Registered number: R0000611 Charity number: NIC102150 MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee) COUNCIL'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee CONTENTS Page Reference and Administrative Details of the Company. its Council and Advisers Council's Report Independent Auditors. Report on the Financial Statements Statement of Financial Activities 9-12 13 Balance Sheet 14 Statement of Cash Flows 15 Notes to the Financial Statements 16-32
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS COUNCIL AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2023 Council Caroline Sarah Bustsrd, Chair Naomi Gowan Rev William Henry Eleanor Elizabeth Jane Ingram Gloria Maud Joyce Kearney Robert James Kennedy, Vice Chair Trevor Samuel Mcllroy Company registered number R0000611 Charity registered number NIC102150 Registered office 14 Glencregagh Court Belfast BT6 OPA Company secretary Naomi Barfoot Independent auditors UHY Hacker Young Fitch Limited StatLrtory Auditors and Chartered Accountants Gordon Street Mews 27-29 Gordon Street Belfast Antrim BT12LG Bankers Ulster Bank Limited PO Box 232 11-16 Donegall Square East Belfast BT1 SUB Solicitors Cleaver Fulton Rankin 50 Bedford Street Belfast BT2 7FW Page 1
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee COUNCIL'S REPORT FOR THE YEAR ENDED 31 JANUARY 2023 The Council members who are also directors of the charitable company present their annual report together with the audited financial ststements of the Company for the 1 February 2022 to 31 January 2023. The Annual Report serves the purposes of both a Council. report and a directors, report under company law. The Council confirm that the Annual Report and financial ststements of the charitable company comply wth the current statutory requirements, the requirements of the charitable company's goveming document and the provisions of the Statement of Recommended Practice {SORP) applicable to charities preparing their accounts in accordance th the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (strategic Report and Directors, Report) Regulations 2013 has been omitted. Structure, govemance and management a. Constitution Mission Africa (The Qua Iboe Fellowship) is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 25th July 1930. The Company is a registered charity wth the Northem Ireland Charities Commission under charity number NIC102150 and is also a registered charty wth HMRC {XN45493). The principal objectives of the Company continued to be that of being in partnership wth churches in Africa assisting in the work of Theological Colleges, hospitals, literature distribution. The Mission continues to work in Nigeria, Chad, Burkina Faso and Kenya. b. Methods of appointment or election of Council The management of the company is the responsibility of the Trustees (i.e. members of Council) who are elected and co-opted under the terms of the Articles of Association. As required on an ad hoc basis the Trustees discuss the appointment of potential new Trusteeslcouncil Members for appointment to the Board. Suitable people are approached and if they are wlling to serve on the Board their nomination is put forward for approval. The Trusteeslcouncil Members are appointed for three years and are available for re-election. The followng setved as Trusteeslcouncil members during the year.. Mr. Trevor Mcllroy Mrs. Gloria Kearney Mrs. Eleanor Ingram Miss Caroline Bustard. Chair Miss Naomi Barfoot Mr Robert Kennedy Reverend William Henry c. Organisational structure and decision-making policies The Council is responsible for the review of all activities and approval of future strategy. Meetings of the Council are held a minimum of three times per annum. The day to day running of the charity is carried out by the Chief Executive, Paul Wright. The Council seeks to work at all times wthin the Code of Good Govemance for Charities, as set down by the Nl Department for Regional Development. The Chief Executive has undertaken a programme of change and development wthin the Mission to ensure that all aspects of current legislation are observed. This programme is ongoing and supporters and welkwshers of the Mission are requested to pray for this ongoing process. Page 2
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023 Structure, govemance and management {continued) d. Policies adopted for the induction and training of Council Potential Trustees {i.e. members of Council) are identified by members of the Council and considered against the Council's requirements concerning availability. eligibility, competence and specialist skills. Achieving a balance of experience and backgrounds wth first-hand knOedge of Christian mission is the objective. Members of the Council wll necessanly have an interest in the welfare and progress of the gospel in Africa. Prior to appointment to Council, potential members are briefed by the Chief Executive and provided wth fvrther information about the Mission and their role within IL They receive copies of the Articles, the latest Report and Accounts and other Mission Africa materials. They are apprised of the materials pertaining to the duties of a Trustee available online and in print. Attendance at relevant courses may be considered as necessary. All trustees are required to sign the HMRC declaration that they are fit and proper persons to act as charity trustees and also give a full declaration of their interests. e. Membership Membership of the Mission is govemed by sections 10-19 of the Articles of Association. Full membership of the Mission is limited to those serving on the Council, and affiliate membership is open to all individuals and institutions {such as churches or colleges) that subscribe to the objects of the mission. Benefits of membership I affiliate membership include printed and online materials that relate to the work of the mission, numerous public and private events such as conferences and prayer meetings and eligibility to participate directly in the charitable objects of the mission. Protection of its member's personal infomiation is a central commitment of the Mission, which is registered wth the Information Commissioner's Office. Strenuous efforts have been made to ensure that Mission Africa omplies with GDPR. f. Related party relationships None of the Trustees received remuneration or other benefits from their work vrith the charity. g. Principal activities The activities of the Mission are carried out in accordance wth its doctrinal basis, as set out below.. The Supreme Authority of the Scriptures of the Old and New Testaments and their complete sufficiency in all matters of faith and practice. The Eternal Oneness of the Father. the Son and the Holy Spirit in the Godhead. Man's fallen state, spiritual death, alienation from God and absolute need for redemption and regeneration. The Love of God as manrfested in the gift of His Son. the Lord Jesus Christ, to redeem men from sin and to deliver all believers from etemal punishment through the substitutionary and propitiatory death of Christ. The work of the Holy Spirf( to impart and sustain spiritual lrfe. Justification by faith alone. The obligation upon all who profess our Lord's Name to afford evidence of their discipleship by a life of obedience to His commands. The essential unity of all who believe in the Lord Jesus Christ. Page 3
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023 Plans for future periods The Council anticipate that the Mission wll continue to carry out its normal operations in the foreseeable future. No large capital projects are planned. Council agreed. during 2017. to supply more training grants to African churches in order to help wth the dearth of qualified theological lecturers. This policy continued in 2022-23 and it is expected that this policy will conts'nue into the future. Objectives and activities a. Policies and objectives The objects of the Company are specrfically restricted to the advancement of Christianity and the support by means of voluntary work and financial assistsnce to any charitable project for the protection and preservation of health, the relief of poverty and the advancement of education in Africa and similar needy areas throughout the world (hereinafter called the "area of benefit") and in particular to= a} to train Christians so that they may seek to plant churches and work on projects promoted by the Company in the area of benefit., bl to promote Christianity, provide Christian literature and educate people in the area of benefit through evangelism and the provision of biblically based teaching. discipleship training, meetings, bible studies and social activities. c} to encourage new, and strengthen exists'ng. partnerships with churches and evangelical groups in the area of benefit. dl the relief of sickness among the beneficiaries by the provision of medical faciltties and counselling and by the provision of financial assistance with the costs of medical treatment and the provision of items and services required to ease their suffering., e} relieve poverty and hunger in the area of benefit by any charitable means and in particular the provision of grants and training to enable poor people to establish and maintain projects vthich wll enable them to relieve their own poverty., fj recruit, select and send out volunteers for both short and long temi service wthin the area of benefit., gl to advance any other exclusively charitable purpose as the directors may, from time to time, decide in accordance wth the law of charity. The charity believes that through carrying out the objects above it provides a public benefit to individuals and der society. b. Grant-making policies Mission Africa does not perceive itself as a grant making body and does not make large grants. It does from time to time make small grants (normally, but not exclusively, under £5.000, with the exception of £8,000 paid annually to Advance) to the institutions of partner churches and will in some limited circumstances make training grants to the personnel of partner churches. Partners in receipt of these grants are expected to fully account for the expenditure of all monies received. c. Volunteers The Mission benefits greatly from the involvement and enthusiastic support of its many volunteers. The Mission is very involved in the community and relies on the voluntary help. Achievements and performance Page 4
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023 Achievements and perfomiance {continued) a. Review of activities This past year; February 2022 - January 2023 has been a difficuli one but we give thanks that God has been faithful and good. Despite the difficulties that we have been fad with since November 2022. before then was one of relative stability wth new missionaries joining the field to serve in both Kenya and Nigeria. We have seen many signs of God's good hand upon our Yrk. The work of Mission Africa is far from complete - as God's Kingdom in Africa grows, the needs of the African churches grow. It is our hope and prayer to continue serving the churches in Africa through evangelism, training, medical and compassionate work. EVANGELISM Evangelism remains one of the key strategic aims of Mission Africa. In Nigeria, our evangelistic efforts are intrinsic to all our work, but may be most obviousty found in our work amongst the Fulani. It is a source of deep concern to us that a full time missionary has not been found to work amongst the Fulani in South Kaduna on a full time basis- we would request that our supporters make this a subject of prayer. Nevertheless we keep in close touch with the work in this region and small financial grants have been made to Fulani schools and orphanages. We give thanks to God that Reverends D. Onouche and J. Moses of the UEC have continued reaching out to the Fulani, even after they had to relocate their work due to communal violence. In August 2022, with generous donations, Mission Africa was able to purchase a bus to enable Revd Onouche to transport children to and from local Bible Clubs. Despite the ongoing serious security issues wthin Burkina Faso, our partnership wth the EPE (Evangelical Protestant Church) has continued successfully. Ana van Brakel has spent time in the UK in order to pursue UK itizenship, we give thanks that this has been granted and and is now considering her future for service in partnership the EPE at the L'lnstitut Pastoral Hebron in Ivory Coast in 2024. Jeremy Nash continues to make regular visits to Burkina Faso to evangelise and promote basic theological education by extension amongst children. We give thanks for his safe travel and regular visits. Jeremy and Rachel Nash are currenuy exploring opportunities to serve in N'djamena, Chad for a year and hope that they wll be able to move mid 2023. Samantha and Godfrey Ibia and their two children have been based in Abuja where they have continued their valuable work with Fellowship of Christian Students {FCS.) They run various discipleship programmes in schools and colleges. Their work involves a significant amount of travel and we thank God for safety on the roads. STRENGTHENING THE CHURCHES OF AFRICA Mission Africa tries at all times to Yrk in strategic ministries that allow us to make an impact that is disproportionate to our small size. The most strategically important work in which we are engaged in is that of theological education. In providing missionary lectures for various theological colleges in Africa, we are facilitsting and enabling the training of a new generation of leader5 for some of the fastest growng churches in the wodd. Our primary relationship is wth the theological colleges of the United Evangelical Church (founded as the QIC.) Reverend Godwin Ekanem continued to provide service to Mission Africa as Liaison Officer between the mission and our primary partner, the United Evangelical Church, whilst Gail Ekanem had been teaching part-time al William Wheatley Theological College IWWTC). The Ekanems returned home on furlough in August 2022 for a period of rest and to finalise the adoption of their daughter- Angel. We give thanks that they are now allowed to travel both from Ireland and the UK without issue. It is their hope to return to Nigeria in the second half of 2023. In January 2023 Caroline Bustard- Interim CEO attended the opening of the Reverend Adrian Adger Memorial Library and the Iris Ogbonna Memorial Clinic at WWTC. Reverend Brian Wilson continues to seNe as College Librarian in Peter Achimugu College of Theology (PACT). Page 5
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023 Achievements and perfomiance {continued) He returned home in August 2022 for a short period of sickness bLrt retumed in November 2022. Brian is continuing wth the plans to renovate the college library. Dr Mark Nixon who had been previously accepted for service as New Testament Lecturer arrived in November 2022 and has been settling well. We have no 11-11me staff at WWTC, but there have been a number of short-term trips to both WWTC and PACT by Reverend Professor Patton Taylor. The highly strategic ministry of African Christian Textbooks (ACTS) has continued to thrive. We are indebted to Pamela Gaiya for her enthusiastic SeiCe to the Lord and to Mission Africa as both Nigeria Field Facilitator and in her role at the Headquarters of ACTS. We thank God for the service of Reverend Sid Garland, along with his fe Jean. Sid has now reb'red from Mission Africa, but will still be involved in various ACTS activities. MEDICAL, PRACTICAL AND COMPASSIONATE MINISTRIES David & Lucy Morrison continue to serve in Chad under the umbrella of COCOAM and TEAM. Their work is centred upon the alleviation of suffering amongst marginalised and abused women. They returned to the UK in July 2022 and welcomed their second daughter., Olivia in August 2023. After a few months at home, they returned to Chad in December 2022. Katie Morrison retumed to Nigeria for 8 months from August 2022 to April 2023 as Short Temi Mission Coordinator, based at Holley Memorial Hospital. Katie. along with Friends of Ochadamu (FOO) have undertaken several renovation projects of the hospitsl compound, including the male and female surgical wards and Primary School. The mission currently has no personnel deployed to work with Advance, but continue our partnership with the Child Sponsorship Programme at Ogugu which has grown numerically over the last number of years. THE HOME BASE Peter Irvine started as Finance Officer in January 2022. replacing Mrs Julie Mcconnell who resigned in December 2021. Lauren Mornin went on matemty leave in May 2022 and was replaced for 11 months by Catherine Forde who would maintain oversight of Operations & Child Sponsorship. Naomi Spence has had a busy and successful role wth our short-term mission work. We had several teams in summer 2022 to both Kenya and Nigeria. Reverend Dr Paul Bailie continued to see as Chief Executive until his sudden passing in November 2022. Paul is such a loss to Mission Africa and we give thanks for the 17 years that he served so passionately. Caroline Bustard, Chair of Council became Interim CEO and has been leading Mission Africa through the challenges and difficulties that followed Paul's death. We hope to advertise a CEO position over the coming months. The work of Mission Africa continues to be promoted by our representatives. Robbie & Margaret Toop in Scotland and Jeremy Nash in England. They have been regular contributors at various churches, conventions and exhibitions as well as leading and attending various prayer groups. We give thanks for the Mission Africa prayer groups. Their role in promoting prayer, giving and the general profile of the mission cannot be underestimated. We are concerned by the relatively small number of prayer groups in existence today. We would ask our supporters to make it an urgent matter of prayer that the next generation would continue to be diligent in prayer. One unexpected benefit from the pandemic was the use of Zoom, which has provided the opportunity to meet as a Central Prayer group each month and has proved to be a very successful means of connecting staff, missionaries and supporters. FINANCES After some years of deficit, it vrfas encouraging to see signs of improvement for the year ending January 2022. Unfortunately, the year ending January 2023 has again revealed a deficit in our accounts. We continue to be grateful to all those who have supported the work through their sacrificial giving. While there is a deficit for the year ending January 2023, we know that the monies spent have been used to further the aims and objectives Page 6
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023 Achievements and perfomiance {continued) that are core to Mission Africa. b. Investment policy and perfomiance The objective is to maximise investment income, thus limiting the need to fund activities out of reserves- but the level of risk is kept to a moderate level. We are very ably advised by Investec and, more recently, by Evelyn, on all investments matters, and Council take the view that the use of undisputed expert advisors fulfils the requirement of the Trustees Act 2001 that all investments be handled wth all possible care and diligence. Financial review . Going concern After making appropriate enquiries, the Council have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concem basis in preparing the financial ststements. Further detai15 regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy The charity finished the year wth a deficit of £73,415 (2022.. surplus £104,097) and reserves of £1,574,734 {2022'. £1,648,149). £1,278,978 of reserves were unrestricted and £295,756. were restricted. The Council are satisfied wth the results for the year. To ensure the Mission's reserves are adequate to maintain and fund the long term objectives of the Mission, expenditure wll nomially be limited to the income derived through its investments, membership subscriptions, annual appeals, bequests, regular Grft Aid donations and (to a very minor exient) the sale of books. Because of the deficit that has affected the Mission Finances over the last few years, it has proven necessary to expend reserves from time to time. Council has agreed, however, that the reserves wll not be permitted to drop below a figure that would be the equivalent of 6 months of normal operations. The state of the Mission's investments remains robust. although there have been market fluctuations in these financially uncertain days. c. Principal risks and uncertainties The Council is acutely aware of the duty placed upon it to avoid needless risk. The Council continue to keep the Mission's activities under review, particularly with regard to any major risks that may arise from time to time, such as the generalised terrorist threat in Nigeria and Kenya, but also financial and reputational threats. The major risks identified by this process have been mitigated to an acceptsble level by the training of overseas staff, internal control systems, insurance cover, third paty project reports and other procedures as considered appropriate from time to time. d. Financial risk management objectives and policies The Council have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Page 7
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023 Members. liability The Members of the Company guarantee to contribute an amount not exceeding £1 to the assets of the Company in the event of winding up. ststement of Council's responsibilities The Council (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Council's Report and the financial statements in accordance wth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Council to prepare financial statements for each financial . Under company law, the Council must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial statements, the Council are required to.. select suitable accounting policies and then appty them consistently- observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company wll continue in business. The Council are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose wth reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply wth the Companies Act 2006. 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 other irregularits'es. Disclosure of infonnation to auditors Each of the persons wtho are Council at the time when this Council's Report is approved has confirmed that.. so far as that Council is aware. there is no relevant audit information of lch the charity's auditors are unaware, and that Council has taken all the steps that ought to have been tsken as a Council in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Auditors The auditors. UHY Hacker Young Fitch Limited. have indicated their wllingness to continue in office. The designated Council wll propose a motion reappointing the auditors at a meeting of the Council. Approved by order of the members of the board of Council on 13 March 2024 and signed on their behalf by= Caroline Sarah Bustard (Chair of Trustees) Page 8
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MISSION AFRICA (THE QUA IBOE FELLOWSHIP) Opinion We have audited the financial statements of Mission Africa (The Qua Iboe Fellowship) (the 'charitable company'l for the year ended 31 January 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charrtable companws affairs as at 31 January 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with United lQ'ngdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wth International Standards on Auditing {UKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our reporL We are independent of the charitable company in accordance wth the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance wth these requirements. We believe that the audit evidence we have obtained is sufFicient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Council's use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to ontinue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Council with respect to going concern are described in the relevant sections of this report Other infomiation The other information comprises the InfOatIOn induded in the Annual Report other than the financial statements and our Auditors, Report thereon. The Council are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly ststed in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistent wth the financial statements or our knoedge obtained in the course of the audit, or otherwse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine vthether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that facL We have nothing to report in this regard. Page 9
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (CONTINUED) Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit". the information given in the Council's Report for the financial year for which the financial statements are prepared is consistent wth the financial ststements. the Council's Report has been prepared in accordance viith applicable legal requirements. Matters on which we are required to report by exception In the light of our knO%edge and understanding of the charitable company and its environment obtained in the ourse of the audit, we have not identified material misstatements in the Council's Report. We have nothing to report in respect of the follobwng matters in relation to vthich Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of Council's remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit- or the Council were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Council's Report and from the requirement to prepare a Strategic Report. Responsibilities of trustees As explained more fully in the Council's Responsibilrties Statement. the Council (who are also the directors of the haritable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the Council determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Council are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Council either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 10
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (CONTINUED) Auditor5. responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wth ISAS (UK) wll ayS detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wth our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to vthich our procedures are capable of detecting irregularities, including fraud is detailed below.. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. As part of the audit in accordance ISAS (UK) we exercised professional judgement and maintained professional scepticism throughout the audit. We identified the laws and regulations applicable to the company through discussions with directors and other management. and from our commercial knowledge and experience of the sector and we focused on specific lavts and regulations which we considered may have a direct material effect on the financial statements or the operations of the company. including the Companies Act 2006. Charities Act, tsxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation. We assessed the susceptibility of the companys financial statements to material misstatement, including obtaining an understanding of how fraud might occur. by making enquiries of management as to where they considered there was susceptibility to fraud, their knoedge of actual, suspected and alleged fraud and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. We obtained an understsnding of intemal controls relevant to the audit in order to design audit procedures that were appropriate in the circumstances but not for the purpose of expressing an opinion of the effectiveness of the Company's intemal controls. To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpected relationships," tested journal entries to identify unusual transactions,. evaluated the appropriateness of accounting policies used. including managements, use of the going concern basis of accounting, and the reasonableness of accounting estimates and related disclosures made by management,. and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance laws and regulations, we designed procedures which induded but were not limited to agreeing financial statement disclosures to underfying supporting documentation., reading the minutes of meetings of those charged with governance., and enquiring of management as to actual and potential lrtigation and claims. Because of the inherent limitations of an audit. there is a risk that we wll not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance wth regulation. This risk increases the more that compliance a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion. omission or misrepresentation. A further description of our responsibilities for the audit of the financial ststements is located on the Financial Reporting Council's website at.. WM.frc.or -uklauditorsres onsibilities. This description forms part of our Auditors, Report. Page11
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (CONTINUED) Use of our report This report is made solety to the charitable company's members, as a body, in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Michael Fitch (Senior Ststutory Auditor) for and on behalf of UHY Hacker Young Fitch Limited Statutory Auditors and Chartered Accountants Gordon Street Mews 27-29 Gordon Street Belfast Antrim BT12LG 13 March 2024 UHY Hacker Young Fitch Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 12
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2023 Unrestricted funds 2023 Restricted funds 2023 Totsl funds 2023 Total funds 2022 Note Income from: Donations and legacies Investments Other income 429.840 46,450 210,397 888 640,238 47,338 609, 724 41,869 35 Total income 476.290 211,285 687.575 657,628 Expenditure on: Charitable activities 548.872 206,088 754,960 614,883 Total expenditure 548,872 206,088 754.960 614,883 Net (expenditure)fincome before net (losses)Igains on investments Net (losses)Igains on investments (72.582) (6.030) 5,197 167.385 16,030 36, 745 67,352 Net (expenditureifincome Transfers between funds (78.612) (14.223) 5,197 14,223 173.415 104,09T 17 Net movement in funds (92,835) 19,420 (73,415 104,097 Reconciliation of funds: Total funds brought foNrfard Net movement in funds 1.371.813 (92,835) 276,336 19,420 1,648,149 (73,415 1, 544,052 104,097 Total funds carried fonNard 1,278.978 295,756 1,574,734 1,648, 149 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 16 to 32 fomi part of these financial statements. Page 13
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee REGISTERED NUMBER: R0000611 BALANCE SHEET AS AT 31 JANUARY 2023 2023 2022 Note Fixed assets Tangible assets Investments 12 13 166.271 1,185,703 170, 628 1, 195,250 1,351,974 1,365,878 Current assets Debtors Cash at bank and in hand 14 25,486 206,481 27, 036 261,551 231,967 288, 587 Creditors.. amounts falling due wthin one year 15 19,207) (6,316) Net current assets 222,760 282,271 Total assets less current liabilities 1,574,734 1, 648, 149 Net assets excluding pension asset 1,574,734 1,648, 149 Total net assets 1,574.734 1,648, 149 Charity funds Restricted funds Unrestricted funds 17 295,756 276, 336 Designated funds General funds 17 17 239.296 1,039,682 260, 659 1,111,154 Totsl unrestricted funds 17 1,278,978 1,371,813 Total funds 1.574.734 1,648, 149 The Council aCknOedge their responsibilities for complying with the requirements of the Act wth respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance Vth the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Council on 13 March 2024 and signed on their behalf by.. Caroline Sarah Bustard {Chair of Trustees) The notes on pages 16 to 32 fomi part of these financial statements. Page 14
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2023 2023 2022 Cash flows from operating activities Net cash used in operating activities (103,648 (6, 498) Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets Proceeds from sale of investments 47,338 15981 55,824 (53,985) 41,869 (4, 646) Purchase of investments (323,494J Net cash provided byl{used in) investing activities 48,579 (286,271 } Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (55,069) (292,769 261,551 554, 320 Cash and cash equivalents at the end of the year 206,482 261,551 The notes on pages 16 to 32 form part of these financial statements Page 15
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 General infomiation Mission Africa is a charitable company limited by guarantee and is incorporated and registered in Northern Ireland under company registration number R0000611. It is a registered charity with the Charities Commission in Northern Ireland under number NIC102150. The charitsble company's registered office is situated at 14 Glencregagh Court. Belfast, B T6 OPA. The principal activities of the company are the advancement of Christianity, education and the relief of povety in Africa through voluntary work and financial assistance of charitable projects. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance wth the Charities SORP (FRS 102) Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. Mission Africa (The Qua Iboe Fellowship) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheNise stated in the relevant accounting policy. 2.2 Going concem The charitable company's activities, together with the factors likely to affect its future development, performance and financial position are set out in the Trustees, Report. The financial position of the charity, along with its policies and processes for maintaining current activity, managing its funding and its financial risk management are also set out in the Trustees, Report. The charity meets its day to day working capital requirements through donations & legacies. The charity's forecasts and projections. taking account of reasonably possible changes in operating perfom)ance, show that the charity 11 be able to operate wthin its current facilities. After making enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts. Page 16
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 Accounting policies (continued) 2.3 Income All income is recognised once the Company has entitlement to the income. it is probable that the income wll be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knoedge of the existence of a valid wll and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which VAII generally be the expected cash amount to be distributed to the Company, can be reliably measured. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tsx recoverable in relation to investment income is recognised at the time the investment income is receivable. other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity- Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent Imth the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the porbon of the assets use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is induded when receivable and the amount can be measured reliably by the Company., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page 17
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 Accounting policies (continued) 2.6 Tangible fixed assets and depreciation Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initialty recognised at cost. After recognttion, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be induded in the measurement of cosL Depreciation 15 charged so a5 to allocate the cost of tsngible fixed assets les5 their residual value over their estimated useful lives. using the straight-line method. Depreciation is provided on the followng basis= Freehold propety Plant and machinery Motor vehides Not depreciated 250A Straight line 250h Straight line 2.7 Inveslments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in vthich case rt is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the Statement of Financial Activities. 2.8 Debtory Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it wll pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability- The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. Page 18
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 Accounting policies (continued) 2.11 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.12 Pensions The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year. 2.13 Fund accounting General funds are unrestricted funds lch are available for use at the discretion of the Council in furtherance of the general objectives of the Company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Council for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fvnd. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 19
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 Income from donations and legacies Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Donations Legacies Gift-aid tax reclaim 285,283 125,287 19,270 192.263 477.546 125,287 37,404 18,134 Totsl 2023 429,840 210,397 640,237 Unrestricted runds 2022 Restncted funds 2022 Total funds 2022 Donations 237,986 137,382 22,209 188, 654 426, 640 137,382 45, 703 Legacies Gift-aid tsx reclaim 23,494 Total 2022 397, 577 212, 148 609, 725 Page 20
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 Investment income Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Income from listed investments Investment income- cash depostts 46.249 201 888 47,137 201 Total 2023 46.450 888 47.338 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Income from listed investments 41,065 33 771 41,836 33 Investment income- cash deposf(s Total 2022 41,098 771 41,869 Other incoming resources Total funds 2023 Unrestncted funds 2022 Total funds 2022 Rental income 35 35 Page 21
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 Analysis of grants Grants to Institutions 2023 Total funds 2023 Partner Churches throughout Africa 36,077 36,077 Grants to Institutions 2022 Total funds 2022 Partner Churches throughout Africa 5,844 5, 844 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2023 Restricted funds 2023 Total 2023 Advancement of Christianity 548,872 206,088 754,960 Unrestricted runds 2022 Restricted runds 2022 Total 2022 Advancement of Christianity 420,282 194,607 614,883 Page 22
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 Analysis of expenditure by activities Activities undertaken directly 2023 Grant funding of activities 2023 Support costs 2023 Total funds 2023 Advancement of Christianity 375,868 36,077 343,016 754,961 Actwities undertaken directly 2022 Grant funding ol activities 2022 Support costs 2022 Total funds 2022 Advancement of Christianity 353.363 5,844 255, 675 614,882 Auditors. remuneration 2023 2022 Fees payable to the Company's auditor for the audit of the Company's annual accounts 3,490 3,170 Fees payable to the Company's auditor in respect of= All non-audit services not induded above 1,495 1,358 10. Stsff costs 2023 2022 Wages and salaries Social security costs Contribution to defined contribLrtion pension schemes 255,501 13,905 37,409 247, 058 8,482 20,301 306,815 275,841 Page 23
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 10. staff costs (continued) The average number of persons employed by the Company during the year was as follows: 2023 No. 2022 No. Home staff Missionaries Retired workers Retumed Missionaries 22 21 No employee received remuneration amounting to more than £60,000 in either year. During the year key management personnel received remuneration totalling £39,391 (2022.. £37,312). 11. Council's remuneration and expenses During the year, no Council received any remuneration or other benefits (2022- £NIL). During the year ended 31 January 2023. no Council expenses have been incurred {2022- £NIL). Page 24
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 12. Tangible fixed assets Freehold property Plant and machinery Motor vehicles Total Cost or valuation At 1 February 2022 Additions 150,000 59,967 598 36,687 246,654 598 At 31 January 2023 150.000 60,565 36,687 247,252 Depreciation At 1 February 2022 Charge for the year 53,061 1,793 22,966 3,161 76.027 4,954 At 31 January 2023 54.854 26,127 80.981 Net book value At 31 January 2023 150.000 5,711 10,560 166.271 At 31 January 2022 150, 000 6.907 13, 721 170, 628 13. Fixed asset investments Listed investments Cost or valuation At 1 February 2022 Additions 1,195,250 53,986 (55,824) 17,708 Disposals Revaluations At 31 January 2023 1,185,703 Net book value At 31 January 2023 1,185,703 At 31 January 2022 1, 195,250 Page 25
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 14. Debtors 2023 2022 Due within one year Prepayments and accrued income 25,486 27,036 25,486 27,036 15. Creditors: Amounts falling due within one year 2023 2022 Other creditors Accruals and deferred income 4,222 4,985 849 5,467 9,207 6,316 16. Financial instruments 2023 2022 Financial assets Financial assets measured at fair value through income and expenditure 206,481 261,549 Financial assets measured at fair value through income and expenditure comprise cash & cash equivalents. Page 26
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 17. Statement of funds statement of funds - current year Balance at 1 February 2022 Balance at Gainsl 31 January (Lossesl 2023 Transfers inlout Income Expenditure Unrestricted funds Designated funds Retired workers Legacies Field Treasurers Investment property 203.959 118,270 185,689 47,177 47.177 9,523 13,093) 6,430 260,659 121,363 239,296 General funds General Funds 1.111,154 476,290 {527,509) 114,223) 16,030 1,039,682 Total Unrestricted funds 1.371,813 476,290 {548,872) (14,223 16,030 1,278,978 Restricted funds Theological Colleges Theological Education Literature 12,924 (20,429) 7,505 8.267 6,136 16.683 8,267 11,373 14.160 7,855 6,782 12,618) 19.305) Chad Qua Iboe Church Missionaries Medical 440 43.407 440 45,258 30,243 128,392 Holley Memorial Hospital Burkina Faso 5.256 14,325 69,851 14,165) 176,569 15,416 6,718 In Memory Of Sundry and other projects Short Temi 672 672 53.223 22,494 20.883 27,220 127,277 137,293) 46.829 12,421 Page 27
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 17. statement of funds Icontinued) statement of funds - current year (continued) Balance at 1 February 2022 Balance at Gainsl 31 January (Lossesl 2023 Transfers inlout Income Expenditure College Endowment 15,697 10.442 68.642 888 16,585 12,583 68,642 Home Allowance Gift-Aid 2.181 Visitors Passage and Travel Coronavirus Appeal Adrian Adger 205 205 3.628 21.144 3,628 39,277 18,133 276.336 211,285 {206,088) 14,223 295,756 Total of funds 1,648.149 687,575 {754.960) 16.0301 1,574.734 Statement of funds - prior year Balance at 1 February 2021 Balance at Gainsl 31 January (Losses) 2022 Transfers in/out Income Expenditure Unrestricted funds Designated funds Retired workers 221.276 20,530 47,177 (17,317) 203, 959 Legacies Field Treasurers Investment property (20, 530) 47,177 11,838 (2,315) 9,523 300,821 (19,632) (20, 530) 260, 659 General funds General Funds 985,213 438, 709 (400, 650) 20, 530 67, 352 1,111,154 Total Unrestricted funds 1,286,034 438, 709 (420,282) 67, 352 1,371,813 Page 28
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 17. statement of funds Icontinued) Restricted funds Theological Colleges Theological Education Literature 3, 794 23, 749 (27,543) 8,267 13,280 14,722 8,267 6, 136 16,683 9,656 7.396 (16,800) (5.435) Chad Qua Iboe Church Missionaries Medical 440 16,796 440 43, 407 50,062 (23,451) Holley Memorial Hospital Burkina Faso 5,373 2,172 54,809 (2,289) (54,809) 5,256 In Memory Of Sundry and other projects Short Term College Endowment Home Allowance 672 672 30, 763 22,257 48.386 2, 100 (25.926) (1,863) 53, 223 22, 494 14,926 15,651 69.040 771 4,005 15,697 10,442 68, 642 (9,214) (398J Gift-Aid Visitors Passage and Travel 205 205 Coronavirus Appeal Adrian Adger 4,375 5.438 (747) (26, 126) 3, 628 21, 144 41.832 258,018 212,919 (194,601) 276, 336 Total of funds 1,544,052 651,628 (614,883) 67,352 1,648, 149 Page 29
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 18. Summary of funds Summary of funds - current year Balance at 1 February 2022 Balance at Gainsl 31 January (Lossesl 2023 Transfers inlout Income Expenditure Designated funds General funds Restricted funds 260,659 1.111,154 276,336 121,363 {527,509) {206.088) 239,296 1,039,682 295,756 476,290 211,285 (14,223) 14.223 16,030 1,648,149 687,575 {754,960) 16,030 1,574,734 Summary of funds- prior year Balance at l February 2021 Balance at 31 January 2022 Transfers in/out Gains/ (Losses) Income Expenditure Designated funds 300,821 985.213 258,018 (19,632) (400.650) (194,601) (20,530) 20,530 260, 659 1,111,154 276, 336 General funds Restricted funds 438. 709 212,919 67,352 1,544,052 651,628 (614.883) 67,352 1,648, 149 19. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets 166,271 1.118.158 3,756 {9,208) 166,271 1,185.703 231,967 19,207 67,545 228,211 Creditors due wthin one year Difference Total 1.278.977 295.756 1,574,733 Page 30
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 19. Analysis of net assets between funds Icontinued) Analysis of net assets between funds - prior year Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Tangible fixed assets Fixed asset investments 170, 628 1, 125,257 82.242 (6,316) 170, 628 1, 195,250 288, 585 (6,316) 69,993 206,343 Current assets Creditors due V¥4thin one year Total 1,371,811 276,336 1,648, 147 20. Reconciliation of net movement in funds to net cash flow from operating activities 2023 2022 Net incomelexpendrture for the year (as per Statement of Financial Activities) 173,415) 104,09T Adjustments for: Depreciation charges Gainsl{losses) on investments Dividends. interests and rents from investments Decreasel(increase) in debtors Increasel{decrease) in creditors 4,954 7,710 147,338) 1,550 2,891 7,711 (67, 352) (41,869) (8, 946) (139) Net cash used in operating activities (103,648} (6, 498) 21. Analysis of cash and cash equivalents 2023 2022 Cash in hand 206,482 261,551 Total cash and cash equivalents 206,482 261,551 Page 31
MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 22. Analysis of changes in net debt At1 February 2022 Cash flows At31 January 2023 Cash at bank and in hand 261,549 (55,068) 206,481 261.549 155.068) 206.481 23. Pension commitments The charity operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the charity to the scheme and amounted to £37,409 (2022= £20,301). Contributions totalling £3,381 (2022.. £Nil) were outstsnding at the balance sheet date. 24. Operating lease commitments At 31 January 2023 the Company had commitments to make fLrture minimum lease payments under non- cancellable operating leases as follows= 2023 2022 Not later than 1 year Later than 1 year and not later than 5 years 11,052 1,526 11,052 2,270 12,578 13,322 25. Related party transactions There were no related party transactions in the year. 26. PAASE disclosure In common with many other charities of our size and nature, we use our auditors to assist with the preparation of financial statements. 27. Controlling party The Charity is controlled by the Trusteeslcouncil members vtho are also directors of Mission Africa (The Qua Iboe Fellowship) for the purposes of company law. Page 32