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2020-08-31-accounts

Omega Fire Ministries

Charity No. 1149970

Company No. 08178227

Trustees' Report and Unaudited Accounts

31 August 2020

Omega Fire Ministries Contents

Pages
Trustees' Annual Report 2 to 3 B
Statement of Financial Activities 4
Summary Income and Expenditure Account 5
Balance Sheet 6
Notes to the Accounts 8to 13
Detailed Statement of Financial Activities 14

Page 1

Omega Fire Ministries Trustees Annual Report

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 August 2020.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 08178227

Charity No. 1149970

Registered Office

86 Hatfield

Dagenham RM96 6JS

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

E. Onojedje

Accountants

EBO ASSOCIATES

SA MARKET STREET

EAST HAM

E6 2RH

Page 2

Omega Fire Ministries Trustees Annual Report

The purpose of the charity as set out in its governing document...Objectives and Activities

The organisation aims to continue its work working across the age group spectrum and to be a focal point for its members and as well as a source of support to those within the immediate co mmunit y.

The long-term aim is to secure a much more permanent place of residence so as to capitalise on the existing programs designed to help its members but also to encompass future programs for its members and to those within the immediate community.

We are still confident that this will take place given the strength of commitment from our existing members and given the challenges of the past year. The dedication of both our volunteers and supporters has been unprecedented

A surge in financial giving of members is making the option of a more permanent place of residence more manageable in the future.

Achievement and Performances

Young Missionaries

Current classes are being held so as to equip as well as to extend the musical talents and skills of our existing young people. Currently this is being run by a trained musician who is a member of the congregation. This is well attended however given the challenges of the pandemic adjustments were made so that this was continued given that the young people had more considerable time availa ble. We have therefore used technology so as to incorporate all members and therefore continue practice therefore allowing for a more cohesive group so as to further enhance both talent and skills. The group has now been fortunate in attracting additional members culminating in further development of the group.

Outreach Support Progra mme.

This programme offers an opportunity for members and those within the community to come together and socialise so as to gain a greater understanding of the church and its facilities and services but to also gain a further understanding of the greater needs of the community sector. As a result of the pandemic we had to readjust our focus due to the inability to meet as normal.

So as to continue our support to the community volunteers and members were able to provide food provisions specifically for those individuals and families that were financially unable to sustain themselves due to loss of work and funds.

A core group of members were able to provide meals to those who were infirm and elderly. We seek to continue with this program on a permanent basis as it highlighted a significant need within the community. Student Support Pr ogram.

This program aimed to support the younger members of our congregation in terms of their higher education. We had identified from existing family members that this was of great concern, as most were unable to commit to this major financial obligation . As a direct result we seek to continue to support our young members with additional financial support and therefore lessen the emotional and financial impact this has on both members and their respective children. Our first cohort of University graduations will occur in 2021. Our program seeks to encourage and support our young people in developing a sound educational foundation.

Mentoring Support Programme

The program seeks to provide emotional wellbeing to those members who are emotionally troubled or require additional support as a result of life traumas. This program provides a listening ear to members so as to negate any vulnerability of not having any form of support. Experienced members are identified and offered basic training in both listening and communication skills.

The program works closely with qualified Therapists so as to offer continued training and development and identify any further professional support that individuals may be require .

Page 3

Omega Fire Ministries Trustees Annual Report

This program has identified a growing demand in this area of work and so we seek to find a way to continue with this program particularly in the wider context of the community.

Mixed Voice Group

Current classes are being held with the aim of equipping all members with the opportunity to gain a new skill. We were able to continue with this program through the medium of technology and we were able to see an increased-up turn of new members from both within the Church and the community. This remains very popular amongst our youngest members as it serves in raising both their self–esteem and confidence

Technology Club

We were unable to purchase technology equipment this year and due to cash constraints. A significant lack of computing equipment was identified for those families with young children. As a direct result of this children were unable to carry out the required schoolwork. We had appealed for old computing equipment throughout our congregation and the immediate community and with the aid of members qualified within the field of computing who were able to restore and make safe for use the equipment and provide equipment to children within our congregation and the wider community. We seek to expand further upon this program as there is an immediate need.

Pastoral Support

This programme is primarily designed to affirm links with the community at large. We have used our trained members to temporarily shift its focus from the Care Homes (due to the pandemic) to the identification of the more vulnerable within the community. This takes the form of weekly telephone calls to check their status as well as shopping and weekly food parcel delivery by our Pastoral Support Leaders.

Page 3A

Omega Fire Ministries Trustees Annual Report

Independent Examiner's Report to the trustees of Omega Fire Ministries

I report to the charity trustees on my examination of the accounts of Believers' Generation Of Believers' Foundation for the year ended 31August 2020 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act. Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(S)(b) of the 2011 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:

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.

EBD ASSOCIATES 5A MARKET STREET EAST HAM E6 2RH

Page 3B

Omega Fire Ministries Statement of Financial Activities

for the year ended 31 August 2020

Notes
Income and endowments
from:
Donations and legacies
4
Total
Expenditure on:
Charitable activities
5
Net gains on investments
Net income/(expenditure)
Transfers between funds
Net income/(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
2020
£
103,230		 Total funds
2020
£
103,230		 Total funds
2019
£
105,005
103,230
75,935		 103,230
75,935		 105,005
119,237
75,935 75,935 119,237
27,295 27,295 (14,232)
27,295 27,295 (14,232)
27,295
3,676		 27,295
3,676		 (14,232}
17,908
30,971 30,971 3,676

Page 4

Omega Fire Ministries Summary Income and Expenditure Account

for the year ended 31 August 2020

Income
Gross income for the year
Expenditure
Total expenditure for the year
Net income/(expenditure) before tax
for the year
Net income /(expenditure )for the year		 2020
£
103,230
103,230
75,935
75,935
27,295
27,295		 2019
£
105,005
105,005
119,237
119,237
(14,232 )
(14,232)

Page 5

Omega Fire Ministries Balance Sheet

at 31 August 2020

Company No.
08178227
Notes
Fixed assets
Tangible assets
7
Current assets
Cash at bank and in hand
Creditors:Amount falling due within one year
8
Net current assets
Total assets less current liabilities
Net assets excluding pension asset or liability
Total net assets
The funds of the charity
Restricted funds
9
Unrestricted funds
General funds
9
Reserves
9
Total funds
2020
£

6,885
6,885
28,386
28,386
(4,300)
24,086
30,971
30,971
30,971
30,971
30,971
30,971		 2019
£
1,316
1,316
6,160
6,160
(3,800)
2,360
3,676
3,676
3,676
3,676
3,676
3,676

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 August 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies .

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 31 August 2020

And signed on its behalf by:

E. Onojedje Trustee

31 August 2020

Page 6

Omega Fire Ministries Statement of Cash flows

for the year ended 31 August 2020

Cash flows from operating activities
Net income/(expenditure) per Statement of Financial Activities
Adjustments for:
Depreciation of property, plant and equipment
Increase in trade and other payables
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Payments for property, plant and equipment
Net cash used in 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
Components of cash and cash equivalents
Cash and bank balances		 2020
£
27,295
1,511
500
29,306
(7,080)
(7,080)
22,226
6,160
28,386
28,386
28,386		 2019
£
(14,232)
299
950
(12,983)
{12,983)
19,143
6,160
6,160
6,160

Page 7

Omega Fire Ministries Notes to the Accounts

for the year ended 31 August 2020

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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 8

Omega Fire Ministries 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 corporation tax on its charitable act ivit ies.

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 .

Intangible fixed assets and amortisation

Intangible fixed assets (including purchased goodwill, patents and trademarks) are carried at cost less accumulated amortisation and impairment losses.

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 liabilit ies. 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 9

Omega 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 company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 company in independently administered funds.

6 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

Page 10

Omega Fire Ministries

Notes to the Accounts

7 Statement of Financial Activities - prior year

Income and endowments from:
Donations and legacies
Expenditure on:
Charitable activities
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds carried forward		 Unrestricted
funds
2019
£
105,005
105,005
119,237
119,237
{14,232)
(14,232)
(14,232)
(14,232)		 Total funds
2019
£
105,005
105,005
119,237
119,237
(14,232)
(14,232)
(14,232}
(14,232}

8 Income from donations and legacies

Expenditure on charitable activities
Expenditure on charitable
activities
Governance costs
Accountancy Fees
Bank Charges
Depreciation		 Unrestricted
£
103,230
103,230
Unrestricted
£
69,861
3,800
763
1,511
75,935		 Total
2020
£
103,230
103,230
Total
2020
£
69,861
3,800
763
1,511
75,935		 Total

2019
£
105,005
105,005
Total

2019
£
113,922
3,800
1,216
299
119,237

9 Expenditure on charitable activities

10 Staff costs

No employee received emoluments in excess of £60,000.

Page 11

Omega Fire Ministries Notes to the Accounts

7 Tangible fixed assets

Cost or revaluation
At 1 September 2019
Additions
At 31 August 2020
Depreciation and
impairment
At 1 September 2019
Depreciation charge for the
year
At 31 August 2020
Net book values
At 31 August 2020
At 31 August 2019
8
Creditors:
amounts falling due within one year
Other creditors
9
Movement in funds
Restricted funds:
Unrestricted funds:
General funds
Revaluation Reserves:
Total funds
10 Analysis of net assets between funds
■
Fixed assets
Net current assets		 £
600
369
969
425
98
523
446
175
2020
£
4,300
4,300
Incoming
resources
{including
other
gains/losses
£
103,230
103,230		 £
2,744
6,711
9,455
1,603
1,413
3,016
6,439
1,141
Resources
expended
£
(75,935)
(75,935)
Unrestricted
funds
£
6,885
24,086
30,971		 £
3,344
7,080
10,424
2,028
1,511
3,539
6,885
1,316
2019
£
3,800
3,800
At31
August
2020
£
30,971
30,971
Total
£
6,885
24,086
30,971

Page 12

Omega Fire Ministries Notes to the Accounts

11 Reconciliation of net debt

Reconciliation of net debt
Cash and cash equivalents
Net debt		 At 1
September
2019
£
6,160
6,160
6,160		 Cash flows
£
22,226
22,226
22,226		 New
HP/Finance
leases
£		 At31
August
2020
£
28,386
28,386
28,386

12 Related party disclosures

Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 13

Omega Fire Ministries Detailed Statement of Financial Activities

for the year ended 31 August 2020

Net income/(expenditure)
Income and endowments from:
Donations and legacies
Total income and endowments
Expenditure on:
Charitable activities
Governance costs
Accountancy Fees
Bank Charges
Depreciation
Total of expenditure on charitable
activities
Total expenditure
Net gains on investments
Net income/(expenditure) before
other gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 3,676
30,971		 Unrestricted
funds
2020
£
103,230
103,230
103,230
69,861
69,861
3,800
763
1,511
6,074
75,935
75,935
27,295
27,295
27,295		 Total funds
2020
£
103,230
103,230
103,230
69,861
69,861
3,800
763
1,511
6,074
75,935
75,935
27,295
27,295
27,295
3,676
30,971		 Total funds
2019
£
105,005
105,005
105,005
113,922
113,922
3,800
1,216
299
5,315
119,237
119,237
{14,232)
{14,232)
{14,232)
17,908
3,676

Page 14