Living Word Ministries Europe
(JOY OF THE NATIONS CHRISTIAN CENTRE) (Registered Charity No. 1119719)
Statement of Financial Activities For the year ended 31.12.2024
| Contents | Page |
|---|---|
| Trustees Report | 1 - 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Statement of Financial Position | 5 |
| Notes to the Financial Activities | 6 - 8 |
Living Word Ministries Europe
(JOY OF THE NATIONS CHRISTIAN CENTRE)
(Registered Charity No. 1119719)
Trustees' Report
For the year ended 31.12.2024
The trustees are pleased to present their report for the year ended 31st December 2024 for the charity, Living Word Ministries Europe (Joy of the Nations Christian centre) with Charity Number 1119719.
Aims and Objectives
The Objects of the organisation are to advance the Christian Religion [in accordance with the Statement of faith] throughout the world as the trustees may see fit from time to time and to relieve persons who are in conditions of need or hardship or aged or sick. The trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit before deciding what activities the charity should undertake.
Achievement and Performance
The Organisation held successful services through the year in which individuals were equipped and educated on the principles and doctrines of the Christian faith. The church continues to hold several conferences to assist the development of the people in the community. The church also made donations and outreaches supporting the poor, needy and less privileged within and outside thecommunity.
The charity had total income of £25,109. At 31 December 2024, Designated funds relating to the Building fund stood at £69,804. The charity is in a good financial position to develop itself in the community.
The church continues to support Christian Mission work in other countries. We are also working towards securing funding for a building to enable the effective functioning of the church and her activities. We have set aside a designated fund for this purpose. The church has no outstanding long-term debts. The trustees continue to monitor the financial situation of the charity ensuring that its viable, while minimising risk.
Reserve Policy
It is the policy of the Charity to maintain unrestricted funds, which are the reserves of the charity at about 3 months of unrestricted expenditure. This provides sufficient funds to cover any emergency expenditures that may arise from time to time. The charity will seek to maintain this level throughout the year.
Risk Management
The church has assessed all the major risks to which it is exposed to, those related to operations and finances of the charity and is satisfied that systems are in place to mitigate exposure to major risks.
Structure, Governance and Management
The Charity governing document is a declaration of trust that was adopted on 15th September 2006. The Charity is governed by a board on which the trustees are represented. It meets regularly to review, plan activities and monitor the financial position.
Independent Examiner:
EAS Limited have been retaned to act Independent Examiners for the year ended 31 December 2024. Reference and Administrative Information
Trustees
The Trustees of the charity are Dr Chinedu Udonsi - Chair
Mr Samuel Obafemi Mrs Edna Ahuama Mr Emmanuel Okorie Mr Kelechi Ibegbule
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Living Word Ministries Europe
(JOY OF THE NATIONS CHRISTIAN CENTRE) (Registered Charity No. 1119719)
Trustees' Report
For the year ended 31.12.2024
Registered office 37 Windmill Lane Stratford London E15 1 PG Bankers Barclays Bank PLC, 1 Churchill Place, London, E14 5HP Accountants EAS Ltd, 74 Whitmore Drive, Colchester Essex
TRUSTEE RESPONSIBILITIES
Under the Charities Act 2011, the trustees are required to prepare a statement of accounts for each accounting year which gives a true and fair view of the state of the church. They are required to:
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Select suitable accounting policies and apply them consistently.
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Make judgements and estimates that are reasonable and prudent.
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State whether the applicable accounting standards have been followed.
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Prepare financial statements on an on-going basis.
They are responsible for keeping proper records which disclose with reasonable accuracy the finances of the church at any time and to ensure that such accounts comply with the Charities Act 2011.They also have a responsibility to safeguard the assets of the church and to take reasonable steps to detect fraud or other irregularities.
Approved by the Trustees and signed on their behalf by:
Dr Chinedu Udonsi (Chair).......................................................
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Living Word Ministries Europe
(JOY OF THE NATIONS CHRISTIAN CENTRE) (Registered Charity No. 1119719)
Examiner's Report
For the year ended 31.12.2024
I report on the attached Financial Statements for the year ended 31 December 2024, which are set on pages 4 to 8 and have been prepared on an accrual basis.
Responsiblibities of Management Committee and Examiner
The Charity's trustees are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
The Charity's trustees consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed.
It is my responsibility to:
1 - Examine the accounts under section 145 of the Charities Act;
2- to follow the requirements of the Charity Commission under section 145(5)(b) of the Act; and
3 - to state whether particular matters have come to my attention.
Basis of Independent Examiner's Statement
My examination was carried out in accordance with 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 seeking explanations from the 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
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect
1 - accounting records were not kept in accordance with section 130 of the Charities Act or
2 - the accounts do not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Phil Mutero EAS Limited 74 Whitmore Drive Colchester Essex
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Living Word Ministries Europe (JOY OF THE NATIONS CHRISTIAN CENTRE) (Registered Charity No. 1119719)
Statement of Financial Activities
For the year ended 31.12.2024
| Notes INCOME Income resources from generated funds: Voluntary Income 2 TOTAL INCOME EXPENDITURE Direct Charitable Expenditure 3 TOTAL EXPENDITURE SURPLUS/ (DEFICIT) Total Funds brought Forward Total Funds carried Forward |
Unrestricted Designated 2024 2023 Funds Funds Total Total £ £ £ £ 23,431 1,678 25,109 37,490 23,431 1,678 25,109 37,490 26,994 0 26,994 44,491 26,994 0 26,994 44,491 (3,563) 1,678 (1,885) (7,001) 14,427 68,126 82,553 89,554 10,864 69,804 80,668 82,553 |
|---|---|
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(JOY OF THE NATIONS CHRISTIAN CENTRE)
(Registered Charity No. 1119719)
Living Word Ministries Europe
Statement of Financial Position as at 31 December 2024
| Notes 2024 £ Fixed Assets 6 420 Current Assets Cash at Bank 80,624 80,624 Credtitors - Amounts falling due within one year Creditors & Accruals 5 (375) Net Current Assets 80,249 Net Assets 80,668 Accumulated Funds 82,553 Total Surplus/(Deficit) (1,885) 7 80,668 |
2023 £ 0 82,928 82,928 (375) 82,553 82,553 89,554 (7,001) 82,553 |
|---|---|
For the year ended 31 December 2024 the church was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies
APPROVED by the Church Meeting held on and signed on its behalf by Dr Chinedu Udonsi (signature)
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Living Word Ministries Europe
(JOY OF THE NATIONS CHRISTIAN CENTRE)
(Registered Charity No. 1119719)
Notes for the year ended 31.12.2024
1. Accounting Policies
a) The financial statements have been prepared in accordance with Charity Commission’s 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 (FRS102) and the companies Act 2006
The Charitable Company meets the definition of a public benefit entity under FRS 102. The Financial statements have been prepared under the historical cost or transaction value unless otherwise stated in the relevant accounting policy or note
b)Incoming Resources
All incoming resources are included in the Statement of Financial Activities when the Charity in entitled to the income and the amount can be quantified with reasonable accuracy.
c) Resources Expended
Resources expended are recognised in the Statement of Financial Activities when the liability is incurred. Charitable expenditure comprises those costs incurred by the Charity carrying out its activities. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity
d) Tangible Fixed Assets
Depreciation is calculated to the extent such that the cost of the asset is spread over the useful life of the asset and is charged at 25% per annum on cost
2. Voluntary Income
| Church collections, Tithes & Offering Gift Aid Other Donation Building Fund |
Unrestricted Designated 2024 2023 Funds Funds Total Total £ £ £ £ 19,502 19,502 24,779 1,929 1,929 2,108 2,000 - 2,000 5,667 1,678 1,678 4,937 23,431 1,678 25,109 37,490 |
|---|---|
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(JOY OF THE NATIONS CHRISTIAN CENTRE)
(Registered Charity No. 1119719)
Living Word Ministries Europe
Notes for the year ended 31.12.2024
3. Direct Charitable Expenditure
| Staff Costs Conference Costs/Church Events Rent/Hall hire Hotel Expenses for annual convention Telephone/ Internet / Fax Donation : Rhema University Administration Benevolent giving Travel expenses Depreciation expenses Advertising Support & Governance Costs (Notes 4) Equipment Training Compassion Sundy expenses Total |
Unrestricted Designated 2024 2023 Funds Funds Total Total £ £ £ £ 15,998 15,998 18,580 - - 3,500 3,500 3,360 2,621 2,621 9,083 779 779 937 - - 1,743 2,632 2,632 3,145 - - - - 1,229 140 140 - - - 375 375 375 - - 1,399 200 200 3,600 - - 750 750 1,040 26,994 - 26,994 44,491 |
|---|---|
4. Support & Governance cost
| Accountancy fee Legal Fees |
Unrestricted Designated 2024 2023 Funds Funds Total Total £ £ £ £ 375 375 375 375 375 375 |
|---|---|
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Living Word Ministries Europe
(JOY OF THE NATIONS CHRISTIAN CENTRE) (Registered Charity No. 1119719)
Notes for the year ended 31.12.2024
5. Creditors: Amount falling within one year
| Accountancy Fees Loan to Pastor Additional Loan Total 6. Tangible Fixed Assets Cost at at 01.01.2024 additions as at 31.12.2024 Depreciation at 01.01.2024 Charge for the year Net Book value at 31.12.2024 Net Book value at 31.12.2023 7. Accumulated Funds Designated Funds General Funds |
2024 2023 £ £ 375 375 0 0 375 375 Instruments Equipment £ £ 1,629 2,000 - 560 1,629 2,560 1,629 2,000 140 1,629 2,140 0 420 0 0 2024 2023 £ £ 69,804 68,126 10,864 14,641 80,668 82,766 |
|---|---|
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Living Word Ministries Europe
(JOY OF THE NATIONS CHRISTIAN CENTRE) (Registered Charity No. 1119719)
Statement of Financial Activities For the year ended 31.12.2024
| Contents | Page |
|---|---|
| Trustees Report | 1 - 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Statement of Financial Position | 5 |
| Notes to the Financial Activities | 6 - 8 |