MARKETPLACE MINISTRIES TRUSTEES REPORT 2020
STATUSA Limited Charitable Company – Charity Registration No: 1165695 Company Registration No: 8815037
TRUSTEES & DIRECTORS
Lindy Strong Bonita Curtis Kay Reynolds
OFFICE2a, Burke Road, Totnes Industrial Estate, Totnes, Devon TQ9 5XL
REGISTERED ADDRESS
INDEPENDENT EXAMINERVincent & Co. (Accountants) 37 Shiphay Lane, Torquay, Devon TQ2 7DU Tel: 01803 500500
BANKERS
Lloyds Bank, 31 Fore Street, Totnes, TQ9 5HH
CHARITABLE OBJECTS
The objects of the organisation are for the benefit of the public; to advance the Christian faith in accordance with the statements of belief; to relieve sickness and financial hardship and to promote and preserve good health by the provision of funds, goods or services of any kind, including the provision of counselling and support; and to advance education in such ways and in such parts of the UK or the world as the trustees from time to time may think fit.
MARKETPLACE MINISTRIES: ITS AIMS AND OBJECTIVES
The ministry is a gathering of ordinary people of different ages and backgrounds, whose lives have been changed through encountering Jesus Christ, the Son of God. As a result of this we are committed to love and care for each other and to bring a manifestation of the kingdom of God to the area in which they live to see the town, community, region and nation impacted. Its trustees and members are committed to those New Testament principles.
The ministry now has community arms with their own websites. They are called Freedom Centre (www.freedomcentretotnes.com), Totnes
Connection Hub
(www.totnesconnectionhub.co.uk), Teignmouth Connection Hub
(www.teignmouthconnectionhub.co.uk) and Forgiveness Therapy
(www.forgivenesstherapy.org). It’s sole purpose is to serve the community and as such has several projects running
The ministry takes referrals from several agencies in the town, Jobcentre, South Hams District Council, Devon County Council, CAB, Town Council, Caring Town Totnes, various schools, local churches and support workers.
Directions relating to the charity are made by the Trustees and other voluntary staff, who are responsible for governing the life and ministry. Day to day decisions on expenditure and activities are decided by the staff and volunteers in charge of different areas of the ministry, with budgets set and monitored by the Trustees.
The powers of appointment or removal of Trustees rests with the Trustees. New Trustees are primarily selected from the members or from the leaders of other organisations sharing the same vision, since this means the Trustee body is whole heartedly involved in seeing its’ objectives worked out in practice. On being appointed, new
Trustees spend time with the existing Trustees to ensure they understand their responsibilities and the legal and financial framework in which the organisation operates.
The financial resources of the ministry:
-
1.Is given by the members and their private assets and equipment are regularly used in the work of the organisation.
-
2.Gifts given to the ministry when sending teams out to work with other churches or organisations.
-
3.Income generated by running schools
-
4.Gifts by individuals who have been blessed by the work of the ministry
-
5.We have a website that takes donations from members of the public who support our aims
-
6.Subscription website
All staff and volunteers are unpaid. Some are full time and some are part time and the hours and value of that time cannot be quantified.
THE YEAR: ITS OBJECTIVES AND ACHIEVEMENTS
Continue to grow the support of Totnes
Connection Hub
Develop more therapies at the Freedom Centre Continue to train more people in Forgiveness Therapy and extend this further.
During the year ended 31 December 2020 the main ways the ministry sought to achieve its’ objectives and its charitable purposes for the public benefit have been as follows:
Fulfilling the objects in teaching, training and showing practical care in the community. This was by running specific courses to address particular aspects of Christian living which are open to the wider community.
A new online teaching was launched, Healing and Restoration.
Mentoring established and continued with about 10 candidates in the UK and abroad
1 trip to India – Forgiveness Therapy Training 1 Trip to the USA
Forgiveness Therapy Training to train up
Therapists.
Emergency Food Parcels available for those in need to help bridge the gap until getting onto the food bank system
Totnes Connection Hub Food Bank for those people in need. The capacity of this increased immensely due to the Covid-19 pandemic. The Freedom centre was changed from a children’s play centre to temporarily holding the food bank. Then the Freedom Centre was opened as a Wellness Hub from August.
Giving Back: An initiative working with local shops making available the opportunity for people whilst having a drink, a snack, or shopping, to make a financial donation to the work for the homeless and those in need. We administer this fund and use some to finance the food parcels, and to help run Totnes Connection Hub which helps the homeless and those in need. Further training for volunteers on benefit applications, housing and other community needs
The Wellness Hub continued to be developed over the rest of the year, introducing new technologies for wellbeing as well as developing further, the talking therapies, which included, Forgiveness Therapy, Identity Therapy and
Intuitive Energy Healing
The Trustees have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Charity Commission in December 2008.
PLANS FOR THE NEXT YEAR
The key aims are to remain the same. Some planned activities will include:
Continue to grow the technologies available at the Wellness Hub
Expand the therapies we offer
Expand the support for people wishing to move from surviving to thriving
Introduce a new certifiable course, the Intuitive Frequency Energy Practitioner course. 2 years, potentially 3. An online course for up to 12 students.
FINANCIAL REVIEW
The financial reserves of the ministry have been maintained during the year as members have continued to give very generously.The Trustees
have set a policy of retaining reserves sufficient for the foreseeable needs of the organisation. Where there is specific capital expenditure foreseen amounts are set aside into designated funds so the free reserves (general reserves excluding amounts invested in assets for the organisations use) are available to meet the costs of normal running and expansion of the ministry and to ensure we can meet the current and future commitments.
GRANT MAKING POLICY
Gifts to external organisations and individuals are considered by the Trustees on the basis of need and fulfilment of the charitable objectives. There are no upper or lower limits of support.
RISK MANAGEMENT
All major insurable risks are subject to normal charities and employers’ insurance. Contractual risks are reviewed before being entered into to assess that they could not significantly impact upon the trusts ability to fulfil its objectives. An annual review of areas of risk is undertaken by
the Trustees in conjunction with staff and volunteers responsible for the area of activity.
STATEMENT OF TRUSTEES RESPONSIBILITIES
Charity law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the profit and loss of the Charity for that period. In preparing these accounts, the trustees are required to:-
- Select suitable accounting policies and then apply them consistently.- Make adjustments and estimates that are reasonable and prudent.Prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the accounts comply with the Charities Acts. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees confirm that the accounts comply with current statutory requirements and those of the Charity’s trust deed.
Approved by the Board of Trustees on: 12 October 2018
and signed on its behalf by:
Lindy Strong………………………………………..
Marketplace Ministries Limited Annual Report and Financial Statements for the Year Ended 31 December 2020
Marketplace Ministries Limited
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Accountants' Report | 2 |
| Statement of financial activities | 3 |
| Balance Sheet | 4 |
| Notes to the financial statements | 5 to 10 |
| The following page does not form part of the statutory financial statements: |
Statement of financial activities per fund 11
Marketplace Ministries Limited
Reference and Administrative Details
Charity name Marketplace Ministries Limited Company number 08815037 Charity number 1165695 Officers Lindy Strong Kay Reynolds Bonita Curtis Accountant Vincent & Co Accountants 37 Shiphay Lane Torquay Devon TQ2 7DU
Page 1
Accountants' Report to the Trustees on the Unaudited Accounts of
Marketplace Ministries Limited
In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, wehave compiled the financial statements of the charity which comprisethe Statement of Financial Activities,andthe related notes from the accounting records and information and explanations you have given to us.
This report is made to the Charity's Board of Trustees, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Charity's Board of Trustees that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Board of Trustees, as a body, for our work or for this report.
You have acknowledged on the balance sheet as at 31 December 2020 your duty to ensure that the charity has kept proper accounting records and to prepare financial statements that give a true and fair view under the Charities Act 2011. You consider that the charity is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
......................................... 37 Shiphay Lane Vincent & Co Accountants Torquay Devon TQ2 7DU
Date: 10th September 2021
Page 2
Marketplace Ministries Limited
Statement of Financial Activities for the Period Ended 31 December 2020
| Note Incoming resources Incoming resources from generated funds Donations and legacies 2 Income from other trading activities 3 Other income 4 Total incoming resources Resources expended Costs of generating funds Expenditure on raising funds 5 Total resources expended Net movements in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds Restricted Funds Total Funds 2020 Total Funds 2019 £ £ £ £ 43,555 25,294 68,849 41,342 26,512 - 26,512 9,037 25,376 - 25,376 19 95,443 25,294 120,737 50,398 53,545 14,853 68,398 52,972 53,545 14,853 68,398 52,972 41,898 10,441 52,339 (2,574) 26,748 2,118 28,866 31,440 68,646 12,559 81,205 28,866 |
|---|---|
Page 3
Marketplace Ministries Limited
Balance Sheet as at 31 December 2020
| Note Fixed Assets Tangible assets 8 Current Assets Debtors 9 Cash at bank and in hand Creditors: Amounts falling due within one year 10 Net current assets Net assets The funds of the charity: Restricted funds Unrestricted funds Unrestricted income funds Shareholders' Funds |
£ £ £ £ 25,237 6,979 640 56,187 22,397 56,827 22,397 (860) (510) 81,205 28,865 81,205 28,865 12,559 2,118 68,646 26,748 81,205 28,865 2020 2019 |
£ £ £ £ 25,237 6,979 640 56,187 22,397 56,827 22,397 (860) (510) 81,205 28,865 81,205 28,865 12,559 2,118 68,646 26,748 81,205 28,865 2020 2019 |
|---|---|---|
| 28,865 | ||
| 2,118 26,748 |
||
| 28,865 |
For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
Bonita Curtis
Bonita Curtis (Sep 11, 2021 18:15 GMT+1)
…………………………………………..
Signed by: Bonita Curtis 10th September 2021
Page 4
1
Marketplace Ministries Limited
Notes to Financial Statements for the Period Ended 31 December 2020
Accounting policies
The financial statements have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (Charities SORP FRSSE) (effective 1 January 2015) and applicable accounting standards.
The financial statements have been prepared under the historical cost convention. The financial statements include all transactions, assets and liabilities for which the charity is responsible in law.
Fund accounting policy
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity. Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Further details of each fund are disclosed in note 12.
Incoming resources
Donations are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Incoming resources from tax reclaims are included in the statement of financial activities at the same time as the gift to which they relate.
Resources expended
Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding or constructive obligation on the charity. Expenditure is generally recognised when it is incurred and is accounted for gross.
Fixed assets
Individual fixed assets costing £0 or more are initially recorded at cost.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any
Plant and machinery
20% reducing balance
Page 5
Marketplace Ministries Limited
Notes to Financial Statements for the Period Ended 31 December 2020
……….continued
Operating leases
Rentals payable under operating leases are charged in the statement of financial activities on a straight line basis over the lease term.
2
3
Donations and legacies
| Donations and legacies | ||
|---|---|---|
| Appeals and donations Gift Aid tax reclaimed Schools income Wellness Hub Healing Retreat income Other Events income Income from other trading activities |
Unrestricted Funds £ Restricted Funds £ Total Funds 2020 £ 37,916 25,294 63,211 5,638 - 5,638 43,555 25,294 68,849 Unrestricted Funds £ Restricted Funds £ Total Funds 2020 £ - 15,244 15,244 10,914 10,914 355 355 26,512 - 26,512 |
Total Funds 2019 £ 38,533 2,809 |
| 41,342 | ||
| Total Funds 2019 £ 2,526 5,502 1,009 |
||
| 9,037 |
4
Other income
| Interest Receivable Grants |
Unrestricted Funds £ Restricted Funds £ Total Funds 2020 £ 36 - 36 25,341 - 25,341 25,376 - 25,376 |
Total Funds 2019 £ 19 |
|---|---|---|
| 19 |
Page 6
Marketplace Ministries Limited
Notes to Financial Statements for the Period Ended 31 December 2020
……….continued
5 Expenditure on raising funds
| Provisions Therapist costs Gifts and Donations Establishment costs Repairs and maintenance Refurbishment costs Telephone Printing, posting and stationery Motor and travel expenses Cleaning Advertising and sponsorship Subscriptions, licences and software Accountancy and bookkeeping fees Bank and PayPal charges Wages and salaries Training and internship costs Miscellaneous expenses Depreciation Bad debts written off Insurance |
Unrestricted Funds Restricted Funds Funds 2020 7,482 5,284 12,766 1,953 - 1,953 2,040 - 2,040 20,035 7,288 27,323 1,598 925 2,523 6,309 - 6,309 1,384 222 1,606 272 6 278 247 279 526 691 257 948 1,070 416 1,487 1,869 58 1,928 570 - 570 754 118 872 - - 213 - 213 698 - 698 - - 6,309 - 6,309 50 50 53,545 14,853 68,398 |
Funds 2019 8,700 - - 30,742 1,858 3,882 - 513 826 - 21 - 570 669 2,027 - 878 543 1,745 |
|---|---|---|
| 52,974 |
Page 7
Marketplace Ministries Limited
Notes to Financial Statements for the Period Ended 31 December 2020
……….continued
6 Depreciation of tangible fixed assets
| Total | Total | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Funds | Funds | ||
| Funds | Funds | 2020 | 2019 | ||
| Depreciation charge on furniture & equipment | 6,309 | - | 6,309 | 1,745 | |
| 6,309 | - | 6,309 | 1,745 | ||
| 7 | Trustees'remuneration and expenses | ||||
| No trustees received any remuneration during | |||||
| 8 | Tangible fixed assets |
| Tangible fixed assets | ||
|---|---|---|
| Furniture | ||
| & | ||
| Equipment | Total | |
| Cost | ||
| Brought forward | 10,595 | 10,595 |
| Additions | 24,568 | 24,568 |
| As at 31 December 2020 | 35,163 | 35,163 |
| Depreciation | ||
| Brought forwards | 3,616 | 3,616 |
| Charge for the year | 6,309 | 6,309 |
| As at 31 December 2020 | 9,925 | 9,925 |
| Net book value | ||
| As at 31 December 2020 | 25,237 | 25,237 |
| As at 31 December 2019 | 6,979 | 6,979 |
Page 8
Marketplace Ministries Limited
Notes to Financial Statements for the Period Ended 31 December 2020
……….continued
| 9 10 Accruals and deferred income Trade Creditors 11 Debtors Other debtors Creditors: Amounts falling due within one year Related parties |
2020 £ 2019 £ 640 - 640 - 2020 £ 2019 £ 510 510 350 - 860 510 |
|---|---|
Controlling entity
The charity is controlled by the trustees.
Average number of employees
Average number of employees, including directors, during the year was: 3
12
Page 9
Marketplace Ministries Limited
Notes to Financial Statements for the Period Ended 31 December 2020
……….continued
13 Analysis of funds
| Missionary fund Restricted funds General Funds Unrestricted funds |
At 1 January 2020 £ 26,748 2,118 - 28,866 |
Incoming resources £ 95,443 25,294 - 120,737 |
Resources expended £ 53,545 14,853 68,398 |
At 31 December 2020 £ 68,646 12,559 |
|---|---|---|---|---|
| 81,205 |
£14 Net assets by fund
| Tangible assets Current assets Creditors: Amounts falling due within one year Net assets |
Restricted Funds £ - - - - |
Unrestricted Funds £ 25,237 56,827 (860) 81,205 |
Total Funds 2020 £ 25,237 56,827 (860) 81,205 |
Total Funds 2019 £ 6,979 22,397 (510) |
|---|---|---|---|---|
| 28,865 |
Page 10
Marketplace Ministries Limited
Statement of financial activities by fund for the Period Ended 31 December 2020
| Incoming resources Donations and legacies Income from other trading activities Other income Total incoming resources Resources expended Costs of generating funds Costs of generating voluntary income Total resources expended Net movements in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted income fund 2020 Unrestricted income fund 2019 £ £ 43,555 41,342 26,512 8,579 25,376 19 95,443 49,940 53,545 52,972 53,545 52,972 41,898 (3,032) 26,748 29,780 68,646 26,748 |
|---|---|
Page 11
Marketplace Ministries Limited
Statement of financial activities by fund for the Period Ended 31 December 2020
| Incoming resources Donations and legacies Other income Total incoming resources Resources expended Costs of generating funds Costs of generating voluntary income Total resources expended Net movements in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Restricted income fund 2020 Restricted income fund 2019 £ £ 25,294 458 - 25,294 458 - 14,853 14,853 - 10,441 458 2,118 1,660 12,559 2,118 |
|---|---|
Page 11
Amended Accounts - Marketplace Ministries Limited
Final Audit Report
2021-09-11
Created: 2021-09-10 By: Vincent & Co (office@vincent.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAxoV5PDGNYPB2SYsssc0dXTDmY819y_pT
"Amended Accounts - Marketplace Ministries Limited" History
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