Charlty reglstratlon number 1152510 (England and Walesl Company reglstration number 08321396 DESTINY CHRISTIAN CENTRE MINISTRIES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
DESTINY CHRISTIAN CENTRE MINISTRIES LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Olufunmilayo Okeowo Mfs R Anekwe Mr S O Jimoh Charlty number (England and Wales) 1152510 Company number 08321396 Registered offlce Suite 127 186 St Albans Road Watford Hertfordshire United Kingdom WD24 4AS Independent examlner Reddy Siddiqui LLP 183-189 The Vale Acton London United Kingdom W3 7RW
DESTINY CHRISTIAN CENTRE MINISTRIES CONTENTS Page Truslees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 6-13
DESTINY CHRISTIAN CENTRE MINISTRIES TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for the year ended 31 December 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the morandum and articles of association, Ihe Companies Act 2006 and the Statement of Recommended Pradice, "Ac¢ounling and Reporting by Charities" issued in March 2005. Objectlves and actlvltles The objects are.. the advancement of the christian failh including missionary activities in the United Kingdom and overseas. This includes, but is not limited to, the planting of new Churches and organisations of congregations the relief of the poor and needy. and the sick and elderly Such other charitable object for the benefit of such othr charitable bodies and institutions as the trustees shall in their absolute discretion see fil. Public benefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achlevements and performance Significanl aclivities ai?d achievemei?Is agaii?s¢ objectives Destiny Chrislian Centre Ministries continues to experience elevation and promotion in 2024. Both the London and Leeds churches flourished under their respective dynamic leadership and eldership teams. Flnanclal revlew A majority of the charity's activities were supported by loan received from Destiny Christian Centre Limited. Donations and GiftAid receivables were the main source of income. Reserves policy It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained al a level equivalent lo beeen three and six month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able lo continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Major risks The Iruslees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Plans for future perlods Going fomard in 2024 we expect to establish the Ministry as one of the foremost Christian Ministries in the UK. We also aim to broad our international contacts whilst further accomplishing the Charities aims & objectives in the UK. Structure, governance and management The charity is a company limited by guarantee, incorporated on 6 December 2012. The trustees, who are also the directors for the purpose of Company law, and who served during the year and up to the date of signature of the financial statements were.. Mr Olufunmilayo Okeowo Mrs R Anekwe Mr S O Jimoh
DESTINY CHRISTIAN CENTRE MINISTRIES TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ReLYuilfnenl and 8ppolnlmenl ol IrvJleaJ Nono of Iho Iru$100s has Bny bgnenclgl Inlor081 In Iho c%Nnpany. All ol lh• liuJlbo0 ofo fflornb•f8 ol lh• compBny and puaronlee lo conlribul• £1 In Ihe •v•nl ol 8 wlndlng L, Relallonslllp 1 rnlaled p8rt103 Mrs Rulh An•kwo, on• of the Iru•l••g of tho ¢h•rlly, l• o1•0 • dlr•clor and 100% •h•rehDfd•f ol D••llny Chrf$lian Cenlr• LSmSlod. 8 company rggl$l•rod In England and Wal•8. Th8 truste, report was approvod by the Boord of TrUsIs. Mrn R Anokwe Tru•t•• 30 October 2025 cs CamScanneT
DESTINY CHRISTIAN CENTRE MINISTRIES INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DESTINY CHRISTIAN CENTRE MINISTRIES I report to the trustees on my examination of the financial statements of Destiny Christian Centre Minislries {the charity) for the year ended 31 December 2024. Responsibilities and basls of report As the Iruslees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements ofthe CompaniesAct 2006. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Acl 2006 and are eligible for independent examination, I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Acl 2011. In Carrying out my examination I have followed the Directions given by the Charity Commission under section 145151(b) of the Charities Act 2011. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect. accounting records were not kept in respect of the chanty as required by section 388 of the Companies Act 2006. the financial statements do not accord with those records., or the financial statements do not comply with the accounting requirements of section 396 of the Companies Acl 2006 other Ihan any requirement that the financial statements give a tru8 and fair view, which is not a matter considered as part of an independent examination., or the financial statements have nol been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 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 underslanding of the financial statements to be reached. &J4 StJA, _ LLf. Reddy Slddlqul LLP 183-189 The Vale Acton London W3 7RW Uniled Kingdom 30 Oclober 2025
DESTINY CHRISTIAN CENTRE MINISTRIES STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted funds 2024 Unrestrlcted funds 2023 Notos Income from: Donations and legacies Charitable activities 47,325 120,184 26,109 154,774 Total Income 167,509 180,883 Expendlture on: Charitable activities 174,128 184.708 Total expendlture 174,128 184,708 Net expendlture and movement In funds {6,619) (3,825} Reconclllatlon of funds: Fund balances at 1 January 2024 {18,096) (14,2711 Fund balances at 31 December 2024 (24,715) (18,096) The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
DESTINY CHRISTIAN CENTRE MINISTRIES BALANCE SHEET AS Af31 DECEMBER 2024 2024 2023 Not•• Flx•d ••••l• Tonglblg o$s•ls 13 214 Currnnl ••••ts Deblors Invoslmenls Cash 01 bonk 8nd In h•nd 15 18 10.776 S.883 3.590 8,620 3.230 9,850 20.249 Crndllorn: Imounl• l•lllng du• wllhln on• y•ar 17 (34,5651 (38.559) (24,715) {18,310) Tot•1 •¥Mts l••• ¢umint Il•bllltloi (24.715) (18,096) Th• lund• ot th• ¢h•dty Unreslrided fuj5 19 (24.715) (18,096) {24,715) 118,096} Tho company Is entslled lo the exemptsm from Ihe audil requlrnmenl nIllned of the Comp8ni8sAct 2006, lor th• y•ar •nd•d 31 DK•mber 2024. The director5 8cknowS•dgè Ihèir re$ponsibllibos lor complying wilh requirements of Ihe Companies Aa 2006 Ih f•sp•cI to accounllng fKords and th• propaT•lion cf finJncl81 Jl8l•m•nts. Th• rn¢mb•rn h•ve not requirnd th• Company to oblain an audit of 11> financb•l stalemenls lor Ihe yeor In qLte¥(ion in •ccord&nco wtlh s•clion 476. These financial stslernents h•ve been prepafed In accorfanc• wih th• prowsions appllcabl• lo compan6•s sutyect 10 tho srnBII companlos reglme. The financial slalernents wore 4ppmvod by Ihts Irusl•ei on 30 October 2025 Mrs R knekwè TNsl•• Company fagi5tralion numbor 08321396 IEn9land and Woles) cs Camscanner
DESTINY CHRISTIAN CENTRE MINISTRIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity infomiation Destiny Christian Centre Ministries is a private company limited by guarantee incorporated in England and Wales. The registered office is Suite 127, 186 St Albans Road, Wafford, Hertfordshire, WD24 4AS, United Kingdom. 1.1 Basis of preparatlon The financial statements have been prepared in accordance with the charity's governing documenl, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland" and the Charities SORP 'Ac¢ounling and Reporting by Charilies.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows. The financial statements are prepared in slerling, which is the functional currency of the charity. Monetary amounts in these financial stalemenls are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, Imodified to include the revaluation of freehold properties and to include investment properties and certain financial instruments al fair valuel. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltsble funds Unrestricled funds are available for use at the discretion of the trustees in furtheranc8 of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any perfomiance conditions have been met, the amounls can be measured reliably, and il is probable that income will be received. Cash donations are recognised on receipt. other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenanl is recognised at the time of the donation. Legacies are recognised on receipt or olheMse if the charily has been notified of an impending distribution, the amoljnl is known, and receipt is expected. If the amount is not known, the legacy is Ireated as a contingent asset.
DESTINY CHRISTIAN CENTRE MINISTRIES NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcies {Contlnued) 1.6 Expendlture Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs relating to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. 1.6 Tanglble flxed assets Tangible fixed assets are inrtially measured at cost and subsequently measured at cost or valuation, net of depreciation and any Impairmenl losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Fixtures, fittings & equipment 250/0 Straight Line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statemenl of financial activities. 1.7 Impalrment of flxed assets Al each reporting end dale, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-lerm liquid investments with original maturities of three monlhs or less, and bank overdrafts. Bank overdrafts are shown within borrowings in Current liabilrties. 1.9 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offsel, with the net amounts presented in Ihe financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a nel basis or to realise the asset and settle the liability simullaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using ihe effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rale of interest. Financial assets classified as receivable within one year are not amortised.
DESTINY CHRISTIAN CENTRE MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢counting policies (Continued) Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaclion, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cosl, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade Creditors are recognised initially at transaction price and subsequently measured al amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's conlraclual obligations expire or are discharged or cancelled. 1.10 Retlrement beneflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Change In accountlng pollcy All expenses of the charity were previously treated as expenditure related to charitable activities. In the current year, expenses have been analysed by fundion and therefore reported as support costs, governance Costs and expenditure related to charitable activities. This is considered to be more in line with Charities SORP and provides and true and fair view of the financial position of the charity. Crltlcal accountlng estlmates and Judgements In the application of the chanty's accounting policies, the trustees are required to make judgements, estimates and assumptions about the Carrying amount of assets and liabilities thal are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in Ihe period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. Income from donatlons and legacles Unrestricted funds 2024 Unrestrlcted funds 2023 Grants 47.325 26.109 Grants HMRC GiftAid 47,325 26,109 47,325 26,109
DESTINY CHRISTIAN CENTRE MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and legacies (Continued) Income from charitable activities Unrestrlcted funds 2024 Unrestrlcted funds 2023 Receivables and donations 120.184 154,774 Expendlture on charltable actlvltles 2024 2023 Dlrect Costs Benevolent Gifts 2,871 8,930 Grant funding of activities (see note 7) 1,816 3.819 Share of support and governance costs (see note 81 Support Governance 111,314 58,127 124,155 47,804 174,128 184,708 Analysls by fund Unreslricted funds 174,128 184,708 Grants payable 2024 2024 Grants lo individuals 1,816 3,819
DESTINY CHRISTIAN CENTRE MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs allocated to actlvltles 2024 r i 2023 Basis of allocation 100% 100% IOOOA 1000/0 700% 100% 100% loo% IOOOA 100% 100% 100% Depreciation AdvertisinglPromotional Insurances Utilities Repair and maintenance Office Running Cost Travel and Motor Running Cost Consultancy Fee General Expenses Bank Charges and Interest Paid Rent and rates Governance costs 215 4,032 3,649 9,764 1,015 5,831 18,634 2,508 6,129 2,315 57,221 58,128 215 3,684 2,609 5,645 1,261 4,572 17,084 6,138 7,948 1,493 73,506 47,804 169,441 171,959 2024 2023 Governance costs comprlse: Staff costs Legal and professional Accountancy 53,944 1,304 2,880 45,125 171 2,508 58,128 47,804 Net movement In funds 2024 2023 The net movement in funds is staled after chargingl(crediling)'. Fees payable for the independent examination of the charity's financial statements Depreciation of owned langible fixed assels 215 215 10 Trustees Some of the trustees lor any persons connected with them) received remuneration or benefi'ts or reimbursements of £25,575.00 from the charity during the year. 11 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Administration 10-
DESTINY CHRISTIAN CENTRE MINISTRIES NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Employees (Continuodl Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 50,084 3,280 580 43,782 828 515 53,944 45,125 There were no employees whose annual remuneration was more than £60,000. 12 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 13 Tanglbl8 flxed assets Flxturos, fittings & gquipmgnt Cost At 1 January 2024 859 At 31 December 2024 859 Depreclatlon and Impalrnient At 1 January 2024 Depreciation Charged in the year 644 215 At 31 December 2024 859 Carrylng amount At 31 December 2023 214 14 Financlal Instruments 2024 2023 Carrylng amount of flnanclal assets Instruments measured at fair value through profit or loss 6,620 5,883 15 Debtors 2024 2023 Amounts falling due within one year: Prepayments and accrued income 10,776 11
DESTINY CHRISTIAN CENTRE MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Current asset investments 2024 2023 Unlisted investments 6,620 5,883 17 Creditors: amounts falling due within one year 2024 2023 Other taxation and social security Other creditors Accruals and deferred income 21,732 12,721 112 12,697 25,745 117 34.565 38,559 18 Retlrement boneflt schemes 2024 2023 Deflned contrlbutlon schemes Charge to profit or loss in respect of defined contribution schemes 580 515 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 19 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2024 Incomlng resources Resources expended At31 December 2024 General funds (18,096) 167,509 (174,128) (24,715) Prevlous year: At 1 January 2023 Incomlng resources Resources expended At31 December 2023 General fvnds 114.271) 180,883 (184,708) 118,0961 20 Related party transactions 12-
DESTINY CHRISTIAN CENTRE MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Related party transactlons (Continued) Other creditors represents a loan of £7,247.40 12023.. £10.918.87) received from Destiny Christian Centre Limited, a company registered in England and Wales. The loan carries an inleresl charge of 40/0 per annum. Mrs Rulh Anekwe, one of the trustees of the charity is the sole director and 100 % shareholder of the company. 13