DOMINION POWER MINISTRIES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 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 2024 CONTENTS Page Administrative information Report of the Trustees 44 Independent Examinerfs Roport Statement of Financial Activitles 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 2024 GOVERNING DOCUMENT Dominion Power Ministries is an incorporated organisation govemed by the Companies Act 2006 as a company limited by guaranlee with the Company Number C6878702 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 Practi 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 2024 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 Ilmited by guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2024 STATEMENT OF DIRECTORS, RESPONSIBILITIES Law applicable to incorporated companies in England and Wales requires the trustees, who are also the directors of the company, to prepare financial statements which give a Irue and fair view of the slate of affairs of the charity at the end of the year and of its financial activities dunng the year then ended. In preparing those financial statements. trustees are required to. select suitable accounting policies and apply them consislently, make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards 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 conrn basis unless it is inappropriate to presume that the project will continue in operation. The directors are responsible for keeping 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 for the prevention and detection of fraud and other irregularities. Signed by.. . Secretary b)- 201 Sylvia Nwoke
DOMINION POWER MINISTRIES (A company limited by guaranteo) YEAR ENDED 31 March 2024 TRUSTEES, REPORT The results of the yearfs operation are set out in the attached financial statements. The trustees have been aware of the need to comply with good praclice 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 reseTve to enable DOMINION POWER MINISTRIES lo 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 faces and believe that by mailltaining our free reserves at a reasonable level, combined with our annual review of the controls over key financial systems. this will provide sufficient resources in Ihe event of adverse conditions. The trustees will have to examine other operational and business risks which the organisation may fao and establish systems to mitigate the significant risks. TANGIBLE FIXED ASSETS The organisation keeps an assets register. VOLUNTEERS DOMINION POWER MINISTRIES recognises the significant Contributions made by volunteers.
DOMINION POWER MINISTRIES (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 March 2024 I report to the charty trustees on my examination of the accounts of the company for the year ended 31 March 2024, 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 company for the purposes of company law), you are responsible for the preparation of the accounts in accordan wth the requirnents ofthe Companies Acl 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 of the 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 the Charity Commission (under section 145(5) {b) of the 2011 Act. Independent Examinefs Ststement 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 accordance with section 386 of the Companies Act 2006., or The accounts do not accord with such records., or • The a¢Gounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2018 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 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 accounls to be reached. Signature-. Dated...?. I Ade Adebambo. MBA,CGMA, ACMA, ACG London Accountancy Practi Sojourner Truth Centre 161 Sumner Road
DOMINION POWER MINISTRIES IA CHARITY AND COMPANY UMITED BYGUARANTEEI STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted Fund Fund INCOMING RESOURCES Total Total 2024 2023 Voluntary IncorrE- Donabor 64,2 64.2CK) 42,054 64,200 64,200 42,054 RESOURCES EXPENDED Direct Chantable Costs 62.680 62,680 40,411 61680 62,680 40,411 Net Incoming ReSoUrS 1,520 1.520 1,643 Balare Brougtrt Forward 5.736 5.736 4,093 Balan Camed Foard 7.256 5.736
DOMINION POWER MINISTRIES IA CHARITfAND COMPANY UMITED BY GUARANTEE) BALANCE SHEET AS AT31 MARCH 2024 2024 2023 CURRENT ASSET Cash In Bank 42,058 CURRENT LIABILITIES Creditors arKI Acctua 59,230 36,322 7.256 5.736 REPRESENTED BY FUNDS: Unrestrlrted Fund Restricted Fund 7.2 5.7 7.256 5.736 For the period ended 31 March 2024 Ihe 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 accordance with section 476. the directors acknowledge their responsibililies for complying 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 yre approved by the board of directors on 21-01-20IJ and signed on its behalf by ..Director Mr Uzochukwu Nwoke
DOMINION POWER MINISTRIES NOTES TO THE ACCOUNTS YEAR ENDED 31 March 2024 ACCOUNTING POLICIES 1.1 Basis of preparation of Financial Statements. The financial statements 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 Practice Accounting by Charities. The charity has taken advantage of the exemption of Financial Reporting No 1 from the requirements lo produ a cash flow statement on the 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 Ihey relate to a specific future period. in which case they are included on the Balan Sheet as deferred income to be recognised in the future accounting penod. 1.2.2 Grants received for specific purposes are accounted for as restricted funds in the Statement of Financial Activities. 1.2.3 Donations Donations are accounted for on a cash reIpts basis unless deferred. 1.2.40ther incoming resources Other incoming resources are accounted for on an accruals basis. 1.2.5 Deferd income Where a grant or donation is reiVed in advance for expenditure in a future accounting period recognition of that income is deferred and released in the period in which the expenditure is incurred. 10
DOMINION POWER MINISTRIES NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 March 2024 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 identtfied to the fund. together with a fair allocation of management and support costs. 1.4 Unrestricted Funds Unrestricted funds are donations and other income received or generated for the objects of the organisation without further specified purposes and is available for general funds. 1.5 Designated Funds Designated funds are unrestricted funds earmarked 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 difectly related to the charitable activities and which cannot be allocated to direct charitable expenditure. 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 2024 2023 Ministers Support provision Accountancy Fees Other Creditors 6,000 500 500
DOMINION POWER MINISTRIES IA CHARITr AND COMPANY LIMITED BY GUARANTEE) DETAILED INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 MARCH 2024 INCOMING RESOURCES Unrestrlcted Restrictsd Fund Fund Total Total 2024 2023 Voluntary Inccrtne -Donab"ons 642(Kl 64.21X) 42.054 Totsl Incoming Resources 64,200 64,200 42,054 OUTGOING RESOURCES Membership Support & Dona6 Office Administrator Prowsion for Ministers" Support conf[ee Church rert Rent P5ewsion Telephone HMRC TV licere Accountancy Fee Music Instruwenls Bank Charges Total Resources Expended 20.385 20,IXKI 6.745 2.176 8.948 20,385 11,930 20.O¢XI 6.745 6.(MJ) 2,176 1.660 8,948 9.525 1,5LK> 10,C 350 303 1780 1780 84 62,680 40,411 62,680