Rhema Faith Ministries Financial Statements for the year ended 28 February 2022
Rhema Faith Ministries Financial Statements for the year ended 28 February 2022 Contents Page Reference and administrative details Trustees report 213 Independent examinees report ststement of financial activities Balance sheet Notes to the financial statements 718
Rhema Faith Ministries FinaneiaR Statements for the year ended 28 Febrnary 2022 Reference and administrative details Charity name Rhema Faith Ministries Charity registration number 1111867 Governing instrument Declaration of Trust dated l October 2005 Trustees Tesfaye Kidane Yoseph Admassu {resigDed l March 2022) .4bebe Wondim Milikit Daniel Ketema Secretary to the Trustees Rev D Dacre Trust objectives a) the advancemenl of the Christian faith. b) the relief of persons who are in conditions of need, hardship or distress or who are aged or sick. ¢) the provision of instruction in the Christian faith at any educational Cstablishment. Principal address 10 Slaidburn Street West Brompton London swio ojp Bankers HSBC 16 Shepherds Bush Green Shepherds Bush London W12 8PT Natwest 69 Station Road Cross gates Leeds LS15 8DJ Natwest I St Philips Place Birniingham B3 2PP Kingdom Bank Ruddington Fields Ruddington, Nottingham NGII 6JS Independent exatniner Glenis Parker 16 Heath Avenue Halif&x HX3 OEA Page 1
Rhema Faith Ministries Financial Statements for the year ended 28 February 2022 Report of the Trustees The Trustees present their Report and Financial Statements for the year ended 28 February 2022. Structure? governance and management Rhema Faith Ministries was constituted by a Declaration of Trust dated l October 2005. The objectives of the Charity are: a) The advancement of the Christian faith. b) The relief of persons who are in conditions of need. hardsbip or distress, or who are aged or sick" c) The provision of instruction in the Christian faith at any educational establishment. Trustees The Trustees who served during the year were: Tesfayc Kidane Yoseph Admassu (resigned l March 2022) Abebe Wondim Milikit Daniel Ketema Any person being a member of the Church who accepts the Ststement of Doctrines of the Church. may be appointed to the Trusteeship by the recognised spiritual leaders of the Church. Any new Trustee is given an introduction to the work of the Charity by the Secretary of the Trustees and given a copy of the Charity Commission guidelines CC3a and CC10, together with an explanation of the role of a Trustee. The Trustees have reviewed the adequacy of the Charitys current internal controls and are confident that these controls conforni with guidelines issued by the Charity Commission. Trustees responsibilities Charity law requires the Trustees to prepare flljancial statements for each financial year which gives a true and fair view of the state of affairs of the Charity and of its financial activities for that period. In preparing those financial statements the Trustees are required to-. a) select suitable accounting policies and apply them consistently" b) make judgements and estimates that are reasonable and prudent. c) state whether the policies adopted are in accordance with the charities SORJ) and with applicable accounting standards. subject to any material departures disclosed and explained in the financial statements. d) prepare the financial statements on the going concern basis unless it is inappropriate to assumc the Charity will continue operating. The Trustees are responsible for keepino proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the Charity and hence for takints reasonable steps for the prevention of fraud or other ie(ularitIeS. Reserves policy The Trustees have reviewed the Charitys needs for reserves in line with the guidance issued by the Charity Commission and consider it prudent that unrestricted reserves should be sulTicient to avoid the necessity to realise fixed assets. The Trustees are confident that future income will enable the Charity to meet its foreseeable needs on the basis of planned activity. Page 2
Rhema FAlth Ministries Financial Statements for the year ended 28 February 2022 Report of the Trustees {eontinued) Review of progress and achievements Rhema Faith Ministries, (RFM) objective is to spread th¢ good news of the gospel of Jesus Christ and to equip and encourage believers to accomplish God's purpose in their life. The seven UK branches - London. Bim)ingham. Portsmouth, Manchester. LEeds, Coventy and Stoke- on-Tr¢nt are under the leadership of Fekadu Rehoboth Beyene. The seven international branches - Ethiopi4 Eritre4 Sudan, Itsly. Norway. Canada and the USA - ate under the leadership of Zewdte Gebresel&ssie, the founder ofRFM. Rhema Faith Ministries Consider the Pi)or (RFMCP) assists impoverished chilthen in Ethiopia and is under the leadership of Yordanos A Tesfay. RFM interacts with the London b&sed Ethiopian Eritr¢an Evangclical Alliance connecting tbcm to other Ethiopian and Eritrean churches. Througbout the year RFM supported the local churches with encouraging and inspiring meetings, seminars. workshops and leadership training offered over the internet platfom when restrictions were in place due to Covid 19 pandemic and on site when the Kstrictions were lifted. RFM also reached out into their communities to offer the much-needed &ssistance resulting from the Covid 19 lockdowns and controls. RFM has a positive commitment to oppose all fornis of discrimination within the Charity and its beneficiaries. working towards promoting equality for all, irrespective of race, colour, nationality, religion, gender, class and age: in accordance with the ChTiStian belief in the Bible as the word of God. Full details of the financial transactions are contained in the attached accounts. Public benefit When planning activities the Trustees have considered the Commission's guidance on public benefil and. in particular. the specific guidance on Charitie5 for the advancement of religion. In particular. the Trustees ty to enable Ordinary people to live out their faith as part of the community through: a) worship and pray¢r. learning about Ihe Gospel and developing their knowledge and trust in Jesus- b) provision of pastoral care for people living in the community. c) missionary and outreach work. Risk management The Trustecs give consideration to the major risks to which the Charity is exposed and systems which are designed to rnitie those risks on an ongoing b&sis. Signed on behalf of the Trnstees on 12 December 2022. Rev D Dacre Secretary to the Trustees Page 3
Rhema Faith Ministries Financial Statements for the year eDded 28 February 2022 Independent Examiner's Report to the Trustees of Rhema Faith Ministries I report on the Accounts of the Trust for the year ended 28 Febnwy ?022 which are set out on pages 5t08. Respective responsibilities of trustees and examiner The charitvs trusteog are responsible for the preparation of the accounts. The charity's tnteeS consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 201 l Act) and that an indcpendent examination is needed. It is my iesponsibility to= a) examine the accounts under section 145 of the 201 l Act b) to follow the procedures laid down in ihe general Directions given by the commission under section 145 {5) (b) of the 2011 Act c) to state whether particular matters have come to my attention Basis of independent examiner's report My examination was Carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a omparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and secking explanations from you as trnstees concerning any such matters. The procedures undertaken do not provide all Ihe evidence that would be required in an audit. and consequently no opinion is given as to whcther ihe accounts present a 'true and fasr vie the report is limited to those matters set out in the next statement. IndependeDt ex2miDer's statement In connection with my examination, no matt¢T h&s come to my attention- l) which gives me reasonable cause to believe that in any material respect the requiT¢ments- a) to keep accounting records in accordancc wrth Section 130 of the 201 l Act and b) to prq)are accounts which accord with the accounttng records and comply with the accounting requirements of the ?0 I l Act have not been met or 2) to which, in my Opinio attention should be drawn in order to enabl¢ a proper understanding of the accounts to be reached. Glenis Parker Halifax Dated 12 Detember 2022 Page 4
Rhema Faith Ministries Statement of Financial Activities for the year ended 28 February 2022 Total Funds 2022 To¢AI note Linrcstritted Funds Restricted Funds 2021 Incoming resollrees Voluntary income Investment incom¢ 196.415 167 196.415 167 111,661 383 Total incoming resources 196,582 196,582 112,044 Resources expended Costs of charitable activities Governance costs Other resources expended 102,804 2,900 7,341 102,804 2.900 7,i41 110,442 8,834 Total ro8ources expended 113,045 13,045 119,276 Net incoming resources for the year 83,537 83,5)7 -7,232 Gross transfers between funds Net movement in funds in the financial year 83,537 -7,23? Total funds brought forward 282,940 282.940 290.172 Total funds carried forward 366,477 366,477 282,940 Page 5
Rhema Faith Ministries Balanee Sheet 28 February 2022 Total Funds 2022 Total Funds 202] ote Lnrcstrieted Funds Restricted Funds Fixed assets Tangible assets 26,168 ?6.168 31,571 Current assets Bookstall stock Debtors (Amounts due within one year) C&sh at bank and in hand 1289 1.289 18,752 240,844 299,586 299,586 354,112 354,112 260,885 Total assets 380280 380.280 292,456 Less Current liabilities Creditors (amounts due within one year) 13,803 13,803 9,516 Net assets 366,477 366,477 28? 940 Reserves Balances brought forward Net incoming resources for year Transfers between funds 282,940 8i.537 282,940 83,)37 290,172 -7,232 Balances carried forward 366.477 366,477 282,940 These fmancial statements were approved by the trust OD 12 December 2022 Tesfaye Kidane Abebe Wondim Miliklt Daniel Ketem2 Page 6
Rhema Faith Ministries Financial Statements for the year ended 28 February 2022 Notes to the Aeeounts l Accounting policies Basis of preparation The financial statements have been prepared in accordance with applicable accounting standards and Charities Statement of Recommended Practice (SORP 2005). Fund aecountlDg policy Unrestricted income fidS are general fi]nds that are available for use at the trustees, discretion in furtherance of the objectives of the charity. Restricted fimds are th0 donated for use in a particular area for specific purpose(L the use of which is restricted to that area or purpose. Incon]ing resources Income from donations and gifts is brought into account only when the income is actually received. Resources expended Liabilities are recognised as soon as there is a leoal obligation commstting the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Costs of generating funds are the costs associated with attrdcting voluntary income. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs Governance costs include costs of the preparation and examination of statutory accounts, the costs of trustees meetinus and the cost of any legal advice to trustees on governance or constitutional matters. Depreciation Depreciation is calculated to lte down the cost of fixed assets over their expected useful lives and is therefor¢ provided on the following basis: Fixtures, fittings and equipment 25 /0 on the written down value Page 7
Rhema Faith Ministries Financial Statements for the year ended 28 February 2022 Notes to the accounts 2022 2021 2 Staff costs Ministy SUPPOrt Average Dumber of employees 33,108 21,777 2022 2021 3 Independent examiner Fee 4 Schedule of Tangible Assets Unrestricted Funds Fixtures & equip Total 2022 Total 2021 Cost Brought fonvard Additions Disposals 107,744 1,938 107,744 1,938 98,544 9,200 109,682 109,682 107,744 Depreciation Brought forward Charge for year On disposal 76.173 7.341 76,173 7,341 67,339 8,834 83.514 83,514 76,173 Written down value At 28 February 2022 At 28 February 2021 26.168 31,571 26,168 il,571 31,571 31,205 2022 2021 S Debtors (amounts due within one year) Income tsx recoverable Loan ReDt deposit Prepaid expenses 48.002 12,5?1 1,000 5.000 5.000 18,752 2022 2021 6 Creditors (amounts due within one year) Loans Accruals 1,333 12.470 916 8,600 9,516 13,803 7 Transactions with trustees None of the trustees received fees or expenses during the year (2021 nil) Page 8