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2021-12-31-accounts

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD

Charity No. 1151024

Trustees' Report and Unaudited Accounts

31 December 2021

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Contents

Pages
Trustees' Annual Report 1
Independent Examiner's Report 2
Statement of Financial Activities 3
Balance Sheet 4
Statement of Cash flows 5
Notes to the Accounts 6
Detailed Statement of Financial Activities 7 to 19

Page 1

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Trustees Annual Report

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD

The trustees present their report with the unaudited financial statements of the charity for the year ended 31 December 2021.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1151024

Principal Office

90 Eltham Green Road Royal Borough of Greenwich London SE9 6BH

Trustees

The following trustees served during the year:

David Ankamafio Eric Otoo Michael Duah Nana Abena Amfo

Accountants

Presson Tax Accountants Ltd 2 KILLERTON PARK DRIVE WEST BRIDGFORD NOTTINGHAM NG2 7SB

Bankers

Lloyds TSB Eastern Branch P O Box 1000, BX1 12LT

STRUCTURE, GOVERNANCE AND MANAGEMENT

The board of trustees which meet quarterly, can have up to five members to administrate the charity.

A deacon team of professionals are elected by all the church members to manage the day to day operation of the charity.

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.

Page 2

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Trustees Annual Report

Signed on behalf of the charity's trustees

Nana Abena Amfo Trustee 31 December 2021

Page 3

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD

Independent Examiners Report

Independent Examiner's Report to the trustees of RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD

I report to the trustees on my examination of the financial statements of RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements 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 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:

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.

PRESSON TAX ACCOUNTANTS LTD

ASSOCIATION OF CHARTERED CERTIFIED ACCOUNTANTS (ACCA) Presson Tax Accountants Ltd

2 KILLERTON PARK DRIVE WEST BRIDGFORD NOTTINGHAM

NG2 7SB 31 December 2021

Page 4

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Statement of Financial Activities

for the year ended 31 December 2021

Notes
Income and endowments
from:
Donations and legacies
3
Other
4
Total
Expenditure on:
Raising funds
5
Charitable activities
6
Other
7
Total
Net gains on investments
Net income
8
Transfers between funds
Net income before other
gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds carried forward		 Unrestricted
funds		 Restricted
funds		 Total funds Total funds
2021 2021 2021 2020
£ £ £ £
75,923 - 75,923 68,365
6,893 - 6,893 -
82,816 - 82,816 68,365
571 - 571 105
11,338 - 11,338 12,268
44,692 - 44,692 33,825
56,601 - 56,601 46,198
- - - -
26,215 - 26,215 22,167
- 46,754 46,754 -
26,215 46,754 72,969 22,167
26,215 46,754 72,969 22,167
26,215 46,754 72,969 22,167

Page 5

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD

Balance Sheet

at 31 December 2021

Charity No. 1151024
Fixed assets
Tangible assets
11
Current assets
Cash at bank and in hand
Creditors:Amount falling due within one year
12
Net current assets
Total assets less current liabilities
Creditors:Amounts falling due after more than one year
13
Net assets excluding pension asset or liability
Total net assets
The funds of the charity
Restricted funds
14
Restricted income funds
Unrestricted funds
14
General funds
Reserves
14
Total funds
Approved by the trustees on 31 December 2021		 2021
£
3,954
3,954
109,315
109,315
(300)
109,015
112,969
(40,000)
72,969
72,969
46,754
46,754
26,215
26,215
72,969		 2020
£
5,929
5,929
117,543
117,543
(400)
117,143
123,072
(50,000)
73,072
73,072
-
-
73,072
73,072
73,072

And signed on their behalf by:

Nana Abena Amfo Trustee 31 December 2021

Page 6

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD

Notes to the Accounts

for the year ended 31 December 2021

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

Income

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

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Notes to the Accounts

Expenditure

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 8

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD

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 9

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD

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:
Raising funds
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
Tithe and OFffering
Gift Aid Tax Rebates
4
Other income		 Unrestricted
£
75,923
-
75,923
Unrestricted
£
6,893
6,893		 Unrestricted
funds
2020
£
68,365
68,365
105
12,268
33,825
46,198
22,167
22,167
22,167
68,540
90,707
Total
2021
£
75,923
-
75,923
Total
2021
£
6,893
6,893		 Total funds
2020
£
68,365
68,365
105
12,268
33,825
46,198
22,167
22,167
22,167
68,540
90,707
Total
2020
£
54,723
13,642
68,365
Total
2020
£
-
-

Page 10

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD

Notes to the Accounts

5 Expenditure on raising funds

Costs of generating voluntary
income
Gift Aid Tax Rebates
6
Expenditure on charitable activities
Expenditure on charitable
activities
Governance costs
AOG Subscription
Benevolent
Visiting Pastors
7
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
8
Net income before transfers
This is stated after charging:
Depreciation of owned fixed assets		 Unrestricted
£
36
175
360
571
Unrestricted
£
5,944
-
500
4,494
400
-
11,338
Unrestricted
£
18,307
1,563
17,764
1,975
4,783
300
44,692
2021
£
1,975		 Total
2021
£
36
175
360
571
Total
2021
£
5,944
-
500
4,494
400
-
11,338
Total
2021
£
18,307
1,563
17,764
1,975
4,783
300
44,692		 Total
2020
£
105
-
-
105
Total
2020
£
-
3,760
-
3,266
-
5,242
12,268
Total
2020
£
8,489
795
14,702
1,976
7,463
400
33,825
2020
£
1,976

Page 11

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD

Notes to the Accounts

The nature of the reimbursed expenses
Remuneration
10 Staff costs
No employee received emoluments in excess of £60,000.
11 Tangible fixed assets
TFA 2
£
Cost or revaluation
At 1 January 2021
5,929
At 31 December 2021
5,929
Depreciation and
impairment
Depreciation charge for the
year
1,975
At 31 December 2021
1,975
Net book values
At 31 December 2021
3,954
At 31 December 2020
5,929
12 Creditors:
amounts falling due within one year
Other creditors
13 Creditors:
amounts falling due after more than one year
Bank loans and overdrafts		 Remuneration
of £60,000.		 2021
Number		 TFA 4
£
-
-
-
-
-
-		 2020
Number
Total
£
5,929
TFA 2 TFA 3
£
-
-
-
-
-
-
2021
£
300
300
2021
£
40,000
40,000
5,929
1,975
1,975
3,954
5,929
2020
£
400
400
2020
£
50,000
50,000

Page 12

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD

Notes to the Accounts

14 Movement in funds

Incoming
resources
(including
other
gains/losses)
Resources
expended
£
£
Restricted funds:
Restricted income funds:
Project Offering
-
-
Total
-
-
Unrestricted funds:
General funds
82,816
(56,601)
Total funds
82,816
(56,601)
Purposes and restrictions in relation to the funds:
Restricted funds:
Project Offering
Contributions towards church projects
15 Analysis of net assets between funds
Unrestricted
funds
£
Fixed assets
5,929
Net current assets
8,881
Creditors due in more than one year and
provisions
-
14,810
16 Reconciliation of net debt
At 1 January
2021
£
Cash and cash equivalents
117,543
117,543
Bank loans
(50,000)
(50,000)
Net debt
67,543		 Resources
expended
£		 Gross
transfers
£
46,754
46,754
-
46,754		 At 31
December
2021
£
46,754
-
-
(56,601)
(56,601)
46,754
26,215
72,969
Unrestricted
funds
£
5,929
8,881
-
14,810
At 1 January
2021
£		 Restricted
funds
£
(1,975)
100,134
(40,000)
58,159
Cash flows
£		 Total
£
3,954
109,015
(40,000)
72,969
At 31
December
2021
£
117,543 (8,228) 109,315
117,543
(50,000)		 (8,228) 109,315
(40,000)
10,000
(50,000)
67,543		 10,000
1,772		 (40,000)
69,315

Page 13

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Statement of Cash flows

for the year ended 31 December 2021

Cash flows from operating activities
Net income per Statement of Financial Activities
Adjustments for:
Depreciation of property, plant and equipment
Dividends, interest and rents from investments
Decrease in trade and other receivables
(Decrease)/Increase in trade and other payables
Net cash provided by operating activities
Cash flows from investing activities
Dividends, interest and rents from investments
Net cash from investing activities
Cash flows from financing activities
Repayment of borrowings
Net cash (used in)/from financing activities
Net 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		 2021
£
72,969
1,975
(6,893)
-
(100)
67,951
6,893
6,893
(10,000)
(10,000)
64,844
117,543
182,387		 2020
£
22,167
1,975
-
42,500
400
64,082
-
-
50,000
50,000
114,082
3,461
117,543
Components of cash and cash equivalents
Cash and bank balances 109,315 117,543
109,315 117,543

Page 14

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Detailed Statement of Financial Activities

for the year ended 31 December 2021

Income and endowments from:
Donations and legacies
Tithe and OFffering
Gift Aid Tax Rebates
Other
Total income and endowments
Expenditure on:
Costs of generating donations and
legacies
Gift Aid Tax Rebates
Total of expenditure on raising
funds
Charitable activities
Governance costs
AOG Subscription
Benevolent
Visiting Pastors
Total of expenditure on charitable
activities
Employee costs
Staff entertainment
Staff training
Staff welfare
Temporary staff
Motor and travel costs
Travel and subsistence		 Unrestricte
d funds
2021
£
75,923
-
75,923
6,893
6,893
82,816
36
175
360
571
571
5,944
-
500
6,444
4,494
400
-
4,894
11,338
2,052
-
16,255
-
18,307
594		 Restricted
funds
2021
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total funds
2021
£
75,923
-
75,923
6,893
6,893
82,816
36
175
360
571
571
5,944
-
500
6,444
4,494
400
-
4,894
11,338
2,052
-
16,255
-
18,307
594		 Total funds
2020
£
54,723
13,642
68,365
-
-
68,365
105
-
-
105
105
-
3,760
-
3,760
3,266
-
5,242
8,508
12,268
882
5,380
2,177
50
8,489
795

Page 15

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD

Detailed Statement of Financial Activities

Business mileage costs
reimbursed
Premises costs
Rent
Premises repairs and
maintenance
General administrative costs,
including depreciation and
amortisation
Bank charges
Stationery and printing
Subscriptions
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
Transfers between funds
Net income before other
gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 969
1,563
17,536
228
17,764
1,975
28
3,802
-
953
6,758
300
300
44,692
56,601
-
26,215
-
26,215
-
26,215
-
26,215		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
46,754
46,754
-
46,754
-
46,754		 969
1,563
17,536
228
17,764
1,975
28
3,802
-
953
6,758
300
300
44,692
56,601
-
26,215
46,754
72,969
-
72,969
-
72,969		 -
795
14,702
-
14,702
1,976
-
5,884
1,579
-
9,439
400
400
33,825
46,198
-
22,167
-
22,167
-
22,167
-
22,167

Page 16