CHARITY NUMBER: 1176586
WORDALIVE MINISTRIES
TRUSTEES ’ REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
(Report on the activities of WORDALIVE MINISTRIES)
CONTENTS
Page STRUCTURE, GOVERNANCE AND MANAGEMENT ................................................................................................ 4 OBJECTIVES & ACTIVITIES ............................................................................................................................................. 4 FINANCIAL REVIEW ................................................................................................................. Error! Bookmark not defined. FINANCIAL STATEMENTS ............................................................................... Error! Bookmark not defined.
Trustees of WordAlive Ministries:
Mr Simeon Olarewaju (Chairman)
Mr Samuel Daramola (Treasurer)
Mr Christopher Olabanji (Trustee)
Ms Oluwasuen Oyelami (Trustee)
Mrs Kehinde Ojewumi (Accountant)
Host Pastor (Main Contact): Pastor Abidemi Otunuga
Charity Registered No: 1176586
Registered Office: 5 Paignton Close, Romford. RM3 8SF
Bankers: Barclays Bank Plc, 9 High Street, Grays, RM17 6NL
The trustees of WordAlive Ministries have pleasure in presenting the annual report and the financial statements of WAM for the year ended 31 December 2024. The Trustees confirm that the annual report and financial statements of the charity comply with the statutory requirements.
STRUCTURE, GOVERNANCE AND MANAGEMENT
A. BOARD OF TRUSTEES
The management of the charity is the responsibility of the Trustees who administer the affairs of the Charity and its Church Arm, WordAlive Ministries, and ensure that it is fulfilling the objectives of WAM (the registered charity).
B. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES
All Trustees are educated and trained in relation to their legal obligations under the charity law. The Trustees are also updated in relation to the decision-making processes and current financial performance of the charity. Trustees are encouraged to attend appropriate external training events which will facilitate their knowledge in relation to their role. The Charity Commission updates are also forwarded to Trustees as at when issued.
C. ORAGNISATIONAL STRUCTURE AND DECISION MAKING
WordAlive Ministries is organised such that the day to day running of its affairs has been delegated to the Host Pastor and Volunteers that are available to run various activities. The Trustee determines the strategic direction of the charity and is consulted on all matters that are material. Trustees meet formally quarterly and as at when required to review the operations of the Charity.
D. RISK MANAGEMENT
The Trustees have assessed the major risks to which the church arm, WordAlive Ministries, is exposed to in particular to those related to its operations and finances and are satisfied that systems are in place to mitigate our exposure to major risks.
OBJECTIVES & ACTIVITIES
The objectives of WAM (and its Church Arm, WordAlive Ministries) are all for charitable purposes are these are:
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To advance the Christian Faith in accordance with the statement of beliefs in such parts of the United Kingdom or the world as the Trustees from time to time may think fit
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To relieve sickness and financial hardship
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To promote and preserve good health by the provision of funds, goods and services of any kind.
It pursues these objectives by the operation of a centre for Christian worship currently at a temporary location. Various programmes of events are aimed at reaching out to members of the public. Other opportunities like Meet-up group, Faith Clinic, door to door evangelism, and seasonal outreaches have been explored.
Plans are in place to organise a range of community-centred activities or projects that will enhance the fulfilment of the Charity ’ s objectives and build better relationship with members of the host community in the future.
During the year under review the Wordalive Ministries also:
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Supported other charities
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The church organised seminars and various meetings to improve the lot of volunteers so that they are capable of fulfilling the objectives of the charity to members of the public.
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Provided welfare support to members and members of the public.
Our Sunday Worship service has helped to encourage faith and spiritual growth not only among our members but also members of the community, who freely attend our services.
On Saturday, we hold Prayer services, which is also open to members of the public. Focused at counselling, Faith discussions and prayers. We had contacts and requests from various members of the public in and outside the United Kingdom in relation to this meeting.
In the course of the year, we also organised another event, which focused at motivating the public and enhance them to become more resourceful. The event was well attended by members of the public and was very engaging.
PLANS FOR THE FUTURE
The charity continues to explore ways to evangelise in an effective manner by raising its profile and getting more involved in the community. The charity is also looking to grow in membership and continue to develop its members to make positive impact in the society.
The charity also aims at achieving the following in the near future:
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Furtherance of the Gospel
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Organising seminars and conferences to empower membership of the church & community
WordAlive Ministries plans to source a place of worship on a long-term lease for its activities when the opportunity presents itself. This will ensure a greater impact and create more awareness of the Church arm, WAM. So that members and members of the community can use the location for various activities and access services including the monthly night prayer meetings, counselling and educational programmes. This will also ensure a stable and conducive place of worship that will cause a steady growth in membership, with great spiritual and practical impact on the people.
FINANCIAL REVIEW Tre TFu%iees have a strèteqk pl•tt io build up a 8enernl re5etve Ih•t Is yJpptsrted by Ild¥t¢fthe fvture. Thls will ermble the tharitv io be In sound flfianclol posltknth io wntlnuÈ to rnÈÈt lis fin#rKlal ob1rda1$ arKI also b¢ positijned tOCOthsThue to deliver chariiable obiedsoTr thebTr8 ieryft srATEMENTSOFYRUSTEES' AESPQNsi8iunES The Trustees s>ile for prepart thèTrusiees' repNI aj finan¢bo1 stsI•eThts in ¥¥bth applk•ble law and re8ulatiDM. The lawappficaNo tochori$ In En8knd ONI Wa$ roquiresthe TrU5teestOpp•re financiil statements foreach fkmnciil parvthirh and lalr¥iew of the 5t4te of aff•its olthe charity •nd of the surplu50T oeftltof the charity ftythat petiod. In preparin8thks finon£lal slatertnt. the Trvsttesare required to.. Sdect sunable a¢couniiDB polklts.. Make jLbd8ments and estimates th•1 are wsonable and pnthrffj, Prepare the financial staiemtnt5 on the 8oln8 CthKern basb unbE55 ff¢ Is Inappmprlate to pvesume Ihat the charity will contiiiiie Insjpeiatlon. The fru5tees a responsib lor kepini prYJpeT •cr4untir COrdS that dlW wlth re•sonablt accur4ry at any time the fIndal posltiom for the char ind enable them eThsure that thÈtlnan¢i•l siatementscomp]v wlth thecharities Act 2011, Ttrw aTe aho responslble for sate8u•rding fv assets of the church and Ite for taklF fe•sonoble #eps lor the preveTrtbn •nddeteEtlon of fr%1 other irye8ylarftbEs. FINANOAL STATEMENTS WAM sub5¢ribed into èn onThne attOLbntlw solutS)n whkh has leature to manaee Its membeIp. thelr don•tlons, e¥emts and records ot IrKome & eXpendre, tt has a repofdfj8 module ihat prndS stsTrJa a¢ix)uniir rep)rt5•nd o sA•pM ol the Cty.$finalaI 4tv•t1¢. Ch•rfty'S prinrip•l fvndiT% isthTouKh Its momber5' contrftr•Jt#?n4 tlthes& offerfngs.and 811ts from assoc14te5 •fid frMdswho belltye In the cOle¢¢thS of the th•iity. ThlsTnJrtees Report and the finanthl repth below Is hereby opprmd on behaff ofthe eoard ofTrustees tsek*, Mf Simeon Olarewiju (Chairman
INDEPENDENT REPORT:
The Trust is not required to conduct an independent examination or audit because charity ’ s income is less than required threshold. The Trustees maintain their financial statement and keep detail records of all fund generated and expenditure for the whole year.
| WORDALIVE MINISTRIES | WORDALIVE MINISTRIES | WORDALIVE MINISTRIES | WORDALIVE MINISTRIES | WORDALIVE MINISTRIES | WORDALIVE MINISTRIES | WORDALIVE MINISTRIES | WORDALIVE MINISTRIES | WORDALIVE MINISTRIES |
|---|---|---|---|---|---|---|---|---|
| WAM(UK) | ||||||||
| STATEMENT OF FINANCIAL ACTIVITIES | ||||||||
| (Incorporating Income and Expenditure Accounts) | ||||||||
| FOR THE YEAR ENDED 31 DECEMBER 2024 | ||||||||
| **Notes ** | Unrestricted | Restricted | Total | |||||
| £ | £ | |||||||
| INCOMING RESOURCES | 2 | |||||||
| Voluntaryincome | 39,437 | 39,437 | ||||||
| TOTAL INCOMING RESOURCES | 39,437 | 0 | 39,437 | |||||
| REOURCES EXPENDED | 5 | |||||||
| Charitable activites | 39,054 | 39,054 | ||||||
| TOTAL RESOURCES EXPENDED | 39,054 | 0 | 39,054 | |||||
| MOVEMENT IN TOTAL FUNDS | ||||||||
| For theyear 2024 | 383 | 0 | 383 | |||||
| Balance from theyear 2023 | 913 | 0 | 913 | |||||
| Balance at 31 December 2024 | 1,295 | 0 | 1,295 |
| WORDALIVE MINISTRIES | WORDALIVE MINISTRIES | WORDALIVE MINISTRIES | WORDALIVE MINISTRIES | WORDALIVE MINISTRIES | WORDALIVE MINISTRIES |
|---|---|---|---|---|---|
| WAM(UK) | |||||
| STATEMENT OF FINANCIAL ACTIVITIES | |||||
| (Incorporating Income and Expenditure Accounts) | |||||
| FOR THE YEAR ENDED 31 DECEMBER 2024 | |||||
| Notes | |||||
| £ | £ | ||||
| FIXED ASSET | 1.3 | ||||
| Tangible Fixed Asset | 0 | ||||
| CURRENT ASSETS | |||||
| Debtors | 6 | 0 | |||
| PettyCash | 341 | ||||
| Cash at bank | 955 | ||||
| 1,296 | |||||
| CREDITORS: due within oneyear | |||||
| NET CURRENT ASSETS | |||||
| TOTAL ASSET LESS CURRENT LIABILITIES | 1,296 | ||||
| CHARITY FUNDS | |||||
| Restricted funds | 8 | 0 | |||
| Unrestricted funds | 1,295 | ||||
| TOTAL FUNDS | 1,295 | ||||
| WORDALIVE MINISTRIES | WORDALIVE MINISTRIES | WORDALIVE MINISTRIES | WORDALIVE MINISTRIES | WORDALIVE MINISTRIES | WORDALIVE MINISTRIES |
|---|---|---|---|---|---|
| WAM(UK) | |||||
| NOTES TO THE FINANCIAL STATEMENTS | |||||
| FOR THE YEAR ENDED 31 DECEMBER 2024 | |||||
| 1.1 | Basis ofpreparation of the financial statements. | ||||
| The accounts have beenprepared under historical cost convention | |||||
| 1.2 | Fund accounting | ||||
| Restricted funds are funds which are to be used in accordance with specific | |||||
| restrictions impose bydonors which have been raised bychurch forparticular | |||||
| purposes .The cost of raisingand administeringsuch funds are charged | |||||
| against the specific fund. | |||||
| General funds are unrestricted funds which are available for use at the | |||||
| discretion of the Trustees in furtherance of the objectives of the church which | |||||
| has not been designated for otherpurposes | |||||
| Designated funds comprises of unrestricted funds that have been set aside | |||||
| bythe Trustees for a specificpurpose. | |||||
| 1.3 | Tangible fixed asset | ||||
| The Trust has no tangible fixed asset at the moment | |||||
| 2 | Voluntary Income | ||||
| Restricted | Unrestricted | Total | Total | ||
| funds | funds | funds | funds | ||
| 2024 | 2024 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Donations | 39,437.18 | 39,437.18 | 31,615.72 | ||
| Collections and other donations | 2024 | 2023 | |||
| £ | £ | ||||
| General offering | 9,749.38 | 12,774.91 | |||
| Tithe | 16,709.60 | 12,137.63 | |||
| Thanksgivingoffering | 667.00 | 4,006.64 | |||
| Gift-aid | 6,566.85 | 2,696.54 | |||
| Donation | 5,744.35 | ||||
| Total | 39,437.18 | 31,615.72 | |||
| 3 | Charitable Donations to Institutions | ||||
| Restricted | Unrestricted | Total | Total | ||
| funds | funds | funds | funds | ||
| 2024 | 2024 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Donations | 0.00 | ||||
| 4 | List of Institutions Donations Payable | ||||
| Name of institution | Donation description | 2024 | 2023 | ||
| £ | £ | ||||
| a | OUTREACH | Advancement of Christian | |||
| Faith Worldwide | 2,450.00 | 1372.35 | |||
| 2,450.00 | 1372.35 | ||||
| 5 | EXPENDITURE BY CHARITABLE ACTIVITY | ||||
| Advancement | |||||
| of Christian | |||||
| Faith | |||||
| Basis of | 2024 | 2023 | |||
| Allocation | £ | £ | |||
| a. | Direct cost | ||||
| Visitingspeaker(Honorarium) | Actual | 2,130.00 | 1,105.00 | ||
| Welfare & Entertainment | Actual | 11,629.08 | 7,149.63 | ||
| Conferences | Actual | 2,464.82 | 2,925.24 | ||
| 16,223.90 | 11,179.87 | ||||
| b | Support cost | ||||
| Advancement | |||||
| of Christian | |||||
| Faith | Basis of | 2024 | 2023 | ||
| Allocation | £ | £ | |||
| Rent | Actual | 14,050.00 | 13,685.93 | ||
| Equipments | Actual | 700.00 | 1,813.48 | ||
| Stationary/printing& other | Actual | 54.04 | 64.25 | ||
| Instrumentalist | Actual | 1,050.00 | 950.00 | ||
| Books/Literature | Actual | 59.29 | 75.00 | ||
| Software/Internet | Actual | 215.86 | |||
| Utility | Actual | 994.49 | 1,516.26 | ||
| Insurance | Actual | 318.76 | 300.00 | ||
| Transportation | Actual | 840.56 | 692.70 | ||
| Repairs & Maintenance | Actual | 1,073.45 | |||
| Cleaning | Actual | 268.05 | |||
| 19,624.50 | 19,097.62 | ||||
| c | Goverance Cost | 2024 | 2023 | ||
| £ | £ | ||||
| Accountancy | 756.00 | 670.00 | |||