**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... Page 6 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... Page 7 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|