Charity Registration number 1191712
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 March 2023
FOR
RESTORATION LIFE MINISTRIES
RESTORATION LIFE MINISTRIES
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2023
| Page | |
|---|---|
| Report of the Trustees | 1to 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 7 |
| Notes to the Financial Statements | 8to 10 |
RESTORATION LIFE MINISTRIES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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 2019).
STRUCTURE, GOVERNANCE AND MANAGEMENT:
Governing document.
The trust is a charity registered on 8 October 2020 (Charity No. 1191712). As a Christian congregation, Restoration Life Ministries has the purpose of promoting the Christian religion. Recruitment and appointment of new trustees There were no resignations during the year and no new appointments. Therefore, the composition of the Trustees remained unchanged.
Organisational structure.
The spiritual government and leadership of the church fellowship is carried out by the church's pastorate. The trustees are responsible for the proper management and administration of the trust's funds, assets, and activities in accordance with the provision of the trust deed and in furtherance of the trust's objectives. The trustees meet a minimum of at least twice every quarter of the year. Udeme Asikpo-Okon continued as the secretary of the Trustees throughout the year.
CONTACT DETAILS:
Address:
Shephall Community Centre Shephall Green STEVENAGE Hertfordshire SG2 9XR Phone: 07435259366 Email: asikpo@restorationministriesintlchurch.life
TRUSTEES:
1. Asikpo Asikpo-Okon
2. Deborah Asikpo-Okon
3. Emmanuel Asikpo-Okon
4. Udeme Asikpo-Okon
OBJECTIVES AND ACTIVITIES
The objects of the church are for the benefit of the public of UK and overseas:
a) to advance the Christian faith (in accordance with the statements of belief appearing in the schedule) through having a place for worship and gathering for worship and the holding of prayer meetings, lectures, public celebration of Christian festivals, producing and/or distributing literature to enlighten others about God and the Church of Jesus Christ and through the provision of prayer, spiritual counselling and support. b) to provide financial support to other ministries who are furthering the gospel of Jesus Christ as the
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RESTORATION LIFE MINISTRIES
trustees deem fit.
ACHIEVEMENT AND PERFORMANCE:
Review of Activities & Achievements 2022/23
The church continued with the in-person meeting with the weekly activities on zoom The church carried out various community activities.
1.The church supported the community giving out essentials to people who were in need.
- Going out to visit people, having a chat and encouraging
FINANCIAL REVIEW:
Finance Review 2023
This is the first set of accounts for a full calendar year. The income wasn’t enough but thanks to all the members who personally carried out activities on behalf of the church.
-
The church does not collect any aid from the government.
-
Church does not pay any salary as everyone is working on voluntary level.
-
Most of the expenditures were in the purchasing of church equipment’s and rent.
FUTURE DEVELOPMENTS:
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Continue to provide regular church activities.
-
Develop leadership at all levels within the church, continue to promote Christian discipleship within the church.
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Continue to support our existing outreach and social action projects including retreats and conferences.
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Partnering with other charities and churches
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Continue to seek the growth of the kingdom.
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Support the development of younger age group in the church.
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RESTORATION LIFE MINISTRIES
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 March 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Other trading activities 3 Total EXPENDITURE ON Charitable activities Restoration Life Ministries NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds Restricted funds £ £ 24,956 |
Unrestricted funds Restricted funds £ £ 24,956 |
Unrestricted funds Restricted funds £ £ 24,956 |
31.03.23 Total funds £ 24,956 24,956 (11,102) 13,853 13,853 |
|---|---|---|---|---|
| 24,956 (11,102) 13,853 13,853 |
||||
The notes form part of these financial statements
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RESTORATION LIFE MINISTRIES
STATEMENT OF FINANCIAL POSITION
31 March 2023
| Notes FIXED ASSETS Tangible assets CURRENT ASSETS Debtors Cash at bank and in hand CREDITORS Amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ 3,123 15,041 |
Restricted funds £ |
31.03.2023 Total funds £ 3,123 15,041 |
|---|---|---|---|
| 13,854 | 13,854 | ||
| 13,854 13,854 |
13,854 13,854 |
||
| 13,854 | 13,854 | ||
| 13,854 | |||
| 13,854 |
The financial statements were approved by the Board of Trustees and authorized for issue on 27[th] of January 27, 2024.and were signed on its behalf by:
Signed:
Asikpo-Okon
Pastor
The notes form part of these financial statements
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Restoration Life Ministries (Stevenage) meets the definition of a public entity under FRS 102.
The accounts are prepared in pounds sterling.
Income
All income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
-
Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable.
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Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.
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Investment income is recognised on a receivable basis.
Expenditure
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes attributable VAT which cannot be recovered, and is reported as part of the expenditure to which it relates:
- Costs of generating funds comprise of the costs associated with attracting voluntary income through fundraising. - 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.
Tangible fixed assets
Depreciation is calculated to write off the cost of each fixed asset over its expected useful life. The annual rates used, which are consistent with last year are: -
Building - over 50 years Land - not depreciated
Minor fixed asset additions are not capitalised, instead they are expensed via the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds are available for use at the discretion of the Trustees in the furtherance of the general objectives of the charity.
Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through terms of an appeal.
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 March 2023
1. ACCOUNTING POLICIES - continued
Short term debtors and creditors
The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
| 2. DONATIONS AND LEGACIES | 2023 | 2022 | ||||||
| £ | £ | |||||||
| Gift aided and other donations | 24,956 | 3,657 | ||||||
| 24,956 | 3,657 | |||||||
| 3. OTHER TRADING ACTIVITIES | ||||||||
| Rent for service Hall | 2,758 | 1,433 | ||||||
| Virtual /correspondence office | 909 | |||||||
| 2,758 | 2,342 | |||||||
| 4. TRUSTEES' REMUNERATION AND BENEFITS | ||||||||
| There were no trustees' remuneration or other benefits for theyear ended 31 March | ||||||||
| 2023 | ||||||||
| Trustees' expenses | ||||||||
| There were no trustees' expensespaid for theyear ended 31 March 2023 | ||||||||
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5. TANGIBLE FIXED ASSETS
| COST | |
|---|---|
| At 01 April 2022 | 1,315 |
| Additions | 2,462 |
| DEPRECIATION | |
| At 01 April 2022 | |
| Charge for year | 654 |
| At 31 March 2023 | |
| NET BOOK VALUE | |
| At 01 April 2022 | 1,315 |
| At 31 March 2023 | 3,123 |
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