## **HIGHLY FAVOURED**
**MINISTRIES**
**Financial Accounts Trustees Report Year Ended 30th April 2024**
**Charity no. 1166169**
HIGHLY FAVOURED MINISTRIES FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 30 APRIL 2024
**ADDRESS TIMEBRIDGE COMMUNITY CENTRE FIELDWAY NEW ADDINGTON CROYDON SURREY CR0 9AZ**
## **REGISTERED CHARITY NUMBER 1166169**
## **CHARITY TRUSTEES**
- MR ISAAC ANOKYE AMOAH
- MR BISMARK QBEN
- MR KWADWO ADJEI AMPOMAH
## **BANKERS**
Lloyds Bank plc 25 Gresham street London EC2V 7HN
## **ACCOUNTANT**
Olu Olasode PhD, FCCA TL First 1 Copers Cope Road Beckenham Kent BR3 1NB
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HIGHLY FAVOURED MINISTRIES FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 30 APRIL 2024
## **DIRECTORS’ AND TRUSTEES’ REPORT**
## **TRUSTEES REPORT 2024**
The Trustees are pleased to present their report and Highly Favoured Ministries financial statements for the year ended 30 April 2024. These comply with current statutory requirements and the Statement of Recommended Practice – Accounting and Reporting by Charities (SORP) 2015
## **Status**
The Charity is constituted by a constitution and registered with the Charity Commissioners under charity number 1166169
## **Charitable Objects**
The Objects of the Charity are the advancement of:
- The Christian religion through but not exclusively the provision of services, religious education classes, seminars and crusades.
Within these Objects, the Charity also has various permanent endowments and un-endowed trust funds held for special purposes in connection with the acquisition/development of a permanent place of worship.
## **Board Policy**
The Charity provides information, contacts, helps, counselling and financial support for charity members and the community at large.
It is our policy to provide a building with various facilities to contribute to the community.
## **Review of activities and achievements**
In the year 2024, we have seen tremendous change and improvement in the way the charity is run. **Financial activities and results**
The total incoming resources for the year amounted to £63,607 leading to a total funds carried forward of £ 1,104 as at 30 April 2024.
## **Investment powers, policy and performance**
The trustees’ investment powers are governed by the constitution of the charity.
## **Reserves**
The board has continued to ensure that the expenditure is focused on the smooth running of the charity to meet her daily needs of fulfilling the objectives.
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HIGHLY FAVOURED MINISTRIES FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 30 APRIL 2024
## **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 developed systems to monitor and control these risks to mitigate any impact that they may have on the organisation in the future.
## **Accounting and reporting responsibilities**
The Charities Act 1993 requires the Trustees of the Charity to prepare financial statements for each financial year which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year.
In preparing the financial statements, the Trustees should follow best practice and
- Select suitable accounting policies and apply them consistently;
- Make judgements and estimates that are reasonable and prudent;
- Follow applicable accounting standards and the Charities SORP, disclosing and explaining any departures in the financial statements; and
- Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Charity will continue in operation.
The Trustees are responsible for keeping accounting records, which are such as to disclose, with reasonable accuracy, the financial position of the Charity at nay time, and to enable them as trustees to ensure that the financial statements comply with charity law. The Trustees are also responsible for safeguarding the Charity’s assets, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Board of Trustees and signed on its behalf by:
**…………………………………………. Pastor**
**………………………….. Date**
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HIGHLY FAVOURED MINISTRIES FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 30 APRIL 2024
## **ACCOUNTANTS’ AND INDEPENDENT EXAMINER’S REPORT**
I report to the trustees on my examination of the accounts of the Highly Favoured Ministries for the year ended 30 April 2024.
## **Responsibilities and basis of report**
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act
## **Independent examiner’s statement**
I am qualified to undertake the examination by being a qualified member of the Chartered Association of Certified Accountants (ACCA) and Fellow of the Association (FCCA).
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect:
• the accounting records were not kept in accordance with section 130 of the Charities Act; or
• the accounts did not accord with the accounting records; or
• the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 accounts to be reached.
**Dr Olu Olasode FCCA Chartered Certified Accountant TL First Accountants Limited TL First Limited**
**Date:**
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HIGHLY FAVOURED MINISTRIES FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 30 APRIL 2024
|**STATEMENT OF FINANCIAL ACTIVITIES**
**INCOMING RESOURCES**
**Activities to further the charity’s objects**
Grants and Donations (Note 2)
Total Incoming Resources
**RESOURCES EXPENDED**
**Costs of activities in furtherance of the**
**company’s objects**
Charitable Activities (Note 3)
Governance Costs (Note 4)
**Total Resources Expended**
**Net Incoming/ (Outgoing) Resources**
**Total Funds Brought Forward**
**Total Funds Carried Forward**|**2024**
**2024**
**2023**
**2023**
**Restricted**
**Unrestricted**
**Total**
**Total**
**£**
**£**
**£**
**£**
-
63,607
63,607 47,449|
|---|---|
||**-**
**63,607**
**63,607 47,449**
-
-
-
8,648
-
66,154
66,154 39,545|
||**-**
**66,154**
**66,154 48,193**
-
(2,547)
(2,547)
(744)
-
3,651
3,651
4,395|
||**-**
**1,104**
**1,104**
**3,651**|
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HIGHLY FAVOURED MINISTRIES FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 30 APRIL 2024
|**BALANCE SHEET**
**FIXED ASSETS**(note 5)
**CURRENT ASSETS**
Debtors (note 6)
Cash and Bank
**CURRENT LIABILITIES**
**Creditors**- within one year (note 7)
**NET CURRENT ASSETS**
**Creditors**– Not within one year (note 8)
**NET ASSETS**
**Capital And Reserves**
Fund / (loss)
**NET ASSETS**|**2024**
**£**
2,500
9
-
|**2024**
**£**
3,185
2,509
(4,590)|**2023**
**£**
2,500
1,243
-
|**2023**
**£**
6,152
3,743
(6,244)|
|---|---|---|---|---|
||||||
|||**1,104**||**3,651**|
|||1,104||3,651|
|||**1,104**||**3,651**|
**Approved by the Board of Trustees on _________________ and signed on their behalf**
**………………………………………. Trustee**
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HIGHLY FAVOURED MINISTRIES FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 30 APRIL 2024
## **NOTES TO THE FINANCIAL STATEMENTS – 30 April 2024**
## **1. ACCOUNTING POLICIES**
## **(A) Accounting Convention & Compliance**
These accounts have been drawn up on the basis of a going concern and the financial statements prepared under the historical cost convention in accordance with applicable Standards, Financial Reporting Standards and the Charities Acts 1992 & 1993. The statements comply with best practice and reflect the requirements of the revised Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2005)
## **(B) Recognition of Income and Expenditure**
Income and Expenditure are recognised on an accrual basis. Donations and legacies are accounted for as received and accrued only when a value can be established before payment is received.
## **General Fund**
Revenue grants and other income and expenditure associated with the general operations of the charity and its international projects are dealt with in the General Fund.
## **Restricted Fund**
These comprise donations, legacies or other income, the use of which has been specified by the donor. There is currently no restricted fund.
## **Endowment Fund**
There is currently no endowment fund.
## **(C) Depreciation**
All fixed assets over £ 1,000 are capitalised. The charge for depreciation is calculated to write off the cost of the fixed assets over their useful lives on the following basis:
Musical Instruments, furniture, computer and accessories- 25% reducing balance
Motor vehicle 25% reducing balance
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HIGHLY FAVOURED MINISTRIES FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 30 APRIL 2024
## **2. Donations and Similar Incoming Resources**
|
Tithes & offering
HMRC Gift-aid Repayment
**3. Charitable Activities**
Welfare /Donation
Events & Retreats & catering
Books and printing
**4. GOVERNANCE COSTS**
Accountancy Fee
Admin expenses
Depreciation
Rent|**2024**
**2024**
**Restricted Unrestricted**
**£**
**£**
-
49,425
-
9,501|**2023**
**2023**
**Total**
**Total**
**£**
**£**
49,425 39,548
9,501
7,901|
|---|---|---|
||**-**
**58,926**|**58,926 47,449**|
|||**2024**
**2023**
**£**
**£**
-
2,900
-
3,643
-
2,105|
|||**-**
**8,648**|
|||**2024**
**2023**
**£**
**£**
1,907
1,728
5,026
3,469
2,967
3,004
56,254 31,345
**66,154 39,546**|
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HIGHLY FAVOURED MINISTRIES FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 30 APRIL 2024
## **5. Fixed Assets**
|**COST**
**At 30 April 2023**
Additions
Disposals
**At 30 April 2024**
**DEPRECIATION**
**Accumulated Depreciation**
**Charge for the year**
**NET BOOK VALUE**
**At 30 April 2024**
**At 30 April 2023**
**6. DEBTORS**- falling due within one year
Other debtors
**7. CREDITORS - falling due after one year**
Other Creditors|**Musical**
**Van**
**Property Equipment**
**£**
**£**
**£**
0
0
11,431
-
-
-
-
-
-|**Motor vehicle**
**Total**
**£**
**£**
3,500 14,931
-
-
-
-|
|---|---|---|
||**0**
**0**
**11,431**
-
0
5,716
**-**
0
2,858|**3,500 14,931**
3,064
8,778
109
2,967|
||-
**0**
**8,574**
**0**
**0**
**2,857**|**3,172 11,746**
**328**
**3,185**|
||**0**
**0**
**5,715**|**437**
**6,152**
**2024**
**2023**
**£**
**£**
2,500
2,500|
|||**2,500**
**2,500**|
|||**2024**
**2023**
**£**
**£**
4,590 6,244|
|||**4,590 6,244**|
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