## **GRACE FAITH MINISTRIES** ## **FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 5[th] APRIL 2024** **CHARITY NUMBER: 1135570** **GRACE FAITH MINISTRIES 27 CROSS GREEN LANE LEEDS LS9 8LJ** **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** **1** ## **GRACE FAITH MINISTRIES** # **TRUSTEES’ REPORT YEAR ENDED 5[TH] APRIL 2024** The trustees are pleased to present their report for the year ended 5[th] April 2024 for the charity, Grace Faith Ministries with charity number 1135570. The Trustees of the charity are: Ms Sylvia Rawlins Mrs Annette Ntumba The principal address of the charity is : 27 ## **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. **2** ## **FINANCIAL REVIEW** The income of the charity is above £46,000. 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: 1. Select suitable accounting policies and apply them consistently. 2. Make judgements and estimates that are reasonable and prudent. 3. State whether the applicable accounting standards have been followed. 4. 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 6[TH] March 2026 and signed on their behalf by: _____________________________________________ **3** 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 2024 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 : - Examine the accounts under section 43(3) of the 1993 Act. - Follow the procedures laid down in the General Directions given by the Charity Commissioners made under section 43(7)(b) of the 1993 Act. - 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; - (1) which gives me reasonable cause to believe that, in any material aspect, the trustees have not met the requirements to ensure that: - proper accounting records are kept( in accordance with section 41 of the Act) - accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act: or - (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 **4** ## **GRACE FAITH MINISTRIES** ## **Statement of Financial Activities for the year ended 5th April 2024** ||**Unrestricted**|**Unrestricted**|**Total Funds**|| |---|---|---|---|---| ||**Funds**||**2024**|**2023**| |**Incoming Resources**Note|**£**||**£**|| |**from generated funds**||||| |Donations and Legacie|**2**|46777|46777|34949| |Investment income|**3**|0|0|0| ||____________________________________|||| |||46777|46777|34949| |_Other Income_||||| |Gift Aid||0|0|0| ||____________________________________|||| |**Total Incoming**||46777|46777|34949| |**Resources**||||| ||____________________________________|||| |**Resources Expended**||||| |**Charitable activities in furtherance of objectives**||||| |**Cost of Activities**|**6**|46,330|46,330|35316| |**Other**|**4**|0|0|0| ||____________________________________|||| |**Total Resources**||46,330|46,330|35316| |**Expended**|____________________________________|||| |**Net movement in funds**||**447**|447|-367| |**Reconciliation of Funds**||||| |Total Funds brought forward||1338|1338|1705| |**Total Funds carried forward**||**1,785**|**1,785**|1338| 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. **5** ## **GRACE FAITH MINISTRIES Balance Sheet as at 5th April 2024** ||**Note**|**2024**|**2023**| |---|---|---|---| |**Fixed Assets**||**£**|| |Tangible fixed assets|**5**|2542|2979| |||__________________|| |||2542|2979| |||__________________|| |**Current Assets**|||| |Cash at bank and||883|2| |in hand|||| |Debtors & prepayments||0|0| |||883|2| |**Creditors:amounts falling due within one year**|||| |Creditors & accruals|**8**|1640|1643| |**Net Current Assets**||-757|-1641| |**Net Assets**||1785|1338| |**Unrestricted Funds**||1785|1338| |**TOTAL FUNDS**||**1785**|1338| Approved by the trustees on the 5th February 2026 and signed on their behalf by ____________________________________ The notes on these accounts form part of these accounts **6** ## **GRACE FAITH MINISTRIES** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5[th] APRIL 2024** ## **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. **7** ## **GRACE FAITH MINISTRIES Notes to the accounts for year ended 5th April 2024** ## **2 Voluntary Income/ Other Income** |Church collections
Tithes and Offerings
Grant
Gift aid
Total|Unrestricted
Total funds
Funds
2024
2023
£
£
46777
46777
34949
0
0
0
0
0
0
| |---|---| ||____________________________________
46777
46777
34949
____________________________________| ## **3 Investment income** |Unrestricted
Total funds
Funds £
2024/£
2023/£
Bank Interest
0
0
0
**4 Cost of generating funds**
amount £/2024
£/2023
Missions
0
0 missions
Grants to individuals<£1000
0
0
__________
_________
Total
0
0
__________
_________
**5 Tangible Fixed Assets**
Instrument Fix &Fitt
Equipment Total 2024
**Cost**
**£**
**£**
**£**
At 06/04/2023
400
4285
4610
9295
Additions
0
200
0
200
____________________________________
At 05/04/2024
400
4485
4610
9495
**Depreciation**
At 06/04/2023
366
3206
2747
6319
charge for the year
6
256
372
634
____________________________________
At 05/04/2024
372
3462
3119
6953
**Net Book Value at 05/04/2024**
28
1352
1491
2542
Net Book Value at 06/04/2023
34
1690
1863
2976|Unrestricted
Total funds
Funds £
2024/£
2023/£
Bank Interest
0
0
0
**4 Cost of generating funds**
amount £/2024
£/2023
Missions
0
0 missions
Grants to individuals<£1000
0
0
__________
_________
Total
0
0
__________
_________
**5 Tangible Fixed Assets**
Instrument Fix &Fitt
Equipment Total 2024
**Cost**
**£**
**£**
**£**
At 06/04/2023
400
4285
4610
9295
Additions
0
200
0
200
____________________________________
At 05/04/2024
400
4485
4610
9495
**Depreciation**
At 06/04/2023
366
3206
2747
6319
charge for the year
6
256
372
634
____________________________________
At 05/04/2024
372
3462
3119
6953
**Net Book Value at 05/04/2024**
28
1352
1491
2542
Net Book Value at 06/04/2023
34
1690
1863
2976|Unrestricted
Total funds
Funds £
2024/£
2023/£
Bank Interest
0
0
0
**4 Cost of generating funds**
amount £/2024
£/2023
Missions
0
0 missions
Grants to individuals<£1000
0
0
__________
_________
Total
0
0
__________
_________
**5 Tangible Fixed Assets**
Instrument Fix &Fitt
Equipment Total 2024
**Cost**
**£**
**£**
**£**
At 06/04/2023
400
4285
4610
9295
Additions
0
200
0
200
____________________________________
At 05/04/2024
400
4485
4610
9495
**Depreciation**
At 06/04/2023
366
3206
2747
6319
charge for the year
6
256
372
634
____________________________________
At 05/04/2024
372
3462
3119
6953
**Net Book Value at 05/04/2024**
28
1352
1491
2542
Net Book Value at 06/04/2023
34
1690
1863
2976| |---|---|---| ||__________________
400
4485
366
3206
6
256
|__________________
4610
9495
2747
6319
372
634
| ||__________________
372
3462
28
1352
34
1690|__________________
3119
6953
1491
2542
1863
2976| **8** ## **GRACE FAITH MINISTRIES Notes to the accounts for year ended 5th April 2024** |**6 **|**Cost of Activities in furtherance of Charity's Objectives**
2024/£
2023/£
Building rent
26560
24000
Advertising
200
0
Telephone
2532
1570
Bank charges
120
105
Media services
0
0
Sundry
0
0
Volunteer expenses
0
0
Depreciation
634
744
Hall hire
0
400
Management & Admin
14582
7952
Waste services
1702
245
Subscriptions
0
0
Accounting services
0
300
Card services
0
0
____________________________________
Total
46330
35316
| |---|---| ## **MANAGEMENT AND ADMINISTRATION** ||2024/£|2023/£| |---|---|---| |Insurance & License|0|0| |Travel & Substitence|1480|0| |Speaker expenses|0|0| |Ligh and heat|5552|4992| |Television programs|0|150| |Health & Safety|0|0| |Mission house|0|0| |Transport|0|0| |Church events|0|0| |Refreshments|0|0| |Suppliers|4100|0| |Repairs|0|750| |Vehicle expenses|0|0| |Professional fees|0|200| |Building renovation|3150|0| |Rates|0|360| |Wages|300|1500| |____________________________________||| |**Total**|14582|7952| |____________________________________||| **9** ## **GRACE FAITH MINISTRIES Notes to the accounts for year ended 5th April 2024** |**7 **|**Other Costs**|**2024/£**||2023/£|| |---|---|---|---|---|---| ||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|2024/£
2023/£
300
300
1340
1343| |---|---| ||1640
1643| ||2024/£
2023/£
0
0| **10**