Charity lstratIon number 1152510 C¢)mpany règistration number 08321396 (England and Wales) DESTINY CHRISTIAN CENTRE MINISTRIES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
DESTINY CHRISTIAN CENTRE MINISTRIES LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Otufunmilayo Okeowo Mts R Anekwe MrSOJinK Chadty number 1152510 Company number 08321396 Reglstered officg &Jite 127 186 StAlbans Ro*J Walford Hertlordshire United Kingdom IN024 4AS Indop•nd•nt •xamin Reddy SbddK4Ui LLP 18&189 The Vale Acton London United Kingdom W3 7RW
DESTINY CHRISTIAN CENTRE MINISTRIES CONTENTS Pago Tfuste8s' r8POrt IrKlependenl examinerfs Slalemenl of finanual aclivitK Balance sheet Noto$ to Ihe financ¥al statements 6-13
DESTINY CHRISTIAN CENTRE MINISTRIES TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Iruslees present their annual report and financial siements for the year erKled 31 December 2023. The aecounis have been prepared in accordanc with the ac(%MJnting poliaes set out in note 1 to the accounls and comply with the morandum and adeS of aSSouati(. Companies Act 2006 and the Ststemenl of Recommended Practice, -Accounting and ReFKvting by Charities", issued in MaTcb 2005. Objectives and actfvltl•$ The objects are.. the advaneernenl of the christian faith indLKling missionary acli¥its in Ihe United Kingdom and overseas. This includes. bul Is not limited to, the planting ol new churches a1 organisali¢Ms of congregaknons the reliel of the poor and needy. and Ihe sick and elderfy Such olher Charitable object lor the benefit of suth othr dri13b1e tKxJies aThJ institutions as the Iruslees shall in their absolute discretion see fil. Public benefrt The trustees have paid due regard to guidance issuod by thg Charity C(rnissKffl in dechding what activities the charily should undertake. Achi•vom•nts and porfornian¢• Significant aclivilies and achievemenls against 0ty8clives Destiny Chrlslian Centre Ministries continues lo experience elevat and promolion in 2023. 80th the London and Leeds churches flourished under their respective dynamladeIsh1P and 91deh1P teams. Financial rovbow A majorily ol Ihe charitys aclivilies were supmed ty loan recelve(I frcm Desllny Christian Centre Limited. Donations and Gift Alt1 receivables were the main Sour of Inc0. ReseThes polKy It is the policy ol the charity that unrestricted lurKls which have not bgen dosignaled lor a sperAfic use should be maintained al 3 level equivalenl lo belween three and six month's expendiltjre. The trustees consider that reserves al this level will ensure that. in Ihe event of a significant dr¢)p in funding, they will be able lo continue the charity's currenl activilies while considerality) Is given to ways in which addilional furKls may bg raised. This level ol reserves has been main18ined Ihroughoul the year. Major risks The Irvslees have assessed the major risks to whith the charity 1$ exrx)sed, and 8re s8tssfied that systems are in placg lo mitig*e exposure lo the major risks. Plans for future periods Going forward in 2024 we expecl to estsblish the Ministry as one of the [0mOs1 Chrislian Minisiries in Ihe UK. We also aim to broad our intematsonal contacts whi151 further accomplishing the Charities aims & objecbves in the UK. Structure, governance and management The charity is a company Iirnited by guarantee. incorpa on 6 December 2012. The trustees, who are also the directors for thè purm of Company Lgw. and vtho served during ihe year and up to the dale ol signature of the finanaal siatements we". Mr Oluftjnmilayo Okeowo Mrs R Anekwe Mr S O Jimoh
DESTINY CHRISTIAN CENTRE MINISTRIES TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Rn$11M81 and 8pWnlmI ofinisiees None of the trustees has any beneficial inte1 in Ihe cg)mpany. All of ts truslees are members of the MpanY and guarantee lo Contrite £1 in the event ol a winding up. Relationship th relatedpartS Mrs Ruth Anekwe, one of the trustees of the charity. is also a director and 1% shareholder of Destiny Christian Centre Limited, 8 company registered in England and Wales. The trustees. report was apwoved by the Board of Tfustees. Mrs R Anekwe Trust•e 30 Octotjer 2024
DESTINY CHRISTIAN CENTRE MINISTRIES INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DESTINY CHRISTIAN CENTRE MINISTRIES I report lo the Iruslees on my examinlion of Ihe financial sialents of Desbny Christian Centre Ministries {Ihe charity) for the year ended 31 December 2023. Respon$lbllitlg$ and basls of As the Iruslees of the chanty land also its directors for wrposes of company lawl you are responsible for the preparation ol the financial $lalements in acccrfdance with Ihe UlmeThts ol the Companies Act 2006 (the 2006 Acti. Hawng satisfied myself th8t the financial slalernents ol the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for indeperKlent examination. I report in respecl of my examination ol Ihe charily's financial $181emenls carried out under section 145 of Ihe chantS Act 2011 Ilhe 2011 Actl. In carrying out my eyaminalion I have followed all the applicab Directs'ons given by the Charity ConNnission under section 14515llbl of the 2011 Act. Ind•wnd•nt •xaminor's stat•ment I have completed my examination. I confirm that no matters have come to my attention in connodKsn with the examination giving mè cause to bdieve Ihal tn any material re5pe¢i'. aceounling reLL)rd$ were not kept in respect ol the charily as requir by secth)n 386 01 the 2006 Act; or the financial s¢81emenls do not accord wilh those records.. or the financial slalgmenls do not comply wilh the acc*)unlirKJ requiremefts of section 396 01 the 2006 Act other than any requirement Ihat Ihe acccwjnis give a true a1 fair eW which is not a rnalter considered as part ol an independent examination., or the financial stalemenls have nol tjeen prepared in aco)rdance the methods and ndpIeS of the Slalemenl of Recommended Praclice for accounting and iewrting by charities applicable lo chariltes piep8ring their accounts in aCCordare with th8 Financial Repcmling Stsndard 8pph¢able in the UK and Republic ol Ireland IFRS 1021. I have no concerns and have come across no othor matters in connection with the examination lo which attention should be drawn in this repori in order lo enable a proper understanding ol the financi81 $18¢ements lo be reached. Q4 Roddy Slddlqul LLP 183-189 The Vale Acton London W3 7RW Unrtod Kingdom Dated.. 30 October 2024
DESTINY CHRISTIAN CENTRE MINISTRIES STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrg$¢rlctgd funds 2023 Unre$trSctgd fund# 2022 Notes Incomè from: Donations and legacies Charitable activities 26.f09 154,774 58.429 102.361 Tol•l Incom• 180,883 160.790 Exp•ndltur• on: Choritsble aclivilies 184,708 141.263 Total oxpendlture 184,708 141.263 N•t In¢omell•xp•nditurnl and movement In fvnds 13.8251 19.527 Ro¢on¢lllatlon of funds.. Fund balances al 1 January 2023 It4,271) 133.7981 Fund balanc•$ at 31 Decemb•r 2023 118,0961 114,271 The statement of financial aclivities indudgs all gains ond k)sses re(£gnised in the year. All income and expenditure derive from continuing activities.
DESTINY CHRISTIAN CENTRE MINISTRIES BALANCE SHEET AS AT31 DECEMBER 2023 2023 2022 Flxed assets Tangible assets 13 214 429 Current assets Debtors Investments Cash at bank and in hand 15 16 10.776 3.858 10,959 9,020 20.249 23.837 CreditQfS: amounts lalling du• wtthln one y•ar 17 {38.5591 138,5371 N•t curront 1Sabllltl•$ 118.310) 114,7001 Total a$$•l$ le$$ ¢urr•nl 118bllitl•• 118,0961 114,2711 The fund¥ of th• ch•rrly Unrestricted funds 19 118,0961 114,2711 118.0961 114,2711 The company is entit1 to the exernpknon frcrfn Ihe aj11 requirement )ntaed in section 477 of the Companies Act 2(K)6, for the year ended 31 December 2023. The directors acknovAedge their respongbilities for complying wilh the reqUirerTrts ol the Companies Act 2006 wilh respect to aeeounting rewrds and the preporalion ol fInala1 st8tements. The membgrs havo not requi the u)mpany to obtain an aLtrdit of its finanoal slalemwts lor the year in Question in accordan wth sgction 476. These financial statements have been prepared in 8cc¢xdance wlh the prowsions applicable to companies subject lo the small companies regime. The financial statements were approved by the truslees on 30 October 2024 Mrs R Anekwg Trustee Company regislration number 08321396 (England and Wales)
DESTINY CHRISTIAN CENTRE MINISTRIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢ntIng policies Charlty Informatlon Destiny Christian Centre Ministries is a privale company limitsd by guarantee incorpofaled in England and Wales. The registered office is Suite 127, 186 St Abans Road. Watlord, Hertlordshire, WD24 4AS, United Kingdom. 1.1 A¢¢ounting ¢onv•ntion The financial slalements have been prepared in accordance with the charity's Igoveming documentl, the Companies Acl 2006, FRS 102 "The Financial Reporting Siandard applicable in the UK and Rep+Jblic of Ireland- I"FRS 102.1 and the Charili&s SORP "AccouniirKJ and Reporting by Charities: Statement of Recomrnended Practice appli¢abSe lo charities Preparing their accounts in accoidance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffecb've 1 January 20191. The charity 15 a PU1C Bengfil Entity as defined by FRS 102. The charbly has tsken advanlago 01 kWViSK)ns in the SORP for cknarities not to prepare a Sialemenl ol Cash Flows. The financial statements are prepared in slerting, which is th8 funct•)nal currency of the charity. Monetary amounls in Ihese finanual statements are rounded to the nearest £. The financial slalements havg been ppaled uNieT the hislorical cost nvenI10n, Imtyjified lo Indude the revaluation of Ireehold prOpertS and to in¢lud¢ Fnveslment properties and certain financial instwmgllt5 al f8ir valuel. The principal acctsjnling pcAieie$ adopted are set out below. 1.2 Golng conc•rn At the time ol approving the financ¢al statements. ihe trustees have a reasonable expectation that the charily has adequate resources Io c('nUe in owational exislence ft)r ihe foreseeable futufy. Thus the trustees continue lo adopt the going concem ba&s of accounting in prepariThJ the financial statements. 1.3 Ch•ritbl• funds Unreslricled lurnls are availab Ic us6 at thg disc19b of the Iruslees in furtheranc6 of iheir ch8ri1able obje¢ts've$. Restricted funds a subject to SP9Ctfi¢ conditi¢S by donors or grantors as to how Ihey may be used. The purposes and uses of the restricted funds are sel out in the notes lo the financial sM¢ments. Endowment funds are sufy'ect lo specific cllionS by don that the catal musl bo maintained by the charity. 1.4 Income Inccmne is recognised when the charily is legally entttlgd to il after any performance conditions have been met. the amounts Can be me8sured reliably, and it is pfobaNe ihal income wll be received. Cash donations are recojnised on receipt. Oiher donations are recogrused once the charity has been notified ol the donation, unless perfomance (fjndrtions require deferral ol the amount. Irbcome tsx recoverable in relation lo donalions 1Ved GiftAid or dewjs of oa)venant is recognised al the time of the donation. Legacies a recognised on receipl or otherwise if the charity has been n0knrd of an impending dislribulion, the amount is known. and feceipt is expeded. If the amwnt is not known. legacy is treated as a contingent asset.
DESTINY CHRISTIAN CENTRE MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ountlng poll¢lo8 IContlnu•d) 1.5 Expendlture Expenditure is accounted for on an actyual basis and has been classtfied urKler headings that aggregate all costs relating lo the category. Where costs cannot be direcuy attributed lo particular headings. they have been allocated lo aclivil*s on a basis consistent wstl) the use of resources. 1.6 Tangibla fix•d assgts Tangible fixed assets are initially measured al cost and subsequenty measured al cost or valuation, net of depreciation an(1 any impairment k)sses. Depreciation is recogni5ed so as to write off ihe cost or valuation of as5els 5S the residual values ovef thelr useful lives on the lollowing bases.. Fixtures, fittings & equprnenl 25% Straight Line The gain or loss arising on the disposal of an asset 18 delermined as the dillerence beiween the sale proceeds and the carrwng valub of the asset. arKI is recc9nised in the statement of finanaal activit. 1.7 Impalrm•nt of flx•d a$$•ts At each reporting end date. the charily reviews the carrying amounts of ts tsngIb 8ssets to determine whether there is any indicalion Ihal those assels have suffered an impaimienl loss. If any such indication exisls, the recovera9 arnounl of tho asset is estimatgd in (xdgr lo delerniino the exlenl of the impairmenl loss lil any). 1.8 Cash end cash oqu5val8nts Cash and cash equivalen15 indude ¢ash in hand. deposits hehy al call with banks. other short-lemi liquid investmen15 bwlh onginal malurrties of three mnlhs or less. arKI bank overdrafts. Bank overdraft5 are shown within borrowings in current liabilities. 1.9 Flnanclal instrumont# The charily has elected lo appty the provisions of Section 11 'BaS Financial Inslrumenls. and Section 12 'Other Financi81 Instruments IssLSOS' of FRS 102 to all of rts finanrAal instnjments. Financial inslruments arè fecognised in thg Charsly's balance sheel when the charity bocomgs party lo the contractual provisions ol the instrument. Financial assets and liabilities are offsel. with the net amounts senIed in ihe financial statements. when there is a legally enlorceable right lo sel off the recognised aJ[S and there is an intentK>n io settle on a nel basis of lo realise the asset ar 5etUe t1 lia.11(Y MultaneOUsly. Basic financial assets Basic financial assets, whith knclude deblors and cash and bank balan. are initially measured 81 transaction pri induding transath'on c051s and are subsequently carried al amortised cost using the effedive interest method unless the arrangement conslitutes a finan¢JNJ Iransactson, whete the Irans8dion is measured al the present value ol the futu receipis discounted at a market rate of interest. Financial assets classlfted as receivable wl¢hin one year afe rnt amcrftised.
DESTINY CHRISTIAN CENTRE MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {Continuedl Bas1¢ finan¢ial INabNliti•s Basic financial liabilities. induding credilors and bank loans are init181ty reethjnised at transaction price unless the arrangement constitutes a finaniing transaction. where the debt instrument is measured al the present value of the future paymenis discounted at a mathel rate of inteosl. Finanual li8bilitses dassified as payable within one year are not amortised. Debt instruments are sub5equentty &7rried al arrtised cost. usii¥J the effective interesl rate method. Trade crellilofs 8re obligatiS to pay lor gcJds or services that have been acquired in Ihe ordinary course ol operations from stjppliers. Amounts pay8ble are classffied as Cuent liabilities if payment is due wlhin one year or less. If nol. Ihey are presented as non-curreftl liats"lits"es. Trade creditors are recognised initially al transaction price and subsequently measured at amortssed cost using the effeckn.ve interest melhod. Derecognltlon of finan¢l•l Il•bllifies Financial liats'lilies are derecognised when Ihe charity's ct)ntrydciual oblNJations expire OT are dischargèd or cancelled. 1.10 R8tlrarngnt b•ng11ts Payments lo defined contribution Tetirement bongfft thmes are chorggd as an expense as they fall due. Chang• In •ccountlng poIIcy All expenses of the charity were prewou51y treated as expendilure relaled lo Charitable activities. In Ihe Cufrgnl year, expenses have been analysed by function and iherefore reported as support wsts, govemance costs and expendilure rel8led lo ch8ril8ble 8eliwlies. This is COndered lo be more in line with Charitigs SORP aTrJ provKles and true end fair wew of the fin81 p)s¢11 of the charity. Crltlcl accountlng estlmat•s and Judgem•nts In the application ol the charity's accounting [X)I19$. thg trustees are required lo make judgements, estimate8 and assurnplions about the carrying anwjunt of assets and liabilities that a nol a¢JIlY apparent from other sources. The esiimales ar associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual resulis may differ from these esiimates. The estimates and underlyirKJ assumptions &e reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in Ihe peri(Kl in which the estimate is revised where ltte revision affects only that period, or in the period of the revision an(J fvlure peric*ls where the revision affects both CLtrrenl and future periods. Income from donatlon$ and legacl Unrestrictèd funds 2023 Vnre$tri¢ted funds 2022 Grants 26.109 58,429 Grants HMRC GiftAid 26,109 58,429 26.109 58.429
DESTINY CHRISTIAN CENTRE MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income fr¢m donations and lègaciès Icontinued) In¢om• from ¢harltsbl• a¢tl¥lti Unrestricted funds 2023 Unrestricted fund¥ 2022 Receivables and donations 154.774 102,361 Exp•ndbtur• on ¢harilable a¢tl¥ltl•s 2023 2022 Dlro¢t costs Benevolent Gifts 8,930 9.042 Grant lunding ol activtligs (see )10 71 3,819 2.400 Shorn of Support and governancè ¢o•ts (see note 8) Support Governance 124,155 47.804 80,055 49,766 184.708 141,263 An•lysis by fund Unrgslricled lunds 184,708 141,263 Grants payablè 2023 2023 Grants to indimduals 3.819 2,400
DESTINY CHRISTIAN CENTRE MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support ¢o$ts alto¢at•d to activitioJ 2023 2022 8a5is olallocalion loo% Depreciation AdvertisinglPromotional Insurances 215 215 3,936 2.249 3,657 2.609 5,645 Repair and maintenance Offi¢& Running Cost T¥avel and Motor Runniro Cost Consultancy Fee General Expenses Bank Charges and Interest PaNJ Rent and fates Govemance costs i li 1,261 4,572 17,084 6,138 7.948 1.493 73,506 47,804 2,796 14,777 10.566 6.743 1,841 32,867 49,766 171,959 129.821 2023 2022 Gornance costs comprise.. Staff costs Legal and professional ACCjntanc 45,125 45,872 1,386 2.508 2.508 47,804 49,766 Net movement In funds 2023 2022 The net movemer¢t in funds is $tatgd after chargi@(C1.figl: Deprecsalbjn of owned tangible fixed assets 215 215 10 TTUStèo8 Some of trustees lor any per)nS connected with them) rerrivgd remuratiOn or benefits or reimbuTsements of £21.960.32 from the charity durir¥J the year. 11 Employ8gS The average monthly nurnber of employees during the year was: 2023 MUmr 2022 Number Administratiort 10-
DESTINY CHRISTIAN CENTRE MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Employees {Conllnuedl Employment co$ls 2023 2022 Wages and salaries Soaal secJrity cosls Other pension costs 43,782 828 515 42,066 3,362 444 45,125 45,872 There were no employees whose annual remuneration was more than £60.C(JO. 12 Taxatlon The charity is èxempt from 18xalKJn on its adiviUes b8cause all its income is applied lor ch8ri18ble purposes. 13 Tn9ibl• fixed assets FIx¢ur•i. flttlngs & •4tslpmtrnt Coyt Al 1 January 2023 859 At 31 Deeèmber 2023 859 Depr9¢1atlon and Impalrni•nt Al 1 January 2023 DepcIall0n chargetl in the year 430 215 At 31 December 2023 645 Carrying amount Al 31 December 2023 214 Al 31 December 2022 429 14 Financial instruments 2023 2022 Carrying amount of flnancial assets Instruments rr*asuTed at fair value through profft or Ios5 5,883 10,959 11
DESTINY CHRISTIAN CENTRE MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 Dgbtors 2023 2022 Amount$ falling due wlthln on• y••r: Prepayments and accwed inco 10.776 3,858 16 Current a#s•t inv•stm•nts 2023 2022 Unlisted investments 5.883 10,959 17 Creditors: amounts lalllng du• wl¢hln on• year 2023 2022 Other taxation arKI socaal security Other creditors Accnjals and deferred incomè 12.897 2S.745 10,093 28,357 87 38.559 38.537 18 Retir•ment b•nefft hrn 2023 2022 D•fln•d contrlbutlon 8ch•ffl•¥ Charga to profil or loss n ros[th of defined contribution schemes 515 The charily operates a defined contribution peon scheme all qualifying employees. The assets of Ihg scheme are held separately from those ol the Larity iThJgpwdenlly administered fund. 19 Unrgstrlet•d lund• Th9 unrestricted furKls of the charity comprise the unexpen(led balan of dcmations and grants which are not subjeci to specific conditions by donof5 arKI granlors as lo how they may be used. These include designated funds which have ten sel aside oul ol unrestricled funds by the tnJstees for speiyfic purposes. At 1 January 2023 Incoming Resources resourc•s expended At31 D•¢•mb¢r 2023 General funds (14.271) 180.883 (184,7081 {18,0961 12-
DESTINY CHRISTIAN CENTRE MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Unrnstrictéd fund8 {Continued) Provlous year: At 1 January 2022 Incoming resources Resources èxpended At31 Decomber 2022 Gener lund8 133.798) 160.790 1141.2631 114,2711 20 Rolat•d party tr*nsactAons Other creditors represents 8 loan ol £10.918.87 {2022.' £28.357.58) received from Desliny Christian Cent Limited, a company registered In England and Wales. The loan carries ar¢ interesl charge of 4°k per annum. Mrs Ruth Anekwe, ¢)ne ol the trusle8s of ch8rity is th8 sole directcy and IIXJ% shareholder of the C(panY. 13-