OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

Charity Number: 1139030

FAITHWAYS MINISTRIES UK

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2022

FAITHWAYS MINISTRIES UK

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

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 2022

Trustees: Albert Nana Owusu Addai Josephine Boakye-Mensah Freddy Bampoe Operations address: 29 Onsetter Road Moss Green Village Stoke-on-Trent Staffordshire ST2 0ST Bankers: HSBC Bank Plc Crown Bank Stoke-on-Trent ST1 1DA Independent examiner: M Osei-Amoaten FCCA Kevington Drive Orpington Kent BR5 2NU

Page 2

FAITHWAYS MINISTRIES UK

TRUSTEES REPORT

FOR THE YEAR ENDED 31ST DECEMBER 2022

The Trustees present their annual report with financial statements of the charity for the year ended 31st December 2022.

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

We began the Year 2022 with optimism; with plans to rebuild, refocus and re-energise the community. We were still seeing a bit of reluctance to join in Community meetings. Young people had become a bit withdrawn, so we put in place events to try and reduce those fears and social anxiety whilst addressing people’s economic, mental and health needs.

We carried on with a hybrid model of meeting to meet everyone needs. We also carried on with tailored events for the different demographics in the congregation. For example, Men’s programmes, Events for the youth, women and couples.

Middle of July 2022, we faced a huge challenge with our landlord serving us with a dilapidation claim. We then decided to vacate the premises we have been leasing for over 10 years.

In November 2022, we moved out of our meeting place and started meeting in a hotel and then moved again in February to a conference centre that suited our needs better.

In December, unperturbed by the challenges, we carried on with our annual carols service, Christmas service and Watchnight service.

Once again, it was a joy to see the Congregation stay strong and carry on. We are grateful to God for his goodness.

Page 3

FAITHWAYS MINISTRIES UK

TRUSTEES REPORT (Continued)

FOR THE YEAR ENDED 31ST DECEMBER 2022

FINANCIAL REVIEW

The Charity has made a deficit of £5,819 (2021 – surplus £3,286). The church aims to purchase premises 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 £24,089 (2021 - £25,008) and capital fund balance stands at £42,273 (2021 - £47,173).

Page 4

FAITHWAYS MINISTRIES UK

TRUSTEES REPORT (Continued)

FOR THE YEAR ENDED 31ST DECEMBER 2022

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 25 September 2023 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 2022

I report on the accounts of the Charity for the year ended 31st December 2022, 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 Osei-Amoaten FCCA Kevington Drive Orpington Kent BR5 2NU

Dated: 25 September 2023

Page 6

FAITHWAYS MINISTRIES UK

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST DECEMBER 2022


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
£
39,112
7,250
5,910
6
52,278
46,045
12,052
58,097
(5,819)
4,900
( 919)
25,008
24,089


Designated
Capital
Funds
£
-
-
-
-
-
-
-
-
-
(4,900)
(4,900)

47,173
42,273		 Designated
Capital
Funds
£
-
-
-
-
-
-
-
-
-
(4,900)
(4,900)

47,173
42,273
Total
Funds
2022
£
39,112
7,250
5,910
6
52,278
46,045
12,052
58,097

(5,819)
-
(5,819)

72,181
66,362		 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



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 2022

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		 2022
£
£
-
13,373
53,339
66,712
(350)
66,362
66,362
24,089
42,273
66,362		 2021
£
£
-
13,373
59,158
72,531
(350)
72,181
72,181
25,008
47,173
72,181

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

Approved by the Trustees on 25 September 2023 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 2022

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 2022

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		 2022
£
761
21,307
1,592
740
3,660
-
1,851
1,274
121
13,339
1,400
46,045

2022
£
200
200
336
110
1,186
9,636
384
12,052		 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

Page 10

FAITHWAYS MINISTRIES UK

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31ST DECEMBER 2022

4.
FIXED ASSETS
Fixtures &
Fittings
Cost
£
As at 1st January 2022
17,296
Additions
-
As at 31st December 2022
17,296
Depreciation
As at 1st January 2022
17,296
Charge for year
-
Disposals
-
As at 31st December 2022
17,296
Net book value
As at 31st December 2022
-

As at 31st December 2021
-
5.
DEBTORS
Sundry debtor
Gift aid receivable
6.
CREDITORS Amounts falling due within one year
Accrued expenses		 Total
£
17,296
-





2022
£
1,000
12,373

13,373
350
350		 2021
£
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 2022
7.
DESIGNATED CAPITAL FUNDS
2022
£
Income
Donations and grants
-
Direct Charitable Expenditure
Depreciation
-
Net income / (expenditure)
-
Donated Fixed Asset and Grants towards Purchase of Fixed Assets
2022
£
As at 1st January 2022
62,731
Received during the year
-
Transfer from/ (to) unrestricted funds
(4,900)
As at 31st December 2022
57,831
Depreciation
As at 1st January 2022
15,558
Deprecation for year
-
As at 31st December 2022
15,558
Funds Employed
42,273		 2021
£
150
-
150
2021
£
61,581
150
1,000
62,731
15,558
-
15,558
47,173

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 2022

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.