To whom it may concern:
Annual Reports & Accounts
Scroll down and you will see at the bottom "Our annual report and financial statements for 2008 are available for viewing here."
Click on "here" and it will pull up a page titled "NEW FRONTIERS INTERNATIONAL TRUST LIMITED Report and Financial Statements
Year ended 31 December 2008."
The report states as follows:
"Total incoming resources for the year increased from £4.6m in 2007 to £4.9m in 2008, an increase of £0.3m
(7%). Unrestricted donations are mainly received from churches either as regular or one-off gifts; these
amounted to £2.9m during 2008, an increase of £0.1m (4%) over the previous year. Included in these
unrestricted donations are offerings taken at major annual conferences. These funds are treated as Designated
funds by the Directors and in 2008 totalled £1.4m, slightly less than the amount received in 2007.
Restricted donations for the year were £0.3m, £0.1m higher than in 2007. In early 2008 an appeal was launched
to enable churches in Kenya to provide relief for communities experiencing hardship following the political
unrest in late 2007 and during the year over £0.1m was received."
"Total resources expended increased by £0.3m (7%) to £4.9m in 2008. This was distributed in the form of grants
of £2.0m, direct expenditure of £2.6m and support costs of £0.3m. Expenditure on Apostolic ministry based in
the UK, serving both the UK and other parts of the world, and including church plant grants in and from the UK,
increased slightly from £1.4m in 2007 to £1.5m in 2008.
Conferences and Training expenditure in the UK increased from £1.4m in 2007 to £1.5m in 2008. As part of this
Newfrontiers continues to invest in the ‘Newday’ youth event.
Expenditure on Apostolic ministry based outside the UK increased from £0.6m in 2007 to £0.8m in 2008. This
includes support given to apostolic bases in Africa, Eastern Europe, Asia and the Pacific Rim and includes funding
for church planting and conferences. The majority of these payments were made in the form of grants and
funded by the designated conference offering income.
Newfrontiers continues to receive a number of restricted gifts, and expenditure in respect of those gifts
amounted to £0.4m in 2008, an increase of £0.1m over 2007. During 2008 over £0.1m was spent in Kenya in
response to the appeal outlined above."
"The movement in total funds for the year is a net income of £0.1m derived from the movement in Unrestricted
Funds. Reflecting this net income for the year, net current assets have increased by £0.1m to £1.8m at the
balance sheet date. The main asset of the charity is Cash at Bank that decreased by £0.3m to £1.7m at the end of
2008. This decrease was offset by growth in debtors of £0.3m to £0.5m largely due to an increase in prepaid
expenditure for 2009 conferences and training. At the year end total funds held were £1.8m of which £0.5m are
Free Funds being unrestricted and undesignated."
The report states, "No remuneration was paid to any of the directors who held office during the year. No employee received
emoluments, including pension contributions, for the year in excess of £60,000."
But it does not disclose individual salaries and compensation per staff position.
The report states that there was an independent audit by "BDO STOY HAYWARD LLP
Chartered Accountants & Registered Auditors Epsom, Surrey Date: 1 July 2009"