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← House Of Favour Ministries International

2024-08-31-accounts

HOUSE OF FAVOUR MINISTRIES INTERNATIONAL

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST, 2024

Registered charity number: 1129862

Principal address: 1A Cargreen Road, South Norwood SE25 5AD United Kingdom

Trustees' Annual Report for the year ended 31 August 2024

HOUSE OF FAVOUR MINISTRIES INTERNATIONAL

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

Names of the charity trustees who manage the charity

The trustees for the period 1 September 2023 to 31 August 2024 were:

Pastor Oluwarotimi Okeowo (Chairman) Ms Olufunmilayo Okuneye Ms Oluwafemi Bamiro 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.

Objectives and activities

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

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

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

The trustees maintain an overview of worship and suggest how our services can involve many groups 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, colour, sex or creed.

We preach the Gospel of Jesus Christ and fulfil the Great Commission (Mark 16:15) in the United Kingdom and other parts of the world.

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Trustees' Annual Report for the year ended 31 August 2024

Objectives and activities (continued)

We provide church services, meetings, seminars, and events such as Marriage seminars, Youth conferences, and Marriage counselling 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, and unemployment, and make referrals to agencies such as social services, Local Authorities on issues relating to Housing.

We reach out to the elderly, widows, and homeless people by visiting them in their individual homes, care homes, and prisons 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 Counselling to members of the public, both Christians and non-Christians. This is achieved through one-to-one counselling; phone counselling is provided whenever it’s required and we provide counselling in the homes and in the hospitals.

We offer monetary support to members and non-members who are unemployed, disabled children/elderly, widows, single parents, and 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 the UK and to tackle and minimize crime within our community, especially among our youths.

We support and assist other agencies like the care homes, Croydon & Sutton Council, Youth Organizations, the Police force and ethnic minority groups 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, and revival services, which are open to everyone members and non-members.

June 2022

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

In 2023, The church again moved to another location, 801, Old Kent Road, SE15 INX. We later found a more suitable location towards the end of the year 2023, the church moved to 1A Cargreen Road, South Norwood SE25 5AD United Kingdom. The member prefers this location due to its proximity to the train station and bus stops, making it much more convenient and accessible for commuting to church.

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HOUSE OF FAVOUR MINISTRIES INTERNATIONAL

Trustees' Annual Report for the year ended 31 August 2024

Objectives and activities (continued)

In February 2024, the church had a praise week to celebrate the church 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 was suspended due to the COVID-19 lockdown regulations. The church has restarted this event now in our Cargreen location.

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.

In addition to the program mentioned above, the church has also streamlined our annual schedule. Below is the updated and simplified list of events for the year.

Our weekly program

Monthly Program

Quarterly Program

Special Yearly Programmes

Worship & Prayer

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House of Favour Ministries International throughout the year has offered and is 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.

As of the 31[st] of August 2024, there were 55 registered members joined our services online excluding children of about 30. The church has relied on offerings, and 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.

.

Pastoral Care

Each month, as part of the Community Foodbank initiative, the church donates essential food items such as rice, canned goods, fruits, and financial support to around 10 elderly widows and homeless individuals. During these events, we also offer hot drinks and beverages to both members and non-members who may walk in or need assistance. This not only provides comfort but also encourages meaningful interactions and engagement with the wider community.

When members of the public come into the church for counselling, the church provides bus passes, petrol money, and food and occasionally pays their rent, especially for individuals not on the state benefit. Pastors and some groups of ministers from time to time visit the prison, hospital and care homes to offer counselling and prayer to them.

Due to the current economic difficulties, the church also gave financial aid, distributed foodstuffs to friends of the church, members, the elderly, youth, and the needy in our community

Trustees' Annual Report for the year ended 31 August 2024

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Achievements and performance (continued)

Media

House of Favour Ministries International has been able to stream every service online using various platforms like Zoom, YouTube, TikTok Live 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 had a website www.houseoffavour.com, previously but in early 2024, we launched a new modern website https://www.houseoffavourandfire.com, where we promote the church’s programs, volunteer vacancies and actively receive prayer requests from both members and nonmembers.

Through our new 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 and website whereby people have requested 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, and to reach out to youths by encouraging them to stay away from crime and drugs. We recently became active on Instagram and our Pastor also started sermons on TikTok live. This is to improve our online presence and our reach.

Due to the current economic difficulties, the church has been active in offering financial and emotional aid to people online who reach out for help.

We are also working to streamline the church’s hierarchical structure (Org Chart) by integrating our current volunteers and identifying areas within the church that require growth. This will help us determine where new volunteers are needed to support these areas, ultimately facilitating the church’s growth and development.

Financial review

Total receipts on unrestricted funds were £65,721. There were restricted funds during the year totalling £0.

The church received an amount of £11,474 as a gift aid refund from the HMRC during the year.

The net result for the year was an excess of payments over receipts of £45,641.

Declaration

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

Signed on behalf of the charity’s trustees on 23 September 2024.

Pastor Oluwarotimi Okeowo (Chairman)

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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		 Unrestricted
funds
Restricted
income
funds
Total
funds
Prior
year
funds		 Unrestricted
funds
Restricted
income
funds
Total
funds
Prior
year
funds		 Unrestricted
funds
Restricted
income
funds
Total
funds
Prior
year
funds
£
£
£
£
F01
F02
F04
F05
53,677 - 53,677 43,087
11,474 - 11,474 9,509
- - - -
- - - -
- - - -
571 - 571 500
65,721 - 65,721 53,096
58,041 - 58,041 26,358
40,316 - 40,316 54,475
- - - -
13,004 - 13,004 5,642
111,361 - 111,361 86,475
(45,641) - (45,641) (33,379)
- - - -
(45,641) - (45,641) (33,379)
- - - -
- - - -
(45,641) - (45,641) (33,379)
111,123 - 111,123 144,502
65,482 - 65,482 111,123

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Section B Balance sheet

Fixed assets
Tangible assets
(Note 7)
Investments
Total fixed
assets
Current assets
Debtors
(Note 8)
Cash at bank and
in hand (Note 9)
Creditors:
amounts falling
due within one
year (Note 10)
Net current
assets/(liabilities)
Total assets less
current liabilities
Total net assets
or liabilities
Funds of the
Charity
Restricted
income funds
(Note 11)
Unrestricted
funds (Note 11)
Revaluation
reserve
Total funds
Signed by one or
two trustees on
behalf of all the
trustees		 Unrestricted
funds
Restricted
income
funds
Total this
year
Total last year
£
£
£
£		 Unrestricted
funds
Restricted
income
funds
Total this
year
Total last year
£
£
£
£		 Unrestricted
funds
Restricted
income
funds
Total this
year
Total last year
£
£
£
£		 Unrestricted
funds
Restricted
income
funds
Total this
year
Total last year
£
£
£
£
F01
F02
F04
F05
- - - -
20,000 20,000 20,000
20,000 - 20,000 20,000
83,870 - 83,870 78,550
33,206 - 33,206 84,167
117,076 - 117,076 162,717
17,150 - 17,150 17,150
99,926 - 99,926 145,567
119,926 - 119,926 165,567
119,926 - 119,926 165,567
- - - -
119,926 - 119,926 165,567
- - - -
119,926 - 119,926 165,567
Print
Name		 Date of approval
dd/mm/yyyy

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HOUSE OF FAVOUR MINISTRIES INTERNATIONAL

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.

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

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HOUSE OF FAVOUR MINISTRIES INTERNATIONAL

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 are included in the SOFA when Donated services received at the value of the gift to the charity provided the and facilities 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

Income from interest, royalties and dividends

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

This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

Income from

Membership subscriptions received in the nature of a gift are

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HOUSE OF FAVOUR MINISTRIES INTERNATIONAL

membership recognised in Donations and Legacies. subscriptions

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.

This includes any realised or unrealised gains or losses on the Investment gains sale of investments and any gain or loss resulting from and losses 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. No material item of deferred income has been included in the Deferred income 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 of 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

Donations
and
legacies:		 Analysis Unrestricted
funds
Restricted
income
funds
Total
funds
Prior
year
£
£		 Unrestricted
funds
Restricted
income
funds
Total
funds
Prior
year
£
£		 Unrestricted
funds
Restricted
income
funds
Total
funds
Prior
year
£
£		 Unrestricted
funds
Restricted
income
funds
Total
funds
Prior
year
£
£
Donations
and gifts		 53,677 - 53,677 43,087
Gift Aid 11,474 - 11,474 9,509
Grant - - - -
Other 571 - 571 501
Total 65,721 - 65,721 53,097

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HOUSE OF FAVOUR MINISTRIES INTERNATIONAL

Charitable
activities:
Deposits
-
-
-
TOTAL INCOME
65,721
-
65,721
Note 4 Analysis of expenditure
Analysis
Unrestricted
funds
Restricted
income
funds
Expenditure
on raising
funds:
Incurred seeking
donations
-
-
Printing and Stationery
-
-
Motor Expenses
3,056
-
Rent collection, property
repairs and maintenance
charges
51,825
-
Light and Heat
3,161
-
Rates
-
-
Total expenditure on
raising funds
58,041
-
Expenditure
on
charitable
activities
Salaries and wages
23,342
-
Allowances
-
Donations
-
-
Other Charitable activities
16.975
-
-
Total expenditure on
charitable activities
40,316
Sundries
-
-
Websites
-
-
Bank Charges
-
-
Professional fees
12,049
-
Telephone costs
-
-
Travel
-
-
Insurance
564
-
Subscription
390
-
Total other expenditure
13,004
-
TOTAL EXPENDITURE
111,361
-		 Deposits - - - - -
65,721 - 65,721 53,097
Incurred seeking
donations		 - -
-		 -
Printing and Stationery - - - 160
Motor Expenses 3,056 - 3,056 825
Rent collection, property
repairs and maintenance
charges		 51,825 -
51,825		 25,000
Light and Heat 3,161 - 3,161 373
Rates - -
-		 -
Total expenditure on
raising funds		 58,041 -
58,041		 26,358
Salaries and wages 23,342 -
23,342		 33,234
Allowances - - -
Donations - - - 1,300
Other Charitable activities 16.975 -
16,975		 19,942
Total expenditure on
charitable activities		 40,316 -

40,316		 54,476
Sundries - -
-		 -
Websites - - - -
Bank Charges - - - 3
Professional fees 12,049 - 12,049 4,980
Telephone costs - - - -
Travel - - - 136
Insurance 564 - 564 288
Subscription 390 - 390 235
Total other expenditure 13,004 -
13,004		 5,642
111,361 - 111,361 86,476

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HOUSE OF FAVOUR MINISTRIES INTERNATIONAL

(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).

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

Note 6 Paid Employees

Please complete this note if the charity has any employees.

6.1 Staff Costs

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
Please provide the total
amount paid to key
management personnel
 This year
£		 Last year
£
23,342 33,234
23,342 33,234
None
-

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HOUSE OF FAVOUR MINISTRIES INTERNATIONAL

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
£
£
£
£
£
At the beginning of
the year
-
-
-
-
-
Additions
-
-
-
-
Disposals
-
-
-
-
At end of the year
-
-
-
-
-
7.2 Depreciation and impairments
*Basis*
SL
SL
 Rate
25%
25%
At beginning of the
year
-
-
-
-
-
Disposals
-
-
-
-
-
Depreciation
-
-
-
-
-
-
At end of the year
-
-
-		 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

Net book value at the
beginning of the year
Net book value at the
end of the year
-
-
-		 -
-
-
-
-		 -
-

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HOUSE OF FAVOUR MINISTRIES INTERNATIONAL

Notes to the accounts
(cont)		 Notes to the accounts
(cont)		 Notes to the accounts
(cont)
Note 8 Debtors and prepayments
8.1 Analysis of
debtors
This year
Last year
£
£
Other debtors
73,370
68,050
Prepayments and
accrued income
10,500
10,500
Total
83,870
78,550
This year
£		 Last year
£
73,370 68,050
10,500
10,500
83,870 78,550

Note 9 Cash at bank and in hand

Current account Savings account Total

This
year
£		 Last
year
£
2,431 4,001
30,775 80,166
33,206 84,167

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		 Amounts falling due
within oneyear		 Amounts falling due after
more than oneyear
This year
£		 Last year
£		 This year
£		 Last year
£
-
-
-
-
16,300 16,300 16,300 16,300
850 850 850 850

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HOUSE OF FAVOUR MINISTRIES INTERNATIONAL

Total 17,150 17,150 17,150 17,150
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 165,567 65,721 (111,361) - 119,926
Total Funds 165,567 65,721 (111,361) - 119,926

11.3 Transfers between funds

Please give details of any transfers between funds.

From Fund
(Name)		 To Fund (Name) Reason Reason Amount
11.4 Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
Total
£
£
£
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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HOUSE OF FAVOUR MINISTRIES INTERNATIONAL

Independent examiner's report on the accounts

----- Start of picture text -----
Section A Independent Examiner’s Report
Report to the
trustees/
members of
HOUSE OF FAVOUR MINISTRIES INTERNATIONAL
On accounts
31-Aug-24 Charity no
for the year 1129862
(if any)
ended
Set out on
pages 7 to 16
----- End of picture text -----

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:

 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.

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HOUSE OF FAVOUR MINISTRIES INTERNATIONAL

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

  1. 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

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

  1. 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

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