2022-12-31-accounts - Rhema Miracle Centre Assemblies Of God

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RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD

Charity No. 1151024

Trustees' Report and Unaudited Accounts

31 December 2022

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 15

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 2022.

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:

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 2022

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 2022.

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').

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.

EVELYN AFIA WIREKO FCCA CTA ASSOCIATION OF CHARTERED CERTIFIED ACCOUNTANTS (ACCA)

Presson Tax Accountants Ltd

2 KILLERTON PARK DRIVE

WEST BRIDGFORD

NOTTINGHAM

NG2 7SB 31 December 2022

Page 4

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Statement of Financial Activities

for the year ended 31 December 2022

Unrestricted funds	Endowment funds	Total funds	Total funds
2022	2022	2022	2021
£	£	£	£

64,232	-	64,232	75,925
17,007	-	17,007	6,893
81,239	-	81,239	82,818

2,301	-	2,301	571
11,441	-	11,441	11,338
38,696	-	38,696	44,692
52,438	-	52,438	56,601
-	-	-	-
28,801	-	28,801	26,217
-	(10,800)	(10,800)	-
28,801	(10,800)	18,001	26,217

28,801	(10,800)	18,001	26,217

-	72,969	72,969	-
28,801	62,169	90,970	26,217

Page 5

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Balance Sheet

at 31 December 2022

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 Endowment funds Unrestricted funds 14 General funds Reserves 14 Total funds	2022 £ 2,684 2,684 89,460 89,460 (1,174) 88,286 90,970 - 90,970 90,970 62,169 62,169 28,801 28,801 90,970	2021 £ 3,954
		3,954 109,315
		109,315 (299)
		109,016 112,970 (40,000)
		72,970
		72,970
		72,969
		72,969 -
		-
		72,969

Approved by the trustees on 31 December 2022

And signed on their behalf by:

Nana Abena Amfo Trustee 31 December 2022

Page 6

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Notes to the Accounts

for the year ended 31 December 2022

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 7

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD 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 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 Other Total Expenditure on: Raising funds Charitable activities Other Total Net income Transfers between funds Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds carried forward 3 Income from donations and legacies Tithe and OFffering 4 Other income	Unrestricted funds 2021 £ 75,923 6,893 82,816 571 11,338 44,692 56,601 26,215 - 26,215 26,215 26,215 Unrestricted £ 64,232 64,232 Unrestricted £ 17,007 17,007	Restricted funds 2021 £ - - - - - - - - 46,754 46,754 46,754 46,754 Total 2022 £ 64,232 64,232 Total 2022 £ 17,007 17,007	Total funds 2021 £ 75,923 6,893
			82,816 571 11,338 44,692
			56,601
			26,215 46,754
			72,969
			72,969
			72,969
			Total 2021 £ 75,925
			75,925
			Total 2021 £ 6,893
			6,893

Page 10

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Notes to the Accounts

5 Expenditure on raising funds

Costs of generating voluntary income Tithe and OFffering Gift Aid Tax Rebates 6 Expenditure on charitable activities Expenditure on charitable activities Governance costs AOG Subscription Benevolent Ministry Honorarium 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	Unrestricted £ 395 944 912 50 2,301 Unrestricted £ 3,681 - 198 5,852 210 1,500 11,441 Unrestricted £ 303 1,085 4,358 - 19,703 - 12,947 300 38,696	Total 2022 £ 395 944 912 50 2,301 Total 2022 £ 3,681 - 198 5,852 210 1,500 11,441 Total 2022 £ 303 1,085 4,358 - 19,703 - 12,947 300 38,696	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

Page 11

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Notes to the Accounts

Remuneration of £60,000.	2022 £ - 2022 Number 2022 - -	2021 £ 1,975 2021 Number 2021 2,052
		2,052
		Total £ 3,954
TFA 2	TFA 3
£ 3,954 3,954 1,270 1,270 2,684 3,954	£ - - - - - - 2022 £ 1,174
		3,954
		1,270
		1,270
		2,684
		3,954
		2021 £ 300
	-	(1)
	1,174 2022 £ - -	299
		2021 £ 40,000
		40,000

Page 12

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Notes to the Accounts

14 Movement in funds

At 1 January 2022 Restricted funds: Endowment funds: 72,969 Total 72,969 Unrestricted funds: General funds - Total funds 72,969 15 Analysis of net assets between funds Fixed assets Net current assets 16 Reconciliation of net debt Cash and cash equivalents	Resources expended £	Gross transfers £ (10,800) (10,800) - (10,800) Restricted funds £ - (1,174) (1,174) Cash flows £	At 31 December 2022 £ 62,169
	-
	- (52,438) (52,438) Unrestricted funds £ 2,684 89,460 92,144 At 1 January 2022 £
			62,169
			28,801
			90,970
			Total £ 2,684 88,286
			90,970
			At 31 December 2022 £
	109,315	(19,855)	89,460
	109,315 (40,000)	(19,855)	89,460 -
Bank loans		40,000
Net debt	(40,000) 69,315	40,000 20,145	-
			89,460

Page 13

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Statement of Cash flows

for the year ended 31 December 2022

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 Increase/(Decrease) 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 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	2022 £ 18,001 1,270 (17,007) 875 3,139 17,007 17,007 (40,000) (40,000) (19,854) 109,315 89,461	2021 £ 72,969 1,975 (6,893) (100)
		67,951 6,893
		6,893
		(10,000)
		(10,000)

		64,844
		117,543
		182,387

Components of cash and cash equivalents
Cash and bank balances	89,460	109,315

	89,460	109,315

Page 14

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Detailed Statement of Financial Activities

for the year ended 31 December 2022

Income and endowments from: Donations and legacies Tithe and OFffering Other Total income and endowments Expenditure on: Costs of generating donations and legacies Tithe and OFffering Gift Aid Tax Rebates Total of expenditure on raising funds Charitable activities Governance costs AOG Subscription Benevolent Ministry Honorarium Total of expenditure on charitable activities Other expenditure Employee costs Salaries/wages Staff entertainment Staff welfare	Unrestricte d funds 2022 £ 64,232 64,232 17,007 17,007 81,239 395 944 912 50 2,301 2,301 3,681 - 198 3,879 5,852 210 1,500 7,562 11,441 303 1,085 1,388 - 2,178 2,180 4,358	Endowment funds 2022 £ - - - - - - - - - - - - - - - - - - - - - - - - - - -	Total funds 2022 £ 64,232 64,232 17,007 17,007 81,239 395 944 912 50 2,301 2,301 3,681 - 198 3,879 5,852 210 1,500 7,562 11,441 303 1,085 1,388 - 2,178 2,180 4,358	Total funds 2021 £ 75,925
				75,925
				6,893
				6,893
				82,818 36 175 360 -
				571
				571 5,944 500 -
				6,444
				4,494 400 -
				4,894
				11,338 - -
				-
				2,052 - 16,255
				18,307

Page 15

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD

Detailed Statement of Financial Activities

Travel and subsistence Business mileage costs reimbursed Premises costs Rent Premises repairs and maintenance General administrative costs, including depreciation and amortisation Bank charges Stationery and printing Subscriptions Sundry expenses 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	- - - 19,528 175 19,703 - - - 3,860 9,087 - 12,947 300 300 38,696 52,438 - 28,801 - 28,801 - 28,801 - 28,801	- - - - - - - - - - - - - - - - - - - (10,800) (10,800) - (10,800) 72,969 62,169	- - - 19,528 175 19,703 - - - 3,860 9,087 - 12,947 300 300 38,696 52,438 - 28,801 (10,800) 18,001 - 18,001 72,969 90,970	594 969
				1,563
				17,536 228
				17,764
				1,975 28 3,802 - - 953
				6,758
				300
				300

				44,692
				56,601 -
				26,217 46,754
				72,971 -
				72,971
				-
				72,971

Page 16