## **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** |**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 brought forward
**Total funds carried forward**||**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** |8
**Net income before transfers**
This is stated after charging:
Depreciation of owned fixed assets
9
**Trustee remuneration and expenses**
The nature of the reimbursed expenses
Remuneration
10 **Staff costs**
Salaries and wages
No employee received emoluments in excess of £60,000.
11 **Tangible fixed assets**
**TFA 2**
**£**
**Cost or revaluation**
At 1 January 2022
3,954
At 31 December 2022
3,954
**Depreciation and**
**impairment**
Depreciation charge for the
year
1,270
At 31 December 2022
1,270
**Net book values**
At 31 December 2022
2,684
At 31 December 2021
3,954
12 **Creditors:**
amounts falling due within one year
Other creditors
Accruals
13 **Creditors:**
amounts falling due after more than one year
Bank loans and overdrafts|Remuneration
of £60,000.|**2022**
**£**
-
**2022**
**Number**
**2022**
-
-|**TFA 4**
**£**
-
-
-
-
-
-|**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|**Incoming**
**resources**
**(including**
**other**
**gains/losses)**
**£**
-
-
81,239
81,239|**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