REGISTERED CHARITY NUMBER: 1110556
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2023
for
Grace Ministries
Peters & Co Chartered Certified Accountants Imperial House 64 Willoughby Lane London N17 0SP
Grace Ministries
Report of the Trustees for the Year Ended 31 March 2023
The trustees 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 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 A O J Emmanuel (appointed 19.11.22) Pastor C Emmanuel (resigned 18.11.22) A Chibuike T J Emmanuel
Bankers
HSBC 150 Stoke Newington High Street London N16 7JP
Approved by order of the board of trustees on 21 December 2023 and signed on its behalf by:
A Chibuike - Trustee
Page 1
Grace Ministries
Statement of Financial Activities for the Year Ended 31 March 2023
| 2023 Unrestricted fund as Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 215,750 Other income 55,355 Total 271,105 EXPENDITURE ON Raising funds 93,353 Charitable activities Honorariums and donations 11,751 Homeless and needy support 42,608 Other 120,002 Total 267,714 NET INCOME 3,391 RECONCILIATION OF FUNDS Total funds brought forward As previously reported (44,328) Prior year adjustment 5 (50,000) As restated (94,328) TOTAL FUNDS CARRIED FORWARD (90,937) |
2022 Total funds restated £ 179,178 47,802 226,980 35,556 25,776 21,130 143,212 225,674 1,306 (45,634) - (45,634) (44,328) |
|---|---|
The notes form part of these financial statements
Page 2
Grace Ministries
Statement of Financial Activities for the Year Ended 31 March 2023
Surplus and Deficit Account 968
Posting discrepancies were found in the reserve accounts listed below. This is because the brought forward postings in the current year are not equal to the figures carried forward by IRIS at the end of last year. Please check your postings in the brought forward account for the surplus and deficit account 968.
| Unrestricted | ||
|---|---|---|
| funds | Total funds | |
| £ | £ | |
| Brought forward - 968/1 | (44,328) | (44,328) |
| Prior year adjustment - 496 | (50,000) | (50,000) |
| Carried forward | (94,328) (44,328) |
(94,328) (44,328) |
| Difference | 50,000 | 50,000 |
Post to relevant accounts (see UCHA chart of accounts for further details)
The notes form part of these financial statements
Page 3
Grace Ministries
Balance Sheet
31 March 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Unrestricted | Total | |||
| fund | funds | |||
| as restated | ||||
| Notes | £ | £ | ||
| CURRENT ASSETS | ||||
| Debtors | 7 | 25,146 | 21,758 | |
| Cash at bank | 153 | 2,264 | ||
| CREDITORS | 25,299 | 24,022 | ||
| Amounts falling due within one year | 8 | (68,750) | (68,350) | |
| NET CURRENT ASSETS/(LIABILITIES) | (43,451) | (44,328) | ||
| TOTAL ASSETS LESS CURRENT | ||||
| LIABILITIES | (43,451) | (44,328) | ||
| CREDITORS | ||||
| Amounts falling due after more than one year | 9 | (47,486) | - | |
| NET ASSETS/(LIABILITIES) | (90,937) | (44,328) | ||
| FUNDS | ||||
| Unrestricted funds | (90,937) | (44,328) | ||
| TOTAL FUNDS | (90,937) | (44,328) | ||
The financial statements were approved by the Board of Trustees and authorised for issue on 21 December 2023 and were signed on its behalf by:
A Chibuike - Trustee
T J Emmanuel - Trustee
The notes form part of these financial statements
Page 4
Grace Ministries
Notes to the Financial Statements for the Year Ended 31 March 2023
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 5
Grace Ministries
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
2. 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
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
3. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| as restated | ||
| Administration | 2 | 2 |
4.
| No employees received emoluments in excess of £60,000. 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 TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund as restated £ 179,178 47,802 226,980 35,556 25,776 21,130 143,212 225,674 1,306 (45,634) (44,328) |
|---|---|
continued...
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Grace Ministries
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
5. PRIOR YEAR ADJUSTMENT
6. TANGIBLE FIXED ASSETS
| COST At 1 April 2022 and 31 March 2023 DEPRECIATION At 1 April 2022 and 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 as £ Other debtors 16,500 Prepayments and accrued income 8,646 25,146 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 as £ Other creditors 68,750 9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 as £ Bank loans (see note 10) 47,486 10. LOANS An analysis of the maturity of loans is given below: 2023 as £ Amounts falling between one and two years: Bank loans - 1-2 years 47,486 |
Motor vehicles £ 3,350 3,350 - - 2022 restated £ 16,500 5,258 21,758 2022 restated £ 68,350 2022 restated £ - 2022 restated £ - |
|---|---|
continued...
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Grace Ministries
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
Page 8
Grace Ministries
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
| 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 Event planning and decoration Personal protective equipment Charitable activities Food for the homeless Welfare support Honorariums Other Wages Rent and venue hire Storage rental Bank loan interest Support costs Management Rates and water Insurance Telephone Postage and stationery Advertising Sundries Computer expenses Travel and motor expenses Carried forward |
2023 a £ 42,142 173,608 215,750 55,355 271,105 21,066 43,590 22,925 5,772 93,353 42,608 1,500 10,251 54,359 5,500 37,484 13,163 1,739 57,886 - 4,316 - 848 - 672 7,184 27,693 40,713 |
2022 s restated £ 27,578 151,600 179,178 47,802 226,980 29,455 6,101 - - 35,556 21,130 - 25,776 46,906 2,259 38,702 10,844 - 51,805 160 1,707 671 2,571 3,052 9,207 8,800 39,642 65,810 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 9
Grace Ministries
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
| Management Brought forward Cleaning Sundry equipment Gift aid processing Finance Bank charges Information technology Repairs and renewals Other 2 Light and heat Governance costs Accountancy and other services VAT on accountancy and others Total resources expended Net income |
2023 a £ 40,713 921 5,092 2,400 49,126 917 1,889 7,784 2,000 400 2,400 267,714 3,391 |
2022 s restated £ 65,810 106 11,635 2,400 79,951 15 4,546 4,495 2,000 400 2,400 225,674 1,306 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 10
Grace Ministries
Contents of the Financial Statements for the Year Ended 31 March 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Statement of Financial Activities | 2 | to | 3 |
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 8 |
| Detailed Statement of Financial Activities | 9 | to | 10 |