REGISTERED CHARITY NUMBER: 1110556
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2024
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 2024
The trustees 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 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 A Chibuike T J Emmanuel
Bankers
HSBC 150 Stoke Newington High Street London N16 7JP
Approved by order of the board of trustees on 27 December 2024 and signed on its behalf by:
A Chibuike - Trustee
Page 1
Grace Ministries
Statement of Financial Activities for the Year Ended 31 March 2024
| 2024 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 242,501 Other income 60,625 Total 303,126 EXPENDITURE ON Raising funds 100,265 Charitable activities Honorariums and donations 9,706 Homeless and needy support 55,181 Other 142,060 Total 307,212 NET INCOME/(EXPENDITURE) (4,086) RECONCILIATION OF FUNDS Total funds brought forward (90,937) TOTAL FUNDS CARRIED FORWARD (95,023) |
2023 Total funds £ 215,750 55,355 271,105 93,353 11,751 42,608 120,002 267,714 3,391 (94,328) (90,937) |
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The notes form part of these financial statements
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Grace Ministries
Balance Sheet 31 March 2024
| 2024 Unrestricted fund Notes £ CURRENT ASSETS Debtors 6 25,239 Cash at bank 274 25,513 CREDITORS Amounts falling due within one year 7 (72,950) NET CURRENT ASSETS/(LIABILITIES) (47,437) TOTAL ASSETS LESS CURRENT LIABILITIES (47,437) CREDITORS Amounts falling due after more than one year 8 (47,586) NET ASSETS/(LIABILITIES) (95,023) FUNDS Unrestricted funds (95,023) TOTAL FUNDS (95,023) |
2023 Total funds £ 25,146 153 25,299 (68,750) (43,451) (43,451) (47,486) (90,937) (90,937) (90,937) |
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The financial statements were approved by the Board of Trustees and authorised for issue on 27 December 2024 and were signed on its behalf by:
A Chibuike - Trustee
T J Emmanuel - Trustee
The notes form part of these financial statements
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Grace Ministries
Notes to the Financial Statements for the Year Ended 31 March 2024
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...
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Grace Ministries
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
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. 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 As previously reported Prior year adjustment As restated TOTAL FUNDS CARRIED FORWARD |
2024 2023 2 2 Unrestricted fund £ 215,750 55,355 271,105 93,353 11,751 42,608 120,002 267,714 3,391 (44,328) (50,000) (94,328) (90,937) |
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4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
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Grace Ministries
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
5. TANGIBLE FIXED ASSETS
| COST At 1 April 2023 and 31 March 2024 DEPRECIATION At 1 April 2023 and 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 £ Other debtors 16,500 Prepayments and accrued income 8,739 25,239 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 £ Other creditors 72,950 8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 £ Bank loans (see note 9) 47,586 9. LOANS An analysis of the maturity of loans is given below: 2024 £ Amounts falling between one and two years: Bank loans - 1-2 years 47,586 |
Motor vehicles £ 3,350 3,350 - - 2023 £ 16,500 8,646 25,146 2023 £ 68,750 2023 £ 47,486 2023 £ 47,486 |
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continued...
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Grace Ministries
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
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Grace Ministries
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
| 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 Insurance Telephone Postage and stationery Sundries Computer expenses Travel and motor expenses Cleaning Sundry equipment Gift aid processing |
2024 £ 61,550 180,951 242,501 60,625 303,126 12,510 39,676 43,830 4,249 100,265 55,181 - 9,706 64,887 7,605 63,359 24,455 795 96,214 675 1,482 1,245 6,542 158 19,258 40 - 3,000 32,400 |
2023 £ 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 27,693 921 5,092 2,400 49,126 |
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This page does not form part of the statutory financial statements
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Grace Ministries
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
| Management 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 (expenditure)/income |
2024 £ 800 7,114 1,932 2,500 1,100 3,600 307,212 (4,086) |
2023 £ 917 1,889 7,784 2,000 400 2,400 267,714 3,391 |
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This page does not form part of the statutory financial statements
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Grace Ministries
Contents of the Financial Statements for the Year Ended 31 March 2024
| 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 |