GRACE FAITH MINISTRIES
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5[th] APRIL 2021
CHARITY NUMBER: 1135570
GRACE FAITH MINISTRIES GRASTYL WORKS CROSS GREEN WAY LEEDS LS9 0SE
INDEX Page Index 1 Trustee’s Report 2-3 Independent Examiner’s Report 4 Statement of Financial Activities 5 Balance Sheet 6 Notes on the financial Statements 7 - 9
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GRACE FAITH MINISTRIES
TRUSTEES’ REPORT YEAR ENDED 5[TH] APRIL 2021
The trustees are pleased to present their report for the year ended 5[th] April 2021 for the charity, Grace Faith Ministries with charity number 1135570.
The Trustees of the charity are: Ms Elizabeth Kpau Mrs Annette Ntumba
The principal address of the charity is : Grastyl Works Cross Green Way Leeds, LS9 0SE
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity governing document is a declaration of trust that was executed 1[ST] January 2007 .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.
OBJECTIVES AND ACTIVITIES
The Objects of the organisation are first to advance the Christian faith in accordance with the statement of beliefs for the benefit in the United Kingdom and also to promote the benefit of the inhabitants of Richmond Hill by the provision of a befriending service with a view to relieve social isolation and promoting personal development. 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.
ACHIEVMENTS AND PERFORMANCE
The Organisation continues to hold successful meetings through the year in which individuals were equipped and educated on the principles and doctrines of the Christian faith. The organisation continued with holding several conferences during the year in which individuals came from all around the community to attend. This has produced good results in reaching and helping members of the community.
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FINANCIAL REVIEW
The income of the charity is above £34,000. This is a good amount for this year of the charity the costs have been well managed over this period. The organisation is still in a good position to manage its costs.
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 charity have assessed all the major risks to which the charity is exposed to, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to major risks.
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 ongoing 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 1993.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 on 5[st] December 2022 and signed on their behalf by:
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Independent Examiner’s Report To the Trustees
GRACE FAITH MINISTRIES
I report on the accounts of the church for the year ended 5[th] April 2021 set out on the following pages which have been prepared on the basis of the accounting policies shown in the corresponding pages.
Respective responsibilities of trustees and examiner
The trustees of the church are responsible for the preparation of accounts: they consider that the audit requirement under section 43(2) of the Charities Act 1993 (the 1993 Act),does not apply. It is my responsibility to :
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Examine the accounts under section 43(3) of the 1993 Act.
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Follow the procedures laid down in the General Directions given by the Charity Commissioners made under section 43(7)(b) of the 1993 Act.
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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 Commissioners. An examination includes a review of the accounting records kept by the church 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 do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention;
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(1) which gives me reasonable cause to believe that, in any material aspect, the trustees have not met the requirements to ensure that:
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proper accounting records are kept( in accordance with section 41 of the Act)
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act: or
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(2) to which , in my opinion , attention should be drawn in order to enable a proper understanding of the accounts to be reached.
CHUKS AJUKA BSc(Man), FICB PMDip FRESH FIRE ORGANISATION 95 Miles Road Mitcham Surrey CR4 3FH
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GRACE FAITH MINISTRIES
Statement of Financial Activities for the year ended 5th April 2021
| Unrestricted | Unrestricted | Total Funds | ||
|---|---|---|---|---|
| Funds | 2021 | 2020 | ||
| Incoming ResourcesNote | £ | £ | ||
| from generated funds | ||||
| Donations and Legacie | 2 | 37874 | 37874 | 44991 |
| Investment income | 3 | 0 | 0 | 0 |
| ______ | ||||
| 37874 | 37874 | 44991 | ||
| Other Income | ||||
| Gift Aid | 1471 | 1471 | 0 | |
| ______ | ||||
| Total Incoming | 39345 | 39345 | 44991 | |
| Resources | ||||
| ______ | ||||
| Resources Expended | ||||
| Charitable activities in furtherance of objectives | ||||
| Cost of Activities | 6 | 39,511 | 39,511 | 45239 |
| Other | 8 | 0 | 0 | 0 |
| ______ | ||||
| Total Resources | 39,511 | 39,511 | 45239 | |
| Expended | ______ | |||
| Net movement in funds | -166 | -166 | -248 | |
| Reconciliation of Funds | ||||
| Total Funds brought forward | 2184 | 2184 | 2432 | |
| Total Funds carried forward | 2,018 | 2,018 | 2184 |
The above funds are all classed as to purpose All movements of funds and all recognised gains and losses are included above.
The notes on the accounts form part of these accounts.
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GRACE FAITH MINISTRIES Balance Sheet as at 5th April 2021
| Note | 2021 | 2020 | |
|---|---|---|---|
| Fixed Assets | £ | ||
| Tangible fixed assets | 5 | 2266 | 2832 |
| ______ | |||
| 2266 | 2832 | ||
| ______ | |||
| Current Assets | |||
| Cash at bank and | 1196 | 644 | |
| in hand | |||
| Debtors & prepayments | 0 | 0 | |
| 1196 | 644 | ||
| Creditors:amounts falling due within one year | |||
| Creditors & accruals | 8 | 1444 | 1999 |
| Net Current Assets | -248 | -1355 | |
| Net Assets | 2018 | 2184 | |
| Unrestricted Funds | 2018 | 2184 | |
| TOTAL FUNDS | 2018 | 2184 |
Approved by the trustees on the 5th December 2022 and signed on their behalf b
The notes on these accounts form part of these accounts
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GRACE FAITH MINISTRIES
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5[th] APRIL 2021
1) Accounting Policies
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 for Smaller Entities published on 16/07/14, the Financial Reporting Standard for Smaller Entities (effective January 2015). Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s)
Incoming Resources
Incoming resources are recognised in the statement of financial activities when entitlement has passed to the charity and the amounts are certain and measurable. Any incoming resources received that relate exclusively to future periods are Deferred on the Balance Sheet
Resources Expended
Expenditure is recognised in the statement of financial activities when a liability is incurred or increased without a commensurate increase in recognised assets or a reduction in liabilities.
Allocation of Costs
Direct Activity Costs comprise those costs that contribute directly to an activity and are allocated to the relevant activity
Support Costs comprise those costs that are necessary to deliver an activity but in themselves do not produce or deliver an activity. Support costs are allocated to activities based on the direct salary costs of the activity compared with total activity salary costs.
Funds
Restricted funds represent income received that is subject to restrictions on use as determined by the donor which are narrower than the general objects. Designated funds represent funds set aside by the Trustees for specific purposes General funds are those funds made available for the charity’s general objects.
Depreciation
Items of equipment over £500 are capitalised and depreciated so as to write off Cost in equal instalments over their useful lives. Rates are set at equipment 5 to 10 years.
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GRACE FAITH MINISTRIES Notes to the accounts for year ended 5th April 2021
2 Voluntary Income/ Other Income
| Church collections Tithes and Offerings Total |
Unrestricted Total funds Funds 2021 2020 £ £ 39346 39346 44991 |
|---|---|
| _____ 39346 39346 44991 _____ |
3 Investment income
| Unrestricted Total funds Funds £ 2021/£ 2020/£ Bank Interest 0 0 0 4 Cost of generating funds amount £/2020 £/2019 Missions 0 0 missions Grants to individuals<£1000 0 0 _ __ Total 0 0 _ ___ 5 Tangible Fixed Assets Instrument Fix &Fitt Equipment Total 2021 Cost £ £ £ At 06/04/2020 400 4285 2560 7245 Additions 0 0 0 0 _____ At 05/04/2021 400 4285 2560 7245 Depreciation At 06/04/2020 332 2173 1908 4413 charge for the year 14 422 130 566 ______ At 05/04/2021 346 2595 2038 4979 Net Book Value at 05/04/2021 54 640 522 2266 Net Book Value at 06/04/2020 68 2112 652 2832 |
Unrestricted Total funds Funds £ 2021/£ 2020/£ Bank Interest 0 0 0 4 Cost of generating funds amount £/2020 £/2019 Missions 0 0 missions Grants to individuals<£1000 0 0 _ __ Total 0 0 _ ___ 5 Tangible Fixed Assets Instrument Fix &Fitt Equipment Total 2021 Cost £ £ £ At 06/04/2020 400 4285 2560 7245 Additions 0 0 0 0 _____ At 05/04/2021 400 4285 2560 7245 Depreciation At 06/04/2020 332 2173 1908 4413 charge for the year 14 422 130 566 ______ At 05/04/2021 346 2595 2038 4979 Net Book Value at 05/04/2021 54 640 522 2266 Net Book Value at 06/04/2020 68 2112 652 2832 |
Unrestricted Total funds Funds £ 2021/£ 2020/£ Bank Interest 0 0 0 4 Cost of generating funds amount £/2020 £/2019 Missions 0 0 missions Grants to individuals<£1000 0 0 _ __ Total 0 0 _ ___ 5 Tangible Fixed Assets Instrument Fix &Fitt Equipment Total 2021 Cost £ £ £ At 06/04/2020 400 4285 2560 7245 Additions 0 0 0 0 _____ At 05/04/2021 400 4285 2560 7245 Depreciation At 06/04/2020 332 2173 1908 4413 charge for the year 14 422 130 566 ______ At 05/04/2021 346 2595 2038 4979 Net Book Value at 05/04/2021 54 640 522 2266 Net Book Value at 06/04/2020 68 2112 652 2832 |
|---|---|---|
| ______ 400 4285 332 2173 14 422 |
______ 2560 7245 1908 4413 130 566 |
|
| ______ 346 2595 54 640 68 2112 |
______ 2038 4979 522 2266 652 2832 |
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GRACE FAITH MINISTRIES Notes to the accounts for year ended 5th April 2021
| **6 ** | Cost of Activities in furtherance of Charity's Objectives 2021/£ 2020/£ Building rent 22000 33100 Music Services 0 0 Telephone 1785 2215 Bank charges 5 163 Media services 0 253 Sundry 0 Volunteer expenses 5500 Depreciation 566 707 Hall hire 1000 200 Management & Admin 6590 5940 Waste services 314 780 Subscriptions 0 0 Accounting services 877 30 Card services 874 1851 ______ Total 39511 45239 |
|---|---|
MANAGEMENT AND ADMINISTRATION
| 2021/£ | 2020/£ | |
|---|---|---|
| Insurance & License | 0 | 0 |
| Travel & Substitence | 0 | 0 |
| Speaker expenses | 0 | 0 |
| Ligh and heat | 820 | 950 |
| Television programs | 0 | 0 |
| Health & Safety | 380 | 60 |
| Mission house | 1200 | 0 |
| Transport | 0 | 0 |
| Church events | 0 | 0 |
| Hotel | 0 | 0 |
| Admin | 0 | 500 |
| Repairs | 2500 | 3550 |
| Vehicle expenses | 0 | 0 |
| Professional fees | 0 | 0 |
| Building renovation | 0 | 0 |
| Rates | 0 | 0 |
| Wages | 1690 | 880 |
| ______ | ||
| Total | 6590 | 5940 |
| ______ |
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GRACE FAITH MINISTRIES Notes to the accounts for year ended 5th April 2021
| **7 ** | Other Costs | 2021/£ | 2020/£ | ||
|---|---|---|---|---|---|
| Bookkeeping service | 0 | 0 | |||
| Missions | 0 | 0 | |||
| Total | 0 | 0 |
Trustee Remuneration
The church had 1 employee during the financial year. They were paid under the PAYE scheme during the financial year. All other work was carried out by volunteers.
| 8 Creditors: amounts falling due within one year Bookkeeping Creditors Total 9 Debtors and Prepayments Debtors |
2021/£ 2020/£ 300 300 1144 1699 |
|---|---|
| 1444 1999 |
|
| 2021/£ 2020/£ 0 0 |
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