Client: SHIELD OF FAITH MINISTRIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR 2024 COLINSON AND COMPANY LTD 210 CHURCH ROAD REGENT 88 OFFICES LONDON EIO 7JQ • Accountants and Tax Consultants Tel: 02081271180
SHIELD OF FAITH MINISTRIES CONSOLIDATED FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS PAGES I. CHARITY INFORMATION 2. ACCOUNTANTS, REPORT 3. REPORT OF THE TRUSTEES 4. BALANCE SHEET 5. INCOME AND EXPENDITURE ACCOUNT 6. NOTES TO THE ACCOUNTS
SHIELD OF FAITH MINISTRIES CONSOLIDATED FINANCIAL STATEMENT CHARITY INFORMATION FOR THE YEIlR ENDED 31 MARCH 2024 CHARITY NUMBER: 1096575 REGISTERED OFFICE: 33 Penryhn CsCent Walthamstow London E175BH ACCOUNTANTS: Colinson and Company Ltd Accountants & Tax Consultants 113 Regent 88 Offices 21 O Church Road London EIO 7JQ Page I
ACCOUNTANTS, REPORT TO THE TRUSTEES OF CONSOLIDATED FINANCIAL STATEMENT SHIELD OF FAITH MINISTRIES FOR THE YEAR ENDED 31 MARCH 2024 We have examined the financial statements on pages 5 to 8 which have be¢n prepared under the accounting policies set out on page 4 for the year ended 31 March 2024. ective res onsibilities of Trustees and Examiner The Trustees are responsible for the preparation of accounts. and they consider that an audit is not required for this year under the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is our responsibility to examine the accounts under the 201 l Act. to follow the procedures laid down in the General Directions given by the Charity Commissioners under the 201 l Act). and to state whether particular matters have come to our attention. BAsi$ of O inion We conducted our examination in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit. and consequently we do not express an audit opinion on thc view given by the accounts. inion In connection with the examination, no matter has come to our attention: which gives us reasonable cause to believe that in any material respect the rcquir¢mcnts to keep accounting records in accordance with the 201 l Act. and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 201 l Act have not been met. or to which, in our opinion, attention should be dram in order to enable a proper understanding of the accounts to be reached. SON AND COMPANY LTD Accountants & Tax Consultants 113 Regent 88 olee8 210 Church Road London EIO 7JQ /D_ Page 2
SHIELD OF FAITH MINISTRIES CONSOLIDATED FINANCIAL STATEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their report along with the financial statements of the charity for the year ended 31 March 2024. The financial statements have bcen prepared in accordance with thc accounting polkcies set out on page 4 and comply with the charity's trust d¢¢d and applicable below. Constitution and ob ects The Shield of Faith Ministries is constituted under a trust deed and is a registered charity number 1096575. The objects of the charity are worshipping of God, spreading the word and preaching the Gospel of Christ and the life after life, to contribute to the health and educational needs of the community. anisation The trustees who have served during the year and since the year end are set out below:. Alfred Samuels (Mr) Dwight Omar Affon Mccook Jacqueline Samuels Gwendolyn Barw¢ll Tyrone Samuels Noaline Osborne Gordon Nadin¢ Stephens Reserves Polic It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately six months unrestricted expenditure. This provides sufficient fLmds to cover management and administration and support costs and to respond to emergency applications for grants which arise from time to time. Unrestricted funds were maintained at this Revel throughouL the year. RAsk Mana emellt The Trustees have examined the major strategic, business and operational risks which the charity faces and confLrn] that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. Page 3
SHIFLD OF FAITH MINISTRIF.S
CONSOLIDATED FI.NANCIAL STA'I"EMENT
REPORT OF THE TRLISTEES
FOR THF YEAR F.TS'DED 31 MARCH 2024
rustees, res
onsil)ilities in relation to the finunL'ial statements
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SHIELD OF VAITH MINISTRIES CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 sed Restrict FUd5 Fu E doTrvmcnt l FTrdS Notes 2024 2023 INCOME Incoming resources from donors Other incoming resources 110,622 110,622 90,510 TOTAL INCOMING RESOURCES 110622 110622 RESOURCES EXPENDED Cosls of generating funds Missionary and Charitable giving Activities directly relating to th¢ work of the church Church management and admin. 2,640 2,640 3b 30,412 989 30,412 63 11,575 TOTAL RESOURCES EXPENDED 97,041 NET INCOMINGI(OUTGOtNG) RESOURCES GAINS AND LOSSES ON INVESTMENTS 13.581 13,581 39,915 NET MOVEMENT tN FUNDS 13,581 13,581 39,915 BALANCE BROUGHT FORWARD AT 584,430 584,430 544,515 PRIOR YEAR ADJUSTMENT BALANCE CARRIED FORWARD AT Page S
SHIELD Ob- AITH ,MINJSTRIES CONSOLIDATED BALANCE SHFFT AS AT 31 MARCH 2024 I nrestricted b'unds 202J L.Iirestricted b'linds 2023 Tai)gi i hlL' 7iO.I}4j 749.() l i CT.;RRTr:.N7' A.S.%ET, "I riiid(?s Baiik 48.87? Q'a.Kli iii H%iiid4 CIIRRf.NT LIABILITir.s ('I'LLI ili)r.4 and ALLrua I Clill[Ib"N'f i.IARII.ITII'¢i Nli)I'li¥èlllL 149 144 l.f6,6X.i ?118,8()6 Lllll ?41 UNIIESTRI 'TED F ccuii)u latcd Fund.g A(l<l.. ,Net I iicoinc/()uig<)i lig Re%i)urcL'% 636.1 ?3 i44.i14 Al)l)11()vI.-I) HV'I'IIF. 14()AIII) I)I.' I'IILJS'I'F.'L% ()N ANI).qIC'NF.D ON'I'H&:IR BF'IIAL' BY: LJPè.1£<¥K....@.Sl.0.ts¥.-.&.-.OC)*kn, ik7iicd I'he iioles ()11 Pd&?L's 7 to 9 forni part ol-these fInanci1L15tateinenis. Page 6
SHIELD OF FAITH MINISTRtES NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 g. The accounts are prepared under the historical cost convention with the exceptton of investments which are stated at market value. They comply with the requirements of Statement of Recommended Practice 'Accounting Charities, ('SORP') and are in accordance with applicable accounting standards. b. General accumulated funds are unrestricted funds available to th¢ church for its gcneral purposes and include funds designated by the Church for a particular purpose. the use of such designated funds remains at the dislrction of the Church's I'rustees. There is no Restricted Fund at the moment. d. l-lie governance, management and administration expenses reported in note 3 relate to the whole of the Church's activities and a proportion of these chargcs are allocated to expenditure headings on a basis consistent with the us¢ of the resources. Investm¢nts are stated at market value. It is th¢ Church's policy to k¢ep valuations up to date such that when investments are sold there is no gain or loss arisin8 to previous years. f. Tangibl¢ assets are included at cost and depreciation is provided on a straight line basis. in order to write off the assets over their useful lives. All expenditure is accounted for on an Accrual Basis. The depreciation rates as follows: Computer and Office Equipment Motor Vehicles Baptismal Pool Building Refurbishment l (V/0 I 00/0 INCOMING RESOURCES UnTestricled R s¢A¢t¢d Endowm 'rvt*l Fund Special Donations- Gift Aid Offering Tith¢s Sunday School Building Fund Fund Raising Hall Hir8 Love Offering Donatioris Grant Received Other Income Interest TOTAL INCOMING RESOURCES 17,259 83,179 17,259 83,179 17,182 63,453 1,176 2,600 6.290 I,J76 2,600 6.290 1,286 8,585 118 118 Page 7
SHIELD OF FAITH MINISTRIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTD. Unrestrieted Restri¢t¢d Endowmenl Total Fund5 Fund$ r*uTrds Fynds 2024 202 3. RESOURCES EXPENDED Missionary and charitable givin, 3b. Activity directly relating to the work of the Church: Church - running cxpcnses Church maintenance Sunday school leaders training Parish margazines & Bookstall Upkeep of Church yard Grant Giving Evangelism Welfare Sundry Exp¢nses 19,642 4.880 19,642 4.880 4,741 3,036 1,135 4.755 1,135 4,755 100 3,698 Church Management & Admin Administration Bank Charg¢s Loan interest Arrangement fees 52,634 52,634 34.350 11,355 11,355 4,670 TOTAL RESOURCES EXPENDED FIXED ASSETS me Buildin2 R furbishm tismal Buildln Molor Fixtllr & Fittin Tot81 COST At l April 2023 Addition 70,284 2,304 5,978 697,490 11,006 70,113 152 724 854,871 2,456 724 Disposal reciation Ai l April 2023 Charge for the year Disposal 21,675 7,259 5,977 11,006 54,090 7,099 92,748 14,358 At 31 March 2024 At 31 March 2023 697 490 762 123 Page 8
SHIELD OF FAITH MINISTRIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTD. 5. CREDITORS AND ACCRUALS Other creditors Accountancy and Bookkeeping 5,548 991 6. CLERGY ALLOWANCE No employee received remuneration amounting to more than £50,000 in the year. FUNDS Unrestricted funds comprise those funds which ihe trustees are free to use in accordance with the charitable objectives This is an unincorporated charity, constituted by trust deed. It's principal objective is spreading the word and preaching the Gospel of Christ and the life after lif¢ and to contribute to the health and educational needs of the community. It has unrestricted funds. It prepares its accounts in accordance with the SORP and with applicable accounting standards. Page 9
SHIELD OF FAITH MINISTRIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTD. Church - runnin Rent & Rates Light & Heat (EDF) Insurance General Expenses Motor Vehicle Expenses ex enses 5.982 12,199 839 622 Church maintenance Repairs & Mainlenan 4,880 drninistration Others Pastor Samuels Accountancy Stationery Telephone Depreciation 13,110 21,600 1,991 250 1,325 Evan elism 1,135 Page 10