Charity number 1193087 (England and Wales)
PRAYER AND LIBERATION MINISTRIES
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 DECEMBER 2022
PRAYER AND LIBERATION MINISTRIES Contents Page
For the year ended 5 December 2022
| Page | |
|---|---|
| Charity Information | 3 |
| Trustees' Report | 4 |
| Independent Examiners' Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 |
2
PRAYER AND LIBERATION MINISTRIES Charity Information
For the year ended 5 December 2022
Trustees
Charity Number
Mrs. Ibitayo Olayinka OLUMAKIN (Chair) Mrs. Elizabeth Opeyemi POPOOLA Mr. Stephen Olufemi A. ABRAHAM
1193087
Office Address 11 Downland Walk Chatham ME5 8AF
Independent Examiner
Squad Accounting & Tax Services Limited 9 Dunster Court Borehamwood, Hertfordshire, United Kingdom, WD6 1LF
3
PRAYER AND LIBERATION MINISTRIES
Trustees’ Report
For the year ended 5 December 2022
Trustees
The following trustees are currently in office and served throughout the year, except where shown.
| shown. | ||
|---|---|---|
| Changes in the year | ||
| Trustee | Appointed | Resigned |
| Ibitayo O. OLUMAKIN (Chair) | - | N/A |
| Elizabeth O. POPOOLA | - | N/A |
| Stephen O.A. ABRAHAM | - | N/A |
No Trustee received any remuneration in respect of their duties as a Trustee from the Charity during the year.
The objectives of Prayer and Liberation Ministries:
Prayer and Liberation Ministries is a Christian assembly that advances God's Kingdom through Prayers, where members benefit Spiritually and physically. It offers counselling and outreaches for the benefit of the community.
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the Trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The Charities Act 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 surplus or deficit of the charity for that period. In preparing these financial statements, the Trustees are requested to:
-
Select suitable accounting policies and then apply them consistently;
-
Make judgements and estimates that are reasonable and prudent;
-
State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
-
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, which 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 Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees’ report was approved by order of the Board of Trustees on 30 December 2023 and signed on the Board’s behalf by:
Ibitayo Olayinka OLUMAKIN Trustee Chairwoman
4
PRAYER AND LIBERATION MINISTRIES
Trustees’ Report
For the year ended 5 December 2022
The Purpose of the System of Internal Control
The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives; it can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an on-going process designed to identify and prioritise the risks to the achievement of charity’s policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically. The system of internal control has been in place in Prayer and Liberation Ministries for the year ended 5 December 2022 and up to the date of approval of the annual report and financial statements.
Capacity to Handle Risk
The Trustees have reviewed the key risks to which the charity is exposed together with the operating, financial and compliance controls that have been implemented to mitigate those risks. The trustees is of the view that there is a formal on-going process for identifying, evaluating and managing the charity’s significant risks that has been in place for the year ending 5 December 2022 and up to the date of approval of the annual report and financial statements. This process is regularly reviewed by the Board of Trustees.
5
PRAYER AND LIBERATION MINISTRIES
Independent Examiners’ Report
For the year ended 5 December 2022
Independent Examiners’ Report to the Trustees of Prayer and Liberation Ministries
I report on the financial statements of the Charity for the year ended 5 December 2022 and the accompanying notes which are set out on pages 10 to 11.
Respective Responsibilities of the Trustees and Examiner
The Charity Trustees are responsible for the preparation of the financial statements, and they consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examiner is needed.
It is my responsibility to:
-
Examine the financial statements under section 145 of the 2011 Act;
-
Follow the procedures laid down in the general directions given by the Charity Commission under section 145 (5) (b) of the 2011 Act; and
-
State whether particular matters have come to my attention.
Basis of Independent Examiners’ Report
My examination was carried out in accordance with the 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 financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required as to whether the financial statement present a true and fair view and the report is limited to those matters set out in the statement below.
Independent Examiners’ Statement
In connection with my examination, no matter has come to my attention:
- which gives me reasonable cause to believe that in any material respect the requirements:
• to keep accounting records in accordance with section 130 of the 2011 Act; and
• to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or
- to which, in my opinion, attention should be drawn in order to enhance a proper understanding of the financial statements.
Squad Accounting & Tax Services Limited ,
9 Dunster Court Borehamwood, Hertfordshire, United Kingdom, WD6 1LF
06 January 2024
6
PRAYER AND LIBERATION MINISTRIES
Statement of Financial Activities
For the year ended 5 December 2022
| Note Incoming resources Incoming resources from generated funds Voluntary income 1 Other Government Grants Investment Income Income resources from charitable activities Tithe and Offering Activities for Generating Funds Total incoming resources Resources expended Cost of generating voluntary income Charitable activities Charity's operations Governance costs Total resources expended Net incoming resources before transfers and other recognised gains and losses Transfers Gross transfers between funds |
Unrestricted funds £ - 314 - - - - - 314 - 60 - 60 254 - |
Restricted general funds £ - - - - - - - - - - - - - - |
Restricted fixed assets £ - - - - - - - - - - - - - - |
Total funds £ - 314 - - - - - |
|---|---|---|---|---|
| 314 - 60 - |
||||
| 60 254 - |
7
Statement of Financial Activities For the year ended 5 December 2022
PRAYER AND LIBERATION MINISTRIES
| Other recognised gains and losses Unrealised gain on endowment fund Actuarial (loss)/gain on defined benefit pension scheme Net movement in funds Fund balances at 6 December 2021 Fund balances carried forward at 5 December 2022 |
- - - - 254 |
- - - - - |
- - - - - |
- - |
|---|---|---|---|---|
| - - |
||||
| 254 |
8
PRAYER AND LIBERATION MINISTRIES
Balance Sheet As at 5 December 2022
2022
| 2022 | ||
|---|---|---|
| Fixed assets Tangible fixed assets Investments Current assets Debtors Cash at bank and in hand Current liabilities Creditors: amount falling due within one year Net current assets Net assets excluding pension liability Pension scheme asset/(liability) Net assets including pension liability Represented by: Funds and reserves Endowment funds Restricted funds Fixed assets General Unrestricted funds General fund Total Reserves |
- 254 |
£ - - |
| - | ||
| 254 - |
||
| - |
||
| **254 ** | ||
| 254 - |
||
| 254 | ||
| - - - |
||
| - 254 |
||
| 254 | ||
| 254 |
The financial statements were approved by the Trustees and signed on their behalf by:
Ibitayo Olayinka OLUMAKIN Trustee Chairwoman Approved on: 06 January 2024
9
PRAYER AND LIBERATION MINISTRIES Notes to the Financial Statements For the year ended 5 December 2022
1. Accounting policies
Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with the requirements of the Companies Act 2006. Applicable accounting standards and SORP 2005 have been followed in these financial statements.
Incoming resources
Grants receivable
Grants are included in the statement of financial activities on an accrual basis. The balance of income received for specific purposes but not matched to relevant expenditure during the period is shown in the restricted income fund on the balance sheet. For grants provided to fund fixed assets, this includes the net book value of assets acquired.
Gifts in kind
Gifts in kind provided to the Charity are recognised in the statement of financial activities at their value to the Charity, as determined by the trustees, in the period in which they are receivable, and where the benefit is both quantifiable and material.
Interest receivable
Interest receivable is included within the statement of financial activities on an accrual basis.
Resources expended and the basis of apportioning costs
Resources expended are recognised in the period in which they are incurred and include irrecoverable VAT. They have been classified under headings that aggregate all costs relating to that activity.
Allocation of costs
In accordance with the SORP 2005, expenditure has been analysed between the Charity’s charitable activities and governance. Items of expenditure which involve more than one cost category have been apportioned on a reasonable, justifiable and consistent basis for the cost category concerned.
Governance costs
Governance costs include the costs attributable to the Charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustee’s meetings and reimbursed expenses.
Tangible fixed assets
All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised.
Where fixed assets have been acquired with the aid of specific grants, they are included in the balance sheet at cost and are depreciated over their expected useful economic life. The related grants are credited to a restricted fixed asset fund (in the statement of financial activities and carried forward in the balance sheet). The depreciation on such assets is charged in the statement of financial activities over the expected useful economic life of the related asset on a basis consistent with the depreciation policy.
10
PRAYER AND LIBERATION MINISTRIES
Notes to the Financial Statements For the year ended 5 December 2022
Fund accounting
The unrestricted general fund represents those monies which are freely available for application towards achieving any charitable purpose that falls within the Charity’s charitable objects.
Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions.
11