ROL MINISTRIES INTERNATIONAL
Charity No. 1147164
Trustee's Report and Unaudited Accounts
31 January 2024
ROL MINISTRIES INTERNATIONAL Contents
| Pages | |
|---|---|
| Trustee's Annual Report | 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Statement of Cash flows | 6 to 12 |
| Notes to the Accounts | 13 |
| Detailed Statement of Financial Activities | 14 to 15 |
Page 1
ROL MINISTRIES INTERNATIONAL Trustees Annual Report
The trustee presents their report with the unaudited financial statements of the charity for the year ended 31 January 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1147164
Principal Office
Moses Olurin Mary Sotomi
Trustee
The following trustee served during the year:
M.I. OLURIN
Accountants
Julius and Julius and Associates LLP 70 Clapton Square London E5 8HW
OBJECTIVES AND ACTIVITIES
HOLDING CHRISTIAN SERVICES IN THE COMMUNITY TO PROMOTE THE CHRISTIAN FAITH.
The trustee is 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 Trustee is 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
M.I. OLURIN Trustee 31 January 2024
Page 2
ROL MINISTRIES INTERNATIONAL Independent Examiners Report
Independent Examiner's Report to the trustee of ROL MINISTRIES INTERNATIONAL
I report to the trustees on my examination of the financial statements of ROL MINISTRIES INTERNATIONAL for the year ended 31 January 2024.
Responsibilities and basis of report
As the charity's trustee you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity's financial statements 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 financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
Julius and Julius and Associates LLP IFA/AIA Julius and Julius and Associates LLP 70 Clapton Square London
E5 8HW 31 January 2024
Page 3
ROL MINISTRIES INTERNATIONAL Statement of Financial Activities
for the year ended 31 January 2024
| Notes Income and endowments from: Donations and legacies 3 Total Expenditure on: Charitable activities 4 Other 5 Total Net gains on investments Net expenditure 6 Transfers between funds Net expenditure 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 |
Total funds | Total funds | |
|---|---|---|---|---|
| 2024 | 2024 | 2023 | ||
| £ | £ | £ | ||
| 163,949 | 163,949 | 67,550 | ||
| 163,949 | 163,949 | 67,550 | ||
| 43,246 | 43,246 | 7,715 | ||
| 121,126 | 121,126 | 61,817 | ||
| 164,372 | 164,372 | 69,532 | ||
| - | - | - | ||
| (423) | (423) | (1,982) | ||
| - | - | - | ||
| (423) | (423) | (1,982) | ||
| (423) | (423) | (1,982) | ||
| (3,833) | (3,833) | (1,851) | ||
| (4,256) | (4,256) | (3,833) | ||
Page 4
ROL MINISTRIES INTERNATIONAL Balance Sheet
at 31 January 2024
| Charity No. 1147164 Fixed assets Tangible assets 9 Current assets Cash at bank and in hand Creditors:Amount falling due within one year 10 Net current liabilities Total assets less current liabilities Net liabilities excluding pension asset or liability Total net liabilities The funds of the charity Restricted funds 11 Unrestricted funds 11 General funds Reserves 11 Total funds |
2024 £ - 456 456 (4,712) (4,256) (4,256) (4,256) (4,256) (4,256) (4,256) (4,256) |
2023 £ - - |
|---|---|---|
| - (3,833) |
||
| (3,833) (3,833) |
||
| (3,833) | ||
| (3,833) | ||
| (3,833) | ||
| (3,833) | ||
| (3,833) |
Approved by the trustees on 31 January 2024
And signed on their behalf by:
M.I. OLURIN Trustee 31 January 2024
Page 5
ROL MINISTRIES INTERNATIONAL Notes to the Accounts
for the year ended 31 January 2024
- 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
-
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 6
ROL MINISTRIES INTERNATIONAL Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure 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.
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.
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.
Page 7
ROL MINISTRIES INTERNATIONAL Notes to the Accounts
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 8
ROL MINISTRIES INTERNATIONAL
Notes to the Accounts
2 Statement of Financial Activities - prior year
| Income and endowments from: Donations and legacies Total Expenditure on: Charitable activities 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 Offerings Tithes Pledges Donations |
Unrestricted £ 31,549 58,240 33,300 40,860 163,949 |
Unrestricted funds 2023 £ 67,550 67,550 7,715 61,817 69,532 (1,982) (1,982) (1,982) (1,851) (3,833) Total 2024 £ 31,549 58,240 33,300 40,860 163,949 |
Total funds 2023 £ 67,550 |
|---|---|---|---|
| 67,550 7,715 61,817 |
|||
| 69,532 | |||
| (1,982) | |||
| (1,982) | |||
| (1,982) (1,851) |
|||
| (3,833) | |||
| Total 2023 £ 21,627 16,133 14,890 14,900 |
|||
| 67,550 |
Page 9
ROL MINISTRIES INTERNATIONAL
Notes to the Accounts
4 Expenditure on charitable activities
| Expenditure on charitable activities Evangelism Homelessness Community Assisted programme Hall rental cost Governance costs 5 Other expenditure Employee costs Motor and travel costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 6 Net expenditure before transfers This is stated after charging: Depreciation of owned fixed assets 7 Trustee remuneration and expenses The nature of the reimbursed expenses Salary 8 Staff costs Salaries and wages Social security costs No employee received emoluments in excess of £60,000. |
Unrestricted £ 20,431 14,111 4,704 4,000 43,246 Unrestricted £ 13,420 11,967 64,407 - 31,332 - 121,126 2024 £ - 2024 Number 2024 9,600 70 9,670 |
Total 2024 £ 20,431 14,111 4,704 4,000 43,246 Total 2024 £ 13,420 11,967 64,407 - 31,332 - 121,126 |
Total 2023 £ 2,335 5,380 - - |
|---|---|---|---|
| 7,715 | |||
| Total 2023 £ 12,496 1,740 43,594 137 2,650 1,200 |
|||
| 61,817 | |||
| 2023 £ 137 2023 Number 2023 9,600 18 |
|||
| 9,618 | |||
Page 10
ROL MINISTRIES INTERNATIONAL Notes to the Accounts
9 Tangible fixed assets
| 9 Tangible fixed assets |
||||
|---|---|---|---|---|
| Cost or revaluation At 1 February 2023 At 31 January 2024 Depreciation and impairment At 1 February 2023 At 31 January 2024 Net book values At 31 January 2024 At 31 January 2023 10 Creditors: amounts falling due within one year Bank loans and overdrafts Other creditors Accruals 11 Movement in funds Restricted funds: Unrestricted funds: General funds Total funds 12 Analysis of net assets between funds Net current assets |
TFA 2 | TFA 3 | TFA 4 £ 1,374 1,374 1,374 1,374 - - |
Total £ 1,374 |
| £ - - - - - - |
£ - - - - - - 2024 £ - 4,112 |
|||
| 1,374 | ||||
| 1,374 | ||||
| 1,374 | ||||
| - | ||||
| - | ||||
| 2023 £ 95 3,738 |
||||
| 600 | - | |||
| At 1 February 2023 (3,833) (3,833) |
4,712 Incoming resources (including other gains/losses ) £ 163,949 163,949 |
Resources expended £ (164,372) (164,372) Unrestricted funds £ (4,256) (4,256) |
3,833 | |
| At 31 January 2024 £ (4,256) |
||||
| (4,256) | ||||
| Total £ (4,256) |
||||
| (4,256) |
Page 11
ROL MINISTRIES INTERNATIONAL Notes to the Accounts
13 Reconciliation of net debt
| Reconciliation of net debt | |||
|---|---|---|---|
| Cash and cash equivalents Bank overdrafts Net debt |
At 1 February 2023 £ |
Cash flows £ |
At 31 January 2024 £ |
| - | 456 | 456 | |
| (95) | 95 | - | |
| (95) (95) |
551 551 |
456 | |
| 456 |
Page 12
ROL MINISTRIES INTERNATIONAL Statement of Cash flows for the year ended 31 January 2024
| Cash flows from operating activities Net expenditure per Statement of Financial Activities Adjustments for: Increase in trade and other payables Net cash provided by/(used in) operating activities Net cash from investing activities Net cash from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2024 £ (423) 974 551 - - 551 (95) 456 |
2023 £ (1,982) 1,217 |
|---|---|---|
| (628) | ||
| - | ||
| - | ||
| (628) | ||
| 532 | ||
| (96) | ||
| Components of cash and cash equivalents | ||
| Cash and bank balances | 456 | - |
| Bank overdrafts | - | (95) |
| 456 | (95) |
Page 13
ROL MINISTRIES INTERNATIONAL Detailed Statement of Financial Activities
for the year ended 31 January 2024
| Income and endowments from: Donations and legacies Offerings Tithes Pledges Donations Total income and endowments Expenditure on: Charitable activities Evangelism Homelessness Community Assisted programme Hall rental cost Total of expenditure on charitable activities Employee costs Salaries/wages Employer's NIC Volunteer costs Motor and travel costs Travel and subsistence Premises costs Rent Rates Light, heat and power Premises cleaning Premises repairs and maintenance General administrative costs, including depreciation and amortisation Guest Honorarium costs Photography/video coverage Instrumentalist |
Unrestricted funds 2024 £ 31,549 58,240 33,300 40,860 163,949 163,949 20,431 14,111 4,704 4,000 43,246 43,246 9,600 70 3,750 13,420 11,967 11,967 36,000 336 10,616 108 17,347 64,407 - 17,595 4,121 9,616 |
Total funds 2024 £ 31,549 58,240 33,300 40,860 163,949 163,949 20,431 14,111 4,704 4,000 43,246 43,246 9,600 70 3,750 13,420 11,967 11,967 36,000 336 10,616 108 17,347 64,407 - 17,595 4,121 9,616 |
Total funds 2023 £ 21,627 16,133 14,890 14,900 |
|---|---|---|---|
| 67,550 | |||
| 67,550 2,335 5,380 - - |
|||
| 7,715 | |||
| 7,715 9,600 18 2,878 |
|||
| 12,496 | |||
| 1,740 | |||
| 1,740 | |||
| 35,000 641 1,270 194 6,489 |
|||
| 43,594 | |||
| 137 - - 2,650 |
Page 14
ROL MINISTRIES INTERNATIONAL Detailed Statement of Financial Activities
| ROL MINISTRIES INTERNATIONAL Detailed Statement of Financial Activities |
|||
|---|---|---|---|
| Legal and professional costs Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Net gains on investments Net expenditure Net expenditure before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
31,332 - - 121,126 164,372 - (423) (423) - (423) (3,833) (4,256) |
31,332 - - 121,126 164,372 - (423) (423) - (423) (3,833) (4,256) |
2,787 |
| 1,200 | |||
| 1,200 | |||
| 61,817 | |||
| 69,532 - |
|||
| (1,982) | |||
| (1,982) - |
|||
| (1,982) | |||
| (1,851) | |||
| (3,833) |
Page 15