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2023-03-31-accounts

HARVESTSPRINGS INTERNATIONAL

Charity No. 1150363

Trustees' Report and Unaudited Accounts

31 March 2023

HARVESTSPRINGS INTERNATIONAL 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 13
Statement of Cash flows 14
Detailed Statement of Financial Activities 15 to 16

Page 1

HARVESTSPRINGS INTERNATIONAL

Trustees Annual Report

The Trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1150363

Principal Office

Unit A4, Broomsleigh Business Park, Sydenham, London, SE26 5BN

Trustees

Independent Examiner

Helen Daniels Consulting Ltd Chartered Certified Accountants and Registered Auditors 98 Coldharbour Lane London SE5 9PU

OBJECTIVES AND ACTIVITIES

  1. Missions and outreach work

  2. Community work

  3. Faith education

Page 2

HARVESTSPRINGS INTERNATIONAL Trustees Annual Report

ACHIEVEMENTS AND PERFORMANCE

The outcome of the independent audit conducted on the UK and Kenya operations in 2023 concluded that the Kenya operations requires implementation of a robust governance framework to reduce the risk of mismanagement of resources.

The investigation confirmed that there was no NGO application in progress. This appear to have been due to misinformation from our Kenya Stakeholders. Therefore, in line with UK Charity Commission guidelines, a restriction was placed on the further disbursement of UK funds to Kenya since February 2023 until a committee is set up that can implement the key measures for robust accountability.

The stipulated measures in accordance with the Charity Commission regulations include.

.

Assurance and adequate governance remain key issues that international charities experience. We intend to focus on this matter primarily in 2024, so we can efficiently manage the limited resources available to the communities that need it both in Kenya. In 2024, we aim to focus on local community initiatives in the UK. 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

P.O. Ivan Trustee 31 March 2023

Page 3

HARVESTSPRINGS INTERNATIONAL Trustees Annual Report

Independent Examiner's Report to the Trustees

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023 set out on page 5 to 14.

Responsibilities and basis of report

As the charity’s trustees of the Company (who are also the directors of the company 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 Company are not required to be audited for this year 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(5)(b) of the 2011 Act.

Independent examiner's statement

I am qualified to undertake the examination by being a qualified member of ACCA.

I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe

that:

• accounting records were not kept in accordance with section 386 of the Companies Act 2006; or

• the accounts do not accord with such records; or

requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination;

or

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.

Helen Igbagi FCCA

Helen Daniels Consulting Ltd 98 Coldharbour Lane London SE5 9U

31 January 2024

Page 4

HARVESTSPRINGS INTERNATIONAL Statement of Financial Activities

for the year ended 31 March 2023

Notes
Income and endowments
from:
Donations and legacies
3
Total
Expenditure on:
Charitable activities
4
Other
5
Total
Net gains on investments
Net income
6
Transfers between funds
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		 Unrestricted
Restricted
funds
funds
Total funds
20231
20231
2023
£
£
£
36,605
2,129
38,734
36,605
2,129
38,734
5,237
11,708
16,945
25,553
-
25,553
30,790
11,708
42,498
-
-
-
5,815
(9,579)
(3,764)
-
-
-
5,815
(9,579)
(3,764)
5,815
(9,579)
(3,764)
34,154
(12,248)
21,906
39,969 (21,827) 18,142		 Unrestricted
Restricted
funds
funds
Total funds
20231
20231
2023
£
£
£
36,605
2,129
38,734
36,605
2,129
38,734
5,237
11,708
16,945
25,553
-
25,553
30,790
11,708
42,498
-
-
-
5,815
(9,579)
(3,764)
-
-
-
5,815
(9,579)
(3,764)
5,815
(9,579)
(3,764)
34,154
(12,248)
21,906
39,969 (21,827) 18,142		 Unrestricted
Restricted
funds
funds
Total funds
20231
20231
2023
£
£
£
36,605
2,129
38,734
36,605
2,129
38,734
5,237
11,708
16,945
25,553
-
25,553
30,790
11,708
42,498
-
-
-
5,815
(9,579)
(3,764)
-
-
-
5,815
(9,579)
(3,764)
5,815
(9,579)
(3,764)
34,154
(12,248)
21,906
39,969 (21,827) 18,142		 Total funds
2022
£
40,075
36,605
5,237
25,553		 2,129
11,708
-		 38,734
16,945
25,553		 40,075
15,356
17,917
30,790
-		 11,708
-		 42,498
-		 33,273
-
5,815
-		 (9,579)
-		 (3,764)
-		 6,802
-
5,815 (9,579) (3,764) 6,802
5,815
34,154		 (9,579)
(12,248)		 (3,764)
21,906		 6,802
15,104
39,969 (21,827) 18,142 21,906

Page 5

HARVESTSPRINGS INTERNATIONAL

Balance Sheet

at 31 March 2023

Charity No. 1150363
Fixed assets
Tangible assets
8
Current assets
Cash at bank and in hand
Creditors:Amount falling due within one year
9
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
Restricted income funds
10
Unrestricted funds
10
General funds
Reserves
10
Total funds		 2023
£
5,008
5,008
13,144
13,144
(10)
13,134
18,142
18,142
18,142
96
96
18,046
18,046
18,142		 2022
£
3,285
3,285
18,823
18,823
(202)
18,621
21,906
21,906
21,906

2,791
2,791
19,115
19,115
21,906

Approved by the trustees on 31 March 2023

And signed on their behalf by:

P.O. Ivan Trustee 31 March 2023

Page 6

HARVESTSPRINGS INTERNATIONAL Notes to the Accounts

For the year ended 31 March 2023

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 Income is included in the Statement of Financial Activities (SoFA) when the charity 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 expenditure is reported gross in the SoFA. Donations and legacies Voluntary income received by way of grants, donations and gifts is included in 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 and These are only included in income (with an equivalent amount in facilities expenditure) 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 revaluation of fixed market value 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

HARVESTSPRINGS INTERNATIONAL

Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any expenditure VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on raising These comprise the costs associated with attracting voluntary income, funds fundraising trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its charitable activities activities and 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: Ministry Equipment 10% Straight Line Fixtures & Fittings 10% Straight Line

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

HARVESTSPRINGS INTERNATIONAL 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 taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters 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.

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

HARVESTSPRINGS 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 b/forward
Total funds c/ forward
3
Income from donations and legacies
Tithes
Offerings
Gift Aid
Donations to the Ministry
Retreat Funds
4
Expenditure on charitable activities
Expenditure on charitable
activities
Youth Ministry
Kenya Missions
Donations
Unrestricted
£
27,041
2,727
6,837
-
-
36,605
Unrestricted
£
4,937
300
-
5,237		 Unrestricted
funds
2022
£

37,113
37,113
1,732
17,917
19,649
17,464
Restricted
£
-
1,319
-
810
2,129
Restricted
£
-
11,708

11,708
17,464
17,464
16,690
34,154		 Restricted
funds
2022
£
2,962
2,962
13,624
-
13,624
(10,662)
(10,662)		 Total funds
2022
£
40,075
40,075
15,356
17,917
33,273
6,802
Total
2022
£
22,148
9,420
8,837
-
(330)
40,075
Total
2022
£
1,732
13,624
0
15,356
6,802
6,802
15,104
21,906		 Total funds
2022
£
40,075
40,075
15,356
17,917
33,273
6,802
Total
2022
£
22,148
9,420
8,837
-
(330)
40,075
Total
2022
£
1,732
13,624
0
15,356
6,802
6,802
15,104
21,906
(10,662)
(1,586)		 6,802
15,104
(12,248) 21,906
Total
2023
£
27,041
4,046
6,837
-
810
38,734
Total
2023
£
4,937
11,708
300
16,945
 Total
2022
£
22,148
9,420
8,837
-
(330)
40,075
Total
2022
£
1,732
13,624
0
15,356

Page 10

HARVESTSPRINGS INTERNATIONAL

Notes to the Accounts

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 income before transfers
This is stated after charging:
Depreciation of owned fixed assets
7
Staff costs
No employee received emoluments in excess of £60,000.
8
Tangible fixed assets
At 31 March 2023
Net book values
At 31 March 2023
At 31 March 2022
Cost or revaluation
At 1 April 2022
Additions
At 31 March 2023
Depreciation and
impairment
At 1 April 2022
Depreciation charge for the
year		 Unrestricted
£
1,464
15,600
757
4,692
22,513
2023

£
757
Ministry
3,398

4,533

2,726
Equipment
£
5,451
2,480
7,931
2,725
673		 Total
2023
£
-
1,464
15,600
757
4,692
22,513
Fixtures &

363

475

559
Fittings
£
838
-
838
279
84		 Total
2022
£
-
88
15,600
629
1,301
299
17,917
2022
£
757
Total
3,761

5,008

3,285
£
6,289
2,480
8,769
3,004
757

Page 11

HARVESTSPRINGS INTERNATIONAL

Notes to the Accounts

9 Creditors:

amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 10 10
Other loans - -
Other creditors - 192
Accruals and deferred income - -
10
202
10 Movement in funds
Incoming
resources
(including Resources At 31
March
At 1 April other
(gains/losses

)		 expended 2023
2022
£ £ £
Restricted funds:
Restricted income funds:
Offerings - Kenya - 1,319 (1,319) 0
Offerings - Other - - -
Retreat 2,791 810 (3,505) 96
- - - 0
Total - 2,129 (4,824) 96
Unrestricted funds:
General funds 19,115 36,605 (37,674) 18,046
Revaluation Reserves:
Total funds 21,906
38,734
 (42,498)
 18,142
Purposes and restrictions in relation to the funds:
Restricted funds:
Offerings - Kenya For Kenya Missions
Retreat Retreats

11 Analysis of net assets between funds

Fixed assets
Net current assets		 Unrestricted
funds
£
5,008
12,558
17,566		 Restricted
funds
£
-
576
576		 Total
£
5,008
13,134
18,142

Page 12

HARVESTSPRINGS INTERNATIONAL Notes to the Accounts

12 Reconciliation of net debt

Reconciliation of net debt
Cash and cash equivalents
Borrowings
Bank loans
Net debt		 At 1 April
2022
£
18,823
18,823
-
(10)
(10)
18,813
 Cash flows
£
(5,679)
-
-
0
(5,679)		 At 31
March
2023
£
13,144
13,144
-
(10)
(10)
13,134

Page 13

HARVESTSPRINGS INTERNATIONAL Statement of Cash flows

for the year ended 31 March 2023

Cash flows from operating activities
Net income per Statement of Financial Activities
Adjustments for:
Depreciation of property, plant and equipment
Other gains/losses
(Decrease)/Increase in trade and other payables
Net cash provided by operating activities
Cash flows from investing activities
Payments for property, plant and equipment
Net cash used in investing activities
Cash flows from financing activities
Repayment of borrowings
Net cash (used in)/from financing activities
Net (decrease)/increase 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		 2023
£
(3,764)
757
-
-
(3,007)
(2,480)
(5,487)
(192)
(192)
(5,679)
18,823
13,144
13,144
13,144		 2022
£
6,802
629
-
-
7,430
-
-
-
-
7,430
11,393
11,393
18,823
18,823

Page 14

HARVESTSPRINGS INTERNATIONAL Detailed Statement of Financial Activities

for the year ended 31 March 2023

Income and endowments from:
Donations and
legacies Tithes
Offerings
Gift Aid
Donations to the Ministry
Retreat Funds
Total income and endowments
Expenditure on:
Charitable
Activities Youth
Ministry
Donations
Kenya Missions
Governance costs
Total of expenditure on charitable
activities
Employee costs
Staff training
Staff welfare
Motor and travel costs
Vehicles - Leasing and hire costs
Travel and subsistence
Premises costs
Rent
General administrative costs,
including depreciation and
amortisation
Depreciation of Ministry
Equipment
Depreciation of Fixtures &
Fittings
Bank charges
Software, IT support and related
costs		 Unrestricted
funds
2023
£
27,041
2,727
6,837
-
-
36,605
36,605
4,937
-
300
-
5,237
-
-
-
-
1,464
1,464
15,600
15,600
673
84
164
73
-
-
5,237		 Restricted
funds
2023
£
-
1,319
-
810
2,129
2,129
-
-
11,708
11,708
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11,708		 Restricted
funds
2023
£
-
1,319
-
810
2,129
2,129
-
-
11,708
11,708
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11,708		 Total funds
2023
£
27,041
4,046
6,837
810
38,734
38,734
4,937
-
300
11,708
16,945
-
-
-
-
1,464
1,464
15,600
15,600
673
84
164
73
-
-
16,945		 Total funds
2023
£
27,041
4,046
6,837
810
38,734
38,734
4,937
-
300
11,708
16,945
-
-
-
-
1,464
1,464
15,600
15,600
673
84
164
73
-
-
16,945		 Total funds
2022
£
2,148
9,420
8,837
(330)
2,129 38,734 40,075
2,129
-
-
11,708		 38,734
4,937
-
300
11,708		 40,075
1,732
-
13,624
11,708 16,945 15,536
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11,708		 -
-
-
-
1,464
1,464
15,600
15,600
673
84
164
73
-
-
16,945		 -
-
-
70
-
70
15,600
15,600
545
84
182
62
-
-
15,356

Page 15

HARVESTSPRINGS INTERNATIONAL

Detailed Statement of Financial Activities

Subscriptions
Stationery & Printing
General expenses
Venue Hire
Subsistence
Telephone, fax and broadband
Legal and professional costs
Accountancy and bookkeeping
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net income
Net income before other
gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 486
3,372
3,205
321
111
8,489
-
-
30,790
-
5,815
5,815
-
5,815
34,154
39,969		 -
-
-
-
-
-
-
11,708
11,708
-
(9,579)
(9,579)
-
(9,579)
(12,248)
(21,827)		 486
3,372
3,205
321
111
8,489
-
-
17,917
42,498
-
(3,764)
(3,764
-
(3,764)
21,906
18,142		 383
-
269
45
274
86
1,930
299
299
17,917
33,273
-
6,802
6,802
-
6,802
15,104
21,906

Page 16