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2023-06-30-accounts

Trustees’ annual report (including Directors’ report) for the period

From: 01/07/2022 Period start date To: 30/06/2023 Period end date

Charity name: SPOKEN WORD MINISTRIES LIMITED

Charity registration number: 1172141

Company number: 8583808

Objectives and activities

SORP reference
Summary of the purposes of
the charity as set out in its
governing document		 Para 1.17 The main purpose for which the Charity
is established is to advance the Christian
religion for the public benefit, in
accordance with the Holy Bible.
Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or services
identified in the accounts.		 Para 1.17 and
1.19		 The main activities are
•
to conduct church service for
teaching, preaching and listening
to recorded sermons,
•
conducting outreaches to advance
the Christian religion for public
benefit
•
conducting worship services
including music concerts.
Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit		 Para 1.18 The Trustees have had regard to the
guidance on public benefit.
•
We provide and maintain buildings
for church services
•
We raise awareness and
understanding of the Christian
faith by spreading literature,
online links & DVDs without
discrimination
•
We offer various counselling
including marital, bereavement,
drug and alcohol abuse,
educational, teenage etc

Additional information (optional) You may choose to include further statements where relevant about:

SORP reference Para 1.38 Policy on grant making

Policy on social investment Para 1.38 including program related investment Para 1.38 Contribution made by volunteers Other

Achievements and performance

Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.		 Para 1.20 •
During the year, we conducted
weekly services throughout the
year on Sundays, Wednesdays
and on Fridays which reached out
to a greater audience including
overseas
•
We had physical Easter meetings
which again reached out across
borders through live streaming.
•
We hosted a musical concert
which was open to all
•
We therefore grew our overall
reach across communities mainly
through online activities and
physical activities
•
We distributed a lot of Christian
literature in the form of online
links

Additional information (optional) You may choose to include further statements where relevant about:

Para 1.41 Achievements against objectives set Para 1.41 Performance of fundraising activities against objectives set

Para 1.41 Investment performance against objectives Other

Financial review

Financial review
Review of the charity’s
financial position at the end
of the period		 Para 1.21 The Charity raised £417,196 for the period
and expended £393,020
Statement explaining the
policy for holding reserves
stating why they are held		 Para 1.22 We have no reserves holding policy
Amount of reserves held Para 1.22 As at the end of the financial period we
had £226,578 as total funds carried
forward.
Reasons for holding zero
reserves policy		 Para 1.22 We have dedicated members who
regularly pay tithes and offerings that will
keep the Charity afloat without needing to
hold reserves
Details of fund materially in
deficit		 Para 1.24 None
Explanation of any
uncertainties about the
charity continuing as a going
concern		 Para 1.23 The Trustees have no uncertainty
concerns of the charity continuing as a
going concern

Additional information (optional) You may choose to include further statements where relevant about:

The charity’s principal
sources of funds (including
any fundraising)		 Para 1.47 Tithes and Offerings from well-known
members and congregants
Investment policy and
objectives including any
social investment policy
adopted		 Para 1.46
A description of the principal
risks facing the charity		 Para 1.46

Other

Structure, governance and management

Description of charity’s
trusts:
Type of governing document:
for example,trust deed,
memorandum and articles of
association etc		 Para 1.25 Memorandum and Articles of Association
How is the charity
constituted?
for example limited company,
unincorporated association,
CIO		 Para 1.25 Limited Company
Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees		 Para 1.25 Trustees are elected and voted for by the
whole church. At the annual general
meeting all Trustees retired but were
available for re-election and were re-
elected. In subsequent years a third of
the Trustees will retire by rotation but can
be nominated for re-election

Additional information (optional) You may choose to include further statements where relevant about:

Para 1.51 Policies and procedures adopted for the induction and training of trustees Para 1.51 The charity’s organisational structure and any wider network with which the charity works Para 1.51 Relationship with any related parties Other

Reference and administrative details

Charity name Spoken Word Ministries Limited
Other name the charity uses
Registered charitynumber 1172141
Charity’s principal address 168C Brooker Road, Waltham Abbey, EN9 1JH

Names of the charity trustees who manage the charity

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20		 Trustee name Office (if any) Dates acted if not for
whole year		 Name of person (or
body) entitled to
appoint trustee (if
any)
Virimayi Mtoko
David Andrews
Shepherd Tambayi

– Corporate trustees names of the directors at the date the report was approved

Director name

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year

Funds held as custodian trustees on behalf of others

Description of the assets held in this capacity

Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (optional information)

Type of Name Address
adviser

Name of chief executive or names of senior staff members (optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

Declarations

The company has taken advantage of the small companies’ exemption in preparing the report above.

The trustees declare that they have approved the trustees’ report (including directors’ report) above.

Signed on behalf of the charity’s trustees/directors

----- Start of picture text -----
Signature(s)
Full name(s) Virimayi Mtoko David Andrews
Position (for example Director/Trustee Director/Trustee
Secretary, Chair, etc)
Date 21/03/2024
----- End of picture text -----

Registration Number: 8583808

SPOKEN WORD MINISTRIES LIMITED

ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2023

1

SPOKEN WORD MINISTRIES

STATEMENT OF FINANCIAL ACTIVITIES

TO THE YEAR ENDING 30 JUNE 2023

Notes
INCOMING RESOURCES
Incoming Resources From Generated Funds
Voluntary Income
2
Rental Income
Loans Repaid
Activities Generating Funds
Total Incoming Resources
RESOURCES EXPENDED
Rentals
3
Ministerial Grants
Grants To Members In Need
Equipment Purchases
Ordinary Expenses
7
Missionary Trips
Missionary Donations
9
Total Resources Expended
Depreciation + Amortisation
Net Incoming / (Outgoing) Resources
Total Funds B/Fwd From Prior Year
Prior years fund adjustment
Total Funds C/Fwd		 Unrestricted
Funds(£)
417,196
-
-
-		 Restricted
Funds(£)
Total
2023(£)
Total
2022(£)
-
417,196
392,553
-
-
-
-
-
-
-
417,196
392,553
90,218
91,330
39,500
39,500
48,470
10,037
32,619
-
102,892
30,632
5,347
9,565
73,973
85,546
393,020
266,610
20,575
39,575
413,595
306,185
3,601
86,368
222,977
136,609
-
-
226,578
222,977		 Restricted
Funds(£)
Total
2023(£)
Total
2022(£)
-
417,196
392,553
-
-
-
-
-
-
-
417,196
392,553
90,218
91,330
39,500
39,500
48,470
10,037
32,619
-
102,892
30,632
5,347
9,565
73,973
85,546
393,020
266,610
20,575
39,575
413,595
306,185
3,601
86,368
222,977
136,609
-
-
226,578
222,977
417,196 417,196
392,553
90,218
39,500
48,470
32,619
102,892
5,347
73,973		 90,218
91,330
39,500
39,500
48,470
10,037
32,619
-
102,892
30,632
5,347
9,565
73,973
85,546
393,020
20,575		 393,020
266,610
20,575
39,575
413,595 413,595
306,185
3,601
222,977		 3,601
86,368
222,977
136,609
-
-
226,578 226,578
222,977

2

SPOKEN WORD MINISTRIES

BALANCE SHEET

AS AT 30 JUNE 2023

Notes
FIXED ASSETS
Auditorium Works
11
Tangible Assets
10
Non Current Assets
CURRENT ASSETS
Investments
Bank and Cash Balances
CURRENT LIABILITIES
Creditors Payable Within 1 Year
NET CURRENT ASSETS
NON CURRENT LIABILITIES
Creditors Payable After 1 Year
TOTAL NET ASSETS
THE FUNDS OF THE MINISTRY
Unrestricted Income Funds
Restricted Income Funds		 Unrestricted
Funds (£)
Restricted
Funds (£)
84,000
58,344
142,344
91,075
18,159
4,167
105,067
20,833
226,578
226,578
226,578
Total
2023(£)
84,000
58,344
142,344
91,075
18,159
4,167
105,067
20,833
226,578
226,578
-
226,578		 Total
2022(£)
96,000
34,300
130,300
100,075
22,602
5,000
117,677
25,000
222,977
222,977
-
222,977
Approved By The Director / Trustee Virimayi Mtoko Signed______
Date. 21/03/2024

3

THE SPOKEN WORD MINISTRIES LIMITED

Balance Sheet (continued)

Director’s statements required by Sections 475(2) and (3) For the period ended 30 June 2023

In approving these financial statements as director of the company I hereby confirm:

(a) For the year ending 30/06/2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to small companies.

(b) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

(d) These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Director on 21[st] March 2024 and signed on its behalf by

.......................

V.Mtoko Esq. Director/Trustee

Date. 21/03/2024

Registration Number 8583808

The notes on pages 3 to 6 form an integral part of these financial statements

4

THE SPOKEN WORD MINISTRIES LIMITED

NOTES TO THE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023

1 ACCOUNTING POLICIES

1a Basis of Accounting

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2005) issued by the Charity Commission. The accruals basis of accounting has been adopted, and the principal accounting policies set out below are applied consistently.

1b Fund Accounting

Unrestricted funds are available for use at the discretion of the Ministry in furtherance of its NOT for profit objectives. Restricted funds where received, are subjected to restrictions on their expenditure imposed by the donor, or contained in the terms of a grant.

1c Tangible Fixed Assets

Leasehold property: The Ministry has a leasehold over 10 years.

Equipment: Depreciation is provided at the following annual rates calculated to write off assets over their estimated useful lives:

Furniture 10% straight line (over 10 years) Equipment (including PA items) 20% straight line (over 5 years) Cars 25% straight line (over 4 years)

1d Incoming Resources

All voluntary giving is included in the financial statements for the period in which it is received. Donations under Gift Aid plus the associated tax recovery are recognised as income when the donation is received. For now the Ministry does not receive any Gift Aid and associated donations. Legacies are accounted for when their receipt is certain and can be properly quantified. All other income is generally recognised when it is receivable.

1e Resources Expended

Resources expended are recognised in the period to which they are incurred and include attributable VAT which cannot be recovered. They are allocated to the particular activity to which they relate. Governance costs represent direct expenditure on the governance of the church, including the production of these financial statements. As most of the management and activity of the church is carried out by volunteers, this intangible cost is not included in the financial statements as this voluntary contribution to the life of the Ministry is incalculable.

1f Taxation

As registered NOT for profit organisation, Spoken Word Ministries Limited is an excepted organisation within the meaning of the Taxes Acts. Accordingly, it is potentially exempt from taxation in respect of income and capital gains received to the extent that such income or gains are applied to exclusively charitable purposes. No provision for taxation has been made in these financial statements.

2 Voluntary Income

The Ministry receives free will tithes and free will offerings from its members on a regular basis.

3 Rental Of Places For Worship

This relates to the rentals paid towards the places of worship and others used by the ministry

5

4 Lease Option Costs

There were no costs towards any lease options

5 Ministerial Transport Costs

The Ministry hires out cars for the Ministers to help them execute their work which involves extensive travel to Minister both in gatherings and in homes of members. For this period there were no ministerial transport costs.

6 Member’s In Need Grants

These are helping grants given to members of the Church who will be going through a difficult time financially or will have been faced by an emergency like a funeral which they cannot fund on their own. The members in need are assessed by a Deacon Board and the recommendation given for their assistance to the Pastor or Trustees/Treasurer for payment. For the period there were no grants given to any members in need.

7 Ordinary Expenses

These relate to operational expenses that we meet like costs for special events, repairs, cash purchases, fuel expenses for errands etc.

8 Missionary Trips

These relate to overseas trips on missionary work by groups of the Ministry or by the Pastor and a few members of the Ministry.

9 Missionary Donations

These relate to donations given by the Ministry to support other Ministries world over at the discretion of the Trustees and Pastor.

10 Tangible Assets

Cost
Cost
Additions
Disposals
At 30 June 2023
Depreciation
At 1 July 2022
Charge for the year
At 30 June 2023
Net Book Value
At 30 June 2023
At 1 July 2022		 PA & Video
Equipment
Auditorium Chairs
& Pulpit
Vehicles
Total
13,685
85,750
-
99,435
32,619
-
-
32,619
-
-
-
-
46,305
85,750
-
132,055
13,685
51,450
-
65,135
-
8,575
-
8,575
32,619
60,025
-
73,710
32,619
25,725
-
58,344
-
34,300
-
34,300

6

11 Auditorium Works

Relates to building work done to adopt the auditorium and is being amortised over the lease period of 10 years.

Refurbishment Amortisation
Capitalised Asset Cost
Yearly Amortisation
Total Amortised to date
Balance		 120,000
12,000
36,000
84,000

7

Independent examiner's report on the accounts

Section A Independent Examiner’s Report

Report to the trustees/ Charity Name members of Spoken Word Ministries Limited On accounts for the year 30 June 2023 Charity no 1172141 ended (if any) Set out on pages 1 - (remember to include the page numbers of additional sheets)

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Signed:[Nana Opoku Barfi ]

Date: 27 May 2024

Name: Nana Opoku Barfi

Relevant professional qualification(s) or body (if any):

  1. Member - Association of Charity Independent Examiners (MCIE) 2. Fellow - Association of Certified Public Accountants (FCPA)

Address: 16 Butlers Grove Great Linford Milton Keynes, MK14 5DT

Section B Disclosure

Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).

1

October 2018

IER

Give here brief details of any items that the examiner wishes to disclose .

2

October 2018

IER