2021-08-31-accounts - House Of Favour Ministries International

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HOUSE OF FAVOUR MINISTRIES INTERNATIONAL

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

Registered charity number: 1129862 Principal address: 1, Campbell Road, Croydon CR0 2SQ

HOUSE OF FAVOUR MINISTRIES INTERNATIONAL

Trustees' Annual Report for the year ended 31 August 2021

Charity name: House of Favour Ministries International (“HOFMI”)

Names of the charity trustees who manage the charity

The trustees for the period 1 September 2020 to 31 August 2021 were:

Pastor Oluwarotimi Okeowo (Chairman) Mr. Taiwo Olatunji-Kasali Ms Olufunmilayo Okuneye Ms Oluwafemi Bamiro Dr Sunday Olubunmi Oke Mr Michael Lawson

Structure, governance and management

The church is governed by a trust deed signed on the 31[st] of December 2008 and controlled by a committee consisting of 4 trustees, the Pastor and ministers in the church. The trustees are responsible for making decisions on all matters of general concern and importance to the church including deciding on how the funds of HOFMI are to be spent.

The church has recruited more trustees from among its members and other Christians with relevant skills and experience, who are willing to help and assist as church secretary, treasurer and help other officials perform their functions more effectively.

Objectives and activities

The church has considered the Commission’s guidance on the public benefit and, in particular, the specific guidance on charities for the advancement of religion.

HOFMI’s main objective is advancement of the Christian religion in accordance with the statement of beliefs included in our Trust Deed. The church seeks to:

Relieve financial hardship by the provision of funds, goods or services to widows and the less privileged. Also the church provides counseling and support to members of the church and the community.

The trustees maintain an overview of worship and makes suggestions on how our services can involve many groups that are within the church.

House of Favour Ministries International is committed to enabling as many people as possible to worship at our church regardless of their race, color, sex or creed.

We preach the Gospel of Jesus Christ and fulfill the great Commission (Mark16:15) in the United Kingdom and other parts of the world.

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Trustees' Annual Report for the year ended 31 August 2021

Objectives and activities (continued)

We provide church services, meetings, seminars, events such as Marriage seminars, Youth conferences, Marriage counseling in group meetings and on a one to one basis, we conduct seasonal workshops to meet the needs of the members of the public, such as domestic violence in the Home.

We provide advice on immigration issues, unemployment, and make referrals to agencies such as social services, Local Authorities on issues relating to Housing.

We reach out to the elderly, the widows, and homeless people by visiting them in their individual homes, care homes, prison and provide food items, clothing, funds and any other way the trustees feel it’s necessary.

We aim to plant churches and propagate the gospel through the media.

We run and provide teachings and lectures on the Bible through the Bible School.

We provide Pastoral Counseling to members of the public, both Christians and non-Christians. This is achieved through one to one counseling, phone counseling is provided whenever it’s required and we provide counseling in the homes and in the hospitals.

We offer monetary support to members and nonmembers who are unemployed, disabled children/elderly, widows, single parents, and to anyone going through any sort of financial hardship.

We publish, sell and distribute Christian books and materials to encourage and develop Christians in their quest for Christ and in their spiritual development.

We join and affiliate with other churches with similar beliefs and other organizations that are established for the peace and unity of fellow believers and citizens of UK and to tackle and minimize crime within our community especially within our youths.

We support and assist other agencies like the care homes, Croydon & Sutton Council, Youth Organizations, the Police force and ethnic minority groups so as to have peace in our community and keep our youths off the streets through the provision of recreational activities, talks on drugs and crime.

We organize annual conferences, revival services, which are open to everyone members and nonmembers.

June 2021

After the COVID 19 lockdown was lifted, the church had to downsize and moved to a rental space at St. Mary’s Church Hall, Addington Village Road, Croydon CR0 5AS

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HOUSE OF FAVOUR MINISTRIES INTERNATIONAL

Trustees' Annual Report for the year ended 31 August 2021

Objectives and activities (continued)

In February 2021, the church had a praise week to celebrate the 10[th] year anniversary.

Since March 2019, the church has been engaging in a community event titled coffee morning which takes place every 3[rd] Saturday of the month, but this has been suspended due to the Covid- 19 lockdown regulations.

In August 2021, the church had a 14-day fasting and prayer revival service.

Every first day of every month we have our hour of Praise service to bless the Lord for a new month. Also, every last Friday our every month, the church engages in a prayer night vigil.

Worship & Prayer

House of Favour Ministries International throughout the year have offered and still keen to promote a range of services every day for the benefit of the general public that so many people have testified of being both beneficial and spiritually fulfilling.

For example, our daily services called Hour of Favour provide a refreshing and spirit filled and intimate time with God and an opportunity for members and members of the public from other Denominations network and mingle with other people. This service has been very productive for people who are trying to get back to work especially nursing mothers.

Everyone is welcome to attend our regular services Monday to Friday most especially on Sundays. Every other day we have been able to communicate to members, non-members and visitors through the use of text messages to their mobile phones, encouraging them with biblical texts, prayer and invitations to upcoming events and programs.

Daily online morning and evening programs commenced during the COVID period where our members joined remotely from the comfort of their homes. We were actively involved in encouraging and praying for our members and the community who were victims of this virus.

As of the 14[th] of August 2021, there were 50 registered members who joined our services online excluding children of about 25. The church has totally relied on online donations from members to sustain and manage the financial needs of the church including rent payments, utility bills, and provision of services to members and non-members.

Every month, since the establishment of this church, we have conducted a three-day deliverance program, and a lot of the attendees were non-church members who have benefited from the resources of the church.

Pastoral Care

Every month, the church provides food items such as rice, canned foods, fruits, money to an average of 10 elderly widows. When members of the public come into the church for counselling, the church has provided bus passes, petrol money, food and occasionally pay their rent especially for individuals not on the state benefit. Pastor and some group of ministers from time to time visit the prison and hospital and care homes to offer counselling and prayer to them.

With the global reality of COVID -19, the church also gave financial aid, distributed foodstuffs to friends of the church, members, elderly, youth, and the needy in our community

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HOUSE OF FAVOUR MINISTRIES INTERNATIONAL

Trustees' Annual Report for the year ended 31 August 2019

Achievements and performance (continued)

Media

House of Favour Ministries International has been able to stream every service online using various platforms like zoom, Youtube, and Facebook Live . Through this media, we have taken so many telephone calls from members of the public who have been blessed by the Pastor’s sermon and prayer and they have eventually become members of the church.

We have a website www.houseoffavour.com whereby you can listen and watch the live broadcasts of the pastor every Sunday.

Through our website and Whatsapp group messages, members of the community have benefited from encouraging messages, daily bible verses, and prayer of the day.

Prayer requests are also sent to the church office where ministers in the church deal with it instantly. We take messages from our email whereby people have requested for special prayer on their marriages, youths, children, and gaining meaningful employment.

We are also on Twitter, Facebook, and YouTube to promote the gospel of Jesus Christ, to reach out to youths by encouraging them to stay away from crime and drugs.

Due to the emergence of COVID- 19, the church has been active in offering financial and emotional aid and counselling to the community, youths, and members of the church

Financial review

Total receipts on unrestricted funds were £89,382. There were restricted funds during the year totaling £0.

The church received an amount of £16,792 as gift aid refund from the HMRC during the year.

The net result for the year was an excess of payments over receipts of £32,051.

Declaration

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees on 01 October 2019.

Pastor Oluwarotimi Okeowo (Chairman)

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Section A Statement of financial activities	Section A Statement of financial activities	Section A Statement of financial activities	Section A Statement of financial activities	Section A Statement of financial activities
Incoming resources (Note 3) Income and endowments from: Donations and legacies Charitable activities (Gift Aid reclaim) Government Grants Investments Separate material item of income Other (Interest) *Total* Resources expended (Note 4) Expenditure on: Raising funds Charitable activities Separate material item of expense Other *Total* Net income/(expenditure) before investment gains/(losses) Net gains/(losses) on investments Net income/(expenditure) Extraordinary items Transfers between funds *Net movement in funds* *Reconciliation of* *funds:* Total funds brought forward *Total funds carried forward*	Unrestricted funds Restricted income funds Total funds Prior year funds
	£ £ £ £
	F01 F02 F04 F05

	61,818	-	61,818	91,199
	16,792	-	16,792	22,887
	10,761	-	10,761	-
	-	-	-	-
	-	-	-	-
	11	-	11	47
	89,382	-	89,382	114,133

	14,139	-	14,139	38,081
	35,719	-	35,719	42,502
	-	-	-	-
	5,573	-	5,573	6,812
	55,431	-	55,431	87,395

	33,951	-	33,951	26,738
	-	-	-	-
	33,951	-	33,951	26,738
	(1,900)	-	(1,900)	(25,700)
	-	-	-	-
	32,051	-	32,051	1,038

	99,874	-	99,874	98,836
	131,925	-	131,925	99,874

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Section B Balance sheet

Unrestricted funds Restricted income funds £ £	Unrestricted funds Restricted income funds £ £	Total this year £	Total last year £
F01 F02		F04	F05
-	-	-	-
20,000		20,000	20000
20,000	-	20,000	20000

34,500	-	34,500	36,400
135,725	-	135,725	99,874
170,225	-	170,225	136,274

3,850	-	3,850	3,850

166,375	-	166,375	132,424

186,375	-	186,375	152,424

186,375	-	186,375	152,424

-	-	-	-
186,375	-	186,375	152,424
-	-	-	-
186,375	0	186,375	152424

		Print Name	Date of approval dd/mm/yyyy

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Section C Notes to the accounts

Note 1 Basis of preparation

1.1 Basis of accounting

The accounts have been prepared in accordance with:

The 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 of Ireland (FRS 102) issued on 16 July 2014.

1.2 Change of accounting policy

The accounts present a true and fair view and the accounting policies adopted are those outlined in note {1.1}.

1.3 Changes to accounting estimates

No changes to accounting estimates have occurred in the reporting period.

1.4 Material prior year errors

No material prior year error have been identified in the reporting period.

Note 2 Accounting policies

2.1 INCOME

Recognition of These are included in the Statement of Financial Activities (SoFA) income when: • the charity becomes entitled to the resources; · it is more likely than not that the trustees will receive the resources; and • The monetary value can be measured with sufficient reliability. There has been no offsetting of assets and liabilities, or income and Offsetting expenses, unless required or permitted by the FRS 102 SORP or FRS 102.

Grants and Grants and donations are only included in the SoFA when the donations general income recognition criteria are met.

In the case of performance related grants, income must only be recognised to the extent that the charity has provided the specified goods or services as entitlement to the grant only occurs when the performance related conditions are met.

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on

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Tax reclaims on donations and gifts Contractual income and performance related grants Donated goods

a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

This is only included in the SoFA once the charity has provided the related goods or services or met the performance related conditions.

Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractical to do so.

The cost of any stock of goods donated for distribution to beneficiaries is deemed to be the fair value of those gifts at the time of their receipt and they are recognised on receipt. In the reporting period in which the stocks are distributed, they are recognised as an expense at the carrying amount of the stocks at distribution.

Donated goods for resale are measured at fair value on initial recognition, which is the expected proceeds from sale less the expected costs of sale, and recognised in 'Income from other trading activities' with the corresponding stock recognised in the balance sheet. On its sale the value of stock is charged against 'Income from other trading activities' and the proceeds from sale are also recognised as 'Income from other trading activities'.

Goods donated for on-going use by the charity are recognised as tangible fixed assets and included in the SoFA as incoming resources when receivable.

Gifts in kind for use by the charity are included in the SoFA as income from donations when receivable.

Donated services and facilities

Donated services and facilities are included in the SOFA when received at the value of the gift to the charity provided the value of the gift can be measured reliably.

Donated services and facilities that are consumed immediately are recognised as income with an equivalent amount recognised as an expense under the appropriate heading in the SOFA.

Support costs The charity has incurred expenditure on support costs.

Volunteer help

The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.

Income from This is included in the accounts when receipt is probable and interest, royalties the amount receivable can be measured reliably. and dividends Income from Membership subscriptions received in the nature of a gift are membership recognised in Donations and Legacies. subscriptions

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Membership subscriptions which gives a member the right to buy services or other benefits are recognised as income earned from the provision of goods and services as income from charitable activities.

Investment gains and losses

This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

2.2 EXPENDITURE AND LIABILITIES

Liability Liabilities are recognised where it is more likely than not that recognition there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Deferred income

No material item of deferred income has been included in the accounts.

2.3 ASSETS

Tangible fixed These are capitalised if they can be used for more than one assets for use by year, and cost at least. charity They are valued at cost.

The depreciation rates and methods used are disclosed in note 7.

Stocks and work in Stocks held for sale as part of non-charitable trade are measured at progress the lower or cost or net realisable value.

Debtors Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

Note 3 Analysis of income

Analysis	Unrestricted funds Restricted income funds	Unrestricted funds Restricted income funds	Total funds £	Prior year £
Donations and gifts	91,199	-	91,199	91,199
Gift Aid	22,887	-	22,887	22,887
Other	47	-	47	47
Total	114,133	-	114,133	114,133

Deposits	-	-	-	-
Total			-

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- - TOTAL INCOME 114,133 - 114,133 Note 4 Analysis of expenditure	-	-		-
	114,133	-	114,133	114,133

Analysis	Unrestricted funds	Restricted income funds	Total funds £	Prior year £
Incurred seekingdonations	108	-	108	-
Printing and Stationery	93	-	93	2,116
Motor Expenses	218	-	218	220
Light and Heat	0	-	0	135
Rent collection, property repairs and maintenance charges	13,400	-	13,400	35,610
Rates	320	-	320	0
Total expenditure on raising funds	14,139	-	14,139	38,081

Salaries and wages	28,670	-	28,670	11,316
Allowances	1,149		1,149	24,361
Donations	5,900	-	5,900	2,700
OtherCharitable activities	0	-	0	4,125
Total expenditure on charitable activities	35,719	-
			35,719	42,502

Sundries	1,110	-	1,110	-
Bank Charges	437	-	437	740
Equipment Expensed	615	-	615	3,000
Professional fees	1703	-	1703	1991
Telephone costs	198	-	198	596
Travel	900	-	900	-
Insurance	610	-	610	485
Depreciation
Total other expenditure	5,573	-	5,573	6,812

	55,431	-	55,431	87,395

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Notes to the accounts (cont)

Note 5 Details of certain items of expenditure 5.1 Fees for examination of the accounts

Please provide details of the amount paid for any statutory external scrutiny of accounts and other services provided by your independent examiner. If nothing was paid please enter '0' in the appropriate box (es).

----- Start of picture text -----
This Last
year year
£ £
Independent examiner’s fees 850 850
Other fees (for example: financial advice, consultancy, accountancy services)
850 850
paid to the independent examiner
----- End of picture text -----

Note 6 Paid Employees

Please complete this note if the charity has any employees.

6.1 Staff Costs

6.1 Staff Costs
Salaries and wages Total staff costs Please provide details of expenditure on staff working for the charity whose contracts are with and are paid by a related party	This year £	Last year £
	28,670	11,316

	28,670	11,316
	None

Please provide the total amount paid to key - management personnel

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Notes to the accounts (cont)

Note 7 Tangible fixed assets

Please complete this note if the charity has any tangible fixed assets

7.1 Cost or valuation

Freehold land & buildings £	Other land & buildings £	Plant, machinery and motor vehicles £	Fixtures, fittings and equipme nt £	Total £
-	-	-	-
				-
-	-	-	-
-	-	-	-
-	-	-	-	-

		SL	SL
		25%	25%

-	-	-	-	-
-	-	-	-	-
-	-	-	-	-
-
		-	-	-

7.3 Net book value


-	-	-	-	-

-	-	-	-	-

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(cont)

Note 8 Debtors and prepayments

8.1 Analysis of debtors Other debtors Prepayments and accrued income Total	This year £	Last year £

	34,500	36,400
	-	-
	36,400	36,400

Note 9 Cash at bank and in hand

Current account Savings account Total	This year £	Last year £
	3,806	3,121
	131,919	96,753
	135,725	99,874

Note 10 Creditors and accruals

Please complete this note if the charity has any creditors or accruals.

10.1 Analysis of creditors

10.1 Analysis of creditors
Amounts due to subsidiary and associated Undertakings Other creditors Accruals and deferred Income Total	Amounts falling due within oneyear		Amounts falling due after more than oneyear
	This year £	Last year £	This year £	Last year £
	-	-	-	-
	3,000	3,000	3,000	3,000
	850	850	850	850
	3,850	3,850	3,850	3,850

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Notes to the accounts (cont)

Note 11 Endowment and restricted income funds

Please complete this section if the charity has any endowment or restricted income funds.

11.1 Funds held

Please give a brief description of any of the following type of funds held by the charity:

· restricted income funds, including special trusts, of the charity (R).

· Other funds.

	Type PE,
Fund Name	EE , R or	Purpose and restrictions
	other

11.2 Movements of major funds

Please give details of the movements of the major funds summarized in the restricted and endowment columns of the Statement of Financial Activities.

Fund names	Fund balances brought forward £	Incoming resources £	Resources expended £	Transfers £	Fund balances carried forward £
Restricted	-	-	-	-	-
Unrestricted	152,424	89,382	(55,431)	-	186,375

Total Funds	152,424	89,382	(55,431)	-	186,375

11.3 Transfers between funds

Please give details of any transfers between funds.

From Fund (Name)	To Fund (Name)	Reason	Amount

11.4 Analysis of net assets between funds

11.4 Analysis of net assets between funds
Fixed assets Investments Net current assets Creditors due in more than one year and provisions Total net assets	Unrestricted funds £	Restricted funds £	Total £
	-	-	-
	-	-	-
	-	-	-

	-	-	-

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Independent examiner's report on the accounts

Section A Independent Examiner’s Report Report to the trustees/ members of HOUSE OF FAVOUR MINISTRIES INTERNATIONAL On accounts Charity no for the year 31-Aug-21 1129862 (if any) ended Set out on pages 6 to 16

The charity's trustees are responsible for the preparation of Respective the accounts. The charity’s trustees consider that an audit is responsibilities not required for this year under section 144 of the Charities of trustees and Act 2011 (“the Charities Act”) and that an independent examiner examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the
Charities Act,
to follow the procedures laid down in the general
Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
to state whether particular matters have come to
my attention.

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts Basis of presented with those records. It also includes consideration independent of any unusual items or disclosures in the accounts and examiner’s seeking explanations from the trustees concerning any such statement matters. The procedures 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 and the report is limited to those matters set out in the statement below.

In connection with my examination, no matter has come to my attention

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which gives me reasonable cause to believe that in, any material respect, the requirements:
to keep accounting records in accordance with
section 130 of the Charities Act; and

• to prepare accounts which accord with the accounting Independent records and comply with the accounting requirements of the examiner's Charities Act statement have not been met; or

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Signed: Date: Name: Olushola Olalekan Shokunbi FCCA Relevant professional qualification(s) FCCA or body (if any): Address: 2nd Floor 134 South street, Romford, Essex RM1 1TE

01 October 2021