**Treasurehouse Ministries. (Charity No: 1101135)** ## **Report of the Trustees and Financial Statements** **For the year ended 31[st] December 2021** For ## **Treasurehouse Ministries (THM)** Charity Registration Number: 1101135 **Treasurehouse Ministries. (Charity No: 1101135)** ## **Contents of the Financial Statements for the year ended 31[st] December 2021** ||**Page**| |---|---| |**Charity Information**|1| |**Report of the Trustees**|2 to 6| |**Statement of Financial Activities**|7| |**Balance Sheet**|8| |**Notes to the Financial Statements**|9 to 11| |**Independent examiner’s report**|12| **Treasurehouse Ministries. (Charity No: 1101135)** ## **Charity Information for the year ended 31[st] December 2021** ## **Trustees:** Mr Daniel Toluwase Ademuwagun Mrs Gloria Bandi Ms Folashade Ogunsola Mr Ayo Ajayi Mrs Olayinka Aderiye Mrs Omolola Daisi ## **REGISTERED OFFICE:** **REGISTERED OFFICE:** 6 Malta Avenue Chatham Kent ME5 0JT **REGISTERED NUMBER:** 1101135 (England and Wales) **Registered Date:** 10 December 2003 ## **Bank:** HSBC Bank PLC High Street Bromley, Kent BR1 1HL Page 1 **Treasurehouse Ministries. (Charity No: 1101135)** ## **Report of the Trustees for the Year ended 31[st] December 2021** The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) Accounting and Reporting by Charities 2005. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Appointment of new trustees** The trustees are appointed by invitation as and when required depending on their expertise and the requirements of the charity. ## **Induction and training of new trustees** The charity arranges appropriate training both internally and externally through other voluntary sector training providers. The trustees and all involved in running the charity including volunteers are always encouraged to attain the necessary skills required to achieve the objectives of the charity. ## **Organisational structure** The Trustees who served during the period and up to the date of the report are set out in page 1. The day-to-day operations of the charity are controlled by the Pastor in charge, but the responsibility for all significant decisions making remain with the Board of Trustees. The Trustees meet regularly and/or as deemed necessary to manage the affairs of the charity. The charity is assisted by the services volunteers. In order to enhance effectiveness, Treasurehouse Ministries is administered through a number of structured groups with specific responsibilities, they are: ## *** Finance group** Its function is to provide the platform and strategy for all finance related interests of Treasurehouse Ministries and to develop effective avenues for income creation, including ethical investment. It will manage all teams that have the capacity to generate revenue. It places emphasis on budgeting of human resources, time and money. ## *** External affairs group** The watchword for this group is public relations, this group was established to manage the relationship of Treasurehouse Ministries with agencies and organisations including; - The local community and respective support groups - The local council - Parliament and central government - Christian organisations The group will be the eyes, ears and voice of Treasurehouse Ministries within the organisations and will formulate and execute policies to increase the impact and influence of Treasurehouse Ministries with these organisations. ## *** Outreach and membership group** The watchword for this group is soul winning and retention from our community and outside of it. Its primary function is to design and execute strategies for the retention and growth of Treasurehouse Ministries membership and help people to integrate from first visit or conversion until full involvement in any initiative or team within the Church. ## *** Executive group** The executive group is responsible for casting vision and giving direction. They will provide apostolic oversight, consultation and advice. Page 2 **Treasurehouse Ministries. (Charity No: 1101135)** ## **Risk management** The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees where appropriate, enlist the help of professional advisors to manage those risks. ## **Serious Incidents** There are no serious incidents in the year under review. ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** - To advance the Christian faith by means of preaching the gospel in the U.K. and in other parts of the world with a view of liberating minds, transforming lives and helping to fulfil dreams. - To help relieve persons who are in conditions of need or hardship, and to support Christian activities and organisations whose primary objectives are to engage in the conduct of Christian worship, faith, teaching and helping the needy. - To advance education in accordance with Christian principles in the U.K and in other parts of the world by establishing schools and/or learning centres. - To promote and fulfil such other charitable purposes beneficial to the communities as deemed necessary by the Trustees from time to time. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** The trustees consider the performance of the charity this year were in line with expectation. The trustees would like to express their gratitude to the church members, donors and volunteers for their generous financial contributions and selfless sacrifices of their treasures, time and talents towards the achievement of the objectives of the organisation. ## **Financial Review** The charity's statement of financial activities for the year ended 31 December 2021, as detailed below shows a net incoming of £17,698 (2020: £11,055) and total fund at year ended 31 December 2021 is £81,255 (2020: £63,557). ## **Public Benefit** In carrying out the review of activities during the year, the trustees have considered the Charity Commission's general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for the public benefit, the trustees consider that the following activities provide benefit to members of the Church, the local and international community. We have improved the quality of our service delivery. We continue to deliver more on our existing activities. Through the activities of the various groups, Treasurehouse Ministries achieved the following during the year: ## **Services to the general public and our local community.** In the UK, we continue to make use of The Leigh-UTC, Dartford-Bridge, for our weekly meetings, and other rented venues when necessary. Since we arrived the Dartford-Bridge community, we have served the community in many spiritual ways. It was very enriching praying for the people and community where you belong. This year, we had our yearly BBQ party in the Gravesend-East community which is also within the Kent County. We did most of our overseas ministry work in Abuja, Nigeria this year. Plans are in place to extend this work to Accra, Ghana. Treasurehouse Ministries has already acquired a land, and building works for a worship place/community centre continues this year. Meanwhile, regular visits, prayer meetings and other family activities has commenced on site. Page 3 **Treasurehouse Ministries. (Charity No: 1101135)** ## **Worship within the community** Our worship team is very important to our church services. It has fostered good mental health, general wellbeing among members, and a joyful atmosphere within the church. Treasurehouse in Abuja, Nigeria continues with the training of youths and some adults for our worship team. These musical teams sang and played musical instruments at our programmes and conferences. Friday Udegbe, a young brilliant Keyboardist has now joined the team. We look forward to asking him to help train people who wants to play Keyboard. Meanwhile, in Dartford-Bridge, Phileo a very good keyboardist plays and leads in songs. We look forward to expanding the team. ## **Prayer Initiatives** We hold various prayer initiatives through the coordination of our welfare and Intercessory team. In these prayer initiatives, we pray for individuals, our communities, government and political leaders and the international community. Our flagship 3-week "prayer and fasting" is an annual event held in the month of November. This is a time when we invite all Christians and members of the community to join us in praying for our leaders, local communities, nations, families, other individuals and for themselves. During this prayer event, people gathered together every evening to pray. This year, some evening prayer meetings was done through free conference calls and Facebook-Live. Our monthly prayer vigil which held every second Friday of each month from midnight to 3a.m has been replaced with an online version of it, holding from Midnight to 1a.m. This is to help reduce cost and save money. In addition to this, we hold online Communion Services on the first Tuesday of each month (from 7pm to 8.00pm). The last Sunday Service of each month is tagged “Power Sunday” Individuals, who attend either in person or via Skype, come with their prayer requests to God. And we are seeing many lives, careers and homes are being touched by God. And people are living a happier life. Also, the leadership and Trustees hold prayer meetings on the last Saturday of the month from 9am to 12 noon. Leadership Training Session follow after. This is to build up a spiritually strong and wellinformed leadership base for the church. Due to this initiative, most of our leaders and Trustees are performing better in their individual roles within the church and our communities. These prayer programmes hold as well in our Abuja Church and Outreaches ## **Marriage Seminars** We continue our yearly marriage counselling sessions in 2021. Single, Married and Favoured (SM&F Seminar) was not organised this year; but then, we are looking forward to organising this lovely programme in the nearest future. And we didn’t have a couple’s day this year, but we had a beautiful family Sunday-out to Gravesend Kent. After the service, both the adults, the youths and the children had a good time socialising. Also, we arranged customised marriage counselling sessions for individuals who wished to marry or repair their broken relationships. And we render necessary welfare support to intending couples during their wedding preparations. As a result, the church helped to mend a dented marriage relationship. They’ve since continued to live happily together. ## **Counselling and Visitation Services** The church carried out many counselling and special visitation for individuals and intending couples. This ranged from career counselling to marriage counselling, spiritual counselling and in church community leadership. As a result of this, our welfare and humanitarian department in Abuja (tagged SS4C), has supported many women petty-traders financially. Page 4 **Treasurehouse Ministries. (Charity No: 1101135)** ## **Daily Devotionals and Prayer Guide** The church continues the production of its popular daily devotional and prayer guide titled TREASURES FROM ABOVE. We published 4 editions this year and made them available for members by e-Copies and by print. We made copies in the UK and abroad. This has helped people to grow spiritually, and leaders to be very focused. Spiritual growth helps reduce, domestic violence, crime and offences in homes and in the community. We have received commendations from many sources this year, therefore, we can conclude that it is blessing lives. Even though the cost of printing has escalated, we look forward to continuing to publish the daily devotional and prayer guide now and in the future, and to make it available for many more people especially those who cannot afford to buy a copy. ## **Celebrations, Christmas Awards and End-Of-Year Awards** We organised a Christmas celebration service where gifts were shared among members. This is to appreciate everyone’s hard work during the year, and to celebrate one another in the Lord. Also, in the Abuja Church, Free food-boxes were presented to about 200 families during the Christmas season. Ministry leaders and organisations that played great supportive roles for Treasurehouse Ministries in 2021 were also given thank-you Christmas packs. Also, the church organised a love feast and festival and invited many people in the Dartford and Gravesend community. This was done in the festive spirit of Christmas. ## **Mission to Nigeria** The mission to Nigeria, renamed SS4C (Shinning Stars For Christ), with preference given towards supporting the most vulnerable (i.e. children’s education, pregnant women’s antenatal and delivery, medical emergencies and Accommodation support for financially deprived families) This mission also includes outreaches to empower women traders and some young men who wants to learn some trade. In the Mpape District of Abuja. Christmas food boxes were distributed to about 200 families on Christmas eve. SS4C believes that no family must be denied of celebrating Christmas together. We look forward to including Christmas parties for the kids next Year. Also, this year, monthly food distribution, clothing and other welfare materials were shared to people who were in need of them. Due to hardship caused by COVID-19, this year’s mission work exceeded the previous years. This Year 2021, the Pastor in charge made about six mission trips to Abuja, Nigeria where he preached in various Christian meetings. During each of these trips, the Pastor’s major work was to preach the gospel, pray for people, empower the youths within the Abuja area, and to deliver welfare materials with the needy. This apostolic mission is to provide both spiritual food and physical food for the people. As a result of this many children are now back to school, and families are supported, and the church building works advanced. ## **Trustees' Responsibilities** Under the Charities Act, the Trustees are required to prepare a statement of accounts for each financial year, which gives a true and fair view of the state of affairs of the charity at the end of the financial year and of the incoming resources and application of resources in the year. In preparing the statement, the trustees are required to: - Select suitable accounting policies and apply them consistently. - Observe the method and principles on charity SORP - Make judgments and estimates that are reasonable and prudent. - State whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the statement of accounts. - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its operations. Page 5 **Treasurehouse Ministries. (Charity No: 1101135)** - The Trustee are aware of responsibility to complied with the duty in section 4 of the charities Act 2011 to have due regard to public benefit published by the commission. The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity as at that time and to enable the Trustees to ensure that any statement of account prepared by them complies with the Charity's Act 2011. They are also responsible for safeguarding the charity's asset and hence for taking reasonable steps for the prevention and the detection of fraud and other irregularities. On behalf of the Trustees of Treasure House Ministries: 30/09/2022 ……………………………….. ……………………………….. Olayinka Aderiye - Trustee Date Page 6 **Treasurehouse Ministries. (Charity No: 1101135)** ## **Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the year ended 31 December 2021** **----- Start of picture text -----**
2021 2020
Notes £ £
INCOMING RESOURCES
Voluntary income 3 49,142 29,317
Total incoming resources 49,142 29,317
RESOURCES EXPENDED
Cost of generating voluntary income 7 (31,444) (18,262)
Net incoming resources 17,698 11,055
Total funds brought forward 63,557 52,502
TOTAL FUNDS CARRIED FORWARD 81,255 63,557
**----- End of picture text -----**
Page 7 **Treasurehouse Ministries. (Charity No: 1101135)** ## **Balance Sheet** ## **(As at 31 December 2021)** **----- Start of picture text -----**
2021 2020
Notes £ £
FIXED ASSETS
Tangible assets 4 94,620 74,692
CURRENT ASSETS
Receivables - 145
Cash at bank and in hand 3 96
3 241
CREDITORS
Amounts falling due within one year 5 (1,891) (1,547)
NET CURRENT LIABILITIES (1,888) (1,306)
TOTAL ASSETS LESS CURRENT LIABILITIES 92,732 73,386
Amounts falling due more than one year 6 (11,477) (9,829)
NET ASSETS 81,255 63,557
FUNDS
Unrestricted funds 81,255 63,557
TOTAL FUNDS 81,255 63,557
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The Charity Trustees consider that an audit is not required for the year ended 31 December 2021 under section 144 (2) of the Charitie Act 2011 and that an independent examination is needed. The financial statements were approved by the Board of Trustees on 30 September 2022 ................................................................. Daniel Toluwase Ademuwagun - Trustee Page 8 **Treasurehouse Ministries. (Charity No: 1101135)** ## **Notes to the Financial Statements for the year ended 31st December 2021** ## 1. **ACCOUNTING POLICIES** ## **Accounting convention** The financial statements were prepared under the historical cost convention and followed the recommendations in the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP) Regulations 2005. ## **Going concern** The trustees have undertaken a detailed review of the projected cash flows of Treasure House Ministries which have been prepared on the basis of a detailed analysis of the charity finances, likely future income (donations) and expenditure. Following this review, the trustees are confident that the charity will be able to meet its liabilities as they fall due for the foreseeable future and accordingly consider that it is appropriate to prepare the financial statements on a going concern basis. ## **Incoming resources** All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with the cash received. ## **Resources expended** 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. ## **Taxation** As registered charity organisation, Treasure House Ministries is exempt from corporation tax to the extent that its income and gain are applied for the charitable purpose. Value Added Tax (VAT) is not recoverable by the organisation, and therefore included in the relevant costs in the statement of financial activities. ## **Tangible assets** Tangible assets are for use by the charity in fulfilling its main charitable objectives and are capitalised and depreciated over its estimated useful life in serving the charity purpose. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. ## 2. **STAFF COSTS** The charity has no paid employees and hence there were no staff costs for the year ended 31 December 2021 (2020: £nil). The trustees received no salary, fees or other benefits in the performance of their duties in respect of their services to the charity for year ended 31 December 2021 (2020: £nil). Page 9 **Treasurehouse Ministries. (Charity No: 1101135)** ## 3. **VOLUNTARY INCOME** **----- Start of picture text -----**
2021 2020
£ £
Gift aid 9,531 4,956
Donation 39,611 24,361
49,142 29,317
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## 4. **TANGIBLE ASSETS** **----- Start of picture text -----**
Land & Plants & Office
Building Machinery equipment Total
Cost £ £ £ £
At 1 January 2021 71,939 34,434 13,571 119,944
Addition 19,593 - 1,835 21,428
At 31 December 2021 91,532 34,434 15,406 141,372
Depreciation
-
At 1 January 2021 32,081 13,171 45,252
Charge for the year - 1,000 500 1,500
At 31 December 2021 - 33,081 13,671 46,752
Net book value
At 31 December 2021 91,532 1,353 1,735 94,620
At 31 December 2020 71,939 2,353 400 74,692
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## 5. **CREDITORS: Amounts falling due within one year** **----- Start of picture text -----**
2021 2020
£ £
Loan 1,660 1,171
Accrued expenses 231 376
1,891 1,547
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## 6. **CREDITORS: Amounts falling due more than one year** |Loan|**2021**
**2020**
**£**
**£**
11,477
9,829
11,477
9,829| |---|---| Page 10 **Treasurehouse Ministries. (Charity No: 1101135)** ## 7. **COST OF GENERATING INCOME** |Rent
Transportation & Travel
Mission & Ministry expenses
Welfare including SS4C
Depreciation
Others
Event outreach
Utilities
Repairs & Maintenance
Loan Interest
Bank charges|**2021**
**2020**
**£**
**£**
6,400
900
7,705
7,719
8,311
4,431
5,876
2,835
1,500
900
290
39
677
535
334
506
218
397
128
-
5
-
31,444
18,262| |---|---| Page 11 **Treasurehouse Ministries. (Charity No: 1101135)** ## **Independent examiner’s report to the trustees of Treasurehouse Ministries** I report on the accounts of Treasurehouse Ministries for the year ended 31 December 2021, which are set out on pages 1 to 11. ## **Respective responsibilities of trustees and examiner** The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees 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 examination is needed. It is my responsibility to: - examine the accounts under section 145 of the 2011 Act - to follow the procedures laid down in the general Directions given by the commission under section 145(5)(b) of the 2011 Act - to state whether particular matters have come to my attention ## **Basis of independent examiner’s 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 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 no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement. ## **Independent examiner’s statement** In connection with my examination, no matter has come to my attention: 1. 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 accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. ## **Name: Mrs Oluwakemi Daisi-Taiwo** ## **Address: 63 Columbus Close, Kent, DA12 4AH.** **Signature: ………………………** ## **Date: 30 Sept 2022** Page 12