The trustees present their annual report and financial statements for the year ended 29 February 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "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)".
The charity's objects are to advance the Christian faith in the UK and overseas for the benefit of the public. The charity does this through activities such as prayer meetings, lectures, celebrations of religious festivals and the distribution of literature on the Christian faith. The charity produces online content as well as delivering in person activities.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Over the past year, Triumph of Grace Ministries (TGM) has continued to make significant strides in supporting the less fortunate and promoting Christian values through our gospel content, various charitable activities and outreach efforts. Notably, in February 2024, TGM acquired a new lease for use in a larger property to serve the community in Maidstone. The Open day had attendance from the Mayor of Maidstone, Councillors and honourable Bishops. This new property has allowed us to expand the church, our charitable work and community services. This new space as our headquarters enables us to serve more people and deepen our engagement with the community.
Community Outreach Event: TGM hosted an outreach event, distributing food, clothing, educational materials and carried out gospel outreach in the community.
Extended Support for the Less Fortunate: We increased our aid to vulnerable individuals and families in need, orphans, widows and the disabled in UK, Asia and Africa by raising awareness through our online platforms.
Partnerships: TGM became a member of Evangelical Alliance and Ixthus Church Council, while also strengthening partnerships with Stewardship UK, Give As You Live, and Non-Profit Growth, expanding our reach and impact.
Online Engagement: We have seen a 12% increase in our website traffic, with global engagement across all continents, which reflects the positive reception to our Christian and charitable content.
We remain committed to enhancing our support for the less fortunate and utilizing our new building to further our mission in the community and beyond.
The charity has been recently formed and has with no staff or other significant overheads. It matches its charitable expenditure with the level of the income it receives and therefore it does not currently aim to hold reserves. During the year the charity recorded a deficit of £4,411 (2023: surplus of £10,139). Funds at 29 February 2024 were £11,677.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The charity is a company limited by guarantee registered in England and Wales incorporated on 6 February 2020, registration number 12447220. The church is also a on the register of charities with the Charity Commission in England and Wales, registration number 1192210.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Trustees are recruited based on their willingness to give their time and knowledge to further the charities objectives. New appointments are agreed by the current trustees.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees' report was approved by the Board of Trustees.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Triumph of Grace Ministries for the year ended 29 February 2024, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 14 April 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Triumph of Grace Ministries and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Triumph of Grace Ministries and the charity's trustees as a body, for our work or for this report.
It is your duty to ensure that Triumph of Grace Ministries has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Triumph of Grace Ministries. You consider that Triumph of Grace Ministries is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of Triumph of Grace Ministries. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Triumph of Grace Ministries is a private company limited by guarantee incorporated in England and Wales. The registered office is 197 Sutton Road, Maidstone, Kent, ME15 9BT.
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity is dependent upon the continuing support of its trustees. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Liabilities are recognised when a constructive obligation exists, the payment is probable and the obligation can be measured or estimated reliably.
Resources expended are allocated to the particular cost centre to which they relate and include irrecoverable VAT.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There were no employees during the period.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The charity was provided with an interest free loan from one of its trustees to help with initial set up costs. The loan will be repaid when the trustees determine that the charity has sufficient funds to do so.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
The trustee's made donations totalling £6,203 (2023: £7,636 ) to the charity during the year.
In order to provide the charity with some initial funds, one of the trustee's, Christian Idahosa, provided the charity with a long-term interest free loan of £4,420. The loan was repaid in the year.
During the year rent of £6,600 was paid to DJDJ Ventures Limited a company of which Christian Idahosa is a director.
The Trust has has entered into a lease with DJDJ Ventures Limited dated 1st February 2024 for premises at 197 Sutton Road, Maidstone, Kent for a five year term at £24,000 p.a. but no rent paid as at 29 February 2024.