Rhema Faith Ministries Financial Statements for the year ended 28 February 2024
Rhema Faith Ministries Financial Statements for the year ended 28 February 2024 Contents Page Reference and administrative details Trustees report 2to4 Independent examiner's report Statement of fmancial activities Balance sheet Notes to the financial statements 819
Rhema Faith Ministries Financial Statements for the year ended 28 February 2024 Reference and administrative details Charity naine Rhema Faith Ministries Charity registration number 1111867 Governing instrument Declaration of Trust dated l October 2005 Trustees Tesfaye Kidane Abebe Wondim Milikit Daniel Ketema Zekarias Haile Elias Kiflu Menaber Wolday (resigned l October 2024) (resigned l October 2024) (appointed l October 2024) (appointed l October 2024) (appoiiited l October 2024) Secretary to the Trustees Rev D Dacre TrLlSt objectives a) the advancement of the Christian faith. b) the relief of persons who are in conditions of need, hai'dship or distress or who are aged or sick. c) the provision of instruction in the Christian faith at any educational establishinent. Principal address l O 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 Birmingham B3 2PP Kingdom Bank Ruddington Fields Ruddington, Nottingham NGI 16JS Independent examiner Glenis Parker 16 FIeath Avenue Halifax HX3 OEA Page 1
Rhema Faith Ministries Financial Statements for the year ended 28 February 2024 Report of the Trustees The Trustees present their Report and Financial Statements for the year ended 28 February 2024. Structure? governanee and management Rhema Faith Ministries was constituted by a Declaration of Trust dated l October 2005. The obj ectives of the Charity are: a) The advancement of the Christian faith. b) The relief of persons who are in conditions of need, hardship 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: Tesfaye Kidane (resigned l October 2024) Abebe Wondim Milikit (resigned l October 2024) Daniel Ketema Zelcarias Haile (appointed l October 2024) Elias Kiflu (appointed l October 2024) Menaber Wolday (appointed l October 2024) Any person being a membcr of the Church who accepts the Statement of Doctrines of the Church, may be appointed to the Trusteeship by the recognised spiritiial leadei's of the Church. Any new Trustee is given an introduction to the work of Ihe Charity by the Secretary of tlie Trustees and given a copy of the Charity Commission guidelines CC3a and CC10, together witli an explanation of the role of a Trustee. The Trustees have reviewed the adequacy of the Charity's 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 financial 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 fmancial 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 SORP and with applicable accounting standards, subject to any material departures disclosed and explained in Ihe fancial statements- d) prepare the financial statements on the going concern basis unless it is inappropriate to assume the Charity will continue operating. The Trnstees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any tirne 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 taking reasonable steps for the prevention of fraud or other irregularities. Reserves policy The Trustees have reviewed the Charity's needs for reserves in line with the guidance issued by the Charity Commission and consider it prudent that unrestricted reserves should be sufficient 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 Faith Ministries Financial Statements for the year ended 28 February 2024 Report of the Trustees (continued) Review of progress and achievements Rhema Faith Ministries, (RFM) remains steadfast in its mission to spread the gospel of Jesus Christ and empower believers to live out their God-given purpose. Guided by a commitment to biblical principles, RFM continues to serve as a spiritual anchor for its congregants and a transfonnative force in the wider community, both locally and internationally. Leadership and Governance: In the UK, the leadership of RFM is spearheaded by Pastor Neftalem Mehreteab, who overseas the activities of the church branches. Internationally, the ministy is under the leadersh ip of its founder, Rev. Zewdie Gebreselassie, and Rev. Fekadu Rehoboth Beyene. Together they provide strategic direction and spiritual guidance to ensure alignment with RFM'S mission and objectives. Collaboration with the Ethiopian Eritrean Evangelical Alliance: RFM actively engages with the London based Ethiopian Ei'itrean Evangelical Alliance, creating a vital network that connects Ethiopian and Eritrean churches across the UK. This collaboration fosters unity, shared resources and mutual support among churches, strengthening their collective ability to ministcr to their communities. Empowering Local Churches: Over the past year RFM has continued to support the local churches through a variety of initiatives designed to inspire, equip and eiiipower.These included: Encouraging and inspiring meetings: regular gatherings to uplift and strengthen the faith of members Seminars and workshops: training sessions tailored to address spiritual growth and practical needs of congi'eganls. Leadership training: equipping church leaders with the skills and knowledge to effectively shepherd their congregations. These prograins were delivered both in person and via online plaiforins, ensuring accessibility and continuity despite geographic or logistical challenges. Community Outreach and Assistance: RFM extended its mission beyond the church walls by reaching out to local communities, offering support and assistance where it was most needed. This included practical aid for vulnerable groups and spiritual encoui"agement for individuals faciiig hardships. International Aid and Support: The ininistry maintained its commitment to supporting persecuted Christians and advancing Christian work globally: Eritrea: aid was raised to assist underground, persecuted Christians who face significant challenges in practicing their faith. Ethiopia: RFM contributed to a Christian ministry building projecL ensuring that the infrastructure for worship and community service continues to grow. Additionally RFM members supported the Rhema Faith Ministries Consider the Poor (RFMCP) initiative, led by Yordanos A. Tesfay. which provides essential assistance to impoverished children in Ethiopa. This program reflects RFM'S holistic approach to ministy, addressing both spiritual and material needs. Commitment to Equality and Inclusion: RFM upholds a positive commitinent to equality and non-discrimination, embracing biblical teachinos that affirni the value and dignity of every individusal. The ministry actively opposes all fornis of discrimination within the charity and ainong its beneficiaries. Efforts are continuously made to promote inclusivity, irrespective of race, nationality, gender, age, or other differences, in alignment with the Christian belief in the Bible as the ultimate guide. Page 3
Full details of the financial transactions are contained in the attached accounts. Public benefit When planning activities the Trustees have considered the Cominission's guidance on public benefit and, in particular, the specific guidance on Charities for the advanceinent of religion. In particular, the Trustees try to enable ordinary people to live out their faith as part of the community through: a) worship and prayer, learning about the 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 Trustees give consideration to the major risks to which the Charity is exposed and systems which are designed to mitigate those risks on an ongoing basis. Signed on behalf of the Trustees on 3 January 2025 . Rev D Dacre Secretary to the Trustees Page 4
Rhema Faith Ministries Financial Statements for the year ended 28 February 2024 Independent Examiner's Report to the Trustees of Rhema Faith Ministries T report on the Accounts of the Trust for the year ended 28 February 2024 which are set out on pages 6t09. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to". a) examine the accounts under section 145 of the 201 l Act b) to follow the procedures laid down in the general Directions given by the commission under section 145 (5) (b) of the 201 l Act c) to state whether particular matters have come to my attention Basis of independent examiner's rcport My examination was carried oul in accordance with the general Directions given by the Chai'ity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. 11 also includes consideratioii of any unusual iteins or disclosures in tlie accounts, and seeking explanations from you as trustees concerning any such matters. The proccdures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view, the report is limited to those matters set oul in the next statcmcnt. Independent ex2miner's stateznent In connection with my examination, no matter has come to my attention. l ) wliich gives me reasonable cause to believe that in any material respect the requirements: a) to keep accounting records in accordance with Section 130 of the 2011 Act and b) to prepare accounts wliich accord with the accounting records and comply with the accounting requirements of the 201 l Act have not been met or 2) to which. in my opinion. attention should be dram in order to enable a proper understanding of the accounts to be reached. /a/kn' Glenis Parker Halifax DAted 3 January 2025 Page 5
Rhema Faith Ministries Statement of Financial Activities for the year ended 28 February 2024 Total Funds 2024 Total Funds 2023 note Unrcstrieted Funds Restricted riunds Incoming resources Voluntary income Investinent income 481,553 481,553 352,264 Total incoming resources 481,553 481,553 352,264 Rcsources expended Costs of charitable activities Governance costs Other resources expended 236,879 13,400 6,948 236,879 13,400 6,948 305,000 3,000 7,789 Total resources expended 257,227 257,227 315,789 Net incoming resources for the year 224,326 224,326 36,475 Gross transfers between funds Net movernent in funds in the financial year 224,326 2?4,326 36.475 Total funds brought forward 402,952 402,952 366,477 Total funds carried forward 627,278 627,278 402,952 Page 6
Rhema Faith Ministries Balance Sheet 28 February 2024 Total Funds 2024 Total Funds 2023 note Unrcstricted rlunds Rcstricted riunds Fixed assets Tangible assets 20,847 20,847 23,371 Current assets Bookstall stock Debtors (Amounts due within one year) Cash at bank and in hand 1,289 1,289 1,224 147,230 458,921 147,230 458,921 53,785 325,581 607,440 607,440 380,590 Total assets 628,287 628,287 401,961 Less Current liabilities Creditors (amounts due within one year) 1,009 1,009 1,009 Net assets 627,278 627,278 402,952 Reserves Balances brought forward Net incoming resources for year Transfers between funds 402,95? 224,326 402,952 224,326 366,477 36.475 Balances carried forward 627,278 627,278 402,952 These financial statements were approved by the trustees on 3 January 2025 Daniel Ketema Zekarias Haile Elias Kiflu . Menaber Wolday Page 7
Rhema Faith Ministries Financial Statements for the year ended 28 February 2024 Notes to the Accounts 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 accounting policy Unrestricted income funds are general funds that are available for use at the trustees, discretion in fLlltherance of the objectives of the charity. Restricted funds are those donated for use in a particular area for specific purposed, the use of which is restricted to that area or purpose. Incoming 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 legal obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and lias been classified under headings Ihat aggregale al I costs related to thc caiegory. Costs of generating funds are the costs associated with attracting voluntary income. Charitable expenditure comprises those costs incurred by the charily in the delivery of its activilies and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and tliose 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 meetings and the cost of any legal advice to trustees on governance or constilutional matters. Depreciation Depreciation is calculated to write down the cost of fixed assets over their expected useful lives and is therefore provided on Ihe following basis: Fixtures, fittings and equipment 25 % on the written down value Page 8
Rhema Faith Ministries Financial Statements for the year ended 28 February 2024 Notes to the aecounts 2024 2023 2 Staff costs Ministy support Average number of employees 69,238 40,358 2024 2023 3 Independent examiner Fee 4 Schedule of Tangible Assets Unrestricted Funds Fixtures & equip Total 2024 Total 2023 Cost Brought forward Additions Disposals 114,674 4,424 114,674 4,424 109,682 4,992 119,098 119,098 114,674 Depreciation Brought forward Charge for year On disposal 91,303 6,948 91,303 6,948 83,514 7,789 98,251 98,251 91,303 Written down value At 28 February 2023 At 28 February 2022 20,847 23,371 20,847 23,371 23,371 26,168 2024 2023 S Debtors (amounts due Ivithin one year) Income tax recoverable Building deposit Rent deposit Prepaid expenses 75.000 67,000 5,000 230 48,564 5,000 221 147,230 53,785 2024 2023 6 Creditors (amounts due within one year) Loans Accruals 1,009 1.009 1,009 1,009 7 Transactions with trustees None of the trustees received fees or expenses during the year (2023 nil) Page 9