REGISTERED COMPANY NUMBER: 03940907 (England and Wales) REGISTERED CHARITY NUMBER: 1081586
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
FOR
JOYCE MEYER MINISTRIES
Brindley Millen Ltd Chartered Accountants and Statutory Auditors 167 Turners Hill
Cheshunt Hertfordshire EN8 9BH
JOYCE MEYER MINISTRIES
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 December 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Report of the Independent Auditors | 4 | to | 6 |
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Cash Flow Statement | 9 | ||
| Notes to the Cash Flow Statement | 10 | ||
| Notes to the Financial Statements | 11 | to | 18 |
| Detailed Statement of Financial Activities | 19 |
JOYCE MEYER MINISTRIES
REPORT OF THE TRUSTEES
for the Year Ended 31 December 2020
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. 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 achievements
Joyce Meyer Ministries in England is a charitable company limited by guarantee and was incorporated 1 March 2000. It is governed by a memorandum and articles of association. It is part of a worldwide network pioneered by Joyce Meyer, whose headquarters are located in Fenton, Missouri, USA.
Charities Aims
The objects are to advance the Christian faith in accordance with the organisation's Statement of Beliefs, in the United Kingdom and in such other parts of the world as the trustees may from time to time think fit. Joyce Meyer Ministries' programme objectives are to reach the world with the Good News that Jesus Christ died for all mankind. Millions of people throughout Europe are able to receive the life-changing biblical teaching through Joyce Meyer Ministries' television and radio programs, teaching CDs, DVDs books and conferences. Our passion is the salvation of souls and to see people baptised in the Holy Spirit and walking in victory. We want people to receive healing in every area of life, spiritually, mentally, emotionally, physically, financially and socially. Our vision at Joyce Meyer Ministries is to achieve excellence in ministry; we are committed to integrity, honour, compassion, honesty, and excellence.
Joyce Meyer Ministries furthers its objectives by producing, selling and otherwise distributing literature, audio and visual aids, a quarterly magazine and by arranging and providing for the holding of meetings, lectures, seminars, conferences and training courses. Additionally, monthly partners commit to send funds on a regular basis.
Joyce Meyer Ministries opened its doors for business in September 2000. We started with 4 employees and a mailing list of about 10,000. We answered 4,600 phone calls and processed 7,300 pieces of mail. At year-end 2020, we had 15 employees and an active partner database of 11,353. We answered 10,791 phone calls and processed 20,890 emails and 7,448 pieces of mail. The Enjoying Everyday Life program is broadcast on 5 television stations and 4 radio stations in the U.K.
In addition, Joyce Meyer Ministries financially partnered with Alpha International, Life Church Bradford as well as several foodbanks and homeless outreaches.
Public benefit
The Trustees have considered the Charity Commission guidance on public benefit and consider that the activities of the charity meet its charitable objectives and provide a benefit to the public.
FINANCIAL REVIEW
Financial position
During the year, we received unrestricted donations of £1,306,841 (2019 £1,313,794); restricted donations of £326,187 (2019 £283,612) and income from the sale of books and CDs etc. of £167,817 (2019 £138,423). The charity had another successful year due to consistent support from faithful partners.
Principal funding sources
The funding sources for the ministry continue to be private donations and the sale of resources, with no requirement for government grants or fund raising.
The Board of Trustees confirms that the accounts comply with current statutory requirements, as well as with the requirements of Joyce Meyer Ministries' governing document, and the Charity Commission's Statement of Recommended Practice.
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately three to six months of unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs. Unrestricted funds were maintained at this level throughout the year.
FUTURE PLANS
Joyce Meyer Ministries will continue to take every opportunity to further our objectives in advancing the Christian faith by taking our Enjoying Everyday Life program to more television stations and radio stations throughout the UK and Europe. Our heart is to see the Good News of the Gospel spread to Every Nation . . .Every City . . .Every Day.
Page 1
JOYCE MEYER MINISTRIES
REPORT OF THE TRUSTEES
for the Year Ended 31 December 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Appointment and training of trustees
The COO and CEO invite directors to join the board. The invitation is based on relationship and/or referral. The directors would be interviewed by the CEO/COO. Upon acceptance the directors would receive copies of the articles and memorandum, all questions answered, and would receive all pertinent material such as financial information, frequency of board meetings, schedules of conferences, etc. The directors receive monthly financial data. The appointment of a director by the members is made by a resolution with the current director's signatures, or they can be appointed by the trustees.
Organisational structure
The United Kingdom's Joyce Meyer Ministries is affiliated to the charity organisation Joyce Meyer Ministries Inc based in Fenton, Missouri, USA.
The directors manage the business of the charity, expend the funds of the charity and enter into contracts on behalf of the charity by resolutions and signatures for agreement. The day to day operations are overseen by the CEO/COO and delegated to Managing Directors of the UK Office and support staff.
The charity is structured in the same way as Joyce Meyer Ministries Inc as it relates to internal structure; i.e. warehousing, technology, distribution of resources, standard accounting practices, and human resources. The ethos of the US affiliate undergirds the charity, while allowing it to provide day to day operations as appropriate for the United Kingdom. The charity is independent in its operations to meet the overall objectives of the charity.
Key management remuneration
The trustees carry out an annual pay review to ensure that the charity’s pay levels are fair, competitive and an effective use of charitable funds.
Related Party Transactions
Related party transactions are shown in the notes to the accounts.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
03940907 (England and Wales)
Registered Charity number
1081586
Registered office
4/5 Windsor Business Centre Vansittart Estate Windsor Berkshire SL4 1SP
Trustees
Mrs D Trusty K Sambrook Mrs R Sambrook T S Jupp D J Meyer
Company Secretary
Mrs D Trusty
Page 2
JOYCE MEYER MINISTRIES
REPORT OF THE TRUSTEES
for the Year Ended 31 December 2020
REFERENCE AND ADMINISTRATIVE DETAILS
Auditors
Brindley Millen Ltd Chartered Accountants and Statutory Auditors 167 Turners Hill Cheshunt Hertfordshire EN8 9BH
Solicitors
Cozen, Moxon & Hart (incorporating Graham Whitworth & Co) 24 The Causeway Middlesex TX11 0HD
SENIOR STAFF MEMBER
Stephen Bailey
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those 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 Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures that must be 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 charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Brindley Millen Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.
May 24, 2021 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
Delanie D. Trusty
Delanie D. Trusty (May 24, 2021 09:44 CDT) .................................................................................
Mrs D Trusty - Trustee
Page 3
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF JOYCE MEYER MINISTRIES
Opinion
We have audited the financial statements of Joyce Meyer Ministries (the 'charitable company') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF JOYCE MEYER MINISTRIES
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are those covered by the Statement of Recommended Practice for Charities (SORP 2019) and the Charities Act 2011. We assessed the risk of material misstatement in respect of fraud by making enquiries of management and trustees and by testing the implementation of accounting controls in place.
Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above by making enquiries with key personnel and reviewing relevant documentation such as minutes of Trustee meetings and correspondence with regulatory bodies. We considered the risk of fraud through management override by incorporation testing of journal entries and reviewing any requirements to meet performance targets. We also considered, and tested for, the possibility of unauthorised payments to related parties.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF JOYCE MEYER MINISTRIES
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
mwbrindley
mwbrindley (May 27, 2021 11:13 GMT+1)
Maurice Brindley BSc FCA (Senior Statutory Auditor) for and on behalf of Brindley Millen Ltd Chartered Accountants and Statutory Auditors 167 Turners Hill Cheshunt Hertfordshire EN8 9BH May 27, 2021 Date: .............................................
Page 6
JOYCE MEYER MINISTRIES
STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 31 December 2020
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 4 Distribution of Teaching materials Investment income 3 Total EXPENDITURE ON Charitable activities 5 Distribution of Teaching materials Advancement of the Christian Faith Outreach and gifts to missions Total NET INCOME/(EXPENDITURE) Transfers between funds 15 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 1,306,841 167,817 2,723 1,477,381 414,886 314,996 216,656 946,538 530,843 (520,378) 10,465 359,064 369,529 |
Restricted fund £ 326,187 - - 326,187 - - 846,565 846,565 (520,378) 520,378 - - - |
31.12.20 Total funds £ 1,633,028 167,817 2,723 1,803,568 414,886 314,996 1,063,221 1,793,103 10,465 - 10,465 359,064 369,529 |
31.12.19 Total funds £ 1,597,406 138,423 719 |
|---|---|---|---|---|
| 1,736,548 456,418 318,867 740,263 |
||||
| 1,515,548 | ||||
| 221,000 - |
||||
| 221,000 138,064 |
||||
| 359,064 |
The notes form part of these financial statements
Page 7
JOYCE MEYER MINISTRIES (REGISTERED NUMBER: 03940907)
BALANCE SHEET
31 December 2020
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 11 7,000 CURRENT ASSETS Stocks 12 20,959 Debtors 13 80,241 Cash at bank and in hand 291,432 392,632 CREDITORS Amounts falling due within one year 14 (30,103) NET CURRENT ASSETS 362,529 TOTAL ASSETS LESS CURRENT LIABILITIES 369,529 NET ASSETS 369,529 FUNDS 15 Unrestricted funds TOTAL FUNDS |
31.12.20 31.12.19 Restricted Total Total fund funds funds £ £ £ - 7,000 9,895 - 20,959 26,254 - 80,241 63,849 - 291,432 296,237 - 392,632 386,340 - (30,103) (37,171) - 362,529 349,169 - 369,529 359,064 - 369,529 359,064 369,529 359,064 369,529 359,064 |
31.12.20 31.12.19 Restricted Total Total fund funds funds £ £ £ - 7,000 9,895 - 20,959 26,254 - 80,241 63,849 - 291,432 296,237 - 392,632 386,340 - (30,103) (37,171) - 362,529 349,169 - 369,529 359,064 - 369,529 359,064 369,529 359,064 369,529 359,064 |
|---|---|---|
| 359,064 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on .............................................May 24, 2021 and were signed on its behalf by:
Delanie D. Trusty
Delanie D. Trusty (May 24, 2021 09:44 CDT)
.............................................
D Trusty - Trustee
The notes form part of these financial statements
Page 8
JOYCE MEYER MINISTRIES
CASH FLOW STATEMENT
for the Year Ended 31 December 2020
| 31.12.20 | 31.12.19 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | (6,226) | 129,091 |
| Net cash (used in)/provided by operating activities | (6,226) | 129,091 | |
| Cash flows from investing activities | |||
| Purchase of tangible fixed assets | (1,302) | (1,596) | |
| Interest received | 2,723 | 719 | |
| Net cash provided by/(used in) investing activities | 1,421 | (877) | |
| Change in cash and cash equivalents in the | |||
| reporting period | (4,805) | 128,214 | |
| Cash and cash equivalents at the beginning of | |||
| the reporting period | 296,237 | 168,023 | |
| Cash and cash equivalents at the end of the | |||
| reporting period | 291,432 | 296,237 |
The notes form part of these financial statements
Page 9
JOYCE MEYER MINISTRIES
NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 December 2020
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| 31.12.20 | 31.12.19 | |
|---|---|---|
| £ | £ | |
| Net income for the reporting period (as per the Statement of Financial Activities) | 10,465 | 221,000 |
| Adjustments for: | ||
| Depreciation charges | 4,198 | 3,099 |
| Interest received | (2,723) | (719) |
| Decrease in stocks | 5,295 | 580 |
| (Increase)/decrease in debtors | (16,392) | 8,478 |
| Decrease in creditors | (7,069) | (103,347) |
| Net cash (used in)/provided by operations | (6,226) | 129,091 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.1.20 Cash flow At £ £ Net cash Cash at bank and in hand 296,237 (4,805) 296,237 (4,805) Total 296,237 (4,805) |
31.12.20 £ 291,432 |
|---|---|
| 291,432 | |
| 291,432 |
The notes form part of these financial statements
Page 10
JOYCE MEYER MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements and assessment of going concern
The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are presented in sterling (£).
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Critical accounting judgements and key sources of estimation uncertainty
In preparing financial statements it is necessary to make certain judgements, estimated and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have most significant effect on amounts recognised in the financial statements.
Useful economic life of tangible fixed assets:
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
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.
Connected charity
The United Kingdom's Joyce Meyer Ministries (Limited by Guarantee) is affiliated with Joyce Meyer Ministries Inc. based in the United States in Fenton Missouri; USA.
Allocation and apportionment of costs
Costs are directly allocated to activities where possible.
Other costs are apportioned based on the floor area relating to that particular activity.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost Plant and machinery - 20% on cost Fixtures and fittings - 20% on cost Computer equipment - 20% on cost
Only items over £1,000 are capitalised and depreciated by the charity.
Net current assets
Stocks
Stocks consist of publications and audio visual material. Stocks are valued at the lower of cost and net realisable value.
continued...
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JOYCE MEYER MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES - continued
Net current assets
Debtors
Gift aid recoverable is recognised at the date that the related donation is received and is recognised at the settlement amount. Prepayments are valued at the amount prepaid.
The charity has a long-term rent deposit, which accrues interest at a commercial rate. No account of this interest has been taken from 1 January 2015 as this amount would contra the conversion of the asset to net present value.
Cash at bank and in hand
Cash at bank and in hand includes; cash, bank current accounts and bank deposit accounts with no withdrawal limitations. Where bank balances are held in foreign currencies the sterling amount is show as at the balance sheet date.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities are translated at the rate of exchange ruling at the balance sheet date. All exchange differences are taken to the Statement of Financial Activities.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's
pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially settled at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2. DONATIONS AND LEGACIES
| General donations Hand of Hope Donation from foreign affiliate Legacies Gain on foreign exchange |
31.12.20 £ 1,248,650 326,187 34,878 23,313 - 1,633,028 |
31.12.19 £ 1,276,471 283,613 34,312 2,017 993 |
|---|---|---|
| 1,597,406 |
continued...
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JOYCE MEYER MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2020
| 3. INVESTMENT INCOME Deposit account interest 4. INCOME FROM CHARITABLE ACTIVITIES Activity Sales of literature Distribution of Teaching materials 5. CHARITABLE ACTIVITIES COSTS Distribution of Teaching materials Advancement of the Christian Faith Outreach and gifts to missions 6. SUPPORT COSTS Advancement of the Christian Faith 7. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Auditors' remuneration Depreciation - owned assets |
Direct Costs £ 414,886 308,181 1,063,221 1,786,288 |
31.12.20 £ 2,723 31.12.20 £ 167,817 Support costs (see note 6) £ - 6,815 - 6,815 31.12.20 £ 6,815 4,197 |
31.12.19 £ 719 31.12.19 £ 138,423 Totals £ 414,886 314,996 1,063,221 1,793,103 Governance costs £ 6,815 31.12.19 £ 6,815 3,099 |
|---|---|---|---|
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
continued...
Page 13
JOYCE MEYER MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2020
9. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| 31.12.20 | 31.12.19 | |
| £ | £ | |
| Wages and salaries | 305,618 | 311,618 |
| Social security costs | 22,416 | 30,609 |
| Other pension costs | 7,893 | 6,550 |
| 335,927 | 348,777 | |
| The average monthly number of employees during the year was as follows: | ||
| 31.12.20 | 31.12.19 | |
| All employees | 15 | 14 |
No employees received emoluments in excess of £60,000.
The key management of personnel of the charity, comprise the trustees and the senior staff members (shown in the report to the trustees). The total employee benefits of the key management of the charity were £64,811 (2019: £60,883)
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Distribution of Teaching materials Investment income Total EXPENDITURE ON Charitable activities Distribution of Teaching materials Advancement of the Christian Faith Outreach and gifts to missions Total NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 1,313,794 138,423 719 1,452,936 456,418 318,867 155,996 931,281 521,655 (300,655) 221,000 138,064 359,064 |
Restricted fund £ 283,612 - - 283,612 - - 584,267 584,267 (300,655) 300,655 - - - |
Total funds £ 1,597,406 138,423 719 |
|---|---|---|---|
| 1,736,548 456,418 318,867 740,263 |
|||
| 1,515,548 | |||
| 221,000 - |
|||
| 221,000 138,064 |
|||
| 359,064 |
continued...
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JOYCE MEYER MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2020
11. TANGIBLE FIXED ASSETS
| Improvements to Plant and property machinery £ £ COST At 1 January 2020 105,768 42,794 Additions - - At 31 December 2020 105,768 42,794 DEPRECIATION At 1 January 2020 105,768 41,676 Charge for year - 1,118 At 31 December 2020 105,768 42,794 NET BOOK VALUE At 31 December 2020 - - At 31 December 2019 - 1,118 12. STOCKS Stock of literature and audio visual materials 13. DEBTORS Amounts falling due within one year: Tax recoverable Rent deposit VAT Prepayments Amounts falling due after more than one year: Rent deposit Aggregate amounts |
Fixtures and Computer fittings equipment Totals £ £ £ 16,525 193,384 358,471 - 1,302 1,302 16,525 194,686 359,773 16,525 184,607 348,576 - 3,079 4,197 16,525 187,686 352,773 - 7,000 7,000 - 8,777 9,895 31.12.20 31.12.19 £ £ 20,959 26,254 31.12.20 31.12.19 £ £ 43,571 29,595 21,616 - 7,304 6,923 7,750 5,715 80,241 42,233 - 21,616 80,241 63,849 |
Totals £ 358,471 1,302 |
Totals £ 358,471 1,302 |
|---|---|---|---|
| 359,773 | |||
| 348,576 4,197 |
|||
| 352,773 | |||
| 7,000 | |||
| 9,895 | |||
| 42,233 | |||
| 21,616 | |||
| 63,849 |
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continued...
JOYCE MEYER MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2020
| 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Social security and other taxes Other creditors Accrued expenses 15. MOVEMENT IN FUNDS At 1.1.20 £ Unrestricted funds General fund 359,064 Restricted funds Hand of Hope - TOTAL FUNDS 359,064 Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Hand of Hope TOTAL FUNDS Comparatives for movement in funds At 1.1.19 £ Unrestricted funds General fund 138,064 Restricted funds Hand of Hope - TOTAL FUNDS 138,064 |
Net movement in funds £ 530,843 (520,378) 10,465 Incoming resources £ 1,477,381 326,187 1,803,568 Net movement in funds £ 521,655 (300,655) 221,000 |
31.12.20 £ 15,843 1,637 12,623 30,103 Transfers between funds £ (520,378) 520,378 - Resources expended £ (946,538) (846,565) (1,793,103 ) Transfers between funds £ (300,655) 300,655 - |
31.12.19 £ 6,029 1,597 29,545 37,171 At 31.12.20 £ 369,529 - 369,529 Movement in funds £ 530,843 (520,378) 10,465 At 31.12.19 £ 359,064 - 359,064 |
|---|---|---|---|
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continued...
JOYCE MEYER MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2020
15. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Hand of Hope TOTAL FUNDS |
Incoming resources £ 1,452,936 283,612 1,736,548 |
Resources expended £ (931,281) (584,267) (1,515,548 ) |
Movement in funds £ 521,655 (300,655) |
|---|---|---|---|
| 221,000 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Hand of Hope TOTAL FUNDS |
Net movement At 1.1.19 in funds £ £ 138,064 1,052,498 - (821,033) 138,064 231,465 |
Transfers between At funds 31.12.20 £ £ (821,033) 369,529 821,033 - - 369,529 |
Transfers between At funds 31.12.20 £ £ (821,033) 369,529 821,033 - - 369,529 |
|---|---|---|---|
| 369,529 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Hand of Hope TOTAL FUNDS |
Incoming resources £ 2,930,317 609,799 3,540,116 |
Resources expended £ (1,877,819 ) (1,430,832 ) (3,308,651 ) |
Movement in funds £ 1,052,498 (821,033) |
|---|---|---|---|
| 231,465 |
The general fund represents the free funds of the charity which are not designated for a particular purpose.
Hand of Hope donations are donations given specifically towards outreach, which is administered by Joyce Meyer Ministries Inc centrally from the USA.
continued...
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JOYCE MEYER MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2020
16. RELATED PARTY DISCLOSURES
During the year the charity made the following payments to individuals and organisation who are related parties:
-
£nil donation to Covenant Love Church in Belfast, Mr & Mrs Sambrook are trustees of the church (2019: £500)
-
£24,366 to Mrs S Bailey, the spouse of a member of the Charity's Key Management, for remuneration in regards to her employment as UK Office Assistant (2019: £23,660)
The above transactions took place on an arms length basis with the relevant Related Party's absent from the decision making process.
17. AFFILIATED CHARITY
Joyce Meyer Ministries (Limited by Guarantee) is affiliated to the worldwide organisation Joyce Meyer Ministries. During the period the charity collected £326,187 (2019 £283,613) on behalf of the US Hand of Hope appeal and sent this to the US. An additional £520,378 (2019 £333,713) was also donated from general funds to this appeal.
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