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 f￿ancial
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