## **MARKETPLACE MINISTRIES TRUSTEES REPORT 2023**
STATUS
A Limited Charitable Company – Charity Registration No: 1165695 Company Registration No: 8815037
TRUSTEES & DIRECTORS
Lindy Strong, Annamarie Kemp, Kay Reynolds
OFFICE
28 Parkers Close, Totnes, TQ9 5UH
## REGISTERED ADDRESS
28 Parkers Close, Totnes, TQ9 5UH
## 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 has a community arm - Forgiveness Therapy (www.forgivenesstherapy.org).
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 2023 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 online 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 – ran until October when we were out of the lease on the building and did not renew it. Freedom Centre / Wellness Hub no longer forms part of Marketplace Ministries
We continue to support the area food bank and group for victims of domestic abuse.
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 online presence.
- Expand talking therapies and other therapeutic 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: 1st September 2024
and signed on its behalf by:
Kay Reynolds ...............................................
Marketplace Ministries Limited Annual Report and Financial Statements for the Year Ended 31 December 2023
## **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 Annamarie Olwen Kemp **Registered Office** 28 Parkers Close Totnes TQ9 5UH **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 2023 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 2023**
|**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**
**2023**
**£**
**£**
**£**
15,046
13,066
28,111
20,392
13,919
34,311
11
1,250
1,261
35,449
28,235
63,684
80,686
8,328
89,013
80,686
8,328
89,013
(45,236)
19,907
(25,330)
76,105
15,758
91,863
30,868
35,665
66,533|**Total**
**Funds**
**2022**
**£**
22,444
68,511
1
90,956
88,815
88,815
2,140
89,723
91,863|
|---|---|---|
Page 3
## **Marketplace Ministries Limited**
**Balance Sheet as at 31 December 2023**
|**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**|£
£
23,258
7,115
42,009
49,124
(5,852)
66,532
66,532
35,665
30,867
66,532
2023|£
£
36,014
3,323
56,289
59,612
(3,764)
91,863
91,863
15,758
76,105
91,863
2022|
|---|---|---|
For the year ending 31 December 2023 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: Kay Reynolds**
Date:
Page 4
**1**
## **Marketplace Ministries Limited**
## **Notes to Financial Statements for the Period Ended 31 December 2023**
## **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 2023**
_……….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**
**2023**
**£**
13,868
12,417
26,285
1,178
649
1,827
15,046
13,066
28,111|**Total**
**Funds**
**2022**
**£**
19,718
2,726
22,444|
|---|---|---|
## **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**
**2023**
**£**
18,337
-
18,337
1,093
13,914
15,007
826
-
826
-
-
-
135
5
140
20,392
13,919
34,311|**Total**
**Funds**
**2022**
**£**
29,476
31,981
918
5,035
1,101
68,511|
|---|---|---|
**4**
## **Other income**
|Interest Receivable
Grants|**Unrestricted**
**Funds**
**£**
**Restricted**
**Funds**
**£**
**Total**
**Funds**
**2023**
**£**
11
-
11
-
1,250
1,250
11
1,250
1,261|**Total**
**Funds**
**2022**
**£**
1
-
1|
|---|---|---|
Page 6
## **Marketplace Ministries Limited**
## **Notes to Financial Statements for the Period Ended 31 December 2023**
_……….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 professional fees
Bank and PayPal charges
Training and internship costs
Miscellaneous expenses
Asset Disposals/ recategorised
Depreciation
Website Costs
Insurance|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total Funds**
**2023**
2,922
1,423
4,344
-
-
18,645
2,798
21,442
15,610
2,422
18,032
369
334
702
2,533
2,533
1,176
114
1,290
1,644
131
1,775
219
219
2,801
2,801
184
184
2,778
587
3,365
523
523
1,194
27
1,221
13,661
13,661
769
769
3,078
184
3,263
6,695
6,695
5,814
5,814
71
308
379
80,686
8,328
89,013|**Total Funds**
**2022**
10,101
7,230
15,251
28,830
417
912
724
617
76
2,389
614
2,432
973
1,285
-
939
887
5,875
9,003
260
88,815|
|---|---|---|
Page 7
## **Marketplace Ministries Limited**
## **Notes to Financial Statements for the Period Ended 31 December 2023**
_……….continued_
## **6 Depreciation of tangible fixed assets**
|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total Funds**
**2023**
Depreciation charge on furniture & equipmen
5,814
-
5,814
5,814
-
5,814|**Total**
**Funds**
**2022**
9,003
9,003|
|---|---|
## **7 Trustees'remuneration and expenses**
No trustees received any remuneration
## **8 Tangible fixed assets**
|Disposals
**Cost**
As at 31 December 2023
**Net book value**
As at 31 December 2023
As at 31 December 2022
Brought forward
Additions
As at 31 December 2023
**Depreciation**
Brought forwards
Charge for the year|**Furniture &**
**Equipment**
66,552
6,149
(13,090)
59,611
30,537
5,814
36,351
23,258
36,014|**Total**
66,552
6,149
(13,090)
59,611
30,537
5,814
36,351
23,258
36,014|
|---|---|---|
Page 8
## **Marketplace Ministries Limited**
## **Notes to Financial Statements for the Period Ended 31 December 2023**
_……….continued_
|**9**
Prepayments
Accruals and deferred income
Trade Creditors
**11**
**Controlling entity**
**Debtors**
Other debtors
**Creditors: Amounts falling due within one year**
**Related parties**|**2023**
**£**
7,455
7,455
**2023**
**£**
5,852
-
5,852|**2022**
**£**
3,323
-
3,323
**2022**
**£**
3,764
-
3,764|
|---|---|---|
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 2023**
_……….continued_
## **13 Analysis of funds**
|Missionary fund
**£14**
**Net assets by fund**
Tangible assets
Current assets
Creditors: Amounts falling due within one year
Net assets
**Restricted funds**
**General Funds**
Unrestricted funds|**At 1**
**January**
**2023**
**£**
76,105
15,758
91,863
**Restricted**
**Funds**
**£**
-
35,665
-
35,665|**Incoming**
**resources**
**£**
35,449
28,235
63,684
**Unrestricted**
**Funds**
**£**
23,258
13,460
(5,852)
30,867|**Resources**
**expended**
**£**
80,686
8,328
89,013
**Total**
**Funds 2023**
**£**
23,258
49,125
(5,852)
66,532|**At 31**
**December**
**2023**
**£**
30,867
35,665
66,532
**Total**
**Funds 2022**
**£**
36,014
59,613
(3,764)
91,863|
|---|---|---|---|---|
Page 10
## **Marketplace Ministries Limited**
## **Statement of financial activities by fund for the Period Ended 31 December 2023**
|**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**
**2023**
**£**
15,046
20,392
11
35,449
80,686
80,686
(45,237)
76,105
30,867|**Unrestricted**
**income fund**
**2022**
**£**
15,635
68,512
1
84,148
81,116
81,116
3,032
73,074
76,105|
|---|---|---|
Page 11
## **Marketplace Ministries Limited**
## **Statement of financial activities by fund for the Period Ended 31 December 2023**
|**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**
**2023**
**£**
26,985
1,250
28,235
8,328
8,328
19,907
15,758
35,665|**Restricted**
**income fund**
**2022**
**£**
6,809
-
6,809
-
7,700
7,700
(891)
16,649
15,758|
|---|---|---|
Page 12