LIFEGRACE MINISTRIES INTERNATIONAL
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[ST] DECEMBER 2024
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
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TRUSTEES’ REPORT YEAR ENDED 31[ST] DECEMBER 2024
The trustees are pleased to present their report for the year ended 31[st] December 2024 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.
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FINANCIAL REVIEW
The income of the charity is above £400,000. 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.
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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:
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Select suitable accounting policies and apply them consistently.
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Make judgements and estimates that are reasonable and prudent.
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State whether the applicable accounting standards have been followed.
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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 3[rd] December 2025 and signed on their behalf by:
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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 2024 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 :
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Examine the accounts under section 145 of the 2011 Act.
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Follow the procedures laid down in the General Directions given by the Charity Commissioners made under section 145(5)(b) of the 2011 Act.
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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;
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(1) which gives me reasonable cause to believe that, in any material aspect, the trustees have not met the requirements to ensure that:
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proper accounting records are kept ( in accordance with section 130 of the 2011 Act
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the 2011 Act: or
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(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
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LIFEGRACE MINISTRIES INTERNATIONAL
Statement of Financial Activities for the year ended 31st December 2024
| Unrestricted | Total Funds | Total Funds | ||||
|---|---|---|---|---|---|---|
| Funds | 2024 | 2023 | ||||
| Incoming Resources from | £ | £ | £ | |||
| generated funds | Note | |||||
| Donations and Legacie | 2 | 290699 | 290699 | 325154 | ||
| Investment income | 3 | 0 | 0 | 0 | ||
| 290699 | 290699 | 325154 | ||||
| Other Income | ||||||
| Other | 113156 | 113156 | 9617 | |||
| Total Incoming | 403855 | 403855 | 334771 | |||
| Resources | ||||||
| Resources Expended | ||||||
| Charitable activities in furtherance of objectives | ||||||
| Charitable activities | 6 | 355,973 | 355,973 | 303885 | ||
| Other | 7 | 19,204 | 19,204 | 36546 | ||
| Total Resources | 375,177 | 375,177 | 340431 | |||
| Expended | ||||||
| Net movement in funds | 28,678 | 28,678 | -5660 | |||
| Reconciliation of Funds | ||||||
| Total Funds brought forward | -7457 | -7457 | -1797 | |||
| Total Funds carried forward | 21,221 | 21,221 | -7457 |
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 | LIFEGRACE MINISTRIES INTERNATIONAL | LIFEGRACE MINISTRIES INTERNATIONAL | LIFEGRACE MINISTRIES INTERNATIONAL | LIFEGRACE MINISTRIES INTERNATIONAL | LIFEGRACE MINISTRIES INTERNATIONAL | ||
|---|---|---|---|---|---|---|---|
| Balance Sheet as at 31st December 2024 | |||||||
| Note | 2024 | 2023 | |||||
| Fixed Assets | £ | £ | |||||
| Tangible fixed Assets | 4 | 69347 | 63203 | ||||
| 69347 | 63203 | ||||||
| Current Assets | |||||||
| Cash at bank and in hand | 18388 | 1154 | |||||
| Debtors and Prepayments | 9 | 0 | 0 | ||||
| 18388 | 1154 | ||||||
| Creditors:amounts falling due within 1year | |||||||
| Creditors & Accruals | 8 | 11514 | 11314 | ||||
| 6874 | -10160 | ||||||
| Creditors: amounts falling due more than 1year | |||||||
| 10 | 55000 | 60500 | |||||
| Net Assets | 21221 | -7457 | |||||
| Unrestricted Funds | 21221 | -7457 | |||||
| TOTAL FUNDS | 21221 | -7457 | |||||
| Approved bythe Trustees on 3rd December 2025 and signed on their behalf: | |||||||
| ______ | |||||||
| The notes on these accounts formpart of these statements | |||||||
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LIFEGRACE MINISTRIES INTERNATIONAL
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[st] DECEMBER 2024
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.
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LIFEGRACE MINISTRIES INTERNATIONAL
Notes to the accounts for year ended 31st December 2024
2 Donations and Legacies
| Church collections Tithes & Offerings Gift Aid Grant Other Total |
Total funds 2024 2023 £ £ 290699 325154 75968 9617 37188 0 0 0 |
|---|---|
| 403855 334771 |
3 Investment income
| Investment income | |||
|---|---|---|---|
| Total funds | |||
| 2024/£ | 2023/£ | ||
| Bank Interest | 0 | 0 |
| **4 ** | Tangible Fixed Asset | Instrument | Fix& fitts | Equipment | Land | Vehicle | Total |
|---|---|---|---|---|---|---|---|
| Cost | £ | £ | £ | £ | £ | £ | |
| At 01/01/2024 | 2152 | 6666 | 15386 | 47580 | 10614 | 82398 | |
| Additions | 0 | 11305 | 280 | 0 | 0 | 11585 | |
| At 31/12/2024 | 2152 | 17971 | 15666 | 47580 | 10614 | 93983 | |
| Depreciation | |||||||
| At 01/01/2024 | 1978 | 2740 | 10656 | 0 | 3821 | 19195 | |
| charge for the year | 34 | 3046 | 1002 | 0 | 1359 | 5441 | |
| At 31/12/2024 | 2012 | 5786 | 11658 | 0 | 5180 | 24636 | |
| NBV at 31/12/24 | 140 | 12185 | 4008 | 47580 | 5434 | 69347 | |
| NBV at 01/01/2024 | 174 | 3926 | 4730 | 47580 | 6793 | 63203 |
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LIFEGRACE MINISTRIES INTERNATIONAL Notes to the accounts for the year ended 31st December 2024
| **5 ** | Cost of Activities in | furtherance | of Charity's Objectives |
|---|---|---|---|
| 2024/£ | 2023/£ | ||
| Rent of building | 33750 | 33750 | |
| Transport | 899 | 2294 | |
| Welfare | 3470 | 1183 | |
| Stationary | 511 | 1042 | |
| Volunteer expenes | 9436 | 3557 | |
| Publications | 4305 | 0 | |
| Television programs | 100 | 300 | |
| Waste Services | 935 | 0 | |
| Advertising | 535 | 507 | |
| Pastor allowance | 15000 | 12000 | |
| Light & Heat | 1082 | 989 | |
| Wages | 81813 | 65500 | |
| Card services | 64 | 0 | |
| Admin services | 3381 | 2688 | |
| Telephone & Internet | 387 | 298 | |
| Speakers expenses | 1500 | 1080 | |
| Depreciation | 5441 | 3905 | |
| Charity giving | 43052 | 36511 | |
| Insurance | 1231 | 1670 | |
| Rates | 8395 | 398 | |
| Renovation costs | 25385 | 10336 | |
| Professional fees | 57499 | 41120 | |
| Web hosting | 123 | 150 | |
| Refreshments | 3030 | 8232 | |
| Bank charges | 1126 | 2071 | |
| Church events | 0 | 47399 | |
| Hotel | 0 | 567 | |
| Consultancy fees | 30437 | 12721 | |
| Travel & Substitence | 20583 | 13617 | |
| PAYE/NI | 2503 | 0 | |
| Total | 355973 | 303885 |
| 6 Other Costs Subscriptions Accounting Services Supplies Total |
2024/£ 2023/£ 579 557 800 400 17825 35589 |
|---|---|
| 19204 36546 |
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LIFEGRACE MINISTRIES INTERNATIONAL Notes to the accounts for the year ended 31st December 2024
7 Staff Costs
The trustee Rev Vitalis Odumma received emoluments of £15000 for providing pastoral services to the organisation.
8 Creditors: amounts falling due within one year
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2024/£ 2023/£
Independent examination 800 600
Outstanding loan 10714 10714
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Total 11514 11314
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9 Debtors and Prepayments 2024/£ 2023/£
Tax recoverable 0 0
10 Creditors:amounts falling more than 1 year
Bank Loan 10000 12000
Bounce back loan 45000 48500
55000 60500
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