OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

Registered number: 06294487 Charity registration number: 1121590

FAITH MIRACLE CHURCH STRATEGIC REPORT, TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1

KLS Tax & Accounting Limited

Faith Miracle Church Trustee's Report and Financial Statements For The Year Ended 31 March 2023

Contents
Page
Company Information 3 - 4
Trustee's Report 5 - 9
Independent Examiner’s Report 10
Income and Expenditure Account 11
Statement of Comprehensive Income 12
Balance Sheet 13
Statement of Changes in Equity 14
Statement of Cash Flows 15
Notes to the Statement of Cash Flows 16
Notes to the Financial Statements 17—21
The following pages do not form part of the statutory accounts:
Detailed Income and Expenditure Account 22—23

2

Faith Miracle Church Company Information For The Year Ended 31 March 2023

Registered Company number

6294487 (England and Wales)

Registered Charity number

1121590

Registered office John

Raphael House Coburg Road Wood Green N22 6UB

Independent Examiner

George Osei Mba(Global), ACMA, CGMA, AFA MIPA, AAIA Director KLS Tax & Accounting Limited Office 14C 316e Ilford Lane Ilford IG1 2LT

Solicitors

Thorton Law 6 Duke Street London W1U 3EN

Bankers

Barclays Bank PLC Chiswick Branch Chiswick High Road London W4 2EA

The Co-operative Bank PLC PO Box 200 Skelmersdale WN8 6GH

Trustees

Charles Muotto (Chair of Trustees) Psychiatric Nurse Julie Chukwudi Teacher Emmanuel Achomadu Trustee Care Services Babatunde Mustapha Civil Servant Mojisola Okuwoga Trustee Pharmacy Company Kingsley Ofigho Business Owner (resigned 2021) Company Secretary Patricia Muotto Regional Government Manager

3

Faith Miracle Church Company Information For The Year Ended 31 March 2023

Central Executive Committee

Pastor Moses Omoviye Senior Pastor

Postal address

Faith Miracle Centre John Raphael House Coburg Road Wood Green London N22 6UB

Pastor Okechukwu Okoro Resident Pastor & Executive

Deaconess Glory Udeh Pastoral Team & Executive

Godson Jnr. Nnorom Treasurer & Executive

Pastor Ugochukwu E Achomadu Pastoral Team & Executive

Chioma Omoviye Pastoral Team & Executive

Pastor Osamede Ogiemwanre Resident Pastor & Executive

Pastor Richard Chukwudi Pastoral Team & Executive

Charles Muotto Executive

E mail address : info@faithmiraclechurch.org.uk

Website: www.faithmiraclechurch.org.uk

4

Faith Miracle Church Trustee’s Report For The Year Ended 31 March 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

The trustees who are also Trustees of the charity for the purposes of the Companies Act 2006, 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 2015).

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

The Trustees are trustees for the Charities Act 1993 and are Trustees under the Companies Act 1985. There must be at least three at any given time and up to seven Trustees, some can be non-members of the charity. The Trustees of the charity are to appoint the Trustees at the Annual General Meeting. A vacancy in the number of Trustees may also be filled during the Charity's AGM. Each of the Trustees shall retire with effect from the conclusion of the Annual General Meeting next after his or her appointment but shall be eligible for re-election at that Annual General Meeting. Currently FMC has six Trustees. One Trustee Kingsley Ofigho resigned in 2021

The Trustees normally hold three meetings a year which can be in person or virtually at which a quorum of three members is required to be formed. They are responsible for setting the charity's strategic aims and approving its annual budget and accounts. The Trustees regularly review their needs for skills to meet the requirements of their strategic aims and, where necessary, identify potential new members for the Board.

Organizational structure

The Trustees delegate the day to day running of the charity to the Senior Pastor and the Central Executive Committee. Quarterly joint meetings are held to discuss updates regarding the progress towards achieving the company's strategic aims.

Induction and training of new trustees

All new Trustees are provided by the Chairman and or the Central Executive committee with an induction about the operations or workings of the Charity/Company. Training needs are kept under review by Trustees at their meetings.

Wider network

FMC is linked to other ministries and missions most of which are based on the African continent. These ministries include Global Christian Fellowship, the Valley Mission Project, Full Compassion Ministries.

Related parties

FMC is a member of the Evangelical Alliance, Faith Works, Prayer Haringey and the Haringey Association of Voluntary and Community Organisations

5

Faith Miracle Church Company No. 06294487 Trustee's Report For The Year Ended 31 March 2023

OBJECTIVES AND ACTIVITIES

Objectives

  1. The Advancement of the Christian Faith

  2. Releasing potential within the Fellowship

  3. The Relief of Financial Hardship and Relief of Sickness

  4. Advancement of Education

Significant activities

Faith Miracle Church seeks to be inclusive of and welcoming to all persons of all cultures and nationalities. Its activities and events are advertised in social media, through printed literature and members’ personal contacts where they communicate their faith. Most activities are open to members and non-members on a no-cost basis. In addition to regular Sunday and weeknight services FMC meets monthly for a protracted time of prayer and preaching. The church often welcomes visitors on these occasions and sometimes hosts visiting preachers and speakers.

In summary, Faith Miracle Church seeks to:

Volunteers

Members are encouraged to participate in service to the fellowship. Wherever possible members have been given suitable responsibilities within the church community. In addition, many members give their time and talents to regularly work in the church, benefitting from learning new skills and gaining experience in administrative and social aspects of running a church. Every effort has been made to identify abilities and provide a path of training which is both educational and developmental so that a two-way benefit for the good of the church and for the individual is realized. Volunteers are helped towards recognizing and working towards fulfilling their potential. FMC may provide some financial help where appropriate.

Fellowship –

The strong sense of family involvement includes focused ministries for married men, women, young adults, youth and children. Practical and biblical teaching, fun activities, sport, music and drama provide a healthy and effective vehicle for learning and growing together. As a church the need for fellowship is of great importance to us and as such, we have explored different ways to gather in person or virtually for fellowship. There was regular couples’ seminars and broadcast online that runs on the FMC TV. Programs such as ‘Talk with the Mrs’, ‘Let’s Talk About It’ and other talks/interview type broadcast are shared on the FMC TV with opportunity for the audience to interact, learn and share fellowship in such environment. Also, focused broadcast for single adults looking to get married were also covered. Our youth fellowship run service on Sundays when the main service is on, we run our Sunday services and Wednesday Liberation teaching services as in-person sessions with an online option on our YouTube channel and Facebook page. Members have received emotional, spiritual and practical support in times of dare need. The Men and Women fellowship communicate on WhatsApp forums during the year, and this is the same for other departments in the church. The caring ethos of FMC is consciously reinforced by its leadership, and this continues to shine through in our day-to-day dealings with members and our wider community.

The advancement of education –

FMC hosted “Success Seminar” in January 2023 with focus on education, career and business success. This seminar was very impactful and was ran for both in person and virtual audience with a wide range of topics covered to empower people to succeed in their education and life pursuit. There have been weekly bible study and liberation teaching services which helped to educate people on the bible and various other aspects of life. The children aged 3 to 11 years old Sunday school continued to run weekly empowering the children with vital biblical lessons for living.

Internal & External factors

Internal

We have good up to date teaching facilities for adults and children The environment is safe and meets good standards of cleanliness The facilities are suitable for events and functions Full time staff: Senior Pastor

Media Administrator

Personal Assistant to the Resident Pastor

Consultant: Office Administrator/Manager

6

Faith Miracle Church Company No. 06294487 Trustee's Report For The Year Ended 31 March 2023

OBJECTIVES AND ACTIVITIES

External

North London

North London Church Services – Faith Miracle Church services have fully continued in person services on Sunday and started to convene some programmes and departmental activities in person. Sunday Church services are well-managed by members and leadership collaborating to provide excellent opportunities to meet for worship and to give expression to their faith. Key departments of the fellowship have opportunity to lead or participate in services when appropriate. In this financial year, many departments have commenced full functions with new leaders appointed into some of the departments to keep driving forward the FMC vision.

South London:

Sunday Service which was stopped at the South London rented venue due to the Covid pandemic restrictions has not resumed yet since the end of pandemic due to lack of venue availability. However, members have continued to access Sunday services online or attend in person fellowship and events at the North London branch. In this financial year we have started to have in-person Wednesday night Liberation Services in South London hosted in one of FMC’s members house for the brethren to gather together in fellowship weekly.

Harlow:

In Harlow Essex where we have continued to have a growing group, they started meeting in person this financial year in a rented venue for Sunday services signaling the beginning of the Harlow branch of FMC. We look to have a formal inauguration program of the church in the next financial year.

Membership classes take place in all our branch churches in the course of the year to explain:

In this financial year, FMC established Edgware and Northampton smaller groups who are now meeting in designated homes. These less formal meetings encourage and foster relationships at local level and help build confidence and knowledge of the scriptures. Some of such gatherings include:

ACHIEVEMENT AND PERFORMANCE

Faith Miracle Church has seen a positive and exciting area of growth in the life of the church and has impacted in developing both in person and virtual services and events. The church has maximised its potential to reach many people and other churches beyond our borders and for this we are grateful to God for His help. Many individuals and churches have continued to enjoy the live streaming. Members have become more aware of abilities, responsibilities and opportunities to take the gospel message to a greater and widening circle maximizing the use of technology to live stream services and pre-record activities. The Senior Pastor along with the pastoral executive officers have worked tirelessly to foster and maintain high quality of teaching and regular links to international ministries. There has continued to be vibrant and enthusiastic growth with the online services. Street Evangelism has also resumed in this financial year with the appointment of Evangelism department leader and a Mission and community outreach leader.

7

Faith Miracle Church Company No. 06294487 Trustee's Report For The Year Ended 31 March 2023

We are continuing to build key relationships with a wider community membership and to diversify and extend the support we offer in the local community.

We were able to recruit a personal Assistant for the Senior pastor in this financial year who has since resumed and started working in the church.

Events – These generally have followed the church calendar with all the programs scheduled for the year executed to the glory of God. Christian celebrations and festivals were observed. Seminars and training programmes to support the organisation’s policies and activities took place.

Other notable events included:

The Liberation Services has continued to provide an avenue of advanced Bible study and serious commitment to the ministry of the Church.

OUTREACH

Youth Activities

The youths who are encouraged to take responsibility for content and delivery of their department activities have continued to grow with new additional teachers incorporated into the team. Advice and practical help from more experienced members is available where necessary. Drama performances with life-enhancing and inspirational messages to reach children and adults are a strong and engaging feature of these events, however, there was limited opportunity to progress this due to hands needed. The church will look to hire some new Pastoral Youth Workers in the new financial year that is commencing 2023. Some of the vision will be to develop a youth choir that can also get the youths involved in the main church choir and worship ministry. Our dedicated youth teachers deserve appreciation for finding a way to keep the young people positively engaged weekly.

Children’s Ministry

Our younger children take part in services: singing, reading poems and passages of scripture and short plays and sketches. The standard of performance and quality of presentations has continued to excite and uplift. The need to develop the children’s musical abilities so that they move towards managing some or all of their worship times has been acknowledged and there remains a plan to get dedicated hands to help execute this future developmental plan for them.

A dedicated team has worked consistently with the children to teach aspects of personal faith as described and understood through Scripture. Biblical principles are discussed and explained in ways that relate to their everyday experiences. Audio and video programmes with music have been well received.

Charitable activities

Apart from supporting members in times of need, grief and at the birth of new born babies, FMC have supported charitable activities in the UK and outside the UK through the ministries of: Global Christian Fellowship, the Valley Mission Project, Full Compassion Ministries and Daniel Chand Ministries. The international ministry work supports widows, orphans, scholarships, promoted health care and assisted communities to be more sustainable.

8

Faith Miracle Church Company No. 06294487 Trustee's Report For The Year Ended 31 March 2023

Management

The Trustees held regular communication with the central executive team where policies, procedures and strategies were reviewed in line with current good practice and legal requirements. Some departments successfully self-fund while others are being trained to work within a budget. Some changes in management structure have resulted in devolved responsibilities to the Resident Pastors with added scope for volunteers to work with more responsibility in the organization. Sensible and transparent procedures to protect employees and volunteers have been reviewed. The trustees have continued to work with the Senior Pastor and the central executive on strategic issues.

Fundraising activities

Members are encouraged to fulfil Christian obligations to give financial support through tithes and offerings. Non-members and visitors may donate to specific projects either in person or online.

FINANCIAL REVIEW

Principal funding sources

The Financial committee review income and expenditure and assess employees’ salaries alongside needs and requests that have arisen.

The main funding source is currently through voluntary donations from members - tithes and offerings - which have maintained through the current year. On-line payment facilities have continued to be enhanced.

Other sources are through one-off voluntary donations for a specific project. We also generate income from rental of our halls and instruments. Our business plan considers other sources of income from charges for the use of facilities and services.

Reserves policy

The reserves policy of FMC is to build up to a level of free reserves, taking one year with another, amounting to one year's operating costs, in order that staff security and continuity of work are secured. With the opening of branches of Faith Miracle Church in other locations, the trustees also support the ongoing enquiry into investment opportunities in the form of possible building purchase to provide a stable place of worship for all of FMC’s locations. We have been building up our savings in order to purchase the freehold of the North London building and have submitted our intention to Haringey Council who hold the freehold. We will keep on looking for other suitable buildings to purchase as our membership grows.

Future Plans

Maximise hire use of North London building facilities such as the multi-purpose room currently being hired by another church on Sundays.

Maxmise weekday use of the North London Building multi-purpose room – currently exploring hire by a local nursery. Purchase another building as the membership grows and invest in residential properties

Charles M Muotto Trustee (Chair)

Approved by order of the board of trustees on ……………… Dec 13, 2023 day………………… 2023 and signed on its behalf by:

Charles Muotto (Dec 13, 2023 20:02 GMT+1)

Mr Charles M Muotto – Chair of Trustee

9

Independent Accountants Report to the Trustees of Faith Miracle Church

I report on the accounts for the year ended 31 March 2023.

Respective responsibilities of trustees and examiner

The charity's trustees (also the Trustees for company law) are responsible for preparing the accounts. The charity's trustees consider that an audit is not required for optional under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of the independent examiner's report

My examination was carried out per 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 seeking explanations from you as trustees concerning any such matters. The procedures undertaken only provide some of 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 statements below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that, in any material respect, the requirements

  2. to keep accounting records following Sections 386 and 387 of the Companies Act 2006; and

  3. to prepare accounts which accord with the accounting records, comply with the accounting requirements of Sections 394 and 395 of the Companies Act 2006 and with the methods and principles of the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts by the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)

Signed By:

…………………………………………………………..

Mr George Osei Director

KLS TAX & ACCOUNTING LIMITED Chartered Management Accountant Office 15B 316E Ilford Lane Ilford Essex IG1 2LT

10

Faith Miracle Church Income and Expenditure Account For The Year Ended 31 March 2023

Notes
TURNOVER
GROSS SURPLUS
Administrative expenses
Other operating income
OPERATING SURPLUS
4
Other interest receivable and similar income
8
SURPLUS FOR THE FINANCIAL YEAR
The notes on pages 11 to 16 form part of these financial statements.		 2023
£
329,882
329,882
(270,953 )
-
58,929
671
59,600		 2022
£
315,800
315,800
(246,201 )
18,685
88,284
-
88,284

11

Faith Miracle Church Statement of Comprehensive Income For The Year Ended 31 March 2023

SURPLUS FOR THE FINANCIAL YEAR
OTHER COMPREHENSIVE INCOME FOR THE YEAR
TOTAL COMPREHENSIVE INCOME FOR THE YEAR		 2023
£
59,600
-
59,600		 2022
£
88,284
-
88,284

12

Faith Miracle Church Balance Sheet As at 31 March 2023

Notes
FIXED ASSETS
Tangible Assets
10
CURRENT ASSETS
Debtors
11
Cash at bank and in hand
Creditors: Amounts Falling Due Within One Year
12
NET CURRENT ASSETS (LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
Creditors: Amounts Falling Due After More Than
One Year
13
NET ASSETS
RESERVES
Funds
Income and Expenditure Account
MEMBERS' FUNDS		 2023
£
£
248,879
248,879
10,000
673,169
683,169
(8,184 )
674,985
923,864
(2,745 )
921,119
388,130
532,989
921,119		 2023
£
£
248,879
248,879
10,000
673,169
683,169
(8,184 )
674,985
923,864
(2,745 )
921,119
388,130
532,989
921,119		 2022
£
£

256,246

256,246
13,722
604,700
618,422
(5,702 )

612,720

868,966

(7,447 )

861,519

388,130

473,389

861,519		 2022
£
£

256,246

256,246
13,722
604,700
618,422
(5,702 )

612,720

868,966

(7,447 )

861,519

388,130

473,389

861,519
248,879




674,985		 256,246




612,720
683,169
(8,184 )		 618,422
(5,702 )






923,864 868,966
(2,745 ) (7,447 )
921,119 861,519
388,130
532,989		 388,130
473,389
921,119 861,519

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

  1. ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

  2. preparing financial statements which give a true and fair view of the state of affairs of the charitable company as

at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company

.

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The financial statements were approved by the Board of Trustees on and were

signed on behalf of the board by:

~~…………………………………~~ Charles Muotto (Dec 13, 2023 20:02 GMT+1) ……………………. Date Dec 13, 2023

Charles Muotto

The notes on pages 11 to 16 form part of these financial statements.

13

Faith Miracle Church Statement of Changes in Members Fund For The Year Ended 31 March 2023

As at 1 April 2021
Profit for the year and total comprehensive income
As at 31 March 2022 and 1 April 2022
Profit for the year and total comprehensive income
As at 31 March 2023		 Capital
Redemption
£
388,130
-		 Income and
Expenditure
Account
£

385,105

88,284		 Total
£

773,235

88,284
388,130
473,389
861,519
-
59,600
59,600
388,130
532,989
921,119

14

Faith Miracle Church Statement of Cash Flows For The Year Ended 31 March 2023

Notes
Cash flows from operating activities
Net cash generated from operations
1
Net cash generated from operating activities
Cash flows from investing activities
Purchase of tangible assets
Grants received
Interest received
Net cash (used in)/generated from investing activities
Cash flows from financing activities
Repayment of finance leases
Increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
2
Cash and cash equivalents at end of year
2		 2023
£
73,993
73,993
(1,493 )
-
671
(822 )
(4,702)
68,469
604,700
673,169		 2022
£
72,623
72,623
-
18,685
-
18,685
(4,702)
86,606
518,094
604,700

15

Faith Miracle Church Notes to the Statement of Cash Flows For The Year Ended 31 March 2023

1. Reconciliation of profit for the financial year to cash generated from operations

. Reconciliation of profit for the financial year to cash generated from operations
Profit for the financial year
Adjustments for:
Interest income
Depreciation of tangible assets
Grant income
Movements in working capital:
Decrease/(increase) in trade and other debtors
Increase in trade and other creditors
Net cash generated from operations		 2023
£
59,600
(671)
8,860
-
3,722
2,482
73,993		 2022
£
88,284
-
8,559
(18,685)
(6,535)
1,000
72,623

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

Cash at bank and in hand
. Analysis of changes in net funds
Cash at bank and in hand
Finance leases
Debts falling due within one year
Debts falling due after more than one year		 As at 1 April
2022
£
604,700
(12,149)
-
-		 2023
£
673,169
Cash flows
£

68,469

4,702

-

-		 2022
£
604,700
As at 31
March 2023
£

673,169

(7,447)

-

-
592,551
73,171
665,722

3. Analysis of changes in net funds

16

Faith Miracle Church Notes to the Financial Statements For The Year Ended 31 March 2023

1. General Information

Faith Miracle Church is a private company, limited by guarantee, incorporated in England & Wales, registered number 06294487 . The registered office is John Raphael Hse, Coburg Road, Wood Green, London, N22 6UB.

17

Faith Miracle Church Notes to the Financial Statements (continued) For The Year Ended 31 March 2023

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:


their expected useful lives on the
following bases:
Freehold Not depreciatied
Plant & machinary 20%
Motor Vehicles 14.06%
Improvements to property 10%
Computer Equipment 20%

2.4. Leases

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income and expenditure account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income and expenditure account as incurred.

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.6. Government Grant

Government grants are recognised in the income and expenditure account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income and expenditure account. Grants towards general activities of the entity over a specific period are recognised in the income and expenditure account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income and expenditure account over the useful life of the asset concerned.

All grants in the income and expenditure account are recognised when all conditions for receipt have been complied with.

18

Faith Miracle Church Notes to the Financial Statements (continued) For The Year Ended 31 March 2023

3. Other Operating Income

Grant income
4. Operating Surplus/Deficit
The operating surplus/deficit is stated after charging:
Depreciation of tangible fixed assets
5. Accountants Remuneration
Remuneration received by the company's accountant during the year was:
6. Staff Costs
Staff costs, including Trustees' remuneration, were as follows:
Wages and salaries
Social security costs
Other pension costs
7. Average Number of Employees
Average number of employees, including Trustees, during the year was as follows:
Office and administration
8. Interest Receivable and Similar Income
Bank interest receivable		 2023
£
-
-
2023
£
8,860
£1500
2023
£
84,972
8,616
4,980
98,568
2023
4
4
2023
£
671
671		 2022
£
18,685
18,685
2022
£
8,559
2022
£
65,200
6,240
5,016
76,456
2022
3
3
2022
£
-
-

19

Faith Miracle Church Notes to the Financial Statements (continued) For The Year Ended 31 March 2023

9. Tax on Surplus

£

£

Current tax

UK Corporation Tax

U orporaton ax
Profit before tax
Breakdown of tax charge is:
Tax on profit at 0% (UK standard rate)
Total tax charge for the period		 -
2023
£
59,600
-
-		 -
2022
£
88,284
-
-

10. Tangible Assets

Land & Property

Cost
As at 1 April 2022
Additions
As at 31 March 2023
Depreciation
As at 1 April 2022
Provided during the period
As at 31 March 2023
Net Book Value
As at 31 March 2023
As at 1 April 2022
Cost
As at 1 April 2022
Additions
As at 31 March 2023
Depreciation
As at 1 April 2022
Provided during the period
As at 31 March 2023
Net Book Value
As at 31 March 2023
As at 1 April 2022		 Freehold
£
235,000
-		 Plant &
machinary
£

61,918

-		 Motor
Vehicles
£
32,520
-		 Improvements
to property
£

25,904

-		 Improvements
to property
£

25,904

-
235,000
61,918		 32,520 25,904
-
-
59,872

2,046		 19,320
4,515
25,904
-
-
61,918		 23,835 25,904
235,000
-		 8,685 -
235,000
2,046		 13,200 -
Computer
Equipment
£
10,000
1,493		 Total
£

365,342

1,493
11,493
366,835
4,000
2,299
109,096

8,860
6,299
117,956
5,194
248,879
6,000
256,246

20

Faith Miracle Church Notes to the Financial Statements (continued) For The Year Ended 31 March 2023

11. Debtors

Due after more than one year
Gift Aid Receiveable
12. Creditors: Amounts Falling Due Within One Year
Net obligations under finance leases
Trade creditors
Taxation and social security
13. Creditors: Amounts Falling Due After More Than One Year
Net obligations under finance leases
14. Obligations Under Finance Leases
The future minimum finance lease payments are as follows:
Not later than one year
Later than one year and not later than five years
Less: Finance charges allocated to future periods		 2023
£
10,000
10,000
2023
£
4,702
1,500
1,982
8,184
2023
£
2,745
2,745
2023
£
3,960
1,568
5,528
(1,919 )
7,447		 2022
£
13,722
13,722
2022
£
4,702
1,000
-
5,702
2022
£
7,447
7,447
2022
£
3,960
5,528
9,488
(2,661 )
12,149

15. Pension Commitments

The company operates a defined contribution pension scheme. The scheme’s assets are held separately from the company’s in an independently administered fund.

During the year, the profit or loss charge for defined contribution schemes was £4,980 (2022: £5,016).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

16. Company limited by guarantee

The company is limited by guarantee and has no share capital.

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.

21

Faith Miracle Church Detailed Income and Expenditure Account For The Year Ended 31 March 2023

TURNOVER
Donations
Gift Aid Income
GROSS SURPLUS
Administrative Expenses
Wages
Social security
Pensions
Travel and subsistence expenses
Other operating leases
Light and heat
Premises and renovation expenses
Vehicle running costs
Software support and IT equipment
Missions and media outreach, guest speakers
Insurance
Postage and stationery
Printing
Advertising
Telephone
Website costs
Accountancy and legal fees
Professional fees
Subscriptions
Bank charges
Welfare and donations
Events and musicians
Depreciation of plant and machinery
Depreciation of motor vehicles
Depreciation of computer equipment
Sundries
Other Operating Income
Covid-19 response grant
OPERATING SURPLUS		 2023
£
£
289,123
40,759
329,882
329,882
84,972
8,616
4,980
-
18,369
8,965
15,327
6,521
5,560
48,447
5,017
145
2,844
535
8,009
125
1,500
5,277
1,638
1,803
15,825
10,883
2,046
4,515
2,299
6,735
(270,953 )
-
-
58,929		 2023
£
£
289,123
40,759
329,882
329,882
84,972
8,616
4,980
-
18,369
8,965
15,327
6,521
5,560
48,447
5,017
145
2,844
535
8,009
125
1,500
5,277
1,638
1,803
15,825
10,883
2,046
4,515
2,299
6,735
(270,953 )
-
-
58,929		 2022
£
£

258,078

57,722

315,800

315,800
65,200
6,240
5,016
2,208
18,211
6,536
18,925
4,978
9,457
46,295
5,052
185
1,334
-
8,598
3,304
1,000
4,898
-
1,582
19,394
8,262
2,044
4,515
2,000
967

(246,201 )
18,685

18,685

88,284
...CONTINUED
329,882
329,882


























(270,953 )

-
-
18,685

58,929

22

Faith Miracle Church Detailed Income and Expenditure Account (continued) For The Year Ended 31 March 2023

Other interest receivable and similar income

Other interest receivable and similar income
Bank interest receivable
SURPLUS FOR THE FINANCIAL YEAR		 671
671		 -
-

59,600 88,284

23