Registered Charity No – 1185948
Ministerio Internacional Fuente De Vida (International Ministry Fountain of Life) Trustees’ Report and Accounts For the period 1 January 2022 to 31 December 2022
| CONTENTS | PAGE |
|---|---|
| Legal and Administrative Details | 2 |
| Trustees' Report | 3 |
| Independent Examiners’ Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Accounts | 10 - 13 |
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REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31[ST ] DECEMBER 2022
Trustees Julio Alfredo Sarzosa LLerena Olga Beatriz Curisaca Ortiz Fanny Elena Valle LLumigusin Charity registered Number 1185948 Date of charitable registration 23/10/2019 Flat 6 Principal office Q Block Peabody Estate Fulham Palace Road London W6 9QU Independent examiners Accusafe Ltd - C/O Good to Give Ltd Bankers Lloyds Bank
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TRUSTEES' REPORT FOR THE YEAR ENDED 31[ST ] DECEMBER 2022
The Board of Trustees, who are the trustees for charity law purposes, submit their annual report and the financial statements of Ministerio Internacional Fuente De Vida for the year ended 31 December 2022. The Board of Trustees confirm that the annual report and financial statements of the Charity comply with current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities (revised 2005)'.
Structure, governance and management
The Trustees who have served during the year are set out on page 2 and meet on a regular basis.
The Trustees play a primary role in ensuring good governance and functioning of the charity. The Board’s role, functions and responsibilities are quite clearly defined. The trustees have ultimate control over all the affairs of the charity.
The Charity currently has a strong team of Advisory Board members in the UK who have helped to secure financial support and contribute to the future planning of the organisation.
Governing document:
Ministerio Internacional Fuente De Vida’s Memorandum and articles of association was incorporated on 18[th ] February 2019. The organisation registered as a Charitable Organisation on 23 October 2019.
Recruitment and appointment of trustees:
The members of the General Trustee Board are trustees for the purposes of charity law. New trustees may be appointed by resolution of a meeting of the trustees.
Much of the charity’s work focuses upon the promotion of the Christian faith, the prevention or relief of poverty, education and training.
The Board of Trustees seeks to ensure that the needs of this group are appropriately reflected through the diversity of the trustee body. The charity sought to identify those who would be willing to become trustees of the charity and use their own experience to assist the charity.
Risk Management:
We are committed to a policy of identifying, monitoring and managing the risks that might adversely affect the activities in which we are involved. In this context, risk is defined as the potential to fail to achieve charity objectives and for loss, financial and reputational, inherent in the environment in which we operate in the nature of the transactions undertaken.
The principle risk of the charity has been its dependence on voluntary income. Trustees have initiated various processes to mitigate such risk, so that the charity has sufficient reserve in the event of adverse condition(s).
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TRUSTEES' REPORT FOR THE YEAR ENDED 31[ST ] DECEMBER 2022
The Trustees have also examined other operational and business risks which they face and confirm that they have taken steps to mitigate significant risks that may arise (where applicable).
Public Benefit:
The Trustees have complied with the duty in Section 4 of the Charities Act 2006 and have paid due regard to public benefit when preparing this report. The benefit provided to the public is consistent with the aims of the charity in UK.
Objectives and activities:
The principal purpose of the Church is the advancement of the Christian faith in accordance with the statement of beliefs.
The Church may also provide education and training, the prevention or relief of sickness and poverty, religious activities and carry out other charitable purposes throughout London.
In reviewing the objectives and planning the activities, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and, in particular, to its supplementary public benefit guidance on advancing the objectives as set out above. The Trustees consider the current activities as detailed in this report deliver public benefit.
The main objectives for the year were:
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Pr ovide goods and meals to those experiencing hardship
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Provide education and training
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Provide services
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Provide advocacy, advice and information
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Other charitable activities
Grant Making Policies:
The church provides support to members of the congregation (at the discretion of the leadership team) who are in need.
Achievements and performance:
For 2023 we have a new plan which to establish a daughter church in La Paz-Bolivia to work in Qalahuma Rehabilitation Centre for young men, we are working together with a local church
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"Aposento Alto Libres en Cristo" We need to do all the necessary permits with the Bolivian Embassy in London and in Bolivia as well.
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TRUSTEES' REPORT FOR THE YEAR ENDED 31[ST ] DECEMBER 2022
Plans for Future Developments:
Future priorities are being considered by the Trustees in association with the church leadership team. By this approach it is possible to move forward in a way which builds on current achievements in advancing the Christian faith. The Trustees give thanks to God for what has been achieved so far and, under God’s guiding hand, look to nurture and grow the Ministry to meet the needs and aspirations of Christians in the UK and worldwide.
We, as the Trustees of the Charity who held office at the date of approval of these financial statements as set out on page 2 each confirm, so far as we are aware, that:
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There is no relevant information of which the Charity's independent examiner are unaware; and we have
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taken all the steps that we ought to have taken as Trustees in order to make ourselves aware of any relevant information and to establish that the charity's independent examiner is aware of that information.
Independent Examiner:
The Charity's independent examiner, Accusafe Ltd C/O Good to Give Ltd, has indicated their willingness to offer themselves for appointment.
This report was approved by the Trustees on and signed on their behalf by:
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Receipts and Payments Accounts For the Period from 01 January 2022 to 31 December 2022
| Notes Income and Expenditure Incoming Resources Incoming resources from voluntary income 2 Other income resources Resources Expended 3 Cost of generating funds: Costs of generating voluntary income Charitable activities: Outreach Ministry Governance costs Asset Purchases Total Resources Expended Net (Outgoing)/ Incoming Resources Transfers between funds Net Movement in Funds Fund balances brought forward at 01 Jan Fund balances carried forward at 31 Dec |
Unrestricted Funds £ 37,763 - 37,763 12,364 300 3,384 1,500 347 17,895 19,868 - 19,868 115,491 135,359 |
Restricted Funds £ - - - - - - - - - - - - - |
Total 2022 £ 37,763 - 37,763 12,364 300 3,384 1,500 347 17,895 19,868 - 19,868 115,491 135,359 |
Total 2021 £ 37,961 - 37,961 10,923 830 2,740 960 - 15,453 22,508 - |
|||
|---|---|---|---|---|---|---|---|
| 22,508 92,983 |
|||||||
| 115,491 |
Notes to Accounts
The accounts were prepared on income resources and resources expended basis only; therefore, no account was taken of accruals and/or prepayments.
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BALANCE SHEET
AS AT 31[ST ] DECEMBER 2022
| Fixed Assets Tangible fixed assets Current Assets Stock and work in progress Debtors Cash at bank and in hand Creditors: Amounts falling due within one year Net Current Assets Net Assets Funds Unrestricted Restricted |
Charity 2022 2021 £ £ - - - - - - - - 136,319 117,411 136,319 117,411 960 1,920 135,359 115,491 135,359 115,491 135,359 115,491 - - 135,359 115,491 |
Charity 2022 2021 £ £ - - - - - - - - 136,319 117,411 136,319 117,411 960 1,920 135,359 115,491 135,359 115,491 135,359 115,491 - - 135,359 115,491 |
|
|---|---|---|---|
| - | |||
| - - 117,411 |
|||
| 117,411 1,920 115,491 115,491 |
|||
115,491 - 115,491 |
Approved and authorised for issue by the Board of Trustees on …11/09/2023………
and signed on its behalf by:
……………………………………… Trustee
The notes on pages 10 to 13 form part of these Accounts.
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NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31[ST ] DECEMBER 2022
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), 'Accounting and Reporting by Charities' published in December 2005 and applicable accounting standards.
1.2 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
1.3 Incoming resources
All incoming resources are included in the Statement of financial activities when the charity has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability.
Donated services or facilities, which comprise donated services, are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised where there is no financial cost borne by a third party.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.4 Resources expended
Expenditure is accounted for in the period in which it occurs and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities, they have been allocated on a basis consistent with the use of the resources.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
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NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31[ST ] DECEMBER 2022 (Continued)
Note 1 (continued)
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the yearend are noted as a commitment, but not accrued as expenditure.
Incoming Resources from Voluntary 2 Income
| Tithes Offerings |
Unrestricted Funds £ 16,939 20,824 37,763 |
Restricted Funds £ - - - |
Total 2022 £ 16,939 20,824 37,763 |
Total 2021 £ 11,176 26,785 37,961 |
|
|---|---|---|---|---|---|
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NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31[ST ] DECEMBER 2022 (Continued)
| Total Resources Expended 3 Cost of generating funds: Admin Costs Operation Costs Royalty Fee Charitable activities: Outreach Ministry Governance costs Asset Purchases Breakdown of Costs Cost of generating funds: Admin Costs Adobe program Annual Subscription fee Data protection policy Office supplies Petty cash Zoom service Printer Ink ACAT annual subscription |
Staff Costs £ - - - - - - - - Staff Costs £ - |
Other £ 2,002 9,987 375 300 3,384 1,500 347 17,895 Other £ 497 182 35 400 533 115 240 2,002 |
Total 2022 £ 2,002 9,987 375 300 3,384 1,500 347 17,895 Total 2022 £ 497 182 35 400 533 115 240 2,002 |
Total 2021 £ 1,463 9,311 150 830 2,740 960 - |
|---|---|---|---|---|
| 15,453 | ||||
| Total 2021 £ 800 350 300 13 1,463 |
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NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31[ST ] DECEMBER 2022 (Continued)
| 3 Total Resources Expended (continued) Breakdown of Costs (continued) Cost of generating funds: Operation Costs Storage Rent DBS for volunteers Certificate of Employer's Liability Insurance Rent for Christmas event and thanksgiving day Rent of Saturday intercession Services Rent of Sunday Services Tithe to City Church Barcelona Love Offerings to Pastors Royalty Fee Ministers Subscription Fees Charitable activities: Outreach Evangelistic Campaign in Bolivia Donations for Afghanistan Appeal Missions to Bolivia Ministry Annual conference expenses Mother’s day gifts Christmas event for families of the Congregation Pastors Christmas gifts Love offering (holiday) Petty cash (Thanksgiving) Volunteers Christmas gifts Governance Costs Asset Purchases Amazon repeaters amplifiers Computer cables |
Staff Costs £ - - - - |
Other £ 247 150 2,450 6,520 620 9,987 375 300 300 1,034 250 300 900 600 300 - 3,384 1,500 33 314 347 |
Total 2022 £ - - 247 150 2,450 6,520 620 - 9,987 375 - - 300 300 1,034 250 300 900 600 300 - 3,384 1,500 33 314 347 |
Total 2021 £ 139 239 24 150 4,546 2,183 2,030 9,311 150 300 530 830 1,200 1,000 540 2,740 960 - - - |
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