DOMINION POWER MINISTRIES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2023 Company Reg. No 06878702 Charity Reg. No 1165111 LONDON ACCOUNTANCY PRACTICE SOJOURNER TRUTH COMMUNITY CENTRE 161 SUMNER ROAD LONDON SE15 6JL.
DOMINION POWER MINISTRIES (A CHARITY AND COMPANY LIMITED BY GUARANTEE) REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 March 2023 CONTENTS Page Administrative infomiation Report of the Trustees Independent Examinerfs Report Statement of Financial Actlvities Balance Sheet Notes to the accounts 10-11 Detailed Income and Expenditure 12
DOMINION POWER MINISTRIES (A CHARITY AND COMPANY LIMITED BU GUARENTEE) ADMINISTRATIVE INFORMATION AS AT 31 March 2023 GOVERNING DOCUMENT Dominion Power Ministries is an incorporated organisation governed by the Companies Act 2006 as a company limited by guarantee with the Company Number 06878702 and Charity Number 1165111. DIRECTORS AND TRUSTEES Mr Uzochukwu Nwoke...... Sylvia Nwoke............ Chairperson .Secretary Gra Ude...........................Treasurer REGISTERED OFFICE 24 Hill Side Gardens Hill Side Road Brixton London SW2 3HJ BANKERS HSBC PIC 47 Rye Lane London SE15 SET INDEPENDENT EXAMINER London Accountancy Practice Sojoumer Truth Centre 161 Sumner Road London SE15 6JL
DOMINION POWER MINISTRIES (A Company limited by guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2023 OBJECTS AND PRINCIPAL ACTIVITIES The advancement of Christian faith, To provide church services and Conduct religious worship, Relief sickness and Preservation and protection of physical and mental health To relieve poverty ACTIVITIES, DEVELOPMENTS AND ACHIEVEMENTS: See DOMINION POWER MINISTRIES separate Annual Report.
DOMINION POWER MINISTRIES (A company limited by guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2023 STATEMENT OF DIRECTORS. RESPONSIBILITIES Law applicable to incorporated companies in England and Wales requires the trustees, who are also the director5 of the company. to prepare financial statements which give a true and fair view of the state of affairs of the charity at the end of the year and of its financial activities during the year then ended. In preparing those financial statements. trustees are required to: select Suttable accounting policies and apply them consistently. make judgements and estimates that are reasonablè and prudent. state whether applicable accounting slandards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statement, and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the project will continue in operation. The directors are responsible for k*ping proper records which disclose at any time the financial position of the project. They are also responsible for safe guarding the assets of the organisation and hence for taking reasonable steps ft)r the prevention and detection of fraud and other irregularities. Signed by:...... .Secretary Dated. 31 zcio& Sylvia Nwoke
DOMINION POWER MINISTRIES (A company limited by guarantee) YEAR ENDED 31 March 2023 TRUSTEES, REPORT The results of the year's operation are set out in the attached financial statements. The Irust*s have been aware of the need to comply with good practice guidelines issued by the Charity Commission on free reserves and DOMINION POWER MINISTRIES policy is included in the notes to the accounts. RESERVES POLICY The trustees have reviewed its free reserves policy and have turned its entire unrestricted fund into an emergency reserve to enable DOMINION POWER MINISTRIES to meet its obligations in the event of a shortfall in income or sudden upturn in expenditure. RISK MANAGEMENT The trustees have examined the major risks which DOMINION POWER MINISTRIES faS and believe that by maintsining our free reseeS at a reasonable level. combined with our annual review of the Controls over key financial systems, this will provide sufficient reSoUrS in the event of adverse conditions. The trustees will have to examine other operational and business risks which the organisation may fa and establish systems to mitigate the significant risks. TANGIBLE FIXED ASSETS The organisation keeps an assets register. VOLUNTEERS DOMINION POWER MINISTRIES recognises the signtficant contributions made by volunteers.
DOMINION POWER MINISTRIES (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 March 2023 I report to the charty trustees on my examination of the accounts of the company for the year ended 31 March 2023. which are set out on pages 8 to 12. Responsibilities and basis of report As the charity's trustees of the Company (who are also the directors of the Gompany for the purposes of company law). you are responsible for the preparation ofthe accounts in accordan with the requirements of the Companies Act 2006 ("the 2006 Act.). Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 ofthe 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011(°the 2011 Act.). In carrying out my examination, I have followed the Directions given by Ihe Charity Commission (under section 145(5) {b) of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that: The accounting records were not kept in accordan with section 386 of the Companies Act 2006: or The accounts do not accord with such records; or . The accounts do not comply wFth relevant accounting requirements under section 396 ofthe Companies Act 2006 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination; or The accounts have not been prepared in accordan with the Charities SORP (FRS102). I have no cOnmS 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 accounts to be reached. Signature- Dated..3.1 Ade Adebambo, MBA,CGMA. ACMA. ACG London Accountancy Practice Sojourner Truth Centre 161 Sumner Road
DOMINION POWER MINISTRIES (A CHARITY AND COMPANY UMITED BYGUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 INCOMING RESOURCES Unrestricted Restrict•d Fund Fund Total Total 20 2022 Voluntary IrKome. Donabons 42.054 42.054 26,079 42,054 41054 26,079 RESOURCES EXPENDED Direct Charilabie Costs 40,411 40,411 24,848 40,411 40,411 24,848 Nel Incoming Resources 1,643 1,231 prior year adjnt 1.265 Balan Brought Forward 4,093 4,093 1.597 BalarKe Camed Fopmard 5,736 5,736 4.093
DOMINION POWER MINISTRIES (A CHARITY AND COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 CURRENT ASSET Cash In Bank 42.058 23.915 CURRENT UABILITIES Creditors aThJ Acctua& 19,822 5.736 4.093 REPRESENTED BY FUNDS: Unrestricted Fund Restricted Fund 5,736 4.CI33 5.736 4.093 For the period ended 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. the members have not required the company to obtain an audit of its accounts for the year in question in accordan with section 476, the directors acknowledge their responsibilities for MplyIng with the requirements of the Act with respect to accounting records and the preparation of the accounts these accounts have been prepared in accordan with the provision applicable to companies subject to the small companies, regime. The financial statements on pages 8 to 12 were approved by the board of directors on and sned on its behalf by Sign............................................ Mr Uzochukwu Nwoke .Director
DOMINION POWER MINISTRIES NOTES TO THE ACCOUNTS YEAR ENDED 31 March 2023 ACCOUNTING POLICIES 1.1 Basis ot preparation of Flnancial Statements. The financial stalements are prepared under the historical cost convention and include the results of the charity's operations which are described in the Directors. Report and all of which are continuing. The accounts have been prepared in accordance with the Statement of Recommended Practi Accounting by Charities. The charity has taken advantage of the exemption of Financial Reporting No 1 from the requirements lo produce a cash flow stalement on Ihe grounds that it qualifies as a small company. 1.2 Incoming Resources 1.2.1 Revenue grants are credited on the earlier date of when they are reiVed or when they are re1Vable. unless they relate lo a specific future period, in which case they are included on the Balan Sheet as deferred income to be recognised in the future accounting period. 1 .2.2 Grants reIVed for specrfic purposes are accounted for as restricted funds in the Statement of Financial Activrties. 1.2.3 Donatlons Donations are accounted for on a cash receipts basi5 unless deferred. 1.2.40ther incoming resources Other incoming resources are accounted for on an accruals basis. 1.2.5 Deferred income Where a grant or donation is reiVed in advance for expenditure in a future accounting period recognition of that income is defeed and released in the period in which the expendFture is incurred. 10
DOMINION POWER MINISTRIES NOTES TO THE ACCOUNTS (contlnued) YEAR ENDED 31 March 2023 1.3 Restricted Funds Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund. together with a fair allocation of management and support costs. 1.4 Unrestrictsd Funds Unrestricted funds are donations and other income reiVed or generated for the objects of the organisation without further specified purposes and is available for general funds. Designated Funds Designated funds are unrestricted funds eam)arked by the Management Committee for particular purposes. 1.6 Resources Expended Direct charitable expenditure includes all expenditure incurred by Dominion Power Ministries in direct pursuit of its charitable objectives. Management and administration expenditure include all costs not directly related to the charitable activities and which cannot be allocated to direct charitable expendrture. 1.7 Tangible fixed assets Depreciation is calculated to write off the cost of fixed assets over their estimated useful lives. The charity has a register of assets. Creditors". Amount falling due within one year 2023 2022 Ministers Support provision Accountancy Fees Other Creditors 6,000 500 350
DOMINION POWER MINISTRIES (A CHARITf AND COMPANY LIMITED BY GUARANTEE) DETAILED INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 MARCH 2023 INCOMING RESOURCES Unrestricted R•strl¢ted Fund Fund Total Total 2023 2022 Voluntary Inco -Donatsons 42054 42,054 26.079 Total Incoming Resources 42,054 42.054 26,079 OUTGOING RESOURCES Membership Support & Donabors Prowsion for Ministers Support Confrence Church rent Rent promsion TephOne HMRC TV lince Accountancy Fee Bank Charges Total Resources Expended 11.930 11,930 7.077 1,660 1,650 9,525 y 8,247 10.IXM) ¥/ 7.lJJ) 9,525 10,IXK) 303 5(K) o 350 84 24 40,411 24,848 84 40,411 12