REGISTERED COMPANY NUMBER: 03301423 (England and Wales) REGISTERED CHARITY NUMBER: 1083180 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 FOR LATIN AMERICAN MINISTRIES LIMITED P B Syddall & Co Chartered Accountants Grafton House 81 Chorley Old Road Bolton Lancashire BLI 3AJ
LATIN AMERICAN MINISTRIES LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements Detailed Statement of Financial Activities 12
LATIN AMERICAN MINISTRIES LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 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 March 2023. 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 l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims Latin American Ministries Limited was established to provide an evangelical Christian Ministry in South America. We raise funds to assist some of the poorest children in Brazil and Bolivia with education, training, medical and dental treatment, famine relief and religious and cultural development. Significant activities In the year to 31 st March 2023 the charity continued to maintain regular support to: a Street Boys Home in Rio de Janeiro, a Non Governmental Organisation in Petropolis, RJ, Brazil, providing daily meals, dentistry and activities for needs children and families, in the Amazon, a church outreach of an infant school providing free daily meals, as well as education for the poorest children in the town of Maues, Brazil, a native Indian Bible School and mission to native indians in Tabatinga, Brazil, a mission school and outreach to the poorest community in in Caucaia, Ceara, Brazil, a church outreach to a poor riverside community in Santa Cruz, Bolivia. Public benefit The trustees have given due consideration to the charity commission guidance and believe that they heavily invest in a number of communities throughout Brazil and Bolivia and touch the lives of so many young people. The trustees are satisfied that they meet the public benefit requirements. FINANCIAL REVIEW Reserves policy The charity looks to maintain reserves of £15,000 which equates to 6 months charitable expenditure. The overheads of the charity are low but our missionaries and the institutions they support would struggle financially if LAM'S income streams diminished in the future. Maintaining a healthy reserve will enable the charity to continue to support the mission work for a further 6 months if income were to cease. 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. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 03301423 (England and Wales) Registered Charity number 1083180 Page
LATIN AMERICAN MINISTRIES LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Registered office 8 Holmes Cottages Temple Road Bolton BLI 3LU Trustees Reverend J N Quinlan Mrs S A Quinlan M A Quinlan R M Griffiths J Higgins Company Secretary Mrs S A Quinlan Independent Examiner Adam J Syddall MA ACA P B Syddall & Co Chartered Accountants Grafton House 81 Chorley Old Road Bolton Lancashire BLI 3AJ Bankers National Westminster Bank Leicester Rcsc Bede House I I Western Boulevard Leicester Leicestershire LE2 7EJ Approved by order of the board of trustees on 18 July 2023 and signed on its behalf by: Mrs S A Quinlan - Secretary Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LATIN AMERICAN MINISTRIES LIMITED Independent examiner's report to the trustees of Latin American Ministries Limited ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 201 l Act,). In carying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 201 l Act. Independent examiner's statement I have completed my examination. I confirni that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Adam J Syddal AACA The Institute of Chartered Accountants in England and Wales P B Syddall & Co Chartered Accountants Grafton House 81 Chorley Old Road Bolton Lancashire BLI 3AJ 19 July 2023 Page 3
LATIN AMERICAN MINISTRIES LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 31.3.23 Unrestricted fund 31.3.22 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 35,500 34,946 Investment income 30 Total 35,530 34,946 EXPENDITURE ON Raising funds 1,691 750 Charitable activities Missionaries and schools in Brazil and Bolivia 38,067 33,893 Total 39,758 34,643 NET INCOME/(EXPENDITURE) (4,228) 303 RECONCILIATION OF FUNDS Total funds brought forward 25,421 25,118 TOTAL FUNDS CARRIED FORWARD 21,193 25,421 The notes form part of these financial statements Page 4
LATIN AMERICAN MINISTRIES LIMITED BALANCE SHEET 31 MARCH 2023 31.3.23 Unrestricted fund 31.3.22 Total funds Notes FIXED ASSETS Tangible assets 299 20 CURRENT ASSETS Debtors Cash at bank 2,499 19,485 2,089 23,792 21,984 25,881 CREDITORS Amounts falling due within one year (1,090) (480) NET CURRENT ASSETS 20,894 25,401 TOTAL ASSETS LESS CURRENT LIABILITIES 21,193 25,421 NET ASSETS 21,193 25,421 FUNDS Unrestricted funds 10 21,193 25,421 TOTAL FUNDS 21,193 25,421 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. (b) The notes form part of these financial statements Page 5 continued...
LATIN AMERICAN MINISTRIES LIMITED BALANCE SHEET- continued 31 MARCH 2023 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 18 July 2023 and were signed on its behalf by: S A Quinlan - Trustee The notes fomi part of these financial statements Page 6
LATIN AMERICAN MINISTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES Basis of preparing the financial statements 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 l 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. 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. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Computer equipment 25 % on reducing balance Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Page 7 continued..
LATIN AMERICAN MINISTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2023 INVESTMENT INCOME 31.3.23 31.3.22 Deposit account interest 30 RAISING FUNDS Raising donations and legacies 31.3.23 31.3.22 Support costs 1,691 750 NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 31.3.23 31.3.22 Independent examiner Depreciation - owned assets 1,100 71 480 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. Trustees, expenses Mr Mark Quinlan acting as a missionary received living expense support from Latin American Ministries of £3,200 in the year to 31 st March 2023 (2022: £4,800). COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 34,946 EXPENDITURE ON Raising funds 750 Charitable activities Missionaries and schools in Brazil and Bolivia 33,893 Total 34,643 NET INCOME 303 RECONCILIATION OF FUNDS Total funds brought forward 25,118 Page 8 continued...
LATIN AMERICAN MINISTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricted fund TOTAL FUNDS CARRIED FORWARD 25,421 TANGIBLE FIXED ASSETS Computer equipment COST At l April 2022 Additions 20 350 At 31 March 2023 370 DEPRECIATION Charge for year 71 NET BOOK VALUE At 31 March 2023 299 At 31 March 2022 20 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.23 31.3.22 Other debtors Prepayments and accrued income 30 2,059 2,499 2,499 2,089 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.23 31.3.22 Accrued expenses 1,090 480 10. MOVEMENT IN FUNDS Net movement in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund 25,421 (4,228) 21,193 TOTAL FUNDS 25,421 (4,228) 21,193 Page 9 continued...
LATIN AMERICAN MINISTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2023 10. MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 35,530 (39,758) (4,228) TOTAL FUNDS 35,530 (39,758) (4,228) Comparatives for movement in funds Net movement in funds At 31,3.22 At 1.4.21 Unrestricted funds General fund 25,118 303 25,421 TOTAL FUNDS 25,118 303 25,421 Comparative net movement in funds, included in the above are as follows; Incoming resources Resources expended Movement in funds Unrestricted funds General fund 34,946 (34,643) 303 TOTAL FUNDS 34,946 (34,643) 303 A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.3.23 At 1.4.21 Unrestricted funds General fund 25,118 (3,925) 21,193 TOTAL FUNDS 25,118 (3,925) 21,193 Page 10 continued...
LATIN AMERICAN MINISTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2023 10. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 70,476 (74,401) (3,925) TOTAL FUNDS 70,476 (74,401) (3,925) 11. RELATED PARTY DISCLOSURES Mr Mark Quinlan a Trustee of Latin American Ministries received £3,200 from the charity to aid with living costs whilst acting as a missionary. Page 11
LATIN AMERICAN MINISTRIES LIMITED DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THF YEAII ENDED 31 MARCH 2023 31.3.23 31.3.22 INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid 33,469 2,031 32,887 2,059 35,500 34,946 Investment income Deposit account interest 30 Total incoming resources 35,530 34,946 EXPENDITURE Charitable activities Travel Grants to individuals and organisations 1,337 36,730 3,816 30,077 38,067 33,893 Support costs Finance Sundries Bank charges Office costs Computer equipment 196 172 152 71 270 591 270 Governance costs Auditors, remuneration 1,100 480 Total resources expended 39,758 34,643 Net (expenditure)/income (4,228) 303 This page does not form part of the statutory financial statements Page 12