## **REGISTERED COMPANY NUMBER: 05724253 (England and Wales) REGISTERED CHARITY NUMBER: 1169902**
## **REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **FOR**
## **ACTS OF FAITH MINISTRIES LIMITED**
Wright Connections Limited Bedford I-Lab Priory Business Park Stannard Way Bedford Bedfordshire MK443RZ
ACTS OF FAITH MINISTRIES LIMITED
## CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
||||||Page||
|---|---|---|---|---|---|---|
|Report of the|Trustees||||to|3|
|Independent|Examiner's||Report||4||
|Statement
of|Financial||Activities||5||
|Balance Sheet||||6|to|7|
|Notes to the|Financial|Statements||8|to|15|
## **ACTS OF FAITH MINISTRIES LIMITED (REGISTERED NUMBER: 05724253)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES Objectives and aims**
The objects of the organisation as adopted on 5 February 2020 are for the benefit of the public to:
Advance the Christian Faith in accordance with the statement of beliefs appearing in the schedule hereto in the county of Bedfordshire and in such other parts of the United Kingdom or the world as the trustees may from time to time think fit. Relieve persons who are in conditions of need or hardship or who are aged or sick and to relieve the distress caused thereby in the said county and in such other parts of the United Kingdom or the world as the trustees may from time to time think fit
Promote and fulfil such other charitable purpose beneficial to the community in the said county and in such other parts of the United Kingdom of the world as the trustees may from may from time to time think fit.
## This includes
i'
- Holding regular worship services to promote public benefit of the Christian faith in the community
- Holding women's and men's meetings including guidance on issues such as raising families and marriage
- Holding young people's meetings and activities
- Charity work- locally and internationally .,
- Other mission work
## **Significant activities**
The activities of the charity are as follows:
- Sunday services
- Leader's weekly prayer meetings
- Tuesday Bible meeting
- Ministering to people in their home
- Charity work
- School of prophets
- Youth meetings
- Wailing women meetings
## **Public benefit**
The trustees have regard to the Charity Commission guidance on public benefit in section 4 of the Charities Act.
l
## **Volunteers**
The charity relies on a significant number of volunteers for bot administrative and pastoral support. The trustees are unable to quantify the monetary value of this support with any assured accuracy.
Page 1
ACTS OF FAITH MINISTRIES LIMITED (REGISTERED NUMBER: 05724253)
## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021
## ACHIEVEMENT AND PERFORMANCE
## Charitable activities
Due to COVID 19 restrictions and risks, the organisation continued to host the meetings virtually. Church attendance Numbers were reduced to 23 when the restrictions were lifted due to govemment guidelines which resulted in declining of church members and offerings locally.
A Virtual Prayer Rally launched in November 2020 and was a success with growth reaching up to 100 participants. Individuals were being empowered through the Bible and prayer and experiencing positive results. This platform has contributed to the increase of ministry finances thereby birthing the Studio (Live streaming room).
Studio - Discussions were made in May to introduce a studio as live meetings such as, Sunday Service,
Bible School, Bible Study, Prayer Rally were being operated from a home.
Studio vision came to fruition in November 2020 where we have been able to expand our Social Media platform without any restrictions.
During Lockdown due to COVID 19, we have seen personal development of individuals who have stepped up to be involved in teaching in Bible Study, moderating on the Prayer Rally, Teaching on the Prayer Rally
Due to lockdowns being on and off we have managed to continue helping people locally and intemationally on mental health issues and counselling using Zoom and other social media platform.
During lockdown we also helped parents especially in health sector with childcare needs during the time they were at work and their children could not be with child minders.
The organisation continued to offer financial support to children through the Hope of a Child project. This help was also extended to assist adults due to the exceptional circumstances of Covid 19. We also helped to set up a separate organisation in Kenya called Success Care Society through which all help and support for people within Kenya will be processed.
## FINANCIAL REVIEW
## Financial position
Total reserves at 31 August 2021 amounted to £83,702 (2020: £36,218).
Principal funding sources Monies come by way of donations from individuals from both within and outside of the UK including those who worship at the church.
Reserves policy The charity intends to increase unrestricted funds which are the reserves of the charity at about three months of unrestricted expenditure in case of any emergency expenditures that may rise from time to time.
## FUTURE PLANS
The organisation had a plan to buy the leasehold of a building to be able to carry out charity activities without limitations. The trustees made a successful proposal to pay for this by equal annual instalments over 50 years. The process for the approval for use had commenced with Bedford Borough council and some fees had already been expended. The Trustees decided to have tests and surveys to be done prior to committing to leasing of the building. On advice from experts it was decided after the year end that the building was not be suitable due to various issues such as asbestos etc. The organisation will continue to rent venues until a suitable building is found. . The organisation is planning some strategy to encourage attendance so as to help people with issues like mental health, loneliness and also to eradicate the fear of mixing following the relaxation of Covid 19 restrictions
## STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document The charity is controlled by its goveming document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees Trustees are appointed from the worshipping congregation in accordance with the Articles of Association.
Page 2
## **ACTS OF FAITH MINISTRIES LIMITED (REGISTERED NUMBER: 05724253)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
**Organisational structure**
The trustees meet on a regular basis to consider all aspects of the charities activities.
The trustees delegate the operational issues to the leadership team.
Deacons have been appointed to oversee the welfare and pastoral needs of church members. They are supported in their roles by Elders.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The organisation has assessed all the major risks it is exposed to particularly those related to operations and finances due to Covid 19 and are putting systems in place to mitigate major risks.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Registered Company number** 05724253 (England and Wales)
**Registered Charity number** 1169902
**Registered office**
38 Keysoe Road Bedford MK442DZ **Trustees** KChahal C Lukombo (resigned 10.11.21) G Madziva M Chohan
## **Company Secretary** G Madziva
**Independent Examiner** Wright Connections Limited Bedford I-Lab Priory Business Park Stannard Way Bedford Bedfordshire MK443RZ
' .
## **EVENTS SINCE THE END OF THE YEAR**
Information relating to events since the end of the year is given in the notes to the financial statements.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. 28/05/2022 d . ed it b h Ifb . O.. o.'(oy.•..•'.edby order of the board of trustees on an sign on sea y. _lfJ';;,J.,••., )_ ( . [f. G"l\I1aoziva[~'..] Trustee '.
Paae 3
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ACTS OF FAITH MINISTRIES LIMITED**
**Independent examiner's report to the trustees of Acts of Faith Ministries Limited ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2021.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
- Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
- 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the **UK** and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Suzanne Goodson BSc FCA Institute of Chartered Accountants in England and Wales Wright Connections Limited Bedford I-Lab Priory Business Park Stannard Way Bedford Bedfordshire MK443RZ Date: _3Q ~_ ~O **'Z..Z**
Page 4
The notes form part of these financial statements.
Page 5
## **ACTS OF FAITH MINISTRIES LIMITED (REGISTERED NUMBER: 05724253)**
## **BALANCE SHEET 31 AUGUST 2021**
|||||**31.8.21**|31.8.20|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|**Total**|Total|
|||fund|funds|**funds**|funds|
||Notes|£|£|£|£|
|**FIXED ASSETS**||||||
|Tangible assets|13|**4,336**||**4,336**|3,465|
|**CURRENT ASSETS**||||||
|Debtors|14|**805**||**805**|3,637|
|Cash at bank||**65,561**|**26,318**|**91,879**|37,194|
|||**66,366**|**26,318**|**92,684**|40,831|
|**CREDITORS**||||||
|Amounts falling due within one year|15|**(12,004)**|**(1,314)**|**(13,318)**|(8,078)|
|**NET CURRENT ASSETS**||**54,362**|**25,004**|**79,366**|32,753|
|**TOTAL ASSETS LESS CURRENT LIABILITIES**||**58,698**|**25,004**|**83,702**|36,218|
|NET ASSETS||**58,698**|**25,004**|**83,702**|36,218|
|||||---|---|
|**FUNDS**|16|||||
|Unrestricted funds||||**58,698**|7,235|
|Restricted funds||||**25,004**|28,983|
|TOTAL FUNDS||||**83,702**|36,218|
||||||---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 6
continued ...
## **ACTS OF FAITH MINISTRIES LIMITED (REGISTERED NUMBER: 05724253)**
## **BALANCE SHEET - continued 31 AUGUST 2021**
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
28/05/2022
The financial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by:
G Madziva - Trustee
M Chohan - Trustee
The notes form part of these financial statements
Page 7
ACTS OF FAITH MINISTRIES LIMITED
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
## 1. ACCOUNTING POLICIES
Basis of preparing the financial statements ... . The financial statements of the charitable company, which IS a public benefit entl~ under FR~. 102, have been prepared in accordance with the Charities .~ORP (FR.S 102). 'Accounting. and Reporting .by Chan~es: ~tatement. of Recommended Practice applicable to chanties prepanng their accounts I~ accordance With th~ F~nan~al Repo~ng Standard applicable in the UK and Republic of Irelan~ (FR~ 102) (effective 1 Ja~uary 2019): FinanCial Report~ng Standard 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.
General information
The charity is a private limited company (incorporated in England and Wal~s), limited by guarantee, as. de~ned by the Companies Act 2006. The charity's operations are controlled from, and ItS records and accounts malntamed in, its registered office 38 Keysoe Road, Bedford.
The nature of the charity's operations and principal activities are described in the Report of the Trustees.
When permitted, the charity held mid week meetings and Sunday worship during the year at Trinity Arts & Leisure, Bromham Road, Bedford. It now uses the Harpur Suite in Bedford town centre.
## Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
## Plant and machinery - 20% on cost
Assets are capitalised where it is expected that their useful life is in excess of 12 months and their cost is in excess of £500. Gross cost is measured at initial cost.
## Taxation
The charity is exempt from corporation tax on its charitable activities.
## Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Donated goods and services
Donated goods services are recognised in income at their fair value only when their economic benefit is probable, it can be measured reliably and the charity has control over the item.
Page 8
continued ...
## ACTS OF FAITH MINISTRIES LIMITED
## NOTES TO THE FINANCIAL STATEMENTS. continued FOR THE YEAR ENDED 31 AUGUST 2021
## 1. ACCOUNTING POLICIES. continued
Debtors and creditors receivable/payable within 1 year , Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
||Judgements||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||No judgements|(apart from those||involving|estimates)|have been|made|in the process||of applying|the|above|
||accounting policies.||||||||||||
|2.|DONATIONS AND LEGACIES||||||||||||
||||||||||31.8.21||31.8.20||
||||||||||£||£||
||Donations||||||||80,522||46,225||
|3.|OTHER TRADING ACTIVITIES||||||||||||
||||||||||31.8.21||31.8.20||
||||||||||£||£||
||Fundraising events|||||||||||104|
||Independent Examiner - other services|||||||||||`23`|
|||||||||||||127|
|4.|INVESTMENT|INCOME|||||||||||
||||||||||31.8.21||31.8.20||
||||||||||£||£||
||Bank interest received|||||||||3||15|
|5.|INCOME FROM CHARITABLE||ACTIVITIES||||||||||
||||||||||31.8.21||31.8.20||
||||Activity||||||£||£||
||Bible school||Advancement||of Christian|Religion|||8,875||5,085||
|6.|CHARITABLE|ACTIVITIES COSTS|||||||||||
||||||||||Support||||
||||||||Direct||costs|(see|||
||||||||Costs||note|7)|Totals||
||||||||£||£||£||
||Advancement of Christian Religion||||||40,116||1,800||41,916||
continued ...
Page 9
## ACTS OF FAITH MINISTRIES LIMITED
## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
## 7. SUPPORT COSTS
Advancement of Christian Religion
Governance costs £ 1,800
## 8. NET INCOME/(EXPENDITURE)
Net income/{expenditure) is stated after charging/(crediting):
||||31.8.21|31.8.20|
|---|---|---|---|---|
||||£|£|
||Independent Examiners' Remuneration||720|720|
||Independent Examiner - other services||1,080|1,200|
||Depreciation - owned assets||936|615|
|9.|TRUSTEES' REMUNERATION|AND BENEFITS|||
||||31.8.21|31.8.20|
||||£|£|
||Trustees' salaries|||4,500|
||Trustees' social security|||346|
|||||4,846|
Abel Kungu received remuneration for services relating to his position as pastor in charge of the church rather than his role as a trustee. This was in contravention to the Articles of Association. He resigned as trustee in November 2019.
## Trustees' expenses
Trustees are paid travel expenses and are reimbursed for telephone costs incurred on behalf of the charity.
## 10. STAFF COSTS
|||31.8.21|31.8.20|
|---|---|---|---|
|||£|£|
|Wages|and salaries|10,796|17,290|
|Social|security costs|(5,011 )|346|
|||5,785|17,636|
|||---|---|
During the year the charity received £5,011 from HMRC after it made a successful claim during the year to 31 August 2021 for employment allowance for all years to date.
The average monthly number of employees during the year was as follows:
|||||31.8.21|31.8.20|
|---|---|---|---|---|---|
|Pastoral|and|mission|support|1|1|
No employees received emoluments in excess of £60,000.
Page 10
continued ...
## ACTS OF FAITH MINISTRIES LIMITED
## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
## 11. EXCEPTIONAL ITEMS
All costs incurred up to 31 August 2021 in respect of the potential purchase of a lease were written off as the project was deemed no longer financially viable following the results of surveys and consultations with experts in property matters. Total costs amounted to £12,495 which was spent from the Building Fund.
## 12. COMPARA TIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
||||Unrestricted|Restricted||Total|
|---|---|---|---|---|---|---|
||||fund|funds||funds|
||||£|£||£|
|INCOME AND ENDOWMENTS||FROM|||||
|Donations and legacies|||36,136|10,089||46,225|
|Charitable
activities|||||||
|Advancement of Christian Religion|||5,085|||5,085|
|Other trading activities|||23|104||127|
|Investment income||||15||15|
|Other income|||33|||33|
|Total|||41,277|10,208||51,485|
|EXPENDITURE ON|||||||
|Charitable
activities|||||||
|Advancement of Christian Religion|||37,593|1,097||38,690|
|NET INCOME|||3,684|9,111||12,795|
||||||_fj_||
|RECONCILIATION|OF FUNDS||||||
|Total funds brought|forward||3,550|19,873||23,423|
|TOTAL FUNDS CARRIED FORWARD|||7,234|28,984||36,218|
||||---|---|||
continued ...
Page 11
## **ACTS OF FAITH MINISTRIES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **13. TANGIBLE FIXED ASSETS**
|**13.**|**TANGIBLE FIXED ASSETS**|||||
|---|---|---|---|---|---|
|||Plant|and|Computer||
|||machinery||equipment|Totals|
|||£||£|£|
||**COST**|||||
||**At** 1 September 2020|**4,080**|||**4,080**|
||Additions|||**1,807**|**1,807**|
||At 31 August 2021|**4,080**||**1,807**|**5,887**|
||**DEPRECIATION**|||||
||At 1 September 2020||**615**||**615**|
||Charge for year||**816**|**120**|**936**|
||At 31 August 2021|**1,431**||**120**|**1,551**|
||**NET BOOK VALUE**|||||
||At 31 August 2021|**2,649**||**1,687**|**4,336**|
|||--||||
||At 31 August 2020|3,465|||3,465|
|||--||||
|**14.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||||
|||||**31.8.21**|31.8.20|
|||||£|£|
||Other debtors|||**486**||
||Redonno||||29|
||Prepayments|||**319**|3,608|
|||||**805**|3,637|
Prepayments as at 31 August 2020 represents amounts paid to that date relating to preparatory work in purchasing the leasehold of a building to be used for the charitable purposes of the organisation. A decision has now been taken to abandon this project and hence the prepayment was recognised as an expense during the current financial year.
|**15.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|---|---|---|---|
|||**31.8.21**|31.8.20|
|||£|£|
||Social security and other taxes|**537**|445|
||Wages control account|4||
||Credit facility|**1,355**||
||Accrued expenses|**11,422**|7,633|
|||**13,318**|8,078|
|||---|---|
Page 12
continued ...
ACTS OF FAITH MINISTRES UMITED
NOTES TO THE FINANCIAL STATEMEMTS- contlnuod
FOR THE YEAR ENOED 31 AUGUST 2021
MOVEMEMf IN FUND8
Net
movement
in fiJTrJ8
At 1.9.20
31.8.21
Unr•strfct•d fund
General fijnd
7.1115
51.463
R••trl¢t¢d lundB
ol a Foundatio)
BthldirwJ Fund
1.881
15.8601
26,620
19,780
24983
13,9791
25,004
TOTAL FUND8
36,218
47,484
81702
Net movem8rt in funds, IrKlud8J in the abow 8re aB lolhN8'.
Inr£•mire
R880urces
ra80UW expended
Movwnent
in knnd8
Unmtrl¢t•d lund•
G•ne¥81
77.182
125.719
61
Hope of a Chikl Fmdalon
Bullding Fund
13.6821
112.616}
1.881
15.8801
11218
118.1971
13,9791
TOTAL FUNDS
141,9181
47,404
Ctynwr•tlve• for mov•m•nt In lund•
Net
mMeTht
in bjnds
At
31.8.20
At 1.9.19
Unr••trbct•d fund•
General fvnd
3.550
3,685
7,235
R8•trfjcted fund8
Hope of8 Chikl Fwndation
Blding Fund
1,496
18.377
1,867
7.243
25,620
19.873
9,110
28,983
TOTAL FUNDS
23,423
72,795
36,218
13
crnb'nued...
## **ACTS OF FAITH MINISTRIES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS. continued FOR THE YEAR ENDED 31 AUGUST 2021**
## 16. **MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, induded in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|41,277|(37,592)|3,685|
|**Restricted funds**||||
|Hope of a Child Foundation|2,925|(1,058)|1,867|
|Building Fund|7,283|(40)|7,243|
||10,208|(1,098)|9,110|
|TOTAL FUNDS|51,485|(38,690)|12,795|
||---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|||Net||
|---|---|---|---|
|||movement|At|
||At 1.9.19|in funds|31.8.21|
||£|£|£|
|**Unrestricted funds**||||
|General fund|3,550|55,148|58,698|
|**Restricted funds**||||
|Hope of a Child Foundation|1,496|3,748|5,244|
|Building Fund|18,377|1,383|19,760|
||19,873|5,131|25,004|
|TOTAL FUNDS|23,423|60,279|83,702|
|||---|---|
A current year 12 months and prior year 12 months combined net movement in funds, induded in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|118,459|(63,311 )|55,148|
|**Restricted funds**||||
|Hope of a Child Foundation|8,488|(4,740)|3,748|
|Building Fund|13,938|(12,555)|1,383|
||22,426|(17,295)|5,131|
|TOTAL FUNDS|140,885|(80,606)|60,279|
||---|---|---|
The Building Fund exists to raise money specifically for the purpose of purchasing a building from which the charity can operate. This would indude regular worship and prayer meetings.
Page 14
continued ...
## **ACTS OF FAITH MINISTRIES LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## 16. **MOVEMENT IN FUNDS - continued**
Hope of a Child fund was set up to enable child sponsorship to provide support for education, food and clothing to needy children including those orphaned and living with HIV. The support extended to Africa and Eastern Europe. Due to the exceptional circumstances of Covid 19 this support was extended to adults.
## 17. **RELATED PARTY DISCLOSURES**
Abel Kungu, a trustee until November 2019, received a loan of £11,000 in January 2017 which is repayable on demand. There were no amounts outstanding at either year end but Interest was charged at HMRC official interest rates and amounted to £33 during the year to 31 August 2020.
Three trustees gave a total of £1,210 (2020: £2,199) in donations.
There were no other related party transactions.
## 18. **POST BALANCE SHEET EVENTS**
Following the results of surveys and consultations with professional including those with expertise in property matters, it was agreed in April 2022 to abort the purchase of the leasehold property as it was no longer deemed in the organisation's best interest to continue.
The trustees continue to seek an alternative venue. In the meantime the organisation now meets in the Harpur Suite in Bedford town centre.
Page 15