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2024-11-30-accounts

BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY

Charity No. 1187349

Company No.

Trustees' Report and Unaudited Accounts

30 November 2024

BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY Contents

Pages
Trustees' Annual Report 1
Independent Examiner's Report 2
Statement of Financial Activities 3
Summary Income and Expenditure Account 4
Balance Sheet 5
Statement of Cash flows 6
Notes to the Accounts 7
Detailed Statement of Financial Activities 8 to 17

Page 1

BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY Trustees Annual Report

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 30 November 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No.

Charity No. 1187349

Principal Office

41 BROUGHTON STREET

MANCHESTER M8 8AN

Registered Office

41 Broughton Street Manchester M8 8AN

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

Trustees holding title to charity property

Bukola Atilola Temitope Babalola Faith Jesukanyin Oyelami Emmanuel Oyelami

Key Management Personnel

Key Management Personnel
Chair Bukola Atilola
Trustee Temitope Babalola
Trustee Faith Jesukanyin Oyelami
Trustee Emmanuel Oyelami

Accountants

FREDRICKS ACCOUNTANTS & CO LTD Suite 204 133 Creek Road Greenwich London SE8 3BU

Bankers

Page 2

BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY Trustees Annual Report

Barclay Bank Plc 41 Broughton Street Chitham Hill Road, Manchester M8 8AN

OBJECTIVES AND ACTIVITIES

The Charity is constituted under Trust Deed dated 14th January 2020,and Charity number 1187349 on the central registered of the Charity Commission of England and Wales. The principal objectives of the Charity are advancement of the Christian faith worldwide and relief of poverty.

Recruitment and Appointment of New Trustees

Trustees and Member of Committees are appointed by the Church Ministerial Board using the essential skill and assessment method. Priority is given to criteria required to have an effective and efficient Board and Committees. To this end,the Board is carefully grafted with the right mix of skills and experience to discharge its duties and ensure effective governance and management. The trustees serve a term of two years which is renewable at the discretion of the Board. The management of the charity is the responsibility of the Trustees who are appointed and co-opted under the terms of the Trust Deed.

Organizational Structure and Decision Making

The church is organized so that the trustees meet regularly to manage its affairs. There are a full-time Minister and Volunteers, who manage the day to day administration of the church.

Risk Management

The trustees have assessed the major risks to which the Charity is exposed, particularly those relating to the operations and finance and are satisfied with the risk management systems in place to mitigate any exposure. Risk is an everyday part of charitable activity and managing it effectively is essential if the trustees are to achieve their key objectives and safeguard their charity's funds and assets. Therefore the Charity has developed appropriate Risk Management Framework which consists of the Risk Management Policy and the Risk Management Procedures outline in the operational guidelines.

ACHIEVEMENTS AND PERFORMANCE

The trustees are pleased to report that the Church continued to be successful spiritually by ministering to many people. The Church has improved in membership strength and is increasingly reaching out to the community. More focus and greater success were achieved in the area of Evangelism and community outreach.

FINANCIAL REVIEW

The financial statements cover the operations of Bible Life Faith Mission International, Manchester. For the year ended 30 November 2024, the Statement of Financial Activities shows total incoming resources of £5,281 (2023:£37,558),. This was spent mainly on charitable activities and total expenditure amounted to £9,104 (2023 £36,915). We closed the year with net deficit of £3,823 (Surplus 2023: £643). This deficit would be carried forward to the reserve for use in future accounting periods.

Policy on reserves

Page 3

BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY Trustees Annual Report

The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets(the free reserve) held by the church should be 3 months of annual expenditure. At this level,the trustees feel that they would be able to continue the current activities of the church in the event of significant drop in funding.

PLANS FOR FUTURE PERIODS

The Church will continue to explore various ways of spreading the gospel of Christ effectively. Charity is looking to grow in membership and continue to develop its members to make a life-changing impact in society, plant more branches, open Bookshops, community choir and acquire its property.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards(United Kingdom Generally Accepted).The law applicable to charities in England and wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

a) select suitable accounting policies and then apply them consistently

b) observe the methods and principles in the Charities SORP;

c) make judgments and estimates that are reasonable and prudent;

d) state whether applicable UK Accounting Standards have been followed, subject to any material departures explained in the financial statements;

e)prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

Atilola B. ATILOLA Trustee 30 November 2024

Page 4

BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY Independent Examiners Report

Independent Examiner's Report to the trustees of BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY

I report to the charity trustees on my examination of the financial statements of BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY for the year ended 30 November 2024.

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 financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the financial statements of the Charity 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 financial statements 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 can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:

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 financial statements to be reached.

Adesina Otufale ACCA FREDRICKS ACCOUNTANTS & CO LTD Suite 204 133 Creek Road Greenwich London SE8 3BU 30 November 2024

Page 5

BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY Statement of Financial Activities

for the year ended 30 November 2024

Notes
Income and endowments
from:
Donations and legacies
4
Total
Expenditure on:
Other
5
Total
Net gains on investments
Net (expenditure)/income
6
Transfers between funds
Net (expenditure)/income
before other gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2024
£
5,281		 Total funds
2024
£
5,281		 Total funds
2023
£
37,558
5,281
9,104		 5,281
9,104		 37,558
36,915
9,104
-		 9,104
-		 36,915
-
(3,823)
-		 (3,823)
-		 643
-
(3,823) (3,823) 643
(3,823)
8,379		 (3,823)
8,379		 643
7,736
4,556 4,556 8,379

Page 6

BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY Summary Income and Expenditure Account

for the year ended 30 November 2024

Income
Gross income for the year
Expenditure
Depreciation and charges for
impairment of fixed assets
Total expenditure for the year
Net (expenditure)/income before tax
for the year
Net (expenditure )/income for the year		 2024
£
5,281
5,281
8,869
235
9,104
(3,823)
(3,823)		 2023
£
37,558
37,558
36,639
276
36,915
643
643

Page 7

BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY Balance Sheet

at 30 November 2024

Company No.
Notes
2024
£
Fixed assets
Tangible assets
8
1,331
1,331
Current assets
Cash at bank and in hand
4,589
4,589
Creditors:Amount falling due within one year
9
(1,364)
Net current assets
3,225
Total assets less current liabilities
4,556
Net assets excluding pension asset or liability
4,556
Total net assets
4,556
The funds of the charity
Restricted funds
10
Unrestricted funds
10
General funds
4,556
4,556
Reserves
10
Total funds
4,556		 2023
£
1,566
1,566
7,702
7,702
(889)
6,813
8,379
8,379
8,379
8,379
8,379
8,379

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 30 November 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 30 November 2024

And signed on its behalf by:

Oyelami

F.J. OYELAMI

Trustee

30 November 2024

Page 8

BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY Statement of Cash flows

for the year ended 30 November 2024

Cash flows from operating activities
Net (expenditure)/income per Statement of Financial Activities
Adjustments for:
Depreciation of property, plant and equipment
Increase in trade and other payables
Net cash (used in)/provided by operating activities
Net cash from investing activities
Net cash from financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Components of cash and cash equivalents
Cash and bank balances		 2024
£
(3,823)
235
475
(3,113)
-
-
(3,113)
7,702
4,589
4,589
4,589		 2023
£
643
276
14
933
-
-
933
6,769
7,702
7,702
7,702

Page 9

BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY Notes to the Accounts

for the year ended 30 November 2024

Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Income

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 10

BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY Notes to the Accounts

Expenditure

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery 15%% Reducing balance

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 11

BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY Notes to the Accounts

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

Page 12

BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY Notes to the Accounts

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

3 Statement of Financial Activities - prior year

Income and endowments from:
Donations and legacies
Total
Expenditure on:
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
4
Income from donations and legacies
Tithe&Offering		 Unrestricted
£
5,281
5,281		 Unrestricted
funds
2023
£
37,558
37,558
36,915
36,915
643
643
643
7,736
8,379
Total
2024
£
5,281
5,281		 Total funds
2023
£
37,558
37,558
36,915
36,915
643
643
643
7,736
8,379
Total
2023
£
37,558
37,558

Page 13

BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY Notes to the Accounts

5 Other expenditure

5 Other expenditure
Unrestricted Total Total
2024 2023
£ £ £
Employee costs 1,056 1,056 3,875
Motor and travel costs 876 876 1,562
Premises costs 5,349 5,349 25,609
Amortisation, depreciation,
impairment, profit/loss on 235 235 276
disposal of fixed assets
General administrative costs 1,108 1,108 4,716
Legal and professional costs 480 480 877
9,104 9,104 36,915
6 Net (expenditure)/income before transfers
2024 2023
This is stated after charging: £ £
Depreciation of owned fixed assets 235 276
7 Staff costs
No employee received emoluments in excess of £60,000.
The average monthly number of full time equivalent employees during the year was as follows:
2024 2023
Number Number
Mission/Evangelism 3 3
Adminstrative 1 1
Music 1 1
5 5
8 Tangible fixed assets
Plant and
machinery		 Total
£ £
Cost or revaluation
At 1 December 2023 3,000 3,000
At 30 November 2024 3,000 3,000
Depreciation and
impairment
At 1 December 2023 1,434 1,434
Depreciation charge for the 235 235
year
At 30 November 2024 1,669 1,669
Net book values
At 30 November 2024 1,331 1,331
At 30 November 2023 1,566 1,566

Page 14

BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY Notes to the Accounts

amounts falling due within one year

Trade creditors
Other creditors
10 Movement in funds
Restricted funds:
Unrestricted funds:
General funds
Total funds
11 Analysis of net assets between funds
Fixed assets
Net current assets
12 Reconciliation of net debt
Cash and cash equivalents
Net debt		 At 1
December
2023
8,379
8,379		 2024
£
884
480
1,364
Incoming
resources
(including
other
gains/losses
)
£
5,281
5,281
At 1
December
2023
£		 Resources
expended
£
(9,104)
(9,104)
Unrestricted
funds
£
1,331
3,225
4,556
Cash flows
£		 2023
£
409
480
889
At 30
November
2024
£
4,556
4,556
Total
£
1,331
3,225
4,556
At 30
November
2024
£
7,702 (3,113) 4,589
7,702
7,702		 (3,113)
(3,113)		 4,589
4,589

13 Related party disclosures

Controlling party

The organisation is a registered charity; thus no single party controls the charity.

Page 15

BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY Detailed Statement of Financial Activities

for the year ended 30 November 2024

Income and endowments from:
Donations and legacies
Tithe&Offering
Total income and endowments
Expenditure on:
Employee costs
Staff welfare
Temporary staff
Motor and travel costs
Vehicles - General costs
Travel and subsistence
Premises costs
Rent
Light, heat and power
General administrative costs,
including depreciation and
amortisation
Depreciation of Plant and
machinery
Equipment expensed
Equipment leasing and hire
charges
Equipment repairs and
maintenance
Postage and couriers
Stationery and printing
Subscriptions
Telephone, fax and broadband
Legal and professional costs
Accountancy and bookkeeping
Other legal and professional
costs
Total of expenditure of other costs
Total expenditure		 Unrestricted
funds
2024
£
5,281
5,281
5,281
214
842
1,056
448
428
876
4,840
509
5,349
235
-
-
322
122
84
-
580
1,343
480
-
480
9,104
9,104		 Total funds
2024
£
5,281
5,281
5,281
214
842
1,056
448
428
876
4,840
509
5,349
235
-
-
322
122
84
-
580
1,343
480
-
480
9,104
9,104		 Total funds
2023
£
37,558
37,558
37,558
627
3,248
3,875
1,119
443
1,562
24,680
929
25,609
276
195
3,246
65
122
161
242
685
4,992
480
397
877
36,915
36,915

Page 16

BIBLE LIFE FAITH MISSION INTERNATIONAL WHERE ARE YOU GOING MINISTRY Detailed Statement of Financial Activities

Detailed Statement of Financial Activities
Net gains on investments
Net (expenditure)/income
Net (expenditure)/income before
other gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 -
(3,823)
(3,823)
-
(3,823)
8,379
4,556		 -
(3,823)
(3,823)
-
(3,823)
8,379
4,556		 -
643
643
-
643
7,736
8,379

Page 17