2022-12-31-accounts

MARKETPLACE MINISTRIES

TRUSTEES REPORT 2022

STATUS A Limited Charitable Company – Charity Registration No: 1165695 Company Registration No: 8815037

TRUSTEES & DIRECTORS Lindy Strong Bonita Curtis Kay Reynolds

OFFICE Freedom Centre, 1 Horizons Building, Burke Road, Totnes Industrial Estate, Totnes, Devon TQ9 5XL

REGISTERED ADDRESS INDEPENDENT EXAMINER Vincent & Co. (Accountants) 37 Shiphay Lane, Torquay, Devon TQ2 7DU Tel: [phone]

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) 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

Develop more therapies at the Freedom Centre

Continue to train more people in the therapies we offer at Freedom Centre

During the year ended 31 December 2022 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 achieved by our on line subscription service and our certified course.

Mentoring established and continued with about 10 candidates in the UK and abroad

Expanded services at the Freedom centre – Using the name Wellness Hub.

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 expand the Wellness Hub and online presence.

Expand the therapies we offer, including technologies, talking therapies and other therapeutical modalities.

Expand the online presence and services to people globally

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: 1[st] September 2023

and signed on its behalf by:

Lindy Strong………………………………………..

Marketplace Ministries Limited Annual Report and Financial Statements for the Year Ended 31 December 2022

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 to 12

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
Registered Office	Freedone Centre
	Unit 1, Horizons Building
	Burke Road
	Totnes
	Devon
	TQ9 5XL
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 dated , and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company 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 2021 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 2006. 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:

Page 2

Marketplace Ministries Limited

Statement of Financial Activities for the Period Ended 31 December 2022

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	Unrestricte d Funds Restricted Funds Total Funds 2021 £ £ £ 15,635 6,809 22,444 68,511 - 68,511 1 - 1 84,147 6,809 90,956 81,116 7,700 88,815 81,116 7,700 88,815 3,032 (891) 2,140 73,074 16,649 89,723 76,105 15,758 91,863	Total Funds 2021 £ 31,490 84,836 6,454 122,780 114,262 114,262 8,518 81,205 89,723

Page 3

Marketplace Ministries Limited

Balance Sheet as at 31 December 2022

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	£ £ 36,014 3,323 56,289 59,612 (3,764) 91,863 91,863 15,758 76,105 91,863 2022	£ £ 46,939 8,464 43,330 51,794 (9,010) 89,723 89,723 16,649 73,074 89,723 2021

For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The members acknowledge their responsibility for complying with the requirements of the Act with respect to On behalf of the board

…………………………………………..

Signed by: Bonita Curtis

Date:

Page 4

1

Marketplace Ministries Limited

Notes to Financial Statements for the Period Ended 31 December 2022

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

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 Plant and machineryd d l l h 20% reducing balanced f l l f f ll

Page 5

Marketplace Ministries Limited

Notes to Financial Statements for the Period Ended 31 December 2022

……….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

Donations and legacies

Appeals and donations Gift Aid tax reclaimed	Unrestricted Funds £ Restricted Funds £ Total Funds 2022 £ 13,023 6,695 19,718 2,612 114 2,726 15,635 6,809 22,444	Total Funds 2021 £ 28,396 3,094 31,490

3

Income from other trading activities

Ministry income Wellness Hub Healing Retreat income Team House Income Other Events income	Unrestricted Funds £ Restricted Funds £ Total Funds 2022 £ 29,476 - 29,476 31,981 - 31,981 918 - 918 5,035 - 5,035 1,101 - 1,101 68,511 - 68,511	Total Funds 2021 £ 35,582 38,409 - - 10,845 84,836

4

Other income

Interest Receivable Grants	Unrestricted Funds £ Restricted Funds £ Total Funds 2022 £ 1 - 1 - - - 1 - 1	Total Funds 2021 £ 2 6,452 6,454

Page 6

Marketplace Ministries Limited

Notes to Financial Statements for the Period Ended 31 December 2022

……….continued

5 Expenditure on raising funds

Provisions Therapist costs Gifts and Donations Establishment costs Repairs and maintenance Equipment/ Refurbishment costs Telephone Printing, posting and stationery Motor and travel expenses Cleaning Advertising and sponsorship Subscriptions, licences and software Legal and proffesional fees Bank and PayPal charges Training and internship costs Miscellaneous expenses Asset Disposals/ recategorised Depreciation Website Costs Insurance	Unrestricted Funds Restricted Funds Total Funds 2022 9,476 625 10,101 7,230 7,230 9,361 5,890 15,251 27,692 1,138 28,830 417 417 912 912 712 12 724 613 4 617 76 76 2,389 2,389 614 614 2,432 2,432 973 973 1,254 31 1,285 - - 939 939 887 887 5,875 5,875 9,003 9,003 260 260 81,116 7,700 88,815	Total Funds 2021 13,955 13,070 3,963 51,333 4,136 2,776 2,465 2,623 416 2,557 105 1,639 650 995 197 1,772 - - 11,610 - 114,262

Page 7

Marketplace Ministries Limited

Notes to Financial Statements for the Period Ended 31 December 2022

……….continued

6 Depreciation of tangible fixed assets

Unrestricted Funds Restricted Funds Total Funds 2022 Depreciation charge on furniture & equipmen 9,003 - 9,003 9,003 - 9,003	Total Funds 2021 11,609 11,609

7 Trustees'remuneration and expenses

No trustees received any remuneration

8 Tangible fixed assets

Disposals Cost As at 31 December 2022 Net book value As at 31 December 2022 As at 31 December 2021 Brought forward Additions As at 31 December 2022 Depreciation Brought forwards Charge for the year	Furniture & Equipment 68,473 3,954 (5,875) 66,552 21,534 9,003 30,537 36,014 46,939	Total 68,473 3,954 - 72,427 21,534 9,003 30,537 36,014 46,939

Page 8

Marketplace Ministries Limited

Notes to Financial Statements for the Period Ended 31 December 2022

……….continued

9 Prepayments Accruals and deferred income Trade Creditors 11 Controlling entity Debtors Other debtors Creditors: Amounts falling due within one year Related parties	2022 £ 3,323 - 3,323 2022 £ 3,764 - 3,764	2021 £ 3,610 4,854 8,464 2021 £ 9,010 - 9,010

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 2022

……….continued

13 Analysis of funds

Missionary fund Restricted funds General Funds Unrestricted funds	At 1 January 2022 £ 73,074 16,649 89,723	Incoming resources £ 84,147 6,809 90,956	Resources expended £ 81,116 7,700 88,815	At 31 December 2022 £ 76,105 15,758 91,863

£14 Net assets by fund

Tangible assets Current assets Creditors: Amounts falling due within one year Net assets	Restricted Funds £ - 15,758 - 15,758	Unrestricted Funds £ 36,014 43,855 (3,764) 76,105	Total Funds 2022 £ 36,014 59,613 (3,764) 91,863	Total Funds 2021 £ 46,939 51,794 (9,010) 89,723

Page 10

Marketplace Ministries Limited

Statement of financial activities by fund for the Period Ended 31 December 2022

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 2022 £ 15,635 68,512 1 84,148 81,116 81,116 3,032 73,074 76,105	Unrestricted income fund 2021 £ 20,300 84,836 6,454 111,590 107,162 107,162 4,428 68,646 73,074

Page 11

Marketplace Ministries Limited

Statement of financial activities by fund for the Period Ended 31 December 2022

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 2022 £ 6,809 - 6,809 7,700 7,700 (891) 16,649 15,758	Restricted income fund 2021 £ 11,190 - 11,190 - 7,100 7,100 4,090 12,559 16,649

Page 12