REGISTERED COMPANY NUMBER: 03301423 (England and Wales) REGISTERED CHARITY NUMBER: 1083180 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 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 2024 Page Report of the Tru$lees Independent Examin¢r's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9 10 13 DetAil¢d Statement of Financial Activities 14
LATIN AMERICAN MINISTRIES LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 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 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recomrnended 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). OWECTIVES AND ACTIVITIES Objectives and aims Latin American Ministries Limited was established to provide an evangelical Christian Ministy in South America. We Tai5e 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. The charities governing document sums up the charitable objects as:. l. To advance the Christina religion in South America by such means as the Trustees shall in their absolute discretion think fit. 2. To relieve poverty, sickness and distress among children in necessitous ¢ir¢umstances in South America. Page I
LATIN AMERICAN MINISTRIES LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Significant activities In the year to 3 1st March 2024 the charity continued with its programme of regular monthly sponsorship to help maintain the schools and projects we support in Brazil and Bolivia. Calvirio Street Boys Home in Rio de J8neiro, Brazil. This home, first started by Pastor Reinaldo Costa, has been running for 25 years in connection with Living Word Church and LAM has been its main supporter from the beginning. involved in the building of ihe Horne and the provisions. Many boys have been rescued from a life of danger and misery on the streets and given support to catch up with their schooling, medical needs and, where possible, a return to their family environment. Those who remain stay till 18 and the Home then sets them up in accommodation and employment, as they can. The sta? and ministers of Calvino still have contact with many of the boys, now grown men, and some with families, for year5 after they pass through their doors. Rio experienced bad flooding in February of this year and LAM contributed fijnds to help various families affected there. Sal para Terra (Salt of the Earth) Project In Petropolis, R.J. Brazil Thi5 is a NGO charity run by Pastors Adilson and Roberta Malaquias, also for 25 y¢ars; providing over 100 daily hot meals, free dental treatment and classes and activities for children and families in need in the nearby 'favelas' LAM has known and sUPPOrted this work from the beginning. LAM is also supporting Sara Malaquias Ihe daughter of Pastors Adilson and Roberta in her training to be a denlist and this is her third year. Maués Living Word Infants schools for underprivileEed children - notive Indian and Brazili4n. Maués is a iown on the bank of the Amazon River. Brazil. The Living Word Church ha5 two infant schools, one in the town and one on the outskirts, where a community has sprung up of deprived families from outside the area. unable to gel work. As well as freely leaching the children to read and write, these schools also provide a daily cooked meal for the children. For many of thes¢ childr¢n that will b¢ Ihcir only cooked meal Ihai day. LAM has been aS50Cidled with them for over 20 years and helped build both the church and the schools and has sponsored ¢hildren there ever since. Ticuna Nalive Indians and other tribes in the Three frontier region of the Amazon River. LAM has been involved with work among the native tribes in this region for over 20 years through a school sponsorship program in the early days and now regular provision for a Bible Training Missions Course run for one week every two months on the Cuagu Evangelical Mission Base, providing accommodaiion and provisions for the pastors in training and their families for the week long ¢venl. LAM has also built churches in the area and supplied motorised canoes over the years. Caucaia, N. West Brgzil. Living Water School and Children ofthe Klng Outreach to needy families in the 'favela', run by missionaries and pa5tor5, Peter and Josi Millward . LAM has been sponsoring children here for 7 years and has helped with the school building and improvements needed over the years and support and provision for the outreach to needy families. Santa Cruz de la Slerr#, Bollvlx. LAM has been sponsoring children in an extremely poor community growing up on the banks of the river there for 12 years, providing education reinforcement. medical help and clothing. This work was started a5 a free health clinic by Dr. Janeth Mendoza. a doctor and surgeon, with a love for the poorest families in her city and from there grew to include education, spiritual care and food supplies. Janeth has since died. but her grown-up children carry it on. Many of the children LAM sponsored in the earlier years have now graduated and gone on to good jobs. where-as the norni would have been to drop out of school at the earli¢st possibility. as they just could not keep up. Page 2
LATIN AMERICAN MINISTRIES LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES It has been LAM'S privilege to work among these different schools and projects. and others that are no longer running* over more than 25 years and we are grateful to God for every sponsor who has shown faith in our work and been with us during this time. Public beneflt The trustees hav¢ given due consideration to the charity commission guidance and believe that th¢y h¢avily invest in a numb¢r of communities throughout Brazil and Bolivia and touch ihe liv¢s 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 at least £15.000 which equates to 6 months charitable expenditur¢. 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 monihs if income were to cease. Ai the year end ihe charity had cash reserves of £20,695 which is in line with this policy. The Trustees do not feel that holding ihis level of reserves is unreasonable. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust. and conslitute5 8 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 Registered office 8 Holmes Cottages Temple Road Bolton BLI 3LU Trustee$ 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 FCA P B Syddall & Co Chartered Accountants Grafton House 81 Chorley Old Road Bolton Lancashire BLI 3AJ Page 3
LATIN AMERICAN MINISTRIES LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS 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 27 September 2024 and signed on its behalf by.. Mrs S A Quinlan- Secretary Page 4
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 ihe Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's truste¢s of the Company (and also its directors for the puOseS of company law) you are responsible for the preparation of the accounts in accordance with the requir¢m¢nts 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 carrying 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'5 St8tement 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 requirernents 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 lo 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 examinalion to which attention Should be drawn in this report in order to enable a proper understanding of the accounts to be reached, Adam J Syddall MA FCA 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 27 September 2024 Page 5
LATIN AMERICAN MINISTRIES LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 Unrestricted fund 31.3.23 Total nds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 35,873 35,500 Investment income 57 30 Total 35,930 35,530 EXPENDITURE ON Raising funds 2,043 1,691 Charstable activltles Missionaries and schools in Brazil and Bolivia 32,473 38.067 Total 34,516 39.758 NET INCOMEI(EXPENDITURE) 1,414 (4,228) RECONCILIATION OF FUNDS Total funds brought forward 21.193 25,421 TOTAL FUNDS CARRIED FORWARD 22,607 21.193 The notes fonn part of these financial statements Page 6
LATIN AMERICAN MINISTRIES LIMITED BALANCE SHEET 31 MARCH 2024 31.3.24 Unrestricted fund 31.3.23 Total funds Notes FIXED ASSETS Tangible assets 224 299 CURRENT ASSETS Deblors Cash at bank 2,288 20,695 2.499 19.485 22,983 21,984 CREDITORS Amounts falling due within one year (600) (1,090) NET CURRENT ASSETS 22,383 20,894 TOTAL ASSETS LESS CURRENT LIABILITIES 22,607 21.193 NET ASSETS 22,607 21,193 FUNDS Unrestricted funds 10 22,607 21,193 TOTAL FUNDS 22,607 21,193 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The member5 have not required the company to obtain an audil of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge iheir responsibilities for (a) ensuring that the charitable company keeps accounting record5 that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial stalements 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 requir¢m¢nts of Seclions 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 forni part of ihese financial 5tat¢m¢nts Page 7 continued...
LATIN AMERICAN MINISTRIES LIMITED BALANCE SHEET- continued 31 MARCH 2024 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 27 September 2024 and were signed on its behalf by.. S A Quinlan - Trustee The notes fom part of these financial statements Page 8
LATIN AMERICAN MINISTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 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 th¢ Companies Act 2006. The financial statements have been prepared under the historical cost conv¢ntion. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable thai th¢ 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 15 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to ihe category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basi5 consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end dale 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 otT each asset over its estimated useful life. Computer equipment 25% on reducing balance Taxation The charity is exempi from corpordtion tax on ils 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 PU05eS. Further explanation of the nature and purpose of each nd is included in the notes to the financial statements. Pag¢ 9 continued...
LATIN AMERICAN MINISTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME 31.3.24 31.3.23 Deposit account interest 57 30 RAISING FUNDS Rgising donations and legacies 31.3.24 31.3.23 Support Costs 2,043 1.691 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after charging/(crediting): 31.3.24 31.3.23 Independent examiner Depreciation - owned assets 600 75 I,ioo 71 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefils for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expense5 There were no trustees expenses for the year to 31 March 2024. In the year to 31 March 2023, Mark Quinlan, acting as a missionary, received living expense support from the charity of £3,200. Mark Quinlan is a trustee of the charity. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted nd INCOME AND ENDOWMENTS FROM Donations and legacies 35,500 Investment income 30 Total 35,530 EXPENDITURE ON Raising funds 1.691 Charitable activities Missionaries and schools in Brazil and Bolivia 38,067 Total 39,758 NET INCOME/(EXPENDITURE) {4.228) Page 10 continued...
LATIN AMERICAN MINISTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- eontinued Unr¢stricted fund RECONCILIATION OF FUNDS Total funds brought forward 25,421 TOTAL FUNDS CARRIED FORWARD 21,193 TANGIBLE FIXED ASSETS Computer equipment COST At l April 2023 and 31 March 2024 370 DEPRECIATION At l April 2023 Charge for year 71 75 Al 31 March 2024 146 NET BOOK VALUE At 31 March 2024 224 At 31 March 2023 299 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Prepayments and a¢cru¢d income 2,288 2,499 Page 11 continued...
LATIN AMERICAN MINISTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR TIIE YEAR ENDED 3] MARCH 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 AccNed expenses 600 1,090 io. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 21,193 1,414 22,607 TOTAL FUNDS 21,193 1,414 22,607 Nel movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 35,930 (34,516) 1,414 TOTAL FUNDS 35,930 (34,516) 1,414 Comparatives for movement in funds Nel movement in funds At 31.3.23 Al 1,4.22 Unrestricted funds General fund 25,421 (4,228) 21,193 TOTAL FUNDS 25,421 {4,228) 21,193 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in ndS Unrestricted funds General fund 35,530 (39,758) (4,228) TOTAL FUNDS 35.530 (39,758) (4.228) Page 12 continu¢d...
LATIN AMERICAN MINISTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 io. MOVEMENT IN FUNDS- ¢ontiDued A current year 12 months and prior year 12 months combined position is as follows: Net movement in fijnds At 31.3.24 At 1.4.22 Unrestricted funds General fund 25,421 (2,814) 22,607 TOTAL FUNDS 25.421 (2,814) 22.607 A current year 12 months and prior year 12 months combined net movement in fimds, inoludcd in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricled funds General fund 71,460 (74,274) (2,814) TOTAL FUNDS 71,460 (74,274) (2.814) RELATED PARTY DISCLOSURES There were no related paty transaction5 for the year ended 31 March 2024. Page 13
LATIN AMERICAN MINISTRIES LIMITED DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 31.3.23 INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid 32,248 3,625 33,469 2.031 35,873 35,500 Investment ineome Deposit account interest 57 30 Total incoming resources 35,930 35,530 EXPENDITURE Charitable activities Travel Grants to individuals and organisations 1.337 36,730 32,473 32,473 38,067 Support costs Finance Sundries Bank charges otyice costs Computer equipment 526 754 88 75 196 172 152 71 1,443 591 Governance costs Independent examination 600 I,ioo Total resources expended 34,516 39,758 Net Incomel{¢xpenditure) 1,414 (4,228) This page does not fonn part of the statutory financial statements Page 14