GATEWAY MINISTRIES Trustees. annual report for the year ended 31 July 2024 GATEWAY MINISTRIES Report and Accounts 31 July 2024 Charity Number- 1108898 Company Number: 05188561
GATEWAY MINISTRIES Trustees, annual report for the year ended 31 July 2024 Contents Pages Charity Information Trustses, Report Statement of the trustees. responsibilities Independent Examiners Report 11-13 Funds Statements: statement of finanaal activities Fixed Assets Funds Movements in Funds Income and Expenditure Account 14 15 15 16 Balance Sheet Notes to the accounts 17 18-26
GATEWAY MINISTRIES Trustees, annual report for the year ended 31 July 2024 Charity Inforniation: The trustees present their report and accounts for the year ended 31 July 2024, which also comprises the directors, report required by the Companies Ad 2006. Reference and administrative details The legal name ofthe charity is- GATEWAY MINISTRIES. The charity is also known by its operating name, Gateway Chapel. The charlty's areas of operatlon and UK charitable reglstration The charity is registered in England & Wales with the Chaiity Commission in England & Wales {CCEW) With charity number 1108898. The company is a chartty with a primary objective lo reach the lost for Christ in the South-East with an operational focus within Dartford. Legal structure of the charity The charity is conslitLrted as a company limited by guarantee. registered under the Companies Acl. The governing document of the charity is the Memorandum and Articles of Association establishing the company under company legislation. There are no restridions in the governing documents on the operation of the Charity or on tts investment powers other than those imposed by charity law. By operation of law. all trustees are directors underthe Companies Act 2006 and all directors are trustees under Charities legislation and have responsibilbties. as such, under both company and charity legislation. The principal operating address, telephone number. email address and web address of the Charity Camp David 10 Kennet Road, Crayford DA14QN Telephone 01322 553337 Email Address admin@gatewaychapel.org.uk Web address https.'Ilgatewaychapd.org.uk The reglstered office of the chaiity for Companies Act purposes is.". 388 Wrotham Road Gravesend DA117PF Bankers Uoyds Bank 4- 6 High Street Dartford. DA11BY
GATEWAY MINISTRIES Trustees, annual report for the year ended 31 July 2024 The trustses in the office on the date the report was approved were... Mr. Ade Oluwatundemilade Adewumi Mr. Samson Okiama Omole Mr. Samuel Olatubosun Onolaja The following people served as trustees during the year ended 31 July 2024.". The trustees who seNed as trustees in the reporting period were as shown above. and there were no changes during the year, or in the period beeen the year end and the approval of the accounts. The following tnjstee is also a member of the charity- Mr. Samud Olatubosun Onolaja.
GATEWAY MINISTRIES Trustees. annual report for the year ended 31 July 2024 Objectives and activities of the charity Tho purposes of the charity as set out in its governing document a. To advance the Christian faith in accordance with the statement of belief appearing in the schedule hereto in London and such other parts of the United Kingdom or the world as the trustees may from time to time think fit and to fvlfil such other purposes which are exclusively charitable according to the law of England and Wales and are connecaed with the tharitable work of the trust. b. To relieve persons who are in conditsons of need or hardship or who are aged or sick and to relieve the distress caused thebY in the said location and in such other parts of the Untted Kingdom or the world as the trustees May from time-tcptime think fit. The main activities undertaken in relation to those purposes during the year Gateway Chapel. a vibrant church situated beeen Erith and Crayford. has been established now for over 19 years wilh a vision to impad our local community. Our aim is to take a more active role in the betterment of our community, both immediate and wider. With this in mind, we have partnered with organisations such as Ellenor Lions Hospice. UNICEF. Samaritans and Tearfund amongst others. The main activitles undertaken during the year to further the charity's purpose for the public benefit The trustees have had regard to the Charity Commission's guidan{ on public benefit in managing the activiti'es of the charity. Our main activities and who we try to help are described below. All our charitable activities focus on the advancement of the Christian religion and the relief of poverty and sickness. a. Ministering every week to the spiritual needs of the people through Bible study, prayer meetings. counselling sessions and healing meelings. b. Our focus as a ministry and church is the outreach for souls. The short term and longer terni alm and objectlves Our main objectives continue to be the adVanrnent of the Christian religion and the relief of poverty and sickness. The strategies we applied to meet these obj'ectives induded.. Provision of weekly church services on Thursdays and Sundays to minister to the physical, spirbtual and material needs of the congregants. 2. Provision of special events and meetings to meet the specific needs of target groups in the church such as men, women. youth and children. 3. Focusing on the material needs of rtain members undergoing difficult financial situations.
GATEWAY MINISTRIES Trustees. annual report for the year ended 31 July 2024 4. Working with other Christian agenues and churches in London to advance the preaching of the gospel. Provision of pasloral care for congregants and other members of the community. 6. Missionary and outreach work. Internet TV evangelism. How the activltles undertaken durfng the year contributed to the achievement of the aims and obje¢tAves All the aclivilieslprojects have enabled us to: create an awareness within our congregation. who now understand the Iheological basi5 for what we do in the communty and have thus given their time and reSoUrS accordingly. build a network of relationships with community residents. leaders and partners. raise funds that have enabled children and young people with life-limiting and lrfe- threatening condttions to receive full hospice care in their and their families, place of choice, which is ovemhelmingly their own homes. give gifts that make a real difference in people's lives. Our gifts supplyfamilies with food and Easterlchristmas presents in difficult situations. offer prayers alongside our evangelical programme 'Operation Andrew. which has offered restoration and hope in Christ to all who are open to spiritual guidance. The contribution of volunteers during the year The charity depends on the support of its volunteers, which is much appreciated. The church is grateful for the unstinting efforts of its volunteers who are involved in seNice provision, office work and administration. It is estimated that over 19,500 volunteer hours were provided during 202312024. The arrangements with volunteers are difficult to value precisely in monelary terms and have not been recognised in the statement of financial aclivities. The volunteers and the charily accept and agree that no contract of employment is created by these arrangements. The degree to which the achievements and perfomiance during the year have benefited wider society Our church seTvices are presented with both the regular congregant and the visitor or seeker in mind. We minister to the physical, mental and spiritual needs of the whole man in our services giving specific consideration to the seekers or newcomers in our midst who may not necessarily have a church background and as such may not understand the prOSseS and procedures of Chrislianity- We have also helped relieve poverty and hardship amongst both regular and irregular congregants who are suffering from a period of financial hardship due lo unemployment and lack of finaneial resources.
GA TEWAY MINISTRIES Trustees, annual report for the year ended 31 July 2024 The signlflcant chantable activities undertaken in theyagr The following activities were undertaken irb the year under review: Christmas jumper to support Ellenor- 16th Dmber 2023 YOUTH Christmas donation foodbank- December 2023 NHS Health Check- 02 December 2023 NHS Health Check- 05 August 2023 21 Care packages for 21 years- 03 April 2024 Structure, governance and management of the charity The methods used to recrult andappoint new charity tmstees The directors who are also charity trustees for the purposes of charity law are in charge of the strategic direction ol the charitable Irust. Under the requirements of the Memorandum and Articles of Association, the trustees are elected to ser¥e for a period of three years after which théy must be re-elected at the next Annual General Meeting. All trustees give their time voluntarily and receive no benefits from the charity- Due to the nature of church work. trustees appointed have been so selected on the basis of their faith, strength of characler, skills set in the area of business management and growth and commitment to the vision of the charity. The policles andpm¢edures forthe inductlon and training of trustees Most trustees are already familiar with the practtcal work of the charity having been friends of the church for a number of years. Additionally, new trustees are inviled and encouraged to function in the capacity as friends of the church in order to understand the offerings of the church and its market. Additionally new trustees would be invited as required and encouraged to attend a series of short training sessions to familiarise themselves with the charity and the context within which it operates. These sessions would be jointly led by the chair of trustees and the chief executive or senior pastor of the charity and cover. The obligations of trustees. The main documents which set oth the operational framework for the charity including the Declaration of Trust. Resourcing and the current finanL?al position as set out in the latest published accounts. Future plans and objectives. A question & answer pack would be prepared which draws information from various Charity Commission publications signposted through the Commission's guide"The Essential Trustee" as follow up to these sessions. This will be distribLrted to all new trustees along wilh the Memorandum and Articles of Association and the latest financial statements.
GATEWAY MINISTRIES Trustees, annual report for the year ended 31 July 2024 The Charlty's organisatlonalstrncture Gateway Ministries is governed by a board of trustees elected to serve the charity and run its affairs. Annually. the board reviews the range of skills tl has available and uses its power of co- option to ensure that gaps are filled. There are a number of other lteria that a trustee musl meet. The board of trustees are assisted by the department leaders. How the charlty makes declslons and how decisions are delegated The board of trustees meet quarterfy and are responsible for the strategic direction and policy of the charity- A scheme of delegation is in place and day to day responsibility for the provision of the services rest with the Senior Pastor who is also the Chief Executive. He is ably assisted by an administrative team who implement day-to-day operations. The administrative team continues to develop their skills and working practices in line with good practice. rhe charity's relationshlps with relatedparties In Ihe year under review, the sum of £57,532 {£47.289 in 2023) was paid as lease rental to Ciwall Associates mIted for the use of the worship centre on 10 Kennet Road. Craylord, DA1 4QN. Ctwall Associates is the lessor of the property under an operating lease arrangement. It is however worth mentioning that a director of the lessor. Pastor Eddie Iduoze, is also the Minister-in-charge of Gateway Ministries. In the course of our assignment, we are satisfied that the is no transfer of economic benefits to any trusteeldirector or responsible offir of the chartty as a result of this transadion. as is the requirement of IAS 24 Related Party Disdosure. Furthermore. the lessee from the year 201512016 has done substantial improvement on the property, and these sums have been fully expended. Financial review The charity's flnancial position at the end of the year ended 31 July 2024 The financial position of the charity at 31 July 2024 and comparatives for the prior period. as more fully detailed in the accounts. can be summarised as follows: _ Un-audited IR94tstedl 2023 Net income 44.677 134,5761 Unrestricted revenue funds available for the general purposes of the Charty 671,505 706.081 Totsl funds 716.182 671.505 Financial review of the position at the reporting date, 31 July 2024 During the year, income of £903,716 (£747.157 in 2023) was received as voluntary donations. The net income for the period, as shown in the statement of financial activities, forthe period was £44.677 (a loss of (£39,606 in {Re-stated) 2023). The value of Gateway Ministries, net assets as at 31 July 2024 is £716,182 (£671,505 in 2023{R&stated)).
GATEWAY MINISTRIES Trustees. annual report for the year ended 31 July 2024 Policies on reserves The board of trustees has examined the charity's requirements for reserves in light of the main risks to the orgarsisation. It has established a policy whereby the unreslricted fvnds not committed or invested in tangible fixed assets held by the charity should be between 3 and 6 months of the expenditure. The expenditure for the year is £1.045.480 (2023 Re-stated: £967,1). therefore the targeted reserves should be beeen £522.666.50 and £261,333.25 in general funds. The reseeS are needed to meet the working capital requirements of the charity, and the trustees are confident that at this level they would be able to continue the current activities of the Charity in the event of a significant drop in funding. This general reserve policy has been met and exceeded this year as in previous years. The majorrlsks to whlch the charlty is exposedand revlews andsystems to mltigate them The trustees have identified the major strategic risks to whith Gateway Ministries are exposed and established controls and actions to mitigate them. Each year. risk assessments tske place at our office in Crayford and these risk assessments are subject to continual review and monitoring. The trustees take all appropriate steps to m¢xlerale and manage the inevitable operational risks to which volunteer staff and assets of Gateway Ministries are exposed. Competence-based training for volunteers, employefs liabilty insurance, monitoring of new legislative requirements are examples of steps laken. In particular. there are policies and procedures for children and vulnerable adults, protection and for health and safety risk5. Furthermore. a risk register is to be established and UFrflated at least annually. Prlncipal fundlng sources in the year and how these support the key objectives of the charlty The principal fvnding sources for the charity are currently by way of donations and gifts from congregants through the offering baskets passed during church services and through bank standing orders. We have exercised our right to reclaim the tax on the donations and gifts received from the congregants arKI this has proved a steady and growing source of additional income. Plans for the future Summary of plans for the future and the trustses, perspective of the fvture direction of the charity Gateway Chapel is a friendly. fvn filled. family church with the mission to build by the word of God. Our vision is to deliver the gospel. develop marketplace ministers and display influence globally. Our Goals Mission oriented: To deliver the gospel to every major city in the world through the power of media. Marketplace: To develop creative and dynamic professionals into urban missionaries representing Christ in every people and professional group through the power of mentoring. Mega church.. To display influence by the strength of discipleship through the power of minislry. Our Culture- We stand for fun, friendship, family & fellowship. Mission: This is a ministry where young professionals are groomed to become urban missionaries in their careers and businesses. They display unique dimensions of divine Excellency right in the very heart of the marketpla. So, whether they are weary or high-spirited, affluent. or modestly classed, at Gateway Chapel, they will find succour, restoration of hope and strength. and a potent message that is always relevant to the needs of its people.
GATEWAY MINISTRIES Trustees. annual report for the year ended 31 July 2024 Plans Gateway Media Outreach". Preaching the undiluted word of God globally with the instrumentality of technological infrastmrture available now. ouuets like the YouTube allows us present the messages to both the regular members of Gateway Chapel as well as other listeners from countries around Europe. Asia, America and Africa. We keep increasing the quality of our messages to also ensure we keep reaching those both near us as well as having wider reach and relatable appeal. Gateway Chapel Outreach (Medway): Gateway Chapel is planting an outreach centre in the Medway and Sittingboume area. The church is set up to reach out to the communities in the said area. To help spread the news of Jesus as a church, providing and preaching the undiluted word of God. We plan to share our values of helping the community in supporting families, providing strong fellowship as well as being available as friends to the members of the community. Gateway Smart Hub.. The Camp Dawd building of Gateway Chapel is fitted with furniture and set up as a place for professionals. Gateway Chapel attendees and other members of the community can use it as a 'work from home, location and hub to enrich mental and emolional wellness, thereby helping to alleviate some of the challenges and effects of social isolation. Wth life going back to normai for most, we plan to maximise the current hub and open more hubs in future. Gateway NXL = The youth church of Gateway Chapel is set up to cater for Ihe spiritual as well as social needs of teenagers. This group has and will continue to help teens as well as their parents in dealing with the issues of the present day through the instrumentality of training. mentoring as well as other educational conferences. The group cuffently meets in a separate centre from the church. The services and programmes have been highly attractive to teenagers. and we have successfully engaged the youths in the community. We, however, plan to scale this up to a huge MmUnty of youths that will help make a difference in our borough. We plan to model after churches that have successfully been able to affect the youths around them positively. The church we are planning to model after is the Heart of God Church Generations in Singapore. Gateway Music: Gateway Chapel did not release any new album this finanaal year, but we had a few concerts indusive of The cross over service. Gateway Domestic Mission: The community liaison section of the church ha5 over the years come up with many fundraising inÈtialives that have seen the whole church get involved in helping local charities through our donations of essential items and sometimes finanaal contribution to the work of such charities. The charities we have the plans to continue to support are MIND Bexleyheath. our local mental health charity. Ellenor- the local hospi, old people's home and the food bank in Bexley. Gateway Intemational Mission: We currently have one international mission centre, located in Lagos, Nigeria. Our plan is to open more intemational mission stations in the near future. These stations will serve as churches and educational centres. We also have plans to establish associations in countries represented at Gateway Chapel. In addition to Nigeria, Uganda and South Africa are the countries we are looking at in the immediate future for mission and ministries as well as partnerships before rolling out lo other nations. Gateway Foreign Mission to Uganda- We currently have a yearly mission trip to Uganda where we work with an orphanage to provide financÉal assistsnce for the running of the orphanage. We are also working hand in hand with a small church to provide bibles and skills for the local leaders in the communty. Lastly. we are working with a main church to provide marketplace skills development training with "Taking Your Marketplace" This is an ongoing yearfy visit and project.
GATEWAY MINISTRIES Trustees. annual report for the year ended 31 July 2024 ststement of the trustees. responsibilities The charity's trustees are SpOnsIble for the preparation of the accounts in accordance with the tems of the Companies Act 2006. the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Nolw'thstanding the explicit requirement in the extant statutory regulations, Ihe Chartlies (Accounts and Reports) Regulats"ons 2008. to prepare the financial statements in accordance with the SORP 2005, in view ofthe fact that the SORP 2005 has been wilhdrawn, the truslees detemiined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015. (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1s1 January 2019), (The SORP),. In particular. the Companies Act 2006. and charity law requires the Board of trustees to prepare financial statements for each financial year which grve a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or defiLIt of the charity. In preparing those financial statements the Board is required to-. - to prepare the accounts in accordance with Untted Kingdom Generally Accepted A(xounting Practice (United Kingdom Accounting Standards and applicable law).. select suitable accounting policies and apply them consistenlly- make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going conrTr basis unless it is inappropriate to presume that the charity will ntinUe in business. state whether applicable aGcounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the finanaal statements. The law requires that the trustees musl not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year. The trustees are also responsible f¢y maintaining adequate accounting records which disdose wrth reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charitys transactions and enable them to ensure that the financial statements cornply wilh the Companies Act 2006 and comply with gUlationS made under the Charities Act. They are also responsible for safeguarding Ihe assets of the charity and hence for taking reasonable sleps for the prevention and detection of fraud and olher irregularities. The trustees are also responsible for the contents of the Injstees. report, and the statutory responsibility of the independent examiner in relation to the trustees, report is limited to examining the report and ensuring that, on thè face of the report, there are no material inconsistencies with the figures disclosed in the financial ststements.
GATEWAY MINISTRIES Trustees, annual reportfortheyear ended 31 July2024 Method of preparatlon of a¢¢ounts- Small company provision8 Thefinancialststements are set outon pages 14to 26. The financial statements have been prepared implementing the FRS 102 SORP (Statement of Recommended Practice forAccountingand Reporting bycharitiesl 2015. las amended bythe Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1stJanuary 20191. (The SORPI, and in accordance withthe Financial Raportingstandard 102, (effective 1 st January 2016). Thesefinancialstatements have been prepare(i in accordancewiththe provisions in Part 15 of the Companies Act 2006 applicableto companiessubjectiothe small companies regime. Thls report was approved tythe board of trustees on 2910712025. Mr. Samson Omole DirectOrrUStee io
GATEWAY MINISTRIES INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF GATEWAY MINISTRIES OPINION We have audited the financial statements of Gateway Ministries (the 'charitable cornpan for the year ended 31 July 2024 which comprise the statement of financial activities. the balance sheet and notes to the financial statements induding significant accounting poliues. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. induding Financial Reporb"ng Standard 102 'The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland, (United Kingdom Generally Accepled Accounting practi}. In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as al 31 July 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended- have been properfy prepared in accordan wtth United Kingdorn Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Charities Act 2011. BASIS FOR OPINION We conducted our audit in accordan viith International Standards on Audrting (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, induding the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN We have nothing to report in respect of the following matters in relation to which the ISAS {UK) require us to report to you where= the Trustees, use of the g(yng concern basis of accounting in the preparation of the financial statements is not approprtate: or the Trustees have not disdosed in the ffinancial statements any identified malerial uncertainties that may cast significant doubt about the charitable company's ability to conlinue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorized for issue. OTHER INFORMATION The Trustees are responsible for the other information. The other information comprises the information included in the Annual report. other than the financial statement5 and our Auditots. report thereon. Our opinion on the financial statements does not cover the other infomiation and we do not express any fomi of assurance conclusion thereon. In connection with our audit of Ihe finanrial statements. our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the finanual statements or our knowledge obtained in the audit or olheTrvtse appears to be materially mi&stated. If we identify such material inconsistencies or apparent material 11
GATEWAY MINISTRIES INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF GATEWAY MINISTRIES misstatements. we are required to detemiine whether there is a material misststement in the financial statements or a material misstatement of the other infomiation. If, based on the work we have perfomed. we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion= the information given in the Trustees. report is inconsistent in any material respect with the financial slatements. or sufficient accounting records have not been kept". or the financial statements are not in agreement wth the accnunting records and retums., or we have not received all the infomiation and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees. responsibilities statement. the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees detemiine is necessary to enable Ihe preparation of finanal statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern. disdosing. as applicable, matters related to going concem and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations. or have no realistic altemalive bul to do so. AUDITORS. RESPONSIBIUTIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as auditor under section 144 of the Charities Act 2011 and report in acrdanCe with the Act and relevant regulations made or having effect there under. Our objectives are to obtain reasonable assurance about vthether the finanaal statements as a whole are free from material misstatement, whether due lo fraud or error. and to issue an Auditors, report that indudes our opinion. Reasonable assurance is a high level of assuran. but is not guarantee that an audit conducted in accordance with ISAS (UK) will always detect material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line wilh our responsibilities, OLrtlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our prOdureS are capable of detecting irregularities. including fraud. is detailed below= 12
GATEWAY MINISTRIES INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF GATEWAY MINISTRIES Enquiries conMIng the chartties policies and procedures relating lo.. Identifying, evaluating and complying wth law and regulations and whether they were aware of any instances of non-compliance Detecting and responding to the risks offraud and whetherthey have knowledge of any actual, suspected or alleged fraud. Discussions among the engagement team regarding how and where fraud might occur in the finaneAal statements and any potential indicators of fraud. In common with all audits under ISAS (UK). we are also required to perform specific procedures to respond to the risk of management override. Performed analytical procedure5 to identify any unusual relationships. Tested journal entries to identify unusual transaclions. We also obtained an understanding of the legal and regulatory frameworks that the company operates in. As a result of performing the above. we did not identify any key audit matters lated to the potential risk of fraud or nonpcompliance. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description foms part of our Auditors, report. OTHER MATTERS The comparative figures are unaudited as the company was not subject to an audit in the previous accounting period and it has also been re-stated where applicable in respective heads. USE OF OUR REPORT This report is made solely to the charitable company's trustees. as a body, in accordance with Part 4 of the Chartties (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable CoMpanS trustee5 those matters we are required to stste to them in an Auditors, report and frjr no other purpose. To the fullest extent permitted by law, we do not ap1 or assume responsibility to anyone olher than the charitable company and its trustees. as a body. for our audit work, for this report. or for the opinions we have formed. OLIJ Krishna Prasad Dahal (Senior Statutory Auditor) For and on behalf of Bayar Hughes & Co Limited Statutory Auditors Chartered Certified Accountants 4 Green Lane Business Park 238 Green Lane New Eltham. London SE9 3TL Date". 2910712025 Bayar Hughes & Co Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 13
GATEWAY MINISTRIES . Statementof Financial Activities forthe year ended 31 July 2024 Statement of financial activities (including the Income and Expenditure Account for the year ended 31 July 2024, as required by the Companies Act 2006) Notes Current year Current year Current year Prior Year Un-auditsd {Re-Stated) Total Funds 2023 Unrestricted Funds 2024 Restr(cted Funds 2024 Totsl Funds 2024 Income Donations & gift aid Totsl income 1.083,849 933,385 21 1,083.849 1,083,849 1.083,849 933,385 Exceptional item 26 6,308 6,308 Expenditure on: 967,961 Charitable activities 25 1,045.480 1,045,480 Total expenditure 1,045,480 1,045,480 967,961 Net income for the year 44,677 44.677 {34,5761 Net income after transfer3 44,677 44,677 (34,5761 Net movement in funds 44.677 44,677 (34,576) Reconciliation of funds: . Total funds brought forward 671,505 671,505 706,081 Total funds carried fovNard 716,182 716,182 671,505 The 'SORP Ref indicated above is the das$IcatiOn of income set out in the fomial SORP docvments. As required by paragraph 4.60 of the SORP, the fvnds brought forward and carried fopward above have been agreed to the balance sheet. A separate ststement of totsl recagnised gains and losses i8 not required as this ststement indudes all recognised gains and losses. All the prior year transactions were unrestricted ilems, and no further analysis is requir1. Al activities derive fmm conb'nuing operatK)ns. The notes attached on pages 18 to 26 forni an integral part of these accounts. 14
GATEWAY MINISTRIES- Statementof Financial Activities forthe yearended 31 July 2024 GATEWAY MINISTRIES - Resources applied in the year ended 31 July 2024 towards fixed assets for charity use:. Un-audited (Re-stated) 2023 2024 Funds generated in the year as detailed in the SOFA Resources applied on functional fixed assets Net resources available to fund charitable activities 44.677 (33.552) 11,125 (34,576) (5,030) 139,6061 The resources applied on the red assets for charity use represent the cost of additions, less proc6eds of any disposals. Movements in revenue and capital funds forthe year ended 31 July 2024 Revenue accumulated funds Unrestricted Funds Restricted Funds Last year Total Funds Un-audited (Re-stated Total Funds 2024 2024 2024 2023 Accumulated funds brought fOard Recognised gains and losses before Iransfers Closing reserve funds Prior year adjustmenl 706,081 671.505 671,505 44,677 44,677 (72,081) 634,000 37,505 716,182 716.182 Closing reserve funds 716,182 716,182 67q,505 Summary of funds Unrestricted and designated funds Restricted fvnds Totsl funds Last year totsl funds Un-audited {Re-Statsd) 2023 2024 2024 2024 Revenue accumulated funds 716.182 716,182 671,505 The notss atta¢hed on pages 18 to 26 fonn an integral part of these accounts. 15
GATEWAY MINISTRIES - Ststement of Financial Activities forthe year ended 31 July 2024 GATEWAY MINISTRIES Income and Expenditure Accountforthe yearended 31 July 2024 as required by the Companies Act 2006 Un-audited {Re-Statedl 2023 2024 Income Income from operations Other operating income Gross income in the year before exceptional items Exceptional item Gross income in the year including exceptional items 1.083,849 933,385 933,385 1,083,849 6,308 933,385 1,090.157 Expenditure Charitable expenditure, excluding depreciation Depreciation Governance Costs 1.005,707 23,073 16,700 947,930 16,531 3,500 Totsl expenditure in the year 1,045,480 967,961 Net income before tax in the financial year Tax on surplus on ordinary activities Net income after tax in the financial year Retained surplus for the financial year All activities derive from continuing operations 44,677 {39,606) 44,677 44,677 (39,606) (39,606) In accordance with the provisions of the Companies Act 26. the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities. The notes attached on pages 18 to 26 forni an integral part of these accounts. 16
GATEWAY MINISTRIES - Balance Sheet as at 31 July 2024 Un4udited {Re4tated) 2023 2024 Fixed A&8ets Tangible Assets 32.252 21.773 CurrentAssets Debtors Cash at bank arKI in hand io 59,454 fA1,867 51,047 604.578 Totsl current assets 701,321 655.625 Creditors: amounts falling due within one year 11 117,391) (5,893) Netcurrent assets 683,930 649,732 The total net assets ofthe charity 671,505 716.182 The totaj net assets of the ch8rityarè funded by the funds of thè charity. as follows: . 2024 2023 Restricted Funds Reslrtcted Funds Unrestricted Funds Unrestricted ravenue funds 12 716.182 671.505 716,182 71&182 671.505 671,505 Total charity funds For Ihe financial year in question. the company was entilled to exemption from the audit requirement under section 477 of the Companies Act 2006 relating to small companies. No members have qUIred the company to obtsin an audit of its fmanual statements under the requiremants of the companies Act 21)06 for ihe yéar in question in a¢cordan¢e V•ith section 476. However. an audit has been carried out urKler section 144 of Ihe Charities Act 2011. The Directors acknowledge their responsibilty for ¢omplying with the requirements of the Companies Act 2006 and the Charities Act 2011 with respect to accounting records for the preparation of financial statements. These financial siaiements have been prepared in accordance with the provisions applicable to compani85 subject to the small companies. re9ime. Mr. Samson Omole Truste8 Approved by the board oftrustees on Thè nots8 atta¢ho11 on pag8$ 18 to 26 forni an Integr41 part of the accounts. 17
GATEWAY MINISTRIES Notes to the Accounts forthe yearended 31 July 2024 1 Accounting policies Policies relating to theproduction of the accounts Basis of preparation and accounting convention The accounts have tken prepared on Ihe accruals basts. under the historixl cost convention, and in accordance with the Financial Reporting Standard 102, {effecbve 1 sl January 2016) and'FRS 102 SORP {SÉalemenl of Recommertded Practice for Accounting and Reporting by Charttiesl 2015, (as amended by the BLI[tin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019). rrhe SORP). published by the Charity Commission in England & Wales ICCEW) effecb've January 2016. and in accordance with all applicable law in the charity's jurisdiction of registration, exceptthal the Charity has prepared the financial statements in accordan with the FRS 102 SORP Islalemenl of Recommended practi forAccounting and Reporting by Charities) 2015. {as amended by the Bulletin issued in October 2018 and applicable to all accounb'ng periods beginning on or after 1st January 20191. ffhe SORPI. in preferen lo the previous SORP, the SORP 2005, whi¢h has teen withdrawn. nots¥ithstaThJing the fact that the extant statutory regulations, the ChaTlties (Accounts and Reports) Regulations 2008 refer explicilty to the SORP 2005. This has been done to accord wrth the current st practice. Going concern The charitable activities are entirety dependent on voluntary donations as well as gift aKls. As a ¢onsequence, the going concem basis is dependent on the future fkjw of these unrtain funding streams. Accordingly, the trustees have obtained forecasts and, after revEwing the financial fore¢asts for futtjre periods to 31 July 2026. the trustees are satisfied that. at the lime of approving the financial statements, it is appmpriate to adopt the going concem basis in preparing the financial slatements. Other than these matters. the tTuslees are not aware of any material UnrtaIntieS about the charity's ability to continue as a going concem. Risks and future a5$umptlons The Charity ts a public benefrt entty. The trustees have assessed the major risks lo which the church is exposed. in particular those related to the operaliDns and finances of the church and are salisfEd that systems and proureS are in place to mitigate our exposure lo the major risks. The church is covered by a Church & Congregation Insuran poIY and this covers a number of risks induding Bu[1ng & Contents, Income arsd Financial Risks, Trustees, Indemnty, Fire & ThefL Empbyers, All Risks, etc. Policies relating to categories of income and income recognibon Nature of Income This is provided mainly through voluntary tithe5 and offerings by the church members and through gfft aid scheme. Ptedges a also taken for speeific projects. Categories of income Income is calegorised as income from exchangetransactions (contract income) and income from nonxd)ange transactions Igrfts), investment income and other income. Income from exchange transactions Is reoNaJ by the charrty for gocKls or se$ supplled under contract or where entitlement is subject lo fulfilling perfomiance-rew conditions. The income the charity receives 15 approximately equal in value lo the goods or servi$ supplied by the charity to the purchaser. Income from a nonwexchange transaction is where the charity receives value from the donor without providing equal value in exchange. and indudes donations of money. goods and services fteety given without giving equal value in exchange. 18
GATEWAY MINISTRIES Notes to the Accounts for the year ended 31 July 2024 Income recognition Income subject to te$ and conditions which must be met befo the charity is ents'ued to the resources is not recognk8ed until the Conditions have been met. All income 15 a¢counted for gross, before deducting any related fees or costs. Policies relating to expenditure on goods andservicespmvidedto the chaiity Recognition of Ilabllities and expenditure A liabilty, and the related expenditure, is recognised when a legal or constructive obligation exists as ? result of a past event, and when it is more likely than not that a transfer of economic knefits will required in setuement, and when the amount of Ihe obligab'on can be measured or reliably estimated. Liabilities arising from fvlure funding commilments and constructive obligabons. including performance relatsd grants, where the liming or the amount of the futu expenditure required to setue the obligats'on are UnrtaIn, give rise to a provision in the accounts, which is reviewed at the year end. The provision is increased to refiecl any increases in liaL7ililies and is decreased by the utilisalion of any provision within the peri¢xt and reversed rf any provision is no longer requir. These movements are charged or credited to the respective funds and athities Éo which the provision reles. Volunteers In accordance with the SORP, and in nItion ofthe diftultEs in placing a monetsry value on the contribution from volunteers, the contribution of volunteers is not induded within the income of the charity. However, the trustees value the signifficant contribub'on made lo Ihe activities of the charity by unpaid volunteers and this Is described more fully in Note 5. Policies relating to assets. liabilities andprovisions andothermatters Tangible fixed assets are rneasured at their original cost value, or Subsequent revaluation, or, rf donated, as described abo. Cost value includes all the costs expended in bringing the asset into its intended working eond¢tion. Depreciation has been provided at Ihe foltowing rates in order to write off the assets to their anticipated resKlual value over their estimated useful lives. Music, media and office equipment Fumilure and fitbngs Motor vehides 25 % straight line 25 % straighl line 25 % straight line Debtors Debtors are measured at their recoverable amounts at the balan sht date. Fund Accounting Unrestricted funds are available for useatthe discretion of the trustees in frjrtheranceof the general objectives of the charity. Restricted funds are subjected to restrli0S on thety expenditure imposed by the donor or through the temis of an appeal or as impl¢ed by law. 2 Liabilityto taxation The Iruslees considerthat the charity s8tisfEs the lests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporatior* tsx PLtrposes_ According. the Charity is potentially exempt from taxation in iespect of income or capitsl gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the faxalion of Chargeable Gairts Act 1992, to the extent that suth income or gains are applied exclusNely on the specffic charitsble objects of the charity and for no other purpose. Value Added Tax is not recoverable by the charity. and is therefore. included in the relevant costs in the Statement of Financial Acbvibes. 19
GATEWAY MINISTRIES Notes to the Accounts for the year ended 31 July 2024 3 Winding up or dissolution of the charity If upon winding up or dissolution of Ihe charity there remain any assets. after the sab'sfaction ol all debts and liabilities, the assets represented by the accumulated fund shau be transferred to some other charitable b¢JJy or bOdS having similar objects lo the charity. 4 Critical accounting eSMatss and judgments In the application of the charity's accounting policies, the Trustees are requitBd to make judgements, estimates and assurnplions about the carrying amount of assets and liabilibes that are not feadily apparent from other sources. Thg estimates ond associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from Ihese esb"mates. The estimates and underlying assumptKsns are reviewed on an ongoing basis. Revision to accounting estimates are recognized in the period in whtth the estimate is revised where the revision affects only that riod, or in the portcKI of the revision and future periods where the revision affects both current arKI fuiufe periods. 5 Netsurplus beforn tax in the financial year 2024 2023 Unvaudited (Re4tatedl The net surplus before tax in the finana81 year is stated after charging: Depreciation of owned fLxed assets Pension costs ststutory Audit Fee 23,073 3,042 7,200 16,531 2,201 6 The contribution of volunteers The charity depends on the support of its volunteers, which is much appreciated. The church is grateful for the unslinling efforts of ils volunteers who are involved in service provision, Offi worf< and administration. It is estimated that over 19,500 volunteer hours were provided during 202312024. The arrangenEnts with volunteers are difficult to value precisely in m¢netary terms and have not been recognised in the statement of financial activitBs. The volunteers and the chanty accept and agree that no contract of empkjymenl is created by these arrangements. 7 Employees The average monthly number ofemployees during the year was.. 2024 Number 2023 Number Total 8 Staff costs and emoluments Un-audlted {Re4tstedl 2023 2024 Salary Co¥ts Gross salaries excluding trustees and key management ¥sOnnel Employerfs national Insuran for all staff Employer's contribution to defined beneffit pension schemes 185,758 17,044 3,042 193,108 16,497 2,201 Total salarles. wages and related costs 205,844 211806 Neither the trustees nor any people connected with them have received any remuneration from Ihe charity or any related enllty, either in the Current or prior year. 20
GATEWAY MINISTRIES Notes to the Accounts for the year ended 31 July 2024 9 Tangible fixed assets Music, media and office equlpment Motor vehicles FumEture & rIng$ Totsl Cost At 1 August 2023 Additions 197,843 33,552 26,587 14,214 238,644 33,552 At 31 July 2024 231.395 26.587 14,214 272,196 Depreciation Al 1 August 2023 Charge for the year 177,848 21.295 24,809 1.778 14,214 216,871 23,073 At 31 July 2024 199,143 26,587 14,214 239,944 31252 32,252 At 31 July 2023 19.995 1.778 21.773 10 Debtors Debtor amounts falling due within one year Un4udited (Re4tstedl 2023 2024 Prepayments Accrued Income Other Debtor 7,523 45.765 181 53,469 7.557 37,505 45.062 Debtor amounts falling due after one year Un4udlted {Re4tated} 2023 2024 Rental deposil 5.985 5.985 5,985 11 Creditors.. amountfalling due within one year Un-audited IRe4tated) 2023 2024 Accruals PAY, NIC, VAT and other taxes Other creditors 7,200 5.928 4.263 17.391 5,893 21
GATEWAY MINISTRIES Notes to the Accounts for the year ended 31 July 2024 12 Income and expenditure account sUmnry Un-audited (Re-stated) 2023 2024 At 1 August 2023 SLtrplus after lax for the year 671.505 44.677 706.081 (34,5761 At 31 July 2024 716,182 671,505 13 Particulars of how particular funds are represented by assets and liabiltties Unrestricted funds Deslgnatgd funds Total funds Restricted funds As at 31 July 2024 Tanglble Fixed Assets Current Assets Current LiabIlleS 32.252 32,252 701,321 (17.391} 701.321 {17,3911 716,182 716,182 Unrestricted funds Un-audited (Re-stated) Deslgnatgd funds Un4udited (Re-stated) Re5tri¢ted fund5 Total funds Un4udSted {Re-Stated) Un-audited {Re-Statgd} As at 31 July 2023 Tangible Flxed Assets Current Assets Current Liabllltles 21.773 21,773 655.625 15,8931 655,625 (5.8931 671,505 671,505 14 Change in totsl funds overtheyearas shown in Note 12, analysed by individual funds Funds brought forward from 2023 UrFaudited (Re4tstedl Adjustment against reserve Funds carried forward to 2025 Movemelrt in funds in 2024 Unrestrlcted and designated funds." Unrestricted revenue funds 671.505 44.677 716,182 Total unrestrictsd and designat funds 671.505 44.677 716,182 Total charity funds 671.505 44.677 716.182
GATEWAY MINISTRIES Notes to the Accounts for the year ended 31 July 2024 15 Analysi5 of movements in funds overtheyearas shown in Note 13 Income Expenditure 2024 Other Gains & Losses 2024 Movoment in funds 2024 2024 Unrestricted and deslgnated funds... Unrestricted T8venue funds 1.083,849 1,039,172 1.039,172 44,677 44,677 16 The purposes forwhich the funds Unrgstrictedand designatedfunds."_ Unrestricted revenue funds These funds are held for meetiro the objectives of the chaftty, and to provide eThes for future actNities. and , subject to charity legisl81ion, are free from all restriCnS on their use. Restrictedfunds.". Reslricled revenue fijnds These funds are to be used for specffic purposes suth as specified within the objects of the charity. Expenditure which meets these criteria will be identified to the fund. together with a fair allocation of management and support costs. 17 Ultimate controlling party The charity is under the control of its legal memtrs. 18 Related Paty Transactions During the year, £57.532 {£47.289 in 20231 was paKI to Citywall Associates Limited as lease rentsl forthe worship centre al 10 Kennel Road. Crayford. DA1 4QN. under an oper8ting lease. A director of Citywall Assoaates, Pastor Eddie Iduoze. also seNes as the Minisler-in-charge of Gateway Ministries. However, our review found no transfer of economic benefft to any trustee. director, or officer of the ¢harity, in line with IAS 24 Related Party Disclosure requirennts. Furthernore, the lessee from the year 201512016 has done substantial improvement on the property, and these sums have been lully expended. There were no related party transactions during the year other than the one disclosed at#)ve. 19 Un-audited financial statement Last years comparab've financsal statements were un-audited. 20 Prior year Re-statement The Company historically recognised Gift Aid tax reclaimed on qualfying donab'ons on a cash basi%A.e., upon receipt as evidenced in bank ststements-even though income is accounted for on an accrual's basis in line with the Charities SORP IFRS 102). A Grfi Atd tsx claim amounting to £37.505 relating lo the year ending 31 Juty 2023 should have been accrued at that date. However. thts amount was not recognised as reCeN0b or induded in income in the financial slalements for that year. The above error and omission has been corrected during the year gtving a retrospective effect on Fund Reselve and receivable balances and the respective mparatiVe figures have been restat&J accordingly. As a result of prior period adjustment. Fund Reserye has increased by £37.505 and the Grant income re¢%ivable was increased by £37.505 during Ihe year ended 31 July 2023. However, the Company reiVed the Grant Income on August 2023 and the respective Grant receivable balance has been realized during the year ended 31 July 2024. This analysis is classrfied by conventional nominal descriptions and not by activity. 23
GATEWAY MINISTRIES Detailed analysis of income and expenditure for the year ended 31 July 2024 as required by the SORP 2015 21 Donations and Gift aid Current year Unrestricted funds Current year Restrictgd funds Current year Total Funds Prior year Total funds Un-audited {Re-stated> 2023 2024 2024 2024 Donations from individuals Grft Aid Total Donatlons and gtfts from indlvlduals 903,716 180.133 903,716 180,133 747,157 186,228 1.083,849 1.083.849 933.385 22 Expenditure on charitsble activities - Direct spending Current year Unrestrlcted funds Current year Restricted funds Current year Total Funds Prlor year Total funds Un-audlted (Re-stated) 2023 2024 2024 Gross wages and salaries - charitable activities Employers. Nl- Charitable activities Llefined benefit pension costs- charitable activities Travel and subsistence- Charilabie activities Marketing and advertising of charitable services Missions- Israel Uganda Singapore - Lagos Evangelism and promotion Subcontractor c05t Print and design Events and meetings Motor Expenses Members welfare Musician expenses Gifts to charfÉies and visiti'ng ministries 185.758 193,108 185.758 17,044 17.044 16,497 2,201 3.042 3,042 37.572 37.572 31,967 19.273 19,273 29,618 25,767 1,739 1.945 13.438 13,438 13,285 35,283 119,471 4.891 20.984 173,254 60.777 13.285 35.283 119,471 4,891 20.984 173,254 60.777 62,110 162,073 7,0 16,790 102,263 40,179 704.072 704.072 693,332 24
GATEWAY MINISTRIES Detailed analysis of income and expenditure for the year ended 31 July 2024 as required by the SORP 2015 23 Support costs for charitable aclivitles Current year Current year Unrestricted Restricted funds fund$ Current year Total funds Prioryear Totsl funds Unuded (Re-stated) 2024 2024 2024 2023 Employee costs notincludedin dI¢t Training Staff health ¢osts Recruitment costs 1,215 2.582 6.127 1,215 1582 6,127 11,208 5,319 Premlses expenses Rental and property lease Rates and water charges Premises repairs, renewals and maintenance Storage and deaning Other PmiseS Costs Propety insurance New location gxpenses 106.209 4394 43.424 106,209 4394 43,424 3,226 9.623 1175 1.100 81912 4,153 18,557 3,451 28,510 1,734 9.623 2.175 1,11)0 Adminlstrative overheads Telephone, fax and inteTnet Insurance Slalionery and printing Security and safety Cat8ring and refreshment Lighting and heating Website expenses Sound and equipment hire Computer supplies and sothre Office expenses Media expenses Subscription 5.810 4.431 1.125 1.007 20.480 9,860 30,652 2,571 1,960 4.516 23.533 5,810 4.431 1.125 1,007 20,480 9.860 30.652 2.571 1.960 4.516 23.533 1.969 5,415 7,748 1,245 322 2,573 26,353 33,770 9,480 5,020 Pn)fessional fees paid to advisors other than the auditor or examiner Other legal and professional 10,811 10,811 3.536 FITnanelal costs Bank charges 2.836 Depreciation Depreciation for the period 23,072 23.072 16,531 Support Gosts before reallocatlon 324.708 324,708 271.129 Total support costs 324,708 324,708 271,129
GATEWAY MINISTRIES Detsiled analysis of income and expenditure for the year ended 31 July 2024 as required by the SORP 2015 24 Other Expenditure- Governance costs CuTrent year Unrestricted funds Current year Current year Totsl funds Prior year Totsl fund funds Un-audlted (Re-5tatedl 2023 2024 2024 2024 Independent gxamlnerfs fees Accountancy Fees Audlt Fees 9,500 7,200 16.7 16,700 25 Totsl Charilable expenditure Current year Unrestricted Current Restricted funds Current year Total funds Prlor year Total fund Un-auditgd {Re-Statedl 2023 2024 2024 2024 Total direct spending Total support costs Totsl governance costs 704.072 324,708 16,7 704.072 324,708 16.7 693,332 271,129 3.5 Totsl charltable gxpendlture 1.045.480 1.045A80 Ai the expenditure in the prior year was unrestricted. 26 Exceptional Items Current year unStrICted funds Current year Restricted funds Current year Totsl funds Prior year Total fund Un-audlted (Rg-statedl 2023 2024 2024 2024 Exceptional Items {6.3081 {6,3081 Total Exceptlonal Items 6.308 6.308 Exceptional items include the 8djustsment entries made for the opening balance difference in the cash and bank balan amounting lo £111.5881. adjustment for the closing bank balance amounting lo £19121 and adjustment for the addib.onal entry made in the fund reserve during the year amounting to £6.192.