MINISTRY OF SIGNS AND
WONDERS FINANCIAL
STATEMENTS
FOR THE YEAR ENDED 31[ST] JULY 2020
CHARITY NUMBER: 1158276
MINISTRY OF SIGNS AND WONDERS UNIT 143 CMABERWELL BUSINESS CENTRE 99 – 103 LOMOND GROVE LONDON SE5 7HN
INDEX
Page
Index 1 Trustee’s Report 2 - 3 Receipts and Payments Account 4
Statement of Assets and Liabilities 5 Notes on the financial Statements
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1 MINISTRY OF SIGNS AND WONDERS
TRUSTEES’ REPORT YEAR ENDED 31[ST] JULY 2020
The trustees are pleased to present their report for the year ended 31[st] July 2020 for the charity, Ministry of Signs and Wonders with charity number 1158276.
The Trustees of the charity are: Mr James Ajayi Rev Rebecca Osei Dankwah Mrs Justina Imiavan Pastor Charles Imiavan
The principal address of the charity is : 99-103 Lomond Grove Camberwell London SE5 7HN
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity governing document is a CIO – Foundation Constitution registered 18[th] August 2014.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.
ACHIEVEMENTS AND PERFORMANCE
The Organisation continues to hold successful meetings through the year in which individuals were equipped and educated on the principles and doctrines of the Christian faith. The organisation also held several conferences during the year in which individuals came from all around the community to attend. This has produced good results in reaching and helping members of the community.
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FINANCIAL REVIEW
The income of the charity is above £12,000. 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.
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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 has 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 2011,the 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. 2. Make judgements and estimates that are reasonable and prudent. 3. State whether the applicable accounting standards have been followed. 4. 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
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irregularities.
Approved by the Trustees on 27[th] February 2021 and signed on their behalf by:
MINISTRY OF SIGNS AND WONDERS
ACCOUNTS FOR THE YEAR ENDED 31st July 2020
1 Receipts & Payments Account (General Purpose Fund)
Income Receipts £/ 2019 £/2020
Tithes and Offerings 12500 9220 Interest
Total Receipts 12500 9220 Direct Charitable Expenditure
Hire of Hall 10200 8460 Music Services 2100 180 Church events 66 50 Advert 0 100 Refreshments 160 60 Pastors expenses 0 190
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12526 9040
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Other Expenditure
Equipment 0 0 0 0
Total Payments 12526 9040 Net Receipts/(Payments) for the
year -26 180
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Cash Funds brought forward 275 95 Cash Funds at the end of
the year 249 275
MINISTRY OF SIGNS AND WONDERS
2 Statements of Assets and Liabilities at 31st July 2020 Monetary Assets Cash Funds Unrestricted Funds £/2019 £/2020 £ £
Cash at hand and in bank 249 275
Total Cash Funds 249 100
Assets Retained for the Charity's Own use Non-monetary Assets and Liabilities Musical Instruments 550 550 Equipments 80 80
630 630
Liabilities
Bookkeeping 180 130
These accounts were approved by the trustees and signed on their behalf by:
Pastor Charles Imiavan
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MINISTRY OF SIGNS AND WONDERS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31st July 2020
ACCOUNTING POLICIES
Basis of Accounting
These accounts have been prepared on the receipts and payments basis with all revenue and expenses shown on a cash basis. Non-monetary assets are shown at estimates of the value at the end of the year.
Funds
The CIO has a general unrestricted fund that receives voluntary donations from attendants at the services.
The CIO has no outstanding guarantees to third parties no any debts secured on the assets of the CIO
Public Benefit
The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or aims that are for public benefit.Details of how this is achieved are provided in the Trustees report. The trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what
activities the charity should undertake.