Charity Number: 1139030
FAITHWAYS MINISTRIES UK
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2020
FAITHWAYS MINISTRIES UK
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
CONTENTS
| 1 | Charity particulars |
|---|---|
| 2-4 | Trustees report |
| 5 | Independent examiner’s report |
| 6 | Statement of financial activities |
| 7 | Balance sheet |
| 8-12 | Notes to the accounts |
Page 1
FAITHWAYS MINISTRIES UK
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2020
Trustees: Albert Nana Owusu Addai Josephine Boakye-Mensah Freddy Bampoe Operations address: Omega House Lower Foundry Street Hanley Stoke On Trent ST1 5HF Bankers: HSBC Bank Plc Crown Bank Stoke-on-Trent ST1 1DA Independent examiner: M Erskine FCCA Kevington Drive Orpington Kent BR5 2NU
Page 2
FAITHWAYS MINISTRIES UK
TRUSTEES REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2020
The Trustees present their annual report with financial statements of the charity for the year ended 31st December 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s Trust Deed, the Charities Act 2011 and “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 2019)”.
LEGAL STATUS
Faithways Ministries UK was established under a trust deed dated 12 October 2010 and is entered in the Register of Charities as registered charity number 1139030.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is governed by a board in which the Trustees are represented. It meets regularly to review, plan activities and monitor the financial position.
OBJECTIVES AND ACTIVITIES
Faithways Ministries is a word of Faith, non-denominational Bible believing Church that presents the Gospel of Jesus Christ as God’s plan of salvation for all people and also reaching out to people who are in need of basic personal needs. The Trustees confirm that they have taken due consideration to the guidance issued by the Charity Commission on public benefit before deciding on the activities the charity should undertake.
ACHIEVEMENTS AND PERFORMANCE
As with the rest of the rest of the world, the year 2020 was an extremely challenging year.
From the beginning of the year, we carried on holding services to build and encourage members of the Ministry and the community.
Mid-March 2020 COVID-19 hit us all and we suspended all in person services and began online streaming services. We tried to maintain some form of normalcy for our members in terms of the services. We held daily prayer meetings online by using conference calls.
We also moved our mid-week bible studies online via zoom. The youth and younger ones were not left out, we held weekly youth and kids’ services on zoom with them and they absolutely loved it especially the 15 minutes of catch-up sessions at the end.
We also ensured that all vulnerable members had access to support be it in terms of shopping, access to medication etc. We constantly checked on all the members and their families and offered free employment support for all who needed it, e.g., advice on furlough, employment rights etc.
Page 3
FAITHWAYS MINISTRIES UK
TRUSTEES REPORT (Continued)
FOR THE YEAR ENDED 31ST DECEMBER 2020
When vaccines became available, we teamed up with other Organisations to promote the uptake of vaccinations in our community. And when we were allowed to meet in person, we ensured all COVID-19 protocols were in place.
The year 2020 was indeed unprecedented and challenging but through it all God’s grace kept us.
FINANCIAL REVIEW
The Charity has made a surplus of £12,667 (2019 – surplus £7,154). The church aims to purchase the premises it currently occupies (leased at present) in the belief that in the long term, it will free up funds to enable main objectives to be attained.
RISK ASSESSMENT
The Trustees have conducted a review of the major risks to which the charity is exposed. In particular, those related to operations and finances and are satisfied that sufficient controls are in place to mitigate exposure to such risks.
INVESTMENT POLICY
Surplus funds are being held on deposit to enable the Charity to meet its operational obligations as they fall due. The Trustees ensure that the Charity receives satisfactory interest on deposits.
TRUSTEES
The trustees of the charity very rarely change. Any changes are authorised by all of the current trustees who together ensure that training is satisfactory.
The Trustees who served during the year were:
Albert Nana Owusu Addai Josephine Boakye-Mensah Freddy Bampoe
RESERVES POLICY
The trustees aim to ensure that unrestricted incoming resources are maintained at an adequate level to cover direct charitable expenditure and emergency expenditure that may arise from time to time. The current reserve balance for unrestricted funds is at £22,872 (2019 - £15,145) and capital fund balance stands at £46,023 (2019 - £41,083).
Page 4
FAITHWAYS MINISTRIES UK
TRUSTEES REPORT (Continued)
FOR THE YEAR ENDED 31ST DECEMBER 2020
PLANS FOR FUTURE PERIODS
To continue in the furtherance of the of the Charity’s objectives through the provision of spiritual worship services to promote the Christian faith.
TRUSTEES RESPONSIBILITIES
The Trustees are responsible for preparing the trustee’s report and financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records, which disclose with reasonable accuracy at any time, the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
APPROVAL
This Report was approved by the Trustees on 1 September 2021 and signed.
- ………………………………………… Albert Nana Owusu Addai
Page 5
INDEPENDENT EXAMINER’S REPORT
TO THE TRUSTEES OF FAITHWAYS MINISTRIES UK
FOR THE YEAR ENDED 31ST DECEMBER 2020
I report on the accounts of the Charity for the year ended 31st December 2020, which are set out on pages 6 to 12.
Respective responsibilities of Trustees and examiner
The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to 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 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 the seeking of 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 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
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in accordance with section 130 of the Charities Act; or
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2 the accounts do not accord with those records; or
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3 the accounts did not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirements that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
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.
M Erskine FCCA Kevington Drive Orpington Kent BR5 2NU
Dated: 1 September 2021
Page 6
FAITHWAYS MINISTRIES UK
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST DECEMBER 2020
INCOME AND ENDOWMENTS Notes Tithes, offerings and other donations Gift aid income Rental income Interest received TOTAL INCOME EXPENDITURE Direct charitable expenditure 2 Governance costs 3 TOTAL EXPENDITURE NET INCOME / (EXPENDITURE) Transfers between funds NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Total funds brought forward Total funds carried forward |
Unrestricted Funds £ 32,478 5,845 5,600 - 43,923 31,608 3,798 35,406 8,517 ( 790) 7,727 15,145 22,872 |
Designated Capital Funds £ 4,150 - - - 4,150 - - - 4,150 790 4,940 41,083 46,023 |
Total Funds 2020 £ 36,628 5,845 5,600 - 48,073 31,608 3,798 35,406 12,667 - 12,667 56,228 68,895 |
Total Funds 2019 £ 33,770 12,390 - - 46,160 36,424 2,582 39,006 7,154 - 7,154 49,074 56,228 |
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The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Page 7
FAITHWAYS MINISTRIES UK
BALANCE SHEET AT 31ST DECEMBER 2020
| Notes FIXED ASSETS 4 CURRENT ASSETS Sundry debtors and prepayments 5 Cash at bank CREDITORS:Amounts falling due within one year 6 NET CURRENT ASSETS NET ASSETS REPRESENTED BY: Unrestricted funds Designated capital funds 7 |
2020 £ £ - 13,373 55,872 69,245 (350 ) 68,895 68,895 22,872 46,023 68,895 |
2019 £ £ - 13,373 43,155 56,528 (300 ) 56,228 56,228 15,145 41,083 56,228 |
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The notes on pages 8 to 12 form part of these accounts.
Approved by the Trustees on 1 September 2021 and signed on their behalf by:-
…………………………………… Albert Nana Owusu Addai
Charity Number: 1139030
Page 8
FAITHWAYS MINISTRIES UK
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST DECEMBER 2020
1. ACCOUNTING POLICIES
Charity information
Faithways Ministries UK is an unincorporated Charity registered with the Charity Commission in England and Wales. The registered office is Omega House, Lower Foundry Street, Hanley, Stoke on Trent, ST1 5HF.
1.1 Basis of preparation of accounts
The financial statements have been prepared under the historic cost convention and in accordance with the Charity’s Trust Deed, the Charities Act 2011 and “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 2019)”. The charity constitutes a public benefit entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Updated Bulletin 1 not to prepare a Statement of Cash Flows.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The Trustees are of the opinion that considering 12 months from the date of signing the financial statements, the charity is a going concern.
1.2 Incoming resources
Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable at market value. The value of services provided by volunteers has not been included.
1.3 Value Added Tax
Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT, which cannot be recovered.
1.4 Fund accounting
Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.
Designated capital funds are unrestricted funds earmarked by the Management Committee for capital purposes at the time of receipt of such donation and grants. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of depreciation.
1.5 Liabilities
Liabilities are recognised in the accounts where there is an obligation to transfer economic benefit.
1.6 Tangible fixed assets
It is the policy of the Charity to provide depreciation at the following annual rates in order to write off each asset over its estimated useful economic life: Fixtures & fittings 20% straight line
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FAITHWAYS MINISTRIES UK
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31ST DECEMBER 2020
1.7 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
| 2. DIRECT CHARITABLE EXPENDITURE Travel and subsistence Rent and rates Insurance Subscriptions Light and heat Cleaning Premises repairs and renewals Equipment expenses Information and publications Evangelism and missionary support Welfare donations Total 3. GOVERNANCE COSTS Accountancy fees Independent examiner’s fees Advertising Bank charges Printing, postage & stationery Telephone Legal and professional fees General admin |
2020 £ 523 24,950 1,372 253 2,101 144 373 129 142 1,166 455 31,608 2020 £ 200 200 - 87 198 889 2,041 183 3,798 |
2019 £ 216 21,580 1,243 521 3,538 41 324 - 312 8,279 370 36,424 2019 £ 150 200 327 117 218 956 300 314 2,582 |
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Page 10
FAITHWAYS MINISTRIES UK
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31ST DECEMBER 2020
| 4. FIXED ASSETS Fixtures & Fittings Cost £ As at 1st January 2020 17,296 Additions - As at 31st December 2020 17,296 Depreciation As at 1st January 2020 17,296 Charge for year - Disposals - As at 31st December 2020 17,296 Net book value As at 31st December 2020 - As at 31st December 2019 - 5. DEBTORS Sundry debtor Gift aid receivable 6. CREDITORS Amounts falling due within one year Accrued expenses |
Total £ 17,296 - |
2020 £ 1,000 12,373 13,373 350 350 |
2019 £ 1,000 12,373 13,373 300 300 |
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| 17,296 | |||
17,296 - - 17,296 |
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Page 11
FAITHWAYS MINISTRIES UK
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31ST DECEMBER 2020
| 7. DESIGNATED CAPITAL FUNDS 2020 £ Income Donations and grants 4,150 Direct Charitable Expenditure Depreciation - Net income / (expenditure) 4,150 Donated Fixed Asset and Grants towards Purchase of Fixed Assets 2020 £ As at 1st January 2020 56,641 Received during the year 4,150 Transfer from/ (to) unrestricted funds 790 As at 31st December 2020 61,581 Depreciation As at 1st January 2020 15,558 Deprecation for year - As at 31st December 2020 15,558 Funds Employed 46,023 |
2019 £ 2,275 - 2,275 2019 £ 43,366 2,275 11,000 56,641 15,558 - 15,558 41,083 |
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8. TAXATION
The charity is exempt from corporation tax as all of its income is charitable and is applied for charitable purposes.
Page 12
FAITHWAYS MINISTRIES UK
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31ST DECEMBER 2020
9. TRUSTEES REMUNERATION AND EXPENSES
No remuneration was paid to the trustees during the period nor was any expenses reimbursed to them.
10. ULTIMATE CONTROLLING PARTY
The ultimate controlling party is the charity’s Board of Trustees.