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2021-12-31-accounts

Charity Number: 1139030

FAITHWAYS MINISTRIES UK

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2021

FAITHWAYS MINISTRIES UK

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021

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 2021

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 2021

The Trustees present their annual report with financial statements of the charity for the year ended 31st December 2021.

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

The Year 2021 was still challenging but as we did the previous year, we pressed on. There was still a lot of fear and uncertainty in our community. So, we continued tailoring programmes and activities to meet those needs.

Throughout the year, we developed a hybrid model of services, from meeting in person when it was safe and legal to do so to having virtual meetings when it wasn’t safe to meet in person. We carried on with daily weekday prayer meetings online (conference calls)

We also carried on with our mid-week bible studies online via zoom; this was for adults and a separate one specifically tailored for the youth and children.

Ensuring that all our members especially vulnerable ones had access to support as and when needed was also a priority for us, this ranged from shopping to access to medication etc. We continued to promote Covid-19 vaccinations, sign posted to other organisations as and when necessary.

In August when it was legal and safe to do so, we held a revival meeting with Bishop Moses OwusuSekyere to encourage the congregation. Throughout the challenges we faced as a Ministry, The Lord’s faithfulness was evident, and we can say that we made it through.

Page 3

FAITHWAYS MINISTRIES UK

TRUSTEES REPORT (Continued)

FOR THE YEAR ENDED 31ST DECEMBER 2021

FINANCIAL REVIEW

The Charity has made a surplus of £3,286 (2020 – surplus £12,667). 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 £25,008 (2020 - £22,872) and capital fund balance stands at £47,173 (2020 - £46,023).

Page 4

FAITHWAYS MINISTRIES UK

TRUSTEES REPORT (Continued)

FOR THE YEAR ENDED 31ST DECEMBER 2021

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:

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 12 September 2022 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 2021

I report on the accounts of the Charity for the year ended 31st December 2021, 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:

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:

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: 12 September 2022

Page 6

FAITHWAYS MINISTRIES UK

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST DECEMBER 2021


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
£
30,692
6,892
6,800
-
44,384
39,185
2,063
41,248
3,136
( 1,000)
2,136
22,872
25,008		 Designated
Capital
Funds
£
150
-
-
-
150
-
-
-
150
1,000
1,150
46,023
47,173
Total
Funds
2021
£
30,842
6,892
6,800
-
44,534
39,185
2,063
41,248

3,286
-
3,286

68,895
72,181		 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

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 2021

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		 2021
£
£
-
13,373
59,158
72,531
(350)
72,181
72,181
25,008
47,173
72,181		 2020
£
£
-
13,373
55,872
69,245
(350)
68,895
68,895
22,872
46,023
68,895

The notes on pages 8 to 12 form part of these accounts.

Approved by the Trustees on 12 September 2022 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 2021

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

Page 9

FAITHWAYS MINISTRIES UK

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31ST DECEMBER 2021

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
Bank charges
Printing, postage & stationery
Telephone
Legal and professional fees

General admin		 2021
£
204
22,192
1,848
372
2,058
35
1,399
1,512
-
8,915
650
39,185

2021
£
200
200
75
10
1,309
-
269
2,063		 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

Page 10

FAITHWAYS MINISTRIES UK

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31ST DECEMBER 2021

4.
FIXED ASSETS
Fixtures &
Fittings
Cost
£
As at 1st January 2021
17,296
Additions
-
As at 31st December 2021
17,296
Depreciation
As at 1st January 2021
17,296
Charge for year
-
Disposals
-
As at 31st December 2021
17,296
Net book value
As at 31st December 2021
-

As at 31st December 2020
-
5.
DEBTORS
Sundry debtor
Gift aid receivable
6.
CREDITORS Amounts falling due within one year
Accrued expenses		 Total
£
17,296
-





2021
£
1,000
12,373

13,373
350
350		 2020
£
1,000
12,373
13,373
350
350
17,296

17,296
-
-
17,296

-
-


Page 11

FAITHWAYS MINISTRIES UK

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31ST DECEMBER 2021

7.
DESIGNATED CAPITAL FUNDS
2021
£
Income
Donations and grants
150
Direct Charitable Expenditure
Depreciation
-
Net income / (expenditure)
150
Donated Fixed Asset and Grants towards Purchase of Fixed Assets
2021
£
As at 1st January 2021
61,581
Received during the year
150
Transfer from/ (to) unrestricted funds
1,000
As at 31st December 2021
62,731
Depreciation
As at 1st January 2021
15,558
Deprecation for year
-
As at 31st December 2021
15,558
Funds Employed
47,173		 2020
£
4,150
-
4,150
2020
£
56,641
4,150
790
61,581
15,558
-
15,558
46,023

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 2021

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.