Registered Charity Number 327278 MINISTRY OF RESTORATION INTERNATIONAL PENTECOSTAL CHURCH Report and Accounts 31 December 2023 SAMS ACCOUNTING SERVICES LIMITED 92A FOREST ROAD WALTHAMSTOW LONDON E17 6JQ
MINISTRY OF RESTORATION INTERNATIONAL PENTECOSTAL CHURCH Report and Accounts Contents Page Legal and administrative information Trustees, report Statement of trustees, responsibilities Independent examiner's report Statement of financial activities Balance sheet Notes to the accounts 10-13 Schedules to the statement of financial activities 14-18
MINISTRY OF RESTORATION INTERNATIONAL PENTECOSTAL CHURCH Legal and Administrative infomiation Trustees Caroline P Dyer (Chairperson) Noel C Dyer Julian C J Dyer Reporting accountants Sam's Accounting servIs Limited. 92a Forest Road Walthamstow London E176JQ Bankers Natwest 133 High Street Barkingside Ilford Essex IG6 2AN Solicitors Slater Gordon Swinton house 324 Grays Inn Road London W1X 8DH Reglstered office Temple of Truth 138 Higham Hill Road Walthamstow London E17 6EJ Registered number 327278
MINISTRY OF RESTORATION INTERNATIONAL PENTECOSTAL CHURCH The report of the Trustees The trustees are pleased to present their report and accounts for the year ended 315t December 2023. The financial statements comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of ReGommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities. Objectives and activities The full name of the charity is Ministry of Restoration Intemational Pentecostal church. The church was formed as an unincorporated charity on 30th September 1986. The object of the charity is the advancernent of the gospel of Jesus Christ the Messiah, by establishing churches and using any medium deemed necessary and conducive. The principal activities continue to relate to the promotion and progression of Christianity and the underlying vital truths that has underpinned this religion throughout the last 2000 years. In striving to accomplish this objective Ministry of Restoration adopts the following strategies: we currently operate through two church branches within the UK-, with an international representation in Barbados our Pastors and Ministers look after the spiritual wellbeing of the members and adherents at the main church and branches. This includes the conduct of child dedicalion ceremonies, marriages and funerals. seeking new members and adherents: we send our evangelism team to preach the Gospel in a variety of locations including the streets. Our missionary and outreach work includes welfare, visiting the sick and those in prisons and hospital. we continually develop our youth ministry in response to the social dilemma that has caused the degeneration of youths in our community. we continue to pursue audio visual broadcasting opportunities to further enhance the coverage of the Christian message encouraging and nurturing talent from within to strengthen our evangelical, youth, music and ministerial areas. All of our church services are accessible to Christians and non-christians, members and non-members alike. The wider community have been particularly attracted to our services celebrating traditional Christian festivals including Easter, Christmas and New-year's Eve e4Vatch Night) setvices. Achievements and performance of the trust In 2023 we continued to stream our services via online platfomis, Facebook and YouTube. We continue to provide a full church service online from 11:00am - 14:00 every Saturday and our call rota remains in place for all members, to receive telephone calls on a weekly, fortnightly or monthly basis dependent on their vulnerabilities. We thank God that our members despite facing challenges of their own have continued to support us financially throughout this year. Our decision to continue online services has been guided by the fact that we are planning extensive building works. which will result in us needing to relocate temporarily to another building whilst this work is undertaken. However, we reopened our Cardiff branch in person services and installed new branch pastors in October 2023.
Objectives for the coming years Our main objective is to maintain the status quo in terms of Services, Pastoral Care and Support. We have experienced attrition in our membership, however we have some staunch members who are determined to stand with us as a Ministry. We anticipate our building project commencing over the next 18 months and we will continue to search for an alternative place of worship during these works. We have struggled to find a suitable building as we have decided to remain within Waltham Forest our HQ community. Financial review The Charity recorded an operating deficit for the year of (£6,642), (2022 surplus - £6,597). Incoming Resources - the total income for the twelve months under review was £85,041. This represents a 70/0 decrease on last year's income (2022 - £92,207). Expenditure - total expenditure in the year was £91,683. This represents an increase of 7 % on the previous year's expenditure (2022-£85,610). 1000A of our operational expenditure was spent on charitable activities Structure, governance and management The trust deed provides for a board of three trustees. Should there be a requirement for new trustees, these will be identified and appointed by the remaining trustees. The chair is responsible for the induction of any new trustee which involves awareness of a trustee's responsibilities, the governing document, administrative procedures, the history and philosophical approach of the charity. The board has a traditional business and legal skill set, with the day-to-day management of the Charity delegated to the Administrative Team which comprises of professionals from all disciplines. Members of the Administrative Team report variously to the Board and also different sub-committees, charged with responsibility for particular areas of operation. The effort, commitment and skills of our volunteers are at the heart of our organization. We have approximately thirteen full-time volunteers who work an average of 35 - 45 hours a week. The relative payroll cost for these individuals had the Charity needed to pay for these services would have equated to £765,874 for the year reported. Risk Management The charity does not have a fomial risk management strategy. however periodically the administrative team.. review the principal risks and uncertainties that the charity face. establish policies, systems and procedures to mitigate those risks identified in the review; report these risks and the proposed solutions to the trustee board for discussion and unanimity. implernent procedures designed to minimize or manage any potential irnpact on the charity should those risks materialize. This work has identified that financial sustainability is the major risk for the charity. To date the main risk to the charity in the event of a drastic decline in rnembership is its ability lo cover its operating costs. A key element in the management of financial risk is a regular review of available liquid funds to settle
debts as they fall due, active management of trade debtorslcreditors balances and pursuing increased anGillary income via hall hires to ensure sufficient working capital by the Trust. Attention has also been focused on non-financial risks arising from fire, health and safety of the congregation and any structural dilapidations of our buildings. These risks are managed by ensuring accreditation is up to date, having robust policies and procedures in place and regular awareness for our volunteer staff working in these operation areas. Statement of Trustees. Responsibilities The Charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance wÉth applicable Law and United Kingdom accounting Standards (United Kingdorn Generally Accepted Accounting Practi). Law applicable to charities in England and Wales requires the Board of trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the financial year in preparing those financial statements giving a true and fair view. the Board of trustees should follow best practice and:_ Select suitable accounting policies and then apply them consistently., Observe the methods and principles in the Charities SORP; Make judgements and estimates that are reasonable and prudent,. State whether applicable UK accounting standards and statements of recommended practice have been followed, subject to any material 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 to operate. The trustees are also 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 ascertain the financial position of the charrty and enable them to ensure that the financial statements comply with the requirements of applicable law and regulations. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention of fraud and other irregularities. The trustees are responsible for the Maintenan and integrity of the corporate and financial information included on the Charity's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement as to disclosure to our auditors In so far as the trustees are aware at the time of approving our trustees, annual report.. there is no relevant infomiation being needed by the independent examiner in connection with preparing their report, of which the Independent examiner is unaware. and the trustees, having made enquiries of the independent examiner that they ought to have individually taken, have each taken all steps that helshe is obliged to take as a trustee in order to make themselves aware of any relevant new infomation and to establish that the examiner is aware of that information. This report was approved by the board of Irustees on 271h August 2024 Signed Noel C Dyer Trustee
MINISTRY OF RESTORATION INTERNATIONAL PENTECOSTAL CHURCH Independent examiners. report to the Trustses of Ministry of Restoration International Pentecostal Church We report on the accounts of the charity on Pages 8 to 18 which have been prepad in accordan with the Charities Act 2011 and with the Financial Reporting Standard for Smaller Entities issued by the Charity Commissioners for England and Wales, effective January 2015, adapted to meet the needs of unincorporated organisations, under the historical cost convention and the accounting policies set out on page 10 to 13. Respective responsibilities of trustees and examiner As described on page 6, the Charity's trustees are responsible for the preparation of the accounts. The trustees consider that the audit requirement of section 144 of the Charities Act 2011 (the Act} does not apply. and that the is no requirement in the governing document or constitution of the Charity for the conducting of an audit. It is our responsibility to state, on the basis of the procedures specified in the General Directions given by the Charity Commissioners for England and Wales under seciion 145(5)(b) of the Act, whether particular matters have come to our attention. Basis of independent examiners, report We conducted our examination in accordance with the General Directions given by the Charity Commissioners for England and Wales. An examination includes a detailed review of the accounting records kept by the Charity and of the accounting systems employed by the Charity and a comparison of the accounts with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of the Charities legislation and that the accounts comply with the statement of Recommended practi issued by the Charity Commissioners for England and Wales (effective January 2015), on a test basis, of evidence relevant to the amounts and dIlOsureS in the accounts. The procedures undertaken do not provide all the evidence that would be required in an audit, and information supplied by the trustees in the course of the examination is not subjected to audil tests or enquiries, and consequently we do not express an audit opinion on the view given by the accounts. We planned and preformed our examination so as to satisfy ourselves thal the objectives of the independent examination are achieved and before finalising the report we obtain written assurances from the trustees of all material matters. Independent examiner's statement Subject to the limitations upon the scope of our work as detailed above, in connection with our examination, no matter has come to our attention: 1) which gives us reasonable cause to believe that in any material respect the requirements to keep accounb'ng records in accordance with section 130 of the act., and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met ', or 2) to which, in our opinion, attention should be drawn to enable a proper understanding of the accounts to be reached. Sam's Accounb'ng Services Limited 92a Forest Road Walthamstow London E17 6JQ
MINISTRY OF RESTORATION INTERNATIONAL PENTECOSTAL CHURCH statement of Financial Activities for the year ended 31 December 2023 Unrestricted Restricted Funds Funds Total Prior Period Funds Total Funds Notes Income: Offerings and Donations 84,008 92,207 92,207 Income from other trading activities.. Fundraising events other income 1.033 Total incoming resources 85,041 92,207 92.207 Expenditure: Expenditure on charitable activit18S.' Operation of all church branches 91,683 85,610 85,610 Total expendlture 91,683 85,610 85,610 Net incomel(expenditure) and net Movement in funds for the year (6,642) 6,597 6,597 Reconciliation of funds Total funds brought forward 1,006,966 1,000,369 1,000,369 Total funds carried forward 1.000,324 1,006,966 1,006,966 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 10 to 18 forni part of these accounts
MINISTRY OF RESTORATION INTERNATIONAL PENTECOSTAL CHURCH Balance Sheet as at 31 December 2023 Notes 2023 2022 Flxed assets Tangible assets 1,177.093 1,183,221 Current assets Debtors Cash at bank and in hand 11 9.547 3.225 8,797 4,010 Total Current Assets 12,772 12,807 Liabilities Creditors falling due within one year 12 38,439 26,565 Net current liabilities (25,667) (13,758) Totsl assets less current liabilities 1,151,426 1,169,463 Creditors: falling due after more than 1 year 13 151,102 162,497 Net assets 1,000,324 1,006,966 The funds of the charity: Unrestricted revenue reserves 1,000,324 1,006,966 Total charlty funds 1.000,324 1,006,966 The Board of Trustees are satj'sfied that the organisation Is not required to have an audit of the organisation by virtue of its level of tumover and by virtue of any requirement under its, constitution or otherwise. The trustees have prepared these accounts in accordance with section 138 of the Charities Act 2011. The notes on pages 10 to 18 form part of these accounts Trustee N1 C Dyer Approved for signature by the Trustee Board on 27th August 2024 10
MINISTRY OF RESTORATION INTERNATIONAL PENTECOSTAL CHURCH Notes to the accounts for the year ended 31 December 2023 1. Accounting Policies The principle accounting policies adopted. judgements and key sources of estimation and uncertainty in the preparation of the financial statements are as follows: 1.1 Basis of accounting 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 Standaids for Smaller Entities published on 16107114, the Financial Reporting Standard for Smaller Entities (effective January 2015)- Assets and liabilities are recognised at historical cost or transaction value unless otherwise ststed in the relevant accounting policy note(s). 1.2 Preparation of the accounts on a going concem basis The Board has a reasonable expectstion that the Charity has adequate resources to continue in operation for the foreseeable future despite at times its struggle to maintain sufficient cash resources to fund its working capitsl needs. Should the need arise the Charity has enough financial support and goodwill from its members and associate church friends to fund any deficit in its working capital needs. For this reason, it continues to adopt the 'going concern basis. in preparing these financial statements. 1.3 Income Reco nition of incomin resources These are included in the Statement of Financial Activities (SOFA) when.. the charity becomes entitled to the resources the trustees are virtually certain they will receive the resources., and the monetary value can be measured with sufficient reliability. Incomin resources with related ex enditure When incoming resources have related expenditure (as with fundraising) the incoming resource5 and related expenditure are reported gross in the SOFA. Grants and don tions Grants and donations are onty included in the SOFA when the charity has unconditional entitlement to the resources. Tax reclaims on donations and Incoming resources from tax reclaims are induded in the SOFA at the same time as the gift to which they relate. Gifts in kind Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming reSoUrS when receivable. 11
MINISTRY OF RESTORATION INTERNATIONAL PENTECOSTAL CHURCH Notes to the accounts for the year ended 31 December 2023 cont.d Donated services and facilities These are only included in incoming resource5 (with an equivalent arnount in resources expended) where the benefit to the Charity is reasonably quantifiable, measurable and material. The value plad on these resources is the estimated value to the charity of the service or facility received, which is the amount the charity would have been willing to pay to obtain sen4ices or facilities of equivalent economic benefit on the open market. Volunteer hel The value of any volunteer help received is not included in the accounts but is described in the trustees. annual report. Investment income This is included in the accounts vthen receivable. Investmen ins and losses This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. Rental Incom Hall hire rental income is included in the income and expenditure account net of collection charges and gross of caretaker fees on a receivable basis. nterest receivabl Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is nomally upon notificats'on of the interest paid or payable by the bank. 1.4 Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restiicted funds are donations which the donor has specified are to be solely used for particular areas of the Trust's work or for specific projects being undertaken by the Trust. There is no formal policy on the allocation of funds to designated funds. There is no formal policy of transfer beeen funds. Any proposed transfer behveen funds would be considered on the particular circumstances. 12
MINISTRY OF RESTORATION INTERNATIONAL PENTECOSTAL CHURCH Notes to the accounts for the year ended 31 December 2023 conLd 1.5 Expenditure and irrecoverable VAT Liabili reco nition Expenditure is recognised once the is a legal or constructive obligation to make a payment to a third paty, It is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following headings- Costs of raising funds comprise all of the costs involved in our fundraising events, i.e. craft fayres, gospel cabaret's & community fireworks events Expenditure on charitable activibes includes all the costs of furthering the purposes of the charity and their associated support costs. Investment expenses - caretaker fees for managing hall hires Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Allocation of su ort costs Support costs are those functions that assist the work of the charity but do not directly undertake charitsble activities. Support costs include back office costs, finance, personnel and governan costs which support the Churches activities. These costs have not been allocated beeen cost of raising funds and expenditure on charitable activities because the charities fijndraising activities are minimal, hence only the direct costs for raising funds are categorically stated on the SOFA. The only other potential cost that could have been allocated is stsff costs, however all of our staff are volunteers. eratin leases The charity classifies the lease of computers and prinkn'ng equipment as operating leases., the title to the equipment remains with the lessor and the equipment is replaced every 5 years whilst the economic life of such equipment is normally 4 years. Rental charges are charged on a straight line basis over the term of the lease. 1.6 Assets Tan ible fixed assets for use b the chari These are capitalised if they can be used for more than one year, and cost at least £1.000. They are valued at cost or a reasonable value on receipt excluding land and buildings which are stated at their re-valued amount. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful economic lives. A regular annual review of Ihe likelihood of asset impairment is undertaken. Equipment and Plant- 25°k Straight line Investments Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustee's best estimate of market value. 13
MINISTRY OF RESTORATION INTERNATIONAL PENTECOSTAL CHURCH Notes to the accounts for the year ended 31 December 2023 conLd 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 at bank and in hand Cash at bank and cash in hand includes cash and short tem 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. 1 .7 Liabilities Creditors and rovisions 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. 1 .8 Accounting for branches United Kin dom Ministry of Restoration is headquartered in Walthamstow East London and has branches in Nottingham, Brixton (South London) and Cardiffr, these branches have no separate legal identity. These branches are significantly small and have been consolidated into the accounts on an accruals basis. International Ministry of Restoration has intemational branches in Jamaica and Nigeria. these branches have no separate legal identity. These branches are Immaterially small and have been consolidated into the accounts on a cash basis. 1.9 Taxation The charity is exempt from tax on income and gains falling within section 521 to 536 of the Income Taxes Act 2007 (ITA 2007) or section 256 of the tsxab'on of Chargeable Gains Act 1992 (TCGA 1992) to the extent that these are applied to ts charitable objects. 2. Winding up or dissolution of the charity If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity. 14
MINISTRY OF RESTORATION INTERNATIONAL PENTECOSTAL CHURCH Notes to the accounts for the year ended 31 December 2023 cont.d 3. Income from donations 2023 2022 Offerings General donations Gift Aid 73,998 795 9,215 78,668 4,530 9,009 84,008 92,207 4. Other trading activities 2023 2022 Fundraising events 5. Other Income 2023 2022 Sundry income 1,033 Total Incoming resources 85,041 92,207 15
MINISTRY OF RESTORATION INTERNATIONAL PENTECOSTAL CHURCH Notes to the accounts for the year ended 31 December 2023 conLd 6. Analysis of expenditure on charitable activities 2023 2022 Furth8rlng the objects of the charlty: Ministry, missionary & evangelism Music dept Audio visual dept Travel 9,650 4.896 4.393 7,395 13,108 5,559 6,268 6,950 26,334 31,885 Premises costs: Rent Utilities Building Insuran Building repairs & maintenance 2,020 16,783 9,103 3,059 11,842 8,123 1.955 30,965 21,920 IT & Communications: 11,233 9,721 Office costs: 1,955 2,904 PRIMedia costs: 432 432 Governance Costs: Independent examinerfs fee Other professional fees Bank charges Bank interest Loan interest Professional subscriptions Depreciation - Equipment 1,200 428 2,864 1,200 886 5,064 12 5,017 350 5,905 9,762 154 6,128 20,536 18,434 Other expenses.. Sundries 228 314 Total cost of all church activitles 91,683 85,610 16
MINISTRY OF RESTORATION INTERNATIONAL PENTECOSTAL CHURCH Notes to the accounts for the year ended 31 December 2023 conLd 7. Net incoming resources before transfers 2023 2022 This Is stated after crediting: Offerings and donations and after charging: 84,008 92,207 Operating leases- equipment Depreciation on owned fixed assets Independent examinerfs fee Bank interest payable 1,185 6,128 1,200 2,563 5,905 1,200 12 8. Tangible functional fixed assets Land & Buildings Motor Equipment Vehicle and Plant Total Cost or valuation At 1 January 2023 Additions Revaluation 1.171.116. 1,254 183,967 1,356,337 At 31 December 2023 1,171,116 1,254 183,967 1,356,337 Depreclatlon At 1 January 2023 Charge for the Year 1,254 171,862 6,128 173,116 6,128 At 31 December 2023 1,254 177,990 179,244 Net book value At 31 December 2023 1,171,116 5,977, 1,177,093 At 31 December 2022 1,171,116 12,105 1,183,221 All assets are used for direct charitable purposes and there are no inalienable or historic assets. 17
MINISTRY OF RESTORATION INTERNATIONAL PENTECOSTAL CHURCH Notes to the accounts for the year ended 31 December 2023 conLd 2023 2022 9. Changes in resources applied for fixed assets Net movement in funds from Statement of Financial Activities Resources applied on fixed assets for charitable use (6,642) 6,597 Net movement in funds (needed)lavailable for future acts'vits'es (6.642) 6,597 10. Analysis of assets and liabilities representing each of the charity's funds Unrestricted Designated Restricted Funds Funds Funds Total Funds At 31 December 2023 Current assets Current liabilities 12,772 (38,439) 12,772 (38,439) (25,667) (25,667) At 1 January 2023 Current assets Current liabilities 12,807 (26,565) 12,807 (26,565) (13,758) (13.758) 11. Debtors 2023 2022 Other debtors Recoverable gift aid 500 9,047 500 8,297 9,547 8,797 18
MINISTRY OF RESTORATION INTERNATIONAL PENTECOSTAL CHURCH Notes to the accounts for the year ended 31 December 2023 conLd 12. Creditors: amounts falling due within one year 2023 2022 Bank overdraft Trade creditors Accrued expenses Sundry Loan 30.416 5.123 2,900 20,495 3.170 2,900 38,439 26,565 13. Creditors: amounts falling after more than one year 2023 2022 Secured bank loan (falling due in less than 5 years) Secured bank loan (falling due after 5 years) 85,350 65,752 85.350 77,146 151,102 162,496 The secured bank loan is secured on the church building in Walthamstow, London (MOR Headquarters) which had a carrying value of £850,000 when it was last revalued in 2005. The terms of the security provide for the lender to claim title to the property in the event of default on principal and interest payments should a restructuring of the loan not be possible. 19