Charity Number: 1118386
WORD OF FAITH MISSION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024
WORD OF FAITH MISSION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
CONTENTS
| 1 | Charity particulars |
|---|---|
| 2-4 | Trustees report |
| 5 | Independent examiner’s report |
| 6 | Statement of financial activities |
| 7 | Balance sheet |
| 8-12 | Notes to the accounts |
Page 1
WORD OF FAITH MISSION
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024
Trustees: Archbishop Moses Owusu-Sekyere Mr Stephen Kumi-Yeboah Mrs Efua Owusu-Sekyere Operations address: 164 Greenhaven Drive Thamesmead London SE28 8FU Bankers: Lloyds TSB Whitgift Centre Croydon, Surrey CR0 1LP
Independent examiner: M Osei-Amoaten FCCA Kevington Drive Orpington Kent BR5 2NU
Page 2
WORD OF FAITH MISSION
TRUSTEES REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2024
The Trustees present their annual report with financial statements of the charity for the year ended 31st December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s Trust Deed, the Charities Act 2011 and “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)”.
LEGAL STATUS
Word of Faith Mission is a registered charity and governed by its declaration of trust that was executed on 13 February 2007 and was amended by the supplementary deed on 8 June 2010.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is governed by a board in which the Trustees are represented. It meets regularly to review, plan activities and monitor the financial position.
OBJECTIVES AND ACTIVITIES
The objectives of the organisation are firstly to advance the Christian faith in accordance with the statement of beliefs for the benefit of the community in the United Kingdom and secondly, in other parts of the world as the Trustees deem appropriate from time to time. The Trustees confirm that they have taken due consideration to the guidance issued by the Charity Commission on public benefit before deciding on the activities the charity should undertake.
ACHIEVEMENTS AND PERFORMANCE
The Charity held successful meetings throughout the year which equipped and educated individuals on the principles and doctrines of the Christian faith. The Charity held several conferences during the year which was attended by individuals from the surrounding community. This has had a positive influence in reaching and helping members of the community.
FINANCIAL REVIEW
The Charity has made a deficit of £4,454 (2023 – surplus £17,946). As a result of cost-cutting measures undertaken by the Charity, a surplus has been made for three consecutive years.
RISK ASSESSMENT
The Trustees have conducted a review of the major risks to which the charity is exposed. In particular, those related to operations and finances and are satisfied that sufficient controls are in place to mitigate exposure to such risks.
INVESTMENT POLICY
Surplus funds are being held on deposit to enable the Charity to meet its operational obligations as they fall due. The Trustees ensure that the Charity receives satisfactory interest on deposits.
PLANS FOR FUTURE PERIODS
To continue in the furtherance of the Charity’s objectives through helping to facilitate positive change to communities in need in accordance with the Christian faith.
Page 3
WORD OF FAITH MISSION
TRUSTEES REPORT (Continued)
FOR THE YEAR ENDED 31ST DECEMBER 2024
TRUSTEES
The trustees of the charity very rarely change. Any changes are authorised by all of the current trustees who together ensure that training is satisfactory.
The Trustees who served during the year were:
Archbishop Moses Owusu-Sekyere Mr Stephen Kumi-Yeboah Mrs Efua Owusu-Sekyere
RESERVES
The trustees aim to ensure that unrestricted incoming resources are maintained at an adequate level to cover direct charitable expenditure and emergency expenditure that may arise from time to time. The current reserve balance for unrestricted funds is at £76,407 (2023 - £81,245) and capital fund balance stands at £22,869 (2023 - £22,485).
TRUSTEES RESPONSIBILITIES
The Trustees are responsible for preparing the trustees’ report and financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statement, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
Page 4
WORD OF FAITH MISSION
TRUSTEES REPORT (Continued)
FOR THE YEAR ENDED 31ST DECEMBER 2024
The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time, the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
APPROVAL
This Report was approved by the Trustees on 31st October 2025 and signed.
……………………………………… Stephen Kumi-Yeboah
Page 5
INDEPENDENT EXAMINER’S REPORT
TO THE TRUSTEES OF WORD OF FAITH MISSION
FOR THE YEAR ENDED 31ST DECEMBER 2024
I report on the accounts of the Charity for the year ended 31st December 2024, which are set out on pages 6 to 12.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 the accounting records were not kept in accordance with section 130 of the Charities Act; or
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2 the accounts do not accord with those records; or
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3 the accounts did not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirements that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
M Osei-Amoaten FCCA Kevington Drive Orpington Kent BR5 2NU
31[st] October 2025
Page 6
WORD OF FAITH MISSION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST DECEMBER 2024
INCOME AND ENDOWMENTS Notes Donations 7 Gift aid income Interest received TOTAL INCOME EXPENDITURE Direct charitable expenditure 2 Governance costs 3 TOTAL EXPENDITURE NET MOVEMENT IN FUNDS Balance brought forward Balance carried forward |
Unrestricted Funds £ 75,959 - 12 75,971 77,293 3,516 80,809 (4,838) 81,245 76,407 |
Designate Capital Funds £ 384 - - 384 - - - 384 22,485 22,869 |
d Total Funds 2024 £ 76,343 - 12 76,355 77,293 3,516 80,809 (4,454) 103,730 99,276 |
Total Funds 2023 £ 71,233 - 11 71,244 51,041 2,257 53,298 17,946 85,784 103,730 |
|---|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Page 7
WORD OF FAITH MISSION
BALANCE SHEET AT 31ST DECEMBER 2024
| Notes FIXED ASSETS 4 CURRENT ASSETS Sundry debtors and prepayments 5 Cash at bank CREDITORS:Amounts falling due within one year 6 NET CURRENT ASSETS NET ASSETS REPRESENTED BY: Unrestricted funds Designated capital funds 7 |
2024 £ £ 18,000 29,050 54,332 83,382 (2,106) 81,276 99,276 76,407 22,869 99,276 |
2023 £ £ 18,000 29,050 59,958 89,008 (3,278) 85,730 103,730 81,245 22,485 103,730 |
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|---|---|---|---|
Approved by the Trustees on 31st October 2025 and signed on their behalf by:-
…………………………………… S Kumi-Yeboah
Charity Number: 1118386
Page 8
WORD OF FAITH MISSION
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST DECEMBER 2024
1. ACCOUNTING POLICIES
Charity Information
Word of Faith Mission is an unincorporated Charity registered with the Charity Commission in England and Wales. The registered office is 164 Greenhaven Drive, Thamesmead, London, SE28 8FU.
- 1.1 Accounting Convention
The accounts (financial statements), have been prepared in accordance with the charity’s governing document, the Charities Act and “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). The Charity constitutes a public benefit entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Updated Bulletin 1 not to prepare a Statement of Cash Flows.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The Trustees are of the opinion that considering 12 months from the date of signing the financial statements, the charity is a going concern.
1.2 Incoming resources
Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable at market value. The value of services provided by volunteers has not been included.
1.3 Value Added Tax
- Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT, which cannot be recovered.
1.4 Fund accounting
Unrestricted funds are donations and other incoming resources receivable or generated for the objectives of the charity without further specified purpose and are available as general funds.
Designated capital funds are unrestricted funds earmarked by the Management Committee for capital purposes at the time of receipt of such donation and grants. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of depreciation.
1.5 Allocation of costs
Direct activity costs compromise those costs that contribute directly to an activity and are allocated to the relevant activity.
Governance costs are those costs which meet statutory requirements and/or cannot be directly allocated to a specific activity.
Page 9
WORD OF FAITH MISSION
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31ST DECEMBER 2024
1.6 Liabilities
Liabilities are recognised in the accounts where there is an obligation to transfer economic benefit.
1.7 Tangible fixed assets
It is the policy of the Charity to capitalise items of equipment over £500 and to provide depreciation at the following annual rates in order to write off each asset over its estimated useful economic life:
Instrument 20% straight line Equipment 20% straight line
The Trustees have decided to not depreciate the land as they believe the value will appreciate over time but will undertake an impairment review annually to ensure that the cost is fairly stated in the accounts.
1.8 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors are considered to relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
| 2. DIRECT CHARITABLE EXPENDITURE Wages and salaries Rent and rates Ministry expenses Visiting speakers Hospitality Welfare donations Music services Media expenses Repairs and maintenance Credit card charges Travel costs Storage costs Total |
2024 £ 17,639 17,815 32,730 300 728 2,060 1,600 1,539 565 83 553 1,681 77,293 |
2023 £ 13,670 14,391 14,591 400 300 2,200 - 3,434 - - 881 1,174 |
|---|---|---|
51,041 |
Page 10
WORD OF FAITH MISSION
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31ST DECEMBER 2024
| 3. GOVERNANCE COSTS Accountancy Admin Legal and professional fees Printing, postage & stationery Telephone 4. FIXED ASSETS Cost At 1 January 2024 Additions At 31 December 2024 Depreciation At 1 January 2024 Charge for the year Disposals At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 |
Land £ 18,000 - 18,000 - - - - 18,000 18,000 |
Instruments £ 2,284 - 2,284 2,284 - - 2,284 - - |
2024 £ 679 127 1,100 153 1,457 3,516 Equipment £ 10,460 - 10,460 10,460 - - 10,460 - - |
2023 £ 570 108 - 201 1,378 2,257 Total £ 30,744 - 30,744 12,744 - - 12,744 18,000 18,000 |
|---|---|---|---|---|
Page 11
WORD OF FAITH MISSION
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31ST DECEMBER 2024
| 5. DEBTORS Gift aid 6. CREDITORS Amounts falling due within one year Taxation and social security Accrued expenses 7. DESIGNATED CAPITAL FUNDS Income As at 1stJanuary 2024 Donations and grants received during the year Direct Charitable Expenditure Capital expenditure Depreciation Net Movement in Funds There has been no qualifying capital expenditure in the year. |
2024 £ 29,050 29,050 1,806 300 2,106 2023 £ 22,485 384 - - - 22,869 |
2023 £ 29,050 29,050 2,978 300 3,278 2022 £ 22,121 364 - - - 22,485 |
|---|---|---|
8. TAXATION
The charity is exempt from corporation tax as all of its income is charitable and is applied for charitable purposes.
Page 12
WORD OF FAITH MISSION
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31ST DECEMBER 2024
9. TRUSTEE’S REMUNERATION AND EXPENSES
During the year, the trustee Archbishop Moses Owusu-Sekyere was paid £17,639 (2023 - £13,670) for services rendered to the church for pastoral support. This was done through a PAYE scheme and there was 1 employee (2023 – 1) in total for the period under review.
10. ULTIMATE CONTROLLING PARTY
The ultimate controlling party is the charity’s Board of Trustees.