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← Bread Of Life Ministries (Bristol)

2024-04-30-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 2024 FOR BREAD OF LIFE MINISTRIES (BRISTOL)

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

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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 2024 ........... 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 2024 ....... 13 BALANCE SHEET AS AT 30 APRIL 2024 .................................................................................. 14 NOTES TO THE FINANCIAL STATEMENTS ............................................................................ 15

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

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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 2024

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 2024. 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.

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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 believe that this report provides evidence of the public benefit of the charity's work in the year ended 30th April 2024.

ACTIVITIES AND PERFORMANCE

Charitable activities

The financial year of 2024 saw a steady growth in church activities as members are now used to the change in the times of meetings on Sundays from 2pm to 4pm and have adjusted to this. The church continues to see growth in members, especially in the younger generation. The church continues to use the hybrid method of meeting once a week on Sundays and midweek meetings online to support flexibility in meeting the needs of our members and managing the demand for physical space to meet.

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, 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 continue to be open to the public. The leadership’s focus this year has been to build on the growth of the members and to support them in getting confident and comfortable to attend the in person services and activities. The charity saw an increase in commitment and growth of the members. We have had more consistent attendances by members in both our in-person service and also the virtual services.

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

In 2024, the church continued to support the members in their growth through mentoring and coaching opportunities. The youth in the organisation have grown and are taking responsibility to support one another.

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BREAD OF LIFE MINISTRIES (BRISTOL)

CHARITABLE COMPANY LIMITED BY GUARANTEE

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 remuneration 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 continues to search on the market for appropriate premises to purchase for its 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 to achieve this 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 £96,855 (2023: £50,632) a year-on-year increase of 91%. Total expenditure incurred on charitable activities was £67,732 (2023: £47,874) which represents 70% of income generated (2023: 95%). Surplus for the financial year was £29,123 (2023: £2,758) with a net cash inflow of £17,790 driven by operating activities (2023: net cash outflow of £21,207).

Unrestricted Funds

Total unrestricted income of £96,235 related to tithes and offerings (2023: £49,792), gift aid claims of £31,197 (2023: £0) which includes prior year claims of £18,014 and donation income of £848 (2023: £0).

Expenditure in this category comprises costs incurred on charitable activities directly undertaken and support costs related to the governance, administration, and management of the charity. Costs incurred on charitable activities undertaken increased by 47% from £27,800 in 2023 to £40,765 in 2024. Support costs, including depreciation and transport costs, increased by 34% to £26,967 (2023: £20,075).

Total net movement in unrestricted funds for the year was a surplus of £28,503 (2023: £1,918). Total unrestricted funds carried forward on 30[th] April 2024 were £158,397 (2023: £129,894)

Restricted Fund

Restricted income received in the period was £620 (2023: £840) 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 of a church building.

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

Overall contributions towards the church building therefore increased to £58,403 (2023: £57,783) and the charity expects the funds to continue to grow so that they can meet the deposit required for the new church building.

No expenses of a restricted nature were incurred and bank interest in the building fund was immaterial.

Total net movement in restricted funds for the year was a surplus of £620 (2023: £840). Total restricted funds carried forward on 30[th] April 2024 were £58,403 (2023: £57,783)

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. Reserves carried forward at the end of 2024 are equivalent to 28 months of expenditure (2023: 32 months). This amount is higher than the policy as it includes amounts that could be designated for acquiring a building should the opportunity present itself.

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 2024, 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

31[st] January 2025

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

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2024

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 2024

(a) For the year ended 30 April 2024 the company was entitled to exemption from audit under section 477(2) of the Companies Act 2006

Approved by the Board of Trustees on 25th February 2025 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 2011

(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:

Fixtures, Fittings & Equipment - 20% on cost; 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 restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for 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 accounts have been prepared on the Going Concern basis and the trustees are not aware of any reason why this does not apply

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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. Fees relating to bookkeeping services incurred during the year were £480 (2023: £300). The charity wishes to record its thanks to the accountant J Clarke for continuing to provide and support the 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 (2023: nil)

During this financial year, there has not been any remuneration incurred to any trustee or their family members. 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 £13,000 (2023: £12,403) for the year.

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

2024 2023
£ £
Director’s remuneration 24,600 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 (2023: £nil) nor were they reimbursed expenses during the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £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 (2023: nil)

5. FIXED ASSETS

Fixtures, Fittings Computer Motor
Tangible Assets and Equipment Equipment Vehicles Total
Cost or valuation £ £ £ £
At the beginning of the year 56,557 7,263 6,300 70,120
Additions 1,522 2,398 - 3,920
At the end of the year 58,079 9,661 6,300 74,040
Depreciation and impairments
At the beginning of the year 53,898 7,263 6,300 67,462
Charge for the year 706 667 - 1,373
At the end of the year 54,605 7,930 6,300 68,835
Net Book Value
At the beginning of the year 2,658 - - 2,658
At the end of the year 3,474 1,731 - 5,205

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

6. DEBTORS

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

8. ANALYSIS OF CHARITABLE FUNDS

Analysis of movements in Restricted Funds

Analysis of movements in Unrestricted and Designated Funds

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