Charity registration number 1105462 (England and Wa1è8) IIAfld HOUSE OF EMPOWERMENT INTERNATIONAL MINISTRY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
HOUSE OF EMPOWERMENT INTERNATIONAL MINISTRY LEGALAND ADMINISTRATIVE INFORMATION E(hvard Mensah Richard Nartey Charity number 1105462 Prfncipal address Salem House Lady Lane Coventy EnglarKJ fioLiA>1kn' CV6 6AZ 2:JO Indopendent examlnor SOS fr4a James Michael Rose FMAAT First Floor Eagle House 14 Queens Road Coventy CV13EG
HOUSE OF EMPOWERMENT INTERNATIONAL MINISTRY CONTENTS Trustees, report Independent examinerfs rewt Statefnent of financial adivibe8 Balance sheet Notes to the financial statem 6-14
HOUSE OF EMPOWERMENT INTERNATIONAL MINISTRY I I! I yISi TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual pOrt arKI finan(xal statements tr the year ended 31 March 2024. The financial statements have been prepared in aLrordarK with the accounting poliaes set out in rte 1 to the financial statements and comply the thartys goveming dornent, the Charities Act 2011, FRS 102 'The Financial Reporting Standard appli(able in the UK and Republic of Ireland" and the Charittes SORP 'AuxJunting and Reporting by Charities.. Statement of Recommended Prac applicable to thartlies preparirKJ their accounts in aCrdance with the Financial Reporting Standard applit2ble tn the UK and Rewblic of Ireland (FRS 102).. Objectiv08 and a¢livits08 The charty CA)ntinued to impact on the cmimunty through Tis programmes. Some of the man activities geared towards its public benefft <)bjectives are: 1) Operating communty arKI churth activibes out of premises it n1 thvns in Lady Lane. Longford. Plans are in preparation for the repair and refurbishment of this historic former Baptist over the nexi Uple of years. so that it better serves the local community. 2) The church has been running an over 50$ singing and lUrthe¢ dub for the bcal residents of Longford and further afield. 3) We continue to supwt charibes with regular donat50ns. 5) The church is involved in various missiorwy woth in Afri(x. Financlal review Please refer to the annexed aox)unts for the detsils of the Finral Statements ts the period ended 31 March 2023. Trustees Responsibilities in ReLion to the Flnancial Ststements The Charities Act requires the Trustees to prepare statenwits for each financial year. give a true and fair view of the state of affairs of the tharity and of the surplus (x deficat of the (*arity for that Period in preparing these financial statements. the trustees are requested to: a) Select suitable account'ng policies and then appty them consistenty b) Make judgemerts and estimates that are reasonable and pruderrt c) State whether applicable acrounting stsndards and ststements of recommended practi have been followed, subject to any departures disdosed and explained in the financial statements. d) Prepare the finanaal statements on the wng conrn basis unless it is inappropriate to presume that th8 charity will continue in operation. The Trustees are responsible for keeping proper aCUntIng records. vthich disdose with reasonable aUraCY at any time the finanoal position of the charity and enable them to ensure that the ffinancial statements compty with the Charities Act. They are also responsible for safeguarding the assets of the tharity arrfl hence for taking any reasonable steps for the prevention and detection of fraud ad other irregUlare$.
HOUSE OF EMPOWERMENT INTERNATIONAL MINISTRY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, report was apwoved by the Board of Tntsiees. Edward Mensah Trusts? Rithard Nartey . 021081202£ 'r?1g111
HOUSE OF EMPOWERMENT INTERNATIONAL MINISTRY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HOUSE OF EMPOWERMENT INTERNATIONAL MINISTRY I report to the trustees on my examination of the finan(yal ststennts of HcAJse of EmPtrerMent Intemational Ministry (the Charity) for the year ended 31 Marth 2024. Responsibillties and basis of report As the trustees of the charity you are responsible for the FryHration of the finanual statern in aLwrdance wrih the requirements of the Charities Act 2011. I report in respect of my examination of the chanty's finan(aal statements carried (xrt under se(Aion 145 of the Charities Act 2011. In carying out my examination I have folkped the Directions given by the Charity Commission under section 145(5)(b) of the Charities Ad 2011. Independent examinèrfs $tent Your attention is drawn to the fail that the d)aiity has prepared the financial sLqtements in acrdanCe with the relevant version of the Statement of Recommended practi applicable to charities preparing their financial statements in ardance with the Finanoal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Rewrtirg by Charities: Statement of Re(%Jmmended Practice issued on 1 April 2005 whith is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for the financial statements to provide a true arKI fair Vitr•V in ac(y)rdance with UK Generalty Accepted Accounting Prarjice. I have completed my examination. I confinn that no matteTr have come to my attention in Connection with the examination giving me cause to believe that in any material resp accounting reLrdS were not kept in respect of the charity as required by section 130 of the Charities Act 2011. the financ#al statements do rlot accord with those records; or the ffinancial statements do not comply with the applicxble requirements conMIng the form and ntent of finanaal statements set out in the Charities (Accounts arKI Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view. lch is not a matter considered as part of an independent examination. I have no In¢emS and have come across rn other matters in (x)nnedion with the examination to which attention should be drawn in this report in ffller to enable a woper understandtng of the finan(xal statements to be reached. James Mlchael Rose FMAAT First Floor Eagle House 14 Queens Road Coventry CV13EG
HOUSE OF EMPOWERMENT INTERNATIONAL MINISTRY 4M3 40 4):.JOH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Unrostrlcted funds funds 2024 2023 Income and endoThnts from: Donations and legacies Other incx)me 127.921 19,710 98,663 Total Incom8 147.631 98,683 Expendituro on: Charitable activities 106,743 93.958 Total expondlturn 106.743 93,958 Net income and movomont in funds 40.888 4,705 Roconciliatlon of funds: Fund balances at 1 Aoril 2023 85.053 80,348 Fund balances at 31 March 2024 125,941 85,053 The statement of finanoal activibes indudes all gains and losses reo)gnised in the year. All income and expenditure derive from ntinUIng adivities.
HOUSE OF EMPOWERMENT INTERNATIONAL MINISTRY BALANCE SHEEr AS AT31 MARCH 2024 LIO? 2024 2023 Flxed assets Tangible assets 11 315.992 342,762 Current assots Stocks Debtors Cash at bank and in hand 12 13 1,200 3.218 3,072 1,200 3,133 r• 7,490 4.333 Credltors: amounts falling duo within on8 year 15 (15,789) (31.306) Not current liabilities (8.299) (26,973) Total assets less current liabilllies 307.693 315,789 Creditor3: amounts falling duo after more than one year 16 {181,752) (230.736) Net assets 125,941 85,053 SJ The funds of the charity Unrestn'cted funds 18 125.941 85,053 125.941 85.053 The finanoal statements were approved by the trustees on ..... Edward Mensah Trnstse Richard Na Tnmtse
HOUSE OF EMPOWERMENT INTERNATIONAL MINISTRY 10 aèuoH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policios Charity infornmtion House of Empcwerment Internati Ministy is a thaiity. 1.1 Accounting convention Llnt> The finanual statements have been prepared under the hIstIcal cost 03nvention. modffied to indude the .,lor, revaluation of freehold properties and to indude investment properties and certain financial instruments at fair bn£ value. The principal accounting policres adopted are set out below. 76 rln'pi. The financial statements have departed from the ChaTitses (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved follong the Statement of Recommended Practi ft)r charities applying FRS 102 rather than the version of the Statement of Recommended Pradi¢e whith is referred to in the Regulabons but which has Sin been withdrawn. The ffinantsal statements are prepared in slerling, whith is the fvnctional currency of the tharity. Monetary amounts in these ffinan(aal statements are rounded to the nearest £. The financial statements have been prepared under the histOriC21 cost convention. Imodified to indude the revaluation of freehold prwerties and to indude investrnent properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. 1.2 Golng concem At the time of approvirvJ the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to ntinUe in operational existence for the foreseeable future. Thus the trustees (x)ntinue to adopt the going ca)nM basis of accounting in preparing the finanraal statements. 1.3 Charitable fiinds Unrestricted funds are available for use at the disuetion of the trustees in furtheran of their tharitable Restricted fijnds are subject to speafic conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted fijnds are set out in the notes to the financial statements. Endowment funds are sub to spe(afic ox#ditions by donors that the Ca must be maintsined by the 1A Income Income is recognised when the tharity legalty entitled to ti after any performance condFtions have been me( the amounts can be measured reliabty. and it is probable that in(x)me will be re(xived. Cash donatrons are recognised on receipt Other donations are recognised once the tharity has been notified of the donation, unless perfomance conditions require deferral of the amount. Income tax recoverable in relation to donations received under GtftAd or deeds of o)venant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise rf the tharity has been notified of an impending distribution. the amount is krKA¥n, arKI receipt is expethd. If the amount is not knrA. the legacy is treated as a contingent asseL
HOUSE OF EMPOWERMENT INTERNATIONAL MINISTRY Jq NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies Icontinuod) 1.5 Expenditure Expenditure is reco9nised On there is a legal or construthe obligation to transfer economi¢ benefft to a third paty, it is probable that a transfer of eLX)n(ynic benefits will be required in setuement, and the amount of the obligation rAn be measured reliably. Expenditure is dassified by activty. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each actiTr4llty. Dired costs attributable to a single activity are allocated directy to that activity. Shared costs which contribute to more than one activty and support costs whid) are not attributable to a single activity a apportioned beten those activtties on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges are alloc2ted on the portion of the assefs use. 1.6 Tangible ffix assots Tangible fixed assets are inibally measured at cost arKI subsequenty measured at cost or valuation, net of depreuation and any impaiment losses. Depreciation is recognised so as to wriie off the cost or valuation of assets less their residual values over their useful lives on the following bases: Property Plant and equipment Motor vehides 20% redu(ang balan 25% reduLyng balance The gain or loss arising on the disposal of an assel is detemiined as dTffer8n between the sale predS and the carying value of the asset. and is recognised in the statement of firncaal actrvibes. 1.7 Impalrnient of fixed assets At each reporting end date. the charity revie•VS ttE carying amounts of ts tsngible assets to detemiine whether there is any indication that those assets have suffered an impairment loss. If any suth indication exists. the recoverable amwnt of the asset is estimated in Ixder to detennine extent of the impaiment loss (if any). '.4>14YJ> 1.8 stocks Stocks are stated at the ltywer of cost and estsmated selling pric8 less costs to complete and sell. Cost comprises direc* materials and. where applicable. direct labour wsts and those overheads that have been incurred in bringing the stocks to their present location and ndItiOn. Items held for distribution at no or nominal consideration are measured the Ir of replacement cost and cost. Net realisable value is the estimated selling pri(z less all estimated costs of completion and wsts to be incurred in marketing. selling and distribut. 97 1.9 Cash and cash equlvalents Cash and cash equivalents indude (2sh in hand, deposits held at banks, other short-tenn liquid investments with original maturibes of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. t91
HOUSE OF EMPOWERMENT INTERNATIONAL MINISTRY i)E4, NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounllng pollcies (Contlnuod) 1.10 Financial instruments The charity has elerted to apply the provisions of Section 11 '8asic Financial Instruments. and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its finarKial inStruts. Finanaal instruments are recognised in the ¢tsitys balance sheet when the charity be(x)mes party to the contractual provisions of the instrumenL Financial assets and liabilities are offset. with the net amounts presented in the financial ststemerrts, 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 setue the liabilty simultaneously. Basic financial assets Basic financial assets, vthich indude debtors arKI cash and bank balances. are initialty measured at transaction prtce induding transaction costs and are subsequently carried at amrtised Ix)st using the effective interest method unless the arrangement constitutes a financ4rYJ transadion, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets da$fied as receivable within one year are not arnortised. Ba"¢ ffnancial liabilities Basic finaneial liabilibes, induding ¢xeditor5 and bank loans are initrally recognised at transacon price unless the arrangement constitutes a financing tran&gction. where the debt instrument is measured at the present value of the futu payments discounted at a market rate of interesL Financial liabilities dassified as payable within one year are not amortised. Debt instruments are subsequenty orried at amortised using the effecbve interest rate method. Trade credrtors are obligations to pay for goods or services that have been a(y4uired in the ordinary urSe of operations from suppliers. ArThJunts payable are dassified as current liabilities rf payment is due within one year or less. If rtot. they are presented as nOrcUrrent liabiltties. Trade cyeditors are recognised initially at transaction prio and subsequently measured at amortised cost using the effe('ve interest method. Derecognftlon olfinancial liablllties Financial lialx'lities are dwe(xgnised when the tharity's c4Xrtrathal obligations expire are distharged or canc8lled. 1.11 Employoe bonofits The cost of arpy unused holiday entitle is recognised in the period in which the employee's Services are received. Temiination beneffts are recognised immediatety as an expense when the (arity is demonstrably committed to tenninate the employment of an employee or to provide terminalion berth. 1.12 Retiramont benaffts Payments to defined contribution retIrennt benefft s(M are (arged as an expense as they fall due. 1.13 Leas Leases are dassified as finance leases wtwiever the tenns of the lease transfer substantially all the risks and rewards of ownwthip to the Jessees. AJI other leases are dassffied as operating leases. Assets held under finance leases are rec4)gnised as assets at the lower of Ihe assets frdir value at the date of inception and the present value of the rrinimum lease payments. The related liabilty is induded in the balance sheet as a finance lease obligation. Lease payments a treated as consisting of capital and interest elements. The interest is charged to net incomel{experKliiure) for the year so as to produce a constant periodic rate of interest on the remaining balan of the liability.
HOUSE OF EMPOWERMENT INTERNATIONAL MINISTRY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critiral accounling e8timate8 and judgements In the appliGation of the charity's acAx)untirvJ poli(xes. the trustees are required to make judgements, estimates and assumpt'ons about the carying amount of assets and liabiltlies that are not readily apparent from other sources. The estimates associated assumptions are based on historic21 expe1ien and other fa(*ors that are consided to be levant Acaual results may differ from these estimates. The estimates and underlying assumptions are reviewed M an ongoing basis. Rewsions to accounting estimates are reco9nised in the period in whith 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 artd future periods. 2Jf',: Donallong and legacios Unrnstrlcted Unrestricted funds funds 2024 2023 Donations and grfts Legacies receivable Room hire 108.907 19.014 82.838 14.615 1.210 127,921 98,663 Id-- Other Incomo Unrnstrictèd Unrestrict•d fvnds funds 2024 2023 Net gain on disposal of tangible ffixed assets Employers allowance 18,884 Lg1i- 826 826 ilts,,
HOUSE OF EMPOWERMENT INTERNATIONAL MINISTRY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 TO"r Charitablè actlvllles Charitable Charitablo expondituro oxpenditure 2024 2023 Staff costs Depreciation Ministry resources Rent and rates Hire and renLqls Telephone Printing, postage and stationary 48.704 6,058 18,394 2.319 297 3,098 2.306 20,853 8,003 25.322 702 1,163 2,690 2,175 p 11 Repairs and maintenance Legal and professional Sundry expenses Bank charges Light and heat Insurance, . Cleaning D<)nab'on 1.080 1.190 3,715 6,196 3.289 2.590 1.385 13.240 2.252 1.828 8,316 3.741 4,001 830 106,593 93.808 Share of governan sts (see note 6} 150 150 106.743 93,958 Support costs alloc•tod to a¢tsvfties 2024 2023 Governance cx)sts 150 150 l. , Anatysod betwoon: - IrKlependent examinati 150 150 Net M0ment in funds 2024 2023 The net movent in fvnds is stated after Charging1(editIng}. Fees payable for the indeperKlent examination of the thariws financial statements Depreciation of o%*Tred tangible fixed assets Profft on disposal of tsngible fixed assets 6.057 {18.884) 8.003 10-
HOUSE OF EMPOWERMENT INTERNATIONAL MINISTRY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 None of the tsijstees (or any persons connethd with them) received any remuneration or beneffts fr<)m the chanty during the year. Employees The average monthly number of employees during Ihe yearwas: 2024 Numbgr 2023 NuMr Employment costs 2024 2023 Wages and salaries Other pension costs 48,578 126 20,843 10 48,704 20,853 There were no employees whose annual reTrneratiOn was more than £60,000. 10 Taxatlon The charity is exempt from taxation on its xliwbes because all its income is applied for tharitable purposes. 11 Tangible flxed assets Plant •nd equlwmnt v•hi¢1o9 qq Tolal Cost At 1 April 2023 Disposals 317,652 26.726 61,060 (61,060) 405.438 (61.060) At 31 March 2024 317.652 26,726 344,378 Depreclation and impaim18nt At 1 April 2023 Depreciation charged in the year Eliminated in respect of disposals 22.329 879 40,347 5,178 (40,347) 62,676 8.057 (40.347) At 31 March 2024 23,208 5,178 28,386 Carying amount At 31 March 2024 317.652 3.518 (5,178) 315,992 At 31 March 2023 317.652 4,397 20,713 342,762 11
HOUSE OF EMPOWERMENT INTERNATIONAL MINISTRY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Tangible fixod assets (Contlnuad) The carying value of land induded in land arKI tIklIngS comprises". 2024 2023 FehOld 317.652 317,652 Land and buiklings with a carrying amount of £317.652 were valued at 31st Marth 2024 by the trustees on an open market value for existing use basis. 12 Sto¢k8 2024 2023 1,200 1,200 13 Debto 2024 2023 Amounts falling du¢ Mthin on• year: 3,218 3,133 14 Loans and overdrafts 2024 2023 Bank overdrafts Bank loans 3.608 205,810 188.419 188,419 209.418 Payable within one year Payable after one year 6,667 181,752 10.275 199.143 The long4emi loans are sered by fixed chaw over propety. 12-
HOUSE OF EMPOWERMENT INTERNATIONAL MINISTRY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Creditors: amounts falling wlthln orn year ' 2024 Idi 2023 Notes Bank loans and overdrafts Obligations under finance leases Other tsxation and soal seojrity Other txeditors Accruals and deferred income 14 6,667 10,275 8,004 2,157 10,870 3,515 4.207 1.400 15,789 31,306 16 Creditorn: amounts fa115ng duo after more than one year 2024 2023 Bank loans Obligations under ffinance leases 14 181,752 199,143 31.593 181,752 230,736 17 Rotirement benefft schemes 2024 2023 Defined contribullon schemes Charge to profft or loss in respe(* (rf defined ¢J)ntrit%rtion sd)emes 10 The ¢hanty operates a defined c4)ntribution $1(x) srne for au qualifying employees. The assets of the scheme are held separatety from those of the d)aity in an indeperthnty administered fund. 18 Unr88trictsd funds The unrestricted fvnds of the tharity comprise the unexpended balances of dIatIonS and grants which are not subject to speofic conditions by donor5 and grantors as to hchv they may be used. These indude designated funds which have been set aside out of unrestri¢aed fijnds by the trustees for SFectfic purposes. At 1 Aprfl Incoming Resources At 31 March 2023 resourcm oxpendad 2024 General funds 85,053 147,631 (106,743) 125,941 Previous year. At 1 April In¢oming Resour At 31 March 2022 resources exponded 2023 General funds 80.348 98.663 (93,958) 85,053 13-
HOUSE OF EMPOWERMENT INTERNATIONAL MINISTRY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Related party transactions There were no disdosable related party transactions durirKJ th8 year (2023 . none). 14-