REGISTERED COMPANY NUMBER: 03940907 (England and Wales) REGISTERED CHARITY NUMBER: 1081586
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Report of the Independent Auditors | 4 | to | 5 |
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Cash Flow Statement | 8 | ||
| Notes to the Cash Flow Statement | 9 | ||
| Notes to the Financial Statements | 10 | to | 17 |
| Detailed Statement of Financial Activities | 18 |
JOYCE MEYER MINISTRIES
REPORT OF THE TRUSTEES for the Year Ended 31 December 2022
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 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and 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 organisations 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 2022, we had 12 employees and an active partner database of 36,703 We answered £ 12,823 phone calls and processed 11,740 emails and 2,026 pieces of mail. The Enjoying Everyday Life program is broadcast on 4 television stations and 5 radio stations in the U.K.
In addition, Joyce Meyer Ministries financially partnered with Alpha International, Life Church Bradford as well as several foodbanks, homeless outreaches and refugee charities.
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 £997,600 (2021 £1,243,974); restricted donations of £224,007 (2021 £375,833) and income from the sale of books and CDs etc. of £84,147 (2021 £139,764). The charity had another successful year due to consistent support from 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 2022
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
Unit 9 The Pavilions Ruscombe Business Park Twyford RG10 9NN
Trustees
Mrs D Trusty K Sambrook Mrs R Sambrook T S Jupp D J Meyer
Company Secretary
Mrs D Trusty
Auditors
Brindley Millen Ltd Chartered Accountants and Statutory Auditors 167 Turners Hill Cheshunt Hertfordshire EN8 9BH
Page 2
JOYCE MEYER MINISTRIES
REPORT OF THE TRUSTEES
for the Year Ended 31 December 2022
REFERENCE AND ADMINISTRATIVE DETAILS
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.
Sep 14, 2023 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
Delanie D Trusty Delanie D Trusty (Sep 14, 2023 10:37 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 2022 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 2022 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.
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.
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF JOYCE MEYER MINISTRIES
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.
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.
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.
Maurice Brindley
Maurice Brindley (Sep 15, 2023 14:15 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 Sep 15, 2023 Date: .............................................
Page 5
JOYCE MEYER MINISTRIES
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 31 December 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 4 Distribution of Teaching materials Investment income 3 Other income 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 £ 997,600 84,147 981 - 1,082,728 319,947 372,660 152,262 844,869 237,859 (134,756) 103,103 325,224 428,327 |
Restricted fund £ 224,007 - - - 224,007 - - 358,763 358,763 (134,756) 134,756 - - - |
31.12.22 Total funds £ 1,221,607 84,147 981 - 1,306,735 319,947 372,660 511,025 1,203,632 103,103 - 103,103 325,224 428,327 |
31.12.21 Total funds £ 1,619,807 139,764 32 3,051 1,762,654 390,624 381,159 1,035,176 1,806,959 (44,305) - (44,305) 369,529 325,224 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 6
JOYCE MEYER MINISTRIES (REGISTERED NUMBER: 03940907)
BALANCE SHEET
31 December 2022
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 11 17,835 CURRENT ASSETS Stocks 12 22,321 Debtors 13 64,535 Cash at bank and in hand 340,430 427,286 CREDITORS Amounts falling due within one year 14 (16,794) NET CURRENT ASSETS 410,492 TOTAL ASSETS LESS CURRENT LIABILITIES 428,327 NET ASSETS 428,327 FUNDS 15 Unrestricted funds TOTAL FUNDS |
31.12.22 31.12.21 Restricted Total Total fund funds funds £ £ £ - 17,835 26,580 - 22,321 18,314 - 64,535 88,700 - 340,430 210,937 - 427,286 317,951 - (16,794) (19,307) - 410,492 298,644 - 428,327 325,224 - 428,327 325,224 428,327 325,224 428,327 325,224 |
|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
Sep 14, 2023 The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
Delanie D Trusty Delanie D Trusty (Sep 14, 2023 10:37 CDT)
............................................. D Trusty - Trustee
The notes form part of these financial statements
Page 7
JOYCE MEYER MINISTRIES
CASH FLOW STATEMENT
for the Year Ended 31 December 2022
| 31.12.22 | 31.12.21 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | 128,512 | (52,202) |
| Net cash provided by/(used in) operating activities | 128,512 | (52,202) | |
| Cash flows from investing activities | |||
| Purchase of tangible fixed assets | - | (28,325) | |
| Interest received | 981 | 32 | |
| Net cash provided by/(used in) investing activities | 981 | (28,293) | |
| Change in cash and cash equivalents in the | |||
| reporting period | 129,493 | (80,495) | |
| Cash and cash equivalents at the beginning of | |||
| the reporting period | 210,937 | 291,432 | |
| Cash and cash equivalents at the end of the | |||
| reporting period | 340,430 | 210,937 |
The notes form part of these financial statements
Page 8
JOYCE MEYER MINISTRIES
NOTES TO THE CASH FLOW STATEMENT for the Year Ended 31 December 2022
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Net income/(expenditure) for the reporting period (as per the Statement of | ||
| Financial Activities) | 103,103 | (44,305) |
| Adjustments for: | ||
| Depreciation charges | 8,745 | 8,745 |
| Interest received | (981) | (32) |
| (Increase)/decrease in stocks | (4,007) | 2,645 |
| Decrease/(increase) in debtors | 24,165 | (8,459) |
| Decrease in creditors | (2,513) | (10,796) |
| Net cash provided by/(used in) operations | 128,512 | (52,202) |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.1.22 | Cash flow | At 31.12.22 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 210,937 | 129,493 | 340,430 |
| 210,937 | 129,493 | 340,430 | |
| Total | 210,937 | 129,493 | 340,430 |
The notes form part of these financial statements
Page 9
JOYCE MEYER MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2022
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.
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.
continued...
Page 10
JOYCE MEYER MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2022
1. ACCOUNTING POLICIES - continued
Net current assets
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 |
31.12.22 £ 973,617 224,007 23,983 - - 1,221,607 |
31.12.21 £ 1,211,177 375,833 31,191 1,500 106 |
|---|---|---|
| 1,619,807 |
continued...
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JOYCE MEYER MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2022
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 £ 319,947 366,475 511,025 1,197,447 |
31.12.22 £ 981 31.12.22 £ 84,147 Support costs (see note 6) £ - 6,185 - 6,185 31.12.22 £ 6,185 8,746 |
31.12.21 £ 32 31.12.21 £ 139,764 Totals £ 319,947 372,660 511,025 1,203,632 Governance costs £ 6,185 31.12.21 £ 5,555 8,745 |
|---|---|---|---|
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
9. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Wages and salaries | 314,277 | 338,799 |
| Social security costs | 25,160 | 25,404 |
| Other pension costs | 8,458 | 8,555 |
| 347,895 | 372,758 | |
| The average monthly number of employees during the year was as follows: | ||
| 31.12.22 | 31.12.21 | |
| All employees | 13 | 13 |
continued...
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JOYCE MEYER MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2022
9. STAFF COSTS - continued
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 31.12.22 | 31.12.21 | ||
|---|---|---|---|
| £60,001 | - £70,000 | 1 | - |
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 £72,258 (2021: £67,887)
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Distribution of Teaching materials Investment income Other 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 £ 1,243,974 139,764 32 3,051 1,386,821 390,624 381,159 242,300 1,014,083 372,738 (417,043) (44,305) 369,529 325,224 |
Restricted fund £ 375,833 - - - 375,833 - - 792,876 792,876 (417,043) 417,043 - - - |
Total funds £ 1,619,807 139,764 32 3,051 1,762,654 390,624 381,159 1,035,176 1,806,959 (44,305) - (44,305) 369,529 325,224 |
|---|---|---|---|
continued...
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JOYCE MEYER MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2022
11. TANGIBLE FIXED ASSETS
| Improvements to property £ COST At 1 January 2022 22,901 Disposals - At 31 December 2022 22,901 DEPRECIATION At 1 January 2022 4,580 Charge for year 4,581 Eliminated on disposal - At 31 December 2022 9,161 NET BOOK VALUE At 31 December 2022 13,740 At 31 December 2021 18,321 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 |
Plant and machinery £ 42,794 (42,794) - 42,794 - (42,794) - - - |
Fixtures and Computer fittings equipment £ £ 16,525 200,110 (16,525) (179,287) - 20,823 16,525 191,851 - 4,165 (16,525) (179,288) - 16,728 - 4,095 - 8,259 31.12.22 £ 22,321 31.12.22 £ 18,691 - 3,739 7,329 29,759 34,776 64,535 |
Totals £ 282,330 (238,606) 43,724 255,750 8,746 (238,607) 25,889 17,835 26,580 31.12.21 £ 18,314 31.12.21 £ 37,536 3,302 5,449 7,637 53,924 34,776 88,700 |
|---|---|---|---|
continued...
Page 14
JOYCE MEYER MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2022
| 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Social security and other taxes Other creditors Accrued expenses 15. MOVEMENT IN FUNDS At 1.1.22 £ Unrestricted funds General fund 325,224 Restricted funds Hand of Hope - TOTAL FUNDS 325,224 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 1.1.21 £ Unrestricted funds General fund 369,529 Restricted funds Hand of Hope - TOTAL FUNDS 369,529 |
Net movement in funds £ 237,859 (134,756) 103,103 Incoming resources £ 1,082,728 224,007 1,306,735 Net movement in funds £ 372,738 (417,043) (44,305) |
31.12.22 £ - 8,472 8,322 16,794 Transfers between funds £ (134,756) 134,756 - Resources expended £ (844,869) (358,763) (1,203,632 ) Transfers between funds £ (417,043) 417,043 - |
31.12.21 £ 6,556 1,748 11,003 19,307 At 31.12.22 £ 428,327 - 428,327 Movement in funds £ 237,859 (134,756) 103,103 At 31.12.21 £ 325,224 - 325,224 |
|---|---|---|---|
Page 15
continued...
JOYCE MEYER MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2022
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 A current year 12 months and prior year 12 months combined position is as At 1.1.21 £ Unrestricted funds General fund 369,529 Restricted funds Hand of Hope - TOTAL FUNDS 369,529 |
Incoming resources £ 1,386,821 375,833 1,762,654 follows: Net movement in funds £ 610,597 (551,799) 58,798 |
Resources expended £ (1,014,083 ) (792,876) (1,806,959 ) Transfers between funds £ (551,799) 551,799 - |
Movement in funds £ 372,738 (417,043) (44,305) At 31.12.22 £ 428,327 - 428,327 |
|---|---|---|---|
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 £ 2,469,549 599,840 3,069,389 |
Resources expended £ (1,858,952 ) (1,151,639 ) (3,010,591 ) |
Movement in funds £ 610,597 (551,799) 58,798 |
|---|---|---|---|
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.
Page 16
continued...
JOYCE MEYER MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2022
16. RELATED PARTY DISCLOSURES
During the year the charity made the following payments to individuals and organisation who are related parties:
£32,760 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 (2021: £30,203)
The above transactions took place on an arms length basis with the relevant Related Party's absence 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 £224,007 (2021 £375,833) on behalf of the US Hand of Hope appeal and sent this to the US. An additional £134,756 (2021 £417,043) was also donated from general funds to this appeal.
Page 17
JOYCE MEYER MINISTRIES
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 December 2022
| INCOME AND ENDOWMENTS Donations and legacies General donations Hand of Hope Donation from foreign affiliate Legacies Gain on foreign exchange Investment income Deposit account interest Charitable activities Sales of literature Other income Other income Total incoming resources EXPENDITURE Charitable activities Wages Social security Pensions Purchases for resale Premises costs Postage and freight Printing Administration costs Office costs Travel costs Financial and professional costs World Outreach Airtime and mailings Benefits paid to employees Unclaimable VAT Depreciation of tangible fixed assets Support costs Governance costs Auditors' remuneration Total resources expended Net income/(expenditure) |
31.12.22 £ 973,617 224,007 23,983 - - 1,221,607 981 84,147 - 1,306,735 314,277 25,160 8,458 27,279 39,683 32,070 368 3,023 53,720 640 115,273 511,025 44,717 9,166 3,843 8,745 1,197,447 6,185 1,203,632 103,103 |
31.12.21 £ 1,211,177 375,833 31,191 1,500 106 1,619,807 32 139,764 3,051 1,762,654 338,799 25,404 8,555 35,481 118,708 47,152 1,671 2,584 51,305 541 71,577 1,035,176 40,693 7,058 7,955 8,745 1,801,404 5,555 1,806,959 (44,305) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 18
Joyce Meyer Ministries PO Box 1549 Windsor Berkshire SL4 1GT
Brindley Millen Ltd 167 Turners Hill Cheshunt Herts EN8 9BH
17 Sep 2023
Dear Sirs
This representation letter is provided in connection with your audit and preparation of the financial statements of Joyce Meyer Ministries for the year ending 31 December 2022 for the purpose of expressing an opinion as to whether the financial statements give a true and fair view of the results and financial position of the charity in accordance with the Companies Act 2006, the Charities Act 2011 and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Financial statements
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We have fulfilled our responsibilities as directors as set out in the terms of your engagement dated 5 May 2020 for preparing financial statements in accordance with the Companies Act 2006, which you have drafted on our behalf which give a true and fair view of the financial position of Joyce Meyer Ministries as of 31 December 2022 and of the results of its operations and its cash flows for the year then ended and for making accurate representations to you.
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Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.
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We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements.
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We have disclosed all known actual or possible litigation and claims whose effects should be considered when preparing the financial statements and these have been disclosed in accordance with the requirements of accounting standards.
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Related party relationships and transactions have been appropriately accounted for and disclosed in accordance with the requirements of accounting standards.
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All events since the balance sheet date which require disclosure or which would materially affect the amounts in the financial statements have been adjusted or disclosed in the financial statements.
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We confirm the financial statements are free of material misstatements, including omissions.
We believe that those uncorrected misstatements identified during the audit are immaterial both individually and in aggregate to the financial statements as a whole.
- We confirm that, having considered our expectations and intentions for the next twelve months, and the availability of working capital, the charity is a going concern. We confirm that the disclosures in the accounting policies are an accurate reflection of the reasons for our consideration that the financial statements should be drawn up on a going concern basis.
Information provided
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All accounting records and relevant information have been made available to you for the purpose of your audit. We have provided to you all other information requested and given unrestricted access to persons within the entity from whom you have deemed it necessary to obtain audit evidence. All other records and related information including minutes of all trustee meetings have been made available to you.
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All transactions undertaken by the charity have been properly reflected in the accounting records and are reflected in the financial statements.
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We acknowledge our responsibility for the design, implementation and maintenance of controls to prevent and detect fraud. We have disclosed to you the results of our assessment of the risk that the financial statements may be materially misstated as a result of fraud.
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We have disclosed to you all information in relation to fraud or suspected fraud that we are aware of and that affects the entity and involves, management, employees who have significant roles in internal control, or others, where fraud could have a material effect on the financial statements.
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We have disclosed to you all information in relation to allegations of fraud, or suspected fraud affecting the entity’s financial statements communicated by employees, former employees, analysts, regulators or others.
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We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the charity conducts its business and which could affect the financial statements. The charity has complied with all aspects of contractual agreements that could have a material effect on the financial statements in the event of non-compliance.
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We confirm that we have disclosed to you the identity of the entity’s related parties and all related party relationships and transactions relevant to the charity that we are aware of.
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The charity has satisfactory title to all assets, and there are no liens or encumbrances on the assets except for those disclosed in the financial statements.
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There are no liabilities, contingent liabilities or guarantees to third parties other than those disclosed in the financial statements.
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The charitable company has at no time during the year entered into any arrangement, transaction or agreement to provide credit facilities (including loans, quasi loans or credit transactions) for directors/trustees, nor to guarantee or provide security for such matters, except as disclosed in the financial statements.
We confirm to the best of our knowledge and belief that the above representations are made on the
basis of enquiries of management and staff with relevant knowledge and experience and, where appropriate, of inspection of supporting documentation sufficient to satisfy ourselves that we can properly make each of the above representations to you.
We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that so far as we are aware, there is no relevant audit information needed by you in connection with preparing your audit report of which you are unaware. Each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that you are aware of that information.
Yours faithfully
Delanie D Trusty
Delanie D Trusty (Sep 14, 2023 10:37 CDT)
For and on behalf of Joyce Meyer Ministries
We confirm that we have read and understood the contents of this letter and agree that it accurately reflects the representations that you, as directors, made to us during the course of our audit.
Maurice Brindley Maurice Brindley (Sep 15, 2023 14:15 GMT+1) .......................................... Signed on behalf of Brindley Millen Ltd
Date: Sep 15, 2023