The Charity Registration Number is :- 1069490
LIVING WORD MINISTRIES INTERNATIONAL
Report and Accounts 31 December 2023
## **LIVING WORD MINISTRIES INTERNATIONAL**
## **Report and accounts for the year ended 31 December 2023**
## **Contents**
||**Page**||
|---|---|---|
|**Charity information**||1|
|**Trustees' Annual Report**||2|
|**Statement of Trustees' responsibilities**||6|
|**Independent Accountant's Report**||8|
|**_Funds Statements:-_**|||
|Statement of Financial Activities||10|
|Statement of Financial Activities - Prior Year statement||11|
|Statement of total recognised gains and losses||13|
|Movements in funds||13|
|Revenue Funds||13|
|Income and Expenditure account||14|
|Summary of funds||15|
|**Balance sheet**||15|
|**Notes to the accounts**||17|
## **LIVING WORD MINISTRIES INTERNATIONAL Trustees' Annual Report for the year ended 31 December 2023**
The Trustees present their Report and Accounts for the year ended 31 December 2023.
## **Reference and administrative details**
_**The charity name.**_
The legal name of the charity is:- LIVING WORD MINISTRIES INTERNATIONAL
The charity is also known by its operating name, Living Word Ministries International
## _**The charity's areas operation and UK charitable registration.**_
The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 1069490
## _**Legal structure of the charity**_
The governing document of the charity is the Trust Deed establishing the charity.
The Governing Document is dated 20 March 1998
The trustees are all individuals.
1
## **LIVING WORD MINISTRIES INTERNATIONAL**
## **Trustees' Annual Report for the year ended 31 December 2023**
## **The principal operating address, telephone number, email and web addresses of the charity are:-**
210 Mayeswood Road Grove Park, London, SE12 9SB Telephone 020 8764 2111 Email Address info@lwmi.org.uk Web address www.lwmi.org.uk
## **The Trustees in office on the date the report was approved were:-**
Pastor Emmanuel Oblitey Mr Blessing Emeanuwa Elder Afrim Mensah Elder Florence Alorka Deaconness Naomi Afful-Techie Mr Samuel Frimpong
## **The following persons served as Trustees during the year ended 31 December 2023 :-**
**Th** e rus ees w **t t h** o serve **d** as a rus ee n **t t i th** e repor **ti** ng per o **i d** were as s **h** own a **b** ove, an **d th** ere were no changes during the year, or in the period between the year end and the approval of the accounts.
Bishop Charles Boakye resigned 09/08/23
Pastor Emmanuel Oblitey Pastor Joan Ojuola resigned 02/02/24 Mr Blessing Emeanuwa Elder Afrim Mensah Elder Florence Alorka Deaconness Naomi Afful-Techie Mr Samuel Frimpong appointed 12/09/23
All the trustees are also members of the charity.
## **Objects and activities of the charity**
## _**The purposes of the charity as set out in its governing document.**_
The charity is set up for: (a) The advancement of the Christian Faith; and (b) The relief of poverty. The restrictions in the charity's activities are imposed by its governing documents.
2
## **LIVING WORD MINISTRIES INTERNATIONAL**
## **Trustees' Annual Report for the year ended 31 December 2023**
## _**The main activities undertaken in relation to those purposes during the year.**_
The charity continued to carry on its missionary work and, to make some donations to other churches and organisations where necessary. Work continued on the Ghana Project, a church building in Ghana. The charity maintained the church in London for Christian worship and services, teaching and counselling services. The charity continued to invite and receive contributions by way of donations, gifts, etc for the purpose of carrying out its objects.
## _**The main activities undertaken during the year to further the charity's purpose for the public benefit.**_
The benefit to the public was mainly the provision of church services. The Crystal Palace branch continued to reach a wider community through social media platforms such as Zoom, Facebook and YouTube, whilst missionary work abroad is being established, to benefit a wider community. The Ghana church building process continued during the year.
The trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity.
## **The main achievements and performance of the charity during the year.**
Maintaining the church for worship and services including Bible studies and Sunday school. Running men and womens fellowships, teaching, preaching and counselling services. The continuation of missionary work and promotion of evangelism. Making donations to other churches and organisations where necessary.
## _**The difference the charity's performance during the year has made to the beneficiaries of the charity.**_
The charity has continued to successfully carry on missionary work which includes the youth fellowship, teaching and counselling services via online media for the benefit of the local and wider community. Some members are students at Rhema Bible School.
3
## **LIVING WORD MINISTRIES INTERNATIONAL**
## **Trustees' Annual Report for the year ended 31 December 2023**
## _**The degree to which the achievements and performance during the year have benefited wider society.**_
The charity also co-operates with other charities, voluntary bodies and statutory authorities in the furtherance of the objects or similar charitable purposes.
## _**The methods used to recruit and appoint new charity trustees.**_
There shall be at least three trustees. Every future trustee shall be appointed by a resolution of the trustees passed at a special meeting called under clause 'XI' in the trust deed. In selecting persons to be appointed trustees, the trustees shall take into account the benefits of appointing a person who is able by virture of his personal or professional qualifications to make a contribution to the pursuit of the objects or management of the charity. If for any reason trustees cannot be appointed in accordance with the foregoing positions the statutory power of appointing new additional trustees shall be exercised.
## _**How the charity makes decisions and how decisions are delegated.**_
The pastor retains oversight of all church matters, but is answerable to two elders and four **trustees** . **The trustees and elders meet regularly to discuss and plan objectives and implementation** thereof. Matters of general concern are raised with all members. All matters are subject to prayer and God's direction.
## _**The charity as a part of a wider network.**_
The charity co-operates with other charities, voluntary bodies and statutory authorities in the furtherance of the objects or similar charitable purposes.
## _**The charity's relationships with related parties.**_
The charity carries on missionary work, promotes evangelism and makes donations to other churches and organisations. The charity also co-operates with other charities, voluntary bodies and statutory authorities in the furtherance of the objects or similar charitable purposes.
Bankers
Barclays Bank Plc, 1 Churchill Place, London EC14 5HP. HSBC , 91 High Street, Thornton Heath, Surrey CR7 8XE.
Newman Nede & Co, 1 Bromley Lane, Chislehurst, BR7 6LH.
Accountants
4
## **LIVING WORD MINISTRIES INTERNATIONAL**
## **Trustees' Annual Report for the year ended 31 December 2023**
## **Financial review**
## _**The charity's financial position at the end of the year ended 31 December 2023**_
The financial position of the charity at 31 December 2023 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-
|Restricted Revenue Funds
**Total Funds**
**Net expenditure**
Unrestricted Revenue Funds available for the
general purposes of the charity|**2023**
**£**
(7,169)
70,217
71,237
**141,454**|**2022**
**£**
(14,884)
82,809
65,814
**148,623**|
|---|---|---|
## _**Financial review of the position at the reporting date, 31 December 2023 .**_
The financial situation of the charity for the year is as shown in the accounts. The financial position of the charity is that it is still in a strong position. General operating costs are constantly being reviewed and reduced where possible. Gifts and mission contributions continued as a result of establishing the new branch in Ghana and in furtherance of achieving objectives.
The trustees consider the financial performance by the charity during the year to have been satisfactory.
Specific changes in fixed assets are detailed in the notes to the accounts.
## _**Policies on reserves.**_
The trustees have resolved to establish reserves to provide for future activities and the trustees have wide powers of investment. Within those powers, a statement of investment principles has been adopted as set out below. The policy on reserves is that the existing assets are retained to support existing activities. In furtherance of the the charity, the trustees may buy, take on lease or exchange, hire or otherwise dispose of all or any part of the property comprised in the trust fund; delegate to any one of the trustees the transaction of any business or the performance of any act required to be transacted or performed in the execution of the trusts of the charity and which is within the professional or business competence of such trustee or trustees, provided that the trustees shall exercise reasonable supervision over any trustee or trustees acting on their behalf under provision and shall ensure that all their acts and proceedings are fully and promptly reported to them.
5
## **LIVING WORD MINISTRIES INTERNATIONAL**
## **Trustees' Annual Report for the year ended 31 December 2023**
## _**Availability and adequacy of assets of each of the funds**_
The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.
## **Other information about the charity and its activities**
## **Details of The Independent Examiner**
Ms J Newman BSc Hons, MAAT
Member of AAT
1 Bromley Lane Chislehurst
Kent
BR7 6LH.
## **Statement of Trustees's Responsibilities**
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations,the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) .
In particular, charity law requires the Trustees, if they prepare accounts on an accruals basis, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Trustees are required to :-
- to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business;
- state whether applicable accounting standards and statements of
- recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
6
## **LIVING WORD MINISTRIES INTERNATIONAL**
## **Trustees' Annual Report for the year ended 31 December 2023**
The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.
The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with regulations made under the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that , on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.
This report was approved by the board of trustees on ............................
Mr Blessing Emanuwa Trustee
7
## **LIVING WORD MINISTRIES INTERNATIONAL**
## **Report of the Independent Examiner to the Trustees of the charity on the accounts for the year ended 31 December 2023**
I report on the financial statements of the charity on pages 10 to 27 for the year ended 31 December 2023 which have been prepared in accordance with the Charities Act 2011 (the Act) and with the Financial Reporting Standard 102, (effective 1st January 2016) adapted to meet the needs of unincorporated organisations, as modified by FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) published by the Charity Commission in England & Wales (CCEW) , effective January 2015 (The SORP), under the historical cost convention and the accounting policies set out on page 17.
## **Respective responsibilities of the Trustees and the Independent Examiner**
As described on page 6, the charity's Trustees are responsible for the preparation of the accounts.
The Trustees consider that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the Governing Document for the conducting of an audit. As a consequence, theTrustees have elected that the financial statements be subject to independent examination.
Having satisfied myself that the charity is not subject to audit under any legal provision, or otherwise, and is eligible for independent examination, it is my responsibility to:-
- a) examine the accounts under Section 145 of the Act;
b) follow the procedures in the General Directions given by the Charity Commission under section 145(5)(b) of the Act and;
- c) state whether particular matters have come to my attention.
## **Independent Examiner's Statement, Report and Opinion**
Subject to the limitations upon the scope of my work as detailed above , in connection with my examination, I can confirm that :-
This is a report in respect of an examination carried out under 145 of the Act and in accordance with General Directions given by the Charity Commission under section 145(5)(b) of the Act which may be applicable;
and that no matter has come to my attention in connection with my examination which gives me reasonable cause to believe that in any material respect the requirements :-
to keep accounting records in accordance with with Section 130 of The Charities Act 2011;
when preparing accounts on an accruals basis, to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the Act and the Regulations setting out the form and content of charity accounts;
have been prepared in accordance with The Charities Act 2011. and with the methods and principles set out in the FRS102 Statement of Recommended Practice - Accounting and Reporting by Charities (effective January 2016)
have not been met or to which, in my opinion, attention should be drawn in my report in order to enable a proper understanding of the accounts to be reached;
8
## **LIVING WORD MINISTRIES INTERNATIONAL**
Ms J Newman BSc Hons, MAAT - Independent Examiner
## AAT
1 Bromley Lane Chislehurst Kent Kent BR7 6LH.
This report was signed on ...........................
9
## **LIVING WORD MINISTRIES INTERNATIONAL - Statement of Financial Activities for the year ended 31 December 2023**
## _**Statement of Financial Activities for the year ended 31 December 2023**_
|**Current year**
**Unrestricted Funds**
**2023**
**£**
**Income & Endowments from:**
Donations & Legacies
A1
13,129
Investments
A4
930
Other - Gift Aid
A5
3,571
**Total income**
**A**
**17,630**
**Expenditure on:**
Charitable activities
B2
30,222
**Total expenditure**
**B**
**30,222**
**Net expenditure for the year**
**(12,592)**
**Net income after transfers**
**A-B-C**
**(12,592)**
**(12,592)**
**Net movement in funds**
**SORP**
**Ref**
**Reconciliation of funds:-**
**E**
**Total funds brought forward**
82,809
**Total funds carried forward**
**70,217**|**Current year**
**Restricted Funds**
**2023**
**£**
7,423
-
-
**7,423**
2,000
**2,000**
**5,423**
**5,423**
**5,423**
65,814
**71,237**|**Current year**
**Total Funds**
**2023**
**£**
**20,552**
**930**
**3,571**
**25,053**
**32,222**
**32,222**
**(7,169)**
**(7,169)**
**(7,169)**
**148,623**
**141,454**|**Prior Year**
**Total Funds**
**2022**
**£**
21,888
120
4,609
**26,617**
41,501
**41,501**
**(14,884)**
**(14,884)**
**(14,884)**
163,507
**148,623**|
|---|---|---|---|
The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.
A separate Statement of Total Recognised Gains and Losses is not required as this statement includes all recognised gains and losses.
All activities derive from continuing operations
## **The notes attached on pages 17 to 27 form an integral part of these accounts.**
10
## **LIVING WORD MINISTRIES INTERNATIONAL - Statement of Financial Activities for the year ended 31 December 2023**
## **LIVING WORD MINISTRIES INTERNATIONAL - Analysis of prior year total funds, as required by paragraph 4.2 of the SORP**
||**SORP**
**Ref**|**Prior Year**
|**Prior Year**|**Prior Year**
**Total Funds**|
|---|---|---|---|---|
|||**Unrestricted Funds**|**Restricted Funds**||
|||**2022**|**2022**|**2022**|
|||**£**|**£**|**£**|
|**Income & Endowments from:**|||||
|Donations & Legacies|A1|19,275|2,613|**21,888**|
|Investments|A4|120|-|**120**|
|Other - Gift Aid
**Total income**
**Expenditure on:**
Charitable activities
Other
**Total expenditure**
Net gains on investments|A5
**A**
B2
B3
**B**
B4|4,609
24,004
39,001
-
**39,001**
-|-
2,613
2,500
-
**2,500**
-|**4,609**
26,617
**41,501**
**-**
**41,501**
**-**|
|**Net expenditure for the year**||(14,997)|113|**(14,884)**|
|**Transfers between funds**|**C**|-|-|**-**|
||||||
|**Net income after transfers**||(14,997)|113|(14,884)|
|**Net movement in funds**||**(14,997)**|**113**|**(14,884)**|
|**Reconciliation of funds:-**|**E**||||
|**Total funds brought forward**||97,806|65,701|**163,507**|
|**Total funds carried forward**||**82,809**|**65,814**|**148,623**|
**The notes attached on pages 17 to 27 form an integral part of these accounts.**
11
## **LIVING WORD MINISTRIES INTERNATIONAL - Statement of Financial Activities for the year ended 31 December 2023**
## **LIVING WORD MINISTRIES INTERNATIONAL - Resources applied in the year ended 31 December 2023 towards fixed assets for Charity use:-**
|Funds generated in the year as detailed in the SOFA
Resources applied on functional fixed assets
**Net resources available to fund charitable activities**|**2023**
**£**
(7,169)
-
**(7,169)**|**2022**
**£**
(14,884)
(4,286)
**(19,170)**|
|---|---|---|
The resources applied on fixed assets for charity use represents the cost of additions less proceeds of any disposal
**The notes attached on pages 17 to 27 form an integral part of these accounts.**
12
## **LIVING WORD MINISTRIES INTERNATIONAL - Statement of Financial Activities for the year ended 31 December 2023**
## **Movements in revenue and capital funds for the year ended 31 December 2023**
## **Revenue accumulated funds**
|Accumulated funds brought forward
**Closing revenue funds**
**Summary of funds**
Revenue accumulated funds
Recognised gains and losses before
transfers|**Unrestricted**
**Funds**
**2023**
**£**
82,809
(12,592)
**70,217**
**70,217**
**Unrestricted**
**and**
**Designated funds**
**2023**
**£**
70,217|**Restricted**
**Funds**
**2023**
**£**
65,814
5,423
**71,237**
**71,237**
**Restricted**
**Funds**
**2023**
**£**
71,237|**Total**
**Funds**
**2023**
**£**
148,623
(7,169)
**141,454**
**141,454**
**Total**
**Funds**
**2023**
**£**
**141,454**|**Last year**
**Total Funds**
**2022**
**£**
**163,507**
(14,884)
**148,623**
**148,623**
**Last Year**
**Total Funds**
**2022**
**£**
148,623|
|---|---|---|---|---|
**The notes attached on pages 17 to 27 form an integral part of these accounts.**
13
## **LIVING WORD MINISTRIES INTERNATIONAL - Statement of Financial Activities for the year ended 31 December 2023**
## **LIVING WORD MINISTRIES INTERNATIONAL**
## **Income and Expenditure Account for the year ended 31 December 2023 as required by the Companies Act 2006**
|**_Income_**
Income from operations
Interest receivable
Other operating income
**Gross income in the year before exceptional items**
**Gross income in the year including exceptional items**
**_Expenditure_**
Charitable expenditure, excluding depreciation and amortisation
Depreciation and amortisation
Governance costs
Realised losses on disposals of social investments which are programme related
**Total expenditure in the year**
**Net income before tax in the financial year**
Investment income
Tax on surplus on ordinary activities
**Retained surplus for the financial year**
**Net income after tax in the financial year**|**2023**
**£**
20,552
930
3,571
**25,053**
**25,053**
27,885
3,837
500
-
**32,222**
(7,169)
-
**(7,169)**
**(7,169)**|**2020**
**£**
21,888
120
4,609
**26,617**
**26,617**
36,904
4,097
500
-
**41,501**
(14,884)
-
**(14,884)**
**(14,884)**|
|---|---|---|
All activities derive from continuing operations
In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.
**The notes attached on pages 17 to 27 form an integral part of these accounts.**
14
## **LIVING WORD MINISTRIES INTERNATIONAL - Balance Sheet as at 31 December 2023**
|||**SORP**|||||
|---|---|---|---|---|---|---|
||Note|**Ref**||**2023**||**2022**|
|||||**£**||**£**|
|**Fixed assets**||A|||||
|Tangible assets|8|A2||4,385||8,222|
|**Current assets**||B|||||
|Debtors|9|B2|3,163||8,921||
|Cash at bank and in hand||B4|134,406||133,793||
|**Total current assets**|||137,569||142,714||
|**Creditors: amounts falling due within**|||||||
|**one year**|10|C1|(500)||(2,313)||
|**Net current assets**||||137,069||140,401|
|**The total net assets of the charity**||||141,454||148,623|
|**The total net assets of the charity are**|**funded**|**by the**|**funds of the**|**charity, as follows:-**|||
|**Restricted funds**|||||||
|Restricted Revenue Funds|16|D2||71,237||65,814|
|**Unrestricted Funds**|||||||
|Unrestricted Revenue Funds|16|D3||70,217||82,809|
|**Designated Funds**|||||||
|**Total charity funds**||||141,454||148,623|
The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA..
The Trustees acknowledge their responsibilities for complying with the requirements of charity legislation with respect to accounting records and the preparation of accounts.
The charity is subject to Independent Examination under charity legislation, and the report of the Independent Examiner is on page 9.
TheThe Trustees are satisfied that, although the charity is not registered under the Companies Acts, if it were so registered, it would be eligible to prepare accounts in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.
15
## **LIVING WORD MINISTRIES INTERNATIONAL - Balance Sheet as at 31 December 2023**
**Mr Blessing Emanuwa**
Trustee Approved by the board of trustees on ...........................
**The notes attached on pages 17 to 27 form an integral part of these accounts.**
16
## **LIVING WORD MINISTRIES INTERNATIONAL**
## **Notes to the Accounts for the year ended 31 December 2023**
## **1 Accounting policies**
## _**Policies relating to the production of the accounts.**_
## **Basis of preparation and accounting convention**
The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) published by the Charity Commission in England & Wales (CCEW) ,effective January 2016, (The SORP), and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.
## _**Policies relating to categories of income and income recognition.**_
## **Nature of income**
Offering and donations represent gifts from church members through collections and other donations received. This year the charity received income from Gift Aid.
## **Categories of Income**
Income is categorised as income from exchange transactions (contract income) and income from non-exchange transactions (gifts), investment income and other income.
**Income from exchange transactions** is received by the charity for goods or services supplied under contract or where entitlement is subject to fulfilling performance related conditions. There was no such income during the year.
**Income from a non-exchange transaction** is where the charity receives value from the donor without providing equal value in exchange, and includes donations of money, goods and services freely given without giving equal value in exchange.
## **Income recognition**
Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.
Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.
All income is accounted for gross, before deducting any related fees or costs.
## _**Policies relating to expenditure on goods and services provided to the charity.**_
## **Volunteers**
In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity. However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers and this is described more fully in Note5.
## _**Policies relating to assets, liabilities and provisions and other matters.**_
## _**Tangible fixed assets**_
Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition.
Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over estimated useful lives.
Plant and machinery 20 % reducing balance Motor vehicles 25 % straight line
17
## **LIVING WORD MINISTRIES INTERNATIONAL**
## **Notes to the Accounts for the year ended 31 December 2023**
## **Creditors and provisions**
Creditors and provisions for liabilities and charges are recognised and measured according to the usual conventions applicable to accruals accounting.
## **Liability to taxation**
## **2**
The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. Value Added Tax is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities.
## **3 Winding up or dissolution of the charity**
If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.
## **4 Net (deficit)/surplus before tax in the financial year**
|Depreciation of owned fixed assets
The net (deficit)/surplus before tax in the financial year is stated after charging:-|**2023**
**£**
3,837|**2022**
**£**
4,097|
|---|---|---|
18
## **LIVING WORD MINISTRIES INTERNATIONAL**
## **Notes to the Accounts for the year ended 31 December 2023**
## **5 The contribution of volunteers**
The charity depends on the support of its volunteers, which is much appreciated. The arrangements with volunteers are difficult to value precisely in monetary terms and have not been recognised in the Statement of Financial Activities. The volunteers and the charity accept and agree that no contract of employment is created by these arrangements.
## **6 Staff costs and emoluments**
|**_Salary costs_**
Trustees' Remuneration as detailed in note 7
Employer's National Insurance for all staff
**Total salaries, wages and related costs**
**_Numbers of full time employees or full time equivalents_**
The average number of total staff employed in the year was
The average number of part time staff employed in the year was
The average number of full time staff employed in the year was
The estimated full time equivalent number of all staff employed in the year was
**_The estimated equivalent number of full time staff deployed in different activities in th_**
Engaged on charitable activities
**_The estimated full time equivalent number of all staff employed as above_**
Trustee remuneration is as shown above.|**2023**
**£**
10,353
1,440
-
**11,793**
**2023**
**1**
**-**
**1**
**1**
**_e year was:-_**
**1**
1|**2022**
**£**
16,443
-
-
**16,443**
**2022**
1
**-**
**1**
**1**
1
1|
|---|---|---|
No employees received emoluments (excluding pension costs) in excess of £60,000 per annum.
## **7 Remuneration and payments to Trustees and persons connected with them**
During the year, Bishop Boakye, a trustee received payment under a contract of employment shown in the employment costs.
19
## **LIVING WORD MINISTRIES INTERNATIONAL**
## **Notes to the Accounts for the year ended 31 December 2023**
**8 Tangible fixed assets**
|**Cost**
At 1 January 2023
Additions
**At 31 December 2023**
**Depreciation**
At 1 January 2023
Charge for the year
**At 31 December 2023**
**Net book value**
At 31 December 2023
At 31 December 2022|**Land and**
**Buildings**
£
-
-
**-**
-
-
**-**
**-**
**-**|**Plant &**
**Machinery**
£
29,152
-
**29,152**
23,962
1,037
**24,999**
**4,153**
**5,190**|**Motor**
**Vehicles**
£
11,198
-
**11,198**
8,166
2,800
**10,966**
**232**
**3,032**|**Total**
£
40,350
-
**40,350**
32,128
3,837
**35,965**
**4,385**
**8,222**|
|---|---|---|---|---|
## **9 Debtors**
|Trade debtors
Other debtors
**10 Creditors: amounts falling due within one year**
Accruals
PAYE, NIC VAT and other taxes|**2023**
**£**
-
3,163
**3,163**
**2023**
**£**
500
-
**500**|**2022**
**£**
-
8,921
**8,921**
**2022**
**£**
1,000
1,313
**2,313**|
|---|---|---|
## **11 Loans to trustees included in debtors**
There were no such loans.
## **12 Guarantees made by the charity on behalf of trustees**
There were no such guarantees.
## **13 Income and Expenditure account summary**
|**Income and Expenditure account summary**
**At 1 January 2023**
Loss after tax for the year
**At 31 December 2023**|**2023**
**£**
148,623
(7,169)
**141,454**|**2022**
**£**
163,507
(14,884)
**148,623**|
|---|---|---|
## **14 No related party transactions**
There were no related party transactions.
20
## **LIVING WORD MINISTRIES INTERNATIONAL**
## **Notes to the Accounts for the year ended 31 December 2023**
## **15 Particulars of how particular funds are represented by assets and liabilities**
|**_At 31 December 2023_**
Tangible Fixed Assets
Investments at valuation:-
Current Assets
Current Liabilities
**At 1 January 2023**
Tangible Fixed Assets
Investments at valuation:-
Current Assets
Current Liabilities|**Unrestricted**
**funds**
**£**
4,385
66,332
(500)
**70,217**
**Unrestricted**
**funds**
**£**
8,222
76,900
(2,313)
**82,809**|**Designated**
**funds**
**£**
-
-
-
**-**
**Designated**
**funds**
**£**
-
-
-
**-**|**Restricted**
**funds**
**£**
-
71,237
-
**71,237**
**Restricted**
**funds**
**£**
-
65,814
-
**65,814**|**Total**
**Funds**
**£**
**4,385**
**137,569**
**(500)**
**141,454**
**Total**
**Funds**
**£**
**8,222**
**142,714**
**(2,313)**
**148,623**|
|---|---|---|---|---|
## **16 Change in total funds over the year as shown in Note 15 , analysed by individual funds**
|**_Unrestricted and designated funds:-_**
Unrestricted Revenue Funds
**Total unrestricted and designated funds**
**_Restricted funds:-_**
Building Fund
Love In Action Fund
Mission Fund
To be transferred to unrestricted funds
**Total restricted funds**
**Total charity funds**|**£**
**Funds brought**
**forward from**
**2022**
82,809
**82,809**
23,878
473
2,141
45,815
**72,307**
**155,116**|**See Note 17**
**£**
**Movement in**
**funds in 2023**
(12,592)
**(12,592)**
590
-
(1,660)
-
**(1,070)**
**(13,662)**|**See Note 0**
**£**
**Transfers**
**between**
**funds in 2023**
-
**-**
-
-
-
-
**-**
**-**|**£**
**Funds carried**
**forward to**
**2024**
**70,217**
**70,217**
**24,468**
**473**
**481**
**45,815**
**71,237**
**141,454**|
|---|---|---|---|---|
21
## **LIVING WORD MINISTRIES INTERNATIONAL**
## **Notes to the Accounts for the year ended 31 December 2023**
**17 Analysis of movements in funds over the year as shown in Note 16**
|**_Unrestricted and designated funds:-_**
Unrestricted Revenue Funds
**_Restricted funds:-_**
Building fund
Mission fund
Special car offering|**Income**
**2023**
**£**
17,630
430
340
6,653
**25,053**|**Expenditure**
**2023**
**£**
(30,222)
-
(2,000)
**(32,222)**|**Other**
**Gains &**
**Losses**
**2023**
**£**
-
-
-
**-**|**Movement**
**in funds**
**2023**
**£**
**(12,592)**
**430**
**(1,660)**
**6,653**
**(7,169)**|
|---|---|---|---|---|
Gains and losses are detailed in note 21.
## **18 The purposes for which the funds as detailed in note 16 are held by the charity are:-**
_**Unrestricted and designated funds:-**_
These funds are held for the meeting the objectives of the charity, and to Unrestricted Revenue Funds provide reserves for future activities, and , subject to charity legislation, are free from all restrictions on their use.
_**Restricted funds:-**_ Restricted Fixed Asset Funds The purpose of these funds is described under the accounting policy 'Accounting for capital grants and fixed asset funds'.
## **19 Ultimate controlling party**
The charity is under the control of its legal members.
Every member of the charity has unlimited joint and several liability for the debts of the charity.
22
## **LIVING WORD MINISTRIES INTERNATIONAL**
**Detailed analysis of income and expenditure for the year ended 31 December 2023 as required by the SORP 2015**
## _**This analysis is classsified by conventional nominal descriptions and not by activity.**_
## **20 Donations and Legacies**
|**Tithes**
**Offerings**
**Total Donations and Legacies**
**A1**
**21 Investment income**
Bank Interest Receivable
**Total investment income**
**A4**
**22 Other income and gains**
Summary of Other income
**Total other income**
**A5**
Gift Aid Receipts
**Total Offerings**
Church membership
Church Membership
**Membership subscriptions as**
**donations**
**Total Tithes**|**Current year**
**Unrestricted**
**Funds**
**2023**
**£**
1,073
16,296
**5,365**
4,789
**6,691**
**13,129**
**Current year**
**Unrestricted**
**Funds**
**2023**
**£**
930
**930**
**Current year**
**Unrestricted**
**Funds**
**2023**
**£**
3,571
**3,571**|**Current year**
**Restricted Funds**
**2023**
**£**
770
-
**-**
-
**6,653**
**7,423**
**Current year**
**Restricted Funds**
**2023**
**£**
-
**-**
**Current year**
**Restricted Funds**
**2023**
**£**
-
**-**|**Current year**
**Total Funds**
**2023**
**£**
1,843
**16,296**
**5,365**
**4,789**
**13,344**
**20,552**
**Current year**
**Total Funds**
**2023**
**£**
**930**
**930**
**Current year**
**Total Funds**
**2023**
**£**
**3,571**
**3,571**|**Prior Year**
**Total Funds**
**2022**
**£**
3,305
22,358
**14,509**
6,560
**4,074**
**21,888**
**Prior Year**
**Total Funds**
**2022**
**£**
120
**120**
**Prior Year**
**Total Funds**
**2022**
**£**
4,609
**4,609**|
|---|---|---|---|---|
23
## **LIVING WORD MINISTRIES INTERNATIONAL**
**Detailed analysis of income and expenditure for the year ended 31 December 2023 as required by the SORP 2015**
## **23 Expenditure on charitable activities - Direct spending**
|**Total direct spending**
**B2a**
Gross wages and salaries - charitable
activities
Ghana Project
Direct administration
Gifts, Contributions & Missions
Youth & Children
Welfare
Travel and Subsistence - Charitable
Activities
Employers' NI - Charitable activities|**Current year**
**Unrestricted**
**Funds**
**2023**
**£**
10,353
1,440
1,247
-
3,400
217
733
-
**17,501**|**Current year**
**Restricted Funds**
**2023**
**£**
-
-
-
2,000
-
-
-
-
**2,000**|**Current year**
**Total Funds**
**2023**
**£**
**10,353**
**1,440**
**1,247**
**2,000**
**3,400**
**217**
**733**
**-**
**19,501**|**Prior Year**
**Total Funds**
**2022**
**£**
16,443
-
1,847
2,500
2,850
309
1,768
468
**26,185**|
|---|---|---|---|---|
24
## **LIVING WORD MINISTRIES INTERNATIONAL**
## **Detailed analysis of income and expenditure for the year ended 31 December 2023 as required by the SORP 2015**
## **24 Support costs for charitable activities**
|**Current year**
**Unrestricted**
**Funds**
**2023**
**£**
**_Employee costs not included in direct costs_**
-
-
1,246
**_Volunteer costs_**
-
**_Premises Expenses_**
5,270
**_Administrative overheads_**
3
214
-
279
-
-
-
-
**_Financial costs_**
29
3,837
**Support costs before reallocation**
**12,221**
**Total support costs**
**12,221**
Uniform
Sundry expenses
Software licences and expenses
Telephone, fax and internet
Stationery and printing
Bank charges
Depreciation & Amortisation in total for
Insurance
Equipment expenses and repairs
Membership subscriptions
Information and publications
Motor expenses - staff
Room Hire
Training and welfare - staff
Travel and subsistence - staff|**Current year**
**Restricted Funds**
**2023**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
**-**
**-**|**Current year**
**Total Funds**
**2023**
**£**
**-**
**-**
**1,246**
**-**
**5,270**
**3**
**214**
**-**
**279**
**-**
**-**
**-**
**-**
**29**
**3,837**
**12,221**
**12,221**|**Prior Year**
**Total Funds**
**2022**
**£**
1,237
160
1,846
-
5,592
100
50
-
255
-
-
252
-
21
4,097
**14,816**
**14,816**|
|---|---|---|---|
The basis of allocation of costs between activities is described under accounting policies
## **25 Other Expenditure - Governance costs**
|Independent Examiner's fees
Accountancy fees
**Total Governance costs**|**Current year**
**Unrestricted**
**Funds**
**2023**
**£**
500
-
**500**|**Current year**
**Restricted Funds**
**2023**
**£**
-
-
**-**|**Current year**
**Total Funds**
**2023**
**£**
**500**
**-**
**500**|**Prior Year**
**Total Funds**
**2022**
**£**
500
-
**500**|
|---|---|---|---|---|
25
## **LIVING WORD MINISTRIES INTERNATIONAL**
**Detailed analysis of income and expenditure for the year ended 31 December 2023 as required by the SORP 2015**
## **26 Total Charitable expenditure**
|Total direct spending
**B2a**
Total support costs
**B2d**
Total Governance costs
**B2e**
**Total charitable expenditure**
**B2**|**Current year**
**Unrestricted**
**Funds**
**2023**
**£**
17,501
12,221
500
**30,222**|**Current year**
**Current year**
**Prior Year**
**Restricted Funds**
**Total Funds**
**Total Funds**
**2023**
**2023**
**2022**
**£**
**£**
**£**
2,000
**19,501**
26,185
-
**12,221**
14,816
-
**500**
500
**2,000**
**32,222**
**41,501**|
|---|---|---|
26
## **LIVING WORD MINISTRIES INTERNATIONAL**
## **Activity analysis of Income and expenditure for the for the year ended 31 December 2023**
|**_This analysis is classsified by activity and not by conventional nominal descriptions._**
**27 Analysis of income by activity**
**SOFA ref**
**2023**
**-**
**_Summary of Total Income, including the items above_**
Donations & Legacies
**A1**
20,552
Investment income
**A4**
930
Other income
**A5**
3,571
**Total income as shown in the SOFA**
**A**
**25,053**
**_Categories of income_**
Income from non-exchange transactions
25,053
**28**
**_Governance costs_**
**Governance**
**costs**
**2023**
**£**
Other Expenditure - Governance costs as detailed in Note 25
500
**Activity**|**_This analysis is classsified by activity and not by conventional nominal descriptions._**
**27 Analysis of income by activity**
**SOFA ref**
**2023**
**-**
**_Summary of Total Income, including the items above_**
Donations & Legacies
**A1**
20,552
Investment income
**A4**
930
Other income
**A5**
3,571
**Total income as shown in the SOFA**
**A**
**25,053**
**_Categories of income_**
Income from non-exchange transactions
25,053
**28**
**_Governance costs_**
**Governance**
**costs**
**2023**
**£**
Other Expenditure - Governance costs as detailed in Note 25
500
**Activity**|**2022**
**-**
21,888
120
4,609
**26,617**
26,617|
|---|---|---|
||||
||**Governance**
**costs**
**2023**
**£**
500|**Governance**
**costs**
**2022**
**£**
500|
27