Company Registration No. 01572178 England & Wales Charity No. 283041 Scottish Charity No. SC038451
Word of Life Ministries UK Limited (A company limited by guarantee)
Trustees’ Report and Financial Statements For the year ended 31 March 2024
Word of Life Ministries UK Limited
Contents of the Financial Statements for the year ended 31 March 2024
| Page | |
|---|---|
| Report of the Trustees | 1 - 4 |
| Report of the Independent Examiner | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 – 14 |
Word of Life Ministries UK Limited
Report of the Trustees for the year ended 31 March 2024
The Trustees (who are also Directors for the purpose of Company law) are pleased to present their report together with the financial statements of the company for the year to 31 March 2024.
Reference and administrative details
Registered office Place of business Bankers 23 Windmill Avenue C/o The Fisherrow Centre CAF Bank Raunds South Street 25 Kings Hill Avenue Wellingborough Musselburgh West Malling NN9 6JX EH21 6EE ME19 4JQ
The Ministry Director and staff all work from their homes in Edinburgh, Scotland.
Status of Company and Governing Document
Word of Life Ministries UK Limited (WOL UK) is a private company limited by guarantee (Number 01572178) and is a registered charity in England & Wales (Number 283041) and a registered charity in Scotland (Number SC038451), constituted under an updated Memorandum of Association dated 10 June 2004.
Trustees and Office Bearers
Board of Trustees
David Kunzi Chair (from 30 April 2024) Madeleine Robins Secretary Amanda Dunlop (appointed 22 February 2024) Matthew Melville Matthew Pitts Stuart Rankin John Tellis (appointed 31 May 2023) Andreas Wenzel Alex Konya (resigned 30 April 2024, Chair till that date)
Governance
The Board of Trustees exist to oversee the running of the charitable company and are responsible for the strategic direction. New Trustees are appointed by the existing Trustees and serve for a term of 3 years after which they may put themselves forward for reappointment.
The day-to-day management of staff and activities is delegated to David Kunzi in his role as Ministry Director. He is employed by a mission organisation in Switzerland and seconded to WOLUK as defined in a signed agreement between the two parties.
Objective
The objective of the organisation is to help create a movement of young mature disciples in local churches who love Christ and will passionately share Christ to reach their generation in the UK and beyond.
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Word of Life Ministries UK Limited
Report of the Trustees for the year ended 31 March 2024
Activities
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The significant activities undertaken to further these aims are:
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Welcoming self-funded and vetted Interns from Word of Life USA and train them to work with local charities.
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Offering WOL reading and study materials to local churches.
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Supporting several youth groups.
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Leading certain youth events, like Nerf Parties.
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Engaging with local churched and building a trusted network with them to share needs, offer programmes and volunteer solutions.
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Building relationships with like-minded organisations country wide to learn different methods and hear different success stories to duplicate them.
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Inviting speakers to conferences to teach on positive family habits.
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Carrying out puppet shows in school assemblies, aiding those schools in meeting their religious observance requirements.
The Trustees have had regard to the Charity Commission’s guidance on public benefit.
Achievements and performance
Local children’s ministries were fully restarted after COVID lockdowns and restrictions were removed: attendance in some cases exceeded pre-COVID levels. Staff continued to work with the youth in schools and local churches such as Carubbers and Living Room Church, Wallyford and running Nerf Party events. David Kunzi spent time learning UK culture, getting to know the existing ministry and staff, networking with others for the future, visiting pastors, and fundraising for the ministry. He also assessed and streamlined administrative processes and external suppliers to optimise operating costs and time management for staff.
In April 2023 there were two separate visits made by potential future missionaries Daniel and Rachel Martinez from Argentina and Roy Horst from Canada. In February 2024 there was an additional onemonth visit made by couple Melany and Mauricio to explore Scotland. Two families from Musselburgh Baptist Church hosted missionary couple Casper and Sara as they finalised preparations for starting WOL Vanuatu. They were very involved with that church during their stay, leaving the UK in October. Two short term interns Ayra and Dylan joined Word of Life UK for 10 and 16 weeks respectively. They spent time engaging in youth work and outreach with local churches and rebuilding and refreshing the charity’s online and social media presence.
Andris and Anouska Meszaros were placed on compassionate leave from 31/07/2023 to allow them time to properly attend to their emerging family medical needs and treatment programme. Some planned ministry activities such as Puppet shows at the Edinburgh Fringe and at Christmas were therefore not undertaken this fiscal year. The US Mission Team who planned to help with the Fringe Puppets Outreach still visited Edinburgh and served in other projects. Working with Carrubbers Church and Christian Heritage Centre (CHC), we were able to involve them in other outreach activities during the Fringe. They helped with English conversation at Carrubbers, outreach on the Royal Mile with CHC, and WOL UK supported the music outreach week from Carrubbers in the evenings.
The Burroughs, a new missionary family, arrived in the UK in early January 2024 and began the process of settling into the UK and starting to form relationships with their new church and local area.
The team has continued to help every week at the Livingroom Church in Wallyford with their youth work also partnering with them to organise and complete a weekend camp for children between the ages of 12 and 17. In early 2024 we received a US team to assist in mission weeks organised by University CUs. We supported two CUs: one in Dundee and another in Aberdeen. We helped them reach out to students, invited them to organised activities, and had many Gospel conversations.
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Word of Life Ministries UK Limited
Report of the Trustees for the year ended 31 March 2024
Plans for 2024/2025
In the next financial year, we anticipate a busy period of staff growth as David continues to implement a plan for development and revitalisation for WOL UK (planned arrival of 5 new missionaries – 2 couples and 1 additional worker in early 2025).
Our intention is to maintain and deepen the strong relationships being nurtured with Churches in East Lothian and Edinburgh, and continue to offer them the resources of Bible Devotionals and training for their youth leaders, as well as assisting and delivering youth camps and activities alongside these churches. The Burroughs family will begin involvement in Scripture Union Clubs as well as starting their own ministry activities aimed towards Primary aged children.
We plan that David Kunzi can attend various and relevant conferences around the world to promote Word of Life and recruit Workers, as well as meet missionaries who have already expressed an interest in joining Word of Life UK. We are expecting some exploratory trips to be made to Scotland by potential future workers. The team will expand the reach of WOL UK by further exploring and building relationships with potential volunteers in other areas of the UK who would like to organise kids’ clubs, school ministries or outreach events in their localities. A Ministry event with Word of Life Speaker Fernando Soriano in Dublin – who previously visited in March 2023 - is already booked.
In May, there will be an official Installation Service for David Kunzi, inviting and utilising local church involvement as well as sharing the future vision of the ministry with those attending.
In the summer, staff will accompany a group of teenagers from Scotland to attend the established WOL Spain summer camp, with the aim of building interest and excitement for future day or residential camps in Scotland and creating a base of new teenagers to be involved with the ministry as associate staff.
The charity will continue to be involved in different outreaches in the city of Edinburgh, helping the Christian Heritage Centre (CHC) over the summer. In collaboration with local churches, we are expecting to receive and work alongside two separate mission teams from the US: one in September to do outreach in schools in Wallyford and another in October to run a holiday club at Holyrood Evangelical Church.
Christmas outreach/evangelism events in schools and local churches through Puppet-Shows may be restarted, dependent upon staff capacity and availability. In January and February, we are planning to again support the CU’s mission weeks with some interns from WOL Portugal and hopefully a team from the US.
Although unlikely to be rolled-out until fiscal year 2025/2026 the team will continue working on a longterm Volunteer/Internship Programme that will allow older teens and young adults the chance to work with us for between one to two years where they can learn to be youth leaders in the UK while advancing our aims and objectives. In the short term any confirmed volunteers and interns will undertake personalised programmes.
Financial review
Results for the year
The financial statements for the year are set out on pages 6 to 14. The Statement of Financial Activities on page 6 reflects net expenditure of £21,174 (2023: net expenditure of £12,740). Total funds amounted to £98,311 (2023: £119,485), of which £74,851 (2023: £70,634) was unrestricted and £23,460 (2023: £48,851) was restricted. The Trustees continue to monitor the financial situation closely during these financially challenging times for the sector.
Reserves policy
The total unrestricted reserves held at 31 March 2024 amounted to £74,851 (2023: £70,634). It is the policy of the Charity to build up sufficient reserves to meet the planned expenditure requirement for the next year. This policy was met this year-end.
The policy is being kept under review by the Board to ensure it continues to adequately reflect the financial risks of the Charity during the current challenging climate.
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Word of Life Ministries UK Limited
Report of the Trustees for the year ended 31 March 2024
Statement on risk
The Trustees, as Directors of the Company, have a duty to identify and review the risks to which the Company is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees considered risks to which the Company may be subject and are satisfied that they have introduced procedures to mitigate the possible effects of those risks.
Statement of Trustees’ responsibilities
Charity law requires the Trustees (who are also the Directors) to prepare financial statements for each financial year which give a true and fair view of the state of the Company’s affairs and of its income and expenditure, including its surplus or deficit for that year, and which have been properly prepared from and are in agreement with the accounting records of the Company and comply with relevant disclosure requirements.
In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the Company’s financial position and enable the Trustees to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for taking such steps as are reasonably open to them to safeguard the Company’s assets and to prevent and detect fraud and other irregularities.
The report has been prepared having taken advantage of the small companies’ exemption in the Companies Act 2006.
On behalf of the Trustees
Madeleine Robins
Director
Date: 3 October 2024
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Word of Life Ministries UK Limited
Report of the Independent Examiner to the Trustees for the year ended 31 March 2024
I report on the accounts of the company for the year ended 31 March 2024 which are set out on pages 6 to 14.
Respective responsibilities of Trustees and examiner
The Charity Trustees (who are also the Directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006, the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The Charity Trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Charities and Trustee Investment (Scotland) Act 2005 and to state whether particular matters have come to my attention. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Basis of independent examiner’s statement
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations (as amended) and the Charities Act 2011. An examination includes a review of the accounting records kept by the Company and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from the Directors concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent Examiner’s Statement
In the course of 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:
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to keep accounting records in accordance with Section 130 of the Charities Act 2011, Section 44(1) (a) of the Charities and Trustee Investment (Scotland) Act 2005 Act and Regulation 4 of the 2006 Accounts Regulations (as amended), and
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to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations (as amended)
have not been met, or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Alison Franks
Director
Cornerstone Accounting Limited Chartered Accountants
11 Erngath Road Bo’ness EH51 9DP
Date: 3 October 2024
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Word of Life Ministries UK Limited
Statement of Financial Activities (incorporating Income and Expenditure account)
For the year ended 31 March 2024
| Notes Income and endowments Donations and legacies 2 Charitable activities 3 Investments 4 Total income and endowments Expenditure Raising funds 5 Charitable activities 6 Total expenditure Net (losses)/gains on investments 8 Net (expenditure)/income Transfers between funds 11 Net movement in funds Total funds brought forward Total funds carried forward Represented by: General fund 11 Restricted funds 11 Total funds |
General fund £ 17,066 2,938 1,364 21,368 622 22,047 22,669 5,518 4,217 - 4,217 70,634 74,851 74,851 - 74,851 |
Restricted funds £ 57,181 - - 57,181 - 82,572 82,572 - (25,391) - (25,391) 48,851 23,460 - 23,460 23,460 |
2024 Total £ 74,247 2,938 1,364 78,549 622 104,619 105,241 5,518 (21,174) - (21,174) 119,485 98,311 74,851 23,460 98,311 |
General fund £ 9,552 2,744 1,251 13,547 720 16,309 17,029 (5,702) (9,184) (52,083) (61,267) 131,901 70,634 70,634 - 70,634 |
Restricted funds £ 45,054 - - 45,054 - 48,610 48,610 - (3,556) 52,083 48,527 324 48,851 - 48,851 48,851 |
2023 Total £ 54,606 2,744 1,251 58,601 720 64,919 65,639 (5,702) (12,740) - (12,740) 132,225 119,485 70,634 48,851 119,485 |
|---|---|---|---|---|---|---|
The notes on pages 8 to 14 form part of these financial statements.
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Word of Life Ministries UK Limited
(Registered No: 01572178)
Balance sheet
As at 31 March 2024
| Notes Fixed assets Tangible assets 7 Investments 8 Total fixed assets Current assets Debtors 9 Cash at bank and in hand Total current assets Liabilities Creditors: falling due within one year 10 Net current assets Total assets less current liabilities Net assets Funds of the Charity General fund 11 Restricted funds 11 Total charity funds |
General fund £ 9,349 49,800 59,149 - 16,948 16,948 1,246 15,702 74,851 74,851 74,851 - 74,851 |
Restricted funds £ - 24,003 24,003 1,396 - 1,396 1,939 (543) 23,460 23,460 - 23,460 23,460 |
2024 Total £ 9,349 73,803 83,152 1,396 16,948 18,344 3,185 15,159 98,311 98,311 74,851 23,460 98,311 |
General fund £ 10,799 48,589 59,388 813 11,433 12,246 1,000 11,246 70,634 70,634 70,634 - 70,634 |
Restricted funds £ - 18,971 18,971 - 31,740 31,740 1,860 29,880 48,851 48,851 - 48,851 48,851 |
2023 Total £ 10,799 67,560 78,359 813 43,173 43,986 2,860 41,126 119,485 119,485 70,634 48,851 119,485 |
|---|---|---|---|---|---|---|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The Directors acknowledge the following:
their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and preparation of the accounts; and
that the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The financial statements on pages 6 to 14 were approved by the Trustees on 3 October 2024 and signed on their behalf by:
Madeleine Robins, Director
The notes on pages 8 to 14 form part of these financial statements.
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Word of Life Ministries UK Limited
Notes to the Financial Statements for the year ended 31 March 2024
1. Accounting policies
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with FRS 102, and in compliance with the Charities SORP 2019, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006. The principal accounting policies adopted in the preparation of the financial statements are set out below.
Word of Life Ministries UK Limited meets the definition of a public benefit entity under FRS 102.
Company status
The charity is a private company limited by guarantee and registered in England & Wales. The members of the company are Directors named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
Basis of financial statements
The financial statements have been prepared on an accruals basis. The Trustees consider that there are no material uncertainties so the accounts have been prepared on a going concern basis.
Income and debtors
All income is included on the Statement of Financial Activities when the Company is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.
Debtors are valued at cost at the year-end and adjusted for any amounts considered to be irrecoverable.
Expenditure and creditors
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Support costs are those costs incurred directly in support of expenditure on the objects of the company.
Creditors are valued at cost at the year-end and split between amounts due in less than one year and amounts due in more than one year.
Taxation
The Company is exempt from Corporation Tax on its charitable activities.
Tangible fixed assets and depreciation
Tangible fixed assets over £500 are capitalised and are stated at cost less depreciation, adjusted for any diminution of value in the year. Depreciation is provided at rates calculated to write off the cost less estimated residual value, over their expected useful lives, as follows:
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Fixtures and fittings
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Motor vehicles
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Office equipment
25% reducing balance 25% reducing balance 25% reducing balance
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Word of Life Ministries UK Limited
Notes to the Financial Statements for the year ended 31 March 2024
1. Accounting policies (continued)
Investments
Fixed asset investments are included in the accounts at quoted market value at the year-end. Any gains or losses arising on disposal or revaluations are included in the SOFA.
Cash at bank and in hand
Cash at bank and 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 account.
Fund accounting
For the purpose of the Statement of Financial Activities, funds are defined as follows:
Unrestricted funds comprise income received for the objects of the company without further specified purpose and are available as general funds or are placed within designated funds which can be used for purposes in agreement with its charitable objectives.
Restricted funds comprise income which has been received for the objects of the company and specified for a restricted purpose within these objects by the donor.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling on the transaction date.
Pensions
The company operates a defined contribution pension scheme with NEST. The pension charge represents the amount payable by the company into the scheme in the year.
Donated goods and services
The Charity benefited from the services of the Ministry Director who has been seconded to WOLUK from a mission organisation based in Switzerland.
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Word of Life Ministries UK Limited
Notes to the financial statements
For the year ended 31 March 2024
2. Donations and legacies
| Donations from UK Donations from USA Donations from Switzerland Gift aid receivable come from charitable activities Admin charge income Event income Mission trip income Literature sales vestment income Dividend income Interest receivable penditure on raising funds Investment management costs |
General fund £ 1,149 15,914 - 3 17,066 General fund £ 1,001 365 980 592 2,938 General fund £ 1,347 17 1,364 General fund £ 622 |
Restricted funds £ 25,017 28,968 - 3,196 57,181 Restricted funds £ - - - - - Restricted funds £ - - - Restricted funds £ - |
2024 Total £ 26,166 44,882 - 3,199 74,247 2024 Total £ 1,001 365 980 592 2,938 2024 Total £ 1,347 17 1,364 2024 Total £ 622 |
General fund £ 580 6,826 2,086 60 9,552 General fund £ - 2,207 - 537 2,744 General fund £ 1,214 37 1,251 General fund £ 720 |
Restricted funds £ 21,669 20,972 - 2,413 45,054 Restricted funds £ - - - - - Restricted funds £ - - - Restricted funds £ - |
2023 Total £ 22,249 27,798 2,086 2,473 54,606 2023 Total £ - 2,207 - 537 2,744 2023 Total £ 1,214 37 1,251 2023 Total £ 720 |
|---|---|---|---|---|---|---|
3. Income from charitable activities
4. Investment income
5. Expenditure on raising funds
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Word of Life Ministries UK Limited
Notes to the financial statements For the year ended 31 March 2024
6. Expenditure on charitable activities
| Wages and salaries Employer pension Other staff costs Sponsorship licenses Event expenses Mission trip expenses Resources costs Vehicle and travel expenses Subsistence costs Insurance costs IT and office costs Advertisting and promotion Subscriptions Depreciation Donations Professional fees Board expenses Cornerstone Accounting fees: Independent examination fee Payroll services Corporation tax services Bank charges Total expenditure |
General fund £ - - 1,118 863 2,486 382 1,297 4,560 576 798 1,085 148 448 3,117 649 78 2,792 1,080 450 - 120 22,047 |
Restricted funds £ 45,782 31,443 - - 18 - - 710 - - 960 - - - 3,659 - - - - - - 82,572 |
2024 Total £ 45,782 31,443 1,118 863 2,504 382 1,297 5,270 576 798 2,045 148 448 3,117 4,308 78 2,792 1,080 450 - 120 104,619 |
General fund £ - - 1,111 - 2,707 - 282 3,821 - 750 1,202 59 12 3,599 - 1,248 - 990 154 220 154 16,309 |
Restricted funds £ 46,212 1,012 - - - - - - - - - - - - 1,386 - - - - - - 48,610 |
2023 Total £ 46,212 1,012 1,111 - 2,707 - 282 3,821 - 750 1,202 59 12 3,599 1,386 1,248 - 990 154 220 154 64,919 |
|---|---|---|---|---|---|---|
The average number of staff employed during the year was 3 (2023: 2). No employees were paid more than £60,000. None of the staff met the definition of key management personnel.
No holiday pay was due at the year-end (2023: nil).
7. Tangible fixed assets
| Cost At 1 April 2023 Additions At 31 March 2024 Depreciation At 1 April 2023 Charge for year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 |
Motor vehicles £ 17,000 - 17,000 7,528 2,368 9,896 7,104 9,472 |
Office equipment 1,769 1,667 3,436 442 749 1,191 2,245 1,327 |
Total £ 18,769 1,667 20,436 7,970 3,117 11,087 9,349 10,799 |
|---|---|---|---|
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Word of Life Ministries UK Limited
Notes to the financial statements
For the year ended 31 March 2024
8. Investments
| Market value Market value at 1 April Additions (at cost) Disposals (at cost) Dividends received and reinvested Fees charged Net gain/(loss) in investments Market value at 31 March Historic cost Historic cost at 1 April Additions (at cost) Disposals (at cost) Historic cost at 31 March Net gains/(losses) on investments comprise: Realised gains on disposal Unrealised gain/(loss) on valuation 9. Debtors General fund £ Gift aid recoverable - - 10. Creditors: falling due within one year General fund £ Trade creditors 46 Accruals and deferred income 1,200 Taxation and social security - 1,246 |
Restricted funds £ 1,396 1,396 Restricted funds £ - - 1,939 1,939 |
2024 Total £ 1,396 1,396 2024 Total £ 46 1,200 1,939 3,185 |
General fund £ 813 813 General fund £ - 1,000 - 1,000 |
2024 Total £ 67,560 - - 1,347 (622) 5,518 73,803 64,564 4,678 (5,137) 64,105 118 5,400 5,518 Restricted funds £ - - Restricted funds £ - - 1,860 1,860 |
2023 Total £ 84,768 6,901 (18,947) 1,214 (720) (5,656) 67,560 76,610 6,901 (18,947) 64,564 619 (6,321) (5,702) 2023 Total £ 813 813 2023 Total £ - 1,000 1,860 2,860 |
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Word of Life Ministries UK Limited
Notes to the financial statements
For the year ended 31 March 2024
11. Funds analysis
Current year
| Unrestricted funds General fund Total unrestricted funds Restricted funds UK (Meszaros) fund Hungary (Csikos Gabor) fund Hungary (Rakossy Monika) fund Serbia (Vika Darko) fund Vanuatu (Lorenzo Casper) fund UK (Burroughs) fund Total restricted funds Prior year Unrestricted funds General fund Total unrestricted funds Restricted funds UK (Meszaros) fund Hungary and Serbia fund Hungary (Csikos Gabor) fund Serbia (Vika Darko) fund Total restricted funds |
Balance at 01.04.23 £ 70,634 70,634 48,497 219 - 135 - - 48,851 Balance at 01.04.22 £ 131,901 131,901 - 324 - - 324 |
Income Expenditure £ £ 21,368 (22,669) 21,368 (22,669) 53,290 (78,895) 396 (488) 480 (590) 482 (634) 2,533 (1,947) - (18) 57,181 (82,572) Income Expenditure £ £ 13,547 (17,029) 13,547 (17,029) 43,638 (47,224) - (324) 876 (657) 540 (405) 45,054 (48,610) |
Investm't gains £ 5,518 5,518 - - - - - - - Investm't gains £ (5,702) (5,702) - - - - - |
Transfers £ - - - (120) 120 - - - - Transfers £ (52,083) (52,083) 52,083 - - - 52,083 |
Balance at 31.3.24 £ 74,851 74,851 22,892 7 10 (17) 586 (18) 23,460 Balance at 31.3.23 £ 70,634 70,634 48,497 - 219 135 48,851 |
|---|---|---|---|---|---|
Explanation of funds
The General fund represents all income and expenditure relating to the primary focus activities of the charity, other than those for which funding is restricted.
The Missionary restricted funds represents funds raised to cover salaries and missionary work in the countries named. The transfers are to split a combined fund between individual missionaries.
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Word of Life Ministries UK Limited
Notes to the financial statements
For the year ended 31 March 2024
12. Defined contribution pensions
The Company operates a defined contribution plan for its staff with NEST. The total payments to the scheme are disclosed at note 6.
13. Directors' and other related parties' transactions
Expenses of £2,792 were incurred to bring together the Board from their homes in Hungary, Portugal, Germany and England. The time was used to discuss the vision and goals for the ministry, and also to have time for fellowship and to build trust and relationships.
No Director received any remuneration from the charity (2023: nil). Expenses were claimed and reimbursed to David Kunzi of £420 (2023: £111).
No donations were received from Directors or individuals related to the Directors in the year (2023: £nil). £20 was received from David Kunzi for literature purchased from the charity.
There were no other transactions with related parties during the year (2023: nil).
14. Liability of Members
The company is limited by guarantee, with the liability of each member limited to £1. The members of the Company are those Trustees listed on page 1.
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