HIGHLY FAVOURED MINISTRIES Flnanclal A¢¢ounts Tru$lg95 R9POrt Ygar Ended 30th Aprll 2023 Chirlty no. 1166169
HIGHLY FAVOURED MINISTRIES FINANCIAL STATEMENTS DIRECTORS TRUSTEES REPORT YEAR ENDED 30 APRIL 2023 ADDRESS TIMEBRIDGE COhlMUNITY CENTRE FIELDWAY NEW ADDINGTON CROYDON SURREY CR09AZ REGISTERED CHARITY NUMBER 1166169 CHARITY TRUSTEES MR ISAAC ANOKYE AMOAH MR BISMARK QBEN MR KWAIJWOADJEI AMPOMAH BANKER8 Lloyds 88nk ¢ 25 &esham glreel London EC2V 7HN ACCOUNTANT C4u Olasode PhD, FCCA TL Flr81 1 CoFers CoFe Ro&a 8eck8nham Kent BR3 1N8
HIGHLY FAVOUREO MINISTRIES FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 30 APRIL 2023 DIRECTORS. AND TRUSTEES. REPORT TRUSTEES REPORT 2023 The Trustees are pleased to pSen1their report and HhlY Favoured Ministries financial statements for the yearended 30 April 2023. These comply with currènt stalulory requiren*nts and th8 Stslem8nl of R8romnd8d Practice Accounb'ng and Reporting by Charities ISORPI 2015 Status The Charity is consliluled by a conslilulion and registered wilh the Charity Commissioners under charity number1166169 Charltablè Obl•¢ts The Objects of the Charity are the advancement of.. The Christian religion through bul not exclusively the provision of services, reluS education classes, seminars arnl cnjsades. Wilhin these Objects, the Charity also has various perynanenl endowments and un-endowed Injsl fundg held for special purp)ses in connects'on with the acquis11ionldevelopmenl of a pemianent place of worship. Board Policy The Charity provides informaln, contacts, helps, counselling and financial support for charity members and the comrnunity al large. 11 is our policy lo provide a building with various facilities to contribute to the community. Revlew of actlvltiel and achievements In the year 2023, we have seen Iremendous change and improvement in the way the charity is run. Flnanclal activltles and result8 The lolal incoming resources for the year amounted lo £47,449 leajing lo a total funds carried fOard of £ 3,651 as al 30 April 2023. Investment power8, policy and porfornHnce The trustees, investment powers are g)verned by the constitution of the charity. Re8oN The board has wntinued lo ensure that the expenditure is focused on the smooth running of the charity lo meet her daily needs of fulfilling the objectives.
HIGHLY FAVOURED MINISTRIES FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENOED 30 APRIL 2023 Risk Management The Trustees examine the major risks that the Ministry faces each financial year when preparing and updating the strategic plan. The charity has develoFed systems lo monitor and control these risks to mitigate any impact that they may have on the organisalion in the future. Accounting and reportlng r•8ponsibilities The Charities Act1993 requires the Trustees of the Charity lo prepare financial statements for each financial year which give a true and fair view of the Charity's financial acb'vities during the year of ils financial position at the end of the year. In preparing the financial stalemenls, the Trijstees should follow best practi and Select suitable accounb'ng policies and apply them consislently; Make judgements and eslimales that are reasonable and prudent., Follow applicable accounting Standards the Charities SORP, disclosing and explaining any departures in the financial slalemenls., and Prepare the financial slalemenls on the going concem basis unles811 Is inappropriate lo assume that the Charity will continue in operatKsn. The Trustees are responsible for keeping accounts'ng records, which are such as lo disclose, wilh reasonable accuracy, the financial position of the Charity al nay bme, and lo enable them as injslees to ensure that the financial sla18menls comply with charity law. The Trustees are also responsible lor safeguarding the Charity's assets, and hence for taking reasonable steps for the prevention and deiection of fraud and other irregularities, Approved by the Board of Trustees and sF9ned on its khalf by: Pastor Dal•
HIGHLY FAVOUREO MINISTRIES FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 30 APRIL 2023 ACCOUNTANTS, AND INDEPENDENT EXAMINER'S REPORT I report lo the tTuslees on my examination of the accounts of the Highly Favoured Ministries for the year ended 30 April 2023. Responslblllti•$ and ba818 of report As the charity's Iruslees, you are resF4)nsible for the preparation of Ihe accounts in accordance Yth the requirements of the Charities Act 20111.lhe Acfl. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carying out my examination, I have followed all the applicable Directions given by the Charity Commissh)n under section 14515llbl of the Act Independent examineW8 Statemant l am qualified to undertake the examination by being a qualified member of the Chartered Association of Certified Accounlanls IACCAI and Fellow of the Association IFCCAI. I have completed my examination. I cnnfimi that no material mallers have come to my allenlion in connection wtlh the examination lolher than that disclosed below'l which gives me cause lo klieve that in, any material respect.. . the accounb'ng records were not kept in accordance with section 130 of the CharilK?s Act,. or the accounts did not accord with the accounting records., or the accounts did not comply with the applicable requirements conceming the form and conlenl of accounts set out in the Charities (Accounts and Reports) Regulations 2008 olher than any requirement that the accounts give a'true and fairf view which is not a matter considered as part of an independent examination. I have no concems and have come acToss no other matters in connection with Ihe examinatn lo Ithich allenlion should be drawn in Ihis report in order lo enable a proper understanding ol the accounts lo be reached. Dr Olu Ola8ode FCCA Chartered Certlfied Accountant TL Flrst Accountants Llmited TL Flrst Llmited Dats:
HIGHLY FAVOURED MINISTRIES FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 30 APRIL 2023 STATEMENT OF FINANCIAL ACTIVITIES 2023 2023 2023 2022 Re$tri¢t¢d Unrestricted Total Total INCOMING RESOURCES Actlvltles to further the charlty'8 object8 Grants and Donats'ons (Note 2) 47,449 47,449 47,807 Total Incoming Resources 47,449 47,449 47,807 RESOURCES EXPENDED Costs of aetlvltles Sn furtherance of the company's obJo¢ts charitab Activities (Note 3) 8,648 8,648 3,1 C Governan Costs (Note 41 39,545 39,545 50,510 Total Resources Expended 48,193 48,193 53,610 Net Incornlngl (Outgolng) Rosourcei (744) (744) 15,8031 Total Funds Brought Fornard 4,395 4,395 10,197 Total Fund$ Carrled Fonvard 3,651 3 651 4,39S
HIGHLY FAvRE0 MINISTRIES FINANCIAL STATEMENTS DIRECTCRS AND TRUSTEES REPORT YEAR ENDED 30 APRIL 2023 BALANCE SHEET 2023 2023 2022 2022 FIXED ASSETS {note 51 6,152 9,156 CURRENT ASSETS Debtors (note 6) Cash and Bank 2,5DJ 1,243 139 CURRENT LIABILITIES Credltors - within one year Inole 7) NET CURRENT ASSETS 3,743 3,139 Cr•dltorn- Not within one year {nole 81 NET ASSETS Capltal And Ro8erv88 Fund I (loss) 3,651 4,395 NET ASSETS 3,651 4,395 Approv•d by tho 8oard of TruJteO8 on 'and 8igned on their behalf Trustee
HIGHLY FAVOURED MINISTRIES FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 30 APRIL 2023 NOTES TO THE FINANCIAL STATEMENTS- 30 April 2Q22 ACCOUNTING POLICIES Accountin Convention & Com liance These accounts have ken drawn up on the basis of a going COnM and the financial slalements prepared under the historical cost convention in accordance with applicable Standards, Financial Reporting Standards and the Charities Acts 1992 & 1993. The slalemenls comply with best practice and reflecl the requirements ofthe revised Ststementof Recommended Practice, Accounb'ng and Reporting by Charitses (SORP 20051 Reco nltlon of Incorne and Ex ondlture Income and Expenditure are iecognised on an accrual basis. Donations and legacies are accounted for as received and accrued only when a value can be established before payment is reived, General Fund Revenue giants and other income and expenditure associated with the general operations of the charity and ils international projects are dealt with in the General Fund. Restrlcted Fund These comprise donations, legacies or other income, the use of which has been sFrtified by the donor. There is currently no striCted fund. Endowment Fund There is currenlly no endowment fund. De reclatlon All fixed asseis over£1,CO) are capilalised. The chargefordeprecialion is calculated lo write off Ihe cost of the fixed assets over their useful lives on the following basis.. Musical Instruments, furnilLtre, computer and aCsSOrIeS- 25% reducing balance Motor vehicle 25% reducing balan
HifthLY FAVOLIRED MINISTRIES FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 30 APRIL 2023 2. Donations and Similar Incoming Rosourcos 2023 2023 2023 2022 Restrlcted Unrestricted T¢)tsl Totsl Tithes & offering HMRC Gift-aid Repayment 39,548 39,548 38,564 7,901 7,901 9.243 47,449 47,449 47,807 3. Charltablo A¢tiviti03 2023 2022 Welfare IDonalion Events & Retreats & catering Books and printing 2,900 1,OCQ 3,e43 2,1CQ 2,105 8648 3100 4. GOVERNANCE COSTS 2023 2022 Accountancy Fee Motor and Travel Insurance Depreciation Phone & Internet Rent Council Tax Admin expenses 1,728 1,889 953 1,196 1,351 3,004 3,052 949 948 31,345 41,770 546 815 39 545 50 509
HIGHLY FAVOURED MINISTRIES FINANCIAL STATEMENTS ANO TRUSTEES REPORT YEAR ENDED 30 APRIL 2023 5. Fixod A$s8ts Musical Property Equlpmenl Van Motor vehicle Total COST At 30 AprS12022 Additions Disposals At 30 Aprll 2023 11,431 3,500 14,931 3,500 14,931 DEPRECIATION Accurnulated Dopr•ciation Charye for th• year 2,857 2,917 5,774 147 3 004 3,064 8,778 5,716 NET BOOK VALUE At 30 Aprll 2023 At 30 April 2022 436 6 152 583 9,156 8,573 O. DEBTORS - falling due within one year 2023 2022 Other debtors 2 5DJ 3,000 2500 3000 7. CREDITORS - falllng due after one year 20ZJ 2022 Other Creditors 6,244 7,9C4J 6 244 7,900 10