2024-03-31-accounts - Diamonds International Christian Ministries

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Diamonds International Christian Ministries

Charity No. 1123612

Trustees' Report and Unaudited Accounts

31 March 2024

Diamonds International Christian Ministries Contents

	Pages
Trustees' Annual Report	2
Independent Examiner's Report	3
Statement of Financial Activities	4
Balance Sheet	5
Statement of Cash flows	13
Notes to the Accounts	6 to 12
Detailed Statement of Financial Activities	13 to 15

Page 1

Diamonds International Christlan Ministries Trustees Annual Report DIAMONDS INTERNATIONAL CHRISTIAN MINISTRIES The trustees present thelr report with the unaudited financial statements of the charity for the year ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DETAIL5 Charity No, 1123612 Trustees The following trustees served during the year.. G Lennon J Gentles M A Dalrymple Accountants Bora5ana Llmited 55 Jasmlne Grove London SE20 8JY Statement of trustees, responslbllltles In relatlon to the flnanclal statements The charlty tru5tee5 are responslble for preparing a trustees, annual report and flnancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountlng Practice). The trustees are responslble for keeping proper accounting records that dlsclose wlth reasonable accuracy at any time the financlal p051tion of the charity and to enable them to ensure that the flnancial statements comply wlth the Charlties Act 2011, the applicable Charltles {Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responslble for 5afeguardlng the assets of the charity and hence taklng reasonable steps for the prevention and detection of fraud and other Irre8ularitles. Signed on behalf of the charlty's trustees M A Dalrymple Trustee 31 March 2024 Page 2

Diamonds International Christian Ministries Independent Examiners Report

Independent Examiner's Report to the trustees of Diamonds International Christian Ministries

I report to the trustees on my examination of the financial statements of Diamonds International Christian Ministries for the year ended 31 March 2024.

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:

the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.

Orvil Plummer FCCA Borasana Limited 55 Jasmine Grove London

SE20 8JY 31 March 2024

Page 3

Diamonds International Christian Ministries Statement of Financial Activities

for the year ended 31 March 2024

Unrestricted funds	Total funds	Total funds
2024	2024	2023
£	£	£

22,797	22,797	4,460
14,539	14,539	20,599
257	257	-
37,593	37,593	25,059

-	-	722
19,517	19,517	14,907
12,825	12,825	6,568
32,342	32,342	22,197
-	-	-
5,251	5,251	2,862
-	-	-
5,251	5,251	2,862

5,251	5,251	2,862

17,691	17,691	14,829
22,942	22,942	17,691

Page 4

Diamonds International Christian Ministries Balance Sheet at 31 March 2024 Charity No. 1123612 2024 2023 Fixed assets Tangible as5et5 io 3,835 3,835 934 934 Current assets Debtors Cash at bank and in hand li 606 17,032 17,638 1881) 16,757 17,691 17,691 19,107 19,107 Credltors: Amount falling due wlthln one year Net current assets Total assets less current Ilabllltles Net assets excludln8 penslon asset or Ilablllty Total net assets 12 19,107 22,942 22,942 22,942 17,691 The funds of the charlty Restrlcted funds Unrestrlcted funds General funds 13 13 22,942 17,691 17,691 Reserves 22,942 13 Total funds 22,942 17,691 Approved by the trustees on 31 March 2024 And signed on thelr behalf by.. ple Tru5 31 March 2024 Page 5

Diamonds International Christian Ministries Notes to the Accounts

for the year ended 31 March 2024

1 Accounting policies

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

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

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 6

Diamonds International Christian Ministries Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

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 7

Diamonds International Christian Ministries 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 8

Diamonds International Christian Ministries

Notes to the Accounts

2 Statement of Financial Activities - prior year

2 Statement of Financial Activities - prior year
Income and endowments from: Donations and legacies Charitable activities Total Expenditure on: Raising funds 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 Tithes & Offerings 4 Income from charitable activities	Unrestricted £ 22,797 22,797 Unrestricted £ 14,539 14,539	Unrestricted funds 2023 £ 4,460 20,599 25,059 722 14,907 6,568 22,197 2,862 2,862 2,862 14,829 17,691 Total 2024 £ 22,797 22,797 Total 2024 £ 14,539 14,539	Total funds 2023 £ 4,460 20,599
			25,059 722 14,907 6,568
			22,197
			2,862
			2,862
			2,862 14,829
			17,691
			Total 2023 £ 4,460
			4,460
			Total 2023 £ 20,599
			20,599

Page 9

Diamonds International Christian Ministries Notes to the Accounts

5 Other income

Unrestricted £ 257 257	Total 2024 £ 257 257	Total 2023 £ -
		-

Unrestricted £ 19,517 - 19,517 Unrestricted £ 2,728 3,462 3,766 2,869 12,825	Total 2024 £ - - Total 2024 £ 19,517 - 19,517 Total 2024 £ 2,728 3,462 3,766 2,869 12,825	Total 2023 £ 722
		722
		Total 2023 £ 14,041 866
		14,907
		Total 2023 £ 3,271 - 3,297 -
		6,568

9 Staff costs

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

Page 10

Diamonds International Christian Ministries Notes to the Accounts

10 Tangible fixed assets

10 Tangible fixed assets
Cost or revaluation At 1 April 2023 Additions At 31 March 2024 Depreciation and impairment At 1 April 2023 At 31 March 2024 Net book values At 31 March 2024 At 31 March 2023 11 Debtors Trade debtors 12 Creditors: amounts falling due within one year Other loans Accruals 13 Movement in funds Restricted funds: Unrestricted funds: General funds Total funds 14 Analysis of net assets between funds Fixed assets Net current assets		2024 £ - - 2024 £ -	£ 2,313 2,901 5,214 1,379 1,379 3,835 934	£ 2,313 2,901
				5,214
				1,379
				1,379
				3,835
				934
				2023 £ 606
				606
				2023 £ 81
		-		800
	At 1 April 2023 17,691 17,691	- Incoming resources (including other gains/losses ) £ 37,593 37,593	Resources expended £ (32,342) (32,342) Unrestricted funds £ 3,835 19,107 22,942	881
				At 31 March 2024 £ 22,942
				22,942
				Total £ 3,835 19,107
				22,942

Page 11

Diamonds International Christian Ministries Notes to the Accounts

15 Reconciliation of net debt

15 Reconciliation of net debt
Cash and cash equivalents Borrowings Net debt	At 1 April 2023 £	Cash flows £	At 31 March 2024 £
	17,032	2,075	19,107
	17,032 (81)	2,075	19,107 -
		81
	(81) 16,951	81 2,156	-
			19,107

Page 12

Diamonds International Christian Ministries Statement of Cash flows for the year ended 31 March 2024

Cash flows from operating activities Net income per Statement of Financial Activities Adjustments for: Dividends, interest and rents from investments Decrease in trade and other receivables Decrease in trade and other payables Net cash provided by operating activities Cash flows from investing activities Payments for property, plant and equipment Dividends, interest and rents from investments Net cash used in investing activities Cash flows from financing activities Repayment of borrowings Net cash (used in)/from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2024 £ 5,251 (257) 606 (800) 4,800 (2,901) 257 (2,644) (81) (81) 2,075 17,032 19,107	2023 £ 2,862 - - -
		2,862 (549) -
		(549)
		81
		81

		2,394
		14,638
		17,032

Components of cash and cash equivalents
Cash and bank balances	19,107	17,032

	19,107	17,032

Page 13

Diamonds International Christian Ministries Detailed Statement of Financial Activities

for the year ended 31 March 2024

Income and endowments from: Donations and legacies Tithes & Offerings Charitable activities Other Total income and endowments Expenditure on: Costs of generating donations and legacies Tithes & Offerings Total of expenditure on raising funds Charitable activities Governance costs Office /General Administrative Total of expenditure on charitable activities Motor and travel costs Vehicles - General costs Travel and subsistence Premises costs Rent Premises repairs and maintenance General administrative costs, including depreciation and amortisation Bank charges	Unrestricted funds 2024 £ 22,797 22,797 14,539 14,539 257 257 37,593 - - - 19,517 19,517 - - 19,517 220 2,508 2,728 3,024 438 3,462 71	Total funds 2024 £ 22,797 22,797 14,539 14,539 257 257 37,593 - - - 19,517 19,517 - - 19,517 220 2,508 2,728 3,024 438 3,462 71	Total funds 2023 £ 4,460
			4,460
			20,599
			20,599
			-
			-
			25,059 722
			722
			722 14,041
			14,041
			866
			866
			14,907 - 3,271
			3,271
			- -
			-
			-

Page 14

Diamonds International Christian Ministries Detailed Statement of Financial Activities

General insurances Information and publications Software, IT support and related costs Stationery and printing Sundry expenses Telephone, fax and broadband Legal and professional costs Accountancy and bookkeeping Other legal and professional costs 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	369 160 1,002 938 899 327 3,766 2,214 655 2,869 12,825 32,342 - 5,251 5,251 - 5,251 17,691 22,942	369 160 1,002 938 899 327 3,766 2,214 655 2,869 12,825 32,342 - 5,251 5,251 - 5,251 17,691 22,942	403 - - 808 1,764 322
			3,297
			- -
			-

			6,568
			22,197 -
			2,862
			2,862 -
			2,862
			14,829
			17,691

Page 15