MARKETPLACE MINISTRIES TRUSTEES REPORT 2024
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:
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Is given by the members and their private assets and equipment are regularly used in the work of the organisation.
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Gifts given to the ministry when sending teams out to work with other churches or organisations.
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Income generated by running schools
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Gifts by individuals who have been blessed by the work of the ministry
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We have a website that takes donations from members of the public who support our aims
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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 train more people in the therapies we offer and have developed During the year ended 31 December 2024 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 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 :
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Expand the online presence.
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Expand talking therapies and other therapeutic modalities.
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Expand the online presence and services to people globally
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Continue to support local food bank and victims of domestic abuse
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:
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Select suitable accounting policies and then apply them consistently.
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Make adjustments and estimates that are reasonable and prudent.
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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: 24 July 2025
and signed on its behalf by:
Kay Reynolds ...............................................
Marketplace Ministries Limited Annual Report and Financial Statements for the Year Ended 31 December 2024
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 2024 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 2024
| 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 2024 £ £ £ 5,720 12,782 18,502 10,241 - 10,241 3 1,381 1,385 15,964 14,163 30,127 20,699 24,681 45,380 20,699 24,681 45,380 (4,734) (10,518) (15,253) 30,867 35,665 66,533 26,132 25,147 51,279 |
Total Funds 2023 £ 28,111 34,311 1,261 63,684 89,013 89,013 (25,330) 91,863 66,533 |
|---|---|---|
Page 3
Marketplace Ministries Limited
Balance Sheet as at 31 December 2024
| 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 |
£ £ 19,505 2,145 32,333 34,478 (2,706) 51,278 51,278 25,147 26,131 51,278 2024 |
£ £ 23,258 7,115 42,009 49,124 (5,852) 66,532 66,532 35,665 30,867 66,532 2023 |
|---|---|---|
For the year ending 31 December 2024 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 On behalf of the board
…………………………………………..
Signed by: Kay Reynolds Date:
Page 4
1 Accounting policies
Marketplace Ministries Limited
Notes to Financial Statements for the Period Ended 31 December 2024
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 2024
……….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
3
| Appeals and donations Gift Aid tax reclaimed Ministry income Wellness Hub Healing Retreat income Team House Income Other Events income Income from other trading activities |
Unrestricted Funds £ Restricted Funds £ Total Funds 2024 £ 5,490 12,782 18,272 230 230 5,720 12,782 18,502 Unrestricted Funds £ Restricted Funds £ Total Funds 2024 £ 9,828 - 9,828 413 - 413 - - - - - - - - - 10,241 - 10,241 |
Total Funds 2023 £ 26,285 1,827 28,111 Total Funds 2023 £ 18,337 15,007 826 - 140 34,311 |
|---|---|---|
Other income
| Interest Receivable Grants |
Unrestricted Funds £ Restricted Funds £ Total Funds 2024 £ 3 - 3 - 1,381 1,381 3 1,381 1,385 |
Total Funds 2023 £ 11 1,250 1,261 |
|---|---|---|
4
Page 6
Marketplace Ministries Limited
Notes to Financial Statements for the Period Ended 31 December 2024
……….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 2024 120 120 2,905 2,905 2,500 22,000 24,500 2,706 2,402 5,108 - 1,840 1,840 20 66 86 343 343 295 70 365 - - 3,027 3,027 646 646 693 4 697 - 664 664 212 212 - 4,652 4,652 196 19 215 20,699 24,681 45,380 |
Total Funds 2023 4,344 - 21,442 18,032 702 2,533 1,290 1,775 219 2,801 184 3,365 523 1,221 13,661 769 3,263 6,695 5,814 379 89,013 |
|---|---|---|
Page 7
Marketplace Ministries Limited
Notes to Financial Statements for the Period Ended 31 December 2024
……….continued
6 Depreciation of tangible fixed assets
| Unrestricted Funds Restricted Funds Total Funds 2024 Depreciation charge on furniture & equipmen 4,652 - 4,652 4,652 - 4,652 |
Total Funds 2023 5,814 5,814 |
|---|---|
7 Trustees'remuneration and expenses
No trustees received any remuneration
8 Tangible fixed assets
| Disposals As at 31 December 2024 Net book value As at 31 December 2024 As at 31 December 2023 Brought forward Additions As at 31 December 2024 Depreciation Brought forwards Charge for the year Cost |
Furniture & Equipment 59,611 899 60,510 36,352 4,652 41,004 19,505 23,258 |
Total 59,611 899 - 60,510 36,352 4,652 41,004 19,505 23,258 |
|---|---|---|
Page 8
Marketplace Ministries Limited
Notes to Financial Statements for the Period Ended 31 December 2024
……….continued
| 9 Prepayments Accruals and deferred income Trade Creditors 11 Controlling entity Debtors Other debtors Creditors: Amounts falling due within one year Related parties |
2024 £ 2,145 2,145 2024 £ 2,706 - 2,706 |
2023 £ 7,455 - 7,455 2023 £ 5,852 - 5,852 |
|---|---|---|
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 2024
……….continued
13 Analysis of funds
| Missionary fund Restricted funds General Funds Unrestricted funds |
At 1 January 2024 £ 30,867 35,665 66,532 |
Incoming resources £ 15,964 14,163 30,127 |
Resources expended £ 20,699 24,681 45,380 |
At 31 December 2024 £ 26,131 25,147 51,278 |
|---|---|---|---|---|
£14 Net assets by fund
| Tangible assets Current assets Creditors: Amounts falling due within one year Net assets |
Restricted Funds £ - 25,147 - 25,147 |
Unrestricted Funds £ 19,505 9,332 (2,706) 26,131 |
Total Funds 2024 £ 19,505 34,479 (2,706) 51,278 |
Total Funds 2023 £ 23,258 49,125 (5,852) 66,532 |
|---|---|---|---|---|
Page 10
Marketplace Ministries Limited
Statement of financial activities by fund for the Period Ended 31 December 2024
| 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 2024 £ 5,720 10,241 3 15,964 20,699 20,699 (4,735) 30,867 26,131 |
Unrestricted income fund 2023 £ 15,046 20,392 11 35,449 80,686 80,686 (45,237) 76,105 30,867 |
|---|---|---|
Page 11
Marketplace Ministries Limited
Statement of financial activities by fund for the Period Ended 31 December 2024
| 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 2024 £ 12,782 1,381 14,163 24,681 24,681 (10,518) 35,665 25,147 |
Restricted income fund 2023 £ 26,985 1,250 28,235 - 8,328 8,328 19,907 15,758 35,665 |
|---|---|---|
Page 12