PREVAILING WORD MINISTRIES (LONDON)
FINANCIAL STATEMENTS
31[ST] MARCH 2023
Charity Number-1078484
PREVAILING WORD MINISTRIES (LONDON)
Trustees
Ms Angela Appiah Mr Isaac Addison Ms Eunice Adu-Poku
- Treasurer - Chairman - Member
Minister in Charge
Pastor George Adu-Poku
Charity number
1078484
Registered address
2 Silver Spring Close Erith Kent DA8 1EQ
Accountants
Abica Phil & Co Financial Accountants 1 Cotleigh Road West Hampstead London NW6 2NL
Bankers
TSB, Nationwide & Barclays
PREVAILING WORD MINISTRIES (LONDON)
FINANCIAL STATEMENTS YEAR ENDED 31[st] March 2023
| CONTENTS | PAGE |
|---|---|
| Trustees’ annual report | 4 |
| Independent Examiner | 8 |
| Statement of the financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 |
PREVAILING WORD MINISTRIES (LONDON)
TRUSTEES ANNUAL REPORT YEAR ENDED 31[st] March 2023
The trustees present their report and accounts for the period ended 31[st] March 2023 as below:
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Charity is controlled by its governing document, Constitution. There are no restrictions in the governing documents on the operation of the charity or on its investment powers other than those imposed by general charity Law.
Leadership Team
The Leadership Team is responsible for the administration and management of the church, general purposes, finances and personnel. Capital projects and expenditure require the approval of the leadership team. Appointments of officers are governed by the constitution of the church.
All decisions at any meeting are determined by simple majority votes cast by members present, with each member having one vote. In the event of an equality of votes, the chair may exercise a second vote as casting vote. The leadership team meet regularly to discuss and plan objectives and implementation thereof. All matters are subject to prayer and God's direction.
Trustees
Trustees are normally elected by the church members at the Annual General Meeting (AGM) or a normal member meeting. The Church is run on a day-to-day basis by a leadership team that normally includes majority of Trustees. The team comprises professionals from all disciplines including business, finance and legal.
Trustee Induction and Training
Any new trustees undergo an orientation day to brief them on their legal obligations under Charity and Company Law. The Charity encourages trustees to attend, at their discretion; appropriate external training events were these will be of use for the undertaking of the role.
Risk Management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The board of trustees actively review the major risks facing the charity on a regular basis and ensure measures are put in place to safeguard the charity's fund and assets. The trustees also ensure that legal advice is sought, when necessary, on crucial issues concerning the ministry.
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PREVAILING WORD MINISTRIES (LONDON)
TRUSTEES ANNUAL REPORT YEAR ENDED 31[st] March 2023
OBJECTIVES AND ACTIVITIES
The charity's principal activities include:
1. The preaching and teaching of the Word of God with great emphasis on the true Christian doctrines without compromise.
2. We seek to proclaim the good news of God's coming kingdom and to evangelise to lost souls in our neighbouring community and the entire community of the borough of Hackney and in East London. Again, we seek to educate the children, youth and young adults in our local church to be committed believers in God so as to become good patriotic citizens in the U.K.
We endeavour to factor our kids and the youth in our local church's annual program every quarter of the year to preach, perform drama, play music and instruments.
3. Since our senior pastor is a qualified counsellor, the charity provides counselling and guidance to all who seek to enter into holy matrimony as well as emotional and practical help for the elderly in our community and also to the youth so as to empower them to be in steering wheel of their own lives. (In terms of their career path, marriages, finances and call to the ministry)
4. Furthermore, the charity seeks to engage our local community of Clapton Park, sharing the good news of the gospel to them, winning souls and disciplining them. We celebrated the marriage of one of our young adults Nana Esi to Kwame Nelson. Glory be to God.
PUBLIC BENEFIT - MINISTRY OUTREACH AND BENEFITS
1. The church's activities are available to Christians and non-Christians, members, and nonmembers alike; there is no restriction to attendance. The community have been attracted to and enjoyed our services including, weekly Sunday worship services, Easter conventions, Christmas, New Year's Eve watch night services.
2. We minister to the congregation and the local community by emphasising on the virtues and importance of strong families, values of voting and social responsibility, continually advocates self-development and business enterprise through seminars, workshops, and practical advice.
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PREVAILING WORD MINISTRIES (LONDON)
TRUSTEES ANNUAL REPORT YEAR ENDED 31[st] March 2023
3. Seeking new followers or adherent - The members in general and the Evangelism team regularly go out to preach the Gospel in different locations and areas. We also aid the local community by providing carrier counselling, bereavement counselling, hospital visits, prison visits, welfare provision, prayer support, men and women's meetings.
OUTREACH AND MINISTRY REVIEW
As further evidence of our Public Benefit, the Charity was involved in Christian outreach programmes and Christian Ministry designed to increase Christian awareness and spread the gospel of our Lord Jesus Christ
As part of our Christian ministry for the public benefit we produce tracts and promote religious books, for the distribution through our services as well as street evangelism.
Volunteers
Members of the charity who are professionals in their various field of work and study volunteered in different capacities during the year under review and their work has not been quantified.
REVIEW OF PERFORMANCE FOR THE YEAR
Once again, our evangelism team has reached out to new areas within the Clapton Park community in an attempt to win lost souls for Christ by giving them tracts written by Pastor Rev George Adu Poku which has brought us numerical growth.
By the Grace of God, the church has been able to undertake all its activities outlined in our goals in the year under the leadership of our Pastor Rev. George Adu-Poku. We have organized successful prayer meetings and fellowship.
PLANS FOR FUTURE PERIODS
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The church would continue to seek new followers and open more branches in UK and around the world to advance the Christian faith.
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The spiritual and numerical growth of the Church remain the core strategies for 2023 - 2024.
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The teaching of the word based on sound biblical doctrines, outreach activities and active evangelism will enable us to achieve those goals.
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PREVAILING WORD MINISTRIES (LONDON)
TRUSTEES ANNUAL REPORT (continued) YEAR ENDED 31[st] March 2023
RESPONSIBLITIES OF THE TRUSTEES
The trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations.
The law requires the trustees to prepare financial statements in accordance with the United Kingdom, General Accepted Accounting Practice (United Kingdom Accounting Standard and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the surplus or deficit for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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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 operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 1993, The Charity (Accounts and Reports) Regulations 2008 and the provision of the trust deed.
The trustees 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 who served during the year were as follows:
| Ms Angela Appiah | - | Treasurer |
|---|---|---|
| Mr Isaac Addison | - | Chairman |
| Ms Eunice Adu-Poku | - | Member |
This report was approved by the board on 22[nd] August 2023.
Isaac Addison (Mr) Chairman
Angela Appiah (Ms) Treasurer
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FULLWORD CHURCH (FOR THE NATIONS )
INDEPENDENT EXAMINER’S REPORT YEAR ENDED 31[st] March 2023
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The charity’s trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts (under section 43 of the Act);
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to follow the procedures laid down in the General Directions given by the Charity Commission (under section 43(7) (b) of the Act); and
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to state whether particular matters have come to my attention.
BASIS OF THE INDEPENDENT EXAMINER’S REPORT
My examination was carried out in accordance with the General Directions 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 concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
INDEPENDENT EXAMINER’S STATEMENT
In the course of my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that:
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proper accounting records are kept (in accordance with section 41 of the 1993 Act); and
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
P. K. Mensan FFA, FCCA, MBA, 22[nd] August 2023 Fellow of the Institute of Financial Accountants
ABICA PHIL & CO 1 Cotleigh Road London NW6 2NL
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PREVAILING WORD MINISTRIES (LONDON)
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31[st] March 2023
| Total Funds | |||
|---|---|---|---|
| 2023 | 2022 | ||
| Note | |||
| Unrestricted RestrictedTOTAL | TOTAL | ||
| INCOME | |||
| Incoming resources from generated funds | |||
| Voluntary income: donations | 2 | 62,924 0 62,924 | 57,871 |
| Investment Income | 3 | 80 0 80 | 84 |
| Total Incoming Resources | 63,004 0 63,004 | 57,995 | |
| EXPENDITURE | |||
| Cost of generating funds: | |||
| Charitable expenditure | 4 | 29,954 0 29,954 | 29,039 |
| Governance Costs | 5 | 11,583 0 11,583 | 9,418 |
| TOTAL EXPENDITURE | 41,537 0 41,537 | 38,457 | |
| NET INCOME | 21,467 0 21,467 | 19,498 | |
| Net Movement In Funds | 6 | 21,467 0 21,467 | 19,498 |
| Balance at 1stApril | 131,070 0 131,070 | 111,572 | |
| Balance at 31stMarch | 7 | 152,537 0 152,537 | 131,070 |
All movements are in Unrestricted Funds
The notes on page 8 to 13 form part of these financial statements.
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PREVAILING WORD MINISTRIES (LONDON)
BALANCE SHEET YEAR ENDED 31[st] March 2023
| 2023 |
2022 | |||
|---|---|---|---|---|
| £ | £ | £ | ||
| Note | ||||
| FIXED ASSETS | ||||
| Tangible assets | 8 | 9,166 |
12,862 | |
| CURRENT ASSETS | ||||
| Debtor | 9 | 17,554 | 9,029 | |
| Cash at bank | 10 | 130,857 | 111,699 | |
| 148,411 | 120,728 | |||
| CREDITORS:Amounts falling due | ||||
| within one year |
11 | (5,040) | (2,520) | |
| NET CURRENT ASSETS | 143,371 | 118,208 | ||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 152,537 | 131,070 | ||
| CREDITORS: Amounts falling due 12 | ||||
| after one year | 0 |
0 | ||
| NET ASSETS | 152,537 |
131,070 | ||
| TOTAL FUNDS | 152,537 | 131,070 | ||
These financial statements were approved by the board of |
Trustees on 22nd | August 202 | ||
| Isaac Addison (Mr) | Angela Appiah | (Ms) | ||
| Chairman |
Treasurer |
These financial statements were approved by the board of Trustees on 22[nd] August 2023.
The notes on page 8 to 13 form part of these financial statements.
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PREVAILING WORD MINISTRIES (LONDON)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] March 2023
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under historical cost convention and in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP 2005) issued in December 2005 and applicable accounting policies adopted in the preparation of the financial statements as follows:
Income
Income from tithes and offerings is included in incoming resources when these are receivable. Investment income consists of net interest received during the year and accounted for as unrestricted.
Expenditure
Resources expended are included in the Statement of Financial Activities on accrual basis, inclusive of VAT which cannot be recovered. Certain expenditure is attributable to specific activities and has been in those cost categories.
Depreciation
Depreciation is calculated so as to write off the cost of an asset on a straight line basis over the useful economic life of the asset concerned. The principal rates used for this purpose which are consistent with those of past years as follows:
| Fixtures and Fittings | 20 % | straight line |
|---|---|---|
| Musical Equipment | 25% | straight line |
| Motor Vehicle | 25% | straight line |
2. VOLUNTARY INCOME: DONATIONS
| Tithes &Offerings Gift aid Pledges Donation |
Total Funds 2023 2022 £ £ 45,60648,842 17,3189,029 00 0 0 62,92457,871 |
|---|---|
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PREVAILING WORD MINISTRIES (LONDON)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] March 2023
3. INVESTMENT INCOME Bank interest received |
2023 £ 80 80 |
2022 £ 84 |
|---|---|---|
| 84 |
4. COSTS IN FURTHERANCE OF CHARITABLE OBJECTS
Provision of charitable services: Minister’s Salary Outreach Expenses Donation Welfare Hospitality Rents Printing Books Guest Speakers 5. GOVERNANCE COSTS: Subscriptions Professional Fees Accountancy Other Expenses Material, Postage & Stationeries Maintenance Depreciation |
Total Funds 2023 2022 ££ 17,845 17,960 1,549 1,682 600 1,350 1,325 1,950 1,877862 4,780 4,753 4000 78282 1,500 200 29,954 29,039 2023 2022 £ £ 900101 3,5601,650 1,200 1,200 295302 183607 9601,270 4,485 4,288 11,583 9,418 |
|---|---|
No Salaries or benefits have been paid to trustees, including the members of the various departments during the year.
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PREVAILING WORD MINISTRIES (LONDON)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] March 2023
6. NET MOVEMENT IN FUNDS
The net movement in funds for the year is stated after charging depreciation on tangible fixed assets:
| 2023 £ Depreciation 4,485 7. FUNDS 2023 2023 Unrestricted Restricted Total £ £ £ At 1st April 131,070 0 131,070 Surplus / (Deficit) for the year 21,467 0 21,467 At 31st March 152,53775 0 152,537 |
2022 £ 4,288 2022 Total £ 111,572 19,498 131,070 |
|---|---|
Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects. Restricted funds are funds which have been given for particular purposes and projects.
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PREVAILING WORD MINISTRIES (LONDON)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] March 2023
8. TANGIBLE FIXED ASSETS
COST: At 1stApril 22 Additions Disposals At 31st March 23 DEPRECIATION At 1stApril 22 Charge for the year Disposals At 31st March 23 NET BOOK VALUE At 31st March 23 At 31stMarch 22 9. DEBTOR Gift Aid 10. BANK & CASH Deposit/Savings Account Cash at Bank |
Fixtures Musical Motor & Fittings Equip. Vehicle £ £ £ 4,178 3,217 17,150 0 789 0 0 0 0 4,178 3,217 17,150 4,178 3,217 4,288 0 197 4,288 0 0 0 |
|
|---|---|---|
| 4,178 3,414 8,576 | ||
0 592 8,574 0 0 12,862 |
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PREVAILING WORD MINISTRIES (LONDON)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] March 2023
11. CREDITORS: Amounts falling due within one year
Accounts Fees Professional Fees |
2023 £ 2,400 2,540 5,040 |
2022 £ 1,200 1,320 2,520 |
|---|---|---|
12. CREDITORS: Amounts falling due after one year
| Mortgage/Loan |
2023 £ 0 0 |
2022 £ 0 0 |
|---|---|---|
13. TAXATION
As a charity, there is exemption from taxation on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
14. RELATED PARTY TRANSACTIONS
No payments were made to trustees or any other persons connected with them during this financial period in their capacity as trustees. No material transaction took place between the Charity and a trustee or any person connected with them.
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