2024-03-31-accounts - Harmony Community Projects

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HARMONY COMMUNITY PROJECTS FINANCIAL STATEMENTS AND ACCOUNTS YEAR ENDED 31 MARCH 2024

HARMONY COMMUNITY PROJECTS

Statutory Financial Statements & Directors Report 31[st] March 2024

Company No: 06926632

HARMONY COMMUNITY PROJECTS FINANCIAL STATEMENTS AND ACCOUNTS YEAR ENDED 31 MARCH 2024

Legal and Administrative Information

Directors: Harmony Christian Ministries (Corporate Director/Trustee) Rev John Adewale Olulana Kayode Akinsola Obateru Elizabeth Aderonke Olulana Oladunjoye Akanni Fasanmi Company Registration No: 06926632 Principal Office: Concord House 23-27 Kemp Road Dagenham Essex RM8 1ST Accountants: Rev Dr Olu Olasode BSc MSc MBA DBE PhD APSA FCCA TL First Accountants & Consultants 1 Copers Cope Road Beckenham, Kent BR3 1NB Bankers: HSBC Bank Plc

HARMONY COMMUNITY PROJECTS FINANCIAL STATEMENTS AND ACCOUNTS YEAR ENDED 31 MARCH 2024

Introduction

The Director presents his report and the financial statements for the year ended 31 March 2024.

The Directors, in accordance with, the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024.

Aims and Objectives

Harmony Community Projects (The Project) was set up as a company limited by guarantee to provide project management services, community services and other income generation activities in pursuance of the objectives of Harmony Christian Ministries and to income that can be applied for the public benefits. The Project works with the local authority to provide various health initiatives for members of the community. The project also partners with other VCSEs in the borough for the same purpose.

Projects

During the reporting year, the project conducted the following activities:

Regular fortnightly health checks the local community hub in Barking and Dagenham
Flu Vaccination of teachers in over 70 schools in the London Borough of Barking and Dagenham
Pop Up COVID Vaccination centre in the Borough.
COVID Vaccine awareness programme for BAME members of the community
HENRY Programme – helping to reduce obesity in children under 5.
MOMENTA Programme – helping to reduce the risk of cardiovascular diseases in adults.
Provide a Food Bank for those in need.
Community Development

The company received total grant income of £ 32,300 during the reporting year.

The plan for the project is to continue to champion health initiatives, reaching out to the grassroots members of the community and partnering with other organisations in an attempt to meet the needs of the community.

Statement of Director's Responsibilities

The director is responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

HARMONY COMMUNITY PROJECTS FINANCIAL STATEMENTS AND ACCOUNTS YEAR ENDED 31 MARCH 2024

Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing the financial statements the director is required to꞉

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

On behalf of the board

Kayode Akinsola Obateru Director

Date: 22 December 2024

HARMONY COMMUNITY PROJECTS FINANCIAL STATEMENTS AND ACCOUNTS YEAR ENDED 31 MARCH 2024

ACCOUNTANT’S REPORT

I report to the directors and trustees on my examination of the accounts of the Harmony Community Projects for the year ended 31 March 2024.

In accordance with the engagement letter dated , and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.

This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's director for our work or for this report.

You have acknowledged on the balance sheet as at year ended 31 March 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006.

You consider that the company is exempt from the statutory requirement for an audit for the year. We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express Wu any opinion on the financial statements. Rev Dr Olu Olasode BSc MSc MBA DBE PhD APSA FCCA Chartered Certified Accountant TL First Accountants & Consultants TL First Accountants Limited TL First Limited

Date: 22 December 2024 Ie

HARMONY COMMUNITY PROJECTS FINANCIAL STATEMENTS AND ACCOUNTS YEAR ENDED 31 MARCH 2024

PROFIT AND LOSS ACCOUNT FOR THE YEAR

INCOME Voluntary Income Grant income Other House Total Income EXPENSES Services and Events Evangelism and Missions Staff cost Office and Admin Costs Professional & Consultancy Expenses Repairs and Maintenance Bank Interests and Charges Depreciation Total expenses Profit (Loss) for the period	2024 £ 21,500 32,300 25,123 78,923 2024 £ 5,769 3,233 44,914 3,516 37,020 - 1,002 3,832 99,286 (20,363)	2023 £ 13,798 128,466 32,517
		174,781 2023 £ 329 63,167 4,837 45,973 34,256 8,976 190 5,109
		162,837

		11,944

HARMONY COMMUNITY PROJECTS FINANCIAL STATEMENTS AND ACCOUNTS YEAR ENDED 31 MARCH 2024

BALANCE SHEET AS AT 31 MARCH 2024

BALANCE SHEET AS AT 31 MARCH 2024
	2024	2023
	£	£
Fixed Assets
Office Equipment	11,495	15,328
	11,495	15,328
Current Assets
Debtors	1,345
Cash & Bank	-	20,887
Total Current Assets	1,345	20,887
Creditors within one year	-	(3,012)
Net Current Assets	1,345	17,875
Creditors over one year		-
NET ASSETS	12,840	33,203
FINANCED BY
Ordinary Share Capital	-	-
Reserves	12,840	33,203
	12,840	33,203

For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board of Directors on 22 December 2024 and signed on their behalf by:

Kayode Akinsola Obateru Director

HARMONY COMMUNITY PROJECTS FINANCIAL STATEMENTS AND ACCOUNTS YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

1. BASIS OF PREPARATION

1.1. Basis of accounting

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

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 and with the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

1.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

1.3. Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

1.4. Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

1.5. Going Concern

The charity is a going concern and the accounts have been prepared on a going concern basis.

1.6. Change of accounting policy

There is no change of accounting policy during the period.

1.7. Changes to accounting estimates

There is no change to accounting estimates during the period

1.8. Material prior year adjustments

There are no material prior year adjustments during the period.

HARMONY COMMUNITY PROJECTS FINANCIAL STATEMENTS AND ACCOUNTS YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES

2.1. Income

Recognition of These are included in the Statement of Financial Activities (SoFA) when: income • 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 expenses,
Offsetting	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 general
donations	income recognition criteria are met (5.10 to 5.12 FRS102 SORP).
	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 (5.16 FRS 102 SORP).
Legacies	Legacies are included in the SOFA when receipt is probable, that is, when
	there has been grant of probate, the executors have established that there
	are sufficient assets in the estate and any conditions attached to the
	legacy are either within the control of the charity or have been met.
Government grants	The charity has received government grants in the reporting period
	Gift Aid receivable is included in income when there is a valid declaration
Tax reclaims on	from the donor. Any Gift Aid amount recovered on a donation is
donations and	considered to be part of that gift and is treated as an addition to the same
gifts	fund as the initial donation unless the donor or the terms of the appeal
	have specified otherwise.
Contractual
income and	This is only included in the SoFA once the charity has provided the related
performance	goods or services or met the performance related conditions.
related grants
Donated goods	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

HARMONY COMMUNITY PROJECTS FINANCIAL STATEMENTS AND ACCOUNTS YEAR ENDED 31 MARCH 2024

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

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

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

Membership subscriptions which give 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.

Insurance claims are only included in the SoFA when the general income Settlement of recognition criteria are met (5.10 to 5.12 FRS102 SORP) and are included insurance claims as an item of other income in the SoFA.

Investment This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to gains and losses 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 there is a recognition legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. Support costs have been allocated between governance costs and other Governance and support. Governance costs comprise all costs involving public support costs accountability of the charity and its compliance with regulation and good practice.

HARMONY COMMUNITY PROJECTS FINANCIAL STATEMENTS AND ACCOUNTS YEAR ENDED 31 MARCH 2024

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, eg allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Where the charity gives a grant with conditions for its payment being a Grants with specific level of service or output to be provided, such grants are only performance recognised in the SoFA once the recipient of the grant has provided the conditions specified service or output. Grants payable Where there are no conditions attaching to the grant that enables the without donor charity to realistically avoid the commitment, a liability for the full performance funding obligation must be recognised. conditions Redundancy cost The charity made no redundancy payments during the reporting period. Deferred income No material item of deferred income has been included in the accounts. The charity has creditors which are measured at settlement amounts less Creditors any trade discounts A liability is measured on recognition at its historical cost and then Provisions for subsequently measured at the best estimate of the amount required to liabilities settle the obligation at the reporting date The charity accounts for basic financial instruments on initial recognition Basic financial as per paragraph 11.7 FRS102 SORP. Subsequent measurement is as per instruments paragraphs 11.17 to 11.19, FRS102 SORP.

The charity has creditors which are measured at settlement amounts less any trade discounts

2.3. Expenditure and Liabilities

Tangible fixed These are valued at cost and capitalised if they can be used for more than assets for use one year, and cost at least £1,000 by charity

The charge for depreciation is calculated to write off the cost of the fixed assets over their useful lives on the following bases:

Office & Musical Equipment 25% on the reducing balance Furniture & fittings 25% on the reducing balance Motor Vehicles 25% on the reducing balance Freehold Office 1% on the Straight-Line Method

Assets are depreciated from the time at which they are brought into use.

Intangible fixed The charity has intangible fixed assets, that is, non-monetary assets that do assets not have physical substance but are identifiable and are controlled by the charity through custody or legal rights. The amortisation rates and methods used are disclosed in note 9.5

HARMONY COMMUNITY PROJECTS FINANCIAL STATEMENTS AND ACCOUNTS YEAR ENDED 31 MARCH 2024

They are valued at cost.

Heritage assets The charity has heritage assets, that is, non-monetary assets with historic, artistic, scientific, technological, geophysical or environmental qualities that are held and maintained principally for their contribution to knowledge and culture. The depreciation rates and methods used as disclosed in note 9.6.1.4.

They are valued at cost.

Investments Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investments held for resale or pending their sale and cash and cash equivalents with a maturity date of less than 1 year are treated as current asset investments.

Stocks held for sale as part of non-charitable trade are measured at the Stocks and lower or cost or net realisable value. work in progress Goods or services provided as part of a charitable activity are measured at net realisable value based on the service potential provided by items of stock.

Work in progress is valued at cost less any foreseeable loss that is likely to occur on the contract.

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

Current asset investments

The charity has investments which it holds for resale or pending their sale and cash and cash equivalents with a maturity date less than one year. These include cash on deposit and cash equivalents with a maturity date of less than one year held for investment purposes rather than to meet short term cash commitments as they fall due.

They are valued at fair value except where they qualify as basic financial instruments.

HARMONY COMMUNITY PROJECTS FINANCIAL STATEMENTS AND ACCOUNTS YEAR ENDED 31 MARCH 2024

3.0 Related Party Transactions

During the financial year under review HCM the parent company held funds on behalf of its subsidiary Harmony Community Project (HCP) the net balance owed to HCP at the yearend was £1,345.