current Ilablllty on the balance sheet. 21
World Horizons Llmited Notes to the Flnandal Statements for the year ended 31st December 2024 7. Expendlture on dwrftable artlvltles 2024 Teams Support Reglonal Other UK Funds Total Int Team Int Other Total Capltal Total General A¢¢ounts Mlnlstfles Restrfrted Rertrlcted Funds Funds Funds Funds Staff Costs Trnlnlng Promotlon Premlses Costs Equlpment Bad Debts Depreciatlon & Related adjustments Dlsposal of Assets General Insuran¢¢ OffKe and Admln Subscrlptlans Professlonll Fees Conference Expenses Camp Expenses Giterfn8 and hospitallty Gffts and Donatlons Travel Internatlonal- Overseas transfers International- UK Payments Other Operntional Costs 4.013 17.975 165 333 37,659 2L988 165 333 38,299 11,381 11,381 33.369 165 397 55,410 17,111 17,111 851 851 8.139 8,990 676 670 1,306 I,S81 100 676 868 1,365 2.375 676 2,S42 1,365 6,073 L996 198 59 1.610 1.674 3,698 3.698 1.896 877 877 169 2,752 70,428 169 169 1,692 70,428 152 1.692 66,298 770 3.153 3.153 35,896 S,045 40.941 44,094 218 9371 508 I33 578 1,385 149.632 8.139 230.688 58.623 4,061 n?17 23.771 iOl258 22
World Horizons Limited Notes to the Financial Statements for the year ended 3tst December 2024 Expenditure ¢)n drftable actlvltles (conL) 2023 Teams Support Uanelll Regional Mln15trles Hub Teams Totsl General Funds IntTeam Int Other Other Total Capltal Accounts Mlnlstrles Restrkted Restrlcted Funds Funds FuThds Total UK Funds Staff Costs Training Premises Costs Equiprnent Depreciation & Related adjustments General Insurance OffKe and Admln Subscriptions Professional Fees conferen Expenses Camp Expenses Catering and hospitallty Gifts and Donations Travel Intemational- ¢kneas transfe International- UK Payments Other Operatlonal Costs 6.390 210 9.927 16.317 403 62,398 L007 14.870 3,180 525 14,870 4,470 525 31,187 4,873 62.923 1,007 8,407 193 1.290 61A73 1.007 525 8.407 1,034 3,482 1,536 2.773 378 10.303 8.079 1.029 L034 7,708 1,536 3,258 926 10.303 8,079 4,629 22,282 79585 1,164 1,269 2,318 247 3.297 929 4.226 258 120 548 10.303 7.366 713 350 235 679 5.029 2.838 12.529 5.190 37 3344 74,395 725 3.600 16.973 79.585 L006 40371 1.771 43,748 43,748 221 I927 170 93211 12 722 403 114ASI 1.544 4527 I2166 L544 1,947 170.574 &407 293832 3A81
World Horizons Llmited Notes to the Financial Statements for the year ended 31st December 2024 Expendlture on Ralslng Funds Teams Support Reglonal Other Total IntTeam Int Other Other Total Capltal Mlntstrles Operatklns Teams UK General Accounts Mlnlstries Restrfrted Restrlcted Funds nds Funds Fund5 Funds Totsl stsff Costs Premises Costs Bad Debts General Insurance Office and Adrnln Subscriptions Professional Fee5 Camp Expenses Catering and hospitality Other Operational Costs 4.013 19.497 2L169 702 387 928 19,497 31.917 702 387 928 155 999 13.798 7,720 154 76.257 21,169 702 10,748 10,748 387 928 155 653 13,798 7,no 69 603n 13,798 7,720 123 65A78 31 31 31 10,779 5.107 10.748 24
World Horlzons Llmlted Notes to the Financial Statements for the year ended 31st December 2024 9.Governance Costs 2024 2023 Independent Exam5nerfs fees 2,200 2.200 10.Net Income for the perlod 2024 2023 Thls Is stated after charglng: Depreclatlon Operatlng leases- rent Operatlng leases- equlpment Independent Examlnatlon provlslon 8,990 9,850 96 2,200 8,407 9,850 384 2,640 11.Analysls of staff costs 2024 2023 Salarles Penslon Contrlbutlons Fees Payable 41,059 21,297 1,499 852 10,308 9,038 52,866 31187 No employee of the charlty recelved emoluments of more than £60.000 (2023: none) Durlng the year, the charlty had four part-tlme employees12023: two). 25
World Horfzons Limited Notes to the Financial Statements for the year ended 31st December 2024 IITanglble fixed assets Leasehold Indudln8 Improvements Totsl ffttln85 & equipment vehlcles Co#lrevaluatlon On lstjanuary 2024 479.194 62,989 5.700 547.883 Addltlons 60,166 1,480 61.646 Disposals On 3tst December 2024 539,360 64,469 5.700 DeprKlatlon On 1st January 2024 120,516 62,989 5.700 189,205 On dtsposals Charge 161 8,990 On 31st December 2024 63.150 198 195 Net book valu On 31st December 2024 410 015 1,319 411,334 On 31st December 2023 358,678 The long leasehold bulldln8 Includlng the Improvements has moved onto a scheme whereby they are perlodlcally revalued. The valuation included above was based on a valuation by Paul Beaton B.SL (Hons) MRICS of Astley5 Chartered Surveyors, Raglan House. Charter Court. Phoenlx Way, Enterprlse Park, Swansea, SA7 9DD. He gave an open market value of £380,000 on 8 June 2022. The correspondlng insurance valuatlon was £2.270.000. All assets are held for dirert charitable purposes. 26
World Horlzons Limited Notes to the Flnanclal Statements for the year ended 31st December 2024 13.Debtors 2024 2023 Other debtors Trade debtors Prepayments and accrued Income VAT Gfft akl tax repayment due 10.842 420 5,177 (1.612) 376 15,203 55316 410 421 60547 14.cash at bank and In hand 2024 2023 Bank accounts Cash In hand 84,760 185,996 36 84,796 186,109 15.Crndltors: amounts fallln8 due wlthln one y•ar 2024 2023 Accruals Other creditors Payments recelved on account for performance related grants Trade Credttof5 Taxatlon and Soclal Securlty Deferred Income S,109 237 ,000 9,679 2,881 5,132 353 1.107 26.937 13,365 Movement In deferred Income account: Balance on l°January 2024 Amounts added In current perlod Amounts released to income from prevlous perknd Balance on 31" December 2024 1.107 (805) 1,107 Deferred In¢ome lateS to Income for accommodation stays whlch wlll occur in 2025. 27
World Horfzons Limited Notes to the Financial Statements for the year ended 31st December 2024 16.Restrlcted funds Atl. Jan 2024 Incorne Expendlture Transfers On 31° Dec 2024 Internatlonal Funds Team Accounts Internatlonal Office IDT, North Africa Team WH Kidz Team CMT Team Middle East Team ME/NA Conference Business as Mission East & West Africa Teams South Amerlca Teams OtherTeams 18,105 14,971 1,550 767 (18,6921 14,384 2,550 6,069 898 2,927 3.138 1,000 (175) 5,977 898 2,687 2,709 {5001 240 (75) 250 1.500 loo 2,820 40 11,7501 2,046 2,022 1,460 653 36,557 22,492 2,146 1,980 12,8601 (2) (1.4601 653 (4621 34,785 {23,802} Other Mlnlstrles and Teams Japan Venezuela- Y2020 West Africa Mlnlstries Cambodia- Beracah & Rlce Cart Europe Ministries North Africa Mlnlstrles Relief Ministrles Other Ministries 33,420 19,330 1,655 5,512 32,974 15,000 2.OlXI 253 4,645 2,350 87,248 58,877 (33,420) (12,151) (29,885) (13,475) 1490) 1189) {10,6001 (2,0481 1102,2581 1,427 . 10,261 (517) (300) 140) 1.225 1,960 3,326 {141 19,113 490 3,266 25,082 550 44,417 UK Funds Building Project Christlan Motorcyde Assoclatlon Other Funds 12,859 3.234 3,874 19,967 {27,859} {4,473} {2,019} 134,351) 115,000) 4,761 {I,0001 975 (I,OIXl} 19,2641 6.000 120 6,120 Team Member Support 30,033 127,962) {221) 1.916 Total Restrlcted Funds 143,772 117,588 (188,373 (1,133) 71,854 28
World Horizons Limited Notes to the Financial Statements for the year ended 31st Deomber 2024 17.Unrestrkted and deslgnated funds Income Expendlture Transfers On 31" Dec 2024 Jan 2024 General UK Funds Support Mlnlstrles General Funds Membercare Funds 25.124 13.266 1.934 2.586 27,058 15,852 114.215) (2631 114,478) 1.133 25.308 (1.320) 2,937 1187) 28,245 Y Doc Operatlons (Prevlousty Uanelll Hub) 43,674 92A83 (118,994) 1,320 18,383 Reglonal Tearns 3.047 i.sii (862} 3.696 Other UK Funds Training Development Wlldstep 4,062 1.681 5.743 {4,061) 1,681 1.681 (4,061) Totsl General Funds 79.522 109,746 (138,395) 1,133 52,IX16 Deslgnated Funds Emergency Fund Total Deslgnated Funds io,o(N) 10,000 10,000 10,000 89.522 109.746 138.395 1.133 62,006 The unrestricted funds of the charity indude the Emergency Fund whlch has been set aside by the trustees as a deslgnated fund to aid team members In emergencies. I&Capltal funds On I" Jan 2024 Income Expendlture Transfers On 31° D 2024 Capltal Fund Revaluation 228,675 0,000 358,675 {8,139) 220,536 130,000 350,536 8.139 29
World Horizons Llmlted Notes to the Flnancial Statements for the year ended 31st December 2024 19. Prlor Year fund balance movements for comparlson Restrlcted Funds: At lrtjan 2023 Income £xpendlture Transfers At 31stDec 2023 IDtematlonal Funds Team Accounts IntematFonal Offlce North Afrlca Team WH Ktd2 Team CMT Team Mlddle East Team 8uslness as Mlsslon East & West Afrlca Teams South Amerlca Teams Other Teams 24A84 6,392 898 2262 2,631 4,020 1,403 2,328 833 45,251 33,981 262 (39,9471 16781 {413) 1&105 5,976 425 778 624 2,687 2,709 2,046 2,023 1,460 653 17001 {2,5981 13001 (1,0061 300 920 139 120 37,249 (i) 414 Other Mlnlstrles and Teams Japan Venezuela - V2020 West Afrlca Mlnlstrles Asla Mlnlstrles Europe Mlnlstrles North Afrlca Mlnlstrles Rellef M5nlstrles Other M5nlstrles 33,420 24,285 12,796 33,420 19,329 5,512 600 43,271 15,000 500 {S,S461 (50,2781 (14,7001 1371 (io) {277) {3001 (ioi 38 3,205 491 3,265 25,083 148 71,815 {46,7161 (161 77 36 131530 121S65 553 UK Funds Bulldln8 Project Chrlstlan Motorcycle Assoclatlon Otr Funds 13,344 2,104 1485) 11,770) 12,859 3,234 3.874 19,967 2,900 240 3.341 Team Membersupport 40,410 140,410) Total Restrfcled Funds 140.053 212 329 210.984 2,374 143.772 30
Workl Horfzons Llmited Notes to the Flnancial Statements for the year ended 3tst December 2024 Unrestrfrted Funds: At tstjan Income Expendlture Trnnsfers At 31st De¢ 2023 2023 General UK Funds Teams PR Team 234 1.7041 1,938 Support Mlnlsirles General Funds Membercare Funds 22,CK)1 15.70S 114,731) 14,295) 119,026) 2,147 1,320 827 25,125 1,933 27.058 16387 LlanellS Hub 1.448 133.428 193212) 2,010 43,674 Reglonal Teams 11,786) 13,507) 3,047 Other UK Funds Trdiniffd Development Wildstep 4254 (193) 4,061 1.682 5.743 5336 193 Totsl General Funds 44.6n 151.675 1114,4511 11374 79.522 Desl8nated Funds Emergency Fund Total De*nated Funds 10,000 io,oo) io,o(M) iO,(KK) Total 54.6n 151,675 1114.4511 2,374 89,522 Capltsl Funds: At tst Jan Income Expenditure Revaluation 2023 At 31st Dec 2023 Capital Fund Revaluatlon 237,082 130.000 367.082 18,407) 228,675 130,000 31
World Horizons Limited Notes to the Financlal Statements for the year ended 31st December 2024 20. Transfers between funds Thls year: £1,133 was transferred from restrlcted funds to UK Central Operatlons fund. Thls is a percentage of restrlcted fund donations which is transferred to cover admln costs. £1,320 was transferred from the Membercare fund to the Y Doc Qperatlons fvnd. Thls Is for rental costs for the Membercare use of the office. £I.000 was transferred from the Peter Yeung fund to the IDT fund. £1,460 was transferred from the Venezuela team to the Venezuela V2020 team. The Venezuela team fund was closed durlng the yearand moved to the Venezuela V2020 team. £75 was transferred from the Mlddle East team and £175 was transferred from the North Afrlca Team to the ME/NA conferen fund. This was to cover the teams, costs of the conference. 21.Operatlng hases and other financlal commltments Flnanclal commltments under non-cancellable operatlng leases wlll result In the followlng payments fallln8 due: 2024 2023 Land and Bulldlngs: Explrlng after five years 9,850 9.850 Equlpment lease: Explrlng In less than one year Explrlng between one and two vears 96 22.Transactlons wlth trustees and connected persons The trustees were not paid or recelved any other benefits from employment wlth the charity In the perlod. Small amounts were relmbursed to trustees and connected persons for expenses such as travel costs and relrnbursements. No trustee recelved payment for professlonal or other seNl¢es supplled to the charlty. 32