2024-12-31-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 2024

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 17

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 2024.

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

==> picture [298 x 70] intentionally omitted <==

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

Nana Abena Amfo Trustee 31 December 2024

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 2024.

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 WIREKO FCCA CTA ASSOCIATION OF CHARTERED CERTIFIED ACCOUNTANTS (ACCA)

Presson Tax Accountants Ltd

2 KILLERTON PARK DRIVE

WEST BRIDGFORD

NOTTINGHAM

NG2 7SB 31 December 2024

Page 4

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Statement of Financial Activities

for the year ended 31 December 2024

Unrestricted funds	Total funds	Total funds
2024	2024	2023
£	£	£

46,272	46,272	69,927
4,645	4,645	-
64,853	64,853	24,535
115,770	115,770	94,462

538	538	1,703
17,056	17,056	14,482
71,832	71,832	32,775
89,426	89,426	48,960
-	-	-
26,344	26,344	45,502
-	-	-
26,344	26,344	45,502

26,344	26,344	45,502

58,678	58,678	90,970
85,022	85,022	136,472

Page 5

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Balance Sheet

at 31 December 2024

at 31 December 2024
Charity No. 1151024		2024	2023
		£	£
Fixed assets
Tangible assets	12	2,983	4,475
		2,983	4,475
Current assets
Debtors	13	19,741	-
Cash at bank and in hand		62,298	54,503
		82,039	54,503
Creditors:Amount falling due within one year	14	-	(300)
Net current assets		82,039	54,203
Total assets less current liabilities		85,022	58,678
Net assets excluding pension asset or liability		85,022	58,678
Total net assets		85,022	58,678
The funds of the charity
Restricted funds	15
Unrestricted funds	15
General funds		85,022	58,678
		85,022	58,678
Reserves	15
Total funds		85,022	58,678
Approved by the trustees on 31 December 2024

And signed on their behalf by:

Nana Abena Amfo Trustee 31 December 2024

Page 6

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Notes to the Accounts

for the year ended 31 December 2024

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 brought forward Total funds carried forward 3 Income from donations and legacies 4 Income from charitable activities	Unrestricted funds 2023 £ 69,927 24,535 94,462 1,703 14,482 32,775 48,960 45,502 - 45,502 45,502 - 45,502 Unrestricted £ 46,272 46,272 Unrestricted £ 1,400 3,245 4,645	Restricted funds 2023 £ - - - - - - - - (77,794) (77,794) (77,794) 90,970 13,176 Total 2024 £ 46,272 46,272 Total 2024 £ 1,400 3,245 4,645	Total funds 2023 £ 69,927 24,535
			94,462 1,703 14,482 32,775
			48,960
			45,502 (77,794)
			(32,292)
			(32,292) 90,970
			58,678
			Total 2023 £ 69,927
			69,927
			Total 2023 £ - -
			-

Page 10

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Notes to the Accounts

5 Other income

Unrestricted £ 64,853 64,853	Total 2024 £ 64,853 64,853	Total 2023 £ 24,535
		24,535

Unrestricted £ 238 - 300 538 Unrestricted £ 4,624 - 2,554 386 1,566 - 7,926 17,056	Total 2024 £ 238 - 300 538 Total 2024 £ 4,624 - 2,554 386 1,566 - 7,926 17,056	Total 2023 £ 289 1,057 357
		1,703
		Total 2023 £ 1,057 3,250 - - - 6,925 3,250
		14,482

Page 11

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Notes to the Accounts

8 Other expenditure

Outreach Protocol for social activities eg: Food , drinks etc Volunteer salary and welfare Motor and travel costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 9 Net income before transfers This is stated after charging: Depreciation of owned fixed assets 10 Trustee remuneration and expenses Number of trustees paid expenses The nature of the reimbursed expenses Remuneration 11 Staff costs Snr Ministers Allowance No employee received emoluments in excess of £60,000.	Unrestricted £ 276 4,926 18,121 2,583 29,161 1,491 14,324 950 71,832 2024 £ 1,491 2024 Number 1 2024 16,980 16,980	Total 2024 £ 276 4,926 18,121 2,583 29,161 1,491 14,324 950 71,832	Total 2023 £ - - 70 - 27,005 1,491 3,909 300
			32,775
			2023 £ 1,491 2023 Number 1 2023 -
			-

Page 12

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Notes to the Accounts

12 Tangible fixed assets

12 Tangible fixed assets
Cost or revaluation At 1 January 2024 At 31 December 2024 Depreciation and impairment Depreciation charge for the year At 31 December 2024 Net book values At 31 December 2024 At 31 December 2023 13 Debtors Other debtors 14 Creditors: amounts falling due within one year Other creditors 15 Movement in funds Restricted funds: Unrestricted funds: General funds Total funds	TFA 2	TFA 3	TFA 4 £ - - - - - - Resources expended £ (89,426) (89,426)	Total £ 4,475
	£ 4,475 4,475 1,492 1,492 2,983 4,475 At 1 January 2024 58,678 58,678	£ - - - - - - 2024 £ 19,741 19,741 2024 £ - - Incoming resources (including other gains/losses ) £ 115,770 115,770
				4,475
				1,492
				1,492
				2,983
				4,475
				2023 £ -
				-
				2023 £ 300
				300
				At 31 December 2024 £ 85,022
				85,022

Page 13

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Notes to the Accounts

16 Analysis of net assets between funds

16 Analysis of net assets between funds
Fixed assets Net current assets 17 Reconciliation of net debt Cash and cash equivalents Net debt	Unrestricted funds £ 2,983 29,949 32,932 At 1 January 2024 £	Restricted funds £ - 52,090 52,090 Cash flows £	Total £ 2,983 82,039
			85,022
			At 31 December 2024 £
	54,503	7,795	62,298
	54,503 54,503	7,795 7,795	62,298
			62,298

Page 14

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Statement of Cash flows for the year ended 31 December 2024

Cash flows from operating activities Net income/(expenditure) per Statement of Financial Activities Adjustments for: Depreciation of property, plant and equipment Dividends, interest and rents from investments Increase in trade and other receivables Decrease in trade and other payables Net cash used in operating activities Cash flows from investing activities Dividends, interest and rents from investments Net cash from investing activities Net cash from financing activities Net increase/(decrease) 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	2024 £ 26,344 1,492 (64,853) (19,741) (300) (57,058) 64,853 64,853 - 7,795 54,503 62,298	2023 £ (32,292) 1,491 (24,535) - (874)
		(56,210) 24,535
		23,228

		-

		(32,982)
		89,460
		56,478

Components of cash and cash equivalents
Cash and bank balances	62,298	54,503

	62,298	54,503

Page 15

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD Detailed Statement of Financial Activities

for the year ended 31 December 2024

Income and endowments from: Donations and legacies Charitable activities Other Total income and endowments Expenditure on: Costs of generating donations and legacies Total of expenditure on raising funds Charitable activities Grants made Governance costs AOG Subscription Ministry Honorarium Total of expenditure on charitable activities Other expenditure	Unrestricted funds 2024 £ 46,272 46,272 1,400 3,245 4,645 64,853 64,853 115,770 238 - 300 538 538 4,624 - 2,554 386 1,566 9,130 - 7,926 7,926 17,056 276 4,926 5,202	Total funds 2024 £ 46,272 46,272 1,400 3,245 4,645 64,853 64,853 115,770 238 - 300 538 538 4,624 - 2,554 386 1,566 9,130 - 7,926 7,926 17,056 276 4,926 5,202	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 - -
			-

Page 16

RHEMA MIRACLE CENTRE ASSEMBLIES OF GOD

Detailed Statement of Financial Activities

Employee costs Salaries/wages Staff welfare Motor and travel costs Travel and subsistence Premises costs Rent General administrative costs, including depreciation and amortisation Bank charges Equipment expensed General insurances Postage and couriers Software, IT support and related costs 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/(expenditure) before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	16,980 1,141 18,121 2,583 2,583 29,161 29,161 1,491 89 270 203 764 2,276 1,486 3,381 4,915 940 15,815 950 950 71,832 89,426 - 26,344 - 26,344 - 26,344 58,678 85,022	16,980 1,141 18,121 2,583 2,583 29,161 29,161 1,491 89 270 203 764 2,276 1,486 3,381 4,915 940 15,815 950 950 71,832 89,426 - 26,344 - 26,344 - 26,344 58,678 85,022	- 70
			70
			-
			-
			27,005
			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

Page 17