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← Treasure House Ministries

2023-12-31-accounts

Treasurehouse Ministries. (Charity No: 1101135)

Report of the Trustees and

Financial Statements

For the year ended 31[st] December 2023

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 2023

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 2023

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 2023

The trustees present their report with the financial statements of the charity for the year ended 31 December 2023.

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 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.

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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 errors. 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

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 2023, as detailed below shows a net incoming of £15,990 (2022: £10,099) and total fund at year ended 31 December 2023 was £107,344 (2022: £91,354).

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. Our presence at The Leigh-UTC has since attracted many other community groups every Sunday morning. And 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. Also, we have extended this work to a second venue in the FCT, Nigeria, to Accra, Ghana, and to Edmonton Canada. Treasurehouse Ministries has already acquired a land, and building works for a worship place/community centre continues this year, alongside counselling sessions, prayer meetings, youth and children/family activities.

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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 some teenagers, youths and adults for our worship team. These musical teams sang and played musical instruments at our programmes and conferences. Samuel, a young multi-talented instrumentalist has joined the team after his University education. We look forward to asking him to help train young instrumentalists. 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, prayers on Day-21 will hold at Mulberry Place, Ongar-Essex in the UK.

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 11.30pm to around 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 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, Leaders 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 principled leadership base for the church. Due to this initiative, we see that most of our leaders and Trustees are performing better in their individual roles within the church and our communities. These prayer programme also hold in our Abuja Church.

Marriage Seminars

We continue our yearly marriage counselling sessions in 2022. 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 Year 2024. 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 male and female petty-traders financially.

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 we make them available for free in Nigeria and Ghana. This has helped people to grow spiritually, and leaders to be very focused.

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Treasurehouse Ministries. (Charity No: 1101135)

Spiritual growth helps reduce, domestic violence, crime and offences in homes and in the community.

We keep receiving commendations from many sources this year, therefore, we can conclude that the Daily Devotional is blessing lives. 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 550 families during the Christmas season. Ministry leaders that played great supportive roles for Treasurehouse Ministries in 2023, and local hospitals, clinics and maternity wards in the community were also given thank-you Christmas packs. Also, the church in the UK organised a “Secret Santa” activity for her members. Gifts were shared among every member 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 (children’s education, pregnant women’s antenatal and delivery, medical emergencies and accommodation support for financially deprived families) in the community where we are based. 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 where we are based. Christmas food boxes were distributed to about 550 families on Christmas eve. Also, “A visit to Father Christmas” activity was organised for all the children that came from the community. Over 100 children attended, and received gifts from Father Christmas. SS4C believes that no family must be denied the joy of celebrating Christmas.

Also, this year, monthly food distribution, clothing and other welfare materials were shared to people who were in need of them. Due to hike in the price of commodities, and high inflation rate in Nigeria, this year’s mission work exceeded the previous years. Also, the amount of educational support (school fees) given to children by far exceeded the previous years.

This Year 2023, the Pastor in charge made a total of six mission trips to Abuja, Accra-Ghana and Edmonton-Canada 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, physical and material support for the people. As a result of this mission work this Year, many children are now back to school, many families are supported financially, and the church building works advanced.

Lastly, we sincerely appreciate God for helping to increase the number of donors for this mission work to Nigeria. Also, we appreciate the increase in the amount of cash and kind donated. This has helped us to do more mission work this Year.

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:

Page 5

Treasurehouse Ministries. {Charity No: 1101135) The Trustee are aware of responsibilty 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 forsafeguarding the charity'sasset and hence fortaking reasonable steps for the prevention and the detection of fraud and other irregularities. On beha￿ of the Trustees of Treasure House Ministries: Olayinka Aderiye - ustee Date Page6

Treasurehouse Ministries. (Charity No: 1101135)

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the year ended 31 December 2023

Notes
INCOMING RESOURCES
Voluntary income
3
Total incoming resources
RESOURCES EXPENDED
Cost of generating voluntary income
7
Net incoming resources
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2023
£
53,733
53,733
(37,743)
15,990
91,354
107,344		 2022
£
43,645
43,645
(33,546)
10,099
81,255
91,354

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Treasurehouse Ministries. (Charity No: 1101135)

Balance Sheet

(As at 31 December 2023)

2023 2022
Notes £ £
FIXED ASSETS
Tangible assets 4 116,080 101,310
CURRENT ASSETS
Cash at bank and in hand 76 250
76 250
CREDITORS
Amounts falling due within one year 5 (3,195) (3,195)
NET CURRENT LIABILITIES (3,119) (2,945)
TOTAL ASSETS LESS CURRENT LIABILITIES 112,961 98,365
Amounts falling due more than one year 6 (5,617) (7,011)
NET ASSETS 107,344 91,354

The Charity Trustees consider that an audit is not required for the year ended 31 December 2023 under section 144 (2) of the Charities Act 2011 and that an independent examination is needed.

The financial statements were approved by the Board of Trustees on 13 October 2024

................................................................. . Daniel Toluwase Ademuwagun - Trustee

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Treasurehouse Ministries. (Charity No: 1101135)

Notes to the Financial Statements for the year ended 31st December 2023

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 2023 (2022: £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 2023 (2022: £nil).

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Treasurehouse Ministries. (Charity No: 1101135)

3. VOLUNTARY INCOME

4.
5.
6.		 Gift aid
Donation		 2023
£
11,531
42,202
53,733		 2022
£
8,688
34,957
43,645
TANGIBLE ASSETS
Cost
At 1 January 2023
Addition
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023		 Land &
Building
£
98,082
14,011		 Plants &
Machinery
Office
equipment
Total
£
£
£
36,074
15,406
149,562
5,338
810
20,159
112,093 41,412
16,216
169,721
-
-		 34,081
14,171
48,252
4,141
1,247
5,389
- 38,222
15,418
53,641
112,093 3,190
798
116,080
At 31 December 2022 98,082 1,993
1,235
101,310
CREDITORS: Amounts falling due within one year
Loan 2023
2022
£
£
3,195
3,195
CREDITORS: Amounts falling due more than one year
Loan 2023
2022
£
£
5,617
8,576

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Treasurehouse Ministries. (Charity No: 1101135)

7. COST OF GENERATING INCOME

Rent
Transportation & Travel
Mission & Ministry expenses
Welfare including SS4C
Depreciation
Others
Event outreach
Administrative expenses
Repairs & Maintenance
Loan Interest
Bank charges		 2023
£
2,148
9,692
9,308
8,444
5,389
442
570
700
755
235
60
37,743		 2022
£
1,920
7,074
4,694
16,302
1,500
59
1,146
151
427
263
10
33,546

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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 2023. 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 sects'on 144(2) of the Chartties Act 2011 (the 2011 Act) and that an independent examination is n￿ded. 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 wtth 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 vie and the report is limtted to those matters set out in the next statement. Independent examIne￿S statement In connection with my examination. no matter has come to my attention: 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 whtch accord with the accounting records and comply with the accounting requirements of the 2011 Act have not b￿n met or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding crf the accounts to be reached. Name: Mrs Oluwakemi Daisi-Taiwo Address: Columbus Close, Kent, DA12 4AH. Signature: Date: CICI 2024 Page 12