REGISTERED CHARITY NUMBER: 1105707
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2024
for
House of Champions Ministries
Argon & Krypton Consulting Ltd (Chartered Certified Accountants & Tax Advisers) Unit 6 Town Quay Wharf Abbey Road Barking Essex IG11 7BZ
House of Champions Ministries
Contents of the Financial Statements for the Year Ended 31 March 2024
| 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 9 |
| Detailed Statement of Financial Activities | 10 |
House of Champions Ministries
Report of the Trustees for the Year Ended 31 March 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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
Argon & Krypton Consulting Ltd (Chartered Certified Accountants & Tax Advisers) Unit 6 Town Quay Wharf Abbey Road Barking Essex IG11 7BZ
Approved by order of the board of trustees on 18 January 2025 and signed on its behalf by:
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 2024.
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.
Shola Makkinwa (FCCA, MSc)
Argon & Krypton Consulting Ltd (Chartered Certified Accountants & Tax Advisers) Unit 6 Town Quay Wharf Abbey Road Barking Essex IG11 7BZ
18 January 2025
Page 2
House of Champions Ministries
Statement of Financial Activities for the Year Ended 31 March 2024
| 31.3.24 | 31.3.23 | ||
|---|---|---|---|
| Unrestricted | |||
| Total | |||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 214,195 | 201,985 | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Charity | 270,773 | 74,315 | |
| Other | 65 | 1,044 | |
| Total | 270,838 | 75,359 | |
| NET INCOME/(EXPENDITURE) | (56,643) | 126,626 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 208,908 | 82,282 | |
| TOTAL FUNDS CARRIED FORWARD | 152,265 | 208,908 |
The notes form part of these financial statements
Page 3
House of Champions Ministries
Balance Sheet
31 March 2024
| 31.3.24 | 31.3.23 | ||
|---|---|---|---|
| Unrestricted | |||
| Total | |||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Heritage assets | 5 | 1,562 | 2,668 |
| CURRENT ASSETS | |||
| Debtors | 6 | 54,548 | 54,548 |
| Cash at bank | 104,234 | 155,582 | |
| 158,782 | 210,130 | ||
| CREDITORS | |||
| Amounts falling due within one year | 7 | (8,079) | (3,890) |
| NET CURRENT ASSETS | 150,703 | 206,240 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | |||
| 152,265 | 208,908 | ||
| NET ASSETS | 152,265 | 208,908 | |
| FUNDS | 8 | ||
| Unrestricted funds | 152,265 | 208,908 | |
| TOTAL FUNDS | 152,265 | 208,908 |
The financial statements were approved by the Board of Trustees and authorised for issue on 18 January 2025 and were signed on its behalf by:
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 2024
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.
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 particular 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.
continued...
Page 5
House of Champions Ministries
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | ||
|---|---|---|
| fund | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 201,985 | |
| EXPENDITURE ON | ||
| Charitable activities | ||
| Charity | 74,315 | |
| Other | 1,044 | |
| Total | 75,359 | |
| NET INCOME | 126,626 | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 82,282 | |
| TOTAL FUNDS CARRIED FORWARD | 208,908 | |
| 4. | TANGIBLE FIXED ASSETS | |
| Motor | ||
| vehicles | ||
| £ | ||
| COST | ||
| At 1 April 2023 and 31 March 2024 | 23,800 | |
| DEPRECIATION | ||
| At 1 April 2023 and 31 March 2024 | 23,800 | |
| NET BOOK VALUE | ||
| At 31 March 2024 | - | |
| At 31 March 2023 | - |
continued...
Page 7
House of Champions Ministries
| Notes | to the Financial Statements-continued | |||||
|---|---|---|---|---|---|---|
| for the Year Ended 31 March 2024 | ||||||
| 5. | HERITAGE ASSETS | |||||
| Total | ||||||
| £ | ||||||
| MARKET VALUE | ||||||
| At 1 April 2023 and 31 March 2024 | 28,534 | |||||
| PROVISIONS | ||||||
| At 1 April 2023 | 25,866 | |||||
| Music & PA Charge for year | 1,106 | |||||
| At 31 March 2024 | 26,972 | |||||
| NET BOOK VALUE | ||||||
| At 31 March 2024 | 1,562 | |||||
| At 31 March 2023 | 2,668 | |||||
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 31.3.24 | 31.3.23 | |||||
| £ | £ | |||||
| Amounts recoverable on contract | 54,548 | 54,548 | ||||
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 31.3.24 | 31.3.23 | |||||
| £ | £ | |||||
| Trade creditors | (1) | - | ||||
| Taxation and social security | 1,566 | 260 | ||||
| Other creditors | 6,514 | 3,630 | ||||
| 8,079 | 3,890 | |||||
| 8. | MOVEMENT IN FUNDS | |||||
| Net | ||||||
| movement | At | |||||
| At | 1/4/23 | in funds | 31/3/24 | |||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 208,908 | (56,643) | 152,265 | |||
| TOTAL FUNDS | 208,908 | (56,643) | 152,265 | |||
| Net movement in funds, included in the above are as follows: | ||||||
| Incoming | Resources | Movement | ||||
| resources | expended | in funds | ||||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 214,195 | (270,838) | (56,643) | |||
| TOTAL FUNDS | 214,195 | (270,838) | (56,643) |
continued...
Page 7
House of Champions Ministries
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
8. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/4/22 | in funds | 31/3/23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 82,282 | 126,626 | 208,908 |
| TOTAL FUNDS | 82,282 | 126,626 | 208,908 |
| Comparative net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 201,985 | (75,359) | 126,626 |
| TOTAL FUNDS | 201,985 | (75,359) | 126,626 |
| A current year 12 months and prior year 12 months combined position is as follows: | |||
| Net | |||
| movement | At | ||
| At 1/4/22 | in funds | 31/3/24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 82,282 | 69,983 | 152,265 |
| TOTAL FUNDS | 82,282 | 69,983 | 152,265 |
| 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 | 416,180 | (346,197) | 69,983 |
| TOTAL FUNDS | 416,180 | (346,197) | 69,983 |
continued...
Page 8
House of Champions Ministries
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 9
House of Champions Ministries
Detailed Statement of Financial Activities
for the Year Ended 31 March 2024
| Detailed Statement of Financial Activities for the Year Ended 31 March 2024 |
||
|---|---|---|
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Tithe & Offering | 67,878 | 90,982 |
| Gift Aid | 9,658 | 9,358 |
| Ghana School Project | - | 9,358 |
| Donation | 140 | 1,580 |
| Others | 219 | 33,367 |
| Ghana School Project | 136,300 | 57,340 |
| 214,195 | 201,985 | |
| Total incoming resources | 214,195 | 201,985 |
| EXPENDITURE | ||
| Charitable activities | ||
| Pastor's Salary | 14,400 | 14,400 |
| Pension Costs | 1,164 | 1,203 |
| Musicians | 267 | 896 |
| Rent & Rates | 10,974 | - |
| Church Expenses | 21,441 | 7,531 |
| Charity Gifts | 701 | - |
| Church Events | 5,557 | 5,557 |
| Insurance | 613 | 1,669 |
| Welfare Support | - | 2,000 |
| Church Rent | - | 9,051 |
| Ghana School Project | 205,302 | 19,931 |
| Fixtures and fittings | 1,106 | 1,106 |
| Transport | 4,800 | 4,800 |
| Telephone/Internet | 1,250 | 1,250 |
| Renovations & Repairs | - | 745 |
| 267,575 | 70,139 | |
| Other | ||
| Legal & Professional Fees | 65 | 1,044 |
| Support costs | ||
| Governance costs | ||
| Accountancy and legal fees | 2,435 | 2,500 |
| Bank interest | 763 | 1,676 |
| 3,198 | 4,176 | |
| Total resources expended | 270,838 | 75,359 |
| Net (expenditure)/income | (56,643) | 126,626 |
This page does not form part of the statutory financial statements
Page 10