Pillar of Fire Ministries
Charity No. 1134243
Trustees' Report and Unaudited Accounts For the year ended 31 March 2022
B M Cooper & Co. Limited Chartered Certified Accountants
88 Wood Lane
Dagenham Essex RM9 5SL
Pillar of Fire Ministries Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 to 12 |
| Detailed Statement of Financial Activities | 13 to 14 |
Page 1
Pillar of Fire Ministries Trustees Annual Report
The Trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1134243
Principal Office
70 Whalebone Lane South Dagenham Essex RM8 1BB
Trustees
The following Trustees served during the year: Anthony Nwaeze Esther Nnadi Patrick Nnadi
Accountants
B M Cooper & Co. Limited 88 Wood Lane Dagenham Essex RM9 5SL
Bankers
Lloyds Bank Plc
OBJECTIVES AND ACTIVITIES
The charity's objects are:
i. The advancement of the Christian faith for the benefit of the public.
ii. To relieve sickness and financial hardship and to promote and preserve good health by the provision of funds, goods or services of any kind, including through the provision of counselling and support in such parts of the United Kingdom or the world as the Trustees from time to time may think fit.
(a) Strategies for achieving objectives
FINANCIAL REVIEW
The total incoming resources for the year amounted to £82,067 (2021 - £71,640) and the total resources expended amounted to £86,305 (2021 - £67,108), leaving net deficit for the year of £4,238 (2021 - £4,533 surplus) all of which was attributable to general funds. The balance of funds as at 31st March 2022 was £1,118 deficit (2021 - £3,120 surplus).
PLANS FOR FUTURE PERIODS
The charity continues to explore ways to evangelise in an effective manner by raising its profile and getting more involved in the community. The charity is also looking to grow in membership and continue to develop its members to make positive impact in the business world.
Page 2
Pillar of Fire Ministries Trustees Annual Report
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity was established by a charitable trust deed on 30th November 2009.
The trustees who served during the year and up to the date of signature of the financial statements were:
Statement of trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the charity's trustees
.....................................................
Patrick Nnadi Trustee 18 September 2022
Page 3
Pillar of Fire Ministries Independent Examiners Report
Independent Examiner's Report to the trustees of Pillar of Fire Ministries
I report to the trustees on my examination of the accounts of Pillar of Fire Ministries for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011('the Act'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in, any material respect:
-
the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
........................................
Mr. B. M. Kalejaiye FCCA ACCA B M Cooper & Co. Limited 88 Wood Lane Dagenham Essex RM9 5SL
18 September 2022
Page 4
Pillar of Fire Ministries Statement of Financial Activities For the year ended 31 March 2022
| Notes Income and endowments from: Donations and legacies 3 Total Expenditure on: Other 4 Total Net gains on investments Net (expenditure)/income Transfers between funds Net (expenditure)/income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2022 £ 82,067 |
Total funds 2022 £ 82,067 |
Total funds 2021 £ 71,640 |
|---|---|---|---|
| 82,067 86,305 |
82,067 86,305 |
71,640 67,107 |
|
| 86,305 - |
86,305 - |
67,107 - |
|
| (4,238) - |
(4,238) - |
4,533 - |
|
| (4,238) | (4,238) | 4,533 | |
| (4,238) 3,120 |
(4,238) 3,120 |
4,533 (1,413) |
|
| (1,118) | (1,118) | 3,120 |
Page 5
Pillar of Fire Ministries Balance Sheet At 31 March 2022
| Charity No. 1134243 Fixed assets Tangible assets 6 Current assets Cash at bank and in hand Creditors:Amount falling due within one year 7 Net current (liabilities)/assets Total assets less current liabilities Net (liabilities)/assets excluding pension asset or liability Total net (liabilities)/assets The funds of the charity Restricted funds 8 Unrestricted funds 8 General funds Reserves 8 Total funds Approved by the trustees on 18 September 2022 |
2022 £ - 2,769 2,769 (3,887) (1,118) (1,118) (1,118) (1,118) (1,118) (1,118) (1,118) |
2021 £ - 6,732 |
|---|---|---|
| 6,732 (3,612) |
||
| 3,120 3,120 |
||
| 3,120 | ||
| 3,120 | ||
| 3,120 | ||
| 3,120 | ||
| 3,120 | ||
And signed on their behalf by:
................................................... Patrick Nnadi Trustee 18 September 2022
Page 6
Pillar of Fire Ministries Notes to the Accounts For the year ended 31 March 2022
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
| Income | |
|---|---|
| Recognition of | Income is included in the Statement of Financial Activities (SoFA) when the charity |
| income | becomes entitled to, and virtually certain to receive, the income and the amount of |
| the income can be measured with sufficient reliability. | |
| Income with related | Where income has related expenditure the income and related expenditure is |
| expenditure | reported gross in the SoFA. |
| Donations and | Voluntary income received by way of grants, donations and gifts is included in the |
| legacies | the SoFA when receivable and only when the Charity has unconditional |
| entitlement to the income. | |
| Tax reclaims on | Income from tax reclaims is included in the SoFA at the same time as the |
| donations and gifts | gift/donation to which it relates. |
| Donated services | These are only included in income (with an equivalent amount in expenditure) |
| and facilities | where the benefit to the Charity is reasonably quantifiable, measurable and |
| material. | |
| Volunteer help | The value of any volunteer help received is not included in the accounts. |
| Investment income | This is included in the accounts when receivable. |
| Gains/(losses) on | This includes any gain or loss resulting from revaluing investments to market value |
| revaluation of fixed | at the end of the year. |
| assets | |
| Gains/(losses) on | This includes any gain or loss on the sale of investments. |
| investment assets |
Page 7
Pillar of Fire Ministries Notes to the Accounts Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT expenditure which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from tax on its charitable activities.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Fixtures, fittings & 33.33% on Straight Line equipment
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Page 8
Pillar of Fire Ministries
Notes to the Accounts Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
Page 9
Pillar of Fire Ministries
Notes to the Accounts 2 Statement of Financial Activities - prior year
| 2 Statement of Financial Activities - prior year |
|||
|---|---|---|---|
| Income and endowments from: Donations and legacies Total Expenditure on: Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies Tithes and offerings Gift aid reclaims Interest receivable Rental Income 4 Other expenditure Motor and travel costs Premises costs General administrative costs Legal and professional costs |
Unrestricted £ 45,811 7,358 - 28,898 82,067 Unrestricted £ 2,271 53,217 28,417 2,400 86,305 |
Unrestricted funds 2021 £ 71,640 71,640 67,107 67,107 4,533 4,533 4,533 (1,413) 3,120 Total 2022 £ 45,811 7,358 - 28,898 82,067 Total 2022 £ 2,271 53,217 28,417 2,400 86,305 |
Total funds 2021 £ 71,640 |
| 71,640 67,107 |
|||
| 67,107 | |||
| 4,533 | |||
| 4,533 | |||
| 4,533 (1,413) |
|||
| 3,120 | |||
| Total 2021 £ 49,814 4,270 - 17,556 |
|||
| 71,640 | |||
| Total 2021 £ 1,936 39,411 24,656 1,104 |
|||
| 67,107 |
5 Staff costs
No employee received emoluments in excess of £60,000.
Page 10
Pillar of Fire Ministries Notes to the Accounts 6 Tangible fixed assets
| Cost or revaluation At 1 April 2021 At 31 March 2022 Depreciation and impairment At 1 April 2021 At 31 March 2022 Net book values At 31 March 2022 At 31 March 2021 7 Creditors: amounts falling due within one year Bank loans and overdrafts Accruals and deferred income |
2022 £ 3,107 780 3,887 |
Fixtures, fittings & equipment £ 24,690 24,690 24,690 24,690 - - |
Total £ 24,690 |
|
|---|---|---|---|---|
| 24,690 | ||||
| 24,690 | ||||
| 24,690 | ||||
| - | ||||
| - | ||||
| 2021 £ 3,012 600 |
||||
| 3,612 | ||||
| 8 Movement in funds Restricted funds: Unrestricted funds: General funds Revaluation Reserves: Total funds 9 Analysis of net assets between funds Net current assets |
At 1 April 2021 3,120 3,120 |
Incoming resources (including other gains/losses) £ 82,067 82,067 |
Resources expended £ (86,305) (86,305) Unrestricted funds £ (1,118) (1,118) |
At 31 March 2022 £ (1,118) |
| (1,118) | ||||
| Total £ (1,118) |
||||
| (1,118) |
Page 11
Pillar of Fire Ministries Notes to the Accounts 10 Reconciliation of net debt
| Reconciliation of net debt r of Fire Ministries es to the Accounts |
|||
|---|---|---|---|
| Cash and cash equivalents Bank overdrafts Net debt |
At 1 April 2021 £ |
Cash flows £ |
At 31 March 2022 £ |
| 6,732 | (3,963) | 2,769 | |
| (3,012) | (95) | (3,107) | |
| 3,720 3,720 |
(4,058) (4,058) |
(338) | |
| (338) |
Page 12
Pillar of Fire Ministries Detailed Statement of Financial Activities For the year ended 31 March 2022
| Income and endowments from: Donations and legacies Tithes and offerings Gift aid reclaims Interest receivable Rental Income Total income and endowments Expenditure on: Motor and travel costs Vehicles - General costs Premises costs Rent Light, heat and power Premises insurances Premises repairs and maintenance General administrative costs, including depreciation and amortisation Depreciation of Fixtures, fittings & equipment Benevolence Bank charges Evangelism Honoraria Music charges Software, IT support and related costs Stationery and printing Sundry expenses Telephone, fax and broadband Legal and professional costs Accountancy and bookkeeping |
Unrestricted funds 2022 £ 45,811 7,358 - 28,898 82,067 82,067 2,271 2,271 38,100 10,397 338 4,382 53,217 - 3,309 504 4,702 10,922 5,020 726 166 2,115 953 28,417 780 |
Total funds 2022 £ 45,811 7,358 - 28,898 82,067 82,067 2,271 2,271 38,100 10,397 338 4,382 53,217 - 3,309 504 4,702 10,922 5,020 726 166 2,115 953 28,417 780 |
Total funds 2021 £ 49,814 4,270 - 17,556 |
|---|---|---|---|
| 71,640 | |||
| 71,640 1,936 |
|||
| 1,936 | |||
| 33,681 4,439 - 1,291 |
|||
| 39,411 | |||
| - 1,050 662 6,724 12,450 3,000 23 422 48 277 |
|||
| 24,656 | |||
| 600 |
Page 13
Pillar of Fire Ministries
Detailed Statement of Financial Activities
Other legal and professional
| Other legal and professional Pillar of Fire Ministries Detailed Statement of Financial Activities |
|||
|---|---|---|---|
costs Total of expenditure of other costs Total expenditure Net gains on investments Net (expenditure)/income Net (expenditure)/income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
1,620 2,400 86,305 86,305 - (4,238) (4,238) - (4,238) 3,120 (1,118) |
1,620 2,400 86,305 86,305 - (4,238) (4,238) - (4,238) 3,120 (1,118) |
504 |
| 1,104 | |||
| 67,107 | |||
| 67,107 - |
|||
| 4,533 | |||
| 4,533 - |
|||
| 4,533 | |||
| (1,413) | |||
| 3,120 |
Page 14