REGISTERED CHARITY NUMBER: 1105707
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2022
for
House of Champions Ministries
Krypton Consulting Ltd Chartered Certified Accountants & Tax Advisers Unit 6 Town Quay Wharf Barking Essex IG11 7BZ
House of Champions Ministries
Contents of the Financial Statements for the Year Ended 31 March 2022
| Page | |
|---|---|
| Report of the Trustees | 1 |
| Independent Examiner's Report | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 to 10 |
| Detailed Statement of Financial Activities | 11 to 12 |
House of Champions Ministries
Report of the Trustees
for the Year Ended 31 March 2022
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1105707
Principal address
32 Weavers Hill Fullers Slade Milton Keynes MK11 2BL
Trustees
Evangelist K Duodu N Opoku Mrs A Yawli K Duodo-Owusu
Independent Examiner
Krypton Consulting Ltd Chartered Certified Accountants & Tax Advisers Unit 6 Town Quay Wharf Barking Essex IG11 7BZ
Approved by order of the board of trustees on 23 January 2023 and signed on its behalf by:
Kumi Duodu
Evangelist K Duodu - Trustee
Page 1
Independent Examiner's Report to the Trustees of
House of Champions Ministries
Independent examiner's report to the trustees of House of Champions Ministries
I report to the charity trustees on my examination of the accounts of House of Champions Ministries (the Trust) for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Olusola Makinwa
Shola Makkinwa (FCCA, MSc) Krypton Consulting Ltd Chartered Certified Accountants & Tax Advisers Unit 6 Town Quay Wharf Barking Essex IG11 7BZ
23 January 2023
Page 2
House of Champions Ministries
Statement of Financial Activities for the Year Ended 31 March 2022
| 31.3.22 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 32,401 Charitable activities Charity 1,440 Total 33,841 EXPENDITURE ON Charitable activities Charity 52,522 Other 239 Total 52,761 NET INCOME/(EXPENDITURE) (18,920) RECONCILIATION OF FUNDS Total funds brought forward 101,202 TOTAL FUNDS CARRIED FORWARD 82,282 |
31.3.21 Total funds £ 86,935 17,980 |
|---|---|
| 104,915 | |
| 103,584 350 |
|
| 103,934 | |
| 981 100,220 |
|
| 101,201 |
Surplus and Deficit Account 968
Posting discrepancies were found in the reserve accounts listed below. This is because the brought forward postings in the current year are not equal to the figures carried forward by IRIS at the end of last year. Please check your postings in the brought forward account for the surplus and deficit account 968.
| Unrestricted funds £ Brought forward - 968/1 101,202 Carried forward 101,201 Difference (1) |
Total funds £ 101,202 101,201 (1) |
|---|---|
Post to relevant accounts (see UCHA chart of accounts for further details)
The notes form part of these financial statements
Page 3
House of Champions Ministries
Balance Sheet
31 March 2022
| 31.3.22 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 4 - Heritage assets 5 1,949 1,949 CURRENT ASSETS Debtors 7 54,548 Cash at bank 32,855 87,403 CREDITORS Amounts falling due within one year 8 (7,070) NET CURRENT ASSETS 80,333 TOTAL ASSETS LESS CURRENT LIABILITIES 82,282 NET ASSETS 82,282 FUNDS 9 Unrestricted funds 82,282 TOTAL FUNDS 82,282 |
31.3.21 Total funds £ 1,490 (1) 1,489 - 47,418 47,418 52,294 99,712 101,201 101,201 101,201 101,201 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 23 January 2023 and were signed on its behalf by:
Kumi Duodu
K Duodu - Trustee
The notes form part of these financial statements
Page 4
House of Champions Ministries
Notes to the Financial Statements for the Year Ended 31 March 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Page 5
continued...
House of Champions Ministries
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 86,935 |
| Charitable activities | |
| Charity | 17,980 |
| Total | 104,915 |
| EXPENDITURE ON | |
| Charitable activities | |
| Charity | 103,584 |
| Other | 350 |
| Total | 103,934 |
| NET INCOME | 981 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 100,220 |
| TOTAL FUNDS CARRIED FORWARD | 101,201 |
Page 6
continued...
House of Champions Ministries
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
| 4. TANGIBLE FIXED ASSETS COST At 1 April 2021 and 31 March 2022 DEPRECIATION At 1 April 2021 MV Charge for year At 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 5. HERITAGE ASSETS MARKET VALUE At 1 April 2021 Music &PA Additions At 31 March 2022 PROVISIONS At 1 April 2021 Music & PA Charge for year At 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 |
Motor vehicles £ 23,800 22,310 1,490 23,800 - 1,490 Total £ 24,109 2,600 26,709 24,110 650 24,760 1,949 (1) |
|---|---|
continued...
Page 7
House of Champions Ministries
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
| 6. FIXED ASSET INVESTMENTS Payment Transferred Fund Raised At 31 March 2022 There were no investment assets outside the UK. 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Amounts recoverable on contract 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Taxation and social security Other creditors 9. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS |
At 1/4/21 £ 101,202 101,202 |
31.3.22 31.3.21 £ £ Ghana School Project £ (1,374,889) 1,374,889 - 31.3.22 31.3.21 £ £ 54,548 - 31.3.22 31.3.21 £ £ (562) (2,273) 7,632 (50,021) 7,070 (52,294) Net movement At in funds 31/3/22 £ £ (18,920) 82,282 (18,920) 82,282 |
|---|---|---|
continued...
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House of Champions Ministries
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
9. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 33,841 TOTAL FUNDS 33,841 Comparatives for movement in funds At 1/4/20 £ Unrestricted funds General fund 100,220 TOTAL FUNDS 100,220 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 104,915 TOTAL FUNDS 104,915 A current year 12 months and prior year 12 months combined position is as follows: At 1/4/20 £ Unrestricted funds General fund 100,220 TOTAL FUNDS 100,220 |
Resources Movement expended in funds £ £ (52,761) (18,920) (52,761) (18,920) Net movement At in funds 31/3/21 £ £ 981 101,201 981 101,201 Resources Movement expended in funds £ £ (103,934) 981 (103,934) 981 Net movement At in funds 31/3/22 £ £ (17,939) 82,281 (17,939) 82,281 |
|---|---|
continued...
Page 9
House of Champions Ministries
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
9. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 138,756 | (156,695) | (17,939) |
| TOTAL FUNDS | 138,756 | (156,695) | (17,939) |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022.
Page 10
House of Champions Ministries
Detailed Statement of Financial Activities for the Year Ended 31 March 2022
| Detailed Statement of Financial Activities for the Year Ended 31 March 2022 |
||
|---|---|---|
| 31.3.22 | 31.3.21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Tithe & offering | 32,118 | 58,629 |
| Gift Aid | - | 8,255 |
| Ghana School Project | - | 16,650 |
| Donation | 240 | 1,770 |
| Others | 43 | 1,631 |
| 32,401 | 86,935 | |
| Charitable activities | ||
| Covid-Grant | 1,440 | 17,980 |
| Total incoming resources | 33,841 | 104,915 |
| EXPENDITURE | ||
| Charitable activities | ||
| Pastor's Salary | 14,400 | 15,175 |
| Pension Costs | 1,199 | 1,632 |
| Musicians | - | 1,850 |
| Rent & Rates | 3,556 | - |
| Mission | - | 1,390 |
| Charity Gifts | 258 | 1,270 |
| Church Events | 5,557 | 5,270 |
| Insurance | 1,103 | 982 |
| Church Rent | - | 10,151 |
| Ghana School Project | 17,320 | 40,288 |
| Fixtures and fittings | 2,140 | 5,439 |
| Transport | 4,800 | 10,822 |
| Telephone/Internet | 1,250 | 1,591 |
| Equipment | 500 | - |
| Renovations & Repairs | 382 | 5,224 |
| 52,465 | 101,084 | |
| Other | ||
| Utilities | 239 | - |
| Admin | - | 350 |
| 239 | 350 | |
| Support costs |
This page does not form part of the statutory financial statements
Page 11
| House of Champions Ministries | |||
|---|---|---|---|
| Detailed Statement of Financial Activities | |||
| for the Year Ended 31 March 2022 | |||
| 31.3.22 | 31.3.21 | ||
| £ | £ | ||
| Support costs | |||
| Finance | |||
| Bank charges | 57 | - | |
| Governance costs | |||
| Accountancy and legal fees | - | 2,500 | |
| Total resources expended | 52,761 | 103,934 | |
| Net (expenditure)/income | (18,920) | 981 |
This page does not form part of the statutory financial statements
Page 12