Charity no. 1060763
FAITHLIFT MINISTRIES
REPORT AND FINANCIAL STATEMENTS
Year ended 31st March 2024
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FAITHLIFT MINISTRIES
Report of the trustees for the year ended 31st March 2024
The trustees present their annual report and financial statements of the charity for the year ended 31st March 2024
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities.
Objectives and activities for the public benefit.
The purposes of the trust continue to be the advancement of the Christian faith and the relief of poverty.
The trustees confirm that they have referred to the Charity Commission's guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion.
The trustees achieve this by separate strategies aimed at those who do not have a relationship with Jesus Christ and those who have already accepted Jesus Christ as their Lord and Saviour.
Non believers are targeted by various outreach activities based either in the local community or further afield.
For believers, the trustees endeavour to create an environment where a person's faith can be increased and matured by access to:
Regular biblical teaching Praise. Worship and Prayer meetings Provision of pastoral work Visiting and praying for the sick and infirmed
Overall, the year has been successful. We achieved our objectives and grew numerically. The evangelism team reached in the area creating an awareness that we were in the community. The worship team has organised themselves under new leadership and are doing really well. Overall the team is happy with the progress but we know that there is much more to do.
Financial review
The work of the trust is entirely dependent on the voluntary offerings of people attending the various meetings that have taken place during the year.
The income of the year increased by 24% to £76,261 (2023 = £60,858). This includes amounts received under the Gift Aid system.
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FAITHLIFT MINISTRIES Report of the trustees for the year ended 31st March 2024
Risk management
The main risks faced by the trust are as follows:
a. Financial
This includes a serious decrease in the amount of income received and thereby causing the trust to be unable to meet its financial commitments. This has been mitigated by the trust receiving regular up to date financial information to enable the trustees to plan accordingly.
b. Reputational
In dealing with reputational risk, we communicate with all departments, the young, the old and the children with regard to the reputation of the charity. We ensure that there are strong and consistent enforcement of controls on governance and ministerial and legal compliance laid down by the Charity Commission. The ministerial team ensures that any reputational threats are monitored. The trustees also ensure that ethical practices are maintained in all that we do.
Reserves Policy
The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to enable financial commitments to be met and also give them enough time to review and revise ongoing commitments should a long term decrease in income be recognised.
The level of unrestricted reserves as at 31st March 2024 was £43,290 after allowing for funds tied up in tangible fixed assets.
Three months average unrestricted expenditure excluding depreciation totals £18,200.
The current level of reserves is therefore reasonable as per the above policy.
Plans for the future
The plan is to be more visible in the community through evangelism and church programs. The different departments are more organised and ready for the next level of growth. Summertime is when the church is more active and able to do more outdoor events in the community. We are also planning seminars and leadership events for the leaders.
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FAITHLIFT MINISTRIES
Report of the trustees for the year ended 31st March 2024
Structure, governance and management
The trust is a registered charity, number 1060763 and is constituted under a trust deed dated 21st September 1996.
The trust does not raise funds from the public and seeks to continue its charitable works through the careful stewardship of the donations from members.
New trustees are appointed by the existing trustees.
There are regular electronic meetings between the Trustees.
Regular discussions include the way forward, the level of reserves, the financial position, risk management policies etc.
The day to day leading of the charity is delegated to Pastor Bruno.
New trustees are chosen from the membership after showing continuous integrity and faithfulness to the charity. Before accepting the position, the potential trustee is given copies of the Trust Deed, previous financial statements and meets with the existing trustees for an overview of the plans of the charity for the future. Any training requests are quantified and arranged as necessary.
Key management personnel remuneration.
The trustees consider the board of trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis.
All trustees give their time freely and no trustee remuneration was paid in the year. Related party transactions are shown in note 7.
Trustees are required to disclose all relevant interests and are required to withdraw from decisions where a conflict of interest arises.
All remuneration is reviewed annually by the board of trustees.
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FAITHLIFT MINISTRIES Report of the trustees for the year ended 31st March 2024
Reference and administrative information
Trustees Rev G B Arekion Pastor B Arekion Krishen Luximon Principal office 2 Robinia Road Turnford Broxbourne EN10 6GE Independent Examiner George Kitcher FCA Regus 15th Floor Brunel House 2 Fitzalan Road Cardiff CF24 0EB Bankers Barclays Bank Plc 20 - 98 - 21
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FAITHLIFT MINISTRIES Report of the trustees for the year ended 31st March 2024
Trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements in each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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- observe the methods and principles in the applicable Charities SORP;
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- make judgments and estimates that are reasonable and prudent;
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- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees on 25th March 2025 and signed on their behalf by:
B AREKION - TRUSTEE
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Independent Examiner's Report to the Trustees of:
FAITHLIFT MINISTRIES
I report on the accounts for the trust for the year ended 31st March 2024 which are set out on pages 8 to 14.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity Trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act
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follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Charities Act, and
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- to state whether particular matters have come to my attention
Basis of independent examiner's report
My examination was carried out in accordance with the General Direction given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees on any such matters. The procedures undertaken do not provide all the evidence that would be required by an audit, and consequently no opinion is given as to whether the accounts present a "true and fair" view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements
to keep accounting records in accordance with section 130 of the Charities Act, and # to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Charities Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
George Kitcher
George Kitcher FCA Chartered Accountant Regus, 15th Floor, Brunel House Cardiff CF24 0EB
31st March 2025
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FAITHLIFT MINISTRIES
Statement of Financial Activities Year ending 31st March 2024
| Total | Total | ||
|---|---|---|---|
| Note | Funds | Funds | |
| 2024 | 2023 | ||
| £ | £ | ||
| Income | 1 | ||
| Donations | 3 | 75,889 | 60,852 |
| Investment Income | 4 | 372 | 6 |
| TOTAL INCOME | 76,261 | 60,858 | |
| Expenditure | 1 | ||
| Expenditure on charitable | |||
| activities | 5 | 73,301 | 57,105 |
| TOTAL EXPENDITURE | 73,301 | 57,105 | |
| Net incoming/(expenditure) | 2,960 | 3,753 | |
| Reconciliation of funds | |||
| Total funds brought forward | 42,026 | 38,273 | |
| Total funds carried forward | 44,986 | 42,026 |
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FAITHLIFT MINISTRIES
Balance Sheet as at 31st March 2024
| Note | Total | Prior | |
|---|---|---|---|
| Funds | Year | ||
| £ | £ | ||
| Fixed assets: | 1 | ||
| Tangible assets | 8 | 1,696 | 2,260 |
| Total fixed assets | 1,696 | 2,260 | |
| Current assets: | |||
| Debtors | 8,623 | 10,761 | |
| Cash at bank and in hand | 36,037 | 30,455 | |
| Total current assets | 9 | 44,660 | 41,216 |
| Liabilities: | |||
| Creditors falling due within | |||
| one year | 10 | -1,370 | -1,450 |
| Net Current assets | 43,290 | 39,766 | |
| Net Assets | 44,986 | 42,026 | |
| The funds of the charity: | 1 | ||
| Unrestricted income funds | 44,986 | 42,026 | |
| Total charity funds | 44,986 | 42,026 |
The notes at pages 10 to 14 form part of these accounts
Approved by the trustees on 25th March 2025 and signed on their behalf by:
B AREKION - TRUSTEE
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FAITHLIFT MINISTRIES Notes to the accounts
1. Accounting Policies
(a) Basis of preparation and assessment of going concern
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities and the Charities Act 2011.
The accounts have been prepared under the historic cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
(b) Funds structure
The unrestricted funds are available to be spent on the furthering of the objects of the charity as seen fit and proper by the trustees.
(c) Income recognition
All income is recognised once the charity has entitlement to the income, there is sufficient certainty or receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Donations from members and other donations are recognised when received.
Income in respect of HMRC Gift Aid claims is recognised when the amount of the claim for the period has been determined.
Interest on funds held on deposit is included upon notification of the interest payable by the Bank.
(d) Expenditure recognition
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 settlement will be required and the amount of the obligation can be measured quickly.
All expenditure is recognised on an accruals basis.
(e) Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure head for which it was incurred.
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FAITHLIFT MINISTRIES Notes to the accounts
(f) Governance costs
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include the independent examination and any costs incurred relating to trustee board meetings.
(h) Charitable activities
The expenditure on charitable activities includes the governance costs and is shown in notes 5 and 6.
(I) Tangible fixed assets and depreciation
All assets costing more than £500 are capitalised and valued at historic cost. Depreciation is charged from the year of acquisition at rate of 25% pa on a reducing value basis.
(j) Pensions
At the current time the charity does not have any staff.
2. Related party transactions and trustees' expenses and remuneration
The trustees all give freely of their time and expertise without any form of remuneration or other benefit in cash or kind. There are entitled to claim any expenses. The amount of expenses paid during the year was £nil ( 2023 = £nil)
| 3. Income | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| Donations | 63,010 | 50,841 | |
| Gift Aid | 12,879 | 10,011 | |
| 75,889 | 60,852 |
| 4. Investment Income | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Interest on cash deposits | 372 | 6 |
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FAITHLIFT MINISTRIES
Notes to the accounts
| 5.Expenditure on charitable activities | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Venue Rent and Storage | 11,870 | 10,489 |
| Accountancy | 815 | 725 |
| Website Expenses | 0 | 300 |
| Donations and Welfare | 1,610 | 1,726 |
| Repairs | 0 | 1,878 |
| Activities and Refreshments | 4,258 | 1,799 |
| Music, Media and Audio | 5,518 | 3,222 |
| Youth/Children's Ministry | 0 | 374 |
| Books and Resources | 474 | 8 |
| Motor and Travel Expenses | 1,059 | 1,425 |
| Depreciation | 564 | 749 |
| Ladies Ministry | 0 | 0 |
| Communications | 197 | 446 |
| Sundry Expenses | 447 | 573 |
| Ministry Costs | 37,851 | 21,855 |
| Entertainment and Meals | 3,206 | 0 |
| Vehicle Lease | 3,643 | 3,776 |
| Administration Costs | 883 | 468 |
| Insurance | 246 | 242 |
| South London Church | 660 | 7,050 |
| TOTAL EXPENDITURE | 73,301 | 57,105 |
| 6. Governance costs | 2024 | 2023 |
| £ | £ | |
| Independent Examination | 815 | 725 |
| Costs of meetings | 0 | 0 |
| 815 | 725 | |
| 7. Analysis of staff costs | 2024 | 2023 |
| £ | £ | |
| Ministry Costs | 37,851 | 21,855 |
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FAITHLIFT MINISTRIES Notes to the accounts
7. Analysis of staff costs (contd)
The charity did not have any full time employees during the year (2023 = 0 )
Pastor B Arekion, a Trustee, was remunerated on a self employed basis and received £18,000 during the year. (2023 = £17,749)
Ms K Arekion, the daughter of the above, received £1,450 (2023 = £1,600) for carrying out administration duties for the charity.
Dr Glenn Arekion, a trustee, received a donation of £1,453 (2023 = £nil) during the year.
The above payments were included in ministry expenses.
8. Tangible fixed assets
| 8. Tangible fixed assets | ||||
|---|---|---|---|---|
| Equipment | TOTAL | |||
| £ | £ | |||
| Cost | ||||
| At 1st April 2023 | 17,863 | 17,863 | ||
| Additions | 0 | 0 | ||
| Disposals | 0 | 0 | ||
| At 31st March 2024 | 17,863 | 17,863 | ||
| Depreciation | ||||
| At 1st April 2023 | 15,603 | 15,603 | ||
| Charge for the year | 564 | 564 | ||
| Loss on disposal | 0 | 0 | ||
| Eliminated on disposals | 0 | 0 | ||
| At 31st March 2024 | 16,167 | 16,167 | ||
| Net book value | ||||
| At 31st March 2024 | 1,696 | 1,696 | ||
| At 31st March 2023 | 2,260 | 2,260 | ||
| 9. Analysis of current assets | 2024 | 2023 | ||
| £ | £ | |||
| Gift Aid repayment | 8,623 | 10,761 | ||
| Bank Balances | 36,037 | 30,455 | ||
| 44,660 | 41,216 |
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FAITHLIFT MINISTRIES Notes to the accounts
| 10. Analysis of current liabilities | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Creditors under 1 year | 1,370 | 1,450 |
All current assets and current liabilities in 2024 and 2023 relate to unrestricted funds.
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