REGISTERED CHARITY NUMBER: 1110556
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2021
for
Grace Ministries
Peters & Co Chartered Certified Accountants & Statutory Auditors Imperial House 64 Willoughby Lane London N17 0SP
Grace Ministries
for the Year Ended 31 March 2021
Report of the Trustees
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. 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).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1110556
Principal address
Unit 6, Rippleside Commercial Road Barking IG11 0RJ
Trustees
Pastor C Emmanuel A Chibuike T J Emmanuel
Bankers
HSBC 150 Stoke Newington High Street London N16 7JP
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... A Chibuike - Trustee
Page 1
Grace Ministries
Statement of Financial Activities for the Year Ended 31 March 2021
| 2021 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 230,071 Other income 51,907 Total 281,978 EXPENDITURE ON Raising funds 65,672 Charitable activities Homeless and needy support 4,680 Honorariums and donations 14,077 Homeless and needy support 85,600 Other 112,643 Total 282,672 NET INCOME/(EXPENDITURE) (694) RECONCILIATION OF FUNDS Total funds brought forward (44,940) TOTAL FUNDS CARRIED FORWARD (45,634) |
2020 Total funds £ 205,799 50,288 256,087 42,098 - 3,326 13,671 191,199 250,294 5,793 (50,733) (44,940) |
|---|---|
The notes form part of these financial statements
Page 2
Grace Ministries
Balance Sheet 31 March 2021
| 2021 Unrestricted fund Notes £ CURRENT ASSETS Debtors 6 23,598 Cash at bank - 23,598 CREDITORS Amounts falling due within one year 7 (69,232) NET CURRENT ASSETS/(LIABILITIES) (45,634) TOTAL ASSETS LESS CURRENT LIABILITIES (45,634) NET ASSETS/(LIABILITIES) (45,634) FUNDS Unrestricted funds (45,634) TOTAL FUNDS (45,634) |
2020 Total funds £ 20,510 5,940 26,450 (71,390) (44,940) (44,940) (44,940) (44,940) (44,940) |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. A Chibuike - Trustee
............................................. T J Emmanuel - Trustee
The notes form part of these financial statements
Page 3
Grace Ministries
Notes to the Financial Statements for the Year Ended 31 March 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. 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.
Motor vehicles - 25% on reducing balance
The property were the ministry was leased was vacated in June 2016 and the Trustees decided to write off balance of refurbishment costs in the year.
Taxation
The charity is exempt from 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.
continued...
Page 4
Grace Ministries
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
3. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Administration No employees received emoluments in excess of £60,000. 4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies Other income Total EXPENDITURE ON Raising funds Charitable activities Honorariums and donations Homeless and needy support Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward |
2021 2020 2 1 Unrestricted fund £ 205,799 50,288 256,087 42,098 3,326 13,671 191,199 250,294 5,793 (50,733) |
|---|---|
continued...
Page 5
Grace Ministries
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
| 4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | |
|---|---|---|---|
| Unrestricted | |||
| fund | |||
| £ | |||
| TOTAL FUNDS CARRIED FORWARD | (44,940) | ||
| 5. | TANGIBLE FIXED ASSETS | ||
| COST | Motor vehicles £ |
||
| At 1 April 2020 and 31 March 2021 | 3,350 | ||
| DEPRECIATION | |||
| At 1 April 2020 and 31 March 2021 | 3,350 | ||
| NET BOOK VALUE | |||
| At 31 March 2021 | - | ||
| At 31 March 2020 | - | ||
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| Other debtors | 2021 £ 16,500 |
2020 £ 16,500 |
|
| Prepayments and accrued income | 7,098 | 4,010 | |
| 23,598 | 20,510 | ||
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| Bank loans and overdrafts (see note 8) | 2021 £ 2 |
2020 £ - |
|
| Other creditors | 69,230 | 71,390 | |
| 69,232 | 71,390 | ||
continued...
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Grace Ministries
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
8. LOANS
An analysis of the maturity of loans is given below:
| 2021 | 2020 | |||
|---|---|---|---|---|
| £ | £ | |||
| Amounts falling due within one year on demand: | ||||
| Bank overdrafts | 2 | - |
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
Page 7
Grace Ministries
Detailed Statement of Financial Activities for the Year Ended 31 March 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations Tithes & Offerings Other income Gift aid Total incoming resources EXPENDITURE Raising donations and legacies Conference Expenses TV Ministry& Video Photography Charitable activities Food for the homeless Honorariums Other Wages Rent and venue hire Support costs Management Rates and water Insurance Telephone Postage and stationery Advertising Sundries Computer expenses Travel and motor expenses Cleaning Carried forward |
2021 £ 44,672 185,399 230,071 51,907 281,978 41,275 24,397 65,672 82,600 18,757 101,357 - 38,642 38,642 19,031 2,351 601 3,503 5,062 1,866 8,514 20,546 95 61,569 |
2020 £ 49,410 156,389 205,799 50,288 256,087 28,938 13,160 42,098 13,897 3,100 16,997 2,541 100,885 103,426 5,163 1,468 678 3,825 1,455 5,139 2,494 37,382 600 58,204 |
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This page does not form part of the statutory financial statements
Page 8
Grace Ministries
Detailed Statement of Financial Activities for the Year Ended 31 March 2021
| Management Brought forward Sundry equipment Gift aid processing Training Impairment losses for tangible fixed assets Finance Bank charges Information technology Repairs and renewals Governance costs Accountancy and other services VAT on accountancy and others Total resources expended Net (expenditure)/income |
2021 £ 61,569 10,109 2,400 500 23 74,601 - - 2,000 400 2,400 282,672 (694) |
2020 £ 58,204 500 2,400 1,250 - 62,354 285 22,734 2,000 400 2,400 250,294 5,793 |
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This page does not form part of the statutory financial statements
Page 9
Grace Ministries
Contents of the Financial Statements for the Year Ended 31 March 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Statement of Financial Activities | 2 | ||
| Balance Sheet | 3 | ||
| Notes to the Financial Statements | 4 | to | 7 |
| Detailed Statement of Financial Activities | 8 | to | 9 |