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2025-03-31-accounts

CALVARY MINISTRIES WORLDWIDE

Charity No. 1119161

Trustees' Report and Unaudited Accounts

31 March 2025

CALVARY MINISTRIES WORLDWIDE

Contents

Contents
Pages
Independent Examiners Report 3
Trustees Annual Report 4-6
Statement of Financial Activities 7-8
Balance Sheet 9
Notes to the Accounts 10-16
Detailed Statement of Financial Activities 17-20

CALVARY MINISTRIES WORLDWIDE Independent Examiners Report

Independent Examiner's Report to the trustees of CALVARY MINISTRIES WORLDWIDE

I report to the trustees on my examination of the financial statements of CALVARY MINISTRIES WORLDWIDE for the year ended 31 March 2025.

Responsibilities and basis of report

As the charity's trustees 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 can 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:

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 financial statements to be reached.

Yetunde Raimi-Odimayo Institute of Certified Bookkeepers(ICB) Surrey Bookkeeping Services Ltd 3rd Floor, Paul Street London

England EC2A 4NE 30 June 2025

Page 1

CALVARY MINISTRIES WORLDWIDE

TRUSTEES REPORT FOR THE YEAR ENDED 31[ST] MARCH 2025

Name: Calvary Ministries Worldwide

Address: 193 Burton Road, Derby, DE23 6AB

Charity Number: 1119161

Inland Revenue Number: XT 4221

Trustees

  1. O. Olugbodi; 2. M. Cocker; 3. O Taiwo; 4. O. Fatunwashe; 5. O. Olowe; 6. Dondo Iorlamen

Accountants

Surrey Bookkeeping Services Ltd 3rd Floor, Paul Street London England EC2A 4NE

Bankers

Barclays Bank Reading 2 Branch, 90-93 Broad Street. Reading. RG1 2AP

Activities: Mr. Kola Kehinde, the Secretary and National Director, and his team of staff-volunteers continue to labour with various volunteers, prayer groups, churches, partners, etc. across the United Kingdom and in the region.

The EurAsiAP Region (Republic of Ireland, France, India, and Australia, etc.) has continued to enjoy grace to work together in:

The ministry base in Derby has served various CAPRO staff and partners as the hub for our meetings as well as the home working base of the Director and his wife. It is worth noting that the mortgage repayment on the house is progressing wonderfully well.

Our Board of Trustees has continued to labour tirelessly to provide oversight and direction for the work.

Mark Cocker joined the Board on 21[st] March 2025 and has proved to be a very great asset to the Board.

We have continued to labour as a Sending Country in our Region and continue to work towards enabling growth across the region as we work together with our sister-agencies in France, the Republic of Ireland, India and Australia.

EurAsiAP – The work in the UK and across other sister Calvary Ministries charities in France, the Republic of Ireland, India, and Australia have been very encouraging. We and our sister-agencies across the region continue:

CAPRO UK Work:

We have continued to keep up with our obligations to the donors by keeping in touch with them and offering information concerning their donations. We continue to ensure that all designated (restricted) funds got to all the right recipients in their various countries. We have facilitated closer contact between donors and the voluntary workers they support as much as possible. We followed up with our offices in each of the countries the global Ministries work to ensure resources are utilized as designated by the donors. We visited Nigeria, Australia, and worked remotely with all our sister-agencies across the world.

We have managed to support projects and volunteers working in various countries including Nepal, Niger Republic, Nigeria, Cameroun, South Africa, Benin Republic, South Sudan, Liberia, United Kingdom, Guinea, Tanzania, Togo, Mozambique, Senegal, Botswana, Burundi, Rwanda, Madagascar, Mauritania, Chad, Cote d’Ivoire, France, Ghana, India, Mali, Kenya and others.

Monies sent to different people in the countries have been used by those people for various projects which include prostitute rehabilitation, orphan care, training of adults as well as children’s schooling, medical and general welfare of volunteers, accommodation for volunteers etc. Most of the income is designated from source and we have kept faithful to our partners and supporters in ensuring their monies were used as designated.

Policies – We have continued updating all our policies.

Trustees’ Meetings

The trustees met on the 10[th] of May and the 29[th] of October 2025 The meetings were well attended by the trustees. All the trustees have continued to work hard to move the Charity forward.

The Trustees are pleased with this year’s developments and look to God to continue pursuing the following directions in the New Year:

CALVARY MINISTRIES WORLDWIDE Statement of Financial Activities

for the year ended 31 March 2025

Notes
Income and endowments
from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Other
6
Total
Expenditure on:
Charitable activities
7
Other
8
Total
Net gains on investments
Net income
Transfers between funds
Net income before other
gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Unrestricted funds Restricted
funds
2025
£
139,193
40,165
-
-
179,358
165,716
-
165,716
-
13,642
-
13,642
13,642
7,795
21,437
2025
£
32,204
(2,470)
-
25,773
55,507
423
58,913
59,336
-
(3,829)
-
(3,829)
(3,829)
234,305
230,476

Page 2

CALVARY MINISTRIES WORLDWIDE Statement of Financial Activities

Total funds Total funds
2025 2024
£ £
171,397 180,482
37,695 20,319
- 150
25,773 31,941
234,865 232,892
166,139 148,661
58,913 64,825
225,052 213,486
- -
9,813 19,406
- -
9,813 19,406
9,813 19,406
242,100 222,694
251,913 242,100

Page 3

CALVARY MINISTRIES WORLDWIDE Balance Sheet at 31 March 2025

Charity No. 1119161
Fixed assets
Tangible assets
10
Investments
11
Current assets
Cash at bank and in hand
Creditors:Amount falling due within one year
12
Net current assets
Total assets less current liabilities
Creditors:Amounts falling due after more than one year
13
Net assets excluding pension asset or liability
Total net assets
The funds of the charity
Restricted funds
14
Restricted income funds
Unrestricted funds
14
General funds
Reserves
14
Total funds
2025
£
245,500
-
245,500
50,804
50,804
(606)
50,198
295,698
(43,785)
251,913
251,913
21,437
21,437
230,476
230,476
251,913
2024
£
262,334
-
262,334
75,602
75,602
194
75,796
338,130
(96,030)
242,100
242,100
7,795
7,795
234,305
234,305
242,100

Approved by the trustees on 30 June 2025

And signed on their behalf by:

O. Olugbodi Trustee 30 June 2025

Page 4

CALVARY MINISTRIES WORLDWIDE Notes to the Accounts

for the year ended 31 March 2025

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Income

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 5

CALVARY MINISTRIES WORLDWIDE Notes to the Accounts

Expenditure

Taxation

The charity is exempt from tax on its charitable activities.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 6

CALVARY MINISTRIES WORLDWIDE Notes to the Accounts

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

Page 7

CALVARY MINISTRIES WORLDWIDE

Notes to the Accounts

2 Statement of Financial Activities - prior year

Income and endowments from:
Donations and legacies
Charitable activities
Other trading activities
Other
Total
Expenditure on:
Charitable activities
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
3
Income from donations and legacies
4
Income from charitable activities
Outreach
Unrestricted
£
32,204
-
-
32,204
Unrestricted
£
(2,470)
-
(2,470)
Unrestricted
funds
2024
£
25,189
35
150
31,941
57,315
1,169
64,825
65,994
(8,679)
(8,679)
(8,679)
214,899
206,220
Restricted
£
-
139,193
-
139,193
Restricted
£
-
40,165
40,165
Restricted
funds
2024
£
155,293
20,319
-
-
175,612
147,492
-
147,492
28,120
28,120
28,120
7,795
35,915
Total
2025
£
32,204
139,193
-
171,397
Total
2025
£
(2,470)
40,165
37,695
Total funds
2024
£
180,482
20,354
150
31,941
232,927
148,661
64,825
213,486
19,441
19,441
19,441
222,694
242,135
Total
2024
£
25,159
155,293
30
180,482
Total
2024
£
35
20,284
20,319

Page 8

CALVARY MINISTRIES WORLDWIDE

Notes to the Accounts

5 Income from other trading activities

6
Other income
Sundry Income
7
Expenditure on charitable activities
Expenditure on charitable
activities
Outreach
Governance costs
8
Other expenditure
Cost of Charitable Activities
Bank loan and overdraft
interest payable
Employee costs
Motor and travel costs
Premises costs
General administrative costs
Legal and professional costs
Unrestricted
£
423
-
423
Unrestricted
£
25,773
25,773
Total
2025
£
-
-
Total
2025
£
25,773
25,773
Total
2024
£
150
150
Total
2024
£
31,941
31,941
Restricted
£
-
165,716
165,716
Unrestricted
£
7,601
4,221
8,124
4,102
23,745
10,320
800
58,913
Total
2025
£
423
165,716
166,139
Total
2025
£
7,601
4,221
8,124
4,102
23,745
10,320
800
58,913
Total
2024
£
1,169
147,492
148,661
Total
2024
£
-
8,417
7,562
6,465
26,768
12,487
3,126
64,825

9 Staff costs

No employee received emoluments in excess of £60,000.

Page 9

CALVARY MINISTRIES WORLDWIDE Notes to the Accounts

10 Tangible fixed assets

Tangible fixed assets
Cost or revaluation
At 1 April 2024
Additions
At 31 March 2025
Net book values
At 31 March 2025
At 31 March 2024
£
262,334
(16,834)
245,500
245,500
262,334
£
262,334
(16,834)
245,500
245,500
262,334

11 Investments

Freehold Investment Property

The freehold investment property was acquired on 8 August 2022.

12 Creditors:
amounts falling due within one year
Other taxes and social security
13 Creditors:
amounts falling due after more than one year
Bank loans and overdrafts
Liabilities repayable in more than five years
after the balance sheet date
Mortgage on Freehold property
2025
£
606
606
2025
£
43,785
43,785
2024
£
(194)
(194)
2024
£
96,030
96,030

Page 10

CALVARY MINISTRIES WORLDWIDE Notes to the Accounts

14 Movement in funds

14 Movement in funds
At 1 April
2024
Restricted funds:
Restricted income funds:
Donations & Legacies 2
7,795
Total
7,795
Unrestricted funds:
General funds
234,305
Total funds
242,100
Purposes and restrictions in relation to the funds:
Restricted funds:
Donations & Legacies 2
15 Analysis of net assets between funds
Fixed assets
Net current assets
Creditors due in more than one year and
provisions
16 Reconciliation of net debt
Cash and cash equivalents
Bank loans
Net debt
Incoming
resources
(including
other
gains/losses
)
£
179,358
179,358
55,507
234,865
Resources
expended
£
(165,716)
(165,716)
(59,336)
(225,052)
At 31
March
2025
£
21,437
21,437
230,476
251,913
Unrestricted
funds
£
-
27,392
-
27,392
At 1 April
2024
£
Restricted
funds
£
245,500
22,806
(43,785)
224,521
Cash flows
£
Total
£
245,500
50,198
(43,785)
251,913
At 31
March
2025
£
75,602 (24,798) 50,804
75,602
(96,030)
(24,798) 50,804
(43,785)
52,245
(96,030)
(20,428)
52,245
27,447
(43,785)
7,019

Page 11

CALVARY MINISTRIES WORLDWIDE Detailed Statement of Financial Activities

for the year ended 31 March 2025

Income and endowments from:
Donations and legacies
Charitable activities
Outreach
Other trading activities
Other
Sundry Income
Total income and endowments
Expenditure on:
Charitable activities
Outreach
Total of expenditure on charitable
activities
Other expenditure
Cost of Charitable Activities
Bank loan and overdraft interest
payable
Employee costs
Staff entertainment
Staff training
Staff welfare
Motor and travel costs
Travel and subsistence
Premises costs
Rent
Unrestricted funds
2025
£
32,204
-
-
32,204
(2,470)
-
(2,470)
-
-
25,773
25,773
55,507
423
-
423
423
7,601
4,221
11,822
230
7,307
587
8,124
4,102
4,102
137
Restricted funds
2025
£
-
139,193
-
139,193
-
40,165
40,165
-
-
-
-
179,358
-
165,716
165,716
165,716
-
-
-
-
-
-
-
-
-
-

Page 12

CALVARY MINISTRIES WORLDWIDE Detailed Statement of Financial Activities

Light, heat and power
Premises repairs and
maintenance
General administrative costs,
including depreciation and
amortisation
Bank charges
Equipment expensed
General insurances
Information and publications
Postage and couriers
Stationery and printing
Subscriptions
Sundry expenses
Telephone, fax and broadband
Legal and professional costs
Audit/Independent examination
fees
Solicitor's fees
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net income
Net income before other
gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
4,302
19,306
23,745
858
796
381
590
958
6
2,359
368
4,004
10,320
800
-
800
58,913
59,336
-
(3,829)
(3,829)
-
(3,829)
234,305
230,476
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
165,716
-
13,642
13,642
-
13,642
7,795
21,437

Page 13

CALVARY MINISTRIES WORLDWIDE Detailed Statement of Financial Activities

Total funds
2025
£
32,204
139,193
-
171,397
(2,470)
40,165
37,695
-
-
25,773
25,773
234,865
423
165,716
166,139
166,139
7,601
4,221
11,822
230
7,307
587
8,124
4,102
4,102
137
Total funds
2024
£
25,159
155,293
30
180,482
35
20,284
20,319
150
150
31,941
31,941
232,892
1,169
147,492
148,661
148,661
-
8,417
8,417
76
7,226
260
7,562
6,465
6,465
361

Page 14

CALVARY MINISTRIES WORLDWIDE Detailed Statement of Financial Activities

4,302
19,306
23,745
26,307
100
26,768
858
796
381
590
958
6
2,359
368
4,004
10,320
800
-
800
58,913
225,052
-
9,813
9,813
-
9,813
242,100
251,913
643
796
496
715
352
-
6,697
2,100
688
12,487
800
2,326
3,126
64,825
213,486
-
19,406
19,406
-
19,406
222,694
242,100

Signature: Oladapo O Olugbodi (Jan 26, 2026 22:40:18 GMT)Oladapo O Olugbodi Email: dbolugbodi@gmail.com

- Signature: Yetunde Raimi Odimayo

Yetunde Raimi-Odimayo (Jan 26, 2026 23:21:43 GMT)

Email: yetundeodimayo@yahoo.com

Page 15