WORD OF LIGHT INTERNATIONAL MINISTRIES
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[st] March 2024
CHARITY NUMBER: 1167064
Table of Contents
Legal & Administrative Details.….…………………………………………… 1 Trustees’ Report …………………………………………………………………… 2 Independent Examiner’s Report ……………………………………………… 4 Financial statements……………………………………………….……………… 6 Balance Sheet ……………………………..………………………………………… 7 Notes to the accounts …………………..………………………………………… 8
WORD OF LIGHT INTERNATIONAL MINISTRIES
LEGAL & ADMINISTRATIVE DETAILS
YEAR ENDED 31 March 2024
ADDRESS FOR CORRESPONDENCE
SUIT 269, iCENTRE, INTERCHANGE PARK HOWARD WAY NEWPORT PAGNELL MK16 9PY
REGISTERED CHARITY NUMBER
1167064
GOVERNING DOCUMENT
CONSTITUTION ADOPTED 02/09/2012
TRUSTEES/ DIRECTORS
RICHARD THOMPSON JANE AKLAMANU GIFTY KOOMSON SAMUEL KYEI-ANSAH
PRINCIPAL BANKERS
BARCLAYS BANK PLC LEICESTER LE87 2BB
INDEPENDENT EXAMINER
DKA ACCOUNTING LTD EAST WING CASTLE HOUSE DAWSON ROAD MILTON KEYNES MK1 1QT
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TRUSTEES’ REPORT
The trustees are pleased to present their report for the year ended 31st March 2024 for the charity Word of Light International Ministries with charity number. 1167064
The Trustees of the charity are:
RICHARD THOMPSON JANE AKLAMANU GIFTY KOOMSON SAMUEL KYEI-ANSAH
The principal address of the charity is:
Suite 269, iCentre Interchange Park Howard way Newport Pagnell MK16 9PY
Structure, Governance and Management
The Charity governing document is a constitution that was approved on 09/02/2012. The Charity is governed by a board on which the trustees are represented. It meets regularly to review, plan activities and monitor the charity’s 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 of residents 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 main activity of the charity is holding of prayer meetings and lectures which are meant to advance the Christian religion. The charity also provided assistance to members who are in various kinds of needs and to the community at large.
The Charity have celebrated Christian religious festivals throughout the year and also produced and distributed Christian literature to enlighten the public about the religion.
As a church, charitable deeds are the core of our operations and so the charity involves itself in charitable deeds whenever the need arises.
A major project on the horizon for the charity is to build a leadership centre in Ghana to raise up leaders for Africa and the world at large. The land had been purchased and the negotiations about the contractual work are ongoing.
The Charity also organised an outdoor event this year to promote social networking between the church and the residents of Milton Keynes.
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In the year coming, the charity wants to reach more vulnerable youth in Milton Keynes to offer them support to be able to transform them and raise them up to be responsible leaders in the society and the world at large.
The decision has been made that the church is going to set up a new branch to expand their reach area and to impact more lives.
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INDEPENDENT EXAMINER’S REPORT
Financial Review
The income of the charity was £68,510 for the period. The charity is also well positioned to manage its costs effectively.
Reserve Policy
It is the policy of the charity to maintain unrestricted funds. These are the reserves of the organisation and equivalent to 3 months of unrestricted expenditure. The aim is to ensure there is adequate funds to cover any emergency expenditure that may arise. They 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:
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Select suitable accounting policies and apply them consistently.
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Make judgements and estimates that are reasonable and prudent.
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State whether the applicable accounting standards have been followed.
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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 irregularities.
This report of the charity for the year ended 31[st] March 2024 relates to the Receipts and Payment Account.
Respective responsibilities of Trustees and examiner
The charity’s Trustees consider that an audit is not required for this year under section 43(2) of the Charities Act 1993 (the Act) and that an independent examination is needed.
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It is my responsibility to:
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examine the accounts (under section 43 of the Act)
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follow the procedures laid down in the General Directions given by the Charity Commission (under section 43(7)(b) of the Act); and
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state whether particular matters have come to my attention.
Basis of the independent examiner’s statement
My examination included a review of the accounting records kept by the charity. It included consideration of any unusual items or disclosures in the accounts and seeking explanation from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the accounts.
Independent Examiner’s statement
In the course of my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that, in any material respect, the Trustees have not met the requirements to ensure that:
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proper accounts records are kept in accordance with section 41 of the Act; and
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accounts are prepared which agree with the accounting records and comply with the account requirements of the Act; or
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to which in my opinion attention should be drawn in order to enable proper understanding of the accounts to be reached.
DAVID AKAKPO MA (FAM), ACMA, CGMA
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WORD OF LIGHT INTERNATIONAL MINISTRIES
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Note Incoming resources from Generated funds Donations and Legacies 1 Investment income 2 Other Income Total Incoming resources Resources expended in furtherance of charity objectives Charitable activities 3 Other 4 Total Resources Expended Net movement in funds |
UNRESTRICTED FUNDS £ 49,387 - 19,123 68,510 63,698 - 63,698 4,812 |
2024 2023 £ £ 49,387 54,161 - - 19,123 18,757 68,510 72,918 63,698 67,644 - - 63,698 67,644 4,812 5,274 |
|---|---|---|
The above funds are all classed as to purpose.
All movements of funds and all recognised gains and losses are included above.
The notes on the accounts form part of these accounts
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WORD OF LIGHT INTERNATIONAL MINISTRIES BALANCE SHEET AT 31 MARCH 2024
| ASSETS Fixed Assets Total Fixed Asset Current Assets Cash at bank and in hand Cash at bank Total Cash at bank and in hand Net current assets Support fund Net current assets (liabilities) Total assets less current liabilities Creditors: amounts falling due after more than one year Bounce back loan Total Creditors: amounts falling due after more than one year Total net assets (liabilities) CHARITY FUNDS Opening balance Adjustment Surplus/(Deficit) Total Funds |
2024 2023 £ £ 6,810 11,119 6,810 11,119 25,185 17,980 25,185 17,980 25,185 17,980 11,571 11,488 36,755 29,468 36,755 29,468 4,916 6,749 4,916 6,749 38,650 33,838 33,838 28,099 - 465 4,812 5,274 38,650 33,838 |
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The financial statements were approved on 20 August 2024.
SIGNED ON BEHALF OF THE BOARD BY:
NAME:
Rev. Richard Thompson
STATUS
Board Chairman
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WORD OF LIGHT INTERNATIONAL MINISTRIES
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024
1) Accounting Policies
These accounts have been prepared under the historic cost convention with items recognised at cost or transaction values otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with:
The Statement of Recommended Practice: Accounting and Reporting by Charities.
Preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014.
1.1 Going Concern: The accounts are prepared on a going concern basis.
1.2 The accounts present a true and fair view and no change have been made to the accounting policies adopted.
1.3 No changes to the accounting estimates have occurred in the reporting period
1.5 No material prior year error has been identified in the reporting period. Recognition of Income
These are included in the Statement of Financial Activities (SOFA) when:
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The charity becomes entitled to resources;
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It is more likely than not that the trustees will receive the resources;
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The monetary value can be measured with sufficient reliability.
Grants and Donations
Grants and Donations are only included in the SOFA when the general income recognition criteria are met (5.10 to 512 FRS102 SORP)
Tax reclaim on donations and gifts
Gift Aid receivable is included in the income when there is a valid declaration from the donor. Any gift aid amount recovered on a donation is considered to be part of that gift and is treated in addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
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EXPENDITURE AND LIABILITIES
Liability Recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Grants and Support Costs
Support costs have been allocated between the governance costs and other support.
Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
Creditors
The charity has creditors which are measured at settlement amounts less any trade discounts.
ASSETS
Tangible Fixed Assets for use by the charity
They are capitalised if they can be used for more than one year. They are valued at cost. The depreciation is calculated at 25% straight line method.
Debtors
Debtors are measured on initial recognition at settlement amount. Subsequently they are measured at cash.
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WORD OF LIGHT INTERNATIONAL MINISTRIES
DETAILED INCOME AND EXPENDITURE ACCOUNTS
| Incoming resources from Generated funds Offering Tithes Mission Offering Gift Aid Other Income Total Income Resources expended in furtherance of charity objectives Accounting fees Depreciation Charitable Contributions Honorarium Insurance Interest Payable Legal and professional fees Advertising/Promotional Motor Vehicles running expenses Office/General Administrative Expenses Operating lease Other Legal and professional fees Printing, Postage and Stationery Rent or Lease of Buildings Utilities Travel and Accommodation Computer Running Costs Purchases Service charge Entertainment Bank charges Bank Interest paid Donations Paid out Pastor's Welfare Miscellaneous Expenses Net Surplus for the year |
UNRESTRICTED FUNDS £ 26,042 23,345 3,805 14,918 400 68,510 1,702 4,334 2,759 4,350 1,291 49 25 16 6,584 6,517 1,814 536 92 26,400 2,411 2,342 687 - - 504 2 84 - 1,200 - 63,698 4,812 4,812 |
2024 2023 £ £ 26,042 30,931 23,345 23,230 3,805 4,100 14,918 13,514 400 1,143 68,510 72,918 1,702 - 4,334 5,084 2,759 5,389 4,350 3,960 1,291 1,380 49 - 25 580 16 50 6,584 4,593 6,517 10,486 1,814 - 536 - 92 327 26,400 26,223 2,411 2,182 2,342 375 687 513 - - - - 504 2,950 2 - 84 184 - 1,350 1,200 2,020 - - 63,698 67,644 4,812 5,274 4,812 5,274 |
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