## **HARMONY COMMUNITY PROJECTS**
**Statutory Financial Statements & Directors Report 31[st] March 2025**
**Company No: 06926632**
HARMONY COMMUNITY PROJECTS FINANCIAL STATEMENTS AND ACCOUNTS YEAR ENDED 31 MARCH 2025
## **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 2025
## **Introduction**
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 2025.
## **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:
- Conducted regular fortnightly health checks at the local community hub in Barking and Dagenham
- Established a Pop-Up Vaccination Centre within the Borough
- Planned and hosted research awareness seminars in collaboration with the NHS
- Provided a Food Bank for individuals in need
- Focused on community development
The company received total grant income of £18,450 during the reporting year (March 2024 - £32,300).
Although there is drop in the income from the previous reporting year, there have been a lot of accountable hours dedicated to meetings, especially with the Research Engagement Network (REN) with the NHS, to undertake projects in upcoming years.
HCP’s plan is to continue advocating for health initiatives, engaging with grassroots community members, and partnering with various organizations to address community needs.
## **Statement of Directors’ Responsibilities**
The Directors are responsible for preparing the Directors Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under this law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (UK Accounting Standards and applicable law).
Under Company law the Directors must not approve the financial statements unless satisfied that they present a true and fair view of the company’s affairs and the profit or loss for the period.
In preparing the financial statements the director is required to꞉
- Select and consistently apply suitable accounting policies.
- Make reasonable and prudent judgments and accounting estimates.
- Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business.
HARMONY COMMUNITY PROJECTS FINANCIAL STATEMENTS AND ACCOUNTS YEAR ENDED 31 MARCH 2025
The Directors are also responsible for maintaining adequate accounting records that sufficiently demonstrate and explain the company’s transactions, allowing for a reasonable accuracy in disclosing the financial position of the company. This ensures compliance with the Companies Act 2006. Additionally, the Directors must safeguard the company’s assets and take reasonable steps to prevent and detect fraud and other irregularities.
The Directors are accountable for the integrity and maintenance of corporate and financial information included on the company’s website. Legislation in the United Kingdom regarding the preparation and dissemination of financial statements may differ from that of 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
Oladunjoye Akanni Fasanmi Director Date: **12 December 2025** v4
HARMONY COMMUNITY PROJECTS FINANCIAL STATEMENTS AND ACCOUNTS YEAR ENDED 31 MARCH 2025
## **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 2025.
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 2025 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 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: 30 September 2025** ra wm Pygune ee
HARMONY COMMUNITY PROJECTS FINANCIAL STATEMENTS AND ACCOUNTS YEAR ENDED 31 MARCH 2025
## **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**|**2025**
**£**
-
18,450
36,175
54,625
**2025**
**£**
10,840
30
21,326
5,611
14,976
-
194
2,874
**55,853**
**(1,228)**
|**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)**|
HARMONY COMMUNITY PROJECTS FINANCIAL STATEMENTS AND ACCOUNTS YEAR ENDED 31 MARCH 2025
## **BALANCE SHEET AS AT 31 MARCH 2025**
|**BALANCE SHEET AS AT 31 MARCH 2025**|||
|---|---|---|
||**2025**|**2024**|
||**£**|**£**|
|**Fixed Assets**|||
|Office Equipment|8,621|11,495
|
||8,621|11,495|
|**Current Assets**|||
|Debtors|2,991|1,345|
|Cash & Bank|-|-|
|**Total Current Assets**|**2,991**|**1,345**|
|
**Creditors within one year**|-|-|
|**Net Current Assets**|**2,991**|**1,345**|
|**Creditors over one year**||-|
|**NET ASSETS**|**11,612**|**12,840**|
|**FINANCED BY**|||
|Ordinary Share Capital|-|-|
|Reserves|11,612|12,840|
||**11,612**|**12,840**|
- For the year ending 31 March 2025 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 **30 September 2025** and signed on their behalf by:
Oladunjoye Akanni Fasanmi Director
HARMONY COMMUNITY PROJECTS FINANCIAL STATEMENTS AND ACCOUNTS YEAR ENDED 31 MARCH 2025
## **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 2025
## **2. ACCOUNTING POLICIES**
## **2.1. Income**
|**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 2025
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 2025
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.
## **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 2025
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.
||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 2025
## **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 £2,991 (March 2024 - £1,345).