2023-12-31-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 2023

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 2023.

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 Richmond Mensah

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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

OBJECTIVES AND ACTIVITIES

Church activities

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).

Page 2

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Trustees Annual Report

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

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Nana Abena Amfo Trustee 31 December 2023

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 2023.

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 ACCA Presson Tax Accountants Ltd

2 KILLERTON PARK DRIVE WEST BRIDGFORD NOTTINGHAM

NG2 7SB 31 December 2023

Page 4

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Statement of Financial Activities

for the year ended 31 December 2023

Unrestricted funds	Restricted funds	Total funds	Total funds
2023	2023	2023	2022
£	£	£	£

69,927	-	69,927	64,232
24,535	-	24,535	17,007
94,462	-	94,462	81,239

1,703	-	1,703	2,301
14,482	-	14,482	11,441
32,775	-	32,775	38,696
48,960	-	48,960	52,438
-	-	-	-
45,502	-	45,502	28,801
-	(77,794)	(77,794)	-
45,502	(77,794)	(32,292)	28,801

45,502	(77,794)	(32,292)	28,801

-	90,970	90,970	72,969
45,502	13,176	58,678	101,770

Page 5

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD

Balance Sheet

at 31 December 2023

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 Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 13 Restricted income funds Unrestricted funds 13 General funds Reserves 13 Total funds	2023 £ 4,475 4,475 54,503 54,503 (300) 54,203 58,678 58,678 58,678 13,176 13,176 45,502 45,502 58,678	2022 £ 2,684
		2,684 89,460
		89,460 (1,174)
		88,286 90,970
		90,970
		90,970
		90,970
		90,970 -
		-
		90,970

Approved by the trustees on 31 December 2023

And signed on their behalf by:

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Nana Abena Amfo Trustee 31 December 2023

Page 6

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Notes to the Accounts

for the year ended 31 December 2023

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 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 4 Other income	Unrestricted £ 69,927 69,927 Unrestricted £ 24,535 24,535	Unrestricted funds 2022 £ 64,234 64,234 14,783 24,201 24,256 63,240 994 994 994 34,442 35,436 Total 2023 £ 69,927 69,927 Total 2023 £ 24,535 24,535	Total funds 2022 £ 64,234
			64,234 14,783 24,201 24,256
			63,240
			994
			994
			994 34,442
			35,436
			Total 2022 £ 64,232
			64,232
			Total 2022 £ 17,007
			17,007

Page 10

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD

Notes to the Accounts

5 Expenditure on raising funds

Costs of generating voluntary income 6 Expenditure on charitable activities Expenditure on charitable activities Governance costs AOG Subscription Benevolent Ministry Honorarium 7 Other expenditure Employee 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 £ 289 1,057 357 - 1,703 Unrestricted £ 1,057 3,250 6,925 - 3,250 14,482 Unrestricted £ - - 70 27,005 1,491 3,909 300 32,775 2023 £ 1,491	Total 2023 £ 289 1,057 357 - 1,703 Total 2023 £ 1,057 3,250 6,925 - 3,250 14,482 Total 2023 £ - - 70 27,005 1,491 3,909 300 32,775	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
			2022 £ -

Page 11

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Notes to the Accounts

9 Trustee remuneration and expenses

Remuneration of £60,000.	2023 Number 1	2022 Number 3 Total £ 4,659 1,307
TFA 2	TFA 3
£ 4,659 1,307 5,966 1,491 1,491 4,475 4,659	£ - - - - - - - 2023 £ 300 300
		5,966
		1,491
		1,491
		4,475
		4,659
		2022 £ 1,174
		1,174

Page 12

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Notes to the Accounts

13 Movement in funds

Resources expended £	Gross transfers £ (77,794) (77,794) - (77,794)	At 31 December 2023 £ 13,176
-
- (48,960) (48,960)
		13,176
		45,502
		58,678



Unrestricted funds £ 4,475 638 5,113 At 1 January 2023 £	Restricted funds £ - 53,565 53,565 Cash flows £	Total £ 4,475 54,203
		58,678
		At 31 December 2023 £
89,460	(34,957)	54,503
89,460 89,460	(34,957) (34,957)	54,503
		54,503

Page 13

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Statement of Cash flows for the year ended 31 December 2023

Cash flows from operating activities Net (expenditure)/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 payables Net cash (used in)/provided by operating activities Cash flows from investing activities Payments for property, plant and equipment Dividends, interest and rents from investments Net cash from/(used in) investing activities Net cash 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	2023 £ (32,292) 1,491 (24,535) (874) (56,210) (1,307) 24,535 23,228 - (32,982) 89,460 56,478	2022 £ 994 2,680 - -
		3,674 (1,410) -
		(1,410)

		-

		2,264
		30,788
		33,052

Components of cash and cash equivalents
Cash and bank balances	54,503	89,460

	54,503	89,460

Page 14

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Detailed Statement of Financial Activities

for the year ended 31 December 2023

Income and endowments from: Donations and legacies Other Total income and endowments Expenditure on: Costs of generating donations and legacies 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 Staff entertainment Staff welfare Premises costs Rent	Unrestricte d funds 2023 £ 69,927 69,927 24,535 24,535 94,462 289 1,057 357 - 1,703 1,703 1,057 3,250 4,307 6,925 - 3,250 10,175 14,482 - - - - 70 70 27,005	Restricted funds 2023 £ - - - - - - - - - - - - - - - - - - - - - - - - - -	Total funds 2023 £ 69,927 69,927 24,535 24,535 94,462 289 1,057 357 - 1,703 1,703 1,057 3,250 4,307 6,925 - 3,250 10,175 14,482 - - - - 70 70 27,005	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
				19,528

Page 15

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Detailed Statement of Financial Activities

Premises repairs and maintenance General administrative costs, including depreciation and amortisation Subscriptions Sundry expenses 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 (expenditure)/income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	- 27,005 1,491 1,268 2,641 5,400 300 300 32,775 48,960 - 45,502 - 45,502 - 45,502 - 45,502	- - - - - - - - - - - - (77,794) (77,794) - (77,794) 90,970 13,176	- 27,005 1,491 1,268 2,641 5,400 300 300 32,775 48,960 - 45,502 (77,794) (32,292) - (32,292) 90,970 58,678	175
				19,703
				- 3,860 9,087
				12,947
				300
				300

				38,696
				52,438 -
				28,801 -
				28,801 -
				28,801
				72,969
				101,770

Page 16