CHARITY REGISTRATION NUMBER: 1111761
Charismatic Evangelistic Ministry UK Unaudited Financial Statements
31 March 2022
Charismatic Evangelistic Ministry UK
Financial Statements
Year ended 31 March 2022
| Page | |
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| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 |
Charismatic Evangelistic Ministry UK
Trustees' Annual Report
Year ended 31 March 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2022.
Reference and administrative details
Registered charity name Charismatic Evangelistic Ministry UK Charity registration number 1111761 Principal office
The trustees
Moses Dzikunu Dzifa Mensah Independent examiner Mr Harry Koranteng - FCCA,ACMA Chartered Certified Accountants 2nd Floor 6 Greenwich Quay Clarence Road SE8 3EY
Structure, governance and management
The Charity was incorporated as a company limited by guarantee on 20 October 2005 and is governed by an Articles and Memorandum of Association. Appointment of trustees were initially by recommendation of the elders of the church and then approved by the church members.
Activities organised in furtherance of the objects include regualar sunday church services, religious conventions, seminars and the training workshops.
Objectives and activities
The main objects of the charity are the advancement of the christian faith, the relief of sickness, povertyand the main advancement of education in accordance with christian principles.
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Charismatic Evangelistic Ministry UK
Trustees' Annual Report (continued)
Year ended 31 March 2022
Achievements and performance
On the whole, the financial year ending 31 March 2022 was a good one.
- Our Sunday services and Friday Bible studies via Zoom have been well 'attended' by members and sometimes non-members alike. This was because of the Covid 19 pandemic, to keep members safe. 2. We continue to support Day of Help, Christ to the Rural World Crusades and other ongoing charitable / community projects in Ghana. 3. Charisma Ladies London Zoom conference with Lady Rev Martha Mensah (2nd Lady of CEM) from Ghana, was a huge success. 4. We had a visit from the Senior Apostle Michael Awotwi from the headquarters for a mini-revival weekend. 5. Had a mega Worship & Thanksgiving Service with Vinesong - an international, interdenominational team of Christian missionaries. The team shares the gospel through inspirational and vibrant praise & worship and the Word. This event was well attended and impactful. 6. Two of our leaders were appointed as Pastors by the General Overseer, who would be heading up-coming branches. 7. Our restricted funds towards own place of worship continue to grow.
Challenges
The Covid 19 pandemic impacted largely on our plans and programmes within the financial year under review.
Financial review
The total incoming resources increased by approximately 51.28% to £129,656 (£85,708 in 2021). The total resources expended increased approximately by 42.21% to £86,722 (£61,018 in 2021). The overall net resources resulted in increased of 73.68% to £42,884(£24,690 in 2021)
Plans for future periods
Our plans for the coming are great. We intend:
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Going back to face-to-face Sunday service in June 2022.
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To have our annual Holy Ghost Fire Conference with the General Overseer in October 2022. 3. To have more online presence and use other social media channels to promote our programmes and activities. 4. To start two new church branches in other parts of London. 5. To apply for a grant for community projects that focuses on the youth and the promotion of community cohesion in the Stratford area.
RESERVES POLICIY
The trustees recognise the need to maintain reserves. Unrestricted funds are needed to cover the dayto-day administration and support costs of the charity and also to have funds available for specified projects in the future should the need arise.
RISK MANAGEMENT
The major risks to which the charity is exposed have been identified as the safeguarding the assets of charity and ensuring funds are applied for charitable purposes. Systems and strategies have been put in place to mitigate these risks. Income and expenditure is monitored through the setting of budgets which are compared with actual figures.
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Charismatic Evangelistic Ministry UK
Trustees' Annual Report (continued)
Year ended 31 March 2022
The trustees' annual report was approved on 23 December 2022 and signed on behalf of the board of trustees by:
Mr M Dzikunu Trustee
Trustee
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Charismatic Evangelistic Ministry UK
Independent Examiner's Report to the Trustees of Charismatic Evangelistic Ministry UK
Year ended 31 March 2022
I report to the trustees on my examination of the financial statements of Charismatic Evangelistic Ministry UK ('the charity') for the year ended 31 March 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements 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.
Mr Harry Koranteng - FCCA,ACMA Independent Examiner
Chartered Certified Accountants 2nd Floor 6 Greenwich Quay Clarence Road SE8 3EY
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Charismatic Evangelistic Ministry UK
Statement of Financial Activities
Year ended 31 March 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 125,316 | 4,325 | 129,641 | 85,653 |
| Investment income | 5 | 5 | 10 | 15 | 55 |
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| Total income | 125,321 | 4,335 | 129,656 | 85,708 | |
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| Expenditure | |||||
| Expenditure on charitable activities | 6,7 | 84,249 | 2,523 | 86,773 | 61,018 |
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| Total expenditure | 84,249 | 2,523 | 86,773 | 61,018 | |
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| Net income | 41,072 | 1,812 | 42,883 | 24,690 | |
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| Transfers between funds | (10,653) | 10,653 | – | – | |
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| Net movement in funds | 30,419 | 12,465 | 42,883 | 24,690 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 50,330 | 90,494 | 140,824 | 116,134 | |
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| Total funds carried forward | 80,749 |
102,959 |
183,708 |
140,824 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 13 form part of these financial statements.
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Charismatic Evangelistic Ministry UK
Statement of Financial Position
31 March 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 13 | 5,515 | 7,353 | |
| Current assets | ||||
| Debtors | 14 | 23,097 | 15,054 | |
| Cash at bank and in hand | 157,382 | 120,047 | ||
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| 180,479 | 135,101 | |||
| Creditors:amounts falling due within one | ||||
| year | 15 | 2,287 | 1,630 | |
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| Net current assets | 178,192 | 133,471 | ||
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| Total assets less current liabilities | 183,707 | 140,824 | ||
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| Net assets | 183,707 | 140,824 | ||
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| Funds of the charity | ||||
| Restricted funds | 102,958 | 95,158 | ||
| Unrestricted funds | 80,750 | 45,666 | ||
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| Total charity funds | 17 | 183,708 |
140,824 |
These financial statements were approved by the board of trustees and authorised for issue on 23 December 2022, and are signed on behalf of the board by:
Mr M Dzikunu Position
Trustees
The notes on pages 7 to 13 form part of these financial statements.
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Charismatic Evangelistic Ministry UK
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 71 Deepdene Road, Loughton, Essex, IG10 3PH.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements does not requires management to make judgements, estimates and assumptions that affect the amounts reported.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Charismatic Evangelistic Ministry UK
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
All fixed assets are initially recorded at cost.
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Charismatic Evangelistic Ministry UK
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings - 25% reducing balance Equipment - 25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Donations | |||
| Tithes and offerings | 57,998 | – | 57,998 |
| HMRC Charities | 22,797 | – | 22,797 |
| Tithes and offerings from Milton Keynes | 43,871 | – | 43,871 |
| Building funds | – | 3,025 | 3,025 |
| Christ to the Rural World (CTRW) | – | 1,300 | 1,300 |
| Womens ministry | 650 | – | 650 |
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| 125,316 | 4,325 | 129,641 | |
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Charismatic Evangelistic Ministry UK
Notes to the Financial Statements (continued)
Year ended 31 March 2022
4. Donations and legacies (continued)
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2021 | ||
| £ | £ | £ | ||
| Donations | ||||
| Tithes and offerings | 43,412 | 4,300 | 47,712 | |
| HMRC Charities | 14,054 | – | 14,054 | |
| Tithes and offerings from Milton Keynes | 21,872 | – | 21,872 | |
| Building funds | – | – | – | |
| Christ to the Rural World (CTRW) | 695 | 1,320 | 2,015 | |
| Womens ministry | – | – | – | |
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| 80,033 | 5,620 | 85,653 | ||
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| 5. | Investment income | |||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2022 | ||
| £ | £ | £ | ||
| Bank interest receivable | 5 | 10 | 15 | |
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| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2021 | ||
| £ | £ | £ | ||
| Bank interest receivable | 11 | 44 | 55 | |
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| 6. | Expenditure on charitable activities by fund type | |||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2022 | ||
| £ | £ | £ | ||
| Donation,Honorarium and Insurance | 5,148 | – | 5,148 | |
| Welfare | 3,900 | – | 3,900 | |
| Telephone,Rent and rates | 38,716 | – | 38,716 | |
| Travel and Hospitality | 1,218 | – | 1,218 | |
| Website | 264 | – | 264 | |
| Wages and salaries | 20,158 | – | 20,158 | |
| Musicians allowance | 2,560 | – | 2,560 | |
| Support costs | 12,285 | 2,523 | 14,809 | |
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| 84,249 | 2,523 | 86,773 | ||
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| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2021 | ||
| £ | £ | £ | ||
| Donation,Honorarium and Insurance | 1,473 | – | 1,473 | |
| Welfare | 8,421 | – | 8,421 | |
| Telephone,Rent and rates | 31,963 | – | 31,963 | |
| Travel and Hospitality | 328 | – | 328 | |
| Website | 2,396 | – | 2,396 | |
| Wages and salaries | 8,911 | – | 8,911 | |
| Musicians allowance | 610 | – | 610 | |
| Support costs | 5,916 | 1,000 | 6,916 | |
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| 60,018 | 1,000 | 61,018 | ||
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Charismatic Evangelistic Ministry UK
Notes to the Financial Statements (continued)
Year ended 31 March 2022
7. Expenditure on charitable activities by activity type
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Total funds | Total fund | |||
| directly | Support costs | 2022 | 2021 | ||
| £ | £ | £ | £ | ||
| Donation,Honorarium and Insurance | 5,148 | 11,674 | 16,822 | 4,865 | |
| Welfare | 3,900 | – | 3,900 | 8,421 | |
| Telephone,Rent and rates | 38,716 | – | 38,716 | 31,963 | |
| Travel and Hospitality | 1,218 | – | 1,218 | 328 | |
| Website | 264 | – | 264 | 2,396 | |
| Wages and salaries | 20,158 | – | 20,158 | 8,911 | |
| Musicians allowance | 2,560 | – | 2,560 | 610 | |
| Governance costs | – | 3,135 | 3,135 | 3,524 | |
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| 71,964 | 14,809 | 86,773 | 61,018 | ||
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| 8. | Net income | ||||
| Net income is stated after charging/(crediting): | |||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 1,838 | 2,451 | |||
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| 9. | Independent examination fees | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial | statements | 2,200 | 1,000 | ||
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10. Staff costs
The average head count of employees during the year was 1 (2021: 1). The average number of full-time equivalent employees during the year is analysed as follows:
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| Number of staff | 1 | 1 |
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No employee received employee benefits of more than £60,000 during the year (2021: Nil).
11. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
12. Transfers between funds
During the year 2021, £10,653 was transferred from unrestricted fund to Building fund in the restricted fund. The total Building fund as at 31 March 2022 is £107,049.84
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Charismatic Evangelistic Ministry UK
Notes to the Financial Statements (continued)
Year ended 31 March 2022
13. Tangible fixed assets
| Fixtures and | ||||
|---|---|---|---|---|
| fittings | Equipment | Total | ||
| £ | £ | £ | ||
| Cost | ||||
| At 1 April 2021 and 31 March 2022 | 1,430 | 31,901 | 33,331 | |
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| Depreciation | ||||
| At 1 April 2021 | 765 | 25,213 | 25,978 | |
| Charge for the year | 166 | 1,672 | 1,838 | |
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| At 31 March 2022 | 931 | 26,885 | 27,816 | |
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| Carrying amount | ||||
| At 31 March 2022 | 499 | 5,016 | 5,515 | |
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| At 31 March 2021 | 665 | 6,688 | 7,353 | |
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| 14. | Debtors | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Other debtors | 23,097 | 15,054 | ||
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| 15. | Creditors: amounts falling due within one year | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Accruals and deferred income | 2,200 | 1,349 | ||
| Social security and other taxes | 87 | 281 | ||
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2,287 |
1,630 |
16. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £413 (2021: £32).
17. Analysis of charitable funds
Unrestricted funds
| At | ||||||
|---|---|---|---|---|---|---|
| At | 31 March 20 | |||||
| 1 | April 2021 | Income | Expenditure | Transfers | 22 | |
| £ | £ | £ | £ | £ | ||
| General funds | 50,330 | 125,321 | (84,249) | (10,652) | 80,750 | |
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| At | ||||||
| At | 31 March 202 | |||||
| 1 | April 2020 | Income | Expenditure | Transfers | 1 | |
| £ | £ | £ | £ | £ | ||
| General funds | 36,440 |
80,044 |
(60,018) |
(10,800) |
45,666 |
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Charismatic Evangelistic Ministry UK
Notes to the Financial Statements (continued)
Year ended 31 March 2022
17. Analysis of charitable funds (continued)
Restricted funds
| Restricted funds | ||||||
|---|---|---|---|---|---|---|
| At | ||||||
| At | 31 March 20 | |||||
| 1 | April 2021 | Income | Expenditure | Transfers | 22 | |
| £ | £ | £ | £ | £ | ||
| Building fund | 90,494 | 4,335 | (2,523) | 10,652 | 102,958 | |
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| At | ||||||
| At | 31 March 202 | |||||
| 1 | April 2020 | Income | Expenditure | Transfers | 1 | |
| £ | £ | £ | £ | £ | ||
| Building fund | 79,694 | 5,664 | (1,000) | 10,800 | 95,158 | |
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18. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Tangible fixed assets | 5,515 | – | 5,515 |
| Current assets | 72,856 | 107,623 | 180,479 |
| Creditors less than 1 year | (2,286) | – | (2,286) |
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| Net assets | 76,085 | 107,623 | 183,708 |
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| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Tangible fixed assets | 7,353 | – | 7,353 |
| Current assets | 39,943 | 95,158 | 135,101 |
| Creditors less than 1 year | (1,630) | – | (1,630) |
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| Net assets | 45,666 |
95,158 |
140,824 |
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