## ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
## Miracle Street UK
(A company limited by guarantee) Charity registration number: 1123158 Company registration number: 06483627
Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham, Chichester West Sussex PO18 8NF
## **MIRACLE STREET UK**
## **CONTENTS**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 5|
|Independent Examiner's Report|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes to the Financial Statements|9 to 14|
## **MIRACLE STREET UK**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Trustees** Dr N A Osborne Mr S Dugdale Mr Colin Collino **Charity Registration** 1123158 **Number Company Registration** 06483627 **Number** The charity is incorporated in England. **Registered Office** Middle Brook Centre Middle Brook Street Winchester Hampshire SO23 8DQ **Independent Examiner** G W Schulz FCMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham, Chichester West Sussex PO18 8NF **Bankers** Barclays Bank plc 1 Churchill Place London E14 5HP
Page 1
## **MIRACLE STREET UK**
## **TRUSTEES' REPORT**
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2024.
## **Structure, governance and management**
## _**Nature of governing document**_
The company was incorporated on 25 January 2008, is registered as a charity and is constituted as a company limited by guarantee and is therefore governed by a Memorandum and Articles of Association.
## _**Recruitment and appointment of trustees**_
Appointment of the Directors is governed by the Articles of Association of the Company. The Board of Directors is authorised to appoint new directors according to the agreed guidelines for the appointment of new trustees. A new trustee would receive a copy of the previous year’s annual report and accounts and a copy of the Charity Commission leaflet ‘The Essential Trustee: What You Need to Know’.
## _**Organisational structure**_
The Board of Trustees meets quarterly to administer the charity. The trustees are also the directors of the company for charity purposes. The trustees carry the responsibility for the charity in terms of financial stability and the implementation of the charitable aims and objectives.
The board have also appointed Steve Lee who is retained on a professional basis to oversee the outworking of the charity's activities.
## _**Risk management**_
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
## **Objectives and activities**
## _**Objects and aims**_
The objects of the company are:
(a) to advance the Christian faith in accordance with the statement of beliefs appearing in the schedule to the articles hereto attached in such parts of the United Kingdom or the world as the trustees may, from time to time, think fit and other such purposes which are exclusively charitable according to the law of England & Wales and are connected with the charitable work of the charity.
(b) To promote local communities by associating with the local authorities, voluntary organisations and inhabitants in order to advance education and provide facilities in the interests of the social welfare for recreation and leisure time occupation with the object of improving the condition of life for the said inhabitants in such parts of the United Kingdom and the world as the trustees may, from time to time, determine.
Page 2
## **MIRACLE STREET UK**
## **TRUSTEES' REPORT**
## _**Public benefit**_
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Achievements and performance**
## _**Review of activities**_
Throughout this last year we have continued to communicate the simple message of Jesus outlined in the Bible to many groups of people. We have also helped churches create environments for people to hear a message of hope and to have needs for community and wellbeing met.
**Indoor gatherings** - We have spoken in a number of church events regionally and nationally. We have also helped facilitate gatherings for people who wouldn’t normally attend church. These initiates are done in partnership with the local churches and other charities that help people in poverty and financial problems.
**Outdoor gatherings** - We have further developed our outdoor gatherings for men, often in locations with significant history linked to our wartime past. We have also facilitated trips to the D-Day sites in Normandy. We have recently taken ownership of a purpose built stage van that we custom made many years ago. This will be used alongside our larger mobile stage to facilitate regional and nation events and gatherings for communities.
**Media** - We have continued and developed our work making short films over the last year. The emphasis is storytelling, especially linked to historical narratives, stories and events as a way of creating engaging content to address Christian themes and famous Bible stories. The YouTube channel especially has grown significantly over the last year.
## **Financial review**
Income for the year amounted to £116,000 (2023: £99,680) and expenditure £112,835 (2023: £92,296). The surplus of £3,165 was added to funds brought forward, resulting in a year end unrestricted fund balance of £29,802.
## _**Policy on reserves**_
The reserves policy is to hold three months of running expenses.
## _**Principal funding sources**_
There are three main sources of income:
(a) General donations: These are from individuals, churches and businesses that believe in and support the work.
(b) Events donations: These are specific donations that are made from churches that relate to events we run alongside them.
(c) Stage hire income: These are amounts we invoice for the hire of the stages that help us underwrite the costs of running the charity’s work.
Page 3
## **MIRACLE STREET UK**
## **TRUSTEES' REPORT**
The money that is donated to us and we generate from income covers the costs of running our various events and the funding the costs of our media production.
## _**Investment policy and objectives**_
The Memorandum and Articles of Association give authority for the directors/trustees to hold property and securities on behalf of the charity, including such assets as were acquired from the unincorporated charity as referred to in the accounts.
## **Going concern**
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Page 4
## **MIRACLE STREET UK**
## **TRUSTEES' REPORT**
## **Statement of trustees' responsibilities**
The trustees (who are also the directors of Miracle Street UK for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Small companies provision statement**
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on 12 December 2024 and signed on its behalf by:
......................................... Mr S Dugdale Trustee
Page 5
## **MIRACLE STREET UK**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MIRACLE STREET UK**
I report to the charity trustees on my examination of the accounts of Miracle Street UK for the year ended 31 March 2024.
## **Responsibilities and basis of report**
As the charity’s trustees of Miracle Street UK (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of Miracle Street UK are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of Miracle Street UK as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
...................................... G W Schulz FCMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham, Chichester West Sussex PO18 8NF
12 December 2024
Page 6
## **MIRACLE STREET UK**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
|**Note**
**Unrestricted**
**funds**
**£**
**Income and Endowments from:**
Donations and legacies
3
109,265
Other income
4
6,735
Total income
116,000
**Expenditure on:**
Charitable activities
5
112,835
Total expenditure
112,835
Net income
3,165
Net movement in funds
3,165
**Reconciliation of funds**
Total funds brought forward
26,637
Total funds carried forward
10
29,802|**Total**
**2024**
**£**
109,265
6,735
116,000
112,835
112,835
3,165
3,165
26,637
29,802|**Total**
**2023**
**£**
98,180
1,500|
|---|---|---|
|||99,680|
|||92,296|
|||92,296|
|||7,384|
|||7,384
19,253|
|||26,637|
The notes on pages 9 to 14 form an integral part of these financial statements. Page 7
## **MIRACLE STREET UK**
## **(REGISTRATION NUMBER: 06483627) BALANCE SHEET AS AT 31 MARCH 2024**
|**Note**
**Fixed assets**
Tangible assets
7
**Current assets**
Debtors
8
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
9
**Net current assets**
**Net assets**
**Funds of the charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
10|**2024**
**£**
1,867
1,867
1,231
27,911
29,142
(1,207)
27,935
29,802
29,802
29,802|**2023**
**£**
2,777|
|---|---|---|
|||2,777|
|||515
24,505|
|||25,020
(1,160)|
|||23,860|
|||26,637|
|||26,637|
|||26,637|
For the financial year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 7 to 14 were approved by the trustees, and authorised for issue on 12 December 2024 and signed on their behalf by:
......................................... Mr S Dugdale Trustee
The notes on pages 9 to 14 form an integral part of these financial statements. Page 8
## **MIRACLE STREET UK**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **1 Charity status**
The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
## **Basis of preparation**
Miracle Street UK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Page 9
## **MIRACLE STREET UK**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## _**Donations and legacies**_
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
## _**Gift aid**_
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Tangible fixed assets**
Individual fixed assets costing £500 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
|**Asset class**|**Depreciation method and rate**|
|---|---|
|Furniture and equipment|25% on cost|
|Main stage|25% on cost|
Page 10
## **MIRACLE STREET UK**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Liabilities**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
## **Financial instruments**
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 11
## **MIRACLE STREET UK**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **3 Income from donations and legacies**
|Donations and legacies;
Donations from companies, trusts and
similar proceeds
Gift aid reclaimed
Grants, including capital grants;
Grants
**4 Other income**
Stage hire
Gains on sale of tangible fixed assets for
charity's own use
**5 Expenditure on charitable activities**
Events and activities
Stage costs
Travel costs
Office and premises
Trustee meetings
Independent examination
Depreciation, amortisation and other
similar costs|**Unrestricted**
**funds**
**General**
**£**
92,119
7,146
10,000
109,265
**Unrestricted**
**funds**
**General**
**£**
5,257
1,478
6,735
**Unrestricted**
**funds**
**General**
**£**
73,946
17,508
8,164
9,395
685
1,008
2,129
112,835|**Total**
**2024**
**£**
92,119
7,146
10,000
109,265
**Total**
**2024**
**£**
5,257
1,478
6,735
**Total**
**2024**
**£**
73,946
17,508
8,164
9,395
685
1,008
2,129
112,835|**Total**
**2023**
**£**
82,107
6,073
10,000|
|---|---|---|---|
||||98,180|
||||**Total**
**2023**
**£**
1,500
-|
||||1,500|
||||**Total**
**2023**
**£**
64,318
7,483
7,805
9,799
107
960
1,824|
||||92,296|
Page 12
## **MIRACLE STREET UK**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **6 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
## **7 Tangible fixed assets**
|**Furniture**
**and**
**equipment**
**£**
**Cost**
At 1 April 2023
46,058
Additions
1,220
Disposals
(19,825)
At 31 March 2024
27,453
**Depreciation**
At 1 April 2023
43,281
Charge for the year
2,130
Eliminated on disposals
(19,825)
At 31 March 2024
25,586
**Net book value**
At 31 March 2024
1,867
At 31 March 2023
2,777
**8 Debtors**
Accrued income
**9 Creditors: amounts falling due within one year**
Trade creditors
Accruals|**Furniture**
**and**
**equipment**
**£**
**Cost**
At 1 April 2023
46,058
Additions
1,220
Disposals
(19,825)
At 31 March 2024
27,453
**Depreciation**
At 1 April 2023
43,281
Charge for the year
2,130
Eliminated on disposals
(19,825)
At 31 March 2024
25,586
**Net book value**
At 31 March 2024
1,867
At 31 March 2023
2,777
**8 Debtors**
Accrued income
**9 Creditors: amounts falling due within one year**
Trade creditors
Accruals|**Main stage**
**£**
150,000
-
-||**Total**
**£**
196,058
1,220
(19,825)
177,453
193,281
2,130
(19,825)
175,586
1,867
2,777
**2023**
**£**
515|
|---|---|---|---|---|
|||150,000|||
|||150,000
-
-|||
|||150,000|||
|||-|||
|||-|||
|||**2024**
**£**
1,231
**2024**
**£**
200
1,007
1,207|||
|||||**2023**
**£**
200
960|
|||||1,160|
Page 13
## **MIRACLE STREET UK**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **10 Funds**
|**10 Funds**|||||
|---|---|---|---|---|
|**Unrestricted funds**
**_General_**
General Funds
**Unrestricted funds**
**_General_**
General Funds|**Balance at**
**1 April**
**2023**
**£**
26,637
**Balance at**
**1 April**
**2022**
**£**
19,253|**Incoming**
**resources**
**£**
116,000
**Incoming**
**resources**
**£**
99,680|**Resources**
**expended**
**£**
(112,835)
**Resources**
**expended**
**£**
(92,296)|**Balance at**
**31 March**
**2024**
**£**
29,802|
|||||**Balance at**
**31 March**
**2023**
**£**
26,637|
## **11 Analysis of net assets between funds**
|Tangible fixed assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**General**
**£**
1,867
29,142
(1,207)
29,802
**Unrestricted**
**funds**
**General**
**£**
2,777
25,020
(1,160)
26,637|**Total funds**
**at 31**
**March**
**2024**
**£**
1,867
29,142
(1,207)|
|---|---|---|
|||29,802|
|||**Total funds**
**at 31**
**March**
**2023**
**£**
2,777
25,020
(1,160)|
|||26,637|
Page 14