REGISTERED COMPANY NUMBER: 08134602 (England And Wales) REGISTERED CHARITY NUMBER: 1150036 (England and Wales) & SC040673 (ScotlaDd) REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 FOR DEEPER CHRISTIAN LIFE MINISTRY Leroy Reid & Co Chartered Certified Accountants and Statutory Auditors 299 Northborough Road Norbury London SW16 4TR
DEEPER CHRISTIAN LIFE MINISTRY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Page Reference and adminlstrative detsils Report of the trustees Report of the independent auditors 7 to 10 ststement of financial activities Statement or rlnaneial positlon 12 Slatement of cash flows 13 Notes lo the statement ofeash llows 14 Notes to the financlal statements 15 to 21 Detailed ststemenl or rinaneial activitie5 22 to 23
DEEPER CHRISTIAN LIFE MINISTRY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST DECEMBER 2024 TRUSTEES Dr W F Kumuyi Pastor S P Akowe Mrs E F A Kumuyi Mrs M A Okenwa (deceased 21.2.24) Mrs M M Akinsanya COMPANY SECRETARY Mrs E F A Kumuyi REGISTERED OFFICE Transforniation House 66 St John's Hill Clapham Junction London SWII IAD REGISTERED COMPANY NUMBER 08134602 (Eingland and Wales) REGISTERED CHARITY NUMBER 1150036 (England and Wales) SC040673 (Scotland) INDEPENDENT AUDITORS Leroy Rcid & Co Chartered Certified Accountants and Statutory Auditors 299 Northborough Road Norbury London SW164TR SOLICITORS Clive I lindle 8 Northumberland Square North Shi¢lds NE30 IQQ BANKERS CAF Bank Limited 25 Kings Hill Avenue, Kings Hill West Mailling Kent ME19 4JQ National We5tmin5ter Bank PLC 2a Princess Road Liverpool L8 IJT Barclays Bank PLC 5th Floor, Corinthian House 17 Lansdowne Road Croydon CRO 2BX HSBC Bank PLC 28 Borough High Street London SEI IYB Page I
DEEPER CHRISTIAN LIFE MINISTRY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 3 1st December 2024. The trustees 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 (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objeetives and alms The Deeper Christian Life Ministy ( DCLM) is a Chrisitan charity organisation registered with the charity commission with the objective of advancing the cause of the Christian faith and contributing actively to the enhancement of the communities where we operat¢. The Charity has branches across all the Nations on the United Kingdom. Mission and Objectives The Charity was established to.. Benefit the public through the advancement of the idcals of the christian faiih Bcnefit the individual through the development of their polentials in order to bc thc bcst ihcy can be Active engagement with the community for Ihc overall enhancement of the community experience Thc abovc missions and objectives were realised through the following activities. Fulfilling and facilitating the Great Commission given by our Lord and Saviour Jesus Christ to every Believer to: Go into all the world and teach the community, peoplc group and raccs thc word of God, teaching thcm to observe every jot and title of it and makingy disciples of them. Prcaching the word of God to every creature and covering the earth with righteousncss. Reaching out to churches and other organisations wilh similar objectivc8, as wcll as lo unchurchcd pcople around the world. .eading believers to a decper and richer experience of faith in the l.ord Jesus Christ, teaching and getting them to be acquainted with the gracious means of holy, healthy, happy, prosperous, balanced, and fruiiful Christian life, thus preparing them for heaven. Organising regular fcllowship for community interactions and mutual benefits. Or&iani5inbi regular training for both full time and volunteer staff with the aim of making them more effective in the allainment of the Charity goals. Organising networking relationships and involvcment with the larger Community and other charity organisations and govcrnmcnt agencies. Effectively playing our part in th¥ lif¢ of our communities through community-based projects. Public beneflt The Trustees have taken into cognisance relevant charity commission guidclincs on public bcnefit5. The work of ihe Charity and the funds it raised were direct¢d towards furthering the religious and public aims and objcctives of the Charity. The trustee5 thcreforc beli¢ve Ihat the Charily satisfie5 the criteria laid down for meeting the public benefit test. Granl Making The Charity does not make significant grant5 to individuals or other institutions. The Charity does, however, assist other Deeper Chrisitan Life Ministry organisation5 throughout the world. The Charity also supports Members who are in dirriculties either financially or providing other means of support as may be required. Assistance May be made to other non-deeper life charitable organi5ation5 from time to time at the discretion of the trustees. All b¢reaved families who requestcd support from the charity were supported during the year. Volunteers The charity has enjoyed the active support of volunt¢ers in the pursuit of its goals and objectives. The day to day running of the Charity has been made possible through the contribution of number of volunteers with a wide range of skills which has been used for the benefit of the Charity. Page 2
DEEPER CHRISTIAN LIFE MINISTRY REPORT OF THE TRUSTEES FOR THE YEAR ENDF.D 31ST DECEMBER 2024 STRATEGIC REPORT Achievements and performance Charitable aelivities In the year under report, the charity has made progress in the realisation of its mission and objectives. The charity organised a national residential youth confer¢nce. Participants were drawn from across the United Kingdom and Republic of Ireland. There were ovcr four hundred youths (400) in attendance. A programme was held to support single parents that drew participants from across the county. New church assemblies were start¢d across the nation. F(M)d banks were established in some of our assemblies to support families that are struggling with making ends meet. Thc charily organised a residential training programme for all accounting and volunteer bookkeepers in liaison with our auditing firni (Leroy Reid & Co) to familiarise thcm with recent changes to thc Charity commission financial regulations. This has positively contributed with a robust engagement with the management software by all Bookkcepers. Rcgular fellowship activities were organiscd throughout the year under report. Thc management softwarc was upgraded in thc year under review with an integration of both thc accounting software and the Management softwarc. STRATEGIC REPORT 'rhe Board of Trustees meels rcguldrly to review th¢ activities of ihe Charity. The Iruslees had rcbiular input frvm Ihe management team in the decision-making process. Rebyular Rcgional Overseers mcctings are held to plan ihc aclivities of the Charity. The Charity continues lo build on the blains of ils adapted approach post Covid 19. 'lThere has becn a consideruble return to rcgular physical meeting across the churches in the nalions. Thc charity continues to providc support to members of the public who need assistancc within Tts limited rcsources. Among other Ihings the Chtirity Internal financial controls are conslanlly reviewed and updalcd. Weekly Voluniccr trdining s¢ssions are held across the nation to pr¢pare th¢ tcmplalc5 for service deliveries in the months. Specialiscd skill training was organised for thc various volunleer groups in the Charity. Food banks wcre st¢lrted in addilion to existingy oncs to help the less privilcgcd in the community. Marriage ccremonies werc conducted for young adults in the year. Thc Leadcrship of thc Charity attended a Slralegic Lonference in ihc year under review at the intcrnational hcadquarters of thc Charity. Total incomes outstripped the expenses, thus making for a surplus as reflected in the financial report for the year ended. STATF.MF.NT OF COMPLIANCE WITH CHARITY COMMISSION GUIDANCE The board of Trustees and thc managemeni board ensured a strict complianc¢ with Charity Commission guidance on opcraling a Charity in ihe UK. 'I'he charily full time workcrs atlended online training organised by the Charity commission. SAFEGUARI)ING AND SAFETY PROCF.DURES The Charity has a robust and fil for purpose safeguarding policy and procedure in place. This 15 regularly updated in keeping with existing government regulations. STATEMENT OF COMPLIANCE The charity follows GDPR regulations. The Charity is registered with the Information Commissioner, Office (ICO). Financial review Financial position Total incoming resources for the year wa5 £6,004,683 (2023.. £5,868,697) and the total resources expended on haritable activities was £4,382,482 (2023: £4,940,227 The net surplus for the year under review was £1,656,486 (2023- £926,920 including Net gains on Investment £34,285 (2023: Loss (£1,250)) Page 3
DEEPER CHRISTIAN LIFE MINISTRY REPORT OF THE TRUSTEES FOR THE YFAR F.NDED 31ST DECEMBER 2024 STRATEGIC REPORT Finaneigl review Investment policy and objeetives The Trustees through the power vested in them by the governing const]tIOn to invest and deal with any monies of the Charity, not immediately required, in any company or organisation or enter into joint venthres with them provided that the aims and objectives of such companies or organisations do not conflict with the principles and provisions of the Holy Scriptures and tenets of the faith and declarations of belief held by the Charity. The policy of the Trustees is to invest funds not immediately required by the Charity in a combination of cash deposits and quoted investments. The market value of investments held at the year ended 31 December 2024 was £93,598 (2023 - £59,313) The Charity investments are managed by independent investment advisers under discretionary powers. The investment portfolio is manag¢d by iaking into account the Board's attitude to risk. The investmcnt perforniance is considered satisfactory when compared to major markct indices. Reserves pollcy It is the policy of the Board to maintain a balance of unrestricted nds, which is equal to six months of unrestriclcd payments. This is reviewed through the managcment report every quarter to ensure that it is r¢l¢vanl to the Charity's financial slate. The Trustees consider that rcserves at this level will ensure that, in the event of a significant drop in incorne, thcy will be able to conlinue the Charily's current activities while considcration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The Charity's reservcs as al the year-end was £18,770,047 (2023 - £17.113,561). of which £191,249 (2023: £114,428) is shown as restricied fund. The restricted fund is earmaTk¢d io be used in the furtherance of the charity's objectives to acquire buildings to be used for places of worship.Th¢ net book value of tangible fixcd assets were £12,017,387 (2023 £12.221.611). As at 31 Dccember 2024 the remaining net reserves of £6,752,660 (2023: £4,891.950) is held to providc working capital for the Charity, to provide and for conlingencies to be available to contribute towards the purchase and improvement of facilities in furthcrancc of the future work of the Charity. Future plans 'I'he Board will seek in the coming ycar to further keep down the cost of running the Charity. The Board is detennined to see that more local asscmblies are established within the United Kingdom. There are plans to acquire more buildinbls for local assemblies. STRUCTURF, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limitcd company. limi*d by guarantee, as defined by the Companies Act 2(M)6. The Charity is constituted by a Trust Deed. The Trust was regislcred with the Charity Commission on the 5th August 1987 and the most recent constitution was adopted and approved on the 13th Dcccmber 2010. The Trustees who serve during the year were:. Pastor Dr. William Kumuyi (Chairnian) Pastor Paul Akowe Mrs Moni Akinsanya (Treasurer) Mr5 Esther Kumuyi (Secrctary) Mrs Mary Okenwa (deceased 1210212024) Recruitmenl and appointment of new trustees Trustees are appointed and approved by the General Superintendent. The Trustees have established processes for the induction and training of new and existing Truste¢s The Trustees of the Charity have the responsibility of cooperating with the Chairnian of the Board- who is also the General Superintendent of the Charity worldwide, in the lfIlment of the Pastoral, evangelistic, social and ecumenical mission of the Charity. The Trustees ar¢ also responsible for the management and maintenance of the church physical assets within the United Kingdom. Page 4
DEEPER CHRISTIAN LIFE MINISTRY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Management Vdnd Organisational structure The Charity carries out its activities across the United Kingdom through the Regional nctworks. For management purposes the Charity is currently divided into thirteen regions across the United Kingdom. Each Region is hcaded by a Regional Overseer who ha5 supervisory as well as pastoral oversight over groups of churches within his region. Regional Overseers and their wives are members of the National Representative Council (NRC). The NRC reports directly to the General Superintendent through the Board of the Charity chaired by him. There is a management board that meets on a regular basis to address issues relating to the daily managyement of the Charity.The Charity still holds one it's prop¢rties in the old Charity. Induetlon and training of new trustees Most of our trustees are conversant with ihe daily work of the charity.There is an on-going structure in place for the regular training of trustccs and management slaff to keep ihcm abrcast with dcvclopmcnts in the Chariiy world. Risk mgna2ement Ihc Charity has a risk managemeni policy and guideline in place. This is reviewed annually with professional input from a rcgistcred risk assessor. There are guidclincs and procedures in placc for id¢ntifyin8, monitoring and management of potentials risks the Charity may be cxposed to during its operations. FUNDS HELD AS CUSTODIAN FOR OTHERS The Charity did not hold funds as custodians on behalf of others in the year ended 311)ecember 2024. STATF.MENT OF TRUSTEES, RESPONSIBILITIES Ihe Irustccs (who are also the directors of Deeper Christian Life Minisiry lor Ihc purpose8 of company law) arc responsible for preparing thc Rcport of the trustees and the financial stalements in accordance with applicable law and United Kin&Fdom Accounting Standards (United Kingdom Gcnerally Acccpicd Accountingy Practicc) including Financial Reporting Siandard 102 The Financial Reporting Slandard applicablc in the UK and Rcpublic of Ircland Company law requires the trustees to prcparc financial statements for eth financial year which give a true and fair view of the statc of affairs of the charitable company and of the incoming rc.sourccs and application of resourccs, including ihc incorne and expenditure, of the charilable company for that period. In preparing those financial slatcmcnts, the trustees are required to select suitable accounting policies and then apply them consistently; observe the mclhods and principles in the Charity SORP. make judgements and estimatcs that are reasonable and prudent. state whether applicable accounting standards have been followcd, subjcct to any material departur¢5 disclosed and explained in the financial statements. prepare the financial statements on thc going conccrn basis unless it is inappropriate to presurne that ihe charitable company will conlinuc in busincss. Thc trustees are responsible for kccping proper accounting records which disclose with reasonable accuracy at any time the financial p051tion of the charitable company and to enable them to ensure that the financial statement5 comply with the Companics Act 2006. They are also responsible for safcguarding th¢ assets of Ihc charitablc company and hcncc lor taking rca8onable steps for the prevention and dctection of fraud and other irregularitie5. In so far as the trustee5 are aware,. there is no relevant audit inforn]ation of which the charitable company's auditors are unaware. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit infonnation and to establish that the auditors are aware ofthat infom]ation. AUDITORS The auditors, Leroy Reid & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. Page 5
DEEP_E.R C.HRI.S_T_IA,Y LIF.E MIN_IS_TRV R.ET UF TflL'fHv_STEF,S FV.R THE ITAR EISDED 31ST D_ECIMDER ID24 Report of the tru3tce& in¢Oorni1n& • Stratewc report, ttpproved by Lvder of the Lymrd of trusteel, the ¢ompoDy , Dnd si8ned on Ili¢ bUrd'S behllifby: Pathrs P Akowe. Trustee Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF DEEPER CHRISTIAN LIFE MINISTRY Opinion We have audited the financial statements of Deeper Christian Life Ministry (Ihe 'charilable company,) for the year ended 31 st December 2024 which comprise the Statement of financial activities, the Statement of financial position, the Statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31st December 2024 and of its incoming resources and application of resources, including ils income and expenditure, for the year then ended; have been pmperly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland," and have been prepared in accordance with the requirements of the Companies Act 2006. -the Charities and Trustee Investment{Scotland) Act 2025 and regulation 6 and 8 of Ihc Charilies Accounts (Scotland) Regulations 2006 (as amended) Basis for oplnlon We conducted our audit in accordance wilh International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, respon5ibilitie5 for the audit of the financial statements seclion of our report. Wc are independent of the charitable company in accordance wilh th¢ ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our olher ethical responsibilities in accordan¢¢ with these requirements. We believe that thc audit evidence we have obtained is surricient and appropriatc to provide a basis for our opinion. Conclusions relatlng io going eoncern In auditing ihe financial statemcnts, we have concluded ihat the trustces, use of the going concern basis of accounting in th¢ preparation of the financial statements is appropriatc. Based on the work we have perforn]ed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively? may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial slatements are authoriscd for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information lkne truslces are responsible for the oiher inforniation. The other inforniation comprises the inforn]ation includ¢d in the Annual report, other than the financial statements and our Report of the independent auditors ihercon. Our opinion on Ihe financial statemenls does not cover the other infonnalion and, except to the extent otherwise explicitly siatcd in our report, wc do not ¢xpr¢s5 any fonn of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infonnation and, in doing so, consider whether thc other inforniation is materially inconsislcnt with the financial statements or our knowledge obiained in the audit or oth¢nvise app¢ars to bc materially misstaled. If we identify such mat¢rial in¢onsistenci¢s or apparent tnaterial mi5Statements, we are required to detemine whether this gives rise to a material misstaternent in the financial stat¢ments themselves. Ir, based on the work we have performed. we conclude that there is a material misstatement of this other infonnation, we are required to report that fact. We hav¢ nothing to report in this regard. Opinions on other matters preseribed by the Companie5 Act 2006 In our opinion, based on the work undertaken in the course of the audit: the infornialion given in the Report of the trustees for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Report of the trustees has been prepared in accordance with applicable legal requirements. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF DEEPER CHRISiTIAN LIFE MINISTRY Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of ihe audit, we have not identified material misstatements in the Report of the trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not b¢en kept or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made. or we have not r¢ceived all the inforniation and explanations we require for our audit. Responsibilities of trustees As expltiined rnore fully in the Statement of tsteeS, responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of fmancial statements that are free from material misstalemenL whether due to fraud or error. In preparing the financial statements, the trustees ar¢ responsible for assessing the charitable company's ability to Continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternalive but to do so. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF DEEPER CHRISTIAN LIFE MINISTRY Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the r)nancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the independent auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wilh ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could re&sonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of our planning process: We enquired of management the systems and controls ihe company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and frauLt and whether there was any known, suspected or alleged fraud. The charitable company did not infonn us of any known, suspected or alleged fraud. -we obiaincd an understanding of the legal and regulatory frameworks applicable to the charitable ¢ompany. -we considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irr¢gularities and fraud io be perp¢tual¢d, and tailored our risk asscssment accordingly. -using our knowledge of the company. togclhcr with the discussions held with the company at the planning stage, we fonned a conclusion on ihe risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk a55essment. As part of an audit in accordancc with ISAS (UK), we exercise professional judgement and mainlain profcssional scepticism ihroughout the audil. We also: Idcntify and asscss the risks of material misstatemenl of the financial statemcnts, wh¢th¢r duc to fraud or error. design and perforni audit proccdures responsive to those risks, and obtain audit evidence that is Su1¢Ient and appropriate lo provide a basis for our opinion. lThe Tisk of not detecting a material misstalemenl resulting from fraud is higher than for one resulting from error, as frdud may involvc collusion, forgcry, intcntional omissions, mi8represcntations, or the override of internal control. Obtain an understanding of internal control relevanl lo the audit in order to design audit procedures that are appropriate in thc circumstances, but not for the purpose of exprcssing an opinion on the cffectivenes5 of the charitablc company's tnlernal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the approprialcness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, wh¢lhcr a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the independent auditors to the related disclosurc8 in thc financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audil evidence obtained up to the date of our Report of the independent auditors. However, future events or conditions may cause the charltable company's to cease to continue as a going concern. Bvaluate the overall preseniation, stnlcture and content of the financial statements, including the disclosurcs, and whether the financial slatements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regardin& among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencie5 in internal control that we identify during our audit. Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF DEEPER CIIRISTIAN LIFE MINISTRY Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have forn)ed. Mr Ebenezer Okai, (Bsc), FCCA (Senior Statutory Auditor) for and on behalf of Leroy Reid & Co Chartered Certified Accountants and Statutory Auditors 299 Northborough Road Norbury London SW16 4TR Dale: Page 10
DEEPER CHRISTIAN LIFE MINISTRY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 5,122,363 225,024 5,347,387 5,468,775 Charitable activities Church 229,316 229,316 97,938 Investment income Other income 185,778 242,202 185,778 242,202 186,827 114857 Total 5 779 659 225 024 6 004 683 5 868 397 EXPENDITURE ON Charilable activities Church 4 234 279 148 203 4 382 482 4 940 227 Net ¥ains/(losses) on inv¢stments NET INCOME 1,579,665 76,821 1,656,486 926,920 RECONCILIATION OF FUNDS Total funds brought forward 16,999,133 114,428 17,113,561 16.186,641 TOTAL FUNDS CARRIED FORWARD 18 578 798 191249 18 770047 17 113 561 The notes fonn part of these finan¢ial statements Pagell
DEEPER CHRISTIAN LIFE MINISTRY STATEMENT OF FINANCIAL PO 31ST Dccf.MBfR 2024 ITI 2024 2023 FIXED AssfTS Tangibl¢ se18 IDve8tments 12,017.387 93,598 12221,611 59.313 12 11110,985 12280,924 CURRENT ASSETS D¢btOf8 Cash ai bank 8nd in hand 13 152,706 6.f75 968 293,379 4,594,456 6,728,674 4,887,835 CREDITORS Amounts talling duc wlthin one year 14 (69,612) (55,198) NET CURRENT ASSETS 6 659 062 4 832 637 TOTAL ASSETS LESS CURRENT LIABILITIES 18,770,047 17,113,561 NET ASSETS 18 770047 17 113 561 FUNDS Unrestrirt¢d funds: General fund Restrictcd funds.. Buildin8 Fund 16 18,578,798 16,999.133 191249 114428 TOTAL FUNDS 18770047 17 113 561 The finan¢l81 ststemenls wtre 8pproved ty the Board of Trugtees and authorlsed for issue on l %.-, ..o..g.-..Xp.>..S8nd wer¢ si8n¢d on its behallby: Kumuyi - TNstee P&8tor S P Akowe- Trustee Th¢ notes fomi part of these financial statements Page 12
DEEPER CHRISTIAN LIFE MINISTRY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 2,089,709 1281458 Net c&sh provided by operating activities 2 089 709 1,281,458 Cash flowx from investing aetivities Purchase of tangible fixed assets Sale of tangible fixed assets Sale of fixed asset investments Revaluation Interest received (128,493) 4,542 34,285 (34.285) 15,754 (675,824) (1,250) 1,250 Net cash used in investing activities 108.197) 662.296) Change in cash and cash equlvalents In the reporting period Cash and cash equivalenty at the beginning of the reporting period ,981.512 619,162 4 594 456 3 975 294 Cash and eash equivalents al the end or the reporting period 6 575 968 4 594 456 The notes forni part of these financial statements Page 13
DEEPER CHRISTIAN LIFE MINISTRY NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the reporting period (as per the Statement ol financial activities) Adjustments for: Depreciation charg¢5 (Gain)llosses on investments Profit on disposal of fixed assets Interest received Decrease in debtors Increase in creditors 1.656,486 926,920 332,717 (34,285) (4,541) (15,754) 140,673 317,881 1,250 (13,528) 30,384 Net cash provided by operation$ 2 089 709 1281458 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.24 Cash flow At 31.12.24 Net cash Cash at bank and in hand 4 594,456 1981512 6 575 968 4 594 456 1981.512 6 575 968 Total 4 594 456 1981512 6,575,968 The notes fonn part of these financial statements Page 14
DEEPER CHRISTIAN LIFE MINISTRY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 STATUTORY INFORMATION Deeper Christian Life Ministry is a private limited company limited by guarantee without share capital, registered in England and Wales. The company's registered number 15 08134602 and its registered address is Transforniation House, 58 St John's Hill, Clapham Junction, London SWI I IAD. The company is a registered charity with the following regulators: The Charity Commission in England and Wales with charity number 1150036 under its governing document, the memorandum and articles Incoorated on the 9th July 2012. The charity operates as a church throughout England and Wales. The Office of Scottish Charity Regulator in Scotland with charity number SC040673 on the 17th July 2009. The Charity operates in Scotland, England and Walcs and overseas. ACCOUNTING POLICIES BASIS OF PRFPARING THE FINANCIAL STATEMENTS The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in Hccordance with the Charilies SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recomrnended Practicc applicable to charities preparing their accounts in accordance with the Trinancial Reportinb Standard applicable in the UK and Republic of Ireland (TrRS 102) (effective l January 2019),, Financial Rcporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial slatcmcnls have bccn prcparcd undcr thc hislorical cost convention, with the exception of inveslmcnts which are included at market value, as modified by the rcvaluation of certain assets. INCOME All income is recognised in thc 8tatcment of Fiinancial Activities once the charity has entitlement to the funds, it is probable that the incomc will be received and the amount can be measured reliably. EXPF.NDITURE Liabilities are recogyniscd as expenditure as soon as there is a legal or constructive obligation committing the charity io that expcnditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditurc is accounted for on an accruals basis and has been classified under headings that aggregalc all cost relaled to the calegory. Whcrc costs cannot be directly attributed to particular headings they have been allocated to aclivities on a basis consistent with thc use of r¢sources. TANGIBLE FIXED ASSETS Depreciation is provided at the following annual rates in order to write off each asset over ils estimated useful lifc. Land and buildings Plant and machinery Motor vehicles in accordance with the property 330/0 on c05t 250/0 on cost TAXATIOIY The charity is exempt from corporation tax on its Charitable activities. 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 rdised for particular restricted purpose5. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Page 15 continued...
DEEPER CHRISTIAN LIFE MINISTRY NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31ST DECEMBER 2024 DONATIONS AND LEGACIES 2024 2023 Tithes and offerings Giftaid Gbagada HQ Offerings 4,707,592 369,202 270 593 3,878,646 136,518 1453611 5,347,387 5,468,775 INVESTMENT INCOME 2024 2023 Rents received Deposit account interest 170,024 173,299 185 778 186.827 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Church Books and Cd's Sales Conference and retrcat income 48,679 94,059 Church 180 637 229316 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 7) Church 4 382 482 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Trustees, remuneration etc Staff costs Telephone Postage and stationery Advert15ing and tract5 Church refre5hrnents Missions, grants & donations Satellite Church expenses Gbagada HQ cost Properties and facilities cost Conferences and retreats Books and CD'S expenses Other expenses Service charges Regional expenses 94,948 231,343 52,362 27,975 78,268 73,834 358,369 254,965 270,593 1,107,624 594,757 75,928 75,237 141,210 280,461 92,105 270,533 63,513 18.550 8.296 84.252 280.796 85,864 ,453,611 615,446 493,374 16,445 43,605 414,852 195,972 caled forward 3,717,874 4,137,214 Page 16 continued..
DEEPER CHRISTIAN LIFE MINISTRY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2024 DIRECT COSTS OF CHARITABLE ACTIVITIES - continued 2024 2023 Brought forward Subscriptions Welfare, Training and courses Transport and travel Audit fees Legal and professional fees Bank charges & interest Equipment hire Depreciation 3,717,874 7,228 20,312 232,692 30,507 14,893 15,401 10,858 332,717 4,137,214 6,368 1,430 399,384 31,912 12,036 15,563 18,439 317,881 4 382482 4 940,227 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stat¢d aft¢r ¢hargingl(crediting): 2024 2023 Depreciation - owned assets Surplus on disposal of fixed assets 332.716 317.882 TRUSTEESI REMUNERATION AND BENEFITS 2024 2023 Tru5tees' Salaries Trustees, social security Trustccs, pension contributions to defined benefit schemes 84,651 9,171 82,186 8.831 io. STAFFCOSTS 2024 2023 Wages and salaries Social security cosls Other pension costs 301,498 18,734 335,503 20,565 326 291 362 638 Staff costs disclosed above include remuneration paid to Trustees as reported in Note 9. The remuneration r¢lat¢S solely to payments made to Trustees who undcrtook pastoral duties on behalf of the Church. These payments were made in recognition of their services in this capacity and not in respect of their role as Trustees. The average monthly number of employees during the year was as follows.. 2024 2023 Direct charitable Management and administration 12 12 Page 17 continued...
DEEPER CHRISTIAN LIFE MINISTRY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2024 io. STAFF COSTS - continued There were no employees whose annual remuneration was £60,000 or more. TANGIBLE FIXED ASSETS Land and buildings Plant and machinery Motor vehieles Totals COST At 1st January 2024 Additions Disposals 14,212,137 1,831,578 76,554 520,921 51,939 13,339) 16,564,636 128,493 13 339) At 3 1st December 2024 14 212 137 1908 132 559521 16679790 DEPRECIATION At 1st January 2024 Charge for year Eliminated on disposal 2,377,069 147,081 1,703,668 97,330 262,288 88,305 13 338) 4,343.025 332,716 13.338) At 31 st December 2024 2 524 150 1800 998 337 255 4 662 403 NET BOOK VALUE At 31 st Decembcr 2024 11687987 107 134 222 266 12017387 At 31st December 2023 11835068 127 910 258 633 12221611 12. FIXED ASSET INVESTMENTS Ligted Rnve5tments MARKET VALUE At 1st January 2024 Revaluations 83,817 At 3 1st Deccmber 2024 PROVISIONS At 1st January 2024 Provision written back 24,504 24 504) At 31 st December 2024 NET BOOK VALUE At 31 st Decernber 2024 93,598 At 31 st December 2023 59,313 There were no investment assets outside the UK. Page 18 continued...
DEEPER CHRISTIAN LIFE MINISTRY NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 31ST DECEMBER 2024 12. FIXED ASSET INVESTMENTS- eonllnued Cost or valuation at 3 1st December 2024 is represented by: Listed investments Valuation in 2024 Cost 9,781 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other receivables Staff loan Prepayments and a¢¢ru¢d income 250 19,800 273 329 13,110 139,596 152 706 293 379 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Social security and other taxes Credit Card Accruals and defeed income 6,236 2,225 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total funds 2023 Total funds Unrestricted fund Restricted funds Fixed assets Investments Current assets Current liabilitics 12,017,387 93,598 6,537,425 69 612) 12,017,387 93,598 6,728,674 69612) 12,221,611 59,313 4,887,835 55 198) 191,249 18578798 191.249 18,770 047 17,113 561 Page 19 continued..
DEEPER CHRISTIAN LIFE MINISTRY NOTES TO THE FINANCIAL STATEMENTS- Continued FOR THE YEAR ENDED 31ST DECEMBER 2024 16. MOVEMENT IN FUNDS Net movement in funds At 31.12.24 At 1.1.24 Unrestricted funds General fund 16.999,133 1.579.665 18.578.798 Reslrieted funds Building Fund 114,428 76,821 191.249 TOTAL FUNDS 17,113,561 1,656,486 18,770.047 Net movement in funds, included in the above are as follows: Incoming resources Resourees expended Gains and losses Movement in funds Unrestricted funds General fund 5,779,659 (4,234,279) 34,285 1,579,665 Re5trlcted funds Building Fund Restricted Funds 84,371 140,653 (7,550) 140,653) 76.821 225,024 148,203) 76,821 TOTAL FUNDS 6 004,683 4 382.482) 34,285 1,656,486 Comparatives for movemcnt in funds Net movement in fund$ At 31.12.23 At 1.1.23 Unrestricted funds General fund 15,947,915 1,051,218 16,999,133 Rutricted fundj Building Fund 238,726 (124,298) 114,428 TOTAL FUNDS 16 186641 926 920 17 113 561 Page 20 continued...
DEEPER CHRISTIAN LIFE MINISTRY NOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 31ST DECEMBER 2024 16. MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows: Incoming resources Resourccs expended Gains and losses Movement in fund5 Unrestricted funds General fund 4,204,053 (3,151,585) (1250) ,051,218 Restricted funds Building Fund Restricted Funds 210,733 1,453,611 (335,031) 1,453,611) (124,298) 1,664,344 1,788,642) 124.298) TOTAL FUNDS 5,868,397 4 940.227) 250) 926 920 17. RELATED PARTY DISCLOSURES Gb9gad4 Building Projeet During the year the charity raised offerings to support the building project being und¢rtaken at the Head Quarters in Gbagada, I,agos, Nigeria. The lotal offerings as at the year.end was £270,593 (2023 - £1,192,838), part of which come frorn overseas Ministries. The expenditure for rnaterials purchased for the year under review was £270,593 (2023 £1,453,611). No balance of Head Quarter offerings was held as at year end in both current and previous year. Page21
DEEPER CHRISTIAN LIFE MINISTRY DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Tithes and offerings Gift aid Gbagada HQ Offerings 4,707,592 369,202 270 593 3,878,646 136,518 1453,611 5,347,387 5,468,775 Investment ineome Rents received Deposit account inlere5t 170,024 173,299 185,778 186,827 Charltable activitiey Books and Cd's sales Conference and retreat income 48.679 180 637 94,059 229,316 97,938 Other income Gain on sale of tangible fixed assets Other income 4,541 237 661 114857 242 202 114857 Total incoming resource5 6,004,683 5,868,397 EXPENDITURE Charlthble activities Trustees, salaries Trustees, social security Trustees, pension contribution5 Wages Social security Pensions Telephone Postage and stationery Advertising and tra¢ts Church refreshments Missions, grants & donations Satellite church expens¢5 Gbagada HQ cost Properties and facilities cost Conferences and retreats Books and CD'S expenses Other expenses Carried forward 84,651 9,171 1,126 216,847 9,563 4,933 52,362 27,975 78,268 73,834 358,369 254,965 270,593 1,107,624 594.757 75,928 75,237 3,296,203 82,186 8,831 1,088 253,317 1,734 5,482 63,513 18.550 8,296 84,252 280,796 85,864 1,453,611 615,446 493,374 16,445 43,605 3.526.390 This page does not forni part of the statutory financial statements Page 22
DEEPER CHRISTIAN LIFE MINISTRY DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED31ST DECEMBER 2024 2024 2023 Charitable activities Brought forward Service charges Regional expenses Subscriptions Welfare, Training and courses Transport and travel Audit fees Legal and prnfessional fees Bank charges & interest Equipment hire Depreciation of tangible fixed assets 3,296,203 141,210 280,461 7,228 20,312 232,692 30,507 14,893 15,401 10,858 332,717 3,526,390 414,852 195,972 6,368 1,430 399,384 31,912 12,036 15,563 18,439 317881 4 382 482 4 940 227 Total resources expended 4 382,482 4 940,227 Net Income before galns and105ses 1,622,201 928,170 Realised reeognls¢d galns and losse$ Realised gainsl(losse5) on fixed asset investments Net Income 1656 486 926,920 This page does not forni part of the statutory financial statements Page 23