Faith Ministries
Report of the Trustees for the Year Ended 28 February 2022
The trustees present their report with the financial statements of the charity for the year ended 28 February 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
During this period the Charity has been limited in being able to pursue its main objective of the advancement of the Christian Faith due to Government restrictions during the Covid-19 global pandemic.
The assistance in prevention or relief of poverty, whether that be financial, spiritual, emotional, physical or psychological has been limited due to being a new church with a small leadership team and a small congregation, however several families and individuals have been helped and supported. Counselling and support has been provided by the leadership team: Abe & Lilian de Fin and Brian & Kathryn Holland to those who have needed/requested this.
Leader's meetings have taken place irregular basis to encourage and discuss strategies enabling us to meet our aims and objectives.
An explanation of the Charity's main objectives for the year
The Charity's main objective has been to build up the Charity and its members and visitors, whilst at the same time meeting the needs of those people, within the confines of Covid-19 restrictions. This will be expanded through the next twelve months.
Based in Bradford we are seeing a substantial benefit in this location, drawing people from Wakefield, Manchester, Sheffield, Leeds and surrounding areas including Cumbria.
An explanation of the Charity's strategies for achieving its stated objectives
The extent to which the Charity can meet its stated objectives is down to the speed at which growth in the core membership occurs. This growth is steady and to that end all the educational, pastoral and the relief of poverty objectives are being met by Pastors Abe & Lilian de Fin and Brian & Kathryn Holland expending considerable time with those in need and with the educational needs of the body of people who form the congregation of Acts Church Bradford.
The key strategic tools for meeting the objectives have been and remain:
-
the development and growth of a praying church
-
A weekly Prayer Meeting lead by the Pastors of the church as soon as restrictions were lifted.
-
The establishment and running of a children's ministry
-
The establishment of a weekly ministry for women to meet, encourage and share and take part in worship and bible study
-
Provision of any care required to meet the pastoral needs of any person that requests it or is seen to need physical, spiritual, emotional and financial support, also support for the vulnerable including the homeless, those from marginalised groups, the elderly and the sick
-
Provision of practical help as and where necessary for example helping many destitute people with financial provision and guidance to overcome a failing life
-
Assisting those in financial and relational crisis
-
Fourteen days prayer and fasting including an evening prayer meeting for fourteen consecutive evenings in October for building up and focusing on the coming months
-
Strong presence on Facebook and YouTube with messages that are broadcast regularly
-
Broadcasting via Zoom for both 10am & 12pm meetings every Sunday
-
Providing Connect Cards to enable visitors to connect with Pastor Lilian
-
Raising an effective worship ministry
-
Pastor's Abe and Lilian spend a considerable amount of time counselling, advising and helping the attendees and visitors with coaching and counselling sessions.
Faith Ministries
Report of the Trustees for the Year Ended 28 February 2022
The facilities in the building allow us to expand on all areas of our vision including upgrading the sound system, increasing capacity and resources for crèche and our children's ministry has been a key area the Charity has developed and improved
A further emphasis would be placed upon leadership training to maximise our potential
OBJECTIVES AND ACTIVITIES
Significant activities
The Charity's activities are those as stated above that are connected with the setting up, establishing and nurturing of a church. The main activities are based around church functionality as demonstrated above.
Sunday messages mostly preached by Pastor Abe de Fin or Pastor Lilian de Fin. Guest speakers have preached on Sundays including church members: Brian Holland, Crawford Kirkwood and Polycarp Rwabutuku and invited guests.
Volunteers
All works undertaken by the Charity other than the staffing for the Pastors are the result of voluntary contribution.
ACHIEVEMENT AND PERFORMANCE
Fundraising activities
The Charity relies on giving from the donors identified in the accounts whose support is valued and from one weekly collection from those attending and during any special midweek events. The biblical giving during our services has been the only way the Charity has been funded apart from donations made to refurbish the building at the outset. There have been no other fundraising activities.
Investment performance
There have been no investments made by the Charity within the period.
FINANCIAL REVIEW
Financial position
The financial statements are set out on pages 5 - 10. As stated in the introduction to this report, the trustees consider the financial performance by the charity during the year to have been satisfactory.
Principal funding sources
Donations and gifts are our principal sources of funding. This funding has supported outreach to those in need, prevented poverty and provided relief to families and individuals in financial hardship.
Investment policy and objectives
The Charity's cash does not merit investing in the standard bank account however if this is feasible in the future the Trustees will agree how funds are invested.
Reserves policy
The organisation plans to retain adequate reserves to fund its operations for around 6 months and will look to donate around 10% of giving received to like-minded organisations around the world.
FUTURE PLANS
The Trustees are working on plans to reach out into the community, expand youth and children's work, street evangelism, healing and prayer ministry.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is governed by the Declaration of Trust dated 21st June 1993 as submitted at registration.
Recruitment and appointment of new trustees
In selecting individuals for appointment as trustees, the trustees must have regard to the skills, knowledge and experience needed for the effective administration of the charity
Faith Ministries
Report of the Trustees for the Year Ended 28 February 2022
Structure, governance and management
The charity is governed by the trustees. The trustees meet on a regular basis to discuss the forthcoming activities of the organisation. The trustees also discuss the risks the organisation faces and put in place controls to minimise these.
Induction and training of new trustees
Four new Trustees were appointed for which induction and training has been delayed due to Covid-19.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Major risks
The Charity's main risk is falling numbers, due to Covid-19 attending the two primary meetings every Sunday. Constant review is made to ensure that appropriate funds are being contributed to the Charity to enable the Charity to meet its financial obligations first and then to fulfil the stated financial objects of the Charity.
Note: The Charity has maintained its financial position well during its transition into the building and the cost of renovations were met by a donation to the Charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1023572
Principal address 5 Sedburgh Close Bradford West Yorkshire BD10 9FH
Trustees
David Novak (resigned 29.11.21) Alexander Baron Cedric De Fin Brian Richard Holland Kathryn Holland Simon Johnson (resigned 29.11.21) Lilian Joan Florence de Fin Yvonne Novak (resigned 29.11.21)
Independent Examiner
Andrew Wood FCCA Equate Limited Chartered Certified Accountants 17 Appleton Court Calder Park Wakefield West Yorkshire WF2 7AR
Bankers
Lloyds Bank Bradford City Office 45 Hustlergate Bradford BD1 1NT
Faith Ministries
Report of the Trustees for the Year Ended 28 February 2022
Approved by order of the board of trustees on 18 November 2022 and signed on its behalf by:
Kathryn Holland (Nov 18, 2022 12:30 GMT)
Kathryn Holland - Trustee
F001 Trustees Report 2022
Final Audit Report
2022-11-18
Created: 2022-11-18 By: Andrew Wood (andrew@equateltd.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAdStBeXEWkYs2yruj7G7ScuemgNrMBruC
"F001 Trustees Report 2022" History
Document created by Andrew Wood (andrew@equateltd.co.uk)
2022-11-18 - 11:41:48 GMT- IP address: 31.22.2.162
Document emailed to Kathryn Holland (kathrynholland@mail.com) for signature
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Agreement completed.
2022-11-18 - 12:30:35 GMT
REGISTERED CHARITY NUMBER: 1023572
Unaudited Financial Statements for the Year Ended 28 February 2022
for
Faith Ministries
Equate Limited Chartered Certified Accountants 17 Appleton Court Calder Park Wakefield West Yorkshire WF2 7AR
Faith Ministries
Contents of the Financial Statements for the Year Ended 28 February 2022
| Page | |
|---|---|
| Independent Examiner's Report | 1 |
| Statement of Financial Activities | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 4 to 8 |
| Detailed Statement of Financial Activities | 9 |
Independent Examiner's Report to the Trustees of Faith Ministries
Independent examiner's report to the trustees of Faith Ministries
I report to the charity trustees on my examination of the accounts of Faith Ministries (the Trust) for the year ended 28 February 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Andrew Wood (Nov 18, 2022 12:49 GMT)
Andrew Wood ACCA Equate Limited Chartered Certified Accountants 17 Appleton Court Calder Park Wakefield West Yorkshire WF2 7AR
Date: 18 November 2022
Page 1
Faith Ministries
Statement of Financial Activities for the Year Ended 28 February 2022
| 28.2.22 | 28.2.21 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 90,335 | 3,158 | 93,493 | 65,057 | |
| EXPENDITURE ON | |||||
| Other | 75,921 | 2,824 | 78,745 | 57,753 | |
| NET INCOME | 14,414 | 334 | 14,748 | 7,304 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 7,067 | - | 7,067 | (237) | |
| TOTAL FUNDS CARRIED FORWARD | 21,481 | 334 | 21,815 | 7,067 |
The notes form part of these financial statements
Page 2
Faith Ministries
Balance Sheet 28 February 2022
| 28.2.22 | 28.2.21 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | funds | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| FIXED ASSETS | ||||||
| Tangible assets | 4 | 4,888 | - | 4,888 | 5,343 | |
| CURRENT ASSETS | ||||||
| Debtors | 5 | 13,627 | - | 13,627 | 168 | |
| Cash at bank and in hand | 3,467 | 1,500 | 4,967 | 5,231 | ||
| 17,094 | 1,500 | 18,594 | 5,399 | |||
| CREDITORS | ||||||
| Amounts falling due within one year | 6 | (501) | (1,166) | (1,667) | (3,675) | |
| NET CURRENT ASSETS | 16,593 | 334 | 16,927 | 1,724 | ||
| TOTAL ASSETS LESS CURRENT | ||||||
| LIABILITIES | 21,481 | 334 | 21,815 | 7,067 | ||
| NET ASSETS | 21,481 | 334 | 21,815 | 7,067 | ||
| FUNDS | 8 | |||||
| Unrestricted funds | 21,481 | 7,067 | ||||
| Restricted funds | 334 | - | ||||
| TOTAL FUNDS | 21,815 | 7,067 |
The financial statements were approved by the Board of Trustees and authorised for issue on 18 November 2022 and were signed on its behalf by:
Kathryn Holland (Nov 18, 2022 12:31 GMT)
Kathryn Holland - Trustee
The notes form part of these financial statements
Page 3
Faith Ministries
Notes to the Financial Statements for the Year Ended 28 February 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance Computer equipment - 33% on cost
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 28 February 2022 nor for the year ended 28 February 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 28 February 2022 nor for the year ended 28 February 2021.
continued...
Page 4
Faith Ministries
Notes to the Financial Statements - continued for the Year Ended 28 February 2022
| 3. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | |||
| fund | funds | funds | |||
| £ | £ | £ | |||
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 65,057 | - | 65,057 | ||
| EXPENDITURE ON | |||||
| Other | 57,753 | - | 57,753 | ||
| NET INCOME | 7,304 | - | 7,304 | ||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | (237) | - | (237) | ||
| TOTAL FUNDS CARRIED FORWARD | 7,067 | - | 7,067 | ||
| 4. | TANGIBLE FIXED ASSETS | ||||
| Fixtures | |||||
| and | Computer | ||||
| fittings | equipment | Totals | |||
| £ | £ | £ | |||
| COST | |||||
| At 1 March 2021 | 5,985 | 1,826 | 7,811 | ||
| Additions | 630 | 274 | 904 | ||
| At 28 February 2022 | 6,615 | 2,100 | 8,715 | ||
| DEPRECIATION | |||||
| At 1 March 2021 | 1,919 | 549 | 2,468 | ||
| Charge for year | 939 | 420 | 1,359 | ||
| At 28 February 2022 | 2,858 | 969 | 3,827 | ||
| NET BOOK VALUE | |||||
| At 28 February 2022 | 3,757 | 1,131 | 4,888 | ||
| At 28 February 2021 | 4,066 | 1,277 | 5,343 |
Page 5
continued...
Faith Ministries
Notes to the Financial Statements - continued for the Year Ended 28 February 2022
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||
|---|---|---|---|---|---|---|---|
| 28.2.22 | 28.2.21 | ||||||
| £ | £ | ||||||
| Other debtors | 13,449 | - | |||||
| Prepayments and accrued income | 178 | 168 | |||||
| 13,627 | 168 | ||||||
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||
| 28.2.22 | 28.2.21 | ||||||
| £ | £ | ||||||
| Bank loans and overdrafts (see note 7) | 1,166 | - | |||||
| Trade creditors | 80 | 930 | |||||
| Taxation and social security | (479) | 945 | |||||
| Other creditors | 900 | 1,800 | |||||
| 1,667 | 3,675 | ||||||
| 7. | LOANS | ||||||
| An analysis of the maturity of loans is given below: | |||||||
| 28.2.22 | 28.2.21 | ||||||
| £ | £ | ||||||
| Amounts falling due within one year on demand: | |||||||
| Bank overdrafts | 1,166 | - | |||||
| 8. | MOVEMENT IN FUNDS | ||||||
| Net | |||||||
| movement | At | ||||||
| At | 1.3.21 | in funds | 28.2.22 | ||||
| £ | £ | £ | |||||
| Unrestricted funds | |||||||
| General fund | 7,067 | 14,414 | 21,481 | ||||
| Restricted funds | |||||||
| School of Music | - | (1,166) | (1,166) | ||||
| Building work | - | 1,500 | 1,500 | ||||
| - | 334 | 334 | |||||
| TOTAL FUNDS | 7,067 | 14,748 | 21,815 |
Page 6
continued...
Faith Ministries
Notes to the Financial Statements - continued for the Year Ended 28 February 2022
8. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement |
|---|---|---|
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 90,335 |
(75,921) | 14,414 |
| Restricted funds | ||
| School of Music 1,658 |
(2,824) | (1,166) |
| Building work 1,500 |
- | 1,500 |
| 3,158 | (2,824) | 334 |
| TOTAL FUNDS 93,493 |
(78,745) | 14,748 |
| Comparatives for movement in funds | ||
| Net | ||
| movement | At | |
| At 1.3.20 | in funds | 28.2.21 |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund (237) |
7,304 | 7,067 |
| TOTAL FUNDS (237) |
7,304 | 7,067 |
| Comparative net movement in funds, included in the above are as follows: | ||
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 65,057 |
(57,753) | 7,304 |
| TOTAL FUNDS 65,057 |
(57,753) | 7,304 |
continued...
Page 7
Faith Ministries
Notes to the Financial Statements - continued for the Year Ended 28 February 2022
8. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | ||||
|---|---|---|---|---|
| movement | At | |||
| At 1.3.20 | in funds | 28.2.22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | (237) | 21,718 | 21,481 | |
| Restricted funds | ||||
| School of Music | - | (1,166) | (1,166) | |
| Building work | - | 1,500 | 1,500 | |
| - | 334 | 334 | ||
| TOTAL FUNDS | (237) | 22,052 | 21,815 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 155,392 | (133,674) | 21,718 |
| Restricted funds | |||
| School of Music | 1,658 | (2,824) | (1,166) |
| Building work | 1,500 | - | 1,500 |
| 3,158 | (2,824) | 334 | |
| TOTAL FUNDS | 158,550 | (136,498) | 22,052 |
9. RELATED PARTY DISCLOSURES
During the year one of the trustees was paid by the organisation £1,000 for administrative services. Another trustee has been paid by the charity via payroll for non trustee services.
Page 8
Faith Ministries
Detailed Statement of Financial Activities for the Year Ended 28 February 2022
| Detailed Statement of Financial Activities for the Year Ended 28 February 2022 |
||
|---|---|---|
| 28.2.22 | 28.2.21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Tithe & offerings donated | 93,493 | 65,057 |
| Total incoming resources | 93,493 | 65,057 |
| EXPENDITURE | ||
| Support costs | ||
| Management | ||
| Wages | 24,000 | 19,718 |
| Social security | - | 126 |
| Insurance | 599 | 407 |
| Light and heat | 2,628 | 4,267 |
| Telephone | 740 | 355 |
| Postage and stationery | 2,975 | 477 |
| Sundries | 567 | 852 |
| Repairs | 6,701 | 5,624 |
| Cleaning | 3,844 | 1,423 |
| Storage | - | 850 |
| Refreshments | 1,610 | 299 |
| Resources | 952 | 643 |
| Motor & travel expenses | 1,826 | 3,227 |
| Rent and rates | 15,888 | 15,091 |
| Computer expenses | 599 | 587 |
| Subscriptions | 872 | 220 |
| Administrative support | 1,000 | 1,000 |
| Donations | 5,186 | - |
| Sponsorship | 600 | - |
| Music lessons | 2,824 | - |
| Professional fees | 2,897 | - |
| Fixtures and fittings | 939 | 1,017 |
| Computer equipment | 420 | 365 |
| 77,667 | 56,548 | |
| Finance | ||
| Bank charges | 28 | 155 |
| Governance costs | ||
| Independent examiner's remuneration | 300 | 300 |
| Auditors' remuneration for non audit work | 750 | 750 |
| 1,050 | 1,050 | |
| Total resources expended | 78,745 | 57,753 |
| Net income | 14,748 | 7,304 |
This page does not form part of the statutory financial statements
Page 9
F001 Final Accounts 2022
Final Audit Report
2022-11-18
Created: 2022-11-18 By: Andrew Wood (andrew@equateltd.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAC57Xvhpi_gsHbkoJ_tnlsDn_8ZU0tgzH
"F001 Final Accounts 2022" History
Document created by Andrew Wood (andrew@equateltd.co.uk)
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Agreement completed.
2022-11-18 - 12:49:24 GMT
REGISTERED CHARITY NUMBER: 1023572
Unaudited Financial Statements for the Year Ended 28 February 2022
for
Faith Ministries
Equate Limited Chartered Certified Accountants 17 Appleton Court Calder Park Wakefield West Yorkshire WF2 7AR
Faith Ministries
Contents of the Financial Statements for the Year Ended 28 February 2022
| Page | |
|---|---|
| Independent Examiner's Report | 1 |
| Statement of Financial Activities | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 4 to 8 |
| Detailed Statement of Financial Activities | 9 |
Independent Examiner's Report to the Trustees of Faith Ministries
Independent examiner's report to the trustees of Faith Ministries
I report to the charity trustees on my examination of the accounts of Faith Ministries (the Trust) for the year ended 28 February 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Andrew Wood (Nov 18, 2022 12:49 GMT)
Andrew Wood ACCA Equate Limited Chartered Certified Accountants 17 Appleton Court Calder Park Wakefield West Yorkshire WF2 7AR
Date: 18 November 2022
Page 1
Faith Ministries
Statement of Financial Activities for the Year Ended 28 February 2022
| 28.2.22 | 28.2.21 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 90,335 | 3,158 | 93,493 | 65,057 | |
| EXPENDITURE ON | |||||
| Other | 75,921 | 2,824 | 78,745 | 57,753 | |
| NET INCOME | 14,414 | 334 | 14,748 | 7,304 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 7,067 | - | 7,067 | (237) | |
| TOTAL FUNDS CARRIED FORWARD | 21,481 | 334 | 21,815 | 7,067 |
The notes form part of these financial statements
Page 2
Faith Ministries
Balance Sheet 28 February 2022
| 28.2.22 | 28.2.21 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | funds | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| FIXED ASSETS | ||||||
| Tangible assets | 4 | 4,888 | - | 4,888 | 5,343 | |
| CURRENT ASSETS | ||||||
| Debtors | 5 | 13,627 | - | 13,627 | 168 | |
| Cash at bank and in hand | 3,467 | 1,500 | 4,967 | 5,231 | ||
| 17,094 | 1,500 | 18,594 | 5,399 | |||
| CREDITORS | ||||||
| Amounts falling due within one year | 6 | (501) | (1,166) | (1,667) | (3,675) | |
| NET CURRENT ASSETS | 16,593 | 334 | 16,927 | 1,724 | ||
| TOTAL ASSETS LESS CURRENT | ||||||
| LIABILITIES | 21,481 | 334 | 21,815 | 7,067 | ||
| NET ASSETS | 21,481 | 334 | 21,815 | 7,067 | ||
| FUNDS | 8 | |||||
| Unrestricted funds | 21,481 | 7,067 | ||||
| Restricted funds | 334 | - | ||||
| TOTAL FUNDS | 21,815 | 7,067 |
The financial statements were approved by the Board of Trustees and authorised for issue on 18 November 2022 and were signed on its behalf by:
Kathryn Holland (Nov 18, 2022 12:31 GMT)
Kathryn Holland - Trustee
The notes form part of these financial statements
Page 3
Faith Ministries
Notes to the Financial Statements for the Year Ended 28 February 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance Computer equipment - 33% on cost
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 28 February 2022 nor for the year ended 28 February 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 28 February 2022 nor for the year ended 28 February 2021.
continued...
Page 4
Faith Ministries
Notes to the Financial Statements - continued for the Year Ended 28 February 2022
| 3. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | |||
| fund | funds | funds | |||
| £ | £ | £ | |||
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 65,057 | - | 65,057 | ||
| EXPENDITURE ON | |||||
| Other | 57,753 | - | 57,753 | ||
| NET INCOME | 7,304 | - | 7,304 | ||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | (237) | - | (237) | ||
| TOTAL FUNDS CARRIED FORWARD | 7,067 | - | 7,067 | ||
| 4. | TANGIBLE FIXED ASSETS | ||||
| Fixtures | |||||
| and | Computer | ||||
| fittings | equipment | Totals | |||
| £ | £ | £ | |||
| COST | |||||
| At 1 March 2021 | 5,985 | 1,826 | 7,811 | ||
| Additions | 630 | 274 | 904 | ||
| At 28 February 2022 | 6,615 | 2,100 | 8,715 | ||
| DEPRECIATION | |||||
| At 1 March 2021 | 1,919 | 549 | 2,468 | ||
| Charge for year | 939 | 420 | 1,359 | ||
| At 28 February 2022 | 2,858 | 969 | 3,827 | ||
| NET BOOK VALUE | |||||
| At 28 February 2022 | 3,757 | 1,131 | 4,888 | ||
| At 28 February 2021 | 4,066 | 1,277 | 5,343 |
Page 5
continued...
Faith Ministries
Notes to the Financial Statements - continued for the Year Ended 28 February 2022
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||
|---|---|---|---|---|---|---|---|
| 28.2.22 | 28.2.21 | ||||||
| £ | £ | ||||||
| Other debtors | 13,449 | - | |||||
| Prepayments and accrued income | 178 | 168 | |||||
| 13,627 | 168 | ||||||
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||
| 28.2.22 | 28.2.21 | ||||||
| £ | £ | ||||||
| Bank loans and overdrafts (see note 7) | 1,166 | - | |||||
| Trade creditors | 80 | 930 | |||||
| Taxation and social security | (479) | 945 | |||||
| Other creditors | 900 | 1,800 | |||||
| 1,667 | 3,675 | ||||||
| 7. | LOANS | ||||||
| An analysis of the maturity of loans is given below: | |||||||
| 28.2.22 | 28.2.21 | ||||||
| £ | £ | ||||||
| Amounts falling due within one year on demand: | |||||||
| Bank overdrafts | 1,166 | - | |||||
| 8. | MOVEMENT IN FUNDS | ||||||
| Net | |||||||
| movement | At | ||||||
| At | 1.3.21 | in funds | 28.2.22 | ||||
| £ | £ | £ | |||||
| Unrestricted funds | |||||||
| General fund | 7,067 | 14,414 | 21,481 | ||||
| Restricted funds | |||||||
| School of Music | - | (1,166) | (1,166) | ||||
| Building work | - | 1,500 | 1,500 | ||||
| - | 334 | 334 | |||||
| TOTAL FUNDS | 7,067 | 14,748 | 21,815 |
Page 6
continued...
Faith Ministries
Notes to the Financial Statements - continued for the Year Ended 28 February 2022
8. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement |
|---|---|---|
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 90,335 |
(75,921) | 14,414 |
| Restricted funds | ||
| School of Music 1,658 |
(2,824) | (1,166) |
| Building work 1,500 |
- | 1,500 |
| 3,158 | (2,824) | 334 |
| TOTAL FUNDS 93,493 |
(78,745) | 14,748 |
| Comparatives for movement in funds | ||
| Net | ||
| movement | At | |
| At 1.3.20 | in funds | 28.2.21 |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund (237) |
7,304 | 7,067 |
| TOTAL FUNDS (237) |
7,304 | 7,067 |
| Comparative net movement in funds, included in the above are as follows: | ||
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 65,057 |
(57,753) | 7,304 |
| TOTAL FUNDS 65,057 |
(57,753) | 7,304 |
continued...
Page 7
Faith Ministries
Notes to the Financial Statements - continued for the Year Ended 28 February 2022
8. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | ||||
|---|---|---|---|---|
| movement | At | |||
| At 1.3.20 | in funds | 28.2.22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | (237) | 21,718 | 21,481 | |
| Restricted funds | ||||
| School of Music | - | (1,166) | (1,166) | |
| Building work | - | 1,500 | 1,500 | |
| - | 334 | 334 | ||
| TOTAL FUNDS | (237) | 22,052 | 21,815 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 155,392 | (133,674) | 21,718 |
| Restricted funds | |||
| School of Music | 1,658 | (2,824) | (1,166) |
| Building work | 1,500 | - | 1,500 |
| 3,158 | (2,824) | 334 | |
| TOTAL FUNDS | 158,550 | (136,498) | 22,052 |
9. RELATED PARTY DISCLOSURES
During the year one of the trustees was paid by the organisation £1,000 for administrative services. Another trustee has been paid by the charity via payroll for non trustee services.
Page 8
Faith Ministries
Detailed Statement of Financial Activities for the Year Ended 28 February 2022
| Detailed Statement of Financial Activities for the Year Ended 28 February 2022 |
||
|---|---|---|
| 28.2.22 | 28.2.21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Tithe & offerings donated | 93,493 | 65,057 |
| Total incoming resources | 93,493 | 65,057 |
| EXPENDITURE | ||
| Support costs | ||
| Management | ||
| Wages | 24,000 | 19,718 |
| Social security | - | 126 |
| Insurance | 599 | 407 |
| Light and heat | 2,628 | 4,267 |
| Telephone | 740 | 355 |
| Postage and stationery | 2,975 | 477 |
| Sundries | 567 | 852 |
| Repairs | 6,701 | 5,624 |
| Cleaning | 3,844 | 1,423 |
| Storage | - | 850 |
| Refreshments | 1,610 | 299 |
| Resources | 952 | 643 |
| Motor & travel expenses | 1,826 | 3,227 |
| Rent and rates | 15,888 | 15,091 |
| Computer expenses | 599 | 587 |
| Subscriptions | 872 | 220 |
| Administrative support | 1,000 | 1,000 |
| Donations | 5,186 | - |
| Sponsorship | 600 | - |
| Music lessons | 2,824 | - |
| Professional fees | 2,897 | - |
| Fixtures and fittings | 939 | 1,017 |
| Computer equipment | 420 | 365 |
| 77,667 | 56,548 | |
| Finance | ||
| Bank charges | 28 | 155 |
| Governance costs | ||
| Independent examiner's remuneration | 300 | 300 |
| Auditors' remuneration for non audit work | 750 | 750 |
| 1,050 | 1,050 | |
| Total resources expended | 78,745 | 57,753 |
| Net income | 14,748 | 7,304 |
This page does not form part of the statutory financial statements
Page 9
F001 Final Accounts 2022
Final Audit Report
2022-11-18
Created: 2022-11-18 By: Andrew Wood (andrew@equateltd.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAC57Xvhpi_gsHbkoJ_tnlsDn_8ZU0tgzH
"F001 Final Accounts 2022" History
Document created by Andrew Wood (andrew@equateltd.co.uk)
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Document emailed to Kathryn Holland (kathrynholland@mail.com) for signature
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Agreement completed.
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