2023-12-31-accounts - Lifegrace Ministries International

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LIFEGRACE MINISTRIES INTERNATIONAL

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] DECEMBER 2023

CHARITY NUMBER: 1149164

LIFEGRACE MINISTRIES INTERNATIONAL 80 PARCHMORE ROAD THORNTON HEATH SURREY CR7 8LW

INDEX Page Index 1 Trustee’s Report 2-3 Independent Examiner’s Report 4 Statement of Financial Activities 5 Balance Sheet 6 Notes on the financial Statements 7 - 10

TRUSTEES’ REPORT YEAR ENDED 31[ST] DECEMBER 2023

The trustees are pleased to present their report for the year ended 31[st] December 2023 for the charity, Lifegrace Ministries International with charity number 1149164.

The Trustees of the charity are: Mrs Grace Odumma

Mr Chukwuebuka Robinson Amobi Rev Vitalis Odumma

Mr Fitzroy Trevor Stewart

The principal address of the charity is : 80 Parchmore road Thornton Heath

CR7 8LW

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity governing document is a declaration of trust that was executed 26[TH] September 2012.The Charity is governed by a board on which the trustees are represented. It meets regularly to review, plan activities and monitor the financial position.

OBJECTIVES AND ACTIVITIES

The Objects of the organisation are first to advance the Christian faith in accordance with the statement of beliefs for the benefit in the United Kingdom and in such other parts of the world as the trustees may think fit from time to time. The trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit before deciding what activities the charity should undertake.

ACHIEVMENTS AND PERFORMANCE

The Organisation held successful meetings online through the year in which individuals were equipped and educated on the principles and doctrines of the Christian faith. All their services and events were conducted back in the building and the church sponsors catering services to provide refreshments for attendants. This has produced good results in reaching and helping members of the community. It continues to host its regular television program in the United Kingdom. The church continues in supporting the construction of a church building in Nigeria.

FINANCIAL REVIEW

The income of the charity is above £300,000. This is a good amount for this year of the charity the costs have been well managed over this period. The organisation is still in a good position to manage its costs. The main cost of the organisation was paying for the rent of its building that it uses for worship services and running television programs. The charity expects to clear the outstanding loan shortly as an agreement is in place that they are working with.

RESERVE POLICY

It is the policy of the Charity to maintain unrestricted funds, which are the reserves of the charity at about 3 months of unrestricted expenditure. This provides sufficient funds to cover any emergency expenditures that may arise from time to time. The charity will seek to maintain this level throughout the year.

RISK MANAGEMENT

The charity have assessed all the major risks to which the charity is exposed to, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to major risks.

TRUSTEE RESPONSIBILITIES

Under the Charities Act 2011the trustees are required to prepare a statement of accounts for each accounting year which gives a true and fair view of the state of the church. They are required to:

Select suitable accounting policies and apply them consistently.
Make judgements and estimates that are reasonable and prudent.
State whether the applicable accounting standards have been followed.
Prepare financial statements on an ongoing basis.

They are responsible for keeping proper records which disclose with reasonable accuracy the finances of the church at any time and to ensure that such accounts comply with the Charities Act 2011.They also have a responsibility to safeguard the assets of the church and to take reasonable steps to detect fraud or other irregularities.

Approved by the Trustees on 31[st] October 2023 and signed on their behalf by:

Independent Examiner’s Report To the Trustees

LIFEGRACE MINISTRIES INTERNATIONAL

I report on the accounts of the church for the year ended 31[st] December 2023 set out on the following pages which have been prepared on the basis of the accounting policies shown in the corresponding pages.

Respective responsibilities of trustees and examiner

The trustees of the church are responsible for the preparation of accounts: they consider that the audit requirement under section 144(2) of the Charities Act 2011 (the 2011 Act),does not apply. It is my responsibility to :

Examine the accounts under section 145 of the 2011 Act.
Follow the procedures laid down in the General Directions given by the Charity Commissioners made under section 145(5)(b) of the 2011 Act.
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 Commissioners. An examination includes a review of the accounting records kept by the church 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 I do not express an audit opinion on the view given by the accounts.

Independent examiner’s statement

In the course of my examination, no matter has come to my attention;

(1) which gives me reasonable cause to believe that, in any material aspect, the trustees have not met the requirements to ensure that:
proper accounting records are kept ( in accordance with section 130 of the 2011 Act
accounts are prepared which agree with the accounting records and comply
with the accounting requirements of the 2011 Act: or
(2) to which , in my opinion , attention should be drawn in order to enable a proper understanding of the accounts to be reached

Chuks Ajuka BSc(Man), FICB PMDip FRESH FIRE ORGANISATION 95 Miles road Mitcham Surrey CR4 3FH

LIFEGRACE MINISTRIES INTERNATIONAL

Statement of Financial Activities for the year ended 31st December 2023

		Unrestricted	Total Funds	Total Funds
		Funds		2023	2022
Incoming Resources from		£	£	£
generated funds Note
Donations and Legacie	2	325154		325154	67889
Investment income	3	0		0	0
		325154		325154	67889
Other Income
Other		9617		9617	53149
Total Incoming		334771		334771	121038
Resources
Resources Expended
Charitable activities in furtherance of objectives
Charitable activities	6	303,885		303,885	109909
Other	7	36,546		36,546	3889
Total Resources		340,431		340,431	113798
Expended
Net movement in funds		-5,660		-5,660	7240
Reconciliation of Funds
Total Funds brought forward		-1797		-1797	-9037
Total Funds carried forward		-7,457		-7,457	-1797

The above funds are all classed as to purpose All movements of funds and all recognised gains and losses are included above.

The notes on the accounts form part of these accounts.


	LIFEGRACE MINISTRIES INTERNATIONAL
	Balance Sheet as at 31ST December 2023

		Note	2023	2022
Fixed Assets			£	£
Tangiblefixed assets		4	63203	62931
			___	___
			63203	62931
			___	___
Current Assets
Cashat bankand			1154	5936
in hand
Debtors & prepayments 9			0	0
			1154	5936
Creditors:amounts falling due within 1year

Creditors & accruals		8	11314	11114
			___	___
Net Current Assets			-10160	-5178
			___	___

Creditors:amounts falling due more than 1year
		10	60500	59550

Net Assets			-7457	-1797


Unresticted funds			-7457	-1797
			___	___
TOTAL FUNDS			-7457	-1797
			___	___


Approved by theTrustees on31st October			2024and signed ontheirbehalf :

		______	_______

	Thenotes onthese accountsformpart ofthese accounts.

LIFEGRACE MINISTRIES INTERNATIONAL

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[st] DECEMBER 2023

1) Accounting Policies The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16/07/14, the Financial Reporting Standard for Smaller Entities (effective January 2015). Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s)

Incoming Resources

Incoming resources are recognised in the statement of financial activities when entitlement has passed to the charity and the amounts are certain and measurable. Any incoming resources received that relate exclusively to future periods are Deferred on the Balance Sheet

Resources Expended

Expenditure is recognised in the statement of financial activities when a liability is incurred or increased without a commensurate increase in recognised assets or a reduction in liabilities.

Allocation of Costs

Direct Activity Costs comprise those costs that contribute directly to an activity and are allocated to the relevant activity

Funds

Restricted funds represent income received that is subject to restrictions on use as determined by the donor which are narrower than the general objects. Designated funds represent funds set aside by the Trustees for specific purposes General funds are those funds made available for the charity’s general objects.

Depreciation

Items of equipment over £500 are capitalised and depreciated so as to write off Cost in equal instalments over their useful lives. Rates are set at 20% reducing balance method.

LIFEGRACE MINISTRIES INTERNATIONAL

Notes to the accounts for year ended 31st December 2023

2 Donations and Legacies

Church collections Tithes & Offerings Other Total	Total funds 2023 2022 £ £ 32154 67889 0 0
	32154 67889

3 Investment income

Investment income
	Total funds
	2023/£	2022/£
Bank Interest	0		0

Tangible Fixed Asset	Instrument	Fix& fitts	Equipment	Land	Vehicle	Total
Cost	£	£	£	£	£	£
At 01/01/2023	2152	4120	13755	47580	10614	78221
Additions	0	2546	1631	0	0	4177
At 31/12/2023	2152	6666	15386	47580	10614	82398
Depreciation
At 01/01/2023	1934	1759	9474	0	2123	15290
charge for the year	44	981	1182	0	1698	3905
At 31/12/2023	1978	2740	10656	0	2123	19195
NBV at 31/12/23	174	3926	4730	47580	8491	63203
NBV at 01/01/2023	218	2361	4281	47580	8491	62931

LIFEGRACE MINISTRIES INTERNATIONAL Notes to the accounts for the year ended 31st December 2023

Cost of Activities in	furtherance	of Charity's Objectives
	2023/£	2022/£
Rent of building	33750	38190
Transport	2294	0
Welfare	1183	2862
Stationary	1042	81
Volunteer expenes	3557	13708
Music Services	0	380
Television programs	300	400
Mission house costs	0	999
Advertising	507	63
Pastor allowance	12000	6234
Light & Heat	989	530
Wages	65500	0
Card services	0	442
Admin services	2688	0
Telephone & Internet	298	1005
Speakers expenses	1080	0
Depreciation	3905	1714
Charity giving	36511	200
Insurance	1670	1724
Rates	398	93
Renovation costs	10336	7524
Professional fees	41120	3710
Web hosting	150	122
Refreshments	8232	10358
Bank charges	2071	1114
Church events	47399	8757
Hotel	567	0
Consultancy fees	12721	0
Travel & Substitence	13617	9164
Loan interest	0	535
Total	303885	109909

6 Other Costs

Other Costs 2023/£ 2022/£ Subscriptions 557 297 Accounting Services 400 1060 Supplies 35589 2532 Total 36546 3889

LIFEGRACE MINISTRIES INTERNATIONAL Notes to the accounts for the year ended 31st December 2023

7 Staff Costs

The trustee Rev Vitalis Odumma received emoluments of £12000 for providing pastoral services to the organisation.

8 Creditors: amounts falling due within one year

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2023/£ 2022/£
Independent examination 600 400
Outstanding loan 10714 10714
___
Total 11314 11114
___
9 Debtors and Prepayments 2023/£ 2022/£
Tax recoverable 0 0
10 Creditors:amounts falling more than 1 year
Bank Loan 12000 11000
Bounce back loan 48500 48500
60500 59500
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