Registered nurnber: 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 2024 ww *AE3)OVU8* 2810512025 COMPANIES HOUSE A12 #275 MISSION AFRICA {THE QUA18OE FELLOWSHIP) (A Company Limited by Guaranto8) CONTENTS Page Reference and Administrative Details of the Company, its Council and Advisers Council's Report Independent Auditors. Report on tho Financial Statements Statement of Fln•nclal Actlvltla8 10- 13 14 Bal•nco Sheet 15 Statement of Cash Flows 16 Notes to tho Financial Statements 17-34 M18810N AFRICA (THE QUA180E FELLOWSHIP) IA Company Limited by Guarantoel REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS COUNCIL AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2024 Council Caroline Sarah Bu5tsrd, Chair Naomi 8arfool Rev William Henry Eleanor Elizabeth Jane Ingram (resigned 16 January 20241 Gloria Maud Joyce Kearney Robert Jame8 Kennedy, Vice Chair (resigned 1 September 20231 Trevor Samuel Mcllroy Paul Jonathan McAuley (appointed 26 February 2023) Sheldon Wiggill (appointed 10 September 20241 Lauren Johnston (appolnted t4 November 2023) Company règi8t•r•d numbor R0000611 Charlty r•glst•r•d numb•r NIC102150 Registered offlce 14 Glencregagh Court Belfast BT6 OPA Company se¢r•lary Paul Wright Indepondont audltors UHY Hacker Young Filch Limited, Statutory Audrtors Suite 2.06, Custom House Custom House Square Bellasl BT1 3ET Bankovs Ulster Bank Limited PO Box 232 11-16 Donegall Square East Belfast BT1 5U8 Solicitor8 Cleaver Fulton Rankin 50 Bedford Slreet Beffasl BT2 7FW Page 1 MISSION AFRICA {THE QUA180E FELLOWSHIP IA Company Limltod by Guaranteg) COUNCIL'S REPORT FOR THE YEAR ENDED 31 JANUARY 2024 The Council members (who are 8190 Trustees for the purpose5 01 Charity law and diiectors under CDmpany law of the charitable company) present their annual report together wlh the audited financial staternents of the Company for Ihe year 1 Febnjary 2023 to 31 January 2024. The Annual Report serves the purposes of both Council'6 report and a directors, report under company law. The Council confirm that the Annual Report and Ilnancial statements of the charitable company comply wlth the current statutory requirements, the requlrem•nts of the charltable company's governlng document and the provisions of the Statement of Recommended Practice (SORPI applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Slnce the Company qualifies as small under section 382 of the Cornpanies 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. 3tru¢luro1 gov•manc• and managem•nl a. Constltullon MisS￿n Atric8 (The Qua Iboe Fellowship) Is registered as a ¢haritabl¢ company Ilmiled by guarantee and was set up by a Memorandum of Association on 251h Juty 1930. The Company ig a re9lStered charty with Ihe Northern Ifeland Charities Commission under chanty number NIC102150 and is also a registered charity with HMRC (XN454931. The principal objectives of the Company continued to be that ol belng in partnership wllh churches In Africa assisting in the work of The0￿gICal Colleges, hospitals, literature distribution. The Mission continues to work in Nigeria. Chad. Burkina Faso and Kenya. b. Mothods of •ppolntmont or olecllon of Councll The management of the company Is the responsibihty of the Truslees (l.e. members of Council) arè elected and co-opted under the terms of the Articles of Association. As iequired on an ad hoc basis the Trustees discuss the appointment of potential new Tru51eeslCouncil Members for appoinlmenl lo the Boafd. Suitabk people are approached and if they are ￿lling to serve on the Board Iheir nomination is pul forward for approval. The Tru51ees/Council Members are appointed for three years and are available for re-election. The followng served as Council members during the year.. Trevor Samuel Mcllroy Gloria Maud Joyce Kearney Eleanor Elizabeth Jane Ingram (resigned 16 January 2024> Caroline Sarah Bustard, Chair Naomi 8arfool Robert Kennedy (resigned I September 2023) Reverend William Henry Paul Jonathan McAuley lappoinled 26 February 2023) Sheldon Wi99ill {appoinled 10 September 2024) Lauren Johnston (appointed 14 November 20231 Page 2 MISSION AFRICA (THE QUA18OE FELLOWSHIP) (A Company Llmited by Guarantee) COUNCIL'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JANUARY 2024 Structure, governance and management {continued) c. Organlsatlonal 8tru¢turg ond d#¢l$ionvm•king poll¢l•8 The Council is responsible for the review of all activities and approval of futufe slfalegy. Meetings of the Council are held a minimum of three ts'mes per annum. The day lo day running of the charity is Carried out by the Chief Executive. Paul Wright. The Council seeks to work al all times wthin the Code of Good Governance lor Charille8, w$ $el down by the Nl Department for Reglonal Development. The Chief Executive has undertaken a programme of change and development within the Mission to ensure that all aspects of current legislation are observed. This programme is ongoing and supporters and well-wshers of the Missicn are requested to pray for this ongoing process. d. Pollcl•$ •dopted for Ihg Inductlon and tralnlng of Coun¢ll Potenlial Councll members li.e. Trustees) ar• Identi￿ed by members of the Council and Gonsidered against the Council's requirements concerning availabllity, eligibility, compelence and specialist 5k1115. Achieving a balance of experlence and backgrounds ￿th firsl-hanfj knowledge of Christian mlssion is the objective. Members of the Council will necessarily have an inleiesl in the welfare and progress ol th? gospel in Africa. Prior to appointment to Council. potenlial members are briefed by ltte Chief Executive and provided with further information about the Mission and their role wlhin it. 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 Gourses may be ¢on$ider¢d as neces$aiy. All Council members are required lo 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. g. Memb?vshlp Membership of the Mlsslon Is governed by sectlon$ 10-19 01 the Articles of Association. Full member$hSp of the Mission is limSted lo those serving on the Council. and affiliate membership is open to all individuals and institutions (such as churches or colleges) that subscrlbe lo the objects of the mission. Benefils of membership I affiliale membership include prlnled and onllne materials that relate to the work ol the mlsslon. numerous public and private events such as conferences and prayer meelings and eligibility lo participate directty in the charitable objects of the mission. Protection of its members personal information is a Central commitment of the Mission, which is registered wth the Information Commissioner's Office. Strenuous efforts have been made lo ensure that Mission Africa complies with GOPR. l. Related party relationships Ngne of the Council received remuneration or other benefits from Iheir work wth the charity. Page 3 MISSION AFRICA {THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee) COUNCIL'S REPORT (CONTINUED} FOR THE YEAR ENDED 31 JANUARY 2024 Structurei governance and management Icontinuedl g. Princlpal actlvlt1•8 The activities of the Mission are carried out in accordance bmth its doctrinal basis, as set out below.. The Supreme Authority of the Scriptures of the Old and New Testsmenlg and their complete sufficiency i all matters ol fallh and practice. The Eternal Oneness ol the Father. the Son and the How Splrlt In the Godhead. Man's fallen stale, spiritual death, alienation from God and absolute need for redemption and regeneration. The Love of God as manifested in the 91ft of His Sun, the Lord J•sug Christ, to Tedeem men from sln and lo deliver all believers from elemal punishment through the substitutionary and propitialory death of Christ. The work of the Hoty Spirit to impart and sustain spiritual lrfe. Justification by faith aloné. The obligation upon all who profèss our Lord's N8m• lo afford evldence of thelr discipleship by a lrfe of obedlence to HIS commands. The essential unity of all who believe In the Lord Jesus Christ. Plans for fulure p•rtod$ The Council anticipate that the Mission *ill continue to carry out ils normal operations in the foreseeable future. No large capital projects are planned. Council agreed, during 2017, to supply more training granls to Afri¢an churches in order to help with the dearth of qualified theological lecturers. This policy Gonts'nued in 2023124 and it Is expected Ihal this policy will continue into the future. Objectives and a¢tlvilies Poli¢l•• and obJe¢tlvo8 The objects of the Company are specifically restricted lo the advancement of Christianity and the support by means of voluntary work and financial assistance to any charitable proj8cl for the protection and preservation of health. the relief of povety and the 8dvancement of education in Africa and similar needy areag throughout the world Ihereinafter called Ihe "area of benefit") and in particular.. a) lo train Christians so that they may seek to plant churches and work on projects promoted by the Company in the area of benefit., b) lo promote Chrlstlanity. provlde Christlan Ilteraturè and educate people In the area of benefit through evangelism and the provision of biblically based teaching, discipleshlp training. meetings, bible sludies and social activities. c) lo encourage new. and strengthen exists'ng, partnerships wlh churches and evangelieal group$ in thè area of benefit. d) the relief of slckness among the benefi¢iaries by the provision ot medical facilities and counselllng and by the provision of financial assistance with the cost5 of medical treatment and the provision of items and seNices required lo ease the5r sufferlng., el relieve poverty and hunger in the area of benefit by any charitable means and In particular the provlsion of grants and training to enable poor people to estabfish and maintain projects which V￿11 enable them lo relieve their own poverty; Q reciuil. selecl and send oul volunteers for both short and long term service within the area of benefit- gl to advance any other exclusively charitable purpose as the dlreclors may, Irom tsme to lime, decide in aGGordanGe with the law of charity. The charity believes that through carrylng oul the objects above it provides a public benefit to individuals and wider socièty. Page 4 MISSION AFRICA (THE QUA IBOE FELLOWSHIP) IA Company Llmilèd by Guaranteo) COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 ObJe¢tives and activities {continued) b. Grant-making policies Mission Africa does not perceive itself as a grant making1)ody and does nol make large grants. It does from lime lo lime make small grants Inormalty, but not exclusivety. under £S.QOO) to Ihe institutions of partner churches and will in some limrted circumstances make Ifainin9 granls to the personnel of partner chufches. Partners in receipt of these grant8 are expected lo fully account for the expenditure ol all monies reGeived. c. Voluntoers The Mission benefits greatty from the involvement and enlhuslastic support of rts many volunteers. The Mission is very involved in the community and relies on Ihe voluntary help. Achi•vern•nts and p•rfomian¢• Page S MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guaranteo) COIJNCIL'S REPORT (CONTINUED) FOR THE YEAR ENQED 31 JANUARY 2024 Achl•v•monts and pertormanco (contlnuod) a. Revlew of activltieg This past year: February 2023 - Jantjary 2024 has been a difficult one bul we give thanks that God has been lailhful and good. There were ongoing changes and adjuslmenls lo the operation of the Mission during thi5 period but these did not detract or deter the Mission from continuing lo fvlfil the aims and objectives of the Mission as outlined. The Mission through the Council, staff, overseas workers and African partners hope lo continue lo serve the African Church through ovangelism, ITaining, medical and compassionate ministries. EVANGELISM Evangelism remains one of the key strategic aims of Mission Africa. In Nigeria, our evongeliskn'c efforts are intrinsic to all our work, bul may be most obviously found in our work amongst the Fulani. Reverend O. Onuche continues this work as a mission partner but sees the need for others lo come alongside and assist him. Nevertheless we keep in close touch with the work in this region and small financial grants have been made to Fulani schools and orphanages. Despite the ongoing serious securlty issues wlthin Burklna Faso, our partner9hlp y￿th the EPE (Evangelical Prolestant Church) has continued successfully. Ana van 8rakel moved lo the Ivory Coast in January 2024 Io assist the EPE by leachin9 and trainin9 local pastors and their ¥Mves al the L'lnslitut Pastoral Hebron. Jeremy and Rachel Nash moved to Chad in mid-2023 to serve In a support role alongside Oovid and Lucy Morrison. Jeremy continues to make regular visits lo Burkina Faso and promote basic theological education by extension amongst children and lo establish the Gamaliel Association to continue the ministry. We give thanks for his safe travel and regular visits. Samantha and Godfrèy Ibla and thelr Iwo chlldren moved from Abuja lo Enugu where they seek lo establish the work ol Fellowship of Chrislian Students (FCS.) They run various discipleship programmes in schools and colleges. Their work inVo￿e$ a significant amount of travel and we thank God for safety on the roads. Kathryn Llndsay joined tho M138lon and Moved to Kenya In April 2023 8& Short Term Facilitator. She conllnued the M1$5ion's ongoing partnership ￿th the Presbyterlan Church ol East Affica IPCEAI and other mlnlsldes vthlle preparing to h05t and support volunteers from the UK with the Mission's short term programme. STRENGTHENING THE CHURCHES OF AFRICA Mission Africa tn'es al all times lo work in strategic ministries that allow u5 to make an impact Ihat is disproportionate lo our small size. The most strategically important work in which we are engaged in is Ihal of theological education. In providing missionary lectures for various Iheological colleges in Africa, we are lacililaling and enabling the Iraining of a new generation of leaders for some of the fastest growing churche5 in the world. Our primary relationship is with the theological colleges of the United Evangelical Church (founded a5 the QIC.) Reverend Godw"n Ekanem continued to provide service to Mission Afrlca as Liaison Officer between the mission and our primary partner, the United Evangelical Church, whilst G8il Ekanem had been leaching part.lime at William Whealley Theological College IWWTC> whilst wrrtin9 books for Ihe African Church. The Ekanems returned to Nigeria in the second half of 2023 to continue their ministry. In January 2024, Carollne Bustard, Chalr of Council, and Paul Wright, CEO, attended the dedication of the newty constructed Paul eailie Memorial Libiary at the Peler Achimugu College of Theology. The Mi98ion were active in providing a grant for this project. Reverend Brian Wilson continued to serve as College Librarian in Peter Achimugu College of Theology {PACTI until December 2023 when he returned to the UK for a period ol Home Assignment, Dr Mark Nixon continued to lecture at PACT throughout 2023 enjoying teaching, mentoring and encouraging Students and staff through outreach lo Ihe surrounding communities. Page 6 MISSION AFRICA {THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee) COUNCIL'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JANUARY 2024 AehSev•monts and p•rformanco {conllnuedl The highly strategic ministry of African Christian Textbooks (ACTS) has continued to thrive. We are indebted to Pamela Gaiya for her enthusiastic service to the Lord and lo Mission Alri¢a as both Nigeria Field Facilitator and In her role al the Headquarters of ACTS. MEDICAL, PRACTICAL AND COMPASSIONATE MINISTRIES David & Lucy Morrison continue to serve in Chad under the umbrella of COCOAM and TEAM. Their work is cenlfèd upon the alleviallon of suffering amongst marginalised and abused women. They returned lo the UK in July 2023 for a short period of home assignment and returned again to Chad in August 2023. Katie Morrison relumed to the UK in April 2023 after an eight-month period in Nigeria, based al Holley Memorial Hospital. Katie, along with Friends of Ochadamu IFOO), have undertaken several renovation projects of the hospital compound and Primary School. Katie wa$ 0190 involved in evangelism and disciplèship bolh al the h09pilal and school. The mission currentty has no personnel deployed lo work with Advance, bul continue our partnership with the Child Sponsorship Programme al 09Ugu which has grown numerically over the last number of years. THE HOME BASE Caroline 8ustard, Chair of Council, became Inlèrlm CEO and has been leading Mission Africa through the challenges and difficulties that followed the Paul Ballle's passlng in November 2022. This role was advertised in 2023 and was resulled in a successlul recfliilmenl process. There were several staff changes in terms of personnel and roles during this period. Lauren Mornin returned from malernity leave in March 2023. Paul Wright began employment as Chief Executive in September 2023. Naomi Spence resigned Irom her role as Short Term Mission Officer in October 2023 and was replaced by Catherine Pope after an external recruitment. Peter Irvine resigned as Finance officer in January 2024. There were several team$ of volunteers and medical electives during the summer of 2023 to both Kenya. The work of Mi55ion Africa continues lo be promoted by our represenlalives, Robbie & Margaret Toop in Scotland. Jeremy Nash worked as 8 Mission representative in England until he and Rachel moved to Chad in mid-2023. They have been regular Gontribulors al various churches, conventions and exhibiknons as well as leading and attending various prayer group5. We give thanks for the Mission Africa prayer groups. Their role in promoting prayer, giving and th8 general profile of the mission cannot be underesllmated. W• are concerned by the relalivety small number of prayer groups in existence today. We would ask our supporters to make'il an urgent matter of prayer Ihal the next generation would continue to be diligent in prayer. The Central Player Zoom each month and has proved to be a means ol connecling staff, missionaries and supporters and Conlinues to date. b. Invegtment pollcy and perfomiance The objective is to maximise investment income, thus limiting the need to fund actsvities out of reserves,. but the level of risk is kept lo a moderate level. We are very ably advised by Inveslec and. more recently, by Evelyn, on all inveslmenls matters, and Council lake the view that the use of undisputed expert advisors fuifils the fequiremenl of the Trustees Act that all investments be handled wth all possible care and diligence. Page 7 MISSION AFRICA (THE QUA IBOE FELLOWSHIP) IA Company Limited by Guarantoe) COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Flnan¢lal r•vl•w a. Going concorn After making appropriate enquirles, the Council members have a reasonabl8 expectation Ihal the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopl the going concern basis in preparing the financial slatemenls. Further details regarding the adoption of Ihe going con¢ern basis Can be found in the a¢counting policies. b. Resèrves pollcy The charity finished the year wTrth a deficit of £138.150 (2023. £73,414) and reseNes of £1,436,584 12023. £1,574,734). £1.114,72712023'. £1,278,978) of reseNe$ were unrestricted and £321,857 (2023.. £295,756) were restricted. Unfortunately, the year ending January 2024 has again revealed a deficit. We eonlinue to be grateful to all those o have supported the work through their sacrificial giving. While there is a deficit for the year ending January 2024, we know that the monies spent have been used to further Ihe aims and objectives that are core lo mi9s￿n Africa. To ensure the Misslon's reserves are adequate to malnlaln and fvnd the long term owecllves of the Mlssion, expendllure vlll nomially be limlled to the Income derlved through Ils Investments, membership subscrlptlons, annual appeals, bequests, regular Grfi Aid donations and (to a very minor extent) the sale of books. 8e¢ause of the deficit that has aflecled the Mission Finances over the last few years, it has proven necessary lo expend reserves from time to lime. Council has agreed, however, that the reserves will not be perM￿ed lo drop below fSgure that would be the aquivalant of 6 months of normal operations. The state of the Mission's investments remains robust, although there have been market fluclualions in these financially uncertain days. c. Post balan¢• •h••t •v•nt In August 2024, the company compleled the sale of a property located at 163 Sandown Road, 8eifast. BTS 6GX. This sale is considered a non-adjusting event as it occurred after the reporting period and does not prOV￿e evidence ol condition$ that existed at the end of the reporting period. Refer to nole 26 for further detalls of the gale. d. Princlpal risks and uncertainti¢$ The Councll is acutely aware ol the duty placed upon it lo avoid needless risk. The Council continue to keep the Mission's activities under review, particularly wilh regard lo any maior nsks that may arise from time lo lime, such ' as the generallsed terrorisl threat in Nigeria and Kenya, but also financial and reputational threats. The major risks identified by this process have been mitigated to an acceptable level by the trainin9 of overseas staff, internal control Systems, insurance cover, third party project reports and other procedures as consldered appropriate from lime lo lime. FlnancSal risk managemont objectives and policies The Council have assessed the major risks to which the Company is exposed, In particular those related to the operalions and ffinances of the Company, and are satisfied Ihat systems and procedures are in place lo mitigate exposure lo the major risks. Page 8 MISSION AFRICA (THE QUA180E FELLOWSHIP) (A Company Limited by Guarantoe) COUNCIL'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 M•fflb•rs'1Sablllty The Members of the Company guarantee lo contn'bute an amount not exceeding £1 to the assets of the Company in the event of winding up. Slat•m•nt of Councll's rosponslbllltl•• The Council mernbers (who are also the directors of the Company for the purposes of company law) a responsible for preparing the Council's Report and Ihe financial statements in accordance with applicable law and United Klngdorn Accounting Standards {Unlle¢ Kingdom Generally Accepted Accounting Practice). Company law requires the CounGil members to prepare financial statements for each financial . Under company law. the Council members must not approve the financial statements unless they are satisfied that Ihey give a true and fair view of the slate of affairs of the Company and of its incoming resources and application of resources, including Ils income and expendllure. for that period. In preparing the88 financial $latement$, the Council members are required to, select suitable accounting policie$ and then appty them consistently., obseThe Ihe methods and principles of the Charities SORP IFRS 1021; make ludgmenls and accountin9 eslimales that are reasonable and prudent., stale whether applicabte UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disGlosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Company will contlnue in bu$ine¥$. The Council members are responsible for keepin9 adequate accounting records that are sufficienl lo show and explain the Company's transactions and disclose with reasonable accuracy al any lime the linancial position of the Company and enable them to ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the preventlon and detection ol fraud and other irregularities. Disclogure of Information to auditorn Each of the persons who are Councll member5 at the time when Ihls Councll's Report Is approvèd has confirmed that: so lar as that Council is aware. Ihere 18 no relevant audit information ol whlch Ihe ch8rlty's altdllors are unaware, and Ihat Council has taken all the steps that ought to have been taken as a Councll in order lo be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Audltor4 The auditors, UHY Hacker Young Fitch Limited, Statutory Auditors. have indicated their willingness to Continue in office. The designated Council members will propose a motion reappointing the auditors at a meeting of the Council members. Approved by order of the members of the board of Council members on 19 May 2025 and signed on their behalf by: Carollne Sarah Bustard (Chair of Council) Paga 9 MISSION AFRICA (THE QUA IBOE FELLOWSHIP) IA Company Limited by Guarantee) INDEPENDENT AUDITOR8, REPORT TO THE MEMBERS OF MISSION AFRICA (THE QUA18OE FELLOWSHIP) Oplnion We have audited the financial statements Mission Africa (The Qua Iboe Fellowship) (the 'charilable company'} for the year ended 31 January 2024 which comprise the Statement of Financial Activities Ilncorporaling Income and Expendilure Accounl), the Balance Sheet, the Slalemenl of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting Iramework 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 Flepublic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinlon the financlal 5talement8: give a true and fair view of the stale of the charrtable companys affairs as at 31 January 2024 and of its incomlng resources and applicallon of resources, includlng its income and expendllure for the year then ended; have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Pfaclice,. and have been prepared In accordance with the requirements of the Compani8s Act 2006. Basis for opinlon We conducted our audlt Sn accordance wSth Internallonal Standards on Audlllng (UK) IISAS (UKII and appllcable law. Our responsibilities under those slandards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. Vve are independent of the charitable company in accordance with Ihe ethical requirements that are relevant lo our audit of the financial slalemenls in the United Kingdom. including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other elhlcal responsibilities In accofdance with these requirements. We believe that the audit evldence we have obtalned13 sufficient and appropriate lo provide a basls for our oplnlon. Conclusions relating to going concern In audiling the financial slalements, 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 nol identified any material uncertainties relating to events or condrtions that, individually or colleclively, may cast significant doubt on the charitable company's abilty to continue as a going concern for a period of al least fvftlve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Council with respect lo going Concern are described in the relevant sections of this ￿port. Other informatlon The other information comprises the infomalion included in Ihe AnnLJal Report other than Ihe financial slatements and our Auditor5, Report thereon. The Council are responsible for the other information contsined thin the Annual Report. Our opinion on the financial slalemenls does not cover the other infomation and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our résponsibility is lo read the othèr information and, in doing so, consider whether thè other information is materially inconsistent with the financial statements or our knowledge obtained in the course of Ihe audit. or otherwise appears to be materially misststed. If we idenlily such material in¢onsislen¢ies or apparent material misstalemenls, we are required to determine vthether this gives rise to a material misslalernent in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other inlormalion, we are requlred lo report that fact. We have nothing to report in this regard. Page 10 MISSION AFRICA ITHE QUA18OE FELLOWSHIP) (A Company Llmiled by Guarantoo) INDEPENDENT AUOITORS, REPORT TO THE MEMBERS OF MISSION AFRICA (THE QUA IBOE FELLOWSHIP) ICONTINUEDI Opinion on other mattors prnscribed by the Companlos Act 2006 In our oplnlon, based on the work undertaken In the cours• of the audlt: the information given in the Council's Report for the finanGlal yeai for whl¢h the financlal statements are prepared is consistent wlh the financial statements. the Council's Report has been prepared in accordance with applicable legal requirements. Mattern on which we are requlred to report by exc•ptlon In Ihe light af our knowledge and understanding of the chantable company and Ils environment obtained in the course ol the audit. we have not identified material misstatements in the Councll's Report. We have nothing to report in respect of the lollowng matters in relation to vthich Companies Act 2006 requires us to report to you if. in our opinion: adequate accounllng records have not been kept, or relums adequate for our audit have not been received from branches not vl8iled by us,. or Ihe financial statements are not in agreement wth 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 explanalions we require for our audit., or Ihe Council were not enlltled lo prepare the financial statements In accordance wilh the small companles reglmè and take advantag8 of the small companles, exempllons In preparlng the Councifs Report and from the requirernent to prepare a Strategic Report. Rosponslbllltlès of Councll As explained more lully in the Council's Responsibilities Statement, the Council (who are also the directors of the charitable company for the purposes of company L4wl are responslble for the preparation of ihe flnancial stalements and for being satisfied thal they give a true and fair view, and for such internal control as the Council det8rminè Is nec8ssary to 8nable Iht préparation of financlal 81atement8 that are free from material mlsstalement, vthether due to fraud or error. In preparing the financial statements, the Council are responsible for assessing the charitable company's ability to Gonlinue as a going concern, disclosing, as applicable, matters related to going concem and using the going concem basls of accounting unless the Council either Intend to liquldate the charitable company or to cease operalions, or have no realistic alternative but to do so. Page11 MISSION AFRICA (THE QUA IBOE FELLOWSHIP) IA Company Llmlted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MISSION AFRICA (THE QUA18OE FELLOWSHIP) {CONTINUEDI Auditors. responsibilities for the audit of thè financial statèments Our obje¢tlv•s are to obtaSn reasonable assurance about whether the financial statements as a thole are free from malenal misstatement, vthether due to fraud or error, and lo issue an Auditors, Report that includès our opinion. Reasonable assurance is a high level of assurance. but 1$ not a guaiantee that an audit conducted in accordance with ISAS IUKI wll always detect a material misstatement when il exists. Misslalements 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 fiaud. are instances of non-compliance with laws and regulations. We design procedures In line wllh our r•sponslbllS1ies, oulllned above, to détect material misslatemenls in respecl of irregularities. including Iraud. The extent to thich our procedures are capable of detecting irregularities, including fraud is detailed below. Our approach to idenllfylng and assessing the rlsks of materlal misstatement in respect of irregularfties, Including fraud and non-compliance wlh law8 and regulations, was a8 follows. The engagement partner ensured that the engagement team collectively had the appropriate competence. capabilits.es and skills lo identify or recognise non-compliance with applicable laws and regulallons. As part of the audit in accordance wlh ISAS IUKI we exercised professional judgement and maintained pfofessional scepticism throughout the audit. We Identified the laws and regulations applicable to the company Ihfough discussions with directors and other management, and from our commercial knowledge and experience of the sector and we focused on specific law5 and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, includlng the Companies Act 2008, Chgrilles Act. taxation legislation and employment law. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fiaud rnighl occur, by making enquiries of mana9emenl 88 lo ￿ere Ihey considered there was susceptibilily to fraud, their knowledge of actual. suspected and alleged fraud and eonsidering thè internal controls in placè lo mitigate fisks of fraud and non4ompiiance ￿￿th laws and regulation$. We obtained an understanding of internal controls relevant lo the audit in order to design audit procedures that were approprlale in the circumstances bul not for the purpose of expressing an opinion of the effectiveness of the Company's inlemal controls. To address the risk of fraud through management bias and override of controls. we performed anal￿1￿1 procedures to identify any unusual or unexpected relationships; lested journal entries to identify unusual Iransaclions,, evaluated the approprialene$s of accounting policies used, including management's use ol the going concern basis ol accounting, and the reasonableness of accounting estimales and related disclosures made by management,. and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and noTrcompliance wth laws and regulations, designed procedures which included bul wefe not hmiled to agreein9 financial slalemenl disclosures lo undertying supporting documentation,. reading the minutes of meelin9s of those Charged with governance., and enquiring of managemenl as to actual and potential litigalion and claims. Because ol the inherent limitations of an audlt, there is a risk that we will not detecl all irregulartties, including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This fisk increases the more that compliance wth a law or regulation is removed from the events and Iran5aclions reflected in the financial statements, as we will be less likety to become aware of instances of non REGISTERED NUMBER: R0000611 BALANCE SHEET AS AT 31 JANUARY 2024 2024 2023 Note Fixed assets Tangible assets Investments 167,863 1,144.749 166, 271 1. 185.703 12 1,312,612 1,351,974 Current a88ets Debtors Cash al bank and in hand 13 25,120 154.614 25,486 206,481 179,734 231,96T Credilors.. amounts falling due within one year 14 (55.762> (9. 207) Net curront ass•ts 123,972 222, 760 Total a8Set8 less current Ilabllltles 1,436,584 1,574,734 Nol a88et8 excludlng penslon a••et 1.436.584 1.374,734 Total net a8S•t5 1,436,584 1.574,734 Cha￿ty funds Restricted funds Unreslricled funds 16 321,857 295, 756 Desi9naled funds General funds 16 173,049 941.678 239, 296 1.039,682 16 Total unrestricted fund5 16 1,114,727 1.278,978 Total funds 1,436,584 1,574,734 The Council acknowledge Iheir responsibilities for comptying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance the provisions appliGable to entities subjeGt to the small companies regime. The financlal statèménts were approved and authorlséd for Issue by the Councll on 19 May 2025 and signed on their behalf by.. Carolino Sarah Buslard (Chair of Council) The notes on pages 17 10 34 form part of these financial statements. Page 15 MISSION AFRICA (THE QUA IBOE FELLOWSHIP) {A Company Lirnited by Guarantge) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2024 2024 2023 Cash flows from operating activities Net cash used in op8r8ling activilié$ 156,3S71 (103,649) Cash tlows from Investlng attiviti•s Dividends. Inleresl8 and rents from investment$ Proceeds from the sale of langible fixed assets Purchase oftsngible fixed assets Proceeds from sale of Investments Purchase of investments 49,863 6,597 {6,708) 61,985 1107,2471 47,338 (598) 55, 824 (53,985) N•t cash provlded by Invostlng actlvltlos 4,490 48,579 Cash flow8 from flnanclng actlvltleg N•t cash provlded by flnanclng acllYltl•8 Change in cash and cash equivalents in tho ye•r Cash and ¢osh equivalents 8t the beginning of the year (51,8671 {55,070) 206,481 261,551 Cash and cash equlvalents at the ond ol the year 134,614 206,481 The notes on page$ 17 10 34 form part of these financial $talement$ Page 16 MISSION AFRICA ITHE QUA IBOE FELLOWSHIP) (A Company Limited by Guoranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Goneral Infomiatlon Mission Afn-ca 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 wth the Charities Commission in Northem Ireland under number NIC102150. The charitable company's re9iStered office is Srtuated at 14 Glencregagh Court. Bellast, BT6 OP The principal activities of the company are the advancement of Christianity, educatson and the relief of poverty in Africa through volunlary work and linancial assistsnce ol charitable projects. Accountln9 policles 2.1 Bag18 of pr•paratlon of fSnanclal Jtat•m•nt8 The financlal stalemenls have been prepared In accordance wllh the Charities SORP (FRS 102) Accounling and Reportlng by Charities.. Statement of Recommended Practice appllcable to charities preparing their accounts in aGcordance ¥Mlh the Financial Reporting Standard apphcable in the UK and Rep¢Jblic of Ireland IFRS 102) {effeclive 1 January 20191, thè Financial Rèporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Mlssion Africa (The Qua Iboe Fellowship) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised ai historical cost or transaction value unless otherwise slated in the rèlèvant accounting policy. 2.2 Going ¢onc8m The charrtable ¢ompany's acbvities, together v4ith the factors likely to affect ils future development, performance and financial position are set out in the CouncilB' Report. The financial position of the charity, along wlh it5 policies and proces5e5 for maintainin9 current activity, managing ils funding and its flnancial risk management are also set out in the Councils, Report. The charlty meels ils day to day working capltal requirements through donations & legacies. The charity's lorecasls and projects'ons. taking account ol reasonably possible chan9es in operating perfomiance, show that the charity will be able lo operate wlhin its current facilitses. After making •nquiries, the Councll hav• a reasonable expectation that the charlty has adequate resources to conlinue In operation lor the foreseeable future. Accordlngly, they conllnue lo adopt the golng concern bas15 In preparing the annual report and accounts. Page 17 MISSION AFRICA ITHE QUA 18OE FELLOWSHIP) (A Company Limited by Guarante?) NOTES TO THE FINANCIAL 8TATEMENT8 FOR THE YEAR ENDED 31 JANUARY 2024 Accounting poll¢les (continued) 2.3 Income All incomè is recognised once the Company has enlilkment to the income, rt is probable that the Income v4111 be received and the amount of Income recelvablè can be measur8d reliably. The recognition ol income Irom legacies is dependent on establishing enlillemenl, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement lo a legacy exists when the Company has sufficient evidence that a gift has been lelt to them (through knowledge of the existence of a valid wll and the death of the benefaclorl and the executor Is satisfled that the property in question will not be requlred to satisfy claims in the estale. Receipt of a legacy musl be recognised vthen il is probable that il wll be received and the fair value of the amount receivable. which will gen8rally be the expected cash amount to be distributed lo the Company. can be reliably measured. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised al the time of Ihe donab"on. Income lax recoverable in relation lo investment Income is recognised al the lime thè investment income 1$ receivabla. 2.4 Expenditure Expenditure is recognised once there is a le9al or constructive obligation lo Iransfer economic benefrt lo a Ihlrd party, it Ss probable that a Ifansler of economic benefits will be required In settlement and the arnounl of the obligation can be measured reliabty. Expendilure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs Involvèd In undertaking each activity. Olrecl tosls attrlbutable lo a single activity are allocated directly lo that acllvily. Shared costs which contribute lo more than one activity and supporl costs which are not attributabk to a single aclivity a￿ apportioned between those aclivities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the assets use. Expenditure on charitable activities is incurred on direclty undertaking the aclivities vthiGh 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 eases where the offer is conditional, such 9rants being recogni¥ed as expenditure when the conditions attaching are fulfilled. Grants offeied subject to conditions which have not been met al the year end are noted as commitment, but not accrued 85 expenditure. AN expenditure 18 Incluslve of Irrecoverable VAT. 2.5 Intorest recelvablg Interest on funds held on deposit is Included when receivable and the amount can be measured reliabty by the Company.. Ihis is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page 18 PJIISSION AFRICA {THE QUA IBOE FELLOWSHIP) (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 JANUARY 2024 Accountlng pollcl•s Icontlnued) 2.6 Tanglbl• flxed a88Ot8 and deprèclatlon Tangible fixed assets c05ting £250 or more are ¢apilalised and recognised when future economic benefits are probable and the cosl or value of the asset can be measured reliably. Tan9ible fixed assets are initially recognised at cost. After recognition, 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 langlble fixed asset into Ils intended working condition should be induded In the measurement of cost. Depreciation is Charged so as lo allocate the cost of tangible fixed assets less their residual value over Iheir eslirnaled useful lives, using the straight-line method. Depreciatlon is provided on the followng basis.. Freehold property Plant and machinery Motor vehicles Not depreciated 259h Slraighl line 25'h Slrai9hl Ilne 2.7 Investments Fixed 8$set investments ore a form of financial inslrumenl 8nd are inllially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet dale, unless the value cannot be measured rellably In which case il 1$ measured at cost less impairment. Investment gains and losses. vthether realised or unrealised. are combined and presented as 'Gainsl{Losses) on investments, in the Statement of Financlal Ac￿￿tIes. 2.8 Debtors Other deblors are recognised al the selllement amount after any discount offered. Pfepayments are valued al the amount prepaid nel of any discounts due. 2.9 Cash at bank and In hand Cash al bank and in hand inoludes cash and short-lerm highly liquid investments with a short maturity of Ihree months or lèss from thè date of acquisikn'on or opening of the deposit or simllar account. 2.10 Liabilities and provlsions Liabilities are recognised when there 18 an obligation at the 8alance Sheet date a8 a result of a past event, It Is probable that a transfer of economic benefit Viill be required In settlement, and the amount of ihe settlement can be estimated reliably. Liabilities are recognised al the amount that the Company anticipates it will pay lo setlle the debt or thè amount it has received as advanced payments for the goods or services il must provide. 2.11 Financial instruments The Company only has financial assets and financlal liabilities of 8 kind that qualily as basi¢ financial inslrumenls. Basic financial instruments are initially recognised at transaction value and subsequently measured al their setilement value. Page 19 MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Accountlng poll¢le8 {contlnu8dl 2.12 Pensions The Company operates a defined contribution pension scheme and the penslon charge reprèsents the amounts payable by the Company to the fund In respect ol Ihe year. 2.13 Fund accounting General funds are unrestricted funds vthlch are avalPdble for use at the dlscretlon of the Council in furtherance of the general obiecllves ol the Company and whSch 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 lund is Set out In the nol•s to thè financial slatemenls. Restricted lunds are funds vthich are lo be used in accordance wlh specific reslriclions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administerlng such funds are Charged a9ainsl the 5peciflc fund. The airn and use of each restricted fund is sel out in the notes lo the financial statements. Inveslrnent income, gains and losses are allocated to the appropriate fund. Page 20 MISSION AFRICA (THE QUA IBOE FELLOWSHIP) {A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Incomo Irom donationg and legocle8 Unrostrlctod Regtrlct•d funds funds 2024 2024 Total funds 2024 Donations 240,329 56,369 7,083 252,803 493,132 56.369 28,J85 Legacies Gift-aid tax reclalm 21.302 Total 2024 303,781 274.105 577,886 Unr8Strfcted lunds 2023 RestrKted funds 2023 Tot81 funds 2023 D¢nation$ Lega¢les Gift-ald tax reclalm 285,283 125,287 19,2TO 192,263 477,546 125,28T 37,404 18,134 To¢812023 429,840 210,39T 640, 23T Page 21 MISSION AFRICA (THE QUA IBOE FELLOWSHIP) {A Company Limited by Guarante81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Invastmont Incoma Unrestricted Restricted funds funds 2024 2024 Tolal funds 2024 Income from listed investments Inveslmenl Sncomo - cash deposlts 43,896 5,031 936 44,832 5,031 Totsl 2024 48,927 936 49.863 Unrestricted funds 2023 RestnGted funds 2023 Tolal funds 2023 Income from listed inve3tmenls Investment income . cash deposits 46,249 201 888 47,137 201 Total 2023 46,450 888 47,338 AnalyJls of grants Grants to Institutlons 2024 Total funds 2024 Partner Churches throughout Afrlca 11,600 11,600 Grants to Inslilulions 2023 Tofal funds 2023 Partner Churches Ihroughout Africa 36,077 36,07T Pagè 22 MISSION AFRICA (THE QUA IBOE FELLOWSHIP> (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Analysig of expenditure on charitable o¢tivities Surnmary by fund type Unr•strlcted Restrlcted fundg fund$ 2024 2024 Total 2024 Advancement of Christianity, education and the relief of poverty in Africa 456,421 257,138 713,559 Unreslricled funds 2023 Restr￿ted funds 2023 Tolal 2023 Advancement of Christianity. education and the reliel of poverty in Africa 548,872 206,088 754, 960 Anaiysls of •xp•ndltur• by actlvStl•8 Activities undertaken dlrèctly 2024 Grant funding of activities 2024 Support costs 2024 Total funds 2024 Advancement of Christianity, education and the relief of povety In Africa 367,319 11,600 334,639 713,558 Activltles undért8ken directly 2023 Grant funding ol aGtivities Support osts 2023 Total funds 2023 2023 Advancement of Christianity. educalion and the relief of povety in Africa 375,868 36,011 343,016 754,961 Page 23 MISSION AFRICA (THE QUA180E FELLOWSHIPI (A Company Limitod by Guaranto01 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Auditori, romuneration 2024 2023 Fees payable lo the Company's auditor lor the audil ol the company's annual accounts 5,615 3,490 Fees payable to the Company's audrtor in respect of.. All non-audil services not included above 2,400 1,495 Stsff costs 2024 2023 Wages and salaries Social security costs Conlributlon to deflned contribution pension schemes 265,024 11,710 21,966 255.501 13,905 37,409 288.700 306.815 average numbér ol persons employed by thé Company durlng the year was 88 lollows.. 2024 No, 2023 No. Home staff Missionaries Retired workers Returned Mi$sionarles 11 22 22 No employee recelved remunerallon amountlng to more than £60,000 in either year. Ouring the yeai key management personnel received remuneralion tolalling £20,110 (2023. £39,391). 10. Councll'g r•mun•ration and expen9•9 Ourin9 the year, no Council member received any remuneration or other benefrts (2023- £NIL). During the yeaf ended 31 January 2024, no Council member expenses have been incurred f2023- £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 2024 11. Tanglblo fixed a¥sets Freehold property Plant and machinery Motor vehicles Total Cost or valuation At 1 February 2023 Additions Disposals 150.000 60,56S 6.708 11,8971 36,687 247,2S2 6.708 16,697) 14,700) Al 31 January 2024 150,000 65,376 31.987 247,363 Dèpreclatlon Al l February 2023 Charge for the year On disposals 54.854 2,130 19871 26,127 2,076 {4,700} 80,981 4,206 (5,6871 At 31 January 2024 55,997 23,503 79,500 Wat book value At 31 January 2024 150,000 9,379 8,484 167,863 At 31 January 2023 150,000 5,Tl1 10,560 166,271 Refer to note 26 bebw relating to sale of the above freehold property located at 163 Sandown Road, 8elfasl, BT5 6GX which was sold in the posl-balance sheet period. Page 25 MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 12. Fixed as8•t Invoslmenis Listed investmènts Cost or valuatlon At 1 February 2023 Additions Disposals Revaluations 1,185,703 107,247 (61,985) (86,217> Al 31 January 2024 1,144,749 Nel book value Al 31 January 2024 1,144,749 At 31 January 2023 1,185,T03 13. Dobtorn 2024 2023 Duo wlthln ono year Prepayments and accrued income 25,120 25,486 25,120 25,486 Page 26 MISSION AFRICA {THE QUA IBOE FELLOWSHIP (A Company Lifflited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 14. Crodltor¥: Amounts falling due within one year 2024 2023 Other tsxalion and 3oGial security Other creditors Accruals and deferred income 2,723 27.854 25,185 4.222 4,985 65,762 9,20T 16. Flnan¢l•l Instruments 2024 2023 Financial assets Financial assets measured at fair value through income and expenditure 154,614 206,481 Financial assets measured at fair value through Income and expenditure comprise cash & cash equivalents. Page 27 MISSION AFRICA (THE QUA IBOE FELLOWSHIP) IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 16. Stslement of funds ststem?nt of fund8 - current year Balancè at 1 February 2023 8alan¢e at Galnsl 31 January (Losses) 2024 Transfars inlout Incoma Expènditure UnrostrSctod funds Designated funds Retired workers Field Treasurers Investment property 185.689 47,177 117,317 168,372 147.177) 6,430 {1,753) 4,677 239,296 119,070 {47.1771 173.049 G•n•ral lunds General Funds 1,039.682 362,708 (437,3611 38,979 182,340) 941,678 Total Unrèstrictad funds 1,278,978 352,708 (456,421) {8,198) (52,340) 1,114,727 R•strl¢t•d funds Theologlcal Colleges Theologl¢al Education Literature Chad Qua Iboe Church Missionaries Medical Holley Memorial Hospital Burkina Faso In Memory Of Sundry and other projects Short Term College Endowment 9,116 16,010) 3,106 8,267 11,373 14,160 IS,$91) 13,623) 14,900) 3,433 4,722 6,880 6,109 14,428 21,574 2,156 6,434 440 45.2S8 {623) 128,S61 > 183 18,793 43,778 79,268 15,416 2,339 45,346 (1,500) 133,816) (951 6,401 22,656 11,530 672 279 46,829 12,421 56,807 87,401 157,898) (113,175) 19,445 13,353 65,183 16,585 936 6,887 24,408 Page 28 MISSION AFRICA ITHE QUA IBOE FELLOWSHIP) (A Company Llmlted by Guaranlo•1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 16. Statement of funds (continued) stst•mont of fund8 - current year Iconlinued) Balancè at 1 February 2023 Balance at Galnsl 31 January (Lo$$e$) 2024 Transfers inlout Income Exp•ndltur• Home Allowance Gift-Aid Visitors Passage and Travel Special Appeal Adrian Adger 12,583 86,775 563 5.225 (86,7751 18,371 20S 3,628 21,144 {290) 85 1,507 8,780 20,165 25,300 29,924 295,756 275,041 (257,138 8,198 321.857 Total of funds 1,574,734 627,749 (713,559) 152,340) 1,436,584 Statoment ol funds - prlor y•ir Balance at l F8bruary 2022 881ance at Gains/ 37 January (Loss8s) 2023 Transfers in/out Income Ex￿ndIture Unrestricted funds Deslgnated funds Retired workers Field Treasurers Investment propety 203, 959 47,177 {18,270) 185, 689 47,177 9,523 (3,093) 6,430 260, 659 (21,363) 239, 296 General funds General Funds 1,717,154 476.290 (527,509) {14,223J (6.030) 1,039.682 Total Unrestrtctod funds 1,371, 813 476.290 f548,872) (74,223) f6,030) 1.278,978 Page 29 MISSION AFRICA (THE QUA18OE FELLOWSHIPI (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 16. Statement of funds (conlinuedl Restricted lund Theological Colleges Theological Education Literature Chad Qua Iboe Church Missionaries Medical Holley Memorial Hospital 8urkina Faso In Memory Of Sundry and other projects Short Term College Endowment Home Allowance Gift-Ald Visitors Passage and Travel Special *>peal Adrian Adgef 12,924 (20.429) 7.505 8.261 6,136 16.683 8,267 11,373 t4,160 7.855 6, 782 f2,618) f9,305J 440 43,407 440 45.258 30, 243 (28.392) 5, 256 14,325 69,851 (4, 165J (76, 569) 15,416 6,T18 672 672 53,223 22,494 20.883 27,220 (27. 277) (37,293) 46, 829 12,421 15,697 10,442 68, 642 888 2, 181 18,133 16,585 12,583 86, 775 (40) 205 3, 628 21,744 205 3, 628 21,144 276, 336 211,285 (206,088) 14.223 295, 756 Total of funds 1,648, 149 687,575 (754,960) (6,030) 1,574,734 Page 30 MISSION AFRICA (THE QUA IBOE FELLOWSHIP) IA Company Limltod by Guaianteel NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 17. Surnrnary offund8 Summary of funds - current year Balance at I February 2023 Balance 41 Galnsl 31 January {Log5981 2024 Trnngfors inloul Income Expondlturg Designated funds Genéral funds Restricted funds 239,296 1,039,682 295.736 119,0701 1437,3511 1257,138) (47,177> 38,979 8,198 173,049 941,678 321.857 352,708 275,041 152,340) 1,S74,734 627,749 1713,S89) {52,340I 1,436.584 Summary of fund$ . prior year Balance 81 1 February 2022 Balance at G8lns/ 31 January (Losses) 2023 Transfers in/out Income Expendilure Designated fund General funds Reslricled funds 260,659 1,111.154 276,336 {21,363J (527, 509) (206,088) 239, 296 1,039,682 295, 756 476,290 211,285 (74,223) 14,223 (6,030) 1,648.749 687,375 (754,960) (6,030) 1,574, 734 18. Analysls of not a99019 between funds Analysls of n•t as$•l$ belwèèn funds - current year Unr•gtrlcted Restrlcted tundg funds 2024 2024 Total fund• 2024 Tangible fixed asset$ Fixed asset investments Current assets Creditors due within one year 55,251 1.056,080 59,157 <55,7601 112,612 88,669 120,576 167,863 1,144,749 179,733 ISS,762 Total 1.114.727 321,857 1.436.584 Page 31 MISSION AFRICA (THE QUA IBOE FELLOWSHIP) (A Company Limited by Guarant•81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 JANUARY 2024 18. Analy$i$ of net assets betweèn fund8 l¢ontlnuod} Analysis of net assets between funds - prior year Unmslricted funds 2023 Reslricled funds 2023 Total lunds 2023 Tangible fixed assets Flxed asset inveslmenls Current assets Creditors due wthin one year 166. 27Y 1,118,158 3, 756 (9.207) 166, 271 1, 185, 703 231,967 (9,207) 67,545 228,211 Total 1,278,978 295, 756 1,574,734 Roconclli•lion of n•t movomont In fund8 to net cash flow from oporatlng actlvltlos 2024 2023 Net expenditurè for Ihe year (as per Statement of Flnanclal Actlvitlas) 1138,150) (73,414) Adluslments for: Depreciation charges Gains on investments Dividends. interests and rents from investments Decrease in debtors Increase in creditors 11,481) 86,217 (49,8631 386 46.564 4,954 7, T08 (47,338J 1,550 2,891 Net cash used in operatlng actlvitles 156,357) (103,649) 20. Analysis of cash and cash equivalents 2024 2023 Cash in hand 154,614 206,481 Total cash and cash oquSvalonts 154,614 206,481 Page 32 MISSION AFRICA (THE QUA IBOE FELLOWSHIP) IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 21. Analy818 of ¢hangeg In net dobl At1 February 2023 Cash flows At31 J*nuary 2024 Cash at bank and in hand 206,481 {51,867) 154,614 206,481 {51,867) 154,614 22. P?n8lon commStrn¢nts The charity operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the charity lo the scheme and amounted lo £21,966 (2023.. £37,409). Contributions tolalling É8,34712023. £3,381) werè oulslanding al the balance sheet dale. 23. Oparating leasa comrnilments Al 31 January 2024 the Company had commitments to make future minimum lease payménts und•r non- cancellable operallng leases as follows.. 2024 2023 Not later than 1 year Later than 1 year and not later than S years 4,193 783 11,052 1,526 4,956 12,578 Subsequent Event.. On 30th June 2024, the company entered into a new operating lease agreement for rent ol the Breda Cenlre. 14 Glencrega9h Court, Belfast. The kase lerm is S years with annual lease paymenls of £9,000. This new lease agreement will commen¢e on 1st June 2024. The financlal effect ol this new lease agreement is not rellocled in the above commitments as il was signed after the balance sheet dale. The follo￿ng lease payments have b•en recognised as an expense in the Statement of Financial Aclivits'e$', 2024 2023 Operating lease rentals 12,578 73,342 Page 33 MISSION AFRICA (THE QUA18OE FELLOWSHIP) IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 24. Related party transaction5 There were no related party transactions in Ihe year, 25. PAASE dlscltssure In common wlh many other charities of our size and nature, we use our auditors lo assist thfjth the preparallon of financial slalemenls. 26. Post balan￿ Sheet events On 23rd August 2024, the company completed the sale of a propety located al 163 Sandown Road, 8elfast, BT5 6GX for a consideration 01 £320,000. The carrying amount ol the propety as al 31st January 2024 was £150,000. This sale is considered a non-adjusling event as it occurred after the reportin9 period and does not provide evidence of conditions that existed at the end ol the reportin9 period. Consequently, the financial statements for the year ended 31st January 2024 have not been adjusted to reflect this transaction. The financial effect of this transacts.on is estimated lo resuft in a gain of £164,788, which will be recognised in the financial slatements for the year endin9 31st January 2025. 27. Controlllng party The Charlty Is controlled by the Councll members are also Trustees and dlrectors of Mlsslon Africa (The Qua Iboe Fellowship} for the purposes of Charity and Company law. Page 34