Omega Fire Ministries Charity No. 1149970 Company No. 08178227 Trustees, Report and Unaudited Accounts 31 August 2022
Omega Fire Ministries Content5 Pages 2104 Trustees, Allnual Report Stalemenl ol Financial Activitie¥ Summary Income and Expenditure Account Balance Sheet to5 to6 to7 Statement ol Cash flows to8 Noles lo the Accounts 91014 Oetalled Statement ol Flnanclal Acllvltle8 1015 Paoe 1
Omega f ire Mifiistries Trustees Annual Report The Iruslees, who are also director5 Ot the charity lor the purposes ol the Companies Act 2006, present their report with the unaudited financial slalements ol the charity lor the year ended 31 August 2022. REFERENCE AND ADMINISTRATIVE DETAILS Company No. 08178227 Charity No. 1149970 Registered Office 86 Halfiled Dagenham London RM96 6JS Directors and Trustees The Dlrectors ol the charitable company are its Tiuslees lor the purp0888 01 charity law. The followlng Dlreclor$ afid Tiu$lee$ 8eNed durlng the year.. M.H. Jalloh O. Nehlole E.0. Onojedje Accountants EBD ASSOCIATES 5A MARKET STREET EAST HAM E6 2RH OBIECTIVES AND ACTIVITIES Page 2
Omega Fire Ministries Trustees Annual Report The purpose ol the charity as sel out In rts governing document...The organisation continues to slrlve In Its purpose ol provlding Chrl3lian talth acTOSS the local communlty Sector an(J provlde the neces8ary Support lor all Ih08e within the immedlale community. We are rnlTrdlul that to expand on Ihls work, it Is necessary lo Ilnd a more permanent basls lo laclllt31e such work as the continued expendllure on rent is not sustainable and the current premises places a Irementtou5 burden on the outreach work that Omega Fire Mlnislrles would Ilke to expand Inlo.We are now uroently seekifig prernises at a more affordable rate and are conlldent thai this will be achieved by the end ol the year. Although the continued donations have served to support the organisation, we are aculely aware ol the ¢ur¥ent livlng crlsls and the burden thai Ihls wlll Inevltably place on both our volunteers and supporter5. We have also decided lo expan(J in our work within and across the community sector in particular the work ol children and youTro people with emphasls belng oll the gang and knite crlme culture. We have therefore decided lo collaborate with similar charlly organi5ations to become an elleclive force In trying to eliminate Aihievernenl and Perlormances TV Mlnlstry. AS part ol our pl8n5 lor worklng Inlernationalty we have now collaboralett wlth our $i$ter churches in Africa through a Ilve stTeaffling feed called Celebration TV which allows both worshlpplng and collleienEes to be shared regardless ol the lime re$trictions and the continental destlnatlon. We have found that we are now supported not only locally but internaiionalty therefore enabllng us 10 understand the needs ol one another and oller the relevant support were needed. Th1$ ha5 proved to be immensely pioductive with our supporters and volunteers as they ale now able to help those in lar greater need. We understand Ihat this requires a gieat deal ol financial support. bul the impact ol this Project has enabled some tremendou5 work to be undertaken. We are equally proud ol the fact that our Ministers and stall have now been able io underpin some ol this work in other international countries in South America, the Carlbbean, and the Aliican continent. We can see tirst-hand the works that aTe necessary and will lorrnulale plans a$ to how then to serve both the local community ancl those that are In need internatlonally. Mlni5try Training To facilitate the work ol our organisatlon locally and Snlernallonally we have now undertaken a training progr2mme tor this who want to pursue works within the Ministry. Our locu$ is lo nurture those who feel called to spread the work ol God in a manner that ha$ the Same aim8 and objectives as Omega therefore providing a constant legacy lor the oiganisation. Currently we have slx members who are underlaklng trainlno and although this is our lir¥l cohort. we are ol the opinion that they wlll enable them to contribute back to the tommunity in a mannei belitling ol the ethos ol Omega. Ministry Events We are conllnulng lo Strive toward3 educating our Immedlate communlly and supports wllh conference8 and events that enable our membeis lo explore not only thelr immediate lailh bul local and national Issue$ that may Impact them. Our events and conlefences are well attended given the prevlous Issues surrounding the pandemic and have been well recelved. We are of the ottinion that we Would like to do more ol thi5 however due lo our current rental slalus we are limited lo the numbei ol events that we Can undertake and are now keener than ever to lind a permanent residence to lacilitale thls. Page 3
Omega Fire Ministries Trustees Annual Report The Trustees are responslble for keeplng proper accounting records that disclose with reasonable accuracy al any tirne the Ilnancial posltbon ol the thaTlty and lo enable them lo ensure that the financial slalemenls omply wilh the Companles Act 2006. The Tiustees are also responsible for safeguarding the assets ol the charity and hence laklng reasonable steps lor the prevention and detection ol Iraud and other Irregulafltle8. The above report has been prepared in accoidance with the provisions applicable lo cornpanies subject lo the small companies regirne a8 set out in Part 15 01 the Cornpanles Act 21XJ6 and in accordanie with the Charities SORP IFRS 1021. Signed behalf ol the board jedje Trustee 28 February 2023 Page 4
Omega Fire Millistries Sialement ol Finallcial Activities lor the yeaf ended 31 Augusl 2022 Unrestricted funds Total funds Total funds 2022 2022 2021 Notes Incorne and endowments from.. Donatlons aTrd legacles 68,501 68,501 101,967 Tolal 68.501 68.501 101.967 Expenditure on.. Charitable aclivities 82,402 82,402 99,622 Total 82.402 82,402 99.622 Nel galns on Investments Net lexpendilurellincorne Trallslers between lund$ Nel lexpenditurellincome before olher oain81llossesl I13,1) 113,9)11 2,345 113.9011 113,9011 2.345 Other gains and losses Net movemeni in funds I13.1} 113,9011 2,345 Reconciliation ol lundg-. Total funds brought forward 30,818 30,818 28,473 Total funds carried forward 16,917 16.917 30.818 Page 5
Omega Fire Ministries Surnmary Income and Expenditure Account for the year ended 31 August 2022 2022 2021 Income 68,501 101,967 Gross income lor the year Expendllure 68,501 82,402 101,967 99,622 Total expenditure lor the year Net lexpendituiellincome before lax lor the year 82,402 99.622 113,9011 2.345 Net lexpendilure Ilincome for the year 113,9011 2,345 Page 6
Omega Fire Ministries Balance Sheet ai 31 Augu$t 2022 Company No. 08178227 Notes 2022 2021 Fbxed asset$ Tangible assets 5,538 5.538 5,645 5,645 Current aet8 Cash at bank and in hand 38,936 38.936 127,5571 11,379 16,917 16,917 58,722 58,722 133,5491 25.173 30.818 30,818 Creditors.. Amount falling due wilhin one year Net current asset Total assets less current liabilities Nel as9el$ excluding pension asset or liabilily Total nel assets 16,917 30,818 The funds ol the charity Restricted luncts Unrestricted funds General funds 16,917 16,917 30,818 30,818 Re$erve$ Total funds 16.917 30,818 These accounts have been prepared In accordance wlth the special provisions of Part 15 01 Ihe Companles Act 2006 relating to small companies. For the yeai eTrded 31 August 2022 the company was entitled lo exemplion under section 477 01 the Cornpanbes Act 2006 relatlng lo small companie8. The members have not requlreo the company lo oblaln an audit in accordance with section 476 01 the CoManieS Act 2006. The directors acknowledge Iheii responsibilities lor complying wilh the reouiremenls ol the Companies Acl 2006 wlth respect lo accountlng records and the preparallon ol accounts. Approved by the boaTd on 28 February 2023 And $igne& on It$ behalf by.. E.0. Ono Trustee 28 February 2023 Page 7
Omega Fire Minist¥ies Slalemenl ol Cash flows for the year ended 31 August 2022 2022 2021 Cash Ilows from operating activities Net lexpendilurellincome per Stalernent of Financial Activities I13,1} 2,345 Adjustments for.. Depreclatlon ol property, plant and equbpment 1,216 1,239 Nel cash (used Inllprovided by operating activities 112.6851 3,584 Cash tlows from investing activities Payments loi pioperty, plant and equlpment 11.1091 Net Cash used in invesling activities 11,1091 Cash flows Irorn linancing activities Repayrnenl ol borrowings 14,3921 27,499 Nel cash (used inlllrom financing activities 14,3921 27,4g9 Net Ide¢reasellln¢rease In tash and cash equivalents 118,1861 31,083 Ca$h and cash eouivalenls al the beginning ol the year 58,722 Cash atTrd cash equivalents at the end ol the year 40,536 31,083 Components of cash and cash equivalent$ Cash alld bank balances 38,936 58,722 38,936 58,722 Page 8
Omega Fire Minislrieg Note$ to the Accounts lor the year ended 31 Augu$t 2022 1 Accounting policies Basis of preparation The financial statement$ have been piepared in accordance wlth A¢¢ounllng and Reportlng by ChaTltie$'. Statement ol Recommended Pra¢tl¢e applbcable to charities preparing their accounts in accordance wlth the Financial Reporllng Stan(lafd applicable in the UK and Republi¢ ol Ireland IFRS 1021 lelleclbve 1 January 20151 Icharities SORP IFRS 10211, thE Financial Reporllng Slandaid applS¢able in the UK and Flepublic ol Iieland IFRS 1021 and the Companle$ Act 2006. Change In ba$1$ ol accounting or to previous accounts There has been no change to the actounllng policie$ Ivalualion rules and method ol accounting) since last year and no changes have been made to accounts lor prevlous yeats. Fund accounting Unrestricted lunds These are avallable lor use al the dts¢rellon ol the Iruslees In turtherance ol the yeneral objects ol the charity. These are unrestricted funds earmarked by the trustees lor particulir purposes. These are unrestricted funds which include a revaluation reserve represenling the restaternent ol investmEnl a$$el$ al thelr rnarkel values. The3e ale available lor Use subject to restrictions imposed by the donor or through terms ol an appeal. Deslgnaled funds Revaluallon funds Re¥lrlcled lund8 Income Recognition of Incon7e lTrcome Is included in the Siatement ol Financial Activilles ISOFAI when the Charlty become3 entitled to, and virtually certain to ieceive, the income and the amount ol the income can be measured with sullicient reliablllty. Income with related Where income has related expenditure the income and related expenditure 15 expendlture reported oross In the SOFA. Donations and legacies Voluntary income received by way ol grants, donations and gilts is included in the the SOFA when receivable and only when the Cnaiity ha$ uncolldllional enllllement to the Income. Tax reclaims o Income Irom lax ieclaims is included in the SOFA at the same tlme as tlle donatlons and gifts giltldonation lo which it relates. Donated services These are onty inclu(Sed In income (with an equlvalent amount In expendltilfel where the benelll lo the Charlly18 reasonably qu2ntiliable, measurable and rnaterlal. Volunteer help The value ol any volunteer help recelved 1$ not Included In the accounts. Investment Income Th1$ Is Included Sn the accounts when recelvable. Galn$lllo8sesl on This include5 any gain or1053 resulting from revalulng Investments lo market value ievaluation ol fixed at the end ol the year. asset$ Gainslllossesl on invpstmenl assets This includes any gain or loss on the sale ol InveMents. Page 9
Omeoa Fire Ministries Noles lo the Accounts Expenditure Recognition ol expendllure Expendlture18 fecognlsed on aTr aecruals basis. Expendltuie includes any VAT which cannot be fully recovered, alld 15 reported a5 part ol the expenditure to which il relates. Expendlture on These cornprlse the to8t$ assoclaled with attractlng voluniary income, fundraising rai8ing funds Iradlng c08ts and Inve$trnent management cosls. Expenditure on These comprlse the costs Incurred by the Charlty In the delivery ol its activitie5 and charllable actlvities Services in Ihe lurtheraace ol Ils objecls. including the making ol grants and governance cost5. All grant expenditure is accounted lor on an actual paid basis plus an a¢¢rual lor grants that have been approved by the trustees at Ihe end ol the year bul nol yel pald. These include Ihose cos18 associated with rneeling the constllullonal and statutory requirement5 01 the Charity, including any audillindependenl examiTralion lees, ost5 linked to the slralegic rnanagemenl ol the Charlty, together wlth a Share ol other administration costs. Other expenditure These are support costs not allocated to a particular acllvity. Grants payable Governance costs Taxation The charity18 exempt frorn corpo¥allon lax on 11$ charitable activities. Freehold investment properly Investment properties are measured initially at Cost and subsequentty at lair value at each balance Sheet date and are not depreciated. All gairis or l(wes are taken to the Statement ol Financial Activities a8 they arise. Slocks Stock 18 Intludeil at the lower ol cost o¥ net realisable value. Donated ilern$ of stock ale recognised al laif value whlch 1$ the amount the charity would have been willing to pay loi the items on the open market. T¥ade and other debtors Trade and other debtors are recognised at the 8eltlemenl amount due after afty trade dIount ollered. Prepayment8 are valued at the amount prepald nel ol any trade dlscounts due. Cash and cash equivalents Cash and cash equlvalenls comprlse cash at bank and on hand, demand depo$it8 Wlth banks and other short-term highly Ilquld Inve$lrnents wllh orlglnal malurltles ol three months or less and bank overdralls. In the statement ol Ilnanclal posltlon, bank overdrafts are shown wlthln borrowlnus or curient Ilabllltle$. In the Statement ol Cash Flows, cash and cash equivalents are shown nel of bank overdralls that are repayable on dernand and lofrn an Integral part ol the COFnpany's cash managernent. Trade and other creditors Short term credltors are measured at Ihe t¥ansa¢tion prlce. Other creditors and provKiion$ are recognised where the charity has a present obllgatlon resultlng from a past event that will probably result in the transfer ol funds lo a thlrd party and the amount due lo settle the obligation can be measured or estimated reliably. Credllors and provisions are Normally recognised at their seltlemellt amount aller allowing lor any trade discounts due. Page1C
Omega Fife Ministries Notes to the Accounls Research and development Expendlture on reseaich and developrnent is written oll In the year in which it 1$ incurred. Foreign currencies Monetary assets and Ilabllltles denomlllated in currencies other than the luTrclional currency ol the charity are translated at the rate$ ol exchange prevaillng al the eno ol the reporling period. Tian8action8 in currencies other than the functional curfency ol the charity are recorded al the rate of exchange on the date that the transaction occurred. All exchange diflerences are are taken Inlo account in arrlving ai nel Ineomelexpenditure. Leased aet Where the charlty enters Into a lease which entails iakillg sub5tantlally all the risk8 and rewartFs ol ownership ol an asset, the lease Is treated as a finance lease. Leases which do nol traTr5fer subslanllalfy all the risls and rewaids ol owfter8hlp to charity are cl33$111ed as operaiing leases. Assets hekl under finance leases ale Inltlally re¢oonl8ed as a¥sets ol the charlly at Iheii fair value at the In¢eptlon ol the lease or, if lower, at the tIreseI value ol the minimum lease payments. The correspondlng Ilabillly lo the lesyor is included In the balance Sheet date as a Ilnance lease obligation. Lease payments are apportioned between finance expenses and reduction ol the lease obligation so as ti achieve a constallt fate ol Interest on the remaining balance ol the liability. Finance expense8 afe recogni5ed lrnmediately, unless they are directly atlrlbutable lo qualitying assets, In which case they are capllallsed in accordance with the charity's pollty on boirowing cost$. Assets held undef tlnance leases are depTeci3ted In the same way a8 owned assets. Operating lease paymelli$ are recognised a$ an expense on a 8tfalghl-Ilne basls over the lea8e tefm. In the event that lease incenllve8 afe received to enter into opefatlng leases. such incentives are recognt3ed as a liability. The aogregale benefit of incelltlve3 Is recognised as a reducllon ol renial expense on a slraiohl-line basis. Pension costs The charily operates a dellned conlrlbution plan lor 11$ ernployees. A defined contflbullon plan is a penslon plan under which ihe tompany pa lixed contributions Into a separate entity. Once the contributions have been pald the cornpany has no turther payrnents obligatbons. The conlributlOll5 ale recogni8ed as expense5 when they fall due. Amounts not pald are shown in accruals In the balance Sheet. The asse18 ol the plan are heli1 gepafately Irorn the company Indepetidentty adminl8tered lund3. Reeeipl ol donated goods. facilities and services All donated goods. f3cilitie5 and servlce8 recelved are recounlsed wllhln Incomillg re$ources and expendlture at an e8timaie ol ihe value to the charity. 2 Company slalus The company18 a prlvate company limlted by guarantee and consequently does not have share capltal. Paoe 11
Omega Fire Ministries Notes to Ihe Accounls 3 Statement ol Financial Activities- piior year Unrestricted funds Total lulld: 2021 2021 Income and enOowment$ Irom.. Donatlons and legacies Total 101,967 101,967 101,g67 101,967 Expenditljre on.. Charitable aEtivllies 99.622 99,622 99,622 99,622 Total Net income 2,345 Nel income belofe other gainslllossesl Other gains and Ios8es'. Net movement in funds 2.345 2,345 2,345 2,345 Reconciliation ol funds- Total tunds bioughl forward Total funds carlied forward 28,473 30,818 28,473 30,818 4 Income from donations and legacies Unre$tflCted Total 2022 Total 2021 68,501 68,501 68,501 68,501 101.967 101.967 5 Expenditure on charitable activities Unrestricted Total 2022 Total 2021 E¥penditure on charltable aclivltl8$ 76,532 76,532 92.681 Gov8rn&nc8 costs Bank Charges Depreclatbon Professional Fees 204 1,216 4,450 82,402 204 1,216 4,450 82,402 602 1.239 5,100 99,622 6 Statf costs No ernployee received emolurnents In excess 01 £60.000. Page 12
Omega Fire Ministrie$ Notes to the Accounts 7 Tangible lixeo assets Cost or revaluation At 1 September 2021 Ad(Iltlons At 31 Aucust 2022 Depreciation and Impaiiment At 1 September 2021 Oepreclation charoe lor the year At 31 August W22 Net book values At 31 August 2022 At 31 August 2021 8 Creditor$.' amount3 lalllng due ¥vithlTr year 969 1,109 2,078 9,454 10,423 1,109 11.532 9,454 603 4.175 4.778 266 950 1,216 869 5,125 1.209 366 4,329 5,279 5,538 5,645 2022 Bank loans and overdrafts Atcruals 23,107 4.450 27,557 27,499 6.05Q 33,549 9 Movement in luntt Incoming iesourtes lincluoing At1 other Septemt*er gainsllosses 2021 Resources expenoed At31 Auoust 2022 Re$iricted lund$.' Unwestricted funds.. General funds 30.818 68,501 182,4021 16,917 Total funds 10 Analysi$ of net asset3 between fund5 30,818 68.501 182,4021 16,917 Unre$tricted lun0$ Restricted lunds Total Fixed assets Net current assets 5,538 123,1071 117,5691 5.538 11,379 16,917 34,486 34,486 Paoe13
Omega Fire Ministries Notes to the Accounts 11 Reconciliatioll ol nel debt At1 September 2021 At31 Auou9t 2022 Cash flows Cash and cash equivalenls 58,722 58.722 119.7861 119,7861 38,936 38.936 Bank loans 127,4991 127,4991 4.392 4,392 123.1071 123,1071 Net debt 31,223 115.3941 15,829 12 Ae131ed party disclosures Controllingparty The company is limited by guaianlee ha3 no 3hare capital," thus no $infjle party contiols the company. Page14
Omega Fire Mlnistrie¥ Detailed Statement tsf Financial Activities lor the year ended 31 August 2022 Unrestricted lunos Total funds Total funds 2022 2022 2021 Incorne and endowments Iroffl.. Donations and legacies 68,501 68,501 68.501 68,501 68,501 68,501 101,967 101,967 101.967 Total incorne and endowrnenls Expendiluie on.. Charitable activities 76.532 76.532 76,532 76,532 92,681 92.681 Governance cost8 Bank Charges Depre¢latlon Pfoles84onal Fees 204 1,216 4,450 5,870 602 1.239 5.100 6.941 1,216 4.450 5,870 Total ot expenditure on charitable 82,402 82.402 99,622 To121 expenditUTe Nel gains on investmenls 82,402 82.402 99,622 Nel lexpellditurellincorne I13,)1) 113.9)11 2,345 Net lexpenditurellincome belore other gainslllossesl Other Galns 113.9011 113,9011 2,345 Net movement in fund$ I13.1) 113.9011 2.345 Reconciliation ol luntts.. Total lund8 brought lorwai 30.818 30.818 28,473 Tolal funds carried torward 16,917 16,917 30.818 Page15