Charity No.1191694
Living Word Assemblies of God Wolverhampton Trustees Interim Report and Financial Statement As of 31 December 2023.
Living Word Assemblies of God Wolverhampton Information For the year ended 31 December 2023
TRUSTEES
Mr Stephen Ghartey Quaye Mr Emmanuel Takyi Mr Patrick Asiamah
| REGISTERED OFFICE | 22 Skinner Street |
|---|---|
| Wolverhampton | |
| WV1 4LD | |
| CHARITY NUMBER | 1191694 |
| ACCOUNTANTS |
F & D Accounting Services Ltd |
| 16 Moorfield Road | |
| Enfield | |
| Middlesex | |
| EN3 5XP |
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Living Word Assemblies of God Wolverhampton Contents For the Year Ended 31 December 2023
| Trustee’s Report | 4 |
|---|---|
| Independent Accountant’s Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 10 |
| Notes to the Accounts | ....11 |
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Living Word Assemblies of God Wolverhampton Trustee’s Report
For the Year Ended 31 December 2023
Aims and objectives.
The principal objects of the charity are to advance Christianity enabling as many people as possible to worship at our church and to become part of our Christian community in London. When planning our activities for the year, we have considered the Charity Commission's guidance on public benefit and the specific guidance on charities for the advancement of religion. We encourage ordinary people to live out their faith as part of our Christian community through:
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Worship and prayer; steadying the word of God to develop their knowledge and trust in Jesus Christ.
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Providing pastoral care for people living in the community.
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Missionary and outreach work
Summary of the main achievements during the period:
Worship, Prayer and steadying of the word of God.
Living Word Assemblies of God as a ministry has continued to encourage the members to worship and show love to their community. We have programmes during weekdays and weekends. Prayers are also offered through home cells or house groups, focusing on individual needs. This system of approach has in our opinion brought a lot of spiritual and social benefits to the community. The Worship Ministry of the church has the vision of focusing first on God and secondly on serving the needs of the congregation. We seek to combine different talents in the church in vibrant worship services, concerts and special events. Our mission is to reach the youth, the locals and the entire community.
Pastoral and care:
The trustees have ensured that every member of Living Word Assemblies of God Trust has been attended to throughout the year. The Church’s strong pastoral team ensures that counselling and moral guidance is rolled out effectively. Pastoral care is given under the strums of counselling, career and education. Teaching programmes are scheduled throughout the year in partnership with other ministries in the community. Members of Living Word Assemblies of God Trust are encouraged to contact the pastoral teams should they need any help.
Mission and evangelism:
As part of our ministry, we have cultivated a mission of helping the needy. This we term Love “Samaritan Mission”. We endeavour to help locally and internationally.
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Living Word Assemblies of God Wolverhampton
Church Activities of Public Benefit
In addition to the general achievements mentioned above, the following specific activities which we deem fit for public benefits were undertaken during the year.
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a) Supply of Relief items to our Local Food Bank for economically disadvantaged people.
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b) Ministry to female Carers in the community during International Women’s Day.
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c) Youth Singing Classes
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d) Musical instruments training classes for young people
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e) Annual Black History Month Activities which seek to get the community further acquainted with the Black Culture.
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f) Participated in activities organised by other charities in the local community.
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g) Prisons outreach which includes an occasional visit to HM Wolverhampton prisons
The charity's policy on reserves
We aim to build up reserves to be prepared for unforeseen expenses. We would like to hold 3 months of running expenses in reserves.
Exemptions
The trustees have taken advantage of the exemptions available to small companies, including the audit exemption (see statement on the balance sheet)
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Living Word Assemblies of God Wolverhampton
Financial review during the year
The total incoming resources of the church during the year amounted to £47,526 (2022 £26,913). Of this total, £47,526 (2022 £26,913) was derived from general tithes and offerings from members. The total resources expended in the year amounted to £42,596 (2022 £18,418) leaving a net inflow of £4,929 (2022 inflow £8,495). The accumulated surplus amounts to £16,026.
Funds
No part of the funds of the church is under any form of restriction.
Statement of financial responsibilities of the trustees
Law applicable to charities in England and Wales requires the trustees as managing trustees to prepare financial statements for each financial year. In preparing those financial statements, the trustees should follow best practices.
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I. select suitable accounting policies and then apply them consistently.
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II. make judgement and estimates that are reasonable and prudent.
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III. state whether applicable accounting standards have been followed subject to any materials departures disclosed and explained in the financial statements.
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IV. preparing the financial statements on a going concern basis unless it is inappropriate to presume that the church will continue in business.
The Board of Trustees is responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the church and enable them to ensure that the financial statements comply with the Charities Act 1993 and the Charities (Accounts and Reports) Regulation 1995. They are also responsible for safeguarding the assets of the church.
Signed on behalf of the charity’s trustees:
Date: 30/10/2024
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Living Word Assemblies of God Wolverhampton
Independent Accountant’s Report For the Year Ended 31 December 2023
I report on the accounts for the year ended 31 December 2023 which are set out on pages 8 to 15.
Respective responsibilities of trustees and examiner
The charity’s trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the Act) and that an independent examination is needed. It is my responsibility to:
Examine the accounts (under section 43 of the Act), follow the procedures laid down in the General Directions given by the Charity Commission (under section 43(7)(b) of the Act), and state whether matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out by General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently, no opinion is given as to whether the accounts present a ‘true and fair view, and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
During my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that in, any material respect, the requirements:
- to keep accounting records by section 41 of the Act, and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act; has not been met; or
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to which, in my opinion, attention should be drawn to enable a proper understanding of the accounts to be reached.
Mr Daniel Bosompem Antwi – (AFA, MIPA, MSc, BSc,)
Signature: ~~DKB~~ Date: 30/10/2024
F & D Accounting Services Ltd 16 Moorfield Road Enfield EN3 5XP
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Living Word Assemblies of God Wolverhampton
Statement of Financial Activities (including Income and Expenditure Account)
For the Year Ended 31 December 2023
| Notes INCOMING RESOURCES Incoming resources from generated funds: Voluntary income: Tithes & offering 1 Building funds Activities for generating funds: Investment Income Other incoming resources Incoming resources from charitable activities: Gift Aid Total incoming resources |
Unrestricted funds Year Ended 31/12/2023 Year ended 31/12/2022 Total Funds Total Funds £ £ £ £ 47,526 47,526 26,913 - |
|---|---|
| 47,526 - 47,526 26,913 |
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Living Word Assemblies of God Wolverhampton
| RESOURCES EXPENDED Charitable activities: 2 Governance costs 3 Total resources expended Net incoming/(outgoing) resources and net income/(expenditure) for the year before transfers Transfers between funds Net movement in funds 4 Reconciliation of funds: Total funds brought forward Total funds carried forward |
42,596 42,596 18,418 - |
|---|---|
| 42,596 42,596 18,418 |
|
| 4,929 4,929 8,495 |
|
| 4,929 4,929 8,495 11,097 11,097 2,602 - |
|
| 16,026 16,026 11,097 |
There were no recognised gains or losses for the period other than those included in the Statement of Financial Activities The notes on page 9 to11 form part of these accounts
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Living Word Assemblies of God Wolverhampton
Balance Sheet
| Balance Sheet | ||
|---|---|---|
| For the Year Ended 31 December 2023 | ||
| 2023 | ||
| Notes | ||
| £ | ||
| Fixed assets | ||
| Tangible assets | 5 | - |
| Current assets | ||
| Loan to church members | ||
| Cash at the bank and in hand | 16,026 | |
| Creditors: | ||
| Amounts falling due within one year | 6 | - |
| Net current assets | 16,026 | |
| Total assets less current liabilities | 16,026 | |
| Amounts fallingLongterm | ||
| XXXxXXXXliabilities: | ||
| Unrestricted funds | ||
| General funds /(deficits) | 7 | 16,026 |
| Designated funds | - | |
| Restricted funds | - | |
| Total funds/(deficits) | 16,026 | |
| Approved by the board of trustees on 31 January 2024 and signed on their behalf by: | ||
| (Chair) |
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Living Word Assemblies of God Wolverhampton
Notes to the Accounts
For the Year Ended 31 December 2023
1 Accounting policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.
Basis of accounting
The accounts have been prepared under the historical cost convention and by the latest Statement of Recommended Practice (SORP) for charities and the Financial Reporting Standard for Smaller Entities (effective Jan 2008) and include the results of the church's operations as indicated in the trustees’ report, all of which are continuing.
1.1 Incoming Resources
Tithes and offerings
Income from tithes and offerings is included in incoming resources when these are receivable.
Investment Income
Investment income consists of the net interest received during the year and accounted the for restricted funds. The charity has taken advantage of the exemption in Financial Reporting Standard No.1 from the requirements to produce a cash flow because NDs that it qualifies as a small charity.
1.2 Resources expended
All expenditure is accounted for on an accrual basis and is inclusive of VAT. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include accountancy, legal, professional fees and other costs linked to the strategic management of the charity. Governance costs which cannot be allocated directly are apportioned on an appropriate basis.
1.3 Fixed assets
Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost of each asset, less its estimated residual value, over the useful economic life of that asset as follows: Equipment, fixtures & fittings - 25% per annum
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Living Word Assemblies of God Wolverhampton
| 2 Charity activities The direct cost of charitable activities: Ministerial Welfare Members’ Support and Welfare Mission Support (other charities) General Church Administration Honorarium Rent payable Printing, postage and stationery Advertising and PR Telephone Travelling and entertainment Computer Cost Council tax and Utilities cost Bank charges Sundry expenses Depreciation on fixtures & equipment |
Total Unrestricte d Restricted Year ended 31/12/23 £ 3,558 4,959 2,560 4,150 1,282 7,440 56 650 950 3,081 485 12,122 85 1250 - |
|---|---|
| - 42,596 |
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Living Word Assemblies of God Wolverhampton 3. Governance costs
| Governance costs | |||
|---|---|---|---|
| Total | |||
| Unrestricte | Restricted | Year ended | |
| d | 31/12/23 | ||
| £ | £ | ||
| Legal and professional | - | - | - |
| Accountancy | - | - | |
| - | - |
- | |
| There was no staff cost and emoluments, no employee earned £60,000 or more per annum. |
4. Net movement in funds for the year
| This is stated after charging: Depreciation Accountancy fees Legal fees |
Year ended 31/12/23 £ |
|---|---|
| - | |
| - | |
| - | |
| - |
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Living Word Assemblies of God Wolverhampton
| 5. Tangible fixed assets Cost Balance B/F Additions Disposals At 31December 2023 Depreciation At April 2020 On disposals Charge for the period On 31 December 2023 Net book value On 31 December 2023 |
Fixtures & Equipment Year ended 31/12/23 £ - - - |
|---|---|
| - - - - |
|
| - - |
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Living Word Assemblies of God Wolverhampton
Creditors: Amount falling due within one year
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| Loans Other creditors Accruals 7 Creditors: Amounts falling due after one year 8 Analysis of net assets between funds Unrestricted funds/(deficits) Restricted |
Equipment £ - |
Year ended 31/12/23 £ - - |
|---|---|---|
| Year Ended Current Asset less Liability £ - 0 |
||
| - | - |
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