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2022-04-30-accounts

BREAD OF LIFE MINISTRIES (BRISTOL) CHARITABLE COMPANY LIMITED BY GUARANTEE

REGISTERED COMPANY NUMBER: 06570049 REGISTERED CHARITY NUMBER: 1139231

REPORT OF THE TRUSTEES AND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2022 FOR BREAD OF LIFE MINISTRIES (BRISTOL)

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BREAD OF LIFE MINISTRIES (BRISTOL) CHARITABLE COMPANY UMITED BY GUARANTEE

BREAD OF LIFE MINISTRIES (BRISTOL) CHARITABLE COMPANY LIMITED BY GUARANTEE

TABLE OF CONTENTS

COMPANY AND ADMINISTRATIVE INFORMATION ............................................................................ 5 ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH APRIL 2022 ................................. 6 FINANCIAL REVIEW .......................................................................................................................... 10 STATEMENT OF TRUSTEES RESPONSIBILITIES ................................................................................. 11 INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF BREAD OF LIFE MINISTRIES BRISTOL. 12 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2022 ............................... 13 BALANCE SHEET AS AT 30 APRIL 2022 ............................................................................................. 14 NOTES TO THE FINANCIAL STATEMENTS ......................................................................................... 15

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BREAD OF LIFE MINISTRIES (BRISTOL) CHARITABLE COMPANY UMITED BY GUARANTEE

BREAD OF LIFE MINISTRIES (BRISTOL) CHARITABLE COMPANY LIMITED BY GUARANTEE

COMPANY AND ADMINISTRATIVE INFORMATION

REGISTERED COMPANY NUMBER 06570049
REGISTERED CHARITY NUMBER 1139231
REGISTERED OFFICE: 75 Ormonds Close
Bradley Stoke
Bristol
BS32 0DT
DIRECTOR: Kwame Eric Markey
TRUSTEES Gifty Markey
Prof. Eddy Ndekwu
Betty Ndekwu
Christopher Gould
COMPANY SECRETARY: Gifty Markey
BANKERS Lloyds TSB Bank
61-63 Gloucester Road
Patchway
Bristol, Avon
BS34 5JH

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BREAD OF LIFE MINISTRIES (BRISTOL) CHARITABLE COMPANY LIMITED BY GUARANTEE

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH APRIL 2022

Bread of Life Ministries Bristol (BOLM) is an independent Pentecostal church and a registered charity in the UK (Registration Number 1139231). The director and trustees of the charity present their report with the financial statements of the charity for the year ended 30 April 2022. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and have adopted the provisions of 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 (Charities SORP FRS 102, update Bulletin 1).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

Any new appointments are at the recommendation of the directors and trustees, but after consulting and obtaining approval from all trustees. No new trustees were appointed for the period under review.

Induction and training of new trustees

Trustees must demonstrate strong ethical values towards the church. All new trustees are given, in the view of the Board of Trustees, sufficient training and have enough knowledge of their specific field(s) to understand the nature of the charity and fully comply with the charity's aims and objectives. They are required to participate in an orientation day to ensure they are aware of both their legal and professional responsibilities under charity and company law. Trustees are updated on development of church activities on a regular basis.

Organisational structure

A four-member Board of Trustees is responsible for the strategic management of the charity. Day-to-day management responsibility is delegated to the company director, secretary and the leadership of the church who report to the trustees as and when needed. The leadership also includes a three- member council of deacons and deaconesses who provide spiritual governance and oversight for members of Bread of Life Ministries.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees and the spiritual leadership are aware of the major risks facing the charity and have policies in place to manage them. They review these policies and ensure they are well documented and up to date.

This is done through discussions at trustee meetings to ensure comprehensive planning is in place to mitigate any identified risk. This includes regular updates relating to the current pandemic, to consider the best way that Bread of Life can discharge its responsibilities in Divine ministry and giving due care and attention to safety concerns and health risks.

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BREAD OF LIFE MINISTRIES (BRISTOL) CHARITABLE COMPANY LIMITED BY GUARANTEE OBJECTIVES AND ACTIVITIES

Objectives and Purposes

In accordance with its governing document, BOLM is committed to achieve its general charitable objectives by enabling as many people as possible to worship and make a difference in the local community by actively supporting and promoting the work of the charity in the following areas:

The trustees are aware of the Charity Commission's guidance on public benefit in "The Advancement of Religion for the Public Benefit" and have regard to that guidance in their administration of the charity. The trustees believes that this report provides evidence of the public benefit of the charity's work in the year ended 30th April 2022.

ACTIVITIES AND PERFORMANCE

Charitable activities

2022 started with a few challenges as the charity had to find a new place to meet in person due to the previous premises no longer being available. The trustees and leadership of the charity were able to find new premises but had to change the meeting time to the afternoon to accommodate the current use of the premises. The trustees and leadership would like to acknowledge the leadership and trustees of Resound Church in Bristol for allowing Bread of Life Ministries (Bristol) to share in the use of their building facility from Feb 2022. This has enabled the church to meet in person on a weekly basis whilst being able to maintain other activities online through Zoom.

The Charity’s partnership with Compassion UK to reach vulnerable children has continued in this financial year. Compassion is a charity that works with local churches to sponsor underprivileged children around the world. The charity helps to ensure vulnerable mothers have antenatal care, and that children have vaccination against deadly diseases. They ensure children have the best possible start in life. There is an ongoing commitment from Bread of Life Ministries to continue in this work and to expand this further.

All activities are open to the public. The leadership focus in this year has been to rebuild the community by restarting the in-person meetings as they had been paused during the pandemic. Members of the church and the public were encouraged to return to these in-person services to continue forge the sense of community that had been disrupted through he covid pandemic. Having started this, the momentum has picked up and there has been a steady growth in numbers of people attending and in member engagement.

The leadership and trustees have learnt from the lockdown and have adopted a hybrid approach to combining in-person activities to online ones to support those who are still unable to meet in-person due to personal risk factors and preferences. The membership and church community had adapted well to these changes and have stayed committed and focussed with their support.

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BREAD OF LIFE MINISTRIES (BRISTOL) CHARITABLE COMPANY LIMITED BY GUARANTEE

The charity continues to welcome and work with people of different cultures, ethnicity, and race, thus creating the environment for them to worship. All these activities are open to the public of all backgrounds.

In 2022, professionals in BOLM continue to mentor and coach younger ones to support them in their career choices and academic lives. This is an ongoing vision which is planned and worked on annually. Mentees are identified and assigned mentors to support their personal development and growth. In this financial year we were pleased to see many of the youth starting their university studies in various locations across the UK.

The branch in Preston also started their in-person services and activities and have continued to be supported in various ways by the Bristol Branch. They continue to adopt the hybrid methodology of in-person services on Sundays and online by Facebook live during the week to accommodate others who are unable to come in person on the Sunday. This has progressed well so far and continues to gain momentum. The branch in Preston operates otherwise independently, with its income and expenditure not included in these accounts.

Volunteers

The trustees of the charity would like to express their on-going appreciations to all valued members of the various departments in the church for their valuable contributions in keeping the church operational through the various changes encountered this year caused by unavailability of a meeting place for part of the year, then the change in time of meetings when one did become available.

The charity continues to rely on volunteers for its work in meeting the needs of its members and the public. Without this support, BOLM would have had to incur significant staff costs. The workers in the charity include administrative staff, musicians, Sunday School teachers, the deacons, ushers, and the technical team who all volunteer their services without any pay. It is difficult to quantify this in our financial statements however we are aware this would be a significant cost to the charity if all volunteers were paid for their services.

Future Plans

Buying our own church premises remains a priority for our future goals. This is an ongoing goal and the leadership continue to search on the market for appropriate premises to purchase for use.

The short and medium-term aims indicated in last year’s report continue to be a priority for this year. These are outlined as follows.

Short Term:

CHURCH BUILDING

Medium term:

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BREAD OF LIFE MINISTRIES (BRISTOL)

CHARITABLE COMPANY LIMITED BY GUARANTEE

It is important to note that most of our medium-term goals are dependent on securing our church building. The trustees are actively seeking that this is achieved as soon as this is possible.

Internal and external factors

The trustees have made a full assessment of the internal and external factors that may affect these financial statements and do not consider that there are any additional material items which need to be reported to arrive at a true and fair understanding of them.

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BREAD OF LIFE MINISTRIES (BRISTOL) CHARITABLE COMPANY LIMITED BY GUARANTEE FINANCIAL REVIEW

Financial Performance

Total income generated during the year by the charity was £80,513 (2021: £102,024) a year-on-year decrease of 21%. Total expenditure incurred on charitable activities was £33,050 (2021: £37,773) which represents 41% of income generated (2021: 37%). Surplus for the financial year was £47,463 (2021: £64,251) with a net cash outflow of £12,660 driven by repayment of loans to short term creditors, which was partly funded by the surplus for the year.

Unrestricted Funds

Total unrestricted income £79,693 comprised tithes and offerings of £47,937 (2021: £50,390); gift aid receipts of £15,715 (2021: £20,759); and donations of £16,041 (2021: £18,510). A one-off local authority grant income of £10,000 received in the prior year but not available this year which (together with the modest decrease in tithes, offerings and donations), accounted for the decrease in unrestricted income. Unrestricted income accounted for 99% of the total income (2021: 98%) with tithes and offerings constituting 60% (2021: 51%) of the charity’s total unrestricted income.

Expenditure in this category comprises costs incurred on charitable activities directly undertaken as well as support costs related to the governance, administration, and management of the charity. Costs incurred on charitable activities undertaken directly decreased by 22% from £13,341 in 2021 to £10,425 in 2022. Support costs including depreciation and transport costs also decreased by 7% to £22,625.

Total net movement in unrestricted funds for the year was a surplus of £46,643 (2021: surplus £61,911). Total unrestricted funds carried forward on 30[th] April 2022 was £127,976 (2021: £81,333)

Restricted Fund

Restricted income received in the period was £820 (2021: £2,340) all of which related to donations received towards the acquisition of a church building. The trustees once again offer their sincere appreciation for the generous giving of members in support of not only the charity’s activities during this financial year but also towards the acquisition a church building.

The charity continued to search for suitable building facilities to purchase to meet the socio-economic needs of its members.

Overall contributions towards the church building therefore increased to a total of £57,443 (previous total in 2021: £56,623) and the charity expects the fund to continue to grow so that it can meet the deposit required for the new church building. No expenses of a restricted nature were incurred and bank interest receivable on the building fund was immaterial.

Reserves policy

BOLM’s reserves policy is to ensure that unrestricted funds not presently committed or invested should be maintained at the level equivalent to three months’ expenditure to enable BOLM to continue pursuing its activities should there be a period of reduced income. Unrestricted funds carried forward at the end of 2022 is comfortably more than this policy at 46 months cover (2021: 26 months). Potentially the excess cover could be used as part of a deposit for a church building, in addition to the funds held in the restricted fund.

Investment policy and objectives

Under the Memorandum and Articles of Association the trustees have the powers to invest in any way the trustees deem fit and to direct the sale or transposition of any such investments and to expend the proceeds of any such sale in furtherance of the objects of the charity. For the period the trustees did not undertake any such investments, but funds which are not immediately needed may be invested in short term deposits. Overall, the charity has experienced another blessed and fulfilling year and expects to exceed its performance next year.

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BREAD OF LIFE MINISTRIES (BRISTOL) CHARITABLE COMPANY LIMITED BY GUARANTEE

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees including the directors are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company.

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BREAD OF LIFE MINISTRIES (BRISTOL) CHARITABLE COMPANY LIMITED BY GUARANTEE

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF BREAD OF LIFE MINISTRIES BRISTOL

I report on the financial statements of the charitable company for the year ended 30 April 2022, which are set out on pages 13 to 18.

Respective responsibilities of trustees and examiner

The trustees (who are not directors of the company for the purposes of company law, except Kwame Eric Markey) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. I am qualified to undertake the examination by being a qualified fellow of the Association of Chartered Certified Accountants. The charity’s gross income however does not exceed £250,000.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

  1. Examine the accounts under section 145 of the Charities Act;

  2. To follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act; and

  3. 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 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 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

In connection with my examination, no matter has come to my attention:

  1. Which gives me reasonable cause to believe that in any material respect the requirements:

  2. to keep accounting records in accordance with section 130 of the Charities Act; and

  3. to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or

  4. Which in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

J A Y Clarke, FCCA, MBA, BA The Strategy Corporation Chartered Certified Accountants & Business Advisors 50 Badgers Way, Buckingham MK18 7HL 30th January 2023

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BREAD OF LIFE MINISTRIES (BRISTOL) CHARITABLE COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2022

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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BREAD OF LIFE MINISTRIES (BRISTOL) CHARITABLE COMPANY LIMITED BY GUARANTEE

BALANCE SHEET AS AT 30 APRIL 2022

Approved by the Board of Trustees on 20[th] February 2023 and Signed on their behalf by

……………………………………… (TRUSTEE) Christopher Gould

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BREAD OF LIFE MINISTRIES (BRISTOL) CHARITABLE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

(a) Basis of Accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standards for Smaller Entities (effective January 2015), the Companies Act 2006; the requirements of Accounting and Reporting by Charities - the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the FRSSE (effective 1 January 2015); and with the Charities Act 1993

(b) Cash Flow Statement

The company has adopted the Financial Reporting Standard for Smaller Entities (effective January 2015) and is consequently exempt from the requirement to include a cash flow statement in the financial statements.

(c) Income

Income is included on the SoFA when the charity becomes legally entitled to the resources; and the monetary value can be measured with sufficient reliability.

(d) Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

(e) Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter:

Plant & Equipment - 20% on cost;

Office & Computer Equipment - 33.3% on cost;

Motor Vehicles – 20% on cost

(f) Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

(g) Taxation

The charity is exempt from corporation tax on its charitable activities.

(h) Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

(i) Volunteer help

The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.

(j) Going Concern

The Trustees are confident that the charity has adequate reserves to cover ongoing costs for the foreseeable future and as such have prepared the accounts on a going concern basis.

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BREAD OF LIFE MINISTRIES (BRISTOL) CHARITABLE COMPANY LIMITED BY GUARANTEE

2. ANALYSIS OF DONATIONS AND LEGACIES

3. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

4. GOVERNANCE COSTS

These are costs associated with the governance arrangements of the charity which relate to the general running of the charity. The costs will normally include internal and external audit, legal advice for trustees and costs associated with constitutional and statutory requirements and any other costs associated with the strategic as opposed to day-to-day management of the charity’s activities. No governance costs were incurred during the year (2021: nil). The charity wishes to record its thanks to the accountant J Clarke for continuing to perform pro bono accounting services for BOLM.

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BREAD OF LIFE MINISTRIES (BRISTOL) CHARITABLE COMPANY LIMITED BY GUARANTEE 4.1 Trustees and Related Parties

No payments or re-imbursements for out-of-pocket expenses were made to trustees or other third parties during the year (2021: nil)

No remuneration was paid to any trustee or their family members in this financial year. The charity has however benefited significantly from trustees and their contributions to the charity. All trustees and their families contribute through tithing and offerings and regular donations. Contribution from all trustees and their family members totaled approximately £30,000 (2021: £28,300) for the year.

4.2 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

2022 2021
£ £
Director’s remuneration 16,800 16,800
Expenses - -

Key management personnel are those deemed to be those having authority and responsibility, delegated to them by the trustees, for planning, directing, and controlling the activities of the church. During the year this was Pastor Kwame Eric Markey. The remuneration and expenses above relate to the work Pastor Eric carries out in this capacity as Director.

The charity trustees were not paid or received any other benefits as they were not employed by the charity (2021: £nil) neither were they reimbursed expenses during the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil).

4.3 Fees for examination or audit of the accounts

No amounts were paid for any statutory external scrutiny of accounts or other services provided by the independent examiner as this work was carried out on a voluntary basis (2021: nil)

5. FIXED ASSETS

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BREAD OF LIFE MINISTRIES (BRISTOL) CHARITABLE COMPANY LIMITED BY GUARANTEE

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022 2021
£ £
Other Creditors 500 61,000
500
 61,000

7. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR

Bank Loan 2022
2021
£
£
21,982
26,379
21,982
26,379

8. ANALYSIS OF CHARITABLE FUNDS

Analysis of movements in Restricted Funds

Analysis of movements in Unrestricted and Designated Funds

Designated: Building Fund
General funds
Total Funds		 £
£
2022
2021
500
500
80,833
18,922
Funds Balance B/fwd
1 May		 £
£
2022
2021
79,693
99,684
Income		 £
£
2021
2020
(33,050)
(37,773)
Expenditure		 £
£
2022
2021
Transfers		 £
2022
2021
500
500
127,476
80,833
Funds Balance C/fwd
30 April
81,333
19,422		 79,693
99,684		 (33,050)
(37,773)		 -
-		 127,976
81,333

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